Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 001-35033 | |
Entity Registrant Name | Oconee Federal Financial Corp. | |
Entity Central Index Key | 0001501078 | |
Entity Tax Identification Number | 32-0330122 | |
Entity Incorporation, State or Country Code | SC | |
Entity Address, Address Line One | 201 East North Second Street | |
Entity Address, City or Town | Seneca | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29678 | |
City Area Code | (864) | |
Local Phone Number | 882-2765 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | OFED | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,588,944 | |
Entity Information, Former Legal or Registered Name | Not Applicable |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
ASSETS | ||
Cash and due from banks | $ 4,052 | $ 9,026 |
Interest-earning deposits | 14,473 | 21,575 |
Fed funds sold | 102 | 48 |
Total cash and cash equivalents | 18,627 | 30,649 |
Securities available-for-sale | 151,482 | 139,061 |
Loans | 337,891 | 339,089 |
Allowance for loan losses | (1,339) | (1,339) |
Net loans | 336,552 | 337,750 |
Loans held for sale, at fair value | 164 | |
Premises and equipment, net | 8,899 | 8,972 |
Accrued interest receivable | ||
Loans | 963 | 939 |
Investments | 409 | 437 |
Restricted equity securities, at cost | 1,034 | 1,408 |
Bank owned life insurance | 20,050 | 19,937 |
Goodwill | 2,593 | 2,593 |
Core deposit intangible | 116 | 134 |
Loan servicing rights | 291 | 305 |
Deferred tax assets | 1,024 | 787 |
Other assets | 551 | 580 |
Total assets | 542,591 | 543,716 |
Deposits | ||
Noninterest - bearing | 56,922 | 53,250 |
Interest - bearing | 392,512 | 386,680 |
Total deposits | 449,434 | 439,930 |
Federal Home Loan Bank advances | 5,000 | 15,000 |
Accrued interest payable and other liabilities | 590 | 686 |
Total liabilities | 455,024 | 455,616 |
SHAREHOLDERS' EQUITY | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 6,563,409 and 6,563,409 shares outstanding, respectively | 66 | 66 |
Treasury stock, at par, 973,139 and 970,274 shares, respectively | (10) | (10) |
Additional paid-in capital | 6,401 | 6,400 |
Retained earnings | 81,127 | 80,915 |
Accumulated other comprehensive income | 144 | 941 |
Unearned ESOP shares | (161) | (212) |
Total shareholders' equity | 87,567 | 88,100 |
Total liabilities and shareholders' equity | $ 542,591 | $ 543,716 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Outstanding | 6,563,409 | 6,563,409 |
Treasury Stock, Shares | 970,274 | 973,139 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income: | ||
Loans, including fees | $ 3,445 | $ 4,027 |
Securities, taxable | 352 | 291 |
Securities, tax-exempt | 86 | 91 |
Other interest-earning assets | 16 | 27 |
Total interest income | 3,899 | 4,436 |
Interest expense: | ||
Deposits | 306 | 550 |
Other borrowings | 23 | 19 |
Total interest expense | 329 | 569 |
Net interest income | 3,570 | 3,867 |
Provision for loan losses | ||
Net interest income after provision for loan losses | 3,570 | 3,867 |
Noninterest income: | ||
Service charges on deposit accounts | 100 | 82 |
Income on bank owned life insurance | 113 | 112 |
Mortgage servicing income | 30 | 40 |
Gain on sale of mortgage loans | 106 | 35 |
ATM & debit card income | 111 | 98 |
Change in fair value of equity securities, net | (50) | (23) |
Gain on sale of securities, net | 62 | |
Gain on payoff of purchase credit impaired loans | 195 | |
Other | 3 | 2 |
Total noninterest income | 413 | 603 |
Noninterest expense: | ||
Salaries and employee benefits | 1,696 | 1,605 |
Occupancy and equipment | 482 | 459 |
Data processing | 252 | 247 |
ATM & debit card expense | 86 | 69 |
Professional and supervisory fees | 108 | 121 |
Office expense | 35 | 42 |
Advertising | 78 | 51 |
FDIC deposit insurance | 33 | 31 |
Foreclosed assets, net | (1) | 7 |
Change in loan servicing asset | 14 | 43 |
Other | 212 | 172 |
Total noninterest expense | 2,995 | 2,847 |
Income before income taxes | 988 | 1,623 |
Income tax expense | 217 | 350 |
Net income | 771 | 1,273 |
Other comprehensive income | ||
Unrealized losses on securities available-for-sale | (1,010) | (151) |
Tax effect | 213 | 32 |
Reclassification adjustment for gains realized in net income | (62) | |
Tax effect | 13 | |
Total other comprehensive loss | (797) | (168) |
Comprehensive (loss)/income | $ (26) | $ 1,105 |
Basic net income per share: (Note 2) | $ 0.14 | $ 0.22 |
Diluted net income per share: (Note 2) | 0.14 | 0.22 |
Dividends declared per share: | $ 0.10 | $ 0.10 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Unearned E S O P Shares [Member] | Total | |
Beginning balance, value at Jun. 30, 2020 | $ 65 | $ (9) | $ 7,342 | $ 79,071 | $ 2,243 | $ (407) | $ 88,305 | |
Net income | 1,273 | 1,273 | ||||||
Other comprehensive loss | (168) | (168) | ||||||
Purchase of 2,865 shares of treasury stock | [1] | (31) | (31) | |||||
Stock-based compensation expense | 21 | 21 | ||||||
Common Stock Issued | 5 | 5 | ||||||
Dividends | (561) | (561) | ||||||
ESOP shares earned | 34 | 50 | 84 | |||||
Ending balance, value at Sep. 30, 2020 | 65 | (9) | 7,371 | 79,783 | 2,075 | (357) | 88,928 | |
Beginning balance, value at Jun. 30, 2021 | 66 | (10) | 6,400 | 80,915 | 941 | (212) | 88,100 | |
Net income | 771 | 771 | ||||||
Other comprehensive loss | (797) | (797) | ||||||
Purchase of 2,865 shares of treasury stock | [2] | (67) | (67) | |||||
Stock-based compensation expense | 30 | 30 | ||||||
Dividends | (559) | (559) | ||||||
ESOP shares earned | 38 | 51 | 89 | |||||
Ending balance, value at Sep. 30, 2021 | $ 66 | $ (10) | $ 6,401 | $ 81,127 | $ 144 | $ (161) | $ 87,567 | |
[1] | The weighted average cost of treasury shares purchased during the three months ended September 30, 2020 was $24.58 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 September 30, 2021 was $23.43 per share. Treasury stock repurchases were accounted for using the par value method. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows From Operating Activities | ||
Net income | $ 771 | $ 1,273 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, net | 530 | 423 |
Net accretion of purchase accounting adjustments | (56) | (84) |
Deferred income tax (benefit)/expense | (24) | 88 |
Change in loan servicing asset | 14 | 43 |
Net gain on sales of securities | (62) | |
Mortgage loans originated for sale | (5,109) | (3,103) |
Mortgage loans sold | 5,379 | 2,325 |
Gain on sales of mortgage loans | (106) | (35) |
Change in fair value of equity securities | 50 | (23) |
Increase in cash surrender value of bank owned life insurance | (113) | (112) |
Gain on payoff of purchased credit impaired loans | (195) | |
ESOP compensation expense | 89 | 84 |
Stock based compensation expense | 30 | 21 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable and other assets | 33 | (29) |
Accrued interest payable and other liabilities | (96) | (195) |
Net cash provided by operating activities | 1,392 | 419 |
Cash Flows From Investing Activities | ||
Purchases of premises and equipment | (88) | (141) |
Purchases of securities available-for-sale | (22,202) | (10,059) |
Proceeds from maturities, paydowns and calls of securities available-for-sale | 8,370 | 5,527 |
Proceeds from sales of securities available-for-sale | 1,872 | |
Sales of restricted equity securities | 374 | |
Loan originations and repayments, net | 1,254 | (3,114) |
Net cash used in investing activities | (12,292) | (5,915) |
Cash Flows from Financing Activities | ||
Net change in deposits | 9,504 | 3,746 |
Repayment of notes payable to FHLB | (10,000) | |
Dividends paid | (559) | (561) |
Purchase of treasury stock | (67) | (31) |
Proceeds from sale of common stock, net of issuance costs | 5 | |
Net cash (used)/provided by financing activities | (1,122) | 3,159 |
Change in cash and cash equivalents | (12,022) | (2,337) |
Cash and cash equivalents, beginning of period | 30,649 | 34,582 |
Cash and cash equivalents, end of period | $ 18,627 | $ 32,245 |
BASIS OF PRESENTATION, RISKS AN
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES | (1) BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES 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 ( 74.49 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, 2021 and June 30, 2021 and the results of operations and cash flows for the interim periods ended September 30, 2021 and 2020. All interim amounts are unaudited, 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, 2022 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, 2021. Reclassifications: 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 and cash equivalents include cash on hand, federal funds sold, overnight interest-earning deposits and amounts due from other depository institutions. Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and the disclosures provided, and actual results could differ. Risks and Uncertainties: The novel coronavirus (“COVID-19”) pandemic has adversely impacted global commercial activity and contributed to volatility in financial markets. The COVID-19 pandemic and government responses continue to disrupt global supply chains and adversely impact many industries. The pandemic may continue to have a material adverse impact on economic and market conditions. The federal banking agencies have encouraged financial institutions to prudently work with affected borrowers and legislation has been passed to provide relief from reporting loan classifications due to modifications related to the COVID-19 pandemic. Certain industries have been particularly hard-hit, including the travel and hospitality industry, the restaurant industry and the retail industry. The spread of the coronavirus has caused us to modify our business practices with regard to interactions of employees and customers. We may take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers and business partners. The rapid development and fluidity of this situation precludes any prediction as to the ultimate impact of the COVID-19 pandemic with regard to capital, liquidity, loan loss reserves, etc. Nevertheless, the pandemic presents uncertainty and risk with respect to the Company, its performance, and its financial results. |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 3 Months Ended |
Sep. 30, 2021 | |
New Accounting Standards | |
NEW ACCOUNTING STANDARDS | (2) NEW ACCOUNTING STANDARDS Accounting Standards Update (“ASU”) 2021-06, “Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942), and Financial Services – Investment Companies (Topic 946)”. Issued in August 2021, ASU 2021-06 amends SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. The amendments are effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848)”. Issued in March 2020, ASU 2020-04 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. ASU 2019-12, “Income Taxes (Topic 740)”. Issued in December 2019, ASU 2019-12 provides guidance to simplify accounting for income taxes by removing specific technical exceptions that often produce information difficult for investors to understand. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For the Company, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted this standard on July 1, 2021. This pronouncement did not have a material effect on the financial statements. ASU 2019-11, “Codification to Improvements to Topic 326, Financial Instruments – Credit Losses”. Issued in November 2019, ASU 2019-11 provides guidance that addresses issues raised by stakeholders during the implementation of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect a variety of Topics in the Accounting Standards Codification. For the Company, the amendments are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. Early adoption is permitted in any interim period as long as an entity has adopted the amendments in ASU 2016-13. ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)”. Issued in November 2019, ASU 2019-10 provides guidance to defer the effective dates for private companies, not-for-profit organizations, and certain smaller reporting companies (such as the Company) applying standards on current expected credit losses (CECL), derivatives, hedging and leases. For the Company, the new effective date for Credit Losses (CECL) will be for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. For the Company, the effective dates for Derivatives, Hedging and Leases were not deferred under this guidance. ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”. Issued in May 2019, ASU 2019-05 provides entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments. On October 16, 2019, the Financial Accounting Standards Board (“FASB”) announced a delay in the implementation schedule allowing certain entities, including smaller reporting companies (such as the Company) to adopt ASU 2016-13 in fiscal years beginning after December 15, 2022, and interim periods within those years. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. Issued in June 2016, ASU 2016-13 provides financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 eliminate the probable incurred loss recognition in current GAAP and reflect an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements. In November 2019, the FASB issued guidance delaying the implementation schedule and allowing certain entities, including smaller reporting companies (such as the Company) to adopt ASU 2016-13 in fiscal years beginning after December 15, 2022, and interim periods within those years. 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 has no changes in its assessment since filing the Annual Report on Form 10-K. |
EARNINGS PER SHARE (_EPS_)
EARNINGS PER SHARE (“EPS”) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
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: Schedule of factors used in the earnings per common share computation Three Months Ended September 30, September 30, Earnings per share Net income $ 771 $ 1,273 Less: distributed earnings allocated to participating securities (1 ) (1 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (1 ) — Net earnings available to common shareholders $ 769 $ 1,272 Weighted average common shares outstanding including participating securities 5,592,583 5,758,040 Less: participating securities (14,300 ) (5,800 ) Less: average unearned ESOP shares (6,855 ) (35,124 ) Weighted average common shares outstanding 5,571,428 5,717,116 Basic earnings per share $ 0.14 $ 0.22 Weighted average common shares outstanding 5,571,428 5,717,116 Add: dilutive effects of assumed exercises of stock options 66,084 73,103 Average shares and dilutive potential common shares 5,637,512 5,790,219 Diluted earnings per share $ 0.14 $ 0.22 For the three months ended September 30, 2021, 11,200 11,200 |
SECURITIES AVAILABLE-FOR-SALE
SECURITIES AVAILABLE-FOR-SALE | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
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 consists of securities issued by U.S. Government agencies and U.S. Government sponsored enterprises. Investment securities at September 30, 2021 and June 30, 2021 are as follows: Schedule of investment securities Gross Gross Change in Amortized Unrealized Unrealized Fair Value Fair September 30, 2021 Cost Gains Losses Equity Securities Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 47 $ 67 Certificates of deposit 2,244 41 — — 2,285 Municipal securities 18,708 722 — — 19,430 CMOs 11,521 207 (51 ) — 11,677 U.S. Government agency mortgage-backed securities 105,284 808 (1,245 ) — 104,847 U.S. Treasury and Government agency bonds 13,477 9 (310 ) — 13,176 Total available-for-sale $ 151,254 $ 1,787 $ (1,606 ) $ 47 $ 151,482 Gross Gross Change in Amortized Unrealized Unrealized Fair Value Fair June 30, 2021 Cost Gains Losses Equity Securities Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 97 $ 117 Certificates of deposit 2,244 53 — — 2,297 Municipal securities 18,737 794 — — 19,531 CMOs 7,468 262 (14 ) — 7,716 U.S. Government agency mortgage-backed securities 95,811 916 (614 ) — 96,113 U.S. Treasury and Government agency bonds 13,493 32 (238 ) — 13,287 Total available-for-sale $ 137,773 $ 2,057 $ (866 ) $ 97 $ 139,061 Securities pledged at September 30, 2021 and June 30, 2021 had fair values of $ 21,601 22,726 At September 30, 2021 and June 30, 2021, 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 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, 2021 and June 30, 2021. The tables also show the number of securities in an unrealized loss position for each category of investment security as of the respective dates. Schedule of fair value and unrealized loss of securities that have been in unrealized loss positions Less than 12 Months 12 Months or More Total September 30, 2021 Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Available-for-sale: CMOs $ 4,874 $ (30 ) 1 $ 982 $ (21 ) 1 $ 5,856 $ (51 ) 2 U.S. Government agency mortgage-backed securities 77,386 (1,240 ) 36 1,272 (5 ) 2 78,658 (1,245 ) 38 U.S. Treasury and Government agency bonds 6,411 (123 ) 4 3,761 (187 ) 2 10,172 (310 ) 6 $ 88,671 $ (1,393 ) 41 $ 6,015 $ (213 ) 5 $ 94,686 $ (1,606 ) 46 Less than 12 Months 12 Months or More Total June 30, 2021 Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Available-for-sale: CMOs $ 990 $ (14 ) 1 $ — $ — — $ 990 $ (14 ) 1 U.S. Government agency mortgage-backed securities 51,863 (606 ) 25 1,101 (8 ) 1 52,964 (614 ) 26 U.S. Treasury and Government agency bonds 7,993 (238 ) 5 — — — 7,993 (238 ) 5 $ 60,846 $ (858 ) 31 $ 1,101 $ (8 ) 1 $ 61,947 $ (866 ) 32 (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 amortized 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, 2021 were recognized into net income for the three months ended September 30, 2021 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, 2021 were recognized as having OTTI during the year ended June 30, 2021. The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2021 and June 30, 2021 by contractual maturity. Schedule of amortized cost and fair value of debt securities classified as available-for-sale by contractual maturity September 30, 2021 June 30, 2021 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ 4,237 $ 4,279 $ 3,003 $ 3,034 Due from one to five years 4,552 4,728 5,793 6,008 Due after five years to ten years 22,836 22,943 22,258 22,459 Due after ten years 2,804 2,941 3,420 3,614 Mortgage-backed securities, CMOs and FHLMC stock (1) 116,825 116,591 103,299 103,946 Total available for sale $ 151,254 $ 151,482 $ 137,773 $ 139,061 (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, 2021 and 2020: Schedule of proceeds from sales of securities available-for-sale and gains or losses recognized Three Months Ended September 30, September 30, Available-for-sale: Proceeds $ — $ 1,872 Gross gains — 62 Gross losses — — The tax provision related to the net realized gain for the three months ended September 30, 2020 was $ 13 |
LOANS
LOANS | 3 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
LOANS | (5) LOANS The components of loans at September 30, 2021 and June 30, 2021 were as follows: Schedule of components of loans September 30, June 30, Real estate loans: One-to-four family $ 271,840 $ 268,889 Multi-family 389 649 Home equity 5,995 6,158 Nonresidential 21,794 21,868 Agricultural 2,656 2,683 Construction and land 23,717 27,002 Total real estate loans 326,391 327,249 Commercial and industrial (1) 5,485 5,871 Consumer and other loans 6,015 5,969 Total loans $ 337,891 $ 339,089 (1) Includes $ 2,310 2,677 100 The following table presents the activity in the allowance for loan losses for the three months ended September 30, 2021 by portfolio segment: Schedule of activity in the allowance for loan losses Three months ended September 30, 2021 Beginning Balance Provision Charge-offs Recoveries Ending Balance Real estate loans: One-to-four family $ 992 $ 10 $ — $ — $ 1,002 Multi-family 4 — — — 4 Home equity 41 — — — 41 Nonresidential 133 2 — — 135 Agricultural 15 — — — 15 Construction and land 103 (13 ) — — 90 Total real estate loans 1,288 (1 ) — — 1,287 Commercial and industrial 22 1 — — 23 Consumer and other loans 29 — — — 29 Total loans $ 1,339 $ — $ — $ — $ 1,339 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at September 30, 2021: 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, 2021 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment Real estate loans: One-to-four family $ — $ 1,002 $ 1,683 $ 270,157 Multi-family — 4 — 389 Home equity — 41 — 5,995 Nonresidential — 135 509 21,285 Agricultural — 15 — 2,656 Construction and land — 90 — 23,717 Total real estate loans — 1,287 2,192 324,199 Commercial and industrial (1) — 23 — 5,485 Consumer and other loans — 29 — 6,015 Total loans $ — $ 1,339 $ 2,192 $ 335,699 (1) Includes $ 2,310 The following tables present the activity in the allowance for loan losses for the three months ended September 30, 2020 by portfolio segment: Schedule of activity in the allowance for loan losses Three months ended September 30, 2020 Beginning Balance Provision Charge-offs Recoveries Ending Balance Real estate loans: One-to-four family $ 1,032 $ (41 ) $ (2 ) $ — $ 989 Multi-family 4 — — — 4 Home equity 34 6 — — 40 Nonresidential 75 33 — — 108 Agricultural 4 — — — 4 Construction and land 105 (9 ) — — 96 Total real estate loans 1,254 (11 ) (2 ) — 1,241 Commercial and industrial 65 9 — — 74 Consumer and other loans 27 2 — — 29 Total loans $ 1,346 $ — $ (2 ) $ — $ 1,344 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at June 30, 2021: Schedule of recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment Ending Allowance on Loans: Loans: At June 30, 2021 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment Real estate loans: One-to-four family $ — $ 992 $ 1,711 $ 267,178 Multi-family — 4 — 649 Home equity — 41 — 6,158 Nonresidential — 133 — 21,868 Agricultural — 15 — 2,683 Construction and land — 103 — 27,002 Total real estate loans — 1,288 1,711 325,538 Commercial and industrial (1) — 22 — 5,871 Consumer and other loans — 29 — 5,969 Total loans $ — $ 1,339 $ 1,711 $ 337,378 (1) Includes $ 2,677 The tables below present loans that were individually evaluated for impairment by portfolio segment at September 30, 2021 and June 30, 2021, including the average recorded investment balance and interest earned for the three months ended September 30, 2021 and the year ended June 30, 2021: Schedule of loans individually evaluated for impairment by portfolio segment September 30, 2021 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no recorded allowance: Real estate loans: One-to-four family $ 1,705 $ 1,683 $ — $ 1,697 $ 8 Multi-family — — — — — Home equity — — — — — Nonresidential 540 509 — 255 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 2,245 2,192 — 1,952 8 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 2,245 $ 2,192 $ — $ 1,952 $ 8 With recorded allowance: Real estate loans: One-to-four family $ — $ — $ — $ — $ — Multi-family — — — — — Home equity — — — — — Nonresidential — — — — — Agricultural — — — — — Construction and land — — — — — Total real estate loans — — — — — Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ — $ — $ — $ — $ — Totals: Real estate loans $ 2,245 $ 2,192 $ — $ 1,952 $ 8 Consumer and other loans — — — — — Total $ 2,245 $ 2,192 $ — $ 1,952 $ 8 June 30, 2021 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no recorded allowance: Real estate loans: One-to-four family $ 1,736 $ 1,711 $ — $ 1,772 $ 34 Multi-family — — — — — Home equity — — — — — Nonresidential — — — 281 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 1,736 1,711 — 2,053 34 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 1,736 $ 1,711 $ — $ 2,053 $ 34 With recorded allowance: Real estate loans: One-to-four family $ — $ — $ — $ — $ — Multi-family — — — — — Home equity — — — — — Nonresidential — — — — — Agricultural — — — — — Construction and land — — — — — Total real estate loans — — — — — Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ — $ — $ — $ — $ — Totals: Real estate loans $ 1,736 $ 1,711 $ — $ 2,053 $ 34 Consumer and other loans — — — — — Total $ 1,736 $ 1,711 $ — $ 2,053 $ 34 The following tables present the aging of past due loans as well as nonaccrual loans. Nonaccrual loans and accruing loans past due 90 Total past due loans and nonaccrual loans at September 30, 2021: Schedule of past due and nonaccrual loans by portfolio segment 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Nonaccrual Loans Accruing Loans Past Due 90 Days or More Real estate loans: One-to-four family $ 3,212 $ 498 $ 358 $ 4,068 $ 267,772 $ 271,840 $ 2,033 $ — Multi-family 214 — — 214 175 389 — — Home equity 27 — — 27 5,968 5,995 — — Nonresidential 245 — — 245 21,549 21,794 509 — Agricultural — — — — 2,656 2,656 — — Construction and land — — — — 23,717 23,717 — — Total real estate loans 3,698 498 358 4,554 321,837 326,391 2,542 — Commercial and industrial — — — — 5,485 5,485 — — Consumer and other loans — — — — 6,015 6,015 — — Total $ 3,698 $ 498 $ 358 $ 4,554 $ 333,337 $ 337,891 $ 2,542 $ — COVID-19 Loan Modifications: In light of disruptions in economic conditions caused by COVID-19, the financial regulators have issued guidance encouraging banks to work constructively with borrowers affected by the virus in our community. This guidance provides that the agencies will not criticize financial institutions that mitigate credit risk through prudent actions consistent with safe and sound practices. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” which was extended by the Consolidated Appropriations Act for the fiscal year ending September 30, 2021, provides banks the option to temporarily suspend certain requirements under ASC 340-10 troubled debt restructuring classifications for a limited period of time to account for the effects of COVID-19. The Federal Reserve and the other banking agencies and regulators have also issued a joint statement encouraging banks to work prudently with borrowers and to describe the agencies’ interpretations of how accounting rules under ASC 310-40 apply to certain COVID-19 related modifications. We have not considered any of the COVID-19 related modifications performed to date to be troubled debt restructurings. Included in the table above are $ 9,551 6,672 2,490 389 8,624 927 Total past due and nonaccrual loans by portfolio segment at June 30, 2021: Schedule of past due and nonaccrual loans by portfolio segment 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Nonaccrual Loans Accruing Loans Past Due 90 Days or More Real estate loans: One-to-four family $ 2,302 $ 574 $ 434 $ 3,310 $ 265,579 $ 268,889 $ 2,260 $ — Multi-family — 217 — 217 432 649 — — Home equity 61 — — 61 6,097 6,158 — — Nonresidential 374 — — 374 21,494 21,868 521 — Agricultural — — — — 2,683 2,683 — — Construction and land 6 — — 6 26,996 27,002 — — Total real estate loans 2,743 791 434 3,968 323,281 327,249 2,781 — Commercial and industrial — — — — 5,871 5,871 — — Consumer and other loans — — — — 5,969 5,969 — — Total $ 2,743 $ 791 $ 434 $ 3,968 $ 335,121 $ 339,089 $ 2,781 $ — Included in the table above are $ 10,362 7,084 2,881 397 9,578 784 Troubled Debt Restructurings: At September 30, 2021 and June 30, 2021, total loans that have been modified as troubled debt restructurings were $ 1,622 1,661 one three 1,589 1,107 Allowance for Loan Loss: There have been no changes to our allowance for loan loss methodology during the quarter ended September 30, 2021. We have assessed the impact of the COVID-19 pandemic on the allowance for loan loss using the information that is available. We believe that the recorded allowance is adequate at this time and as a result no additional provision for loan losses has been recorded during the quarter ended September 30, 2021. However, the fluidity of this pandemic precludes any prediction as to the ultimate impact of the COVID-19 outbreak. We will continue to review and make adjustments as may be necessary. To the best of our knowledge, we have recorded all losses that are both probable and reasonably estimable for the three months ended September 30, 2021 and September 30, 2020. 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: 80 For traditional homes, the Company may originate loans with loan-to-value ratios in excess of 80 80 Multi-family: five 30 five 75 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: 80 10 20 Nonresidential Real Estate: five 20 20 75 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. 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). 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. Agricultural: five 20 20 75 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: twelve month 80 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 eight 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. Within this category for the three months ended September 30, 2021 and the year ended June 30, 2021 are PPP loans that were authorized under the CARES Act. PPP loans are originated by the Association, are 100% guaranteed by the SBA and qualify to be forgiven based on certain criteria as determined by the SBA. The Association received a fee, with the percentage depending on the size of the loan, for originating these loans and earns 1 five 33 5,274 7,654 Consumer and Other Loans: 18 18 60 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, 2021: Schedule of total loans by risk grade and portfolio segment Pass Pass-Watch Special Mention Substandard Doubtful Total Real estate loans: One-to-four family $ 262,266 $ 3,185 $ 2,985 $ 3,404 $ — $ 271,840 Multi-family 389 — — — — 389 Home equity 5,772 215 — 8 — 5,995 Nonresidential 20,920 — 202 672 — 21,794 Agricultural 2,656 — — — — 2,656 Construction and land 23,306 373 — 38 — 23,717 Total real estate loans 315,309 3,773 3,187 4,122 — 326,391 Commercial and industrial 5,485 — — — — 5,485 Consumer and other loans 6,015 — — — — 6,015 Total $ 326,809 $ 3,773 $ 3,187 $ 4,122 $ — $ 337,891 Total loans by risk grade and portfolio segment at June 30, 2021: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 258,943 $ 3,335 $ 2,989 $ 3,622 $ — $ 268,889 Multi-family 649 — — — — 649 Home equity 5,929 221 — 8 — 6,158 Nonresidential 20,991 — 727 150 — 21,868 Agricultural 2,683 — — — — 2,683 Construction and land 26,581 382 — 39 — 27,002 Total real estate loans 315,776 3,938 3,716 3,819 — 327,249 Commercial and industrial 5,871 — — — — 5,871 Consumer and other loans 5,969 — — — — 5,969 Total $ 327,616 $ 3,938 $ 3,716 $ 3,819 $ — $ 339,089 At September 30, 2021, three loans for $ 199 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Sep. 30, 2021 | |
BORROWINGS | (6) BORROWINGS At September 30, 2021 and June 30, 2021, advances from the Federal Home Loan Bank were as follows: Schedule of advances from the Federal Home Loan Bank September 30, 2021 Balance Stated Interest Rate FHLB advances due February 2023 through January 2025 $ 5,000 1.40 1.59 Total $ 5,000 June 30, 2021 Balance Stated Interest Rate FHLB advances due September 2021 through January 2025 $ 15,000 0.16 1.59 Total $ 15,000 Payments over the next five years are as follows: Schedule of maturities of the advances from the Federal Home Loan Bank 2023 $2,500 2025 $2,500 The average interest rate of all outstanding FHLB advances was 1.50 0.61 Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances are collateralized by $ 18,791 19,613 136,419 There were no overnight borrowings at September 30, 2021 or June 30, 2021. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
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 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. There were no impaired loans with specific allocations at September 30, 2021 or June 30, 2021. Loans Held for Sale: 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 2 classification. 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. 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. Deposits: The fair values disclosed for demand deposit, money market and savings accounts are equal to the amount payable on demand at the reporting date resulting in a Level 2 classification. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of deposit to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. FHLB Advances: The fair values of the Company’s FHLB advances are estimated using discounted cash flow analysis based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. (Amounts in thousands, except share and per share data) Assets measured at fair value on a recurring basis at September 30, 2021 and June 30, 2021 are summarized below: Schedule of assets measured at fair value on a recurring basis Fair Value Measurements September 30, 2021 June 30, 2021 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 67 $ — $ 117 $ — Certificates of deposit 2,285 — 2,297 — Municipal securities 19,430 — 19,531 — CMOs 11,677 — 7,716 — U.S. Government agency mortgage-backed securities 104,847 — 96,113 — U.S. Treasury and Government agency bonds 13,176 — 13,287 — Total securities available-for-sale 151,482 — 139,061 — Loan servicing rights — 291 — 305 Total financial assets $ 151,482 $ 291 $ 139,061 $ 305 There are no liabilities measured at fair value on a recurring basis. The table below presents 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, 2021 and 2020: 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: $ 305 $ 458 Unrealized net losses included in net income (14 ) (43 ) Balance at end of period: $ 291 $ 415 There are no assets or liabilities measured at fair value on a non-recurring basis at September 30, 2021 or June 30, 2021. The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value at September 30, 2021 and June 30, 2021. 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 30,2021 Valuation Technique Unobservable Inputs Range Loan servicing rights $ 291 $ 305 Discounted cash Discount rate, estimated 8.50 8.63 Many of the Company’s assets and liabilities are short-term financial instruments whose carrying amounts reported in the consolidated balance sheets approximate fair value. These items include cash and cash equivalents, bank owned life insurance, 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, 2021 and June 30, 2021 are summarized below: Schedule of carrying amounts and estimated fair values of the Company's on-balance sheet financial instruments September 30, 2021 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 151,482 $ — $ 151,482 $ — $ 151,482 Loans, net (1) 336,552 — — 337,762 337,762 Loan servicing rights 291 — — 291 291 Restricted equity securities 1,034 N/A N/A N/A N/A Financial liabilities Deposits $ 449,434 $ — $ 447,794 $ — $ 447,794 FHLB Advances 5,000 — 5,068 — 5,068 June 30, 2021 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 139,061 $ — $ 139,061 $ — $ 139,061 Loans, net (1) 337,750 — — 339,762 339,762 Loans held for sale (2) 164 — — 164 164 Loan servicing rights 305 — — 305 305 Restricted equity securities 1,408 N/A N/A N/A N/A Financial liabilities Deposits $ 439,930 $ — $ 438,491 $ — $ 438,491 FHLB Advances 15,000 — 15,087 — 15,087 (1) Carrying amount of loans is net of unearned income and the allowance. In accordance with the adoption of ASU No. 2016-01, the fair value of loans as of September 30, 2021 and June 30, 2021 was measured using an exit price notion. (2) 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, 2021 | |
Employee Stock Ownership Plan | |
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 10.00 Participants receive the shares at the end of employment. The Company makes contributions to the ESOP each December. There were no discretionary contributions made to the ESOP for debt retirement in 2021 or 2020. Total ESOP compensation expense for the three months ended September 30, 2021 was $ 89 84 Shares held by the ESOP at September 30, 2021 and June 30, 2021 were as follows: Schedule of Employee Stock Ownership Plan (ESOP) September 30, June 30, Committed to be released to participants 19,623 10,202 Allocated to participants 161,206 161,206 Unearned 2,093 11,616 Total ESOP shares 182,922 183,024 Fair value of unearned shares $ 49 $ 272 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
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 435,472 124,420 311,052 There have been no stock options or restricted stock issued in fiscal 2022. The following table summarizes stock option activity for the three months ended September 30, 2021: Options Weighted- Aggregate (1) Outstanding - June 30, 2021 131,901 $ 15.70 Granted — — Exercised — — Forfeited — — Outstanding - September 30, 2021 131,901 $ 15.70 $ 1,036 Fully vested and exercisable at September 30, 2021 112,401 $ 14.15 $ 1,057 Expected to vest in future periods 19,500 Fully vested and expected to vest - September 30, 2021 131,901 $ 15.70 $ 1,036 (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 $23.56 per share on September 30, 2021. The following table summarizes stock option activity for the three months ended September 30, 2020: Schedule of stock option activity Options Weighted- Aggregate (1) Outstanding - June 30, 2020 164,319 $ 14.18 Granted — — Exercised — — Forfeited — — Outstanding - September 30, 2020 164,319 $ 14.18 $ 1,197 Fully vested and exercisable at September 30, 2020 148,319 $ 13.08 $ 1,245 Expected to vest in future periods 16,000 Fully vested and expected to vest - September 30, 2020 164,319 $ 14.18 $ 1,197 (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 $21.47 per share on September 30, 2020. 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 1,437 1,638 5 6 64 3.6 The following table summarizes non-vested restricted stock activity for the three months ended September 30, 2021 and September 30, 2020: Schedule of non-vested restricted stock activity September 30, September 30, Balance - beginning of year 14,300 5,800 Granted — 250 Forfeited — — Vested — (250 ) Balance - end of period 14,300 5,800 Weighted average grant date fair value $ 22.50 $ 19.78 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. Stock-based compensation expense for restricted stock included in noninterest expense for the three months ended September 30, 2021 was $ 25 15 276 3.9 |
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS | 3 Months Ended |
Sep. 30, 2021 | |
Transfers and Servicing [Abstract] | |
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, 2021 and June 30, 2021 are as follows: Schedule of principal balances of mortgage loans serviced September 30, June 30, Mortgage loan portfolio serviced for: FHLMC $ 48,199 $ 52,199 Custodial escrow balances maintained in connection with serviced loans were $ 680 559 Activity for loan servicing rights for the three months ended September 30, 2021 and 2020 is as follows: Schedule of activity for loan servicing rights Three Months Ended September 30, 2021 September 30, 2020 Loan servicing rights: Beginning of period: $ 305 $ 458 Change in fair value (14 ) (43 ) End of period: $ 291 $ 415 Fair value at September 30, 2021 was determined using a discount rate of 8.63 10.36 19.69 0.10 8.38 10.32 26.58 0.31 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | (11) SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the three months ended September 30, 2021 and 2020 is as follows: Schedule of supplemental cash flow information September 30, 2021 September 30, 2020 Cash paid during the period for: Interest paid $ 327 $ 567 Income taxes paid $ 310 $ 267 Supplemental noncash disclosures: Transfers from loans to real estate owned $ — $ 52 Change in unrealized gain/loss on securities available-for-sale $ (1,010 ) $ (213 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (12) SUBSEQUENT EVENTS Dividend Declared On October 28, 2021, the Board of Directors of Oconee Federal Financial Corp. declared a quarterly cash dividend of $ 0.10 November 11, 2021 November 24, 2021 |
BASIS OF PRESENTATION, RISKS _2
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications: | Reclassifications: 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: Cash and cash equivalents include cash on hand, federal funds sold, overnight interest-earning deposits and amounts due from other depository institutions. |
Use of Estimates: | Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and the disclosures provided, and actual results could differ. |
Risks and Uncertainties: | Risks and Uncertainties: The novel coronavirus (“COVID-19”) pandemic has adversely impacted global commercial activity and contributed to volatility in financial markets. The COVID-19 pandemic and government responses continue to disrupt global supply chains and adversely impact many industries. The pandemic may continue to have a material adverse impact on economic and market conditions. The federal banking agencies have encouraged financial institutions to prudently work with affected borrowers and legislation has been passed to provide relief from reporting loan classifications due to modifications related to the COVID-19 pandemic. Certain industries have been particularly hard-hit, including the travel and hospitality industry, the restaurant industry and the retail industry. The spread of the coronavirus has caused us to modify our business practices with regard to interactions of employees and customers. We may take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers and business partners. The rapid development and fluidity of this situation precludes any prediction as to the ultimate impact of the COVID-19 pandemic with regard to capital, liquidity, loan loss reserves, etc. Nevertheless, the pandemic presents uncertainty and risk with respect to the Company, its performance, and its financial results. |
EARNINGS PER SHARE (_EPS_) (Tab
EARNINGS PER SHARE (“EPS”) (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of factors used in the earnings per common share computation | 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: Schedule of factors used in the earnings per common share computation Three Months Ended September 30, September 30, Earnings per share Net income $ 771 $ 1,273 Less: distributed earnings allocated to participating securities (1 ) (1 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (1 ) — Net earnings available to common shareholders $ 769 $ 1,272 Weighted average common shares outstanding including participating securities 5,592,583 5,758,040 Less: participating securities (14,300 ) (5,800 ) Less: average unearned ESOP shares (6,855 ) (35,124 ) Weighted average common shares outstanding 5,571,428 5,717,116 Basic earnings per share $ 0.14 $ 0.22 Weighted average common shares outstanding 5,571,428 5,717,116 Add: dilutive effects of assumed exercises of stock options 66,084 73,103 Average shares and dilutive potential common shares 5,637,512 5,790,219 Diluted earnings per share $ 0.14 $ 0.22 |
SECURITIES AVAILABLE-FOR-SALE (
SECURITIES AVAILABLE-FOR-SALE (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investment securities | 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 consists of securities issued by U.S. Government agencies and U.S. Government sponsored enterprises. Investment securities at September 30, 2021 and June 30, 2021 are as follows: Schedule of investment securities Gross Gross Change in Amortized Unrealized Unrealized Fair Value Fair September 30, 2021 Cost Gains Losses Equity Securities Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 47 $ 67 Certificates of deposit 2,244 41 — — 2,285 Municipal securities 18,708 722 — — 19,430 CMOs 11,521 207 (51 ) — 11,677 U.S. Government agency mortgage-backed securities 105,284 808 (1,245 ) — 104,847 U.S. Treasury and Government agency bonds 13,477 9 (310 ) — 13,176 Total available-for-sale $ 151,254 $ 1,787 $ (1,606 ) $ 47 $ 151,482 Gross Gross Change in Amortized Unrealized Unrealized Fair Value Fair June 30, 2021 Cost Gains Losses Equity Securities Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 97 $ 117 Certificates of deposit 2,244 53 — — 2,297 Municipal securities 18,737 794 — — 19,531 CMOs 7,468 262 (14 ) — 7,716 U.S. Government agency mortgage-backed securities 95,811 916 (614 ) — 96,113 U.S. Treasury and Government agency bonds 13,493 32 (238 ) — 13,287 Total available-for-sale $ 137,773 $ 2,057 $ (866 ) $ 97 $ 139,061 |
Schedule of fair value and unrealized loss of securities that have been in unrealized loss positions | 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, 2021 and June 30, 2021. The tables also show the number of securities in an unrealized loss position for each category of investment security as of the respective dates. Schedule of fair value and unrealized loss of securities that have been in unrealized loss positions Less than 12 Months 12 Months or More Total September 30, 2021 Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Available-for-sale: CMOs $ 4,874 $ (30 ) 1 $ 982 $ (21 ) 1 $ 5,856 $ (51 ) 2 U.S. Government agency mortgage-backed securities 77,386 (1,240 ) 36 1,272 (5 ) 2 78,658 (1,245 ) 38 U.S. Treasury and Government agency bonds 6,411 (123 ) 4 3,761 (187 ) 2 10,172 (310 ) 6 $ 88,671 $ (1,393 ) 41 $ 6,015 $ (213 ) 5 $ 94,686 $ (1,606 ) 46 Less than 12 Months 12 Months or More Total June 30, 2021 Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Available-for-sale: CMOs $ 990 $ (14 ) 1 $ — $ — — $ 990 $ (14 ) 1 U.S. Government agency mortgage-backed securities 51,863 (606 ) 25 1,101 (8 ) 1 52,964 (614 ) 26 U.S. Treasury and Government agency bonds 7,993 (238 ) 5 — — — 7,993 (238 ) 5 $ 60,846 $ (858 ) 31 $ 1,101 $ (8 ) 1 $ 61,947 $ (866 ) 32 (1) Actual amounts. |
Schedule of amortized cost and fair value of debt securities classified as available-for-sale by contractual maturity | The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2021 and June 30, 2021 by contractual maturity. Schedule of amortized cost and fair value of debt securities classified as available-for-sale by contractual maturity September 30, 2021 June 30, 2021 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ 4,237 $ 4,279 $ 3,003 $ 3,034 Due from one to five years 4,552 4,728 5,793 6,008 Due after five years to ten years 22,836 22,943 22,258 22,459 Due after ten years 2,804 2,941 3,420 3,614 Mortgage-backed securities, CMOs and FHLMC stock (1) 116,825 116,591 103,299 103,946 Total available for sale $ 151,254 $ 151,482 $ 137,773 $ 139,061 (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 | 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, 2021 and 2020: Schedule of proceeds from sales of securities available-for-sale and gains or losses recognized Three Months Ended September 30, September 30, Available-for-sale: Proceeds $ — $ 1,872 Gross gains — 62 Gross losses — — |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of components of loans | The components of loans at September 30, 2021 and June 30, 2021 were as follows: Schedule of components of loans September 30, June 30, Real estate loans: One-to-four family $ 271,840 $ 268,889 Multi-family 389 649 Home equity 5,995 6,158 Nonresidential 21,794 21,868 Agricultural 2,656 2,683 Construction and land 23,717 27,002 Total real estate loans 326,391 327,249 Commercial and industrial (1) 5,485 5,871 Consumer and other loans 6,015 5,969 Total loans $ 337,891 $ 339,089 (1) Includes $ 2,310 2,677 100 |
Schedule of activity in the allowance for loan losses | The following table presents the activity in the allowance for loan losses for the three months ended September 30, 2021 by portfolio segment: Schedule of activity in the allowance for loan losses Three months ended September 30, 2021 Beginning Balance Provision Charge-offs Recoveries Ending Balance Real estate loans: One-to-four family $ 992 $ 10 $ — $ — $ 1,002 Multi-family 4 — — — 4 Home equity 41 — — — 41 Nonresidential 133 2 — — 135 Agricultural 15 — — — 15 Construction and land 103 (13 ) — — 90 Total real estate loans 1,288 (1 ) — — 1,287 Commercial and industrial 22 1 — — 23 Consumer and other loans 29 — — — 29 Total loans $ 1,339 $ — $ — $ — $ 1,339 |
Schedule of recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment | The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at September 30, 2021: 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, 2021 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment Real estate loans: One-to-four family $ — $ 1,002 $ 1,683 $ 270,157 Multi-family — 4 — 389 Home equity — 41 — 5,995 Nonresidential — 135 509 21,285 Agricultural — 15 — 2,656 Construction and land — 90 — 23,717 Total real estate loans — 1,287 2,192 324,199 Commercial and industrial (1) — 23 — 5,485 Consumer and other loans — 29 — 6,015 Total loans $ — $ 1,339 $ 2,192 $ 335,699 (1) Includes $ 2,310 |
Schedule of activity in the allowance for loan losses | The following tables present the activity in the allowance for loan losses for the three months ended September 30, 2020 by portfolio segment: Schedule of activity in the allowance for loan losses Three months ended September 30, 2020 Beginning Balance Provision Charge-offs Recoveries Ending Balance Real estate loans: One-to-four family $ 1,032 $ (41 ) $ (2 ) $ — $ 989 Multi-family 4 — — — 4 Home equity 34 6 — — 40 Nonresidential 75 33 — — 108 Agricultural 4 — — — 4 Construction and land 105 (9 ) — — 96 Total real estate loans 1,254 (11 ) (2 ) — 1,241 Commercial and industrial 65 9 — — 74 Consumer and other loans 27 2 — — 29 Total loans $ 1,346 $ — $ (2 ) $ — $ 1,344 |
Schedule of recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment | The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at June 30, 2021: Schedule of recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment Ending Allowance on Loans: Loans: At June 30, 2021 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment Real estate loans: One-to-four family $ — $ 992 $ 1,711 $ 267,178 Multi-family — 4 — 649 Home equity — 41 — 6,158 Nonresidential — 133 — 21,868 Agricultural — 15 — 2,683 Construction and land — 103 — 27,002 Total real estate loans — 1,288 1,711 325,538 Commercial and industrial (1) — 22 — 5,871 Consumer and other loans — 29 — 5,969 Total loans $ — $ 1,339 $ 1,711 $ 337,378 (1) Includes $ 2,677 |
Schedule of loans individually evaluated for impairment by portfolio segment | The tables below present loans that were individually evaluated for impairment by portfolio segment at September 30, 2021 and June 30, 2021, including the average recorded investment balance and interest earned for the three months ended September 30, 2021 and the year ended June 30, 2021: Schedule of loans individually evaluated for impairment by portfolio segment September 30, 2021 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no recorded allowance: Real estate loans: One-to-four family $ 1,705 $ 1,683 $ — $ 1,697 $ 8 Multi-family — — — — — Home equity — — — — — Nonresidential 540 509 — 255 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 2,245 2,192 — 1,952 8 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 2,245 $ 2,192 $ — $ 1,952 $ 8 With recorded allowance: Real estate loans: One-to-four family $ — $ — $ — $ — $ — Multi-family — — — — — Home equity — — — — — Nonresidential — — — — — Agricultural — — — — — Construction and land — — — — — Total real estate loans — — — — — Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ — $ — $ — $ — $ — Totals: Real estate loans $ 2,245 $ 2,192 $ — $ 1,952 $ 8 Consumer and other loans — — — — — Total $ 2,245 $ 2,192 $ — $ 1,952 $ 8 June 30, 2021 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no recorded allowance: Real estate loans: One-to-four family $ 1,736 $ 1,711 $ — $ 1,772 $ 34 Multi-family — — — — — Home equity — — — — — Nonresidential — — — 281 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 1,736 1,711 — 2,053 34 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 1,736 $ 1,711 $ — $ 2,053 $ 34 With recorded allowance: Real estate loans: One-to-four family $ — $ — $ — $ — $ — Multi-family — — — — — Home equity — — — — — Nonresidential — — — — — Agricultural — — — — — Construction and land — — — — — Total real estate loans — — — — — Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ — $ — $ — $ — $ — Totals: Real estate loans $ 1,736 $ 1,711 $ — $ 2,053 $ 34 Consumer and other loans — — — — — Total $ 1,736 $ 1,711 $ — $ 2,053 $ 34 |
Total past due loans and nonaccrual loans at September 30, 2021: | Total past due loans and nonaccrual loans at September 30, 2021: Schedule of past due and nonaccrual loans by portfolio segment 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Nonaccrual Loans Accruing Loans Past Due 90 Days or More Real estate loans: One-to-four family $ 3,212 $ 498 $ 358 $ 4,068 $ 267,772 $ 271,840 $ 2,033 $ — Multi-family 214 — — 214 175 389 — — Home equity 27 — — 27 5,968 5,995 — — Nonresidential 245 — — 245 21,549 21,794 509 — Agricultural — — — — 2,656 2,656 — — Construction and land — — — — 23,717 23,717 — — Total real estate loans 3,698 498 358 4,554 321,837 326,391 2,542 — Commercial and industrial — — — — 5,485 5,485 — — Consumer and other loans — — — — 6,015 6,015 — — Total $ 3,698 $ 498 $ 358 $ 4,554 $ 333,337 $ 337,891 $ 2,542 $ — |
Schedule of past due and nonaccrual loans by portfolio segment | Total past due and nonaccrual loans by portfolio segment at June 30, 2021: Schedule of past due and nonaccrual loans by portfolio segment 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Nonaccrual Loans Accruing Loans Past Due 90 Days or More Real estate loans: One-to-four family $ 2,302 $ 574 $ 434 $ 3,310 $ 265,579 $ 268,889 $ 2,260 $ — Multi-family — 217 — 217 432 649 — — Home equity 61 — — 61 6,097 6,158 — — Nonresidential 374 — — 374 21,494 21,868 521 — Agricultural — — — — 2,683 2,683 — — Construction and land 6 — — 6 26,996 27,002 — — Total real estate loans 2,743 791 434 3,968 323,281 327,249 2,781 — Commercial and industrial — — — — 5,871 5,871 — — Consumer and other loans — — — — 5,969 5,969 — — Total $ 2,743 $ 791 $ 434 $ 3,968 $ 335,121 $ 339,089 $ 2,781 $ — |
Schedule of total loans by risk grade and portfolio segment | Total loans by risk grade and portfolio segment at September 30, 2021: Schedule of total loans by risk grade and portfolio segment Pass Pass-Watch Special Mention Substandard Doubtful Total Real estate loans: One-to-four family $ 262,266 $ 3,185 $ 2,985 $ 3,404 $ — $ 271,840 Multi-family 389 — — — — 389 Home equity 5,772 215 — 8 — 5,995 Nonresidential 20,920 — 202 672 — 21,794 Agricultural 2,656 — — — — 2,656 Construction and land 23,306 373 — 38 — 23,717 Total real estate loans 315,309 3,773 3,187 4,122 — 326,391 Commercial and industrial 5,485 — — — — 5,485 Consumer and other loans 6,015 — — — — 6,015 Total $ 326,809 $ 3,773 $ 3,187 $ 4,122 $ — $ 337,891 Total loans by risk grade and portfolio segment at June 30, 2021: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 258,943 $ 3,335 $ 2,989 $ 3,622 $ — $ 268,889 Multi-family 649 — — — — 649 Home equity 5,929 221 — 8 — 6,158 Nonresidential 20,991 — 727 150 — 21,868 Agricultural 2,683 — — — — 2,683 Construction and land 26,581 382 — 39 — 27,002 Total real estate loans 315,776 3,938 3,716 3,819 — 327,249 Commercial and industrial 5,871 — — — — 5,871 Consumer and other loans 5,969 — — — — 5,969 Total $ 327,616 $ 3,938 $ 3,716 $ 3,819 $ — $ 339,089 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Schedule of advances from the Federal Home Loan Bank | At September 30, 2021 and June 30, 2021, advances from the Federal Home Loan Bank were as follows: Schedule of advances from the Federal Home Loan Bank September 30, 2021 Balance Stated Interest Rate FHLB advances due February 2023 through January 2025 $ 5,000 1.40 1.59 Total $ 5,000 June 30, 2021 Balance Stated Interest Rate FHLB advances due September 2021 through January 2025 $ 15,000 0.16 1.59 Total $ 15,000 |
Schedule of maturities of the advances from the Federal Home Loan Bank | Payments over the next five years are as follows: Schedule of maturities of the advances from the Federal Home Loan Bank 2023 $2,500 2025 $2,500 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis at September 30, 2021 and June 30, 2021 are summarized below: Schedule of assets measured at fair value on a recurring basis Fair Value Measurements September 30, 2021 June 30, 2021 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 67 $ — $ 117 $ — Certificates of deposit 2,285 — 2,297 — Municipal securities 19,430 — 19,531 — CMOs 11,677 — 7,716 — U.S. Government agency mortgage-backed securities 104,847 — 96,113 — U.S. Treasury and Government agency bonds 13,176 — 13,287 — Total securities available-for-sale 151,482 — 139,061 — Loan servicing rights — 291 — 305 Total financial assets $ 151,482 $ 291 $ 139,061 $ 305 |
Schedule of reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs Level 3 | The table below presents 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, 2021 and 2020: 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: $ 305 $ 458 Unrealized net losses included in net income (14 ) (43 ) Balance at end of period: $ 291 $ 415 |
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis | The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value at September 30, 2021 and June 30, 2021. 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 30,2021 Valuation Technique Unobservable Inputs Range Loan servicing rights $ 291 $ 305 Discounted cash Discount rate, estimated 8.50 8.63 |
Schedule of carrying amounts and estimated fair values of the Company's on-balance sheet financial instruments | Many of the Company’s assets and liabilities are short-term financial instruments whose carrying amounts reported in the consolidated balance sheets approximate fair value. These items include cash and cash equivalents, bank owned life insurance, 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, 2021 and June 30, 2021 are summarized below: Schedule of carrying amounts and estimated fair values of the Company's on-balance sheet financial instruments September 30, 2021 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 151,482 $ — $ 151,482 $ — $ 151,482 Loans, net (1) 336,552 — — 337,762 337,762 Loan servicing rights 291 — — 291 291 Restricted equity securities 1,034 N/A N/A N/A N/A Financial liabilities Deposits $ 449,434 $ — $ 447,794 $ — $ 447,794 FHLB Advances 5,000 — 5,068 — 5,068 June 30, 2021 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 139,061 $ — $ 139,061 $ — $ 139,061 Loans, net (1) 337,750 — — 339,762 339,762 Loans held for sale (2) 164 — — 164 164 Loan servicing rights 305 — — 305 305 Restricted equity securities 1,408 N/A N/A N/A N/A Financial liabilities Deposits $ 439,930 $ — $ 438,491 $ — $ 438,491 FHLB Advances 15,000 — 15,087 — 15,087 (1) Carrying amount of loans is net of unearned income and the allowance. In accordance with the adoption of ASU No. 2016-01, the fair value of loans as of September 30, 2021 and June 30, 2021 was measured using an exit price notion. (2) 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, 2021 | |
Employee Stock Ownership Plan | |
Schedule of Employee Stock Ownership Plan (ESOP) | Shares held by the ESOP at September 30, 2021 and June 30, 2021 were as follows: Schedule of Employee Stock Ownership Plan (ESOP) September 30, June 30, Committed to be released to participants 19,623 10,202 Allocated to participants 161,206 161,206 Unearned 2,093 11,616 Total ESOP shares 182,922 183,024 Fair value of unearned shares $ 49 $ 272 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table summarizes stock option activity for the three months ended September 30, 2020: Schedule of stock option activity Options Weighted- Aggregate (1) Outstanding - June 30, 2020 164,319 $ 14.18 Granted — — Exercised — — Forfeited — — Outstanding - September 30, 2020 164,319 $ 14.18 $ 1,197 Fully vested and exercisable at September 30, 2020 148,319 $ 13.08 $ 1,245 Expected to vest in future periods 16,000 Fully vested and expected to vest - September 30, 2020 164,319 $ 14.18 $ 1,197 (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 $21.47 per share on September 30, 2020. |
Schedule of non-vested restricted stock activity | The following table summarizes non-vested restricted stock activity for the three months ended September 30, 2021 and September 30, 2020: Schedule of non-vested restricted stock activity September 30, September 30, Balance - beginning of year 14,300 5,800 Granted — 250 Forfeited — — Vested — (250 ) Balance - end of period 14,300 5,800 Weighted average grant date fair value $ 22.50 $ 19.78 |
LOAN SERVICING RIGHTS (Tables)
LOAN SERVICING RIGHTS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of principal balances of mortgage loans serviced | The principal balances of those loans at September 30, 2021 and June 30, 2021 are as follows: Schedule of principal balances of mortgage loans serviced September 30, June 30, Mortgage loan portfolio serviced for: FHLMC $ 48,199 $ 52,199 |
Schedule of activity for loan servicing rights | Activity for loan servicing rights for the three months ended September 30, 2021 and 2020 is as follows: Schedule of activity for loan servicing rights Three Months Ended September 30, 2021 September 30, 2020 Loan servicing rights: Beginning of period: $ 305 $ 458 Change in fair value (14 ) (43 ) End of period: $ 291 $ 415 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | Supplemental cash flow information for the three months ended September 30, 2021 and 2020 is as follows: Schedule of supplemental cash flow information September 30, 2021 September 30, 2020 Cash paid during the period for: Interest paid $ 327 $ 567 Income taxes paid $ 310 $ 267 Supplemental noncash disclosures: Transfers from loans to real estate owned $ — $ 52 Change in unrealized gain/loss on securities available-for-sale $ (1,010 ) $ (213 ) |
BASIS OF PRESENTATION, RISKS _3
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES (Details Narrative) | Sep. 30, 2021 |
Oconee Federal Mutual Holding Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Percentage of ownership in the entity | 74.49% |
Schedule of factors used in the
Schedule of factors used in the earnings per common share computation (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings per share | ||
Net income | $ 771 | $ 1,273 |
Less: distributed earnings allocated to participating securities | (1) | (1) |
Less: (undistributed income) dividends in excess of earnings allocated to participating securities | (1) | |
Net earnings available to common shareholders | $ 769 | $ 1,272 |
Weighted average common shares outstanding including participating securities | 5,592,583 | 5,758,040 |
Less: participating securities | (14,300) | (5,800) |
Less: average unearned ESOP shares | (6,855) | (35,124) |
Weighted average common shares outstanding | 5,571,428 | 5,717,116 |
Basic earnings per share | $ 0.14 | $ 0.22 |
Add: dilutive effects of assumed exercises of stock options | 66,084 | 73,103 |
Average shares and dilutive potential common shares | 5,637,512 | 5,790,219 |
Diluted earnings per share | $ 0.14 | $ 0.22 |
EARNINGS PER SHARE (_EPS_) (Det
EARNINGS PER SHARE (“EPS”) (Details Narrative) - shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 11,200 | 11,200 |
Schedule of investment securiti
Schedule of investment securities (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 151,254 | $ 137,773 |
Gross Unrealized Gains | 1,787 | 2,057 |
Gross Unrealized Losses | (1,606) | (866) |
Change in Fair Value Equity Securities | 47 | 97 |
Fair Value | 151,482 | 139,061 |
Federal Home Loan Mortgage Corporation Certificates And Obligations Fhlmc Common Stock [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 20 | 20 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Change in Fair Value Equity Securities | 47 | 97 |
Fair Value | 67 | 117 |
Certificates of Deposit [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 2,244 | 2,244 |
Gross Unrealized Gains | 41 | 53 |
Gross Unrealized Losses | ||
Change in Fair Value Equity Securities | ||
Fair Value | 2,285 | 2,297 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 18,708 | 18,737 |
Gross Unrealized Gains | 722 | 794 |
Gross Unrealized Losses | ||
Change in Fair Value Equity Securities | ||
Fair Value | 19,430 | 19,531 |
Collateralized Mortgage Obligations [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 11,521 | 7,468 |
Gross Unrealized Gains | 207 | 262 |
Gross Unrealized Losses | (51) | (14) |
Change in Fair Value Equity Securities | ||
Fair Value | 11,677 | 7,716 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 105,284 | 95,811 |
Gross Unrealized Gains | 808 | 916 |
Gross Unrealized Losses | (1,245) | (614) |
Change in Fair Value Equity Securities | ||
Fair Value | 104,847 | 96,113 |
US Government Agencies Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 13,477 | 13,493 |
Gross Unrealized Gains | 9 | 32 |
Gross Unrealized Losses | (310) | (238) |
Change in Fair Value Equity Securities | ||
Fair Value | $ 13,176 | $ 13,287 |
Schedule of fair value and unre
Schedule of fair value and unrealized loss of securities that have been in unrealized loss positions (Details) | Sep. 30, 2021USD ($)Number | Jun. 30, 2021USD ($)Number | |
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 88,671 | $ 60,846 | |
Less than 12 Months, Unrealized Loss | $ (1,393) | $ (858) | |
Less than 12 Months, Number in Unrealized Loss | Number | Number | 41 | 31 | |
12 Months or More, Fair Value | $ 6,015 | $ 1,101 | |
12 Months or More, Unrealized Loss | $ (213) | $ (8) | |
12 Months or More, Number in Unrealized Loss | Number | Number | 5 | 1 | |
Total, Fair Value | $ 94,686 | $ 61,947 | |
Total, Unrealized Loss | $ (1,606) | $ (866) | |
Total, Number in Unrealized Loss | Number | Number | 46 | 32 | |
Collateralized Mortgage Obligations [Member] | |||
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 4,874 | $ 990 | |
Less than 12 Months, Unrealized Loss | $ (30) | $ (14) | |
Less than 12 Months, Number in Unrealized Loss | Number | Number | 1 | 1 | |
12 Months or More, Fair Value | $ 982 | ||
12 Months or More, Unrealized Loss | $ (21) | ||
12 Months or More, Number in Unrealized Loss | Number | Number | 1 | ||
Total, Fair Value | $ 5,856 | $ 990 | |
Total, Unrealized Loss | $ (51) | $ (14) | |
Total, Number in Unrealized Loss | Number | Number | 2 | 1 | [1] |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 77,386 | $ 51,863 | |
Less than 12 Months, Unrealized Loss | $ (1,240) | $ (606) | |
Less than 12 Months, Number in Unrealized Loss | Number | Number | 36 | 25 | |
12 Months or More, Fair Value | $ 1,272 | $ 1,101 | |
12 Months or More, Unrealized Loss | $ (5) | $ (8) | |
12 Months or More, Number in Unrealized Loss | Number | Number | 2 | 1 | |
Total, Fair Value | $ 78,658 | $ 52,964 | |
Total, Unrealized Loss | $ (1,245) | $ (614) | |
Total, Number in Unrealized Loss | Number | Number | 38 | 26 | [1] |
US Government Agencies Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 6,411 | $ 7,993 | |
Less than 12 Months, Unrealized Loss | $ (123) | $ (238) | |
Less than 12 Months, Number in Unrealized Loss | Number | Number | 4 | 5 | |
12 Months or More, Fair Value | $ 3,761 | ||
12 Months or More, Unrealized Loss | $ (187) | ||
12 Months or More, Number in Unrealized Loss | Number | Number | 2 | ||
Total, Fair Value | $ 10,172 | $ 7,993 | |
Total, Unrealized Loss | $ (310) | $ (238) | |
Total, Number in Unrealized Loss | Number | Number | 6 | 5 | [1] |
[1] | Includes $ 2,310 2,677 100 |
Schedule of amortized cost and
Schedule of amortized cost and fair value of debt securities classified as available-for-sale by contractual maturity (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Less than one year | $ 4,237 | $ 3,003 | |
Less than one year | 4,279 | 3,034 | |
Due from one to five years | 4,552 | 5,793 | |
Due from one to five years | 4,728 | 6,008 | |
Due after five years to ten years | 22,836 | 22,258 | |
Due after five years to ten years | 22,943 | 22,459 | |
Due after ten years | 2,804 | 3,420 | |
Due after ten years | 2,941 | 3,614 | |
Mortgage-backed securities, CMOs and FHLMC stock | [1] | 116,825 | 103,299 |
Mortgage-backed securities, CMOs and FHLMC stock | [1] | 116,591 | 103,946 |
Total | 151,254 | 137,773 | |
Total | $ 151,482 | $ 139,061 | |
[1] | Includes $ 2,310 2,677 100 |
Schedule of proceeds from sales
Schedule of proceeds from sales of securities available-for-sale and gains or losses recognized (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 1,872 | |
Gross gains | 62 | |
Gross losses |
SECURITIES AVAILABLE-FOR-SALE_2
SECURITIES AVAILABLE-FOR-SALE (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Securities pledged to secure public deposits | $ 21,601 | $ 22,726 | |
Percentage holdings of securities greater than shareholders' equity | 10.00% | 10.00% | |
Tax provision related to net realized gain | $ 13 |
Schedule of components of loans
Schedule of components of loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | ||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 337,891 | $ 339,089 | |
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 326,391 | 327,249 | |
Commercial And Industrial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | [1] | 5,485 | 5,871 |
Consumer And Other Loans Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6,015 | 5,969 | |
Real Estate One To Four Family Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 199 | ||
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 271,840 | 268,889 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 389 | 649 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,995 | 6,158 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 21,794 | 21,868 | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,656 | 2,683 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 23,717 | 27,002 | |
Paycheck Protection Program Loans [Member] | Commercial And Industrial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 2,310 | $ 2,677 | |
Percentage of loans guaranteed by SBA | 100.00% | 100.00% | |
[1] | Includes $ 2,310 2,677 100 |
Schedule of activity in the all
Schedule of activity in the allowance for loan losses (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | $ 1,339 | $ 1,346 |
Provision | ||
Ending Balance | 1,339 | 1,344 |
Charge-offs | (2) | |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 1,288 | 1,254 |
Provision | (1) | (11) |
Ending Balance | 1,287 | 1,241 |
Charge-offs | (2) | |
Commercial And Industrial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 22 | 65 |
Provision | 1 | 9 |
Ending Balance | 23 | 74 |
Consumer And Other Loans Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 29 | 27 |
Provision | 2 | |
Ending Balance | 29 | 29 |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 992 | 1,032 |
Provision | 10 | (41) |
Ending Balance | 1,002 | 989 |
Charge-offs | (2) | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 4 | 4 |
Ending Balance | 4 | 4 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 41 | 34 |
Provision | 6 | |
Ending Balance | 41 | 40 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 133 | 75 |
Provision | 2 | 33 |
Ending Balance | 135 | 108 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 15 | 4 |
Ending Balance | 15 | 4 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning Balance | 103 | 105 |
Provision | (13) | (9) |
Ending Balance | $ 90 | $ 96 |
Schedule of recorded balances o
Schedule of recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | ||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | $ 1,339 | $ 1,339 | ||
Individually Evaluated for Impairment | 2,192 | 1,711 | ||
Loans collectively evaluated for impairment | 335,699 | 337,378 | ||
Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 1,287 | 1,288 | ||
Individually Evaluated for Impairment | 2,192 | 1,711 | ||
Loans collectively evaluated for impairment | 324,199 | 325,538 | ||
Commercial And Industrial Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 23 | [1] | 22 | [2] |
Loans collectively evaluated for impairment | 5,485 | [1] | 5,871 | [2] |
Consumer And Other Loans Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 29 | 29 | ||
Loans collectively evaluated for impairment | 6,015 | 5,969 | ||
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 1,002 | 992 | ||
Individually Evaluated for Impairment | 1,683 | 1,711 | ||
Loans collectively evaluated for impairment | 270,157 | 267,178 | ||
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 4 | 4 | ||
Loans collectively evaluated for impairment | 389 | 649 | ||
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 41 | 41 | ||
Loans collectively evaluated for impairment | 5,995 | 6,158 | ||
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 135 | 133 | ||
Individually Evaluated for Impairment | 509 | |||
Loans collectively evaluated for impairment | 21,285 | 21,868 | ||
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 15 | 15 | ||
Loans collectively evaluated for impairment | 2,656 | 2,683 | ||
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Collectively Evaluated for Impairment | 90 | 103 | ||
Loans collectively evaluated for impairment | 23,717 | 27,002 | ||
Paycheck Protection Program Loans [Member] | Commercial And Industrial Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans collectively evaluated for impairment | $ 2,310 | $ 2,677 | ||
[1] | Includes $ 2,310 | |||
[2] | Includes $ 2,677 |
Schedule of loans individually
Schedule of loans individually evaluated for impairment by portfolio segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Jun. 30, 2021 | |
Financing Receivable, Past Due [Line Items] | ||
Unpaid Principal Balance | $ 2,245 | $ 1,736 |
Recorded Investment | 2,192 | 1,711 |
Average Recorded Investment | 1,952 | 2,053 |
Interest Income Recognized | 8 | 34 |
Unpaid Principal Balance | 2,245 | 1,736 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Unpaid Principal Balance | 2,245 | 1,736 |
Recorded Investment | 2,192 | 1,711 |
Average Recorded Investment | 1,952 | 2,053 |
Interest Income Recognized | 8 | 34 |
Unpaid Principal Balance | 2,245 | 1,736 |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Unpaid Principal Balance | 1,705 | 1,736 |
Recorded Investment | 1,683 | 1,711 |
Average Recorded Investment | 1,697 | 1,772 |
Interest Income Recognized | 8 | 34 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Unpaid Principal Balance | 540 | |
Recorded Investment | 509 | |
Average Recorded Investment | $ 255 | $ 281 |
Total past due loans and nonacc
Total past due loans and nonaccrual loans at September 30, 2021: (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 337,891 | $ 339,089 | |
Nonaccrual loans | 2,542 | 2,781 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 3,698 | 2,743 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 498 | 791 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 358 | 434 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 4,554 | 3,968 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 333,337 | 335,121 | |
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 326,391 | 327,249 | |
Nonaccrual loans | 2,542 | 2,781 | |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 3,698 | 2,743 | |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 498 | 791 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 358 | 434 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 4,554 | 3,968 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 321,837 | 323,281 | |
Commercial And Industrial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | [1] | 5,485 | 5,871 |
Commercial And Industrial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,485 | 5,871 | |
Consumer And Other Loans Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6,015 | 5,969 | |
Consumer And Other Loans Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6,015 | 5,969 | |
Real Estate One To Four Family Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 199 | ||
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 271,840 | 268,889 | |
Nonaccrual loans | 2,033 | 2,260 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 3,212 | 2,302 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 498 | 574 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 358 | 434 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 4,068 | 3,310 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 267,772 | 265,579 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 389 | 649 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 214 | ||
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 217 | ||
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 214 | 217 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 175 | 432 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,995 | 6,158 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 27 | 61 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 27 | 61 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,968 | 6,097 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 21,794 | 21,868 | |
Nonaccrual loans | 509 | 521 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 245 | 374 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 245 | 374 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 21,549 | 21,494 | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,656 | 2,683 | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,656 | 2,683 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 23,717 | 27,002 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6 | ||
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 6 | ||
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 23,717 | $ 26,996 | |
[1] | Includes $ 2,310 2,677 100 |
Schedule of past due and nonacc
Schedule of past due and nonaccrual loans by portfolio segment (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 337,891 | $ 339,089 | |
Financing Receivable, Nonaccrual | 2,542 | 2,781 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,698 | 2,743 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 498 | 791 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 358 | 434 | |
Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 4,554 | 3,968 | |
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 333,337 | 335,121 | |
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 326,391 | 327,249 | |
Financing Receivable, Nonaccrual | 2,542 | 2,781 | |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,698 | 2,743 | |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 498 | 791 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 358 | 434 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 4,554 | 3,968 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 321,837 | 323,281 | |
Commercial And Industrial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | [1] | 5,485 | 5,871 |
Commercial And Industrial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,485 | 5,871 | |
Consumer And Other Loans Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6,015 | 5,969 | |
Consumer And Other Loans Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6,015 | 5,969 | |
Real Estate One To Four Family Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 199 | ||
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 271,840 | 268,889 | |
Financing Receivable, Nonaccrual | 2,033 | 2,260 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,212 | 2,302 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 498 | 574 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 358 | 434 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 4,068 | 3,310 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 267,772 | 265,579 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 389 | 649 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 214 | ||
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 217 | ||
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 214 | 217 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 175 | 432 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,995 | 6,158 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 27 | 61 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 27 | 61 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,968 | 6,097 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 21,794 | 21,868 | |
Financing Receivable, Nonaccrual | 509 | 521 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 245 | 374 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 245 | 374 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 21,549 | 21,494 | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,656 | 2,683 | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,656 | 2,683 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 23,717 | 27,002 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6 | ||
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6 | ||
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 23,717 | $ 26,996 | |
[1] | Includes $ 2,310 2,677 100 |
Schedule of total loans by risk
Schedule of total loans by risk grade and portfolio segment (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 337,891 | $ 339,089 | |
Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 326,809 | 327,616 | |
Pass Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,773 | 3,938 | |
Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,187 | 3,716 | |
Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 4,122 | 3,819 | |
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 326,391 | 327,249 | |
Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 315,309 | 315,776 | |
Real Estate Portfolio Segment [Member] | Pass Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,773 | 3,938 | |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,187 | 3,716 | |
Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 4,122 | 3,819 | |
Commercial And Industrial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | [1] | 5,485 | 5,871 |
Commercial And Industrial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,485 | 5,871 | |
Consumer And Other Loans Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 6,015 | 5,969 | |
Consumer And Other Loans Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 6,015 | 5,969 | |
Real Estate One To Four Family Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 199 | ||
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 271,840 | 268,889 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 262,266 | 258,943 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Pass Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,185 | 3,335 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,985 | 2,989 | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,404 | 3,622 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 389 | 649 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 389 | 649 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,995 | 6,158 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,772 | 5,929 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Pass Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 215 | 221 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | 8 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 21,794 | 21,868 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 20,920 | 20,991 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 202 | 727 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 672 | 150 | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,656 | 2,683 | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,656 | 2,683 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 23,717 | 27,002 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 23,306 | 26,581 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Pass Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 373 | 382 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 38 | $ 39 | |
[1] | Includes $ 2,310 2,677 100 |
LOANS (Details Narrative)
LOANS (Details Narrative) | 3 Months Ended | |
Sep. 30, 2021USD ($)Number | Jun. 30, 2021USD ($)Number | |
Financing Receivable, Past Due [Line Items] | ||
Period past due for non-accrual status | 90 days | |
Total loans | $ 337,891 | $ 339,089 |
Recorded investment in troubled debt restructuring | 1,622 | 1,661 |
Loans individually evaluated for impairment | 2,192 | 1,711 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 333,337 | 335,121 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,554 | 3,968 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 326,391 | 327,249 |
Loans individually evaluated for impairment | 2,192 | 1,711 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 321,837 | 323,281 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,554 | 3,968 |
Real Estate One To Four Family Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 199 | |
Real Estate One To Four Family Loan [Member] | Minimum [Member] | Owner Occupied Homes [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios if the borrower obtains mortgage insurance or provides readily marketable collateral (as a percent) | 80.00% | |
Real Estate One To Four Family Loan [Member] | Maximum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios (as a percent) | 80.00% | |
Real Estate One To Four Family Loan [Member] | Maximum [Member] | Non Owner Occupied Homes [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios (as a percent) | 80.00% | |
Real Estate One To Four Family Loan [Member] | Maximum [Member] | Manufactured Or Modular Homes [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans made as a percentage of lesser of appraised value or purchase price | 75.00% | |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 271,840 | $ 268,889 |
[custom:NumberOfTroubleDebtRestructuringLoans-0] | Number | 3 | 3 |
Loans individually evaluated for impairment | $ 1,683 | $ 1,711 |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 267,772 | 265,579 |
Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 4,068 | 3,310 |
Commercial Real Estate [Member] | Minimum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Term of loans | 5 years | |
Commercial Real Estate [Member] | Maximum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios (as a percent) | 75.00% | |
Amortization period | 20 years | |
Term of loans | 20 years | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 21,794 | $ 21,868 |
[custom:NumberOfTroubleDebtRestructuringLoans-0] | Number | 1 | 1 |
Loans individually evaluated for impairment | $ 509 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 21,549 | $ 21,494 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 245 | 374 |
Real Estate Multi Family Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Amortization period | 30 years | |
Real Estate Multi Family Loan [Member] | Minimum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Number of units in properties used to secure loans | Number | 5 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 389 | 649 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 175 | 432 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 214 | 217 |
Home Equity Line of Credit [Member] | Maximum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios (as a percent) | 80.00% | |
Amortization period | 20 years | |
Term of loans | 10 years | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 5,995 | 6,158 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,968 | 6,097 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 27 | 61 |
Real Estate Agricultural [Member] | Minimum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Term of loans | 5 years | |
Real Estate Agricultural [Member] | Maximum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios (as a percent) | 75.00% | |
Amortization period | 20 years | |
Term of loans | 20 years | |
Real Estate Agricultural [Member] | Maximum [Member] | Owner Occupied Homes [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios (as a percent) | 80.00% | |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 2,656 | 2,683 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 2,656 | $ 2,683 |
Construction Loans [Member] | Minimum [Member] | Owner Occupied Homes [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Term of loans | 12 months | |
Construction Loans [Member] | Maximum [Member] | Non Residential Properties [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan-to-value ratios (as a percent) | 85.00% | |
Term of loans | 8 months | |
Number of loans a borrower is permitted to have at a time | Number | 2 | |
Paycheck Protection Program Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Term of loans | 5 years | |
Debt Instrument, Face Amount | $ 5,274 | |
Loan forgiven | $ 7,654 | |
Paycheck Protection Program Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest percentage | 1.00% | 1.00% |
Consumer Loans Unsecured [Member] | Maximum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Term of loans | 18 months | |
Consumer Loans Secured By Vehicles [Member] | Minimum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Term of loans | 18 months | |
Consumer Loans Secured By Vehicles [Member] | Maximum [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Term of loans | 60 months | |
Covid 19 Loan Modifications [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 9,551 | $ 10,362 |
Covid 19 Loan Modifications [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,624 | 9,578 |
Covid 19 Loan Modifications [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 927 | 784 |
Covid 19 Loan Modifications [Member] | Real Estate One To Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,672 | 7,084 |
Covid 19 Loan Modifications [Member] | Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,490 | 2,881 |
Covid 19 Loan Modifications [Member] | Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 389 | 397 |
Troubled Debt Restructurings [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans individually evaluated for impairment | $ 1,589 | $ 1,107 |
Schedule of advances from the F
Schedule of advances from the Federal Home Loan Bank (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB Advances | $ 5,000 | $ 15,000 |
Stated percentage of Federal Home Loan Bank Advances | 1.50% | 0.61% |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Stated percentage of Federal Home Loan Bank Advances | 1.40% | 0.16% |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Stated percentage of Federal Home Loan Bank Advances | 1.59% | 1.59% |
Schedule of maturities of the a
Schedule of maturities of the advances from the Federal Home Loan Bank (Details) | Sep. 30, 2021USD ($) |
2023 | $ 2,500 |
2025 | $ 2,500 |
BORROWINGS (Details Narrative)
BORROWINGS (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Stated percentage of Federal Home Loan Bank Advances | 1.50% | 0.61% |
FHLB advances collateralized by investment securities | $ 18,791 | $ 19,613 |
Federal Home Loan Bank remaining availability | $ 136,419 |
Schedule of assets measured at
Schedule of assets measured at fair value on a recurring basis (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | $ 151,482 | $ 139,061 | ||
Loan servicing rights | 291 | 305 | $ 415 | $ 458 |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 151,482 | 139,061 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 151,482 | 139,061 | ||
Total financial assets | 151,482 | 139,061 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loan servicing rights | 291 | 305 | ||
Total financial assets | 291 | 305 | ||
Fair Value, Recurring [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations Fhlmc Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 67 | 117 | ||
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 2,285 | 2,297 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 19,430 | 19,531 | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 11,677 | 7,716 | ||
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 104,847 | 96,113 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | $ 13,176 | $ 13,287 |
Schedule of reconciliation of a
Schedule of reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs Level 3 (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||
Balance at beginning of period: | $ 305 | $ 458 |
Unrealized net losses included in net income | (14) | (43) |
Balance at end of period: | $ 291 | $ 415 |
Schedule of valuation methodolo
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis (Details) - Fair Value, Nonrecurring [Member] - Valuation Technique, Discounted Cash Flow [Member] | Sep. 30, 2021USD ($)Number | Jun. 30, 2021USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loan servicing rights | $ | $ 291 | $ 305 |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loan servicing rights, measurement input | 8.50 | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loan servicing rights, measurement input | 8.63 |
Schedule of carrying amounts an
Schedule of carrying amounts and estimated fair values of the Company's on-balance sheet financial instruments (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale | $ 151,482 | $ 139,061 | ||
Loans held for sale | 164 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale | 151,482 | 139,061 | ||
Deposits | 447,794 | 438,491 | ||
FHLB Advances | 5,068 | 15,087 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net | 337,762 | 339,762 | [1] | |
Loan servicing rights | 291 | 305 | ||
Loans held for sale | [2] | 164 | ||
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale | 151,482 | 139,061 | ||
Loans, net | 336,552 | 337,750 | [1] | |
Loan servicing rights | 291 | 305 | ||
Restricted equity securities | 1,034 | 1,408 | ||
Deposits | 449,434 | 439,930 | ||
FHLB Advances | 5,000 | 15,000 | ||
Loans held for sale | [2] | 164 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale | 151,482 | 139,061 | ||
Loans, net | 337,762 | 339,762 | [1] | |
Loan servicing rights | 291 | 305 | ||
Deposits | 447,794 | 438,491 | ||
FHLB Advances | $ 5,068 | 15,087 | ||
Loans held for sale | [2] | $ 164 | ||
[1] | Carrying amount of loans is net of unearned income and the allowance. In accordance with the adoption of ASU No. 2016-01, the fair value of loans as of September 30, 2021 and June 30, 2021 was measured using an exit price notion. | |||
[2] | 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. |
Schedule of Employee Stock Owne
Schedule of Employee Stock Ownership Plan (ESOP) (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Employee Stock Ownership Plan | ||
Committed to be released to participants | 19,623 | 10,202 |
Allocated to participants | 161,206 | 161,206 |
Unearned | 2,093 | 11,616 |
Total ESOP shares | 182,922 | 183,024 |
Fair value of unearned shares | $ 49 | $ 272 |
EMPLOYEE STOCK OWNERSHIP PLAN_2
EMPLOYEE STOCK OWNERSHIP PLAN (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Stock Ownership Plan | ||
Employee stock ownership plan, employer loan for shares (in shares) | 248,842 | |
Common stock share price (in dollars per share) | $ 10 | |
ESOP compensation expense | $ 89 | $ 84 |
Schedule of stock option activi
Schedule of stock option activity (Details) - USD ($) | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | |||
Share-based Payment Arrangement [Abstract] | ||||
Outstanding - June 30, 2020 (in shares) | 131,901 | 164,319 | ||
Outstanding - June 30, 2020 (in dollars per share) | $ 15.70 | $ 14.18 | ||
Granted (in shares) | 0 | 0 | ||
Granted (in dollars per share) | $ 0 | $ 0 | ||
Exercised (in shares) | 0 | 0 | ||
Exercised (in dollars per share) | $ 0 | $ 0 | ||
Forfeited (in shares) | ||||
Forfeited (in dollars per share) | $ 0 | $ 0 | ||
Outstanding - Sepember 30, 2020 (in shares) | 131,901 | 164,319 | ||
Outstanding - Sepember 30, 2020 (in dollars per share) | $ 15.70 | $ 14.18 | ||
Outstanding - Sepember 30, 2020 | $ 1,036 | [1] | $ 1,197 | [2] |
Fully vested and exercisable at Sepember 30, 2020 (in shares) | 112,401 | 148,319 | ||
Fully vested and exercisable at September 30, 2020 (in dollars per share) | $ 14.15 | $ 13.08 | ||
Fully vested and exercisable at September 30, 2020 | $ 1,057 | [1] | $ 1,245 | [2] |
Expected to vest in future periods (in shares) | 19,500 | 16,000 | ||
Fully vested and expected to vest - September 30, 2020 (in shares) | 131,901 | 164,319 | ||
Fully vested and expected to vest - September 30, 2020 (in dollars per share) | $ 15.70 | $ 14.18 | ||
Fully vested and expected to vest - Sepember 30, 2020 | $ 1,036 | [1] | $ 1,197 | [2] |
[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 $23.56 per share on September 30, 2021. | |||
[2] | 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 $21.47 per share on September 30, 2020. |
Schedule of non-vested restrict
Schedule of non-vested restricted stock activity (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Balance - beginning of year (in shares) | 14,300 | 5,800 |
Granted (in shares) | 0 | 250 |
Vested (in shares) | (250) | |
Balance - end of period (in shares) | 14,300 | 5,800 |
Weighted average grant date fair value (in dollars per share) | $ 22.50 | $ 19.78 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Apr. 05, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options earned (in shares) | 1,437 | 1,638 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (in shares) | 124,420 | ||
Stock-based compensation expense | $ 25 | $ 15 | |
Expected period for recognition | 3 years 10 months 25 days | ||
Unrecognized compensation expense for nonvested restricted stock awards | $ 276 | ||
Employee And Directors Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (in shares) | 311,052 | ||
Stock-based compensation expense | 5 | $ 6 | |
Total unrecognized compensation cost related to stock options | $ 64 | ||
Expected period for recognition | 3 years 7 months 6 days | ||
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (in shares) | 435,472 |
Schedule of principal balances
Schedule of principal balances of mortgage loans serviced (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Transfers and Servicing [Abstract] | ||
Mortgage loan portfolio serviced for: FHLMC | $ 48,199 | $ 52,199 |
Schedule of activity for loan s
Schedule of activity for loan servicing rights (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Transfers and Servicing [Abstract] | ||
Beginning of period: | $ 305 | $ 458 |
Change in fair value | (14) | (43) |
End of period: | $ 291 | $ 415 |
LOAN SERVICING RIGHTS (Details
LOAN SERVICING RIGHTS (Details Narrative) - USD ($) | 3 Months Ended | 4 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Nov. 09, 2021 | Nov. 09, 2020 | Jun. 30, 2021 | |
Custodial escrow balances | $ 680 | $ 559 | |||
Discount rate | 8.63% | 8.38% | |||
Weighted average default rate | 0.10% | 0.31% | |||
Minimum [Member] | |||||
Prepayment speed assumption | 10.36% | 10.32% | |||
Maximum [Member] | |||||
Prepayment speed assumption | 19.69% | 26.58% |
Schedule of supplemental cash f
Schedule of supplemental cash flow information (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 327 | $ 567 |
Income taxes paid | 310 | 267 |
Supplemental noncash disclosures: | ||
Transfers from loans to real estate owned | 52 | |
Change in unrealized gain/loss on securities available-for-sale | $ (1,010) | $ (213) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - $ / shares | Oct. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Subsequent Event [Line Items] | |||
Dividends declared per share (in dollars per share) | $ 0.10 | $ 0.10 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared per share (in dollars per share) | $ 0.10 | ||
Dividends payable, date of record | Nov. 11, 2021 | ||
Dividends payable, date paid | Nov. 24, 2021 |