Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Feb. 12, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Home Federal Bancorp, Inc. of Louisiana | |
Entity Central Index Key | 1500375 | |
Current Fiscal Year End Date | -24 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,166,343 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $809 and $9,317 for December 31, 2014 and June 30, 2014, Respectively) | $4,611 | $13,633 |
Securities Available-for-Sale | 50,799 | 48,434 |
Securities Held-to-Maturity | 2,376 | 1,765 |
Loans Held-for-Sale | 9,761 | 9,375 |
Loans Receivable, Net of Allowance for Loan Losses of $2,365 and $2,396, Respectively | 260,147 | 239,563 |
Accrued Interest Receivable | 943 | 965 |
Premises and Equipment, Net | 10,084 | 8,454 |
Bank Owned Life Insurance | 6,285 | 6,203 |
Deferred Tax Asset | 748 | 723 |
Other Assets | 553 | 414 |
Total Assets | 346,307 | 329,529 |
LIABILITIES | ||
Deposits | 252,764 | 272,295 |
Advances from Borrowers for Taxes and Insurance | 264 | 428 |
Advances from Federal Home Loan Bank of Dallas | 49,030 | 12,897 |
Other Accrued Expenses and Liabilities | 957 | 1,130 |
Total Liabilities | 303,015 | 286,750 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock - 10,000,000 Shares of $.01 Par Value Authorized; None Issued and Outstanding | 0 | 0 |
Common Stock - 40,000,000 Shares of $.01 Par Value Authorized; 3,062,386 Shares Issued and 2,190,812 Shares Outstanding at December 31, 2014; 2,241,967 Shares Outstanding at June 30, 2014 | 34 | 34 |
Additional Paid-in Capital | 33,037 | 32,853 |
Treasury Stock, at Cost - 871,574 shares at December 31, 2014; 820,419 at June 30, 2014 | -16,750 | -15,698 |
Unearned ESOP Stock | -1,503 | -1,561 |
Unearned RRP Trust Stock | -599 | -609 |
Retained Earnings | 28,936 | 27,588 |
Accumulated Other Comprehensive Income | 137 | 172 |
Total Stockholders' Equity | 43,292 | 42,779 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $346,307 | $329,529 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ||
Interest-Bearing Deposits with Other Banks | $809 | $9,317 |
Loans Receivable, Net of Allowance for Loan Losses | $2,365 | $2,396 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, issued (in shares) | 0 | 0 |
Preferred Stock, outstanding (in shares) | 0 | 0 |
Common Stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, issued (in shares) | 3,062,386 | 3,062,386 |
Common Stock, outstanding (in shares) | 2,190,812 | 2,241,967 |
Treasury Stock (in shares) | 871,574 | 820,419 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
INTEREST INCOME | ||||
Loans, Including Fees | $3,436 | $2,961 | $6,744 | $6,011 |
Investment Securities | 2 | 1 | 3 | 3 |
Mortgage-Backed Securities | 283 | 270 | 527 | 545 |
Other Interest-Earning Assets | 2 | 3 | 4 | 8 |
Total Interest Income | 3,723 | 3,235 | 7,278 | 6,567 |
INTEREST EXPENSE | ||||
Deposits | 552 | 556 | 1,087 | 1,131 |
Federal Home Loan Bank Borrowings | 66 | 40 | 111 | 88 |
Other Bank Borrowings | 0 | 7 | 0 | 14 |
Total Interest Expense | 618 | 603 | 1,198 | 1,233 |
Net Interest Income | 3,105 | 2,632 | 6,080 | 5,334 |
PROVISION FOR LOAN LOSSES | 80 | 22 | 120 | 88 |
Net Interest Income after Provision for Loan Losses | 3,025 | 2,610 | 5,960 | 5,246 |
NON-INTEREST INCOME | ||||
Gain on Sale of Loans | 415 | 404 | 887 | 880 |
Gain on Sale of Securities | 10 | 34 | 10 | 34 |
Income on Bank Owned Life Insurance | 41 | 44 | 83 | 88 |
Service Charges on deposit accounts | 113 | 79 | 213 | 154 |
Other Income | 15 | 8 | 31 | 16 |
Total Non-Interest Income | 594 | 569 | 1,224 | 1,172 |
NON-INTEREST EXPENSE | ||||
Compensation and Benefits | 1,445 | 1,346 | 2,947 | 2,730 |
Occupancy and Equipment | 269 | 236 | 498 | 431 |
Data Processing | 124 | 86 | 243 | 201 |
Audit and Examination Fees | 49 | 50 | 101 | 106 |
Franchise and Bank Shares Tax | 47 | 85 | 122 | 178 |
Advertising | 60 | 69 | 135 | 133 |
Legal Fees | 134 | 144 | 203 | 238 |
Loan Collection | 50 | 32 | 117 | 64 |
Deposit Insurance Premium | 44 | 35 | 75 | 68 |
Other Expense | 153 | 142 | 272 | 258 |
Total Non-Interest Expense | 2,375 | 2,225 | 4,713 | 4,407 |
Income Before Income Taxes | 1,244 | 954 | 2,471 | 2,011 |
PROVISION FOR INCOME TAX EXPENSE | 409 | 309 | 813 | 653 |
Net Income | $835 | $645 | $1,658 | $1,358 |
EARNINGS PER COMMON SHARE: | ||||
Basic (in dollars per share) | $0.42 | $0.31 | $0.83 | $0.64 |
Diluted (in dollars per share) | $0.41 | $0.30 | $0.81 | $0.63 |
DIVIDENDS DECLARED (in dollars per share) | $0.07 | $0.06 | $0.14 | $0.12 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
Net Income | $835 | $645 | $1,658 | $1,358 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Unrealized Holding Gain (Loss) on Securities Available-for-Sale, Net of Tax of $68 and $12 in 2014, respectively, and $149 and $20 in 2013, respectively | 132 | 289 | -24 | 39 |
Reclassification Adjustment for Gain Included in Net Income, Net of Tax of $5 and $6 in 2014, respectively, and $18 and $24 in 2013, respectively | -9 | -35 | -11 | -47 |
Net Other Comprehensive Income (Loss) | 123 | 254 | -35 | -8 |
Total Comprehensive Income | $958 | $899 | $1,623 | $1,350 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
Tax on unrealized holding gain (loss) on securities available-for-sale | $68 | $149 | $12 | $20 |
Tax on reclassification adjustment gain included in Net Income | $5 | $18 | $6 | $24 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Unearned ESOP Stock [Member] | Unearned RRP Trust Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | ||||||||
Beginning Balance at Jun. 30, 2013 | $32 | $32,218 | ($1,676) | ($863) | $25,395 | ($13,168) | $44 | $41,982 |
Net Income | 0 | 0 | 0 | 0 | 1,358 | 0 | 0 | 1,358 |
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects | 0 | 0 | 0 | 0 | 0 | 0 | -8 | -8 |
RRP Shares Earned | 0 | 0 | 0 | 10 | 0 | 0 | 0 | 10 |
Stock Options Vested | 0 | 81 | 0 | 0 | 0 | 0 | 0 | 81 |
Common Stock Issuance for Stock Option Exercises | 1 | 249 | 0 | 0 | 0 | 0 | 0 | 250 |
ESOP Compensation Earned | 0 | 43 | 57 | 0 | 0 | 0 | 0 | 100 |
Acquisition of Treasury Stock | 0 | 0 | 0 | 0 | 0 | -2,171 | 0 | -2,171 |
Dividends Declared | 0 | 0 | 0 | 0 | -282 | 0 | 0 | -282 |
Ending Balance at Dec. 31, 2013 | 33 | 32,591 | -1,619 | -853 | 26,471 | -15,339 | 36 | 41,320 |
Beginning Balance at Jun. 30, 2014 | 34 | 32,853 | -1,561 | -609 | 27,588 | -15,698 | 172 | 42,779 |
Net Income | 0 | 0 | 0 | 0 | 1,658 | 0 | 0 | 1,658 |
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects | 0 | 0 | 0 | 0 | 0 | 0 | -35 | -35 |
RRP Shares Earned | 0 | 0 | 0 | 10 | 0 | 0 | 0 | 10 |
Stock Options Vested | 0 | 88 | 0 | 0 | 0 | 0 | 0 | 88 |
Common Stock Issuance for Stock Option Exercises | 0 | 42 | 0 | 0 | 0 | 0 | 0 | 42 |
ESOP Compensation Earned | 0 | 54 | 58 | 0 | 0 | 0 | 0 | 112 |
Acquisition of Treasury Stock | 0 | 0 | 0 | 0 | 0 | -1,052 | 0 | -1,052 |
Dividends Declared | 0 | 0 | 0 | 0 | -310 | 0 | 0 | -310 |
Ending Balance at Dec. 31, 2014 | $34 | $33,037 | ($1,503) | ($599) | $28,936 | ($16,750) | $137 | $43,292 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $1,658 | $1,358 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | ||
Net Amortization and Accretion on Securities | 7 | 38 |
Gain on Sale of Securities | -10 | -34 |
Gain on Sale of Loans | -887 | -880 |
Amortization of Deferred Loan Fees | -101 | -40 |
Depreciation of Premises and Equipment | 179 | 145 |
ESOP Expense | 112 | 100 |
Stock Option Expense | 88 | 81 |
Recognition and Retention Plan Expense | 117 | 105 |
Deferred Income Tax | -6 | -29 |
Provision for Loan Losses | 120 | 88 |
Increase in Cash Surrender Value on Bank Owned Life Insurance | -83 | -88 |
Changes in Assets and Liabilities: | ||
Loans Held-for-Sale-Originations and Purchases | -40,827 | -35,178 |
Loans Held-for-Sale - Sale and Principal Repayments | 41,329 | 33,921 |
Accrued Interest Receivable | 23 | -52 |
Other Operating Assets | -138 | -99 |
Other Operating Liabilities | -281 | -344 |
Net Cash Provided by (Used In) Operating Activities | 1,300 | -908 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Loan Originations and Purchases, Net of Principal Collections | -20,611 | -6,025 |
Deferred Loan Fees Collected | 7 | 44 |
Acquisition of Premises and Equipment | -1,810 | -1,726 |
Activity in Available-for-Sale Securities: | ||
Proceeds from Sales of Securities | 1,964 | 6,782 |
Principal Payments on Mortgage-Backed Securities | 5,464 | 6,259 |
Purchases of Securities | -9,843 | -8,798 |
Activity in Held-to-Maturity Securities: | ||
Redemption Proceeds | 297 | 341 |
Purchases of Securities | -908 | -135 |
Net Cash Used in Investing Activities | -25,440 | -3,258 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (Decrease) Increase in Deposits | -19,531 | 13,417 |
Proceeds from Federal Home Loan Bank Advances | 523,700 | 296,350 |
Repayments of Advances from Federal Home Loan Bank | -487,567 | -299,555 |
Net Increase in Advances from Borrowers for Taxes and Insurance | -164 | -148 |
Dividends Paid | -310 | -282 |
Acquisition of Treasury Stock | -1,031 | -1,983 |
Proceeds from Stock Options Exercised | 21 | 63 |
Proceeds from other Bank Borrowings | 0 | 300 |
Repayment of Other Bank Borrowings | 0 | -800 |
Net Cash Provided by Financing Activities | 15,118 | 7,362 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -9,022 | 3,196 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 13,633 | 3,685 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 4,611 | 6,881 |
SUPPLEMENTARY CASH FLOW INFORMATION | ||
Interest Paid on Deposits and Borrowed Funds | 1,153 | 1,344 |
Income Taxes Paid | 785 | 691 |
Market Value Adjustment for Loss on Securities Available-for-Sale | ($53) | ($12) |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 6 Months Ended |
Dec. 31, 2014 | |
Summary of Accounting Policies [Abstract] | |
Summary of Accounting Policies | 1. Summary of Accounting Policies |
Basis of Presentation | |
The consolidated financial statements include the accounts of Home Federal Bancorp, Inc. of Louisiana (the “Company”) and its subsidiary, Home Federal Bank (“Home Federal Bank” or the “Bank”). These consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the six month period ended December 31, 2014, is not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2015. | |
The Company follows accounting standards set by the Financial Accounting Standards Board (the “FASB”). The FASB sets generally accepted accounting principles (“GAAP”) that we follow to ensure we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification” or the “ASC”). | |
In accordance with the subsequent events topic of the ASC, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effect of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of December 31, 2014. In preparing these financial statements, the Company evaluated the events and transactions that occurred through the date these financial statements were issued. | |
Use of Estimates | |
In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses. | |
Nature of Operations | |
Home Federal Bancorp, Inc. of Louisiana, a Louisiana corporation, is the fully public stock holding company for Home Federal Bank located in Shreveport, Louisiana. The Bank is a federally chartered, stock savings and loan association and is subject to federal regulation by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. The Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. Services are provided to the Bank’s customers by five full-service banking offices and one agency office, located in Caddo and Bossier Parishes, Louisiana. The area served by the Bank is primarily the Shreveport-Bossier City metropolitan area; however, loan and deposit customers are found dispersed in a wider geographical area covering much of northwest Louisiana. As of December 31, 2014, the Bank had one wholly-owned subsidiary, Metro Financial Services, Inc., which previously engaged in the sale of annuity contracts and does not currently engage in a meaningful amount of business. | |
Cash and Cash Equivalents | |
For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, balances due from banks, and federal funds sold, all of which mature within ninety days. | |
Securities | |
The Company classifies its debt and equity investment securities into one of three categories: held-to-maturity, available-for-sale, or trading. Investments in nonmarketable equity securities and debt securities, in which the Company has the positive intent and ability to hold to maturity, are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that are not classified as held-to-maturity and marketable equity securities that have readily determinable fair values are classified as either trading or available-for-sale securities. Securities that are acquired and held principally for the purpose of selling in the near term are classified as trading securities. Investments in securities not classified as trading or held-to-maturity are classified as available-for-sale. | |
Trading account and available-for-sale securities are carried at fair value. Unrealized holding gains and losses on trading securities are included in earnings while net unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the term of the securities. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |
Loans Held-for-Sale | |
Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. | |
Loans | |
Loans receivable are stated at unpaid principal balances, less allowances for loan losses and unamortized deferred loan fees. Net nonrefundable fees (loan origination fees, commitment fees, discount points) and costs associated with lending activities are being deferred and subsequently amortized into income as an adjustment of yield on the related interest earning assets using the interest method. Interest income on contractual loans receivable is recognized on the accrual method. Unearned discount on property improvement and automobile loans is deferred and amortized on the interest method over the life of the loan. | |
Allowance for Loan Losses | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of the underlying collateral and prevailing economic conditions. The evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
A loan is considered impaired when, based on current information or events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. When a loan is impaired, the measurement of such impairment is based upon the present value of expected future cash flows or the fair value of the collateral of the loan. If the present value of expected future cash flows or fair value of the collateral is less than the recorded investment in the loan, the Bank will recognize the impairment by creating a valuation allowance with a corresponding charge against earnings. | |
An allowance is also established for uncollectible interest on loans classified as substandard. The allowance is established by a charge to interest income equal to all interest previously accrued and income is subsequently recognized only to the extent that cash payments are received. When, in management’s judgment, the borrower’s ability to make periodic interest and principal payments is back to normal, the loan is returned to accrual status. | |
It should be understood that estimates of future loan losses involve an exercise of judgment. While it is possible that in particular periods the Company may sustain losses which are substantial relative to the allowance for loan losses, it is the judgment of management that the allowance for loan losses reflected in the accompanying statements of condition is adequate to absorb possible losses in the existing loan portfolio. | |
Off-Balance Sheet Credit Related Financial Instruments | |
In the ordinary course of business, the Bank has entered into commitments to extend credit. Such financial instruments are recorded when they are funded. | |
Foreclosed Assets | |
Assets acquired through, or in lieu of, loan foreclosure are held-for-sale and are transferred to other real estate owned at the lower of cost or current fair value minus estimated cost to sell as of the date of foreclosure. Cost is defined as the lower of the fair value of the property or the recorded investment in the loan. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. | |
Premises and Equipment | |
Land is carried at cost. Buildings and equipment are carried at cost less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. | |
Income Taxes | |
The Company and its wholly-owned subsidiary file a consolidated Federal income tax return on a fiscal year basis. Each entity pays its pro-rata share of income taxes in accordance with a written tax-sharing agreement. | |
The Company accounts for income taxes on the asset and liability method. Deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. Current taxes are measured by applying the provisions of enacted tax laws to taxable income to determine the amount of taxes receivable or payable. | |
While the Bank is exempt from Louisiana income tax, it is subject to the Louisiana Ad Valorem Tax, commonly referred to as the Louisiana Shares Tax, which is based on stockholders’ equity and net income. | |
Comprehensive Income | |
Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the Consolidated Statements of Financial Condition, such items, along with net income, are components of comprehensive income. | |
Recent Accounting Pronouncements | |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company’s current accounting treatment of performance conditions for employees who are or become eligible prior to the achievement of the performance target are consistent with ASU 2014-12, and as such does not expect the new guidance to have a material effect on the Corporation's financial condition and results of operations. The Company expects to prospectively adopt ASU 2014-12 in the first quarter of 2015. |
Securities
Securities | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Securities [Abstract] | |||||||||||||||||
Securities | 2. Securities | ||||||||||||||||
The amortized cost and fair value of securities, with gross unrealized gains and losses, follows: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 289 | $ | 18 | $ | -- | $ | 307 | |||||||||
FNMA Mortgage-Backed Certificates | 30,364 | 851 | 128 | 31,087 | |||||||||||||
GNMA Mortgage-Backed Certificates | 19,938 | 6 | 539 | 19,405 | |||||||||||||
Total Debt Securities | 50,591 | 875 | 667 | 50,799 | |||||||||||||
Total Securities Available-for-Sale | $ | 50,591 | $ | 875 | $ | 667 | $ | 50,799 | |||||||||
Securities Held-to-Maturity | |||||||||||||||||
Equity Securities (Non-Marketable) | |||||||||||||||||
21,262 Shares – Federal Home Loan Bank | $ | 2,126 | $ | -- | $ | -- | $ | 2,126 | |||||||||
630 Shares – First National Bankers | 250 | -- | -- | 250 | |||||||||||||
Bankshares, Inc. | |||||||||||||||||
Total Equity Securities | 2,376 | -- | -- | 2,376 | |||||||||||||
Total Securities Held-to-Maturity | $ | 2,376 | $ | -- | $ | -- | $ | 2,376 | |||||||||
30-Jun-14 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 311 | $ | 12 | $ | -- | $ | 323 | |||||||||
FNMA Mortgage-Backed Certificates | 24,947 | 857 | 24 | 25,780 | |||||||||||||
GNMA Mortgage-Backed Certificates | 22,915 | 6 | 590 | 22,331 | |||||||||||||
Total Debt Securities | 48,173 | 875 | 614 | 48,434 | |||||||||||||
Total Securities Available-for-Sale | $ | 48,173 | $ | 875 | $ | 614 | $ | 48,434 | |||||||||
Securities Held-to-Maturity | |||||||||||||||||
Equity Securities (Non-Marketable) | |||||||||||||||||
15,145 Shares – Federal Home Loan Bank | $ | 1,515 | $ | -- | $ | -- | $ | 1,515 | |||||||||
630 Shares – First National Bankers | 250 | -- | -- | 250 | |||||||||||||
Bankshares, Inc. | |||||||||||||||||
Total Equity Securities | 1,765 | -- | -- | 1,765 | |||||||||||||
Total Securities Held-to-Maturity | $ | 1,765 | $ | -- | $ | -- | $ | 1,765 | |||||||||
The amortized cost and fair value of securities by contractual maturity at December 31, 2014, follows: | |||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||
Amortized | Fair | Amortized Cost | Fair | ||||||||||||||
Cost | Value | Value | |||||||||||||||
(In Thousands) | |||||||||||||||||
Debt Securities | |||||||||||||||||
Within One Year or Less | $ | 2 | $ | 2 | $ | -- | $ | -- | |||||||||
One through Five Years | 216 | 220 | -- | -- | |||||||||||||
After Five through Ten Years | 143 | 147 | -- | -- | |||||||||||||
Over Ten Years | 50,230 | 50,430 | -- | -- | |||||||||||||
50,591 | 50,799 | -- | -- | ||||||||||||||
Other Equity Securities | -- | -- | 2,376 | 2,376 | |||||||||||||
Total | $ | 50,591 | $ | 50,799 | $ | 2,376 | $ | 2,376 | |||||||||
For the six months ended December 31, 2014, proceeds from the sale of securities available-for-sale amounted to $2.0 million and gross realized gains amounted to $10,000 for the six months ended December 31, 2014. | |||||||||||||||||
The following tables show information pertaining to gross unrealized losses on securities available-for-sale for the six months ended December 31, 2014 and at June 30, 2014 aggregated by investment category and length of time that individual securities have been in a continuous loss position. | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Less Than Twelve Months | Over Twelve Months | ||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Fair | Unrealized | Fair | ||||||||||||||
Losses | Value | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
Mortgage-Backed Securities | $ | 128 | $ | 3,778 | $ | 539 | $ | 19,279 | |||||||||
Marketable Equity Securities | -- | -- | -- | -- | |||||||||||||
Total Securities Available-for-Sale | $ | 128 | $ | 3,778 | $ | 539 | $ | 19,279 | |||||||||
30-Jun-14 | |||||||||||||||||
Less Than Twelve Months | Over Twelve Months | ||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Fair | Unrealized | Fair | ||||||||||||||
Losses | Value | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
Mortgage-Backed Securities | $ | 24 | $ | 1,947 | $ | 590 | $ | 22,193 | |||||||||
Marketable Equity Securities | -- | -- | -- | -- | |||||||||||||
Total Securities Available-for-Sale | $ | 24 | $ | 1,947 | $ | 590 | $ | 22,193 | |||||||||
The Company’s investment in equity securities consists primarily of FHLB stock, and shares of First National Bankers Bankshares, Inc. (“FNBB”). Management monitors its investment portfolio to determine whether any investment securities which have unrealized losses should be considered other than temporarily impaired. | |||||||||||||||||
At December 31, 2014, securities with a carrying value of $806,000 were pledged to secure public deposits, and securities and mortgage loans with a carrying value of $166.9 million were pledged to secure FHLB advances. |
Loans_Receivable
Loans Receivable | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Loans Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans Receivable | 3. Loans Receivable | ||||||||||||||||||||||||||||||||||||
Loans receivable are summarized as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30-Jun-14 | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Loans Secured by Mortgages on Real Estate | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 98,472 | $ | 89,545 | |||||||||||||||||||||||||||||||||
Commercial | 55,787 | 56,266 | |||||||||||||||||||||||||||||||||||
Multi-Family Residential | 15,845 | 20,368 | |||||||||||||||||||||||||||||||||||
Land | 23,283 | 19,945 | |||||||||||||||||||||||||||||||||||
Construction | 16,228 | 12,505 | |||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | 2,926 | 2,563 | |||||||||||||||||||||||||||||||||||
Equity Lines of Credit | 21,224 | 14,950 | |||||||||||||||||||||||||||||||||||
233,765 | 216,142 | ||||||||||||||||||||||||||||||||||||
Commercial Loans | 28,607 | 25,749 | |||||||||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||||||||||
Loans on Savings Accounts | 242 | 255 | |||||||||||||||||||||||||||||||||||
Automobile and Other Consumer Loans | 103 | 111 | |||||||||||||||||||||||||||||||||||
Total Consumer and Other Loans | 345 | 366 | |||||||||||||||||||||||||||||||||||
Total Loans | 262,717 | 242,257 | |||||||||||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (2,365 | ) | (2,396 | ) | |||||||||||||||||||||||||||||||||
Unamortized Loan Fees | (205 | ) | (298 | ) | |||||||||||||||||||||||||||||||||
Net Loans Receivable | $ | 260,147 | $ | 239,563 | |||||||||||||||||||||||||||||||||
Following is a summary of changes in the allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Balance - Beginning of Period | $ | 2,396 | $ | 2,240 | |||||||||||||||||||||||||||||||||
Provision for Loan Losses | 120 | 88 | |||||||||||||||||||||||||||||||||||
Loan Charge-Offs | (151 | ) | (12 | ) | |||||||||||||||||||||||||||||||||
Balance - End of Period | $ | 2,365 | $ | 2,316 | |||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||
The Company segregates loans into risk categories based on the pertinent 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 according to credit risk. Loans classified as substandard or identified as special mention are reviewed quarterly by management to evaluate the level of deterioration, improvement, and impairment, if any, as well as assign the appropriate risk category. | |||||||||||||||||||||||||||||||||||||
Loans excluded from the scope of the quarterly review process above are generally identified as pass credits until: (a) they become past due; (b) management becomes aware of deterioration in the credit worthiness of the borrower; or (c) the customer contacts the Company for a modification. In these circumstances, the loan is specifically evaluated for potential classification and the need to allocate reserves or charge-off. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||||||||||
Special Mention - Loans identified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | |||||||||||||||||||||||||||||||||||||
Substandard - Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||
Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||||||
Loss - This classification includes those loans which are considered uncollectible and of such little value that their continuance as loans is not warranted. Even though partial recovery may be possible in the future, it is not practical or desirable to defer writing off these basically worthless loans. Accordingly, these loans are charged-off before period end. | |||||||||||||||||||||||||||||||||||||
The following tables present the grading of loans, segregated by class of loans, as of December 31, 2014 and June 30, 2014: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 98,345 | $ | 114 | $ | 13 | $ | - | $ | 98,472 | |||||||||||||||||||||||||||
Commercial | 55,178 | 546 | - | 63 | 55,787 | ||||||||||||||||||||||||||||||||
Multi-Family Residential | 15,845 | - | - | - | 15,845 | ||||||||||||||||||||||||||||||||
Land | 23,283 | - | - | - | 23,283 | ||||||||||||||||||||||||||||||||
Construction | 16,228 | - | - | - | 16,228 | ||||||||||||||||||||||||||||||||
Equity and Second Mortgage | 2,926 | - | - | - | 2,926 | ||||||||||||||||||||||||||||||||
Equity Lines of Credit | 21,197 | - | - | 27 | 21,224 | ||||||||||||||||||||||||||||||||
Commercial Loans | 28,607 | - | - | - | 28,607 | ||||||||||||||||||||||||||||||||
Consumer Loans | 345 | - | - | - | 345 | ||||||||||||||||||||||||||||||||
Total | $ | 261,954 | $ | 660 | $ | 13 | $ | 90 | $ | 262,717 | |||||||||||||||||||||||||||
30-Jun-14 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 89,345 | $ | 49 | $ | -- | $ | 151 | $ | 89,545 | |||||||||||||||||||||||||||
Commercial | 53,621 | 2,645 | -- | -- | 56,266 | ||||||||||||||||||||||||||||||||
Multi-Family Residential | 20,368 | -- | -- | -- | 20,368 | ||||||||||||||||||||||||||||||||
Land | 19,945 | -- | -- | -- | 19,945 | ||||||||||||||||||||||||||||||||
Construction | 12,505 | -- | -- | -- | 12,505 | ||||||||||||||||||||||||||||||||
Equity and Second Mortgage | 2,563 | -- | -- | -- | 2,563 | ||||||||||||||||||||||||||||||||
Equity Lines of Credit | 14,923 | -- | -- | 27 | 14,950 | ||||||||||||||||||||||||||||||||
Commercial Loans | 25,749 | -- | -- | -- | 25,749 | ||||||||||||||||||||||||||||||||
Consumer Loans | 366 | -- | -- | -- | 366 | ||||||||||||||||||||||||||||||||
Total | $ | 239,385 | $ | 2,694 | $ | -- | $ | 178 | $ | 242,257 | |||||||||||||||||||||||||||
Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when contractually due. Loans that experience insignificant payment delays or payment shortfalls are generally not classified as impaired. On a case-by-case basis, management determines the significance of payment delays and payment shortfalls, taking into consideration all of the circumstances related to the loan, including: the length of the payment delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||||||||||||||||||||||||||||
The following tables present an aging analysis of past due loans, segregated by class of loans, as of December 31, 2014 and June 30, 2014: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30-59 Days | 60-89 | Greater | Total | Current | Total Loans Receivable | Recorded | ||||||||||||||||||||||||||||||
Past Due | Days Past Due | Than 90 Days | Past Due | Investment | |||||||||||||||||||||||||||||||||
> 90 Days | |||||||||||||||||||||||||||||||||||||
and Accruing | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family | $ | 1,214 | $ | 861 | $ | 80 | $ | 2,155 | $ | 96,317 | $ | 98,472 | $ | 67 | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||
Commercial | -- | -- | 64 | 64 | 55,723 | 55,787 | -- | ||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 15,845 | 15,845 | -- | ||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 23,283 | 23,283 | -- | ||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 16,228 | 16,228 | -- | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 2,926 | 2,926 | -- | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 100 | -- | -- | 100 | 21,124 | 21,224 | -- | ||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | 28,607 | 28,607 | -- | ||||||||||||||||||||||||||||||
Consumer Loans | 4 | -- | -- | 4 | 341 | 345 | -- | ||||||||||||||||||||||||||||||
$ | 1,318 | $ | 861 | $ | 144 | $ | 2,323 | $ | 260,394 | $ | 262,717 | $ | 67 | ||||||||||||||||||||||||
30-Jun-14 | 30-59 Days Past Due | 60-89 | Greater | Total | Current | Total Loans Receivable | Recorded | ||||||||||||||||||||||||||||||
Days Past Due | Than 90 Days | Past Due | Investment | ||||||||||||||||||||||||||||||||||
> 90 Days | |||||||||||||||||||||||||||||||||||||
and Accruing | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family | $ | 1,326 | $ | 435 | $ | 164 | $ | 1,925 | $ | 87,620 | $ | 89,545 | $ | 13 | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||
Commercial | -- | -- | -- | -- | 56,266 | 56,266 | -- | ||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 20,368 | 20,368 | -- | ||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 19,945 | 19,945 | -- | ||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 12,505 | 12,505 | -- | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 2,563 | 2,563 | -- | ||||||||||||||||||||||||||||||
Equity Lines of Credit | -- | -- | 27 | 27 | 14,923 | 14,950 | -- | ||||||||||||||||||||||||||||||
Commercial Loans | 259 | -- | -- | 259 | 25,490 | 25,749 | -- | ||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 366 | 366 | -- | ||||||||||||||||||||||||||||||
Total | $ | 1,585 | $ | 435 | $ | 191 | $ | 2,211 | $ | 240,046 | $ | 242,257 | $ | 13 | |||||||||||||||||||||||
Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties are considered troubled debt restructurings and designated as impaired. There were no troubled debt restructurings as of December 31, 2014 or June 30, 2014. | |||||||||||||||||||||||||||||||||||||
The change in the allowance for loan losses by loan portfolio class and recorded investment in loans for the six months ended December 31, 2014 was as follows: | |||||||||||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Multi- | Land | Construction | Home | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
Residential | Family | Equity | Loans | Loans | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||
and Lines | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | of Credit | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | |||||||||||||||||||
Charge-Offs | (151 | ) | -- | -- | -- | -- | -- | -- | -- | (151 | ) | ||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Current Provision | 73 | (89 | ) | (49 | ) | 19 | 49 | 59 | 59 | (1 | ) | 120 | |||||||||||||||||||||||||
Ending Balances | $ | 1,146 | $ | 375 | $ | 79 | $ | 187 | $ | 154 | $ | 158 | $ | 261 | $ | 5 | $ | 2,365 | |||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Collectively | 1,146 | 375 | 79 | 187 | 154 | 158 | 261 | 5 | 2,365 | ||||||||||||||||||||||||||||
Loans Receivable: | |||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 98,472 | $ | 55,787 | $ | 15,845 | $ | 23,283 | $ | 16,228 | $ | 24,150 | $ | 28,607 | $ | 345 | $ | 262,717 | |||||||||||||||||||
Ending Balances: | |||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | 127 | 609 | -- | -- | -- | 27 | -- | -- | 763 | ||||||||||||||||||||||||||||
Collectively | $ | 98,345 | $ | 55,178 | $ | 15,845 | $ | 23,283 | $ | 16,228 | $ | 24,123 | $ | 28,607 | $ | 345 | $ | 261,954 | |||||||||||||||||||
The change in the allowance for loan losses by loan portfolio class and recorded investment in loans for the twelve months ended June 30, 2014 and the six months ended December 31, 2013, was as follows: | |||||||||||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Multi- | Land | Construction | Home | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
Residential | Family | Equity | Loans | Loans | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||
and Lines | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | of Credit | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | |||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | (12 | ) | -- | -- | (12 | ) | ||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Current Provision | 201 | 126 | 25 | 41 | (41 | ) | 26 | (210 | ) | -- | 168 | ||||||||||||||||||||||||||
Ending Balances | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | |||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Collectively | 1,224 | 464 | 128 | 168 | 105 | 99 | 202 | 6 | 2,396 | ||||||||||||||||||||||||||||
Loans Receivable: | |||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 89,545 | $ | 56,266 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,513 | $ | 25,749 | $ | 366 | $ | 242,257 | |||||||||||||||||||
Ending Balances: | |||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | 200 | 2,645 | -- | -- | -- | 27 | -- | -- | 2,872 | ||||||||||||||||||||||||||||
Collectively | $ | 89,345 | $ | 53,621 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,486 | $ | 25,749 | $ | 366 | $ | 239,385 | |||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 1-4 Family | Commercial | Multi-Family | Land | Construction | Home | Commercial Loans | Consumer Loans | Total | ||||||||||||||||||||||||||||
Residential | Equity | ||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||
And Lines | |||||||||||||||||||||||||||||||||||||
of Credit | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | |||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | -- | (12 | ) | -- | (12 | ) | ||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Current Provision | 204 | (8 | ) | (11 | ) | 1 | (19 | ) | (3 | ) | (77 | ) | 1 | 88 | |||||||||||||||||||||||
Ending Balances | $ | 1,227 | $ | 330 | $ | 92 | $ | 128 | $ | 127 | $ | 82 | $ | 323 | $ | 7 | $ | 2,316 | |||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Collectively | 1,227 | 330 | 92 | 128 | 127 | 82 | 323 | 7 | 2,316 | ||||||||||||||||||||||||||||
Loans Receivable: | |||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 80,371 | $ | 47,863 | $ | 19,674 | $ | 14,964 | $ | 15,715 | $ | 14,306 | $ | 21,238 | $ | 467 | $ | 214,598 | |||||||||||||||||||
Ending Balances: | |||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | 612 | -- | -- | -- | -- | 116 | -- | -- | 728 | ||||||||||||||||||||||||||||
Collectively | $ | 79,759 | $ | 47,863 | $ | 19,674 | $ | 14,964 | $ | 15,715 | $ | 14,190 | $ | 21,238 | $ | 467 | $ | 213,870 | |||||||||||||||||||
The following table’s present loans individually evaluated for impairment, segregated by class of loans, as of December 31, 2014 and June 30, 2014: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | Unpaid | Recorded | Recorded | Total Recorded | Related | Average Recorded | |||||||||||||||||||||||||||||||
Principal | Investment With | Investment With | Investment | Allowance | Investment | ||||||||||||||||||||||||||||||||
Balance | No Allowance | Allowance | |||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 127 | $ | 127 | $ | -- | $ | 127 | $ | -- | $ | 134 | |||||||||||||||||||||||||
Commercial | 609 | 609 | -- | 609 | -- | 629 | |||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity Lines of Credit | 27 | 27 | -- | 27 | -- | 27 | |||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Total | $ | 763 | $ | 763 | $ | -- | $ | 763 | $ | -- | $ | 790 | |||||||||||||||||||||||||
30-Jun-14 | Unpaid | Recorded | Recorded | Total Recorded | Related | Average Recorded | |||||||||||||||||||||||||||||||
Principal | Investment With | Investment With | Investment | Allowance | Investment | ||||||||||||||||||||||||||||||||
Balance | No Allowance | Allowance | |||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 200 | $ | 200 | $ | -- | $ | 200 | $ | -- | $ | 216 | |||||||||||||||||||||||||
Commercial | 2,645 | 2,645 | -- | 2,645 | -- | 2,661 | |||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity Lines of Credit | 27 | 27 | -- | 27 | -- | 27 | |||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Total | $ | 2,872 | $ | 2,872 | $ | -- | $ | 2,872 | $ | -- | $ | 2,904 | |||||||||||||||||||||||||
The Bank has no commitments to loan additional funds to borrowers whose loans were previously in non-accrual status. | |||||||||||||||||||||||||||||||||||||
There was no interest income recognized on non-accrual loans during the six months ended December 31, 2014 or year ended June 30, 2014. If the non-accrual loans had been accruing interest at their original contracted rates, gross interest income that would have been recorded for the six months ended December 31, 2014 and year ended June 30, 2014 was $2,000 and $3,000, respectively. |
Deposits
Deposits | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | 4. Deposits | ||||||||
Deposits at December 31, 2014 and June 30, 2014 consist of the following classifications: | |||||||||
31-Dec-14 | 30-Jun-14 | ||||||||
(In Thousands) | |||||||||
Non-Interest Bearing | $ | 35,976 | $ | 43,447 | |||||
NOW Accounts | 30,402 | 24,015 | |||||||
Money Markets | 41,738 | 72,240 | |||||||
Passbook Savings | 13,123 | 12,165 | |||||||
121,239 | 151,867 | ||||||||
Certificates of Deposit | 131,525 | 120,428 | |||||||
Total Deposits | $ | 252,764 | $ | 272,295 |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share | 5. Earnings Per Share | ||||||||||||||||
Basic earnings per common share are computed based on the weighted average number of shares outstanding. Diluted earnings per share is computed based on the weighted average number of shares outstanding and common share equivalents that would arise from the exercise of dilutive securities. Earnings per share for the three and six months ended December 31, 2014 and 2013 were calculated as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Net income | $ | 835 | $ | 645 | $ | 1,658 | $ | 1,358 | |||||||||
Weighted average shares outstanding - basic | 1,997 | 2,099 | 2,001 | 2,106 | |||||||||||||
Effect of dilutive common stock equivalents | 56 | 44 | 55 | 48 | |||||||||||||
Adjusted weighted average shares outstanding - diluted | 2,053 | 2,143 | 2,056 | 2,154 | |||||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.31 | $ | 0.83 | $ | 0.64 | |||||||||
Diluted earnings per share | $ | 0.41 | $ | 0.3 | $ | 0.81 | $ | 0.63 | |||||||||
For the three months ended December 31, 2014 and 2013, there were outstanding options to purchase 227,038 and 239,046 shares, respectively, at a weighted average exercise price of $14.70 and $13.90 per share, respectively, and for the six months ended December 31, 2014 and 2013, there were outstanding options to purchase 227,550 and 247,006 shares, respectively, at a weighted average exercise price of $14.69 and $13.83 per share, respectively. For the quarter ended December 31, 2014, 56,411 and 44,050 options, were included in the computation of diluted earnings per share. | |||||||||||||||||
The following table presents the components of weighted average outstanding shares for purposes of calculating earnings per share: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | 31-Dec | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Average common shares issued | 3,062 | 3,062 | 3,062 | 3,062 | |||||||||||||
Average unearned ESOP shares | (151 | ) | (163 | ) | (153 | ) | (164 | ) | |||||||||
Average unearned RRP shares | (50 | ) | (64 | ) | (50 | ) | (64 | ) | |||||||||
Average treasury shares | (864 | ) | (736 | ) | (858 | ) | (728 | ) | |||||||||
Weighted average shares outstanding | 1,997 | 2,099 | 2,001 | 2,106 |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation |
Recognition and Retention Plan | |
On August 10, 2005, the shareholders of the Company approved the establishment of the Home Federal Bancorp, Inc. of Louisiana 2005 Recognition and Retention Plan and Trust Agreement (the “2005 Recognition Plan”) as an incentive to retain personnel of experience and ability in key positions. The aggregate number of shares of the Company’s common stock subject to award under the 2005 Recognition Plan totaled 63,547 shares (as adjusted for the exchange ratio of 0.9110 on December 22, 2010). As the shares were acquired for the 2005 Recognition Plan, the purchase price of these shares was recorded as a contra equity account. As the shares are distributed, the contra equity account is reduced. During the six months ended December 31, 2014, 561 shares vested and were released from the 2005 Recognition Plan Trust and 564 shares remained in the 2005 Recognition Plan Trust at December 31, 2014. | |
On December 23, 2011, the shareholders of the Company approved the establishment of the Home Federal Bancorp, Inc. of Louisiana 2011 Recognition and Retention Plan and Trust Agreement (the “2011 Recognition Plan”, together with the 2005 Recognition Plan, the “Recognition Plan”) as an incentive to retain personnel of experience and ability in key positions. The aggregate number of shares of the Company’s common stock available for award under the 2011 Recognition Plan totaled 77,808 shares. During the six months ended December 31, 2014, 8,557 shares were awarded under the 2011 Recognition Plan and no shares are available for future awards. At December 31, 2014, 50,124 unvested awards remained in the 2011 Recognition Plan Trust. | |
Recognition Plan shares are earned by recipients at a rate of 20% of the aggregate number of shares covered by the Recognition Plan award over five years. Generally, if the employment of an employee or service as a non-employee director is terminated prior to the fifth anniversary of the date of grant of Recognition Plan share award, the recipient shall forfeit the right to any shares subject to the award that have not been earned. In the case of death or disability of the recipient or a change in control of the Company, the Recognition Plan awards will be vested and shall be distributed as soon as practicable thereafter. | |
The Recognition Plan cost is recognized over the five year vesting period. During the six months ended December 31, 2014, the Company recognized $117,000 in expense related to the Recognition Plans. | |
Stock Option Plan | |
On August 10, 2005, the shareholders of the Company approved the establishment of the Home Federal Bancorp, Inc. of Louisiana 2005 Stock Option Plan (the “2005 Option Plan”) for the benefit of directors, officers, and other key employees. The aggregate number of shares of common stock reserved for issuance under the 2005 Option Plan totaled 158,868 (as adjusted for the exchange ratio). Both incentive stock options and non-qualified stock options may be granted under the 2005 Option Plan. During the six months ended December 31, 2014, 2,133 options were granted under the 2005 Option Plan at an exercise price of $18.92. As of December 31, 2014, 35,251 options were outstanding under the 2005 Option Plan and none were available for future grant. | |
On December 23, 2011, the shareholders of the Company approved the establishment of the Home Federal Bancorp, Inc. of Louisiana 2011 Stock Option Plan (the “2011 Option Plan”, together with the 2005 Option Plan, the “Option Plans”) for the benefit of directors, officers, and other key employees. The aggregate number of shares of common stock reserved for issuance under the 2011 Option Plan totaled 194,522. Both incentive stock options and non-qualified stock options may be granted under the 2011 Option Plan. During the six months ended December 31, 2014, 29,178 options were granted under the 2011 Option Plan at an exercise price of $18.92. As of December 31, 2014, 190,715 options were outstanding under the 2011 Option Plan and none were available for future grant. | |
Under the Option Plans, the exercise price of each option cannot be less than the fair market value of the underlying common stock as of the date of the option grant and the maximum term is ten years. Incentive stock options and non-qualified stock options granted under the Option Plans become vested and exercisable at a rate of 20% per year over five years, commencing one year from the date of the grant, with an additional 20% vesting on each successive anniversary of the date the option was granted. No vesting shall occur after an employee’s employment or service as a director is terminated. In the event of the death or disability of an employee or director or change in control of the Company, the unvested options shall become vested and exercisable. The Company accounts for the Option Plans under the guidance of FASB ASC Topic 718, Compensation – Stock Compensation. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions |
Certain directors and executive officers were indebted to the Bank in the approximate aggregate amounts of $2.1 million and $2.5 million at December 31, 2014 and June 30, 2014, respectively. |
Fair_Value_Disclosures
Fair Value Disclosures | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures | 8. Fair Value Disclosures | ||||||||||||||||
The following disclosure is made in accordance with the requirements of ASC 825, Financial Instruments. Financial instruments are defined as cash and contractual rights and obligations that require settlement, directly or indirectly, in cash. In cases where quoted market prices are not available, fair values have been estimated using the present value of future cash flows or other valuation techniques. The results of these techniques are highly sensitive to the assumptions used, such as those concerning appropriate discount rates and estimates of future cash flows, which require considerable judgment. Accordingly, estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current settlement of the underlying financial instruments. | |||||||||||||||||
ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. These disclosures should not be interpreted as representing an aggregate measure of the underlying value of the Company. | |||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair values of financial instruments: | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The carrying amount approximates the fair value of cash and cash equivalents. | |||||||||||||||||
Securities to be Held-to-Maturity and Available-for-Sale | |||||||||||||||||
Fair values for investment securities, including mortgage-backed securities, are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The carrying values of restricted or non-marketable equity securities approximate their fair values. The carrying amount of accrued investment income approximates its fair value. | |||||||||||||||||
Mortgage Loans Held-for-Sale | |||||||||||||||||
Because these loans are normally disposed of within ninety days of origination, their carrying value closely approximates the fair value of such loans. | |||||||||||||||||
Loans Receivable | |||||||||||||||||
For variable-rate loans that re-price frequently and with no significant changes in credit risk, fair value approximates the carrying value. Fair values for other loans are estimated using the discounted value of expected future cash flows. Interest rates used are those being offered currently for loans with similar terms to borrowers of similar credit quality. The carrying amount of accrued interest receivable approximates its fair value. | |||||||||||||||||
Deposit Liabilities | |||||||||||||||||
The fair values for demand deposit accounts are, by definition, equal to the amount payable on demand at the reporting date, that is, their carrying amounts. Fair values for other deposit accounts are estimated using the discounted value of expected future cash flows. The discount rate is estimated using the rates currently offered for deposits of similar maturities. | |||||||||||||||||
Advances from Federal Home Loan Bank | |||||||||||||||||
The carrying amount of short-term borrowings approximates their fair value. The fair value of long-term debt is estimated using discounted cash flow analyses based on current incremental borrowing rates for similar borrowing arrangements. | |||||||||||||||||
Off-Balance Sheet Credit-Related Instruments | |||||||||||||||||
Fair values for outstanding mortgage loan commitments to lend are based on fees currently charged to enter into similar agreements, taking into account the remaining term of the agreements, customer credit quality, and changes in lending rates. | |||||||||||||||||
The fair value of interest rate floors and caps contained in some loan servicing agreements and variable rate mortgage loan contracts are considered immaterial within the context of fair value disclosure requirements. Accordingly, no fair value estimate is provided for these instruments. | |||||||||||||||||
The carrying amount and estimated fair values of the Company’s financial instruments were as follows: | |||||||||||||||||
31-Dec-14 | 30-Jun-14 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and Cash Equivalents | $ | 4,611 | $ | 4,611 | $ | 13,633 | $ | 13,633 | |||||||||
Securities Available-for-Sale | 50,799 | 50,799 | 48,434 | 48,434 | |||||||||||||
Securities to be Held-to-Maturity | 2,376 | 2,376 | 1,765 | 1,765 | |||||||||||||
Loans Held-for-Sale | 9,761 | 9,761 | 9,375 | 9,375 | |||||||||||||
Loans Receivable | 260,147 | 260,215 | 239,563 | 242,240 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 252,764 | 240,630 | 272,295 | 259,411 | |||||||||||||
Advances from FHLB | 49,030 | 49,370 | 12,897 | 13,266 | |||||||||||||
Off-Balance Sheet Items | |||||||||||||||||
Mortgage Loan Commitments | 282 | 282 | 349 | 349 | |||||||||||||
The estimated fair values presented above could be materially different than net realizable value and are only indicative of the individual financial instrument’s fair value. Accordingly, these estimates should not be considered an indication of the fair value of the Company taken as a whole. | |||||||||||||||||
The Company follows the guidance of FASB ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 affirms a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 was issued to establish a uniform definition of fair value. The definition of fair value is market-based as opposed to company-specific, and includes the following: | |||||||||||||||||
· | Defines fair value as the price that would be received to sell an asset or paid to transfer a liability, in either case, through an orderly transaction between market participants at a measurement date and establishes a framework for measuring fair value; | ||||||||||||||||
· | Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date; | ||||||||||||||||
· | Nullifies the guidance in EITF 02-3, which required the deferral of profit at inception of a transaction involving a derivative financial instrument in the absence of observable data supporting the valuation technique; | ||||||||||||||||
· | Eliminates large position discounts for financial instruments quoted in active markets and requires consideration of the company’s creditworthiness when valuing liabilities; and | ||||||||||||||||
· | Expands disclosures about instrument that are measured at fair value. | ||||||||||||||||
The standard establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy favors the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |||||||||||||||||
· | Level 1 – Fair value is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets in which the Company can participate. | ||||||||||||||||
· | Level 2 – Fair value is based upon (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||||||||||
· | Level 3 – Fair value is based upon inputs that are unobservable for the asset or liability. These inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Company’s own data. The Company’s own data used to develop unobservable inputs are adjusted if information indicates that market participants would use different assumptions. | ||||||||||||||||
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Fair values of assets and liabilities measured on a recurring basis at December 31, 2014 and June 30, 2014 are as follows: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
31-Dec-14 | Quoted Prices in | Significant | |||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC | $ | -- | $ | 307 | $ | -- | $ | 307 | |||||||||
FNMA | -- | 31,087 | -- | 31,087 | |||||||||||||
GNMA | -- | 19,405 | -- | 19,405 | |||||||||||||
Total | $ | -- | $ | 50,799 | $ | -- | $ | 50,799 | |||||||||
Fair Value Measurements Using: | |||||||||||||||||
30-Jun-14 | Quoted Prices in | Significant | |||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC | $ | -- | $ | 323 | $ | -- | $ | 323 | |||||||||
FNMA | -- | 25,780 | -- | 25,780 | |||||||||||||
GNMA | -- | 22,331 | -- | 22,331 | |||||||||||||
Total | $ | -- | $ | 48,434 | $ | -- | $ | 48,434 |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events |
In accordance with FASB ASC 855, Subsequent Events, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effect of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of December 31, 2014. In preparing these financial statements, the Company evaluated the events and transactions that occurred through the date these financial statements were issued. |
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Summary of Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The consolidated financial statements include the accounts of Home Federal Bancorp, Inc. of Louisiana (the “Company”) and its subsidiary, Home Federal Bank (“Home Federal Bank” or the “Bank”). These consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the six month period ended December 31, 2014, is not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2015. | |
The Company follows accounting standards set by the Financial Accounting Standards Board (the “FASB”). The FASB sets generally accepted accounting principles (“GAAP”) that we follow to ensure we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (the “Codification” or the “ASC”). | |
In accordance with the subsequent events topic of the ASC, the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effect of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of December 31, 2014. In preparing these financial statements, the Company evaluated the events and transactions that occurred through the date these financial statements were issued. | |
Use of Estimates | Use of Estimates |
In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Statements of Financial Condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses. | |
Nature of Operations | Nature of Operations |
Home Federal Bancorp, Inc. of Louisiana, a Louisiana corporation, is the fully public stock holding company for Home Federal Bank located in Shreveport, Louisiana. The Bank is a federally chartered, stock savings and loan association and is subject to federal regulation by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. The Company is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. Services are provided to the Bank’s customers by five full-service banking offices and one agency office, located in Caddo and Bossier Parishes, Louisiana. The area served by the Bank is primarily the Shreveport-Bossier City metropolitan area; however, loan and deposit customers are found dispersed in a wider geographical area covering much of northwest Louisiana. As of December 31, 2014, the Bank had one wholly-owned subsidiary, Metro Financial Services, Inc., which previously engaged in the sale of annuity contracts and does not currently engage in a meaningful amount of business. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, balances due from banks, and federal funds sold, all of which mature within ninety days. | |
Securities | Securities |
The Company classifies its debt and equity investment securities into one of three categories: held-to-maturity, available-for-sale, or trading. Investments in nonmarketable equity securities and debt securities, in which the Company has the positive intent and ability to hold to maturity, are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that are not classified as held-to-maturity and marketable equity securities that have readily determinable fair values are classified as either trading or available-for-sale securities. Securities that are acquired and held principally for the purpose of selling in the near term are classified as trading securities. Investments in securities not classified as trading or held-to-maturity are classified as available-for-sale. | |
Trading account and available-for-sale securities are carried at fair value. Unrealized holding gains and losses on trading securities are included in earnings while net unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the term of the securities. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |
Loans Held-for-Sale | Loans Held-for-Sale |
Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. | |
Loans | Loans |
Loans receivable are stated at unpaid principal balances, less allowances for loan losses and unamortized deferred loan fees. Net nonrefundable fees (loan origination fees, commitment fees, discount points) and costs associated with lending activities are being deferred and subsequently amortized into income as an adjustment of yield on the related interest earning assets using the interest method. Interest income on contractual loans receivable is recognized on the accrual method. Unearned discount on property improvement and automobile loans is deferred and amortized on the interest method over the life of the loan. | |
Allowance for Loan Losses | Allowance for Loan Losses |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of the underlying collateral and prevailing economic conditions. The evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
A loan is considered impaired when, based on current information or events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. When a loan is impaired, the measurement of such impairment is based upon the present value of expected future cash flows or the fair value of the collateral of the loan. If the present value of expected future cash flows or fair value of the collateral is less than the recorded investment in the loan, the Bank will recognize the impairment by creating a valuation allowance with a corresponding charge against earnings. | |
An allowance is also established for uncollectible interest on loans classified as substandard. The allowance is established by a charge to interest income equal to all interest previously accrued and income is subsequently recognized only to the extent that cash payments are received. When, in management’s judgment, the borrower’s ability to make periodic interest and principal payments is back to normal, the loan is returned to accrual status. | |
It should be understood that estimates of future loan losses involve an exercise of judgment. While it is possible that in particular periods the Company may sustain losses which are substantial relative to the allowance for loan losses, it is the judgment of management that the allowance for loan losses reflected in the accompanying statements of condition is adequate to absorb possible losses in the existing loan portfolio. | |
Off-Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments |
In the ordinary course of business, the Bank has entered into commitments to extend credit. Such financial instruments are recorded when they are funded. | |
Foreclosed Assets | Foreclosed Assets |
Assets acquired through, or in lieu of, loan foreclosure are held-for-sale and are transferred to other real estate owned at the lower of cost or current fair value minus estimated cost to sell as of the date of foreclosure. Cost is defined as the lower of the fair value of the property or the recorded investment in the loan. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. | |
Premises and Equipment | Premises and Equipment |
Land is carried at cost. Buildings and equipment are carried at cost less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. | |
Income Taxes | Income Taxes |
The Company and its wholly-owned subsidiary file a consolidated Federal income tax return on a fiscal year basis. Each entity pays its pro-rata share of income taxes in accordance with a written tax-sharing agreement. | |
The Company accounts for income taxes on the asset and liability method. Deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. Current taxes are measured by applying the provisions of enacted tax laws to taxable income to determine the amount of taxes receivable or payable. | |
While the Bank is exempt from Louisiana income tax, it is subject to the Louisiana Ad Valorem Tax, commonly referred to as the Louisiana Shares Tax, which is based on stockholders’ equity and net income. | |
Comprehensive Income | Comprehensive Income |
Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the Consolidated Statements of Financial Condition, such items, along with net income, are components of comprehensive income. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company’s current accounting treatment of performance conditions for employees who are or become eligible prior to the achievement of the performance target are consistent with ASU 2014-12, and as such does not expect the new guidance to have a material effect on the Corporation's financial condition and results of operations. The Company expects to prospectively adopt ASU 2014-12 in the first quarter of 2015. |
Securities_Tables
Securities (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Securities [Abstract] | |||||||||||||||||
Amortized cost and fair value of securities, with gross unrealized gains and losses | The amortized cost and fair value of securities, with gross unrealized gains and losses, follows: | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 289 | $ | 18 | $ | -- | $ | 307 | |||||||||
FNMA Mortgage-Backed Certificates | 30,364 | 851 | 128 | 31,087 | |||||||||||||
GNMA Mortgage-Backed Certificates | 19,938 | 6 | 539 | 19,405 | |||||||||||||
Total Debt Securities | 50,591 | 875 | 667 | 50,799 | |||||||||||||
Total Securities Available-for-Sale | $ | 50,591 | $ | 875 | $ | 667 | $ | 50,799 | |||||||||
Securities Held-to-Maturity | |||||||||||||||||
Equity Securities (Non-Marketable) | |||||||||||||||||
21,262 Shares – Federal Home Loan Bank | $ | 2,126 | $ | -- | $ | -- | $ | 2,126 | |||||||||
630 Shares – First National Bankers | 250 | -- | -- | 250 | |||||||||||||
Bankshares, Inc. | |||||||||||||||||
Total Equity Securities | 2,376 | -- | -- | 2,376 | |||||||||||||
Total Securities Held-to-Maturity | $ | 2,376 | $ | -- | $ | -- | $ | 2,376 | |||||||||
30-Jun-14 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 311 | $ | 12 | $ | -- | $ | 323 | |||||||||
FNMA Mortgage-Backed Certificates | 24,947 | 857 | 24 | 25,780 | |||||||||||||
GNMA Mortgage-Backed Certificates | 22,915 | 6 | 590 | 22,331 | |||||||||||||
Total Debt Securities | 48,173 | 875 | 614 | 48,434 | |||||||||||||
Total Securities Available-for-Sale | $ | 48,173 | $ | 875 | $ | 614 | $ | 48,434 | |||||||||
Securities Held-to-Maturity | |||||||||||||||||
Equity Securities (Non-Marketable) | |||||||||||||||||
15,145 Shares – Federal Home Loan Bank | $ | 1,515 | $ | -- | $ | -- | $ | 1,515 | |||||||||
630 Shares – First National Bankers | 250 | -- | -- | 250 | |||||||||||||
Bankshares, Inc. | |||||||||||||||||
Total Equity Securities | 1,765 | -- | -- | 1,765 | |||||||||||||
Total Securities Held-to-Maturity | $ | 1,765 | $ | -- | $ | -- | $ | 1,765 | |||||||||
Amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of securities by contractual maturity at December 31, 2014, follows: | ||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||
Amortized | Fair | Amortized Cost | Fair | ||||||||||||||
Cost | Value | Value | |||||||||||||||
(In Thousands) | |||||||||||||||||
Debt Securities | |||||||||||||||||
Within One Year or Less | $ | 2 | $ | 2 | $ | -- | $ | -- | |||||||||
One through Five Years | 216 | 220 | -- | -- | |||||||||||||
After Five through Ten Years | 143 | 147 | -- | -- | |||||||||||||
Over Ten Years | 50,230 | 50,430 | -- | -- | |||||||||||||
50,591 | 50,799 | -- | -- | ||||||||||||||
Other Equity Securities | -- | -- | 2,376 | 2,376 | |||||||||||||
Total | $ | 50,591 | $ | 50,799 | $ | 2,376 | $ | 2,376 | |||||||||
Information pertaining to securities with gross unrealized losses, continuous loss position | The following tables show information pertaining to gross unrealized losses on securities available-for-sale for the six months ended December 31, 2014 and at June 30, 2014 aggregated by investment category and length of time that individual securities have been in a continuous loss position. | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
Less Than Twelve Months | Over Twelve Months | ||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Fair | Unrealized | Fair | ||||||||||||||
Losses | Value | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
Mortgage-Backed Securities | $ | 128 | $ | 3,778 | $ | 539 | $ | 19,279 | |||||||||
Marketable Equity Securities | -- | -- | -- | -- | |||||||||||||
Total Securities Available-for-Sale | $ | 128 | $ | 3,778 | $ | 539 | $ | 19,279 | |||||||||
30-Jun-14 | |||||||||||||||||
Less Than Twelve Months | Over Twelve Months | ||||||||||||||||
Gross | Gross | ||||||||||||||||
Unrealized | Fair | Unrealized | Fair | ||||||||||||||
Losses | Value | Losses | Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
Mortgage-Backed Securities | $ | 24 | $ | 1,947 | $ | 590 | $ | 22,193 | |||||||||
Marketable Equity Securities | -- | -- | -- | -- | |||||||||||||
Total Securities Available-for-Sale | $ | 24 | $ | 1,947 | $ | 590 | $ | 22,193 |
Loans_Receivable_Tables
Loans Receivable (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Loans Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable are summarized as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30-Jun-14 | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Loans Secured by Mortgages on Real Estate | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 98,472 | $ | 89,545 | |||||||||||||||||||||||||||||||||
Commercial | 55,787 | 56,266 | |||||||||||||||||||||||||||||||||||
Multi-Family Residential | 15,845 | 20,368 | |||||||||||||||||||||||||||||||||||
Land | 23,283 | 19,945 | |||||||||||||||||||||||||||||||||||
Construction | 16,228 | 12,505 | |||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | 2,926 | 2,563 | |||||||||||||||||||||||||||||||||||
Equity Lines of Credit | 21,224 | 14,950 | |||||||||||||||||||||||||||||||||||
233,765 | 216,142 | ||||||||||||||||||||||||||||||||||||
Commercial Loans | 28,607 | 25,749 | |||||||||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||||||||||
Loans on Savings Accounts | 242 | 255 | |||||||||||||||||||||||||||||||||||
Automobile and Other Consumer Loans | 103 | 111 | |||||||||||||||||||||||||||||||||||
Total Consumer and Other Loans | 345 | 366 | |||||||||||||||||||||||||||||||||||
Total Loans | 262,717 | 242,257 | |||||||||||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (2,365 | ) | (2,396 | ) | |||||||||||||||||||||||||||||||||
Unamortized Loan Fees | (205 | ) | (298 | ) | |||||||||||||||||||||||||||||||||
Net Loans Receivable | $ | 260,147 | $ | 239,563 | |||||||||||||||||||||||||||||||||
Analysis of allowance for loan losses | Following is a summary of changes in the allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Balance - Beginning of Period | $ | 2,396 | $ | 2,240 | |||||||||||||||||||||||||||||||||
Provision for Loan Losses | 120 | 88 | |||||||||||||||||||||||||||||||||||
Loan Charge-Offs | (151 | ) | (12 | ) | |||||||||||||||||||||||||||||||||
Balance - End of Period | $ | 2,365 | $ | 2,316 | |||||||||||||||||||||||||||||||||
Credit quality indicators | The following tables present the grading of loans, segregated by class of loans, as of December 31, 2014 and June 30, 2014: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 98,345 | $ | 114 | $ | 13 | $ | - | $ | 98,472 | |||||||||||||||||||||||||||
Commercial | 55,178 | 546 | - | 63 | 55,787 | ||||||||||||||||||||||||||||||||
Multi-Family Residential | 15,845 | - | - | - | 15,845 | ||||||||||||||||||||||||||||||||
Land | 23,283 | - | - | - | 23,283 | ||||||||||||||||||||||||||||||||
Construction | 16,228 | - | - | - | 16,228 | ||||||||||||||||||||||||||||||||
Equity and Second Mortgage | 2,926 | - | - | - | 2,926 | ||||||||||||||||||||||||||||||||
Equity Lines of Credit | 21,197 | - | - | 27 | 21,224 | ||||||||||||||||||||||||||||||||
Commercial Loans | 28,607 | - | - | - | 28,607 | ||||||||||||||||||||||||||||||||
Consumer Loans | 345 | - | - | - | 345 | ||||||||||||||||||||||||||||||||
Total | $ | 261,954 | $ | 660 | $ | 13 | $ | 90 | $ | 262,717 | |||||||||||||||||||||||||||
30-Jun-14 | Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 89,345 | $ | 49 | $ | -- | $ | 151 | $ | 89,545 | |||||||||||||||||||||||||||
Commercial | 53,621 | 2,645 | -- | -- | 56,266 | ||||||||||||||||||||||||||||||||
Multi-Family Residential | 20,368 | -- | -- | -- | 20,368 | ||||||||||||||||||||||||||||||||
Land | 19,945 | -- | -- | -- | 19,945 | ||||||||||||||||||||||||||||||||
Construction | 12,505 | -- | -- | -- | 12,505 | ||||||||||||||||||||||||||||||||
Equity and Second Mortgage | 2,563 | -- | -- | -- | 2,563 | ||||||||||||||||||||||||||||||||
Equity Lines of Credit | 14,923 | -- | -- | 27 | 14,950 | ||||||||||||||||||||||||||||||||
Commercial Loans | 25,749 | -- | -- | -- | 25,749 | ||||||||||||||||||||||||||||||||
Consumer Loans | 366 | -- | -- | -- | 366 | ||||||||||||||||||||||||||||||||
Total | $ | 239,385 | $ | 2,694 | $ | -- | $ | 178 | $ | 242,257 | |||||||||||||||||||||||||||
Aging analysis of past due loans segregated by class of loans | The following tables present an aging analysis of past due loans, segregated by class of loans, as of December 31, 2014 and June 30, 2014: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30-59 Days | 60-89 | Greater | Total | Current | Total Loans Receivable | Recorded | ||||||||||||||||||||||||||||||
Past Due | Days Past Due | Than 90 Days | Past Due | Investment | |||||||||||||||||||||||||||||||||
> 90 Days | |||||||||||||||||||||||||||||||||||||
and Accruing | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family | $ | 1,214 | $ | 861 | $ | 80 | $ | 2,155 | $ | 96,317 | $ | 98,472 | $ | 67 | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||
Commercial | -- | -- | 64 | 64 | 55,723 | 55,787 | -- | ||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 15,845 | 15,845 | -- | ||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 23,283 | 23,283 | -- | ||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 16,228 | 16,228 | -- | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 2,926 | 2,926 | -- | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 100 | -- | -- | 100 | 21,124 | 21,224 | -- | ||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | 28,607 | 28,607 | -- | ||||||||||||||||||||||||||||||
Consumer Loans | 4 | -- | -- | 4 | 341 | 345 | -- | ||||||||||||||||||||||||||||||
$ | 1,318 | $ | 861 | $ | 144 | $ | 2,323 | $ | 260,394 | $ | 262,717 | $ | 67 | ||||||||||||||||||||||||
30-Jun-14 | 30-59 Days Past Due | 60-89 | Greater | Total | Current | Total Loans Receivable | Recorded | ||||||||||||||||||||||||||||||
Days Past Due | Than 90 Days | Past Due | Investment | ||||||||||||||||||||||||||||||||||
> 90 Days | |||||||||||||||||||||||||||||||||||||
and Accruing | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family | $ | 1,326 | $ | 435 | $ | 164 | $ | 1,925 | $ | 87,620 | $ | 89,545 | $ | 13 | |||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||
Commercial | -- | -- | -- | -- | 56,266 | 56,266 | -- | ||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 20,368 | 20,368 | -- | ||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 19,945 | 19,945 | -- | ||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 12,505 | 12,505 | -- | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 2,563 | 2,563 | -- | ||||||||||||||||||||||||||||||
Equity Lines of Credit | -- | -- | 27 | 27 | 14,923 | 14,950 | -- | ||||||||||||||||||||||||||||||
Commercial Loans | 259 | -- | -- | 259 | 25,490 | 25,749 | -- | ||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 366 | 366 | -- | ||||||||||||||||||||||||||||||
Total | $ | 1,585 | $ | 435 | $ | 191 | $ | 2,211 | $ | 240,046 | $ | 242,257 | $ | 13 | |||||||||||||||||||||||
Allowance for loan losses and recorded investment in loans | The change in the allowance for loan losses by loan portfolio class and recorded investment in loans for the six months ended December 31, 2014 was as follows: | ||||||||||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Multi- | Land | Construction | Home | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
Residential | Family | Equity | Loans | Loans | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||
and Lines | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | of Credit | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | |||||||||||||||||||
Charge-Offs | (151 | ) | -- | -- | -- | -- | -- | -- | -- | (151 | ) | ||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Current Provision | 73 | (89 | ) | (49 | ) | 19 | 49 | 59 | 59 | (1 | ) | 120 | |||||||||||||||||||||||||
Ending Balances | $ | 1,146 | $ | 375 | $ | 79 | $ | 187 | $ | 154 | $ | 158 | $ | 261 | $ | 5 | $ | 2,365 | |||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Collectively | 1,146 | 375 | 79 | 187 | 154 | 158 | 261 | 5 | 2,365 | ||||||||||||||||||||||||||||
Loans Receivable: | |||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 98,472 | $ | 55,787 | $ | 15,845 | $ | 23,283 | $ | 16,228 | $ | 24,150 | $ | 28,607 | $ | 345 | $ | 262,717 | |||||||||||||||||||
Ending Balances: | |||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | 127 | 609 | -- | -- | -- | 27 | -- | -- | 763 | ||||||||||||||||||||||||||||
Collectively | $ | 98,345 | $ | 55,178 | $ | 15,845 | $ | 23,283 | $ | 16,228 | $ | 24,123 | $ | 28,607 | $ | 345 | $ | 261,954 | |||||||||||||||||||
The change in the allowance for loan losses by loan portfolio class and recorded investment in loans for the twelve months ended June 30, 2014 and the six months ended December 31, 2013, was as follows: | |||||||||||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||||||||
1-4 Family | Commercial | Multi- | Land | Construction | Home | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
Residential | Family | Equity | Loans | Loans | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||
and Lines | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | of Credit | ||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | |||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | (12 | ) | -- | -- | (12 | ) | ||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Current Provision | 201 | 126 | 25 | 41 | (41 | ) | 26 | (210 | ) | -- | 168 | ||||||||||||||||||||||||||
Ending Balances | $ | 1,224 | $ | 464 | $ | 128 | $ | 168 | $ | 105 | $ | 99 | $ | 202 | $ | 6 | $ | 2,396 | |||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Collectively | 1,224 | 464 | 128 | 168 | 105 | 99 | 202 | 6 | 2,396 | ||||||||||||||||||||||||||||
Loans Receivable: | |||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 89,545 | $ | 56,266 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,513 | $ | 25,749 | $ | 366 | $ | 242,257 | |||||||||||||||||||
Ending Balances: | |||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | 200 | 2,645 | -- | -- | -- | 27 | -- | -- | 2,872 | ||||||||||||||||||||||||||||
Collectively | $ | 89,345 | $ | 53,621 | $ | 20,368 | $ | 19,945 | $ | 12,505 | $ | 17,486 | $ | 25,749 | $ | 366 | $ | 239,385 | |||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 1-4 Family | Commercial | Multi-Family | Land | Construction | Home | Commercial Loans | Consumer Loans | Total | ||||||||||||||||||||||||||||
Residential | Equity | ||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||
And Lines | |||||||||||||||||||||||||||||||||||||
of Credit | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,023 | $ | 338 | $ | 103 | $ | 127 | $ | 146 | $ | 85 | $ | 412 | $ | 6 | $ | 2,240 | |||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | -- | (12 | ) | -- | (12 | ) | ||||||||||||||||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Current Provision | 204 | (8 | ) | (11 | ) | 1 | (19 | ) | (3 | ) | (77 | ) | 1 | 88 | |||||||||||||||||||||||
Ending Balances | $ | 1,227 | $ | 330 | $ | 92 | $ | 128 | $ | 127 | $ | 82 | $ | 323 | $ | 7 | $ | 2,316 | |||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Collectively | 1,227 | 330 | 92 | 128 | 127 | 82 | 323 | 7 | 2,316 | ||||||||||||||||||||||||||||
Loans Receivable: | |||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 80,371 | $ | 47,863 | $ | 19,674 | $ | 14,964 | $ | 15,715 | $ | 14,306 | $ | 21,238 | $ | 467 | $ | 214,598 | |||||||||||||||||||
Ending Balances: | |||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | |||||||||||||||||||||||||||||||||||||
Individually | 612 | -- | -- | -- | -- | 116 | -- | -- | 728 | ||||||||||||||||||||||||||||
Collectively | $ | 79,759 | $ | 47,863 | $ | 19,674 | $ | 14,964 | $ | 15,715 | $ | 14,190 | $ | 21,238 | $ | 467 | $ | 213,870 | |||||||||||||||||||
Loans individually evaluated for impairment segregated by class of loans | The following table’s present loans individually evaluated for impairment, segregated by class of loans, as of December 31, 2014 and June 30, 2014: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | Unpaid | Recorded | Recorded | Total Recorded | Related | Average Recorded | |||||||||||||||||||||||||||||||
Principal | Investment With | Investment With | Investment | Allowance | Investment | ||||||||||||||||||||||||||||||||
Balance | No Allowance | Allowance | |||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 127 | $ | 127 | $ | -- | $ | 127 | $ | -- | $ | 134 | |||||||||||||||||||||||||
Commercial | 609 | 609 | -- | 609 | -- | 629 | |||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity Lines of Credit | 27 | 27 | -- | 27 | -- | 27 | |||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Total | $ | 763 | $ | 763 | $ | -- | $ | 763 | $ | -- | $ | 790 | |||||||||||||||||||||||||
30-Jun-14 | Unpaid | Recorded | Recorded | Total Recorded | Related | Average Recorded | |||||||||||||||||||||||||||||||
Principal | Investment With | Investment With | Investment | Allowance | Investment | ||||||||||||||||||||||||||||||||
Balance | No Allowance | Allowance | |||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||||||||
One- to Four-Family Residential | $ | 200 | $ | 200 | $ | -- | $ | 200 | $ | -- | $ | 216 | |||||||||||||||||||||||||
Commercial | 2,645 | 2,645 | -- | 2,645 | -- | 2,661 | |||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Equity Lines of Credit | 27 | 27 | -- | 27 | -- | 27 | |||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||
Total | $ | 2,872 | $ | 2,872 | $ | -- | $ | 2,872 | $ | -- | $ | 2,904 |
Deposits_Tables
Deposits (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Interest expense on deposits | Deposits at December 31, 2014 and June 30, 2014 consist of the following classifications: | ||||||||
31-Dec-14 | 30-Jun-14 | ||||||||
(In Thousands) | |||||||||
Non-Interest Bearing | $ | 35,976 | $ | 43,447 | |||||
NOW Accounts | 30,402 | 24,015 | |||||||
Money Markets | 41,738 | 72,240 | |||||||
Passbook Savings | 13,123 | 12,165 | |||||||
121,239 | 151,867 | ||||||||
Certificates of Deposit | 131,525 | 120,428 | |||||||
Total Deposits | $ | 252,764 | $ | 272,295 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Calculation of earnings per share | Earnings per share for the three and six months ended December 31, 2014 and 2013 were calculated as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Net income | $ | 835 | $ | 645 | $ | 1,658 | $ | 1,358 | |||||||||
Weighted average shares outstanding - basic | 1,997 | 2,099 | 2,001 | 2,106 | |||||||||||||
Effect of dilutive common stock equivalents | 56 | 44 | 55 | 48 | |||||||||||||
Adjusted weighted average shares outstanding - diluted | 2,053 | 2,143 | 2,056 | 2,154 | |||||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.31 | $ | 0.83 | $ | 0.64 | |||||||||
Diluted earnings per share | $ | 0.41 | $ | 0.3 | $ | 0.81 | $ | 0.63 | |||||||||
Components of average outstanding common shares | The following table presents the components of weighted average outstanding shares for purposes of calculating earnings per share: | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | 31-Dec | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Average common shares issued | 3,062 | 3,062 | 3,062 | 3,062 | |||||||||||||
Average unearned ESOP shares | (151 | ) | (163 | ) | (153 | ) | (164 | ) | |||||||||
Average unearned RRP shares | (50 | ) | (64 | ) | (50 | ) | (64 | ) | |||||||||
Average treasury shares | (864 | ) | (736 | ) | (858 | ) | (728 | ) | |||||||||
Weighted average shares outstanding | 1,997 | 2,099 | 2,001 | 2,106 |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Carrying amount and estimated fair values of financial instruments | The carrying amount and estimated fair values of the Company’s financial instruments were as follows: | ||||||||||||||||
31-Dec-14 | 30-Jun-14 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(In Thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and Cash Equivalents | $ | 4,611 | $ | 4,611 | $ | 13,633 | $ | 13,633 | |||||||||
Securities Available-for-Sale | 50,799 | 50,799 | 48,434 | 48,434 | |||||||||||||
Securities to be Held-to-Maturity | 2,376 | 2,376 | 1,765 | 1,765 | |||||||||||||
Loans Held-for-Sale | 9,761 | 9,761 | 9,375 | 9,375 | |||||||||||||
Loans Receivable | 260,147 | 260,215 | 239,563 | 242,240 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 252,764 | 240,630 | 272,295 | 259,411 | |||||||||||||
Advances from FHLB | 49,030 | 49,370 | 12,897 | 13,266 | |||||||||||||
Off-Balance Sheet Items | |||||||||||||||||
Mortgage Loan Commitments | 282 | 282 | 349 | 349 | |||||||||||||
Fair values of assets and liabilities measured on a recurring basis | Fair values of assets and liabilities measured on a recurring basis at December 31, 2014 and June 30, 2014 are as follows: | ||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
31-Dec-14 | Quoted Prices in | Significant | |||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC | $ | -- | $ | 307 | $ | -- | $ | 307 | |||||||||
FNMA | -- | 31,087 | -- | 31,087 | |||||||||||||
GNMA | -- | 19,405 | -- | 19,405 | |||||||||||||
Total | $ | -- | $ | 50,799 | $ | -- | $ | 50,799 | |||||||||
Fair Value Measurements Using: | |||||||||||||||||
30-Jun-14 | Quoted Prices in | Significant | |||||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Available-for-Sale | |||||||||||||||||
Debt Securities | |||||||||||||||||
FHLMC | $ | -- | $ | 323 | $ | -- | $ | 323 | |||||||||
FNMA | -- | 25,780 | -- | 25,780 | |||||||||||||
GNMA | -- | 22,331 | -- | 22,331 | |||||||||||||
Total | $ | -- | $ | 48,434 | $ | -- | $ | 48,434 |
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Details) | 6 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents maturity period maximum | 90 days |
Securities_Schedule_of_Availab
Securities, Schedule of Available-for-sale Securities (Details) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Available-for-sale, Debt Securities [Abstract] | ||
Total | $50,591,000 | $48,173,000 |
Debt Securities, Gross Unrealized Gains | 875,000 | 875,000 |
Debt Securities, Gross Unrealized Losses | 667,000 | 614,000 |
Debt Securities, Fair Value | 50,799,000 | 48,434,000 |
Amortized Cost | 50,591,000 | 48,173,000 |
Gross Unrealized Gains | 875,000 | 875,000 |
Gross Unrealized Losses | 667,000 | 614,000 |
Available-for-Sale Securities | 50,799,000 | 48,434,000 |
Available-for-Sale, Amortized Cost [Abstract] | ||
Within One Year or Less | 2,000 | |
One through Five Years | 216,000 | |
After Five through Ten Years | 143,000 | |
Over Ten Years | 50,230,000 | |
Total | 50,591,000 | 48,173,000 |
Other Equity Securities | 0 | |
Amortized Cost | 50,591,000 | 48,173,000 |
Available-for-Sale, Fair Value [Abstract] | ||
Within One Year or Less | 2,000 | |
One through Five Years | 220,000 | |
After Five through Ten Years | 147,000 | |
Over Ten Years | 50,430,000 | |
Total | 50,799,000 | 48,434,000 |
Other Equity Securities | 0 | |
Available-for-Sale Securities | 50,799,000 | 48,434,000 |
Proceeds from sale of securities available-for-sale | 2,000,000 | |
Gross realized gains | 10,000 | |
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 128,000 | 24,000 |
Over Twelve Months | 539,000 | 590,000 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 3,778,000 | 1,947,000 |
Over Twelve Months | 19,279,000 | 22,193,000 |
FHLMC Mortgage-Backed Certificates [Member] | ||
Available-for-sale, Debt Securities [Abstract] | ||
Total | 289,000 | 311,000 |
Debt Securities, Gross Unrealized Gains | 18,000 | 12,000 |
Debt Securities, Gross Unrealized Losses | 0 | 0 |
Debt Securities, Fair Value | 307,000 | 323,000 |
Available-for-Sale, Amortized Cost [Abstract] | ||
Total | 289,000 | 311,000 |
Available-for-Sale, Fair Value [Abstract] | ||
Total | 307,000 | 323,000 |
FNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale, Debt Securities [Abstract] | ||
Total | 30,364,000 | 24,947,000 |
Debt Securities, Gross Unrealized Gains | 851,000 | 857,000 |
Debt Securities, Gross Unrealized Losses | 128,000 | 24,000 |
Debt Securities, Fair Value | 31,087,000 | 25,780,000 |
Available-for-Sale, Amortized Cost [Abstract] | ||
Total | 30,364,000 | 24,947,000 |
Available-for-Sale, Fair Value [Abstract] | ||
Total | 31,087,000 | 25,780,000 |
GNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale, Debt Securities [Abstract] | ||
Total | 19,938,000 | 22,915,000 |
Debt Securities, Gross Unrealized Gains | 6,000 | 6,000 |
Debt Securities, Gross Unrealized Losses | 539,000 | 590,000 |
Debt Securities, Fair Value | 19,405,000 | 22,331,000 |
Available-for-Sale, Amortized Cost [Abstract] | ||
Total | 19,938,000 | 22,915,000 |
Available-for-Sale, Fair Value [Abstract] | ||
Total | 19,405,000 | 22,331,000 |
Debt Securities [Member] | Mortgage-Backed Securities [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 128,000 | 24,000 |
Over Twelve Months | 539,000 | 590,000 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 3,778,000 | 1,947,000 |
Over Twelve Months | 19,279,000 | 22,193,000 |
Marketable Equity Securities [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 0 |
Over Twelve Months | 0 | 0 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 0 | 0 |
Over Twelve Months | $0 | $0 |
Securities_Schedule_of_Heldtom
Securities, Schedule of Held-to-maturity Securities (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Share data in Thousands, unless otherwise specified | ||
Held to Maturity Equity Securities Amortized Cost Basis [Abstract] | ||
Equity Securities, Amortized Cost | $2,376,000 | $1,765,000 |
Equity Securities, Gross Unrealized Gains | 0 | 0 |
Equity Securities, Gross Unrealized Losses | 0 | 0 |
Equity Securities, Fair Value | 2,376,000 | 1,765,000 |
Total | 2,376,000 | 1,765,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,376,000 | 1,765,000 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
Total | 0 | |
Other Equity Securities | 2,376,000 | 1,765,000 |
Total | 2,376,000 | 1,765,000 |
Held-to-Maturity, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
Total | 0 | |
Other Equity Securities | 2,376,000 | |
Total | 2,376,000 | 1,765,000 |
Public Deposits [Member] | ||
Held-to-Maturity, Fair Value [Abstract] | ||
Securities pledged with carrying value | 806,000 | |
FHLB Advances [Member] | ||
Held-to-Maturity, Fair Value [Abstract] | ||
Securities pledged with carrying value | 166,900,000 | |
Federal Home Loan Bank [Member] | ||
Held to Maturity Equity Securities Amortized Cost Basis [Abstract] | ||
Equity Securities, Amortized Cost | 2,126,000 | 1,515,000 |
Equity Securities, Gross Unrealized Gains | 0 | 0 |
Equity Securities, Gross Unrealized Losses | 0 | 0 |
Equity Securities, Fair Value | 2,126,000 | 1,515,000 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Other Equity Securities | 2,126,000 | 1,515,000 |
First National Bankers Bankshares, Inc. [Member] | ||
Held to Maturity Equity Securities Amortized Cost Basis [Abstract] | ||
Equity Securities, Amortized Cost | 250,000 | 250,000 |
Equity Securities, Gross Unrealized Gains | 0 | 0 |
Equity Securities, Gross Unrealized Losses | 0 | 0 |
Equity Securities, Fair Value | 250,000 | 250,000 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Other Equity Securities | $250,000 | $250,000 |
Non-Marketable Equity Securities [Member] | Federal Home Loan Bank [Member] | ||
Held-to-Maturity, Fair Value [Abstract] | ||
Number of equity securities (in shares) | 21,262 | 15,145 |
Non-Marketable Equity Securities [Member] | First National Bankers Bankshares, Inc. [Member] | ||
Held-to-Maturity, Fair Value [Abstract] | ||
Number of equity securities (in shares) | 630 | 630 |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Loan receivable [Abstract] | |||
Gross Loans Receivable | $262,717 | $214,598 | $242,257 |
Less: Allowance for Loan Losses | -2,365 | -2,316 | |
Unamortized Loan Fees | -205 | -298 | |
Net Loans Receivable | 260,147 | 239,563 | |
Summary of changes in the allowance for loan losses [Roll Forward] | |||
Balance - Beginning of Period | 2,396 | 2,240 | |
Provision for Loan Losses | 120 | 88 | |
Loan Charge-Offs | -151 | -12 | |
Balance - End of Period | 2,365 | 2,316 | |
One- to Four-Family Residential [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 98,472 | 89,545 | |
Commercial [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 55,787 | 47,863 | 56,266 |
Multi-Family Residential [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 15,845 | 19,674 | 20,368 |
Land [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 23,283 | 14,964 | 19,945 |
Construction [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 16,228 | 15,715 | 12,505 |
Equity and Second Mortgage [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 2,926 | 2,563 | |
Equity Lines of Credit [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 21,224 | 14,950 | |
Loans on Savings Accounts [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 242 | 255 | |
Automobile and Other Consumer Loans [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 103 | 111 | |
Other Loans Secured by Real Estate [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 24,150 | 14,306 | 17,513 |
Mortgage Loans [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 233,765 | 216,142 | |
Commercial Loans [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | 28,607 | 21,238 | 25,749 |
Consumer Loans [Member] | |||
Loan receivable [Abstract] | |||
Gross Loans Receivable | $345 | $467 | $366 |
Loans_Receivable_Credit_Qualit
Loans Receivable, Credit Quality Indicators (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | $262,717 | $242,257 | $214,598 |
One- to Four-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 98,472 | 89,545 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 55,787 | 56,266 | 47,863 |
Multi-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 15,845 | 20,368 | 19,674 |
Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 23,283 | 19,945 | 14,964 |
Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 16,228 | 12,505 | 15,715 |
Equity and Second Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 2,926 | 2,563 | |
Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 21,224 | 14,950 | |
Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 28,607 | 25,749 | 21,238 |
Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 345 | 366 | 467 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 261,954 | 239,385 | |
Pass [Member] | One- to Four-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 98,345 | 89,345 | |
Pass [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 55,178 | 53,621 | |
Pass [Member] | Multi-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 15,845 | 20,368 | |
Pass [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 23,283 | 19,945 | |
Pass [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 16,228 | 12,505 | |
Pass [Member] | Equity and Second Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 2,926 | 2,563 | |
Pass [Member] | Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 21,197 | 14,923 | |
Pass [Member] | Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 28,607 | 25,749 | |
Pass [Member] | Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 345 | 366 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 660 | 2,694 | |
Special Mention [Member] | One- to Four-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 114 | 49 | |
Special Mention [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 546 | 2,645 | |
Special Mention [Member] | Multi-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Special Mention [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Special Mention [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Special Mention [Member] | Equity and Second Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Special Mention [Member] | Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Special Mention [Member] | Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Special Mention [Member] | Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 13 | 0 | |
Substandard [Member] | One- to Four-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 13 | 0 | |
Substandard [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | Multi-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | Equity and Second Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Substandard [Member] | Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 90 | 178 | |
Doubtful [Member] | One- to Four-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 151 | |
Doubtful [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 63 | 0 | |
Doubtful [Member] | Multi-Family Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Doubtful [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Doubtful [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Doubtful [Member] | Equity and Second Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Doubtful [Member] | Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 27 | 27 | |
Doubtful [Member] | Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | 0 | 0 | |
Doubtful [Member] | Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans receivable | $0 | $0 |
Loans_Receivable_Aging_Analysi
Loans Receivable, Aging Analysis of Past Due Loans (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | $1,318 | $1,585 | |
60-89 Days Past Due | 861 | 435 | |
Greater Than 90 Days | 144 | 191 | |
Total Past Due | 2,323 | 2,211 | |
Current | 260,394 | 240,046 | |
Total Loans Receivable | 262,717 | 242,257 | 214,598 |
Recorded Investment > 90 Days and Accruing | 67 | 13 | |
One- to Four-Family Residential [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 1,214 | 1,326 | |
60-89 Days Past Due | 861 | 435 | |
Greater Than 90 Days | 80 | 164 | |
Total Past Due | 2,155 | 1,925 | |
Current | 96,317 | 87,620 | |
Total Loans Receivable | 98,472 | 89,545 | |
Recorded Investment > 90 Days and Accruing | 67 | 13 | |
Commercial [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 0 | 0 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 64 | 0 | |
Total Past Due | 64 | 0 | |
Current | 55,723 | 56,266 | |
Total Loans Receivable | 55,787 | 56,266 | 47,863 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Multi-Family Residential [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 0 | 0 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 15,845 | 20,368 | |
Total Loans Receivable | 15,845 | 20,368 | 19,674 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Land [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 0 | 0 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 23,283 | 19,945 | |
Total Loans Receivable | 23,283 | 19,945 | 14,964 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Construction [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 0 | 0 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 16,228 | 12,505 | |
Total Loans Receivable | 16,228 | 12,505 | 15,715 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Equity and Second Mortgage [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 0 | 0 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 2,926 | 2,563 | |
Total Loans Receivable | 2,926 | 2,563 | |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Equity Lines of Credit [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 100 | 0 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 0 | 27 | |
Total Past Due | 100 | 27 | |
Current | 21,124 | 14,923 | |
Total Loans Receivable | 21,224 | 14,950 | |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Commercial Loans [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 0 | 259 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 0 | 0 | |
Total Past Due | 0 | 259 | |
Current | 28,607 | 25,490 | |
Total Loans Receivable | 28,607 | 25,749 | 21,238 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Consumer Loan [Member] | |||
Aging analysis of past due loans segregated by class of loans [Abstract] | |||
30-59 Days Past Due | 4 | 0 | |
60-89 Days Past Due | 0 | 0 | |
Greater Than 90 Days | 0 | 0 | |
Total Past Due | 4 | 0 | |
Current | 341 | 366 | |
Total Loans Receivable | 345 | 366 | 467 |
Recorded Investment > 90 Days and Accruing | $0 | $0 |
Loans_Receivable_Allowance_for
Loans Receivable, Allowance for Loan Losses and Recorded Investment in Loans (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Allowance for loan losses [Abstract] | |||||
Beginning Balances | $2,396 | $2,240 | $2,240 | ||
Charge-Offs | -151 | -12 | -12 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | 80 | 22 | 120 | 88 | 168 |
Ending Balances | 2,365 | 2,316 | 2,365 | 2,316 | 2,396 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 2,365 | 2,316 | 2,365 | 2,316 | 2,396 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 262,717 | 214,598 | 262,717 | 214,598 | 242,257 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 763 | 728 | 763 | 728 | 2,872 |
Collectively | 261,954 | 213,870 | 261,954 | 213,870 | 239,385 |
Real Estate Loans - 1-4 Family Residential [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 1,224 | 1,023 | 1,023 | ||
Charge-Offs | -151 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | 73 | 204 | 201 | ||
Ending Balances | 1,146 | 1,227 | 1,146 | 1,227 | 1,224 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 1,146 | 1,227 | 1,146 | 1,227 | 1,224 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 98,472 | 80,371 | 98,472 | 80,371 | 89,545 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 127 | 612 | 127 | 612 | 200 |
Collectively | 98,345 | 79,759 | 98,345 | 79,759 | 89,345 |
Real Estate Loans - Commercial [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 464 | 338 | 338 | ||
Charge-Offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | -89 | -8 | 126 | ||
Ending Balances | 375 | 330 | 375 | 330 | 464 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 375 | 330 | 375 | 330 | 464 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 55,787 | 47,863 | 55,787 | 47,863 | 56,266 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 609 | 0 | 609 | 0 | 2,645 |
Collectively | 55,178 | 47,863 | 55,178 | 47,863 | 53,621 |
Real Estate Loans - Multi Family [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 128 | 103 | 103 | ||
Charge-Offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | -49 | -11 | 25 | ||
Ending Balances | 79 | 92 | 79 | 92 | 128 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 79 | 92 | 79 | 92 | 128 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 15,845 | 19,674 | 15,845 | 19,674 | 20,368 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 15,845 | 19,674 | 15,845 | 19,674 | 20,368 |
Real Estate Loans - Land [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 168 | 127 | 127 | ||
Charge-Offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | 19 | 1 | 41 | ||
Ending Balances | 187 | 128 | 187 | 128 | 168 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 187 | 128 | 187 | 128 | 168 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 23,283 | 14,964 | 23,283 | 14,964 | 19,945 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 23,283 | 14,964 | 23,283 | 14,964 | 19,945 |
Real Estate Loans - Construction [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 105 | 146 | 146 | ||
Charge-Offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | 49 | -19 | -41 | ||
Ending Balances | 154 | 127 | 154 | 127 | 105 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 154 | 127 | 154 | 127 | 105 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 16,228 | 15,715 | 16,228 | 15,715 | 12,505 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 16,228 | 15,715 | 16,228 | 15,715 | 12,505 |
Real Estate Loans - Home Equity Loans And Lines of Credit [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 99 | 85 | 85 | ||
Charge-Offs | 0 | 0 | -12 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | 59 | -3 | 26 | ||
Ending Balances | 158 | 82 | 158 | 82 | 99 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 158 | 82 | 158 | 82 | 99 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 24,150 | 14,306 | 24,150 | 14,306 | 17,513 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 27 | 116 | 27 | 116 | 27 |
Collectively | 24,123 | 14,190 | 24,123 | 14,190 | 17,486 |
Commercial Loans [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 202 | 412 | 412 | ||
Charge-Offs | 0 | -12 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | 59 | -77 | -210 | ||
Ending Balances | 261 | 323 | 261 | 323 | 202 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 261 | 323 | 261 | 323 | 202 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 28,607 | 21,238 | 28,607 | 21,238 | 25,749 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 28,607 | 21,238 | 28,607 | 21,238 | 25,749 |
Consumer Loans [Member] | |||||
Allowance for loan losses [Abstract] | |||||
Beginning Balances | 6 | 6 | 6 | ||
Charge-Offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Current Provision | -1 | 1 | 0 | ||
Ending Balances | 5 | 7 | 5 | 7 | 6 |
Evaluated for Impairment [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | 5 | 7 | 5 | 7 | 6 |
Loans Receivable [Abstract] | |||||
Ending Balances - Total | 345 | 467 | 345 | 467 | 366 |
Evaluated for Impairment, Ending Balances [Abstract] | |||||
Individually | 0 | 0 | 0 | 0 | 0 |
Collectively | $345 | $467 | $345 | $467 | $366 |
Loans_Receivable_Loans_Individ
Loans Receivable, Loans Individually Evaluated for Impairment (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2014 | |
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | $763,000 | $2,872,000 |
Recorded Investment With No Allowance | 763,000 | 2,872,000 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 763,000 | 2,872,000 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 790,000 | 2,904,000 |
Loan receivables on non-accrual loans | 0 | 0 |
Estimated gross interest income | 2,000 | 3,000 |
Real Estate Loans - One-to-Four Family Residential [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 127,000 | 200,000 |
Recorded Investment With No Allowance | 127,000 | 200,000 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 127,000 | 200,000 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 134,000 | 216,000 |
Commercial [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 609,000 | 2,645,000 |
Recorded Investment With No Allowance | 609,000 | 2,645,000 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 609,000 | 2,645,000 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 629,000 | 2,661,000 |
Multi-Family Residential [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Land [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Construction [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Equity and Second Mortgage [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Equity Lines of Credit [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 27,000 | 27,000 |
Recorded Investment With No Allowance | 27,000 | 27,000 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 27,000 | 27,000 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 27,000 | 27,000 |
Commercial Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Consumer Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | $0 | $0 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amount [Abstract] | ||
Non-Interest Bearing | $35,976 | $43,447 |
NOW Accounts | 30,402 | 24,015 |
Money Markets | 41,738 | 72,240 |
Passbook Savings | 13,123 | 12,165 |
Deposits in transaction accounts | 121,239 | 151,867 |
Certificates of Deposit | 131,525 | 120,428 |
Total Deposits | $252,764 | $272,295 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Calculation of earnings per share [Abstract] | ||||
Net income | $835 | $645 | $1,658 | $1,358 |
Weighted average shares outstanding - basic | 1,997,000 | 2,099,000 | 2,001,000 | 2,106,000 |
Effect of dilutive common stock equivalents (in shares) | 56,000 | 44,000 | 55,000 | 48,000 |
Adjusted weighted average shares outstanding- diluted (in shares) | 2,053,000 | 2,143,000 | 2,056,000 | 2,154,000 |
Basic earnings per share (in dollars per share) | $0.42 | $0.31 | $0.83 | $0.64 |
Diluted earnings per share (in dollars per share) | $0.41 | $0.30 | $0.81 | $0.63 |
Outstanding options to purchase shares (in shares) | 227,038 | 239,046 | 227,550 | 247,006 |
Per share price of outstanding options (in dollars per share) | $14.70 | $13.90 | $14.69 | $13.83 |
Components of average outstanding common shares [Abstract] | ||||
Average common shares issued (in shares) | 3,062,000 | 3,062,000 | 3,062,000 | 3,062,000 |
Average unearned ESOP shares (in shares) | -151,000 | -163,000 | -153,000 | -164,000 |
Average unearned RRP shares (in shares) | -50,000 | -64,000 | -50,000 | -64,000 |
Average treasury shares (in shares) | -864,000 | -736,000 | -858,000 | -728,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Term | 10 years |
Incentive stock options and non-qualified stock options, vested and exercisable (in hundredths) | 20.00% |
Period of incentive stock options and non-qualified stock options, vested and exercisable | 5 years |
Commencement period of incentive and non-qualified options | 1 year |
Additional percentage vested on each successive anniversary (in hundredths) | 20.00% |
2005 Recognition and Retention Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate number of shares of common stock (in shares) | 63,547 |
Number of released vested shares (in shares) | 561 |
Remaining shares under the plan (in shares) | 564 |
Exchange ratio | 0.911 |
2011 Recognition and Retention Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate number of shares of common stock (in shares) | 77,808 |
Number of released vested shares (in shares) | 8,557 |
Remaining shares under the plan (in shares) | 50,124 |
Recognition Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares earned by recipients expressed in percentage of aggregate number of shares (in hundredths) | 20.00% |
Period of plan | 5 years |
Period of cost recognized | 5 years |
Compensation expense | 117,000 |
2005 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate number of shares of common stock (in shares) | 2,133 |
Share price (in dollars per share) | 18.92 |
Aggregate number of shares of common stock reserved for issuance (in shares) | 158,868 |
Outstanding stock options under the plan (in shares) | 35,251 |
2011 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate number of shares of common stock (in shares) | 29,178 |
Share price (in dollars per share) | 18.92 |
Aggregate number of shares of common stock reserved for issuance (in shares) | 194,522 |
Outstanding stock options under the plan (in shares) | 190,715 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Related Party Transactions [Abstract] | ||
Loan made to directors and executive officers | $2.10 | $2.50 |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 |
Mortgage Loans Held-for-Sale [Abstract] | ||
Number of days from origination to dispose Mortgage Loans Held-for-Sale, maximum | 90 days | |
Financial Assets [Abstract] | ||
Securities Available-for-Sale | $50,799 | $48,434 |
Securities to be Held-to-Maturity | 2,376 | 1,765 |
Carrying Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 4,611 | 13,633 |
Securities Available-for-Sale | 50,799 | 48,434 |
Securities to be Held-to-Maturity | 2,376 | 1,765 |
Loans Held-for-Sale | 9,761 | 9,375 |
Loans Receivable | 260,147 | 239,563 |
Financial Liabilities [Abstract] | ||
Deposits | 252,764 | 272,295 |
Advances from FHLB | 49,030 | 12,897 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | 282 | 349 |
Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 4,611 | 13,633 |
Securities Available-for-Sale | 50,799 | 48,434 |
Securities to be Held-to-Maturity | 2,376 | 1,765 |
Loans Held-for-Sale | 9,761 | 9,375 |
Loans Receivable | 260,215 | 242,240 |
Financial Liabilities [Abstract] | ||
Deposits | 240,630 | 259,411 |
Advances from FHLB | 49,370 | 13,266 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | $282 | $349 |
Fair_Value_Disclosures_Recurri
Fair Value Disclosures, Recurring (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Available for sale debt securities [Abstract] | ||
Available-for-Sale Securities | $50,799 | $48,434 |
Recurring [Member] | ||
Available for sale debt securities [Abstract] | ||
FHLMC | 307 | 323 |
FNMA | 31,087 | 25,780 |
GNMA | 19,405 | 22,331 |
Available-for-Sale Securities | 50,799 | 48,434 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale debt securities [Abstract] | ||
FHLMC | 0 | 0 |
FNMA | 0 | 0 |
GNMA | 0 | 0 |
Available-for-Sale Securities | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale debt securities [Abstract] | ||
FHLMC | 307 | 323 |
FNMA | 31,087 | 25,780 |
GNMA | 19,405 | 22,331 |
Available-for-Sale Securities | 50,799 | 48,434 |
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Available for sale debt securities [Abstract] | ||
FHLMC | 0 | 0 |
FNMA | 0 | 0 |
GNMA | 0 | 0 |
Available-for-Sale Securities | $0 | $0 |