Oconee Federal Financial (OFED) 10-Q 13 Nov 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2017	Nov. 08, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Oconee Federal Financial Corp.
Entity Central Index Key	1,501,078
Trading Symbol	ofed
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,756,127
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
ASSETS
Cash and due from banks	$ 2,935	$ 3,526
Interest-earning deposits	3,487	17,219
Total cash and cash equivalents	6,422	20,745
Securities available-for-sale	120,711	118,334
Loans	312,876	307,558
Allowance for loan losses	(1,024)	(1,016)
Net loans	311,852	306,542
Loans held for sale, at fair value		245
Premises and equipment, net	6,580	6,574
Real estate owned, net	894	865
Accrued interest receivable
Loans	972	944
Investments	533	568
Restricted equity securities, at cost	1,447	1,023
Bank owned life insurance	18,191	18,071
Goodwill	2,593	2,593
Core deposit intangible	520	568
Loan servicing rights	1,089	1,141
Deferred tax assets	2,343	2,370
Other assets	549	734
Total assets	474,696	481,317
Deposits
Noninterest bearing	27,938	25,900
Interest bearing	349,740	368,605
Total deposits	377,678	394,505
FHLB Advances	10,000
Accrued interest payable and other liabilities	749	851
Total liabilities	388,427	395,356
SHAREHOLDERS' EQUITY
Common stock, $0.01 par value, 100,000,000 shares authorized; 6,463,039 shares issued and outstanding	65	65
Treasury stock, at par, 706,912 and 699,345 shares, respectively	(7)	(7)
Additional paid-in capital	11,834	11,940
Retained earnings	75,451	75,169
Accumulated other comprehensive loss	(122)	(202)
Unearned ESOP shares	(952)	(1,004)
Total shareholders' equity	86,269	85,961
Total liabilities and shareholders' equity	$ 474,696	$ 481,317

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2017	Jun. 30, 2017
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	6,463,039	6,463,039
Common stock, shares outstanding	6,463,039	6,463,039
Treasury stock, shares	706,912	699,345

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Interest and dividend income:
Loans, including fees	$ 3,555	$ 3,737
Securities, taxable	369	443
Securities, tax-exempt	206	178
Interest-earning deposits and other	35	41
Total interest income	4,165	4,399
Interest expense:
Deposits	362	320
Other Borrowings	11
Total interest expense	373	320
Net interest income	3,792	4,079
Provision for loan losses	46	65
Net interest income after provision for loan losses	3,746	4,014
Noninterest income:
Service charges on deposit accounts	108	104
Income on bank owned life insurance	119	126
Mortgage banking income	68	93
Gain on sales of securities, net	10	68
Gain on disposition of purchase credit impaired loans		43
Other	31	1
Total noninterest income	336	435
Noninterest expense:
Salaries and employee benefits	1,556	1,455
Occupancy and equipment	397	368
Data processing	206	172
Professional and supervisory fees	206	207
Office expense	42	52
Advertising	45	31
FDIC deposit insurance	34	56
Foreclosed assets, net	50	2
Change in loan servicing asset	52	23
Other	211	195
Total noninterest expense	2,799	2,561
Income before income taxes	1,283	1,888
Income tax expense	426	615
Net income	857	1,273
Other comprehensive income
Unrealized (losses) gains on securities available-for-sale	136	(519)
Tax effect	(50)	187
Reclassification adjustment for gains realized in net income	(10)	(68)
Tax effect	4	24
Total other comprehensive income (loss)	80	(376)
Comprehensive income	$ 937	$ 897
Basic net income per share: (Note 3) (in dollars per share)	$ 0.15	$ 0.22
Diluted net income per share: (Note 3) (in dollars per share)	0.15	0.22
Dividends declared per share: (in dollars per share)	$ 0.10	$ 0.10

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (loss)	Unearned ESOP Shares	Total
Balance at Jun. 30, 2016		$ 65	$ (6)	$ 12,882	$ 71,909	$ 1,808	$ (1,257)	$ 85,401
Increase (Decrease) in Shareholders' Equity
Net income					1,273			1,273
Other comprehensive income (loss)						(376)		(376)
Purchase of 34,599 and 7,576 shares of treasury stock for three months ended September 30, 2016 and September 30, 2017 respectively.	[1]		(1)	(700)				(701)
Stock-based compensation expense				76				76
Dividends					(583)			(583)
ESOP Shares earned				39			53	92
Balance at Sep. 30, 2016		65	(7)	12,297	72,599	1,432	(1,204)	85,182
Balance at Jun. 30, 2017		65	(7)	11,940	75,169	(202)	(1,004)	85,961
Increase (Decrease) in Shareholders' Equity
Net income					857			857
Other comprehensive income (loss)						80		80
Purchase of 34,599 and 7,576 shares of treasury stock for three months ended September 30, 2016 and September 30, 2017 respectively.	[2]			(208)				(208)
Stock-based compensation expense				6				6
Dividends					(575)			(575)
ESOP Shares earned				96			52	148
Balance at Sep. 30, 2017		$ 65	$ (7)	$ 11,834	$ 75,451	$ (122)	$ (952)	$ 86,269
[1]	The weighted average cost of treasury shares purchased during the three months ended was $20.23 per share. Treasury stock repurchases were accounted for using the par value method.
[2]	The weighted average cost of treasury shares purchased during the three months ended was $27.46 per share. Treasury stock repurchases were accounted for using the par value method.

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Purchase of treasury stock (in shares)	7,576	34,599
Weighted average cost of treasury shares	$ 27.46	$ 20.23

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows From Operating Activities
Net income	$ 857	$ 1,273
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	46	65
Provision for real estate owned	26	103
Depreciation and amortization, net	345	355
Net accretion of purchase accounting adjustments	(39)	(17)
Deferred income tax expense (benefit)	(19)	112
Net gain on sale of real estate owned	(4)	(79)
Change in loan servicing asset	52	23
Net gain on sales of securities	(10)	(68)
Mortgage loans originated for sale	(1,082)	(1,314)
Mortgage loans sold	1,337	1,144
Gain on sales of mortgage loans	(10)	(33)
Increase in cash surrender value of bank owned life insurance	(120)	(126)
Gain on disposition of purchased credit impaired loans		(43)
ESOP compensation expense	148	92
Stock based compensation expense	6	76
Net change in operating assets and liabilities:
Accrued interest receivable and other assets	192	394
Accrued interest payable and other liabilities	(102)	(2)
Net cash provided by operating activities	1,623	1,955
Cash Flows From Investing Activities
Purchases of premises and equipment	(103)	(66)
Purchases of securities available-for-sale	(10,624)	(11,344)
Proceeds from maturities, paydowns and calls of securities available-for-sale	4,186	6,665
Proceeds from sales of securities available-for-sale	3,997	3,153
Purchases of restricted equity securities	(2)
Redemptions of restricted equity securities	(422)
Proceeds from sale of real estate owned	42	676
Dispositions of purchased credit impaired loans		37
Loan originations and repayments, net	(5,410)	(3,409)
Net cash used in investing activities	(8,336)	(4,288)
Cash Flows from Financing Activities
Net change in deposits	(16,827)	(1,207)
Proceeds from notes payable to FHLB	10,000
Dividends paid	(575)	(583)
Purchase of treasury stock	(208)	(701)
Net cash used in provided by financing activities	(7,610)	(2,491)
Change in cash and cash equivalents	(14,323)	(4,824)
Cash and cash equivalents, beginning of period	20,745	27,676
Cash and cash equivalents, end of period	$ 6,422	$ 22,852

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	(1) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Oconee Federal Financial Corp., which include the accounts of its wholly owned subsidiary Oconee Federal Savings and Loan Association (the “Association”) (referred to herein as “the Company,” “we,” “us,” or “our”), have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Intercompany accounts and transactions are eliminated during consolidation. The Company is majority owned (72.35%) by Oconee Federal, MHC. These financial statements do not include the transactions and balances of Oconee Federal, MHC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2017 and June 30, 2017 and the results of operations and cash flows for the interim periods ended September 30, 2017 and 2016. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the year ending June 30, 2018 or any other period. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2017. Certain amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on net income or shareholders’ equity as previously reported. Cash Flows: Use of Estimates:

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	3 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
NEW ACCOUNTING STANDARDS	(2) NEW ACCOUNTING STANDARDS ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” There have been no accounting standards that have been issued or proposed by the FASB or other standards-setting bodies during this quarter that are expected to have a material impact on the Company’s financial position, results of operations or cash flows. The Company continues to evaluate the impact of standards previously issued and not yet effective, and have no changes in our assessment to disclose since filing of the Form 10-K.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Sep. 30, 2017
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	(3) EARNINGS PER SHARE (“EPS”) Basic EPS is based on the weighted average number of common shares outstanding and is adjusted for ESOP shares not yet committed to be released. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. The factors used in the earnings per common share computation follow: Three Months Ended September 30, September 30, Earnings per share Net income $ 857 $ 1,273 Less: distributed earnings allocated to participating securities (2 ) (4 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (1 ) (5 ) Net earnings available to common shareholders $ 854 $ 1,264 Weighted average common shares outstanding including participating securities 5,786,109 5,820,952 Less: participating securities (21,910 ) (40,905 ) Less: average unearned ESOP shares (83,090 ) (122,312 ) Weighted average common shares outstanding 5,681,109 5,657,735 Basic earnings per share $ 0.15 $ 0.22 Weighted average common shares outstanding 5,681,109 5,657,735 Add: dilutive effects of assumed exercises of stock options 119,447 83,409 Average shares and dilutive potential common shares 5,800,556 5,741,144 Diluted earnings per share $ 0.15 $ 0.22 During the three months ended September 30, 2017 no shares were considered anti-dilutive. During the three months ended September 30, 2016, 28,700 shares were considered anti-dilutive as the exercise price was above the average market price for the three month period.

SECURITIES AVAILABLE-FOR-SALE

SECURITIES AVAILABLE-FOR-SALE	3 Months Ended
	Sep. 30, 2017
SECURITIES AVAILABLE-FOR-SALE AND HELD-TO-MATURITY
SECURITIES AVAILABLE-FOR-SALE	(4) SECURITIES AVAILABLE-FOR-SALE Debt, mortgage-backed and equity securities have been classified in the consolidated balance sheets according to management’s intent. U.S. Government agency mortgage-backed securities consist of securities issued by U.S. Government agencies and U.S. Government sponsored enterprises. Investment securities at September 30, 2017 and June 30, 2017 are as follows: Gross Gross Amortized Unrealized Unrealized Fair September 30, 2017 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 214 $ - $ 234 Certificates of deposit 5,980 16 (18 ) 5,978 Municipal securities 42,372 277 (327 ) 42,322 SBA loan pools 481 2 - 483 CMOs 12,141 - (215 ) 11,926 U.S. Government agency mortgage-backed securities 48,815 208 (189 ) 48,834 U.S. Government agency bonds 11,093 3 (162 ) 10,934 Total available-for-sale $ 120,902 $ 720 $ (911 ) $ 120,711 Gross Gross Amortized Unrealized Unrealized Fair June 30, 2017 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 162 $ - $ 182 Certificates of deposit 6,230 16 (18 ) 6,228 Municipal securities 39,847 296 (344 ) 39,799 SBA loan pools 563 2 - 565 CMOs 13,024 - (239 ) 12,785 U.S. Government agency mortgage-backed securities 44,884 185 (244 ) 44,825 U.S. Government agency bonds 14,082 15 (147 ) 13,950 Total available-for-sale $ 118,650 $ 676 $ (992 ) $ 118,334 Securities pledged at September 30, 2017 and June 30, 2017 had fair values of $30,404 and $6,069, respectively. These securities were pledged to secure public deposits and FHLB advances. At September 30, 2017 and June 30, 2017, there were no holdings of securities of any one issuer, other than U.S. Government agencies and U.S. Government sponsored enterprises, in an amount greater than 10% of shareholders’ equity. The following tables show the fair value and unrealized loss of securities that have been in unrealized loss positions for less than twelve months and for twelve months or more at September 30, 2017 and June 30, 2017. The tables also show the number of securities in an unrealized loss position for each category of investment security as of the respective dates. Less than 12 Months 12 Months or More Total Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) September 30, 2017 Available-for-sale: Certificates of deposit $ 2,974 $ (18 ) 12 $ - $ - - $ 2,974 $ (18 ) 12 Municipal securities 16,162 (121 ) 37 7,261 (206 ) 17 23,423 (327 ) 54 CMOs 3,698 (39 ) 5 8,229 (176 ) 11 11,927 (215 ) 16 U.S. Government agency mortgage-backed securities 28,071 (143 ) 29 2,259 (46 ) 3 30,330 (189 ) 32 U.S. Government agency bonds 7,012 (81 ) 7 2,919 (81 ) 2 9,931 (162 ) 9 $ 57,917 $ (402 ) 90 $ 20,668 $ (509 ) 33 $ 78,585 $ (911 ) 123 Less than 12 Months 12 Months or More Total Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) June 30, 2017 Available-for-sale: Certificates of deposit $ 2,227 $ (18 ) 9 $ - $ - - $ 2,227 $ (18 ) 9 Municipal securities 18,331 (276 ) 41 2,221 (68 ) 5 20,552 (344 ) 46 CMOs 7,833 (136 ) 9 4,952 (103 ) 7 12,785 (239 ) 16 U.S. Government agency mortgage-backed securities 29,057 (244 ) 31 - - - 29,057 (244 ) 31 U.S. Government agency bonds 8,027 (78 ) 8 1,931 (69 ) 1 9,958 (147 ) 9 $ 65,475 $ (752 ) 98 $ 9,104 $ (240 ) 13 $ 74,579 $ (992 ) 111 (1) Actual amounts. The Company evaluates securities for other-than-temporary impairments (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company considers the length of time and the extent to which the fair value has been less than cost and the financial condition and near-term prospects of the issuer. Additionally, the Company considers its intent to sell or whether it will be more likely than not it will be required to sell the security prior to the security's anticipated recovery in fair value. In analyzing an issuer's financial condition, the Company may consider whether the securities are issued by federal Government agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. None of the unrealized losses at September 30, 2017 were recognized into net income for the three months ended September 30, 2017 because the issuers’ bonds are of high credit quality, management does not intend to sell and it is more likely than not that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The fair value of these securities is expected to recover as they approach their maturity date or reset date. None of the unrealized losses at June 30, 2017 were recognized as having OTTI during the year ended June 30, 2017. The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2017 and June 30, 2017 by contractual maturity. September 30, 2017 June 30, 2017 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ 996 $ 996 $ 2,989 $ 2,990 Due from one to five years 17,393 17,376 17,196 17,183 Due from five to ten years 29,811 29,764 30,084 30,045 Due after ten years 11,726 11,580 10,453 10,324 Mortgage-backed securities, CMOs and FHLMC stock (1) 60,976 60,995 57,928 57,792 Total available for sale $ 120,902 $ 120,711 $ 118,650 $ 118,334 (1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty. FHLMC common stock is not scheduled because it has no contractual maturity date. The following table presents the gross proceeds from sales of securities available-for-sale and gains or losses recognized for the three months ended September 30, 2017 and 2016: Three Months Ended Available-for-sale: September 30, September 30, Proceeds $ 3,997 $ 3,153 Gross gains 11 68 Gross losses (1 ) - The tax provision related to these net realized gains for the three months ended September 30, 2017 and 2016 was $3 and $24, respectively.

LOANS

LOANS	3 Months Ended
	Sep. 30, 2017
LOANS
LOANS	(5) LOANS The components of loans at September 30, 2017 and June 30, 2017 were as follows: September 30, June 30, Real estate loans: One-to-four family $ 259,731 $ 260,114 Multi-family 1,834 1,864 Home equity 4,325 4,900 Nonresidential 18,107 18,916 Agricultural 1,404 1,441 Construction and land 22,202 15,254 Total real estate loans 307,603 302,489 Commercial and industrial 132 51 Consumer and other loans 5,141 5,018 Total loans $ 312,876 $ 307,558 The following tables present the activity in the allowance for loan losses for the three months ended September 30, 2017 by portfolio segment: Three Months Ended September 30, 2017 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 900 $ (11 ) $ - $ - $ 889 Multi-family 4 - - - 4 Home equity 2 14 (13 ) - 3 Nonresidential 63 (3 ) - - 60 Agricultural 1 - - - 1 Construction and land 35 45 (25 ) - 55 Total real estate loans 1,005 45 (38 ) - 1,012 Commercial and industrial 4 2 - - 6 Consumer and other loans 7 (1 ) - - 6 Total loans $ 1,016 $ 46 $ (38 ) $ - $ 1,024 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at September 30, 2017: Ending Allowance on Loans: Loans: At September 30, 2017 Individually Evaluated for Collectively Individually Evaluated for Collectively Evaluated Real estate loans: One-to-four family $ 4 $ 885 $ 1,956 $ 257,775 Multi-family - 4 - 1,834 Home equity - 3 - 4,325 Nonresidential - 60 141 17,966 Agricultural - 1 - 1,404 Construction and land - 55 453 21,749 Total real estate loans 4 1,008 2,550 305,053 Commercial and industrial - 6 - 132 Consumer and other loans - 6 - 5,141 Total loans $ 4 $ 1,020 $ 2,550 $ 310,326 The following tables present the activity in the allowance for loan losses for the three months ended September 30, 2016 by portfolio segment: Three Months Ended September 30, 2016 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 733 $ 52 $ - $ - $ 785 Multi-family 4 - - - 4 Home equity 2 - - - 2 Nonresidential 130 17 (15 ) - 132 Agricultural 5 - - - 5 Construction and land 39 (4 ) - - 35 Total real estate loans 913 65 (15 ) - 963 Commercial and industrial 6 - - - 6 Consumer and other loans 3 - - - 3 Total loans $ 922 $ 65 $ (15 ) $ - $ 972 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at June 30, 2017: Ending Allowance on Loans: Loans: At June 30, 2017 Individually Evaluated for Collectively Individually Evaluated for Collectively Real estate loans: One-to-four family $ 8 $ 892 $ 3,034 $ 257,080 Multi-family - 4 - 1,864 Home equity - 2 - 4,900 Nonresidential - 63 - 18,916 Agricultural - 1 448 993 Construction and land - 35 262 14,992 Total real estate loans 8 997 3,744 298,745 Commercial and industrial - 4 - 51 Consumer and other loans - 7 - 5,018 Total loans $ 8 $ 1,008 $ 3,744 $ 303,814 The tables below present loans that were individually evaluated for impairment by portfolio segment at September 30, 2017 and June 30, 2017, including the average recorded investment balance and interest earned for the three months ended September 30, 2017 and the year ended June 30, 2017: September 30, 2017 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 2,891 $ 2,420 $ - $ 2,244 $ 29 Multi-family - - - - - Home equity - - - - - Nonresidential - - - - - Agricultural 997 448 - 448 7 Construction and land 454 263 - 263 7 Total real estate loans 4,342 3,131 - 2,955 43 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 4,342 $ 3,131 $ - $ 2,955 $ 43 With recorded allowance: Real estate loans: One-to-four family $ 984 $ 963 $ 4 $ 965 $ - Multi-family - - - - - Home equity - - - - - Nonresidential - - - - - Agricultural - - - - - Construction and land - - - - - Total real estate loans 984 963 4 965 - Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 984 $ 963 $ 4 $ 965 $ - Totals: Real estate loans $ 5,326 $ 4,094 $ 4 $ 3,920 $ 43 Consumer and other loans - - - - - Total $ 5,326 $ 4,094 $ 4 $ 3,920 $ 43 June 30, 2017 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 2,539 $ 2,067 $ - $ 1,534 $ 225 Multi-family - - - - - Home equity - - - - - Nonresidential - - - 555 - Agricultural 997 448 - 448 34 Construction and land 457 262 - 220 13 Total real estate loans 3,993 2,777 - 2,757 272 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 3,993 $ 2,777 $ - $ 2,757 $ 272 With recorded allowance: Real estate loans: One-to-four family $ 989 $ 967 $ 8 $ 1,443 $ - Multi-family - - - - - Home equity - - - - - Nonresidential - - - 191 - Agricultural - - - - - Construction and land - - - 174 - Total real estate loans 989 967 8 1,808 - Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 989 $ 967 $ 8 $ 1,808 $ - Totals: Real estate loans $ 4,982 $ 3,744 $ 8 $ 4,565 $ 272 Consumer and other loans - - - - - Total $ 4,982 $ 3,744 $ 8 $ 4,565 $ 272 The following tables present the aging of past due loans as well as nonaccrual loans. Nonaccrual loans and accruing loans past due 90 days or more include both smaller balance homogenous loans and larger balance loans that are evaluated either collectively or individually for impairment. Total past due loans and nonaccrual loans at September 30, 2017: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 6,024 $ 1,380 $ 1,003 $ 8,407 $ 251,324 $ 259,731 $ 2,946 $ - Multi-family - - - - 1,834 1,834 - - Home equity 171 - 44 215 4,110 4,325 44 - Nonresidential 237 - - 237 17,870 18,107 - - Agricultural - - - - 1,404 1,404 501 - Construction and land 351 37 - 388 21,814 22,202 36 - Total real estate loans 6,783 1,417 1,047 9,247 298,356 307,603 3,527 - Commercial and industrial - - - - 132 132 - - Consumer and other loans 2 1 - 3 5,138 5,141 - - Total $ 6,785 $ 1,418 $ 1,047 $ 9,250 $ 303,626 $ 312,876 $ 3,527 $ - Total past due and nonaccrual loans by portfolio segment at June 30, 2017: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 6,143 $ 1,109 $ 1,100 $ 8,352 $ 251,762 $ 260,114 $ 2,762 $ - Multi-family - - - - 1,864 1,864 - - Home equity 161 - 40 201 4,699 4,900 89 - Nonresidential - 43 - 43 18,873 18,916 43 - Agricultural - 448 - 448 993 1,441 514 - Construction and land 40 - 35 75 15,179 15,254 75 - Total real estate loans 6,344 1,600 1,175 9,119 293,370 302,489 3,483 - Commercial and industrial - - - - 51 51 - - Consumer and other loans 10 1 - 11 5,007 5,018 - - Total $ 6,354 $ 1,601 $ 1,175 $ 9,130 $ 298,428 $ 307,558 $ 3,483 $ - Troubled Debt Restructurings: At September 30, 2017 and June 30, 2017, total loans that have been modified as troubled debt restructurings were $2,086 and $1,619, respectively, which consisted of one construction loan, two agricultural loans, and three one-to-four family first liens at September 30, 2017 and one construction loan, two agricultural loans, one home equity line of credit, and two one-to-four family first liens at June 30, 2017. An allowance of $4 and $8 at September 30, 2017 and June 30, 2017, respectively, has been specifically reserved for these loans. Additionally, there were no commitments to lend any additional amounts on any loan after the modification. The one-to-four family first lien troubled debt restructuring during the three months ended September 30, 2017 involved renewal of a loan with a fee concession. No loans modified or troubled debt restructurings during the past twelve months have defaulted since restructuring. Loan Grades: The Company utilizes a grading system whereby all loans are assigned a grade based on the risk profile of each loan. Loan grades are determined based on an evaluation of relevant 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. All loans, regardless of size, are analyzed and are given a grade based upon the management’s assessment of the ability of borrowers to service their debts. Pass: Loan assets of this grade conform to a preponderance of our underwriting criteria and are acceptable as a credit risk, based upon the current net worth and paying capacity of the obligor. Loans in this category also include loans secured by liquid assets and secured loans to borrowers with unblemished credit histories. Pass-Watch: Loan assets of this grade represent our minimum level of acceptable credit risk. This grade may also represent obligations previously rated “Pass”, but with significantly deteriorating trends or previously rated. Special Mention: Loan assets of this grade have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loan assets of this grade are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Portfolio Segments: One-to-four family: For traditional homes, the Company may originate loans with loan-to-value ratios in excess of 80% if the borrower obtains mortgage insurance or provides readily marketable collateral. The Company may make exceptions for special loan programs that we offer. The Company also originates residential mortgage loans for non-owner-occupied homes with loan-to-value ratios of up to 80%. The Company has historically originated residential mortgage loans with loan-to-value ratios of up to 75% for manufactured or modular homes. The Company no longer offers residential mortgage loans for manufactured or modular homes as of December 1, 2014. However, renewals of existing performing credits that meet the Company’s underwriting requirements will be considered. The Company requires lower loan-to-value ratios for manufactured and modular homes because such homes tend to depreciate over time. Manufactured or modular homes must be permanently affixed to a lot to make them more difficult to move without the Company’s permission. Such homes must be "de-titled" by the State of South Carolina or Georgia so that they are taxed and must be transferred as residential homes rather than vehicles. The Company also obtains a mortgage on the real estate to which such homes are affixed. Multi-family: Multi-family real estate loans generally present a higher level of risk than loans secured by one-to-four family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family residential real estate is typically dependent upon the successful operation of the related real estate project. Home Equity: Nonresidential Real Estate: Loans secured by nonresidential real estate generally are larger than one-to-four family residential loans and involve greater credit risk. Nonresidential real estate loans often involve large loan balances to single borrowers or groups of related borrowers. Repayment of these loans depends to a large degree on the results of operations and management of the properties securing the loans or the businesses conducted on such property, and may be affected to a greater extent by adverse conditions in the real estate market or the economy in general, including the current adverse conditions. Our nonresidential real estate lending includes a significant amount of loans to churches. Because a church's financial stability often depends on donations from congregation members rather than income from business operations, repayment may be affected by economic conditions that affect individuals located both in our market area and in other market areas with which we are not as familiar. In addition, due to the unique nature of church buildings and properties, the real estate securing church loans may be less marketable than other nonresidential real estate. The Company considers a number of factors in originating nonresidential real estate loans. The Company evaluates the qualifications and financial condition of the borrower, including credit history, cash flows, the applicable business plan, the financial resources of the borrower, the borrower's experience in owning or managing similar property and the borrower's payment history with the Company and other financial institutions. In evaluating the property securing the loan, the factors the Company considers include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property and the debt service coverage ratio (the ratio of net operating income to debt service). For church loans, the Company also considers the length of time the church has been in existence, the size and financial strength of the denomination with which it is affiliated, attendance figures and growth projections and current operating budgets. The collateral underlying all nonresidential real estate loans is appraised by outside independent appraisers approved by our board of directors. Personal guarantees may be obtained from the principals of nonresidential real estate borrowers, and in the case of church loans, guarantees from the applicable denomination may be obtained. Agricultural: Loans secured by agricultural real estate generally are larger than one-to-four family residential loans and involve greater credit risk. Agricultural real estate loans often involve large loan balances to single borrowers or groups of related borrowers. Repayment of these loans depends to a large degree on the results of operations and management of the properties securing the loans or the businesses conducted on such property, and may be affected to a greater extent by adverse conditions in the real estate market or the economy in general, including the current adverse conditions. Construction and Land: The Company also makes interim construction loans for nonresidential properties. In addition, the Company occasionally makes loans for the construction of homes "on speculation," but the Company generally permits a borrower to have only two such loans at a time. These loans generally have a maximum term of eight months, and upon completion of construction convert to conventional amortizing nonresidential real estate loans. These construction loans have rates and terms comparable to permanent loans secured by property of the type being constructed that we originate. Generally, the maximum loan-to-value ratio of these construction loans is 85%. Commercial and Industrial Loans: Commercial and industrial loans and leases typically are underwritten on the basis of the borrower’s or lessee’s ability to make repayment from the cash flow of its business and generally are collateralized by business assets. As a result, such loans and leases involve additional complexities, variables and risks and require more thorough underwriting and servicing than other types of loans and leases. Consumer and Other Loans: Consumer loans may entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or are secured by rapidly depreciable assets, such as automobiles. In addition, consumer loan collections are dependent on the borrower's continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. Based on the most recent analysis performed, the risk grade of loans by portfolio segment are presented in the following tables. Total loans by risk grade and portfolio segment at September 30, 2017: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 244,822 $ 5,936 $ 2,120 $ 6,853 $ - $ 259,731 Multi-family 1,834 - - - - 1,834 Home equity 3,776 248 203 98 - 4,325 Nonresidential 13,062 3,561 1,343 141 - 18,107 Agricultural 265 368 270 501 - 1,404 Construction and land 20,725 834 119 524 - 22,202 Total real estate loans 284,484 10,947 4,055 8,117 - 307,603 Commercial and industrial 132 - - - - 132 Consumer and other loans 5,141 - - - - 5,141 Total $ 289,757 $ 10,947 $ 4,055 $ 8,117 $ - $ 312,876 Total loans by risk grade and portfolio segment at June 30, 2017: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 245,179 $ 5,914 $ 2,573 $ 6,448 $ - $ 260,114 Multi-family 1,864 - - - - 1,864 Home equity 4,272 233 300 95 - 4,900 Nonresidential 13,801 3,610 1,356 149 - 18,916 Agricultural 281 374 272 514 - 1,441 Construction and land 13,727 846 120 561 - 15,254 Total real estate loans 279,124 10,977 4,621 7,767 - 302,489 Commercial and industrial 51 - - - - 51 Consumer and other loans 5,017 - - 1 - 5,018 Total $ 284,192 $ 10,977 $ 4,621 $ 7,768 $ - $ 307,558 At September 30, 2017, consumer mortgage loans secured by residential real estate properties totaling $236 were in formal foreclosure proceedings and are included in one-to-four family loans.

BORROWINGS

BORROWINGS	3 Months Ended
	Sep. 30, 2017
Banking and Thrift [Abstract]
BORROWINGS	(6) BORROWINGS At September 30, 2017, long term borrowings consisted of a fixed rate FHLB advance of $10,000 at a stated rate of 1.20% that matures in December 2017. There were no borrowings as of June 30, 2017. We have credit available under a loan agreement with the FHLB with a remaining availability of $110,482 as of September 30, 2017. The Bank has pledged as collateral FHLB stock and certain investment securities and has entered into a blanket collateral agreement whereby qualifying mortgages, free of other encumbrances and at various discounted values as determined by the FHLB, will be maintained.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Sep. 30, 2017
FAIR VALUE MEASUREMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	(7) FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Impaired Loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Real Estate Owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals, which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. Loan Servicing Rights: Fair value is determined based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data and results in a Level 3 classification. Assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and June 30, 2017 are summarized below: Fair Value Measurements September 30, 2017 June 30, 2017 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 234 $ - $ 182 $ - Certificates of deposit 5,978 - 6,228 - Municipal securities 42,322 - 39,799 - SBA loan pools 483 - 565 - CMOs 11,926 - 12,785 - U.S. Government agency mortgage-backed securities 48,834 - 44,825 - U.S. Government agency bonds 10,934 - 13,950 - Total securities available-for-sale 120,711 - 118,334 - Loan servicing rights - 1,089 - 1,141 Total financial assets $ 120,711 $ 1,089 $ 118,334 $ 1,141 Presented in the table below are assets measured at fair value on a nonrecurring basis using level 3 inputs at September 30, 2017 and June 30, 2017: Fair Value Measurements September 30, June 30, (Level 3) (Level 3) Financial assets: Impaired loans, with specific allocations: One-to-four family $ 959 $ 959 Nonresidential - - Construction and land - - Total financial assets 959 959 Non-financial assets: Real estate owned, net: One-to-four family 171 152 Nonresidential 723 713 Construction and land - - Total non-financial assets 894 865 Total assets measured at fair value on a non-recurring basis $ 1,853 $ 1,824 The Company's impaired loans at and June 30, 2017 were measured at fair value based primarily upon the estimated value of real estate collateral less costs to sell. The carrying amounts of these loans were $959 as of September 30, 2017 and June 30, 2017, which reflected valuation allowances of $4 and $8, respectively. Real estate owned is carried at the lower of carrying value or fair value less costs to sell. The carrying value of real estate owned and their respective valuation allowances at September 30, 2017 and June 30, 2017 were $894 and $865 and $0 and $24, respectively. The tables below present a reconciliation of all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs for the three months ended September 30, 2017 and 2016: Fair Value Measurements (Level 3) Three Months Ended September 30, September 30, Loan Loan Balance at beginning of period: $ 1,141 $ 1,046 Purchases - - Change in fair value (52 ) (23 ) Balance at end of period: $ 1,089 $ 1,023 The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2017 and June 30, 2017. Level 3 Quantitative Information September 30, June 30, Valuation Technique Unobservable Inputs Range Fair Value Fair Value Loan servicing rights $ 1,089 $ 1,141 Discounted cash flows Discount rate, estimated timing of cash flows 9% to 10% Impaired real estate loans net, with specific allocations: One-to-four family $ 959 $ 959 Sales comparison approach Adjustment for differences between the comparable sales 0% to 30% Real estate owned net: One-to-four family $ 171 $ 152 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Nonresidential $ 723 $ 713 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Many of the Company’s assets and liabilities are short-term financial instruments whose carrying amounts reported in the consolidated balance sheet approximate fair value. These items include cash and cash equivalents, accrued interest receivable and payable balances, variable rate loan and deposits that re-price frequently and fully. The estimated fair values of the Company’s remaining on-balance sheet financial instruments at September 30, 2017 and June 30, 2017 are summarized below: September 30, 2017 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 120,711 $ - $ 120,711 $ - $ 120,711 Loans, net 311,852 - - 312,754 312,754 Loans held for sale (1) - - - - - Loan servicing rights 1,089 - - 1,089 1,089 Restricted equity securities 1,447 N/A N/A N/A N/A Financial liabilities Deposits $ 377,678 $ 174,792 $ 203,142 $ - $ 377,934 Other borrowings 10,000 - 10,000 - 10,000 June 30, 2017 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 118,334 $ - $ 118,334 $ - $ 118,334 Loans, net 306,542 - - 307,624 307,624 Loans held for sale (1) 245 - - 245 245 Loan servicing rights 1,141 - - 1,141 1,141 Restricted equity securities 1,023 N/A N/A N/A N/A Financial liabilities Deposits $ 394,505 $ 190,968 $ 203,656 $ - $ 394,624 Other borrowings - - - - - (1) Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors and result in a Level 3 classification.

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	3 Months Ended
	Sep. 30, 2017
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")
EMPLOYEE STOCK OWNERSHIP PLAN	(8) EMPLOYEE STOCK OWNERSHIP PLAN Employees participate in an Employee Stock Ownership Plan (“ESOP”). The ESOP borrowed from the Company to purchase 248,842 shares of the Company’s common stock at $10 per share during 2011. The Company makes discretionary contributions to the ESOP and pays dividends on unallocated shares to the ESOP, and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. Dividends on allocated shares increase participant accounts. Participants receive the shares at the end of employment. The Company makes contributions to the ESOP each December, therefore no contributions to the ESOP were made during the three months ended September 30, 2017. Total ESOP compensation expense for the three months ended September 30, 2017 and 2016 was $122 and $92, respectively. Shares held by the ESOP at September 30, 2017 and June 30, 2017 were as follows: September 30, June 30, Committed to be released to participants 16,965 11,441 Allocated to participants 130,952 130,952 Unearned 76,559 89,620 Total ESOP shares 224,476 232,013 Fair value of unearned shares $ 2,147 $ 2,465

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Sep. 30, 2017
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION	(9) STOCK BASED COMPENSATION On April 5, 2012, the shareholders of Oconee Federal Financial Corp. approved the Oconee Federal Financial Corp. 2012 Equity Incentive Plan (the “Plan”) for employees and directors of the Company. The Plan authorizes the issuance of up to 435,472 shares of the Company’s common stock, with no more than 124,420 of shares as restricted stock awards and 311,052 as stock options, either incentive stock options or non-qualified stock options. The exercise price of options granted under the Plan may not be less than the fair market value on the date the stock option is granted. The compensation committee of the board of directors has sole discretion to determine the amount and to whom equity incentive awards are granted. On February 5, 2016, the compensation committee of the board of directors approved the issuance of 21,000 stock options to purchase Company stock and 7,000 shares of restricted stock were granted to officers. Stock options and restricted stock have vesting periods of five years or seven years, a percentage of which vests annually on each anniversary of the grant date. The weighted average vesting period of stock options and restricted stock granted was 5.7 years and 6.0 years, respectively. Stock options expire ten years after issuance. Apart from the vesting schedule for both stock options and restricted stock, there are no performance-based conditions or any other material conditions applicable to the awards issued. There have been no stock options or restricted stock granted in 2017. The following table summarizes stock option activity for the three months ended September 30, 2017: Options Weighted- Aggregate (1) Outstanding - June 30, 2017 261,986 $ 12.46 Granted - - Exercised - - Forfeited - - Outstanding - September 30, 2017 261,986 $ 12.46 $ 4,084 Fully vested and exercisable at September 30, 2017 217,068 $ 11.80 $ 3,527 Expected to vest in future periods 44,918 Fully vested and expected to vest - September 30, 2017 261,986 $ 12.46 $ 4,084 (1) The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The current market price was based on the closing price of common stock of $28.05 per share on September 30, 2017. The fair value for each option grant is estimated on the date of grant using the Black-Scholes-Merton option pricing model that uses the following assumptions. The Company uses the U.S. Treasury yield curve in effect at the time of the grant to determine the risk-free interest rate. The expected dividend yield is estimated using the projected annual dividend level and recent stock price of the Company’s common stock at the date of grant. Expected stock volatility is based on historical volatilities of the SNL Financial Index of Thrift MHCs. The expected life of the options is calculated based on the “simplified” method as provided for under generally accepted accounting principles. The weighted-average fair value of options granted and assumptions used in the Black-Scholes-Merton option pricing model in the fiscal years granted are listed below: Fiscal Years 2016 Risk-free interest rate 1.67 % Expected dividend yield 2.06 % Expected stock volatility 16.1 Expected life (years) 8 Fair value $ 2.75 Stock options are assumed to be earned ratably over their respective vesting periods and charged to compensation expense based upon their grant date fair value and the number of options assumed to be earned. There were 4,036 and 11,875 options that were earned during the three months ended September 30, 2017 and 2016, respectively. Stock-based compensation expense for stock options for the three months ended September 30, 2017 and 2016 was $6 and $14, respectively. Total unrecognized compensation cost related to stock options was $71 at September 30, 2017 and is expected to be recognized over a weighted-average period of 2.9 years. The following table summarizes non-vested restricted stock activity for the three months ended September 30, 2017: September 30, Balance - beginning of year 21,910 Granted - Forfeited - Vested - Balance - end of period 21,910 Weighted average grant date fair value $ 13.09 The fair value of the restricted stock awards is amortized to compensation expense over their respective vesting periods and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. The weighted-average grant date fair value of restricted stock granted on January 23, 2015 was $20.01 per share or $252. The weighted-average grant date fair value of restricted stock granted on February 5, 2016 was $19.40 per share or $136. Stock-based compensation expense for restricted stock included in noninterest expense for the three months ended September 30, 2017 and 2016 was $25 and $62, respectively. Unrecognized compensation expense for non-vested restricted stock awards was $314 at September 30, 2017 and is expected to be recognized over a weighted-average period of 3.5 years.

LOAN SERVICING RIGHTS

LOAN SERVICING RIGHTS	3 Months Ended
	Sep. 30, 2017
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS	(10) LOAN SERVICING RIGHTS Mortgage loans serviced for others are not reported as assets; however, the underlying mortgage servicing rights associated with servicing these mortgage loans serviced for others is recorded as an asset in the consolidated balance sheet. The principal balances of those loans at September 30, 2017 and June 30, 2017 are as follows: September 30, June 30, Mortgage loan portfolio serviced for: FHLMC $ 106,452 $ 110,171 Custodial escrow balances maintained in connection with serviced loans were $1,132 and $893 at September 30, 2017 and June 30, 2017. Activity for loan servicing rights for the three months ended September 30, 2017 and 2016 is as follows: Three Months Ended September 30, September 30, Loan servicing rights: Beginning of period: $ 1,141 $ 1,046 Additions - - Change in fair value (52 ) (23 ) End of period: $ 1,089 $ 1,023 Fair value at September 30, 2017 was determined using a discount rate of 9.50%, prepayment speed assumptions ranging from 5.2% to 15.6% Conditional Prepayment Rate (“CPR”) depending on the loans’ coupon, term and seasoning, and a weighted average default rate of 0.61%. Fair value at September 30, 2016 was determined using a discount rate of 9.00%, prepayment speed assumptions ranging from 9.2% to 18.9% CPR depending on the loans’ coupon, term and seasoning, and a weighted average default rate of 0.61%.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	(11) SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the three months ended September 30, 2017 and 2016 is as follows: September 30, September 30, Cash paid during the period for: Interest paid $ 371 $ 319 Income taxes paid $ 68 $ 20 Supplemental noncash disclosures: Transfers from loans to real estate owned $ 93 $ -

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Sep. 30, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(12) SUBSEQUENT EVENTS On October 26, 2017, the Board of Directors of Oconee Federal Financial Corp. declared a quarterly cash dividend of $0.10 per share of Oconee Federal Financial Corp.’s common stock. The dividend is payable to stockholders of record as of November 9, 2017, and will be paid on or about November 22, 2017.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Oconee Federal Financial Corp., which include the accounts of its wholly owned subsidiary Oconee Federal Savings and Loan Association (the “Association”) (referred to herein as “the Company,” “we,” “us,” or “our”), have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Intercompany accounts and transactions are eliminated during consolidation. The Company is majority owned (72.35%) by Oconee Federal, MHC. These financial statements do not include the transactions and balances of Oconee Federal, MHC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2017 and June 30, 2017 and the results of operations and cash flows for the interim periods ended September 30, 2017 and 2016. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the year ending June 30, 2018 or any other period. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2017. Certain amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on net income or shareholders’ equity as previously reported.
Cash Flows	Cash Flows:
Use of Estimates	Use of Estimates:
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” There have been no accounting standards that have been issued or proposed by the FASB or other standards-setting bodies during this quarter that are expected to have a material impact on the Company’s financial position, results of operations or cash flows. The Company continues to evaluate the impact of standards previously issued and not yet effective, and have no changes in our assessment to disclose since filing of the Form 10-K.

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Sep. 30, 2017
EARNINGS PER SHARE ("EPS")
Schedule of factors used in the earnings per common share computation	Three Months Ended September 30, September 30, Earnings per share Net income $ 857 $ 1,273 Less: distributed earnings allocated to participating securities (2 ) (4 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (1 ) (5 ) Net earnings available to common shareholders $ 854 $ 1,264 Weighted average common shares outstanding including participating securities 5,786,109 5,820,952 Less: participating securities (21,910 ) (40,905 ) Less: average unearned ESOP shares (83,090 ) (122,312 ) Weighted average common shares outstanding 5,681,109 5,657,735 Basic earnings per share $ 0.15 $ 0.22 Weighted average common shares outstanding 5,681,109 5,657,735 Add: dilutive effects of assumed exercises of stock options 119,447 83,409 Average shares and dilutive potential common shares 5,800,556 5,741,144 Diluted earnings per share $ 0.15 $ 0.22

SECURITIES AVAILABLE-FOR-SALE (

SECURITIES AVAILABLE-FOR-SALE (Tables)	3 Months Ended
	Sep. 30, 2017
SECURITIES AVAILABLE-FOR-SALE AND HELD-TO-MATURITY
Schedule of investment securities	Gross Gross Amortized Unrealized Unrealized Fair September 30, 2017 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 214 $ - $ 234 Certificates of deposit 5,980 16 (18 ) 5,978 Municipal securities 42,372 277 (327 ) 42,322 SBA loan pools 481 2 - 483 CMOs 12,141 - (215 ) 11,926 U.S. Government agency mortgage-backed securities 48,815 208 (189 ) 48,834 U.S. Government agency bonds 11,093 3 (162 ) 10,934 Total available-for-sale $ 120,902 $ 720 $ (911 ) $ 120,711 Gross Gross Amortized Unrealized Unrealized Fair June 30, 2017 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 162 $ - $ 182 Certificates of deposit 6,230 16 (18 ) 6,228 Municipal securities 39,847 296 (344 ) 39,799 SBA loan pools 563 2 - 565 CMOs 13,024 - (239 ) 12,785 U.S. Government agency mortgage-backed securities 44,884 185 (244 ) 44,825 U.S. Government agency bonds 14,082 15 (147 ) 13,950 Total available-for-sale $ 118,650 $ 676 $ (992 ) $ 118,334
Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position	Less than 12 Months 12 Months or More Total Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) September 30, 2017 Available-for-sale: Certificates of deposit $ 2,974 $ (18 ) 12 $ - $ - - $ 2,974 $ (18 ) 12 Municipal securities 16,162 (121 ) 37 7,261 (206 ) 17 23,423 (327 ) 54 CMOs 3,698 (39 ) 5 8,229 (176 ) 11 11,927 (215 ) 16 U.S. Government agency mortgage-backed securities 28,071 (143 ) 29 2,259 (46 ) 3 30,330 (189 ) 32 U.S. Government agency bonds 7,012 (81 ) 7 2,919 (81 ) 2 9,931 (162 ) 9 $ 57,917 $ (402 ) 90 $ 20,668 $ (509 ) 33 $ 78,585 $ (911 ) 123 Less than 12 Months 12 Months or More Total Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) June 30, 2017 Available-for-sale: Certificates of deposit $ 2,227 $ (18 ) 9 $ - $ - - $ 2,227 $ (18 ) 9 Municipal securities 18,331 (276 ) 41 2,221 (68 ) 5 20,552 (344 ) 46 CMOs 7,833 (136 ) 9 4,952 (103 ) 7 12,785 (239 ) 16 U.S. Government agency mortgage-backed securities 29,057 (244 ) 31 - - - 29,057 (244 ) 31 U.S. Government agency bonds 8,027 (78 ) 8 1,931 (69 ) 1 9,958 (147 ) 9 $ 65,475 $ (752 ) 98 $ 9,104 $ (240 ) 13 $ 74,579 $ (992 ) 111 (1) Actual amounts.
Schedule of contractual maturity	September 30, 2017 June 30, 2017 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ 996 $ 996 $ 2,989 $ 2,990 Due from one to five years 17,393 17,376 17,196 17,183 Due from five to ten years 29,811 29,764 30,084 30,045 Due after ten years 11,726 11,580 10,453 10,324 Mortgage-backed securities, CMOs and FHLMC stock (1) 60,976 60,995 57,928 57,792 Total available for sale $ 120,902 $ 120,711 $ 118,650 $ 118,334 (1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty. FHLMC common stock is not scheduled because it has no contractual maturity date.
Schedule of proceeds from sales of securities available-for-sale and gains or losses recognized	Three Months Ended Available-for-sale: September 30, September 30, Proceeds $ 3,997 $ 3,153 Gross gains 11 68 Gross losses (1 ) -

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Sep. 30, 2017
LOANS
Schedule of components of loans	September 30, June 30, Real estate loans: One-to-four family $ 259,731 $ 260,114 Multi-family 1,834 1,864 Home equity 4,325 4,900 Nonresidential 18,107 18,916 Agricultural 1,404 1,441 Construction and land 22,202 15,254 Total real estate loans 307,603 302,489 Commercial and industrial 132 51 Consumer and other loans 5,141 5,018 Total loans $ 312,876 $ 307,558
Schedule of activity in the allowance for loan losses	Three Months Ended September 30, 2017 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 900 $ (11 ) $ - $ - $ 889 Multi-family 4 - - - 4 Home equity 2 14 (13 ) - 3 Nonresidential 63 (3 ) - - 60 Agricultural 1 - - - 1 Construction and land 35 45 (25 ) - 55 Total real estate loans 1,005 45 (38 ) - 1,012 Commercial and industrial 4 2 - - 6 Consumer and other loans 7 (1 ) - - 6 Total loans $ 1,016 $ 46 $ (38 ) $ - $ 1,024 Three Months Ended September 30, 2016 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 733 $ 52 $ - $ - $ 785 Multi-family 4 - - - 4 Home equity 2 - - - 2 Nonresidential 130 17 (15 ) - 132 Agricultural 5 - - - 5 Construction and land 39 (4 ) - - 35 Total real estate loans 913 65 (15 ) - 963 Commercial and industrial 6 - - - 6 Consumer and other loans 3 - - - 3 Total loans $ 922 $ 65 $ (15 ) $ - $ 972
Schedule of recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment	Ending Allowance on Loans: Loans: At September 30, 2017 Individually Evaluated for Collectively Individually Evaluated for Collectively Evaluated Real estate loans: One-to-four family $ 4 $ 885 $ 1,956 $ 257,775 Multi-family - 4 - 1,834 Home equity - 3 - 4,325 Nonresidential - 60 141 17,966 Agricultural - 1 - 1,404 Construction and land - 55 453 21,749 Total real estate loans 4 1,008 2,550 305,053 Commercial and industrial - 6 - 132 Consumer and other loans - 6 - 5,141 Total loans $ 4 $ 1,020 $ 2,550 $ 310,326 Ending Allowance on Loans: Loans: At June 30, 2017 Individually Evaluated for Collectively Individually Evaluated for Collectively Real estate loans: One-to-four family $ 8 $ 892 $ 3,034 $ 257,080 Multi-family - 4 - 1,864 Home equity - 2 - 4,900 Nonresidential - 63 - 18,916 Agricultural - 1 448 993 Construction and land - 35 262 14,992 Total real estate loans 8 997 3,744 298,745 Commercial and industrial - 4 - 51 Consumer and other loans - 7 - 5,018 Total loans $ 8 $ 1,008 $ 3,744 $ 303,814
Schedule of individually evaluated for impairment by portfolio segment	September 30, 2017 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 2,891 $ 2,420 $ - $ 2,244 $ 29 Multi-family - - - - - Home equity - - - - - Nonresidential - - - - - Agricultural 997 448 - 448 7 Construction and land 454 263 - 263 7 Total real estate loans 4,342 3,131 - 2,955 43 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 4,342 $ 3,131 $ - $ 2,955 $ 43 With recorded allowance: Real estate loans: One-to-four family $ 984 $ 963 $ 4 $ 965 $ - Multi-family - - - - - Home equity - - - - - Nonresidential - - - - - Agricultural - - - - - Construction and land - - - - - Total real estate loans 984 963 4 965 - Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 984 $ 963 $ 4 $ 965 $ - Totals: Real estate loans $ 5,326 $ 4,094 $ 4 $ 3,920 $ 43 Consumer and other loans - - - - - Total $ 5,326 $ 4,094 $ 4 $ 3,920 $ 43 June 30, 2017 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 2,539 $ 2,067 $ - $ 1,534 $ 225 Multi-family - - - - - Home equity - - - - - Nonresidential - - - 555 - Agricultural 997 448 - 448 34 Construction and land 457 262 - 220 13 Total real estate loans 3,993 2,777 - 2,757 272 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 3,993 $ 2,777 $ - $ 2,757 $ 272 With recorded allowance: Real estate loans: One-to-four family $ 989 $ 967 $ 8 $ 1,443 $ - Multi-family - - - - - Home equity - - - - - Nonresidential - - - 191 - Agricultural - - - - - Construction and land - - - 174 - Total real estate loans 989 967 8 1,808 - Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 989 $ 967 $ 8 $ 1,808 $ - Totals: Real estate loans $ 4,982 $ 3,744 $ 8 $ 4,565 $ 272 Consumer and other loans - - - - - Total $ 4,982 $ 3,744 $ 8 $ 4,565 $ 272
Schedule of the aging of the recorded investment in past due loans	Total past due loans and nonaccrual loans at September 30, 2017: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 6,024 $ 1,380 $ 1,003 $ 8,407 $ 251,324 $ 259,731 $ 2,946 $ - Multi-family - - - - 1,834 1,834 - - Home equity 171 - 44 215 4,110 4,325 44 - Nonresidential 237 - - 237 17,870 18,107 - - Agricultural - - - - 1,404 1,404 501 - Construction and land 351 37 - 388 21,814 22,202 36 - Total real estate loans 6,783 1,417 1,047 9,247 298,356 307,603 3,527 - Commercial and industrial - - - - 132 132 - - Consumer and other loans 2 1 - 3 5,138 5,141 - - Total $ 6,785 $ 1,418 $ 1,047 $ 9,250 $ 303,626 $ 312,876 $ 3,527 $ - Total past due and nonaccrual loans by portfolio segment at June 30, 2017: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 6,143 $ 1,109 $ 1,100 $ 8,352 $ 251,762 $ 260,114 $ 2,762 $ - Multi-family - - - - 1,864 1,864 - - Home equity 161 - 40 201 4,699 4,900 89 - Nonresidential - 43 - 43 18,873 18,916 43 - Agricultural - 448 - 448 993 1,441 514 - Construction and land 40 - 35 75 15,179 15,254 75 - Total real estate loans 6,344 1,600 1,175 9,119 293,370 302,489 3,483 - Commercial and industrial - - - - 51 51 - - Consumer and other loans 10 1 - 11 5,007 5,018 - - Total $ 6,354 $ 1,601 $ 1,175 $ 9,130 $ 298,428 $ 307,558 $ 3,483 $ -
Schedule of portfolio segment by risk grade for originated and for acquired loans	Total loans by risk grade and portfolio segment at September 30, 2017: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 244,822 $ 5,936 $ 2,120 $ 6,853 $ - $ 259,731 Multi-family 1,834 - - - - 1,834 Home equity 3,776 248 203 98 - 4,325 Nonresidential 13,062 3,561 1,343 141 - 18,107 Agricultural 265 368 270 501 - 1,404 Construction and land 20,725 834 119 524 - 22,202 Total real estate loans 284,484 10,947 4,055 8,117 - 307,603 Commercial and industrial 132 - - - - 132 Consumer and other loans 5,141 - - - - 5,141 Total $ 289,757 $ 10,947 $ 4,055 $ 8,117 $ - $ 312,876 Total loans by risk grade and portfolio segment at June 30, 2017: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 245,179 $ 5,914 $ 2,573 $ 6,448 $ - $ 260,114 Multi-family 1,864 - - - - 1,864 Home equity 4,272 233 300 95 - 4,900 Nonresidential 13,801 3,610 1,356 149 - 18,916 Agricultural 281 374 272 514 - 1,441 Construction and land 13,727 846 120 561 - 15,254 Total real estate loans 279,124 10,977 4,621 7,767 - 302,489 Commercial and industrial 51 - - - - 51 Consumer and other loans 5,017 - - 1 - 5,018 Total $ 284,192 $ 10,977 $ 4,621 $ 7,768 $ - $ 307,558

FAIR VALUE OF FINANCIAL INSTR24

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Sep. 30, 2017
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	Fair Value Measurements September 30, 2017 June 30, 2017 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 234 $ - $ 182 $ - Certificates of deposit 5,978 - 6,228 - Municipal securities 42,322 - 39,799 - SBA loan pools 483 - 565 - CMOs 11,926 - 12,785 - U.S. Government agency mortgage-backed securities 48,834 - 44,825 - U.S. Government agency bonds 10,934 - 13,950 - Total securities available-for-sale 120,711 - 118,334 - Loan servicing rights - 1,089 - 1,141 Total financial assets $ 120,711 $ 1,089 $ 118,334 $ 1,141
Schedule of assets measured at fair value on a non-recurring basis	Fair Value Measurements September 30, June 30, (Level 3) (Level 3) Financial assets: Impaired loans, with specific allocations: One-to-four family $ 959 $ 959 Nonresidential - - Construction and land - - Total financial assets 959 959 Non-financial assets: Real estate owned, net: One-to-four family 171 152 Nonresidential 723 713 Construction and land - - Total non-financial assets 894 865 Total assets measured at fair value on a non-recurring basis $ 1,853 $ 1,824
Schedule of reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs Level 3	Fair Value Measurements (Level 3) Three Months Ended September 30, September 30, Loan Loan Balance at beginning of period: $ 1,141 $ 1,046 Purchases - - Change in fair value (52 ) (23 ) Balance at end of period: $ 1,089 $ 1,023
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis	Level 3 Quantitative Information September 30, June 30, Valuation Technique Unobservable Inputs Range Fair Value Fair Value Loan servicing rights $ 1,089 $ 1,141 Discounted cash flows Discount rate, estimated timing of cash flows 9% to 10% Impaired real estate loans net, with specific allocations: One-to-four family $ 959 $ 959 Sales comparison approach Adjustment for differences between the comparable sales 0% to 30% Real estate owned net: One-to-four family $ 171 $ 152 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Nonresidential $ 723 $ 713 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20%
Schedule of carrying amounts and estimated fair values of the Company's on-balance sheet financial instruments	September 30, 2017 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 120,711 $ - $ 120,711 $ - $ 120,711 Loans, net 311,852 - - 312,754 312,754 Loans held for sale (1) - - - - - Loan servicing rights 1,089 - - 1,089 1,089 Restricted equity securities 1,447 N/A N/A N/A N/A Financial liabilities Deposits $ 377,678 $ 174,792 $ 203,142 $ - $ 377,934 Other borrowings 10,000 - 10,000 - 10,000 June 30, 2017 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 118,334 $ - $ 118,334 $ - $ 118,334 Loans, net 306,542 - - 307,624 307,624 Loans held for sale (1) 245 - - 245 245 Loan servicing rights 1,141 - - 1,141 1,141 Restricted equity securities 1,023 N/A N/A N/A N/A Financial liabilities Deposits $ 394,505 $ 190,968 $ 203,656 $ - $ 394,624 Other borrowings - - - - - (1) Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors and result in a Level 3 classification.

EMPLOYEE STOCK OWNERSHIP PLAN (

EMPLOYEE STOCK OWNERSHIP PLAN (Tables)	3 Months Ended
	Sep. 30, 2017
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")
Schedule of Employee Stock Ownership Plan (ESOP)	September 30, June 30, Committed to be released to participants 16,965 11,441 Allocated to participants 130,952 130,952 Unearned 76,559 89,620 Total ESOP shares 224,476 232,013 Fair value of unearned shares $ 2,147 $ 2,465

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Sep. 30, 2017
STOCK BASED COMPENSATION
Schedule of stock option activity	Options Weighted- Aggregate (1) Outstanding - June 30, 2017 261,986 $ 12.46 Granted - - Exercised - - Forfeited - - Outstanding - September 30, 2017 261,986 $ 12.46 $ 4,084 Fully vested and exercisable at September 30, 2017 217,068 $ 11.80 $ 3,527 Expected to vest in future periods 44,918 Fully vested and expected to vest - September 30, 2017 261,986 $ 12.46 $ 4,084 (1) The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The current market price was based on the closing price of common stock of $28.05 per share on September 30, 2017.
Schedule of weighted-average fair value of options granted and assumptions used in the Black-Scholes-Merton option pricing model	Fiscal Years 2016 Risk-free interest rate 1.67 % Expected dividend yield 2.06 % Expected stock volatility 16.1 Expected life (years) 8 Fair value $ 2.75
Schedule of non-vested restricted stock activity	September 30, Balance - beginning of year 21,910 Granted - Forfeited - Vested - Balance - end of period 21,910 Weighted average grant date fair value $ 13.09

LOAN SERVICING RIGHTS (Tables)

LOAN SERVICING RIGHTS (Tables)	3 Months Ended
	Sep. 30, 2017
LOAN SERVICING RIGHTS
Schedule of principal balance of loan	The principal balances of those loans at September 30, 2017 and June 30, 2017 are as follows: September 30, June 30, Mortgage loan portfolio serviced for: FHLMC $ 106,452 $ 110,171 Activity for loan servicing rights for the three months ended September 30, 2017 and 2016 is as follows: Three Months Ended September 30, September 30, Loan servicing rights: Beginning of period: $ 1,141 $ 1,046 Additions - - Change in fair value (52 ) (23 ) End of period: $ 1,089 $ 1,023

SUPPLEMENTAL CASH FLOW INFORM28

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Sep. 30, 2017
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	September 30, September 30, Cash paid during the period for: Interest paid $ 371 $ 319 Income taxes paid $ 68 $ 20 Supplemental noncash disclosures: Transfers from loans to real estate owned $ 93 $ -

BASIS OF PRESENTATION (Detail T

BASIS OF PRESENTATION (Detail Textuals)	Sep. 30, 2017
Oconee Federal, MHC
Basis Of Presentation [Line Items]
Percentage of ownership in the entity	72.35%

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Earnings per share
Net income	$ 857	$ 1,273
Less: distributed earnings allocated to participating securities	(2)	(4)
Less: (undistributed income) dividends in excess of earnings allocated to participating securities	(1)	(5)
Net earnings available to common shareholders	$ 854	$ 1,264
Weighted average common shares outstanding including participating securities	5,786,109	5,820,952
Less: participating securities (in shares)	(21,910)	(40,905)
Less: average unearned ESOP shares	(83,090)	(122,312)
Weighted average common shares outstanding	5,681,109	5,657,735
Basic earnings per share (in dollars per share)	$ 0.15	$ 0.22
Weighted average common shares outstanding	5,681,109	5,657,735
Add: dilutive effects of assumed exercises of stock options	119,447	83,409
Average shares and dilutive potential common shares	5,800,556	5,741,144
Diluted earnings per share (in dollars per share)	$ 0.15	$ 0.22

EARNINGS PER SHARE ("EPS") (D31

EARNINGS PER SHARE ("EPS") (Detail Textuals)	3 Months Ended
	Sep. 30, 2017shares
EARNINGS PER SHARE ("EPS")
Antidilutive shares	28,700

SECURITIES AVAILABLE-FOR-SALE32

SECURITIES AVAILABLE-FOR-SALE (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Available-for-sale:
Amortized Cost	$ 120,902	$ 118,650
Gross Unrealized Gains	720	676
Gross Unrealized Losses	(911)	(992)
Available-for-sale Securities	120,711	118,334
FHLMC common stock
Available-for-sale:
Amortized Cost	20	20
Gross Unrealized Gains	214	162
Gross Unrealized Losses	0	0
Available-for-sale Securities	234	182
Certificates of deposit
Available-for-sale:
Amortized Cost	5,980	6,230
Gross Unrealized Gains	16	16
Gross Unrealized Losses	(18)	(18)
Available-for-sale Securities	5,978	6,228
Municipal securities
Available-for-sale:
Amortized Cost	42,372	39,847
Gross Unrealized Gains	277	296
Gross Unrealized Losses	(327)	(344)
Available-for-sale Securities	42,322	39,799
SBA loan pools
Available-for-sale:
Amortized Cost	481	563
Gross Unrealized Gains	2	2
Gross Unrealized Losses	0	0
Available-for-sale Securities	483	565
CMOs
Available-for-sale:
Amortized Cost	12,141	13,024
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(215)	(239)
Available-for-sale Securities	11,926	12,785
U.S. Government agency mortgage-backed securities
Available-for-sale:
Amortized Cost	48,815	44,884
Gross Unrealized Gains	208	185
Gross Unrealized Losses	(189)	(244)
Available-for-sale Securities	48,834	44,825
U.S. Government agency bonds
Available-for-sale:
Amortized Cost	11,093	14,082
Gross Unrealized Gains	3	15
Gross Unrealized Losses	(162)	(147)
Available-for-sale Securities	$ 10,934	$ 13,950

SECURITIES AVAILABLE-FOR-SALE33

SECURITIES AVAILABLE-FOR-SALE (Details 1) $ in Thousands		Sep. 30, 2017USD ($)Security	Jun. 30, 2017USD ($)Security
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 57,917	$ 65,475
Less than 12 Months, Unrealized Loss		$ (402)	$ (752)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	90	98
12 Months or More, Fair Value		$ 20,668	$ 9,104
12 Months or More, Unrealized Loss		$ (509)	$ (240)
12 Months or More, Number in Unrealized Loss | Security	[1]	33	13
Total, Fair Value		$ 78,585	$ 74,579
Total, Unrealized Loss		$ (911)	$ (992)
Total, Number in Unrealized Loss | Security	[1]	123	111
Certificates of deposit
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 2,974	$ 2,227
Less than 12 Months, Unrealized Loss		$ (18)	$ (18)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	12	9
12 Months or More, Fair Value		$ 0	$ 0
12 Months or More, Unrealized Loss		$ 0	$ 0
12 Months or More, Number in Unrealized Loss | Security	[1]	0	0
Total, Fair Value		$ 2,974	$ 2,227
Total, Unrealized Loss		$ (18)	$ (18)
Total, Number in Unrealized Loss | Security	[1]	12	9
Municipal securities
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 16,162	$ 18,331
Less than 12 Months, Unrealized Loss		$ (121)	$ (276)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	37	41
12 Months or More, Fair Value		$ 7,261	$ 2,221
12 Months or More, Unrealized Loss		$ (206)	$ (68)
12 Months or More, Number in Unrealized Loss | Security	[1]	17	5
Total, Fair Value		$ 23,423	$ 20,552
Total, Unrealized Loss		$ (327)	$ (344)
Total, Number in Unrealized Loss | Security	[1]	54	46
CMOs
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 3,698	$ 7,833
Less than 12 Months, Unrealized Loss		$ (39)	$ (136)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	5	9
12 Months or More, Fair Value		$ 8,229	$ 4,952
12 Months or More, Unrealized Loss		$ (176)	$ (103)
12 Months or More, Number in Unrealized Loss | Security	[1]	11	7
Total, Fair Value		$ 11,927	$ 12,785
Total, Unrealized Loss		$ (215)	$ (239)
Total, Number in Unrealized Loss | Security	[1]	16	16
U.S. Government agency mortgage-backed securities
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 28,071	$ 29,057
Less than 12 Months, Unrealized Loss		$ (143)	$ (244)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	29	31
12 Months or More, Fair Value		$ 2,259	$ 0
12 Months or More, Unrealized Loss		$ (46)	$ 0
12 Months or More, Number in Unrealized Loss | Security	[1]	3	0
Total, Fair Value		$ 30,330	$ 29,057
Total, Unrealized Loss		$ (189)	$ (244)
Total, Number in Unrealized Loss | Security	[1]	32	31
U.S. Government agency bonds
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 7,012	$ 8,027
Less than 12 Months, Unrealized Loss		$ (81)	$ (78)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	7	8
12 Months or More, Fair Value		$ 2,919	$ 1,931
12 Months or More, Unrealized Loss		$ (81)	$ (69)
12 Months or More, Number in Unrealized Loss | Security	[1]	2	1
Total, Fair Value		$ 9,931	$ 9,958
Total, Unrealized Loss		$ (162)	$ (147)
Total, Number in Unrealized Loss | Security	[1]	9	9
[1]	Actual amounts.

SECURITIES AVAILABLE-FOR-SALE34

SECURITIES AVAILABLE-FOR-SALE (Details 2) - USD ($) $ in Thousands		Sep. 30, 2017	Jun. 30, 2017
Amortized Cost
Less than one year		$ 996	$ 2,989
Due from one to five years		17,393	17,196
Due from five to ten years		29,811	30,084
Due after ten years		11,726	10,453
Mortgage-backed securities, CMOs and FHLMC stock	[1]	60,976	57,928
Total		120,902	118,650
Fair Value
Less than one year		996	2,990
Due from one to five years		17,376	17,183
Due from five to ten years		29,764	30,045
Due after ten years		11,580	10,324
Mortgage-backed securities, CMOs and FHLMC stock	[1]	60,995	57,792
Total		$ 120,711	$ 118,334
[1]	Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty. FHLMC common stock is not scheduled because it has no contractual maturity date.

SECURITIES AVAILABLE-FOR-SALE35

SECURITIES AVAILABLE-FOR-SALE (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Available-for-sale:
Proceeds	$ 3,997	$ 3,153
Gross gains	11	68
Gross losses	$ (1)	$ 0

SECURITIES AVAILABLE-FOR-SALE36

SECURITIES AVAILABLE-FOR-SALE (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
SECURITIES AVAILABLE-FOR-SALE AND HELD-TO-MATURITY
Securities pledged to secure public deposits	$ 30,404		$ 6,069
Percentage holdings of securities greater than shareholders' equity	10.00%		10.00%
Tax provision related to net realized gains	$ 3	$ 24

LOANS (Details)

LOANS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Loans
Total loans	$ 312,876	$ 307,558
Real estate loans
Loans
Total loans	307,603	302,489
Real estate loans | One-to-four family
Loans
Total loans	259,731	260,114
Real estate loans | Multi-family
Loans
Total loans	1,834	1,864
Real estate loans | Home equity
Loans
Total loans	4,325	4,900
Real estate loans | Nonresidential
Loans
Total loans	18,107	18,916
Real estate loans | Agricultural
Loans
Total loans	1,404	1,441
Real estate loans | Construction and land
Loans
Total loans	22,202	15,254
Commercial and industrial
Loans
Total loans	132	51
Consumer and other loans
Loans
Total loans	$ 5,141	$ 5,018

LOANS (Details 1)

LOANS (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Change in allowance for loan losses during the period
Beginning Balance	$ 1,016	$ 922
Provision	46	65
Charge-offs	(38)	(15)
Recoveries	0	0
Ending Balance	1,024	972
Real estate loans
Change in allowance for loan losses during the period
Beginning Balance	1,005	913
Provision	45	65
Charge-offs	(38)	(15)
Recoveries	0	0
Ending Balance	1,012	963
Real estate loans | One-to-four family
Change in allowance for loan losses during the period
Beginning Balance	900	733
Provision	(11)	52
Charge-offs	0	0
Recoveries	0	0
Ending Balance	889	785
Real estate loans | Multi-family
Change in allowance for loan losses during the period
Beginning Balance	4	4
Provision	0	0
Charge-offs	0	0
Recoveries	0	0
Ending Balance	4	4
Real estate loans | Home equity
Change in allowance for loan losses during the period
Beginning Balance	2	2
Provision	14	0
Charge-offs	(13)	0
Recoveries	0	0
Ending Balance	3	2
Real estate loans | Nonresidential
Change in allowance for loan losses during the period
Beginning Balance	63	130
Provision	(3)	17
Charge-offs	0	(15)
Recoveries	0	0
Ending Balance	60	132
Real estate loans | Agricultural
Change in allowance for loan losses during the period
Beginning Balance	1	5
Provision	0	0
Charge-offs	0	0
Recoveries	0	0
Ending Balance	1	5
Real estate loans | Construction and land
Change in allowance for loan losses during the period
Beginning Balance	35	39
Provision	45	(4)
Charge-offs	(25)	0
Recoveries	0	0
Ending Balance	55	35
Commercial and industrial
Change in allowance for loan losses during the period
Beginning Balance	4	6
Provision	2	0
Charge-offs	0	0
Recoveries	0	0
Ending Balance	6	6
Consumer and other loans
Change in allowance for loan losses during the period
Beginning Balance	7	3
Provision	(1)	0
Charge-offs	0	0
Recoveries	0	0
Ending Balance	$ 6	$ 3

LOANS (Details 2)

LOANS (Details 2) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Ending Allowance on Loans:
Individually Evaluated for Impairment	$ 4	$ 8
Collectively Evaluated for Impairment	1,020	1,008
Loans:
Individually Evaluated for Impairment	2,550	3,744
Collectively Evaluated for Impairment	310,326	303,814
Real estate loans
Ending Allowance on Loans:
Individually Evaluated for Impairment	4	8
Collectively Evaluated for Impairment	1,008	997
Loans:
Individually Evaluated for Impairment	2,550	3,744
Collectively Evaluated for Impairment	305,053	298,745
Real estate loans | One-to-four family
Ending Allowance on Loans:
Individually Evaluated for Impairment	4	8
Collectively Evaluated for Impairment	885	892
Loans:
Individually Evaluated for Impairment	1,956	3,034
Collectively Evaluated for Impairment	257,775	257,080
Real estate loans | Multi-family
Ending Allowance on Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	4	4
Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	1,834	1,864
Real estate loans | Home equity
Ending Allowance on Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	3	2
Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	4,325	4,900
Real estate loans | Nonresidential
Ending Allowance on Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	60	63
Loans:
Individually Evaluated for Impairment	141	0
Collectively Evaluated for Impairment	17,966	18,916
Real estate loans | Agricultural
Ending Allowance on Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	1	1
Loans:
Individually Evaluated for Impairment	0	448
Collectively Evaluated for Impairment	1,404	993
Real estate loans | Construction and land
Ending Allowance on Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	55	35
Loans:
Individually Evaluated for Impairment	453	262
Collectively Evaluated for Impairment	21,749	14,992
Commercial and industrial
Ending Allowance on Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	6	4
Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	132	51
Consumer and other loans
Ending Allowance on Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	6	7
Loans:
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	$ 5,141	$ 5,018

LOANS (Details 3)

LOANS (Details 3) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
With no recorded allowance:
Unpaid Principal Balance	$ 4,342	$ 3,993
Recorded Investment	3,131	2,777
Average Recorded Investment	2,955	2,757
Interest Income Recognized	43	272
With recorded allowance:
Unpaid Principal Balance	984	989
Recorded Investment	963	967
Related Allowance	4	8
Average Recorded Investment	965	1,808
Interest Income Recognized	0	0
Total:
Unpaid Principal Balance	5,326	4,982
Recorded Investment	4,094	3,744
Related Allowance	4	8
Average Recorded Investment	3,920	4,565
Interest Income Recognized	43	272
Real estate loans
With no recorded allowance:
Unpaid Principal Balance	4,342	3,993
Recorded Investment	3,131	2,777
Average Recorded Investment	2,955	2,757
Interest Income Recognized	43	272
With recorded allowance:
Unpaid Principal Balance	984	989
Recorded Investment	963	967
Related Allowance	4	8
Average Recorded Investment	965	1,808
Interest Income Recognized	0	0
Total:
Unpaid Principal Balance	5,326	4,982
Recorded Investment	4,094	3,744
Related Allowance	4	8
Average Recorded Investment	3,920	4,565
Interest Income Recognized	43	272
Real estate loans | One-to-four family
With no recorded allowance:
Unpaid Principal Balance	2,891	2,539
Recorded Investment	2,420	2,067
Average Recorded Investment	2,244	1,534
Interest Income Recognized	29	225
With recorded allowance:
Unpaid Principal Balance	984	989
Recorded Investment	963	967
Related Allowance	4	8
Average Recorded Investment	965	1,443
Interest Income Recognized	0	0
Total:
Related Allowance	4	8
Real estate loans | Multi-family
With no recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
With recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Total:
Related Allowance	0	0
Real estate loans | Home equity
With no recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
With recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Total:
Related Allowance	0	0
Real estate loans | Nonresidential
With no recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	555
Interest Income Recognized	0	0
With recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	191
Interest Income Recognized	0	0
Total:
Related Allowance	0	0
Real estate loans | Agricultural
With no recorded allowance:
Unpaid Principal Balance	997	997
Recorded Investment	448	448
Average Recorded Investment	448	448
Interest Income Recognized	7	34
With recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Total:
Related Allowance	0	0
Real estate loans | Construction and land
With no recorded allowance:
Unpaid Principal Balance	454	457
Recorded Investment	263	262
Average Recorded Investment	263	220
Interest Income Recognized	7	13
With recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	174
Interest Income Recognized	0	0
Total:
Related Allowance	0	0
Commercial and industrial
With no recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
With recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Total:
Related Allowance	0	0
Consumer and other loans
With no recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
With recorded allowance:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Total:
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Related Allowance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	$ 0	$ 0

LOANS (Details 4)

LOANS (Details 4) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	$ 9,250	$ 9,130
Current	303,626	298,428
Total loans	312,876	307,558
Nonaccrual loans	3,527	3,483
Accruing loans past due 90 days or more	0	0
30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	6,785	6,354
60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,418	1,601
90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,047	1,175
Real estate loans
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	9,247	9,119
Current	298,356	293,370
Total loans	307,603	302,489
Nonaccrual loans	3,527	3,483
Accruing loans past due 90 days or more	0	0
Real estate loans | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	6,783	6,344
Real estate loans | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,417	1,600
Real estate loans | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,047	1,175
Real estate loans | One-to-four family
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	8,407	8,352
Current	251,324	251,762
Total loans	259,731	260,114
Nonaccrual loans	2,946	2,762
Accruing loans past due 90 days or more	0	0
Real estate loans | One-to-four family | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	6,024	6,143
Real estate loans | One-to-four family | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,380	1,109
Real estate loans | One-to-four family | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,003	1,100
Real estate loans | Multi-family
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Current	1,834	1,864
Total loans	1,834	1,864
Nonaccrual loans	0	0
Accruing loans past due 90 days or more	0	0
Real estate loans | Multi-family | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Real estate loans | Multi-family | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Real estate loans | Multi-family | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Real estate loans | Home equity
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	215	201
Current	4,110	4,699
Total loans	4,325	4,900
Nonaccrual loans	44	89
Accruing loans past due 90 days or more	0	0
Real estate loans | Home equity | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	171	161
Real estate loans | Home equity | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Real estate loans | Home equity | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	44	40
Real estate loans | Nonresidential
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	237	43
Current	17,870	18,873
Total loans	18,107	18,916
Nonaccrual loans	0	43
Accruing loans past due 90 days or more	0	0
Real estate loans | Nonresidential | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	237	0
Real estate loans | Nonresidential | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	43
Real estate loans | Nonresidential | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Real estate loans | Agricultural
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	448
Current	1,404	993
Total loans	1,404	1,441
Nonaccrual loans	501	514
Accruing loans past due 90 days or more	0	0
Real estate loans | Agricultural | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Real estate loans | Agricultural | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	448
Real estate loans | Agricultural | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Real estate loans | Construction and land
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	388	75
Current	21,814	15,179
Total loans	22,202	15,254
Nonaccrual loans	36	75
Accruing loans past due 90 days or more	0	0
Real estate loans | Construction and land | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	351	40
Real estate loans | Construction and land | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	37	0
Real estate loans | Construction and land | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	35
Commercial and industrial
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Current	132	51
Total loans	132	51
Nonaccrual loans	0	0
Accruing loans past due 90 days or more	0	0
Commercial and industrial | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Commercial and industrial | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Commercial and industrial | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	0	0
Consumer and other loans
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	3	11
Current	5,138	5,007
Total loans	5,141	5,018
Nonaccrual loans	0	0
Accruing loans past due 90 days or more	0	0
Consumer and other loans | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	2	10
Consumer and other loans | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1	1
Consumer and other loans | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	$ 0	$ 0

LOANS (Details 5)

LOANS (Details 5) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Loan grade for each loan by portfolio segment and class
Loans, gross amount	$ 312,876	$ 307,558
Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	307,603	302,489
Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	259,731	260,114
Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,834	1,864
Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	4,325	4,900
Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	18,107	18,916
Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,404	1,441
Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	22,202	15,254
Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	132	51
Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	5,141	5,018
Pass
Loan grade for each loan by portfolio segment and class
Loans, gross amount	289,757	284,192
Pass | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	284,484	279,124
Pass | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	244,822	245,179
Pass | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,834	1,864
Pass | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	3,776	4,272
Pass | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	13,062	13,801
Pass | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	265	281
Pass | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	20,725	13,727
Pass | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	132	51
Pass | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	5,141	5,017
Pass- Watch
Loan grade for each loan by portfolio segment and class
Loans, gross amount	10,947	10,977
Pass- Watch | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	10,947	10,977
Pass- Watch | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	5,936	5,914
Pass- Watch | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Pass- Watch | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	248	233
Pass- Watch | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	3,561	3,610
Pass- Watch | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	368	374
Pass- Watch | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	834	846
Pass- Watch | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Pass- Watch | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Special Mention
Loan grade for each loan by portfolio segment and class
Loans, gross amount	4,055	4,621
Special Mention | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	4,055	4,621
Special Mention | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	2,120	2,573
Special Mention | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Special Mention | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	203	300
Special Mention | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,343	1,356
Special Mention | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	270	272
Special Mention | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	119	120
Special Mention | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Special Mention | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Substandard
Loan grade for each loan by portfolio segment and class
Loans, gross amount	8,117	7,768
Substandard | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	8,117	7,767
Substandard | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	6,853	6,448
Substandard | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Substandard | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	98	95
Substandard | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	141	149
Substandard | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	501	514
Substandard | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	524	561
Substandard | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Substandard | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	1
Doubtful
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	0	0
Doubtful | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	$ 0	$ 0

LOANS (Detail Textuals)

LOANS (Detail Textuals) $ in Thousands	3 Months Ended
	Sep. 30, 2017USD ($)Loan	Jun. 30, 2017USD ($)Loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for loan losses | $	$ 4	$ 8
Recorded investment in troubled debt restructuring | $	$ 2,086	$ 1,619
Real estate loans | One-to-four family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of trouble debt restructuring loans	3	2
Consumer mortgage loans secured by residential real estate properties in formal foreclosure proceedings | $	$ 236
Loan-to-value ratio for owner-occupied loans (as a percent)	80.00%
Loan to value ratios if borrower obtains mortgage insurance or provides readily marketable collateral	80.00%
Loan to value ratios for non owner occupied homes	80.00%
Maximum loan to value ratios for manufactured or modular homes	75.00%
Real estate loans | Multi-family | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans made as a percentage of lesser of appraised value or purchase price	75.00%
Term of home equity loans	5 years
Amortization period of financing receivable	30 years
Real estate loans | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of trouble debt restructuring loans		1
Term of home equity loans	10 years
Loan to value ratio	80.00%
Real estate loans | Home equity | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of home equity loans	10 years
Amortization period of financing receivable	20 years
Real estate loans | Agricultural
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of trouble debt restructuring loans	2	2
Real estate loans | Agricultural | Minimum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of agricultural loans	5 years
Real estate loans | Agricultural | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortization period of financing receivable	20 years
Loan to value ratio	75.00%
Term of agricultural loans	20 years
Real estate loans | Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of trouble debt restructuring loans	1	1
Real estate loans | Construction and land | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan-to-value ratio for owner-occupied loans (as a percent)	80.00%
Loan to value ratio	85.00%
Consumer and other loans | Minimum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of financing receivable for secured by vehicle	18 months
Consumer and other loans | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of financing receivable for unsecured loans	18 months
Term of financing receivable for secured by vehicle	60 months
Acquired Loans | Real estate loans | Nonresidential | Minimum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of non residential real estate loans	5 years
Acquired Loans | Real estate loans | Nonresidential | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortization period of financing receivable	20 years
Term of non residential real estate loans	20 years
Loan to value ratio	75.00%

BORROWINGS (Details Textuals)

BORROWINGS (Details Textuals) $ in Thousands	Sep. 30, 2017USD ($)
Banking and Thrift [Abstract]
FHLB Advances	$ 10,000
Stated percentage of Federal Home Loan Bank Advances	1.20%
Federal Home Loan Bank advance matures date	2,017
Federal Home Loan Bank with remaining availability	$ 110,482

FAIR VALUE OF FINANCIAL INSTR45

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Financial assets:
Securities available-for-sale	$ 120,711	$ 118,334
Level 2
Financial assets:
Securities available-for-sale	120,711	118,334
Loan servicing rights	0	0
Level 3
Financial assets:
Securities available-for-sale	0	0
Loan servicing rights	1,089	1,141
FHLMC common stock
Financial assets:
Securities available-for-sale	234	182
Certificates of deposit
Financial assets:
Securities available-for-sale	5,978	6,228
Municipal securities
Financial assets:
Securities available-for-sale	42,322	39,799
SBA loan pools
Financial assets:
Securities available-for-sale	483	565
CMOs
Financial assets:
Securities available-for-sale	11,926	12,785
U.S. Government agency mortgage-backed securities
Financial assets:
Securities available-for-sale	48,834	44,825
U.S. Government agency bonds
Financial assets:
Securities available-for-sale	10,934	13,950
Recurring basis | Level 2
Financial assets:
Securities available-for-sale	120,711	118,334
Loan servicing rights
Total financial assets	120,711	118,334
Recurring basis | Level 3
Financial assets:
Securities available-for-sale
Loan servicing rights	1,089	1,141
Total financial assets	1,089	1,141
Recurring basis | FHLMC common stock | Level 2
Financial assets:
Securities available-for-sale	234	182
Recurring basis | FHLMC common stock | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | Certificates of deposit | Level 2
Financial assets:
Securities available-for-sale	5,978	6,228
Recurring basis | Certificates of deposit | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | Municipal securities | Level 2
Financial assets:
Securities available-for-sale	42,322	39,799
Recurring basis | Municipal securities | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | SBA loan pools | Level 2
Financial assets:
Securities available-for-sale	483	565
Recurring basis | SBA loan pools | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | CMOs | Level 2
Financial assets:
Securities available-for-sale	11,926	12,785
Recurring basis | CMOs | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | U.S. Government agency mortgage-backed securities | Level 2
Financial assets:
Securities available-for-sale	48,834	44,825
Recurring basis | U.S. Government agency mortgage-backed securities | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | U.S. Government agency bonds | Level 2
Financial assets:
Securities available-for-sale	10,934	13,950
Recurring basis | U.S. Government agency bonds | Level 3
Financial assets:
Securities available-for-sale

FAIR VALUE OF FINANCIAL INSTR46

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - Non-recurring basis - Level 3 - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Impaired real estate loans, with specific allocations:
Total financial assets	$ 959	$ 959
Real estate owned, net:
Total non-financial assets	894	865
Total assets measured at fair value on a non-recurring basis	1,853	1,824
Impaired loans | One-to-four family
Impaired real estate loans, with specific allocations:
Total financial assets	959	959
Real estate owned, net:
Total non-financial assets	171	152
Impaired loans | Nonresidential
Impaired real estate loans, with specific allocations:
Total financial assets
Real estate owned, net:
Total non-financial assets	723	713
Impaired loans | Construction and land
Impaired real estate loans, with specific allocations:
Total financial assets
Real estate owned, net:
Total non-financial assets

FAIR VALUE OF FINANCIAL INSTR47

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Recurring basis - Level 3 - Loan Servicing Rights - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period:	$ 1,141	$ 1,046
Purchases	0	0
Change in fair value	(52)	(23)
Balance at end of period:	$ 1,089	$ 1,023

FAIR VALUE OF FINANCIAL INSTR48

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Valuation techniques
Real estate owned	$ 894	$ 865
Level 3
Valuation techniques
Loan servicing rights	1,089	1,141
Impaired real estate loans net, with specific allocations	312,754	307,624
Non-recurring basis | Level 3 | Discounted cash flows
Valuation techniques
Loan servicing rights	$ 1,089	1,141
Non-recurring basis | Level 3 | Discounted cash flows | Minimum
Valuation techniques
Discount rate, estimated timing of cash flows	9.00%
Non-recurring basis | Level 3 | Discounted cash flows | Maximum
Valuation techniques
Discount rate, estimated timing of cash flows	10.00%
Non-recurring basis | Level 3 | One-to-four family | Sales comparison approach
Valuation techniques
Real estate owned	$ 171	152
Non-recurring basis | Level 3 | One-to-four family | Sales comparison approach | Minimum
Valuation techniques
Discount rate, estimated timing of cash flows	0.00%
Non-recurring basis | Level 3 | One-to-four family | Sales comparison approach | Maximum
Valuation techniques
Discount rate, estimated timing of cash flows	20.00%
Non-recurring basis | Level 3 | Nonresidential | Sales comparison approach
Valuation techniques
Real estate owned	$ 723	713
Non-recurring basis | Level 3 | Nonresidential | Sales comparison approach | Minimum
Valuation techniques
Discount rate, estimated timing of cash flows	0.00%
Non-recurring basis | Level 3 | Nonresidential | Sales comparison approach | Maximum
Valuation techniques
Discount rate, estimated timing of cash flows	20.00%
Non-recurring basis | Level 3 | Impaired loans | One-to-four family | Sales comparison approach
Valuation techniques
Impaired real estate loans net, with specific allocations	$ 959	$ 959
Non-recurring basis | Level 3 | Impaired loans | One-to-four family | Sales comparison approach | Minimum
Valuation techniques
Discount rate, estimated timing of cash flows	0.00%
Non-recurring basis | Level 3 | Impaired loans | One-to-four family | Sales comparison approach | Maximum
Valuation techniques
Discount rate, estimated timing of cash flows	30.00%

FAIR VALUE OF FINANCIAL INSTR49

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 4) - USD ($) $ in Thousands		Sep. 30, 2017	Jun. 30, 2017
Financial assets
Securities available-for-sale		$ 120,711	$ 118,334
Carrying Amount
Financial assets
Securities available-for-sale		120,711	118,334
Loans, net		311,852	306,542
Loans held for sale	[1]	0	245
Loan servicing rights		1,089	1,141
Restricted equity securities		1,447	1,023
Financial liabilities
Deposits		377,678	394,505
Other borrowings		10,000	0
Fair Value
Financial assets
Securities available-for-sale		120,711	118,334
Loans, net		312,754	307,624
Loans held for sale	[1]	0	245
Loan servicing rights		1,089	1,141
Financial liabilities
Deposits		377,934	394,624
Other borrowings		10,000	0
Level 1
Financial assets
Securities available-for-sale		0	0
Loans, net		0	0
Loans held for sale	[1]	0	0
Loan servicing rights		0	0
Financial liabilities
Deposits		174,792	190,968
Other borrowings		0	0
Level 2
Financial assets
Securities available-for-sale		120,711	118,334
Loans, net		0	0
Loans held for sale	[1]	0	0
Loan servicing rights		0	0
Financial liabilities
Deposits		203,142	203,656
Other borrowings		10,000	0
Level 3
Financial assets
Securities available-for-sale		0	0
Loans, net		312,754	307,624
Loans held for sale	[1]	0	245
Loan servicing rights		1,089	1,141
Financial liabilities
Deposits		0	0
Other borrowings		$ 0	$ 0
[1]	Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors and result in a Level 3 classification.

FAIR VALUE OF FINANCIAL INSTR50

FAIR VALUE OF FINANCIAL INSTRUMENTS (Detail Textuals) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
FAIR VALUE MEASUREMENTS
Carrying amount of impaired loans	$ 959	$ 959
Valuation allowances of impaired loans	4	8
Carrying value of real estate owned	894	865
Real estate owned, valuation allowance	$ 0	$ 24

EMPLOYEE STOCK OWNERSHIP PLAN51

EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Shares held by the ESOP
Committed to be released to participants	16,965	11,441
Allocated to participants	130,952	130,952
Unearned	76,559	89,620
Total ESOP shares	224,476	232,013
Fair value of unearned shares	$ 2,147	$ 2,465

EMPLOYEE STOCK OWNERSHIP PLAN52

EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2011
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")
Employee stock ownership plan, employer loan for shares			248,842
Common stock share price			$ 10
ESOP compensation expense recognized	$ 148	$ 92

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - Stock options $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Options
Outstanding - July 1, 2017 (in shares)	261,986
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Outstanding - September 30, 2017 (in shares)	261,986
Fully vested and exercisable at September 30, 2017 (in shares)	217,068
Expected to vest in future periods (in shares)	44,918
Fully vested and expected to vest - September 30, 2017 (in shares)	261,986
Weighted-Average Exercise Price/Share
Outstanding - July 1, 2017 (in dollars per share) | $ / shares	$ 12.46
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Outstanding - September 30, 2017 (in dollars per share) | $ / shares	12.46
Fully vested and exercisable at September 30, 2017 (in dollars per share) | $ / shares	11.8
Fully vested and expected to vest - September 30, 2017 (in dollars per share) | $ / shares	$ 12.46
Aggregate Intrinsic Value
Outstanding - September 30, 2017 | $	$ 4,084	[1]
Fully vested and exercisable at September 30, 2017 | $	3,527	[1]
Fully vested and expected to vest - September 30, 2017 | $	$ 4,084	[1]
[1]	The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The current market price was based on the closing price of common stock of $28.05 per share on September 30, 2017.

STOCK BASED COMPENSATION (Det54

STOCK BASED COMPENSATION (Details 1) - Stock options - Weighted average	3 Months Ended
	Sep. 30, 2017$ / shares
Weighted average assumptions
Risk-free interest rate (as a percent)	1.67%
Expected dividend yield (as a percent)	2.06%
Expected stock volatility (as a percent)	16.10%
Expected life (years)	8 years
Fair value (in dollars per share)	$ 2.75

STOCK BASED COMPENSATION (Det55

STOCK BASED COMPENSATION (Details 2) - Restricted stock	3 Months Ended
	Sep. 30, 2017$ / sharesshares
Non-vested stock activity
Balance - beginning of year (in shares)	21,910
Granted (in shares)	0
Forfeited (in shares)	0
Vested (in shares)	0
Balance - end of period (in shares)	21,910
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 13.09

STOCK BASED COMPENSATION (Det56

STOCK BASED COMPENSATION (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	Feb. 05, 2016	Jan. 23, 2015	Sep. 30, 2017	Sep. 30, 2016	Apr. 05, 2012
Stock based compensation
Closing price of common stock			$ 28.05
Common Stock
Stock based compensation
Shares authorized					435,472
Stock options
Stock based compensation
Shares authorized					311,052
Granted (in shares)			0
Options earned (in shares)			4,036	11,875
Stock-based compensation expense			$ 6	$ 14
Total unrecognized compensation cost related to stock options			$ 71
Expected period for recognition			2 years 10 months 24 days
Stock options | Officer
Stock based compensation
Granted (in shares)	21,000
Expiration period	10 years
Stock options | Minimum | Officer
Stock based compensation
Vesting period	5 years
Stock options | Maximum | Officer
Stock based compensation
Vesting period	7 years
Stock options | Weighted Average | Officer
Stock based compensation
Vesting period	5 years 8 months 12 days
Restricted stock
Stock based compensation
Stock-based compensation expense			$ 25	$ 62
Grant date fair value of restricted stock	$ 19.40	$ 20.01
Total grant date fair value	$ 136	$ 252
Unrecognized compensation expense for nonvested restricted stock awards			$ 314
Expected period for recognition			3 years 6 months
Restricted stock | Officer
Stock based compensation
Number of restricted stock granted to officers	7,000
Restricted stock | Minimum | Officer
Stock based compensation
Vesting period	5 years
Restricted stock | Maximum
Stock based compensation
Shares authorized					124,420
Restricted stock | Maximum | Officer
Stock based compensation
Vesting period	7 years
Restricted stock | Weighted Average | Officer
Stock based compensation
Vesting period	6 years

LOAN SERVICING RIGHTS (Details)

LOAN SERVICING RIGHTS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Servicing Assets at Fair Value [Line Items]
Mortgage loan portfolio serviced	$ 1,089	$ 1,141
FHLMC
Servicing Assets at Fair Value [Line Items]
Mortgage loan portfolio serviced	$ 106,452	$ 110,171

LOAN SERVICING RIGHTS (Details

LOAN SERVICING RIGHTS (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Loan servicing rights:
Beginning of period:	$ 1,141	$ 1,046
Additions	0	0
Change in fair value	(52)	(23)
End of period:	$ 1,089	$ 1,023

LOAN SERVICING RIGHTS (Detail T

LOAN SERVICING RIGHTS (Detail Textuals)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Servicing Assets at Fair Value [Line Items]
Discount rate	9.50%	9.00%
Weighted average default rate	0.61%	0.61%
Minimum
Servicing Assets at Fair Value [Line Items]
Prepayment speed assumption	5.20%	9.20%
Maximum
Servicing Assets at Fair Value [Line Items]
Prepayment speed assumption	15.60%	18.90%

SUPPLEMENTAL CASH FLOW INFORM60

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash paid during the period for:
Interest paid	$ 371	$ 319
Income taxes paid	68	20
Supplemental noncash disclosures:
Transfers from loans to real estate owned	$ 93	$ 0

SUBSEQUENT EVENTS (Detail Textu

SUBSEQUENT EVENTS (Detail Textuals) - $ / shares	1 Months Ended	3 Months Ended
	Oct. 26, 2017	Sep. 30, 2017	Sep. 30, 2016
SUBSEQUENT EVENTS
Dividends declared per share (in dollars per share)		$ 0.10	$ 0.10
Subsequent event
SUBSEQUENT EVENTS
Dividends declared per share (in dollars per share)	$ 0.10
Dividends payable, date declared	Oct. 26, 2017
Dividends payable, date of record	Nov. 9, 2017
Dividends payable, date to be paid	Nov. 22, 2017