Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
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 $0.01 per share) | |
Trading Symbol | HFBL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,133,351 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
ASSETS | ||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $1,557 and $22,215 September 30, 2023 and June 30, 2023, Respectively) | $ 8,878 | $ 24,765 |
Securities Available-for-Sale (amortized cost September 30, 2023: $44,736; June 30, 2023: $42,910, Respectively) | 40,409 | 39,551 |
Securities Held-to-Maturity (fair value September 30, 2023: $57,557; June 30, 2023: $61,222, Respectively) | 72,806 | 74,423 |
Loans Held-for-Sale | 589 | 4 |
Loans Receivable, Net of Allowance for Credit Losses (September 30, 2023: $5,102; June 30, 2023: $5,173, Respectively) | 506,599 | 489,493 |
Accrued Interest Receivable | 1,907 | 1,790 |
Premises and Equipment, Net | 16,978 | 16,561 |
Bank Owned Life Insurance | 6,725 | 6,700 |
Goodwill | 2,990 | 2,990 |
Core Deposit Intangible | 1,439 | 1,533 |
Deferred Tax Asset | 1,460 | 1,313 |
Real Estate Owned | 561 | 368 |
Other Assets | 1,261 | 1,424 |
Total Assets | 662,602 | 660,915 |
Deposits: | ||
Non-interest bearing | 146,057 | 145,553 |
Interest-bearing | 446,448 | 451,808 |
Total Deposits | 592,505 | 597,361 |
Advances from Borrowers for Taxes and Insurance | 715 | 554 |
Short-term Federal Home Loan Bank Advances | 4,600 | 0 |
Other Borrowings | 8,850 | 8,550 |
Other Accrued Expenses and Liabilities | 5,459 | 3,908 |
Total Liabilities | 612,129 | 610,373 |
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: 3,133,351 Shares Issued and Outstanding at September 30, 2023 and June 30, 2023 | 31 | 31 |
Additional Paid-in Capital | 41,057 | 40,981 |
Unearned ESOP Stock | (495) | (523) |
Retained Earnings | 13,346 | 12,707 |
Accumulated Other Comprehensive Loss | (3,466) | (2,654) |
Total Stockholders' Equity | 50,473 | 50,542 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 662,602 | $ 660,915 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
ASSETS | ||
Interest-Bearing Deposits with Other Banks | $ 1,557 | $ 22,215 |
Securities Available-for-Sale, Amortized cost | 44,736 | 42,910 |
Securities Held-to-Maturity, Fair Value | 57,557 | 61,222 |
Loans Receivable, Allowance for Credit Losses | $ 5,102 | $ 5,173 |
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) | 3,133,351 | 3,133,351 |
Common Stock, Outstanding (in shares) | 3,133,351 | 3,133,351 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
INTEREST INCOME | |||
Loans, including fees | $ 7,274 | $ 5,028 | |
Investment securities | 150 | 2 | |
Mortgage-backed securities | 473 | 489 | |
Other interest-earning assets | 177 | 262 | |
Total interest income | 8,074 | 5,781 | |
INTEREST EXPENSE | |||
Deposits | 2,592 | 400 | |
Federal Home Loan Bank borrowings | 183 | 66 | |
Other bank borrowings | 15 | 10 | |
Total interest expense | 2,790 | 476 | |
Net interest income | 5,284 | 5,305 | |
PROVISION FOR CREDIT LOSSES | 0 | [1] | 418 |
Net interest income after provision for credit losses | 5,284 | 4,887 | |
NON-INTEREST INCOME | |||
Gain on sale of loans | 38 | 175 | |
Loss on sale of real estate and fixed assets | (34) | 0 | |
Income on bank owned life insurance | 26 | 26 | |
Service charges on deposit accounts | 391 | 335 | |
Other income | 13 | 10 | |
Total non-interest income | 434 | 546 | |
NON-INTEREST EXPENSE | |||
Compensation and benefits | 2,356 | 2,282 | |
Occupancy and equipment | 549 | 501 | |
Data processing | 245 | 181 | |
Audit and examination fees | 102 | 75 | |
Franchise and bank shares tax | 156 | 119 | |
Advertising | 143 | 74 | |
Professional fees | 160 | 126 | |
Loan and collection | 60 | 52 | |
Amortization core deposit intangible | 94 | 0 | |
Deposit insurance premium | 91 | 47 | |
Other expenses | 232 | 296 | |
Total non-interest expense | 4,188 | 3,753 | |
Income before income taxes | 1,530 | 1,680 | |
PROVISION FOR INCOME TAX EXPENSE | 310 | 9 | |
NET INCOME | $ 1,220 | $ 1,671 | |
EARNINGS PER SHARE: | |||
Basic (in dollars per share) | $ 0.4 | $ 0.55 | |
Diluted (in dollars per share) | $ 0.39 | $ 0.52 | |
[1]Current provision included in the table only includes the portion related to loans receivable. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net Income | $ 1,220 | $ 1,671 |
Investment securities available-for-sale: | ||
Net unrealized losses | (1,028) | (1,109) |
Income tax effect | 216 | 231 |
Other Comprehensive Loss | (812) | (878) |
Total Comprehensive Income | $ 408 | $ 793 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Common Stock [Member] Cumulative Effect Of Change In Accounting Principle - ASU 2016-13 [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] Cumulative Effect Of Change In Accounting Principle - ASU 2016-13 [Member] | Unearned ESOP Stock [Member] | Unearned ESOP Stock [Member] Cumulative Effect Of Change In Accounting Principle - ASU 2016-13 [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect Of Change In Accounting Principle - ASU 2016-13 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect Of Change In Accounting Principle - ASU 2016-13 [Member] | Total | Cumulative Effect Of Change In Accounting Principle - ASU 2016-13 [Member] |
Beginning Balance at Jun. 30, 2022 | $ 34 | $ 40,145 | $ (639) | $ 14,506 | $ (1,699) | $ 52,347 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 0 | 0 | 0 | 1,671 | 0 | 1,671 | ||||||
Changes in Unrealized Loss on Securities Available-for-Sale, Net of Tax Effects | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (878) | $ (812) | (878) | $ (812) |
Stock Options Vested | 0 | 26 | 0 | 0 | 0 | 26 | ||||||
Common Stock Issuance for Stock Option Exercises | 0 | 147 | 0 | 0 | 0 | 147 | ||||||
ESOP Compensation Earned | 0 | 82 | 29 | 0 | 0 | 111 | ||||||
Company Stock Purchased | (3) | 0 | 0 | (5,889) | 0 | (5,892) | ||||||
Dividends Declared | 0 | 0 | 0 | (407) | 0 | (407) | ||||||
Ending Balance at Sep. 30, 2022 | 31 | 40,400 | (610) | 9,881 | (2,577) | 47,125 | ||||||
Beginning Balance at Jun. 30, 2023 | 31 | $ 0 | 40,981 | $ 0 | (523) | $ 0 | 12,707 | $ (189) | (2,654) | $ 0 | 50,542 | $ (189) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | ASU 2016-13 [Member] | ASU 2016-13 [Member] | ||||||||||
Net Income | 0 | 0 | 0 | 1,220 | 0 | 1,220 | ||||||
Stock Options Vested | 0 | 23 | 0 | 0 | 0 | 23 | ||||||
ESOP Compensation Earned | 0 | 53 | 28 | 0 | 0 | 81 | ||||||
Dividends Declared | 0 | 0 | 0 | (392) | 0 | (392) | ||||||
Ending Balance at Sep. 30, 2023 | $ 31 | $ 41,057 | $ (495) | $ 13,346 | $ (3,466) | $ 50,473 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Dividends Declared (in dollars per share) | $ 0.13 | $ 0.12 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | $ 1,220 | $ 1,671 | ||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||||
Gain on Sale of Loans | (38) | (175) | ||
Net Amortization and Accretion on Securities | 107 | 3 | ||
Amortization of Deferred Loan Fees | (33) | (194) | ||
Amortization of Purchased Loans | (419) | 0 | ||
Provision for Credit Losses | 0 | [1] | 418 | $ 868 |
Depreciation of Premises and Equipment | 224 | 218 | ||
Loss on Sales of Real Estate and Fixed Assets | 34 | 0 | ||
ESOP Compensation Expense | 81 | 111 | ||
Stock Option Expense | 23 | 26 | ||
Deferred Income Tax Benefit | (147) | (323) | ||
Federal Home Loan Bank Stock Dividend | 17 | 1 | ||
Share Awards Expense | 28 | 31 | ||
Increase in Cash Surrender Value on Bank Owned Life Insurance | (26) | (26) | ||
Bad Debt Recovery | 362 | 1 | ||
Loans Held-for-Sale - Originations and Purchases | (1,807) | (9,932) | ||
Loans Held-for-Sale - Sale and Principal Repayments | 1,222 | 12,097 | ||
Changes in Assets and Liabilities: | ||||
Accrued Interest Receivable | (117) | (126) | ||
Other Operating Assets | 163 | 103 | ||
Other Operating Liabilities | 1,551 | 431 | ||
Net Cash Provided by Operating Activities | 2,445 | 4,335 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Loan Originations and Purchases, Net of Principal Collections | (17,659) | (18,717) | ||
Deferred Loan Fees Collected | 16 | 93 | ||
Acquisition of Premises and Equipment | (656) | (106) | ||
Proceeds from Sale of Real Estate and Fixed Assets | 276 | 0 | ||
Improvements to Real Estate Owned Prior to Disposition | (38) | 0 | ||
Activity in Available-for-Sale Securities: | ||||
Principal Payments on Securities | 952 | 1,610 | ||
Purchase of Municipals | 0 | (570) | ||
Purchase of Mortgage-Backed Securities | (2,667) | (4,806) | ||
Purchase of US Treasury Notes | 0 | 0 | ||
Activity in Held-to-Maturity Securities: | ||||
Purchase of Securities | 0 | 0 | ||
Purchases of FHLB Stock | 0 | 0 | ||
Principal Payments on Mortgage-Backed Securities | 1,631 | 1,870 | ||
Net Cash Used in Investing Activities | (18,145) | (20,626) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net Decrease in Deposits | (4,856) | (8,231) | ||
Proceeds from Advances from Federal Home Loan Bank | 77,100 | 0 | ||
Repayments of Advances from Federal Home Loan Bank | (72,500) | (9) | ||
Dividends Paid | (392) | (407) | ||
Company Stock Purchased | 0 | (5,892) | ||
Net Increase in Advances from Borrowers for Taxes and Insurance | 161 | 136 | ||
Proceeds from Other Bank Borrowings | 300 | 4,000 | ||
Proceeds from Stock Options Exercised | 0 | 147 | ||
Net Cash Used in Financing Activities | (187) | (10,256) | ||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (15,887) | (26,547) | ||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 24,765 | 64,078 | 64,078 | |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 8,878 | 37,531 | $ 24,765 | |
SUPPLEMENTARY CASH FLOW INFORMATION | ||||
Interest Paid on Deposits and Borrowed Funds | 2,772 | 468 | ||
Market Value Adjustment for Loss on Securities Available-for-Sale | (812) | (1,109) | ||
Transfer from Loans to Other Real Estate Owned | $ 465 | $ 93 | ||
[1]Current provision included in the table only includes the portion related to loans receivable. |
Summary of Accounting Policies
Summary of Accounting Policies | 3 Months Ended |
Sep. 30, 2023 | |
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, 2023 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2024. 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 statement of financial condition date for potential recognition in the consolidated financial statements. The effect of all subsequent events that provide additional evidence of conditions that existed at the statement of financial condition date are recognized in the consolidated financial statements as of September 30, 2023. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred through the date these consolidated 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 credit 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 ten full-service banking offices and home office, located in Caddo, Bossier and Webster Parishes, Louisiana. The area served by the Bank is primarily the Shreveport-Bossier City-Minden combined statistical area; however, loan and deposit customers are found dispersed in a wider geographical area covering much of northwest Louisiana. As of September 30, 2023, the Bank had one wholly-owned subsidiary, Metro Financial Services, Inc., which previously engaged in the sale of annuity contracts and does not currently engage in a meaningful amount of business. Cash and Cash Equivalents For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, balances due from banks, and federal funds sold, all of which mature within ninety days. Securities The discussion that follows describes the methodology for determining the allowance for credit loss (“ACL”) for investments under the ASU 2016-13 model that was adopted effective July 1, 2023. The allowance methodology for prior periods is disclosed in the Company’s 2023 Annual Report on Form 10-K. Securities are being accounted for in accordance with FASB ASC 320’s, Investments, 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, 2023 and June 30, 2023. Purchase premiums and discounts are recognized in interest income using the interest method over the term of the securities. Securities are periodically reviewed for impairment. For debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline is in the fair value below amortized cost basis (impairment) is due to credit or non-credit related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. For available for sale investments, credit related impairment is recognized as an ACL on the balance sheet, limited to the amount by which the amortized cost basis exceeds to the fair value, with a corresponding adjustment to earnings. For held to maturity investments, credit related impairment is recognized as an ACL on the balance sheet, for the entire amount of credit loss, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale security, or more likely than not will be required to sell such security before recovering the amortized cost basis, the entire impairment amount must be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL is such situation. Accrued interest is receivable is excluded from the estimate of credit losses In evaluating securities in unrealized loss positions, for impairment and the criteria regarding intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by federal governments or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial conditions, among other factors. The Bank has invested in Federal Home Loan Bank (“FHLB”) stock, and other similar correspondent banks, which is reflected at cost in these consolidated 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 allowance for credit losses ( “ ” Allowance for Credit Losses The discussion that follows describes the methodology for determining the ACL under the new current expected credit loss (“CECL”) implemented effective July 1, 2023 in accordance with ASU No. 2016-13 and subsequent ASUs issued to amend ASC Topic 326. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. The ACL also includes certain qualitative adjustments to the ASU 2016-13 model. Loans Evaluated Collectively. Homogeneous loans are evaluated collectively for expected credit losses. The loan pools/segments with similar risk characteristics were determined by Call Report codes. Loans Evaluated Individually Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made to incorporate our reasonable and supportable forecast of future losses at the portfolio segment level, as well as any necessary qualitative adjustments, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis . Loans evaluated individually may have specific allocations assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For all loans, an internal risk rating process is used. The Company believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Company’s internal risk rating categories: • Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Company considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to Allowance for Credit Losses: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, competition, model imprecision, and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on Management’s knowledge of the portfolio and the markets in which the Company operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These include but are not limited to loans-in-process, trade acceptances and overdrafts. Off Balance Sheet Credit Exposures. 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 costs 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 Bank 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 Company 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 $0.40 and $0.39, respectively, for the three months ended September 30, 2023 compared to basic and diluted earnings per share of $0.55 and $0.52, respectively, for the three months ended September 30, 2022. 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 consolidated statements of income 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 statements of financial conditions along with net income, they are components of comprehensive income. Critical Accounting Policies During the quarter ended September 30, 2023, the Company implemented CECL accounting policies, procedures, and controls as part of its adoption of ASU No. 2016-13 and subsequent ASUs issued to amend ASC Topic 326. There were no other changes made to the Company’s internal control over financial reporting that occurred during the quarter ended September 30, 2023 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Recent Accounting Pronouncements ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The adoption of the ASU 2016-13 resulted in an increase in the allowance for loan losses as a result of changing from an incurred loss model, which encompasses allowances for current known and inherent losses within the portfolio, to an expected loss model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. The amount determined from adoption was recognized as a cumulative effective to the July 1, 2023 retained earnings. Accounting Standards Update 2022-02 (“ASU 2022-02”), “Financial Instruments – Credit Losses (Topic 326) The Company adopted ASU 2016-13 using the weighted average maturity method (WARM) for all financial assets measured at amortized cost, net of investments in leases and off balance sheet credit exposures. Results for reporting periods beginning after July 1, 2023 are presented under ASU 2016-13, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The following table presents the impact of adopting ASU 2016-13 Allowance for credit losses – loans: Beginning Balance June 30, 2023 Impact of ASU 2016-13 Adoption Provision for Credit Losses Charge-offs Recoveries Ending Balance September 30, 2023 Real Estate Loans: 1-4 Family residential $ 1,900 $ 688 $ - $ (428 ) $ 1 $ 2,161 Commercial 1,673 (119 ) - - - 1,554 Multi-Family 228 (139 ) - - - 89 Land 274 (85 ) - - - 189 Construction 254 (44 ) - - - 210 Home Equity Loans and Lines of Credit 251 30 - - 2 283 Commercial Loans 588 24 - - - 612 Consumer Loans 5 4 - (5 ) - 4 Total allowance for credit losses $ 5,173 $ 359 $ - $ (433 ) $ 3 $ 5,102 |
Securities
Securities | 3 Months Ended |
Sep. 30, 2023 | |
Securities [Abstract] | |
Securities | 2. Securities The amortized cost and fair value of securities with gross unrealized gains and losses follows: September 30 2023 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 11,869 $ - $ 1,376 $ 10,493 FNMA Mortgage-Backed Certificates 14,844 - 2,022 12,822 GNMA Mortgage-Backed Certificates 4,414 - 959 3,455 Total Debt Securities 31,127 - 4,357 26,770 US Treasury Securities 9,876 136 4 10,008 Municipals 3,733 2 104 3,631 Total Securities Available-for-Sale $ 44,736 $ 138 $ 4,465 $ 40,409 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 619 $ - $ 80 $ 539 FHLMC Mortgage-Backed Certificates 29,312 - 6,572 22,740 FNMA Mortgage-Backed Certificates 40,010 - 8,493 31,517 Total Debt Securities 69,941 - 15,145 54,796 Municipals 1,305 - 104 1,201 Equity Securities (Non-Marketable) 13,098 Shares – Federal Home Loan Bank 1,310 - - 1,310 630 Shares – First National Bankers Bankshares, Inc. 250 - - 250 Total Equity Securities 1,560 - - 1,560 Total Securities Held-to-Maturity $ 72,806 $ - $ 15,249 $ 57,557 June 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 12,167 $ 1 $ 1,012 $ 11,156 FNMA Mortgage-Backed Certificates 15,318 - 1,604 13,714 GNMA Mortgage-Backed Certificates 4,578 - 814 3,764 Total Debt Securities 32,063 1 3,430 28,634 US Treasury Securities 9,779 68 6 9,841 Municipal Bonds 1,068 11 3 1,076 Total Securities Available-for-Sale $ 42,910 $ 80 $ 3,439 $ 39,551 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 623 $ - $ 63 $ 560 FHLMC Mortgage-Backed Certificates 29,921 - 5,781 24,140 FNMA Mortgage-Backed Certificates 41,024 - 7,277 33,747 Total Debt Securities 71,568 - 13,121 58,447 Municipals 1,311 - 80 1,231 Equity Securities (Non-Marketable) 12,935 Shares – Federal Home Loan Bank 1,294 - - 1,294 630 Shares – First National Bankers Bankshares, Inc. 250 - - 250 Total Equity Securities 1,544 - - 1,544 Total Securities Held-to-Maturity $ 74,423 $ - $ 13,201 $ 61,222 The amortized cost and fair value of securities by contractual maturity at September 30, 2023 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 1 1 - - After Five through Ten Years 1,725 1,613 582 538 Over Ten Years 29,401 25,156 69,359 54,258 31,127 26,770 69,941 54,796 US Treasury Securities Within One Year or Less $ 7,877 $ 8,008 $ - $ - One through Five Years 1,999 2,000 - - After Five through Ten Years - - - - Over Ten Years - - - - 9,876 10,008 - - Municipals Within One Year or Less $ - $ - $ - $ - One through Five Years 365 364 219 207 After Five through Ten Years - - - - Over Ten Years 3,368 3,267 1,086 994 3,733 3,631 1,305 1,201 Other Equity Securities - - 1,560 1,560 Total $ 44,736 $ 40,409 $ 72,806 $ 57,557 Securities available-for-sale totaling $2.7 million were purchased during the three months ended September 30, 2023. There were no securities sold during the three months ended September 30, 2023. The following tables show information pertaining to gross unrealized losses on securities available-for-sale and held-to-maturity at September 30, 2023 and June 30, 2023 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2023 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 $ 951 $ 9,150 $ 3,406 $ 17,614 Municipals 104 2,293 - - US Treasury Securities 4 688 - - Total Securities Available-for-Sale $ 1,059 $ 12,131 $ 3,406 $ 17,614 September 30, 2023 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 $ - $ - $ 15,145 $ 54,796 Municipals - - 104 1,201 Total Securities Held-to-Maturity $ - $ - $ 15,249 $ 55,997 June 30, 2023 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 $ 618 $ 9,109 $ 2,811 $ 18,892 Municipals 3 561 - - US Treasury Securities 8 2,186 - - Total Securities Available-for-Sale $ 629 $ 11,856 $ 2,811 $ 18,892 June 30, 2023 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 $ 215 $ 1,859 $ 12,907 $ 56,587 Municipals - - 80 $ 1,231 T otal Securities Held-to-Maturity $ 215 $ 1,859 $ 12,987 $ 57,818 The unrealized losses on the Company’s investment in mortgage-backed securities at September 30, 2023 and June 30, 2023 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 have an allowance for credit losses for these investments at September 30, 2023. 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, 2023, securities with a carrying value of $10.6 million were pledged to secure public deposits and securities and mortgage loans with a carrying value of $198.1 million were pledged to secure FHLB advances. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2023 | |
Loans Receivable [Abstract] | |
Loans Receivable | 3. Loans Receivable Loans receivable are summarized as follows: September 30, 2023 June 30, 2023 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 186,002 $ 179,579 Commercial 147,971 148,441 Multi-Family Residential 28,781 28,849 Land 30,473 26,841 Construction 33,984 28,035 Equity and Second Mortgage 2,488 2,450 Equity Lines of Credit 24,371 23,817 Total Mortgage Loans 454,070 438,012 Commercial Loans 56,328 55,364 Consumer Loans Loans on Savings Accounts 367 372 Other Consumer Loans 1,082 1,082 Total Consumer Other Loans 1,449 1,454 Total Loans 511,847 494,830 Less: Allowance for Credit Losses (5,102 ) (5,173 ) Unamortized Loan Fees (146 ) (164 ) Net Loans Receivable $ 506,599 $ 489,493 Following is a summary of changes in the allowance for credit losses: Three Months Ended Three Months Ended September 30 June 30 (In Thousands) Balance - Beginning of Period $ 5,173 $ 4,451 Impact of ASU 2016-13 359 - Provision for Credit Losses - 868 Loan Charge-Offs (433 ) (237 ) Recoveries 3 91 Balance - End of Period $ 5,102 $ 5,173 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: 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 costs 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 Bank’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 Bank 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 table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, as of September 30, 2023: Term Loans Amortized Cost by Origination Year As of September 30 2023 2022 2021 2020 2019 Prior Revolving Lines Total (In Thousands One-to-four family residential Risk rating Pass $ 71,365 $ 39,132 $ 37,026 $ 20,890 $ 2,421 $ 12,478 $ 41 $ 183,353 Special mention 971 - - - - 322 - 1,293 Substandard 297 136 - 768 - 155 - 1,356 Doubtful - - - - - - - - Total one-to-four family residential $ 72,633 $ 39,268 $ 37,026 $ 21,658 $ 2,421 $ 12,955 $ 41 $ 186,002 Current period gross charge-offs $ - $ 428 $ - $ - $ - $ - $ - $ 428 Commercial Risk rating Pass $ 23,431 $ 43,795 $ 44,350 $ 20,007 $ 1,900 $ 1,013 $ 11,560 $ 146,056 Special mention 331 - - - - - - 331 Substandard 975 - - 609 - - - 1,584 Doubtful - - - - - - - - Total commercial $ 24,737 $ 43,795 $ 44,350 $ 20,616 $ 1,900 $ 1,013 $ 11,560 $ 147,971 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Lines Total (In Thousands) Multi-family residential Risk rating Pass $ 2,118 $ 4,051 $ 2,291 $ 7,168 $ 6,006 $ 5,873 $ 1,274 $ 28,781 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total multi-family residential $ 2,118 $ 4,051 $ 2,291 $ 7,168 $ 6,006 $ 5,873 $ 1,274 $ 28,781 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Land Risk rating Pass $ 9,086 $ 6,581 $ 4,972 $ 1,257 $ 96 $ 341 $ 7,782 $ 30,115 Special mention 50 308 - - - - - 358 Substandard - - - - - - - - Doubtful - - - - - - - - Total land $ 9,136 $ 6,889 $ 4,972 $ 1,257 $ 96 $ 341 $ 7,782 $ 30,473 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Risk rating Pass $ 7,251 $ 3,753 $ - $ - $ - $ - $ 22,980 $ 33,984 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total construction $ 7,251 $ 3,753 $ - $ - $ - $ - $ 22,980 $ 33,984 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Equity loans and lines of credit Risk rating Pass $ 6,733 $ 2,106 $ 4,354 $ 583 $ 26 $ 1,793 $ 11,201 $ 26,796 Special mention - - - - - - - - Substandard 63 - - - - - - 63 Doubtful - - - - - - - - Total home equity and lines of credit $ 6,796 $ 2,106 $ 4,354 $ 583 $ 26 $ 1,793 $ 11,201 $ 26,859 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial loans Risk rating Pass $ 15,582 $ 9,888 $ 7,758 $ 6,193 $ 2,012 $ 11 $ 12,091 $ 53,535 Special mention 1,198 - 402 19 - - 990 2,609 Substandard 137 5 42 - - - - 184 Doubtful - - - - - - - - Total commercial loans $ 16,917 $ 9,893 $ 8,202 $ 6,212 $ 2,012 $ 11 $ 13,081 $ 56,328 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans Risk rating Pass $ 1,040 $ 53 $ - $ 270 $ 46 $ - $ 19 $ 1,428 Special mention - - - - - - - - Substandard 21 - - - - - - 21 Doubtful - - - - - - - - Total consumer loans $ 1,061 $ 53 $ - $ 270 $ 46 $ - $ 19 $ 1,449 Current period gross charge-offs $ 5 $ - $ - $ - $ - $ - $ - $ 5 Total Pass $ 136,606 $ 109,359 $ 100,751 $ 56,368 $ 12,507 $ 21,509 $ 66,948 $ 504,048 Special mention 2,550 308 402 19 - 322 990 4,591 Substandard 1,493 141 42 1,377 - 155 - 3,208 Doubtful - - - - - - - - Total $ 140,649 $ 109,808 $ 101,195 $ 57,764 $ 12,507 $ 21,986 $ 67,938 $ 511,847 Current period gross charge-offs $ 5 $ 428 $ - $ - $ - $ - $ - $ 433 The information presented in the table above is not required for periods prior to the adoption of ASU 2016-13. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments as of June 30, 2023 June 30, 2023 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 176,536 $ 810 $ 2,233 $ - $ 179,579 Commercial 146,787 - 1,654 - 148,441 Multi-Family Residential 28,849 - - - 28,849 Land 26,841 - - - 26,841 Construction 28,035 - - - 28,035 Equity and Second Mortgage 2,381 - 69 - 2,450 Equity Lines of Credit 23,817 - - - 23,817 Commercial Loans 53,025 2,339 - - 55,364 Consumer Loans 1,432 1 21 - 1,454 Total $ 487,703 $ 3,150 $ 3,977 $ - $ 494,830 The following tables present an aging analysis of past due loans, segregated by class of loans, as of September 30, 2023 and June 30, 2023: September 30, 2023 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 $ 216 $ 257 $ 914 $ 1,387 $ 184,615 $ 186,002 $ - Commercial - - - - 147,971 147,971 - Multi-Family Residential - - - - 28,781 28,781 - Land 308 - - 308 30,165 30,473 - Construction - - - - 33,984 33,984 - Equity and Second Mortgage - - - - 2,488 2,488 16 Equity Lines of Credit 116 110 16 242 24,129 24,371 - Commercial Loans 108 43 47 198 56,130 56,328 47 Consumer Loans 1 4 5 10 1,439 1,449 5 Total $ 749 $ 414 $ 982 $ 2,145 $ 509,702 $ 511,847 $ 68 June 30, 2023 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 $ 177 $ 750 $ 1,174 $ 2,101 $ 177,478 $ 179,579 $ - Commercial - - - - 148,441 148,441 - Multi-Family Residential - - - - 28,849 28,849 - Land 36 - - 36 26,805 26,841 - Construction - - - - 28,035 28,035 - Equity and Second Mortgage 54 - - 54 2,396 2,450 - Equity Lines of Credit - - - - 23,817 23,817 - Commercial Loans 63 - - 63 55,301 55,364 - Consumer Loans - - - - 1,454 1,454 - Total $ 330 $ 750 $ 1,174 $ 2,254 $ 492,576 $ 494,830 $ - There was no interest income recognized on non-accrual loans during the three months ended September 30, 2023 or the year ended June 30, 2023. 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, 2023 and the year ended June 30, 2023 was approximately The change in the allowance for credit losses by loan portfolio class and recorded investment in loans for the three months ended September 30, 2023 and year ended June 30, 2023 was as follows Real Estate Loans September 30, 2023 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 credit losses: Beginning Balances $ 1,900 $ 1,673 $ 228 $ 274 $ 254 $ 251 $ 588 $ 5 $ 5,173 Impact of ASU 2016-13 688 (119 ) (139 ) (85 ) (44 ) 30 24 4 359 Charge-Offs (428 ) - - - - - - (5 ) (433 ) Recoveries 1 - - - - 2 - - 3 Current Provision (1) - - - - - - - - - Ending Balances $ 2,161 $ 1,554 $ 89 $ 189 $ 210 $ 283 $ 612 $ 4 $ 5,102 (1) Current provision included in the table only includes the portion related to loans receivable. Real Estate Loans June 30, 2023 Residential Commercial Multi- Family Land Construction Home Equity Loans and Lines of Credit Commercial Loans Consumer Loans Total (In Thousands) Allowance for credit losses: Beginning Balances $ 1,367 $ 1,295 $ 357 $ 305 $ 282 $ 197 $ 646 $ 2 $ 4,451 Charge-Offs (41 ) - - - - (26 ) (170 ) - (237 ) Recoveries 4 - - - - 5 82 - 91 Current Provision 570 378 (129 ) (31 ) (28 ) 75 30 3 868 Ending Balances $ 1,900 $ 1,673 $ 228 $ 274 $ 254 $ 251 $ 588 $ 5 $ 5,173 Evaluated for Impairment: Individually 495 100 - - - 4 29 - 628 Collectively 1,405 1,573 228 274 254 247 559 5 4,545 Loans Receivable: Ending Balances – Total $ 179,579 $ 148,441 $ 28,849 $ 26,841 $ 28,035 $ 26,267 $ 55,364 $ 1,454 $ 494,830 Ending Balances: Evaluated for Impairment: Individually 3,043 1,654 - - - 69 2,339 22 7,127 Collectively $ 176,536 $ 146,787 $ 28,849 $ 26,841 $ 28,035 $ 26,198 $ 53,025 $ 1,432 $ 487,703 The following tables present loans individually evaluated for impairment, segregated by class of loans, as of September 30, 2023 and June 30, 202 September 30, 2023 Loan Balance Specific Allocations (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 3,536 $ 127 Commercial - - Multi-Family Residential - - Land 171 6 Construction 69 2 Equity and Second Mortgage - - Equity Lines of Credit - - Commercial Loans 7,840 8 Consumer Loans 346 5 Total $ 11,962 $ 148 The balances of loans individually evaluated for impairment were similar at July 1, 2023 and September 30, 2023. June 30, 2023 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 $ 2,559 $ 156 $ 2,403 $ 2,559 $ 495 $ 3,644 Commercial 1,617 - 1,617 1,617 100 1,675 Multi-Family Residential - - - - - - Land - - - - - - Construction - - - - - - Equity and Second Mortgage - - - - - 63 Equity Lines of Credit - - - - - - Commercial Loans 2,197 37 2,160 2,197 29 2,659 Consumer Loans - - - - - 23 Purchased Credit Impaired 754 685 69 754 4 754 Total $ 7,127 $ 878 $ 6,249 $ 7,127 $ 628 $ 8,818 The Bank has no commitments to loan additional funds to borrowers whose loans were previously in non-accrual status. As of September 30, 2023, there were no residential loans in the process of foreclosure. Prior to the adoption of ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , the Company had granted a variety of concessions to borrowers in the form of loan modifications that were considered TDRs. At June 30, 2023, the Company had one loan totaling $10,000 that was identified as a troubled debt restructuring. This loan was performing in accordance with its modified terms as of June 30, 2023 . As of September 30, 2023, there were no loans whose terms were modified for borrowers who may be experiencing financial difficulties . At September 30, 2023 and June 30, 2023, accrued interest receivable on loans was $1.7 million and $1.6 million, respectively, and included within accrued interest receivable on the consolidated balance sheets. |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2023 | |
Deposits [Abstract] | |
Deposits | 4 . Deposits Deposits at September 30, 2023 and June 30, 2023 consist of the following classifications: September 30, 2023 June 30, 2023 (In Thousands) Non-Interest Bearing $ 146,057 $ 145,553 NOW Accounts 63,613 65,335 Money Markets 104,580 114,195 Passbook Savings 75,747 81,895 389,997 406,978 Certificates of Deposit 202,508 190,383 Total Deposits $ 592,505 $ 597,361 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. Earnings Per Share Basic earnings per common share is 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, 2023 and 2022 were calculated as follows: Three Months Ended September 30, 2023 2022 (In Thousands, Except Per Share Data) Net income $ 1,220 $ 1,671 Weighted average shares outstanding – basic 3,029 3,066 Effect of dilutive common stock equivalents 79 162 Adjusted weighted average shares outstanding – diluted 3,108 3,228 Basic earnings per share $ 0.40 $ 0.55 Diluted earnings per share $ 0.39 $ 0.52 For the three months ended September 30, 2023 and 2022, there were outstanding options to purchase 364,916 and 389,616 shares, respectively, at a weighted average exercise price of $11.65 and $11.81 per share, respectively. For the quarter ended September 30, 2023 and 2022, 79,237 options and 161,866 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, 2023 2022 (In Thousands) Average common shares issued 6,125 6,125 Average unearned ESOP shares (102 ) (125 ) Average Company stock purchased (2,994 ) (2,934 ) Weighted average shares outstanding 3,029 3,066 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation Stock Option Plans On August 10, 2005, the stockholders 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 4,266 outstanding options as of September 30, 2023 will remain in effect for the remainder of their original ten year terms. On December 23, 2011, the stockholders 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 (as adjusted). The 2011 Option Plan terminated on December 23, 2021; however, the 37,350 outstanding options as of September 30, 2023 will remain in effect for the remainder of their original ten year term. 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 Plans On November 12, 2014, the stockholders 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 (as adjusted), of which no more than 74,000 shares (as adjusted), 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 (as adjusted), 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 November 13, 2019, the stockholders 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 (as adjusted) reserved for future issuance as stock awards or stock options. No more than 62,500 shares (as adjusted), 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, 2023, there are 1,600 plan share awards and 23,000 sto Stock Incentive Plans For both the three months ended September 30, 2023 and 2022, compensation expense charged to operations for stock options granted under the 2011 Option Plan and the Stock Incentive Plans was $26,000 . |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2023 | |
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 $4.2 million and $4.4 million at September 30, 2023 and June 30, 2023, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 8. Fair Value Disclosures The following disclosure is made in accordance with the requirements of ASC 825, Financial Instruments. ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. These disclosures should not be interpreted as representing an aggregate measure of the underlying value of the Company. The following methods and assumptions were used by the Company in estimating fair values of financial instruments: Cash and Cash Equivalents The carrying amount approximates the fair value of cash and cash equivalents. Investment Securities Fair values for investment securities, including mortgage-backed securities, are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The carrying values of restricted or non-marketable equity securities approximate their fair values. The carrying amount of accrued investment income approximates its fair value. Mortgage Loans Held-for-Sale Because these loans are normally disposed of within ninety days of origination, their carrying value closely approximates the fair value of such loans. Loans Receivable For variable-rate loans that re-price frequently and with no significant changes in credit risk, fair value approximates the carrying value. Fair values for other loans are estimated using the discounted value of expected future cash flows. Interest rates used are those being offered currently for loans with similar terms to borrowers of similar credit quality. The carrying amount of accrued interest receivable approximates its fair value. Deposit Liabilities The fair values for demand deposit accounts are, by definition, equal to the amount payable on demand at the reporting date, that is, their carrying amounts. Fair values for other deposit accounts are estimated using the discounted value of expected future cash flows. The discount rate is estimated using the rates currently offered for deposits of similar maturities. Advances from Federal Home Loan Bank The carrying amount of short-term borrowings approximates their fair value. The fair value of long-term debt is estimated using discounted cash flow analyses based on current incremental borrowing rates for similar borrowing arrangements. Off-Balance Sheet Credit-Related Instruments Fair values for outstanding mortgage loan commitments to lend are based on fees currently charged to enter into similar agreements, taking into account the remaining term of the agreements, customer credit quality, and changes in lending rates. The fair value of interest rate floors and caps contained in some loan servicing agreements and variable rate mortgage loan contracts are considered immaterial within the context of fair value disclosure requirements. Accordingly, no fair value estimate is provided for these instruments. At September 30, 2023 and June 30, 2023, the carrying amount and estimated fair values of the Company’s financial instruments were as follows: September 30, 2023 June 30, 2023 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 8,878 $ 8,878 $ 24,765 $ 24,765 Securities Available-for-Sale 40,409 40,409 39,551 39,551 Securities to be Held-to-Maturity 72,806 57,557 74,423 61,222 Loans Held-for-Sale 589 589 4 4 Loans Receivable 506,599 465,463 489,493 444,117 Financial Liabilities Deposits $ 592,505 $ 500,015 $ 597,361 $ 481,055 Advances from FHLB 4,600 4,600 - - Other Borrowings 8,850 8,850 8,550 8,550 Off-Balance Sheet Items Mortgage Loan Commitments $ 13,127 $ 13,127 $ 13,277 $ 13,277 The Company follows the guidance of FASB ASC Topic 820, Fair Value Measurements and Disclosures • Defines fair value as the price that would be received to sell an asset or paid to transfer a liability, in either case, through an orderly transaction between market participants at a measurement date and establishes a framework for measuring fair value; • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date; • Nullifies the guidance in EITF 02-3, which required the deferral of profit at inception of a transaction involving a derivative financial instrument in the absence of observable data supporting the valuation technique • Eliminates large position discounts for financial instruments quoted in active markets and requires consideration of the company’s creditworthiness when valuing liabilities; and • Expands disclosures about instruments that are measured at fair value. The standard establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy favors the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 – Fair value is based upon quoted prices unadjusted for identical assets or liabilities in active markets in which the Company can participate. • Level 2 – Fair value is based upon (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means • Level 3 – Fair value is based upon 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, 2023. Fair values of assets and liabilities measured on a recurring basis at September 30, 2023 and June 30, 2023 are as follows: Fair Value Measurements September 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ - $ 10,493 $ - $ 10,493 FNMA - 12,822 - 12,822 GNMA - 3,455 - 3,455 US Treasury Notes - 10,008 - 10,008 Municipal Bonds - 3,631 - 3,631 Total $ - $ 40,409 $ - $ 40,409 Fair Value Measurements June 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ - $ 11,156 $ - $ 11,156 FNMA - 13,714 - 13,714 GNMA - 3,764 - 3,764 US Treasury Notes - 9,841 - 9,841 Municipal Bonds - 1,076 - 1,076 Total $ - $ 39,551 $ - $ 39,551 Fair values of assets and liabilities measured on a non-recurring basis at September 30, 2023 and June 30, 2023 are as follows: Fair Value Measurements September 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Assets: Impaired Loans, Net of Allowance $ - $ - $ 11,814 $ 11,814 Other Real Estate Owned, Net of Allowance $ - $ - $ 562 $ 562 Total $ - $ - $ 12,376 $ 12,376 Fair Value Measurements June 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Assets: Impaired Loans, Net of Allowance $ - $ - $ 701 $ 701 Other Real Estate Owned, Net of Allowance $ - $ - $ 330 $ 330 Total $ - $ - $ 1,031 $ 1,031 |
Leases
Leases | 3 Months Ended |
Sep. 30, 2023 | |
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. . At September 30, 2023 and June 30, 2023, the carrying amounts of the ROU assets and corresponding lease liabilities were as follows. (In Thousands) September 30, 2023 June 30, 2023 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other Assets $ 829 $ 829 Total Lease Right-of-Use Assets $ 829 $ 829 Lease Liabilities Operating lease liabilities Other Accrued Expenses and Liabilities $ 866 $ 866 Total Lease Liabilities $ 866 $ 866 The . September 30, 2023 June 30, 2023 Weighted-average remaining lease term Operating leases 35.1 years 35.4 years Weighted-average discount rate Operating leases 3.00 % 3.00 % |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2023 | |
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, 2023 are not necessarily indicative of the results which may be expected for the fiscal year ending June 30, 2024. 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 statement of financial condition date for potential recognition in the consolidated financial statements. The effect of all subsequent events that provide additional evidence of conditions that existed at the statement of financial condition date are recognized in the consolidated financial statements as of September 30, 2023. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred through the date these consolidated 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 credit 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 ten full-service banking offices and home office, located in Caddo, Bossier and Webster Parishes, Louisiana. The area served by the Bank is primarily the Shreveport-Bossier City-Minden combined statistical area; however, loan and deposit customers are found dispersed in a wider geographical area covering much of northwest Louisiana. As of September 30, 2023, the Bank had one wholly-owned subsidiary, Metro Financial Services, Inc., which previously engaged in the sale of annuity contracts and does not currently engage in a meaningful amount of business. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, balances due from banks, and federal funds sold, all of which mature within ninety days. |
Securities | Securities The discussion that follows describes the methodology for determining the allowance for credit loss (“ACL”) for investments under the ASU 2016-13 model that was adopted effective July 1, 2023. The allowance methodology for prior periods is disclosed in the Company’s 2023 Annual Report on Form 10-K. Securities are being accounted for in accordance with FASB ASC 320’s, Investments, 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, 2023 and June 30, 2023. Purchase premiums and discounts are recognized in interest income using the interest method over the term of the securities. Securities are periodically reviewed for impairment. For debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline is in the fair value below amortized cost basis (impairment) is due to credit or non-credit related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. For available for sale investments, credit related impairment is recognized as an ACL on the balance sheet, limited to the amount by which the amortized cost basis exceeds to the fair value, with a corresponding adjustment to earnings. For held to maturity investments, credit related impairment is recognized as an ACL on the balance sheet, for the entire amount of credit loss, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale security, or more likely than not will be required to sell such security before recovering the amortized cost basis, the entire impairment amount must be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL is such situation. Accrued interest is receivable is excluded from the estimate of credit losses In evaluating securities in unrealized loss positions, for impairment and the criteria regarding intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by federal governments or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial conditions, among other factors. The Bank has invested in Federal Home Loan Bank (“FHLB”) stock, and other similar correspondent banks, which is reflected at cost in these consolidated 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 allowance for credit losses ( “ ” |
Allowance for Credit Losses | Allowance for Credit Losses The discussion that follows describes the methodology for determining the ACL under the new current expected credit loss (“CECL”) implemented effective July 1, 2023 in accordance with ASU No. 2016-13 and subsequent ASUs issued to amend ASC Topic 326. The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. The ACL also includes certain qualitative adjustments to the ASU 2016-13 model. Loans Evaluated Collectively. Homogeneous loans are evaluated collectively for expected credit losses. The loan pools/segments with similar risk characteristics were determined by Call Report codes. Loans Evaluated Individually Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made to incorporate our reasonable and supportable forecast of future losses at the portfolio segment level, as well as any necessary qualitative adjustments, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis . Loans evaluated individually may have specific allocations assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For all loans, an internal risk rating process is used. The Company believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Company’s internal risk rating categories: • Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Company considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to Allowance for Credit Losses: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, competition, model imprecision, and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on Management’s knowledge of the portfolio and the markets in which the Company operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These include but are not limited to loans-in-process, trade acceptances and overdrafts. Off Balance Sheet Credit Exposures. |
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 costs 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 Bank 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 Company 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 $0.40 and $0.39, respectively, for the three months ended September 30, 2023 compared to basic and diluted earnings per share of $0.55 and $0.52, respectively, for the three months ended September 30, 2022. |
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 consolidated statements of income 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 statements of financial conditions along with net income, they are components of comprehensive income. |
Critical Accounting Policies | Critical Accounting Policies During the quarter ended September 30, 2023, the Company implemented CECL accounting policies, procedures, and controls as part of its adoption of ASU No. 2016-13 and subsequent ASUs issued to amend ASC Topic 326. There were no other changes made to the Company’s internal control over financial reporting that occurred during the quarter ended September 30, 2023 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The adoption of the ASU 2016-13 resulted in an increase in the allowance for loan losses as a result of changing from an incurred loss model, which encompasses allowances for current known and inherent losses within the portfolio, to an expected loss model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. The amount determined from adoption was recognized as a cumulative effective to the July 1, 2023 retained earnings. Accounting Standards Update 2022-02 (“ASU 2022-02”), “Financial Instruments – Credit Losses (Topic 326) The Company adopted ASU 2016-13 using the weighted average maturity method (WARM) for all financial assets measured at amortized cost, net of investments in leases and off balance sheet credit exposures. Results for reporting periods beginning after July 1, 2023 are presented under ASU 2016-13, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The following table presents the impact of adopting ASU 2016-13 Allowance for credit losses – loans: Beginning Balance June 30, 2023 Impact of ASU 2016-13 Adoption Provision for Credit Losses Charge-offs Recoveries Ending Balance September 30, 2023 Real Estate Loans: 1-4 Family residential $ 1,900 $ 688 $ - $ (428 ) $ 1 $ 2,161 Commercial 1,673 (119 ) - - - 1,554 Multi-Family 228 (139 ) - - - 89 Land 274 (85 ) - - - 189 Construction 254 (44 ) - - - 210 Home Equity Loans and Lines of Credit 251 30 - - 2 283 Commercial Loans 588 24 - - - 612 Consumer Loans 5 4 - (5 ) - 4 Total allowance for credit losses $ 5,173 $ 359 $ - $ (433 ) $ 3 $ 5,102 |
Summary of Accounting Policie_2
Summary of Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
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 |
Impact of Adopting ASU 2016-13 | The following table presents the impact of adopting ASU 2016-13 Allowance for credit losses – loans: Beginning Balance June 30, 2023 Impact of ASU 2016-13 Adoption Provision for Credit Losses Charge-offs Recoveries Ending Balance September 30, 2023 Real Estate Loans: 1-4 Family residential $ 1,900 $ 688 $ - $ (428 ) $ 1 $ 2,161 Commercial 1,673 (119 ) - - - 1,554 Multi-Family 228 (139 ) - - - 89 Land 274 (85 ) - - - 189 Construction 254 (44 ) - - - 210 Home Equity Loans and Lines of Credit 251 30 - - 2 283 Commercial Loans 588 24 - - - 612 Consumer Loans 5 4 - (5 ) - 4 Total allowance for credit losses $ 5,173 $ 359 $ - $ (433 ) $ 3 $ 5,102 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
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 2023 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 11,869 $ - $ 1,376 $ 10,493 FNMA Mortgage-Backed Certificates 14,844 - 2,022 12,822 GNMA Mortgage-Backed Certificates 4,414 - 959 3,455 Total Debt Securities 31,127 - 4,357 26,770 US Treasury Securities 9,876 136 4 10,008 Municipals 3,733 2 104 3,631 Total Securities Available-for-Sale $ 44,736 $ 138 $ 4,465 $ 40,409 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 619 $ - $ 80 $ 539 FHLMC Mortgage-Backed Certificates 29,312 - 6,572 22,740 FNMA Mortgage-Backed Certificates 40,010 - 8,493 31,517 Total Debt Securities 69,941 - 15,145 54,796 Municipals 1,305 - 104 1,201 Equity Securities (Non-Marketable) 13,098 Shares – Federal Home Loan Bank 1,310 - - 1,310 630 Shares – First National Bankers Bankshares, Inc. 250 - - 250 Total Equity Securities 1,560 - - 1,560 Total Securities Held-to-Maturity $ 72,806 $ - $ 15,249 $ 57,557 June 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Securities Available-for-Sale Cost Gains Losses Value (In Thousands) Debt Securities FHLMC Mortgage-Backed Certificates $ 12,167 $ 1 $ 1,012 $ 11,156 FNMA Mortgage-Backed Certificates 15,318 - 1,604 13,714 GNMA Mortgage-Backed Certificates 4,578 - 814 3,764 Total Debt Securities 32,063 1 3,430 28,634 US Treasury Securities 9,779 68 6 9,841 Municipal Bonds 1,068 11 3 1,076 Total Securities Available-for-Sale $ 42,910 $ 80 $ 3,439 $ 39,551 Securities Held-to-Maturity Debt Securities GNMA Mortgage-Backed Certificates $ 623 $ - $ 63 $ 560 FHLMC Mortgage-Backed Certificates 29,921 - 5,781 24,140 FNMA Mortgage-Backed Certificates 41,024 - 7,277 33,747 Total Debt Securities 71,568 - 13,121 58,447 Municipals 1,311 - 80 1,231 Equity Securities (Non-Marketable) 12,935 Shares – Federal Home Loan Bank 1,294 - - 1,294 630 Shares – First National Bankers Bankshares, Inc. 250 - - 250 Total Equity Securities 1,544 - - 1,544 Total Securities Held-to-Maturity $ 74,423 $ - $ 13,201 $ 61,222 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities by contractual maturity at September 30, 2023 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 1 1 - - After Five through Ten Years 1,725 1,613 582 538 Over Ten Years 29,401 25,156 69,359 54,258 31,127 26,770 69,941 54,796 US Treasury Securities Within One Year or Less $ 7,877 $ 8,008 $ - $ - One through Five Years 1,999 2,000 - - After Five through Ten Years - - - - Over Ten Years - - - - 9,876 10,008 - - Municipals Within One Year or Less $ - $ - $ - $ - One through Five Years 365 364 219 207 After Five through Ten Years - - - - Over Ten Years 3,368 3,267 1,086 994 3,733 3,631 1,305 1,201 Other Equity Securities - - 1,560 1,560 Total $ 44,736 $ 40,409 $ 72,806 $ 57,557 |
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 and held-to-maturity at September 30, 2023 and June 30, 2023 aggregated by investment category and length of time that individual securities have been in a continuous loss position. September 30, 2023 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 $ 951 $ 9,150 $ 3,406 $ 17,614 Municipals 104 2,293 - - US Treasury Securities 4 688 - - Total Securities Available-for-Sale $ 1,059 $ 12,131 $ 3,406 $ 17,614 September 30, 2023 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 $ - $ - $ 15,145 $ 54,796 Municipals - - 104 1,201 Total Securities Held-to-Maturity $ - $ - $ 15,249 $ 55,997 June 30, 2023 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 $ 618 $ 9,109 $ 2,811 $ 18,892 Municipals 3 561 - - US Treasury Securities 8 2,186 - - Total Securities Available-for-Sale $ 629 $ 11,856 $ 2,811 $ 18,892 June 30, 2023 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 $ 215 $ 1,859 $ 12,907 $ 56,587 Municipals - - 80 $ 1,231 T otal Securities Held-to-Maturity $ 215 $ 1,859 $ 12,987 $ 57,818 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Loans Receivable [Abstract] | |
Loans Receivable | Loans receivable are summarized as follows: September 30, 2023 June 30, 2023 (In Thousands) Loans Secured by Mortgages on Real Estate One-to-Four Family Residential $ 186,002 $ 179,579 Commercial 147,971 148,441 Multi-Family Residential 28,781 28,849 Land 30,473 26,841 Construction 33,984 28,035 Equity and Second Mortgage 2,488 2,450 Equity Lines of Credit 24,371 23,817 Total Mortgage Loans 454,070 438,012 Commercial Loans 56,328 55,364 Consumer Loans Loans on Savings Accounts 367 372 Other Consumer Loans 1,082 1,082 Total Consumer Other Loans 1,449 1,454 Total Loans 511,847 494,830 Less: Allowance for Credit Losses (5,102 ) (5,173 ) Unamortized Loan Fees (146 ) (164 ) Net Loans Receivable $ 506,599 $ 489,493 |
Summary of Changes in Allowance for Credit Losses | Following is a summary of changes in the allowance for credit losses: Three Months Ended Three Months Ended September 30 June 30 (In Thousands) Balance - Beginning of Period $ 5,173 $ 4,451 Impact of ASU 2016-13 359 - Provision for Credit Losses - 868 Loan Charge-Offs (433 ) (237 ) Recoveries 3 91 Balance - End of Period $ 5,102 $ 5,173 |
Designated Internal Risk Categories by Portfolio Segment and Loan Class | The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, as of September 30, 2023: Term Loans Amortized Cost by Origination Year As of September 30 2023 2022 2021 2020 2019 Prior Revolving Lines Total (In Thousands One-to-four family residential Risk rating Pass $ 71,365 $ 39,132 $ 37,026 $ 20,890 $ 2,421 $ 12,478 $ 41 $ 183,353 Special mention 971 - - - - 322 - 1,293 Substandard 297 136 - 768 - 155 - 1,356 Doubtful - - - - - - - - Total one-to-four family residential $ 72,633 $ 39,268 $ 37,026 $ 21,658 $ 2,421 $ 12,955 $ 41 $ 186,002 Current period gross charge-offs $ - $ 428 $ - $ - $ - $ - $ - $ 428 Commercial Risk rating Pass $ 23,431 $ 43,795 $ 44,350 $ 20,007 $ 1,900 $ 1,013 $ 11,560 $ 146,056 Special mention 331 - - - - - - 331 Substandard 975 - - 609 - - - 1,584 Doubtful - - - - - - - - Total commercial $ 24,737 $ 43,795 $ 44,350 $ 20,616 $ 1,900 $ 1,013 $ 11,560 $ 147,971 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost by Origination Year As of September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Lines Total (In Thousands) Multi-family residential Risk rating Pass $ 2,118 $ 4,051 $ 2,291 $ 7,168 $ 6,006 $ 5,873 $ 1,274 $ 28,781 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total multi-family residential $ 2,118 $ 4,051 $ 2,291 $ 7,168 $ 6,006 $ 5,873 $ 1,274 $ 28,781 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Land Risk rating Pass $ 9,086 $ 6,581 $ 4,972 $ 1,257 $ 96 $ 341 $ 7,782 $ 30,115 Special mention 50 308 - - - - - 358 Substandard - - - - - - - - Doubtful - - - - - - - - Total land $ 9,136 $ 6,889 $ 4,972 $ 1,257 $ 96 $ 341 $ 7,782 $ 30,473 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Risk rating Pass $ 7,251 $ 3,753 $ - $ - $ - $ - $ 22,980 $ 33,984 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total construction $ 7,251 $ 3,753 $ - $ - $ - $ - $ 22,980 $ 33,984 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Equity loans and lines of credit Risk rating Pass $ 6,733 $ 2,106 $ 4,354 $ 583 $ 26 $ 1,793 $ 11,201 $ 26,796 Special mention - - - - - - - - Substandard 63 - - - - - - 63 Doubtful - - - - - - - - Total home equity and lines of credit $ 6,796 $ 2,106 $ 4,354 $ 583 $ 26 $ 1,793 $ 11,201 $ 26,859 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial loans Risk rating Pass $ 15,582 $ 9,888 $ 7,758 $ 6,193 $ 2,012 $ 11 $ 12,091 $ 53,535 Special mention 1,198 - 402 19 - - 990 2,609 Substandard 137 5 42 - - - - 184 Doubtful - - - - - - - - Total commercial loans $ 16,917 $ 9,893 $ 8,202 $ 6,212 $ 2,012 $ 11 $ 13,081 $ 56,328 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans Risk rating Pass $ 1,040 $ 53 $ - $ 270 $ 46 $ - $ 19 $ 1,428 Special mention - - - - - - - - Substandard 21 - - - - - - 21 Doubtful - - - - - - - - Total consumer loans $ 1,061 $ 53 $ - $ 270 $ 46 $ - $ 19 $ 1,449 Current period gross charge-offs $ 5 $ - $ - $ - $ - $ - $ - $ 5 Total Pass $ 136,606 $ 109,359 $ 100,751 $ 56,368 $ 12,507 $ 21,509 $ 66,948 $ 504,048 Special mention 2,550 308 402 19 - 322 990 4,591 Substandard 1,493 141 42 1,377 - 155 - 3,208 Doubtful - - - - - - - - Total $ 140,649 $ 109,808 $ 101,195 $ 57,764 $ 12,507 $ 21,986 $ 67,938 $ 511,847 Current period gross charge-offs $ 5 $ 428 $ - $ - $ - $ - $ - $ 433 |
Grading of Loans, Segregated by Class of Loans | The information presented in the table above is not required for periods prior to the adoption of ASU 2016-13. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments as of June 30, 2023 June 30, 2023 Pass and Pass Watch Special Mention Substandard Doubtful Total (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 176,536 $ 810 $ 2,233 $ - $ 179,579 Commercial 146,787 - 1,654 - 148,441 Multi-Family Residential 28,849 - - - 28,849 Land 26,841 - - - 26,841 Construction 28,035 - - - 28,035 Equity and Second Mortgage 2,381 - 69 - 2,450 Equity Lines of Credit 23,817 - - - 23,817 Commercial Loans 53,025 2,339 - - 55,364 Consumer Loans 1,432 1 21 - 1,454 Total $ 487,703 $ 3,150 $ 3,977 $ - $ 494,830 |
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, 2023 and June 30, 2023: September 30, 2023 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 $ 216 $ 257 $ 914 $ 1,387 $ 184,615 $ 186,002 $ - Commercial - - - - 147,971 147,971 - Multi-Family Residential - - - - 28,781 28,781 - Land 308 - - 308 30,165 30,473 - Construction - - - - 33,984 33,984 - Equity and Second Mortgage - - - - 2,488 2,488 16 Equity Lines of Credit 116 110 16 242 24,129 24,371 - Commercial Loans 108 43 47 198 56,130 56,328 47 Consumer Loans 1 4 5 10 1,439 1,449 5 Total $ 749 $ 414 $ 982 $ 2,145 $ 509,702 $ 511,847 $ 68 June 30, 2023 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 $ 177 $ 750 $ 1,174 $ 2,101 $ 177,478 $ 179,579 $ - Commercial - - - - 148,441 148,441 - Multi-Family Residential - - - - 28,849 28,849 - Land 36 - - 36 26,805 26,841 - Construction - - - - 28,035 28,035 - Equity and Second Mortgage 54 - - 54 2,396 2,450 - Equity Lines of Credit - - - - 23,817 23,817 - Commercial Loans 63 - - 63 55,301 55,364 - Consumer Loans - - - - 1,454 1,454 - Total $ 330 $ 750 $ 1,174 $ 2,254 $ 492,576 $ 494,830 $ - |
Allowance for Credit Losses and Recorded Investment in Loans | The change in the allowance for credit losses by loan portfolio class and recorded investment in loans for the three months ended September 30, 2023 and year ended June 30, 2023 was as follows Real Estate Loans September 30, 2023 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 credit losses: Beginning Balances $ 1,900 $ 1,673 $ 228 $ 274 $ 254 $ 251 $ 588 $ 5 $ 5,173 Impact of ASU 2016-13 688 (119 ) (139 ) (85 ) (44 ) 30 24 4 359 Charge-Offs (428 ) - - - - - - (5 ) (433 ) Recoveries 1 - - - - 2 - - 3 Current Provision (1) - - - - - - - - - Ending Balances $ 2,161 $ 1,554 $ 89 $ 189 $ 210 $ 283 $ 612 $ 4 $ 5,102 (1) Current provision included in the table only includes the portion related to loans receivable. Real Estate Loans June 30, 2023 Residential Commercial Multi- Family Land Construction Home Equity Loans and Lines of Credit Commercial Loans Consumer Loans Total (In Thousands) Allowance for credit losses: Beginning Balances $ 1,367 $ 1,295 $ 357 $ 305 $ 282 $ 197 $ 646 $ 2 $ 4,451 Charge-Offs (41 ) - - - - (26 ) (170 ) - (237 ) Recoveries 4 - - - - 5 82 - 91 Current Provision 570 378 (129 ) (31 ) (28 ) 75 30 3 868 Ending Balances $ 1,900 $ 1,673 $ 228 $ 274 $ 254 $ 251 $ 588 $ 5 $ 5,173 Evaluated for Impairment: Individually 495 100 - - - 4 29 - 628 Collectively 1,405 1,573 228 274 254 247 559 5 4,545 Loans Receivable: Ending Balances – Total $ 179,579 $ 148,441 $ 28,849 $ 26,841 $ 28,035 $ 26,267 $ 55,364 $ 1,454 $ 494,830 Ending Balances: Evaluated for Impairment: Individually 3,043 1,654 - - - 69 2,339 22 7,127 Collectively $ 176,536 $ 146,787 $ 28,849 $ 26,841 $ 28,035 $ 26,198 $ 53,025 $ 1,432 $ 487,703 |
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, 2023 and June 30, 202 September 30, 2023 Loan Balance Specific Allocations (In Thousands) Real Estate Loans: One-to-Four Family Residential $ 3,536 $ 127 Commercial - - Multi-Family Residential - - Land 171 6 Construction 69 2 Equity and Second Mortgage - - Equity Lines of Credit - - Commercial Loans 7,840 8 Consumer Loans 346 5 Total $ 11,962 $ 148 The balances of loans individually evaluated for impairment were similar at July 1, 2023 and September 30, 2023. June 30, 2023 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 $ 2,559 $ 156 $ 2,403 $ 2,559 $ 495 $ 3,644 Commercial 1,617 - 1,617 1,617 100 1,675 Multi-Family Residential - - - - - - Land - - - - - - Construction - - - - - - Equity and Second Mortgage - - - - - 63 Equity Lines of Credit - - - - - - Commercial Loans 2,197 37 2,160 2,197 29 2,659 Consumer Loans - - - - - 23 Purchased Credit Impaired 754 685 69 754 4 754 Total $ 7,127 $ 878 $ 6,249 $ 7,127 $ 628 $ 8,818 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits at September 30, 2023 and June 30, 2023 consist of the following classifications: September 30, 2023 June 30, 2023 (In Thousands) Non-Interest Bearing $ 146,057 $ 145,553 NOW Accounts 63,613 65,335 Money Markets 104,580 114,195 Passbook Savings 75,747 81,895 389,997 406,978 Certificates of Deposit 202,508 190,383 Total Deposits $ 592,505 $ 597,361 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings per Share | Earnings per share for the three months ended September 30, 2023 and 2022 were calculated as follows: Three Months Ended September 30, 2023 2022 (In Thousands, Except Per Share Data) Net income $ 1,220 $ 1,671 Weighted average shares outstanding – basic 3,029 3,066 Effect of dilutive common stock equivalents 79 162 Adjusted weighted average shares outstanding – diluted 3,108 3,228 Basic earnings per share $ 0.40 $ 0.55 Diluted earnings per share $ 0.39 $ 0.52 |
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, 2023 2022 (In Thousands) Average common shares issued 6,125 6,125 Average unearned ESOP shares (102 ) (125 ) Average Company stock purchased (2,994 ) (2,934 ) Weighted average shares outstanding 3,029 3,066 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Financial Instruments | At September 30, 2023 and June 30, 2023, the carrying amount and estimated fair values of the Company’s financial instruments were as follows: September 30, 2023 June 30, 2023 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value (In Thousands) Financial Assets Cash and Cash Equivalents $ 8,878 $ 8,878 $ 24,765 $ 24,765 Securities Available-for-Sale 40,409 40,409 39,551 39,551 Securities to be Held-to-Maturity 72,806 57,557 74,423 61,222 Loans Held-for-Sale 589 589 4 4 Loans Receivable 506,599 465,463 489,493 444,117 Financial Liabilities Deposits $ 592,505 $ 500,015 $ 597,361 $ 481,055 Advances from FHLB 4,600 4,600 - - Other Borrowings 8,850 8,850 8,550 8,550 Off-Balance Sheet Items Mortgage Loan Commitments $ 13,127 $ 13,127 $ 13,277 $ 13,277 |
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, 2023 and June 30, 2023 are as follows: Fair Value Measurements September 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ - $ 10,493 $ - $ 10,493 FNMA - 12,822 - 12,822 GNMA - 3,455 - 3,455 US Treasury Notes - 10,008 - 10,008 Municipal Bonds - 3,631 - 3,631 Total $ - $ 40,409 $ - $ 40,409 Fair Value Measurements June 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Available-for-Sale Debt Securities FHLMC $ - $ 11,156 $ - $ 11,156 FNMA - 13,714 - 13,714 GNMA - 3,764 - 3,764 US Treasury Notes - 9,841 - 9,841 Municipal Bonds - 1,076 - 1,076 Total $ - $ 39,551 $ - $ 39,551 |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | Fair values of assets and liabilities measured on a non-recurring basis at September 30, 2023 and June 30, 2023 are as follows: Fair Value Measurements September 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Assets: Impaired Loans, Net of Allowance $ - $ - $ 11,814 $ 11,814 Other Real Estate Owned, Net of Allowance $ - $ - $ 562 $ 562 Total $ - $ - $ 12,376 $ 12,376 Fair Value Measurements June 30, 2023 (Level 1) (Level 2) (Level 3) Total (In Thousands) Assets: Impaired Loans, Net of Allowance $ - $ - $ 701 $ 701 Other Real Estate Owned, Net of Allowance $ - $ - $ 330 $ 330 Total $ - $ - $ 1,031 $ 1,031 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Carrying Amounts of ROU Assets and Corresponding Lease Liabilities | At September 30, 2023 and June 30, 2023, the carrying amounts of the ROU assets and corresponding lease liabilities were as follows. (In Thousands) September 30, 2023 June 30, 2023 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other Assets $ 829 $ 829 Total Lease Right-of-Use Assets $ 829 $ 829 Lease Liabilities Operating lease liabilities Other Accrued Expenses and Liabilities $ 866 $ 866 Total Lease Liabilities $ 866 $ 866 |
Weighted-Average Remaining Lease Term and Discount rate | The . September 30, 2023 June 30, 2023 Weighted-average remaining lease term Operating leases 35.1 years 35.4 years Weighted-average discount rate Operating leases 3.00 % 3.00 % |
Summary of Accounting Policie_3
Summary of Accounting Policies (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) Office Category Subsidiary $ / shares | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2023 USD ($) | ||
Securities [Abstract] | ||||
Trading securities | $ 0 | $ 0 | ||
Allowance for Credit Losses [Abstract] | ||||
Number of distinct categories of loans | Category | 2 | |||
Earnings per Share [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ / shares | $ 0.4 | $ 0.55 | ||
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.39 | $ 0.52 | ||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | $ 5,173 | $ 4,451 | 4,451 | |
Provision for Credit Losses | 0 | [1] | 418 | 868 |
Charge-Offs | (433) | (237) | ||
Recoveries | 3 | 91 | ||
Ending Balances | 5,102 | 5,173 | ||
Real Estate Loans [Member] | 1-4 Family Residential [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 1,900 | 1,367 | 1,367 | |
Provision for Credit Losses | 0 | [1] | 570 | |
Charge-Offs | (428) | (41) | ||
Recoveries | 1 | 4 | ||
Ending Balances | 2,161 | 1,900 | ||
Real Estate Loans [Member] | Commercial [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 1,673 | 1,295 | 1,295 | |
Provision for Credit Losses | 0 | [1] | 378 | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending Balances | 1,554 | 1,673 | ||
Real Estate Loans [Member] | Multi Family [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 228 | 357 | 357 | |
Provision for Credit Losses | 0 | [1] | (129) | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending Balances | 89 | 228 | ||
Real Estate Loans [Member] | Land [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 274 | 305 | 305 | |
Provision for Credit Losses | 0 | [1] | (31) | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending Balances | 189 | 274 | ||
Real Estate Loans [Member] | Construction [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 254 | 282 | 282 | |
Provision for Credit Losses | 0 | [1] | (28) | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending Balances | 210 | 254 | ||
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 251 | 197 | 197 | |
Provision for Credit Losses | 0 | [1] | 75 | |
Charge-Offs | 0 | (26) | ||
Recoveries | 2 | 5 | ||
Ending Balances | 283 | 251 | ||
Commercial Loans [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 588 | 646 | 646 | |
Provision for Credit Losses | 0 | [1] | 30 | |
Charge-Offs | 0 | (170) | ||
Recoveries | 0 | 82 | ||
Ending Balances | 612 | 588 | ||
Consumer Loans [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 5 | 2 | 2 | |
Provision for Credit Losses | 0 | [1] | 3 | |
Charge-Offs | (5) | 0 | ||
Recoveries | 0 | 0 | ||
Ending Balances | $ 4 | 5 | ||
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, Bossier and Webster Parishes, Louisiana [Member] | Concentrations of Credit Risk [Member] | ||||
Significant Group Concentrations of Credit Risk [Abstract] | ||||
Number of full-service banking offices | Office | 10 | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | $ 359 | $ 0 | 0 | |
Ending Balances | 359 | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Real Estate Loans [Member] | 1-4 Family Residential [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 688 | |||
Ending Balances | 688 | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Real Estate Loans [Member] | Commercial [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | (119) | |||
Ending Balances | (119) | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Real Estate Loans [Member] | Multi Family [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | (139) | |||
Ending Balances | (139) | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Real Estate Loans [Member] | Land [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | (85) | |||
Ending Balances | (85) | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Real Estate Loans [Member] | Construction [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | (44) | |||
Ending Balances | (44) | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 30 | |||
Ending Balances | 30 | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Commercial Loans [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | 24 | |||
Ending Balances | 24 | |||
ASU 2016-13 [Member] | Impact of ASU 2016-13 Adoption [Member] | Consumer Loans [Member] | ||||
Summary of Changes in Allowance for Loan Losses [Roll Forward] | ||||
Beginning Balances | $ 4 | |||
Ending Balances | $ 4 | |||
[1]Current provision included in the table only includes the portion related to loans receivable. |
Securities, Available-for-sale
Securities, Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 44,736 | $ 42,910 |
Gross Unrealized Gains | 138 | 80 |
Gross Unrealized Losses | 4,465 | 3,439 |
Fair Value | 40,409 | 39,551 |
Debt Securities [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 31,127 | 32,063 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 4,357 | 3,430 |
Fair Value | 26,770 | 28,634 |
FHLMC Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 11,869 | 12,167 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 1,376 | 1,012 |
Fair Value | 10,493 | 11,156 |
FNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 14,844 | 15,318 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,022 | 1,604 |
Fair Value | 12,822 | 13,714 |
GNMA Mortgage-Backed Certificates [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 4,414 | 4,578 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 959 | 814 |
Fair Value | 3,455 | 3,764 |
US Treasury Securities [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 9,876 | 9,779 |
Gross Unrealized Gains | 136 | 68 |
Gross Unrealized Losses | 4 | 6 |
Fair Value | 10,008 | 9,841 |
Municipals [Member] | ||
Available-for-sale Debt Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 3,733 | 1,068 |
Gross Unrealized Gains | 2 | 11 |
Gross Unrealized Losses | 104 | 3 |
Fair Value | $ 3,631 | $ 1,076 |
Securities, Held-to-maturity Se
Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 72,806 | $ 74,423 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 15,249 | 13,201 |
Fair Value | 57,557 | 61,222 |
Debt Securities [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 69,941 | 71,568 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 15,145 | 13,121 |
Fair Value | 54,796 | 58,447 |
GNMA Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 619 | 623 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 80 | 63 |
Fair Value | 539 | 560 |
FHLMC Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 29,312 | 29,921 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 6,572 | 5,781 |
Fair Value | 22,740 | 24,140 |
FNMA Mortgage-Backed Certificates [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 40,010 | 41,024 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 8,493 | 7,277 |
Fair Value | 31,517 | 33,747 |
Municipals [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 1,305 | 1,311 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 104 | 80 |
Fair Value | 1,201 | 1,231 |
Equity Securities (Non-Marketable) [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 1,560 | 1,544 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,560 | 1,544 |
Federal Home Loan Bank [Member] | ||
Held-to-Maturity Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 1,310 | 1,294 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 1,310 | $ 1,294 |
Number of equity securities (in shares) | 13,098 | 12,935 |
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, 2023 | Jun. 30, 2023 | |
Available-for-Sale, Amortized Cost [Abstract] | ||
Amortized Cost | $ 44,736 | $ 42,910 |
Available-for-Sale, Fair Value [Abstract] | ||
Fair Value | 40,409 | 39,551 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Amortized Cost | 72,806 | 74,423 |
Held-to-Maturity, Fair Value [Abstract] | ||
Fair Value | 57,557 | 61,222 |
Cost of available-for-sale securities purchased | 2,700 | |
Securities sold | 0 | |
Debt Securities [Member] | ||
Available-for-Sale, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 1 | |
After Five through Ten Years | 1,725 | |
Over Ten Years | 29,401 | |
With Single Maturity Date | 31,127 | |
Amortized Cost | 31,127 | 32,063 |
Available-for-Sale, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 1 | |
After Five through Ten Years | 1,613 | |
Over Ten Years | 25,156 | |
With Single Maturity Date | 26,770 | |
Fair Value | 26,770 | 28,634 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 582 | |
Over Ten Years | 69,359 | |
With Single Maturity Date | 69,941 | |
Amortized Cost | 69,941 | 71,568 |
Held-to-Maturity, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 538 | |
Over Ten Years | 54,258 | |
With Single Maturity Date | 54,796 | |
Fair Value | 54,796 | 58,447 |
US Treasury Securities [Member] | ||
Available-for-Sale, Amortized Cost [Abstract] | ||
Within One Year or Less | 7,877 | |
One through Five Years | 1,999 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
With Single Maturity Date | 9,876 | |
Amortized Cost | 9,876 | 9,779 |
Available-for-Sale, Fair Value [Abstract] | ||
Within One Year or Less | 8,008 | |
One through Five Years | 2,000 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
With Single Maturity Date | 10,008 | |
Fair Value | 10,008 | 9,841 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
With Single Maturity Date | 0 | |
Held-to-Maturity, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 0 | |
After Five through Ten Years | 0 | |
Over Ten Years | 0 | |
With Single Maturity Date | 0 | |
Municipals [Member] | ||
Available-for-Sale, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 365 | |
After Five through Ten Years | 0 | |
Over Ten Years | 3,368 | |
With Single Maturity Date | 3,733 | |
Amortized Cost | 3,733 | 1,068 |
Available-for-Sale, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 364 | |
After Five through Ten Years | 0 | |
Over Ten Years | 3,267 | |
With Single Maturity Date | 3,631 | |
Fair Value | 3,631 | 1,076 |
Held-to-Maturity, Amortized Cost [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 219 | |
After Five through Ten Years | 0 | |
Over Ten Years | 1,086 | |
With Single Maturity Date | 1,305 | |
Amortized Cost | 1,305 | 1,311 |
Held-to-Maturity, Fair Value [Abstract] | ||
Within One Year or Less | 0 | |
One through Five Years | 207 | |
After Five through Ten Years | 0 | |
Over Ten Years | 994 | |
With Single Maturity Date | 1,201 | |
Fair Value | 1,201 | 1,231 |
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 | 1,560 | |
Amortized Cost | 1,560 | 1,544 |
Held-to-Maturity, Fair Value [Abstract] | ||
Without Single Maturity Date | 1,560 | |
Fair Value | $ 1,560 | $ 1,544 |
Securities, Securities with Gro
Securities, Securities with Gross Unrealized Losses (Details) $ in Thousands | Sep. 30, 2023 USD ($) Security | Jun. 30, 2023 USD ($) |
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | $ 1,059 | $ 629 |
Over Twelve Months | 3,406 | 2,811 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 12,131 | 11,856 |
Over Twelve Months | 17,614 | 18,892 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 215 |
Over Twelve Months | 15,249 | 12,987 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months | 0 | 1,859 |
Over Twelve Months | $ 55,997 | 57,818 |
Number of debt securities in an unrealized loss position | Security | 65 | |
Asset Pledged as Collateral [Member] | Public Deposits [Member] | ||
Securities Pledged [Abstract] | ||
Securities | $ 10,600 | |
Asset Pledged as Collateral [Member] | FHLB Advances [Member] | ||
Securities Pledged [Abstract] | ||
Securities and mortgage loans | 198,100 | |
Mortgage-Backed Securities [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 951 | 618 |
Over Twelve Months | 3,406 | 2,811 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 9,150 | 9,109 |
Over Twelve Months | 17,614 | 18,892 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 215 |
Over Twelve Months | 15,145 | 12,907 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months | 0 | 1,859 |
Over Twelve Months | 54,796 | 56,587 |
Municipals [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 104 | 3 |
Over Twelve Months | 0 | 0 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 2,293 | 561 |
Over Twelve Months | 0 | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 0 | 0 |
Over Twelve Months | 104 | 80 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months | 0 | 0 |
Over Twelve Months | 1,201 | 1,231 |
US Treasury Securities [Member] | ||
Securities Available-for-sale Securities, Gross Unrealized Losses [Abstract] | ||
Less Than Twelve Months | 4 | 8 |
Over Twelve Months | 0 | 0 |
Securities Available-for-sale Securities, Fair Value [Abstract] | ||
Less than Twelve Months | 688 | 2,186 |
Over Twelve Months | $ 0 | $ 0 |
Loans Receivable, Components of
Loans Receivable, Components of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Loans receivable [Abstract] | |||
Total Loans | $ 511,847 | $ 494,830 | |
Less: Allowance for Credit Losses | (5,102) | (5,173) | $ (4,451) |
Unamortized Loan Fees | (146) | (164) | |
Net Loans Receivable | 506,599 | 489,493 | |
Loans Secured by Mortgages on Real Estate [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 454,070 | 438,012 | |
Loans Secured by Mortgages on Real Estate [Member] | One-to-Four-Family Residential [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 186,002 | 179,579 | |
Less: Allowance for Credit Losses | (2,161) | (1,900) | (1,367) |
Loans Secured by Mortgages on Real Estate [Member] | Commercial [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 147,971 | 148,441 | |
Less: Allowance for Credit Losses | (1,554) | (1,673) | (1,295) |
Loans Secured by Mortgages on Real Estate [Member] | Multi-Family Residential [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 28,781 | 28,849 | |
Less: Allowance for Credit Losses | (89) | (228) | (357) |
Loans Secured by Mortgages on Real Estate [Member] | Land [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 30,473 | 26,841 | |
Less: Allowance for Credit Losses | (189) | (274) | (305) |
Loans Secured by Mortgages on Real Estate [Member] | Construction [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 33,984 | 28,035 | |
Less: Allowance for Credit Losses | (210) | (254) | (282) |
Loans Secured by Mortgages on Real Estate [Member] | Equity and Second Mortgage [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 2,488 | 2,450 | |
Loans Secured by Mortgages on Real Estate [Member] | Equity Lines of Credit [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 24,371 | 23,817 | |
Commercial Loans [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 56,328 | 55,364 | |
Less: Allowance for Credit Losses | (612) | (588) | (646) |
Consumer Loans [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 1,449 | 1,454 | |
Less: Allowance for Credit Losses | (4) | (5) | $ (2) |
Consumer Loans [Member] | Loans on Savings Accounts [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | 367 | 372 | |
Consumer Loans [Member] | Other Consumer Loans [Member] | |||
Loans receivable [Abstract] | |||
Total Loans | $ 1,082 | $ 1,082 |
Loans Receivable, Summary of Ch
Loans Receivable, Summary of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | ||
Summary of changes in the allowance for credit losses [Roll Forward] | ||||
Beginning Balances | $ 5,173 | $ 4,451 | $ 4,451 | |
Provision for Credit Losses | 0 | [1] | 418 | 868 |
Loan Charge-Offs | (433) | (237) | ||
Recoveries | 3 | 91 | ||
Ending Balances | 5,102 | 5,173 | ||
Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Summary of changes in the allowance for credit losses [Roll Forward] | ||||
Beginning Balances | $ 359 | $ 0 | 0 | |
Ending Balances | $ 359 | |||
[1]Current provision included in the table only includes the portion related to loans receivable. |
Loans Receivable, Summarizes De
Loans Receivable, Summarizes Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Jun. 30, 2023 | |
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | $ 140,649 | |
2022 | 109,808 | |
2021 | 101,195 | |
2020 | 57,764 | |
2019 | 12,507 | |
Prior | 21,986 | |
Revolving Lines | 67,938 | |
Total | 511,847 | $ 494,830 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 5 | |
2022 | 428 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 433 | 237 |
Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 136,606 | |
2022 | 109,359 | |
2021 | 100,751 | |
2020 | 56,368 | |
2019 | 12,507 | |
Prior | 21,509 | |
Revolving Lines | 66,948 | |
Total | 504,048 | 487,703 |
Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 2,550 | |
2022 | 308 | |
2021 | 402 | |
2020 | 19 | |
2019 | 0 | |
Prior | 322 | |
Revolving Lines | 990 | |
Total | 4,591 | 3,150 |
Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 1,493 | |
2022 | 141 | |
2021 | 42 | |
2020 | 1,377 | |
2019 | 0 | |
Prior | 155 | |
Revolving Lines | 0 | |
Total | 3,208 | 3,977 |
Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
Total | 454,070 | 438,012 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 72,633 | |
2022 | 39,268 | |
2021 | 37,026 | |
2020 | 21,658 | |
2019 | 2,421 | |
Prior | 12,955 | |
Revolving Lines | 41 | |
Total | 186,002 | 179,579 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 0 | |
2022 | 428 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 428 | 41 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 71,365 | |
2022 | 39,132 | |
2021 | 37,026 | |
2020 | 20,890 | |
2019 | 2,421 | |
Prior | 12,478 | |
Revolving Lines | 41 | |
Total | 183,353 | 176,536 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 971 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 322 | |
Revolving Lines | 0 | |
Total | 1,293 | 810 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 297 | |
2022 | 136 | |
2021 | 0 | |
2020 | 768 | |
2019 | 0 | |
Prior | 155 | |
Revolving Lines | 0 | |
Total | 1,356 | 2,233 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 24,737 | |
2022 | 43,795 | |
2021 | 44,350 | |
2020 | 20,616 | |
2019 | 1,900 | |
Prior | 1,013 | |
Revolving Lines | 11,560 | |
Total | 147,971 | 148,441 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 23,431 | |
2022 | 43,795 | |
2021 | 44,350 | |
2020 | 20,007 | |
2019 | 1,900 | |
Prior | 1,013 | |
Revolving Lines | 11,560 | |
Total | 146,056 | 146,787 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 331 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 331 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 975 | |
2022 | 0 | |
2021 | 0 | |
2020 | 609 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 1,584 | 1,654 |
Real Estate Loans [Member] | Commercial [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 2,118 | |
2022 | 4,051 | |
2021 | 2,291 | |
2020 | 7,168 | |
2019 | 6,006 | |
Prior | 5,873 | |
Revolving Lines | 1,274 | |
Total | 28,781 | 28,849 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 2,118 | |
2022 | 4,051 | |
2021 | 2,291 | |
2020 | 7,168 | |
2019 | 6,006 | |
Prior | 5,873 | |
Revolving Lines | 1,274 | |
Total | 28,781 | 28,849 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 9,136 | |
2022 | 6,889 | |
2021 | 4,972 | |
2020 | 1,257 | |
2019 | 96 | |
Prior | 341 | |
Revolving Lines | 7,782 | |
Total | 30,473 | 26,841 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 9,086 | |
2022 | 6,581 | |
2021 | 4,972 | |
2020 | 1,257 | |
2019 | 96 | |
Prior | 341 | |
Revolving Lines | 7,782 | |
Total | 30,115 | 26,841 |
Real Estate Loans [Member] | Land [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 50 | |
2022 | 308 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 358 | 0 |
Real Estate Loans [Member] | Land [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Land [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 7,251 | |
2022 | 3,753 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 22,980 | |
Total | 33,984 | 28,035 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 7,251 | |
2022 | 3,753 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 22,980 | |
Total | 33,984 | 28,035 |
Real Estate Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Construction [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Real Estate Loans [Member] | Equity Loans and Lines of Credit [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 6,796 | |
2022 | 2,106 | |
2021 | 4,354 | |
2020 | 583 | |
2019 | 26 | |
Prior | 1,793 | |
Revolving Lines | 11,201 | |
Total | 26,859 | 26,267 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 26 |
Real Estate Loans [Member] | Equity Loans and Lines of Credit [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 6,733 | |
2022 | 2,106 | |
2021 | 4,354 | |
2020 | 583 | |
2019 | 26 | |
Prior | 1,793 | |
Revolving Lines | 11,201 | |
Total | 26,796 | |
Real Estate Loans [Member] | Equity Loans and Lines of Credit [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | |
Real Estate Loans [Member] | Equity Loans and Lines of Credit [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 63 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 63 | |
Real Estate Loans [Member] | Equity Loans and Lines of Credit [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | |
Commercial Loans [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 16,917 | |
2022 | 9,893 | |
2021 | 8,202 | |
2020 | 6,212 | |
2019 | 2,012 | |
Prior | 11 | |
Revolving Lines | 13,081 | |
Total | 56,328 | 55,364 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 170 |
Commercial Loans [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 15,582 | |
2022 | 9,888 | |
2021 | 7,758 | |
2020 | 6,193 | |
2019 | 2,012 | |
Prior | 11 | |
Revolving Lines | 12,091 | |
Total | 53,535 | 53,025 |
Commercial Loans [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 1,198 | |
2022 | 0 | |
2021 | 402 | |
2020 | 19 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 990 | |
Total | 2,609 | 2,339 |
Commercial Loans [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 137 | |
2022 | 5 | |
2021 | 42 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 184 | 0 |
Commercial Loans [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 0 |
Consumer Loans [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 1,061 | |
2022 | 53 | |
2021 | 0 | |
2020 | 270 | |
2019 | 46 | |
Prior | 0 | |
Revolving Lines | 19 | |
Total | 1,449 | 1,454 |
Current Period Gross Charge-Offs [Abstract] | ||
2023 | 5 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 5 | 0 |
Consumer Loans [Member] | Pass [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 1,040 | |
2022 | 53 | |
2021 | 0 | |
2020 | 270 | |
2019 | 46 | |
Prior | 0 | |
Revolving Lines | 19 | |
Total | 1,428 | 1,432 |
Consumer Loans [Member] | Special Mention [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 0 | 1 |
Consumer Loans [Member] | Substandard [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 21 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | 21 | 21 |
Consumer Loans [Member] | Doubtful [Member] | ||
Designated Internal Risk Categories by Portfolio Segment and Loan Class, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Lines | 0 | |
Total | $ 0 | $ 0 |
Loans Receivable, Grading of Lo
Loans Receivable, Grading of Loans, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | $ 511,847 | $ 494,830 |
Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 504,048 | 487,703 |
Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 4,591 | 3,150 |
Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 3,208 | 3,977 |
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 | 454,070 | 438,012 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 186,002 | 179,579 |
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 | 183,353 | 176,536 |
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 | 1,293 | 810 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 1,356 | 2,233 |
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 | 147,971 | 148,441 |
Real Estate Loans [Member] | Commercial [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 146,056 | 146,787 |
Real Estate Loans [Member] | Commercial [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 331 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 1,584 | 1,654 |
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 | 28,781 | 28,849 |
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 | 28,781 | 28,849 |
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 | 30,473 | 26,841 |
Real Estate Loans [Member] | Land [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 30,115 | 26,841 |
Real Estate Loans [Member] | Land [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 358 | 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 | 33,984 | 28,035 |
Real Estate Loans [Member] | Construction [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 33,984 | 28,035 |
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 | 2,488 | 2,450 |
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 | 2,381 | |
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 | |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 69 | |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 24,371 | 23,817 |
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 | 23,817 | |
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 | |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 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 | |
Commercial Loans [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 56,328 | 55,364 |
Commercial Loans [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 53,535 | 53,025 |
Commercial Loans [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 2,609 | 2,339 |
Commercial Loans [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 184 | 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 | 1,449 | 1,454 |
Consumer Loans [Member] | Pass and Pass Watch [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 1,428 | 1,432 |
Consumer Loans [Member] | Special Mention [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 0 | 1 |
Consumer Loans [Member] | Substandard [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | 21 | 21 |
Consumer Loans [Member] | Doubtful [Member] | ||
Grading of Loans, Segregated by Class of Loans [Abstract] | ||
Gross loans receivable | $ 0 | $ 0 |
Loans Receivable, Aging Analysi
Loans Receivable, Aging Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Jun. 30, 2023 | |
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | $ 511,847 | $ 494,830 |
Recorded Investment > 90 Days and Accruing | 68 | 0 |
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 | 102 | 182 |
Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 2,145 | 2,254 |
30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 749 | 330 |
60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 414 | 750 |
90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 982 | 1,174 |
Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 509,702 | 492,576 |
Real Estate Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 454,070 | 438,012 |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 186,002 | 179,579 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
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 | 1,387 | 2,101 |
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 | 216 | 177 |
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 | 257 | 750 |
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 | 914 | 1,174 |
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 | 184,615 | 177,478 |
Real Estate Loans [Member] | Commercial [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 147,971 | 148,441 |
Recorded Investment > 90 Days and Accruing | 0 | 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 | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total 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 | 0 | 0 |
Real Estate Loans [Member] | Commercial [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 147,971 | 148,441 |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 28,781 | 28,849 |
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 | 28,781 | 28,849 |
Real Estate Loans [Member] | Land [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 30,473 | 26,841 |
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 | 308 | 36 |
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 | 308 | 36 |
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 | 30,165 | 26,805 |
Real Estate Loans [Member] | Construction [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 33,984 | 28,035 |
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 | 33,984 | 28,035 |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 2,488 | 2,450 |
Recorded Investment > 90 Days and Accruing | 16 | 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 | 54 |
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 | 54 |
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 | 2,488 | 2,396 |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 24,371 | 23,817 |
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 | 242 | 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 | 116 | 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 | 110 | 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 | 16 | 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 | 24,129 | 23,817 |
Commercial Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 56,328 | 55,364 |
Recorded Investment > 90 Days and Accruing | 47 | 0 |
Commercial Loans [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 198 | 63 |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 108 | 63 |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 43 | 0 |
Commercial Loans [Member] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 47 | 0 |
Commercial Loans [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 56,130 | 55,301 |
Consumer Loans [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 1,449 | 1,454 |
Recorded Investment > 90 Days and Accruing | 5 | 0 |
Consumer Loans [Member] | Total Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 10 | 0 |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 1 | 0 |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 4 | 0 |
Consumer Loans [Member] | 90 Days or More [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | 5 | 0 |
Consumer Loans [Member] | Current [Member] | ||
Aging analysis of past due loans segregated by class of loans [Abstract] | ||
Total Loans | $ 1,439 | $ 1,454 |
Loans Receivable, Allowance for
Loans Receivable, Allowance for Credit Losses and Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | ||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | $ 5,173 | $ 4,451 | $ 4,451 | |
Charge-Offs | (433) | (237) | ||
Recoveries | 3 | 91 | ||
Current Provision | 0 | [1] | 418 | 868 |
Ending Balances | 5,102 | 5,173 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 148 | 628 | ||
Collectively | 4,545 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 511,847 | 494,830 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 11,962 | 7,127 | ||
Collectively | 487,703 | |||
Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 359 | 0 | 0 | |
Ending Balances | 359 | |||
Real Estate Loans [Member] | ||||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 454,070 | 438,012 | ||
Real Estate Loans [Member] | 1-4 Family Residential [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 1,900 | 1,367 | 1,367 | |
Charge-Offs | (428) | (41) | ||
Recoveries | 1 | 4 | ||
Current Provision | 0 | [1] | 570 | |
Ending Balances | 2,161 | 1,900 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 127 | 495 | ||
Collectively | 1,405 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 186,002 | 179,579 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 3,536 | 3,043 | ||
Collectively | 176,536 | |||
Real Estate Loans [Member] | 1-4 Family Residential [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 688 | |||
Ending Balances | 688 | |||
Real Estate Loans [Member] | Commercial [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 1,673 | 1,295 | 1,295 | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Current Provision | 0 | [1] | 378 | |
Ending Balances | 1,554 | 1,673 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 0 | 100 | ||
Collectively | 1,573 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 147,971 | 148,441 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 0 | 1,654 | ||
Collectively | 146,787 | |||
Real Estate Loans [Member] | Commercial [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | (119) | |||
Ending Balances | (119) | |||
Real Estate Loans [Member] | Multi Family [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 228 | 357 | 357 | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Current Provision | 0 | [1] | (129) | |
Ending Balances | 89 | 228 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 0 | 0 | ||
Collectively | 228 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 28,781 | 28,849 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 0 | 0 | ||
Collectively | 28,849 | |||
Real Estate Loans [Member] | Multi Family [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | (139) | |||
Ending Balances | (139) | |||
Real Estate Loans [Member] | Land [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 274 | 305 | 305 | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Current Provision | 0 | [1] | (31) | |
Ending Balances | 189 | 274 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 6 | 0 | ||
Collectively | 274 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 30,473 | 26,841 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 171 | 0 | ||
Collectively | 26,841 | |||
Real Estate Loans [Member] | Land [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | (85) | |||
Ending Balances | (85) | |||
Real Estate Loans [Member] | Construction [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 254 | 282 | 282 | |
Charge-Offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Current Provision | 0 | [1] | (28) | |
Ending Balances | 210 | 254 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 2 | 0 | ||
Collectively | 254 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 33,984 | 28,035 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 69 | 0 | ||
Collectively | 28,035 | |||
Real Estate Loans [Member] | Construction [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | (44) | |||
Ending Balances | (44) | |||
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 251 | 197 | 197 | |
Charge-Offs | 0 | (26) | ||
Recoveries | 2 | 5 | ||
Current Provision | 0 | [1] | 75 | |
Ending Balances | 283 | 251 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 4 | |||
Collectively | 247 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 26,859 | 26,267 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 69 | |||
Collectively | 26,198 | |||
Real Estate Loans [Member] | Home Equity Loans and Lines of Credit [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 30 | |||
Ending Balances | 30 | |||
Commercial Loans [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 588 | 646 | 646 | |
Charge-Offs | 0 | (170) | ||
Recoveries | 0 | 82 | ||
Current Provision | 0 | [1] | 30 | |
Ending Balances | 612 | 588 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 8 | 29 | ||
Collectively | 559 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 56,328 | 55,364 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 7,840 | 2,339 | ||
Collectively | 53,025 | |||
Commercial Loans [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 24 | |||
Ending Balances | 24 | |||
Consumer Loans [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | 5 | $ 2 | 2 | |
Charge-Offs | (5) | 0 | ||
Recoveries | 0 | 0 | ||
Current Provision | 0 | [1] | 3 | |
Ending Balances | 4 | 5 | ||
Evaluated for Impairment [Abstract] | ||||
Individually | 5 | 0 | ||
Collectively | 5 | |||
Loans Receivable [Abstract] | ||||
Ending Balances - Total | 1,449 | 1,454 | ||
Ending Balances, Evaluated for Impairment [Abstract] | ||||
Individually | 346 | 22 | ||
Collectively | 1,432 | |||
Consumer Loans [Member] | Impact of ASU 326 [Member] | ASU 2016-13 [Member] | ||||
Allowance for credit losses [Roll Forward] | ||||
Beginning Balances | $ 4 | |||
Ending Balances | $ 4 | |||
[1]Current provision included in the table only includes the portion related to loans receivable. |
Loans Receivable, Loans Individ
Loans Receivable, Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2023 | |
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | $ 7,127 | $ 11,962 |
Specific allocations | 628 | 148 |
Unpaid Principal Balance | 7,127 | |
Recorded Investment With No Allowance | 878 | |
Recorded Investment With Allowance | 6,249 | |
Total Recorded Investment | 7,127 | |
Related Allowance | 628 | |
Average Recorded Investment | 8,818 | |
Real Estate Loans [Member] | One-to-Four-Family Residential [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 3,043 | 3,536 |
Specific allocations | 495 | 127 |
Unpaid Principal Balance | 2,559 | |
Recorded Investment With No Allowance | 156 | |
Recorded Investment With Allowance | 2,403 | |
Total Recorded Investment | 2,559 | |
Related Allowance | 495 | |
Average Recorded Investment | 3,644 | |
Real Estate Loans [Member] | Commercial [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 1,654 | 0 |
Specific allocations | 100 | 0 |
Unpaid Principal Balance | 1,617 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 1,617 | |
Total Recorded Investment | 1,617 | |
Related Allowance | 100 | |
Average Recorded Investment | 1,675 | |
Real Estate Loans [Member] | Multi-Family Residential [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 0 | 0 |
Specific allocations | 0 | 0 |
Unpaid Principal Balance | 0 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Real Estate Loans [Member] | Land [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 0 | 171 |
Specific allocations | 0 | 6 |
Unpaid Principal Balance | 0 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Real Estate Loans [Member] | Construction [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 0 | 69 |
Specific allocations | 0 | 2 |
Unpaid Principal Balance | 0 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Real Estate Loans [Member] | Equity and Second Mortgage [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 0 | |
Specific allocations | 0 | |
Unpaid Principal Balance | 0 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 63 | |
Real Estate Loans [Member] | Equity Lines of Credit [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 0 | |
Specific allocations | 0 | |
Unpaid Principal Balance | 0 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Commercial Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 2,339 | 7,840 |
Specific allocations | 29 | 8 |
Unpaid Principal Balance | 2,197 | |
Recorded Investment With No Allowance | 37 | |
Recorded Investment With Allowance | 2,160 | |
Total Recorded Investment | 2,197 | |
Related Allowance | 29 | |
Average Recorded Investment | 2,659 | |
Consumer Loans [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Loan balance | 22 | 346 |
Specific allocations | 0 | $ 5 |
Unpaid Principal Balance | 0 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 23 | |
Purchased Credit Impaired [Member] | ||
Loans individually evaluated for impairment, segregated by class of loans [Abstract] | ||
Unpaid Principal Balance | 754 | |
Recorded Investment With No Allowance | 685 | |
Recorded Investment With Allowance | 69 | |
Total Recorded Investment | 754 | |
Related Allowance | 4 | |
Average Recorded Investment | $ 754 |
Loans Receivable, Troubled Debt
Loans Receivable, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) Loan | Jun. 30, 2023 USD ($) Loan | |
Troubled Debt Restructurings [Abstract] | ||
Number of loans in process of foreclosure | Loan | 0 | |
Number of loans identified as troubled debt restructuring | Loan | 0 | 1 |
Troubled debt restructuring | $ | $ 10 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ | $ 1,700 | $ 1,600 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Summary of Deposits [Abstract] | ||
Non-Interest Bearing | $ 146,057 | $ 145,553 |
NOW Accounts | 63,613 | 65,335 |
Money Markets | 104,580 | 114,195 |
Passbook Savings | 75,747 | 81,895 |
Total transaction accounts | 389,997 | 406,978 |
Certificates of Deposit | 202,508 | 190,383 |
Total Deposits | $ 592,505 | $ 597,361 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Calculation of earnings per share [Abstract] | ||
Net income | $ 1,220 | $ 1,671 |
Weighted average shares outstanding - basic (in shares) | 3,029,000 | 3,066,000 |
Effect of dilutive common stock equivalents (in shares) | 79,000 | 162,000 |
Adjusted weighted average shares outstanding - diluted (in shares) | 3,108,000 | 3,228,000 |
Basic earnings per share (in dollars per share) | $ 0.4 | $ 0.55 |
Diluted earnings per share (in dollars per share) | $ 0.39 | $ 0.52 |
Outstanding options to purchase shares (in shares) | 364,916 | 389,616 |
Weighted average price per share of outstanding options (in dollars per share) | $ 11.65 | $ 11.81 |
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) | (102,000) | (125,000) |
Average Company stock purchased (in shares) | (2,994,000) | (2,934,000) |
Weighted average shares outstanding (in shares) | 3,029,000 | 3,066,000 |
Stock Options [Member] | ||
Calculation of earnings per share [Abstract] | ||
Effect of dilutive common stock equivalents (in shares) | 79,237 | 161,866 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Plans (Details) - shares | 3 Months Ended | ||
Sep. 30, 2023 | 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% | ||
Award vesting period | 5 years | ||
Commencement period of incentive and non-qualified options | 1 year | ||
Additional percentage vested on each successive anniversary | 20% | ||
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. 08, 2015 | ||
Outstanding stock options (in shares) | 4,266 | ||
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) | 389,044 | ||
Termination date | Dec. 23, 2021 | ||
Outstanding stock options (in shares) | 37,350 | ||
Term of share-based payment award | 10 years |
Stock-Based Compensation, Sto_2
Stock-Based Compensation, Stock Incentive Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Nov. 13, 2019 | Nov. 12, 2014 | Sep. 30, 2023 | Sep. 30, 2022 | Nov. 11, 2020 | |
Stock Options [Member] | |||||
Stock Incentive Plans [Abstract] | |||||
Award vesting period | 5 years | ||||
2014 Stock Incentive Plan [Member] | |||||
Stock Incentive Plans [Abstract] | |||||
Number of shares authorized under plan (in shares) | 300,000 | ||||
2014 Stock Incentive Plan [Member] | Share Awards [Member] | |||||
Stock Incentive Plans [Abstract] | |||||
Aggregate number of shares available for grant (in shares) | 1,600 | ||||
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% | ||||
2014 Stock Incentive Plan [Member] | Stock Options [Member] | |||||
Stock Incentive Plans [Abstract] | |||||
Aggregate number of shares available for grant (in shares) | 23,000 | ||||
Aggregate number of shares of common stock reserved for future issuance (in shares) | 225,000 | ||||
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 | ||||
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% | ||||
2019 Stock Incentive Plan [Member] | Stock Options [Member] | |||||
Stock Incentive Plans [Abstract] | |||||
Aggregate number of shares available for grant (in shares) | 187,500 | ||||
Award vesting period | 5 years | ||||
2011 Option Plan and the Stock Incentive Plans [Member] | |||||
Stock Incentive Plans [Abstract] | |||||
Compensation expense | $ 26 | $ 26 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 |
Related Party Transactions [Abstract] | ||
Loans made to directors and executive officers | $ 4.2 | $ 4.4 |
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, 2023 | Jun. 30, 2023 | |
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 | $ 40,409 | $ 39,551 |
Carrying Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 8,878 | 24,765 |
Securities Available-for-Sale | 40,409 | 39,551 |
Securities to be Held-to-Maturity | 72,806 | 74,423 |
Loans Held-for-Sale | 589 | 4 |
Loans Receivable | 506,599 | 489,493 |
Financial Liabilities [Abstract] | ||
Deposits | 592,505 | 597,361 |
Advances from FHLB | 4,600 | 0 |
Other Borrowings | 8,850 | 8,550 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | 13,127 | 13,277 |
Estimated Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and Cash Equivalents | 8,878 | 24,765 |
Securities Available-for-Sale | 40,409 | 39,551 |
Securities to be Held-to-Maturity | 57,557 | 61,222 |
Loans Held-for-Sale | 589 | 4 |
Loans Receivable | 465,463 | 444,117 |
Financial Liabilities [Abstract] | ||
Deposits | 500,015 | 481,055 |
Advances from FHLB | 4,600 | 0 |
Other Borrowings | 8,850 | 8,550 |
Off-Balance Sheet Items [Abstract] | ||
Mortgage Loan Commitments | $ 13,127 | $ 13,277 |
Fair Value Disclosures, Recurri
Fair Value Disclosures, Recurring and Non-recurring (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | $ 40,409 | $ 39,551 |
Debt Securities [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 26,770 | 28,634 |
FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 10,493 | 11,156 |
FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 12,822 | 13,714 |
GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 3,455 | 3,764 |
US Treasury Notes [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 10,008 | 9,841 |
Municipal Bonds [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 3,631 | 1,076 |
Recurring [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 40,409 | 39,551 |
Recurring [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 10,493 | 11,156 |
Recurring [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 12,822 | 13,714 |
Recurring [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 3,455 | 3,764 |
Recurring [Member] | US Treasury Notes [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 10,008 | 9,841 |
Recurring [Member] | Municipal Bonds [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 3,631 | 1,076 |
Recurring [Member] | Level 1 [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | US Treasury Notes [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Municipal Bonds [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 40,409 | 39,551 |
Recurring [Member] | Level 2 [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 10,493 | 11,156 |
Recurring [Member] | Level 2 [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 12,822 | 13,714 |
Recurring [Member] | Level 2 [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 3,455 | 3,764 |
Recurring [Member] | Level 2 [Member] | US Treasury Notes [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 10,008 | 9,841 |
Recurring [Member] | Level 2 [Member] | Municipal Bonds [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 3,631 | 1,076 |
Recurring [Member] | Level 3 [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | FHLMC [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | FNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | GNMA [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | US Treasury Notes [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Municipal Bonds [Member] | ||
Fair values of assets and liabilities measured on a recurring basis [Abstract] | ||
Securities Available-for-Sale | 0 | 0 |
Non-recurring [Member] | ||
Assets [Abstract] | ||
Impaired Loans, Net of Allowance | 11,814 | 701 |
Other Real Estate Owned, Net of Allowance | 562 | 330 |
Total | 12,376 | 1,031 |
Non-recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Impaired Loans, Net of Allowance | 0 | 0 |
Other Real Estate Owned, Net of Allowance | 0 | 0 |
Total | 0 | 0 |
Non-recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Impaired Loans, Net of Allowance | 0 | 0 |
Other Real Estate Owned, Net of Allowance | 0 | 0 |
Total | 0 | 0 |
Non-recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Impaired Loans, Net of Allowance | 11,814 | 701 |
Other Real Estate Owned, Net of Allowance | 562 | 330 |
Total | $ 12,376 | $ 1,031 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Lease Right-of-Use Assets [Abstract] | ||
Operating lease right-of-use assets | $ 829 | $ 829 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Lease Liabilities [Abstract] | ||
Operating lease liabilities | $ 866 | $ 866 |
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 | 35 years 1 month 6 days | 35 years 4 months 24 days |
Weighted-average discount rate [Abstract] | ||
Operating leases | 3% | 3% |