Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
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 $0.01 per share | |
Trading Symbol | OFED | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,609,444 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
ASSETS | ||
Cash and due from banks | $ 3,432 | $ 2,327 |
Interest-earning deposits | 4,312 | 7,406 |
Fed funds sold | 126 | |
Total cash and cash equivalents | 7,870 | 9,733 |
Securities available-for-sale | 139,018 | 151,299 |
Loans | 361,478 | 345,112 |
Allowance for loan losses | (1,389) | (1,339) |
Net loans | 360,089 | 343,773 |
Loans held for sale, at fair value | 152 | |
Premises and equipment, net | 8,505 | 8,579 |
Real estate owned, net | 106 | |
Accrued interest receivable | ||
Loans | 964 | 944 |
Investments | 373 | 468 |
Restricted equity securities, at cost | 1,564 | 1,189 |
Bank owned life insurance | 20,512 | 20,398 |
Goodwill | 2,593 | 2,593 |
Core deposit intangible | 61 | 74 |
Loan servicing rights | 347 | 345 |
Deferred tax assets | 6,489 | 4,678 |
Other assets | 527 | 567 |
Total assets | 549,018 | 544,792 |
Deposits | ||
Noninterest - bearing | 60,239 | 60,697 |
Interest - bearing | 399,469 | 398,985 |
Total deposits | 459,708 | 459,682 |
Federal Home Loan Bank advances | 19,000 | 9,000 |
Accrued interest payable and other liabilities | 938 | 853 |
Total liabilities | 479,646 | 469,535 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 6,606,648 and 6,605,109 shares outstanding, respectively | 66 | 66 |
Treasury stock, at par, 997,380 and 997,380 shares, respectively | (10) | (10) |
Additional paid-in capital | 6,049 | 6,055 |
Retained earnings | 83,568 | 82,790 |
Accumulated other comprehensive loss | (20,274) | (13,588) |
Unearned ESOP shares | (27) | (56) |
Total shareholders’ equity | 69,372 | 75,257 |
Total liabilities and shareholders’ equity | $ 549,018 | $ 544,792 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 6,606,648 | 6,605,109 |
Treasury stock, shares | 997,380 | 997,380 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income: | ||
Loans, including fees | $ 3,665 | $ 3,445 |
Securities, taxable | 758 | 352 |
Securities, tax-exempt | 41 | 86 |
Other interest-earning assets | 20 | 16 |
Total interest income | 4,484 | 3,899 |
Interest expense: | ||
Deposits | 218 | 306 |
Other borrowings | 66 | 23 |
Total interest expense | 284 | 329 |
Net interest income | 4,200 | 3,570 |
Provision for loan losses | 50 | |
Net interest income after provision for loan losses | 4,150 | 3,570 |
Noninterest income: | ||
Service charges on deposit accounts | 116 | 100 |
Income on bank owned life insurance | 114 | 113 |
Mortgage servicing income | 26 | 30 |
Gain on sale of mortgage loans | 8 | 106 |
ATM & debit card income | 109 | 111 |
Change in fair value of equity securities, net | 9 | (50) |
Loss on sale of securities, net | (84) | |
Gain on payoff of purchase credit impaired loans | 189 | |
Other | 4 | 3 |
Total noninterest income | 491 | 413 |
Noninterest expense: | ||
Salaries and employee benefits | 1,598 | 1,696 |
Occupancy and equipment | 484 | 482 |
Data processing | 270 | 252 |
ATM & debit card expense | 91 | 86 |
Professional and supervisory fees | 127 | 108 |
Office expense | 45 | 35 |
Advertising | 68 | 78 |
FDIC deposit insurance | 35 | 33 |
Foreclosed assets, net | 1 | (1) |
Change in loan servicing asset | (2) | 14 |
Other | 189 | 212 |
Total noninterest expense | 2,906 | 2,995 |
Income before income taxes | 1,735 | 988 |
Income tax expense | 396 | 217 |
Net income | 1,339 | 771 |
Other comprehensive (loss)/income | ||
Unrealized losses on securities available-for-sale | (8,541) | (1,010) |
Tax effect | 1,789 | 213 |
Reclassification adjustment for losses realized in net income | 84 | |
Tax effect | (18) | |
Total other comprehensive loss | (6,686) | (797) |
Comprehensive loss | $ (5,347) | $ (26) |
Basic net income per share: (Note 3) | $ 0.24 | $ 0.14 |
Diluted net income per share: (Note 3) | 0.24 | 0.14 |
Dividends declared per share: | $ 0.10 | $ 0.10 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Unearned ESOP Shares [Member] | Total | |
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 | [1] | (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 | |
Beginning balance, value at Jun. 30, 2022 | 66 | (10) | 6,055 | 82,790 | (13,588) | (56) | 75,257 | |
Net income | 1,339 | 1,339 | ||||||
Other comprehensive loss | (6,686) | (6,686) | ||||||
Stock-based compensation expense | 20 | 20 | ||||||
Dividend paid on unallocated shares-ESOP | 13 | |||||||
Dividends | (561) | (548) | ||||||
ESOP shares earned | (39) | 29 | (10) | |||||
Ending balance, value at Sep. 30, 2022 | $ 66 | $ (10) | $ 6,049 | $ 83,568 | $ (20,274) | $ (27) | $ 69,372 | |
[1]The weighted average cost of treasury shares purchased during the three months ended September 30, 2021 was $ 23.43 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) | 3 Months Ended |
Sep. 30, 2021 $ / shares shares | |
Statement of Stockholders' Equity [Abstract] | |
Purchase of treasury stock (in shares) | shares | 2,865 |
Weighted average cost of treasury shares (in dollars per share) | $ / shares | $ 23.43 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows From Operating Activities | ||
Net income | $ 1,339 | $ 771 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 50 | |
Depreciation and amortization, net | 264 | 530 |
Net amortization/(accretion) of purchase accounting adjustments | 174 | (56) |
Deferred income tax benefit | (117) | (24) |
Change in loan servicing asset | (2) | 14 |
Net loss on sales of securities | 84 | |
Mortgage loans originated for sale | (661) | (5,109) |
Mortgage loans sold | 821 | 5,379 |
Gain on sales of mortgage loans | (8) | (106) |
Change in fair value of equity securities | (9) | 50 |
Increase in cash surrender value of bank owned life insurance | (114) | (113) |
Gain on payoff of purchased credit impaired loans | (189) | |
ESOP shares earned | 29 | 89 |
Stock based compensation expense | 20 | 30 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable and other assets | 76 | 33 |
Accrued interest payable and other liabilities | 85 | (96) |
Net cash provided by operating activities | 1,842 | 1,392 |
Cash Flows From Investing Activities | ||
Purchases of premises and equipment | (67) | (88) |
Purchases of securities available-for-sale | (11,150) | (22,202) |
Proceeds from maturities, paydowns and calls of securities available-for-sale | 3,817 | 8,370 |
Proceeds from sales of securities available-for-sale | 11,049 | |
Sales of restricted equity securities | 150 | 374 |
Purchases of restricted equity securities | (525) | |
Loan originations and repayments, net | (16,457) | 1,254 |
Net cash used in investing activities | (13,183) | (12,292) |
Cash Flows from Financing Activities | ||
Net change in deposits | 26 | 9,504 |
Proceeds from notes payable to FHLB | 14,000 | |
Repayment of notes payable to FHLB | (4,000) | (10,000) |
Dividends paid | (548) | (559) |
Purchase of treasury stock | (67) | |
Net cash provided/(used) by financing activities | 9,478 | (1,122) |
Change in cash and cash equivalents | (1,863) | (12,022) |
Cash and cash equivalents, beginning of period | 9,733 | 30,649 |
Cash and cash equivalents, end of period | $ 7,870 | $ 18,627 |
BASIS OF PRESENTATION, RISKS AN
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES | 3 Months Ended |
Sep. 30, 2022 | |
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 ( 74.24 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, 2022 and June 30, 2022 and the results of operations and cash flows for the interim periods ended September 30, 2022 and 2021. 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, 2023 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, 2022. 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 COVID-19 pandemic has had, and may continue to have, an adverse impact on the Company, its clients and the communities it serves. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on our business. The extent of such impact will depend on future developments, which are highly uncertain. |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING STANDARDS | (2) NEW ACCOUNTING STANDARDS Accounting Standards Update (“ASU”) 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. Issued in June 2022, ASU 2022-03 provides guidance on the fair value measurement of an equity security that is subject to a contractual sale restriction and require specific disclosures related to such an equity security. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. Issued in March 2022, ASU 2022-02 provides guidance to improve the decision usefulness of information provided to investors about certain loan re-financings, restructurings, and write-offs. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect these amendments to have a material effect on its financial statements. ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”. Issued in November 2021, ASU 2021-10 requires certain annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy to other accounting guidance. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company adopted this standard on July 1, 2022. This pronouncement did not have a material effect on the 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 2019-11, “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 by running parallel loss models. 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 the quarter ended September 30, 2022 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, 2022 | |
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: Three Months Ended September 30, September 30, Earnings per share Net income $ 1,339 $ 771 Less: distributed earnings allocated to participating securities (1 ) (1 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (1 ) (1 ) Net earnings available to common shareholders $ 1,337 $ 769 Weighted average common shares outstanding including participating securities 5,608,331 5,592,583 Less: participating securities (9,700 ) (14,300 ) Less: average unearned ESOP shares (2,176 ) (6,855 ) Weighted average common shares outstanding 5,596,455 5,571,428 Basic earnings per share $ 0.24 $ 0.14 Weighted average common shares outstanding 5,596,455 5,571,428 Add: dilutive effects of assumed exercises of stock options 3,502 44,960 Average shares and dilutive potential common shares 5,599,957 5,616,388 Diluted earnings per share $ 0.24 $ 0.14 For each of the three months ended September 30, 2022 and 2021, 21,200 |
SECURITIES AVAILABLE-FOR-SALE
SECURITIES AVAILABLE-FOR-SALE | 3 Months Ended |
Sep. 30, 2022 | |
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, 2022 and June 30, 2022 are as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Change in Fair Value Equity Securities Fair Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 23 $ 43 Certificates of deposit — — — — — Municipal securities 8,696 — (758 ) — 7,938 CMOs 13,255 — (1,664 ) — 11,591 U.S. Government agency mortgage-backed securities 130,270 — (20,967 ) — 109,303 U.S. Treasury and Government agency bonds 12,417 — (2,274 ) — 10,143 Total available-for-sale $ 164,658 $ — $ (25,663 ) $ 23 $ 139,018 June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Change in Fair Value Equity Securities Fair Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 14 $ 34 Certificates of deposit 1,247 2 — — 1,249 Municipal securities 16,991 3 (397 ) — 16,597 CMOs 14,145 — (1,081 ) — 13,064 U.S. Government agency mortgage-backed securities 123,652 — (14,048 ) — 109,604 U.S. Treasury and Government agency bonds 12,431 — (1,680 ) — 10,751 Total available-for-sale $ 168,486 $ 5 $ (17,206 ) $ 14 $ 151,299 Securities pledged at September 30, 2022 and June 30, 2022 had fair values of $ 38,337 19,322 At September 30, 2022 and June 30, 2022, 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, 2022 and June 30, 2022. Less than 12 Months 12 Months or More Total Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) September 30, 2022 Available-for-sale: Municipal securities $ 7,938 $ (758 ) 21 $ — $ — — $ 7,938 $ (758 ) 21 CMOs 7,469 (880 ) 13 4,122 (784 ) 2 11,591 (1,664 ) 15 U.S. Government agency mortgage-backed securities 47,410 (5,847 ) 50 61,893 (15,120 ) 39 109,303 (20,967 ) 89 U.S. Treasury and Government agency bonds 1,725 (269 ) 1 8,418 (2,005 ) 6 10,143 (2,274 ) 7 $ 64,542 $ (7,754 ) 85 $ 74,433 $ (17,909 ) 47 $ 138,975 $ (25,663 ) 132 Less than 12 Months 12 Months or More Total Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) June 30, 2022 Available-for-sale: Municipal securities $ 15,027 $ (397 ) 41 $ — $ — — $ 15,027 $ (397 ) 41 CMOs 12,174 (972 ) 17 889 (109 ) 1 13,063 (1,081 ) 18 U.S. Government agency mortgage-backed securities 80,288 (9,197 ) 69 29,188 (4,851 ) 22 109,476 (14,048 ) 91 U.S. Treasury and Government agency bonds 3,822 (403 ) 2 6,930 (1,277 ) 5 10,752 (1,680 ) 7 $ 111,311 $ (10,969 ) 129 $ 37,007 $ (6,237 ) 28 $ 148,318 $ (17,206 ) 157 (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, 2022 were recognized into net income for the three months ended September 30, 2022 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, 2022 were recognized as having OTTI during the year ended June 30, 2022. The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2022 and June 30, 2022 by contractual maturity. September 30, 2022 June 30, 2022 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ — $ — $ 1,247 $ 1,249 Due from one to five years 1,448 1,377 4,756 4,727 Due after five years to ten years 17,974 15,296 22,244 20,391 Due after ten years 1,691 1,408 2,422 2,230 Mortgage-backed securities, CMOs and FHLMC stock (1) 143,545 120,937 137,817 122,702 Total available for sale $ 164,658 $ 139,018 $ 168,486 $ 151,299 (1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty. Federal Home Loan Mortgage Corporation (“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, 2022 and 2021: Three Months Ended Available-for-sale: September 30, September 30, Proceeds $ 11,049 $ — Gross gains — — Gross losses (84 ) — The tax benefit related to the net realized loss for the three months ended September 30, 2022 was $ 18 |
LOANS
LOANS | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
LOANS | (5) LOANS The components of loans at September 30, 2022 and June 30, 2022 were as follows: September 30, June 30, Real estate loans: One-to-four family $ 285,045 $ 276,410 Multi-family 356 368 Home equity 6,324 4,803 Nonresidential 24,250 24,629 Agricultural 2,542 2,573 Construction and land 38,678 32,836 Total real estate loans 357,195 341,619 Commercial and industrial 3,128 2,313 Consumer and other loans 1,155 1,180 Total loans $ 361,478 $ 345,112 The table above includes net deferred loan fees of $ 2,263 2,157 The following table presents the activity in the allowance for loan losses Three months ended September 30, 2022 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 965 $ 11 $ — $ — $ 976 Multi-family 9 (6 ) — — 3 Home equity 34 10 — — 44 Nonresidential 158 — — — 158 Agricultural 15 — — — 15 Construction and land 132 24 — — 156 Total real estate loans 1,313 39 — — 1,352 Commercial and industrial 24 11 — — 35 Consumer and other loans 2 — — — 2 Total loans $ 1,339 $ 50 $ — $ — $ 1,389 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment Ending Allowance on Loans: Loans: At September 30, 2022 Individually Evaluated for Collectively Individually Evaluated for Collectively Real estate loans: One-to-four family $ — $ 976 $ 582 $ 284,463 Multi-family — 3 — 356 Home equity — 44 — 6,324 Nonresidential — 158 467 23,783 Agricultural — 15 — 2,542 Construction and land — 156 — 38,678 Total real estate loans — 1,352 1,049 356,146 Commercial and industrial — 35 — 3,128 Consumer and other loans — 2 — 1,155 Total loans $ — $ 1,389 $ 1,049 $ 360,429 The following table presents the activity in the allowance for loan losses for the three months ended September 30, 2021 by portfolio segment: Three months ended September 30, 2021 Beginning Provision Charge-offs Recoveries Ending 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 June 30, 2022: Ending Allowance on Loans: Loans: At June 30, 2022 Individually Evaluated for Collectively Individually Evaluated for Collectively Real estate loans: One-to-four family $ — $ 965 $ 948 $ 275,462 Multi-family — 9 — 368 Home equity — 34 — 4,803 Nonresidential — 158 478 24,151 Agricultural — 15 — 2,573 Construction and land — 132 — 32,836 Total real estate loans — 1,313 1,426 340,193 Commercial and industrial — 24 — 2,313 Consumer and other loans — 2 — 1,180 Total loans $ — $ 1,339 $ 1,426 $ 343,686 The tables below present loans that were individually evaluated for impairment by portfolio segment September 30, 2022 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no recorded allowance: Real estate loans: One-to-four family $ 584 $ 582 $ — $ 765 $ 8 Multi-family — — — — — Home equity — — — — — Nonresidential 495 467 — 473 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 1,079 1,049 — 1,238 8 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 1,079 $ 1,049 $ — $ 1,238 $ 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 $ 1,079 $ 1,049 $ — $ 1,238 $ 8 Consumer and other loans — — — — — Total $ 1,079 $ 1,049 $ — $ 1,238 $ 8 June 30, 2022 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 952 $ 948 $ — $ 474 $ 38 Multi-family — — — — — Home equity — — — — — Nonresidential 507 478 — 239 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 1,459 1,426 — 713 38 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 1,459 $ 1,426 $ — $ 713 $ 38 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 $ 1,459 $ 1,426 $ — $ 713 $ 38 Consumer and other loans — — — — — Total $ 1,459 $ 1,426 $ — $ 713 $ 38 The following tables present the aging of past due loans as well as nonaccrual loans. Nonaccrual loans and accruing loans past due 90 250 Total past due loans and nonaccrual loans Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 2,160 $ 946 $ 403 $ 3,509 $ 281,536 $ 285,045 $ 843 $ — Multi-family 202 — — 202 154 356 — — Home equity 86 — — 86 6,238 6,324 — — Nonresidential 151 — — 151 24,099 24,250 467 — Agricultural — — — — 2,542 2,542 — — Construction and land 883 — — 883 37,795 38,678 — — Total real estate loans 3,482 946 403 4,831 352,364 357,195 1,310 — Commercial and industrial — — — — 3,128 3,128 — — Consumer and other loans — — — — 1,155 1,155 — — Total $ 3,482 $ 946 $ 403 $ 4,831 $ 356,647 $ 361,478 $ 1,310 $ — COVID-19 Loan Modifications: As a result of disruptions in economic conditions caused by COVID-19, the financial regulators issued guidance encouraging banks to work constructively with borrowers affected by the virus in our community. This guidance provided 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, provided 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 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 we performed to be troubled debt restructurings. Included in the table above are $ 5,227 3,615 1,256 356 4,763 464 Total past due and nonaccrual loans by portfolio segment at June 30, 2022: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 2,632 $ 891 $ 696 $ 4,219 $ 272,191 $ 276,410 $ 1,401 $ — Multi-family — — 208 208 160 368 208 — Home equity 17 — — 17 4,786 4,803 — — Nonresidential 82 156 — 238 24,391 24,629 478 — Agricultural — — — — 2,573 2,573 — — Construction and land 436 — — 436 32,400 32,836 — — Total real estate loans 3,167 1,047 904 5,118 336,501 341,619 2,087 — Commercial and industrial — — — — 2,313 2,313 — — Consumer and other loans — — — — 1,180 1,180 — — Total $ 3,167 $ 1,047 $ 904 $ 5,118 $ 339,994 $ 345,112 $ 2,087 $ — Included in the table above are $ 7,459 4,846 2,246 367 6,984 475 Troubled Debt Restructurings: At September 30, 2022 and June 30, 2022, total loans that have been modified as troubled debt restructurings were $ 496 869 one one one two 467 839 Allowance for Loan Loss: There have been no changes to our allowance for loan loss methodology during the quarter ended September 30, 2022. We have assessed the impact of the COVID-19 pandemic on the allowance for loan loss using the information that is available. However, the fluidity of this pandemic precludes any prediction as to its ultimate impact. Due to the increase in the size of the loan portfolio, a $ 50 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 years 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 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: 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 months 85 Commercial and Industrial Loans: Commercial and industrial loans and leases typically are underwritten on the basis of the borrower’s or lessee’s ability to make repayment from the cash flow of its business and generally are collateralized by business assets. As a result, such loans and leases involve additional complexities, variables and risks and require more thorough underwriting and servicing than other types of loans and leases. Consumer and Other Loans: 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, 2022: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 281,341 $ 1,417 $ 737 $ 1,550 $ — $ 285,045 Multi-family 356 — — — — 356 Home equity 6,263 61 — — — 6,324 Nonresidential 23,654 — — 596 — 24,250 Agricultural 2,542 — — — — 2,542 Construction and land 38,491 156 31 — — 38,678 Total real estate loans 352,647 1,634 768 2,146 — 357,195 Commercial and industrial 3,128 — — — — 3,128 Consumer and other loans 1,155 — — — — 1,155 Total $ 356,930 $ 1,634 $ 768 $ 2,146 $ — $ 361,478 Total loans by risk grade and portfolio segment at June 30, 2022: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 268,631 $ 2,806 $ 2,412 $ 2,561 $ — $ 276,410 Multi-family 160 — — 208 — 368 Home equity 4,603 193 — 7 — 4,803 Nonresidential 23,763 — 188 678 — 24,629 Agricultural 2,573 — — — — 2,573 Construction and land 32,637 166 — 33 — 32,836 Total real estate loans 332,367 3,165 2,600 3,487 — 341,619 Commercial and industrial 2,313 — — — — 2,313 Consumer and other loans 1,180 — — — — 1,180 Total $ 335,860 $ 3,165 $ 2,600 $ 3,487 $ — $ 345,112 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | (6) BORROWINGS At September 30, 2022 and June 30, 2022, advances from the Federal Home Loan Bank were as follows: September 30, Balance Stated Interest FHLB advances due January 2023 through January 2025 $ 19,000 1.40 3.34 Total $ 19,000 June 30, Balance Stated Interest FHLB advances due September 2021 through January 2025 $ 9,000 1.40 2.05 Total $ 9,000 Payments over the next five years are as follows: 2023 $ 16,500 2025 $ 2,500 The weighted average interest rate of all outstanding FHLB advances was 2.75 1.74 Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances are collateralized by $ 26,014 14,779 136,707 There were no overnight borrowings at September 30, 2022 or June 30, 2022. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Sep. 30, 2022 | |
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). We invest in the common stock of the Federal Home Loan Bank of Atlanta and in preferred and common stock of First National Bankers Bancshares, Inc. The stock is classified as restricted equity securities and is carried at cost. 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, 2022 or June 30, 2022. 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. Assets measured at fair value on a recurring basis at September 30, 2022 and June 30, 2022 are summarized below: Fair Value Measurements September 30, 2022 June 30, 2022 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 43 $ — $ 34 $ — Certificates of deposit — — 1,249 — Municipal securities 7,938 — 16,597 — CMOs 11,591 — 13,064 — U.S. Government agency mortgage-backed securities 109,303 — 109,604 — U.S. Treasury and Government agency bonds 10,143 — 10,751 — Total securities available-for-sale 139,018 — 151,299 — Loan servicing rights — 347 — 345 Total financial assets $ 139,018 $ 347 $ 151,299 $ 345 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, 2022 and 2021: Fair Value Measurements (Level 3) Three Months Ended September 30, September 30, Loan Servicing Rights Loan Servicing Rights Balance at beginning of period: $ 345 $ 305 Unrealized net gains/(losses) included in net income 2 (14 ) Balance at end of period: $ 347 $ 291 The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value at September 30, 2022 and June 30, 2022. Level 3 Quantitative Information September 30, 2022 June 30, 2022 Valuation Technique Unobservable Inputs Range Loan servicing rights $ 347 $ 345 Discounted cash flows Discount rate, estimated timing of cash flows 10.88 11.88 Presented in the table below are assets measured at fair value on a nonrecurring basis using level 3 inputs at September 30, 2022 and June 30, 2022: Fair Value Measurements September 30, June 30, (Level 3) (Level 3) Non-financial assets: Real estate owned, net: Nonresidential $ 106 $ — Total non-financial assets 106 — Total assets measured at fair value on a non-recurring basis $ 106 $ — Real estate owned is carried at the lower of carrying value or fair value less costs to sell. The carrying value of real estate owned at September 30, 2022 was $ 106 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, 2022 and June 30, 2022 are summarized below: September 30, 2022 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 139,018 $ — $ 139,018 $ — $ 139,018 Loans, net (1) 360,089 — — 345,808 345,808 Loan servicing rights 347 — — 347 347 Restricted equity securities 1,564 N/A N/A N/A N/A Financial liabilities Deposits $ 459,708 $ — $ 453,738 $ — $ 453,738 FHLB Advances 19,000 — 18,750 — 18,750 June 30, 2022 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 151,299 $ — $ 151,299 $ — $ 151,299 Loans, net (1) 343,773 — — 325,859 325,859 Loans held for sale (2) 152 — — 152 152 Loan servicing rights 345 — — 345 345 Restricted equity securities 1,189 N/A N/A N/A N/A Financial liabilities Deposits $ 459,682 $ — $ 454,970 $ — $ 454,970 FHLB Advances 9,000 — 8,868 — 8,868 (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, 2022 and June 30, 2022 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, 2022 | |
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 2022 or 2021. Total ESOP compensation expense for the three months ended September 30, 2022 was $ 2 89 Shares held by the ESOP at September 30, 2022 and June 30, 2022 were as follows: September 30, June 30, Committed to be released to participants 8,032 5,355 Allocated to participants 165,060 165,060 Unearned 837 3,514 Total ESOP shares 173,929 173,929 Fair value of unearned shares $ 20 $ 76 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Sep. 30, 2022 | |
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 The following table summarizes stock option activity Options Weighted- Average Exercise Price/Share Aggregate Intrinsic Value (1) Outstanding - June 30, 2022 49,900 $ 22.48 Granted — — Exercised (6,000 ) 19.40 Forfeited — — Outstanding - September 30, 2022 43,900 $ 22.90 $ 54 Fully vested and exercisable at September 30, 2022 30,100 $ 21.92 $ 66 Expected to vest in future periods 13,800 Fully vested and expected to vest - September 30, 2022 43,900 $ 22.90 $ 54 (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 $ 24.12 The following table summarizes stock option activity for the three months ended September 30, 2021: Options Weighted- Average Exercise Price/Share Aggregate Intrinsic Value (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 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 1,159 1,437 5 5 45 3 The following table summarizes non-vested restricted stock activity for the three months ended September 30, 2022 and September 30, 2021: September 30, September 30, Balance - beginning of year 9,700 14,300 Granted — — Forfeited — — Vested — — Balance - end of period 9,700 14,300 Weighted average grant date fair value $ 22.97 $ 22.50 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, 2022 was $ 16 25 199 3.6 |
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS | 3 Months Ended |
Sep. 30, 2022 | |
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, 2022 and June 30, 2022 are as follows: September 30, June 30, Mortgage loan portfolio serviced for: FHLMC $ 38,117 $ 39,476 Custodial escrow balances maintained in connection with serviced loans were $ 598 453 Activity for loan servicing rights for the three months ended September 30, 2022 and 2021 is as follows: Three Months Ended September 30, September 30, Loan servicing rights: Beginning of period: $ 345 $ 305 Change in fair value 2 (14 ) End of period: $ 347 $ 291 Fair value at September 30, 2022 was determined using a discount rate of 11.88 6.40 16.30 3.0 8.63 10.36 19.69 10.0 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 is as follows: September 30, September 30, Cash paid during the period for: Interest paid $ 282 $ 327 Income taxes paid $ 250 $ 310 Supplemental noncash disclosures: Transfers from loans to real estate owned $ 106 $ — Change in unrealized gain/loss on securities available-for-sale $ (8,462 ) $ (1,010 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (12) SUBSEQUENT EVENTS Dividend Declared On October 27, 2022, the Board of Directors of Oconee Federal Financial Corp. declared a quarterly cash dividend of $ 0.10 November 10, 2022 November 23, 2022 |
BASIS OF PRESENTATION, RISKS _2
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation: | Basis of Presentation: The accompanying unaudited consolidated financial statements of Oconee Federal Financial Corp., which include the accounts of its wholly owned subsidiary Oconee Federal Savings and Loan Association (the “Association”) (referred to herein as “the Company,” “we,” “us,” or “our”), have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Intercompany accounts and transactions are eliminated during consolidation. The Company is majority owned ( 74.24 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, 2022 and June 30, 2022 and the results of operations and cash flows for the interim periods ended September 30, 2022 and 2021. 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, 2023 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, 2022. |
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 COVID-19 pandemic has had, and may continue to have, an adverse impact on the Company, its clients and the communities it serves. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on our business. The extent of such impact will depend on future developments, which are highly uncertain. |
EARNINGS PER SHARE (_EPS_) (Tab
EARNINGS PER SHARE (“EPS”) (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
The factors used in the earnings per common share computation follow: | Basic EPS is based on the weighted average number of common shares outstanding and is adjusted for ESOP shares not yet committed to be released. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. The factors used in the earnings per common share computation follow: Three Months Ended September 30, September 30, Earnings per share Net income $ 1,339 $ 771 Less: distributed earnings allocated to participating securities (1 ) (1 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (1 ) (1 ) Net earnings available to common shareholders $ 1,337 $ 769 Weighted average common shares outstanding including participating securities 5,608,331 5,592,583 Less: participating securities (9,700 ) (14,300 ) Less: average unearned ESOP shares (2,176 ) (6,855 ) Weighted average common shares outstanding 5,596,455 5,571,428 Basic earnings per share $ 0.24 $ 0.14 Weighted average common shares outstanding 5,596,455 5,571,428 Add: dilutive effects of assumed exercises of stock options 3,502 44,960 Average shares and dilutive potential common shares 5,599,957 5,616,388 Diluted earnings per share $ 0.24 $ 0.14 |
SECURITIES AVAILABLE-FOR-SALE (
SECURITIES AVAILABLE-FOR-SALE (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities at September 30, 2022 and June 30, 2022 are as follows: | 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, 2022 and June 30, 2022 are as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Change in Fair Value Equity Securities Fair Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 23 $ 43 Certificates of deposit — — — — — Municipal securities 8,696 — (758 ) — 7,938 CMOs 13,255 — (1,664 ) — 11,591 U.S. Government agency mortgage-backed securities 130,270 — (20,967 ) — 109,303 U.S. Treasury and Government agency bonds 12,417 — (2,274 ) — 10,143 Total available-for-sale $ 164,658 $ — $ (25,663 ) $ 23 $ 139,018 June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Change in Fair Value Equity Securities Fair Value Available-for-sale: FHLMC common stock $ 20 $ — $ — $ 14 $ 34 Certificates of deposit 1,247 2 — — 1,249 Municipal securities 16,991 3 (397 ) — 16,597 CMOs 14,145 — (1,081 ) — 13,064 U.S. Government agency mortgage-backed securities 123,652 — (14,048 ) — 109,604 U.S. Treasury and Government agency bonds 12,431 — (1,680 ) — 10,751 Total available-for-sale $ 168,486 $ 5 $ (17,206 ) $ 14 $ 151,299 |
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, 2022 and June 30, 2022. | 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, 2022 and June 30, 2022. Less than 12 Months 12 Months or More Total Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) September 30, 2022 Available-for-sale: Municipal securities $ 7,938 $ (758 ) 21 $ — $ — — $ 7,938 $ (758 ) 21 CMOs 7,469 (880 ) 13 4,122 (784 ) 2 11,591 (1,664 ) 15 U.S. Government agency mortgage-backed securities 47,410 (5,847 ) 50 61,893 (15,120 ) 39 109,303 (20,967 ) 89 U.S. Treasury and Government agency bonds 1,725 (269 ) 1 8,418 (2,005 ) 6 10,143 (2,274 ) 7 $ 64,542 $ (7,754 ) 85 $ 74,433 $ (17,909 ) 47 $ 138,975 $ (25,663 ) 132 Less than 12 Months 12 Months or More Total Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) Fair Value Unrealized Number in Unrealized Loss (1) June 30, 2022 Available-for-sale: Municipal securities $ 15,027 $ (397 ) 41 $ — $ — — $ 15,027 $ (397 ) 41 CMOs 12,174 (972 ) 17 889 (109 ) 1 13,063 (1,081 ) 18 U.S. Government agency mortgage-backed securities 80,288 (9,197 ) 69 29,188 (4,851 ) 22 109,476 (14,048 ) 91 U.S. Treasury and Government agency bonds 3,822 (403 ) 2 6,930 (1,277 ) 5 10,752 (1,680 ) 7 $ 111,311 $ (10,969 ) 129 $ 37,007 $ (6,237 ) 28 $ 148,318 $ (17,206 ) 157 (1) Actual amounts. |
The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2022 and June 30, 2022 by contractual maturity. | The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2022 and June 30, 2022 by contractual maturity. September 30, 2022 June 30, 2022 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ — $ — $ 1,247 $ 1,249 Due from one to five years 1,448 1,377 4,756 4,727 Due after five years to ten years 17,974 15,296 22,244 20,391 Due after ten years 1,691 1,408 2,422 2,230 Mortgage-backed securities, CMOs and FHLMC stock (1) 143,545 120,937 137,817 122,702 Total available for sale $ 164,658 $ 139,018 $ 168,486 $ 151,299 (1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty. Federal Home Loan Mortgage Corporation (“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, 2022 and 2021: | 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, 2022 and 2021: Three Months Ended Available-for-sale: September 30, September 30, Proceeds $ 11,049 $ — Gross gains — — Gross losses (84 ) — |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
The components of loans at September 30, 2022 and June 30, 2022 were as follows: | The components of loans at September 30, 2022 and June 30, 2022 were as follows: September 30, June 30, Real estate loans: One-to-four family $ 285,045 $ 276,410 Multi-family 356 368 Home equity 6,324 4,803 Nonresidential 24,250 24,629 Agricultural 2,542 2,573 Construction and land 38,678 32,836 Total real estate loans 357,195 341,619 Commercial and industrial 3,128 2,313 Consumer and other loans 1,155 1,180 Total loans $ 361,478 $ 345,112 |
The following table presents the activity in the allowance for loan losses | The following table presents the activity in the allowance for loan losses Three months ended September 30, 2022 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 965 $ 11 $ — $ — $ 976 Multi-family 9 (6 ) — — 3 Home equity 34 10 — — 44 Nonresidential 158 — — — 158 Agricultural 15 — — — 15 Construction and land 132 24 — — 156 Total real estate loans 1,313 39 — — 1,352 Commercial and industrial 24 11 — — 35 Consumer and other loans 2 — — — 2 Total loans $ 1,339 $ 50 $ — $ — $ 1,389 The following table presents the activity in the allowance for loan losses for the three months ended September 30, 2021 by portfolio segment: Three months ended September 30, 2021 Beginning Provision Charge-offs Recoveries Ending 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 | The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment Ending Allowance on Loans: Loans: At September 30, 2022 Individually Evaluated for Collectively Individually Evaluated for Collectively Real estate loans: One-to-four family $ — $ 976 $ 582 $ 284,463 Multi-family — 3 — 356 Home equity — 44 — 6,324 Nonresidential — 158 467 23,783 Agricultural — 15 — 2,542 Construction and land — 156 — 38,678 Total real estate loans — 1,352 1,049 356,146 Commercial and industrial — 35 — 3,128 Consumer and other loans — 2 — 1,155 Total loans $ — $ 1,389 $ 1,049 $ 360,429 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at June 30, 2022: Ending Allowance on Loans: Loans: At June 30, 2022 Individually Evaluated for Collectively Individually Evaluated for Collectively Real estate loans: One-to-four family $ — $ 965 $ 948 $ 275,462 Multi-family — 9 — 368 Home equity — 34 — 4,803 Nonresidential — 158 478 24,151 Agricultural — 15 — 2,573 Construction and land — 132 — 32,836 Total real estate loans — 1,313 1,426 340,193 Commercial and industrial — 24 — 2,313 Consumer and other loans — 2 — 1,180 Total loans $ — $ 1,339 $ 1,426 $ 343,686 |
The tables below present loans that were individually evaluated for impairment by portfolio segment | The tables below present loans that were individually evaluated for impairment by portfolio segment September 30, 2022 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized With no recorded allowance: Real estate loans: One-to-four family $ 584 $ 582 $ — $ 765 $ 8 Multi-family — — — — — Home equity — — — — — Nonresidential 495 467 — 473 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 1,079 1,049 — 1,238 8 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 1,079 $ 1,049 $ — $ 1,238 $ 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 $ 1,079 $ 1,049 $ — $ 1,238 $ 8 Consumer and other loans — — — — — Total $ 1,079 $ 1,049 $ — $ 1,238 $ 8 June 30, 2022 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 952 $ 948 $ — $ 474 $ 38 Multi-family — — — — — Home equity — — — — — Nonresidential 507 478 — 239 — Agricultural — — — — — Construction and land — — — — — Total real estate loans 1,459 1,426 — 713 38 Commercial and industrial — — — — — Consumer and other loans — — — — — Total $ 1,459 $ 1,426 $ — $ 713 $ 38 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 $ 1,459 $ 1,426 $ — $ 713 $ 38 Consumer and other loans — — — — — Total $ 1,459 $ 1,426 $ — $ 713 $ 38 |
Total past due loans and nonaccrual loans | Total past due loans and nonaccrual loans Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 2,160 $ 946 $ 403 $ 3,509 $ 281,536 $ 285,045 $ 843 $ — Multi-family 202 — — 202 154 356 — — Home equity 86 — — 86 6,238 6,324 — — Nonresidential 151 — — 151 24,099 24,250 467 — Agricultural — — — — 2,542 2,542 — — Construction and land 883 — — 883 37,795 38,678 — — Total real estate loans 3,482 946 403 4,831 352,364 357,195 1,310 — Commercial and industrial — — — — 3,128 3,128 — — Consumer and other loans — — — — 1,155 1,155 — — Total $ 3,482 $ 946 $ 403 $ 4,831 $ 356,647 $ 361,478 $ 1,310 $ — Total past due and nonaccrual loans by portfolio segment at June 30, 2022: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 2,632 $ 891 $ 696 $ 4,219 $ 272,191 $ 276,410 $ 1,401 $ — Multi-family — — 208 208 160 368 208 — Home equity 17 — — 17 4,786 4,803 — — Nonresidential 82 156 — 238 24,391 24,629 478 — Agricultural — — — — 2,573 2,573 — — Construction and land 436 — — 436 32,400 32,836 — — Total real estate loans 3,167 1,047 904 5,118 336,501 341,619 2,087 — Commercial and industrial — — — — 2,313 2,313 — — Consumer and other loans — — — — 1,180 1,180 — — Total $ 3,167 $ 1,047 $ 904 $ 5,118 $ 339,994 $ 345,112 $ 2,087 $ — |
Total loans by risk grade and portfolio segment at September 30, 2022: | Total loans by risk grade and portfolio segment at September 30, 2022: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 281,341 $ 1,417 $ 737 $ 1,550 $ — $ 285,045 Multi-family 356 — — — — 356 Home equity 6,263 61 — — — 6,324 Nonresidential 23,654 — — 596 — 24,250 Agricultural 2,542 — — — — 2,542 Construction and land 38,491 156 31 — — 38,678 Total real estate loans 352,647 1,634 768 2,146 — 357,195 Commercial and industrial 3,128 — — — — 3,128 Consumer and other loans 1,155 — — — — 1,155 Total $ 356,930 $ 1,634 $ 768 $ 2,146 $ — $ 361,478 Total loans by risk grade and portfolio segment at June 30, 2022: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 268,631 $ 2,806 $ 2,412 $ 2,561 $ — $ 276,410 Multi-family 160 — — 208 — 368 Home equity 4,603 193 — 7 — 4,803 Nonresidential 23,763 — 188 678 — 24,629 Agricultural 2,573 — — — — 2,573 Construction and land 32,637 166 — 33 — 32,836 Total real estate loans 332,367 3,165 2,600 3,487 — 341,619 Commercial and industrial 2,313 — — — — 2,313 Consumer and other loans 1,180 — — — — 1,180 Total $ 335,860 $ 3,165 $ 2,600 $ 3,487 $ — $ 345,112 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
At September 30, 2022 and June 30, 2022, advances from the Federal Home Loan Bank were as follows: | At September 30, 2022 and June 30, 2022, advances from the Federal Home Loan Bank were as follows: September 30, Balance Stated Interest FHLB advances due January 2023 through January 2025 $ 19,000 1.40 3.34 Total $ 19,000 June 30, Balance Stated Interest FHLB advances due September 2021 through January 2025 $ 9,000 1.40 2.05 Total $ 9,000 |
Payments over the next five years are as follows: | Payments over the next five years are as follows: 2023 $ 16,500 2025 $ 2,500 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis at September 30, 2022 and June 30, 2022 are summarized below: | Assets measured at fair value on a recurring basis at September 30, 2022 and June 30, 2022 are summarized below: Fair Value Measurements September 30, 2022 June 30, 2022 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 43 $ — $ 34 $ — Certificates of deposit — — 1,249 — Municipal securities 7,938 — 16,597 — CMOs 11,591 — 13,064 — U.S. Government agency mortgage-backed securities 109,303 — 109,604 — U.S. Treasury and Government agency bonds 10,143 — 10,751 — Total securities available-for-sale 139,018 — 151,299 — Loan servicing rights — 347 — 345 Total financial assets $ 139,018 $ 347 $ 151,299 $ 345 |
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, 2022 and 2021: | 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, 2022 and 2021: Fair Value Measurements (Level 3) Three Months Ended September 30, September 30, Loan Servicing Rights Loan Servicing Rights Balance at beginning of period: $ 345 $ 305 Unrealized net gains/(losses) included in net income 2 (14 ) Balance at end of period: $ 347 $ 291 |
The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value at September 30, 2022 and June 30, 2022. | The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value at September 30, 2022 and June 30, 2022. Level 3 Quantitative Information September 30, 2022 June 30, 2022 Valuation Technique Unobservable Inputs Range Loan servicing rights $ 347 $ 345 Discounted cash flows Discount rate, estimated timing of cash flows 10.88 11.88 |
Presented in the table below are assets measured at fair value on a nonrecurring basis using level 3 inputs at September 30, 2022 and June 30, 2022: | Presented in the table below are assets measured at fair value on a nonrecurring basis using level 3 inputs at September 30, 2022 and June 30, 2022: Fair Value Measurements September 30, June 30, (Level 3) (Level 3) Non-financial assets: Real estate owned, net: Nonresidential $ 106 $ — Total non-financial assets 106 — Total assets measured at fair value on a non-recurring basis $ 106 $ — |
The estimated fair values of the Company’s remaining on-balance sheet financial instruments at September 30, 2022 and June 30, 2022 are summarized below: | 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, 2022 and June 30, 2022 are summarized below: September 30, 2022 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 139,018 $ — $ 139,018 $ — $ 139,018 Loans, net (1) 360,089 — — 345,808 345,808 Loan servicing rights 347 — — 347 347 Restricted equity securities 1,564 N/A N/A N/A N/A Financial liabilities Deposits $ 459,708 $ — $ 453,738 $ — $ 453,738 FHLB Advances 19,000 — 18,750 — 18,750 June 30, 2022 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 151,299 $ — $ 151,299 $ — $ 151,299 Loans, net (1) 343,773 — — 325,859 325,859 Loans held for sale (2) 152 — — 152 152 Loan servicing rights 345 — — 345 345 Restricted equity securities 1,189 N/A N/A N/A N/A Financial liabilities Deposits $ 459,682 $ — $ 454,970 $ — $ 454,970 FHLB Advances 9,000 — 8,868 — 8,868 (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, 2022 and June 30, 2022 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, 2022 | |
Employee Stock Ownership Plan | |
Shares held by the ESOP at September 30, 2022 and June 30, 2022 were as follows: | Shares held by the ESOP at September 30, 2022 and June 30, 2022 were as follows: September 30, June 30, Committed to be released to participants 8,032 5,355 Allocated to participants 165,060 165,060 Unearned 837 3,514 Total ESOP shares 173,929 173,929 Fair value of unearned shares $ 20 $ 76 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
The following table summarizes stock option activity | The following table summarizes stock option activity Options Weighted- Average Exercise Price/Share Aggregate Intrinsic Value (1) Outstanding - June 30, 2022 49,900 $ 22.48 Granted — — Exercised (6,000 ) 19.40 Forfeited — — Outstanding - September 30, 2022 43,900 $ 22.90 $ 54 Fully vested and exercisable at September 30, 2022 30,100 $ 21.92 $ 66 Expected to vest in future periods 13,800 Fully vested and expected to vest - September 30, 2022 43,900 $ 22.90 $ 54 (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 $ 24.12 The following table summarizes stock option activity for the three months ended September 30, 2021: Options Weighted- Average Exercise Price/Share Aggregate Intrinsic Value (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 |
The following table summarizes non-vested restricted stock activity for the three months ended September 30, 2022 and September 30, 2021: | The following table summarizes non-vested restricted stock activity for the three months ended September 30, 2022 and September 30, 2021: September 30, September 30, Balance - beginning of year 9,700 14,300 Granted — — Forfeited — — Vested — — Balance - end of period 9,700 14,300 Weighted average grant date fair value $ 22.97 $ 22.50 |
LOAN SERVICING RIGHTS (Tables)
LOAN SERVICING RIGHTS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Transfers and Servicing [Abstract] | |
The principal balances of those loans at September 30, 2022 and June 30, 2022 are as follows: | The principal balances of those loans at September 30, 2022 and June 30, 2022 are as follows: September 30, June 30, Mortgage loan portfolio serviced for: FHLMC $ 38,117 $ 39,476 |
Activity for loan servicing rights for the three months ended September 30, 2022 and 2021 is as follows: | Activity for loan servicing rights for the three months ended September 30, 2022 and 2021 is as follows: Three Months Ended September 30, September 30, Loan servicing rights: Beginning of period: $ 345 $ 305 Change in fair value 2 (14 ) End of period: $ 347 $ 291 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information for the three months ended September 30, 2022 and 2021 is as follows: | Supplemental cash flow information for the three months ended September 30, 2022 and 2021 is as follows: September 30, September 30, Cash paid during the period for: Interest paid $ 282 $ 327 Income taxes paid $ 250 $ 310 Supplemental noncash disclosures: Transfers from loans to real estate owned $ 106 $ — Change in unrealized gain/loss on securities available-for-sale $ (8,462 ) $ (1,010 ) |
BASIS OF PRESENTATION, RISKS _3
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES (Details Narrative) | Sep. 30, 2022 |
Oconee Federal Mutual Holding Company [Member] | |
Percentage of ownership in the entity | 74.24% |
The factors used in the earning
The factors used in the earnings per common share computation follow: (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per share | ||
Net income | $ 1,339 | $ 771 |
Less: distributed earnings allocated to participating securities | (1) | (1) |
Less: (undistributed income) dividends in excess of earnings allocated to participating securities | (1) | (1) |
Net earnings available to common shareholders | $ 1,337 | $ 769 |
Weighted average common shares outstanding including participating securities | 5,608,331 | 5,592,583 |
Less: participating securities | (9,700) | (14,300) |
Less: average unearned ESOP shares | (2,176) | (6,855) |
Weighted average common shares outstanding | 5,596,455 | 5,571,428 |
Basic earnings per share | $ 0.24 | $ 0.14 |
Add: dilutive effects of assumed exercises of stock options | 3,502 | 44,960 |
Average shares and dilutive potential common shares | 5,599,957 | 5,616,388 |
Diluted earnings per share | $ 0.24 | $ 0.14 |
EARNINGS PER SHARE (_EPS_) (Det
EARNINGS PER SHARE (“EPS”) (Details Narrative) - shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 21,200 | 21,200 |
Investment securities at Septem
Investment securities at September 30, 2022 and June 30, 2022 are as follows: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Marketable Securities [Line Items] | ||
Changes in Fair Value Equity Securities | $ 23 | $ 14 |
Gross Unrealized Gains | 5 | |
Gross Unrealized Losses | (25,663) | (17,206) |
Total, Amortized Cost | 164,658 | 168,486 |
Total, Fair Value | 139,018 | 151,299 |
FHLMC Common Stock [Member] | ||
Marketable Securities [Line Items] | ||
Equity Securities, Amortized Cost | 20 | 20 |
Changes in Fair Value Equity Securities | 23 | 14 |
Equity Securities, Fair Value | 43 | 34 |
Certificates of Deposit [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Amortized Cost | 1,247 | |
Gross Unrealized Gains | 2 | |
Debt Securities, Fair Value | 1,249 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Amortized Cost | 8,696 | 16,991 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (758) | (397) |
Debt Securities, Fair Value | 7,938 | 16,597 |
Collateralized Mortgage Obligations [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Amortized Cost | 13,255 | 14,145 |
Gross Unrealized Losses | (1,664) | (1,081) |
Debt Securities, Fair Value | 11,591 | 13,064 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Amortized Cost | 130,270 | 123,652 |
Gross Unrealized Losses | (20,967) | (14,048) |
Debt Securities, Fair Value | 109,303 | 109,604 |
US Government Agencies Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Amortized Cost | 12,417 | 12,431 |
Gross Unrealized Losses | (2,274) | (1,680) |
Debt Securities, Fair Value | $ 10,143 | $ 10,751 |
The following tables show the f
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, 2022 and June 30, 2022. (Details) $ in Thousands | Sep. 30, 2022 USD ($) Number | Jun. 30, 2022 USD ($) Number | |
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 64,542 | $ 111,311 | |
Less than 12 Months, Unrealized Loss | $ (7,754) | $ (10,969) | |
Less than 12 Months, Number in Unrealized Loss | Number | [1] | 85 | 129 |
12 Months or More, Fair Value | $ 74,433 | $ 37,007 | |
12 Months or More, Unrealized Loss | $ (17,909) | $ (6,237) | |
12 Months or More, Number in Unrealized Loss | Number | [1] | 47 | 28 |
Total, Fair Value | $ 138,975 | $ 148,318 | |
Total, Unrealized Loss | $ (25,663) | $ (17,206) | |
Total, Number in Unrealized Loss | Number | [1] | 132 | 157 |
US States and Political Subdivisions Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 7,938 | $ 15,027 | |
Less than 12 Months, Unrealized Loss | $ (758) | $ (397) | |
Less than 12 Months, Number in Unrealized Loss | Number | [1] | 21 | 41 |
12 Months or More, Fair Value | |||
12 Months or More, Unrealized Loss | |||
12 Months or More, Number in Unrealized Loss | Number | [1] | ||
Total, Fair Value | $ 7,938 | $ 15,027 | |
Total, Unrealized Loss | $ (758) | $ (397) | |
Total, Number in Unrealized Loss | Number | [1] | 21 | 41 |
Collateralized Mortgage Obligations [Member] | |||
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 7,469 | $ 12,174 | |
Less than 12 Months, Unrealized Loss | $ (880) | $ (972) | |
Less than 12 Months, Number in Unrealized Loss | Number | [1] | 13 | 17 |
12 Months or More, Fair Value | $ 4,122 | $ 889 | |
12 Months or More, Unrealized Loss | $ (784) | $ (109) | |
12 Months or More, Number in Unrealized Loss | Number | [1] | 2 | 1 |
Total, Fair Value | $ 11,591 | $ 13,063 | |
Total, Unrealized Loss | $ (1,664) | $ (1,081) | |
Total, Number in Unrealized Loss | Number | [1] | 15 | 18 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 47,410 | $ 80,288 | |
Less than 12 Months, Unrealized Loss | $ (5,847) | $ (9,197) | |
Less than 12 Months, Number in Unrealized Loss | Number | [1] | 50 | 69 |
12 Months or More, Fair Value | $ 61,893 | $ 29,188 | |
12 Months or More, Unrealized Loss | $ (15,120) | $ (4,851) | |
12 Months or More, Number in Unrealized Loss | Number | [1] | 39 | 22 |
Total, Fair Value | $ 109,303 | $ 109,476 | |
Total, Unrealized Loss | $ (20,967) | $ (14,048) | |
Total, Number in Unrealized Loss | Number | [1] | 89 | 91 |
US Government Agencies Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Less than 12 Months, Fair Value | $ 1,725 | $ 3,822 | |
Less than 12 Months, Unrealized Loss | $ (269) | $ (403) | |
Less than 12 Months, Number in Unrealized Loss | Number | [1] | 1 | 2 |
12 Months or More, Fair Value | $ 8,418 | $ 6,930 | |
12 Months or More, Unrealized Loss | $ (2,005) | $ (1,277) | |
12 Months or More, Number in Unrealized Loss | Number | [1] | 6 | 5 |
Total, Fair Value | $ 10,143 | $ 10,752 | |
Total, Unrealized Loss | $ (2,274) | $ (1,680) | |
Total, Number in Unrealized Loss | Number | [1] | 7 | 7 |
[1]Actual amounts. |
The following table presents th
The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at September 30, 2022 and June 30, 2022 by contractual maturity. (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |||
Less than one year | $ 1,247 | ||
Less than one year | 1,249 | ||
Due from one to five years | 1,448 | 4,756 | |
Due from one to five years | 1,377 | 4,727 | |
Due after five years to ten years | 17,974 | 22,244 | |
Due after five years to ten years | 15,296 | 20,391 | |
Due after ten years | 1,691 | 2,422 | |
Due after ten years | 1,408 | 2,230 | |
Mortgage-backed securities, CMOs and FHLMC stock | [1] | 143,545 | 137,817 |
Mortgage-backed securities, CMOs and FHLMC stock | [1] | 120,937 | 122,702 |
Total, Amortized Cost | 164,658 | 168,486 | |
Total, Fair Value | $ 139,018 | $ 151,299 | |
[1]Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty. Federal Home Loan Mortgage Corporation (“FHLMC”) common stock is not scheduled because it has no contractual maturity date. |
The following table presents _2
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, 2022 and 2021: (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 11,049 | |
Gross gains | ||
Gross losses | $ (84) |
SECURITIES AVAILABLE-FOR-SALE_2
SECURITIES AVAILABLE-FOR-SALE (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged to secure public deposits | $ 38,337 | $ 19,322 |
Percentage holding greater than shareholders equity | 10% | 10% |
Tax benefit related to net realized loss | $ 18 |
The components of loans at Sept
The components of loans at September 30, 2022 and June 30, 2022 were as follows: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 361,478 | $ 345,112 |
Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 357,195 | 341,619 |
Commercial And Industrial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,128 | 2,313 |
Consumer And Other Loans Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,155 | 1,180 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 285,045 | 276,410 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 356 | 368 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,324 | 4,803 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 24,250 | 24,629 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,542 | 2,573 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 38,678 | $ 32,836 |
LOANS (Details Narrative)
LOANS (Details Narrative) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 USD ($) Number | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Number | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net deferred loan fees | $ 2,263 | $ 2,157 | |
Period past due for non-accrual status | 90 days | ||
Impaired loans individually evaluated | $ 250 | ||
Total loans | 361,478 | 345,112 | |
Recorded investment in troubled debt restructuring | 496 | 869 | |
Loans individually evaluated for impairment | 1,049 | 1,426 | |
Provision for loan losses | 50 | ||
Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 356,647 | 339,994 | |
Financial Asset, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 4,831 | 5,118 | |
Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 357,195 | 341,619 | |
Loans individually evaluated for impairment | 1,049 | 1,426 | |
Provision for loan losses | 39 | (1) | |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 352,364 | 336,501 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 4,831 | 5,118 | |
Real Estate One-to-Four Family Loan [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios if the borrower obtains mortgage insurance or provides readily marketable collateral (as a percent) | 80% | ||
Real Estate One-to-Four Family Loan [Member] | Owner Occupied Homes [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios (as a percent) | 80% | ||
Real Estate One-to-Four Family Loan [Member] | Non Owner Occupied Homes [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios (as a percent) | 80% | ||
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 285,045 | $ 276,410 | |
Number of troubled debt restructured loans | Number | 1 | 2 | |
Loans individually evaluated for impairment | $ 582 | $ 948 | |
Provision for loan losses | 11 | 10 | |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 281,536 | 272,191 | |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 3,509 | 4,219 | |
Commercial Real Estate [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios (as a percent) | 75% | ||
Term of loans | 20 years | ||
Amortization period | 20 years | ||
Commercial Real Estate [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of loans | 5 years | ||
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 24,250 | $ 24,629 | |
Number of troubled debt restructured loans | Number | 1 | 1 | |
Loans individually evaluated for impairment | $ 467 | $ 478 | |
Provision for loan losses | $ 2 | ||
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 24,099 | 24,391 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 151 | 238 | |
Real Estate Multi Family Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amortization period | 30 years | ||
Real Estate Multi Family Loan [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of loans | 5 years | ||
Loans made as a percentage of lesser of appraised value or purchase price | 75% | ||
Real Estate Multi Family Loan [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of units in properties used to secure loans | Number | 5 | ||
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 356 | 368 | |
Provision for loan losses | (6) | ||
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 154 | 160 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 202 | 208 | |
Home Equity Line of Credit [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios (as a percent) | 80% | ||
Term of loans | 10 years | ||
Amortization period | 20 years | ||
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 6,324 | 4,803 | |
Provision for loan losses | 10 | ||
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,238 | 4,786 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 86 | 17 | |
Real Estate Agricultural [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios (as a percent) | 75% | ||
Term of loans | 20 years | ||
Amortization period | 20 years | ||
Real Estate Agricultural [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of loans | 5 years | ||
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 2,542 | 2,573 | |
Provision for loan losses | |||
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 2,542 | 2,573 | |
Construction Loans [Member] | Owner Occupied Homes [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios (as a percent) | 80% | ||
Construction Loans [Member] | Non Residential Properties [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios (as a percent) | 85% | ||
Term of loans | 8 months | ||
Number of loans a borrower is permitted to have at a time | Number | 2 | ||
Consumer Loans Unsecured [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of loans | 18 months | ||
Consumer Loans Secured By Vehicles [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of loans | 60 months | ||
Consumer Loans Secured By Vehicles [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of loans | 18 months | ||
Covid 19 Loan Modifications [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 5,227 | 7,459 | |
Covid 19 Loan Modifications [Member] | Financial Asset, Not Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 4,763 | 6,984 | |
Covid 19 Loan Modifications [Member] | Financial Asset, Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 464 | 475 | |
Covid 19 Loan Modifications [Member] | Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 3,615 | 4,846 | |
Covid 19 Loan Modifications [Member] | Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,256 | 2,246 | |
Covid 19 Loan Modifications [Member] | Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 356 | 367 | |
Troubled Debt Restructurings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | $ 467 | $ 839 |
The following table presents _3
The following table presents the activity in the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | $ 1,339 | $ 1,339 |
Provision | 50 | |
Charge-offs | ||
Recoveries | ||
Ending Balance | 1,389 | 1,339 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 1,313 | 1,288 |
Provision | 39 | (1) |
Ending Balance | 1,352 | 1,287 |
Commercial And Industrial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 24 | 22 |
Provision | 11 | 1 |
Ending Balance | 35 | 23 |
Consumer And Other Loans Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 2 | 29 |
Provision | ||
Ending Balance | 2 | 29 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 965 | 992 |
Provision | 11 | 10 |
Ending Balance | 976 | 1,002 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 9 | 4 |
Provision | (6) | |
Ending Balance | 3 | 4 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 34 | 41 |
Provision | 10 | |
Ending Balance | 44 | 41 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 158 | 133 |
Provision | 2 | |
Ending Balance | 158 | 135 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 15 | 15 |
Provision | ||
Ending Balance | 15 | 15 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning Balance | 132 | 103 |
Provision | 24 | (13) |
Ending Balance | $ 156 | $ 90 |
The following table presents _4
The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | $ 1,389 | $ 1,339 |
Loans Individually Evaluated for Impairment | 1,049 | 1,426 |
Loans Collectively Evaluated for Impairment | 360,429 | 343,686 |
Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 1,352 | 1,313 |
Loans Individually Evaluated for Impairment | 1,049 | 1,426 |
Loans Collectively Evaluated for Impairment | 356,146 | 340,193 |
Commercial And Industrial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 35 | 24 |
Loans Collectively Evaluated for Impairment | 3,128 | 2,313 |
Consumer And Other Loans Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 2 | 2 |
Loans Collectively Evaluated for Impairment | 1,155 | 1,180 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 976 | 965 |
Loans Individually Evaluated for Impairment | 582 | 948 |
Loans Collectively Evaluated for Impairment | 284,463 | 275,462 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 3 | 9 |
Loans Collectively Evaluated for Impairment | 356 | 368 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 44 | 34 |
Loans Collectively Evaluated for Impairment | 6,324 | 4,803 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 158 | 158 |
Loans Individually Evaluated for Impairment | 467 | 478 |
Loans Collectively Evaluated for Impairment | 23,783 | 24,151 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 15 | 15 |
Loans Collectively Evaluated for Impairment | 2,542 | 2,573 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Ending Allowance on Loans Collectively Evaluated for Impairment | 156 | 132 |
Loans Collectively Evaluated for Impairment | $ 38,678 | $ 32,836 |
The tables below present loans
The tables below present loans that were individually evaluated for impairment by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, with no recorded allowance | $ 1,079 | $ 1,459 |
Recorded Investment, with no recorded allowance | 1,049 | 1,426 |
Average Recorded Investment, with no recorded allowance | 1,238 | 713 |
Interest Income Recognized, with no recorded allowance | 8 | 38 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,079 | 1,459 |
Impaired Financing Receivable, Recorded Investment | 1,049 | 1,426 |
Impaired Financing Receivable, Average Recorded Investment | 1,238 | 713 |
Impaired Financing Receivable, Interest Income, Accrual Method | 8 | 38 |
Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, with no recorded allowance | 1,079 | 1,459 |
Recorded Investment, with no recorded allowance | 1,049 | 1,426 |
Average Recorded Investment, with no recorded allowance | 1,238 | 713 |
Interest Income Recognized, with no recorded allowance | 8 | 38 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,079 | 1,459 |
Impaired Financing Receivable, Recorded Investment | 1,049 | 1,426 |
Impaired Financing Receivable, Average Recorded Investment | 1,238 | 713 |
Impaired Financing Receivable, Interest Income, Accrual Method | 8 | 38 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, with no recorded allowance | 584 | 952 |
Recorded Investment, with no recorded allowance | 582 | 948 |
Average Recorded Investment, with no recorded allowance | 765 | 474 |
Interest Income Recognized, with no recorded allowance | 8 | 38 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance, with no recorded allowance | 495 | 507 |
Recorded Investment, with no recorded allowance | 467 | 478 |
Average Recorded Investment, with no recorded allowance | $ 473 | $ 239 |
Total past due loans and nonacc
Total past due loans and nonaccrual loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 361,478 | $ 345,112 |
Nonaccrual loans | 1,310 | 2,087 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,482 | 3,167 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 946 | 1,047 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 403 | 904 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,831 | 5,118 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 356,647 | 339,994 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 357,195 | 341,619 |
Nonaccrual loans | 1,310 | 2,087 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,482 | 3,167 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 946 | 1,047 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 403 | 904 |
Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,831 | 5,118 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 352,364 | 336,501 |
Commercial And Industrial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,128 | 2,313 |
Commercial And Industrial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,128 | 2,313 |
Consumer And Other Loans Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,155 | 1,180 |
Consumer And Other Loans Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,155 | 1,180 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 285,045 | 276,410 |
Nonaccrual loans | 843 | 1,401 |
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 | 2,160 | 2,632 |
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 | 946 | 891 |
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 | 403 | 696 |
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 | 3,509 | 4,219 |
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 | 281,536 | 272,191 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 356 | 368 |
Nonaccrual loans | 208 | |
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 | 202 | |
Real Estate Multi 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 | 208 | |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 202 | 208 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 154 | 160 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,324 | 4,803 |
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 | 86 | 17 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 86 | 17 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,238 | 4,786 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 24,250 | 24,629 |
Nonaccrual loans | 467 | 478 |
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 | 151 | 82 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 156 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 151 | 238 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 24,099 | 24,391 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,542 | 2,573 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,542 | 2,573 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 38,678 | 32,836 |
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 | 883 | 436 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 883 | 436 |
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 | $ 37,795 | $ 32,400 |
Total loans by risk grade and p
Total loans by risk grade and portfolio segment at September 30, 2022: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 361,478 | $ 345,112 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 356,930 | 335,860 |
Pass Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,634 | 3,165 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 768 | 2,600 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,146 | 3,487 |
Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 357,195 | 341,619 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 352,647 | 332,367 |
Real Estate Portfolio Segment [Member] | Pass Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,634 | 3,165 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 768 | 2,600 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,146 | 3,487 |
Commercial And Industrial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,128 | 2,313 |
Commercial And Industrial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,128 | 2,313 |
Consumer And Other Loans Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,155 | 1,180 |
Consumer And Other Loans Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,155 | 1,180 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 285,045 | 276,410 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 281,341 | 268,631 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Pass Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,417 | 2,806 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 737 | 2,412 |
Real Estate One-to-Four Family Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,550 | 2,561 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 356 | 368 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 356 | 160 |
Real Estate Multi Family Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 208 | |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,324 | 4,803 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,263 | 4,603 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Pass Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 61 | 193 |
Home Equity Line of Credit [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 24,250 | 24,629 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 23,654 | 23,763 |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 188 | |
Commercial Real Estate [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 596 | 678 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,542 | 2,573 |
Real Estate Agricultural [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,542 | 2,573 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 38,678 | 32,836 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 38,491 | 32,637 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Pass Watch [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 156 | 166 |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 31 | |
Real Estate Construction And Land Loan [Member] | Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 33 |
At September 30, 2022 and June
At September 30, 2022 and June 30, 2022, advances from the Federal Home Loan Bank were as follows: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Federal home loan bank advances | $ 19,000 | $ 9,000 |
Stated percentage of Federal Home Loan Bank Advances | 2.75% | 1.74% |
Minimum [Member] | ||
Stated percentage of Federal Home Loan Bank Advances | 1.40% | 1.40% |
Maximum [Member] | ||
Stated percentage of Federal Home Loan Bank Advances | 3.34% | 2.05% |
Payments over the next five yea
Payments over the next five years are as follows: (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 16,500 |
2025 | $ 2,500 |
BORROWINGS (Details Narrative)
BORROWINGS (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Debt Instrument [Line Items] | ||
Stated percentage of Federal Home Loan Bank Advances | 2.75% | 1.74% |
Federal Home Loan Bank remaining availability | $ 136,707 | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances collateralized by investment securities | $ 26,014 | $ 14,779 |
Assets measured at fair value o
Assets measured at fair value on a recurring basis at September 30, 2022 and June 30, 2022 are summarized below: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | $ 139,018 | $ 151,299 | ||
Loan servicing rights | 347 | 345 | $ 291 | $ 305 |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 139,018 | 151,299 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | ||||
FHLMC Common Stock [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities | 43 | 34 | ||
Certificates of Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities | 1,249 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities | 7,938 | 16,597 | ||
Collateralized Mortgage Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities | 11,591 | 13,064 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities | 109,303 | 109,604 | ||
US Government Agencies Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities | 10,143 | 10,751 | ||
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 | 139,018 | 151,299 | ||
Total financial assets | 139,018 | 151,299 | ||
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 | 347 | 345 | ||
Total financial assets | 347 | 345 | ||
Fair Value, Recurring [Member] | FHLMC Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities | 43 | 34 | ||
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] | ||||
Debt Securities | 1,249 | |||
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] | ||||
Debt Securities | 7,938 | 16,597 | ||
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] | ||||
Debt Securities | 11,591 | 13,064 | ||
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] | ||||
Debt Securities | 109,303 | 109,604 | ||
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] | ||||
Debt Securities | $ 10,143 | $ 10,751 |
The table below presents a reco
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, 2022 and 2021: (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||
Balance at beginning of period: | $ 345 | $ 305 |
Unrealized net gains/(losses) included in net income | 2 | (14) |
Balance at end of period: | $ 347 | $ 291 |
The table below presents the va
The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value at September 30, 2022 and June 30, 2022. (Details) - Fair Value, Nonrecurring [Member] - Valuation Technique, Discounted Cash Flow [Member] $ in Thousands | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loan servicing rights | $ 347 | $ 345 |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loan servicing rights, measurement input | 0.1088 | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loan servicing rights, measurement input | 0.1188 |
Presented in the table below ar
Presented in the table below are assets measured at fair value on a nonrecurring basis using level 3 inputs at September 30, 2022 and June 30, 2022: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned, net | $ 106 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned, net | 106 | |
Total | 106 | |
Fair Value, Nonrecurring [Member] | Non Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned, net | $ 106 |
The estimated fair values of th
The estimated fair values of the Company’s remaining on-balance sheet financial instruments at September 30, 2022 and June 30, 2022 are summarized below: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | |
Financial assets | |||
Securities available-for-sale | $ 139,018 | $ 151,299 | |
Loans held for sale | 152 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets | |||
Securities available-for-sale | |||
Loans, net | [1] | ||
Loans held for sale | [2] | ||
Loan servicing rights | |||
Financial liabilities | |||
Deposits | |||
FHLB Advances | |||
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets | |||
Securities available-for-sale | 139,018 | 151,299 | |
Loans, net | [1] | ||
Loans held for sale | [2] | ||
Loan servicing rights | |||
Financial liabilities | |||
Deposits | 453,738 | 454,970 | |
FHLB Advances | 18,750 | 8,868 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets | |||
Securities available-for-sale | |||
Loans, net | [1] | 345,808 | 325,859 |
Loans held for sale | [2] | 152 | |
Loan servicing rights | 347 | 345 | |
Financial liabilities | |||
Deposits | |||
FHLB Advances | |||
Reported Value Measurement [Member] | |||
Financial assets | |||
Securities available-for-sale | 139,018 | 151,299 | |
Loans, net | [1] | 360,089 | 343,773 |
Loans held for sale | [2] | 152 | |
Loan servicing rights | 347 | 345 | |
Restricted equity securities | 1,564 | 1,189 | |
Financial liabilities | |||
Deposits | 459,708 | 459,682 | |
FHLB Advances | 19,000 | 9,000 | |
Estimate of Fair Value Measurement [Member] | |||
Financial assets | |||
Securities available-for-sale | 139,018 | 151,299 | |
Loans, net | [1] | 345,808 | 325,859 |
Loans held for sale | [2] | 152 | |
Loan servicing rights | 347 | 345 | |
Financial liabilities | |||
Deposits | 453,738 | 454,970 | |
FHLB Advances | $ 18,750 | $ 8,868 | |
[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, 2022 and June 30, 2022 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. |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value Disclosures [Abstract] | ||
Real estate owned, net | $ 106 |
Shares held by the ESOP at Sept
Shares held by the ESOP at September 30, 2022 and June 30, 2022 were as follows: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Employee Stock Ownership Plan | ||
Committed to be released to participants | 8,032 | 5,355 |
Allocated to participants | 165,060 | 165,060 |
Unearned | 837 | 3,514 |
Total ESOP shares | 173,929 | 173,929 |
Fair value of unearned shares | $ 20 | $ 76 |
EMPLOYEE STOCK OWNERSHIP PLAN_2
EMPLOYEE STOCK OWNERSHIP PLAN (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2011 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Employee stock ownership plan, employer loan for shares (in shares) | 248,842 | ||
Common stock share price (in dollars per share) | $ 10 | ||
Employee Stock Ownership Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Compensation expense recognized | $ 2 | $ 89 |
The following table summarizes
The following table summarizes stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | |||
Share-Based Payment Arrangement [Abstract] | ||||
Outstanding - beginning of year (in shares) | 49,900 | 131,901 | ||
Outstanding - beginning of year (in dollars per share) | $ 22.48 | $ 15.70 | ||
Granted (in shares) | ||||
Granted (in dollars per share) | ||||
Exercised (in shares) | (6,000) | |||
Exercised (in dollars per share) | $ 19.40 | |||
Outstanding - end of period (in shares) | 43,900 | 131,901 | ||
Outstanding - end of period (in dollars per share) | $ 22.90 | $ 15.70 | ||
Outstanding - end of period | $ 54 | [1] | $ 1,036 | [2] |
Fully vested and exercisable at end of period (in shares) | 30,100 | 112,401 | ||
Fully vested and exercisable at end of period (in dollars per share) | $ 21.92 | $ 14.15 | ||
Fully vested and exercisable at end of period | $ 66 | [1] | $ 1,057 | [2] |
Expected to vest in future periods (in shares) | 13,800 | 19,500 | ||
Fully vested and expected to vest - end of period (in shares) | 43,900 | 131,901 | ||
Fully vested and expected to vest - end of period (in dollars per share) | $ 22.90 | $ 15.70 | ||
Fully vested and expected to vest - end of period | $ 54 | [1] | $ 1,036 | [2] |
Closing price of common stock (in dollars per share) | $ 24.12 | $ 23.56 | ||
[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 $ 24.12 23.56 |
The following table summarize_2
The following table summarizes non-vested restricted stock activity for the three months ended September 30, 2022 and September 30, 2021: (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Balance - beginning of year | 9,700 | 14,300 |
Granted | ||
Forfeited | ||
Vested | ||
Balance - end of period | 9,700 | 14,300 |
Weighted average grant date fair value | $ 22.97 | $ 22.50 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Apr. 05, 2012 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares authorized (in shares) | 435,472 | ||
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares authorized (in shares) | 124,420 | ||
Stock-based compensation expense | $ 16 | $ 25 | |
Expected period for recognition | 3 years 7 months 6 days | ||
Unrecognized compensation expense for nonvested restricted stock awards | $ 199 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Shares authorized (in shares) | 311,052 | ||
Options earned (in shares) | 1,159 | 1,437 | |
Stock-based compensation expense | $ 5 | $ 5 | |
Total unrecognized compensation cost related to stock options | $ 45 | ||
Expected period for recognition | 3 years |
The principal balances of those
The principal balances of those loans at September 30, 2022 and June 30, 2022 are as follows: (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Transfers and Servicing [Abstract] | ||
Mortgage loan portfolio serviced for: FHLMC | $ 38,117 | $ 39,476 |
Activity for loan servicing rig
Activity for loan servicing rights for the three months ended September 30, 2022 and 2021 is as follows: (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Loan servicing rights: | ||
Beginning of period: | $ 345 | $ 305 |
Change in fair value | 2 | (14) |
End of period: | $ 347 | $ 291 |
LOAN SERVICING RIGHTS (Details
LOAN SERVICING RIGHTS (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 |
Custodial escrow balances | $ 598 | $ 453 | |
Discount rate | 11.88% | 8.63% | |
Weighted average default rate | 3% | 10% | |
Minimum [Member] | |||
Prepayment speed assumption | 6.40% | 10.36% | |
Maximum [Member] | |||
Prepayment speed assumption | 16.30% | 19.69% |
Supplemental cash flow inform_3
Supplemental cash flow information for the three months ended September 30, 2022 and 2021 is as follows: (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid during the period for: | ||
Interest paid | $ 282 | $ 327 |
Income taxes paid | 250 | 310 |
Supplemental noncash disclosures: | ||
Transfers from loans to real estate owned | 106 | |
Change in unrealized gain/loss on securities available-for-sale | $ (8,462) | $ (1,010) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - $ / shares | 3 Months Ended | ||
Oct. 27, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | |||
Dividends declared per share | $ 0.10 | $ 0.10 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared per share | $ 0.10 | ||
Dividends payable, record date | Nov. 10, 2022 | ||
Dividends payable, payment date | Nov. 23, 2022 |