Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 10, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Home Federal Bancorp, Inc. of Louisiana | |
Entity Central Index Key | 1,500,375 | |
Current Fiscal Year End Date | --06-30 | |
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 | 1,928,160 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
ASSETS | ||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $3,709 and $8,212 for September 30, 2017 and June 30, 2017, Respectively) | $ 7,547 | $ 11,905 |
Securities Available-for-Sale | 30,805 | 36,935 |
Securities Held-to-Maturity (Fair Value of $27,373 and $27,989, Respectively) | 27,560 | 28,357 |
Loans Held-for-Sale | 7,988 | 13,631 |
Loans Receivable, Net of Allowance for Loan Losses of $3,231 and $3,729, Respectively | 321,175 | 312,772 |
Accrued Interest Receivable | 1,121 | 1,094 |
Premises and Equipment, Net | 12,118 | 12,219 |
Bank Owned Life Insurance | 6,704 | 6,668 |
Deferred Tax Asset | 1,690 | 1,601 |
Other Real Estate Owned | 683 | 540 |
Other Assets | 655 | 884 |
Total Assets | 418,046 | 426,606 |
LIABILITIES | ||
Deposits | 333,501 | 329,045 |
Advances from Borrowers for Taxes and Insurance | 909 | 698 |
Short-term Federal Home Loan Bank advances | 23,000 | 37,000 |
Long-term Federal Home Loan Bank advances | 11,841 | 11,907 |
Other Borrowings | 0 | 0 |
Other Accrued Expenses and Liabilities | 2,432 | 1,710 |
Total Liabilities | 371,683 | 380,360 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock - $.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding | 0 | 0 |
Common Stock - $.01 Par Value; 40,000,000 Shares Authorized; 1,927,053 and 1,953,066 Shares Issued and Outstanding at September 30, 2017 and June 30, 2017, Respectively | 35 | 23 |
Additional Paid-in Capital | 34,612 | 34,516 |
Unearned ESOP Stock | (1,187) | (1,215) |
Unearned RRP Trust Stock | (23) | (46) |
Retained Earnings | 13,364 | 13,320 |
Accumulated Other Comprehensive Income | (438) | (352) |
Total Stockholders' Equity | 46,363 | 46,246 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 418,046 | $ 426,606 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
ASSETS | ||
Interest-Bearing Deposits with Other Banks | $ 3,709 | $ 8,212 |
Securities Held-to-Maturity, Fair Value | 27,373 | 27,989 |
Loans Receivable, Allowance for Loan Losses | $ 3,231 | $ 3,729 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Issued (in shares) | 0 | 0 |
Preferred Stock, Outstanding (in shares) | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Authorized (in shares) | 40,000,000 | 40,000,000 |
Common Stock, Issued (in shares) | 1,927,053 | 1,953,066 |
Common Stock, Outstanding (in shares) | 1,927,053 | 1,953,066 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
INTEREST INCOME | ||
Loans, Including Fees | $ 4,284 | $ 3,894 |
Investment Securities | 11 | 5 |
Mortgage-Backed Securities | 260 | 192 |
Other Interest-Earning Assets | 38 | 4 |
Total Interest Income | 4,593 | 4,095 |
INTEREST EXPENSE | ||
Deposits | 707 | 540 |
Other Borrowings | 0 | 3 |
Federal Home Loan Bank Borrowings | 144 | 95 |
Total Interest Expense | 851 | 638 |
Net Interest Income | 3,742 | 3,457 |
PROVISION FOR LOAN LOSSES | 300 | 300 |
Net Interest Income after Provision for Loan Losses | 3,442 | 3,157 |
NON-INTEREST INCOME | ||
Gain on Sale of Real Estate | 0 | 110 |
Gain on Sale of Securities | 94 | 0 |
Gain on Sale of Loans | 605 | 798 |
Income on Bank Owned Life Insurance | 36 | 37 |
Service Charges on deposit accounts | 216 | 163 |
Other Income | 17 | 10 |
Total Non-Interest Income | 968 | 1,118 |
NON-INTEREST EXPENSE | ||
Compensation and Benefits | 1,714 | 1,722 |
Occupancy and Equipment | 310 | 307 |
Data Processing | 167 | 155 |
Audit and Examination Fees | 50 | 52 |
Franchise and Bank Shares Tax | 98 | 95 |
Advertising | 40 | 72 |
Legal Fees | 146 | 81 |
Loan and Collection Expense | 80 | 99 |
Deposit Insurance Premium | 28 | 45 |
Other Expense | 198 | 147 |
Total Non-Interest Expense | 2,831 | 2,775 |
Income Before Income Taxes | 1,579 | 1,500 |
PROVISION FOR INCOME TAX EXPENSE | 571 | 498 |
Net Income | $ 1,008 | $ 1,002 |
EARNINGS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ 0.55 | $ 0.55 |
Diluted (in dollars per share) | 0.53 | 0.53 |
DIVIDENDS DECLARED (in dollars per share) | $ 0.12 | $ 0.09 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||
Net Income | $ 1,008 | $ 1,002 |
Other Comprehensive Loss, Net of Tax | ||
Unrealized Holding Loss on Securities Available-for-Sale, Net of Tax of $45 in 2017 and $103 in 2016 | (86) | (198) |
Total Comprehensive Income | $ 922 | $ 804 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Other Comprehensive Loss, Net of Tax | ||
Unrealized Holding Loss on Securities Available-for-Sale, Tax | $ (45) | $ (103) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Unearned ESOP Stock [Member] | Unearned RRP Trust Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Jun. 30, 2016 | $ 23 | $ 33,863 | $ (1,331) | $ (265) | $ 11,018 | $ 84 | $ 43,392 |
Net Income | 0 | 0 | 0 | 0 | 1,002 | 0 | 1,002 |
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects | 0 | 0 | 0 | 0 | 0 | (198) | (198) |
RRP Shares Earned | 0 | 0 | 0 | 24 | 0 | 0 | 24 |
Stock Options Vested | 0 | 73 | 0 | 0 | 0 | 0 | 73 |
Common Stock Issuance for Stock Option Exercises | 0 | 39 | 0 | 0 | 0 | 0 | 39 |
ESOP Compensation Earned | 0 | 36 | 29 | 0 | 0 | 0 | 65 |
Company Stock Purchased | 0 | 0 | 0 | 0 | (247) | 0 | (247) |
Dividends Declared | 0 | 0 | 0 | 0 | (177) | 0 | (177) |
Ending Balance at Sep. 30, 2016 | 23 | 34,011 | (1,302) | (241) | 11,596 | (114) | 43,973 |
Beginning Balance at Jun. 30, 2017 | 23 | 34,516 | (1,215) | (46) | 13,320 | (352) | 46,246 |
Net Income | 0 | 0 | 0 | 0 | 1,008 | 0 | 1,008 |
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects | 0 | 0 | 0 | 0 | 0 | (86) | (86) |
RRP Shares Earned | 0 | 0 | 0 | 24 | 0 | 0 | 24 |
Stock Options Vested | 0 | 34 | 0 | 0 | 0 | 0 | 34 |
Common Stock Issuance for Stock Option Exercises | 0 | 13 | 0 | 0 | 0 | 0 | 13 |
ESOP Compensation Earned | 0 | 48 | 29 | 0 | 0 | 0 | 77 |
Company Stock Purchased | 0 | 0 | 0 | 0 | (719) | 0 | (719) |
Dividends Declared | 0 | 0 | 0 | 0 | (234) | 0 | (234) |
Ending Balance at Sep. 30, 2017 | $ 35 | $ 34,612 | $ (1,187) | $ (23) | $ 13,364 | $ (438) | $ 46,363 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 1,008 | $ 1,002 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities | ||
Gain on Sale of Real Estate | 0 | (110) |
Bad Debt Recovery | 4 | 6 |
Net Amortization and Accretion on Securities | 55 | 5 |
Gain on Sale of Loans | (605) | (798) |
Gain on Sale of Securities | (94) | 0 |
Amortization of Deferred Loan Fees | (26) | (20) |
Depreciation of Premises and Equipment | 128 | 132 |
ESOP Expense | 77 | 65 |
Stock Option Expense | 34 | 73 |
Recognition and Retention Plan Expense | 7 | 58 |
Deferred Income Tax | (89) | (124) |
Provision for Loan Losses | 300 | 300 |
Increase in Cash Surrender Value on Bank Owned Life Insurance | (36) | (37) |
Share Awards Expense | 34 | 34 |
Changes in Assets and Liabilities: | ||
Loans Held-for-Sale - Originations and Purchases | (25,285) | (31,710) |
Loans Held-for-Sale - Sale and Principal Repayments | 31,279 | 29,448 |
Accrued Interest Receivable | (27) | 12 |
Other Operating Assets | 229 | (93) |
Other Operating Liabilities | 722 | 871 |
Net Cash Provided by (Used In) Operating Activities | 7,715 | (886) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Loan Originations and Purchases, Net of Principal Collections | (8,796) | 2,890 |
Deferred Loan Fees Collected | 115 | 16 |
Acquisition of Premises and Equipment | 101 | (140) |
Proceeds from Sale of Real Estate | 0 | 423 |
Activity in Available-for-Sale Securities: | ||
Principal Payments on Mortgage-Backed Securities | 2,491 | 3,759 |
Sale of Securities | 3,555 | 0 |
Activity in Held-to-Maturity Securities: | ||
Principal Payments on Mortgage-Backed Securities | 800 | 0 |
Purchases of Securities | 0 | (10,489) |
Net Cash Used in Investing Activities | (1,734) | (3,541) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Increase in Deposits | 4,456 | 11,502 |
Proceeds from Federal Home Loan Bank Advances | 17,400 | 431,600 |
Repayments of Advances from Federal Home Loan Bank | (31,466) | (436,963) |
Net Increase in Advances from Borrowers for Taxes and Insurance | 211 | 182 |
Dividends Paid | (234) | (177) |
Company Stock Purchased | (719) | (247) |
Proceeds from Stock Options Exercised | 13 | 39 |
Net Cash (Used in) Provided by Financing Activities | (10,339) | 5,936 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (4,358) | 1,509 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 11,905 | 4,756 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 7,547 | 6,265 |
SUPPLEMENTARY CASH FLOW INFORMATION | ||
Interest Paid on Deposits and Borrowed Funds | 807 | 625 |
Income Taxes Paid | 1 | 1 |
Market Value Adjustment for Loss on Securities Available-for-Sale | $ (131) | $ (301) |
Summary of Accounting Policies
Summary of Accounting Policies | 3 Months Ended |
Sep. 30, 2017 | |
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 three month period ended September 30, 2017 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2018. 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 September 30, 2017. 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 six full-service banking offices and home 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 September 30, 2017, 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 as 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 fair value of the collateral of the loan. If the 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. A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. 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 known and inherent losses in the existing loan portfolio both probable and reasonable to estimate. 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. Estimated useful lives are as follows: Buildings and Improvements 10 - 40 Years Furniture and Equipment 3 - 10 Years Bank-Owned Life Insurance The Company has purchased life insurance contracts on the lives of certain key employees. The Bank is the beneficiary of these policies. These contracts are reported at their cash surrender value, and changes in the cash surrender value are included in non-interest income. 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. The Company follows the provisions of the Income Taxes 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. Earnings per Share Earnings per share are computed based upon the weighted average number of common shares outstanding during the period. Non-Direct Response Advertising The Company expenses all advertising costs, except for direct-response advertising, as incurred. Non-direct response advertising costs were $40,000 and $72,000 for the three months ended September 30, 2017 and 2016, respectively. In the event the Company incurs expense for material direct-response advertising, it will be amortized over the estimated benefit period. Direct-response advertising consists of advertising whose primary purpose is to elicit sales to customers who could be shown to have responded specifically to the advertising and results in probable future benefits. For the three months ended September 30, 2017 and 2016, the Company did not incur any amount of direct-response advertising. Stock-Based Compensation GAAP requires all share-based payments to employees, including grants of employee stock options and recognition and retention share awards, to be recognized as expense in the statement of operations based on their fair values. The amount of compensation is measured at the fair value of the options or recognition and retention share awards when granted, and this cost is expensed over the required service period, which is normally the vesting period of the options or recognition and retention awards. This guidance applies to awards granted or modified after January 1, 2006 or any unvested awards outstanding prior to that date. Reclassification Certain financial statement balances included in the prior year consolidated financial statements have been reclassified to conform to the current period presentation. 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 balance sheets along with net income, they are components of comprehensive income (loss). Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue Recognition In September 2015, the FASB issued ASU 2015-16, Business Combinations In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, Financial Instruments Fair Value Measurement The provisions within this Update require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. This amendment excludes from net income gains or losses that the entity may not realize because those financial liabilities are not usually transferred or settled at their fair values before maturity. The amendments in this Update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements. For public business entities, the amendments in ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections and Investments - Equity Method and Joint Ventures Revenue from Contracts with Customers Leases Financial Instruments-Credit Losses In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation |
Securities
Securities | 3 Months Ended |
Sep. 30, 2017 | |
Securities [Abstract] | |
Securities | 2. Securities The amortized cost and fair value of securities with gross unrealized gains and losses follows: September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Securities Available-for-Sale Debt Securities FHLMC Mortgage-Backed Certificates $ 8,491 $ 1 $ 272 $ 8,220 FNMA Mortgage-Backed Certificates 15,467 4 237 15,234 GNMA Mortgage-Backed Certificates 7,511 3 163 7,351 Total Debt Securities 31,469 8 672 30,805 Total Securities Available-for-Sale $ 31,469 $ 8 672 $ 30,805 Securities Held-to-Maturity Debt Securities $ 24,750 $ 33 $ 220 $ 24,563 Equity Securities (Non-Marketable) 2,560 -- -- 2,560 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,810 -- -- 2,810 Total Securities Held-to-Maturity $ 27,560 $ 33 $ 220 $ 27,373 June 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Securities Available-for-Sale Debt Securities FHLMC Mortgage-Backed Certificates $ 9,140 $ 5 $ 297 $ 8,848 FNMA Mortgage-Backed Certificates 19,986 256 285 19,957 GNMA Mortgage-Backed Certificates 8,342 3 215 8,130 Total Debt Securities 37,468 264 797 36,935 Total Securities Available-for-Sale $ 37,468 $ 264 $ 797 $ 36,935 Securities Held-to-Maturity Debt Securities $ 25,558 $ 2 $ 370 $ 25,190 Equity Securities (Non-Marketable) 25,488 Shares – Federal Home Loan Bank 2,549 -- -- 2,549 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,799 -- -- 2,799 Total Securities Held-to-Maturity $ 28,357 $ 2 $ 370 $ 27,989 The amortized cost and fair value of securities by contractual maturity at September 30, 2017 follows: Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Debt Securities Within One Year or Less $ 7 $ 7 $ -- $ -- One through Five Years 49 49 -- -- After Five through Ten Years 44 44 -- -- Over Ten Years 31,369 30,705 24,750 24,563 31,469 30,805 24,750 24,563 Other Equity Securities -- -- 2,810 2,810 Total $ 31,469 $ 30,805 $ 27,560 $ 27,373 Securities available-for-sale totaling $3.5 million were sold for $3.6 million during the three months ending September 30, 2017 resulting in a profit on sale of securities of $94,000 . The following tables show information pertaining to gross unrealized losses on securities available-for-sale at September 30, 2017 and June 30, 2017 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2017 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 $ 50 $ 3,436 $ 622 $ 24,815 Marketable Equity Securities -- -- -- -- Total Securities Available-for-Sale $ 50 $ 3,436 $ 622 $ 24,815 June 30, 2017 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 $ 144 $ 10,278 $ 653 $ 21,719 Marketable Equity Securities -- -- -- -- Total Securities Available-for-Sale $ 144 $ 10,278 $ 653 $ 21,719 The unrealized losses on the Company’s investment in mortgage-backed securities at September 30, 2017 and June 30, 2016 were caused by interest rate changes. The contractual cash flows of these investments are guaranteed by agencies of the U.S. government. Accordingly, it is expected that these securities would not be settled at a price less than the amortized cost of the Company’s investment. Because the decline in market value is attributable to changes in interest rates and not credit quality and because the Company has the ability and intent to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2017. 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 September 30, 2017, securities with a carrying value of $268,000 were pledged to secure public deposits, and securities and mortgage loans with a carrying value of $149.5 million were pledged to secure FHLB advances. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2017 | |
Loans Receivable [Abstract] | |
Loans Receivable | 3. Loans Receivable Loans receivable are summarized as follows: September 30, 2017 June 30, 2017 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 132,199 $ 125,306 Commercial 78,339 77,945 Multi-Family Residential 24,269 21,281 Land 23,780 25,038 Construction 10,524 9,529 Equity and Second Mortgage 1,666 1,710 Equity Lines of Credit 19,692 20,976 Total Mortgage Loans 290,469 281,785 Commercial Loans 33,698 34,429 Consumer Loans Loans on Savings Accounts 405 420 Other Consumer Loans 119 63 Total Consumer Loans 524 483 Total Loans 324,691 316,697 Less: Allowance for Loan Losses (3,231 ) (3,729 ) Unamortized Loan Fees (285 ) (196 ) Net Loans Receivable $ 321,175 $ 312,772 Following is a summary of changes in the allowance for loan losses: Three Months Ended September 30, 2017 2016 (In Thousands) Balance - Beginning of Period $ 3,729 $ 2,845 Provision for Loan Losses 300 300 Loan Charge-Offs (802 ) (14 ) Recoveries 4 6 Balance - End of Period $ 3,231 $ 3,137 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: Pass - Loans classified as pass are well protected by the current net worth or paying capacity of the obligor or by the fair value, less cost to acquire and sell the underlying collateral in a timely manner. Pass Watch - Loans are considered marginal, meaning some weakness has been identified which could cause future impairment of repayment. However, these relationships are currently protected from any apparent loss by collateral. 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 September 30, 2017 and June 30, 2017: September 30, 2017 Pass Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 130,922 $ 303 $ 974 $ -- $ 132,199 Commercial 74,127 -- 4,212 -- 78,339 Multi-Family Residential 24,269 -- -- -- 24,269 Land 23,557 223 -- -- 23,780 Construction 10,524 -- -- -- 10,524 Equity and Second Mortgage 1,666 -- -- -- 1,666 Equity Lines of Credit 19,641 -- 51 -- 19,692 Commercial Loans 31,577 -- 2,121 -- 33,698 Consumer Loans 524 -- -- -- 524 Total $ 316,807 $ 526 $ 7,358 $ -- $ 324,691 June 30, 2017 Pass Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 124,450 $ 303 $ 553 $ -- $ 125,306 Commercial 77,690 -- 255 -- 77,945 Multi-Family Residential 21,281 -- -- -- 21,281 Land 24,915 123 -- -- 25,038 Construction 9,232 297 -- -- 9,529 Equity and Second Mortgage 1,710 -- -- -- 1,710 Equity Lines of Credit 20,976 -- -- -- 20,976 Commercial Loans 31,916 -- 2,503 -- 34,429 Consumer Loans 483 -- -- -- 483 Total $ 312,653 $ 723 $ 3,311 $ -- $ 316,697 The following tables present an aging analysis of past due loans, segregated by class of loans, as of September 30, 2017 and June 30, 2017: September 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,374 $ 1,218 $ 672 $ 3,264 $ 128,935 $ 132,199 $ 383 Commercial 65 -- -- 65 78,274 78,339 -- Multi-Family Residential -- -- -- -- 24,269 24,269 -- Land 100 -- -- 100 23,680 23,780 -- Construction -- -- -- -- 10,524 10,524 -- Equity and Second Mortgage -- -- -- -- 1,666 1,666 -- Equity Lines of Credit 109 15 51 175 19,517 19,692 68 Commercial Loans -- -- 1,664 1,664 32,034 33,698 -- Consumer Loans -- -- -- -- 524 524 -- Total $ 1,648 $ 1,233 $ 2,387 $ 5,268 $ 319,423 $ 324,691 $ 457 June 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,650 $ 350 $ 662 $ 2,662 $ 122,644 $ 125,306 $ 181 Commercial 8 -- -- 8 77,937 77,945 -- Multi-Family Residential -- -- -- -- 21,281 21,281 -- Land -- -- -- -- 25,038 25,038 -- Construction -- -- -- -- 9,529 9,529 -- Equity and Second Mortgage -- -- -- -- 1,710 1,710 -- Equity Lines of Credit 194 -- 4 198 20,778 20,976 4 Commercial Loans -- -- 2,503 2,503 31,926 34,429 -- Consumer Loans -- -- -- -- 483 483 -- Total $ 1,852 $ 350 $ 3,169 $ 5,371 $ 311,326 $ 316,697 $ 185 There was no interest income recognized on non-accrual loans during the three months ended September 30, 2017 or year ended June 30, 2017. If the non-accrual loans had been accruing interest at their original contracted rates, gross interest income that would have been recorded for the three months ended September 30, 2017 and year ended June 30, 2017 was approximately $29,000 and $79,000, respectively. The change in the allowance for loan losses by loan portfolio class and recorded investment in loans for the three months ended September 30, 2017 was as follows: Real Estate Loans September 30, 2017 1-4 Family Residential Commercial Multi- Family Land Construction Home Equity Loans and Lines of Credit Commercial Loans Consumer Loans Total (In Thousands) Allowance for loan losses: Beginning Balances $ 1,822 $ 353 $ 73 $ 203 $ 147 $ 142 $ 979 $ 10 $ 3,729 Charge-Offs -- -- -- -- -- (5 ) (797 ) -- (802 ) Recoveries 4 -- -- -- -- -- -- -- 4 Current Provision (184 ) -- 11 (19 ) 16 9 469 (2 ) 300 Ending Balances $ 1,642 $ 353 $ 84 $ 184 $ 163 $ 146 $ 651 $ 8 $ 3,231 Evaluated for Impairment: Individually Collectively $ 1,642 353 84 184 163 146 651 8 3,231 Loans Receivable: Ending Balances – Total $ 132,199 $ 78,339 $ 24,269 $ 23,780 $ 10,524 $ 21,358 $ 33,698 $ 524 $ 324,691 Ending Balances: Evaluated for Impairment: Individually 1,229 4,212 -- 223 -- 99 2,121 -- 7,884 Collectively $ 130,970 $ 74,127 $ 24,269 $ 23,557 $ 10,524 $ 21,259 $ 31,577 $ 524 $ 316,807 The change in the allowance for loan losses by loan portfolio class and recorded investment in loans for the year ended June 30, 2017 and three months ended September 30, 2017 was as follows: Real Estate Loans June 30, 2017 1-4 Family Residential Commercial Multi- Family Land Construction Home Equity Loans And Lines of Credit Commercial Loans Consumer Loans Total (In Thousands) Allowance for loan losses: Beginning Balances $ 1,517 $ 321 $ 111 $ 201 $ 126 $ 117 $ 444 $ 8 $ 2,845 Charge-Offs -- -- -- (16 ) -- (14 ) -- -- (30 ) Recoveries 14 -- -- -- -- -- -- -- 14 Current Provision 291 32 (38 ) 18 21 39 535 2 900 Ending Balances $ 1,822 $ 353 $ 73 $ 203 $ 147 $ 142 $ 979 $ 10 $ 3,729 Evaluated for Impairment: Individually -- -- -- -- -- -- -- -- -- Collectively 1,822 353 73 203 147 142 979 10 3,729 Loans Receivable: Ending Balances - Total $ 125,306 $ 77,945 $ 21,281 $ 25,038 $ 9,529 $ 22,686 $ 34,429 $ 483 $ 316,697 Ending Balances: Evaluated for Impairment: Individually 856 255 -- 123 297 -- 2,513 -- 4,044 Collectively $ 124,450 $ 77,690 $ 21,281 $ 24,915 $ 9,232 $ 22,686 $ 31,916 $ 483 $ 312,653 The following tables present loans individually evaluated for impairment, segregated by class of loans, as of September 30, 2017 and June 30, 2017: September 30, 2017 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,229 $ 1,229 $ -- $ 1,229 $ -- $ 1,232 Commercial 4,212 4,212 -- 4,212 -- 4,143 Multi-Family Residential -- -- -- -- -- -- Land 223 223 -- 223 -- 223 Construction -- -- -- -- -- -- Equity and Second Mortgage 48 48 -- 48 -- 53 Equity Lines of Credit 51 51 -- 51 -- 51 Commercial Loans 2,121 2,121 -- 2,121 -- 2,141 Consumer Loans -- -- -- -- -- -- Total $ 7,884 $ 7,884 $ -- $ 7,884 $ -- $ 7,843 June 30, 2017 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 856 $ 856 $ -- $ 856 $ -- $ 861 Commercial 255 255 -- 255 -- 261 Multi-Family Residential -- -- -- -- -- -- Land 123 123 -- 123 -- 125 Construction 297 297 -- 297 -- 299 Equity and Second Mortgage -- -- -- -- -- -- Equity Lines of Credit -- -- -- -- -- -- Commercial Loans 2,513 2,513 -- 2,513 -- 2,649 Consumer Loans -- -- -- -- -- -- Total $ 4,044 $ 4,044 $ -- $ 4,044 $ -- $ 4,195 The Bank has no commitments to loan additional funds to borrowers whose loans were previously in non-accrual status. A troubled debt restructuring (“TDR”) is a restructuring of a debt made by the Company to a debtor for economic or legal reasons related to the debtor’s financial difficulties that it would not otherwise consider. The Company grants the concession in an attempt to protect as much of its investment as possible. Information about the Company’s TDRs is as follows (in thousands): September 30, 2017 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ 4,745 $ 1,664 $ 1,664 $ 6,409 June 30, 2017 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ -- $ 1,717 $ 1,717 $ 1,717 At both September 30, 2017 and June 30, 2017, the bank had troubled debt restructuring involving nine commercial loan contracts to one borrower with a recorded investment of approximately $1.7 million along with another troubled debt restructuring classification during the quarter ending September 30, 2017 involving five commercial loans totaling $4.7 million that are current on all interest payments due with no expected losses at this time. For purposes of the determination of an allowance for loan losses on these TDRs, as an identified TDR, the Company considers a loss probable on the loan and, as a result, the loan is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined losses are probable on such TDRs, either because of delinquency or other credit quality indicator, the Company establishes specific reserves for these loans. |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Deposits | 4. Deposits Deposits at September 30, 2017 and June 30, 2017 consist of the following classifications: September 30, 2017 June 30, 2017 (In Thousands) Non-Interest Bearing $ 58,230 $ 54,420 NOW Accounts 31,010 34,500 Money Markets 41,542 42,439 Passbook Savings 37,126 35,050 167,908 166,409 Certificates of Deposit 165,593 162,636 Total Deposits $ 333,501 $ 329,045 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2017 | |
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 months ended September 30, 2017 and 2016 were calculated as follows: Three Months Ended September 30, 2017 2016 (In Thousands, Except Per Share Data) Net income $ 1,008 $ 1,002 Weighted average shares outstanding - basic 1,816 1,813 Effect of dilutive common stock equivalents 159 65 Adjusted weighted average shares outstanding – diluted 1,975 1,878 Basic earnings per share $ 0.55 $ 0.55 Diluted earnings per share $ 0.53 $ 0.53 For the three months ended September 30, 2017 and 2016, there were outstanding options to purchase 300,092 and 302,077 shares, respectively, at a weighted average exercise price of $17.83 and $17.79 per share, respectively. For the quarter ended September 30, 2017, 98,637 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 September 30, 2017 2016 (In Thousands) Average common shares issued 1,940 1,964 Average unearned ESOP shares (120 ) (131 ) Average unearned RRP shares (4 ) (20 ) Weighted average shares outstanding 1,816 1,813 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation Recognition and Retention Plan 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 “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 Recognition Plan totaled 77,808 shares, all of which were awarded as of September 30, 2017. 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 will 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 cost associated with the Recognition Plan is based on share prices of $14.70 and $18.92 on January 31, 2012 and July 31, 2014, respectively, which represents the fair market price of the Company’s stock on the dates on which the Recognition Plan shares were granted. The cost of the Recognition Plan is being recognized over the five year vesting period. Compensation expense pertaining to the Recognition Plan was $7,000 and $58,000, for the three months ended September 30, 2017 and 2016, respectively. 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. The 2005 Stock Option Plan terminated on June 8, 2015, however outstanding stock options will remain in effect for the remainder of their original ten year terms. 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. On August 19, 2010 and July 31, 2014, the Company granted 21,616 options and 2,133 options, respectively, under the 2005 Option Plan that were previously forfeited (as adjusted for the conversion) at an exercise price of $10.93 and $18.92 per share, respectively. On January 31, 2012 and July 31, 2014, 165,344 options and 29,178 options, respectively, were granted to directors and employees at an exercise price of $14.70 and $18.92 per share, respectively, under the 2011 Option Plan. As of September 30, 2017, there were 389 stock options available for future grant under the 2011 Option Plan. 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. Incentive stock options and non-qualified stock options granted under the Option Plan 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 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 recognizes compensation expense during the vesting period based on the fair value of the option on the date of the grant. For the three months ended September 30, 2017 and 2016, compensation expense charged to operations was $34,000 and $42,000, respectively. Stock Incentive Plan On November 12, 2014, the shareholders of the Company approved the adoption of the Company’s 2014 Stock Incentive Plan (the “Stock Incentive Plan”) for the benefit of employees and non-employee directors as an incentive to contribute to the success of the Company and reward employees for outstanding performance and the attainment of targeted goals. The Stock Incentive Plan covers a total of 150,000 shares, of which no more than 37,500 shares, or 25% of the plan, may be share rewards. The balance of the plan is reserved for stock option awards which would total 112,500 stock options, assuming all the share awards are issued. All incentive stock options granted under the Stock Incentive Plan are intended to comply with the requirements of Section 422 of the Internal Revenue Code. On October 26, 2015, the Company granted a total of 34,500 plan share awards and 103,500 stock options to directors, officers, and other key employees vesting ratably over five years. The Stock Incentive Plan cost is recognized over the five year vesting period. For the three months ended September 30, 2016, the Company recognized $66,000 in expenses related to the Stock Incentive Plan. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2017 | |
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 $3.9 million and $2.8 million at September 30, 2017 and June 30, 2017, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Sep. 30, 2017 | |
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 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. Investment Securities 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. At September 30, 2017 and June 30, 2017, the carrying amount and estimated fair values of the Company's financial instruments were as follows: September 30, 2017 June 30, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 7,547 $ 7,547 $ 11,905 $ 11,905 Securities Available-for-Sale 30,805 30,805 36,935 36,935 Securities to be Held-to-Maturity 27,560 27,373 28,357 27,989 Loans Held-for-Sale 7,988 7,988 13,631 13,631 Loans Receivable 321,175 308,530 312,772 301,741 Financial Liabilities Deposits 333,501 318,164 $ 329,045 $ 313,514 Advances from FHLB 34,841 34,858 48,907 48,918 Off-Balance Sheet Items Mortgage Loan Commitments $ 6,489 $ 6,489 $ 457 $ 457 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 · 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 instruments 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 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. The preceding methods described may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used during the year ended September 30, 2017. Fair values of assets and liabilities measured on a recurring basis at September 30, 2017 and June 30, 2017 are as follows: Fair Value Measurements Using: September 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ -- $ 8,220 $ -- $ 8,220 FNMA -- 15,264 -- 15,234 GNMA -- 7,351 -- 7,351 Total $ -- $ 30,805 $ -- $ 30,805 Fair Value Measurements Using: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ -- $ 8,848 $ -- $ 8,848 FNMA -- 19,957 -- 19,957 GNMA -- 8,130 -- 8,130 Total $ -- $ 36,935 $ -- $ 36,935 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events In accordance with FASB ASC 855, Subsequent Events |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
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 three month period ended September 30, 2017 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2018. 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 September 30, 2017. 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 six full-service banking offices and home 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 September 30, 2017, 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 as 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 fair value of the collateral of the loan. If the 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. A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Concessions granted under a TDR typically involve a temporary or permanent reduction in payments or interest rate or an extension of a loan’s stated maturity date at less than a current market rate of interest. Loans identified as TDRs are designated as impaired. 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 known and inherent losses in the existing loan portfolio both probable and reasonable to estimate. |
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. Estimated useful lives are as follows: Buildings and Improvements 10 - 40 Years Furniture and Equipment 3 - 10 Years |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company has purchased life insurance contracts on the lives of certain key employees. The Bank is the beneficiary of these policies. These contracts are reported at their cash surrender value, and changes in the cash surrender value are included in non-interest income. |
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. The Company follows the provisions of the Income Taxes 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. |
Earnings per Share | Earnings per Share Earnings per share are computed based upon the weighted average number of common shares outstanding during the period. |
Non-Direct Response Advertising | Non-Direct Response Advertising The Company expenses all advertising costs, except for direct-response advertising, as incurred. Non-direct response advertising costs were $40,000 and $72,000 for the three months ended September 30, 2017 and 2016, respectively. In the event the Company incurs expense for material direct-response advertising, it will be amortized over the estimated benefit period. Direct-response advertising consists of advertising whose primary purpose is to elicit sales to customers who could be shown to have responded specifically to the advertising and results in probable future benefits. For the three months ended September 30, 2017 and 2016, the Company did not incur any amount of direct-response advertising. |
Stock-Based Compensation | Stock-Based Compensation GAAP requires all share-based payments to employees, including grants of employee stock options and recognition and retention share awards, to be recognized as expense in the statement of operations based on their fair values. The amount of compensation is measured at the fair value of the options or recognition and retention share awards when granted, and this cost is expensed over the required service period, which is normally the vesting period of the options or recognition and retention awards. This guidance applies to awards granted or modified after January 1, 2006 or any unvested awards outstanding prior to that date. |
Reclassification | Reclassification Certain financial statement balances included in the prior year consolidated financial statements have been reclassified to conform to the current period presentation. |
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 balance sheets along with net income, they are components of comprehensive income (loss). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue Recognition In September 2015, the FASB issued ASU 2015-16, Business Combinations In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, Financial Instruments Fair Value Measurement The provisions within this Update require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. This amendment excludes from net income gains or losses that the entity may not realize because those financial liabilities are not usually transferred or settled at their fair values before maturity. The amendments in this Update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements. For public business entities, the amendments in ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections and Investments - Equity Method and Joint Ventures Revenue from Contracts with Customers Leases Financial Instruments-Credit Losses In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation |
Summary of Accounting Policie19
Summary of Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Summary of Accounting Policies [Abstract] | |
Estimated Useful Lives | Estimated useful lives are as follows: Buildings and Improvements 10 - 40 Years Furniture and Equipment 3 - 10 Years |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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: September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Securities Available-for-Sale Debt Securities FHLMC Mortgage-Backed Certificates $ 8,491 $ 1 $ 272 $ 8,220 FNMA Mortgage-Backed Certificates 15,467 4 237 15,234 GNMA Mortgage-Backed Certificates 7,511 3 163 7,351 Total Debt Securities 31,469 8 672 30,805 Total Securities Available-for-Sale $ 31,469 $ 8 672 $ 30,805 Securities Held-to-Maturity Debt Securities $ 24,750 $ 33 $ 220 $ 24,563 Equity Securities (Non-Marketable) 2,560 -- -- 2,560 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,810 -- -- 2,810 Total Securities Held-to-Maturity $ 27,560 $ 33 $ 220 $ 27,373 June 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Securities Available-for-Sale Debt Securities FHLMC Mortgage-Backed Certificates $ 9,140 $ 5 $ 297 $ 8,848 FNMA Mortgage-Backed Certificates 19,986 256 285 19,957 GNMA Mortgage-Backed Certificates 8,342 3 215 8,130 Total Debt Securities 37,468 264 797 36,935 Total Securities Available-for-Sale $ 37,468 $ 264 $ 797 $ 36,935 Securities Held-to-Maturity Debt Securities $ 25,558 $ 2 $ 370 $ 25,190 Equity Securities (Non-Marketable) 25,488 Shares – Federal Home Loan Bank 2,549 -- -- 2,549 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,799 -- -- 2,799 Total Securities Held-to-Maturity $ 28,357 $ 2 $ 370 $ 27,989 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities by contractual maturity at September 30, 2017 follows: Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Debt Securities Within One Year or Less $ 7 $ 7 $ -- $ -- One through Five Years 49 49 -- -- After Five through Ten Years 44 44 -- -- Over Ten Years 31,369 30,705 24,750 24,563 31,469 30,805 24,750 24,563 Other Equity Securities -- -- 2,810 2,810 Total $ 31,469 $ 30,805 $ 27,560 $ 27,373 |
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 at September 30, 2017 and June 30, 2017 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2017 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 $ 50 $ 3,436 $ 622 $ 24,815 Marketable Equity Securities -- -- -- -- Total Securities Available-for-Sale $ 50 $ 3,436 $ 622 $ 24,815 June 30, 2017 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 $ 144 $ 10,278 $ 653 $ 21,719 Marketable Equity Securities -- -- -- -- Total Securities Available-for-Sale $ 144 $ 10,278 $ 653 $ 21,719 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Loans Receivable [Abstract] | |
Summary of Loans Receivable | Loans receivable are summarized as follows: September 30, 2017 June 30, 2017 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 132,199 $ 125,306 Commercial 78,339 77,945 Multi-Family Residential 24,269 21,281 Land 23,780 25,038 Construction 10,524 9,529 Equity and Second Mortgage 1,666 1,710 Equity Lines of Credit 19,692 20,976 Total Mortgage Loans 290,469 281,785 Commercial Loans 33,698 34,429 Consumer Loans Loans on Savings Accounts 405 420 Other Consumer Loans 119 63 Total Consumer Loans 524 483 Total Loans 324,691 316,697 Less: Allowance for Loan Losses (3,231 ) (3,729 ) Unamortized Loan Fees (285 ) (196 ) Net Loans Receivable $ 321,175 $ 312,772 |
Analysis of Allowance for Loan Losses | Following is a summary of changes in the allowance for loan losses: Three Months Ended September 30, 2017 2016 (In Thousands) Balance - Beginning of Period $ 3,729 $ 2,845 Provision for Loan Losses 300 300 Loan Charge-Offs (802 ) (14 ) Recoveries 4 6 Balance - End of Period $ 3,231 $ 3,137 |
Grading of Loans, Segregated by Class of Loans | The following tables present the grading of loans, segregated by class of loans, as of September 30, 2017 and June 30, 2017: September 30, 2017 Pass Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 130,922 $ 303 $ 974 $ -- $ 132,199 Commercial 74,127 -- 4,212 -- 78,339 Multi-Family Residential 24,269 -- -- -- 24,269 Land 23,557 223 -- -- 23,780 Construction 10,524 -- -- -- 10,524 Equity and Second Mortgage 1,666 -- -- -- 1,666 Equity Lines of Credit 19,641 -- 51 -- 19,692 Commercial Loans 31,577 -- 2,121 -- 33,698 Consumer Loans 524 -- -- -- 524 Total $ 316,807 $ 526 $ 7,358 $ -- $ 324,691 June 30, 2017 Pass Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 124,450 $ 303 $ 553 $ -- $ 125,306 Commercial 77,690 -- 255 -- 77,945 Multi-Family Residential 21,281 -- -- -- 21,281 Land 24,915 123 -- -- 25,038 Construction 9,232 297 -- -- 9,529 Equity and Second Mortgage 1,710 -- -- -- 1,710 Equity Lines of Credit 20,976 -- -- -- 20,976 Commercial Loans 31,916 -- 2,503 -- 34,429 Consumer Loans 483 -- -- -- 483 Total $ 312,653 $ 723 $ 3,311 $ -- $ 316,697 |
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 September 30, 2017 and June 30, 2017: September 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,374 $ 1,218 $ 672 $ 3,264 $ 128,935 $ 132,199 $ 383 Commercial 65 -- -- 65 78,274 78,339 -- Multi-Family Residential -- -- -- -- 24,269 24,269 -- Land 100 -- -- 100 23,680 23,780 -- Construction -- -- -- -- 10,524 10,524 -- Equity and Second Mortgage -- -- -- -- 1,666 1,666 -- Equity Lines of Credit 109 15 51 175 19,517 19,692 68 Commercial Loans -- -- 1,664 1,664 32,034 33,698 -- Consumer Loans -- -- -- -- 524 524 -- Total $ 1,648 $ 1,233 $ 2,387 $ 5,268 $ 319,423 $ 324,691 $ 457 June 30, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,650 $ 350 $ 662 $ 2,662 $ 122,644 $ 125,306 $ 181 Commercial 8 -- -- 8 77,937 77,945 -- Multi-Family Residential -- -- -- -- 21,281 21,281 -- Land -- -- -- -- 25,038 25,038 -- Construction -- -- -- -- 9,529 9,529 -- Equity and Second Mortgage -- -- -- -- 1,710 1,710 -- Equity Lines of Credit 194 -- 4 198 20,778 20,976 4 Commercial Loans -- -- 2,503 2,503 31,926 34,429 -- Consumer Loans -- -- -- -- 483 483 -- Total $ 1,852 $ 350 $ 3,169 $ 5,371 $ 311,326 $ 316,697 $ 185 |
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 three months ended September 30, 2017 was as follows: Real Estate Loans September 30, 2017 1-4 Family Residential Commercial Multi- Family Land Construction Home Equity Loans and Lines of Credit Commercial Loans Consumer Loans Total (In Thousands) Allowance for loan losses: Beginning Balances $ 1,822 $ 353 $ 73 $ 203 $ 147 $ 142 $ 979 $ 10 $ 3,729 Charge-Offs -- -- -- -- -- (5 ) (797 ) -- (802 ) Recoveries 4 -- -- -- -- -- -- -- 4 Current Provision (184 ) -- 11 (19 ) 16 9 469 (2 ) 300 Ending Balances $ 1,642 $ 353 $ 84 $ 184 $ 163 $ 146 $ 651 $ 8 $ 3,231 Evaluated for Impairment: Individually Collectively $ 1,642 353 84 184 163 146 651 8 3,231 Loans Receivable: Ending Balances – Total $ 132,199 $ 78,339 $ 24,269 $ 23,780 $ 10,524 $ 21,358 $ 33,698 $ 524 $ 324,691 Ending Balances: Evaluated for Impairment: Individually 1,229 4,212 -- 223 -- 99 2,121 -- 7,884 Collectively $ 130,970 $ 74,127 $ 24,269 $ 23,557 $ 10,524 $ 21,259 $ 31,577 $ 524 $ 316,807 The change in the allowance for loan losses by loan portfolio class and recorded investment in loans for the year ended June 30, 2017 and three months ended September 30, 2017 was as follows: Real Estate Loans June 30, 2017 1-4 Family Residential Commercial Multi- Family Land Construction Home Equity Loans And Lines of Credit Commercial Loans Consumer Loans Total (In Thousands) Allowance for loan losses: Beginning Balances $ 1,517 $ 321 $ 111 $ 201 $ 126 $ 117 $ 444 $ 8 $ 2,845 Charge-Offs -- -- -- (16 ) -- (14 ) -- -- (30 ) Recoveries 14 -- -- -- -- -- -- -- 14 Current Provision 291 32 (38 ) 18 21 39 535 2 900 Ending Balances $ 1,822 $ 353 $ 73 $ 203 $ 147 $ 142 $ 979 $ 10 $ 3,729 Evaluated for Impairment: Individually -- -- -- -- -- -- -- -- -- Collectively 1,822 353 73 203 147 142 979 10 3,729 Loans Receivable: Ending Balances - Total $ 125,306 $ 77,945 $ 21,281 $ 25,038 $ 9,529 $ 22,686 $ 34,429 $ 483 $ 316,697 Ending Balances: Evaluated for Impairment: Individually 856 255 -- 123 297 -- 2,513 -- 4,044 Collectively $ 124,450 $ 77,690 $ 21,281 $ 24,915 $ 9,232 $ 22,686 $ 31,916 $ 483 $ 312,653 |
Loans Individually Evaluated for Impairment Segregated by Class of Loans | The following tables present loans individually evaluated for impairment, segregated by class of loans, as of September 30, 2017 and June 30, 2017: September 30, 2017 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,229 $ 1,229 $ -- $ 1,229 $ -- $ 1,232 Commercial 4,212 4,212 -- 4,212 -- 4,143 Multi-Family Residential -- -- -- -- -- -- Land 223 223 -- 223 -- 223 Construction -- -- -- -- -- -- Equity and Second Mortgage 48 48 -- 48 -- 53 Equity Lines of Credit 51 51 -- 51 -- 51 Commercial Loans 2,121 2,121 -- 2,121 -- 2,141 Consumer Loans -- -- -- -- -- -- Total $ 7,884 $ 7,884 $ -- $ 7,884 $ -- $ 7,843 June 30, 2017 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 856 $ 856 $ -- $ 856 $ -- $ 861 Commercial 255 255 -- 255 -- 261 Multi-Family Residential -- -- -- -- -- -- Land 123 123 -- 123 -- 125 Construction 297 297 -- 297 -- 299 Equity and Second Mortgage -- -- -- -- -- -- Equity Lines of Credit -- -- -- -- -- -- Commercial Loans 2,513 2,513 -- 2,513 -- 2,649 Consumer Loans -- -- -- -- -- -- Total $ 4,044 $ 4,044 $ -- $ 4,044 $ -- $ 4,195 |
Information about TDRs | Information about the Company’s TDRs is as follows (in thousands): September 30, 2017 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ 4,745 $ 1,664 $ 1,664 $ 6,409 June 30, 2017 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ -- $ 1,717 $ 1,717 $ 1,717 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Components of Deposits | Deposits at September 30, 2017 and June 30, 2017 consist of the following classifications: September 30, 2017 June 30, 2017 (In Thousands) Non-Interest Bearing $ 58,230 $ 54,420 NOW Accounts 31,010 34,500 Money Markets 41,542 42,439 Passbook Savings 37,126 35,050 167,908 166,409 Certificates of Deposit 165,593 162,636 Total Deposits $ 333,501 $ 329,045 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings per Share | Earnings per share for the three months ended September 30, 2017 and 2016 were calculated as follows: Three Months Ended September 30, 2017 2016 (In Thousands, Except Per Share Data) Net income $ 1,008 $ 1,002 Weighted average shares outstanding - basic 1,816 1,813 Effect of dilutive common stock equivalents 159 65 Adjusted weighted average shares outstanding – diluted 1,975 1,878 Basic earnings per share $ 0.55 $ 0.55 Diluted earnings per share $ 0.53 $ 0.53 |
Components of Weighted Average Outstanding Shares | The following table presents the components of weighted average outstanding shares for purposes of calculating earnings per share: Three Months Ended September 30, 2017 2016 (In Thousands) Average common shares issued 1,940 1,964 Average unearned ESOP shares (120 ) (131 ) Average unearned RRP shares (4 ) (20 ) Weighted average shares outstanding 1,816 1,813 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Financial Instruments | At September 30, 2017 and June 30, 2017, the carrying amount and estimated fair values of the Company's financial instruments were as follows: September 30, 2017 June 30, 2017 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 7,547 $ 7,547 $ 11,905 $ 11,905 Securities Available-for-Sale 30,805 30,805 36,935 36,935 Securities to be Held-to-Maturity 27,560 27,373 28,357 27,989 Loans Held-for-Sale 7,988 7,988 13,631 13,631 Loans Receivable 321,175 308,530 312,772 301,741 Financial Liabilities Deposits 333,501 318,164 $ 329,045 $ 313,514 Advances from FHLB 34,841 34,858 48,907 48,918 Off-Balance Sheet Items Mortgage Loan Commitments $ 6,489 $ 6,489 $ 457 $ 457 |
Fair Values of Assets and Liabilities Measured on a Recurring Basis | Fair values of assets and liabilities measured on a recurring basis at September 30, 2017 and June 30, 2017 are as follows: Fair Value Measurements Using: September 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ -- $ 8,220 $ -- $ 8,220 FNMA -- 15,264 -- 15,234 GNMA -- 7,351 -- 7,351 Total $ -- $ 30,805 $ -- $ 30,805 Fair Value Measurements Using: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ -- $ 8,848 $ -- $ 8,848 FNMA -- 19,957 -- 19,957 GNMA -- 8,130 -- 8,130 Total $ -- $ 36,935 $ -- $ 36,935 |
Summary of Accounting Policie25
Summary of Accounting Policies (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017USD ($)OfficeSubsidiary | Sep. 30, 2016USD ($) | |
Nature of Operations [Abstract] | ||
Number of wholly-owned subsidiaries | Subsidiary | 1 | |
Non-Direct Response Advertising [Abstract] | ||
Non-direct response advertising costs | $ 40 | $ 72 |
Direct-response advertising costs | $ 0 | $ 0 |
Buildings and Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 10 years | |
Buildings and Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years | |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 10 years | |
Shreveport [Member] | ||
Nature of Operations [Abstract] | ||
Number of full-service banking offices | Office | 6 |
Securities, Amortized Cost and
Securities, Amortized Cost and Fair Value of Securities, with Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 31,469 | $ 37,468 |
Gross Unrealized Gains | 8 | 264 |
Gross Unrealized Losses | 672 | 797 |
Fair Value | 30,805 | 36,935 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 31,469 | 37,468 |
Gross Unrealized Gains | 8 | 264 |
Gross Unrealized Losses | 672 | 797 |
Fair value | 30,805 | 36,935 |
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 27,560 | 28,357 |
Gross Unrealized Gains | 33 | 2 |
Gross Unrealized Losses | 220 | 370 |
Fair Value | 27,373 | 27,989 |
FNMA Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 24,750 | 25,558 |
Gross Unrealized Gains | 33 | 2 |
Gross Unrealized Losses | 220 | 370 |
Fair Value | 24,563 | 25,190 |
Equity Securities (Non-Marketable) [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 2,810 | 2,799 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,810 | 2,799 |
Federal Home Loan Bank [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 2,560 | 2,549 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 2,560 | $ 2,549 |
Number of equity securities (in shares) | 25,598 | 25,488 |
First National Bankers Bankshares, Inc. [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 250 | $ 250 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 250 | $ 250 |
Number of equity securities (in shares) | 630 | 630 |
FHLMC Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 8,491 | $ 9,140 |
Gross Unrealized Gains | 1 | 5 |
Gross Unrealized Losses | 272 | 297 |
Fair Value | 8,220 | 8,848 |
FNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 15,467 | 19,986 |
Gross Unrealized Gains | 4 | 256 |
Gross Unrealized Losses | 237 | 285 |
Fair Value | 15,234 | 19,957 |
GNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 7,511 | 8,342 |
Gross Unrealized Gains | 3 | 3 |
Gross Unrealized Losses | 163 | 215 |
Fair Value | $ 7,351 | $ 8,130 |
Securities, Securities by Contr
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Available-for-Sale, Amortized Cost [Abstract] | |||
Within One Year or Less | $ 7 | ||
One through Five Years | 49 | ||
After Five through Ten Years | 44 | ||
Over Ten Years | 31,369 | ||
Amortized Cost | 31,469 | $ 37,468 | |
Other Equity Securities | 0 | ||
Amortized Cost | 31,469 | 37,468 | |
Available-for-Sale, Fair Value [Abstract] | |||
Within One Year or Less | 7 | ||
One through Five Years | 49 | ||
After Five through Ten Years | 44 | ||
Over Ten Years | 30,705 | ||
Fair Value | 30,805 | 36,935 | |
Other Equity Securities | 0 | ||
Fair Value | 30,805 | 36,935 | |
Cost of available-for-sale securities sold | 3,500 | ||
Proceeds from sale of securities available-for-sale | 3,555 | $ 0 | |
Profit on sale of securities | 94 | $ 0 | |
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 | 24,750 | ||
Amortized Cost | 24,750 | ||
Other Equity Securities | 2,810 | ||
Amortized Cost | 27,560 | 28,357 | |
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 | 24,563 | ||
Fair Value | 24,563 | ||
Other Equity Securities | 2,810 | ||
Fair Value | $ 27,373 | $ 27,989 |
Securities, Securities with Gro
Securities, Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | $ 50 | $ 144 |
Over Twelve Months | 622 | 653 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 3,436 | 10,278 |
Over Twelve Months | 24,815 | 21,719 |
Public Deposits [Member] | ||
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Securities pledged with carrying value | 268 | |
FHLB Advances [Member] | ||
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Securities pledged with carrying value | 149,500 | |
Mortgage-Backed Securities [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 50 | 144 |
Over Twelve Months | 622 | 653 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 3,436 | 10,278 |
Over Twelve Months | 24,815 | 21,719 |
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 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 |
Loan receivable [Abstract] | ||||
Gross Loans Receivable | $ 324,691 | $ 316,697 | ||
Less: Allowance for Loan Losses | (3,231) | (3,729) | $ (3,137) | $ (2,845) |
Unamortized Loan Fees | (285) | (196) | ||
Net Loans Receivable | 321,175 | 312,772 | ||
Loans Secured by Mortgages on Real Estate [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 290,469 | 281,785 | ||
Loans Secured by Mortgages on Real Estate [Member] | One-to-Four-Family Residential [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 132,199 | 125,306 | ||
Loans Secured by Mortgages on Real Estate [Member] | Commercial [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 78,339 | 77,945 | ||
Less: Allowance for Loan Losses | (353) | (353) | (321) | |
Loans Secured by Mortgages on Real Estate [Member] | Multi-Family Residential [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 24,269 | 21,281 | ||
Less: Allowance for Loan Losses | (84) | (73) | (111) | |
Loans Secured by Mortgages on Real Estate [Member] | Land [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 23,780 | 25,038 | ||
Less: Allowance for Loan Losses | (184) | (203) | (201) | |
Loans Secured by Mortgages on Real Estate [Member] | Construction [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 10,524 | 9,529 | ||
Less: Allowance for Loan Losses | (163) | (147) | (126) | |
Loans Secured by Mortgages on Real Estate [Member] | Equity and Second Mortgage [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 1,666 | 1,710 | ||
Loans Secured by Mortgages on Real Estate [Member] | Equity Lines of Credit [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 19,692 | 20,976 | ||
Commercial Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 33,698 | 34,429 | ||
Less: Allowance for Loan Losses | (651) | (979) | (444) | |
Consumer Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 524 | 483 | ||
Less: Allowance for Loan Losses | (8) | (10) | $ (8) | |
Consumer Loans [Member] | Loans on Savings Accounts [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | 405 | 420 | ||
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Gross Loans Receivable | $ 119 | $ 63 |
Loans Receivable, Analysis of A
Loans Receivable, Analysis of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Summary of changes in the allowance for loan losses [Roll Forward] | |||
Beginning Balances | $ 3,729 | $ 2,845 | $ 2,845 |
Provision for Loan Losses | 300 | 300 | 900 |
Loan Charge-Offs | (802) | (14) | (30) |
Recoveries | 4 | 6 | 14 |
Ending Balances | $ 3,231 | $ 3,137 | $ 3,729 |
Loans Receivable, Credit Qualit
Loans Receivable, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | $ 324,691 | $ 316,697 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 316,807 | 312,653 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 526 | 723 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 7,358 | 3,311 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 290,469 | 281,785 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 132,199 | 125,306 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 130,922 | 124,450 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 303 | 303 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 974 | 553 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 78,339 | 77,945 |
Real Estate Loans [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 74,127 | 77,690 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 4,212 | 255 |
Real Estate Loans [Member] | Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 24,269 | 21,281 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 24,269 | 21,281 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 23,780 | 25,038 |
Real Estate Loans [Member] | Land [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 23,557 | 24,915 |
Real Estate Loans [Member] | Land [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 223 | 123 |
Real Estate Loans [Member] | Land [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 10,524 | 9,529 |
Real Estate Loans [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 10,524 | 9,232 |
Real Estate Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 297 |
Real Estate Loans [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,666 | 1,710 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,666 | 1,710 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 19,692 | 20,976 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 19,641 | 20,976 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 51 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 33,698 | 34,429 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 31,577 | 31,916 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 2,121 | 2,503 |
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 524 | 483 |
Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 524 | 483 |
Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 0 | 0 |
Consumer Loans [Member] | Doubtful [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 ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | $ 5,268,000 | $ 5,371,000 |
Current | 319,423,000 | 311,326,000 |
Total Loans Receivable | 324,691,000 | 316,697,000 |
Recorded Investment > 90 Days and Accruing | 457,000 | 185,000 |
Loan receivables on nonaccrual status | 0 | 0 |
Interest income recognized on non-accrual loans | 0 | 0 |
Estimated gross interest income that would have been recorded if non-accrual loans had been accruing interest at their original contracted rates | 29,000 | 79,000 |
30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,648,000 | 1,852,000 |
60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,233,000 | 350,000 |
Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 2,387,000 | 3,169,000 |
Real Estate Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans Receivable | 290,469,000 | 281,785,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 3,264,000 | 2,662,000 |
Current | 128,935,000 | 122,644,000 |
Total Loans Receivable | 132,199,000 | 125,306,000 |
Recorded Investment > 90 Days and Accruing | 383,000 | 181,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,374,000 | 1,650,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,218,000 | 350,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 672,000 | 662,000 |
Real Estate Loans [Member] | Commercial [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 65,000 | 8,000 |
Current | 78,274,000 | 77,937,000 |
Total Loans Receivable | 78,339,000 | 77,945,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 65,000 | 8,000 |
Real Estate Loans [Member] | Commercial [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 24,269,000 | 21,281,000 |
Total Loans Receivable | 24,269,000 | 21,281,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 100,000 | 0 |
Current | 23,680,000 | 25,038,000 |
Total Loans Receivable | 23,780,000 | 25,038,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 100,000 | 0 |
Real Estate Loans [Member] | Land [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 10,524,000 | 9,529,000 |
Total Loans Receivable | 10,524,000 | 9,529,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 1,666,000 | 1,710,000 |
Total Loans Receivable | 1,666,000 | 1,710,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 175,000 | 198,000 |
Current | 19,517,000 | 20,778,000 |
Total Loans Receivable | 19,692,000 | 20,976,000 |
Recorded Investment > 90 Days and Accruing | 68,000 | 4,000 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 109,000 | 194,000 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 15,000 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 51,000 | 4,000 |
Commercial Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,664,000 | 2,503,000 |
Current | 32,034,000 | 31,926,000 |
Total Loans Receivable | 33,698,000 | 34,429,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,664,000 | 2,503,000 |
Consumer Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 524,000 | 483,000 |
Total Loans Receivable | 524,000 | 483,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Consumer Loans [Member] | Greater Than 90 Days [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | $ 0 | $ 0 |
Loans Receivable, Allowance for
Loans Receivable, Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | $ 3,729 | $ 2,845 | $ 2,845 |
Charge-Offs | (802) | (14) | (30) |
Recoveries | 4 | 6 | 14 |
Current Provision | 300 | 300 | 900 |
Ending Balances | 3,231 | 3,137 | 3,729 |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 3,231 | 3,729 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 324,691 | 316,697 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 7,884 | 4,044 | |
Collectively | 316,807 | 312,653 | |
Real Estate Loans [Member] | |||
Loans Receivable [Abstract] | |||
Ending Balances - Total | 290,469 | 281,785 | |
Real Estate Loans [Member] | 1-4 Family Residential [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 1,822 | 1,517 | 1,517 |
Charge-Offs | 0 | 0 | |
Recoveries | 4 | 14 | |
Current Provision | (184) | 291 | |
Ending Balances | 1,642 | 1,822 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 1,642 | 1,822 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 132,199 | 125,306 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 1,229 | 856 | |
Collectively | 130,970 | 124,450 | |
Real Estate Loans [Member] | Commercial [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 353 | 321 | 321 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | 0 | 32 | |
Ending Balances | 353 | 353 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 353 | 353 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 78,339 | 77,945 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 4,212 | 255 | |
Collectively | 74,127 | 77,690 | |
Real Estate Loans [Member] | Multi Family [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 73 | 111 | 111 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | 11 | (38) | |
Ending Balances | 84 | 73 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 84 | 73 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 24,269 | 21,281 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 24,269 | 21,281 | |
Real Estate Loans [Member] | Land [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 203 | 201 | 201 |
Charge-Offs | 0 | (16) | |
Recoveries | 0 | 0 | |
Current Provision | (19) | 18 | |
Ending Balances | 184 | 203 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 184 | 203 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 23,780 | 25,038 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 223 | 123 | |
Collectively | 23,557 | 24,915 | |
Real Estate Loans [Member] | Construction [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 147 | 126 | 126 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | 16 | 21 | |
Ending Balances | 163 | 147 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 163 | 147 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 10,524 | 9,529 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 0 | 297 | |
Collectively | 10,524 | 9,232 | |
Real Estate Loans [Member] | Home Equity Loans And Lines of Credit [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 142 | 117 | 117 |
Charge-Offs | (5) | (14) | |
Recoveries | 0 | 0 | |
Current Provision | 9 | 39 | |
Ending Balances | 146 | 142 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 146 | 142 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 21,358 | 22,686 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 99 | 0 | |
Collectively | 21,259 | 22,686 | |
Commercial Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 979 | 444 | 444 |
Charge-Offs | (797) | 0 | |
Recoveries | 0 | 0 | |
Current Provision | 469 | 535 | |
Ending Balances | 651 | 979 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 651 | 979 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 33,698 | 34,429 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 2,121 | 2,513 | |
Collectively | 31,577 | 31,916 | |
Consumer Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 10 | $ 8 | 8 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | (2) | 2 | |
Ending Balances | 8 | 10 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 8 | 10 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 524 | 483 | |
Evaluated for Impairment, Ending Balances [Abstract] | |||
Individually | 0 | 0 | |
Collectively | $ 524 | $ 483 |
Loans Receivable, Loans Individ
Loans Receivable, Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | $ 7,884 | $ 4,044 |
Recorded Investment With No Allowance | 7,884 | 4,044 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 7,884 | 4,044 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 7,843 | 4,195 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 1,229 | 856 |
Recorded Investment With No Allowance | 1,229 | 856 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 1,229 | 856 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,232 | 861 |
Real Estate Loans [Member] | Commercial [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 4,212 | 255 |
Recorded Investment With No Allowance | 4,212 | 255 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 4,212 | 255 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 4,143 | 261 |
Real Estate Loans [Member] | 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 |
Real Estate Loans [Member] | Land [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 223 | 123 |
Recorded Investment With No Allowance | 223 | 123 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 223 | 123 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 223 | 125 |
Real Estate Loans [Member] | Construction [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 297 |
Recorded Investment With No Allowance | 0 | 297 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 297 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 299 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 48 | 0 |
Recorded Investment With No Allowance | 48 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 48 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 53 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 51 | 0 |
Recorded Investment With No Allowance | 51 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 51 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 51 | 0 |
Commercial Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 2,121 | 2,513 |
Recorded Investment With No Allowance | 2,121 | 2,513 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 2,121 | 2,513 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,141 | 2,649 |
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 |
Loans Receivable, Troubled Debt
Loans Receivable, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)ContractBorrower | Jun. 30, 2017USD ($)ContractBorrower | |
Financing Receivable, Modifications [Line Items] | ||
Commitments to loan additional funds to borrowers whose loans were previously in non-accrual status | $ 0 | $ 0 |
Commercial Business Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | 6,409 | 1,717 |
Commercial Business Loans [Member] | Nonaccrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 1,664 | 1,717 |
Commercial Business Loans [Member] | Current [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | Contract | 5 | |
Total TDRs | $ 4,745 | 0 |
Commercial Business Loans [Member] | Past Due Greater than 30 Days [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 1,664 | $ 1,717 |
Commercial Business Loans [Member] | Commercial Borrower [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | Contract | 9 | 9 |
Number of borrowers involved in troubled debt restructuring | Borrower | 1 | 1 |
Total TDRs | $ 1,700 | $ 1,700 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Summary of Deposits [Abstract] | ||
Non-Interest Bearing | $ 58,230 | $ 54,420 |
NOW Accounts | 31,010 | 34,500 |
Money Markets | 41,542 | 42,439 |
Passbook Savings | 37,126 | 35,050 |
Deposits in transaction accounts | 167,908 | 166,409 |
Certificates of Deposit | 165,593 | 162,636 |
Total Deposits | $ 333,501 | $ 329,045 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Calculation of earnings per share [Abstract] | ||
Net income | $ 1,008 | $ 1,002 |
Weighted average shares outstanding - basic (in shares) | 1,816,000 | 1,813,000 |
Effect of dilutive common stock equivalents (in shares) | 159,000 | 65,000 |
Adjusted weighted average shares outstanding- diluted (in shares) | 1,975,000 | 1,878,000 |
Basic earnings per share (in dollars per share) | $ 0.55 | $ 0.55 |
Diluted earnings per share (in dollars per share) | $ 0.53 | $ 0.53 |
Outstanding options to purchase shares (in shares) | 300,092 | 302,077 |
Weighted average price per share of outstanding options (in dollars per share) | $ 17.83 | $ 17.79 |
Components of average outstanding common shares [Abstract] | ||
Average common shares issued (in shares) | 1,940,000 | 1,964,000 |
Average unearned ESOP shares (in shares) | (120,000) | (131,000) |
Average unearned RRP shares (in shares) | (4,000) | (20,000) |
Weighted average shares outstanding (in shares) | 1,816,000 | 1,813,000 |
Stock Option [Member] | ||
Calculation of earnings per share [Abstract] | ||
Effect of dilutive common stock equivalents (in shares) | 98,637 |
Stock-Based Compensation, Recog
Stock-Based Compensation, Recognition and Retention Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Jul. 31, 2014 | Jan. 31, 2012 | |
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 | |||
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 | 20.00% | |||
Period of plan | 5 years | |||
Share price (in dollars per share) | $ 18.92 | $ 14.70 | ||
Award vesting period | 5 years | |||
Compensation expense | $ 7 | $ 58 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2014 | Jan. 31, 2012 | Aug. 19, 2010 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 23, 2011 | Aug. 10, 2005 |
Stock Option [Member] | |||||||
Weighted Average Exercise Price [Abstract] | |||||||
Expected Term | 10 years | ||||||
Incentive stock options and non-qualified stock options, vested and exercisable | 20.00% | ||||||
Award vesting period | 5 years | ||||||
Commencement period of incentive and non-qualified options | 1 year | ||||||
Additional percentage vested on each successive anniversary | 20.00% | ||||||
Compensation expense | $ 34 | $ 42 | |||||
2005 Stock Option Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of shares of common stock reserved for issuance (in shares) | 158,868 | ||||||
Termination date | Jun. 8, 2015 | ||||||
Term of share-based payment award | 10 years | ||||||
Number of Shares [Abstract] | |||||||
Granted (in shares) | 2,133 | 21,616 | |||||
Weighted Average Exercise Price [Abstract] | |||||||
Exercised (in dollars per share) | $ 18.92 | $ 10.93 | |||||
2011 Stock Option Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of shares of common stock reserved for issuance (in shares) | 389 | 194,522 | |||||
Number of Shares [Abstract] | |||||||
Granted (in shares) | 29,178 | 165,344 | |||||
Weighted Average Exercise Price [Abstract] | |||||||
Exercised (in dollars per share) | $ 18.92 | $ 14.70 |
Stock-Based Compensation, Sto40
Stock-Based Compensation, Stock Incentive Plan (Details) - USD ($) $ in Thousands | Oct. 26, 2015 | Nov. 12, 2014 | Sep. 30, 2017 | Sep. 30, 2016 |
Stock Option [Member] | ||||
Number of Shares [Abstract] | ||||
Award vesting period | 5 years | |||
Compensation expense | $ 34 | $ 42 | ||
2014 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized under plan (in shares) | 150,000 | |||
Percentage of shares available for grant | 25.00% | |||
Aggregate number of shares of common stock reserved for issuance (in shares) | 112,500 | |||
Number of Shares [Abstract] | ||||
Granted (in shares) | 34,500 | |||
Compensation expense | $ 66 | |||
2014 Stock Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares of common stock (in shares) | 37,500 | |||
2014 Stock Incentive Plan [Member] | Stock Option [Member] | ||||
Number of Shares [Abstract] | ||||
Granted (in shares) | 103,500 | |||
Award vesting period | 5 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 |
Related Party Transactions [Abstract] | ||
Loan made to directors and executive officers | $ 3.9 | $ 2.8 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
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 | $ 30,805 | $ 36,935 |
Securities to be Held-to-Maturity | 27,373 | 27,989 |
Carrying Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 7,547 | 11,905 |
Securities Available-for-Sale | 30,805 | 36,935 |
Securities to be Held-to-Maturity | 27,560 | 28,357 |
Loans Held-for-Sale | 7,988 | 13,631 |
Loans Receivable | 321,175 | 312,772 |
Financial Liabilities [Abstract] | ||
Deposits | 333,501 | 329,045 |
Advances from FHLB | 34,841 | 48,907 |
Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 7,547 | 11,905 |
Securities Available-for-Sale | 30,805 | 36,935 |
Securities to be Held-to-Maturity | 27,373 | 27,989 |
Loans Held-for-Sale | 7,988 | 13,631 |
Loans Receivable | 308,530 | 301,741 |
Financial Liabilities [Abstract] | ||
Deposits | 318,164 | 313,514 |
Advances from FHLB | 34,858 | 48,918 |
Mortgage Loan Commitments [Member] | Carrying Value [Member] | ||
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | 6,489 | 457 |
Mortgage Loan Commitments [Member] | Estimated Fair Value [Member] | ||
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | $ 6,489 | $ 457 |
Fair Value Disclosures, Recurri
Fair Value Disclosures, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | $ 30,805 | $ 36,935 |
FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 8,220 | 8,848 |
FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 15,234 | 19,957 |
GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 7,351 | 8,130 |
Recurring [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 30,805 | 36,935 |
Recurring [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 8,220 | 8,848 |
Recurring [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 15,234 | 19,957 |
Recurring [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 7,351 | 8,130 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 0 | 0 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 0 | 0 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 0 | 0 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 30,805 | 36,935 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 8,220 | 8,848 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 15,264 | 19,957 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 7,351 | 8,130 |
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 0 | 0 |
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 0 | 0 |
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 0 | 0 |
Recurring [Member] | Unobservable Inputs (Level 3) [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | $ 0 | $ 0 |