Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2020 | Nov. 11, 2020 | |
Cover page. | ||
Entity Registrant Name | Home Federal Bancorp, Inc. of Louisiana | |
Entity Central Index Key | 0001500375 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 1,683,465 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Address, State or Province | LA |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
ASSETS | ||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $69,505 and $50,417 September 30, 2020 and June 30, 2020, Respectively) | $ 75,628 | $ 54,871 |
Securities Available-for-Sale | 38,375 | 42,060 |
Securities Held-to-Maturity (Fair Value of $19,261 and $21,879, Respectively) | 18,351 | 20,858 |
Loans Held-for-Sale | 27,842 | 14,798 |
Loans Receivable, Net of Allowance for Loan Losses of $4,553 and $4,081, Respectively | 354,793 | 359,927 |
Accrued Interest Receivable | 1,622 | 1,860 |
Premises and Equipment, Net | 13,918 | 13,235 |
Bank Owned Life Insurance | 7,120 | 7,087 |
Deferred Tax Asset | 945 | 757 |
Foreclosed Assets | 950 | 950 |
Other Assets | 2,081 | 1,817 |
Total Assets | 541,625 | 518,220 |
Deposits | ||
Non-interest bearing | 120,987 | 103,422 |
Interest-bearing | 362,718 | 357,388 |
Total Deposits | 483,705 | 460,810 |
Advances from Borrowers for Taxes and Insurance | 926 | 522 |
Short-term Federal Home Loan Bank Advances | 125 | 193 |
Long-term Federal Home Loan Bank Advances | 858 | 867 |
Other Borrowings | 1,500 | 2,300 |
Other Accrued Expenses and Liabilities | 3,459 | 2,993 |
Total Liabilities | 490,573 | 467,685 |
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; 1,716,842 and 1,724,512 Shares Issued and Outstanding at September 30, 2020 and June 30, 2020 Respectively | 22 | 22 |
Additional Paid-in Capital | 36,643 | 36,531 |
Unearned ESOP Stock | (841) | (870) |
Retained Earnings | 14,515 | 13,937 |
Accumulated Other Comprehensive Income | 713 | 915 |
Total Stockholders' Equity | 51,052 | 50,535 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 541,625 | $ 518,220 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
ASSETS | ||
Interest-Bearing Deposits with Other Banks | $ 69,505 | $ 50,417 |
Securities Held-to-Maturity, Fair Value | 19,261 | 21,879 |
Loans Receivable, Allowance for Loan Losses | $ 4,553 | $ 4,081 |
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) | 1,716,842 | 1,724,512 |
Common Stock, Outstanding (in shares) | 1,716,842 | 1,724,512 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
INTEREST INCOME | ||
Loans, Including Fees | $ 4,647 | $ 4,653 |
Investment Securities | 2 | 16 |
Mortgage-Backed Securities | 317 | 390 |
Other Interest-Earning Assets | 18 | 109 |
Total Interest Income | 4,984 | 5,168 |
INTEREST EXPENSE | ||
Deposits | 971 | 1,335 |
Other Borrowings | 14 | 4 |
Federal Home Loan Bank Borrowings | 12 | 15 |
Total Interest Expense | 997 | 1,354 |
Net Interest Income | 3,987 | 3,814 |
PROVISION FOR LOAN LOSSES | 700 | 175 |
Net Interest Income after Provision for Loan Losses | 3,287 | 3,639 |
NON-INTEREST INCOME | ||
Gain on Sale of Real Estate | 0 | 80 |
Gain on Sale of Loans | 1,411 | 567 |
Income on Bank Owned Life Insurance | 34 | 35 |
Service Charges on Deposit Accounts | 248 | 272 |
Other Income | 13 | 10 |
Total Non-Interest Income | 1,706 | 964 |
NON-INTEREST EXPENSE | ||
Compensation and Benefits | 2,214 | 1,806 |
Occupancy and Equipment | 376 | 372 |
Data Processing | 194 | 160 |
Audit and Examination Fees | 66 | 56 |
Franchise and Bank Shares Tax | 108 | 115 |
Advertising | 26 | 147 |
Legal Fees | 131 | 110 |
Loan and Collection | 94 | 119 |
Deposit Insurance Premium | 30 | 0 |
Other Expense | 184 | 192 |
Total Non-Interest Expense | 3,423 | 3,077 |
Income Before Income Taxes | 1,570 | 1,526 |
PROVISION FOR INCOME TAX EXPENSE | 323 | 279 |
Net Income | $ 1,247 | $ 1,247 |
EARNINGS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ 0.76 | $ 0.73 |
Diluted (in dollars per share) | 0.74 | 0.68 |
DIVIDENDS DECLARED (in dollars per share) | $ 0.17 | $ 0.16 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||
Net Income | $ 1,247 | $ 1,247 |
Investment securities available-for-sale: | ||
Net unrealized (Losses)/Gains | (256) | 83 |
Income Tax Effect | 54 | (17) |
Reclassification adjustments for net (gains) losses realized in net income | 0 | 0 |
Income tax effect | 0 | 0 |
Other Comprehensive (Loss) Income | (202) | 66 |
Total Comprehensive Income | $ 1,045 | $ 1,313 |
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, 2019 | $ 23 | $ 35,914 | $ (985) | $ 0 | $ 15,370 | $ 20 | $ 50,342 |
Net Income | 0 | 0 | 0 | 0 | 1,247 | 0 | 1,247 |
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects | 0 | 0 | 0 | 0 | 0 | 66 | 66 |
RRP Shares Earned | 0 | 24 | 0 | 0 | 0 | 0 | 24 |
Stock Options Vested | 0 | 35 | 0 | 0 | 0 | 0 | 35 |
Common Stock Issuance for Stock Option Exercises | 0 | 4 | 0 | 0 | 0 | 0 | 4 |
ESOP Compensation Earned | 0 | 66 | 29 | 0 | 0 | 0 | 95 |
Company Stock Purchased | 0 | 0 | 0 | 0 | (1,783) | 0 | (1,783) |
Dividends Declared | 0 | 0 | 0 | 0 | (293) | 0 | (293) |
Ending Balance at Sep. 30, 2019 | 23 | 36,043 | (956) | 0 | 14,541 | 86 | 49,737 |
Beginning Balance at Jun. 30, 2020 | 22 | 36,531 | (870) | 0 | 13,937 | 915 | 50,535 |
Net Income | 0 | 0 | 0 | 0 | 1,247 | 0 | 1,247 |
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects | 0 | 0 | 0 | 0 | 0 | (202) | (202) |
RRP Shares Earned | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock Options Vested | 0 | 34 | 0 | 0 | 0 | 0 | 34 |
Common Stock Issuance for Stock Option Exercises | 0 | 38 | 0 | 0 | 0 | 0 | 38 |
ESOP Compensation Earned | 0 | 40 | 29 | 0 | 0 | 0 | 69 |
Company Stock Purchased | 0 | 0 | 0 | 0 | (387) | 0 | (387) |
Dividends Declared | 0 | 0 | 0 | 0 | (282) | 0 | (282) |
Ending Balance at Sep. 30, 2020 | $ 22 | $ 36,643 | $ (841) | $ 0 | $ 14,515 | $ 713 | $ 51,052 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 1,247 | $ 1,247 | |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | |||
Bad Debt Recovery | 52 | 2 | |
Federal Home Loan Bank stock certificate | (2) | 16 | |
Net Amortization and Accretion on Securities | 44 | 32 | |
Gain on Sale of Loans | (1,411) | (567) | |
Gain on Sale of Real Estate | 0 | (80) | |
Amortization of Deferred Loan Fees | (216) | (38) | |
Depreciation of Premises and Equipment | 168 | 161 | |
ESOP Expense | 69 | 95 | |
Stock Option Expense | 34 | 35 | |
Recognition and Retention Plan Expense | 0 | 2 | |
Deferred Income Tax | (188) | (17) | |
Provision for Loan Losses | 700 | 175 | $ 1,891 |
Increase in Cash Surrender Value on Bank Owned Life Insurance | (34) | (35) | |
Share Awards Expense | 37 | 4 | |
Changes in Assets and Liabilities: | |||
Loans Held-for-Sale - Originations and Purchases | (60,258) | (24,441) | |
Loans Held-for-Sale - Sale and Principal Repayments | 48,625 | 21,573 | |
Accrued Interest Receivable | 238 | 70 | |
Other Operating Assets | (264) | (212) | |
Other Operating Liabilities | 429 | 489 | |
Net Cash Used in Operating Activities | (10,730) | (1,489) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Loan Originations and Purchases, Net of Principal Collections | 4,586 | 1,027 | |
Deferred Loan Fees Collected | 67 | 2 | |
Acquisition of Premises and Equipment | (851) | (357) | |
Proceeds Sale of Land | 0 | 796 | |
Activity in Available-for-Sale Securities: | |||
Principal Payments on Mortgage-Backed Securities | 8,488 | 3,216 | |
Purchases of Securities | (5,090) | (4,975) | |
Activity in Held-to-Maturity Securities: | |||
Principal Payments on Mortgage-Backed Securities | 2,496 | 1,330 | |
Net Cash Provided by Investing Activities | 9,696 | 1,039 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Increase in Deposits | 22,895 | 16,851 | |
Repayments of Advances from Federal Home Loan Bank | (77) | (73) | |
Proceeds from Other Bank Borrowings | 700 | 1,000 | |
Repayment of Other Bank Borrowings | (1,500) | (450) | |
Net Increase in Advances from Borrowers for Taxes and Insurance | 404 | 226 | |
Dividends Paid | (282) | (293) | |
Company Stock Purchased | (387) | (1,783) | |
Proceeds from Stock Options Exercised | 38 | 4 | |
Net Cash Provided by Financing Activities | 21,791 | 15,482 | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 20,757 | 15,032 | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 54,871 | 18,108 | 18,108 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 75,628 | 33,140 | $ 54,871 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Interest Paid on Deposits and Borrowed Funds | 1,008 | 1,361 | |
Income Taxes Paid | 275 | 150 | |
Market Value Adjustment for Unrealized Gain (Loss) on Debt Securities Available-for-Sale | $ (256) | $ 83 |
Summary of Accounting Policies
Summary of Accounting Policies | 3 Months Ended |
Sep. 30, 2020 | |
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, 2020 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2021. 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, 2020. 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 seven 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, 2020, 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 Securities are being accounted for in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320’s, Investments which requires the classification of securities into one of three categories: Trading, Available-for-Sale, or Held-to-Maturity. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates this classification periodically. Investments in non - , adjusted for amortization of the related premiums, and accretion of discounts, using the interest method 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 debt The Company held no trading securities as of September 30, 2020 and June 30, 2020. 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 Company 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 basis 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 $26,000 and $147,000 for the three months ended September 30, 2020 and 2019, 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, 2020 and 2019, 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. 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 debt 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities that are SEC filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods with those fiscal years. The extent of the impact upon adoption is not known and will depend on the characteristics of the Company’s loan portfolio and economic conditions on that date as well as forecasted conditions thereafter. In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)." The amendments in this ASU simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improved the consistent application of and simplified GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in the ASU are effective for fiscal years and interim periods beginning after December 15, 2020. The Company does not expect the adoption of this ASU to impact the consolidated financial statements. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On July 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) (In Thousands) September 30, 2020 June 30, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other Assets $ 869 $ 877 Total Lease Right-of-Use Assets $ 869 $ 877 Lease Liabilities Operating lease liabilities Other Accrued Expenses and Liabilities $ 879 $ 887 Total Lease Liabilities $ 879 $ 887 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to July 1, 2019, the rate for the remaining lease term as of July 1, 2019, was the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception. September 30, 2020 June 30, 2020 Weighted-average remaining lease term Operating leases 38.1years 38.4 years Weighted-average discount rate Operating leases 3.00% 3.00% |
Securities
Securities | 3 Months Ended |
Sep. 30, 2020 | |
Securities [Abstract] | |
Securities | 2. Securities The amortized cost and fair value of securities with gross unrealized gains and losses follows: September 30, 2020 Securities Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 4,197 $ 115 $ -- $ 4,312 FNMA Mortgage-Backed Certificates 24,623 818 -- 25,441 GNMA Mortgage-Backed Certificates 8,653 9 40 8,622 Debt Securities Total Debt Securities 37,473 942 40 38,375 Total Securities Available-for-Sale $ 37,473 $ 942 $ 40 $ 38,375 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 949 $ 15 $ -- $ 964 FNMA Mortgage-Backed Certificates 14,199 888 -- 15,087 Total Debt Securities 15,148 903 -- 16,051 Municipals 241 7 -- 248 Equity Securities (Non-Marketable) 27,118 2,712 -- -- 2,712 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,962 -- -- 2,962 Total Securities Held-to-Maturity $ 18,351 $ 910 $ -- $ 19,261 June 30, 2020 Securities Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 5,018 $ 141 $ -- $ 5,159 FNMA Mortgage-Backed Certificates 30,820 1,032 -- 31,852 GNMA Mortgage-Backed Certificates 5,064 23 38 5,049 Total Debt Securities 40,902 1,196 38 42,060 Total Securities Available-for-Sale $ 40,902 $ 1,196 $ 38 $ 42,060 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Securities $ 1,109 $ 20 $ -- $ 1,129 FNMA Mortgage-Backed Securities 16,546 997 -- 17,543 Total Debt Securities 17,655 1,017 -- 18,672 Municipals 243 4 -- 247 Equity Securities (Non-Marketable) 27,094 Shares – Federal Home Loan Bank 2,710 -- -- 2,710 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,960 -- -- 2,960 Total Securities Held-to-Maturity $ 20,858 $ 1,021 $ -- $ 21,879 The amortized cost and fair value of securities by contractual maturity at September 30, 2020 follows: Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) Debt Securities Within One Year or Less $ 11 $ 12 $ -- $ -- One through Five Years 10,002 10,248 -- -- After Five through Ten Years 22,383 23,038 -- -- Over Ten Years 5,077 5,077 15,148 16,051 37,473 38,375 15,148 16,051 Municipals -- -- 241 248 Other Equity Securities -- -- 2,962 2,962 Total $ 37,473 $ 38,375 $ 18,351 $ 19,261 Securities available-for-sale totaling $5.1 million were purchased during the three months ending September 30, 2020. The following tables show information pertaining to gross unrealized losses on securities available-for-sale at September 30, 2020 and June 30, 2020 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2020 Less Than Twelve Months Over Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ -- $ -- $ 40 $ 2,227 Total Securities Available-for-Sale $ -- $ -- $ 40 $ 2,227 June 30, 2020 Less Than Twelve Months Over Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ -- $ -- $ 38 $ 2,816 Total Securities Available-for-Sale $ -- $ -- $ 38 $ 2,816 The unrealized losses on the Company’s investment in mortgage-backed securities at September 30, 2020 and June 30, 2020 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, 2020. 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, 2020, securities with a carrying value of $1.6 million were pledged to secure public deposits, and securities and mortgage loans with a carrying value of $181.6 million were pledged to secure FHLB advances. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2020 | |
Loans Receivable [Abstract] | |
Loans Receivable | 3. Loans Receivable Loans receivable are summarized as follows: September 30, 2020 June 30, 2020 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 103,667 $ 108,146 Commercial 89,171 87,088 Multi-Family Residential 46,482 47,432 Land 17,829 18,068 Construction 9,518 8,159 Equity and Second Mortgage 1,464 1,410 Equity Lines of Credit 11,532 12,252 Total Mortgage Loans 279,663 282,555 Commercial Loans 80,070 81,909 Consumer Loans Loans on Savings Accounts 342 364 Other Consumer Loans 558 615 Total Consumer Other Loans 900 979 Total Loans 360,633 365,443 Less: Allowance for Loan Losses (4,553 ) (4,081 ) Unamortized Loan Fees (1,287 ) (1,435 ) Net Loans Receivable $ 354,793 $ 359,927 Following is a summary of changes in the allowance for loan losses: Three Months Ended September 30, 2020 2019 (In Thousands) Balance - Beginning of Period $ 4,081 $ 3,452 Provision for Loan Losses 700 175 Loan Charge-Offs (280 ) (45 ) Recoveries 52 2 Balance - End of Period $ 4,553 $ 3,584 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, 2020 and June 30, 2020: September 30, 2020 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 102,528 $ 472 $ 667 $ -- $ 103,667 Commercial 85,616 -- 3,555 -- 89,171 Multi-Family Residential 46,482 -- -- -- 46,482 Land 14,848 -- 2,981 -- 17,829 Construction 9,518 -- -- -- 9,518 Equity and Second Mortgage 1,464 -- -- -- 1,464 Equity Lines of Credit 11,515 17 -- -- 11,532 Commercial Loans 80,070 -- -- -- 80,070 Consumer Loans 900 -- -- -- 900 Totals $ 352,941 $ 489 $ 7,203 $ -- $ 360,633 June 30, 2020 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 106,886 $ 475 $ 785 $ -- $ 108,146 Commercial 83,376 1,915 1,797 -- 87,088 Multi-Family Residential 47,432 -- -- -- 47,432 Land 15,087 -- 2,981 -- 18,068 Construction 8,159 -- -- -- 8,159 Equity and Second Mortgage 1,410 -- -- -- 1,410 Equity Lines of Credit 12,235 17 -- -- 12,252 Commercial Loans 81,452 -- 457 -- 81,909 Consumer Loans 979 -- -- -- 979 Total $ 357,016 $ 2,407 $ 6,020 $ -- $ 365,443 Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when contractually due. Loans that experience insignificant payment delays or payment shortfalls are generally not classified as impaired. On a case-by-case basis, management determines the significance of payment delays and payment shortfalls, taking into consideration all of the circumstances related to the loan, including the length of the payment delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The following tables present an aging analysis of past due loans, segregated by class of loans, as of September 30, 2020 and June 30, 2020: September 30, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 800 $ 240 $ -- $ 1,040 $ 102,627 $ 103,667 $ -- Commercial -- -- 1,641 1,641 87,530 89,171 -- Multi-Family Residential -- -- -- -- 46,482 46,482 -- Land -- -- 2,981 2,981 14,848 17,829 -- Construction -- -- -- -- 9,518 9,518 -- Equity and Second Mortgage -- -- -- -- 1,464 1,464 -- Equity Lines of Credit 17 -- -- 17 11,515 11,532 -- Commercial Loans -- -- -- -- 80,070 80,070 -- Consumer Loans -- -- -- -- 900 900 -- Total $ 817 $ 240 $ 4,622 $ 5,679 $ 354,954 $ 360,633 $ -- June 30, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,312 $ 557 $ 1,003 $ 2,872 $ 105,274 $ 108,146 $ 319 Commercial -- -- 1,797 1,797 85,291 87,088 -- Multi-Family Residential -- -- -- -- 47,432 47,432 -- Land -- -- 2,981 2,981 15,087 18,068 -- Construction -- -- -- -- 8,159 8,159 -- Equity and Second Mortgage -- -- -- -- 1,410 1,410 -- Equity Lines of Credit -- -- -- -- 12,252 12,252 -- Commercial Loans -- -- 457 457 81,452 81,909 -- Consumer Loans -- -- -- -- 979 979 -- Total $ 1,312 $ 557 $ 6,238 $ 8,107 $ 357,336 $ 365,443 $ 319 There was no interest income recognized on non-accrual loans during the three months ended September 30, 2020 or year ended June 30, 2020. 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, 2020 and the year ended June 30, 2020 was approximately $418,000 and $464,000, 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, 2020 and year ended June 30, 2020 was as follows: Real Estate Loans September 30, 2020 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 $ 966 $ 568 $ 364 $ 1,024 $ 80 $ 126 $ 949 $ 4 $ 4,081 Charge-Offs (40 ) (240 ) -- -- -- -- -- -- (280 ) Recoveries -- -- -- -- -- 3 49 -- 52 Current Provision (53 ) 728 (7 ) (4 ) 14 (10 ) 33 (1 ) 700 Ending Balances $ 873 $ 1,056 $ 357 $ 1,020 $ 94 $ 119 $ 1,031 $ 3 $ 4,553 Evaluated for Impairment: Individually 14 458 -- 907 -- -- -- -- 1,379 Collectively 859 598 357 113 94 119 1,031 3 3,174 Loans Receivable: Ending Balances – Total $ 103,667 $ 89,171 $ 46,482 $ 17,829 $ 9,518 $ 12,996 $ 80,070 $ 900 $ 360,633 Ending Balances: Evaluated for Impairment: Individually 1,140 3,555 -- 2,981 -- 16 -- -- 7,692 Collectively $ 102,527 $ 85,616 $ 46,482 $ 14,848 $ 9,518 $ 12,980 $ 80,070 $ 900 $ 352,941 Real Estate Loans June 30, 2020 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 $ 1,017 $ 508 $ 338 $ 100 $ 115 $ 144 $ 1,227 $ 3 $ 3,452 Charge-Offs (40 ) (100 ) -- -- -- (107 ) (1,135 ) -- (1,382 ) Recoveries 2 -- -- -- -- 9 109 -- 120 Current Provision ( 13 ) 160 26 924 (35 ) 80 748 1 1,891 Ending Balances $ 966 $ 568 $ 364 $ 1,024 $ 80 $ 126 $ 949 $ 4 $ 4,081 Evaluated for Impairment: Individually 34 23 -- 907 -- -- -- -- 964 Collectively 932 545 364 117 80 126 949 4 3,117 Loans Receivable: Ending Balances – Total $ 108,146 $ 87,088 $ 47,432 $ 18,068 $ 8,159 $ 13,662 $ 81,909 $ 979 $ 365,443 Ending Balances: Evaluated for Impairment: Individually 1,260 3,712 -- 2,981 -- 17 457 -- 8,427 Collectively $ 106,886 $ 83,376 $ 47,432 $ 15,087 $ 8,159 $ 13,645 $ 81,452 $ 979 $ 357,016 The following table’s present loans individually evaluated for impairment, segregated by class of loans, as of September 30, 2020 and June 30, 2020: September 30, 2020 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 $ 1,139 $ 1,139 $ -- $ 1,139 $ -- $ 1,179 Commercial 3,555 1,915 1,640 3,555 458 3,939 Multi-Family Residential -- -- -- -- -- -- Land 2,981 -- 2,981 2,981 907 2,981 Construction -- -- -- -- -- -- Equity and Second Mortgage -- -- -- -- -- -- Equity Lines of Credit 17 17 -- 17 -- 17 Commercial Loans -- -- -- -- -- -- Consumer Loans -- -- -- -- -- -- Total $ 7,692 $ 2,351 $ 5,341 $ 7,692 $ 1,365 $ 8,116 June 30, 2020 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 $ 1,260 $ 1,260 $ -- $ 1,260 $ -- $ 1,271 Commercial 3,712 3,712 -- 3,712 -- 5,108 Multi-Family Residential -- -- -- -- -- -- Land 2,981 -- 2,981 2,981 907 2,981 Construction -- -- -- -- -- -- Equity and Second Mortgage -- -- -- -- -- -- Equity Lines of Credit 17 17 -- 17 -- 17 Commercial Loans 457 457 -- 457 -- 457 Consumer Loans -- -- -- -- -- -- Total $ 8,427 $ 5,446 $ 2,981 $ 8,427 $ 907 $ 9,834 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, 2020 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ -- $ -- $ -- $ -- 1-4 Family Residential -- -- -- -- Commercial real estate -- 1,641 1,641 1,641 June 30, 2020 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ -- $ 457 $ 457 $ 457 1-4 Family Residential -- 76 76 76 Commercial real estate -- 1,797 1,797 1,797 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. As of September 30, 2020, there were no commitments to lend additional funds to debtors owing sums to the Company whose terms have been modified in TDRs. Loan Modifications/Troubled Debt Restructurings . Under the CARES Act, loans less than 30 days past due as of December 31, 2019 will be considered current for COVID-19 modifications. A financial institution can then suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (“TDR”), and suspend any determination of a loan modified as a result of COVID-19 as being a TDR, including the requirement to determine impairment for accounting purposes. Financial institutions wishing to utilize this authority must make a policy election, which applies to any COVID-19 modification made between March 1, 2020 and the earlier of either December 31, 2020 or the 60 th day after the end of the COVID-19 national emergency. Home Federal Bank has made that election. Similarly, the Financial Accounting Standards Board has confirmed that short-term modifications made on a good-faith basis in response to COVID-19 to loan customers who were current prior to any relief will not be considered TDRs. Prior to the enactment of the CARES Act, the banking regulatory agencies provided guidance as to how certain short-term modifications would not be considered TDRs, and have subsequently confirmed that such guidance could be applicable for loans that do not qualify for favorable accounting treatment under Section 4013 of the CARES Act. The Bank handles loan payment modification requests on a case-by-case basis considering the effects of the COVID-19 pandemic, related economic slow-down and stay-at-home orders on our customer and their current and projected cash flows through the term of the loan. Through June 30, 2020, we modified 216 loans with principal balances totaling $84.1 million representing 23.0% of our loans outstanding as of June 30, 2020. A majority of deferrals are three-month payment deferrals of principal and interest, with payments after deferral increased to collect amounts deferred. It is too early to determine if these modified loans will perform in accordance with their modified terms. Details with respect to actual loan modifications are as follows: Number of Covid-19 Deferments Year Ended June 30, 2020 Balance (in thousands) Percent of Total Loans at at June 30, 2020 One-to-Four family residential 101 $ 27,705 25.6 % Commercial real estate 40 28,278 32.5 Multi-family residential 9 18,046 38.0 Land 7 1,190 6.6 Construction 1 680 8.3 Equity and second mortgage -- -- -- Equity lines of credit 19 1,586 12.9 Commercial business 39 6,609 8.1 Consumer -- -- -- Total 216 $ 84,094 23.0 % Number of Covid-19 Remaining Deferments at September 30, 2020 Balance (in thousands) Percent of Total Loans at September 30, 2020 One-to-Four family residential 7 $ 1,115 1.1 % Commercial real estate 2 2,937 3.3 Multi-family residential -- -- -- Land 1 1,224 6.9 Construction -- -- -- Equity and second mortgage -- -- -- Equity lines of credit 3 148 1.3 Commercial business 6 752 0.9 Consumer -- -- -- Total 19 $ 6,176 1.7 % |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
Deposits | 4. Deposits Deposits at September 30, 2020 and June 30, 2020 consist of the following classifications: September 30, 2020 June 30, 2020 (In Thousands) Non-Interest Bearing $ 120,987 $ 103,422 NOW Accounts 43,236 41,365 Money Markets 72,666 74,637 Passbook Savings 95,233 83,797 332,122 303,221 Certificates of Deposit 151,583 157,589 Total Deposits $ 483,705 $ 460,810 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2020 | |
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, 2020 and 2019 were calculated as follows: Three Months Ended September 30, 2020 2019 (In Thousands, Except Per Share Data) Net income $ 1,247 $ 1,247 Weighted average shares outstanding - basic 1,631 1,717 Effect of dilutive common stock equivalents 64 125 Adjusted weighted average shares outstanding – diluted 1,695 1,842 Basic earnings per share $ 0.76 $ 0.73 Diluted earnings per share $ 0.74 $ 0.68 For the three months ended September 30, 2020 and 2019, there were outstanding options to purchase 260,161 and 275,633 shares, respectively, at a weighted average exercise price of $18.36 and $18.07 per share, respectively. For the quarter ended September 30, 2020, 63,881 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, 2020 2019 (In Thousands) Average common shares issued 1,717 1,815 Average unearned ESOP shares (86 ) (97 ) Average unearned RRP shares -- (1 ) Weighted average shares outstanding 1,631 1,717 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2020 | |
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 vested as of July 31, 2019 such that there are no shares remaining in the Recognition Plan. The cost associated with the Recognition Plan is based on the share price of $18.92 on July 31, 2014, which represents the fair market price of the Company’s stock on the date on which the Recognition Plan shares were granted. The cost of the Recognition Plan was recognized over the five year vesting period. 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). 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, the 433 outstanding options as of September 30, 2020 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, 2020, there were 389 stock options available for future grant under the 2011 Option Plan. 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. 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. On February 5, 2019, the Company granted a total of 3,000 plan share awards and 13,500 stock options to key employees vesting ratably over five years. The Stock Incentive Plan cost is recognized over the five year vesting period. On November 13, 2019, the shareholders of the Company approved the adoption of the Company’s 2019 Stock Incentive Plan which provides for a total of 125,000 shares reserved for future issuance as stock awards or stock options. No more than 31,250 shares, or 25%, may be granted as stock awards. The balance of the plan is reserved for stock option awards. As of September 30, 2020, no plan share awards or stock options were granted under the 2019 Stock Incentive Plan. Compensation expense pertaining to the 2011 Recognition Plan and the share awards under the Stock Incentive Plan was approximately $106,000 and $72,000 for the three months ended September 30, 2020 and 2019, respectively. For the three months ended September 30, 2020 and 2019, compensation expense charged to operations for stock options granted under the Option Plan and the Stock Incentive Plan was $34,000 and $35,000, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2020 | |
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 $3.8 million at September 30, 2020 and June 30, 2020, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Sep. 30, 2020 | |
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, 2020 and June 30, 2020, the carrying amount and estimated fair values of the Company’s financial instruments were as follows: September 30, 2020 June 30, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 75,628 $ 75,628 $ 54,871 $ 54,871 Securities Available-for-Sale 38,375 38,375 42,060 42,060 Securities to be Held-to-Maturity 18,351 19,261 20,858 21,879 Loans Held-for-Sale 27,842 27,842 14,798 14,798 Loans Receivable 354,793 $ 355,390 359,927 $ 359,581 Financial Liabilities Deposits $ 483,705 $ 479,842 $ 460,810 $ 458,994 Advances from FHLB 984 1,066 1,060 1,150 Off-Balance Sheet Items Mortgage Loan Commitments $ 9,560 $ 9,560 $ 8,536 $ 8,536 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 three months ended September 30, 2020. Fair values of assets and liabilities measured on a recurring basis at September 30, 2020 and June 30, 2020 are as follows: Fair Value Measurements Using: September 30, 2020 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 $ -- $ 4,312 $ -- $ 4,312 FNMA -- 25,441 -- 25,441 GNMA -- 8,622 -- 8,622 Total $ -- $ 38,375 $ -- $ 38,375 Fair Value Measurements Using: June 30, 2020 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 $ -- $ 5,159 $ -- $ 5,159 FNMA -- 31,852 -- 31,852 GNMA -- 5,059 -- 5,049 Total $ -- $ 42,060 $ -- $ 42,060 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2020 | |
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, 2020 | |
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, 2020 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2021. 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, 2020. 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 seven 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, 2020, 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 Securities are being accounted for in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320’s, Investments which requires the classification of securities into one of three categories: Trading, Available-for-Sale, or Held-to-Maturity. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates this classification periodically. Investments in non - , adjusted for amortization of the related premiums, and accretion of discounts, using the interest method 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 debt The Company held no trading securities as of September 30, 2020 and June 30, 2020. 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 Company |
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 basis 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 $26,000 and $147,000 for the three months ended September 30, 2020 and 2019, 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, 2020 and 2019, 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. |
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 debt 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities that are SEC filers, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods with those fiscal years. The extent of the impact upon adoption is not known and will depend on the characteristics of the Company’s loan portfolio and economic conditions on that date as well as forecasted conditions thereafter. In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)." The amendments in this ASU simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improved the consistent application of and simplified GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in the ASU are effective for fiscal years and interim periods beginning after December 15, 2020. The Company does not expect the adoption of this ASU to impact the consolidated financial statements. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On July 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) (In Thousands) September 30, 2020 June 30, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other Assets $ 869 $ 877 Total Lease Right-of-Use Assets $ 869 $ 877 Lease Liabilities Operating lease liabilities Other Accrued Expenses and Liabilities $ 879 $ 887 Total Lease Liabilities $ 879 $ 887 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to July 1, 2019, the rate for the remaining lease term as of July 1, 2019, was the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception. September 30, 2020 June 30, 2020 Weighted-average remaining lease term Operating leases 38.1years 38.4 years Weighted-average discount rate Operating leases 3.00% 3.00% |
Summary of Accounting Policie_2
Summary of Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
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 |
Right-of-Use Assets and Lease Liabilities | With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated statements of condition as right-of-use (“ROU”) assets and corresponding lease liabilities. (In Thousands) September 30, 2020 June 30, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other Assets $ 869 $ 877 Total Lease Right-of-Use Assets $ 869 $ 877 Lease Liabilities Operating lease liabilities Other Accrued Expenses and Liabilities $ 879 $ 887 Total Lease Liabilities $ 879 $ 887 |
Weighted-Average Remaining Lease Term and Discount rate | For operating leases existing prior to July 1, 2019, the rate for the remaining lease term as of July 1, 2019, was the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception. September 30, 2020 June 30, 2020 Weighted-average remaining lease term Operating leases 38.1years 38.4 years Weighted-average discount rate Operating leases 3.00% 3.00% |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
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, 2020 Securities Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 4,197 $ 115 $ -- $ 4,312 FNMA Mortgage-Backed Certificates 24,623 818 -- 25,441 GNMA Mortgage-Backed Certificates 8,653 9 40 8,622 Debt Securities Total Debt Securities 37,473 942 40 38,375 Total Securities Available-for-Sale $ 37,473 $ 942 $ 40 $ 38,375 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 949 $ 15 $ -- $ 964 FNMA Mortgage-Backed Certificates 14,199 888 -- 15,087 Total Debt Securities 15,148 903 -- 16,051 Municipals 241 7 -- 248 Equity Securities (Non-Marketable) 27,118 2,712 -- -- 2,712 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,962 -- -- 2,962 Total Securities Held-to-Maturity $ 18,351 $ 910 $ -- $ 19,261 June 30, 2020 Securities Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 5,018 $ 141 $ -- $ 5,159 FNMA Mortgage-Backed Certificates 30,820 1,032 -- 31,852 GNMA Mortgage-Backed Certificates 5,064 23 38 5,049 Total Debt Securities 40,902 1,196 38 42,060 Total Securities Available-for-Sale $ 40,902 $ 1,196 $ 38 $ 42,060 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Securities $ 1,109 $ 20 $ -- $ 1,129 FNMA Mortgage-Backed Securities 16,546 997 -- 17,543 Total Debt Securities 17,655 1,017 -- 18,672 Municipals 243 4 -- 247 Equity Securities (Non-Marketable) 27,094 Shares – Federal Home Loan Bank 2,710 -- -- 2,710 630 Shares – First National Bankers Bankshares, Inc. 250 -- -- 250 Total Equity Securities 2,960 -- -- 2,960 Total Securities Held-to-Maturity $ 20,858 $ 1,021 $ -- $ 21,879 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities by contractual maturity at September 30, 2020 follows: Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In Thousands) Debt Securities Within One Year or Less $ 11 $ 12 $ -- $ -- One through Five Years 10,002 10,248 -- -- After Five through Ten Years 22,383 23,038 -- -- Over Ten Years 5,077 5,077 15,148 16,051 37,473 38,375 15,148 16,051 Municipals -- -- 241 248 Other Equity Securities -- -- 2,962 2,962 Total $ 37,473 $ 38,375 $ 18,351 $ 19,261 |
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, 2020 and June 30, 2020 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2020 Less Than Twelve Months Over Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ -- $ -- $ 40 $ 2,227 Total Securities Available-for-Sale $ -- $ -- $ 40 $ 2,227 June 30, 2020 Less Than Twelve Months Over Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ -- $ -- $ 38 $ 2,816 Total Securities Available-for-Sale $ -- $ -- $ 38 $ 2,816 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Loans Receivable [Abstract] | |
Loans Receivable | Loans receivable are summarized as follows: September 30, 2020 June 30, 2020 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 103,667 $ 108,146 Commercial 89,171 87,088 Multi-Family Residential 46,482 47,432 Land 17,829 18,068 Construction 9,518 8,159 Equity and Second Mortgage 1,464 1,410 Equity Lines of Credit 11,532 12,252 Total Mortgage Loans 279,663 282,555 Commercial Loans 80,070 81,909 Consumer Loans Loans on Savings Accounts 342 364 Other Consumer Loans 558 615 Total Consumer Other Loans 900 979 Total Loans 360,633 365,443 Less: Allowance for Loan Losses (4,553 ) (4,081 ) Unamortized Loan Fees (1,287 ) (1,435 ) Net Loans Receivable $ 354,793 $ 359,927 |
Analysis of Allowance for Loan Losses | Following is a summary of changes in the allowance for loan losses: Three Months Ended September 30, 2020 2019 (In Thousands) Balance - Beginning of Period $ 4,081 $ 3,452 Provision for Loan Losses 700 175 Loan Charge-Offs (280 ) (45 ) Recoveries 52 2 Balance - End of Period $ 4,553 $ 3,584 |
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, 2020 and June 30, 2020: September 30, 2020 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 102,528 $ 472 $ 667 $ -- $ 103,667 Commercial 85,616 -- 3,555 -- 89,171 Multi-Family Residential 46,482 -- -- -- 46,482 Land 14,848 -- 2,981 -- 17,829 Construction 9,518 -- -- -- 9,518 Equity and Second Mortgage 1,464 -- -- -- 1,464 Equity Lines of Credit 11,515 17 -- -- 11,532 Commercial Loans 80,070 -- -- -- 80,070 Consumer Loans 900 -- -- -- 900 Totals $ 352,941 $ 489 $ 7,203 $ -- $ 360,633 June 30, 2020 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 106,886 $ 475 $ 785 $ -- $ 108,146 Commercial 83,376 1,915 1,797 -- 87,088 Multi-Family Residential 47,432 -- -- -- 47,432 Land 15,087 -- 2,981 -- 18,068 Construction 8,159 -- -- -- 8,159 Equity and Second Mortgage 1,410 -- -- -- 1,410 Equity Lines of Credit 12,235 17 -- -- 12,252 Commercial Loans 81,452 -- 457 -- 81,909 Consumer Loans 979 -- -- -- 979 Total $ 357,016 $ 2,407 $ 6,020 $ -- $ 365,443 |
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, 2020 and June 30, 2020: September 30, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 800 $ 240 $ -- $ 1,040 $ 102,627 $ 103,667 $ -- Commercial -- -- 1,641 1,641 87,530 89,171 -- Multi-Family Residential -- -- -- -- 46,482 46,482 -- Land -- -- 2,981 2,981 14,848 17,829 -- Construction -- -- -- -- 9,518 9,518 -- Equity and Second Mortgage -- -- -- -- 1,464 1,464 -- Equity Lines of Credit 17 -- -- 17 11,515 11,532 -- Commercial Loans -- -- -- -- 80,070 80,070 -- Consumer Loans -- -- -- -- 900 900 -- Total $ 817 $ 240 $ 4,622 $ 5,679 $ 354,954 $ 360,633 $ -- June 30, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 1,312 $ 557 $ 1,003 $ 2,872 $ 105,274 $ 108,146 $ 319 Commercial -- -- 1,797 1,797 85,291 87,088 -- Multi-Family Residential -- -- -- -- 47,432 47,432 -- Land -- -- 2,981 2,981 15,087 18,068 -- Construction -- -- -- -- 8,159 8,159 -- Equity and Second Mortgage -- -- -- -- 1,410 1,410 -- Equity Lines of Credit -- -- -- -- 12,252 12,252 -- Commercial Loans -- -- 457 457 81,452 81,909 -- Consumer Loans -- -- -- -- 979 979 -- Total $ 1,312 $ 557 $ 6,238 $ 8,107 $ 357,336 $ 365,443 $ 319 |
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, 2020 and year ended June 30, 2020 was as follows: Real Estate Loans September 30, 2020 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 $ 966 $ 568 $ 364 $ 1,024 $ 80 $ 126 $ 949 $ 4 $ 4,081 Charge-Offs (40 ) (240 ) -- -- -- -- -- -- (280 ) Recoveries -- -- -- -- -- 3 49 -- 52 Current Provision (53 ) 728 (7 ) (4 ) 14 (10 ) 33 (1 ) 700 Ending Balances $ 873 $ 1,056 $ 357 $ 1,020 $ 94 $ 119 $ 1,031 $ 3 $ 4,553 Evaluated for Impairment: Individually 14 458 -- 907 -- -- -- -- 1,379 Collectively 859 598 357 113 94 119 1,031 3 3,174 Loans Receivable: Ending Balances – Total $ 103,667 $ 89,171 $ 46,482 $ 17,829 $ 9,518 $ 12,996 $ 80,070 $ 900 $ 360,633 Ending Balances: Evaluated for Impairment: Individually 1,140 3,555 -- 2,981 -- 16 -- -- 7,692 Collectively $ 102,527 $ 85,616 $ 46,482 $ 14,848 $ 9,518 $ 12,980 $ 80,070 $ 900 $ 352,941 Real Estate Loans June 30, 2020 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 $ 1,017 $ 508 $ 338 $ 100 $ 115 $ 144 $ 1,227 $ 3 $ 3,452 Charge-Offs (40 ) (100 ) -- -- -- (107 ) (1,135 ) -- (1,382 ) Recoveries 2 -- -- -- -- 9 109 -- 120 Current Provision ( 13 ) 160 26 924 (35 ) 80 748 1 1,891 Ending Balances $ 966 $ 568 $ 364 $ 1,024 $ 80 $ 126 $ 949 $ 4 $ 4,081 Evaluated for Impairment: Individually 34 23 -- 907 -- -- -- -- 964 Collectively 932 545 364 117 80 126 949 4 3,117 Loans Receivable: Ending Balances – Total $ 108,146 $ 87,088 $ 47,432 $ 18,068 $ 8,159 $ 13,662 $ 81,909 $ 979 $ 365,443 Ending Balances: Evaluated for Impairment: Individually 1,260 3,712 -- 2,981 -- 17 457 -- 8,427 Collectively $ 106,886 $ 83,376 $ 47,432 $ 15,087 $ 8,159 $ 13,645 $ 81,452 $ 979 $ 357,016 |
Loans Individually Evaluated for Impairment Segregated by Class of Loans | The following table’s present loans individually evaluated for impairment, segregated by class of loans, as of September 30, 2020 and June 30, 2020: September 30, 2020 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 $ 1,139 $ 1,139 $ -- $ 1,139 $ -- $ 1,179 Commercial 3,555 1,915 1,640 3,555 458 3,939 Multi-Family Residential -- -- -- -- -- -- Land 2,981 -- 2,981 2,981 907 2,981 Construction -- -- -- -- -- -- Equity and Second Mortgage -- -- -- -- -- -- Equity Lines of Credit 17 17 -- 17 -- 17 Commercial Loans -- -- -- -- -- -- Consumer Loans -- -- -- -- -- -- Total $ 7,692 $ 2,351 $ 5,341 $ 7,692 $ 1,365 $ 8,116 June 30, 2020 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 $ 1,260 $ 1,260 $ -- $ 1,260 $ -- $ 1,271 Commercial 3,712 3,712 -- 3,712 -- 5,108 Multi-Family Residential -- -- -- -- -- -- Land 2,981 -- 2,981 2,981 907 2,981 Construction -- -- -- -- -- -- Equity and Second Mortgage -- -- -- -- -- -- Equity Lines of Credit 17 17 -- 17 -- 17 Commercial Loans 457 457 -- 457 -- 457 Consumer Loans -- -- -- -- -- -- Total $ 8,427 $ 5,446 $ 2,981 $ 8,427 $ 907 $ 9,834 |
Information about TDRs | Information about the Company’s TDRs is as follows (in thousands): September 30, 2020 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ -- $ -- $ -- $ -- 1-4 Family Residential -- -- -- -- Commercial real estate -- 1,641 1,641 1,641 June 30, 2020 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ -- $ 457 $ 457 $ 457 1-4 Family Residential -- 76 76 76 Commercial real estate -- 1,797 1,797 1,797 |
Loan Modifications | Details with respect to actual loan modifications are as follows: Number of Covid-19 Deferments Year Ended June 30, 2020 Balance (in thousands) Percent of Total Loans at at June 30, 2020 One-to-Four family residential 101 $ 27,705 25.6 % Commercial real estate 40 28,278 32.5 Multi-family residential 9 18,046 38.0 Land 7 1,190 6.6 Construction 1 680 8.3 Equity and second mortgage -- -- -- Equity lines of credit 19 1,586 12.9 Commercial business 39 6,609 8.1 Consumer -- -- -- Total 216 $ 84,094 23.0 % Number of Covid-19 Remaining Deferments at September 30, 2020 Balance (in thousands) Percent of Total Loans at September 30, 2020 One-to-Four family residential 7 $ 1,115 1.1 % Commercial real estate 2 2,937 3.3 Multi-family residential -- -- -- Land 1 1,224 6.9 Construction -- -- -- Equity and second mortgage -- -- -- Equity lines of credit 3 148 1.3 Commercial business 6 752 0.9 Consumer -- -- -- Total 19 $ 6,176 1.7 % |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
Deposits | Deposits at September 30, 2020 and June 30, 2020 consist of the following classifications: September 30, 2020 June 30, 2020 (In Thousands) Non-Interest Bearing $ 120,987 $ 103,422 NOW Accounts 43,236 41,365 Money Markets 72,666 74,637 Passbook Savings 95,233 83,797 332,122 303,221 Certificates of Deposit 151,583 157,589 Total Deposits $ 483,705 $ 460,810 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings per Share | Earnings per share for the three months ended September 30, 2020 and 2019 were calculated as follows: Three Months Ended September 30, 2020 2019 (In Thousands, Except Per Share Data) Net income $ 1,247 $ 1,247 Weighted average shares outstanding - basic 1,631 1,717 Effect of dilutive common stock equivalents 64 125 Adjusted weighted average shares outstanding – diluted 1,695 1,842 Basic earnings per share $ 0.76 $ 0.73 Diluted earnings per share $ 0.74 $ 0.68 |
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, 2020 2019 (In Thousands) Average common shares issued 1,717 1,815 Average unearned ESOP shares (86 ) (97 ) Average unearned RRP shares -- (1 ) Weighted average shares outstanding 1,631 1,717 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Financial Instruments | At September 30, 2020 and June 30, 2020, the carrying amount and estimated fair values of the Company’s financial instruments were as follows: September 30, 2020 June 30, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 75,628 $ 75,628 $ 54,871 $ 54,871 Securities Available-for-Sale 38,375 38,375 42,060 42,060 Securities to be Held-to-Maturity 18,351 19,261 20,858 21,879 Loans Held-for-Sale 27,842 27,842 14,798 14,798 Loans Receivable 354,793 $ 355,390 359,927 $ 359,581 Financial Liabilities Deposits $ 483,705 $ 479,842 $ 460,810 $ 458,994 Advances from FHLB 984 1,066 1,060 1,150 Off-Balance Sheet Items Mortgage Loan Commitments $ 9,560 $ 9,560 $ 8,536 $ 8,536 |
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, 2020 and June 30, 2020 are as follows: Fair Value Measurements Using: September 30, 2020 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 $ -- $ 4,312 $ -- $ 4,312 FNMA -- 25,441 -- 25,441 GNMA -- 8,622 -- 8,622 Total $ -- $ 38,375 $ -- $ 38,375 Fair Value Measurements Using: June 30, 2020 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 $ -- $ 5,159 $ -- $ 5,159 FNMA -- 31,852 -- 31,852 GNMA -- 5,059 -- 5,049 Total $ -- $ 42,060 $ -- $ 42,060 |
Summary of Accounting Policie_3
Summary of Accounting Policies (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2020USD ($)OfficeSubsidiary | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | |
Nature of Operations [Abstract] | |||
Number of wholly-owned subsidiaries | Subsidiary | 1 | ||
Securities [Abstract] | |||
Trading securities | $ 0 | $ 0 | |
Non-Direct Response Advertising [Abstract] | |||
Non-direct response advertising costs | 26 | $ 147 | |
Direct-response advertising costs | $ 0 | $ 0 | |
Buildings and Improvements [Member] | Minimum [Member] | |||
Premises and Equipment [Abstract] | |||
Estimated useful lives | 10 years | ||
Buildings and Improvements [Member] | Maximum [Member] | |||
Premises and Equipment [Abstract] | |||
Estimated useful lives | 40 years | ||
Furniture and Equipment [Member] | Minimum [Member] | |||
Premises and Equipment [Abstract] | |||
Estimated useful lives | 3 years | ||
Furniture and Equipment [Member] | Maximum [Member] | |||
Premises and Equipment [Abstract] | |||
Estimated useful lives | 10 years | ||
Caddo and Bossier Parishes, Louisiana [Member] | |||
Nature of Operations [Abstract] | |||
Number of full-service banking offices | Office | 7 | ||
ASU 2016-02 [Member] | |||
Operating lease, right-of-use asset [Abstract] | |||
Operating lease right-of-use assets | $ 869 | $ 877 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | |
Operating lease, liability [Abstract] | |||
Operating lease liabilities | $ 879 | $ 887 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent | |
Weighted-average remaining lease term [Abstract] | |||
Operating lease | 38 years 1 month 6 days | 38 years 4 months 24 days | |
Weighted-average discount rate [Abstract] | |||
Operating leases | 3.00% | 3.00% |
Securities, Available-for-sale
Securities, Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 37,473 | $ 40,902 |
Gross Unrealized Gains | 942 | 1,196 |
Gross Unrealized Losses | 40 | 38 |
Fair Value | 38,375 | 42,060 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 37,473 | 40,902 |
Gross Unrealized Gains | 942 | 1,196 |
Gross Unrealized Losses | 40 | 38 |
Fair Value | 38,375 | 42,060 |
FHLMC Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 4,197 | 5,018 |
Gross Unrealized Gains | 115 | 141 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 4,312 | 5,159 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 4,197 | 5,018 |
Fair Value | 4,312 | 5,159 |
FNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 24,623 | 30,820 |
Gross Unrealized Gains | 818 | 1,032 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 25,441 | 31,852 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 24,623 | 30,820 |
Fair Value | 25,441 | 31,852 |
GNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Amortized Cost | 8,653 | 5,064 |
Gross Unrealized Gains | 9 | 23 |
Gross Unrealized Losses | 40 | 38 |
Fair Value | 8,622 | 5,049 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 8,653 | 5,064 |
Fair Value | $ 8,622 | $ 5,049 |
Securities, Held-to-maturity Se
Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 18,351 | $ 20,858 |
Gross Unrealized Gains | 910 | 1,021 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 19,261 | 21,879 |
Debt Securities [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 15,148 | 17,655 |
Gross Unrealized Gains | 903 | 1,017 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 16,051 | 18,672 |
GNMA Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 949 | 1,109 |
Gross Unrealized Gains | 15 | 20 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 964 | 1,129 |
FNMA Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 14,199 | 16,546 |
Gross Unrealized Gains | 888 | 997 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 15,087 | 17,543 |
Municipals [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 241 | 243 |
Gross Unrealized Gains | 7 | 4 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 248 | 247 |
Equity Securities (Non-Marketable) [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 2,962 | 2,960 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,962 | 2,960 |
Federal Home Loan Bank [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 2,712 | 2,710 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 2,712 | $ 2,710 |
Number of equity securities (in shares) | 27,118 | 27,094 |
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 |
Securities, Securities by Contr
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | |
Available-for-Sale, Amortized Cost [Abstract] | ||
Within One Year or Less | $ 11 | |
One through Five Years | 10,002 | |
After Five through Ten Years | 22,383 | |
Over Ten Years | 5,077 | |
With Single Maturity Date | 37,473 | |
Amortized Cost | 37,473 | $ 40,902 |
Available-for-Sale, Fair Value [Abstract] | ||
Within One Year or Less | 12 | |
One through Five Years | 10,248 | |
After Five through Ten Years | 23,038 | |
Over Ten Years | 5,077 | |
With Single Maturity Date | 38,375 | |
Fair Value | 38,375 | 42,060 |
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 | 15,148 | |
With Single Maturity Date | 15,148 | |
Amortized Cost | 18,351 | 20,858 |
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 | 16,051 | |
With Single Maturity Date | 16,051 | |
Fair Value | 19,261 | 21,879 |
Cost of available-for-sale securities purchased | 5,100 | |
Municipals [Member] | ||
Available-for-Sale, Amortized Cost [Abstract] | ||
Without Single Maturity Date | 0 | |
Available-for-Sale, Fair Value [Abstract] | ||
Without Single Maturity Date | 0 | |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Without Single Maturity Date | 241 | |
Amortized Cost | 241 | 243 |
Held-to-Maturity, Fair Value [Abstract] | ||
Without Single Maturity Date | 248 | |
Fair Value | 248 | 247 |
Other Equity Securities [Member] | ||
Available-for-Sale, Amortized Cost [Abstract] | ||
Without Single Maturity Date | 0 | |
Available-for-Sale, Fair Value [Abstract] | ||
Without Single Maturity Date | 0 | |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Without Single Maturity Date | 2,962 | |
Amortized Cost | 2,962 | 2,960 |
Held-to-Maturity, Fair Value [Abstract] | ||
Without Single Maturity Date | 2,962 | |
Fair Value | $ 2,962 | $ 2,960 |
Securities, Securities with Gro
Securities, Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | $ 0 | $ 0 |
Over Twelve Months | 40 | 38 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 0 | 0 |
Over Twelve Months | 2,227 | 2,816 |
Public Deposits [Member] | ||
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Securities pledged with carrying value | 1,600 | |
FHLB Advances [Member] | ||
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Securities pledged with carrying value | 181,600 | |
Mortgage-Backed Securities [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 0 |
Over Twelve Months | 40 | 38 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 0 | 0 |
Over Twelve Months | $ 2,227 | $ 2,816 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 |
Loan receivable [Abstract] | ||||
Total Loans | $ 360,633 | $ 365,443 | ||
Less: Allowance for Loan Losses | (4,553) | (4,081) | $ (3,584) | $ (3,452) |
Unamortized Loan Fees | (1,287) | (1,435) | ||
Net Loans Receivable | 354,793 | 359,927 | ||
Loans Secured by Mortgages on Real Estate [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 279,663 | 282,555 | ||
Loans Secured by Mortgages on Real Estate [Member] | One-to-Four-Family Residential [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 103,667 | 108,146 | ||
Loans Secured by Mortgages on Real Estate [Member] | Commercial [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 89,171 | 87,088 | ||
Less: Allowance for Loan Losses | (1,056) | (568) | (508) | |
Loans Secured by Mortgages on Real Estate [Member] | Multi-Family Residential [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 46,482 | 47,432 | ||
Less: Allowance for Loan Losses | (357) | (364) | (338) | |
Loans Secured by Mortgages on Real Estate [Member] | Land [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 17,829 | 18,068 | ||
Less: Allowance for Loan Losses | (1,020) | (1,024) | (100) | |
Loans Secured by Mortgages on Real Estate [Member] | Construction [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 9,518 | 8,159 | ||
Less: Allowance for Loan Losses | (94) | (80) | (115) | |
Loans Secured by Mortgages on Real Estate [Member] | Equity and Second Mortgage [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 1,464 | 1,410 | ||
Loans Secured by Mortgages on Real Estate [Member] | Equity Lines of Credit [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 11,532 | 12,252 | ||
Commercial Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 80,070 | 81,909 | ||
Less: Allowance for Loan Losses | (1,031) | (949) | (1,227) | |
Consumer Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 900 | 979 | ||
Less: Allowance for Loan Losses | (3) | (4) | $ (3) | |
Consumer Loans [Member] | Loans on Savings Accounts [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 342 | 364 | ||
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | $ 558 | $ 615 |
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, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Summary of changes in the allowance for loan losses [Roll Forward] | |||
Beginning Balances | $ 4,081 | $ 3,452 | $ 3,452 |
Provision for Loan Losses | 700 | 175 | 1,891 |
Loan Charge-Offs | (280) | (45) | (1,382) |
Recoveries | 52 | 2 | 120 |
Ending Balances | $ 4,553 | $ 3,584 | $ 4,081 |
Loans Receivable, Grading of Lo
Loans Receivable, Grading of Loans, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | $ 360,633 | $ 365,443 |
Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 352,941 | 357,016 |
Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 489 | 2,407 |
Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 7,203 | 6,020 |
Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 279,663 | 282,555 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 103,667 | 108,146 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 102,528 | 106,886 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 472 | 475 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 667 | 785 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 89,171 | 87,088 |
Real Estate Loans [Member] | Commercial [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 85,616 | 83,376 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 1,915 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 3,555 | 1,797 |
Real Estate Loans [Member] | Commercial [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 46,482 | 47,432 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 46,482 | 47,432 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 17,829 | 18,068 |
Real Estate Loans [Member] | Land [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 14,848 | 15,087 |
Real Estate Loans [Member] | Land [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 2,981 | 2,981 |
Real Estate Loans [Member] | Land [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 9,518 | 8,159 |
Real Estate Loans [Member] | Construction [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 9,518 | 8,159 |
Real Estate Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 1,464 | 1,410 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 1,464 | 1,410 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 11,532 | 12,252 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 11,515 | 12,235 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 17 | 17 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Commercial Loans [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 80,070 | 81,909 |
Commercial Loans [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 80,070 | 81,452 |
Commercial Loans [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Commercial Loans [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 457 |
Commercial Loans [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Consumer Loans [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 900 | 979 |
Consumer Loans [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 900 | 979 |
Consumer Loans [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Consumer Loans [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Consumer Loans [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | $ 0 | $ 0 |
Loans Receivable, Aging Analysi
Loans Receivable, Aging Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | $ 5,679 | $ 8,107 |
Current | 354,954 | 357,336 |
Total Loans Receivable | 360,633 | 365,443 |
Recorded Investment > 90 Days and Accruing | 0 | 319 |
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 | 418 | 464 |
30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 817 | 1,312 |
60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 240 | 557 |
90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 4,622 | 6,238 |
Real Estate Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans Receivable | 279,663 | 282,555 |
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 | 1,040 | 2,872 |
Current | 102,627 | 105,274 |
Total Loans Receivable | 103,667 | 108,146 |
Recorded Investment > 90 Days and Accruing | 0 | 319 |
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 | 800 | 1,312 |
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 | 240 | 557 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 1,003 |
Real Estate Loans [Member] | Commercial [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,641 | 1,797 |
Current | 87,530 | 85,291 |
Total Loans Receivable | 89,171 | 87,088 |
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 | 0 | 0 |
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] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 1,641 | 1,797 |
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 | 46,482 | 47,432 |
Total Loans Receivable | 46,482 | 47,432 |
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] | 90 Days or More [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 | 2,981 | 2,981 |
Current | 14,848 | 15,087 |
Total Loans Receivable | 17,829 | 18,068 |
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 | 0 | 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] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 2,981 | 2,981 |
Real Estate Loans [Member] | Construction [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 9,518 | 8,159 |
Total Loans Receivable | 9,518 | 8,159 |
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] | 90 Days or More [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 | 1,464 | 1,410 |
Total Loans Receivable | 1,464 | 1,410 |
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] | 90 Days or More [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 | 17 | 0 |
Current | 11,515 | 12,252 |
Total Loans Receivable | 11,532 | 12,252 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
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 | 17 | 0 |
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 | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 457 |
Current | 80,070 | 81,452 |
Total Loans Receivable | 80,070 | 81,909 |
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] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 457 |
Consumer Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 900 | 979 |
Total Loans Receivable | 900 | 979 |
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] | 90 Days or More [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, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | $ 4,081 | $ 3,452 | $ 3,452 |
Charge-Offs | (280) | (45) | (1,382) |
Recoveries | 52 | 2 | 120 |
Current Provision | 700 | 175 | 1,891 |
Ending Balances | 4,553 | 3,584 | 4,081 |
Evaluated for Impairment [Abstract] | |||
Individually | 1,379 | 964 | |
Collectively | 3,174 | 3,117 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 360,633 | 365,443 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 7,692 | 8,427 | |
Collectively | 352,941 | 357,016 | |
Real Estate Loans [Member] | |||
Loans Receivable [Abstract] | |||
Ending Balances - Total | 279,663 | 282,555 | |
Real Estate Loans [Member] | 1-4 Family Residential [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 966 | 1,017 | 1,017 |
Charge-Offs | (40) | (40) | |
Recoveries | 0 | 2 | |
Current Provision | (53) | (13) | |
Ending Balances | 873 | 966 | |
Evaluated for Impairment [Abstract] | |||
Individually | 14 | 34 | |
Collectively | 859 | 932 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 103,667 | 108,146 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 1,140 | 1,260 | |
Collectively | 102,527 | 106,886 | |
Real Estate Loans [Member] | Commercial [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 568 | 508 | 508 |
Charge-Offs | (240) | (100) | |
Recoveries | 0 | 0 | |
Current Provision | 728 | 160 | |
Ending Balances | 1,056 | 568 | |
Evaluated for Impairment [Abstract] | |||
Individually | 458 | 23 | |
Collectively | 598 | 545 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 89,171 | 87,088 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 3,555 | 3,712 | |
Collectively | 85,616 | 83,376 | |
Real Estate Loans [Member] | Multi Family [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 364 | 338 | 338 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | (7) | 26 | |
Ending Balances | 357 | 364 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 357 | 364 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 46,482 | 47,432 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 46,482 | 47,432 | |
Real Estate Loans [Member] | Land [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 1,024 | 100 | 100 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | (4) | 924 | |
Ending Balances | 1,020 | 1,024 | |
Evaluated for Impairment [Abstract] | |||
Individually | 907 | 907 | |
Collectively | 113 | 117 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 17,829 | 18,068 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 2,981 | 2,981 | |
Collectively | 14,848 | 15,087 | |
Real Estate Loans [Member] | Construction [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 80 | 115 | 115 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | 14 | (35) | |
Ending Balances | 94 | 80 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 94 | 80 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 9,518 | 8,159 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 9,518 | 8,159 | |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 126 | 144 | 144 |
Charge-Offs | 0 | (107) | |
Recoveries | 3 | 9 | |
Current Provision | (10) | 80 | |
Ending Balances | 119 | 126 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 119 | 126 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 12,996 | 13,662 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 16 | 17 | |
Collectively | 12,980 | 13,645 | |
Commercial Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 949 | 1,227 | 1,227 |
Charge-Offs | 0 | (1,135) | |
Recoveries | 49 | 109 | |
Current Provision | 33 | 748 | |
Ending Balances | 1,031 | 949 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 1,031 | 949 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 80,070 | 81,909 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 457 | |
Collectively | 80,070 | 81,452 | |
Consumer Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 4 | $ 3 | 3 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | (1) | 1 | |
Ending Balances | 3 | 4 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 3 | 4 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 900 | 979 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | $ 900 | $ 979 |
Loans Receivable, Loans Individ
Loans Receivable, Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | $ 7,692 | $ 8,427 |
Recorded Investment With No Allowance | 2,351 | 5,446 |
Recorded Investment With Allowance | 5,341 | 2,981 |
Total Recorded Investment | 7,692 | 8,427 |
Related Allowance | 1,365 | 907 |
Average Recorded Investment | 8,116 | 9,834 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 1,139 | 1,260 |
Recorded Investment With No Allowance | 1,139 | 1,260 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 1,139 | 1,260 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,179 | 1,271 |
Real Estate Loans [Member] | Commercial [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 3,555 | 3,712 |
Recorded Investment With No Allowance | 1,915 | 3,712 |
Recorded Investment With Allowance | 1,640 | 0 |
Total Recorded Investment | 3,555 | 3,712 |
Related Allowance | 458 | 0 |
Average Recorded Investment | 3,939 | 5,108 |
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 | 2,981 | 2,981 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 2,981 | 2,981 |
Total Recorded Investment | 2,981 | 2,981 |
Related Allowance | 907 | 907 |
Average Recorded Investment | 2,981 | 2,981 |
Real Estate Loans [Member] | Construction [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 17 | 17 |
Recorded Investment With No Allowance | 17 | 17 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 17 | 17 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 17 | 17 |
Commercial Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 457 |
Recorded Investment With No Allowance | 0 | 457 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 457 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 457 |
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) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Troubled Debt Restructurings [Abstract] | ||
Commitments to loan additional funds to borrowers whose loans were previously in non-accrual status | $ 0 | |
Commercial Business Loans [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | $ 457 |
Commercial Business Loans [Member] | Nonaccrual [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 457 |
Commercial Business Loans [Member] | Current [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Commercial Business Loans [Member] | Past Due Greater than 30 Days [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 457 |
Real Estate Loans [Member] | 1-4 Family Residential [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 76 |
Real Estate Loans [Member] | 1-4 Family Residential [Member] | Nonaccrual [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 76 |
Real Estate Loans [Member] | 1-4 Family Residential [Member] | Current [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate Loans [Member] | 1-4 Family Residential [Member] | Past Due Greater than 30 Days [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 76 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 1,641 | 1,797 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Nonaccrual [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 1,641 | 1,797 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Current [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | 0 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Past Due Greater than 30 Days [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | $ 1,641 | $ 1,797 |
Loans Receivable, Loan Modifica
Loans Receivable, Loan Modifications and Troubled Debt Restructurings (Details) - COVID-19 [Member] - Payment Deferral of Principal and Interest [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)Loan | Jun. 30, 2020USD ($)Loan | |
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Period of payment deferrals | 3 months | |
Number of Covid-19 Deferments | Loan | 19 | 216 |
Total Loans | $ | $ 6,176 | $ 84,094 |
Percent of Total Loans | 1.70% | 23.00% |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 7 | 101 |
Total Loans | $ | $ 1,115 | $ 27,705 |
Percent of Total Loans | 1.10% | 25.60% |
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 2 | 40 |
Total Loans | $ | $ 2,937 | $ 28,278 |
Percent of Total Loans | 3.30% | 32.50% |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 0 | 9 |
Total Loans | $ | $ 0 | $ 18,046 |
Percent of Total Loans | 0.00% | 38.00% |
Real Estate Loans [Member] | Land [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 1 | 7 |
Total Loans | $ | $ 1,224 | $ 1,190 |
Percent of Total Loans | 6.90% | 6.60% |
Real Estate Loans [Member] | Construction [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 0 | 1 |
Total Loans | $ | $ 0 | $ 680 |
Percent of Total Loans | 0.00% | 8.30% |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 0 | 0 |
Total Loans | $ | $ 0 | $ 0 |
Percent of Total Loans | 0.00% | 0.00% |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 3 | 19 |
Total Loans | $ | $ 148 | $ 1,586 |
Percent of Total Loans | 1.30% | 12.90% |
Commercial Business Loans [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 6 | 39 |
Total Loans | $ | $ 752 | $ 6,609 |
Percent of Total Loans | 0.90% | 8.10% |
Consumer Loans [Member] | ||
Loan Modifications and Troubled Debt Restructurings [Abstract] | ||
Number of Covid-19 Deferments | Loan | 0 | 0 |
Total Loans | $ | $ 0 | $ 0 |
Percent of Total Loans | 0.00% | 0.00% |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Summary of Deposits [Abstract] | ||
Non-Interest Bearing | $ 120,987 | $ 103,422 |
NOW Accounts | 43,236 | 41,365 |
Money Markets | 72,666 | 74,637 |
Passbook Savings | 95,233 | 83,797 |
Total transaction accounts | 332,122 | 303,221 |
Certificates of Deposit | 151,583 | 157,589 |
Total Deposits | $ 483,705 | $ 460,810 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Calculation of earnings per share [Abstract] | ||
Net income | $ 1,247 | $ 1,247 |
Weighted average shares outstanding - basic (in shares) | 1,631,000 | 1,717,000 |
Effect of dilutive common stock equivalents (in shares) | 64,000 | 125,000 |
Adjusted weighted average shares outstanding - diluted (in shares) | 1,695,000 | 1,842,000 |
Basic earnings per share (in dollars per share) | $ 0.76 | $ 0.73 |
Diluted earnings per share (in dollars per share) | $ 0.74 | $ 0.68 |
Outstanding options to purchase shares (in shares) | 260,161 | 275,633 |
Weighted average price per share of outstanding options (in dollars per share) | $ 18.36 | $ 18.07 |
Components of average outstanding common shares [Abstract] | ||
Average common shares issued (in shares) | 1,717,000 | 1,815,000 |
Average unearned ESOP shares (in shares) | (86,000) | (97,000) |
Average unearned RRP shares (in shares) | 0 | (1,000) |
Weighted average shares outstanding (in shares) | 1,631,000 | 1,717,000 |
Stock Options [Member] | ||
Calculation of earnings per share [Abstract] | ||
Effect of dilutive common stock equivalents (in shares) | 63,881 |
Stock-Based Compensation, Recog
Stock-Based Compensation, Recognition and Retention Plan (Details) - 2011 Recognition and Retention Plan [Member] - $ / shares | Jul. 31, 2019 | Sep. 30, 2020 | Jul. 31, 2014 |
Recognition and Retention Plans [Abstract] | |||
Aggregate number of shares available for grant (in shares) | 77,808 | 0 | |
Vested (in shares) | 77,808 | ||
Share price (in dollars per share) | $ 18.92 | ||
Award vesting period | 5 years |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plan (Details) - $ / shares | Jul. 31, 2014 | Jan. 31, 2012 | Aug. 19, 2010 | Sep. 30, 2020 | Dec. 23, 2011 | Aug. 10, 2005 |
Stock Options [Member] | ||||||
Weighted Average Exercise Price [Abstract] | ||||||
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% | |||||
2005 Stock Option Plan [Member] | ||||||
Stock Option Plans [Abstract] | ||||||
Aggregate number of shares of common stock reserved for future issuance (in shares) | 158,868 | |||||
Termination date | Jun. 8, 2015 | |||||
Outstanding stock options (in shares) | 433 | |||||
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] | ||||||
Stock Option Plans [Abstract] | ||||||
Aggregate number of shares of common stock reserved for future 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, Sto_2
Stock-Based Compensation, Stock Incentive Plans (Details) - USD ($) $ in Thousands | Nov. 13, 2019 | Feb. 05, 2019 | Oct. 26, 2015 | Nov. 12, 2014 | Sep. 30, 2020 | Sep. 30, 2019 |
Stock Options [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Award vesting period | 5 years | |||||
Compensation expense | $ 34 | $ 35 | ||||
2014 Stock Incentive Plan [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Number of shares authorized under plan (in shares) | 150,000 | |||||
Award vesting period | 5 years | |||||
2014 Stock Incentive Plan [Member] | Share Awards [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Granted (in shares) | 3,000 | 34,500 | ||||
2014 Stock Incentive Plan [Member] | Share Awards [Member] | Maximum [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Aggregate number of shares available for grant (in shares) | 37,500 | |||||
Percentage of shares available for grant | 25.00% | |||||
2014 Stock Incentive Plan [Member] | Stock Options [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Aggregate number of shares of common stock reserved for future issuance (in shares) | 112,500 | |||||
Granted (in shares) | 13,500 | 103,500 | ||||
Award vesting period | 5 years | |||||
2019 Stock Incentive Plan [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Number of shares authorized under plan (in shares) | 125,000 | |||||
Aggregate number of shares of common stock reserved for future issuance (in shares) | 125,000 | |||||
2019 Stock Incentive Plan [Member] | Share Awards [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Aggregate number of shares available for grant (in shares) | 0 | |||||
Granted (in shares) | 0 | |||||
2019 Stock Incentive Plan [Member] | Share Awards [Member] | Maximum [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Aggregate number of shares available for grant (in shares) | 31,250 | |||||
Percentage of shares available for grant | 25.00% | |||||
2019 Stock Incentive Plan [Member] | Stock Options [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Aggregate number of shares available for grant (in shares) | 0 | |||||
Granted (in shares) | 0 | |||||
2011 Recognition Plan and Stock Incentive Plan [Member] | ||||||
Stock Incentive Plans [Abstract] | ||||||
Compensation expense | $ 106 | $ 72 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 |
Related Party Transactions [Abstract] | ||
Loan made to directors and executive officers | $ 3.9 | $ 3.8 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | |
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 | $ 38,375 | $ 42,060 |
Carrying Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 75,628 | 54,871 |
Securities Available-for-Sale | 38,375 | 42,060 |
Securities to be Held-to-Maturity | 18,351 | 20,858 |
Loans Held-for-Sale | 27,842 | 14,798 |
Loans Receivable | 354,793 | 359,927 |
Financial Liabilities [Abstract] | ||
Deposits | 483,705 | 460,810 |
Advances from FHLB | 984 | 1,060 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | 9,560 | 8,536 |
Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 75,628 | 54,871 |
Securities Available-for-Sale | 38,375 | 42,060 |
Securities to be Held-to-Maturity | 19,261 | 21,879 |
Loans Held-for-Sale | 27,842 | 14,798 |
Loans Receivable | 355,390 | 359,581 |
Financial Liabilities [Abstract] | ||
Deposits | 479,842 | 458,994 |
Advances from FHLB | 1,066 | 1,150 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | $ 9,560 | $ 8,536 |
Fair Value Disclosures, Recurri
Fair Value Disclosures, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | $ 38,375 | $ 42,060 |
FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 4,312 | 5,159 |
FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 25,441 | 31,852 |
GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 8,622 | 5,049 |
Recurring [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 38,375 | 42,060 |
Recurring [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 4,312 | 5,159 |
Recurring [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 25,441 | 31,852 |
Recurring [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 8,622 | 5,059 |
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 | 38,375 | 42,060 |
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 | 4,312 | 5,159 |
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 | 25,441 | 31,852 |
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 | 8,622 | 5,059 |
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 |