Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 11, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 001-35019 | |
Entity Registrant Name | HOME FEDERAL BANCORP, INC. OF LOUISIANA | |
Entity Central Index Key | 0001500375 | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 02-0815311 | |
Entity Address, Address Line One | 624 Market Street | |
Entity Address, City or Town | Shreveport | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 71101 | |
City Area Code | 318 | |
Local Phone Number | 222-1145 | |
Title of 12(b) Security | Common Stock (par value $0.01 per share) | |
Trading Symbol | HFBL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,352,356 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
ASSETS | ||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $91,713 and $94,325 September 30, 2021 and June 30, 2021, Respectively) | $ 101,256 | $ 104,405 |
Securities Available-for-Sale | 26,974 | 29,550 |
Securities Held-to-Maturity (Fair Value of $61,775 and $54,608, Respectively) | 61,969 | 54,706 |
Loans Held-for-Sale | 10,573 | 14,427 |
Loans Receivable, Net of Allowance for Loan Losses of $4,127 and $4,122, Respectively | 339,424 | 336,394 |
Accrued Interest Receivable | 1,044 | 1,163 |
Premises and Equipment, Net | 15,811 | 14,915 |
Bank Owned Life Insurance | 7,242 | 7,214 |
Deferred Tax Asset | 554 | 819 |
Foreclosed Assets | 383 | 383 |
Other Assets | 1,585 | 1,755 |
Total Assets | 566,815 | 565,731 |
Deposits: | ||
Non-interest bearing | 145,214 | 131,014 |
Interest-bearing | 362,369 | 375,582 |
Total Deposits | 507,583 | 506,596 |
Advances from Borrowers for Taxes and Insurance | 527 | 426 |
Short-term Federal Home Loan Bank Advances | 35 | 35 |
Long-term Federal Home Loan Bank Advances | 824 | 832 |
Other Borrowings | 1,100 | 2,400 |
Other Accrued Expenses and Liabilities | 3,062 | 2,717 |
Total Liabilities | 513,131 | 513,006 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock- $0.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding | 0 | 0 |
Common Stock - $0.01 Par Value; 40,000,000 Shares Authorized; 3,359,856 and 3,350,966 Shares Issued and Outstanding (split adjusted) at September 30, 2021 and June 30, 2021, Respectively | 34 | 34 |
Additional Paid-in Capital | 37,974 | 37,583 |
Unearned ESOP Stock | (725) | (754) |
Retained Earnings | 16,153 | 15,587 |
Accumulated Other Comprehensive Income | 248 | 275 |
Total Stockholders' Equity | 53,684 | 52,725 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 566,815 | $ 565,731 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
ASSETS | ||
Interest-Bearing Deposits with Other Banks | $ 91,713 | $ 94,325 |
Securities Held-to-Maturity, Fair Value | 61,775 | 54,608 |
Loans Receivable, Allowance for Loan Losses | $ 4,127 | $ 4,122 |
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) | 3,359,856 | 3,350,966 |
Common Stock, Outstanding (in shares) | 3,359,856 | 3,350,966 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
INTEREST INCOME | ||
Loans, Including Fees | $ 4,397,000 | $ 4,647,000 |
Investment Securities | 0 | 2,000 |
Mortgage-Backed Securities | 341,000 | 317,000 |
Other Interest-Earning Assets | 36,000 | 18,000 |
Total Interest Income | 4,774,000 | 4,984,000 |
INTEREST EXPENSE | ||
Deposits | 529,000 | 971,000 |
Other Borrowings | 10,000 | 14,000 |
Federal Home Loan Bank Borrowings | 11,000 | 12,000 |
Total Interest Expense | 550,000 | 997,000 |
Net Interest Income | 4,224,000 | 3,987,000 |
PROVISION FOR LOAN LOSSES | 0 | 700,000 |
Net Interest Income after Provision for Loan Losses | 4,224,000 | 3,287,000 |
NON-INTEREST INCOME | ||
Gain on Sale of Loans | 709,000 | 1,411,000 |
Income on Bank Owned Life Insurance | 28,000 | 34,000 |
Service Charges on Deposit Accounts | 268,000 | 248,000 |
Other Income | 11,000 | 13,000 |
Total Non-Interest Income | 1,016,000 | 1,706,000 |
NON-INTEREST EXPENSE | ||
Compensation and Benefits | 2,210,000 | 2,214,000 |
Occupancy and Equipment | 429,000 | 376,000 |
Data Processing | 207,000 | 194,000 |
Audit and Examination Fees | 72,000 | 66,000 |
Franchise and Bank Shares Tax | 130,000 | 108,000 |
Advertising | 74,000 | 26,000 |
Legal Fees | 100,000 | 131,000 |
Loan and Collection | 72,000 | 94,000 |
Deposit Insurance Premium | 38,000 | 30,000 |
Other Expense | 203,000 | 184,000 |
Total Non-Interest Expense | 3,535,000 | 3,423,000 |
Income Before Income Taxes | 1,705,000 | 1,570,000 |
PROVISION FOR INCOME TAX EXPENSE | 352,000 | 323,000 |
Net Income | $ 1,353,000 | $ 1,247,000 |
EARNINGS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ 0.42 | $ 0.38 |
Diluted (in dollars per share) | 0.38 | 0.37 |
DIVIDENDS DECLARED (in dollars per share) | $ 0.10 | $ 0.08 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net Income | $ 1,353 | $ 1,247 |
Investment securities available-for-sale: | ||
Net unrealized (Losses) Gains | (35) | (256) |
Income Tax Effect | 7 | 54 |
Reclassification adjustments for net (gains) losses realized in net income | 0 | 0 |
Income tax effect | 0 | 0 |
Other Comprehensive Loss | (28) | (202) |
Total Comprehensive Income | $ 1,325 | $ 1,045 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Unearned ESOP Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Jun. 30, 2020 | $ 22 | $ 36,531 | $ (870) | $ 13,937 | $ 915 | $ 50,535 |
Net Income | 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 | (202) | (202) |
Share Awards Earned | 0 | 0 | 0 | 0 | 0 | 0 |
Stock Options Vested | 0 | 34 | 0 | 0 | 0 | 34 |
Common Stock Issuance for Stock Option Exercises - Split Adjusted | 0 | 38 | 0 | 0 | 0 | 38 |
ESOP Compensation Earned | 0 | 40 | 29 | 0 | 0 | 69 |
Company Stock Purchased | 0 | 0 | 0 | (387) | 0 | (387) |
Dividends Declared | 0 | 0 | 0 | (282) | 0 | (282) |
Ending Balance at Sep. 30, 2020 | 22 | 36,643 | (841) | 14,515 | 713 | 51,052 |
Beginning Balance at Jun. 30, 2021 | 34 | 37,701 | (754) | 15,469 | 275 | 52,725 |
Net Income | 0 | 0 | 0 | 1,353 | 0 | 1,353 |
Changes in Unrealized Gain on Securities Available-for-Sale, Net of Tax Effects | 0 | 0 | 0 | 0 | (27) | (27) |
Share Awards Earned | 0 | 0 | 0 | 0 | 0 | 0 |
Stock Split | 0 | 0 | 0 | 0 | 0 | 0 |
Stock Options Vested | 0 | 26 | 0 | 0 | 0 | 26 |
Common Stock Issuance for Stock Option Exercises - Split Adjusted | 0 | 166 | 0 | 0 | 0 | 166 |
ESOP Compensation Earned | 0 | 81 | 29 | 0 | 0 | 110 |
Company Stock Purchased | 0 | 0 | 0 | (334) | 0 | (334) |
Dividends Declared | 0 | 0 | 0 | (335) | 0 | (335) |
Ending Balance at Sep. 30, 2021 | $ 34 | $ 37,856 | $ (725) | $ 16,271 | $ 248 | $ 53,684 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 1,353 | $ 1,247 | |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities | |||
Bad Debt Recovery | 6 | 52 | |
Federal Home Loan Bank Stock Certificate | 0 | (2) | |
Net Amortization and Accretion on Securities | 41 | 44 | |
Gain on Sale of Loans | (709) | (1,411) | |
Amortization of Deferred Loan Fees | (426) | (216) | |
Depreciation of Premises and Equipment | 182 | 168 | |
ESOP Expense | 110 | 69 | |
Stock Options Expense | 26 | 34 | |
Deferred Income Tax | 265 | (188) | |
Provision for Loan Losses | 0 | 700 | $ 1,800 |
Increase in Cash Surrender Value on Bank Owned Life Insurance | (28) | (34) | |
Share Awards Expense | 32 | 37 | |
Changes in Assets and Liabilities: | |||
Loans Held-for-Sale - Originations and Purchases | (28,495) | (60,258) | |
Loans Held-for-Sale - Sale and Principal Repayments | 33,058 | 48,625 | |
Accrued Interest Receivable | 119 | 238 | |
Other Operating Assets | 170 | (264) | |
Other Operating Liabilities | 345 | 429 | |
Net Cash (Used in) Provided by Operating Activities | 6,049 | (10,730) | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Loan Originations and Purchases, Net of Principal Collections | (2,653) | 4,586 | |
Deferred Loan Fees Collected | 20 | 67 | |
Acquisition of Premises and Equipment | (1,078) | (851) | |
Proceeds from Sale of Real Estate | 0 | 0 | |
Activity in Available-for-Sale Securities: | |||
Principal Payments on Mortgage-Backed Securities | 2,528 | 8,488 | |
Purchase of Securities | 0 | (5,090) | |
Activity in Held-to-Maturity Securities: | |||
Principal Payments on Mortgage-Backed Securities | 2,652 | 2,496 | |
Purchase of Securities | (9,943) | 0 | |
Net Cash (used in) Provided by Investing Activities | (8,474) | 9,696 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Increase in Deposits | 987 | 22,895 | |
Repayments of Advances from Federal Home Loan Bank | (9) | (77) | |
Proceeds from Other Bank Borrowings | 200 | 700 | |
Repayment of Other Bank Borrowings | (1,500) | (1,500) | |
Net Decrease in Advances from Borrowers for Taxes and Insurance | 101 | 404 | |
Dividends Paid | (335) | (282) | |
Company Stock Purchased | (334) | (387) | |
Proceeds from Stock Options Exercised | 166 | 38 | |
Plan Share Distributions | 0 | 0 | |
Net Cash (Used in) Provided by Financing Activities | (724) | 21,791 | |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (3,149) | 20,757 | |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 104,405 | 54,871 | 54,871 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 101,256 | 75,628 | $ 104,405 |
SUPPLEMENTARY CASH FLOW INFORMATION | |||
Interest Paid on Deposits and Borrowed Funds | 553 | 1,008 | |
Income Taxes Paid | 0 | 275 | |
Market Value Adjustment for (Loss)/Gain on Debt Securities Available-for-Sale | $ (35) | $ (256) |
Summary of Accounting Policies
Summary of Accounting Policies | 3 Months Ended |
Sep. 30, 2021 | |
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, 2021 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2022. 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, 2021. 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, 2021, 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-marketable equity securities and debt securities, in which the Company has the positive intent and ability to hold to maturity, are classified as held-to-maturity and carried at cost, adjusted for amortization of the related premiums, and accretion of discounts, using the interest method. Investments in debt securities that are not classified as held-to-maturity and marketable equity securities that have readily determinable fair values are classified as either trading or available-for-sale securities. Securities that are acquired and held principally for the purpose of selling in the near term are classified as trading securities. Investments in securities not classified as trading or held-to-maturity are classified as available-for-sale. Trading account and available-for-sale securities are carried at fair value. Unrealized holding gains and losses on trading securities are included in earnings, while net unrealized holding gains and losses on available-for-sale debt securities are excluded from earnings and reported in other comprehensive income. The Company held no trading securities as of September 30, 2021 and June 30, 2021. Purchase premiums and discounts are recognized in interest income using the interest method over the term of the securities. Securities are periodically reviewed for other-than-temporary impairment. For debt securities, management considers whether the present value of future cash flows expected to be collected are less than the security’s amortized cost basis (the difference defined as the credit loss), the magnitude and duration of the decline, the reasons underlying the decline and the Company’s intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value, to determine whether the loss in value is other than temporary. If a decline in value is determined to be other than temporary, if the Company does not intend to sell the security, and it is more-likely-than-not that it will not be required to sell the security before recovery of the security’s amortized cost basis, the charge to earnings is limited to the amount of credit loss. Any remaining difference between fair value and amortized cost (the difference defined as the non-credit portion) is recognized in other comprehensive income, net of applicable taxes. A decline in value that is considered to be other-than-temporary is recorded as a loss within noninterest income in the consolidated statement of income. The Bank has invested in Federal Home Loan Bank (“FHLB”) stock, and other similar correspondent banks, which is reflected at cost in these financial statements. As a member of the FHLB System, the Bank is required to purchase and maintain stock in an amount determined by the FHLB. The FHLB stock is redeemable at par value at the discretion of the FHLB. 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 present value of future cash flows or 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. All loans greater than 90 days past due are generally placed on nonaccrual status. 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. The Company’s basic and diluted earnings per share were $0.42 and $0.38, respectively, for the three months ended September 30, 2021 compared to basic and diluted earnings per share (split adjusted) of $0.38 and $0.37, respectively, for the three months ended September 30, 2020. Non-Direct Response Advertising The Company expenses all advertising costs, except for direct-response advertising, as incurred. Non-direct response advertising costs were $74,000 and $26,000 for the three months ended September 30, 2021 and 2020, 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, 2021 and 2020, 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. The Company has established an implementation team and are in the process of engaging third-party consultants who have jointly developed a project plan to provide implementation oversight. The Company is in the process of developing and implementing current expected credit loss model that satisfy the requirements of ASU 2016-13. The future adoption of this ASU may have a material effect on the Company’s consolidated financial statements. 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. |
Securities
Securities | 3 Months Ended |
Sep. 30, 2021 | |
Securities [Abstract] | |
Securities | 2. Securities The amortized cost and fair value of securities with gross unrealized gains and losses follows: September 30 2021 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 3,761 $ 24 $ — $ 3,785 FNMA Mortgage-Backed Certificates 16,892 439 28 17,303 GNMA Mortgage-Backed Certificates 6,007 1 122 5,886 Debt Securities Total Debt Securities 26,660 464 150 26,974 Total Securities Available-for-Sale $ 26,660 $ 464 $ 150 $ 26,974 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 778 $ 10 $ — $ 788 FHLMC Mortgage-Backed Certificates 19,603 59 198 19,464 FNMA Mortgage-Backed Certificates 39,707 562 651 39,618 Total Debt Securities 60,088 631 849 59,870 Municipals 1,354 24 — 1,378 Other Securities (Non-Marketable) 27,770 Shares – Federal Home Loan Bank 277 — — 277 630 Shares – First National Bankers Bankshares, Inc. 250 — — 250 Total Other Securities 527 — — 527 Total Securities Held-to-Maturity $ 61,969 $ 655 $ 849 $ 61,775 June 30, 2021 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 4,188 $ 33 $ — $ 4,221 FNMA Mortgage-Backed Certificates 18,666 486 — 19,152 GNMA Mortgage-Backed Certificates 6,347 1 171 6,177 Total Debt Securities 29,201 520 171 29,550 Total Securities Available-for-Sale $ 29,201 $ 520 $ 171 $ 29,550 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Securities $ 782 $ 17 $ — $ 799 FHLMC Mortgage-Backed Certificates 9,876 — 277 9,599 FNMA Mortgage-Backed Securities 42,160 641 500 42,301 Total Debt Securities 52,818 658 777 52,699 Municipals 1,361 21 — 1,382 Equity Securities (Non-Marketable) 2,766 Shares – Federal Home Loan Bank 277 — — 277 630 Shares – First National Bankers Bankshares, Inc. 250 — — 250 Total Equity Securities 527 — — 527 Total Securities Held-to-Maturity $ 54,706 $ 679 $ 777 $ 54,608 The amortized cost and fair value of securities by contractual maturity at September 30, 2021 follows: Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Debt Securities Within One Year or Less $ — $ — $ — $ — One through Five Years 861 868 — — After Five through Ten Years 51 55 — — Over Ten Years 25,748 26,051 60,088 59,870 26,660 26,974 60,088 59,870 Municipals Within One Year or Less $ — $ — $ — $ — One through Five Years — — 234 239 After Five through Ten Years — — — — Over Ten Years — — 1,120 1,139 — — 1,354 1,378 Other Equity Securities — — 527 527 Total $ 26,660 $ 26,974 $ 61,969 $ 61,775 Securities held-to-maturity totaling $9.9 million were purchased during the three months ending September 30, 2021. The following tables show information pertaining to gross unrealized losses on securities available-for-sale at September 30, 2021 and June 30, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ 122 $ 6,732 $ 28 $ 1,504 Total Securities Available-for-Sale $ 122 $ 6,732 $ 28 $ 1,504 September 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Held-to-Maturity Mortgage-Backed Securities $ 849 $ 49,887 $ — $ — Total Securities Held-to-Maturity $ 849 $ 49,887 $ — $ — June 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ 139 $ 4,522 $ 32 $ 1,633 T otal Securities Available-for-Sale $ 139 $ 4,522 $ 32 $ 1,633 June 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Held-to-Maturity Mortgage-Backed Securities $ 777 $ 41,154 $ — $ — Total Securities Held-to-Maturity $ 777 $ 41,154 $ — $ — 2. Securities (continued) The unrealized losses on the Company’s investment in mortgage-backed securities at September 30, 2021 and June 30, 2021 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, 2021. 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, 2021, securities with a carrying value of $800,000 were pledged to secure public deposits, and securities and mortgage loans with a carrying value of $159.4 million were pledged to secure FHLB advances. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2021 | |
Loans Receivable [Abstract] | |
Loans Receivable | 3. Loans Receivable Loans receivable are summarized as follows: September 30, 2021 June 30, 2021 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 108,804 $ 97,607 Commercial 106,033 96,180 Multi-Family Residential 30,409 31,015 Land 14,354 16,260 Construction 15,552 15,337 Equity and Second Mortgage 1,232 1,267 Equity Lines of Credit 12,436 12,788 Total Mortgage Loans 288,820 270,454 Commercial Loans 54,184 69,891 Consumer Loans Loans on Savings Accounts 414 430 Other Consumer Loans 471 485 Total Consumer Other Loans 885 915 Total Loans 343,889 341,260 Less: Allowance for Loan Losses (4,127 ) (4,122 ) Unamortized Loan Fees (338 ) (744 ) Net Loans Receivable $ 339,424 $ 336,394 Following is a summary of changes in the allowance for loan losses: Three Months Ended September 30 , 2021 2020 (In Thousands) Balance - Beginning of Period $ 4,122 $ 4,081 Provision for Loan Losses — 700 Loan Charge-Offs — (280 ) Recoveries 5 52 Balance - End of Period $ 4,127 $ 4,553 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. Once a loan has been classified as substandard or identified as special mention, management will conduct a quarterly review to evaluate the level of deterioration, improvement, and impairment, if any, as well as assign the appropriate risk category. The delinquent loan report is monitored monthly to determine if any loan needs to be evaluated for classification or impairment. 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. All loans greater than 90 days past due are generally placed on nonaccrual status. The Company uses the following definitions for risk ratings: 3. Loans Receivable (continued) Credit Quality Indicators (continued) 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, 2021 and June 30, 2021: September 30, 2021 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 108,317 $ 357 $ 130 $ — $ 108,804 Commercial 103,353 — 2,680 — 106,033 Multi-Family Residential 30,409 — — — 30,409 Land 14,354 — — — 14,354 Construction 15,552 — — — 15,552 Equity and Second Mortgage 1,232 — — — 1,232 Equity Lines of Credit 12,436 — — — 12,436 Commercial Loans 51,440 2,744 — — 54,184 Consumer Loans 885 — — — 885 Total $ 337,978 $ 3,101 $ 2,810 $ — $ 343,889 3. Loans Receivable (continued) Credit Quality Indicators (continued) June 30, 2021 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 97,115 $ 358 $ 134 $ — $ 97,607 Commercial 93,468 — 2,712 — 96,180 Multi-Family Residential 31,015 — — — 31,015 Land 16,260 — — — 16,260 Construction 15,337 — — — 15,337 Equity and Second Mortgage 1,267 — — — 1,267 Equity Lines of Credit 12,788 — — — 12,788 Commercial Loans 67,087 2,804 — — 69,891 Consumer Loans 915 — — — 915 Total $ 335,252 $ 3,162 $ 2,846 $ — $ 341,260 F actors 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, 2021 and June 30, 2021: September 30, 2021 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 $ — $ 427 $ 139 $ 566 $ 108,238 $ 108,804 $ 139 Commercial — — 837 837 105,196 106,033 837 Multi-Family Residential — — — — 30,409 30,409 — Land — — — — 14,354 14,354 — Construction — — — — 15,552 15,552 — Equity and Second Mortgage — — — — 1,232 1,232 — Equity Lines of Credit 15 — — 15 12,421 12,436 — Commercial Loans — — — — 54,184 54,184 — Consumer Loans — — — — 885 885 — Total $ 15 $ 427 $ 976 $ 1,418 $ 342,471 $ 343,889 $ 976 3. Loans Receivable (continued) Credit Quality Indicators (continued) June 30, 2021 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 $ — $ 30 $ 176 $ 206 $ 97,401 $ 97,607 $ 33 Commercial — — 837 837 95,343 96,180 — Multi-Family Residential — — — — 31,015 31,015 — Land — — — — 16,260 16,260 — Construction — — — — 15,337 15,337 — Equity and Second Mortgage — — — — 1,267 1,267 — Equity Lines of Credit — — — — 12,788 12,788 — Commercial Loans — — — — 69,891 69,891 — Consumer Loans — — — — 915 915 — Total $ — $ 30 $ 1,013 $ 1,043 $ 340,217 $ 341,260 $ 33 There was no interest income recognized on non-accrual loans during the three months ended September 30, 2021 or year ended June 30, 2021. 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, 2021 and the year ended June 30, 2021 was approximately $10,000 and $63,000, 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, 2021 and year ended June 30, 2021 was as follows: Real Estate Loans September 30, 2021 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 $ 894 $ 1,630 $ 346 $ 407 $ 160 $ 193 $ 489 $ 3 $ 4,122 Charge-Offs — — — — — — — — — Recoveries 1 — — — — 4 — — 5 Current Provision 73 24 (20 ) (72 ) (4 ) (19 ) 18 — — Ending Balances $ 968 $ 1,654 $ 326 $ 335 $ 156 $ 178 $ 507 $ 3 $ 4,127 Evaluated for Impairment: Individually — 301 — — — — 232 — 533 Collectively 968 1,353 326 335 156 178 275 3 3,594 Loans Receivable: Ending Balances – Total $ 108,804 $ 106,033 $ 30,409 $ 14,354 $ 15,552 $ 13,668 $ 54,184 $ 885 $ 343,889 Ending Balances: Evaluated for Impairment: Individually 487 2,680 — — — — 2,744 — 5,911 Collectively $ 108,317 $ 103,353 $ 30,409 $ 14,354 $ 15,552 $ 13,668 $ 51,440 $ 885 $ 337,978 3. Loans Receivable (continued) Credit Quality Indicators (continued) Real Estate Loans June 30, 2021 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 ) — — (907 ) — — (1,014 ) — (1,961 ) Recoveries 3 — — 120 — 5 74 — 202 Current Provision (35 ) 1,062 (18 ) 170 80 62 480 (1 ) 1,800 Ending Balances $ 894 $ 1,630 $ 346 $ 407 $ 160 $ 193 $ 489 $ 3 $ 4,122 Evaluated for Impairment: Individually — 317 — — — — 251 — 568 Collectively 894 1,313 346 407 160 193 238 3 3,554 Loans Receivable: Ending Balances – Total $ 97,607 $ 96,180 $ 31,015 $ 16,260 $ 15,337 $ 14,055 $ 69,891 $ 915 $ 341,260 Ending Balances: Evaluated for Impairment: Individually 492 2,712 — — — — 2,804 — 6,008 Collectively $ 97,115 $ 93,468 $ 31,015 $ 16,260 $ 15,337 $ 14,055 $ 67,087 $ 915 $ 335,252 The following tables present loans individually evaluated for impairment, segregated by class of loans, as of September 30, 2021 and June 30, 2021: September 30, 2021 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 $ 487 $ 487 $ — $ 487 $ — $ 531 Commercial 2,680 1,580 1,100 2,680 301 2,726 Multi-Family Residential — — — — — — Land — — — — — — Construction — — — — — — Equity and Second Mortgage — — — — — — Equity Lines of Credit — — — — — — Commercial Loans 2,744 — 2,744 2,744 232 2,803 Consumer Loans — — — — — — Total $ 5,911 $ 2,067 $ 3,844 $ 5,911 $ 533 $ 6,060 June 30, 2021 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 $ 492 $ 492 $ — $ 492 $ — $ 530 Commercial 2,712 1,596 1,116 2,712 317 3,384 Multi-Family Residential — — — — — — Land — — — — — — Construction — — — — — — Equity and Second Mortgage — — — — — — Equity Lines of Credit — — — — — — Commercial Loans 2,804 — 2,804 2,804 251 2,836 Consumer Loans — — — — — — Total $ 6,008 $ 2,088 $ 3,920 $ 6,008 $ 568 $ 6,750 3. Loans Receivable (continued) Credit Quality Indicators (continued) The Bank has no commitments to loan additional funds to borrowers whose loans were previously in non-accrual status. As of September 30, 2021, there were no residential loans in the process of foreclosure. 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, 2021 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial real estate $ — $ 837 $ 837 $ 837 June 30, 2021 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ — $ 837 $ 837 $ 837 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, 2021, there were no commitments to lend additional funds to debtors owing sums to the Company whose terms have been modified in TDRs. The Company had no trouble debt restructuring that has subsequently defaulted in the last 12 months. 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 January 1, 2022 or the 60th 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. |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2021 | |
Deposits [Abstract] | |
Deposits | 4 . Deposits Deposits at September 30, 2021 and June 30, 2021 consist of the following classifications: September 30, 2021 June 30, 2021 (In Thousands) Non-Interest Bearing $ 145,214 $ 131,014 NOW Accounts 47,698 49,262 Money Markets 85,120 88,181 Passbook Savings 134,711 129,130 412,743 397,587 Certificates of Deposit 94,840 109,009 Total Deposits $ 507,583 $ 506,596 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. Earnings Per Share Home Federal Bank announced that its Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend, payable March 31, 2021, to stockholders of record as of March 22, 2021. Under the terms of the stock split, the Company’s stockholders received a dividend of one share for every share held on the record date. The dividend was paid in authorized but unissued shares of common stock of the Company. The par value of the Company's stock was not affected by the split and will remain at $0.01 per share. The outstanding shares of stock after the split increased from approximately 1.7 million shares to 3.4 million shares. 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, 2021 and 2020 were calculated as follows: Three Months Ended September 30, 2021 2020 (In Thousands, Except Per Share Data) Net income $ 1,353 $ 1,247 Weighted average shares outstanding – basic 3,204 3,262 Effect of dilutive common stock equivalents 310 128 Adjusted weighted average shares outstanding – diluted 3,514 3,390 Basic earnings per share $ 0.42 $ 0.38 Diluted earnings per share $ 0.38 $ 0.37 For the three months ended September 30, 2021 and 2020, there were outstanding options to purchase 626,132 and 520,322 shares, respectively, at a weighted average exercise price of $9.96 and $9.18 per share, respectively. For the quarter ended September 30, 2021 and 2020, 310,552 options and 127,762 options, respectively, 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, 2021 2020 (In Thousands) Average common shares issued 6,125 6,125 Average unearned ESOP shares (148 ) (171 ) Average unearned RRP shares — — Average Company stock purchased (2,773 ) (2,692 ) Weighted average shares outstanding 3,204 3,262 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation 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 317,736 (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 866 outstanding options as of September 30, 2021 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 389,044. Both incentive stock options and non-qualified stock options may be granted under the 2011 Option Plan. As of September 30, 2021, there were 778 stock options available for future grant under the 2011 Option Plan. Incentive stock options and non-qualified stock options granted under the Option Plans become vested and exercisable at a rate of 20% per year over five years, commencing one year from the date of the grant, with an additional 20% vesting on each successive anniversary of the date the option was granted. No vesting shall occur after an employee’s employment or service as a director is terminated. In the event of 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 “2014 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 2014 Stock Incentive Plan covers a total of 300,000 shares, of which no more than 74,000 shares, or 25% of the plan, may be share rewards. The balance of the plan is reserved for stock option awards which would total 225,000 stock options, assuming all the share awards are issued. All incentive stock options granted under the 2014 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 69,000 plan share awards and 207,000 stock options to directors, officers, and other key employees vesting ratably over five years. On February 5, 2019, the Company granted a total of 6,000 plan share awards and 27,000 stock options (which includes 9,000 stock options forfeited from the October 26, 2015 grants) to key employees vesting ratably over five years. 6. Stock-Based Compensation (continued) Stock Incentive Plan (continued) On November 13, 2019, the shareholders of the Company approved the adoption of the Company’s 2019 Stock Incentive Plan (the “2019 Stock Incentive Plan,” together with the 2014 Stock Incentive Plan, the “Stock Incentive Plans”) which provides for a total of 250,000 shares reserved for future issuance as stock awards or stock options. No more than 62,500 shares, or 25%, may be granted as stock awards. The balance of the plan is reserved for stock option awards. On November 11, 2020, the Company granted a total of 62,500 plan share awards and 187,500 stock options to directors, officers and other key employees vesting ratably over five years. The Stock Incentive Plans costs are recognized over the five year vesting period. As of September 30, 2021, there are no plan share awards or stock options available for future grants under the Stock Incentive Plans. Compensation expense pertaining to the 2011 Recognition Plan and the share awards under the Stock Incentive Plans was zero and $106,000 for the three months ended September 30, 2021 and 2020, respectively. For the three months ended September 30, 2021 and 2020, compensation expense charged to operations for stock options granted under the 2011 Option Plan and the Stock Incentive Plans was $26,000 and $34,000, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2021 | |
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 $3.1 million and $3.4 million at September 30, 2021 and June 30, 2021, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 8. Fair Value Disclosures The following disclosure is made in accordance with the requirements of ASC 825, Financial Instruments. Financial instruments are defined as cash and contractual rights and obligations that require settlement, directly or indirectly, in cash. In cases where quoted market prices are not available, fair values have been estimated using the present value of future cash flows or other valuation techniques. The results of these techniques are highly sensitive to the assumptions used, such as those concerning appropriate discount rates and estimates of future cash flows, which require considerable judgment. Accordingly, estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current settlement of the underlying financial instruments. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. These disclosures should not be interpreted as representing an aggregate measure of the underlying value of the Company. The following methods and assumptions were used by the Company in estimating fair values of financial instruments: Cash and Cash Equivalents The carrying amount approximates the fair value of cash and cash equivalents. 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. 8. Fair Value Disclosures (continued) 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, 2021 and June 30, 2021, the carrying amount and estimated fair values of the Company’s financial instruments were as follows: September 30, 2021 June 30, 2021 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 101,256 $ 101,256 $ 104,405 $ 104,405 Securities Available-for-Sale 26,974 26,974 29,550 29,550 Securities to be Held-to-Maturity 61,969 61,775 54,706 54,608 Loans Held-for-Sale 10,573 10,573 14,427 14,427 Loans Receivable 339,424 340,330 336,394 336,865 Financial Liabilities Deposits $ 507,583 $ 496,289 $ 506,596 $ 492,492 Advances from FHLB 859 907 867 924 Off-Balance Sheet Items Mortgage Loan Commitments $ 9,886 $ 9,886 $ 9,677 $ 9,677 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. 8. Fair Value Disclosures (continued) 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 – • Level 3 – Fair value is based upon inputs that are unobservable for the asset or liability. These inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Company’s own data. The Company’s own data used to develop unobservable inputs are adjusted if information indicates that market participants would use different assumptions. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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, 2021. 8. Fair Value Disclosures (continued) Fair values of assets and liabilities measured on a recurring basis at September 30, 2021 and June 30, 2021 are as follows: see table Fair Value Measurements Using: September 30, 2021 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 $ — $ 3,785 $ — $ 3,785 FNMA — 17,303 — 17,303 GNMA — 5,886 — 5,886 Total $ — $ 26,974 $ — $ 26,974 Fair Value Measurements Using: June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In Thousands) Available-for-Sale Debt Securities FHLMC $ — $ 4,221 $ — $ 4,221 FNMA — 19,152 — 19,152 GNMA — 6,177 — 6,177 Total $ — $ 29,550 $ — $ 29,550 |
Leases
Leases | 3 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 9. Leases 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) and all subsequent ASUs that modified Topic 842. For the Company, Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches with terms extending through 2058. Substantially all of the Company’s leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated statements of condition. 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. See table (In Thousands) September 30, 2021 June 30, 2021 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other Assets $ 855 $ 858 Total Lease Right-of-Use Assets $ 855 $ 858 Lease Liabilities Operating lease liabilities Other Accrued Expenses and Liabilities $ 875 $ 876 Total Lease Liabilities $ 875 $ 876 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, 2021 June 30, 2021 Weighted-average remaining lease term Operating leases 37.1 years 37.4 years Weighted-average discount rate Operating leases 3.00 % 3.00 % |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events There have been no subsequent events that have occurred after September 30, 2021, through the date of the financial statements, that would require disclosure or have an adverse impact on the financial statement. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
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, 2021 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2022. 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, 2021. 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, 2021, 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-marketable equity securities and debt securities, in which the Company has the positive intent and ability to hold to maturity, are classified as held-to-maturity and carried at cost, adjusted for amortization of the related premiums, and accretion of discounts, using the interest method. Investments in debt securities that are not classified as held-to-maturity and marketable equity securities that have readily determinable fair values are classified as either trading or available-for-sale securities. Securities that are acquired and held principally for the purpose of selling in the near term are classified as trading securities. Investments in securities not classified as trading or held-to-maturity are classified as available-for-sale. Trading account and available-for-sale securities are carried at fair value. Unrealized holding gains and losses on trading securities are included in earnings, while net unrealized holding gains and losses on available-for-sale debt securities are excluded from earnings and reported in other comprehensive income. The Company held no trading securities as of September 30, 2021 and June 30, 2021. Purchase premiums and discounts are recognized in interest income using the interest method over the term of the securities. Securities are periodically reviewed for other-than-temporary impairment. For debt securities, management considers whether the present value of future cash flows expected to be collected are less than the security’s amortized cost basis (the difference defined as the credit loss), the magnitude and duration of the decline, the reasons underlying the decline and the Company’s intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value, to determine whether the loss in value is other than temporary. If a decline in value is determined to be other than temporary, if the Company does not intend to sell the security, and it is more-likely-than-not that it will not be required to sell the security before recovery of the security’s amortized cost basis, the charge to earnings is limited to the amount of credit loss. Any remaining difference between fair value and amortized cost (the difference defined as the non-credit portion) is recognized in other comprehensive income, net of applicable taxes. A decline in value that is considered to be other-than-temporary is recorded as a loss within noninterest income in the consolidated statement of income. The Bank has invested in Federal Home Loan Bank (“FHLB”) stock, and other similar correspondent banks, which is reflected at cost in these financial statements. As a member of the FHLB System, the Bank is required to purchase and maintain stock in an amount determined by the FHLB. The FHLB stock is redeemable at par value at the discretion of the FHLB. |
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 present value of future cash flows or 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. All loans greater than 90 days past due are generally placed on nonaccrual status. |
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. The Company’s basic and diluted earnings per share were $0.42 and $0.38, respectively, for the three months ended September 30, 2021 compared to basic and diluted earnings per share (split adjusted) of $0.38 and $0.37, respectively, for the three months ended September 30, 2020. |
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 $74,000 and $26,000 for the three months ended September 30, 2021 and 2020, 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, 2021 and 2020, 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. The Company has established an implementation team and are in the process of engaging third-party consultants who have jointly developed a project plan to provide implementation oversight. The Company is in the process of developing and implementing current expected credit loss model that satisfy the requirements of ASU 2016-13. The future adoption of this ASU may have a material effect on the Company’s consolidated financial statements. 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. |
Summary of Accounting Policie_2
Summary of Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Summary of Accounting Policies [Abstract] | |
Estimated Useful Lives | Estimated useful lives are as follows: Buildings and Improvements 10 - 40 Years Furniture and Equipment 3 - 10 Years |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
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 2021 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 3,761 $ 24 $ — $ 3,785 FNMA Mortgage-Backed Certificates 16,892 439 28 17,303 GNMA Mortgage-Backed Certificates 6,007 1 122 5,886 Debt Securities Total Debt Securities 26,660 464 150 26,974 Total Securities Available-for-Sale $ 26,660 $ 464 $ 150 $ 26,974 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 778 $ 10 $ — $ 788 FHLMC Mortgage-Backed Certificates 19,603 59 198 19,464 FNMA Mortgage-Backed Certificates 39,707 562 651 39,618 Total Debt Securities 60,088 631 849 59,870 Municipals 1,354 24 — 1,378 Other Securities (Non-Marketable) 27,770 Shares – Federal Home Loan Bank 277 — — 277 630 Shares – First National Bankers Bankshares, Inc. 250 — — 250 Total Other Securities 527 — — 527 Total Securities Held-to-Maturity $ 61,969 $ 655 $ 849 $ 61,775 June 30, 2021 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 4,188 $ 33 $ — $ 4,221 FNMA Mortgage-Backed Certificates 18,666 486 — 19,152 GNMA Mortgage-Backed Certificates 6,347 1 171 6,177 Total Debt Securities 29,201 520 171 29,550 Total Securities Available-for-Sale $ 29,201 $ 520 $ 171 $ 29,550 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Securities $ 782 $ 17 $ — $ 799 FHLMC Mortgage-Backed Certificates 9,876 — 277 9,599 FNMA Mortgage-Backed Securities 42,160 641 500 42,301 Total Debt Securities 52,818 658 777 52,699 Municipals 1,361 21 — 1,382 Equity Securities (Non-Marketable) 2,766 Shares – Federal Home Loan Bank 277 — — 277 630 Shares – First National Bankers Bankshares, Inc. 250 — — 250 Total Equity Securities 527 — — 527 Total Securities Held-to-Maturity $ 54,706 $ 679 $ 777 $ 54,608 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities by contractual maturity at September 30, 2021 follows: Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In Thousands) Debt Securities Within One Year or Less $ — $ — $ — $ — One through Five Years 861 868 — — After Five through Ten Years 51 55 — — Over Ten Years 25,748 26,051 60,088 59,870 26,660 26,974 60,088 59,870 Municipals Within One Year or Less $ — $ — $ — $ — One through Five Years — — 234 239 After Five through Ten Years — — — — Over Ten Years — — 1,120 1,139 — — 1,354 1,378 Other Equity Securities — — 527 527 Total $ 26,660 $ 26,974 $ 61,969 $ 61,775 |
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, 2021 and June 30, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ 122 $ 6,732 $ 28 $ 1,504 Total Securities Available-for-Sale $ 122 $ 6,732 $ 28 $ 1,504 September 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Held-to-Maturity Mortgage-Backed Securities $ 849 $ 49,887 $ — $ — Total Securities Held-to-Maturity $ 849 $ 49,887 $ — $ — June 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Available-for-Sale Mortgage-Backed Securities $ 139 $ 4,522 $ 32 $ 1,633 T otal Securities Available-for-Sale $ 139 $ 4,522 $ 32 $ 1,633 June 30, 2021 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In Thousands) Securities Held-to-Maturity Mortgage-Backed Securities $ 777 $ 41,154 $ — $ — Total Securities Held-to-Maturity $ 777 $ 41,154 $ — $ — |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Loans Receivable [Abstract] | |
Loans Receivable | Loans receivable are summarized as follows: September 30, 2021 June 30, 2021 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 108,804 $ 97,607 Commercial 106,033 96,180 Multi-Family Residential 30,409 31,015 Land 14,354 16,260 Construction 15,552 15,337 Equity and Second Mortgage 1,232 1,267 Equity Lines of Credit 12,436 12,788 Total Mortgage Loans 288,820 270,454 Commercial Loans 54,184 69,891 Consumer Loans Loans on Savings Accounts 414 430 Other Consumer Loans 471 485 Total Consumer Other Loans 885 915 Total Loans 343,889 341,260 Less: Allowance for Loan Losses (4,127 ) (4,122 ) Unamortized Loan Fees (338 ) (744 ) Net Loans Receivable $ 339,424 $ 336,394 |
Analysis of Allowance for Loan Losses | Following is a summary of changes in the allowance for loan losses: Three Months Ended September 30 , 2021 2020 (In Thousands) Balance - Beginning of Period $ 4,122 $ 4,081 Provision for Loan Losses — 700 Loan Charge-Offs — (280 ) Recoveries 5 52 Balance - End of Period $ 4,127 $ 4,553 |
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, 2021 and June 30, 2021: September 30, 2021 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 108,317 $ 357 $ 130 $ — $ 108,804 Commercial 103,353 — 2,680 — 106,033 Multi-Family Residential 30,409 — — — 30,409 Land 14,354 — — — 14,354 Construction 15,552 — — — 15,552 Equity and Second Mortgage 1,232 — — — 1,232 Equity Lines of Credit 12,436 — — — 12,436 Commercial Loans 51,440 2,744 — — 54,184 Consumer Loans 885 — — — 885 Total $ 337,978 $ 3,101 $ 2,810 $ — $ 343,889 3. Loans Receivable (continued) Credit Quality Indicators (continued) June 30, 2021 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 97,115 $ 358 $ 134 $ — $ 97,607 Commercial 93,468 — 2,712 — 96,180 Multi-Family Residential 31,015 — — — 31,015 Land 16,260 — — — 16,260 Construction 15,337 — — — 15,337 Equity and Second Mortgage 1,267 — — — 1,267 Equity Lines of Credit 12,788 — — — 12,788 Commercial Loans 67,087 2,804 — — 69,891 Consumer Loans 915 — — — 915 Total $ 335,252 $ 3,162 $ 2,846 $ — $ 341,260 |
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, 2021 and June 30, 2021: September 30, 2021 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 $ — $ 427 $ 139 $ 566 $ 108,238 $ 108,804 $ 139 Commercial — — 837 837 105,196 106,033 837 Multi-Family Residential — — — — 30,409 30,409 — Land — — — — 14,354 14,354 — Construction — — — — 15,552 15,552 — Equity and Second Mortgage — — — — 1,232 1,232 — Equity Lines of Credit 15 — — 15 12,421 12,436 — Commercial Loans — — — — 54,184 54,184 — Consumer Loans — — — — 885 885 — Total $ 15 $ 427 $ 976 $ 1,418 $ 342,471 $ 343,889 $ 976 3. Loans Receivable (continued) Credit Quality Indicators (continued) June 30, 2021 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 $ — $ 30 $ 176 $ 206 $ 97,401 $ 97,607 $ 33 Commercial — — 837 837 95,343 96,180 — Multi-Family Residential — — — — 31,015 31,015 — Land — — — — 16,260 16,260 — Construction — — — — 15,337 15,337 — Equity and Second Mortgage — — — — 1,267 1,267 — Equity Lines of Credit — — — — 12,788 12,788 — Commercial Loans — — — — 69,891 69,891 — Consumer Loans — — — — 915 915 — Total $ — $ 30 $ 1,013 $ 1,043 $ 340,217 $ 341,260 $ 33 |
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, 2021 and year ended June 30, 2021 was as follows: Real Estate Loans September 30, 2021 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 $ 894 $ 1,630 $ 346 $ 407 $ 160 $ 193 $ 489 $ 3 $ 4,122 Charge-Offs — — — — — — — — — Recoveries 1 — — — — 4 — — 5 Current Provision 73 24 (20 ) (72 ) (4 ) (19 ) 18 — — Ending Balances $ 968 $ 1,654 $ 326 $ 335 $ 156 $ 178 $ 507 $ 3 $ 4,127 Evaluated for Impairment: Individually — 301 — — — — 232 — 533 Collectively 968 1,353 326 335 156 178 275 3 3,594 Loans Receivable: Ending Balances – Total $ 108,804 $ 106,033 $ 30,409 $ 14,354 $ 15,552 $ 13,668 $ 54,184 $ 885 $ 343,889 Ending Balances: Evaluated for Impairment: Individually 487 2,680 — — — — 2,744 — 5,911 Collectively $ 108,317 $ 103,353 $ 30,409 $ 14,354 $ 15,552 $ 13,668 $ 51,440 $ 885 $ 337,978 3. Loans Receivable (continued) Credit Quality Indicators (continued) Real Estate Loans June 30, 2021 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 ) — — (907 ) — — (1,014 ) — (1,961 ) Recoveries 3 — — 120 — 5 74 — 202 Current Provision (35 ) 1,062 (18 ) 170 80 62 480 (1 ) 1,800 Ending Balances $ 894 $ 1,630 $ 346 $ 407 $ 160 $ 193 $ 489 $ 3 $ 4,122 Evaluated for Impairment: Individually — 317 — — — — 251 — 568 Collectively 894 1,313 346 407 160 193 238 3 3,554 Loans Receivable: Ending Balances – Total $ 97,607 $ 96,180 $ 31,015 $ 16,260 $ 15,337 $ 14,055 $ 69,891 $ 915 $ 341,260 Ending Balances: Evaluated for Impairment: Individually 492 2,712 — — — — 2,804 — 6,008 Collectively $ 97,115 $ 93,468 $ 31,015 $ 16,260 $ 15,337 $ 14,055 $ 67,087 $ 915 $ 335,252 |
Loans Individually Evaluated for Impairment Segregated by Class of Loans | The following tables present loans individually evaluated for impairment, segregated by class of loans, as of September 30, 2021 and June 30, 2021: September 30, 2021 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 $ 487 $ 487 $ — $ 487 $ — $ 531 Commercial 2,680 1,580 1,100 2,680 301 2,726 Multi-Family Residential — — — — — — Land — — — — — — Construction — — — — — — Equity and Second Mortgage — — — — — — Equity Lines of Credit — — — — — — Commercial Loans 2,744 — 2,744 2,744 232 2,803 Consumer Loans — — — — — — Total $ 5,911 $ 2,067 $ 3,844 $ 5,911 $ 533 $ 6,060 June 30, 2021 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 $ 492 $ 492 $ — $ 492 $ — $ 530 Commercial 2,712 1,596 1,116 2,712 317 3,384 Multi-Family Residential — — — — — — Land — — — — — — Construction — — — — — — Equity and Second Mortgage — — — — — — Equity Lines of Credit — — — — — — Commercial Loans 2,804 — 2,804 2,804 251 2,836 Consumer Loans — — — — — — Total $ 6,008 $ 2,088 $ 3,920 $ 6,008 $ 568 $ 6,750 |
Information about TDRs | Information about the Company’s TDRs is as follows (in thousands): September 30, 2021 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial real estate $ — $ 837 $ 837 $ 837 June 30, 2021 Current Past Due Greater Than 30 Days Nonaccrual TDRs Total TDRs Commercial business $ — $ 837 $ 837 $ 837 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits at September 30, 2021 and June 30, 2021 consist of the following classifications: September 30, 2021 June 30, 2021 (In Thousands) Non-Interest Bearing $ 145,214 $ 131,014 NOW Accounts 47,698 49,262 Money Markets 85,120 88,181 Passbook Savings 134,711 129,130 412,743 397,587 Certificates of Deposit 94,840 109,009 Total Deposits $ 507,583 $ 506,596 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings per Share | Earnings per share for the three months ended September 30, 2021 and 2020 were calculated as follows: Three Months Ended September 30, 2021 2020 (In Thousands, Except Per Share Data) Net income $ 1,353 $ 1,247 Weighted average shares outstanding – basic 3,204 3,262 Effect of dilutive common stock equivalents 310 128 Adjusted weighted average shares outstanding – diluted 3,514 3,390 Basic earnings per share $ 0.42 $ 0.38 Diluted earnings per share $ 0.38 $ 0.37 |
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, 2021 2020 (In Thousands) Average common shares issued 6,125 6,125 Average unearned ESOP shares (148 ) (171 ) Average unearned RRP shares — — Average Company stock purchased (2,773 ) (2,692 ) Weighted average shares outstanding 3,204 3,262 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Financial Instruments | At September 30, 2021 and June 30, 2021, the carrying amount and estimated fair values of the Company’s financial instruments were as follows: September 30, 2021 June 30, 2021 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 101,256 $ 101,256 $ 104,405 $ 104,405 Securities Available-for-Sale 26,974 26,974 29,550 29,550 Securities to be Held-to-Maturity 61,969 61,775 54,706 54,608 Loans Held-for-Sale 10,573 10,573 14,427 14,427 Loans Receivable 339,424 340,330 336,394 336,865 Financial Liabilities Deposits $ 507,583 $ 496,289 $ 506,596 $ 492,492 Advances from FHLB 859 907 867 924 Off-Balance Sheet Items Mortgage Loan Commitments $ 9,886 $ 9,886 $ 9,677 $ 9,677 |
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, 2021 and June 30, 2021 are as follows: see table Fair Value Measurements Using: September 30, 2021 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 $ — $ 3,785 $ — $ 3,785 FNMA — 17,303 — 17,303 GNMA — 5,886 — 5,886 Total $ — $ 26,974 $ — $ 26,974 Fair Value Measurements Using: June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In Thousands) Available-for-Sale Debt Securities FHLMC $ — $ 4,221 $ — $ 4,221 FNMA — 19,152 — 19,152 GNMA — 6,177 — 6,177 Total $ — $ 29,550 $ — $ 29,550 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
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. See table (In Thousands) September 30, 2021 June 30, 2021 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other Assets $ 855 $ 858 Total Lease Right-of-Use Assets $ 855 $ 858 Lease Liabilities Operating lease liabilities Other Accrued Expenses and Liabilities $ 875 $ 876 Total Lease Liabilities $ 875 $ 876 |
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, 2021 June 30, 2021 Weighted-average remaining lease term Operating leases 37.1 years 37.4 years Weighted-average discount rate Operating leases 3.00 % 3.00 % |
Summary of Accounting Policie_3
Summary of Accounting Policies (Details) | 3 Months Ended | ||
Sep. 30, 2021USD ($)OfficeSubsidiary$ / shares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2021USD ($) | |
Securities [Abstract] | |||
Trading securities | $ 0 | $ 0 | |
Earnings Per Share [Abstract] | |||
Basic earnings per share (in dollars per share) | $ / shares | $ 0.42 | $ 0.38 | |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.38 | $ 0.37 | |
Non-Direct Response Advertising [Abstract] | |||
Non-direct response advertising costs | $ 74,000 | $ 26,000 | |
Direct-response advertising costs | $ 0 | $ 0 | |
Concentrations of Credit Risk [Member] | |||
Significant Group Concentrations of Credit Risk [Abstract] | |||
Number of wholly-owned subsidiaries | Subsidiary | 1 | ||
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] | Concentrations of Credit Risk [Member] | |||
Significant Group Concentrations of Credit Risk [Abstract] | |||
Number of full-service banking offices | Office | 7 |
Securities, Available-for-sale
Securities, Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 26,660 | $ 29,201 |
Gross Unrealized Gains | 464 | 520 |
Gross Unrealized Losses | 150 | 171 |
Fair Value | 26,974 | 29,550 |
Debt Securities [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 26,660 | 29,201 |
Gross Unrealized Gains | 464 | 520 |
Gross Unrealized Losses | 150 | 171 |
Fair Value | 26,974 | 29,550 |
FHLMC Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 3,761 | 4,188 |
Gross Unrealized Gains | 24 | 33 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,785 | 4,221 |
FNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 16,892 | 18,666 |
Gross Unrealized Gains | 439 | 486 |
Gross Unrealized Losses | 28 | 0 |
Fair Value | 17,303 | 19,152 |
GNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 6,007 | 6,347 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 122 | 171 |
Fair Value | $ 5,886 | $ 6,177 |
Securities, Held-to-maturity Se
Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 61,969 | $ 54,706 |
Gross Unrealized Gains | 655 | 679 |
Gross Unrealized Losses | 849 | 777 |
Fair Value | 61,775 | 54,608 |
Debt Securities [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 60,088 | 52,818 |
Gross Unrealized Gains | 631 | 658 |
Gross Unrealized Losses | 849 | 777 |
Fair Value | 59,870 | 52,699 |
GNMA Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 778 | 782 |
Gross Unrealized Gains | 10 | 17 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 788 | 799 |
FHLMC Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 19,603 | 9,876 |
Gross Unrealized Gains | 59 | 0 |
Gross Unrealized Losses | 198 | 277 |
Fair Value | 19,464 | 9,599 |
FNMA Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 39,707 | 42,160 |
Gross Unrealized Gains | 562 | 641 |
Gross Unrealized Losses | 651 | 500 |
Fair Value | 39,618 | 42,301 |
Municipals [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 1,354 | 1,361 |
Gross Unrealized Gains | 24 | 21 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,378 | 1,382 |
Other Equity Securities (Non-Marketable) [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 527 | 527 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 527 | 527 |
Federal Home Loan Bank [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 277 | 277 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 277 | $ 277 |
Number of equity securities (in shares) | 27,770 | 2,766 |
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, 2021 | Jun. 30, 2021 | |
Available-for-Sale, Amortized Cost [Abstract] | ||
Amortized Cost | $ 26,660 | $ 29,201 |
Available-for-Sale, Fair Value [Abstract] | ||
Fair Value | 26,974 | 29,550 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Amortized Cost | 61,969 | 54,706 |
Held-to-Maturity, Fair Value [Abstract] | ||
Fair Value | 61,775 | 54,608 |
Cost of held-to-maturity securities purchased | 9,900 | |
Debt Securities [Member] | ||
Available-for-Sale, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 861 | |
After Five through Ten Years | 51 | |
Over Ten Years | 25,748 | |
With Single Maturity Date | 26,660 | |
Amortized Cost | 26,660 | 29,201 |
Available-for-Sale, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 868 | |
After Five through Ten Years | 55 | |
Over Ten Years | 26,051 | |
With Single Maturity Date | 26,974 | |
Fair Value | 26,974 | 29,550 |
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 | 60,088 | |
With Single Maturity Date | 60,088 | |
Amortized Cost | 60,088 | 52,818 |
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 | 59,870 | |
With Single Maturity Date | 59,870 | |
Fair Value | 59,870 | 52,699 |
Municipals [Member] | ||
Available-for-Sale, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
With Single Maturity Date | 0 | |
Available-for-Sale, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
With Single Maturity Date | 0 | |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 234 | |
After Five through Ten Years | 0 | |
Over Ten Years | 1,120 | |
With Single Maturity Date | 1,354 | |
Amortized Cost | 1,354 | 1,361 |
Held-to-Maturity, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 239 | |
After Five through Ten Years | 0 | |
Over Ten Years | 1,139 | |
With Single Maturity Date | 1,378 | |
Fair Value | 1,378 | 1,382 |
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 | 527 | |
Amortized Cost | 527 | 527 |
Held-to-Maturity, Fair Value [Abstract] | ||
Without Single Maturity Date | 527 | |
Fair Value | $ 527 | $ 527 |
Securities, Securities with Gro
Securities, Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | $ 122 | $ 139 |
Over Twelve Months | 28 | 32 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 6,732 | 4,522 |
Over Twelve Months | 1,504 | 1,633 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 849 | 777 |
Over Twelve Months | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months | 49,887 | 41,154 |
Over Twelve Months | 0 | 0 |
Public Deposits [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Securities pledged with carrying value | 800 | |
FHLB Advances [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Securities pledged with carrying value | 159,400 | |
Mortgage-Backed Securities [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 122 | 139 |
Over Twelve Months | 28 | 32 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 6,732 | 4,522 |
Over Twelve Months | 1,504 | 1,633 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 849 | 777 |
Over Twelve Months | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months | 49,887 | 41,154 |
Over Twelve Months | $ 0 | $ 0 |
Loans Receivable, Components of
Loans Receivable, Components of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 |
Loan receivable [Abstract] | ||||
Total Loans | $ 343,889 | $ 341,260 | ||
Less: Allowance for Loan Losses | (4,127) | (4,122) | $ (4,553) | $ (4,081) |
Unamortized Loan Fees | (338) | (744) | ||
Net Loans Receivable | 339,424 | 336,394 | ||
Loans Secured by Mortgages on Real Estate [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 288,820 | 270,454 | ||
Loans Secured by Mortgages on Real Estate [Member] | One-to-Four-Family Residential [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 108,804 | 97,607 | ||
Less: Allowance for Loan Losses | (968) | (894) | (966) | |
Loans Secured by Mortgages on Real Estate [Member] | Commercial [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 106,033 | 96,180 | ||
Less: Allowance for Loan Losses | (1,654) | (1,630) | (568) | |
Loans Secured by Mortgages on Real Estate [Member] | Multi-Family Residential [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 30,409 | 31,015 | ||
Less: Allowance for Loan Losses | (326) | (346) | (364) | |
Loans Secured by Mortgages on Real Estate [Member] | Land [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 14,354 | 16,260 | ||
Less: Allowance for Loan Losses | (335) | (407) | (1,024) | |
Loans Secured by Mortgages on Real Estate [Member] | Construction [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 15,552 | 15,337 | ||
Less: Allowance for Loan Losses | (156) | (160) | (80) | |
Loans Secured by Mortgages on Real Estate [Member] | Equity and Second Mortgage [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 1,232 | 1,267 | ||
Loans Secured by Mortgages on Real Estate [Member] | Equity Lines of Credit [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 12,436 | 12,788 | ||
Commercial Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 54,184 | 69,891 | ||
Less: Allowance for Loan Losses | (507) | (489) | (949) | |
Consumer Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 885 | 915 | ||
Less: Allowance for Loan Losses | (3) | (3) | $ (4) | |
Consumer Loans [Member] | Loans on Savings Accounts [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | 414 | 430 | ||
Consumer Loans [Member] | Other Consumer Loans [Member] | ||||
Loan receivable [Abstract] | ||||
Total Loans | $ 471 | $ 485 |
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, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Summary of changes in the allowance for loan losses [Roll Forward] | |||
Beginning Balances | $ 4,122 | $ 4,081 | $ 4,081 |
Provision for Loan Losses | 0 | 700 | 1,800 |
Loan Charge-Offs | 0 | (280) | (1,961) |
Recoveries | 5 | 52 | 202 |
Ending Balances | $ 4,127 | $ 4,553 | $ 4,122 |
Loans Receivable, Grading of Lo
Loans Receivable, Grading of Loans, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | $ 343,889 | $ 341,260 |
Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 337,978 | 335,252 |
Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 3,101 | 3,162 |
Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 2,810 | 2,846 |
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 | 288,820 | 270,454 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 108,804 | 97,607 |
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 | 108,317 | 97,115 |
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 | 357 | 358 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 130 | 134 |
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 | 106,033 | 96,180 |
Real Estate Loans [Member] | Commercial [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 103,353 | 93,468 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 2,680 | 2,712 |
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 | 30,409 | 31,015 |
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 | 30,409 | 31,015 |
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 | 14,354 | 16,260 |
Real Estate Loans [Member] | Land [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 14,354 | 16,260 |
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 | 0 | 0 |
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 | 15,552 | 15,337 |
Real Estate Loans [Member] | Construction [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 15,552 | 15,337 |
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 | 1,232 | 1,267 |
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 | 1,232 | 1,267 |
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 | 12,436 | 12,788 |
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 | 12,436 | 12,788 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
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 | 54,184 | 69,891 |
Commercial Loans [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 51,440 | 67,087 |
Commercial Loans [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 2,744 | 2,804 |
Commercial Loans [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 0 |
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 | 885 | 915 |
Consumer Loans [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 885 | 915 |
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 ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | $ 343,889,000 | $ 341,260,000 |
Recorded Investment > 90 Days and Accruing | 976,000 | 33,000 |
Loan receivables on nonaccrual status | 0 | 0 |
Interest income recognized on non-accrual loans | 0 | 0 |
Estimated gross interest income that would have been recorded if non-accrual loans had been accruing interest at their original contracted rates | 10,000 | 63,000 |
Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 1,418,000 | 1,043,000 |
30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 15,000 | 0 |
60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 427,000 | 30,000 |
90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 976,000 | 1,013,000 |
Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 342,471,000 | 340,217,000 |
Real Estate Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 288,820,000 | 270,454,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 108,804,000 | 97,607,000 |
Recorded Investment > 90 Days and Accruing | 139,000 | 33,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 566,000 | 206,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
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 Loans | 427,000 | 30,000 |
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 Loans | 139,000 | 176,000 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 108,238,000 | 97,401,000 |
Real Estate Loans [Member] | Commercial [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 106,033,000 | 96,180,000 |
Recorded Investment > 90 Days and Accruing | 837,000 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 837,000 | 837,000 |
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 Loans | 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 Loans | 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 Loans | 837,000 | 837,000 |
Real Estate Loans [Member] | Commercial [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 105,196,000 | 95,343,000 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 30,409,000 | 31,015,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 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 Loans | 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 Loans | 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 Loans | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 30,409,000 | 31,015,000 |
Real Estate Loans [Member] | Land [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 14,354,000 | 16,260,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 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 Loans | 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 Loans | 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 Loans | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 14,354,000 | 16,260,000 |
Real Estate Loans [Member] | Construction [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 15,552,000 | 15,337,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 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 Loans | 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 Loans | 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 Loans | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 15,552,000 | 15,337,000 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 1,232,000 | 1,267,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 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 Loans | 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 Loans | 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 Loans | 0 | 0 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 1,232,000 | 1,267,000 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 12,436,000 | 12,788,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 15,000 | 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 Loans | 15,000 | 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 Loans | 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 Loans | 0 | 0 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 12,421,000 | 12,788,000 |
Commercial Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 54,184,000 | 69,891,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Commercial Loans [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Commercial Loans [Member] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Commercial Loans [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 54,184,000 | 69,891,000 |
Consumer Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 885,000 | 915,000 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Consumer Loans [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Consumer Loans [Member] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 0 | 0 |
Consumer Loans [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | $ 885,000 | $ 915,000 |
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, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | $ 4,122 | $ 4,081 | $ 4,081 |
Charge-Offs | 0 | (280) | (1,961) |
Recoveries | 5 | 52 | 202 |
Current Provision | 0 | 700 | 1,800 |
Ending Balances | 4,127 | 4,553 | 4,122 |
Evaluated for Impairment [Abstract] | |||
Individually | 533 | 568 | |
Collectively | 3,594 | 3,554 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 343,889 | 341,260 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 5,911 | 6,008 | |
Collectively | 337,978 | 335,252 | |
Real Estate Loans [Member] | |||
Loans Receivable [Abstract] | |||
Ending Balances - Total | 288,820 | 270,454 | |
Real Estate Loans [Member] | 1-4 Family Residential [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 894 | 966 | 966 |
Charge-Offs | 0 | (40) | |
Recoveries | 1 | 3 | |
Current Provision | 73 | (35) | |
Ending Balances | 968 | 894 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 968 | 894 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 108,804 | 97,607 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 487 | 492 | |
Collectively | 108,317 | 97,115 | |
Real Estate Loans [Member] | Commercial [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 1,630 | 568 | 568 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | 24 | 1,062 | |
Ending Balances | 1,654 | 1,630 | |
Evaluated for Impairment [Abstract] | |||
Individually | 301 | 317 | |
Collectively | 1,353 | 1,313 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 106,033 | 96,180 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 2,680 | 2,712 | |
Collectively | 103,353 | 93,468 | |
Real Estate Loans [Member] | Multi Family [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 346 | 364 | 364 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | (20) | (18) | |
Ending Balances | 326 | 346 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 326 | 346 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 30,409 | 31,015 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 30,409 | 31,015 | |
Real Estate Loans [Member] | Land [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 407 | 1,024 | 1,024 |
Charge-Offs | 0 | (907) | |
Recoveries | 0 | 120 | |
Current Provision | (72) | 170 | |
Ending Balances | 335 | 407 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 335 | 407 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 14,354 | 16,260 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 14,354 | 16,260 | |
Real Estate Loans [Member] | Construction [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 160 | 80 | 80 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | (4) | 80 | |
Ending Balances | 156 | 160 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 156 | 160 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 15,552 | 15,337 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 15,552 | 15,337 | |
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 193 | 126 | 126 |
Charge-Offs | 0 | 0 | |
Recoveries | 4 | 5 | |
Current Provision | (19) | 62 | |
Ending Balances | 178 | 193 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 178 | 193 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 13,668 | 14,055 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 13,668 | 14,055 | |
Commercial Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 489 | 949 | 949 |
Charge-Offs | 0 | (1,014) | |
Recoveries | 0 | 74 | |
Current Provision | 18 | 480 | |
Ending Balances | 507 | 489 | |
Evaluated for Impairment [Abstract] | |||
Individually | 232 | 251 | |
Collectively | 275 | 238 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 54,184 | 69,891 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 2,744 | 2,804 | |
Collectively | 51,440 | 67,087 | |
Consumer Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balances | 3 | $ 4 | 4 |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Current Provision | 0 | (1) | |
Ending Balances | 3 | 3 | |
Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | 3 | 3 | |
Loans Receivable [Abstract] | |||
Ending Balances - Total | 885 | 915 | |
Ending Balances, Evaluated for Impairment [Abstract] | |||
Individually | 0 | 0 | |
Collectively | $ 885 | $ 915 |
Loans Receivable, Loans Individ
Loans Receivable, Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | $ 5,911 | $ 6,008 |
Recorded Investment With No Allowance | 2,067 | 2,088 |
Recorded Investment With Allowance | 3,844 | 3,920 |
Total Recorded Investment | 5,911 | 6,008 |
Related Allowance | 533 | 568 |
Average Recorded Investment | 6,060 | 6,750 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 487 | 492 |
Recorded Investment With No Allowance | 487 | 492 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 487 | 492 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 531 | 530 |
Real Estate Loans [Member] | Commercial [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 2,680 | 2,712 |
Recorded Investment With No Allowance | 1,580 | 1,596 |
Recorded Investment With Allowance | 1,100 | 1,116 |
Total Recorded Investment | 2,680 | 2,712 |
Related Allowance | 301 | 317 |
Average Recorded Investment | 2,726 | 3,384 |
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 | 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] | 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 | 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 |
Commercial Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 2,744 | 2,804 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 2,744 | 2,804 |
Total Recorded Investment | 2,744 | 2,804 |
Related Allowance | 232 | 251 |
Average Recorded Investment | 2,803 | 2,836 |
Consumer Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | $ 0 | $ 0 |
Loans Receivable, Troubled Debt
Loans Receivable, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021USD ($)Loan | Jun. 30, 2021USD ($) | |
Troubled Debt Restructurings [Abstract] | ||
Commitments to loan additional funds to borrowers whose loans were previously in non-accrual status | $ 0 | |
Number of trouble debt restructuring that has subsequently defaulted in last 12 months | Loan | 0 | |
Commercial Business [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | $ 837 | |
Commercial Business [Member] | Nonaccrual [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 837 | |
Commercial Business [Member] | Current [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | |
Commercial Business [Member] | Past Due Greater than 30 Days [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | $ 837 | |
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | $ 837 | |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Nonaccrual [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 837 | |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Current [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 0 | |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Past Due Greater than 30 Days [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Total TDRs | 837 | |
Residential Loans [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
Mortgage loans in process of foreclosure | $ 0 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Summary of Deposits [Abstract] | ||
Non-Interest Bearing | $ 145,214 | $ 131,014 |
NOW Accounts | 47,698 | 49,262 |
Money Markets | 85,120 | 88,181 |
Passbook Savings | 134,711 | 129,130 |
Total transaction accounts | 412,743 | 397,587 |
Certificates of Deposit | 94,840 | 109,009 |
Total Deposits | $ 507,583 | $ 506,596 |
Earnings Per Share (Details)
Earnings Per Share (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2021$ / sharesshares | |
Earnings Per Share [Abstract] | ||||
Stock split, conversion ratio | 2 | |||
Percentage of stock dividend | 100.00% | |||
Dividend payable date | Mar. 31, 2021 | |||
Dividend record date | Mar. 22, 2021 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Common stock, outstanding prior to stock split (in shares) | 1,700,000 | |||
Common stock, outstanding after stock split (in shares) | 3,359,856 | 3,350,966 | ||
Calculation of earnings per share [Abstract] | ||||
Net income | $ | $ 1,353 | $ 1,247 | ||
Weighted average shares outstanding - basic (in shares) | 3,204,000 | 3,262,000 | ||
Effect of dilutive common stock equivalents (in shares) | 310,000 | 128,000 | ||
Adjusted weighted average shares outstanding - diluted (in shares) | 3,514,000 | 3,390,000 | ||
Basic earnings per share (in dollars per share) | $ / shares | $ 0.42 | $ 0.38 | ||
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.38 | $ 0.37 | ||
Outstanding options to purchase shares (in shares) | 626,132 | 520,322 | ||
Weighted average price per share of outstanding options (in dollars per share) | $ / shares | $ 9.96 | $ 9.18 | ||
Components of weighted average outstanding shares [Abstract] | ||||
Average common shares issued (in shares) | 6,125,000 | 6,125,000 | ||
Average unearned ESOP shares (in shares) | (148,000) | (171,000) | ||
Average unearned RRP shares (in shares) | 0 | 0 | ||
Average Company stock purchased (in shares) | (2,773,000) | (2,692,000) | ||
Weighted average shares outstanding (in shares) | 3,204,000 | 3,262,000 | ||
Stock Options [Member] | ||||
Calculation of earnings per share [Abstract] | ||||
Effect of dilutive common stock equivalents (in shares) | 310,552 | 127,762 | ||
Stock Dividend [Member] | ||||
Earnings Per Share [Abstract] | ||||
Stock declared as dividends (in shares) | 1 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plan (Details) - shares | 3 Months Ended | ||
Sep. 30, 2021 | Dec. 23, 2011 | Aug. 10, 2005 | |
Stock Options [Member] | |||
Stock Option Plans [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) | 317,736 | ||
Termination date | Jun. 8, 2015 | ||
Outstanding stock options (in shares) | 866 | ||
Term of share-based payment award | 10 years | ||
2011 Stock Option Plan [Member] | |||
Stock Option Plans [Abstract] | |||
Aggregate number of shares of common stock reserved for future issuance (in shares) | 778 | 389,044 |
Stock-Based Compensation, Sto_2
Stock-Based Compensation, Stock Incentive Plans (Details) - USD ($) $ in Thousands | Nov. 11, 2020 | Nov. 13, 2019 | Feb. 05, 2019 | Oct. 26, 2015 | Nov. 12, 2014 | Sep. 30, 2021 | Sep. 30, 2020 |
Stock Options [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Award vesting period | 5 years | ||||||
Compensation expense | $ 26 | $ 34 | |||||
2014 Stock Incentive Plan [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Number of shares authorized under plan (in shares) | 300,000 | ||||||
Award vesting period | 5 years | ||||||
2014 Stock Incentive Plan [Member] | Share Awards [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Granted (in shares) | 6,000 | 69,000 | |||||
2014 Stock Incentive Plan [Member] | Share Awards [Member] | Maximum [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Aggregate number of shares available for grant (in shares) | 74,000 | ||||||
Percentage of shares available for grant | 25.00% | ||||||
2014 Stock Incentive Plan [Member] | Stock Options [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Number of shares forfeited (in shares) | 9,000 | ||||||
Aggregate number of shares of common stock reserved for future issuance (in shares) | 225,000 | ||||||
Granted (in shares) | 27,000 | 207,000 | |||||
Award vesting period | 5 years | ||||||
2019 Stock Incentive Plan [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Number of shares authorized under plan (in shares) | 250,000 | ||||||
Aggregate number of shares of common stock reserved for future issuance (in shares) | 250,000 | ||||||
2019 Stock Incentive Plan [Member] | Share Awards [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Aggregate number of shares available for grant (in shares) | 62,500 | 0 | |||||
Percentage of shares available for grant | 25.00% | ||||||
2019 Stock Incentive Plan [Member] | Share Awards [Member] | Maximum [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Aggregate number of shares available for grant (in shares) | 62,500 | ||||||
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) | 187,500 | 0 | |||||
Percentage of shares available for grant | 25.00% | ||||||
Award vesting period | 5 years | ||||||
2011 Recognition Plan and Stock Incentive Plan [Member] | |||||||
Stock Incentive Plans [Abstract] | |||||||
Compensation expense | $ 0 | $ 106 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 |
Related Party Transactions [Abstract] | ||
Loan made to directors and executive officers | $ 3.1 | $ 3.4 |
Fair Value Disclosures, Carryin
Fair Value Disclosures, Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
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 | $ 26,974 | $ 29,550 |
Carrying Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 101,256 | 104,405 |
Securities Available-for-Sale | 26,974 | 29,550 |
Securities to be Held-to-Maturity | 61,969 | 54,706 |
Loans Held-for-Sale | 10,573 | 14,427 |
Loans Receivable | 339,424 | 336,394 |
Financial Liabilities [Abstract] | ||
Deposits | 507,583 | 506,596 |
Advances from FHLB | 859 | 867 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | 9,886 | 9,677 |
Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 101,256 | 104,405 |
Securities Available-for-Sale | 26,974 | 29,550 |
Securities to be Held-to-Maturity | 61,775 | 54,608 |
Loans Held-for-Sale | 10,573 | 14,427 |
Loans Receivable | 340,330 | 336,865 |
Financial Liabilities [Abstract] | ||
Deposits | 496,289 | 492,492 |
Advances from FHLB | 907 | 924 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | $ 9,886 | $ 9,677 |
Fair Value Disclosures, Recurri
Fair Value Disclosures, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | $ 26,974 | $ 29,550 |
FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 3,785 | 4,221 |
FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 17,303 | 19,152 |
GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 5,886 | 6,177 |
Recurring [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 26,974 | 29,550 |
Recurring [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 3,785 | 4,221 |
Recurring [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 17,303 | 19,152 |
Recurring [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Available-for-sale debt securities | 5,886 | 6,177 |
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 | 26,974 | 29,550 |
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 | 3,785 | 4,221 |
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 | 17,303 | 19,152 |
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 | 5,886 | 6,177 |
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 |
Leases (Details)
Leases (Details) - ASU 2016-02 [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Lease Right-of-Use Assets [Abstract] | ||
Operating lease right-of-use assets | $ 855 | $ 858 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Lease Liabilities [Abstract] | ||
Operating lease liabilities | $ 875 | $ 876 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Accrued Expenses and Liabilities | Other Accrued Expenses and Liabilities |
Weighted-average remaining lease term [Abstract] | ||
Operating leases | 37 years 1 month 6 days | 37 years 4 months 24 days |
Weighted-average discount rate [Abstract] | ||
Operating leases | 3.00% | 3.00% |