Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2021 | Feb. 09, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | KENTUCKY FIRST FEDERAL BANCORP | |
Trading Symbol | KFFB | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 8,218,215 | |
Amendment Flag | false | |
Entity Central Index Key | 0001297341 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-51176 | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 61-1484858 | |
Entity Address, Address Line One | 655 Main Street | |
Entity Address, City or Town | Hazard | |
Entity Address, State or Province | KY | |
Entity Address, Postal Zip Code | 41702 | |
City Area Code | (502) | |
Local Phone Number | 223-1638 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
ASSETS | ||
Cash and due from financial institutions | $ 3,035 | $ 1,834 |
Fed funds sold | 19,006 | 5,001 |
Interest-bearing demand deposits | 23,251 | 14,813 |
Cash and cash equivalents | 45,292 | 21,648 |
Time deposits in other financial institutions | 247 | |
Securities available-for-sale | 30 | 33 |
Securities held-to-maturity, at amortized cost- approximate fair value of $421 and $476 at December 31, 2021 and June 30, 2021, respectively | 411 | 462 |
Loans held for sale | 585 | 1,307 |
Loans, net of allowance of $1,603 and $1,622 at December 31, 2021 and June 30, 2021, respectively | 276,684 | 297,902 |
Real estate owned, net | 51 | 82 |
Premises and equipment, net | 4,646 | 4,697 |
Federal Home Loan Bank stock, at cost | 6,498 | 6,498 |
Accrued interest receivable | 649 | 694 |
Bank-owned life insurance | 2,711 | 2,672 |
Goodwill | 947 | 947 |
Prepaid federal income taxes | 208 | 40 |
Prepaid expenses and other assets | 856 | 834 |
Total assets | 339,568 | 338,063 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Deposits | 236,838 | 226,843 |
Federal Home Loan Bank advances | 48,822 | 56,873 |
Advances by borrowers for taxes and insurance | 246 | 838 |
Accrued interest payable | 16 | 20 |
Deferred income taxes | 579 | 614 |
Other liabilities | 408 | 579 |
Total liabilities | 286,909 | 285,767 |
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 | 34,893 | 34,916 |
Retained earnings | 20,718 | 20,364 |
Unearned employee stock ownership plan (ESOP), 917 shares and 10,255 shares at December 31, 2021 and June 30, 2021, respectively | (9) | (102) |
Treasury shares at cost, 377,849 and 369,349 common shares at December 31, 2021 and June 30, 2021, respectively | (3,029) | (2,968) |
Accumulated other comprehensive income | ||
Total shareholders’ equity | 52,659 | 52,296 |
Total liabilities and shareholders’ equity | $ 339,568 | $ 338,063 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity securities, fair value (in Dollars) | $ 421 | $ 476 |
Loans, net of allowance (in Dollars) | $ 1,603 | $ 1,622 |
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, shares | 917 | 10,255 |
Treasury shares | 377,849 | 369,349 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | ||||
Loans, including fees | $ 2,743 | $ 2,960 | $ 5,677 | $ 5,936 |
Mortgage-backed securities | 3 | 4 | 6 | 8 |
Other securities | 3 | |||
Interest-bearing deposits and other | 35 | 38 | 72 | 84 |
Total interest income | 2,781 | 3,002 | 5,755 | 6,031 |
Interest expense | ||||
Interest-bearing demand deposits | 10 | 8 | 19 | 15 |
Savings | 67 | 66 | 135 | 125 |
Certificates of Deposit | 274 | 352 | 565 | 800 |
Deposits | 351 | 426 | 719 | 940 |
Borrowings | 97 | 103 | 198 | 228 |
Total interest expense | 448 | 529 | 917 | 1,168 |
Net interest income | 2,333 | 2,473 | 4,838 | 4,863 |
Provision for loan losses | 108 | 192 | ||
Net interest income after provision for loan losses | 2,333 | 2,365 | 4,838 | 4,671 |
Non-interest income | ||||
Earnings on bank-owned life insurance | 21 | 20 | 40 | 39 |
Net gain on sales of loans | 46 | 97 | 208 | 155 |
Net gain (loss) on sales of real estate owned | 3 | (19) | (8) | (18) |
Valuation adjustment for real estate owned | (19) | (19) | ||
Other | 30 | 44 | 88 | 94 |
Total non-interest income | 100 | 123 | 328 | 251 |
Non-interest expense | ||||
Employee compensation and benefits | 1,096 | 1,301 | 2,438 | 2,644 |
Data processing | 186 | 145 | 307 | 292 |
Occupancy and equipment | 150 | 142 | 301 | 280 |
FDIC insurance premiums | 22 | 31 | 26 | 88 |
Voice and data communications | 30 | 36 | 62 | 57 |
Advertising | 43 | 39 | 86 | 76 |
Outside service fees | 75 | 33 | 102 | 96 |
Auditing and accounting | 26 | 39 | 80 | 79 |
Regulatory assessments | 26 | 52 | ||
Foreclosure and real estate owned expenses (net) | 38 | 30 | 44 | 47 |
Franchise and other taxes | 90 | 65 | 91 | 130 |
Other | 112 | 168 | 286 | 323 |
Total non-interest expense | 1,894 | 2,029 | 3,875 | 4,112 |
Income before income taxes | 539 | 459 | 1,291 | 810 |
Income tax expense | 57 | 89 | 241 | 155 |
NET INCOME | $ 482 | $ 370 | $ 1,050 | $ 655 |
EARNINGS PER SHARE | ||||
Basic and diluted (in Dollars per share) | $ 0.06 | $ 0.04 | $ 0.13 | $ 0.08 |
DIVIDENDS PER SHARE (in Dollars per share) | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 482 | $ 370 | $ 1,050 | $ 655 |
Other comprehensive gains (losses), net of tax: | ||||
Unrealized holding Gains (losses) on securities designated as available-for-sale, net of taxes of $0, $(1), $0 and $0 during the respective periods | (2) | |||
Comprehensive income | $ 482 | $ 370 | $ 1,050 | $ 653 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding Gains (losses) on securities designated as available-for-sale | $ 0 | $ 0 | $ 0 | $ (1) |
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, 2020 | $ 86 | $ 34,981 | $ 19,932 | $ (289) | $ (2,801) | $ 2 | $ 51,911 |
Net income | 655 | 655 | |||||
Allocation of ESOP shares | (33) | 93 | 60 | ||||
Acquisition of shares for Treasury | (101) | (101) | |||||
Other comprehensive loss | (2) | (2) | |||||
Cash dividends | (691) | (691) | |||||
Balance at Dec. 31, 2020 | 86 | 34,948 | 19,896 | (196) | (2,902) | 51,832 | |
Balance at Sep. 30, 2020 | 86 | 34,963 | 19,873 | (243) | (2,850) | 51,829 | |
Net income | 370 | 370 | |||||
Allocation of ESOP shares | (15) | 47 | 32 | ||||
Acquisition of shares for Treasury | (52) | (52) | |||||
Cash dividends | (347) | (347) | |||||
Balance at Dec. 31, 2020 | 86 | 34,948 | 19,896 | (196) | (2,902) | 51,832 | |
Balance at Jun. 30, 2021 | 86 | 34,916 | 20,364 | (102) | (2,968) | 52,296 | |
Net income | 1,050 | 1,050 | |||||
Allocation of ESOP shares | (23) | 93 | 70 | ||||
Acquisition of shares for Treasury | (61) | (61) | |||||
Cash dividends | (696) | (696) | |||||
Balance at Dec. 31, 2021 | 86 | 34,893 | 20,718 | (9) | (3,029) | 52,659 | |
Balance at Sep. 30, 2021 | 86 | 34,906 | 20,581 | (56) | (2,968) | 52,549 | |
Net income | 482 | 482 | |||||
Allocation of ESOP shares | (13) | 47 | 34 | ||||
Acquisition of shares for Treasury | (61) | (61) | |||||
Cash dividends | (345) | (345) | |||||
Balance at Dec. 31, 2021 | $ 86 | $ 34,893 | $ 20,718 | $ (9) | $ (3,029) | $ 52,659 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders’ Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends of per common share | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 1,050 | $ 655 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 131 | 145 |
Accretion of purchased loan credit discount | (26) | (29) |
Amortization of purchased loan premium | 4 | |
Amortization of deferred loan origination costs (fees) | (139) | (1) |
Amortization of premiums on investment securities | 2 | 4 |
Net gain on sale of loans | (208) | (155) |
Net (gain) loss on sale of real estate owned | 8 | 18 |
Valuation adjustments of real estate owned | 19 | |
ESOP compensation expense | 70 | 60 |
Earnings on bank-owned life insurance | (40) | (39) |
Provision for loan losses | 192 | |
Origination of loans held for sale | (4,146) | (5,285) |
Proceeds from loans held for sale | 5,076 | 4,377 |
Increase (decrease) in cash, due to changes in: | ||
Accrued interest receivable | 45 | 136 |
Prepaid expenses and other assets | (20) | 162 |
Accrued interest payable | (4) | (7) |
Other liabilities | (171) | (121) |
Income taxes | (203) | (24) |
Net cash provided by operating activities | 1,425 | 111 |
Cash flows from investing activities: | ||
Maturities of time deposits in other financial institutions | 247 | 1,484 |
Securities maturities, prepayments and calls: | ||
Held to maturity | 49 | 60 |
Available for sale | 3 | 503 |
Loans originated for investment, net of principal collected | 21,347 | (10,856) |
Proceeds from sale of real estate owned | 58 | 753 |
Additions to real estate owned | (1) | |
Additions to premises and equipment, net | (80) | (54) |
Net cash provided by (used in) investing activities | 21,624 | (8,111) |
Cash flows from financing activities: | ||
Net increase in deposits | 9,995 | 4,025 |
Payments by borrowers for taxes and insurance, net | (592) | (538) |
Proceeds from Federal Home Loan Bank advances | 8,000 | 33,500 |
Repayments on Federal Home Loan Bank advances | (16,051) | (27,167) |
Treasury stock purchased | (61) | (101) |
Dividends paid on common stock | (696) | (691) |
Net cash provided by financing activities | 595 | 9,028 |
Net increase in cash and cash equivalents | 23,644 | 1,028 |
Beginning cash and cash equivalents | 21,648 | 13,702 |
Ending cash and cash equivalents | 45,292 | 14,730 |
Cash paid during the period for: | ||
Federal income taxes | 500 | 175 |
Interest on deposits and borrowings | 921 | 1,175 |
Transfers of loans to real estate owned, net | 35 | 276 |
Loans made on sale of real estate owned | $ 32 | $ 70 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2021 | |
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 and six-month periods ended December 31, 2021, 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, 2021, 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 2021 filed with the Securities and Exchange Commission. Principles of Consolidation Reclassifications New Accounting Standards FASB ASC 326 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 | 6 Months Ended |
Dec. 31, 2021 | |
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: Six months ended Three months ended (in thousands) 2021 2020 2021 2020 Net income allocated to common shareholders, basic and diluted $ 1,050 $ 655 $ 482 $ 370 Six months ended Three months ended 2021 2020 2021 2020 Weighted average common shares outstanding, basic and diluted 8,216,836 8,220,552 8,217,207 8,218,292 There were no stock option shares outstanding for the six- or three-month periods ended December 31, 2021 and 2020. |
Investment Securities
Investment Securities | 6 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 and June 30, 2021, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses: December 31, 2021 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency mortgage-backed: residential $ 30 $ – $ – $ 30 Held-to-maturity Securities Agency mortgage-backed: residential $ 411 $ 13 $ 3 $ 421 June 30, 2021 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency mortgage-backed: residential $ 33 $ – $ – $ 33 Held-to-maturity Securities Agency mortgage-backed: residential $ 462 $ 16 $ 2 $ 476 Our pledged securities (including overnight and time deposits in other financial institutions) totaled $1.7 million and $1.8 million at December 31, 2021 and June 30, 2021, 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 | 6 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans receivable | 4. Loans receivable The composition of the loan portfolio was as follows: December 31, June 30, (in thousands) 2021 2021 Residential real estate One- to four-family $ 217,244 $ 224,125 Multi-family 11,865 19,781 Construction 2,877 5,433 Land 315 1,308 Farm 2,274 2,234 Nonresidential real estate 33,483 35,492 Commercial nonmortgage 1,148 2,259 Consumer and other: Loans on deposits 997 1,129 Home equity 7,431 7,135 Automobile 94 75 Unsecured 559 553 278,287 299,524 Allowance for loan losses (1,603 ) (1,622 ) $ 276,684 $ 297,902 The amounts above include net deferred loan costs of $270,000 and $167,000 as of December 31, 2021 and June 30, 2021, respectively. The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended December 31, 2021: (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 794 $ 54 $ (17 ) $ – $ 831 Multi-family 291 (79 ) – – 212 Construction 12 (6 ) – – 6 Land 3 (3 ) – – – Farm 5 1 – – 6 Nonresidential real estate 494 32 – – 526 Commercial nonmortgage 5 (2 ) – – 3 Consumer and other: Loans on deposits 2 (1 ) – – 1 Home equity 15 2 – – 17 Automobile – – – – – Unsecured 1 2 (3 ) 1 1 Totals $ 1,622 $ -- $ (20 ) $ 1 $ 1,603 The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended December 31, 2021: (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 754 $ 85 $ (8 ) $ – $ 831 Multi-family 290 (78 ) – – 212 Construction 13 (7 ) – – 6 Land – – – – -- Farm 6 – – – 6 Nonresidential real estate 526 -- – – 526 Commercial nonmortgage 3 – – – 3 Consumer and other: Loans on deposits 2 (1 ) – – 1 Home equity 16 1 – – 17 Automobile – – – – – Unsecured – – – 1 1 Totals $ 1,610 $ – $ (8 ) $ 1 $ 1,603 The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended December 31, 2020: (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 671 $ (1 ) $ (23 ) $ – $ 647 Multi-family 184 93 – – 277 Construction 6 – – – 6 Land 1 1 – – 2 Farm 4 1 – – 5 Nonresidential real estate 405 64 – – 469 Commercial nonmortgage 3 (1 ) – – 2 Consumer and other: Loans on deposits 2 – – – 2 Home equity 11 38 (45 ) 7 11 Automobile – – – – – Unsecured 1 (3 ) – 3 1 Unallocated 200 – – – 200 Totals $ 1,488 $ 192 $ (68 ) $ 10 $ 1,622 The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended December 31, 2020: (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 670 $ – $ (23 ) $ – $ 647 Multi-family 217 60 – – 277 Construction 7 (1 ) – – 6 Land 1 1 – – 2 Farm 5 – – – 5 Nonresidential real estate 418 51 – – 469 Commercial nonmortgage 4 (2 ) – – 2 Consumer and other: Loans on deposits 2 – – – 2 Home equity 11 – – – 11 Automobile – – – – – Unsecured 1 (1 ) – 1 1 Unallocated 200 – – – 200 Totals $ 1,536 $ 108 $ (23 ) $ 1 $ 1,622 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 December 31, 2021. The recorded investment in loans excludes accrued interest receivable due to immateriality. December 31, 2021: (in thousands) Loans Loans Unpaid Ending Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,408 $ 476 $ 3,884 $ – Multi-family 580 – 580 – Farm 274 – 274 – Nonresidential real estate 1,339 – 1,339 – Consumer: Home equity 16 -- 16 Unsecured 5 -- 5 5,622 476 6,098 – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 213,360 $ 831 Multi-family 11,285 212 Construction 2,877 6 Land 315 -- Farm 2,000 6 Nonresidential real estate 32,144 526 Commercial nonmortgage 1,148 3 Consumer: Loans on deposits 997 1 Home equity 7,415 17 Automobile 94 – Unsecured 554 1 272,189 1,603 $ 278,287 $ 1,603 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, 2021. June 30, 2021: (in thousands) Loans Loans Unpaid Ending Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,738 $ 595 $ 4,333 $ – Multi-family 646 – 646 – Farm 274 – 274 – Nonresidential real estate 1,367 – 1,367 – Consumer and other: Unsecured 16 – 16 – 6,041 595 6,636 – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 219,792 $ 794 Multi-family 19,135 291 Construction 5,433 12 Land 1,308 3 Farm 1,960 5 Nonresidential real estate 34,125 494 Commercial nonmortgage 2,259 5 Consumer: Loans on deposits 1,129 2 Home equity 7,135 15 Automobile 75 – Unsecured 537 1 292,888 1,622 $ 299,524 $ 1,622 The following table presents interest income on loans individually evaluated for impairment by class of loans for the six months ended December 31: (in thousands) Average Interest Cash Basis Average Interest Cash Basis 2021 2020 With no related allowance recorded: One- to four-family $ 3,572 $ 67 $ 67 $ 4,011 $ 84 $ 84 Multi-family 613 11 11 665 12 12 Construction -- – – 32 – – Farm 274 -- -- 300 23 23 Nonresidential real estate 1,353 30 30 653 7 7 Consumer 19 1 1 Purchased credit-impaired loans 536 15 15 718 24 24 6,169 124 124 6,379 150 150 With an allowance recorded: One- to four-family – – – – – – $ 6,367 $ 124 $ 124 $ 6,379 $ 150 $ 150 The following table presents interest income on loans individually evaluated for impairment by class of loans for the three months ended December 31: (in thousands) Average Recorded Investment Interest Cash Basis Income Recognized Average Recorded Investment Interest Cash Basis Income Recognized 2021 2020 With no related allowance recorded: Residential real estate: One- to four-family $ 3,476 $ 33 $ 33 $ 3,965 $ 39 $ 39 Multi-family 584 5 5 662 6 6 Construction -- 32 -- -- Farm 273 -- -- 292 -- -- Nonresidential real estate 1,344 14 14 650 3 3 Consumer 24 1 1 Purchased credit-impaired loans 468 7 7 711 10 10 6,169 60 60 6,312 58 58 With an allowance recorded: One- to four-family – – – – – – $ 6,169 $ 60 $ 60 $ 6,312 $ 58 $ 58 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 December 31, 2021 and June 30, 2021: December 31, 2021 June 30, 2021 (in thousands) Nonaccrual Loans Past Due Over Nonaccrual Loans Residential real estate: One- to four-family residential real estate $ 3,787 $ 371 $ 4,104 $ 243 Multifamily 580 – 646 – Construction -- – -- – Farm 274 – 274 – Nonresidential real estate and land 1,339 – 1,367 – Consumer 20 71 21 – $ 6,000 $ 442 $ 6,412 $ 243 One- to four-family loans in process of foreclosure totaled $479,000 and $577,000 at December 31, 2021 and June 30, 2021, 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.” In December 2020, Congress amended the CARES Act through the Consolidated Appropriation Act of 2021, which provided additional COVID-19 relief to American families and businesses, including extending the TDR relief under the CARES Act until the earlier of December 31, 2021 or 60 days following the termination of the 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. In response to the COVID-19 pandemic and the widespread economic downturn that immediately resulted, the Company adopted a loan forbearance plan in which then-current affected borrowers could request deferral of their loan payments for a period of three months. A total of $815,000 in loans were accepted into the plan for the twelve months ended June 30, 2021. At June 30, 2021 all of those loans had reached the end of their three-month deferral data period and returned to regular payment status. At December 31, 2021 and June 30, 2021, the Company had $1.6 million and $1.7 million of loans classified as TDRs, respectively. Of the TDRs at December 31, 2021, approximately 27.2% were related to the borrower’s completion of Chapter 7 bankruptcy proceedings with no reaffirmation of the debt to the Banks. During the six- and three-months ended December 31, 2021, the Company restructured no loans as TDRs. No TDRs defaulted during the six-month periods ended December 31, 2021 or 2020. During the six months ended December 31, 2020, the Company had two loans, which were associated with a single borrower and were both secured by a single-family residence, restructured as TDRs. The loans were classified as TDRs pursuant to court action under Chapter 7 bankruptcy proceedings without the borrower reaffirming the debt personally. The following table summarizes TDR loan modifications that occurred during the six months ended December 31, 2020, and their performance, by modification type: (in thousands) Troubled Debt Troubled Debt Total Six months ended December 31, 2020 Residential real estate: Chapter 7 bankruptcy $ 144 $ – $ 144 The following table summarizes TDR loan modifications that occurred during the three months ended December 31, 2020, and their performance, by modification type: (in thousands) Troubled Debt Troubled Debt Total Three months ended December 31, 2020 Residential real estate: Chapter 7 bankruptcy $ 144 $ – $ 144 The following table presents the aging of the principal balance outstanding in past due loans as of December 31, 2021, by class of loans: (in thousands) 30-89 Days 90 Days or Total Past Loans Not Total Residential real estate: One-to four-family $ 2,123 $ 1,292 $ 3,415 $ 213,829 $ 217,244 Multi-family – – – 11,865 11,865 Construction 12 -- 12 2,865 2,877 Land – – – 315 315 Farm 98 – 98 2,176 2,274 Nonresidential real estate 99 237 336 33,147 33,483 Commercial non-mortgage – – – 1,148 1,148 Consumer and other: Loans on deposits – – – 997 997 Home equity 76 71 147 7,284 7,431 Automobile -- – -- 94 94 Unsecured 2 – 2 557 559 Total $ 2,410 $ 1,600 $ 4,010 $ 274,277 $ 278,287 The following tables present the aging of the principal balance outstanding in past due loans as of June 30, 2021, by class of loans: (in thousands) 30-89 Days 90 Days or Total Past Loans Not Total Residential real estate: One-to four-family $ 2,392 $ 1,338 $ 3,730 $ 220,395 $ 224,125 Multi-family – – – 19,781 19,781 Construction 80 -- 80 5,353 5,433 Land – – – 1,308 1,308 Farm 101 -- 101 2,133 2,234 Nonresidential real estate -- 241 241 35,251 35,492 Commercial and industrial 6 – 6 2,253 2,259 Consumer: Loans on deposits – – – 1,129 1,129 Home equity 116 -- 116 7,019 7,135 Automobile – – – 75 75 Unsecured 4 – 4 549 553 Total $ 2,699 $ 1,579 $ 4,278 $ 295,246 $ 299,524 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 December 31, 2021, 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 $ 210,945 $ 573 $ 5,726 $ – Multi-family 11,285 – 580 – Construction 2,877 – – – Land 315 – – – Farm 2,000 – 274 – Nonresidential real estate 31,232 912 1,339 – Commercial nonmortgage 1,148 – – – Consumer: Loans on deposits 997 – – – Home equity 7,269 40 122 – Automobile 94 – – – Unsecured 553 – 6 – $ 268,715 $ 1,525 $ 8,047 $ – At June 30, 2021, 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 $ 217,485 $ 596 $ 6,044 $ – Multi-family 19,135 – 646 – Construction 5,433 – – – Land 1,308 – – – Farm 1,960 – 274 – Nonresidential real estate 32,748 924 1,820 – Commercial nonmortgage 2,259 – – – Consumer: Loans on deposits 1,129 – – – Home equity 7,044 39 52 – Automobile 75 – – – Unsecured 546 – 7 – $ 289,122 $ 1,559 $ 8,843 $ – 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 $88,000 and $88,000 at December 31, 2021 and June 30, 2021, respectively, is as follows: (in thousands) December 31, June 30, One- to four-family residential real estate $ 434 $ 595 Accretable yield, or income expected to be collected, is as follows: (in thousands) Six months Twelve months Balance at beginning of period $ 390 $ 447 Accretion of income (26 ) (57 ) Disposals, net of recoveries – – Balance at end of period $ 364 $ 390 For those purchased loans disclosed above, the Company made no increase in allowance for loan losses for the year ended June 30, 2021, nor for the six-month period ended December 31, 2021. Neither were any allowance for loan losses reversed during those periods. |
Disclosures About Fair Value of
Disclosures About Fair Value of Assets and Liabilities | 6 Months Ended |
Dec. 31, 2021 | |
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. 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 December 31, 2021 Agency mortgage-backed: residential $ 30 $ – $ 30 $ – June 30, 2021 Agency mortgage-backed: residential $ 33 $ – $ 33 $ – Impaired Loans Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheet as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. 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. There were no loans measured on a nonrecurring basis using the fair value of the collateral for collateral-dependent loans, at December 31, 2021 or at June 30, 2021. 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. There was no other real estate owned (“OREO”) written down during the six- or three-month periods ended December 31, 2021 or 2020. There was no OREO measured on a nonrecurring basis during the period at fair value less costs to sell at December 31, 2021 or June 30, 2021. 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 December 31, 2021 and June 30, 2021 are as follows: Fair Value Measurements at Carrying December 31, 2021 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 45,292 $ 45,292 $ 45,292 Available-for-sale securities 30 $ 30 30 Held-to-maturity securities 411 421 421 Loans held for sale 585 $ 595 595 Loans receivable - net 276,684 282,961 282,961 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 649 649 649 Financial liabilities Deposits $ 236,838 $ 109,176 $ 127,936 237,112 Federal Home Loan Bank advances 48,822 49,109 49,109 Advances by borrowers for taxes and insurance 246 246 246 Accrued interest payable 16 16 16 Fair Value Measurements at Carrying June 30, 2021 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 21,648 $ 21,648 $ 21,648 Term deposits in other financial institutions 247 248 248 Available-for-sale securities 33 $ 33 33 Held-to-maturity securities 462 476 476 Loans held for sale 1,307 1,336 1,336 Loans receivable – net 297,902 $ 306,346 306,346 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 694 694 694 Financial liabilities Deposits $ 226,843 $ 101,951 $ 125,232 $ 227,183 Federal Home Loan Bank advances 56,873 57,314 57,314 Advances by borrowers for taxes and insurance 838 838 838 Accrued interest payable 20 20 20 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Dec. 31, 2021 | |
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: Six months ended Beginning balance $ – Current year change – Ending balance $ – Other comprehensive income (loss) components and related tax effects for the periods indicated were as follows: Six months ended (in thousands) 2021 2020 Unrealized holding gains (losses) on available-for-sale securities $ – $ – Tax effect – – Net-of-tax amount $ – $ – |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Reclassifications | Reclassifications |
New Accounting Standards | New Accounting Standards FASB ASC 326 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) | 6 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Six months ended Three months ended (in thousands) 2021 2020 2021 2020 Net income allocated to common shareholders, basic and diluted $ 1,050 $ 655 $ 482 $ 370 Six months ended Three months ended 2021 2020 2021 2020 Weighted average common shares outstanding, basic and diluted 8,216,836 8,220,552 8,217,207 8,218,292 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of gross unrealized or unrecognized gains and losses | December 31, 2021 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency mortgage-backed: residential $ 30 $ – $ – $ 30 Held-to-maturity Securities Agency mortgage-backed: residential $ 411 $ 13 $ 3 $ 421 June 30, 2021 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency mortgage-backed: residential $ 33 $ – $ – $ 33 Held-to-maturity Securities Agency mortgage-backed: residential $ 462 $ 16 $ 2 $ 476 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of loan portfolio | December 31, June 30, (in thousands) 2021 2021 Residential real estate One- to four-family $ 217,244 $ 224,125 Multi-family 11,865 19,781 Construction 2,877 5,433 Land 315 1,308 Farm 2,274 2,234 Nonresidential real estate 33,483 35,492 Commercial nonmortgage 1,148 2,259 Consumer and other: Loans on deposits 997 1,129 Home equity 7,431 7,135 Automobile 94 75 Unsecured 559 553 278,287 299,524 Allowance for loan losses (1,603 ) (1,622 ) $ 276,684 $ 297,902 |
Schedule of allowance for loan losses by portfolio segment | (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 794 $ 54 $ (17 ) $ – $ 831 Multi-family 291 (79 ) – – 212 Construction 12 (6 ) – – 6 Land 3 (3 ) – – – Farm 5 1 – – 6 Nonresidential real estate 494 32 – – 526 Commercial nonmortgage 5 (2 ) – – 3 Consumer and other: Loans on deposits 2 (1 ) – – 1 Home equity 15 2 – – 17 Automobile – – – – – Unsecured 1 2 (3 ) 1 1 Totals $ 1,622 $ -- $ (20 ) $ 1 $ 1,603 (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 754 $ 85 $ (8 ) $ – $ 831 Multi-family 290 (78 ) – – 212 Construction 13 (7 ) – – 6 Land – – – – -- Farm 6 – – – 6 Nonresidential real estate 526 -- – – 526 Commercial nonmortgage 3 – – – 3 Consumer and other: Loans on deposits 2 (1 ) – – 1 Home equity 16 1 – – 17 Automobile – – – – – Unsecured – – – 1 1 Totals $ 1,610 $ – $ (8 ) $ 1 $ 1,603 (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 671 $ (1 ) $ (23 ) $ – $ 647 Multi-family 184 93 – – 277 Construction 6 – – – 6 Land 1 1 – – 2 Farm 4 1 – – 5 Nonresidential real estate 405 64 – – 469 Commercial nonmortgage 3 (1 ) – – 2 Consumer and other: Loans on deposits 2 – – – 2 Home equity 11 38 (45 ) 7 11 Automobile – – – – – Unsecured 1 (3 ) – 3 1 Unallocated 200 – – – 200 Totals $ 1,488 $ 192 $ (68 ) $ 10 $ 1,622 (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 670 $ – $ (23 ) $ – $ 647 Multi-family 217 60 – – 277 Construction 7 (1 ) – – 6 Land 1 1 – – 2 Farm 5 – – – 5 Nonresidential real estate 418 51 – – 469 Commercial nonmortgage 4 (2 ) – – 2 Consumer and other: Loans on deposits 2 – – – 2 Home equity 11 – – – 11 Automobile – – – – – Unsecured 1 (1 ) – 1 1 Unallocated 200 – – – 200 Totals $ 1,536 $ 108 $ (23 ) $ 1 $ 1,622 |
Schedule of allowance for loan losses and the recorded investment in loans by portfolio | (in thousands) Loans Loans Unpaid Ending Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,408 $ 476 $ 3,884 $ – Multi-family 580 – 580 – Farm 274 – 274 – Nonresidential real estate 1,339 – 1,339 – Consumer: Home equity 16 -- 16 Unsecured 5 -- 5 5,622 476 6,098 – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 213,360 $ 831 Multi-family 11,285 212 Construction 2,877 6 Land 315 -- Farm 2,000 6 Nonresidential real estate 32,144 526 Commercial nonmortgage 1,148 3 Consumer: Loans on deposits 997 1 Home equity 7,415 17 Automobile 94 – Unsecured 554 1 272,189 1,603 $ 278,287 $ 1,603 (in thousands) Loans Loans Unpaid Ending Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,738 $ 595 $ 4,333 $ – Multi-family 646 – 646 – Farm 274 – 274 – Nonresidential real estate 1,367 – 1,367 – Consumer and other: Unsecured 16 – 16 – 6,041 595 6,636 – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 219,792 $ 794 Multi-family 19,135 291 Construction 5,433 12 Land 1,308 3 Farm 1,960 5 Nonresidential real estate 34,125 494 Commercial nonmortgage 2,259 5 Consumer: Loans on deposits 1,129 2 Home equity 7,135 15 Automobile 75 – Unsecured 537 1 292,888 1,622 $ 299,524 $ 1,622 |
Schedule of impaired by class of loans | (in thousands) Average Interest Cash Basis Average Interest Cash Basis 2021 2020 With no related allowance recorded: One- to four-family $ 3,572 $ 67 $ 67 $ 4,011 $ 84 $ 84 Multi-family 613 11 11 665 12 12 Construction -- – – 32 – – Farm 274 -- -- 300 23 23 Nonresidential real estate 1,353 30 30 653 7 7 Consumer 19 1 1 Purchased credit-impaired loans 536 15 15 718 24 24 6,169 124 124 6,379 150 150 With an allowance recorded: One- to four-family – – – – – – $ 6,367 $ 124 $ 124 $ 6,379 $ 150 $ 150 (in thousands) Average Recorded Investment Interest Cash Basis Income Recognized Average Recorded Investment Interest Cash Basis Income Recognized 2021 2020 With no related allowance recorded: Residential real estate: One- to four-family $ 3,476 $ 33 $ 33 $ 3,965 $ 39 $ 39 Multi-family 584 5 5 662 6 6 Construction -- 32 -- -- Farm 273 -- -- 292 -- -- Nonresidential real estate 1,344 14 14 650 3 3 Consumer 24 1 1 Purchased credit-impaired loans 468 7 7 711 10 10 6,169 60 60 6,312 58 58 With an allowance recorded: One- to four-family – – – – – – $ 6,169 $ 60 $ 60 $ 6,312 $ 58 $ 58 |
Schedule of purchased credit impaired loans | December 31, 2021 June 30, 2021 (in thousands) Nonaccrual Loans Past Due Over Nonaccrual Loans Residential real estate: One- to four-family residential real estate $ 3,787 $ 371 $ 4,104 $ 243 Multifamily 580 – 646 – Construction -- – -- – Farm 274 – 274 – Nonresidential real estate and land 1,339 – 1,367 – Consumer 20 71 21 – $ 6,000 $ 442 $ 6,412 $ 243 |
Schedule of TDR loan modifications | (in thousands) Troubled Debt Troubled Debt Total Six months ended December 31, 2020 Residential real estate: Chapter 7 bankruptcy $ 144 $ – $ 144 (in thousands) Troubled Debt Troubled Debt Total Three months ended December 31, 2020 Residential real estate: Chapter 7 bankruptcy $ 144 $ – $ 144 |
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 $ 2,123 $ 1,292 $ 3,415 $ 213,829 $ 217,244 Multi-family – – – 11,865 11,865 Construction 12 -- 12 2,865 2,877 Land – – – 315 315 Farm 98 – 98 2,176 2,274 Nonresidential real estate 99 237 336 33,147 33,483 Commercial non-mortgage – – – 1,148 1,148 Consumer and other: Loans on deposits – – – 997 997 Home equity 76 71 147 7,284 7,431 Automobile -- – -- 94 94 Unsecured 2 – 2 557 559 Total $ 2,410 $ 1,600 $ 4,010 $ 274,277 $ 278,287 (in thousands) 30-89 Days 90 Days or Total Past Loans Not Total Residential real estate: One-to four-family $ 2,392 $ 1,338 $ 3,730 $ 220,395 $ 224,125 Multi-family – – – 19,781 19,781 Construction 80 -- 80 5,353 5,433 Land – – – 1,308 1,308 Farm 101 -- 101 2,133 2,234 Nonresidential real estate -- 241 241 35,251 35,492 Commercial and industrial 6 – 6 2,253 2,259 Consumer: Loans on deposits – – – 1,129 1,129 Home equity 116 -- 116 7,019 7,135 Automobile – – – 75 75 Unsecured 4 – 4 549 553 Total $ 2,699 $ 1,579 $ 4,278 $ 295,246 $ 299,524 |
Schedule of analysis performed, the risk category of loans by class of loans | (in thousands) Pass Special Substandard Doubtful Residential real estate: One- to four-family $ 210,945 $ 573 $ 5,726 $ – Multi-family 11,285 – 580 – Construction 2,877 – – – Land 315 – – – Farm 2,000 – 274 – Nonresidential real estate 31,232 912 1,339 – Commercial nonmortgage 1,148 – – – Consumer: Loans on deposits 997 – – – Home equity 7,269 40 122 – Automobile 94 – – – Unsecured 553 – 6 – $ 268,715 $ 1,525 $ 8,047 $ – (in thousands) Pass Special Substandard Doubtful Residential real estate: One- to four-family $ 217,485 $ 596 $ 6,044 $ – Multi-family 19,135 – 646 – Construction 5,433 – – – Land 1,308 – – – Farm 1,960 – 274 – Nonresidential real estate 32,748 924 1,820 – Commercial nonmortgage 2,259 – – – Consumer: Loans on deposits 1,129 – – – Home equity 7,044 39 52 – Automobile 75 – – – Unsecured 546 – 7 – $ 289,122 $ 1,559 $ 8,843 $ – |
Schedule of purchased credit impaired loans | (in thousands) December 31, June 30, One- to four-family residential real estate $ 434 $ 595 |
Schedule of accretable yield, or income expected to be collected | (in thousands) Six months Twelve months Balance at beginning of period $ 390 $ 447 Accretion of income (26 ) (57 ) Disposals, net of recoveries – – Balance at end of period $ 364 $ 390 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 Agency mortgage-backed: residential $ 30 $ – $ 30 $ – June 30, 2021 Agency mortgage-backed: residential $ 33 $ – $ 33 $ – |
Schedule of foregoing methods and assumptions, the carrying value and fair value | Fair Value Measurements at Carrying December 31, 2021 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 45,292 $ 45,292 $ 45,292 Available-for-sale securities 30 $ 30 30 Held-to-maturity securities 411 421 421 Loans held for sale 585 $ 595 595 Loans receivable - net 276,684 282,961 282,961 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 649 649 649 Financial liabilities Deposits $ 236,838 $ 109,176 $ 127,936 237,112 Federal Home Loan Bank advances 48,822 49,109 49,109 Advances by borrowers for taxes and insurance 246 246 246 Accrued interest payable 16 16 16 Fair Value Measurements at Carrying June 30, 2021 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 21,648 $ 21,648 $ 21,648 Term deposits in other financial institutions 247 248 248 Available-for-sale securities 33 $ 33 33 Held-to-maturity securities 462 476 476 Loans held for sale 1,307 1,336 1,336 Loans receivable – net 297,902 $ 306,346 306,346 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 694 694 694 Financial liabilities Deposits $ 226,843 $ 101,951 $ 125,232 $ 227,183 Federal Home Loan Bank advances 56,873 57,314 57,314 Advances by borrowers for taxes and insurance 838 838 838 Accrued interest payable 20 20 20 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of accumulated other comprehensive income (loss) balances, net of tax | Six months ended Beginning balance $ – Current year change – Ending balance $ – |
Schedule of other comprehensive income (loss) components and related tax effects | Six months ended (in thousands) 2021 2020 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 basic and diluted earnings per share - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of basic and diluted earnings per share [Abstract] | ||||
Net income allocated to common shareholders, basic and diluted | $ 482 | $ 370 | $ 1,050 | $ 655 |
Weighted average common shares outstanding, basic and diluted | 8,217,207 | 8,218,292 | 8,216,836 | 8,220,552 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Jun. 30, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Pledged securities | $ 1.7 | $ 1.8 |
Investment Securities (Detail_2
Investment Securities (Details) - Schedule of gross unrealized or unrecognized gains and losses - Agency mortgage-backed: residential [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Available-for-sale Securities | ||
Available-for-sale Securities, Amortized cost | $ 30 | $ 33 |
Available-for-sale Securities, Gross unrealized/ unrecognized gains | ||
Available-for-sale Securities, Gross unrealized/ unrecognized losses | ||
Available-for-sale Securities, Estimated fair value | 30 | 33 |
Held-to-maturity Securities | ||
Held-to-maturity Securities, Amortized cost | 411 | 462 |
Held-to-maturity Securities, Gross unrealized/ unrecognized gains | 13 | 16 |
Held-to-maturity Securities, Gross unrealized/ unrecognized losses | 3 | 2 |
Held-to-maturity Securities, Estimated fair value | $ 421 | $ 476 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Loans Receivable (Details) [Line Items] | ||
Net deferred loan costs | $ 270,000 | $ 167,000 |
One- to four-family loans | 479,000 | 577,000 |
Total loans | 815,000 | |
Loans classified as TDRs | 1,600,000 | 1,700,000 |
Net of a purchase credit discount | $ 88,000 | $ 88,000 |
Troubled Debt Restructuring [Member] | ||
Loans Receivable (Details) [Line Items] | ||
Bankruptcy proceedings, percentage | 27.20% |
Loans Receivable (Details) - Sc
Loans Receivable (Details) - Schedule of loan portfolio - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Residential real estate | ||
One- to four-family | $ 217,244 | $ 224,125 |
Multi-family | 11,865 | 19,781 |
Construction | 2,877 | 5,433 |
Land | 315 | 1,308 |
Farm | 2,274 | 2,234 |
Nonresidential real estate | 33,483 | 35,492 |
Commercial nonmortgage | 1,148 | 2,259 |
Consumer and other: | ||
Loans on deposits | 997 | 1,129 |
Home equity | 7,431 | 7,135 |
Automobile | 94 | 75 |
Unsecured | 559 | 553 |
Loans receivable, gross | 278,287 | 299,524 |
Allowance for loan losses | (1,603) | (1,622) |
Loans receivable - net | $ 276,684 | $ 297,902 |
Loans Receivable (Details) - _2
Loans Receivable (Details) - Schedule of allowance for loan losses by portfolio segment - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Residential real estate: | ||||
Beginning balance | $ 1,610 | $ 1,536 | $ 1,622 | $ 1,488 |
Provision for loan losses | 108 | 192 | ||
Loans charged off | (8) | (23) | (20) | (68) |
Recoveries | 1 | 1 | 1 | 10 |
Ending balance | 1,603 | 1,622 | 1,603 | 1,622 |
Loans on deposits [Member] | ||||
Residential real estate: | ||||
Beginning balance | 2 | 2 | 2 | 2 |
Provision for loan losses | (1) | (1) | ||
Loans charged off | ||||
Recoveries | ||||
Ending balance | 1 | 2 | 1 | 2 |
Home equity [Member] | ||||
Residential real estate: | ||||
Beginning balance | 16 | 11 | 15 | 11 |
Provision for loan losses | 1 | 2 | 38 | |
Loans charged off | (45) | |||
Recoveries | 7 | |||
Ending balance | 17 | 11 | 17 | 11 |
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 | 1 | 1 | |
Provision for loan losses | (1) | 2 | (3) | |
Loans charged off | (3) | |||
Recoveries | 1 | 1 | 1 | 3 |
Ending balance | 1 | 1 | 1 | 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 | 754 | 670 | 794 | 671 |
Provision for loan losses | 85 | 54 | (1) | |
Loans charged off | (8) | (23) | (17) | (23) |
Recoveries | ||||
Ending balance | 831 | 647 | 831 | 647 |
Multi-family [Member] | ||||
Residential real estate: | ||||
Beginning balance | 290 | 217 | 291 | 184 |
Provision for loan losses | (78) | 60 | (79) | 93 |
Loans charged off | ||||
Recoveries | ||||
Ending balance | 212 | 277 | 212 | 277 |
Construction [Member] | ||||
Residential real estate: | ||||
Beginning balance | 13 | 7 | 12 | 6 |
Provision for loan losses | (7) | (1) | (6) | |
Loans charged off | ||||
Recoveries | ||||
Ending balance | 6 | 6 | 6 | 6 |
Land [Member] | ||||
Residential real estate: | ||||
Beginning balance | 1 | 3 | 1 | |
Provision for loan losses | 1 | (3) | 1 | |
Loans charged off | ||||
Recoveries | ||||
Ending balance | 2 | 2 | ||
Farm [Member] | ||||
Residential real estate: | ||||
Beginning balance | 6 | 5 | 5 | 4 |
Provision for loan losses | 1 | 1 | ||
Loans charged off | ||||
Recoveries | ||||
Ending balance | 6 | 5 | 6 | 5 |
Nonresidential real estate [Member] | ||||
Residential real estate: | ||||
Beginning balance | 526 | 418 | 494 | 405 |
Provision for loan losses | 51 | 32 | 64 | |
Loans charged off | ||||
Recoveries | ||||
Ending balance | 526 | 469 | 526 | 469 |
Commercial nonmortgage [Member] | ||||
Residential real estate: | ||||
Beginning balance | 3 | 4 | 5 | 3 |
Provision for loan losses | (2) | (2) | (1) | |
Loans charged off | ||||
Recoveries | ||||
Ending balance | $ 3 | $ 2 | $ 3 | $ 2 |
Loans Receivable (Details) - _3
Loans Receivable (Details) - Schedule of allowance for loan losses and the recorded investment in loans by portfolio - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Residential real estate: | ||
Unpaid principal balance and recorded investment | $ 278,287 | $ 299,524 |
Ending allowance attributed to loans | 1,603 | 1,622 |
Loans individually evaluated for impairment [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 5,622 | 6,041 |
Loans acquired with deteriorated credit quality | 476 | 595 |
Unpaid principal balance and recorded investment | 6,098 | 6,636 |
Ending allowance attributed to loans | ||
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 3,408 | 3,738 |
Loans acquired with deteriorated credit quality | 476 | 595 |
Unpaid principal balance and recorded investment | 3,884 | 4,333 |
Ending allowance attributed to loans | ||
Loans individually evaluated for impairment [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 580 | 646 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 580 | 646 |
Ending allowance attributed to loans | ||
Loans individually evaluated for impairment [Member] | Farm [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 274 | 274 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 274 | 274 |
Ending allowance attributed to loans | ||
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 1,339 | 1,367 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 1,339 | 1,367 |
Ending allowance attributed to loans | ||
Loans individually evaluated for impairment [Member] | Home equity [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 16 | |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 16 | |
Ending allowance attributed to loans | ||
Loans individually evaluated for impairment [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 5 | 16 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 5 | 16 |
Ending allowance attributed to loans | ||
Loans collectively evaluated for impairment [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 272,189 | 292,888 |
Ending allowance attributed to loans | 1,603 | 1,622 |
Loans collectively evaluated for impairment [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 213,360 | 219,792 |
Ending allowance attributed to loans | 831 | 794 |
Loans collectively evaluated for impairment [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 11,285 | 19,135 |
Ending allowance attributed to loans | 212 | 291 |
Loans collectively evaluated for impairment [Member] | Farm [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 2,000 | 1,960 |
Ending allowance attributed to loans | 6 | 5 |
Loans collectively evaluated for impairment [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 32,144 | 34,125 |
Ending allowance attributed to loans | 526 | 494 |
Loans collectively evaluated for impairment [Member] | Home equity [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 7,415 | 7,135 |
Ending allowance attributed to loans | 17 | 15 |
Loans collectively evaluated for impairment [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 554 | 537 |
Ending allowance attributed to loans | 1 | 1 |
Loans collectively evaluated for impairment [Member] | Construction [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 2,877 | 5,433 |
Ending allowance attributed to loans | 6 | 12 |
Loans collectively evaluated for impairment [Member] | Land [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 315 | 1,308 |
Ending allowance attributed to loans | 3 | |
Loans collectively evaluated for impairment [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 1,148 | 2,259 |
Ending allowance attributed to loans | 3 | 5 |
Loans collectively evaluated for impairment [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 997 | 1,129 |
Ending allowance attributed to loans | 1 | 2 |
Loans collectively evaluated for impairment [Member] | Automobile [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 94 | 75 |
Ending allowance attributed to loans |
Loans Receivable (Details) - _4
Loans Receivable (Details) - Schedule of impaired by class of loans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Residential real estate: | ||||
Average Recorded Investment | $ 6,169 | $ 6,312 | $ 6,169 | $ 6,379 |
Interest Income Recognized | 60 | 58 | 124 | 150 |
Cash Basis Income Recognized | 60 | 58 | 124 | 150 |
Average Recorded Investment | 6,367 | 6,379 | ||
Interest Income Recognized | 124 | 150 | ||
Cash Basis Income Recognized | 124 | 150 | ||
One- to four-family [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | 3,476 | 3,965 | 3,572 | 4,011 |
Interest Income Recognized | 33 | 39 | 67 | 84 |
Cash Basis Income Recognized | 33 | 39 | 67 | 84 |
Multi-family [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | 584 | 662 | 613 | 665 |
Interest Income Recognized | 5 | 6 | 11 | 12 |
Cash Basis Income Recognized | 5 | 6 | 11 | 12 |
Construction [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | 32 | 32 | ||
Interest Income Recognized | ||||
Cash Basis Income Recognized | ||||
Farm [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | 273 | 292 | 274 | 300 |
Interest Income Recognized | 23 | |||
Cash Basis Income Recognized | 23 | |||
Nonresidential real estate [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | 1,344 | 650 | 1,353 | 653 |
Interest Income Recognized | 14 | 3 | 30 | 7 |
Cash Basis Income Recognized | 14 | 3 | 30 | 7 |
Consumer [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | 24 | 19 | ||
Interest Income Recognized | 1 | 1 | ||
Cash Basis Income Recognized | 1 | 1 | ||
Purchased credit-impaired loans [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | 468 | 711 | 536 | 718 |
Interest Income Recognized | 7 | 10 | 15 | 24 |
Cash Basis Income Recognized | 7 | 10 | 15 | 24 |
One- to four-family One [Member] | ||||
Residential real estate: | ||||
Average Recorded Investment | ||||
Interest Income Recognized | ||||
Cash Basis Income Recognized |
Loans Receivable (Details) - _5
Loans Receivable (Details) - Schedule of recorded investment in nonaccrual and loans - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Residential real estate: | ||
Nonaccrual | $ 6,000 | $ 6,412 |
Loans Past Due Over 90 Days Still Accruing | 442 | 243 |
One- to four-family residential real estate [Member] | ||
Residential real estate: | ||
Nonaccrual | 3,787 | 4,104 |
Loans Past Due Over 90 Days Still Accruing | 371 | 243 |
Multifamily [Member] | ||
Residential real estate: | ||
Nonaccrual | 580 | 646 |
Loans Past Due Over 90 Days Still Accruing | ||
Farm [Member] | ||
Residential real estate: | ||
Nonaccrual | 274 | 274 |
Loans Past Due Over 90 Days Still Accruing | ||
Nonresidential real estate and land [Member] | ||
Residential real estate: | ||
Nonaccrual | 1,339 | 1,367 |
Loans Past Due Over 90 Days Still Accruing | ||
Consumer [Member] | ||
Residential real estate: | ||
Nonaccrual | 20 | 21 |
Loans Past Due Over 90 Days Still Accruing | $ 71 |
Loans Receivable (Details) - _6
Loans Receivable (Details) - Schedule of TDR loan modifications - Chapter 7 bankruptcy [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Residential real estate: | ||
Troubled debt restructurings | $ 144 | $ 144 |
Troubled Debt Restructurings Performing to Modified Terms [Member] | ||
Residential real estate: | ||
Troubled debt restructurings | 144 | 144 |
Troubled Debt Restructurings Not Performing to Modified Terms [Member] | ||
Residential real estate: | ||
Troubled debt restructurings |
Loans Receivable (Details) - _7
Loans Receivable (Details) - Schedule of principal balance outstanding in past due loans - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Residential real estate: | ||
Total Past Due | $ 4,010 | $ 4,278 |
Loans Not Past Due | 274,277 | 295,246 |
Total | 278,287 | 299,524 |
Farm [Member] | ||
Residential real estate: | ||
Total Past Due | 98 | 101 |
Loans Not Past Due | 2,176 | 2,133 |
Total | 2,274 | 2,234 |
Nonresidential real estate [Member] | ||
Residential real estate: | ||
Total Past Due | 336 | 241 |
Loans Not Past Due | 33,147 | 35,251 |
Total | 33,483 | 35,492 |
Commercial non-mortgage [Member] | ||
Residential real estate: | ||
Loans Not Past Due | 1,148 | |
Total | 1,148 | |
Loans on deposits [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 997 | 1,129 |
Total | 997 | 1,129 |
Home Equity [Member] | ||
Residential real estate: | ||
Total Past Due | 147 | 116 |
Loans Not Past Due | 7,284 | 7,019 |
Total | 7,431 | 7,135 |
Automobiles [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 94 | 75 |
Total | 94 | 75 |
Unsecured [Member] | ||
Residential real estate: | ||
Total Past Due | 2 | 4 |
Loans Not Past Due | 557 | 549 |
Total | 559 | 553 |
Commercial and industrial [Member] | ||
Residential real estate: | ||
Total Past Due | 6 | |
Loans Not Past Due | 2,253 | |
Total | 2,259 | |
One-to four-family [Member] | ||
Residential real estate: | ||
Total Past Due | 3,415 | 3,730 |
Loans Not Past Due | 213,829 | 220,395 |
Total | 217,244 | 224,125 |
Multi-family [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 11,865 | 19,781 |
Total | 11,865 | 19,781 |
Construction [Member] | ||
Residential real estate: | ||
Total Past Due | 12 | 80 |
Loans Not Past Due | 2,865 | 5,353 |
Total | 2,877 | 5,433 |
Land [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 315 | 1,308 |
Total | 315 | 1,308 |
30-89 Days Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 2,410 | 2,699 |
30-89 Days Past Due [Member] | Farm [Member] | ||
Residential real estate: | ||
Total Past Due | 98 | 101 |
30-89 Days Past Due [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Total Past Due | 99 | |
30-89 Days Past Due [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Total Past Due | ||
30-89 Days Past Due [Member] | Home Equity [Member] | ||
Residential real estate: | ||
Total Past Due | 76 | 116 |
30-89 Days Past Due [Member] | Automobiles [Member] | ||
Residential real estate: | ||
Total Past Due | ||
30-89 Days Past Due [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Total Past Due | 2 | 4 |
30-89 Days Past Due [Member] | Commercial and industrial [Member] | ||
Residential real estate: | ||
Total Past Due | 6 | |
30-89 Days Past Due [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Total Past Due | 2,123 | 2,392 |
30-89 Days Past Due [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Total Past Due | ||
30-89 Days Past Due [Member] | Construction [Member] | ||
Residential real estate: | ||
Total Past Due | 12 | 80 |
30-89 Days Past Due [Member] | Land [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 1,600 | 1,579 |
90 Days or Greater Past Due [Member] | Farm [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Total Past Due | 237 | 241 |
90 Days or Greater Past Due [Member] | Commercial non-mortgage [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 [Member] | ||
Residential real estate: | ||
Total Past Due | 71 | |
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 | ||
90 Days or Greater Past Due [Member] | Commercial and industrial [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Total Past Due | 1,292 | 1,338 |
90 Days or Greater Past Due [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | Construction [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | Land [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 | Dec. 31, 2021 | Jun. 30, 2021 |
Pass [Member] | ||
Residential real estate: | ||
Loans receivable, gross | $ 268,715 | $ 289,122 |
Pass [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 210,945 | 217,485 |
Pass [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 11,285 | 19,135 |
Pass [Member] | Construction [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 2,877 | 5,433 |
Pass [Member] | Land [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 315 | 1,308 |
Pass [Member] | Farm [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 2,000 | 1,960 |
Pass [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 31,232 | 32,748 |
Pass [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 1,148 | 2,259 |
Pass [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 997 | 1,129 |
Pass [Member] | Home Equity [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 7,269 | 7,044 |
Pass [Member] | Automobiles [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 94 | 75 |
Pass [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 553 | 546 |
Special Mention [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 1,525 | 1,559 |
Special Mention [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 573 | 596 |
Special Mention [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Special Mention [Member] | Construction [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Special Mention [Member] | Land [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Special Mention [Member] | Farm [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Special Mention [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 912 | 924 |
Special Mention [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Special Mention [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Special Mention [Member] | Home Equity [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 40 | 39 |
Special Mention [Member] | Automobiles [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Special Mention [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Substandard [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 8,047 | 8,843 |
Substandard [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 5,726 | 6,044 |
Substandard [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 580 | 646 |
Substandard [Member] | Construction [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Substandard [Member] | Land [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Substandard [Member] | Farm [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 274 | 274 |
Substandard [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 1,339 | 1,820 |
Substandard [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Substandard [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Substandard [Member] | Home Equity [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 122 | 52 |
Substandard [Member] | Automobiles [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Substandard [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Loans receivable, gross | 6 | 7 |
Doubtful [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Construction [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Land [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Farm [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Home Equity [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Automobiles [Member] | ||
Residential real estate: | ||
Loans receivable, gross | ||
Doubtful [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Loans receivable, gross |
Loans Receivable (Details) - _9
Loans Receivable (Details) - Schedule of purchased credit impaired loans - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Schedule of purchased credit impaired loans [Abstract] | ||
One- to four-family residential real estate | $ 434 | $ 595 |
Loans Receivable (Details) -_10
Loans Receivable (Details) - Schedule of accretable yield, or income expected to be collected - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Schedule of accretable yield, or income expected to be collected [Abstract] | ||
Balance at beginning of period | $ 390 | $ 447 |
Accretion of income | (26) | (57) |
Disposals, net of recoveries | ||
Balance at end of period | $ 364 | $ 390 |
Disclosures About Fair Value _3
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis - Agency mortgage-backed: residential [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
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 | $ 30 | $ 33 |
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 | ||
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 | 30 | 33 |
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 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of foregoing methods and assumptions, the carrying value and fair value - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Financial assets | ||
Federal Home Loan Bank stock | $ 6,498 | $ 6,498 |
Financial liabilities | ||
Advances by borrowers for taxes and insurance | 246 | 838 |
Total [Member] | ||
Financial assets | ||
Cash and cash equivalents | 45,292 | 21,648 |
Term deposits in other financial institutions | 248 | |
Available-for-sale securities | 30 | 33 |
Held-to-maturity securities | 421 | 476 |
Loans held for sale | 595 | 1,336 |
Loans receivable - net | 282,961 | 306,346 |
Federal Home Loan Bank stock | ||
Accrued interest receivable | 649 | 694 |
Financial liabilities | ||
Deposits | 237,112 | 227,183 |
Federal Home Loan Bank advances | 49,109 | 57,314 |
Advances by borrowers for taxes and insurance | 246 | 838 |
Accrued interest payable | 16 | 20 |
Level 1 [Member] | ||
Financial assets | ||
Cash and cash equivalents | 45,292 | 21,648 |
Term deposits in other financial institutions | 248 | |
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 | 109,176 | 101,951 |
Federal Home Loan Bank advances | ||
Advances by borrowers for taxes and insurance | ||
Accrued interest payable | ||
Level 2 [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Term deposits in other financial institutions | ||
Available-for-sale securities | 30 | 33 |
Held-to-maturity securities | 421 | 476 |
Loans held for sale | 1,336 | |
Loans receivable - net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | 649 | 694 |
Financial liabilities | ||
Deposits | 127,936 | 125,232 |
Federal Home Loan Bank advances | 49,109 | 57,314 |
Advances by borrowers for taxes and insurance | 246 | 838 |
Accrued interest payable | 16 | 20 |
Level 3 [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Term deposits in other financial institutions | ||
Available-for-sale securities | ||
Held-to-maturity securities | ||
Loans held for sale | 595 | |
Loans receivable - net | 282,961 | 306,346 |
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 | ||
Carrying Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 45,292 | 21,648 |
Term deposits in other financial institutions | 247 | |
Available-for-sale securities | 30 | 33 |
Held-to-maturity securities | 411 | 462 |
Loans held for sale | 585 | 1,307 |
Loans receivable - net | 276,684 | 297,902 |
Federal Home Loan Bank stock | 6,498 | 6,498 |
Accrued interest receivable | 649 | 694 |
Financial liabilities | ||
Deposits | 236,838 | 226,843 |
Federal Home Loan Bank advances | 48,822 | 56,873 |
Advances by borrowers for taxes and insurance | 246 | 838 |
Accrued interest payable | $ 16 | $ 20 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - Schedule of accumulated other comprehensive income (loss) balances, net of tax - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of accumulated other comprehensive income (loss) balances, net of tax [Abstract] | ||
Beginning balance | ||
Current year change | ||
Ending balance |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Details) - Schedule of other comprehensive income (loss) components and related tax effects - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of other comprehensive income (loss) components and related tax effects [Abstract] | ||
Unrealized holding gains (losses) on available-for-sale securities | ||
Tax effect | ||
Net-of-tax amount |