Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 03, 2021 | Dec. 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IROQ | ||
Entity Registrant Name | IF Bancorp, Inc. | ||
Entity Central Index Key | 0001514743 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 3,240,376 | ||
Entity Public Float | $ 50,800,894 | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Entity Address, State or Province | IL |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Assets | ||
Cash and due from banks | $ 60,785 | $ 31,529 |
Interest-bearing demand deposits | 1,950 | 1,938 |
Cash and cash equivalents | 62,735 | 33,467 |
Interest-bearing time deposits in banks | 2,250 | 3,000 |
Available-for-sale securities | 189,891 | 162,394 |
Loans, net of allowance for loan losses of $6,599 and $6,234 at June 30, 2021 and 2020, respectively | 513,371 | 509,817 |
Premises and equipment, net of accumulated depreciation of $8,695 and $8,016 at June 30, 2021 and 2020, respectively | 9,793 | 10,193 |
Federal Home Loan Bank stock, at cost | 4,198 | 3,028 |
Foreclosed assets held for sale | 259 | 386 |
Accrued interest receivable | 1,897 | 1,908 |
Bank-owned life insurance | 9,339 | 9,345 |
Mortgage servicing rights | 1,013 | 715 |
Deferred income taxes | 1,697 | 630 |
Other | 898 | 634 |
Total assets | 797,341 | 735,517 |
Deposits | ||
Demand | 96,923 | 87,486 |
Savings, NOW and money market | 308,741 | 232,723 |
Certificates of deposit | 251,198 | 269,152 |
Brokered certificates of deposit | 10,770 | 12,339 |
Total deposits | 667,632 | 601,700 |
Repurchase agreements | 6,245 | 3,738 |
Federal Home Loan Bank advances | 25,000 | 34,500 |
Line of credit and other borrowings | 3,000 | 3,000 |
Advances from borrowers for taxes and insurance | 928 | 519 |
Accrued post-retirement benefit obligation | 3,065 | 3,306 |
Accrued interest payable | 199 | 537 |
Other | 5,968 | 5,653 |
Total liabilities | 712,037 | 652,953 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $.01 par value, 100,000,000 shares authorized, 3,240,376 shares issued and outstanding at both June 30, 2021 and 2020 | 32 | 32 |
Additional paid-in capital | 49,619 | 49,239 |
Unearned ESOP shares, at cost, 192,450 and 211,695 shares at June 30, 2021 and 2020, respectively | (1,925) | (2,117) |
Retained earnings | 35,645 | 31,207 |
Accumulated other comprehensive income, net of tax | 1,933 | 4,203 |
Total stockholders' equity | 85,304 | 82,564 |
Total liabilities and stockholders' equity | $ 797,341 | $ 735,517 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 6,599 | $ 6,234 |
Premises and equipment, accumulated depreciation | $ 8,695 | $ 8,016 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,240,376 | 3,240,376 |
Common stock, shares outstanding | 3,240,376 | 3,240,376 |
Unearned ESOP shares | 192,450 | 211,695 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||
Interest and fees on loans | $ 20,999 | $ 22,917 |
Securities | ||
Taxable | 3,101 | 3,652 |
Tax-exempt | 39 | 75 |
Federal Home Loan Bank dividends | 128 | 71 |
Deposits with financial institutions | 90 | 267 |
Total interest and dividend income | 24,357 | 26,982 |
Interest Expense | ||
Deposits | 3,693 | 7,910 |
Federal Home Loan Bank advances and repurchase agreements | 409 | 651 |
Line of credit and other borrowings | 76 | 133 |
Total interest expense | 4,178 | 8,694 |
Net Interest Income | 20,179 | 18,288 |
Provision for Loan Losses | 844 | 128 |
Net Interest Income After Provision for Loan Losses | 19,335 | 18,160 |
Noninterest Income | ||
Insurance commissions | 645 | 630 |
Brokerage commissions | 967 | 911 |
Net realized gains on sale of available-for-sale securities | 320 | 267 |
Mortgage banking income, net | 613 | 119 |
Gain on sale of loans | 1,573 | 801 |
Bank-owned life insurance income, net | 411 | 273 |
Other | 1,035 | 1,102 |
Total noninterest income | 6,258 | 4,810 |
Noninterest Expense | ||
Compensation and benefits | 11,897 | 11,070 |
Office occupancy | 900 | 943 |
Equipment | 1,730 | 1,564 |
Federal deposit insurance | 178 | 21 |
Stationary, printing and office | 75 | 128 |
Advertising | 441 | 499 |
Professional services | 491 | 442 |
Supervisory examination | 147 | 154 |
Audit and accounting services | 138 | 136 |
Organizational dues and subscriptions | 50 | 49 |
Insurance bond premiums | 181 | 163 |
Telephone and postage | 191 | 213 |
Loss on sale of foreclosed assets | 30 | 27 |
Other | 1,763 | 1,677 |
Total noninterest expense | 18,212 | 17,086 |
Income Before Income Tax | 7,381 | 5,884 |
Provision for Income Taxes | 2,034 | 1,639 |
Net Income | $ 5,347 | $ 4,245 |
Earnings Per Share: | ||
Basic | $ 1.76 | $ 1.37 |
Diluted | 1.74 | 1.35 |
Dividends Paid Per Share | $ 0.30 | $ 0.30 |
Customer Service Fees [Member] | ||
Noninterest Income | ||
Noninterest income | $ 275 | $ 340 |
Other Service Charges and Fees [Member] | ||
Noninterest Income | ||
Noninterest income | $ 419 | $ 367 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 5,347 | $ 4,245 |
Other Comprehensive Income (Loss) | ||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes of $(907) and $1,621 for 2021 and 2020, respectively | (2,276) | 4,065 |
Less: reclassification adjustment for realized gains included in net income, net of taxes of $92 and $76 for 2021 and 2020, respectively | 228 | 191 |
Accumulated other comprehensive income (loss) before tax | (2,504) | 3,874 |
Change in postretirement health plan gains and losses, net of taxes of $94 and $(123) for 2021 and 2020, respectively | 234 | (236) |
Other comprehensive income (loss), net of tax | (2,270) | 3,638 |
Comprehensive Income | $ 3,077 | $ 7,883 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized appreciation (depreciation) on available-for-sale securities, tax | $ (907) | $ 1,621 |
Reclassification adjustment for realized gains included in net income, Tax | 92 | 76 |
Change in postretirement health plan gains and losses taxes | $ 94 | $ (123) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Unearned Esop Shares [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Jun. 30, 2019 | $ 82,461 | $ 36 | $ 48,813 | $ (2,309) | $ 35,356 | $ 565 |
Net income | 4,245 | 4,245 | ||||
Other comprehensive income (loss) | 3,638 | 3,638 | ||||
Dividends on common stock | (939) | (939) | ||||
Stock equity plan | 223 | 223 | ||||
Stock repurchase | (7,459) | (4) | (7,455) | |||
ESOP shares earned | 395 | 203 | 192 | |||
Ending Balance at Jun. 30, 2020 | 82,564 | 32 | 49,239 | (2,117) | 31,207 | 4,203 |
Net income | 5,347 | 5,347 | ||||
Other comprehensive income (loss) | (2,270) | (2,270) | ||||
Dividends on common stock | (909) | (909) | ||||
Stock equity plan | 193 | 193 | ||||
ESOP shares earned | 379 | 187 | 192 | |||
Ending Balance at Jun. 30, 2021 | $ 85,304 | $ 32 | $ 49,619 | $ (1,925) | $ 35,645 | $ 1,933 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Dividends declared per common share | $ 0.30 | $ 0.30 |
Repurchase of stock during the period, shares | 337,876 | |
Repurchase of stock, average price | $ 22.08 | |
ESOP shares earned, shares | 19,245 | 19,245 |
Retained Earnings [Member] | ||
Dividends declared per common share | $ 0.30 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 5,347 | $ 4,245 |
Items not requiring (providing) cash | ||
Depreciation | 679 | 671 |
Provision for loan losses | 844 | 128 |
Amortization of premiums and discounts on securities | 855 | 304 |
Deferred income taxes | (162) | (15) |
Net realized gains on loan sales | (1,573) | (801) |
Net realized gains on sales of available-for-sale securities | (320) | (267) |
Loss on foreclosed real estate held for sale | 30 | 27 |
Bank-owned life insurance income, net | (411) | (273) |
Originations of loans held for sale | (57,465) | (40,615) |
Proceeds from sales of loans held for sale | 58,660 | 41,318 |
ESOP compensation expense | 379 | 395 |
Stock equity plan expense | 193 | 223 |
Changes in | ||
Accrued interest receivable | 11 | 234 |
Other assets | (264) | (219) |
Accrued interest payable | (338) | (264) |
Post-retirement benefit obligation | 87 | 57 |
Other liabilities | 315 | 1,748 |
Net cash provided by operating activities | 6,867 | 6,896 |
Investing Activities | ||
Net change in interest bearing time deposits | 750 | 0 |
Purchases of available-for-sale securities | (79,590) | (52,052) |
Proceeds from the sales of available-for-sale securities | 12,891 | 15,712 |
Proceeds from maturities and pay-downs of available-for-sale securities | 35,164 | 25,619 |
Net change in loans | (4,639) | (22,165) |
Purchase of premises and equipment | (279) | (158) |
Proceeds from the sale of foreclosed assets | 418 | 595 |
Purchase of Federal Home Loan Bank stock | (1,170) | (1,854) |
Proceeds from settlement of bank-owned life insurance death claim | 417 | 0 |
Net cash used in investing activities | (36,038) | (34,303) |
Financing Activities | ||
Net increase in demand deposits, money market, NOW and savings accounts | 85,455 | 43,471 |
Net decrease in certificates of deposit, including brokered certificates | (19,523) | (48,794) |
Net increase (decrease) in advances from borrowers for taxes and insurance | 409 | (228) |
Proceeds from Federal Home Loan Bank advances | 77,000 | 101,500 |
Repayment of Federal Home Loan Bank advances | (86,500) | (91,000) |
Proceeds from other borrowings | 0 | 5,000 |
Repayments of other borrowings | 0 | (2,000) |
Net increase in repurchase agreements | 2,507 | 1,723 |
Dividends paid | (909) | (939) |
Purchases of common stock | 0 | (7,459) |
Net cash provided by financing activities | 58,439 | 1,274 |
Increase (Decrease) in Cash and Cash Equivalents | 29,268 | (26,133) |
Cash and Cash Equivalents, Beginning of Year | 33,467 | 59,600 |
Cash and Cash Equivalents, End of Year | 62,735 | 33,467 |
Supplemental Cash Flows Information | ||
Interest paid | 4,516 | 8,958 |
Income taxes paid (net of refunds) | 2,743 | 1,145 |
Foreclosed assets acquired in settlement of loans | $ 321 | $ 230 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations IF Bancorp, Inc., (“IF Bancorp” or the “Company”) is a Maryland corporation whose principal activity is the ownership and management of its wholly-owned subsidiary, Iroquois Federal Savings and Loan Association (“Iroquois Federal” or the “Association”). The Association provides a full range of banking and financial services to individual and corporate customers from our seven full-service banking offices located in the municipalities of Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois, and our loan production and wealth management office in Osage Beach, Missouri. Our primary lending market includes the Illinois counties of Vermilion, Iroquois, Champaign and Kankakee, as well as the adjacent counties in Illinois and Indiana. Our loan production and wealth management office in Osage Beach, Missouri, serves the Missouri counties of Camden, Miller and Morgan. The principal activity of the Association’s wholly-owned subsidiary, L.C.I. Service Corporation (“L.C.I.”) dba Iroquois Insurance Agency, is the sale of property and casualty insurance. The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of the Association. The Company and Association are subject to competition from other financial institutions. The Company and Association are also subject to the regulation of certain federal and state agencies and undergo periodic examinations by those regulatory authorities. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Association and Association’s wholly owned subsidiary, L.C.I. All significant intercompany accounts and transactions have been eliminated in consolidation. Operating Segment The Company provides community banking services, including such products and services as loans, certificates of deposits, savings accounts, and mortgage originations. These activities are reported as a single operating segment. The Company does not derive revenues from, or have assets located in, foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company’s total revenues. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, fair value measurements of investment securities, loan servicing rights and income taxes. Interest-bearing Time Deposits in Banks Interest-bearing time deposits in banks mature within three years and are carried at cost. Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At June 30, 2021 and 2020, cash equivalents consisted primarily of noninterest bearing deposits and interest bearing demand deposits. At June 30, 2021, the Company’s cash accounts exceeded federally insured limits by approximately $260,000. Securities Securities are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows or the collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case loan-by-loan Groups of loans with similar characteristics, including individually evaluated loans not determined to be impaired, are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 35-40 years Furniture and equipment 3-5 Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset are less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. No asset impairment was recognized during the years ended June 30, 2021 and 2020. Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value are reflected in noninterest income in the consolidated statements of income. Fee Income Loan origination fees, net of direct origination costs, are recognized as income using the level-yield method over the contractual life of the loans. Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit and investments securities, as well as revenue related to our mortgage servicing activities and bank owned life insurance, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, and which are presented in our income statements as components of noninterest income are as follows: Customer Service Fees—The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. Insurance Commissions—The Company’s insurance agency, Iroquois Insurance Agency, receives commissions on premiums of new and renewed business policies. Iroquois Insurance Agency records commission revenue on direct bill policies as the cash is received. For agency bill policies, Iroquois Insurance Agency retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the carrier holds the performance obligation. Brokerage Commissions—The primary brokerage revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Other—The Company generates revenue through service charges from the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used, and the performance obligation is satisfied. Mortgage Servicing Rights Mortgage servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The change in fair value of mortgage servicing rights is netted against loan servicing fee income. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company – put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each year. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and restricted stock awards and are determined using the treasury stock method. Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized appreciation (depreciation) on available-for-sale Stock-based Compensation Plans At June 30, 2021 and 2020, the Company has stock-based compensation plans (stock options and restricted stock) which are described more fully in Note 16. COVID-19 The Company is subject to risks and uncertainties as a result of the COVID-19 COVID-19; COVID-19 Recent and Future Accounting Requirements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale 2016-13, 2016-13 |
Securities
Securities | 12 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 2: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair Value Available-for-sale June 30, 2021: U.S. Treasury $ 990 $ 6 $ — $ 996 U.S. Government and federal agency and Government sponsored enterprises (GSEs) 7,522 517 — 8,039 Mortgage-backed: GSE residential 167,711 4,011 (1,307 ) 170,415 Small Business Administration 9,115 105 (30 ) 9,190 State and political subdivisions 1,251 — — 1,251 $ 186,589 $ 4,639 $ (1,337 ) $ 189,891 June 30, 2020: U.S. Government and federal agency and Government sponsored enterprises (GSEs) $ 7,528 $ 708 $ — $ 8,236 Mortgage-backed: GSE residential 143,033 6,044 (222 ) 148,855 Small Business Administration 3,578 62 — 3,640 State and political subdivisions 1,449 215 (1 ) 1,663 $ 155,588 $ 7,029 $ (223 ) $ 162,394 With the exception of Mortgage-backed-GSE All mortgage-backed securities at June 30, 2021 and 2020 were issued by government sponsored enterprises. The amortized cost and fair value of available-for-sale Amortized Fair Value Within one year $ — $ — One to five years 6,030 6,447 Five to ten years 4,963 5,103 After ten years 7,885 7,926 18,878 19,476 Mortgage-backed securities 167,711 170,415 Totals $ 186,589 $ 189,891 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $96,429,000 at June 30, 2021 and $66,186,000 at June 30, 2020. Gross gains of $327,000 and $295,000 and gross losses of $7,000 and $28,000 resulting from sales of available-for-sale Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at June 30, 2021 and 2020, was $85,118,000 and $24,574,000, respectively, which is approximately 45% and 16% of the Company’s available-for-sale The following table shows the Company’s gross unrealized investment losses and the fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2021 and 2020: Less Than 12 Months 12 Months or More Total Description of Fair Unrealized Fair Value Unrealized Fair Value Unrealized June 30, 2021: Mortgage-backed: GSE residential $ 75,002 (1,259 ) 4,160 (48 ) 79,162 (1,307 ) Small Business Administration 5,956 (30 ) — — 5,956 (30 ) Total temporarily impaired securities $ 80,958 $ (1,289 ) $ 4,160 $ (48 ) $ 85,118 $ (1,337 ) June 30, 2020: Mortgage-backed: GSE residential $ 22,162 $ (116 ) $ 2,351 $ (106 ) $ 24,513 $ (222 ) Small Business Administration 61 (1 ) — — 61 (1 ) Total temporarily impaired securities $ 22,223 $ (117 ) $ 2,351 $ (106 ) $ 24,574 $ (223 ) The unrealized losses on the Company’s investment in residential mortgage-backed securities and Small Business Administration securities at June 30, 2021 and 2020, were mostly the result of a decline in market value that was attributable to changes in interest rates and not credit quality, and the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2021 and 2020. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 3: Loans and Allowance for Loan Losses Classes of loans at June 30, include: 2021 2020 Real estate loans One- $ 117,435 $ 128,876 Multi-family 104,433 96,195 Commercial 155,884 145,113 Home equity lines of credit 6,688 8,551 Construction 25,345 22,042 Commercial 103,088 107,581 Consumer 7,653 7,529 520,526 515,887 Less Unearned fees and discounts, net 556 (164 ) Allowance for loan losses 6,599 6,234 Loans, net $ 513,371 $ 509,817 The Company had loans held for sale included in one- The Company believes that sound loans are a necessary and desirable means of employing funds available for investment. Recognizing the Company’s obligations to its depositors and to the communities it serves, authorized personnel are expected to seek to develop and make sound, profitable loans that resources permit and that opportunity affords. The Company maintains lending policies and procedures in place designed to focus our lending efforts on the types, locations, and duration of loans most appropriate for our business model and markets. The Company’s lending activity includes the origination of one- Management reviews and approves the Company’s lending policies and procedures on a routine basis. Management routinely (at least quarterly) reviews our allowance for loan losses and reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing The Company’s policies and loan approval limits are established by the Board of Directors. The loan officers generally have authority to approve one- one- one- The Company conducts internal loan reviews that validate the loans against the Company’s loan policy quarterly for mortgage, consumer, and small commercial loans on a sample basis, and all larger commercial loans on an annual basis. The Company also receives independent loan reviews performed by a third party on larger commercial loans to be performed annually. In addition to compliance with our policy, the third party loan review process reviews the risk assessments made by our credit department, lenders and loan committees. Results of these reviews are presented to management, Audit Committee and the Board of Directors. The Company’s lending can be summarized into six primary areas; one- One- The Company offers one- non-conforming one- one- The Company offers USDA Rural Development loans which are originated and sold servicing released. The Company also offers FHA and VA loans that are originated through a nationwide wholesale lender. In addition, the Company also offers home equity loans that are secured by a second mortgage on the borrower’s primary or secondary residence. Home equity loans are generally underwritten using the same criteria used to underwrite one- As one- one- Commercial Real Estate and Multi-Family Real Estate Loans Commercial real estate mortgage loans are primarily secured by office buildings, owner-occupied businesses, strip mall centers, churches, and farm loans secured by real estate. In underwriting commercial real estate and multi-family real estate loans, the Company considers a number of factors, which include the projected net cash flow to the loan’s debt service requirement, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. Personal guarantees are typically obtained from commercial real estate and multi-family real estate borrowers. In addition, the borrower’s financial information on such loans is monitored on an ongoing basis by requiring periodic financial statement updates. The repayment of these loans is primarily dependent on the cash flows of the underlying property. However, the commercial real estate loan generally must be supported by an adequate underlying collateral value. The performance and the value of the underlying property may be adversely affected by economic factors or geographical and/or industry specific factors. These loans are subject to other industry guidelines that are closely monitored by the Company. Home Equity Lines of Credit In addition to traditional one- one- Commercial Business Loans The Company originates commercial non-mortgage medium-sized The commercial business loan portfolio consists primarily of secured loans. When making commercial business loans, the Company considers the financial statements, lending history and debt service capabilities of the borrower, the projected cash flows of the business and the value of the collateral, if any. The cash flows of the underlying borrower, however, may not perform consistent with historical or projected information. Further, the collateral securing loans may fluctuate in value due to individual economic or other factors. Loans are typically guaranteed by the principals of the borrower. The Company has established minimum standards and underwriting guidelines for all commercial loan types. Commercial business loans also include Small Business Administration (SBA) Paycheck Protection Program (PPP) loans which are covered by a 100% government guaranty. As of June 30, 2021, the Company had 364 loans totaling $20.6 million, compared to 295 loans totaling $26.2 million at June 30, 2020. Real Estate Construction Loans The Company originates construction loans for one- Consumer Loans Consumer loans consist of installment loans to individuals, primarily automotive loans. These loans are underwritten utilizing the borrower’s financial history, including the Fair Isaac Corporation (“FICO”) Loan-to-value Loan Concentrations The loan portfolio includes a concentration of loans secured by commercial real estate properties, including commercial real estate construction loans, amounting to $274,892,000 and $256,015,000 as of June 30, 2021 and 2020, respectively. Generally, these loans are collateralized by multi-family and nonresidential properties. The loans are expected to be repaid from cash flows or from proceeds from the sale of the properties of the borrower. Purchased Loans and Loan Participations The Company’s loans receivable included purchased loans of $3,578,000 and $4,181,000 at June 30, 2021 and 2020, respectively. All of these purchased loans are secured by single family homes located out of our primary market area primarily in the Midwest. The Company’s loans receivable also include commercial loan participations of $26,870,000 and $23,950,000 at June 30, 2021 and 2020, respectively, of which $9,718,000 and $8,126,000, at June 30, 2021 and 2020 were outside of our primary market area. These participation loans are secured by real estate and other business assets. The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of June 30, 2021 and 2020: 2021 Real Estate Loans One- to four- Multi-family Commercial Home Equity Allowance for loan losses: Balance, beginning of year $ 1,044 $ 1,514 $ 1,706 $ 87 Provision charged to expense (64 ) 160 125 (20 ) Losses charged off (15 ) — — — Recoveries 2 — — — Balance, end of period $ 967 $ 1,674 $ 1,831 $ 67 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 967 $ 1,674 $ 1,831 $ 67 Loans: Ending balance $ 117,435 $ 104,433 $ 155,884 $ 6,688 Ending balance: individually evaluated for impairment $ 1,252 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 116,183 $ 104,433 $ 155,884 $ 6,688 2021 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of year $ 240 $ 1,583 $ 60 $ 6,234 Provision charged to expense 18 611 14 844 Losses charged off — (473 ) (25 ) (513 ) Recoveries — 19 13 34 Balance, end of year $ 258 $ 1,740 $ 62 $ 6,599 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 258 $ 1,740 $ 62 $ 6,599 Loans: Ending balance $ 25,345 $ 103,088 $ 7,653 $ 520,526 Ending balance: individually evaluated for impairment $ — $ 46 $ — $ 1,298 Ending balance: collectively evaluated for impairment $ 25,345 $ 103,042 $ 7,653 $ 519,228 2020 Real Estate Loans One- to four- Multi-family Commercial Home Equity Allowance for loan losses: Balance, beginning of year $ 1,031 $ 1,642 $ 1,623 $ 89 Provision charged to expense 50 (128 ) 83 (2 ) Losses charged off (40 ) — — — Recoveries 3 — — — Balance, end of period $ 1,044 $ 1,514 $ 1,706 $ 87 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,044 $ 1,514 $ 1,706 $ 87 Loans: Ending balance $ 128,876 $ 96,195 $ 145,113 $ 8,551 Ending balance: individually evaluated for impairment $ 1,336 $ — $ — $ 15 Ending balance: collectively evaluated for impairment $ 127,540 $ 96,195 $ 145,113 $ 8,536 2020 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of year $ 213 $ 1,659 $ 71 $ 6,328 Provision charged to expense 27 84 14 128 Losses charged off — (191 ) (37 ) (268 ) Recoveries — 31 12 46 Balance, end of year $ 240 $ 1,583 $ 60 $ 6,234 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 240 $ 1,583 $ 60 $ 6,234 Loans: Ending balance $ 22,042 $ 107,581 $ 7,529 $ 515,887 Ending balance: individually evaluated for impairment $ — $ 304 $ 5 $ 1,660 Ending balance: collectively evaluated for impairment $ 22,042 $ 107,277 $ 7,524 $ 514,227 Management’s opinion as to the ultimate collectability of loans is subject to estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Allowance for Loan Losses The allowance for loan losses represents an estimate of the amount of losses believed inherent in our loan portfolio at the balance sheet date. The allowance calculation involves a high degree of estimation that management attempts to mitigate through the use of objective historical data where available. Loan losses are charged against the allowance for loan losses when management believes that the loan balance is confirmed as uncollectible. Subsequent recoveries, if any, are credited to the allowance. Overall, we believe the reserve to be consistent with prior periods and adequate to cover the estimated losses in our loan portfolio. The Company’s methodology for assessing the appropriateness of the allowance for loan losses consists of two key elements: (1) specific allowances for estimated credit losses on individual loans that are determined to be impaired through the Company’s review for identified problem loans; and (2) a general allowance based on estimated credit losses inherent in the remainder of the loan portfolio. The specific allowance is measured by determining the present value of expected cash flows, the loan’s observable market value, or for collateral-dependent loans, the fair value of the collateral adjusted for market conditions and selling expense. Factors used in identifying a specific problem loan include: (1) the strength of the customer’s personal or business cash flows; (2) the availability of other sources of repayment; (3) the amount due or past due; (4) the type and value of collateral; (5) the strength of the collateral position; (6) the estimated cost to sell the collateral; and (7) the borrower’s effort to cure the delinquency. In addition for loans secured by real estate, the Company also considers the extent of any past due and unpaid property taxes applicable to the property serving as collateral on the mortgage. The Company establishes a general allowance for loans that are not deemed impaired to recognize the inherent losses associated with lending activities, but which, unlike specific allowances, has not been allocated to particular problem assets. The general valuation allowance is determined by segregating the loans by loan category and assigning allowance percentages based on the Company’s historical loss experience, delinquency trends, and management’s evaluation of the collectability of the loan portfolio. In certain instances, the historical loss experience could be adjusted if similar risks are not inherent in the remaining portfolio. The allowance is then adjusted for qualitative factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. These qualitative factors may include: (1) Management’s assumptions regarding the minimal level of risk for a given loan category; (2) changes in lending policies and procedures, including changes in underwriting standards, and charge-off non-accrual re-evaluated Although the Company’s policy allows for a general valuation allowance on certain smaller-balance, homogenous pools of loans classified as substandard, the Company has historically evaluated every loan classified as substandard, regardless of size, for impairment as part of the review for establishing specific allowances. The Company’s policy also allows for general valuation allowance on certain smaller-balance, homogenous pools of loans which are loans criticized as special mention or watch. A separate general allowance calculation is made on these loans based on historical measured weakness, and which is no less than twice the amount of the general allowance calculated on the non-classified There have been no changes to the Company’s accounting policies or methodology from the prior periods. Credit Quality Indicators The Company categorizes loans into risk categories based on 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 are graded at inception of the loan. Subsequently, analyses are performed on an annual basis and grade changes are made as necessary. Interim grade reviews may take place if circumstances of the borrower warrant a more timely review. The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as “Watch,” “Substandard,” “Doubtful,” and “Loss.” The Company uses the following definitions for risk ratings: Pass – Watch – Substandard – Doubtful – Loss – charged-off. Risk characteristics applicable to each segment of the loan portfolio are described as follows. Residential One- one- one- Commercial and Multi-family Real Estate: Construction Real Estate: Commercial: Consumer: The following tables present the credit risk profile of the Company’s loan portfolio, as of June 30, 2021 and 2020, based on rating category and payment activity: Real Estate Loans June 30, 2021 One- to four- family Multi- Commercial Home Equity Construction Pass $ 116,980 $ 104,170 $ 154,833 $ 6,688 $ 25,345 Watch — — 954 — — Substandard 455 263 97 — — Doubtful — — — — — Loss — — — — — Total $ 117,435 $ 104,433 $ 155,884 $ 6,688 $ 25,345 June 30, 2021, (Continued) Commercial Consumer Total Pass $ 97,078 $ 7,652 $ 512,746 Watch 5,964 1 6,919 Substandard 46 — 861 Doubtful — — — Loss — — — Total $ 103,088 $ 7,653 $ 520,526 Real Estate Loans June 30, 2020 One- to four- family Multi -family Commercial Home Equity Construction Pass $ 127,279 $ 95,925 $ 143,727 $ 8,402 $ 22,042 Watch 775 — 1,073 134 — Substandard 822 270 313 15 — Doubtful — — — — — Loss — — — — — Total $ 128,876 $ 96,195 $ 145,113 $ 8,551 $ 22,042 June 30, 2020, (Continued) Commercial Consumer Total Pass $ 105,605 $ 7,524 $ 510,504 Watch 1,651 — 3,633 Substandard 81 5 1,506 Doubtful 244 — 244 Loss — — — Total $ 107,581 $ 7,529 $ 515,887 The following tables present the Company’s loan portfolio aging analysis as of June 30, 2021 and 2020: 30-59 Days 60-89 Days Past Due Greater Than Total Past Due Current Total Loans Total Loans > June 30, 2021 Real estate loans: One- $ 320 $ 52 $ 152 $ 524 $ 116,911 $ 117,435 $ 118 Multi-family — — — — 104,433 104,433 — Commercial 86 — — 86 155,798 155,884 — Home equity lines of credit 55 — — 55 6,633 6,688 — Construction — — — — 25,345 25,345 — Commercial 9 — — 9 103,079 103,088 — Consumer 6 — — 6 7,647 7,653 — Total $ 476 $ 52 $ 152 $ 680 $ 519,846 $ 520,526 $ 118 June 30, 2020 Real estate loans: One- $ 1,034 $ 225 $ 385 $ 1,644 $ 127,232 $ 128,876 $ 304 Multi-family — — — — 96,195 96,195 — Commercial 172 95 — 267 144,846 145,113 — Home equity lines of credit — — — — 8,551 8,551 — Construction — — — — 22,042 22,042 — Commercial — 4 244 248 107,333 107,581 — Consumer 24 43 — 67 7,462 7,529 — Total $ 1,230 $ 367 $ 629 $ 2,226 $ 513,661 $ 515,887 $ 304 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), case-by-case Impairment is measured on a loan-by-loan The Company actively seeks to reduce its investment in impaired loans. The primary tools to work through impaired loans are settlement with the borrowers or guarantors, foreclosure of the underlying collateral, or restructuring. Included in certain loan categories in the impaired loans are $1.3 million in troubled debt restructurings that were classified as impaired. The following tables present impaired loans for year ended June 30, 2021 and 2020: June 30, 2021 Recorded Unpaid Specific Average Interest Interest on Loans without a specific allowance: Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — Loans with a specific allowance: Real estate loans: One- $ — $ — $ — $ — $ — $ — Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial — — — — — — Consumer — — — — — — Total: Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — Total $ 1,298 $ 1,298 $ — $ 1,536 $ 86 $ 73 June 30, 2020 Recorded Unpaid Specific Average Interest Interest on Loans without a specific allowance: Real estate loans: One- $ 1,336 $ 1,336 $ — $ 1,388 $ 61 $ 62 Multi-family — — — — — — Commercial — — — 3 — — Home equity lines of credit 15 15 — 18 — — Construction — — — — — — Commercial 304 304 — 382 23 25 Consumer 5 5 — 9 — — Loans with a specific allowance: Real estate loans: One- $ — $ — $ — $ — $ — $ — Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial — — — — — — Consumer — — — — — — Total: Real estate loans: One- $ 1,336 $ 1,336 $ — $ 1,388 $ 61 $ 62 Multi-family — — — — — — Commercial — — — 3 — — Home equity lines of credit 15 15 — 18 — — Construction — — — — — — Commercial 304 304 — 382 23 25 Consumer 5 5 — 9 — — Total $ 1,660 $ 1,660 $ — $ 1,800 $ 84 $ 87 Interest income recognized on impaired loans includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on non-accruing The following table presents the Company’s nonaccrual loans at June 30, 2021 and 2020: 2021 2020 Real estate loans One- $ 34 $ 81 Multi-family — — Commercial — — Home equity lines of credit — 15 Construction — — Commercial — 304 Consumer — 5 Total $ 34 $ 405 At June 30, 2021 and 2020, the Company had a number of loans that were modified in troubled debt restructurings (TDR’s) and impaired. The modification of terms of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan. The following table presents the recorded balance, at original cost, of troubled debt restructurings, as of June 30, 2021 and 2020. With the exception of a single one- one- one- June 30, 2021 June 30, 2020 Real estate loans One- $ 1,218 $ 1,256 Multi-family — — Commercial — — Home equity lines of credit — 15 Total real estate loans 1,218 1,271 Construction — — Commercial 46 59 Consumer — — Total $ 1,264 $ 1,330 The following table represents loans modified as troubled debt restructurings during the years ending June 30, 2021 and 2020: Year Ended June 30, 2021 Year Ended June 30, 2020 Number of Recorded Number of Recorded Real estate loans: One- — $ — — $ — Home equity lines of credit — — — — Multi-family — — — — Commercial — — — — Total real estate loans — — — — Construction — — — — Commercial — — 1 61 Consumer loans — — — — Total — $ — 1 $ 61 2021 Modifications During the year ended June 30, 2021, the Company did not modify any loans. 2020 Modifications During the year ended June 30, 2020, the Company modified one commercial business loan in the amount of $61,000. This modification included a decrease in interest rate and maturity concession. COVID-19 Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that was signed into law on March 27, 2020, certain COVID-19 COVID-19; COVID-19 TDRs with Defaults The Company had one TDR, a one- one- Specific loss allowances are included in the calculation of estimated future loss ratios, which are applied to the various loan portfolios for purposes of estimating future losses. Management considers the level of defaults within the various portfolios, as well as the current adverse economic environment and negative outlook in the real estate and collateral markets when evaluating qualitative adjustments used to determine the adequacy of the allowance for loan losses. We believe the qualitative adjustments more accurately reflect collateral values in light of the sales and economic conditions that we have recently observed. We may obtain physical possession of real estate collateralizing a residential mortgage loan or home equity loan via foreclosure or in-substance |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 4: Premises and Equipment Major classifications of premises and equipment, stated at cost, are as follows: 2021 2020 Land $ 2,028 $ 1,976 Buildings and improvements 11,358 11,338 Furniture and equipment 5,102 4,895 18,488 18,209 Less accumulated depreciation 8,695 8,016 Net premises and equipment $ 9,793 $ 10,193 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | Note 5: Loan Servicing Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others was $138,119,000 and $116,696,000 at June 30, 2021 and 2020, respectively. Custodial escrow balances in connection with the foregoing loan servicing were $747,000 and $672,000 at June 30, 2021 and 2020, respectively. The aggregate fair value of capitalized mortgage servicing rights at June 30, 2021 and 2020 was $1,013,000 and $715,000, respectively. Comparable market values and a valuation model that calculates the present value of future cash flows were used to estimate fair value. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, custodial earnings rate, default rates and losses and prepayment speeds. The following summarizes the activity in mortgage servicing rights measured using the fair value method: 2021 2020 Fair value, beginning of period $ 715 $ 853 Additions: Servicing assets resulting from asset transfers 433 255 Subtractions: Payments received and loans refinanced (299 ) (99 ) Changes in fair value, due to changes in valuation inputs or assumptions 164 (294 ) Fair value, end of period $ 1,013 $ 715 For purposes of measuring impairment, risk characteristics including product type, investor type, and interest rates, were used to stratify the originated mortgage servicing rights. |
Interest-Bearing Deposits
Interest-Bearing Deposits | 12 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Interest-Bearing Deposits | Note 6: Interest-bearing Deposits Interest-bearing deposits in denominations of $100,000 or more were $333,266,000 at June 30, 2021 and $276,821,000 at June 30, 2020. The following table represents interest expense by deposit type: 2021 2020 Savings, NOW, and Money Market $ 742 $ 1,405 Certificates of deposit 2,880 5,962 Brokered certificates of deposit 71 543 Total deposit interest expense $ 3,693 $ 7,910 At June 30, 2021, the scheduled maturities of time deposits; including brokered time deposits, are as follows: 2022 $ 205,243 2023 42,516 2024 6,620 2025 2,265 2026 and thereafter 5,324 $ 261,968 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Note 7: Federal Home Loan Bank Advances The Federal Home Loan Bank advances totaled $25,000,000 and $34,500,000 as of June 30, 2021 and 2020, respectively. The Federal Home Loan Bank advances are secured by mortgage, multi-family, commercial real estate, and HELOC loans totaling $286,596,000 at June 30, 2021. Advances at June 30, 2021, at interest rates from 0.00 to 2.72 percent are subject to restrictions or penalties in the event of prepayment. Aggregate annual maturities of Federal Home Loan Bank advances at June 30, 2021, are: 2022 $ 5,000 2023 5,000 2024 10,000 2025 — 2026 5,000 Thereafter — $ 25,000 |
Lines of Credit
Lines of Credit | 12 Months Ended |
Jun. 30, 2021 | |
Line of Credit Facility [Abstract] | |
Lines of Credit | Note 8: Lines of Credit In September of 2020, the Company renewed a revolving line of credit up to $7.5 million from CIBC BANK USA for general corporate purposes. The Company has a current balance of $3.0 million at an interest rate of 2.5%. The current note matures in September, 2021. |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Jun. 30, 2021 | |
Brokers and Dealers [Abstract] | |
Repurchase Agreements | Note 9: Repurchase Agreements Securities sold under agreements to repurchase consist of obligations of the Company to other parties. The carrying value of securities sold under agreement to repurchase amounted to $6.2 million at June 30, 2021 and $3.7 million at June 30, 2020. At June 30, 2021, approximately $4.9 million of our repurchase agreements had an overnight maturity, while the remaining $1.3 million in repurchase agreements had a term of 30 to 90 days. The maximum amount of outstanding agreements at any month-end |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10: Income Taxes The Company and its subsidiary file income tax returns in the U.S. federal jurisdiction and the States of Illinois and Missouri. During the years ended June 30, 2021 and 2020, the Company did not recognize expense for interest or penalties. The provision for income taxes includes these components: 2021 2020 Taxes currently payable $ 2,196 $ 1,654 Deferred income taxes (162 ) (15 ) Income tax expense $ 2,034 $ 1,639 A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: 2021 2020 Computed at the statutory rate of 21.0% $ 1,550 $ 1,236 Increase (decrease) resulting from Tax exempt interest (8 ) (16 ) Cash surrender value of life insurance (87 ) (57 ) State income taxes 540 441 Other 39 35 Actual tax expense $ 2,034 $ 1,639 Tax rate as a percentage of pre-tax 27.6 % 27.9 % The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were: 2021 2020 Deferred tax assets Allowance for loan losses $ 1,880 $ 1,776 Accrued retirement liability 703 677 Deferred compensation 508 468 Deferred loan fees 336 291 Postretirement health plan 170 264 Accrued vacation 61 66 MPF recourse liability 121 97 Deferred revenue Mastercard 19 23 Stock options—Directors 54 50 Restricted stock — 11 Accrued professional services 23 18 Other — 7 3,875 3,748 Deferred tax liabilities Depreciation (687 ) (731 ) Mortgage servicing rights (289 ) (204 ) Deferred loan expense (177 ) (181 ) Unrealized gains on available-for-sale (941 ) (1,940 ) Restricted stock (8 ) — Prepaid expenses (76 ) (62 ) (2,178 ) (3,118 ) Net deferred tax asset $ 1,697 $ 630 Retained earnings at both June 30, 2021 and 2020, include approximately $2,217,000, for which no deferred federal income tax liability has been recognized. These amounts represent an allocation of income to bad debt deductions for tax purposes only. Reduction of amounts so allocated for purposes other than tax bad debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The deferred income tax liabilities on the preceding amounts that would have been recorded if they were expected to reverse into taxable income in the foreseeable future were approximately $466,000 at both June 30, 2021 and 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 11: Accumulated Other Comprehensive Income The following tables present changes in accumulated other comprehensive income (loss), by component, net of tax, for the years ended June 30, 2021 and 2020: Unrealized Gains and Losses on Available-for- Sale Defined Total June 30, 2021: Beginning balance $ 4,865 $ (662 ) $ 4,203 Other comprehensive income before reclassification (2,276 ) — (2,276 ) Amounts reclassified from accumulated other comprehensive income (228 ) — (228 ) Net current period other comprehensive income — 234 234 Ending balance $ 2,361 $ (428 ) $ 1,933 June 30, 2020: Beginning balance $ 991 $ (426 ) $ 565 Other comprehensive income before reclassification 4,065 — 4,065 Amounts reclassified from accumulated other comprehensive income (191 ) — (191 ) Net current period other comprehensive income — (236 ) (236 ) Ending balance $ 4,865 $ (662 ) $ 4,203 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (AOCI) by Component | 12 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Changes in Accumulated Other Comprehensive Income (AOCI) by Component | Note 12: Changes in Accumulated Other Comprehensive Income (AOCI) by Component Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended June 30, 2021 and 2020, were as follows: Amounts Reclassified 2021 2020 Affected Line Item in the Realized gains on available-for-sale $ 320 $ 267 Net realized gains on sale of available-for-sale Amortization of defined benefit pension items: Actuarial losses 328 359 Components are included in computation of net periodic pension cost Total reclassified amount before tax 648 626 Tax expense 186 199 Provision for Income Tax Total reclassification out of AOCI $ 462 $ 427 Net Income |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Regulatory Matters | Note 13: Regulatory Matters The Association is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that if undertaken, could have a direct material effect on the Association’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Association must meet specific capital guidelines involving quantitative measures of the Association’s assets, liabilities and certain off-balance-sheet The Basel III regulatory capital framework (the “Basel III Capital Rules”) adopted by U.S. federal regulatory authorities, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consist of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) define CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iv) set forth the acceptable scope of deductions/adjustments to the specified capital measures. In addition, to avoid restrictions on capital distributions, including dividend payments and stock repurchases, or discretionary bonus payments to executives, a covered banking organization must maintain a “capital conservation buffer” of 2.5 percent on top of its minimum risk-based capital requirements. This buffer must consist solely of Tier 1 Common Equity and the buffer applies to all three measurements: Common Equity Tier 1, Tier 1 capital and total capital. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies were required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies issued a final rule setting the Community Bank Leverage Ratio at 9%, effective with the quarter ended March 31, 2020. The rule also established a two-quarter As of June 30, 2021 and 2020, the Association met all capital adequacy requirements to which it is subject and was categorized as well capitalized under regulatory framework for prompt corrective action. There are no conditions or events that management believes have changed the Association’s prompt corrective action category. The Association’s actual capital amounts (in thousands) and ratios are also presented in the table. Actual Minimum Capital Minimum to Be Well Amount Ratio Amount Ratio Amount Ratio As of June 30, 2021 Community Bank Leverage Ratio $ 78,539 10.48 % $ 63,685 8.50 % $ 63,685 8.50 % Tier 1 capital (to adjusted total assets) 78,539 10.48 % 29,970 4.00 % 37,462 5.00 % Tangible capital (to adjusted tangible assets) 78,539 10.48 % 11,239 1.50 % N/A N/A As of June 30, 2020 Community Bank Leverage Ratio $ 76,428 10.68 % $ 57,238 8.00 % $ 57,238 8.00 % Tier 1 capital (to adjusted total assets) 76,428 10.68 % 28,619 4.00 % 35,774 5.00 % Tangible capital (to adjusted tangible assets) 76,428 10.68 % 10,732 1.50 % N/A N/A The following is a reconciliation of the Association equity amounts included in the consolidated balance sheets to the amounts reflected for regulatory purposes: 2021 2020 Association equity $ 80,472 $ 80,631 Less net unrealized gains 2,361 4,865 Less postretirement benefit plan (428 ) (662 ) Tier 1 capital 78,539 76,428 Plus allowance for loan losses subject to limit 6,599 6,234 Total risk-based capital $ 85,138 $ 82,662 The Association’s ability to pay dividends on its common stock to the Company is restricted to maintain adequate capital as shown in the previous tables. Additionally, prior regulatory approval is required for the declaration of any dividends generally in excess of the sum of net income for the calendar year and retained net income for the preceding two calendar years. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14: Related Party Transactions At June 30, 2021 and 2020, the Company had loans outstanding to executive officers, directors, significant members and their affiliates (related parties). Changes in loans to executive officers and directors are summarized as follows: 2021 2020 Balance, beginning of year $ 3,341 $ 3,033 New loans 1,700 1,087 Repayments (1,818 ) (779 ) Balance, end of year $ 3,223 $ 3,341 Deposits from related parties held by the Company at June 30, 2021 and 2020 totaled $2,176,000 and $1,526,000, respectively. In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 15: Employee Benefits The Company sponsors a noncontributory postretirement health benefit plan (postretirement plan). The postretirement plan provides medical coverage benefits for former employees and their spouses upon retirement. The postretirement plan has no assets to offset the future liabilities incurred under the postretirement plan. The Company’s funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute $154,000 to the plan in fiscal year 2022. The Company uses a June 30 measurement date for the plan. Information about the plan’s funded status and pension cost follows: 2021 2020 Change in benefit obligation Beginning of year $ 3,306 $ 2,919 Service cost 56 53 Interest cost 75 93 Actuarial gain (loss) (268 ) 355 Benefits paid (104 ) (114 ) End of year $ 3,065 $ 3,306 Significant balances, costs and assumptions are: Postretirement Plan 2021 2020 Benefit obligation $ 3,065 $ 3,306 Fair value of plan assets — — Funded status $ (3,065 ) $ (3,306 ) Accumulated benefit obligation $ 3,065 $ 3,306 Amounts recognized in the consolidated balance sheets: Accrued postretirement benefit obligation $ 3,065 $ 3,306 Components of net periodic benefit cost: 2021 2020 Service cost $ 56 $ 53 Interest cost 75 93 Amortization of (Gain) or Loss 60 25 $ 191 $ 171 Amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic benefit cost consist of: 2021 2020 Net loss $ 532 $ 860 Other significant balances and costs are: 2021 2020 Employer contribution $ 104 $ 114 Benefits paid 104 114 Benefit costs 191 171 Other changes in plan assets and benefit obligations recognized in other comprehensive income are described in Note 12. The estimated net loss, prior service cost and transition obligation for the postretirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost of the next fiscal year are $26,000, $0, and $0, respectively. Discount rates of 2.65% and 2.32% were used for 2021 and 2020, respectively, to determine the benefit obligations, and 2.32% and 3.25%, respectively, for benefit costs. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one-percentage-point One- Point One- Point Effect on total of service and interest cost components $ 4 $ (4 ) Effect on postretirement benefit obligation 47 (51 ) For measurement purposes, 9.0%, 8.5% and 8.5% annual rates of increase in the per capita cost of covered health care benefits were assumed for 2021, 2022 and 2023, respectively. The rate was assumed to decrease gradually to 5.0% by the year 2032 and remain at that level thereafter. The following postretirement plan benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of June 30, 2021: 2022 $ 135 2023 155 2024 172 2025 174 2026 193 2027-2031 972 The Company has a 401(k) plan covering substantially all employees. The Company matches 25% of the first 5% of compensation that a participant defers. Employer contributions charged to expense for 2021 and 2020 were $88,000 and $81,000, respectively. The plan also includes an Employer Profit Sharing contribution which allows all eligible participants to receive at least 5% of their Plan year salary. The Company’s contributions for the plan years ended June 30, 2021 and 2020 were $650,000 and $602,000, respectively. The Company has deferred compensation agreements for directors, which provides benefits payable upon normal retirement age of 72. The present value of the estimated liability under the agreement is being accrued using a discount rate of 6 percent. The deferred compensation charged to expense totaled $251,000 and $249,000 for the years ended June 30, 2021 and 2020, respectively. The agreements’ accrued liability of $1.8 million and $1.6 million as of June 30, 2021 and 2020, respectively, is included in other liabilities in the consolidated balance sheets. The following benefit payments are expected to be paid for these agreements: 2022 $ 121 2023 136 2024 137 2025 137 2026 227 Thereafter 3,360 $ 4,118 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Note 16: Stock-based Compensation In connection with the conversion to stock form, the Association established an ESOP for the exclusive benefit of eligible employees (all salaried employees who have completed at least 1,000 hours of service in a twelve-month period and have attained the age of 21). The ESOP borrowed funds from the Company in an amount sufficient to purchase 384,900 shares (approximately 8% of the Common Stock issued in the stock offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Association and dividends received by the ESOP, with funds from any contributions on ESOP assets. Contributions will be applied to repay interest on the loan first, and the remainder will be applied to principal. The loan is expected to be repaid over a period of up to 20 years. Shares purchased with the loan proceeds are held in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants. Participants will vest 100% in their accrued benefits under the employee stock ownership plan after six vesting years, with prorated vesting in years two through five. Vesting is accelerated upon retirement, death or disability of the participant or a change in control of the Association. Forfeitures will be reallocated to remaining plan participants. Benefits may be payable upon retirement, death, disability, separation from service, or termination of the ESOP. Since the Association’s annual contributions are discretionary, benefits payable under the ESOP cannot be estimated. Participants receive the shares at the end of employment. The Company is accounting for its ESOP in accordance with ASC Topic 718, Employers Accounting for Employee Stock Ownership Plans A summary of ESOP shares at June 30, 2021 and 2020 are as follows (dollars in thousands): 2021 2020 Allocated shares 145,389 127,102 Shares committed for release 19,245 19,245 Unearned shares 192,450 211,695 Total ESOP shares 357,084 358,042 Fair value of unearned ESOP shares (1) $ 4,388 $ 3,652 (1) Based on closing price of $22.80 and $17.25 per share on June 30, 2021, and 2020, respectively. During the year ended June 30, 2021 and 2020, 958 and 1,161 ESOP shares, respectively, were paid to ESOP participants due to separation from service. The IF Bancorp, Inc. 2012 Equity Incentive Plan (the “Equity Incentive Plan”) was approved by stockholders in 2012. The purpose of the Equity Incentive Plan is to promote the long-term financial success of the Company and its Subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s stockholders. The Equity Incentive Plan authorizes the issuance or delivery to participants of up to 673,575 shares of the Company common stock pursuant to grants of incentive and non-qualified and the maximum number of shares of Company stock that may be issued as restricted stock awards or restricted stock units is 192,450. On December 10, 2013, the Board of Directors approved grants of 85,500 shares of restricted stock and 167,000 in stock options to be awarded to senior officers and directors of the Association. The restricted stock will vest in equal installments over 10 years and the stock options will vest in equal installments over 7 years, both starting in December 2014. On December 10, 2015, the Board of Directors approved grants of 16,900 shares of restricted stock to be awarded to senior officers and directors of the Association. The restricted stock will vest in equal installments over 8 years, starting in December 2016. As of June 30, 2021, there were 90,050 shares of restricted stock and 314,125 stock option shares available for future grants under this plan. The following table summarizes stock option activity for the year ended June 30, 2021 (dollars in thousands): Shares Weighted- Weighted- Aggregate Outstanding, June 30, 2020 153,143 $ 16.63 Granted — — Exercised — — Forfeited — — Outstanding, June 30, 2021 153,143 $ 16.63 2.4 $ 945 (1) Exercisable, June 30, 2021 153,143 $ 16.63 2.4 $ 945 (1) (1) Based on closing price of $22.80 per share on June 30, 2021. Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. There were no options granted during the year ended June 30, 2021. There were 22,286 options that vested during the year ended June 30, 2021 compared to 22,286 stock options that vested during the year ended June 30, 2020. Stock-based compensation expense and related tax benefit was $24,000 and $57,000, respectively, for the year ended June 30, 2021, and the year ended June 30, 2020, and was recognized in non-interest non-vested The following table summarizes non-vested Shares Weighted- Grant-Date Balance, June 30, 2020 40,250 $ 16.79 Granted — — Forfeited — — Earned and issued 10,062 16.79 Balance, June 30, 2021 30,188 16.79 The fair value of the restricted stock awards is amortized to compensation expense over the vesting period (ten years) 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. At the date of grant the par value of the shares granted was recorded in equity as a credit to common stock and a debit to paid-in non-interest non-vested paid-in |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | Note 17: Earnings Per Share (“EPS”) Basic and diluted earnings per common share are presented for the years ended June 30, 2021 and 2020. The factors used in the earnings per common share computation follow: Year Ended Year Ended June 30, 2021 June 30, 2020 Net income $ 5,347 $ 4,245 Basic weighted average shares outstanding 3,240,376 3,324,657 Less: Average unallocated ESOP shares (202,073 ) (221,318 ) Average shares outstanding 3,038,303 3,103,339 Diluted effect of restricted stock awards and stock options 40,564 44,693 Diluted average shares outstanding 3,078,867 3,148,032 Basic earnings per common share $ 1.76 $ 1.37 Diluted earnings per common share $ 1.74 $ 1.35 |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets | 12 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Disclosures about Fair Value of Assets | Note 18: Disclosures about Fair Value of Assets Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets Recurring Measurements The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2021 and 2020: Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2021: Available-for-sale US Treasury $ 996 $ — $ 996 $ — US Government and federal agency 8,039 — 8,039 — Mortgage-backed securities – GSE residential 170,415 — 170,415 — Small Business Administration 9,190 — 9,190 — State and political subdivisions 1,251 — 1,251 — Mortgage servicing rights 1,013 — — 1,013 Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2020: Available-for-sale US Government and federal agency $ 8,236 $ — $ 8,236 $ — Mortgage-backed securities – GSE residential 148,855 — 148,855 — Small Business Administration 3,640 — 3,640 — State and political subdivisions 1,663 — 1,663 — Mortgage servicing rights 715 — — 715 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the year ended June 30, 2021. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available-for-sale Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. There were no Level 1 securities as of June 30, 2021 or 2020. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of, observable inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided Mortgage Servicing Rights Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. Management measures mortgage servicing rights through the completion of a proprietary model. Inputs to the model are developed by the accounting staff and are reviewed by management. The model is tested annually using baseline data to check its accuracy. Level 3 Reconciliation The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: Mortgage Balance, July 1, 2019 $ 853 Total realized and unrealized gains and losses included in net income (294 ) Servicing rights that result from asset transfers 255 Payments received and loans refinanced (99 ) Balance, June 30, 2020 715 Total realized and unrealized gains and losses included in net income 164 Servicing rights that result from asset transfers 433 Payments received and loans refinanced (299 ) Balance, June 30, 2021 $ 1,013 Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date $ 164 Realized and unrealized gains and losses for items reflected in the table above are included in net income in the consolidated statements of income as noninterest income. Nonrecurring Measurements The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2021 and 2020: Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2021: Foreclosed assets $ 191 $ — $ — $ 191 June 30, 2020: Foreclosed assets $ 200 $ — $ — $ 200 The following table presents (losses)/recoveries recognized on assets measured on a non-recurring 2021 2020 Impaired loans (collateral dependent) $ — $ 13 Foreclosed and repossessed assets held for sale (9 ) (19 ) Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Collateral-dependent Impaired Loans, Net of the Allowance for Loan Losses The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the senior lending officer. Appraisals are reviewed for accuracy and consistency by the senior lending officer. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the senior lending officer by comparison to historical results. Foreclosed assets Foreclosed assets are carried at the lower of fair value at acquisition date or current estimated fair value, less estimated cost to sell when the real estate is acquired. Estimated fair value of foreclosed assets are based on appraisals or evaluations and are classified within Level 3 of the fair value hierarchy. Appraisals of foreclosed assets are obtained when the real estate is acquired and subsequently as deemed necessary by management. Appraisals are reviewed for accuracy and consistency and are selected from the list of approved appraisers maintained by management. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Average) Mortgage servicing rights $ 1,013 Discounted cash flow Discount rate 9.5% – 11.5% (9.5%) Constant prepayment rate 9.8% – 14.4% (11.9%) Probability of default 0.00% – 0.14% (0.12%) Foreclosed assets 191 Market comparable properties Comparability adjustments (%) 11.6% (11.6%) Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Average) Mortgage servicing rights $ 715 Discounted cash flow Discount rate 9.5% – 11.5% (9.5%) Constant prepayment rate 13.5% – 17.7% (13.8%) Probability of default 0.04% – 0.12% (0.11%) Foreclosed assets 200 Market comparable properties Comparability adjustments (%) 11.1% (11.1%) Fair Value of Financial Instruments The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2021 and 2020. Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2021: Financial assets Cash and cash equivalents $ 62,735 $ 62,735 $ — $ — Interest-bearing time deposits in banks 2,250 2,250 — — Loans, net of allowance for loan losses 513,371 — — 515,515 Federal Home Loan Bank stock 4,198 — 4,198 — Accrued interest receivable 1,897 — 1,897 — Financial liabilities Deposits 667,632 — 405,664 262,603 Repurchase agreements 6,245 — 6,245 — Federal Home Loan Bank advances 25,000 — 25,673 — Lines of credit 3,000 — 3,000 — Advances from borrowers for taxes and insurance 928 — 928 — Accrued interest payable 199 — 199 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2020: Financial assets Cash and cash equivalents $ 33,467 $ 33,467 $ — $ — Interest-bearing time deposits in banks 3,000 3,000 — — Loans, net of allowance for loan losses 509,817 — — 513,221 Federal Home Loan Bank stock 3,028 — 3,028 — Accrued interest receivable 1,908 — 1,908 — Financial liabilities Deposits 601,700 — 320,209 283,304 Repurchase agreements 3,738 — 3,738 — Federal Home Loan Bank advances 34,500 — 35,472 — Lines of credit 3,000 — 3,000 — Advances from borrowers for taxes and insurance 519 — 519 — Accrued interest payable 537 — 537 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — In accordance with the Company’s adoption of ASU 2016-01 |
Significant Estimates and Conce
Significant Estimates and Concentrations | 12 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Significant Estimates and Concentrations | Note 19: Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in the footnote regarding loans. Current vulnerabilities due to certain concentrations of credit risk are discussed in the footnote on commitments and credit risk. Postretirement Benefit Obligations The Company has a postretirement health care plan whereby it agrees to provide certain postretirement benefits to eligible employees. The benefit obligation is the actuarial present value of all benefits attributed to service rendered prior to the valuation date based on the projected unit credit cost method. It is reasonably possible that events could occur that would change the estimated amount of this liability materially in the near term. Investments The Company invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated balance sheets . |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | Note 20: Commitments and Credit Risk The Company generates commercial, mortgage and consumer loans and receives deposits from customers located in the Illinois counties of Vermilion, Iroquois, Champaign, and Kankakee, as well as adjacent counties in Illinois and Indiana within 30 miles of a branch or loan production office. The Company generates commercial, mortgage and consumer loans from its location in Osage Beach, Missouri. The Company’s loans are generally secured by specific items of collateral including real property and consumer assets. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon economic conditions in the Company’s various locations. Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case At June 30, 2021 and 2020, the Company had outstanding commitments to originate loans aggregating approximately $19,137,000 and $16,873,000, respectively. The commitments extended over varying periods of time with the majority being disbursed within a one-year Lines of Credit Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet At June 30, 2021, the Company had granted unused lines of credit to borrowers aggregating approximately $93,339,000 and $10,633,000 for commercial lines and open-end open-end Other Credit Risks At June 30, 2021 and 2020, the interest-bearing demand deposits on the consolidated balance sheets represent amounts on deposit with one financial institution, the Federal Home Loan Bank of Chicago. |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | Note 21: Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company as of and for the years ended June 30, 2021 and 2020: Condensed Balance Sheets June 30, June 30, 2021 2020 Assets Cash and due from banks $ 5,679 $ 2,592 Investment in common stock of subsidiary 80,472 80,631 ESOP loan 2,279 2,469 Total assets $ 88,430 $ 85,692 Liabilities Line of credit $ 3,000 $ 3,000 Interest payable 19 31 Other liabilities 107 97 Total liabilities 3,126 3,128 Stockholders’ Equity 85,304 82,564 Total liabilities and stockholders’ equity $ 88,430 $ 85,692 Condensed Statements of Income and Comprehensive Income Year Ending Year Ending 2021 2020 Income Interest on ESOP loan $ 78 $ 141 Deposits with financial institutions — — Total income 78 141 Expense Interest on line of credit 76 133 Other expenses 181 203 Total expense 257 336 Loss Before Income Tax and Equity in Undistributed Income of Subsidiary (179 ) (195 ) Benefit for Income Taxes (51 ) (54 ) Loss Before Equity in Undistributed Loss of Subsidiary (128 ) (141 ) Equity in Undistributed Income of Subsidiary 5,475 4,386 Net Income $ 5,347 $ 4,245 Comprehensive Income $ 3,077 $ 7,883 Condensed Statements of Cash Flows Year Ended Year Ended 2021 2020 Cash flows from operating activities Net income $ 5,347 $ 4,245 Items not requiring (providing) cash Net change accrued interest payable (12 ) 31 Net change in other liabilities 10 (48 ) Earnings from subsidiary (5,475 ) (4,386 ) Net cash used in operating activities (130 ) (158 ) Cash flows from financing activities Stock purchase per stock repurchase plan — (7,459 ) Dividends paid (973 ) (1,008 ) Dividends received 4,000 4,000 Loan for ESOP 190 159 Proceeds from CIBC line of credit — 5,000 Repayment of CIBC line of credit — (2,000 ) Net cash provided by (used in) financing activities 3,217 (1,308 ) Net Change in Cash and Cash Equivalents 3,087 (1,466 ) Cash and Cash Equivalents at Beginning of Year 2,592 4,058 Cash and Cash Equivalents at End of Year $ 5,679 $ 2,592 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations IF Bancorp, Inc., (“IF Bancorp” or the “Company”) is a Maryland corporation whose principal activity is the ownership and management of its wholly-owned subsidiary, Iroquois Federal Savings and Loan Association (“Iroquois Federal” or the “Association”). The Association provides a full range of banking and financial services to individual and corporate customers from our seven full-service banking offices located in the municipalities of Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois, and our loan production and wealth management office in Osage Beach, Missouri. Our primary lending market includes the Illinois counties of Vermilion, Iroquois, Champaign and Kankakee, as well as the adjacent counties in Illinois and Indiana. Our loan production and wealth management office in Osage Beach, Missouri, serves the Missouri counties of Camden, Miller and Morgan. The principal activity of the Association’s wholly-owned subsidiary, L.C.I. Service Corporation (“L.C.I.”) dba Iroquois Insurance Agency, is the sale of property and casualty insurance. The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of the Association. The Company and Association are subject to competition from other financial institutions. The Company and Association are also subject to the regulation of certain federal and state agencies and undergo periodic examinations by those regulatory authorities. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Association and Association’s wholly owned subsidiary, L.C.I. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Operating Segment | Operating Segment The Company provides community banking services, including such products and services as loans, certificates of deposits, savings accounts, and mortgage originations. These activities are reported as a single operating segment. The Company does not derive revenues from, or have assets located in, foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company’s total revenues. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, fair value measurements of investment securities, loan servicing rights and income taxes. |
Interest-bearing Time Deposits in Banks | Interest-bearing Time Deposits in Banks Interest-bearing time deposits in banks mature within three years and are carried at cost. |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At June 30, 2021 and 2020, cash equivalents consisted primarily of noninterest bearing deposits and interest bearing demand deposits. At June 30, 2021, the Company’s cash accounts exceeded federally insured limits by approximately $260,000. |
Securities | Securities Securities are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows or the collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case loan-by-loan Groups of loans with similar characteristics, including individually evaluated loans not determined to be impaired, are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 35-40 years Furniture and equipment 3-5 |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. |
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. |
Long-Lived Asset Impairment | Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset are less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. No asset impairment was recognized during the years ended June 30, 2021 and 2020. |
Bank-owned Life Insurance | Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value are reflected in noninterest income in the consolidated statements of income. |
Fee Income | Fee Income Loan origination fees, net of direct origination costs, are recognized as income using the level-yield method over the contractual life of the loans. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit and investments securities, as well as revenue related to our mortgage servicing activities and bank owned life insurance, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, and which are presented in our income statements as components of noninterest income are as follows: Customer Service Fees—The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. Insurance Commissions—The Company’s insurance agency, Iroquois Insurance Agency, receives commissions on premiums of new and renewed business policies. Iroquois Insurance Agency records commission revenue on direct bill policies as the cash is received. For agency bill policies, Iroquois Insurance Agency retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the carrier holds the performance obligation. Brokerage Commissions—The primary brokerage revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Other—The Company generates revenue through service charges from the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used, and the performance obligation is satisfied. |
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The change in fair value of mortgage servicing rights is netted against loan servicing fee income. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company – put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. |
Earnings Per Share | Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each year. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and restricted stock awards and are determined using the treasury stock method. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized appreciation (depreciation) on available-for-sale |
Stock-based Compensation Plans | Stock-based Compensation Plans At June 30, 2021 and 2020, the Company has stock-based compensation plans (stock options and restricted stock) which are described more fully in Note 16. |
COVID-19 | COVID-19 The Company is subject to risks and uncertainties as a result of the COVID-19 COVID-19; COVID-19 |
Liabilities | Recent and Future Accounting Requirements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale 2016-13, 2016-13 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimated Useful Lives of Premises and Equipment | The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 35-40 years Furniture and equipment 3-5 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Approximate Fair Value of Securities, Together with Gross Unrealized Gains and Losses of Securities | The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair Value Available-for-sale June 30, 2021: U.S. Treasury $ 990 $ 6 $ — $ 996 U.S. Government and federal agency and Government sponsored enterprises (GSEs) 7,522 517 — 8,039 Mortgage-backed: GSE residential 167,711 4,011 (1,307 ) 170,415 Small Business Administration 9,115 105 (30 ) 9,190 State and political subdivisions 1,251 — — 1,251 $ 186,589 $ 4,639 $ (1,337 ) $ 189,891 June 30, 2020: U.S. Government and federal agency and Government sponsored enterprises (GSEs) $ 7,528 $ 708 $ — $ 8,236 Mortgage-backed: GSE residential 143,033 6,044 (222 ) 148,855 Small Business Administration 3,578 62 — 3,640 State and political subdivisions 1,449 215 (1 ) 1,663 $ 155,588 $ 7,029 $ (223 ) $ 162,394 |
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | Amortized Fair Value Within one year $ — $ — One to five years 6,030 6,447 Five to ten years 4,963 5,103 After ten years 7,885 7,926 18,878 19,476 Mortgage-backed securities 167,711 170,415 Totals $ 186,589 $ 189,891 |
Association's Investments Gross Unrealized Investment Losses and Fair Value of Association's Investments with Unrealized Losses | The following table shows the Company’s gross unrealized investment losses and the fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2021 and 2020: Less Than 12 Months 12 Months or More Total Description of Fair Unrealized Fair Value Unrealized Fair Value Unrealized June 30, 2021: Mortgage-backed: GSE residential $ 75,002 (1,259 ) 4,160 (48 ) 79,162 (1,307 ) Small Business Administration 5,956 (30 ) — — 5,956 (30 ) Total temporarily impaired securities $ 80,958 $ (1,289 ) $ 4,160 $ (48 ) $ 85,118 $ (1,337 ) June 30, 2020: Mortgage-backed: GSE residential $ 22,162 $ (116 ) $ 2,351 $ (106 ) $ 24,513 $ (222 ) Small Business Administration 61 (1 ) — — 61 (1 ) Total temporarily impaired securities $ 22,223 $ (117 ) $ 2,351 $ (106 ) $ 24,574 $ (223 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Categories of Loans | Classes of loans at June 30, include: 2021 2020 Real estate loans One- $ 117,435 $ 128,876 Multi-family 104,433 96,195 Commercial 155,884 145,113 Home equity lines of credit 6,688 8,551 Construction 25,345 22,042 Commercial 103,088 107,581 Consumer 7,653 7,529 520,526 515,887 Less Unearned fees and discounts, net 556 (164 ) Allowance for loan losses 6,599 6,234 Loans, net $ 513,371 $ 509,817 |
Allowance for Loan Losses and Recorded Investment in Loans Based on Portfolio Segment and Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of June 30, 2021 and 2020: 2021 Real Estate Loans One- to four- Multi-family Commercial Home Equity Allowance for loan losses: Balance, beginning of year $ 1,044 $ 1,514 $ 1,706 $ 87 Provision charged to expense (64 ) 160 125 (20 ) Losses charged off (15 ) — — — Recoveries 2 — — — Balance, end of period $ 967 $ 1,674 $ 1,831 $ 67 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 967 $ 1,674 $ 1,831 $ 67 Loans: Ending balance $ 117,435 $ 104,433 $ 155,884 $ 6,688 Ending balance: individually evaluated for impairment $ 1,252 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 116,183 $ 104,433 $ 155,884 $ 6,688 2021 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of year $ 240 $ 1,583 $ 60 $ 6,234 Provision charged to expense 18 611 14 844 Losses charged off — (473 ) (25 ) (513 ) Recoveries — 19 13 34 Balance, end of year $ 258 $ 1,740 $ 62 $ 6,599 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 258 $ 1,740 $ 62 $ 6,599 Loans: Ending balance $ 25,345 $ 103,088 $ 7,653 $ 520,526 Ending balance: individually evaluated for impairment $ — $ 46 $ — $ 1,298 Ending balance: collectively evaluated for impairment $ 25,345 $ 103,042 $ 7,653 $ 519,228 2020 Real Estate Loans One- to four- Multi-family Commercial Home Equity Allowance for loan losses: Balance, beginning of year $ 1,031 $ 1,642 $ 1,623 $ 89 Provision charged to expense 50 (128 ) 83 (2 ) Losses charged off (40 ) — — — Recoveries 3 — — — Balance, end of period $ 1,044 $ 1,514 $ 1,706 $ 87 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,044 $ 1,514 $ 1,706 $ 87 Loans: Ending balance $ 128,876 $ 96,195 $ 145,113 $ 8,551 Ending balance: individually evaluated for impairment $ 1,336 $ — $ — $ 15 Ending balance: collectively evaluated for impairment $ 127,540 $ 96,195 $ 145,113 $ 8,536 2020 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of year $ 213 $ 1,659 $ 71 $ 6,328 Provision charged to expense 27 84 14 128 Losses charged off — (191 ) (37 ) (268 ) Recoveries — 31 12 46 Balance, end of year $ 240 $ 1,583 $ 60 $ 6,234 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 240 $ 1,583 $ 60 $ 6,234 Loans: Ending balance $ 22,042 $ 107,581 $ 7,529 $ 515,887 Ending balance: individually evaluated for impairment $ — $ 304 $ 5 $ 1,660 Ending balance: collectively evaluated for impairment $ 22,042 $ 107,277 $ 7,524 $ 514,227 |
Credit Risk Profile of Association's Loan Portfolio Based on Rating Category and Payment Activity | The following tables present the credit risk profile of the Company’s loan portfolio, as of June 30, 2021 and 2020, based on rating category and payment activity: Real Estate Loans June 30, 2021 One- to four- family Multi- Commercial Home Equity Construction Pass $ 116,980 $ 104,170 $ 154,833 $ 6,688 $ 25,345 Watch — — 954 — — Substandard 455 263 97 — — Doubtful — — — — — Loss — — — — — Total $ 117,435 $ 104,433 $ 155,884 $ 6,688 $ 25,345 June 30, 2021, (Continued) Commercial Consumer Total Pass $ 97,078 $ 7,652 $ 512,746 Watch 5,964 1 6,919 Substandard 46 — 861 Doubtful — — — Loss — — — Total $ 103,088 $ 7,653 $ 520,526 Real Estate Loans June 30, 2020 One- to four- family Multi -family Commercial Home Equity Construction Pass $ 127,279 $ 95,925 $ 143,727 $ 8,402 $ 22,042 Watch 775 — 1,073 134 — Substandard 822 270 313 15 — Doubtful — — — — — Loss — — — — — Total $ 128,876 $ 96,195 $ 145,113 $ 8,551 $ 22,042 June 30, 2020, (Continued) Commercial Consumer Total Pass $ 105,605 $ 7,524 $ 510,504 Watch 1,651 — 3,633 Substandard 81 5 1,506 Doubtful 244 — 244 Loss — — — Total $ 107,581 $ 7,529 $ 515,887 |
Association's Loan Portfolio Aging Analysis | The following tables present the Company’s loan portfolio aging analysis as of June 30, 2021 and 2020: 30-59 Days 60-89 Days Past Due Greater Than Total Past Due Current Total Loans Total Loans > June 30, 2021 Real estate loans: One- $ 320 $ 52 $ 152 $ 524 $ 116,911 $ 117,435 $ 118 Multi-family — — — — 104,433 104,433 — Commercial 86 — — 86 155,798 155,884 — Home equity lines of credit 55 — — 55 6,633 6,688 — Construction — — — — 25,345 25,345 — Commercial 9 — — 9 103,079 103,088 — Consumer 6 — — 6 7,647 7,653 — Total $ 476 $ 52 $ 152 $ 680 $ 519,846 $ 520,526 $ 118 June 30, 2020 Real estate loans: One- $ 1,034 $ 225 $ 385 $ 1,644 $ 127,232 $ 128,876 $ 304 Multi-family — — — — 96,195 96,195 — Commercial 172 95 — 267 144,846 145,113 — Home equity lines of credit — — — — 8,551 8,551 — Construction — — — — 22,042 22,042 — Commercial — 4 244 248 107,333 107,581 — Consumer 24 43 — 67 7,462 7,529 — Total $ 1,230 $ 367 $ 629 $ 2,226 $ 513,661 $ 515,887 $ 304 |
Summary of Impaired Loans | The following tables present impaired loans for year ended June 30, 2021 and 2020: June 30, 2021 Recorded Unpaid Specific Average Interest Interest on Loans without a specific allowance: Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — Loans with a specific allowance: Real estate loans: One- $ — $ — $ — $ — $ — $ — Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial — — — — — — Consumer — — — — — — Total: Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — Total $ 1,298 $ 1,298 $ — $ 1,536 $ 86 $ 73 June 30, 2020 Recorded Unpaid Specific Average Interest Interest on Loans without a specific allowance: Real estate loans: One- $ 1,336 $ 1,336 $ — $ 1,388 $ 61 $ 62 Multi-family — — — — — — Commercial — — — 3 — — Home equity lines of credit 15 15 — 18 — — Construction — — — — — — Commercial 304 304 — 382 23 25 Consumer 5 5 — 9 — — Loans with a specific allowance: Real estate loans: One- $ — $ — $ — $ — $ — $ — Multi-family — — — — — — Commercial — — — — — — Home equity lines of credit — — — — — — Construction — — — — — — Commercial — — — — — — Consumer — — — — — — Total: Real estate loans: One- $ 1,336 $ 1,336 $ — $ 1,388 $ 61 $ 62 Multi-family — — — — — — Commercial — — — 3 — — Home equity lines of credit 15 15 — 18 — — Construction — — — — — — Commercial 304 304 — 382 23 25 Consumer 5 5 — 9 — — Total $ 1,660 $ 1,660 $ — $ 1,800 $ 84 $ 87 |
Loans Modified as Troubled Debt Restructurings | The following table represents loans modified as troubled debt restructurings during the years ending June 30, 2021 and 2020: Year Ended June 30, 2021 Year Ended June 30, 2020 Number of Recorded Number of Recorded Real estate loans: One- — $ — — $ — Home equity lines of credit — — — — Multi-family — — — — Commercial — — — — Total real estate loans — — — — Construction — — — — Commercial — — 1 61 Consumer loans — — — — Total — $ — 1 $ 61 |
Nonaccrual 1 [Member] | |
Nonaccrual Loans | The following table presents the Company’s nonaccrual loans at June 30, 2021 and 2020: 2021 2020 Real estate loans One- $ 34 $ 81 Multi-family — — Commercial — — Home equity lines of credit — 15 Construction — — Commercial — 304 Consumer — 5 Total $ 34 $ 405 |
Nonaccrual 2 [Member] | |
Nonaccrual Loans | The following table presents the recorded balance, at original cost, of troubled debt restructurings, as of June 30, 2021 and 2020. With the exception of a single one- one- one- June 30, 2021 June 30, 2020 Real estate loans One- $ 1,218 $ 1,256 Multi-family — — Commercial — — Home equity lines of credit — 15 Total real estate loans 1,218 1,271 Construction — — Commercial 46 59 Consumer — — Total $ 1,264 $ 1,330 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Major Classifications of Premises and Equipment, Stated at Cost | Major classifications of premises and equipment, stated at cost, are as follows: 2021 2020 Land $ 2,028 $ 1,976 Buildings and improvements 11,358 11,338 Furniture and equipment 5,102 4,895 18,488 18,209 Less accumulated depreciation 8,695 8,016 Net premises and equipment $ 9,793 $ 10,193 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Activity in Mortgage Servicing Rights Measured Using Fair Value Method | The following summarizes the activity in mortgage servicing rights measured using the fair value method: 2021 2020 Fair value, beginning of period $ 715 $ 853 Additions: Servicing assets resulting from asset transfers 433 255 Subtractions: Payments received and loans refinanced (299 ) (99 ) Changes in fair value, due to changes in valuation inputs or assumptions 164 (294 ) Fair value, end of period $ 1,013 $ 715 |
Interest-Bearing Deposits (Tabl
Interest-Bearing Deposits (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Interest Expense by Deposit Type | The following table represents interest expense by deposit type: 2021 2020 Savings, NOW, and Money Market $ 742 $ 1,405 Certificates of deposit 2,880 5,962 Brokered certificates of deposit 71 543 Total deposit interest expense $ 3,693 $ 7,910 |
Scheduled Maturities of Time Deposits Including Brokered Time Deposits | At June 30, 2021, the scheduled maturities of time deposits; including brokered time deposits, are as follows: 2022 $ 205,243 2023 42,516 2024 6,620 2025 2,265 2026 and thereafter 5,324 $ 261,968 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Aggregate Annual Maturities of Federal Home Loan Bank Advances | Aggregate annual maturities of Federal Home Loan Bank advances at June 30, 2021, are: 2022 $ 5,000 2023 5,000 2024 10,000 2025 — 2026 5,000 Thereafter — $ 25,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of the Provision for Income Taxes | The provision for income taxes includes these components: 2021 2020 Taxes currently payable $ 2,196 $ 1,654 Deferred income taxes (162 ) (15 ) Income tax expense $ 2,034 $ 1,639 |
Reconciliation of Income Tax Expense at the Statutory Rate | A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: 2021 2020 Computed at the statutory rate of 21.0% $ 1,550 $ 1,236 Increase (decrease) resulting from Tax exempt interest (8 ) (16 ) Cash surrender value of life insurance (87 ) (57 ) State income taxes 540 441 Other 39 35 Actual tax expense $ 2,034 $ 1,639 Tax rate as a percentage of pre-tax 27.6 % 27.9 % |
Temporary Differences Related to Deferred Taxes | The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were: 2021 2020 Deferred tax assets Allowance for loan losses $ 1,880 $ 1,776 Accrued retirement liability 703 677 Deferred compensation 508 468 Deferred loan fees 336 291 Postretirement health plan 170 264 Accrued vacation 61 66 MPF recourse liability 121 97 Deferred revenue Mastercard 19 23 Stock options—Directors 54 50 Restricted stock — 11 Accrued professional services 23 18 Other — 7 3,875 3,748 Deferred tax liabilities Depreciation (687 ) (731 ) Mortgage servicing rights (289 ) (204 ) Deferred loan expense (177 ) (181 ) Unrealized gains on available-for-sale (941 ) (1,940 ) Restricted stock (8 ) — Prepaid expenses (76 ) (62 ) (2,178 ) (3,118 ) Net deferred tax asset $ 1,697 $ 630 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables present changes in accumulated other comprehensive income (loss), by component, net of tax, for the years ended June 30, 2021 and 2020: Unrealized Gains and Losses on Available-for- Sale Defined Total June 30, 2021: Beginning balance $ 4,865 $ (662 ) $ 4,203 Other comprehensive income before reclassification (2,276 ) — (2,276 ) Amounts reclassified from accumulated other comprehensive income (228 ) — (228 ) Net current period other comprehensive income — 234 234 Ending balance $ 2,361 $ (428 ) $ 1,933 June 30, 2020: Beginning balance $ 991 $ (426 ) $ 565 Other comprehensive income before reclassification 4,065 — 4,065 Amounts reclassified from accumulated other comprehensive income (191 ) — (191 ) Net current period other comprehensive income — (236 ) (236 ) Ending balance $ 4,865 $ (662 ) $ 4,203 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Amounts Reclassified from Accumulated Other Comprehensive Income | Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended June 30, 2021 and 2020, were as follows: Amounts Reclassified 2021 2020 Affected Line Item in the Realized gains on available-for-sale $ 320 $ 267 Net realized gains on sale of available-for-sale Amortization of defined benefit pension items: Actuarial losses 328 359 Components are included in computation of net periodic pension cost Total reclassified amount before tax 648 626 Tax expense 186 199 Provision for Income Tax Total reclassification out of AOCI $ 462 $ 427 Net Income |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Association's Actual Capital Amounts and Ratios | The Association’s actual capital amounts (in thousands) and ratios are also presented in the table. Actual Minimum Capital Minimum to Be Well Amount Ratio Amount Ratio Amount Ratio As of June 30, 2021 Community Bank Leverage Ratio $ 78,539 10.48 % $ 63,685 8.50 % $ 63,685 8.50 % Tier 1 capital (to adjusted total assets) 78,539 10.48 % 29,970 4.00 % 37,462 5.00 % Tangible capital (to adjusted tangible assets) 78,539 10.48 % 11,239 1.50 % N/A N/A As of June 30, 2020 Community Bank Leverage Ratio $ 76,428 10.68 % $ 57,238 8.00 % $ 57,238 8.00 % Tier 1 capital (to adjusted total assets) 76,428 10.68 % 28,619 4.00 % 35,774 5.00 % Tangible capital (to adjusted tangible assets) 76,428 10.68 % 10,732 1.50 % N/A N/A |
Reconciliation of Association Equity Amounts | The following is a reconciliation of the Association equity amounts included in the consolidated balance sheets to the amounts reflected for regulatory purposes: 2021 2020 Association equity $ 80,472 $ 80,631 Less net unrealized gains 2,361 4,865 Less postretirement benefit plan (428 ) (662 ) Tier 1 capital 78,539 76,428 Plus allowance for loan losses subject to limit 6,599 6,234 Total risk-based capital $ 85,138 $ 82,662 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Changes in Loans Outstanding | Changes in loans to executive officers and directors are summarized as follows: 2021 2020 Balance, beginning of year $ 3,341 $ 3,033 New loans 1,700 1,087 Repayments (1,818 ) (779 ) Balance, end of year $ 3,223 $ 3,341 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Plan's Funded Status and Pension Cost | The Company uses a June 30 measurement date for the plan. Information about the plan’s funded status and pension cost follows: 2021 2020 Change in benefit obligation Beginning of year $ 3,306 $ 2,919 Service cost 56 53 Interest cost 75 93 Actuarial gain (loss) (268 ) 355 Benefits paid (104 ) (114 ) End of year $ 3,065 $ 3,306 |
Significant Balances, Costs and Assumptions | Significant balances, costs and assumptions are: Postretirement Plan 2021 2020 Benefit obligation $ 3,065 $ 3,306 Fair value of plan assets — — Funded status $ (3,065 ) $ (3,306 ) Accumulated benefit obligation $ 3,065 $ 3,306 |
Net Periodic Benefit Cost | Components of net periodic benefit cost: 2021 2020 Service cost $ 56 $ 53 Interest cost 75 93 Amortization of (Gain) or Loss 60 25 $ 191 $ 171 |
Summary of Accrued postretirement benefit obligations recognized in Balance sheet | Amounts recognized in the consolidated balance sheets: Accrued postretirement benefit obligation $ 3,065 $ 3,306 |
Accumulated Other Comprehensive Income Not Yet Recognized | Amounts recognized in accumulated other comprehensive income not yet recognized as components of net periodic benefit cost consist of: 2021 2020 Net loss $ 532 $ 860 |
Other Significant Balances and Costs | Other significant balances and costs are: 2021 2020 Employer contribution $ 104 $ 114 Benefits paid 104 114 Benefit costs 191 171 |
One-percentage-Point Change in Assumed Health Care Cost Trend Rates | One- Point One- Point Effect on total of service and interest cost components $ 4 $ (4 ) Effect on postretirement benefit obligation 47 (51 ) |
Postretirement Plan Benefit Payments Expected Future Service | The following postretirement plan benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of June 30, 2021: 2022 $ 135 2023 155 2024 172 2025 174 2026 193 2027-2031 972 |
Benefit Payments Expected to be Paid for Agreements | The following benefit payments are expected to be paid for these agreements: 2022 $ 121 2023 136 2024 137 2025 137 2026 227 Thereafter 3,360 $ 4,118 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of ESOP Shares | A summary of ESOP shares at June 30, 2021 and 2020 are as follows (dollars in thousands): 2021 2020 Allocated shares 145,389 127,102 Shares committed for release 19,245 19,245 Unearned shares 192,450 211,695 Total ESOP shares 357,084 358,042 Fair value of unearned ESOP shares (1) $ 4,388 $ 3,652 (1) Based on closing price of $22.80 and $17.25 per share on June 30, 2021, and 2020, respectively. |
Summary of Stock Option Activity | The following table summarizes stock option activity for the year ended June 30, 2021 (dollars in thousands): Shares Weighted- Weighted- Aggregate Outstanding, June 30, 2020 153,143 $ 16.63 Granted — — Exercised — — Forfeited — — Outstanding, June 30, 2021 153,143 $ 16.63 2.4 $ 945 (1) Exercisable, June 30, 2021 153,143 $ 16.63 2.4 $ 945 (1) (1) Based on closing price of $22.80 per share on June 30, 2021. |
Summary of Non-vested Restricted Stock Activity | The following table summarizes non-vested Shares Weighted- Grant-Date Balance, June 30, 2020 40,250 $ 16.79 Granted — — Forfeited — — Earned and issued 10,062 16.79 Balance, June 30, 2021 30,188 16.79 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Common Share Computation | Basic and diluted earnings per common share are presented for the years ended June 30, 2021 and 2020. The factors used in the earnings per common share computation follow: Year Ended Year Ended June 30, 2021 June 30, 2020 Net income $ 5,347 $ 4,245 Basic weighted average shares outstanding 3,240,376 3,324,657 Less: Average unallocated ESOP shares (202,073 ) (221,318 ) Average shares outstanding 3,038,303 3,103,339 Diluted effect of restricted stock awards and stock options 40,564 44,693 Diluted average shares outstanding 3,078,867 3,148,032 Basic earnings per common share $ 1.76 $ 1.37 Diluted earnings per common share $ 1.74 $ 1.35 |
Disclosures about Fair Value _2
Disclosures about Fair Value of Assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Assets Recognized on Recurring Basis | The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2021 and 2020: Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2021: Available-for-sale US Treasury $ 996 $ — $ 996 $ — US Government and federal agency 8,039 — 8,039 — Mortgage-backed securities – GSE residential 170,415 — 170,415 — Small Business Administration 9,190 — 9,190 — State and political subdivisions 1,251 — 1,251 — Mortgage servicing rights 1,013 — — 1,013 Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2020: Available-for-sale US Government and federal agency $ 8,236 $ — $ 8,236 $ — Mortgage-backed securities – GSE residential 148,855 — 148,855 — Small Business Administration 3,640 — 3,640 — State and political subdivisions 1,663 — 1,663 — Mortgage servicing rights 715 — — 715 |
Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in Accompanying Balance Sheet | The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: Mortgage Balance, July 1, 2019 $ 853 Total realized and unrealized gains and losses included in net income (294 ) Servicing rights that result from asset transfers 255 Payments received and loans refinanced (99 ) Balance, June 30, 2020 715 Total realized and unrealized gains and losses included in net income 164 Servicing rights that result from asset transfers 433 Payments received and loans refinanced (299 ) Balance, June 30, 2021 $ 1,013 Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date $ 164 |
Fair Value Measurement of Assets Recognized on Nonrecurring Basis | The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2021 and 2020: Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2021: Foreclosed assets $ 191 $ — $ — $ 191 June 30, 2020: Foreclosed assets $ 200 $ — $ — $ 200 |
(Losses)/Recoveries Recognized on Assets Measured on Non-Recurring Basis | The following table presents (losses)/recoveries recognized on assets measured on a non-recurring 2021 2020 Impaired loans (collateral dependent) $ — $ 13 Foreclosed and repossessed assets held for sale (9 ) (19 ) |
Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Average) Mortgage servicing rights $ 1,013 Discounted cash flow Discount rate 9.5% – 11.5% (9.5%) Constant prepayment rate 9.8% – 14.4% (11.9%) Probability of default 0.00% – 0.14% (0.12%) Foreclosed assets 191 Market comparable properties Comparability adjustments (%) 11.6% (11.6%) Fair Value at Valuation Technique Unobservable Inputs Range (Weighted Average) Mortgage servicing rights $ 715 Discounted cash flow Discount rate 9.5% – 11.5% (9.5%) Constant prepayment rate 13.5% – 17.7% (13.8%) Probability of default 0.04% – 0.12% (0.11%) Foreclosed assets 200 Market comparable properties Comparability adjustments (%) 11.1% (11.1%) |
Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall | The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2021 and 2020. Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2021: Financial assets Cash and cash equivalents $ 62,735 $ 62,735 $ — $ — Interest-bearing time deposits in banks 2,250 2,250 — — Loans, net of allowance for loan losses 513,371 — — 515,515 Federal Home Loan Bank stock 4,198 — 4,198 — Accrued interest receivable 1,897 — 1,897 — Financial liabilities Deposits 667,632 — 405,664 262,603 Repurchase agreements 6,245 — 6,245 — Federal Home Loan Bank advances 25,000 — 25,673 — Lines of credit 3,000 — 3,000 — Advances from borrowers for taxes and insurance 928 — 928 — Accrued interest payable 199 — 199 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2020: Financial assets Cash and cash equivalents $ 33,467 $ 33,467 $ — $ — Interest-bearing time deposits in banks 3,000 3,000 — — Loans, net of allowance for loan losses 509,817 — — 513,221 Federal Home Loan Bank stock 3,028 — 3,028 — Accrued interest receivable 1,908 — 1,908 — Financial liabilities Deposits 601,700 — 320,209 283,304 Repurchase agreements 3,738 — 3,738 — Federal Home Loan Bank advances 34,500 — 35,472 — Lines of credit 3,000 — 3,000 — Advances from borrowers for taxes and insurance 519 — 519 — Accrued interest payable 537 — 537 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company as of and for the years ended June 30, 2021 and 2020: Condensed Balance Sheets June 30, June 30, 2021 2020 Assets Cash and due from banks $ 5,679 $ 2,592 Investment in common stock of subsidiary 80,472 80,631 ESOP loan 2,279 2,469 Total assets $ 88,430 $ 85,692 Liabilities Line of credit $ 3,000 $ 3,000 Interest payable 19 31 Other liabilities 107 97 Total liabilities 3,126 3,128 Stockholders’ Equity 85,304 82,564 Total liabilities and stockholders’ equity $ 88,430 $ 85,692 |
Condensed Statement of Income and Comprehensive Income | Year Ending Year Ending 2021 2020 Income Interest on ESOP loan $ 78 $ 141 Deposits with financial institutions — — Total income 78 141 Expense Interest on line of credit 76 133 Other expenses 181 203 Total expense 257 336 Loss Before Income Tax and Equity in Undistributed Income of Subsidiary (179 ) (195 ) Benefit for Income Taxes (51 ) (54 ) Loss Before Equity in Undistributed Loss of Subsidiary (128 ) (141 ) Equity in Undistributed Income of Subsidiary 5,475 4,386 Net Income $ 5,347 $ 4,245 Comprehensive Income $ 3,077 $ 7,883 |
Condensed Statement of Cash Flows | Year Ended Year Ended 2021 2020 Cash flows from operating activities Net income $ 5,347 $ 4,245 Items not requiring (providing) cash Net change accrued interest payable (12 ) 31 Net change in other liabilities 10 (48 ) Earnings from subsidiary (5,475 ) (4,386 ) Net cash used in operating activities (130 ) (158 ) Cash flows from financing activities Stock purchase per stock repurchase plan — (7,459 ) Dividends paid (973 ) (1,008 ) Dividends received 4,000 4,000 Loan for ESOP 190 159 Proceeds from CIBC line of credit — 5,000 Repayment of CIBC line of credit — (2,000 ) Net cash provided by (used in) financing activities 3,217 (1,308 ) Net Change in Cash and Cash Equivalents 3,087 (1,466 ) Cash and Cash Equivalents at Beginning of Year 2,592 4,058 Cash and Cash Equivalents at End of Year $ 5,679 $ 2,592 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Estimated Useful Lives of Premises and Equipment (Detail) | 12 Months Ended |
Jun. 30, 2021 | |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Maximum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 35 years |
Minimum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2021USD ($)Banking_Office | Jun. 30, 2020USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Number Of Full Service Banking Offices | Banking_Office | 7 | |
Interest-bearing deposits, maturity period (in months) | 3 years | |
Liquid investments with original maturity period | 3 months | |
Accrual of interest on loans due discontinued period, in days | 90 days | |
Percentage of minimum likelihood of realized tax benefit upon settlement | 50.00% | |
Cash, Uninsured Amount | $ 260,000 | |
Long-Lived Asset Impairment | $ 0 | $ 0 |
Sales [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Percentage of major customer revenues | 10.00% |
Securities - Amortized Cost and
Securities - Amortized Cost and Approximate Fair Value of Securities, Together with Gross Unrealized Gains and Losses of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 186,589 | $ 155,588 |
Gross Unrealized Gains | 4,639 | 7,029 |
Gross Unrealized Losses | (1,337) | (223) |
Fair Value | 189,891 | 162,394 |
US Treasury [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 990 | |
Gross Unrealized Gains | 6 | |
Fair Value | 996 | |
U.S. Government and Federal Agency and Government Sponsored Enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,522 | 7,528 |
Gross Unrealized Gains | 517 | 708 |
Fair Value | 8,039 | 8,236 |
Mortgage-backed Securities - GSE Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 167,711 | 143,033 |
Gross Unrealized Gains | 4,011 | 6,044 |
Gross Unrealized Losses | (1,307) | (222) |
Fair Value | 170,415 | 148,855 |
Small Business Administration [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,115 | 3,578 |
Gross Unrealized Gains | 105 | 62 |
Gross Unrealized Losses | (30) | (1) |
Fair Value | 9,190 | 3,640 |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,251 | 1,449 |
Gross Unrealized Gains | 0 | 215 |
Gross Unrealized Losses | (1) | |
Fair Value | $ 1,251 | $ 1,663 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities with a book value | $ 186,589 | $ 155,588 |
Fair Value | $ 189,891 | 162,394 |
Percentage of equity securities | 10.00% | |
Carrying value of securities pledged as collateral | $ 96,429 | 66,186 |
Gross gains from sales of available for sale securities | 327 | 295 |
Gross losses from sales of available for sale securities | 7 | 28 |
Tax benefit to net realized gains (losses) | 92 | 76 |
Investments in debt and marketable equity securities | $ 85,118 | $ 24,574 |
Temporarily impaired debt securities percentage of investment securities portfolio | 45.00% | 16.00% |
Mortgage-backed Securities - GSE Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities with a book value | $ 167,711 | $ 143,033 |
Fair Value | 170,415 | 148,855 |
Investments in debt and marketable equity securities | 79,162 | 24,513 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in debt and marketable equity securities | 85,118 | 24,574 |
Small Business Administration [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities with a book value | 9,115 | 3,578 |
Fair Value | 9,190 | 3,640 |
Investments in debt and marketable equity securities | $ 5,956 | $ 61 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Within one year, Amortized Cost | ||
One to five years, Amortized Cost | 6,030 | |
Five to ten years, Amortized Cost | 4,963 | |
After ten years, Amortized Cost | 7,885 | |
Amortized Cost | 18,878 | |
Amortized Cost | 186,589 | $ 155,588 |
Within one year, Fair Value | ||
One to five years, Fair Value | 6,447 | |
Five to ten years, Fair Value | 5,103 | |
After ten years, Fair Value | 7,926 | |
Fair Value | 19,476 | |
Fair Value | 189,891 | 162,394 |
Mortgage-backed Securities - GSE Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 167,711 | 143,033 |
Fair Value | $ 170,415 | $ 148,855 |
Securities - Association's Inve
Securities - Association's Investments Gross Unrealized Investment Losses and Fair Value of Association's Investments with Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Less than 12 Months, Fair Value | $ 80,958 | $ 22,223 |
Less than 12 Months, Unrealized Losses | (1,289) | (117) |
12 Months or More, Fair Value | 4,160 | 2,351 |
12 Months or More, Unrealized Losses | (48) | (106) |
Total Fair Value | 85,118 | 24,574 |
Total, Unrealized Losses | (1,337) | (223) |
Mortgage-backed Securities - GSE Residential [Member] | ||
Less than 12 Months, Fair Value | 75,002 | 22,162 |
Less than 12 Months, Unrealized Losses | (1,259) | (116) |
12 Months or More, Fair Value | 4,160 | 2,351 |
12 Months or More, Unrealized Losses | (48) | (106) |
Total Fair Value | 79,162 | 24,513 |
Total, Unrealized Losses | (1,307) | (222) |
Small Business Administration [Member] | ||
Less than 12 Months, Fair Value | 5,956 | 61 |
Less than 12 Months, Unrealized Losses | (30) | (1) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total Fair Value | 5,956 | 61 |
Total, Unrealized Losses | $ (30) | $ (1) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Categories of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Real estate loans | |||
Total loans | $ 520,526 | $ 515,887 | |
Unearned fees and discounts, net | 556 | (164) | |
Allowance for loan losses | 6,599 | 6,234 | $ 6,328 |
Loans, net | 513,371 | 509,817 | |
One- to four-family [Member] | |||
Real estate loans | |||
Total loans | 117,435 | 128,876 | |
Allowance for loan losses | 967 | 1,044 | 1,031 |
Multi-family [Member] | |||
Real estate loans | |||
Total loans | 104,433 | 96,195 | |
Allowance for loan losses | 1,674 | 1,514 | 1,642 |
Home equity lines of credit [Member] | |||
Real estate loans | |||
Total loans | 6,688 | 8,551 | |
Allowance for loan losses | 67 | 87 | 89 |
Construction [Member] | |||
Real estate loans | |||
Total loans | 25,345 | 22,042 | |
Allowance for loan losses | 258 | 240 | 213 |
Commercial [Member] | |||
Real estate loans | |||
Total loans | 155,884 | 145,113 | |
Allowance for loan losses | 1,831 | 1,706 | 1,623 |
Commercial [Member] | |||
Real estate loans | |||
Total loans | 103,088 | 107,581 | |
Allowance for loan losses | 1,740 | 1,583 | 1,659 |
Consumer [Member] | |||
Real estate loans | |||
Total loans | 7,653 | 7,529 | |
Allowance for loan losses | $ 62 | $ 60 | $ 71 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) Age in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2021USD ($)SecurityLoanLoansModification | Jun. 30, 2020USD ($)SecurityLoanLoansModificationAge | |
Loans and Allowance for Credit Losses [Line Items] | |||
Maximum amount of one-to-four family residential mortgage loans can be approved by loan officer | $ 100,000 | ||
Maximum amount of other secured loans real estate loans can be approved by loan officer | 50,000 | ||
Maximum amount of unsecured loans real estate loans can be approved by loan officer | 10,000 | ||
Maximum amount of one-to-four family residential mortgage loans can be approved by managing officer | 375,000 | ||
Maximum amount other secured loans residential mortgage loans can be approved by managing officer | 375,000 | ||
Maximum amount of unsecured loans residential mortgage loans can be approved by managing officer | $ 100,000 | ||
Maximum amount of unsecured loans real estate loans can be approved by loan committee | $ 500,000 | ||
Maximum aggregate loan amount of one-to four-family residential mortgage loans, commercial real estate loans, multi-family real estate loans and land loans can be approved by loan committee | 2,000,000 | ||
Maximum term of fixed-rate one- to four-family residential mortgage loans | 15 years | ||
Troubled debt restructurings, Impaired loans | $ 1,264,000 | 1,330,000 | |
Investment recorded prior to modification | $ 0 | $ 61,000 | |
Number of Modifications | Modification | 0 | 1 | |
Residential real estate properties foreclosure proceedings | $ 34,000 | $ 41,000 | |
Foreclosed residential real estate properties | 259,000 | 386,000 | |
Loans and Leases Receivable, Gross | 520,526,000 | 515,887,000 | |
Fair Value, Concentration of Risk, Collateral Policy [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Commercial and multi-family real estate | 274,892,000 | 256,015,000 | |
Troubled Debt Restructurings [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Troubled debt restructurings, Impaired loans | $ 1,300,000 | ||
Minimum period for default | 90 days | ||
Residential Real Estate [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Foreclosed residential real estate properties | $ 68,000 | 186,000 | |
Commercial [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Troubled debt restructurings, Impaired loans | 0 | ||
Investment recorded prior to modification | $ 61,000 | ||
Number of Modifications | Modification | 1 | ||
Loans and Leases Receivable, Gross | 155,884,000 | $ 145,113,000 | |
Commercial Business Loans [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Troubled debt restructurings, Impaired loans | 46,000 | 59,000 | |
Investment recorded prior to modification | $ 0 | $ 61,000 | |
Number of Modifications | 0 | 1 | |
Loans and Leases Receivable, Gross | $ 103,088,000 | $ 107,581,000 | |
Commercial Business Loans [Member] | Small Business Administration Paycheck Protection Programme Loans [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Percentage of government guarantee for loans as per scheme | 100.00% | ||
Commercial Portfolio And Commercial Residential Portfolio [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans as on closing date | Loans | 364 | 295 | |
Loans and Leases Receivable, Gross | $ 20.6 | $ 26,200,000 | |
One- to four-family [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans held for sale | $ 632,000 | 552,000 | |
Maximum term of fixed-rate one- to four-family residential mortgage loans | 15 years | ||
Troubled debt restructurings, Impaired loans | $ 1,218,000 | 1,256,000 | |
Amount of troubled debt restructurings in accrual status | 1,300,000 | ||
Investment recorded prior to modification | $ 0 | $ 0 | |
Number of Modifications | Modification | 0 | 0 | |
Investment recorded post modification | $ 127,000 | $ 118,000 | |
Loans and Leases Receivable, Gross | $ 117,435,000 | $ 128,876,000 | |
One- to four-family [Member] | Troubled Debt Restructurings [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of default loans | SecurityLoan | 1 | 1 | |
Investment recorded post modification | $ 118,000 | $ 127,000 | |
Purchased Loans and Loan Participations [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Approximate amount of purchase loans included in loans receivable | 3,578,000 | 4,181,000 | |
Approximate amount of loans included on out-of-area participation | 26,870,000 | 23,950,000 | |
Amount within 100 miles of primary area | 9,718,000 | $ 8,126,000 | |
Troubled Debt Restructurings [Member] | Covid Nineteen [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Investment recorded post modification | $ 72,100,000 | ||
Troubled Debt Restructurings [Member] | Modification one [Member] | Covid Nineteen [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of Modifications | Loans | 139 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 66,100,000 | ||
Troubled Debt Restructurings [Member] | Modification Two [Member] | Covid Nineteen [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of Modifications | Loans | 132 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 6,000,000 | ||
Foreclosure [Member] | Troubled Debt Restructurings [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of default loans | SecurityLoan | 0 | 0 | |
Non troubled debt restructuring [Member] | Covid Nineteen [Member] | Financing receivables, 30 to 59 days past due [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Financing receivable number of days past due | 30 days | ||
Period of loan excecution | 60 days |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans Based on Portfolio Segment and Impairment Method (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for loan losses: | ||
Balance, beginning of year | $ 6,234 | $ 6,328 |
Provision charged to expense | 844 | 128 |
Losses charged off | (513) | (268) |
Recoveries | 34 | 46 |
Balance, end of period | 6,599 | 6,234 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 6,599 | 6,234 |
Loans: | ||
Ending balance | 520,526 | 515,887 |
Ending balance: individually evaluated for impairment | 1,298 | 1,660 |
Ending balance: collectively evaluated for impairment | 519,228 | 514,227 |
One- to four-family [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 1,044 | 1,031 |
Provision charged to expense | (64) | 50 |
Losses charged off | (15) | (40) |
Recoveries | 2 | 3 |
Balance, end of period | 967 | 1,044 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 967 | 1,044 |
Loans: | ||
Ending balance | 117,435 | 128,876 |
Ending balance: individually evaluated for impairment | 1,252 | 1,336 |
Ending balance: collectively evaluated for impairment | 116,183 | 127,540 |
Multi-family [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 1,514 | 1,642 |
Provision charged to expense | 160 | (128) |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 1,674 | 1,514 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,674 | 1,514 |
Loans: | ||
Ending balance | 104,433 | 96,195 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 104,433 | 96,195 |
Home equity lines of credit [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 87 | 89 |
Provision charged to expense | (20) | (2) |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 67 | 87 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 67 | 87 |
Loans: | ||
Ending balance | 6,688 | 8,551 |
Ending balance: individually evaluated for impairment | 0 | 15 |
Ending balance: collectively evaluated for impairment | 6,688 | 8,536 |
Construction [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 240 | 213 |
Provision charged to expense | 18 | 27 |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 258 | 240 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 258 | 240 |
Loans: | ||
Ending balance | 25,345 | 22,042 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 25,345 | 22,042 |
Commercial [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 1,706 | 1,623 |
Provision charged to expense | 125 | 83 |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 1,831 | 1,706 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,831 | 1,706 |
Loans: | ||
Ending balance | 155,884 | 145,113 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 155,884 | 145,113 |
Commercial [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 1,583 | 1,659 |
Provision charged to expense | 611 | 84 |
Losses charged off | (473) | (191) |
Recoveries | 19 | 31 |
Balance, end of period | 1,740 | 1,583 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,740 | 1,583 |
Loans: | ||
Ending balance | 103,088 | 107,581 |
Ending balance: individually evaluated for impairment | 46 | 304 |
Ending balance: collectively evaluated for impairment | 103,042 | 107,277 |
Consumer [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 60 | 71 |
Provision charged to expense | 14 | 14 |
Losses charged off | (25) | (37) |
Recoveries | 13 | 12 |
Balance, end of period | 62 | 60 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 62 | 60 |
Loans: | ||
Ending balance | 7,653 | 7,529 |
Ending balance: individually evaluated for impairment | 0 | 5 |
Ending balance: collectively evaluated for impairment | $ 7,653 | $ 7,524 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Credit Risk Profile of Association's Loan Portfolio Based on Rating Category and Payment Activity (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 520,526 | $ 515,887 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 512,746 | 510,504 |
Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,919 | 3,633 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 861 | 1,506 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 244 | |
One- to four-family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 117,435 | 128,876 |
One- to four-family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 116,980 | 127,279 |
One- to four-family [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 775 | |
One- to four-family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 455 | 822 |
Multi-family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 104,433 | 96,195 |
Multi-family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 104,170 | 95,925 |
Multi-family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 263 | 270 |
Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,688 | 8,551 |
Home equity lines of credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,688 | 8,402 |
Home equity lines of credit [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 134 | |
Home equity lines of credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15 | |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25,345 | 22,042 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25,345 | 22,042 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 155,884 | 145,113 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 154,833 | 143,727 |
Commercial [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 954 | 1,073 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 97 | 313 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 103,088 | 107,581 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 97,078 | 105,605 |
Commercial [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,964 | 1,651 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 46 | 81 |
Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 244 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,653 | 7,529 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,652 | 7,524 |
Consumer [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1 | |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 5 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Association's Loan Portfolio Aging Analysis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | $ 680 | $ 2,226 |
Current | 519,846 | 513,661 |
Total loans | 520,526 | 515,887 |
Total Loans 90 Days Past Due & Accruing | 118 | 304 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 86 | 267 |
Current | 155,798 | 144,846 |
Total loans | 155,884 | 145,113 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 9 | 248 |
Current | 103,079 | 107,333 |
Total loans | 103,088 | 107,581 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 6 | 67 |
Current | 7,647 | 7,462 |
Total loans | 7,653 | 7,529 |
Total Loans 90 Days Past Due & Accruing | 0 | |
One- to four-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 524 | 1,644 |
Current | 116,911 | 127,232 |
Total loans | 117,435 | 128,876 |
Total Loans 90 Days Past Due & Accruing | 118 | 304 |
Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 104,433 | 96,195 |
Total loans | 104,433 | 96,195 |
Home equity lines of credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 55 | |
Current | 6,633 | 8,551 |
Total loans | 6,688 | 8,551 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 25,345 | 22,042 |
Total loans | 25,345 | 22,042 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 476 | 1,230 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 86 | 172 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 9 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 6 | 24 |
Financing Receivables, 30 to 59 Days Past Due [Member] | One- to four-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 320 | 1,034 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 55 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 52 | 367 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 0 | 95 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 4 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 43 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | One- to four-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 52 | 225 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 0 | |
Financing Receivables, 90 Days or Greater [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 152 | 629 |
Financing Receivables, 90 Days or Greater [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 244 | |
Financing Receivables, 90 Days or Greater [Member] | One- to four-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | $ 152 | $ 385 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Specific Allowance | $ 0 | $ 0 |
Recorded Balance | 1,298 | 1,660 |
Unpaid Principal Balance | 1,298 | 1,660 |
Specific Allowance | 0 | 0 |
Average Investment in Impaired Loans | 1,536 | 1,800 |
Interest Income Recognized | 86 | 84 |
Interest on Cash Basis | 73 | 87 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Balance, Loans without a specific allowance | 0 | |
Unpaid Principal Balance, Loans without a specific allowance | 0 | |
Average Investment in Impaired Loans, Loans without a specific allowance | 3 | |
Specific Allowance | 0 | |
Recorded Balance | 0 | |
Unpaid Principal Balance | 0 | |
Specific Allowance | 0 | |
Average Investment in Impaired Loans | 3 | |
Interest Income Recognized | 0 | |
Interest on Cash Basis | 0 | |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Balance, Loans without a specific allowance | 46 | 304 |
Unpaid Principal Balance, Loans without a specific allowance | 46 | 304 |
Average Investment in Impaired Loans, Loans without a specific allowance | 265 | 382 |
Interest Income Recognized, Loans without a specific allowance | 19 | 23 |
Interest on Cash Basis, Loans without a specific allowance | 23 | 25 |
Recorded Balance | 46 | 304 |
Unpaid Principal Balance | 46 | 304 |
Average Investment in Impaired Loans | 265 | 382 |
Interest Income Recognized | 19 | 23 |
Interest on Cash Basis | 23 | 25 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Balance, Loans without a specific allowance | 5 | |
Unpaid Principal Balance, Loans without a specific allowance | 5 | |
Average Investment in Impaired Loans, Loans without a specific allowance | 9 | |
Interest Income Recognized, Loans without a specific allowance | 0 | 0 |
Interest on Cash Basis, Loans without a specific allowance | 0 | 0 |
Recorded Balance, Loans with a specific allowance | 0 | |
Unpaid Principal Balance, Loans with a specific allowance | 0 | |
Specific Allowance | 0 | |
Average Investment in Impaired Loans, Loans with a specific allowance | 0 | |
Interest Income Recognized, Loans with a specific allowance | 0 | |
Interest on Cash Basis, Loans with a specific allowance | 0 | |
Recorded Balance | 5 | |
Unpaid Principal Balance | 5 | |
Specific Allowance | 0 | |
Average Investment in Impaired Loans | 9 | |
Interest Income Recognized | 0 | |
Interest on Cash Basis | 0 | |
One- to four-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Balance, Loans without a specific allowance | 1,252 | 1,336 |
Unpaid Principal Balance, Loans without a specific allowance | 1,252 | 1,336 |
Average Investment in Impaired Loans, Loans without a specific allowance | 1,271 | 1,388 |
Interest Income Recognized, Loans without a specific allowance | 67 | 61 |
Interest on Cash Basis, Loans without a specific allowance | 50 | 62 |
Recorded Balance, Loans with a specific allowance | 0 | |
Unpaid Principal Balance, Loans with a specific allowance | 0 | |
Specific Allowance | 0 | |
Average Investment in Impaired Loans, Loans with a specific allowance | 0 | |
Interest Income Recognized, Loans with a specific allowance | 0 | |
Interest on Cash Basis, Loans with a specific allowance | 0 | |
Recorded Balance | 1,252 | 1,336 |
Unpaid Principal Balance | 1,252 | 1,336 |
Specific Allowance | 0 | |
Average Investment in Impaired Loans | 1,271 | 1,388 |
Interest Income Recognized | 67 | 61 |
Interest on Cash Basis | $ 50 | 62 |
Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Balance | 0 | |
Unpaid Principal Balance | 0 | |
Average Investment in Impaired Loans | 0 | |
Interest Income Recognized | 0 | |
Interest on Cash Basis | 0 | |
Home equity lines of credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Balance, Loans without a specific allowance | 15 | |
Unpaid Principal Balance, Loans without a specific allowance | 15 | |
Average Investment in Impaired Loans, Loans without a specific allowance | 18 | |
Interest Income Recognized, Loans without a specific allowance | 0 | |
Interest on Cash Basis, Loans without a specific allowance | 0 | |
Recorded Balance | 15 | |
Unpaid Principal Balance | 15 | |
Average Investment in Impaired Loans | 18 | |
Interest Income Recognized | 0 | |
Interest on Cash Basis | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Non Accruals (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Mortgages on real estate: | ||
Total | $ 34 | $ 405 |
One- to four-family [Member] | ||
Mortgages on real estate: | ||
Total | 34 | 81 |
Real Estate Loans Home Equity Lines Of Credit [Member] | ||
Mortgages on real estate: | ||
Total | 0 | 15 |
Consumer Loans [Member] | ||
Mortgages on real estate: | ||
Total | 0 | 5 |
Commercial [Member] | ||
Mortgages on real estate: | ||
Total | 0 | |
Commercial Business Loans [Member] | ||
Mortgages on real estate: | ||
Total | $ 0 | $ 304 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Non Accruals 1 (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Real estate loans | ||
Total | $ 1,264 | $ 1,330 |
One- to four-family [Member] | ||
Real estate loans | ||
Total | 1,218 | 1,256 |
Home equity lines of credit [Member] | ||
Real estate loans | ||
Total | 0 | 15 |
Real Estate Loan [Member] | ||
Real estate loans | ||
Total | 1,218 | 1,271 |
Commercial [Member] | ||
Real estate loans | ||
Total | 0 | |
Commercial [Member] | ||
Real estate loans | ||
Total | $ 46 | 59 |
Consumer Loans [Member] | ||
Real estate loans | ||
Total | $ 0 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Loans Modified as Troubled Debt Restructurings (Detail) Age in Thousands | 12 Months Ended | |
Jun. 30, 2021USD ($)Modification | Jun. 30, 2020USD ($)ModificationAge | |
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Modification | 0 | 1 |
Recorded Investment | $ 0 | $ 61,000 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | 0 | 1 |
Recorded Investment | $ 0 | $ 61,000 |
One- to four-family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Modification | 0 | 0 |
Recorded Investment | $ 0 | $ 0 |
Real Estate Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Modification | 0 | 0 |
Recorded Investment | $ 0 | $ 0 |
Premises and Equipment - Major
Premises and Equipment - Major Classifications of Premises and Equipment, Stated at Cost (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Land | $ 2,028 | $ 1,976 |
Buildings and improvements | 11,358 | 11,338 |
Furniture and equipment | 5,102 | 4,895 |
Premises and equipment, gross | 18,488 | 18,209 |
Less accumulated depreciation | 8,695 | 8,016 |
Net premises and equipment | $ 9,793 | $ 10,193 |
Loan Servicing - Activity in Mo
Loan Servicing - Activity in Mortgage Servicing Rights Measured Using the Fair Value Method (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Transfers and Servicing [Abstract] | ||
Fair value, beginning of period | $ 715 | $ 853 |
Servicing assets resulting from asset transfers | 433 | 255 |
Payments received and loans refinanced | (299) | (99) |
Changes in fair value, due to changes in valuation inputs or assumptions | 164 | (294) |
Fair value, end of period | $ 1,013 | $ 715 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |||
Unpaid principal balances of mortgage loans serviced for others | $ 138,119,000 | $ 116,696,000 | |
Custodial escrow balances in connection with the foregoing loan servicing | 747,000 | 672,000 | |
Mortgage servicing rights, Fair value | $ 1,013,000 | $ 715,000 | $ 853,000 |
Interest-Bearing Deposits - Int
Interest-Bearing Deposits - Interest Expense by Deposit Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Federal Home Loan Banks [Abstract] | ||
Savings, NOW, and Money Market | $ 742 | $ 1,405 |
Certificates of deposit | 2,880 | 5,962 |
Brokered certificates of deposit | 71 | 543 |
Total deposit interest expense | $ 3,693 | $ 7,910 |
Interest-Bearing Deposits - Sch
Interest-Bearing Deposits - Scheduled Maturities of Time Deposits Including Brokered Time Deposits (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Federal Home Loan Banks [Abstract] | |
2022 | $ 205,243 |
2023 | 42,516 |
2024 | 6,620 |
2025 | 2,265 |
2026 and thereafter | 5,324 |
Time Deposits | $ 261,968 |
Interest-Bearing Deposits - Add
Interest-Bearing Deposits - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Federal Home Loan Banks [Abstract] | ||
Interest-bearing deposits in denominations of $100,000 or more | $ 333,266,000 | $ 276,821,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Aggregate Annual Maturities of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Federal Home Loan Banks [Abstract] | ||
2022 | $ 5,000 | |
2023 | 5,000 | |
2024 | 10,000 | |
2025 | 0 | |
2026 | 5,000 | |
Thereafter | 0 | |
Total federal home loan bank advances | $ 25,000 | $ 34,500 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank advances | $ 25,000 | $ 34,500 |
Mortgage loans secured for Federal Home Loan Bank Advances | $ 286,596,000 | |
Maximum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank advances interest rate range from | 2.72% | |
Minimum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank advances interest rate range from | 0.00% |
Lines of Credit - Additional in
Lines of Credit - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 20, 2020 | Jun. 30, 2020 | |
Line of Credit Facility [Line Items] | |||
Line of credit outstanding | $ 3,000 | $ 3,000 | |
CIBC Bank USA [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit maximum borrowing capacity | $ 7,500 | ||
Line of credit outstanding | $ 3,000 | ||
Debt instrument stated interest rate | 2.50% | ||
Line of credit maturity | Sep. 30, 2020 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Maximum amount of outstanding agreements | $ 7,142,000 | $ 3,939,000 |
Repurchase agreement monthly average amount | 5,421,000 | 3,398,000 |
Repurchase agreements | 6,245,000 | $ 3,738,000 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 4,900,000 | |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 1,300,000 | |
Maximum [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements term | 90 days | |
Minimum [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements term | 30 days |
Income Taxes - Components of th
Income Taxes - Components of the Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Taxes currently payable | $ 2,196 | $ 1,654 |
Deferred income taxes | (162) | (15) |
Income tax expense | $ 2,034 | $ 1,639 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense at the Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes Paid, Net [Abstract] | ||
Computed at the statutory rate | $ 1,550 | $ 1,236 |
Increase (decrease) resulting from | ||
Tax exempt interest | (8) | (16) |
Cash surrender value of life insurance | (87) | (57) |
State income taxes | 540 | 441 |
Other | 39 | 35 |
Income tax expense | $ 2,034 | $ 1,639 |
Tax rate as a percentage of pre-tax income | 27.60% | 27.90% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Income Tax Expense at the Statutory Rate (Parenthetical) (Detail) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes Paid, Net [Abstract] | ||
Statutory tax rate | 21.00% | 21.00% |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences Related to Deferred Taxes (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Deferred tax assets | ||
Allowance for loan losses | $ 1,880 | $ 1,776 |
Accrued retirement liability | 703 | 677 |
Deferred compensation | 508 | 468 |
Deferred loan fees | 336 | 291 |
Postretirement health plan | 170 | 264 |
Accrued vacation | 61 | 66 |
MPF recourse liability | 121 | 97 |
Deferred revenue Mastercard | 19 | 23 |
Stock options—Directors | 54 | 50 |
Restricted stock | 11 | |
Accrued professional services | 23 | 18 |
Other | 7 | |
Total deferred tax assets | 3,875 | 3,748 |
Deferred tax liabilities | ||
Depreciation | (687) | (731) |
Mortgage servicing rights | (289) | (204) |
Deferred loan expense | (177) | (181) |
Unrealized gains on available-for-sale securities | (941) | (1,940) |
Restricted stock | (8) | |
Prepaid expenses | (76) | (62) |
Total deferred tax liabilities | (2,178) | (3,118) |
Net deferred tax asset | $ 1,697 | $ 630 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Retained earnings excluding deferred federal income tax liability | $ 2,217,000 | $ 2,217,000 |
Amount deferred income tax liabilities expected to reverse into taxable income | $ 466,000 | $ 466,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | $ 4,203 | $ 565 |
Other comprehensive income before reclassification | (2,276) | 4,065 |
Amounts reclassified from accumulated other comprehensive income | (228) | (191) |
Net current period other comprehensive income | 234 | (236) |
Ending balance | 1,933 | 4,203 |
Unrealized Gains and Losses on Available-for- Sale Securities [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | 4,865 | 991 |
Other comprehensive income before reclassification | (2,276) | 4,065 |
Amounts reclassified from accumulated other comprehensive income | (228) | (191) |
Ending balance | 2,361 | 4,865 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | (662) | (426) |
Net current period other comprehensive income | 234 | (236) |
Ending balance | $ (428) | $ (662) |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (AOCI) by Component - Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains on available-for-sale securities | $ 320 | $ 267 |
Tax expense | 2,034 | 1,639 |
Net Income | 5,347 | 4,245 |
Amounts Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassified amount before tax | 648 | 626 |
Tax expense | 186 | 199 |
Net Income | 462 | 427 |
Accumulated Net Realized Investment Gains (Losses) [Member] | Amounts Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains on available-for-sale securities | 320 | 267 |
Amortization of Defined Benefit Pension Items [Member] | Amounts Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial losses | $ 328 | $ 359 |
Regulatory Matters - Associatio
Regulatory Matters - Association's Actual Capital Amounts and Ratios (Detail) - Association [Member] $ in Thousands | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual, Community Bank Leverage Ratio, Amount | $ 78,539 | $ 76,428 |
Actual, Tier I capital (to adjusted total assets), Amount | 78,539 | 76,428 |
Actual, Tangible capital (to adjusted total assets), Amount | $ 78,539 | $ 76,428 |
Actual, Community Bank Leverage Ratio, Ratio | 0.1048 | 0.1068 |
Actual, Tier I capital (to adjusted total assets), Ratio | 10.48% | 10.68% |
Actual, Tangible capital (to adjusted total assets), Ratio | 0.1048 | 0.1068 |
Minimum Capital Requirement, Community Bank Leverage Ratio, Amount | $ 63,685 | $ 57,238 |
Minimum Capital Requirement, Tier I capital (to adjusted total assets), Amount | 29,970 | 28,619 |
Minimum Capital Requirement, Tangible capital (to adjusted total assets), Amount | $ 11,239 | $ 10,732 |
Minimum Capital Requirement, Community Bank Leverage Ratio, Ratio | 0.0850 | 0.0800 |
Minimum Capital Requirement, Tier I capital (to adjusted total assets), Ratio | 4.00% | 4.00% |
Minimum Capital Requirement, Tangible capital (to adjusted total assets), Ratio | 0.0150 | 0.0150 |
Minimum To Be Well Capitalised Under Prompt Corrective Action Provisions, Community Bank Leverage Ratio, Amount | $ 63,685 | $ 57,238 |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Tier I capital (to adjusted total assets), Amount | $ 37,462 | $ 35,774 |
Minimum To Be Well Capitalised Under Prompt Corrective Action Provisions, Community Bank Leverage Ratio, Ratio | 0.0850 | 0.0800 |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Tier I capital (to adjusted total assets), Ratio | 5.00% | 5.00% |
Regulatory Matters - Reconcilia
Regulatory Matters - Reconciliation of Association Equity Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Association equity | $ 85,304 | $ 82,564 | $ 82,461 |
Association [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Association equity | 80,472 | 80,631 | |
Less net unrealized gains | 2,361 | 4,865 | |
Less postretirement benefit plan | (428) | (662) | |
Tier 1 capital | 78,539 | 76,428 | |
Plus allowance for loan losses subject to limit | 6,599 | 6,234 | |
Total risk-based capital | $ 85,138 | $ 82,662 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Billions | Jun. 30, 2021USD ($) | Mar. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Maximum Asset Value Required To Be Maintained Leverage Ratio | $ 10 | |
Tier 1 capital ratio of risk-weighted assets | 0.025 | |
Covid 19[Member] | Throughout Two Thousand And Twenty [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage ratio | 0.08 | |
Tier One Leverage Capital to Average Assets | 0.08 | |
Covid 19[Member] | Throughout Two Thousand And Twenty One [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage ratio | 0.085 | |
Tier One Leverage Capital to Average Assets | 0.085 | |
Covid 19[Member] | From Two Thousand And Twenty Two Onwards [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage ratio | 0.09 | |
Tier One Leverage Capital to Average Assets | 0.09 | |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage ratio | 0.08 | |
Tier One Leverage Capital to Average Assets | 0.08 | |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage ratio | 0.09 | |
Tier One Leverage Capital to Average Assets | 0.09 |
Related Party Transactions - Ch
Related Party Transactions - Changes in Loans Outstanding (Detail) - Management [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Balance, beginning of year | $ 3,341 | $ 3,033 |
New loans | 1,700 | 1,087 |
Repayments | (1,818) | (779) |
Balance, end of year | $ 3,223 | $ 3,341 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Management [Member] | ||
Related Party Transaction [Line Items] | ||
Deposits from related parties held by the Company | $ 2,176,000 | $ 1,526,000 |
Employee Benefits - Plan's Fund
Employee Benefits - Plan's Funded Status and Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Change in benefit obligation | ||
Beginning of year | $ 3,306 | $ 2,919 |
Service cost | 56 | 53 |
Interest cost | 75 | 93 |
Actuarial gain (loss) | (268) | 355 |
Benefits paid | (104) | (114) |
End of year | $ 3,065 | $ 3,306 |
Employee Benefits - Significant
Employee Benefits - Significant Balances, Costs and Assumptions (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Retirement Benefits [Abstract] | |||
Benefit obligation | $ 3,065 | $ 3,306 | $ 2,919 |
Fair value of plan assets | |||
Funded status | (3,065) | (3,306) | |
Accumulated benefit obligation | $ 3,065 | $ 3,306 |
Employee Benefits - Summary of
Employee Benefits - Summary of Accrued postretirement benefit obligations recognized in Balance sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Accrued post-retirement benefit obligation | $ 3,065 | $ 3,306 |
Employee Benefits - Net Periodi
Employee Benefits - Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 56 | $ 53 |
Interest cost | 75 | 93 |
Amortization of (Gain) or Loss | 60 | 25 |
Net periodic benefit cost, Total | $ 191 | $ 171 |
Employee Benefits - Accumulated
Employee Benefits - Accumulated Other Comprehensive Income Not Yet Recognized (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Retirement Benefits [Abstract] | ||
Net loss | $ 532 | $ 860 |
Employee Benefits - Other Signi
Employee Benefits - Other Significant Balances and Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Retirement Benefits [Abstract] | ||
Employer contribution | $ 104 | $ 114 |
Benefits paid | 104 | 114 |
Benefit Costs | $ 191 | $ 171 |
Employee Benefits - One-Percent
Employee Benefits - One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Retirement Benefits [Abstract] | |
One-Percentage-Point Increase, Effect on total of service and interest cost components | $ 4 |
One-Percentage-Point Increase, Effect on postretirement benefit obligation | 47 |
One-Percentage-Point Decrease, Effect on total of service and interest cost components | (4) |
One-Percentage-Point Decrease, Effect on postretirement benefit obligation | $ (51) |
Employee Benefits - Postretirem
Employee Benefits - Postretirement Plan Benefit Payments Expected Future Service (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Retirement Benefits [Abstract] | |
2022 | $ 135 |
2023 | 155 |
2024 | 172 |
2025 | 174 |
2026 | 193 |
2027-2031 | $ 972 |
Employee Benefits - Benefit Pay
Employee Benefits - Benefit Payments Expected to be Paid for Agreements (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 135 |
2023 | 155 |
2024 | 172 |
2025 | 174 |
2026 | 193 |
Thereafter | 972 |
Deferred Compensation Agreements [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 121 |
2023 | 136 |
2024 | 137 |
2025 | 227 |
2026 | 137 |
Thereafter | 3,360 |
Total | $ 4,118 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contribution by the association in the year 2021 | $ 154,000 | |||
Estimated net loss | (26,000) | |||
Prior service cost | 0 | |||
Transition obligation | $ 0 | |||
Discount rates | 2.65% | 2.32% | ||
Annual rate of health care cost, increase | 9.00% | 8.50% | 8.50% | |
Matching contribution contributed by the association under the plan | 25.00% | |||
Percentage of employee's compensation | 5.00% | |||
Employer contributions | $ 88,000 | $ 81,000 | ||
Employer contributions | $ 1,800,000 | $ 1,600,000 | ||
Normal retirement age of directors | 72 years | |||
Benefit cost discount rate | 2.32% | 3.25% | ||
Deferred Profit Sharing [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 650,000 | $ 602,000 | ||
Minimum [Member] | Deferred Profit Sharing [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer Profit Sharing contribution under the Plan | 5.00% | |||
Deferred Compensation Agreements [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected annual rate of health care cost, decrease | (5.00%) | |||
Benefit cost discount rate | 6.00% | |||
Employer contributions | $ 251,000 | $ 249,000 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Allocated shares | 145,389 | 127,102 | |
Shares committed for release | 19,245 | 19,245 | |
Unearned shares | 192,450 | 211,695 | |
Total ESOP shares | 357,084 | 358,042 | |
Fair value of unearned ESOP shares | [1] | $ 4,388 | $ 3,652 |
[1] | Based on closing price of $22.80 and $17.25 per share on June 30, 2021, and 2020, respectively. |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of ESOP Shares (Parenthetical) (Detail) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Employee Stock Ownership Plan Esop [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
ESOP, closing price per share | $ 22.80 | $ 17.25 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2021USD ($)$ / sharesshares | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding, June 30, 2020 | shares | 153,143 | |
Granted | shares | ||
Exercised | shares | ||
Forfeited | shares | ||
Outstanding, June 30, 2021 | shares | 153,143 | |
Exercisable, June 30, 2021 | shares | 153,143 | |
Outstanding, June 30, 2020 | $ / shares | $ 16.63 | |
Granted | $ / shares | ||
Exercised | $ / shares | ||
Forfeited | $ / shares | ||
Outstanding, June 30, 2021 | $ / shares | 16.63 | |
Exercisable, June 30, 2021 | $ / shares | $ 16.63 | |
Outstanding, June 30, 2021 | 2 years 4 months 24 days | |
Exercisable, June 30, 2021 | 2 years 4 months 24 days | |
Outstanding, June 30, 2021 | $ | $ 945 | [1] |
Exercisable, June 30, 2021 | $ | $ 945 | [1] |
[1] | Based on closing price of $22.80 per share on June 30, 2021. |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Jun. 30, 2021$ / shares |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price per share | $ 22.80 |
Stock-based Compensation - Su_5
Stock-based Compensation - Summary of Non-vested Restricted Stock Activity (Detail) - Restricted Stock [Member] | 12 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 40,250 |
Granted, Shares | shares | |
Forfeited, Shares | shares | |
Earned and issued, Shares | shares | 10,062 |
Ending balance, Shares | shares | 30,188 |
Beginning balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.79 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | |
Earned and issued, Weighted-Average Grant-Date Fair Value | $ / shares | 16.79 |
Ending balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.79 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | Dec. 10, 2013 | Dec. 31, 2016 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 10, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares paid under ESOP | 357,084 | 358,042 | |||
Employee Stock Ownership Plan Esop [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Minimum hours of service required | 1000 hours | ||||
Period of service to qualify for ESOP benefits | 0 months | ||||
Minimum age of employee to attain the plan | 21 years | ||||
Shares to be purchased for ESOP, from borrowed funds | 384,900 | ||||
Shares to be purchased for ESOP, percentage of common stock | 8.00% | ||||
Repayment of loan on ESOP | 20 years | ||||
Percentage vested in accrued benefits | 100.00% | ||||
Vesting period | 6 years | ||||
Employee Stock Ownership Plan Esop [Member] | Employee Severance [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares paid under ESOP | 958 | 1,161 | |||
Employee Stock Ownership Plan Esop [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Prorated vesting period | 2 years | ||||
Employee Stock Ownership Plan Esop [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Prorated vesting period | 5 years | ||||
Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized | 673,575 | ||||
Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 7 years | 7 years | |||
Shares authorized | 167,000 | 481,125 | |||
Restricted stock available for future grants | 314,125 | ||||
Stock options granted | 0 | ||||
Options vested during the period | 22,286 | 22,286 | |||
Unrecognized compensation expense for non-vested restricted stock awards | $ 0 | ||||
Stock based compensation expense | 24,000 | $ 24,000 | |||
Tax benefit | $ 57,000 | 57,000 | |||
Equity Incentive Plan [Member] | Restricted Stock And Restricted Stock Units Rsu [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized | 192,450 | ||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 10 years | 8 years | |||
Shares authorized | 85,500 | 16,900 | |||
Restricted stock available for future grants | 90,050 | ||||
Weighted average recognition period for non-vested restricted stock awards | 2 years 4 months 24 days | ||||
Unrecognized compensation expense for non-vested restricted stock awards | $ 409,000 | ||||
Stock based compensation expense | 169,000 | 169,000 | |||
Tax benefit | $ 48,000 | $ 48,000 |
Earnings Per Share ("EPS") - Fa
Earnings Per Share ("EPS") - Factors Used in Earnings Per Common Share Computation (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 5,347 | $ 4,245 |
Basic weighted average shares outstanding | 3,240,376 | 3,324,657 |
Less: Average unallocated ESOP shares | (202,073) | (221,318) |
Average shares outstanding | 3,038,303 | 3,103,339 |
Diluted effect of restricted stock awards and stock options | 40,564 | 44,693 |
Diluted average shares outstanding | 3,078,867 | 3,148,032 |
Basic earnings per common share | $ 1.76 | $ 1.37 |
Diluted earnings per common share | $ 1.74 | $ 1.35 |
Disclosures about Fair Value _3
Disclosures about Fair Value of Assets - Fair Value Measurements of Assets Recognized on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | $ 189,891 | $ 162,394 | |
Mortgage servicing rights | 1,013 | 715 | $ 853 |
US Treasury [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 996 | ||
U.S. Government and Federal Agency and Government Sponsored Enterprises (GSEs) [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 8,039 | 8,236 | |
Mortgage-backed Securities - GSE Residential [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 170,415 | 148,855 | |
Small Business Administration [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 9,190 | 3,640 | |
State and Political Subdivisions [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 1,251 | 1,663 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Available-for-sale securities: | |||
Mortgage servicing rights | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | US Treasury [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 996 | ||
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Federal Agency and Government Sponsored Enterprises (GSEs) [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 8,039 | 8,236 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities - GSE Residential [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 170,415 | 148,855 | |
Significant Other Observable Inputs (Level 2) [Member] | Small Business Administration [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 9,190 | 3,640 | |
Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 1,251 | 1,663 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Available-for-sale securities: | |||
Mortgage servicing rights | $ 1,013 | $ 715 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Assets - Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in Accompanying Balance Sheet (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 715 | $ 853 |
Total realized and unrealized gains and losses included in net income | 164 | (294) |
Servicing rights that result from asset transfers | 433 | 255 |
Payments received and loans refinanced | (299) | (99) |
Ending Balance | 1,013 | $ 715 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date | $ 164 |
Disclosures about Fair Value _5
Disclosures about Fair Value of Assets - Fair Value Measurement of Assets Recognized on Nonrecurring Basis (Detail) - Non-recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | $ 191 | $ 200 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | $ 191 | $ 200 |
Disclosures about Fair Value _6
Disclosures about Fair Value of Assets - (Losses)/Recoveries Recognized on Assets Measured on Non-Recurring Basis (Detail) - Non-recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (collateral dependent) | $ 0 | $ 13 |
Foreclosed and repossessed assets held for sale | $ (9) | $ (19) |
Disclosures about Fair Value _7
Disclosures about Fair Value of Assets - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) Banking_Office in Thousands, $ in Thousands | Jun. 30, 2021USD ($)Banking_Office | Jun. 30, 2020USD ($)Banking_Office |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights | $ | $ 1,013 | $ 715 |
Foreclosed assets | Banking_Office | 191 | 200 |
Comparability Adjustments [Member] | Market Comparable Properties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.116 | 0.111 |
Minimum [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.095 | 0.095 |
Minimum [Member] | Constant Prepayment Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.098 | 0.135 |
Minimum [Member] | Probability of Default [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0 | 0.0004 |
Maximum [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.115 | 0.115 |
Maximum [Member] | Constant Prepayment Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.144 | 0.177 |
Maximum [Member] | Probability of Default [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0014 | 0.0012 |
Weighted Average [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.095 | 0.095 |
Weighted Average [Member] | Constant Prepayment Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.119 | 0.138 |
Weighted Average [Member] | Probability of Default [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.0012 | 0.0011 |
Weighted Average [Member] | Comparability Adjustments [Member] | Market Comparable Properties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 0.116 | 0.111 |
Disclosures about Fair Value _8
Disclosures about Fair Value of Assets - Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Financial assets | |||
Cash and cash equivalents | $ 62,735 | $ 33,467 | $ 59,600 |
Interest-bearing time deposits in banks | 2,250 | 3,000 | |
Loans, net of allowance for loan losses | 513,371 | 509,817 | |
Federal Home Loan Bank stock | 4,198 | 3,028 | |
Accrued interest receivable | 1,897 | 1,908 | |
Financial liabilities | |||
Deposits | 667,632 | 601,700 | |
Repurchase agreements | 6,245 | 3,738 | |
Federal Home Loan Bank advances | 25,000 | 34,500 | |
Advances from borrowers for taxes and insurance | 928 | 519 | |
Accrued interest payable | 199 | 537 | |
Unrecognized financial instruments (net of contract amount) | |||
Commitments to originate loans | 0 | 0 | |
Lines of credit | 3,000 | 3,000 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Financial assets | |||
Cash and cash equivalents | 62,735 | 33,467 | |
Interest-bearing time deposits in banks | 2,250 | 3,000 | |
Unrecognized financial instruments (net of contract amount) | |||
Commitments to originate loans | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets | |||
Federal Home Loan Bank stock | 4,198 | 3,028 | |
Accrued interest receivable | 1,897 | 1,908 | |
Financial liabilities | |||
Deposits | 405,664 | 320,209 | |
Repurchase agreements | 6,245 | 3,738 | |
Federal Home Loan Bank advances | 25,673 | 35,472 | |
Advances from borrowers for taxes and insurance | 928 | 519 | |
Accrued interest payable | 199 | 537 | |
Unrecognized financial instruments (net of contract amount) | |||
Commitments to originate loans | 0 | 0 | |
Lines of credit | 3,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets | |||
Loans, net of allowance for loan losses | 515,515 | 513,221 | |
Financial liabilities | |||
Deposits | 262,603 | 283,304 | |
Unrecognized financial instruments (net of contract amount) | |||
Commitments to originate loans | $ 0 | $ 0 |
Commitments and Credit Risk - A
Commitments and Credit Risk - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Line Items] | ||
Outstanding commitments to originate loans amount | $ 19,137,000 | $ 16,873,000 |
Loan amount commitments at fixed rates of interest | $ 7,594,000 | $ 5,178,000 |
Weighted average interest rates for fixed rate loan commitments | 3.59% | 3.49% |
Commercial [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Lines of credit to borrowers | $ 93,339,000 | $ 78,600,000 |
Open End Consumer Lines [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Lines of credit to borrowers | $ 10,633,000 | $ 7,582,000 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Assets | |||
Cash and due from banks | $ 60,785 | $ 31,529 | |
Total assets | 797,341 | 735,517 | |
Liabilities | |||
Line of credit | 3,000 | 3,000 | |
Interest payable | 199 | 537 | |
Other liabilities | 5,968 | 5,653 | |
Total liabilities | 712,037 | 652,953 | |
Stockholders' Equity | 85,304 | 82,564 | $ 82,461 |
Total liabilities and stockholders' equity | 797,341 | 735,517 | |
Parent Company [Member] | |||
Assets | |||
Cash and due from banks | 5,679 | 2,592 | |
Investment in common stock of subsidiary | 80,472 | 80,631 | |
ESOP loan | 2,279 | 2,469 | |
Total assets | 88,430 | 85,692 | |
Liabilities | |||
Line of credit | 3,000 | 3,000 | |
Interest payable | 19 | 31 | |
Other liabilities | 107 | 97 | |
Total liabilities | 3,126 | 3,128 | |
Stockholders' Equity | 85,304 | 82,564 | |
Total liabilities and stockholders' equity | $ 88,430 | $ 85,692 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Condensed Statement of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income | ||
Interest on ESOP loan | $ 20,999 | $ 22,917 |
Deposits with financial institutions | 90 | 267 |
Total interest and dividend income | 24,357 | 26,982 |
Expense | ||
Interest on line of credit | 76 | 133 |
Other expenses | 1,763 | 1,677 |
Benefit for Income Taxes | 2,034 | 1,639 |
Net Income | 5,347 | 4,245 |
Comprehensive Income | 3,077 | 7,883 |
Parent Company [Member] | ||
Income | ||
Interest on ESOP loan | 78 | 141 |
Deposits with financial institutions | ||
Total interest and dividend income | 78 | 141 |
Expense | ||
Interest on line of credit | 76 | 133 |
Other expenses | 181 | 203 |
Total expense | 257 | 336 |
Loss Before Income Tax and Equity in Undistributed Income of Subsidiary | (179) | (195) |
Benefit for Income Taxes | (51) | (54) |
Loss Before Equity in Undistributed Loss of Subsidiary | (128) | (141) |
Equity in Undistributed Income of Subsidiary | 5,475 | 4,386 |
Net Income | 5,347 | 4,245 |
Comprehensive Income | $ 3,077 | $ 7,883 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 5,347 | $ 4,245 |
Items not requiring (providing) cash | ||
Net change accrued interest payable | (338) | (264) |
Net change in other liabilities | 315 | 1,748 |
Net cash provided by operating activities | 6,867 | 6,896 |
Cash flows from financing activities | ||
Stock purchase per stock repurchase plan | 0 | (7,459) |
Dividends paid | (909) | (939) |
Net cash provided by financing activities | 58,439 | 1,274 |
Increase (Decrease) in Cash and Cash Equivalents | 29,268 | (26,133) |
Cash and Cash Equivalents, Beginning of Year | 33,467 | 59,600 |
Cash and Cash Equivalents, End of Year | 62,735 | 33,467 |
Parent Company [Member] | ||
Cash flows from operating activities | ||
Net income | 5,347 | 4,245 |
Items not requiring (providing) cash | ||
Net change accrued interest payable | (12) | 31 |
Net change in other liabilities | 10 | (48) |
Earnings from subsidiary | (5,475) | (4,386) |
Net cash provided by operating activities | (130) | (158) |
Cash flows from financing activities | ||
Stock purchase per stock repurchase plan | 0 | (7,459) |
Dividends paid | (973) | (1,008) |
Dividends received | 4,000 | 4,000 |
Loan for ESOP | 190 | 159 |
Proceeds from CIBC line of credit | 0 | 5,000 |
Repayment of CIBC line of credit | 0 | (2,000) |
Net cash provided by financing activities | 3,217 | (1,308) |
Increase (Decrease) in Cash and Cash Equivalents | 3,087 | (1,466) |
Cash and Cash Equivalents, Beginning of Year | 2,592 | 4,058 |
Cash and Cash Equivalents, End of Year | $ 5,679 | $ 2,592 |