Cover Page
Cover Page - shares | 9 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | IROQ | |
Entity Registrant Name | IF Bancorp, Inc. | |
Entity Central Index Key | 0001514743 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 3,257,626 | |
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 | |
Entity Address, Address Line One | 201 East Cherry Street | |
Entity Address, City or Town | Watseka | |
City Area Code | 815 | |
Local Phone Number | 432-2476 | |
Entity Tax Identification Number | 45-1834449 | |
Entity Incorporation, State or Country Code | MD | |
Entity File Number | 001-35226 | |
Entity Address, Postal Zip Code | 60970 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Assets | ||
Cash and due from banks | $ 25,009 | $ 60,785 |
Interest-bearing demand deposits | 2,653 | 1,950 |
Cash and cash equivalents | 27,662 | 62,735 |
Interest-bearing time deposits in banks | 2,250 | 2,250 |
Available-for-sale securities | 218,639 | 189,891 |
Loans, net of allowance for loan losses of $6,611 and $6,599 at March 31, 2022 and June 30, 2021, respectively | 499,830 | 513,371 |
Premises and equipment, net of accumulated depreciation of $9,200 and $8,695 at March 31, 2022 and June 30, 2021, respectively | 9,570 | 9,793 |
Federal Home Loan Bank stock, at cost | 4,198 | 4,198 |
Foreclosed assets held for sale | 120 | 259 |
Accrued interest receivable | 2,006 | 1,897 |
Bank-owned life insurance | 14,278 | 9,339 |
Mortgage servicing rights | 1,389 | 1,013 |
Deferred income taxes | 5,904 | 1,697 |
Other | 570 | 898 |
Total assets | 786,416 | 797,341 |
Deposits | ||
Demand | 49,219 | 96,923 |
Savings, NOW and money market | 358,447 | 308,741 |
Certificates of deposit | 253,595 | 251,198 |
Brokered certificates of deposit | 5,770 | 10,770 |
Total deposits | 667,031 | 667,632 |
Repurchase agreements | 7,263 | 6,245 |
Federal Home Loan Bank advances | 20,000 | 25,000 |
Line of credit and other borrowings | 3,000 | 3,000 |
Advances from borrowers for taxes and insurance | 1,298 | 928 |
Accrued post-retirement benefit obligation | 3,130 | 3,065 |
Accrued interest payable | 168 | 199 |
Other | 6,117 | 5,968 |
Total liabilities | 708,007 | 712,037 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $.01 par value per share, 100,000,000 shares authorized, 3,257,626 and 3,240,376 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively | 32 | 32 |
Additional paid-in capital | 50,245 | 49,619 |
Unearned ESOP shares, at cost, 178,016 and 192,450 shares at March 31, 2022 and June 30, 2021, respectively | (1,780) | (1,925) |
Retained earnings | 39,292 | 35,645 |
Accumulated other comprehensive income (loss), net of tax | (9,380) | 1,933 |
Total stockholders' equity | 78,409 | 85,304 |
Total liabilities and stockholders' equity | $ 786,416 | $ 797,341 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 6,611 | $ 6,599 |
Premises and equipment, accumulated depreciation | $ 9,200 | $ 8,695 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,257,626 | 3,240,376 |
Common stock, shares outstanding | 3,257,626 | 3,240,376 |
Unearned ESOP shares | 178,016 | 192,450 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and Dividend Income | ||||
Interest and fees on loans | $ 4,907 | $ 5,169 | $ 15,292 | $ 15,888 |
Securities: | ||||
Taxable | 1,033 | 697 | 3,074 | 2,340 |
Tax-exempt | 9 | 9 | 27 | 29 |
Federal Home Loan Bank dividends | 31 | 29 | 89 | 101 |
Deposits with other financial institutions | 23 | 22 | 78 | 71 |
Total interest and dividend income | 6,003 | 5,926 | 18,560 | 18,429 |
Interest Expense | ||||
Deposits | 498 | 789 | 1,572 | 3,097 |
Federal Home Loan Bank advances and repurchase agreements | 94 | 94 | 288 | 313 |
Line of credit and other borrowings | 19 | 19 | 57 | 57 |
Total interest expense | 611 | 902 | 1,917 | 3,467 |
Net Interest Income | 5,392 | 5,024 | 16,643 | 14,962 |
Provision (Credit) for Loan Losses | 242 | (101) | 39 | 165 |
Net Interest Income After Provision for Loan Losses | 5,150 | 5,125 | 16,604 | 14,797 |
Noninterest Income | ||||
Insurance commissions | 180 | 186 | 559 | 515 |
Brokerage commissions | 289 | 261 | 865 | 717 |
Net realized gains on sales of available-for-sale securities | 0 | 116 | 0 | 320 |
Mortgage banking income, net | 400 | 255 | 635 | 448 |
Gain on sale of loans | 32 | 239 | 414 | 1,286 |
Bank-owned life insurance income, net | 88 | 207 | 393 | 346 |
Other | 320 | 222 | 1,087 | 709 |
Total noninterest income | 1,454 | 1,647 | 4,439 | 4,861 |
Noninterest Expense | ||||
Compensation and benefits | 3,393 | 3,041 | 9,602 | 8,896 |
Office occupancy | 261 | 242 | 729 | 688 |
Equipment | 486 | 397 | 1,484 | 1,242 |
Federal deposit insurance | 50 | 44 | 146 | 134 |
Stationary, printing and office | 16 | 7 | 60 | 60 |
Advertising | 98 | 124 | 281 | 344 |
Professional services | 69 | 116 | 298 | 368 |
Supervisory examinations | 38 | 36 | 122 | 109 |
Audit and accounting services | 17 | 17 | 110 | 108 |
Organizational dues and subscriptions | 4 | 5 | 48 | 47 |
Insurance bond premiums | 46 | 50 | 141 | 137 |
Telephone and postage | 40 | 49 | 119 | 143 |
Loss on foreclosed assets, net | 19 | 28 | 6 | 18 |
Other | 511 | 456 | 1,454 | 1,327 |
Total noninterest expense | 5,048 | 4,612 | 14,600 | 13,621 |
Income Before Income Tax | 1,556 | 2,160 | 6,443 | 6,037 |
Provision for Income Tax | 402 | 600 | 1,694 | 1,683 |
Net Income | $ 1,154 | $ 1,560 | $ 4,749 | $ 4,354 |
Earnings Per Share: | ||||
Basic | $ 0.37 | $ 0.51 | $ 1.55 | $ 1.43 |
Diluted | 0.37 | 0.50 | 1.52 | 1.42 |
Dividends declared per common share | $ 0.175 | $ 0.15 | $ 0.35 | $ 0.30 |
Customer Service Fees [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 82 | $ 64 | $ 255 | $ 205 |
Other Service Charges and Fees [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 63 | $ 97 | $ 231 | $ 315 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 1,154 | $ 1,560 | $ 4,749 | $ 4,354 |
Other Comprehensive Loss | ||||
Unrealized depreciation on available-for-sale securities | (8,816) | (2,569) | (11,288) | (2,700) |
Less: reclassification adjustment for realized gains included in net income | 0 | 83 | 0 | 229 |
Accumulated other comprehensive income (loss) before tax | (8,816) | (2,652) | (11,288) | (2,929) |
Postretirement health plan amortization of transition obligation and prior service cost and change in net loss | (10) | 7 | (25) | 14 |
Other comprehensive loss, net of tax | (8,826) | (2,645) | (11,313) | (2,915) |
Comprehensive Income (Loss) | $ (7,672) | $ (1,085) | $ (6,564) | $ 1,439 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized appreciation (depreciation) on available-for-sale securities, tax | $ 3,515 | $ 1,025 | $ 4,500 | $ 1,078 |
Reclassification adjustment for realized gains included in net income, Tax | 0 | 33 | 0 | 91 |
Postretirement health plan amortization of transition obligation and prior service cost and change in net loss, tax | $ 4 | $ 3 | $ 10 | $ 6 |
Condensed Consolidated Statem_4
Condensed 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, 2020 | $ 82,564 | $ 32 | $ 49,239 | $ (2,117) | $ 31,207 | $ 4,203 |
Net income | 4,354 | 4,354 | ||||
Other comprehensive loss | (2,915) | (2,915) | ||||
Dividends on common stock | (940) | (940) | ||||
Stock equity plan | 149 | 149 | ||||
ESOP shares earned | 272 | 128 | 144 | |||
Ending Balance at Mar. 31, 2021 | 83,484 | 32 | 49,516 | (1,973) | 34,621 | 1,288 |
Beginning Balance at Dec. 31, 2020 | 84,918 | 32 | 49,427 | (2,021) | 33,547 | 3,933 |
Net income | 1,560 | 1,560 | ||||
Other comprehensive loss | (2,645) | (2,645) | ||||
Dividends on common stock | (486) | (486) | ||||
Stock equity plan | 36 | 36 | ||||
ESOP shares earned | 101 | 53 | 48 | |||
Ending Balance at Mar. 31, 2021 | 83,484 | 32 | 49,516 | (1,973) | 34,621 | 1,288 |
Beginning Balance at Jun. 30, 2021 | 85,304 | 32 | 49,619 | (1,925) | 35,645 | 1,933 |
Net income | 4,749 | 4,749 | ||||
Other comprehensive loss | (11,313) | (11,313) | ||||
Dividends on common stock | (1,102) | (1,102) | ||||
Stock options exercised | 315 | 315 | ||||
Stock equity plan | 116 | 116 | ||||
ESOP shares earned | 340 | 195 | 145 | |||
Ending Balance at Mar. 31, 2022 | 78,409 | 32 | 50,245 | (1,780) | 39,292 | (9,380) |
Beginning Balance at Dec. 31, 2021 | 86,494 | 32 | 50,136 | (1,828) | 38,708 | (554) |
Net income | 1,154 | 1,154 | ||||
Other comprehensive loss | (8,826) | (8,826) | ||||
Dividends on common stock | (570) | (570) | ||||
Stock equity plan | 40 | 40 | ||||
ESOP shares earned | 117 | 69 | 48 | |||
Ending Balance at Mar. 31, 2022 | $ 78,409 | $ 32 | $ 50,245 | $ (1,780) | $ 39,292 | $ (9,380) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Dividends declared per common share | $ 0.175 | $ 0.15 | $ 0.35 | $ 0.30 |
ESOP shares earned, shares | 4,811 | 4,811 | 14,434 | 14,434 |
Retained Earnings [Member] | ||||
Dividends declared per common share | $ 0.175 | $ 0.15 | $ 0.35 | $ 0.30 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income | $ 4,749 | $ 4,354 |
Items not requiring (providing) cash | ||
Depreciation | 505 | 508 |
Provision for loan losses | 39 | 165 |
Amortization of premiums and discounts on securities | 460 | 621 |
Deferred income taxes | 304 | (47) |
Net realized gains on loan sales | (414) | (1,286) |
Net realized gains on sales of available-for-sale securities | 0 | (320) |
Loss on foreclosed assets held for sale | 6 | 18 |
Bank-owned life insurance income, net | (393) | (346) |
ESOP compensation expense | 340 | 272 |
Stock equity plan expense | 116 | 149 |
Changes in | ||
Originations of loans held for sale | (21,680) | (44,211) |
Proceeds from sales of loans held for sale | 21,875 | 45,754 |
Accrued interest receivable | (109) | (126) |
Other assets | 328 | (423) |
Accrued interest payable | (31) | (316) |
Post-retirement benefit obligation | 29 | 63 |
Other liabilities | (421) | (131) |
Net cash provided by operating activities | 5,703 | 4,698 |
Investing Activities | ||
Net change in interest bearing time deposits | 0 | 500 |
Purchases of available-for-sale securities | (68,002) | (57,719) |
Proceeds from the sales of available-for-sale securities | 0 | 12,891 |
Proceeds from maturities and pay-downs of available-for-sale securities | 23,006 | 27,063 |
Net change in loans | 13,225 | 4,473 |
Purchase of premises and equipment | (282) | (251) |
Proceeds from sale of foreclosed assets | 253 | 414 |
Purchase of Federal Home Loan Bank stock | 0 | (1,170) |
Purchase of bank-owned life insurance | (5,000) | 0 |
Proceeds from settlement of bank-owned life insurance death claim | 454 | 417 |
Net cash used in investing activities | (36,346) | (13,382) |
Financing Activities | ||
Net increase in demand deposits, money market, NOW and savings accounts | 2,002 | 28,595 |
Net decrease in certificates of deposit, including brokered certificates | (2,603) | (13,061) |
Net increase in advances from borrowers for taxes and insurance | 370 | 930 |
Proceeds from Federal Home Loan Bank advances | 0 | 72,000 |
Repayments of Federal Home Loan Bank advances | (5,000) | (82,500) |
Net increase in repurchase agreements | 1,018 | 2,963 |
Dividends paid | (532) | (454) |
Proceeds from exercise of stock options | 315 | 0 |
Net cash provided by (used in) financing activities | (4,430) | 8,473 |
Net Decrease in Cash and Cash Equivalents | (35,073) | (211) |
Cash and Cash Equivalents, Beginning of Period | 62,735 | 33,467 |
Cash and Cash Equivalents, End of Period | 27,662 | 33,256 |
Supplemental Cash Flows Information | ||
Interest paid | 1,948 | 3,783 |
Income taxes paid, net of refunds | 1,603 | 2,137 |
Foreclosed assets acquired in settlement of loans | 120 | 253 |
Dividends payable | $ 570 | $ 486 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Note 1: Basis of Financial Statement Presentation 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 unaudited condensed consolidated financial statements include the accounts of the Company, the Association, and the Association’s wholly owned subsidiary, L.C.I. Service Corporation. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting and with instructions for Form 10–Q and Regulation S–X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ from these estimates. In the opinion of management, the preceding unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the financial condition of the Company as of March 31, 2022 and June 30, 2021, and the results of its operations for the three month and nine month periods ended March 31, 2022 and 2021. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K COVID-19 The Company is subject to risks and uncertainties as a result of the COVID-19 COVID-19; COVID-19 Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers 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. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements 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 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Note 3: 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 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 five 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 March 31, 2022 and June 30, 2021 are as follows (dollars in thousands): March 31, 2022 June 30, 2021 Allocated shares 160,772 145,389 Shares committed for release 14,434 19,245 Unearned shares 178,016 192,450 Total ESOP shares 353,222 357,084 Fair value of unearned ESOP shares (1) $ 4,210 $ 4,388 (1) Based on closing price of $23.65 and $22.80 per share on March 31, 2022, and June 30, 2021, respectively. During the nine months ended March 31, 2022, 3,862 ESOP shares were paid to ESOP participants due to separation from service. During the nine months ended March 31, 2021, 878 ESOP shares 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 On December 10, 2013, 85,500 shares of restricted stock and 167,000 in stock options were awarded to senior officers and directors of the Association. The restricted stock vests in equal installments over 10 years and the stock options vested in equal installments over 7 years, and became fully vested in December, 2020. Vesting of both the restricted stock and options started in December 2014. On December 10, 2015, 16,900 shares of restricted stock were awarded to senior officers and directors of the Association. The restricted stock vests in equal installments over 8 years, starting in December 2016. As of March 31, 2022, there were 91,800 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 nine months ended March 31, 2022 (dollars in thousands): Options Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding, June 30, 2021 153,143 $ 16.63 Granted — — Exercised 19,000 16.63 Forfeited — — Outstanding, March 31, 2022 134,143 $ 16.63 1.7 $ 942 (1) Exercisable, March 31, 2022 134,143 $ 16.63 1.7 $ 942 (1) (1) Based on closing price of $23.65 per share on March 31, 2022. Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. There were no stock options granted during the nine months ended March 31, 2022. No stock options vested during the nine months ended March 31, 2022, while 22,286 stock options vested during the nine months ended March 31, 2021. Stock-based compensation expense and related tax benefit was considered nominal for stock options for the nine months ended March 31, 2022 and 2021. Compensation cost related to non-vested The following table summarizes non-vested Shares Weighted-Average Grant-Date Fair Value Balance, June 30, 2021 30,188 $ 16.79 Granted — — Forfeited 1,750 16.63 Earned and issued 9,562 16.79 Balance, March 31, 2022 18,876 $ 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 Common Share ("EPS
Earnings Per Common Share ("EPS") | 9 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share ("EPS") | Note 4: Earnings Per Common Share (“EPS”) Basic and diluted earnings per common share are presented for the three month and nine month periods ended March 31, 2022 and 2021. The factors used in the earnings per common share computation are as follows: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net income $ 1,154 $ 1,560 $ 4,749 $ 4,354 Basic weighted average shares outstanding 3,257,782 3,240,376 3,251,073 3,240,376 Less: Average unallocated ESOP shares (180,422 ) (199,667 ) (185,233 ) (204,478 ) Basic average shares outstanding 3,077,360 3,040,709 3,065,840 3,035,898 Diluted effect of restricted stock awards and stock options 72,919 49,989 68,497 33,508 Diluted average shares outstanding 3,150,279 3,090,698 3,134,337 3,069,406 Basic earnings per common share $ 0.37 $ 0.51 $ 1.55 $ 1.43 Diluted earnings per common share $ 0.37 $ 0.50 $ 1.52 $ 1.42 |
Securities
Securities | 9 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 5: Securities The amortized cost and approximate fair value of securities, together with gross unrealized gains and losses on securities, are as follows: Amortized Gross Gross Fair Value Available-for-sale March 31, 2022: U.S. Treasury $ 8,804 $ 1 $ (117 ) $ 8,688 U.S. Government and federal agency and Government sponsored enterprises (GSE’s) 9,489 48 (142 ) 9,395 Mortgage-backed: GSE residential 196,180 296 (11,725 ) 184,751 Small Business Administration 15,542 — (847 ) 14,695 State and political subdivisions 1,110 — — 1,110 $ 231,125 $ 345 $ (12,831 ) $ 218,639 June 30, 2021: U.S. Treasury $ 990 $ 6 $ — $ 996 U.S. Government and federal agency and Government sponsored enterprises (GSE’s) 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 With the exception of U.S. Treasury securities, U.S. Government and federal agency securities, mortgage-backed GSE residential securities and Small Business Administration securities with a book value of approximately $8,804,000, $9,489,000, $196,180,000 and $15,542,000, and a market value of approximately $8,688,000, $9,395,000, $184,751,000 and $14,695,000 at March 31, 2022, the Company held no securities at March 31, 2022 with a book value that exceeded 10% of total equity. All mortgage-backed securities at March 31, 2022 and June 30, 2021 were issued by GSEs. The amortized cost and fair value of available-for-sale Available-for-sale Securities Amortized Fair Within one year $ 998 $ 998 One to five years 15,105 15,053 Five to ten years 8,113 7,764 After ten years 10,729 10,073 34,945 33,888 Mortgage-backed securities 196,180 184,751 Totals $ 231,125 $ 218,639 The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $116,110,000 and $96,429,000 as of March 31, 2022 and June 30, 2021, respectively. The carrying value of securities sold under agreement to repurchase amounted to $7.3 million at March 31, 2022 and $6.2 million at June 30, 2021. At March 31, 2022, all $7.3 million of our repurchase agreements had an overnight maturity and all of our repurchase agreements were secured by U.S. Government, federal agency and GSE securities. The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The collateral is held by the Company in a segregated custodial account. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained. Gross gains of $0 and $327,000 and gross losses of $0 and $7,000, 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 March 31, 2022 and June 30, 2021 was $179,350,000 and $85,118,000, respectively, which is approximately 82% and 45% of the Company’s available-for-sale The following table shows the gross unrealized losses of the Company’s securities and the fair value of the Company’s securities 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 March 31, 2022 and June 30, 2021: Less Than 12 Months 12 Months or More Total Description of Fair Value Unrealized Fair Unrealized Fair Value Unrealized March 31, 2022: U.S. Treasury $ 7,694 $ (117 ) $ — $ — $ 7,694 $ (117 ) U.S. Government and federal agency 3,324 (142 ) — — 3,324 (142 ) Mortgage-backed: GSE residential 113,324 (7,587 ) 40,313 (4,138 ) 153,637 (11,725 ) Small Business Administration 12,529 (623 ) 2,166 (224 ) 14,695 (847 ) Total temporarily impaired securities $ 136,871 $ (8,469 ) $ 42,479 $ (4,362 ) $ 179,350 $ (12,831 ) June 30, 2021: Mortgage-backed: GSE residential $ 75,002 (1,259 ) 4,160 (48 ) 79,162 (1,307 ) State and political subdivisions 5,956 (30 ) — — 5,956 (30 ) Total temporarily impaired securities $ 80,958 $ (1,289 ) $ 4,160 $ (48 ) $ 85,118 $ (1,337 ) The unrealized losses on the Company’s investment in U.S. Treasury, U.S. Government and federal agency, Mortgage-backed Government sponsored enterprises and Small Business Administration securities at March 31, 2022 and June 30, 2021, 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 March 31, 2022 and June 30, 2021. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 6: Loans and Allowance for Loan Losses Classes of loans include: March 31, 2022 June 30, 2021 Real estate loans: One- $ 124,590 $ 117,435 Multi-family 88,566 104,433 Commercial 165,132 155,884 Home equity lines of credit 6,600 6,688 Construction 31,127 25,345 Commercial 81,399 103,088 Consumer 8,298 7,653 Total loans 505,712 520,526 Less: Unearned fees and discounts, net (729 ) 556 Allowance for loan losses 6,611 6,599 Loans, net $ 499,830 $ 513,371 The Company had loans held for sale included in one- to four-family real estate loans totaling $475,000 and $632,000 as of March 31, 2022 and June 30, 2021, respectively. 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 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 semi-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 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 any collateral. The cash flows of the underlying borrower, however, may not perform consistently 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 March 31, 2022, the Company had 18 PPP loans totaling $1.2 million. 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 Concentration The loan portfolio includes a concentration of loans secured by commercial and multi-family real estate properties amounting to $278,958,000 and $274,892,000 as of March 31, 2022 and June 30, 2021, 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 $1,585,000 and $3,578,000 at March 31, 2022 and June 30, 2021, 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 $26,851,000 and $26,870,000 at March 31, 2022 and June 30, 2021, respectively, of which $10,014,000 and $9,718,000, at March 31, 2022 and June 30, 2021 were outside our primary market area. Allowance for Loan Losses 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 the three month and nine month periods ended March 31, 2022 and 2021 and the year ended June 30, 2021: Three Months Ended March 31, 2022 One- Four-Family Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 1,082 $ 1,400 $ 1,962 $ 62 Provision charged to expense (13 ) 27 4 4 Losses charged off (26 ) — — — Recoveries — — — — Balance, end of period $ 1,043 $ 1,427 $ 1,966 $ 66 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,043 $ 1,427 $ 1,966 $ 66 Loans: Ending balance $ 124,590 $ 88,566 $ 165,132 $ 6,600 Ending balance: individually evaluated for impairment $ 1,076 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 123,514 $ 88,566 $ 165,132 $ 6,600 Three Months Ended March 31, 2022 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 299 $ 1,521 $ 69 $ 6,395 Provision charged to expense 60 154 6 242 Losses charged off — — (6 ) (32 ) Recoveries — 4 2 6 Balance, end of period $ 359 $ 1,679 $ 71 $ 6,611 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 359 $ 1,679 $ 71 $ 6,611 Loans: Ending balance $ 31,127 $ 81,399 $ 8,298 $ 505,712 Ending balance: individually evaluated for impairment $ — $ 38 $ — $ 1,114 Ending balance: collectively evaluated for impairment $ 31,127 $ 81,361 $ 8,298 $ 504,598 Nine Months Ended March 31, 2022 One- Four-Family Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 967 $ 1,674 $ 1,831 $ 67 Provision charged to expense 101 (247 ) 135 (1 ) Losses charged off (26 ) — — — Recoveries 1 — — — Balance, end of period $ 1,043 $ 1,427 $ 1,966 $ 66 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,043 $ 1,427 $ 1,966 $ 66 Loans: Ending balance $ 124,590 $ 88,566 $ 165,132 $ 6,600 Ending balance: individually evaluated for impairment $ 1,076 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 123,514 $ 88,566 $ 165,132 $ 6,600 Nine Months Ended March 31, 2022 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 258 $ 1,740 $ 62 $ 6,599 Provision charged to expense 101 (77 ) 27 39 Losses charged off — — (24 ) (50 ) Recoveries — 16 6 23 Balance, end of period $ 359 $ 1,679 $ 71 $ 6,611 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 359 $ 1,679 $ 71 $ 6,611 Loans: Ending balance $ 31,127 $ 81,399 $ 8,298 $ 505,712 Ending balance: individually evaluated for impairment $ — $ 38 $ — $ 1,114 Ending balance: collectively evaluated for impairment $ 31,127 $ 81,361 $ 8,298 $ 504,598 Year Ended June 30, 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 year $ 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 Year Ended June 30, 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 Three Months Ended March 31, 2021 Real Estate Loans One- Four-Family Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 1,011 $ 1,744 $ 1,782 $ 79 Provision charged to expense (56 ) (3 ) (24 ) — Losses charged off — — — — Recoveries — — — — Balance, end of period $ 955 $ 1,741 $ 1,758 $ 79 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 955 $ 1,741 $ 1,758 $ 79 Loans: Ending balance $ 116,363 $ 105,895 $ 149,639 $ 7,814 Ending balance: individually evaluated for impairment $ 1,328 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 115,035 $ 105,895 $ 149,639 $ 7,814 Three Months Ended March 31, 2021 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 130 $ 1,636 $ 67 $ 6,449 Provision charged to expense 69 (80 ) (7 ) (101 ) Losses charged off — — (7 ) (7 ) Recoveries — 4 6 10 Balance, end of period $ 199 $ 1,560 $ 59 $ 6,351 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 199 $ 1,560 $ 59 $ 6,351 Loans: Ending balance $ 20,783 $ 103,326 $ 7,498 $ 511,318 Ending balance: individually evaluated for impairment $ — $ 65 $ — $ 1,393 Ending balance: collectively evaluated for impairment $ 20,783 $ 103,261 $ 7,498 $ 509,925 Nine Months Ended March 31, 2021 Real Estate Loans One- Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 1,044 $ 1,514 $ 1,706 $ 87 Provision charged to expense (76 ) 227 52 (8 ) Losses charged off (15 ) — — — Recoveries 2 — — — Balance, end of period $ 955 $ 1,741 $ 1,758 $ 79 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 955 $ 1,741 $ 1,758 $ 79 Loans: Ending balance $ 116,363 $ 105,895 $ 149,639 $ 7,814 Ending balance: individually evaluated for impairment $ 1,328 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 115,035 $ 105,895 $ 149,639 $ 7,814 Nine Months Ended March 31, 2021 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 240 $ 1,583 $ 60 $ 6,234 Provision charged to expense (41 ) 1 10 165 Losses charged off — (40 ) (23 ) (78 ) Recoveries — 16 12 30 Balance, end of period $ 199 $ 1,560 $ 59 $ 6,351 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 199 $ 1,560 $ 59 $ 6,351 Loans: Ending balance $ 20,783 $ 103,326 $ 7,498 $ 511,318 Ending balance: individually evaluated for impairment $ — $ 65 $ — $ 1,393 Ending balance: collectively evaluated for impairment $ 20,783 $ 103,261 $ 7,498 $ 509,925 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. 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 the uncollectibility of the loan balance is confirmed. 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. 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 – 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 based on rating category and payment activity: Real Estate Loans One- to Four- Multi-Family Commercial Home Equity Construction Commercial Consumer Total March 31, 2022: Pass $ 123,049 $ 88,310 $ 162,168 $ 6,600 $ 31,127 $ 75,993 $ 8,284 $ 495,531 Watch 1,123 — 919 — — 871 — 2,913 Substandard 418 256 2,045 — — 4,535 14 7,268 Doubtful — — — — — — — — Loss — — — — — — — — Total $ 124,590 $ 88,566 $ 165,132 $ 6,600 $ 31,127 $ 81,399 $ 8,298 $ 505,712 Real Estate Loans One- to Four- Multi-Family Commercial Home Equity Construction Commercial Consumer Total June 30, 2021: Pass $ 116,980 $ 104,170 $ 154,833 $ 6,688 $ 25,345 $ 97,078 $ 7,652 $ 512,746 Watch — — 954 — — 5,964 1 6,919 Substandard 455 263 97 — — 46 — 861 Doubtful — — — — — — — — Loss — — — — — — — — Total $ 117,435 $ 104,433 $ 155,884 $ 6,688 $ 25,345 $ 103,088 $ 7,653 $ 520,526 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 instances, loans are placed on non-accrual All interest accrued but not collected for loans that are placed on non-accrual The following tables present the Company’s loan portfolio aging analysis: 30-59 Days 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Total Loans March 31, 2022: Real estate loans: One- $ 1,301 $ — $ 34 $ 1,335 $ 123,255 $ 124,590 $ — Multi-family — — — — 88,566 88,566 — Commercial 213 — — 213 164,919 165,132 — Home equity lines of credit — 9 — 9 6,591 6,600 — Construction — — — — 31,127 31,127 — Commercial 34 — — 34 81,365 81,399 — Consumer 23 11 — 34 8,264 8,298 — Total $ 1,571 $ 20 $ 34 $ 1,625 $ 504,087 $ 505,712 $ — 30-59 Days 60-89 Days Past Due 90 Days or 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 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 settlements with the borrowers or guarantors, foreclosure of the underlying collateral, or restructuring. Included in certain loan categories in the impaired loans are $1.1 million in TDRs that were classified as impaired. The following tables present impaired loans: Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 Recorded Unpaid Specific Average Interest Interest on Average Interest Interest on March 31, 2022: Loans without a specific valuation allowance Real estate loans: One- $ 1,076 $ 1,076 $ — $ 1,079 $ 6 $ 6 $ 1,083 $ 15 $ 14 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 38 38 — 40 1 1 42 3 3 Consumer — — — — — — — — — Loans with a specific valuation allowance Real estate loans: One- $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial — — — — — — — — — Consumer — — — — — — — — — Total: Real estate loans: One- 1,076 1,076 — 1,079 6 6 1,083 15 14 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 38 38 — 40 1 1 42 3 3 Consumer — — — — — — — — — $ 1,114 $ 1,114 $ — $ 1,119 $ 7 $ 7 $ 1,125 $ 18 $ 17 Recorded Unpaid Specific Average Interest Interest on Cash June 30, 2021: Loans without a specific valuation allowance Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity line of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — Loans with a specific allowance Real estate loans: One- $ — $ — $ — $ — $ — $ — Multi-family — — — — — — Commercial — — — — — — Home equity line of credit — — — — — — Construction — — — — — — Commercial — — — — — — Consumer — — — — — — Total: Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity line of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — $ 1,298 $ 1,298 $ — $ 1,536 $ 86 $ 73 Three Months Ended March 31, 2021 Nine Months Ended March 31, 2021 Recorded Unpaid Specific Average Interest Interest on Average Interest Interest on March 31, 2021: Loans without a specific valuation allowance Real estate loans: One- $ 1,328 $ 1,328 $ — $ 1,331 $ 14 $ 9 $ 1,343 $ 49 $ 42 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 65 65 — 67 1 1 73 2 2 Consumer — — — — — — — — — Loans with a specific valuation allowance Real estate loans: One- — — — — — — — — — Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial — — — — — — — — — Consumer — — — — — — — — — Total: Real estate loans: One- 1,328 1,328 — 1,331 14 9 1,343 49 42 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 65 65 — 67 1 1 73 2 2 Consumer — — — — — — — — — $ 1,393 $ 1,393 $ — $ 1,398 $ 15 $ 10 $ 1,416 $ 51 $ 44 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 March 31, 2022 and June 30, 2021: March 31, 2022 June 30, 2021 Mortgages on real estate: One- $ 34 $ 34 Multi-family — — Commercial — — Home equity lines of credit — — Construction loans — — Commercial business loans — — Consumer loans — — Total $ 34 $ 34 At March 31, 2022 and June 30, 2021, the Company had a number of loans that were modified in TDRs and that were 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 March 31, 2022 and June 30, 2021. All were performing according to the terms of the restructuring as of March 31, 2022, and with the exception of a single one- March 31, 2022 June 30, 2021 Real estate loans One- $ 1,042 $ 1,218 Multi-family — — Commercial — — Home equity lines of credit — — Total real estate loans 1,042 1,218 Construction — — Commercial 38 46 Consumer loans — — Total $ 1,080 $ 1,264 Modifications During the nine month period ended March 31, 2022, one previously modified TDR was modified a second time to amortize for full payment by original maturity. During the year ended June 30, 2021, the Company did not modify any loans. During the nine month period ended March 31, 2021, no loans were modified as TDRs. See “COVID-19 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 TDR’s with Defaults The Company had no TDRs in default and no restructured loans in foreclosure as of March 31, 2022. The Company had one TDR, a 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 |
Federal Home Loan Bank Stock
Federal Home Loan Bank Stock | 9 Months Ended |
Mar. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Stock | Note 7: 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. The Company owned $4,198,000 of Federal Home Loan Bank stock as of both March 31, 2022 and June 30, 2021. The FHLB provides liquidity and funding through advances. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8: Accumulated Other Comprehensive Income (Loss) The following tables present changes in accumulated other comprehensive income (loss), by component, net of tax, for the nine months ended March 31, 2022 and 2021: Unrealized Gains and Losses on Available-for -Sale Securities Defined Total March 31, 2022: Beginning balance $ 2,361 $ (428 ) $ 1,933 Other comprehensive loss before reclassification (11,288 ) — (11,288 ) Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive loss — (25 ) (25 ) Ending balance $ (8,927 ) $ (453 ) $ (9,380 ) March 31, 2021: Beginning balance $ 4,865 $ (662 ) $ 4,203 Other comprehensive income before reclassification (2,700 ) — (2,700 ) Amounts reclassified from accumulated other comprehensive income (229 ) — (229 ) Net current period other comprehensive income — 14 14 Ending balance $ 1,936 $ (648 ) $ 1,288 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (AOCI) by Component | 9 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Changes in Accumulated Other Comprehensive Income (AOCI) by Component | Note 9: 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 three and nine month periods ended March 31, 2022 and 2021, were as follows: Amounts Reclassified from AOCI Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Affected Line Item in the Condensed Realized gains on available-for-sale $ — $ 116 $ — $ 320 Net realized gains on sale available-for- Amortization of defined benefit pension items: Components are included Actuarial losses (14 ) 10 (35 ) 20 Total reclassified amount before tax (14 ) 126 (35 ) 340 Tax expense (4 ) 36 (10 ) 97 Provision for Income Tax Total reclassification out of AOCI $ (10 ) $ 90 $ (25 ) $ 243 Net Income |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10: Income Taxes A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Computed at the statutory rate $ 327 $ 454 $ 1,353 $ 1,268 Decrease resulting from Tax exempt interest (2 ) (2 ) (6 ) (6 ) Cash surrender value of life insurance (18 ) (43 ) (83 ) (72 ) State income taxes 117 154 471 442 Other (22 ) 37 (41 ) 51 Actual expense $ 402 $ 600 $ 1,694 $ 1,683 |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Mar. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Regulatory Capital | Note 11: Regulatory Capital 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 March 31, 2022, the Association met all capital adequacy requirements to which it is subject and was categorized as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events that management believes have changed the Association’s prompt corrective action category. |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 9 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 12: Disclosures About Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset, or paid to transfer a liability, 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 or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Recurring Measurements The following table presents the fair value measurements of assets recognized in the accompanying condensed 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 March 31, 2022 and June 30, 2021: Fair Value Measurements Using Fair Value Quoted (Level 1) Significant (Level 2) Significant (Level 3) March 31, 2022: Available-for-sale US Treasury $ 8,688 $ — $ 8,688 $ — US Government and federal agency 9,395 — 9,395 — Mortgage-backed securities – GSE residential 184,751 — 184,751 — Small Business Administration 14,695 — 14,695 — State and political subdivisions 1,110 — 1,110 — Mortgage servicing rights 1,389 — — 1,389 Fair Value Measurements Using Fair Value Quoted (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 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 condensed consolidated 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 period ended March 31, 2022. 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 March 31, 2021 or June 30, 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. 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, 2021 $ 1,013 Total realized and unrealized gains and losses included in net income 357 Servicing rights that result from asset transfers 222 Payments received and loans refinanced (203 ) Balance, March 31, 2022 $ 1,389 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 $ 357 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 March 31, 2022 and June 30, 2021: Fair Value Measurements Using Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) March 31, 2022: Foreclosed assets $ — $ — $ — $ — June 30, 2021: Foreclosed assets $ 191 $ — $ — $ 191 The following table presents recoveries (losses) recognized on assets measured on a non-recurring Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Foreclosed and repossessed assets held for sale $ — $ — $ — $ (30 ) Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying condensed consolidated 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. 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 tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2022 and June 30, 2021. Fair Value at March 31, 2022 Valuation Technique Unobservable Inputs Range (Weighted Mortgage servicing rights $ 1,389 Discounted cash flow Discount rate 9.5% - 11.5% (9.5%) Constant prepayment rate 4.2% - 12.8% (4.8%) Probability of default 0.00% - 0.14% (0.12%) Fair Value at June 30, 2021 Valuation Technique Unobservable Inputs Range (Weighted 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 of Financial Instruments The following tables present 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 March 31, 2022 and June 30, 2021. Carrying Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) March 31, 2022: Financial assets Cash and cash equivalents $ 27,662 $ 27,662 $ — $ — Interest-bearing time deposits in banks 2,250 2,250 — — Loans, net of allowance for loan losses 499,830 — — 499,174 Federal Home Loan Bank stock 4,198 — 4,198 — Accrued interest receivable 2,006 — 2,006 — Financial liabilities Deposits 667,031 — 407,666 259,606 Repurchase agreements 7,263 — 7,263 — Federal Home Loan Bank advances 20,000 — 20,063 — Lines of credit 3,000 — 3,000 — Advances from borrowers for taxes and insurance 1,298 — 1,298 — Accrued interest payable 168 — 168 — Unrecognized financial instruments (net of contract amount) — — — — Commitments to originate loans — — — — Carrying Fair Value Significant Significant 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 — — — — In accordance with the Company’s adoption of ASU 2016-01 |
Commitments
Commitments | 9 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 13: Commitments Commitments to Originate Loans Commitments to extend credit 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 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 on-balance-sheet |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Liabilities | 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 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of ESOP Shares | A summary of ESOP shares at March 31, 2022 and June 30, 2021 are as follows (dollars in thousands): March 31, 2022 June 30, 2021 Allocated shares 160,772 145,389 Shares committed for release 14,434 19,245 Unearned shares 178,016 192,450 Total ESOP shares 353,222 357,084 Fair value of unearned ESOP shares (1) $ 4,210 $ 4,388 (1) Based on closing price of $23.65 and $22.80 per share on March 31, 2022, and June 30, 2021, respectively. |
Summary of Stock Option Activity | The following table summarizes stock option activity for the nine months ended March 31, 2022 (dollars in thousands): Options Weighted-Average Weighted-Average Aggregate Intrinsic Outstanding, June 30, 2021 153,143 $ 16.63 Granted — — Exercised 19,000 16.63 Forfeited — — Outstanding, March 31, 2022 134,143 $ 16.63 1.7 $ 942 (1) Exercisable, March 31, 2022 134,143 $ 16.63 1.7 $ 942 (1) (1) Based on closing price of $23.65 per share on March 31, 2022. |
Summary of Non-vested Restricted Stock Activity | The following table summarizes non-vested Shares Weighted-Average Grant-Date Fair Value Balance, June 30, 2021 30,188 $ 16.79 Granted — — Forfeited 1,750 16.63 Earned and issued 9,562 16.79 Balance, March 31, 2022 18,876 $ 16.79 |
Earnings Per Common Share ("E_2
Earnings Per Common Share ("EPS") (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Common Share Computation | Basic and diluted earnings per common share are presented for the three month and nine month periods ended March 31, 2022 and 2021. The factors used in the earnings per common share computation are as follows: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net income $ 1,154 $ 1,560 $ 4,749 $ 4,354 Basic weighted average shares outstanding 3,257,782 3,240,376 3,251,073 3,240,376 Less: Average unallocated ESOP shares (180,422 ) (199,667 ) (185,233 ) (204,478 ) Basic average shares outstanding 3,077,360 3,040,709 3,065,840 3,035,898 Diluted effect of restricted stock awards and stock options 72,919 49,989 68,497 33,508 Diluted average shares outstanding 3,150,279 3,090,698 3,134,337 3,069,406 Basic earnings per common share $ 0.37 $ 0.51 $ 1.55 $ 1.43 Diluted earnings per common share $ 0.37 $ 0.50 $ 1.52 $ 1.42 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
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 value of securities, together with gross unrealized gains and losses on securities, are as follows: Amortized Gross Gross Fair Value Available-for-sale March 31, 2022: U.S. Treasury $ 8,804 $ 1 $ (117 ) $ 8,688 U.S. Government and federal agency and Government sponsored enterprises (GSE’s) 9,489 48 (142 ) 9,395 Mortgage-backed: GSE residential 196,180 296 (11,725 ) 184,751 Small Business Administration 15,542 — (847 ) 14,695 State and political subdivisions 1,110 — — 1,110 $ 231,125 $ 345 $ (12,831 ) $ 218,639 June 30, 2021: U.S. Treasury $ 990 $ 6 $ — $ 996 U.S. Government and federal agency and Government sponsored enterprises (GSE’s) 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 |
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | The amortized cost and fair value of available-for-sale Available-for-sale Securities Amortized Fair Within one year $ 998 $ 998 One to five years 15,105 15,053 Five to ten years 8,113 7,764 After ten years 10,729 10,073 34,945 33,888 Mortgage-backed securities 196,180 184,751 Totals $ 231,125 $ 218,639 |
Association's Investments Gross Unrealized Investment Losses and Fair Value of Association's Investments with Unrealized Losses | The following table shows the gross unrealized losses of the Company’s securities and the fair value of the Company’s securities 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 March 31, 2022 and June 30, 2021: Less Than 12 Months 12 Months or More Total Description of Fair Value Unrealized Fair Unrealized Fair Value Unrealized March 31, 2022: U.S. Treasury $ 7,694 $ (117 ) $ — $ — $ 7,694 $ (117 ) U.S. Government and federal agency 3,324 (142 ) — — 3,324 (142 ) Mortgage-backed: GSE residential 113,324 (7,587 ) 40,313 (4,138 ) 153,637 (11,725 ) Small Business Administration 12,529 (623 ) 2,166 (224 ) 14,695 (847 ) Total temporarily impaired securities $ 136,871 $ (8,469 ) $ 42,479 $ (4,362 ) $ 179,350 $ (12,831 ) June 30, 2021: Mortgage-backed: GSE residential $ 75,002 (1,259 ) 4,160 (48 ) 79,162 (1,307 ) State and political subdivisions 5,956 (30 ) — — 5,956 (30 ) Total temporarily impaired securities $ 80,958 $ (1,289 ) $ 4,160 $ (48 ) $ 85,118 $ (1,337 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Categories of Loans | Classes of loans include: March 31, 2022 June 30, 2021 Real estate loans: One- $ 124,590 $ 117,435 Multi-family 88,566 104,433 Commercial 165,132 155,884 Home equity lines of credit 6,600 6,688 Construction 31,127 25,345 Commercial 81,399 103,088 Consumer 8,298 7,653 Total loans 505,712 520,526 Less: Unearned fees and discounts, net (729 ) 556 Allowance for loan losses 6,611 6,599 Loans, net $ 499,830 $ 513,371 |
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 the three month and nine month periods ended March 31, 2022 and 2021 and the year ended June 30, 2021: Three Months Ended March 31, 2022 One- Four-Family Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 1,082 $ 1,400 $ 1,962 $ 62 Provision charged to expense (13 ) 27 4 4 Losses charged off (26 ) — — — Recoveries — — — — Balance, end of period $ 1,043 $ 1,427 $ 1,966 $ 66 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,043 $ 1,427 $ 1,966 $ 66 Loans: Ending balance $ 124,590 $ 88,566 $ 165,132 $ 6,600 Ending balance: individually evaluated for impairment $ 1,076 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 123,514 $ 88,566 $ 165,132 $ 6,600 Three Months Ended March 31, 2022 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 299 $ 1,521 $ 69 $ 6,395 Provision charged to expense 60 154 6 242 Losses charged off — — (6 ) (32 ) Recoveries — 4 2 6 Balance, end of period $ 359 $ 1,679 $ 71 $ 6,611 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 359 $ 1,679 $ 71 $ 6,611 Loans: Ending balance $ 31,127 $ 81,399 $ 8,298 $ 505,712 Ending balance: individually evaluated for impairment $ — $ 38 $ — $ 1,114 Ending balance: collectively evaluated for impairment $ 31,127 $ 81,361 $ 8,298 $ 504,598 Nine Months Ended March 31, 2022 One- Four-Family Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 967 $ 1,674 $ 1,831 $ 67 Provision charged to expense 101 (247 ) 135 (1 ) Losses charged off (26 ) — — — Recoveries 1 — — — Balance, end of period $ 1,043 $ 1,427 $ 1,966 $ 66 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,043 $ 1,427 $ 1,966 $ 66 Loans: Ending balance $ 124,590 $ 88,566 $ 165,132 $ 6,600 Ending balance: individually evaluated for impairment $ 1,076 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 123,514 $ 88,566 $ 165,132 $ 6,600 Nine Months Ended March 31, 2022 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 258 $ 1,740 $ 62 $ 6,599 Provision charged to expense 101 (77 ) 27 39 Losses charged off — — (24 ) (50 ) Recoveries — 16 6 23 Balance, end of period $ 359 $ 1,679 $ 71 $ 6,611 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 359 $ 1,679 $ 71 $ 6,611 Loans: Ending balance $ 31,127 $ 81,399 $ 8,298 $ 505,712 Ending balance: individually evaluated for impairment $ — $ 38 $ — $ 1,114 Ending balance: collectively evaluated for impairment $ 31,127 $ 81,361 $ 8,298 $ 504,598 Year Ended June 30, 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 year $ 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 Year Ended June 30, 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 Three Months Ended March 31, 2021 Real Estate Loans One- Four-Family Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 1,011 $ 1,744 $ 1,782 $ 79 Provision charged to expense (56 ) (3 ) (24 ) — Losses charged off — — — — Recoveries — — — — Balance, end of period $ 955 $ 1,741 $ 1,758 $ 79 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 955 $ 1,741 $ 1,758 $ 79 Loans: Ending balance $ 116,363 $ 105,895 $ 149,639 $ 7,814 Ending balance: individually evaluated for impairment $ 1,328 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 115,035 $ 105,895 $ 149,639 $ 7,814 Three Months Ended March 31, 2021 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 130 $ 1,636 $ 67 $ 6,449 Provision charged to expense 69 (80 ) (7 ) (101 ) Losses charged off — — (7 ) (7 ) Recoveries — 4 6 10 Balance, end of period $ 199 $ 1,560 $ 59 $ 6,351 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 199 $ 1,560 $ 59 $ 6,351 Loans: Ending balance $ 20,783 $ 103,326 $ 7,498 $ 511,318 Ending balance: individually evaluated for impairment $ — $ 65 $ — $ 1,393 Ending balance: collectively evaluated for impairment $ 20,783 $ 103,261 $ 7,498 $ 509,925 Nine Months Ended March 31, 2021 Real Estate Loans One- Multi- Commercial Home Equity Allowance for loan losses: Balance, beginning of period $ 1,044 $ 1,514 $ 1,706 $ 87 Provision charged to expense (76 ) 227 52 (8 ) Losses charged off (15 ) — — — Recoveries 2 — — — Balance, end of period $ 955 $ 1,741 $ 1,758 $ 79 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 955 $ 1,741 $ 1,758 $ 79 Loans: Ending balance $ 116,363 $ 105,895 $ 149,639 $ 7,814 Ending balance: individually evaluated for impairment $ 1,328 $ — $ — $ — Ending balance: collectively evaluated for impairment $ 115,035 $ 105,895 $ 149,639 $ 7,814 Nine Months Ended March 31, 2021 (Continued) Construction Commercial Consumer Total Allowance for loan losses: Balance, beginning of period $ 240 $ 1,583 $ 60 $ 6,234 Provision charged to expense (41 ) 1 10 165 Losses charged off — (40 ) (23 ) (78 ) Recoveries — 16 12 30 Balance, end of period $ 199 $ 1,560 $ 59 $ 6,351 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 199 $ 1,560 $ 59 $ 6,351 Loans: Ending balance $ 20,783 $ 103,326 $ 7,498 $ 511,318 Ending balance: individually evaluated for impairment $ — $ 65 $ — $ 1,393 Ending balance: collectively evaluated for impairment $ 20,783 $ 103,261 $ 7,498 $ 509,925 |
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 based on rating category and payment activity: Real Estate Loans One- to Four- Multi-Family Commercial Home Equity Construction Commercial Consumer Total March 31, 2022: Pass $ 123,049 $ 88,310 $ 162,168 $ 6,600 $ 31,127 $ 75,993 $ 8,284 $ 495,531 Watch 1,123 — 919 — — 871 — 2,913 Substandard 418 256 2,045 — — 4,535 14 7,268 Doubtful — — — — — — — — Loss — — — — — — — — Total $ 124,590 $ 88,566 $ 165,132 $ 6,600 $ 31,127 $ 81,399 $ 8,298 $ 505,712 Real Estate Loans One- to Four- Multi-Family Commercial Home Equity Construction Commercial Consumer Total June 30, 2021: Pass $ 116,980 $ 104,170 $ 154,833 $ 6,688 $ 25,345 $ 97,078 $ 7,652 $ 512,746 Watch — — 954 — — 5,964 1 6,919 Substandard 455 263 97 — — 46 — 861 Doubtful — — — — — — — — Loss — — — — — — — — Total $ 117,435 $ 104,433 $ 155,884 $ 6,688 $ 25,345 $ 103,088 $ 7,653 $ 520,526 |
Association's Loan Portfolio Aging Analysis | The following tables present the Company’s loan portfolio aging analysis: 30-59 Days 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Total Loans March 31, 2022: Real estate loans: One- $ 1,301 $ — $ 34 $ 1,335 $ 123,255 $ 124,590 $ — Multi-family — — — — 88,566 88,566 — Commercial 213 — — 213 164,919 165,132 — Home equity lines of credit — 9 — 9 6,591 6,600 — Construction — — — — 31,127 31,127 — Commercial 34 — — 34 81,365 81,399 — Consumer 23 11 — 34 8,264 8,298 — Total $ 1,571 $ 20 $ 34 $ 1,625 $ 504,087 $ 505,712 $ — 30-59 Days 60-89 Days Past Due 90 Days or 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 |
Summary of Impaired Loans | The following tables present impaired loans: Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 Recorded Unpaid Specific Average Interest Interest on Average Interest Interest on March 31, 2022: Loans without a specific valuation allowance Real estate loans: One- $ 1,076 $ 1,076 $ — $ 1,079 $ 6 $ 6 $ 1,083 $ 15 $ 14 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 38 38 — 40 1 1 42 3 3 Consumer — — — — — — — — — Loans with a specific valuation allowance Real estate loans: One- $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial — — — — — — — — — Consumer — — — — — — — — — Total: Real estate loans: One- 1,076 1,076 — 1,079 6 6 1,083 15 14 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 38 38 — 40 1 1 42 3 3 Consumer — — — — — — — — — $ 1,114 $ 1,114 $ — $ 1,119 $ 7 $ 7 $ 1,125 $ 18 $ 17 Recorded Unpaid Specific Average Interest Interest on Cash June 30, 2021: Loans without a specific valuation allowance Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity line of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — Loans with a specific allowance Real estate loans: One- $ — $ — $ — $ — $ — $ — Multi-family — — — — — — Commercial — — — — — — Home equity line of credit — — — — — — Construction — — — — — — Commercial — — — — — — Consumer — — — — — — Total: Real estate loans: One- $ 1,252 $ 1,252 $ — $ 1,271 $ 67 $ 50 Multi-family — — — — — — Commercial — — — — — — Home equity line of credit — — — — — — Construction — — — — — — Commercial 46 46 — 265 19 23 Consumer — — — — — — $ 1,298 $ 1,298 $ — $ 1,536 $ 86 $ 73 Three Months Ended March 31, 2021 Nine Months Ended March 31, 2021 Recorded Unpaid Specific Average Interest Interest on Average Interest Interest on March 31, 2021: Loans without a specific valuation allowance Real estate loans: One- $ 1,328 $ 1,328 $ — $ 1,331 $ 14 $ 9 $ 1,343 $ 49 $ 42 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 65 65 — 67 1 1 73 2 2 Consumer — — — — — — — — — Loans with a specific valuation allowance Real estate loans: One- — — — — — — — — — Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial — — — — — — — — — Consumer — — — — — — — — — Total: Real estate loans: One- 1,328 1,328 — 1,331 14 9 1,343 49 42 Multi-family — — — — — — — — — Commercial — — — — — — — — — Home equity line of credit — — — — — — — — — Construction — — — — — — — — — Commercial 65 65 — 67 1 1 73 2 2 Consumer — — — — — — — — — $ 1,393 $ 1,393 $ — $ 1,398 $ 15 $ 10 $ 1,416 $ 51 $ 44 |
Loans Modified as Troubled Debt Restructurings | The following table presents the Company’s nonaccrual loans at March 31, 2022 and June 30, 2021: March 31, 2022 June 30, 2021 Mortgages on real estate: One- $ 34 $ 34 Multi-family — — Commercial — — Home equity lines of credit — — Construction loans — — Commercial business loans — — Consumer loans — — Total $ 34 $ 34 |
Nonaccrual 1 [Member] | |
Nonaccrual Loans | The following table presents the Company’s nonaccrual loans at March 31, 2022 and June 30, 2021: March 31, 2022 June 30, 2021 Mortgages on real estate: One- $ 34 $ 34 Multi-family — — Commercial — — Home equity lines of credit — — Construction loans — — Commercial business loans — — Consumer loans — — Total $ 34 $ 34 |
Nonaccrual 2 [Member] | |
Nonaccrual Loans | The following table presents the recorded balance, at original cost, of troubled debt restructurings, as of March 31, 2022 and June 30, 2021. All were performing according to the terms of the restructuring as of March 31, 2022, and with the exception of a single one- March 31, 2022 June 30, 2021 Real estate loans One- $ 1,042 $ 1,218 Multi-family — — Commercial — — Home equity lines of credit — — Total real estate loans 1,042 1,218 Construction — — Commercial 38 46 Consumer loans — — Total $ 1,080 $ 1,264 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
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 nine months ended March 31, 2022 and 2021: Unrealized Gains and Losses on Available-for -Sale Securities Defined Total March 31, 2022: Beginning balance $ 2,361 $ (428 ) $ 1,933 Other comprehensive loss before reclassification (11,288 ) — (11,288 ) Amounts reclassified from accumulated other comprehensive income — — — Net current period other comprehensive loss — (25 ) (25 ) Ending balance $ (8,927 ) $ (453 ) $ (9,380 ) March 31, 2021: Beginning balance $ 4,865 $ (662 ) $ 4,203 Other comprehensive income before reclassification (2,700 ) — (2,700 ) Amounts reclassified from accumulated other comprehensive income (229 ) — (229 ) Net current period other comprehensive income — 14 14 Ending balance $ 1,936 $ (648 ) $ 1,288 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
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 three and nine month periods ended March 31, 2022 and 2021, were as follows: Amounts Reclassified from AOCI Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Affected Line Item in the Condensed Realized gains on available-for-sale $ — $ 116 $ — $ 320 Net realized gains on sale available-for- Amortization of defined benefit pension items: Components are included Actuarial losses (14 ) 10 (35 ) 20 Total reclassified amount before tax (14 ) 126 (35 ) 340 Tax expense (4 ) 36 (10 ) 97 Provision for Income Tax Total reclassification out of AOCI $ (10 ) $ 90 $ (25 ) $ 243 Net Income |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
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: Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Computed at the statutory rate $ 327 $ 454 $ 1,353 $ 1,268 Decrease resulting from Tax exempt interest (2 ) (2 ) (6 ) (6 ) Cash surrender value of life insurance (18 ) (43 ) (83 ) (72 ) State income taxes 117 154 471 442 Other (22 ) 37 (41 ) 51 Actual expense $ 402 $ 600 $ 1,694 $ 1,683 |
Disclosures about Fair Value _2
Disclosures about Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
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 condensed 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 March 31, 2022 and June 30, 2021: Fair Value Measurements Using Fair Value Quoted (Level 1) Significant (Level 2) Significant (Level 3) March 31, 2022: Available-for-sale US Treasury $ 8,688 $ — $ 8,688 $ — US Government and federal agency 9,395 — 9,395 — Mortgage-backed securities – GSE residential 184,751 — 184,751 — Small Business Administration 14,695 — 14,695 — State and political subdivisions 1,110 — 1,110 — Mortgage servicing rights 1,389 — — 1,389 Fair Value Measurements Using Fair Value Quoted (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 |
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, 2021 $ 1,013 Total realized and unrealized gains and losses included in net income 357 Servicing rights that result from asset transfers 222 Payments received and loans refinanced (203 ) Balance, March 31, 2022 $ 1,389 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 $ 357 |
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 March 31, 2022 and June 30, 2021: Fair Value Measurements Using Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) March 31, 2022: Foreclosed assets $ — $ — $ — $ — June 30, 2021: Foreclosed assets $ 191 $ — $ — $ 191 |
(Losses)/Recoveries Recognized on Assets Measured on Non-Recurring Basis | The following table presents recoveries (losses) recognized on assets measured on a non-recurring Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 Foreclosed and repossessed assets held for sale $ — $ — $ — $ (30 ) |
Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2022 and June 30, 2021. Fair Value at March 31, 2022 Valuation Technique Unobservable Inputs Range (Weighted Mortgage servicing rights $ 1,389 Discounted cash flow Discount rate 9.5% - 11.5% (9.5%) Constant prepayment rate 4.2% - 12.8% (4.8%) Probability of default 0.00% - 0.14% (0.12%) Fair Value at June 30, 2021 Valuation Technique Unobservable Inputs Range (Weighted 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%) |
Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall | The following tables present 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 March 31, 2022 and June 30, 2021. Carrying Fair Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) March 31, 2022: Financial assets Cash and cash equivalents $ 27,662 $ 27,662 $ — $ — Interest-bearing time deposits in banks 2,250 2,250 — — Loans, net of allowance for loan losses 499,830 — — 499,174 Federal Home Loan Bank stock 4,198 — 4,198 — Accrued interest receivable 2,006 — 2,006 — Financial liabilities Deposits 667,031 — 407,666 259,606 Repurchase agreements 7,263 — 7,263 — Federal Home Loan Bank advances 20,000 — 20,063 — Lines of credit 3,000 — 3,000 — Advances from borrowers for taxes and insurance 1,298 — 1,298 — Accrued interest payable 168 — 168 — Unrecognized financial instruments (net of contract amount) — — — — Commitments to originate loans — — — — Carrying Fair Value Significant Significant 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 — — — — |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Allocated shares | 160,772 | 145,389 | |
Shares committed for release | 14,434 | 19,245 | |
Unearned shares | 178,016 | 192,450 | |
Total ESOP shares | 353,222 | 357,084 | |
Fair value of unearned ESOP shares | [1] | $ 4,210 | $ 4,388 |
[1] | Based on closing price of $23.65 and $22.80 per share on March 31, 2022, and June 30, 2021, respectively. |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of ESOP Shares (Parenthetical) (Detail) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
Employee Stock Ownership Plan Esop [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
ESOP, closing price per share | $ 23.65 | $ 22.80 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Mar. 31, 2022USD ($)$ / sharesshares | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding, June 30, 2021 | shares | 153,143 | |
Granted | shares | ||
Exercised | shares | 19,000 | |
Forfeited | shares | ||
Outstanding, March 31, 2022 | shares | 134,143 | |
Exercisable, March 31, 2022 | shares | 134,143 | |
Outstanding, June 30, 2021 | $ / shares | $ 16.63 | |
Granted | $ / shares | ||
Exercised | $ / shares | 16.63 | |
Forfeited | $ / shares | ||
Outstanding, March 31, 2022 | $ / shares | 16.63 | |
Exercisable, March 31, 2022 | $ / shares | $ 16.63 | |
Outstanding, March 31, 2022 | 1 year 8 months 12 days | |
Exercisable, March 31, 2022 | 1 year 8 months 12 days | |
Outstanding, March 31, 2022 | $ | $ 942 | [1] |
Exercisable, March 31, 2022 | $ | $ 942 | [1] |
[1] | Based on closing price of $23.65 per share on March 31, 2022. |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) | Mar. 31, 2022$ / shares |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price per share | $ 23.65 |
Stock-based Compensation - Su_5
Stock-based Compensation - Summary of Non-vested Restricted Stock Activity (Detail) - Restricted Stock [Member] | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 30,188 |
Granted, Shares | shares | |
Forfeited, Shares | shares | 1,750 |
Earned and issued, Shares | shares | 9,562 |
Ending balance, Shares | shares | 18,876 |
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 | 16.63 |
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, 2020 | Dec. 31, 2016 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 10, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares paid under ESOP | 353,222 | 357,084 | |||||
Employee Stock Ownership Plan Esop [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Minimum hours of service required | 1000 hours | ||||||
Minimum age of employee to attain the plan | 21 days | ||||||
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% | ||||||
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 | 3,862 | 878 | |||||
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 | ||||||
Shares authorized | 167,000 | 481,125 | |||||
Restricted stock available for future grants | 314,125 | ||||||
Stock options granted | 0 | ||||||
Options vested during the period | 0 | 22,286 | |||||
Weighted average recognition period for non-vested restricted stock awards | 7 years | ||||||
Unrecognized compensation expense for non-vested restricted stock awards | $ 0 | ||||||
Stock based compensation expense | 119,000 | $ 127,000 | |||||
Tax benefit | $ 34,000 | $ 36,000 | |||||
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 | 91,800 | ||||||
Weighted average recognition period for non-vested restricted stock awards | 1 year 8 months 12 days | ||||||
Unrecognized compensation expense for non-vested restricted stock awards | $ 290,000 |
Earnings Per Common Share ("E_3
Earnings Per Common Share ("EPS") - Factors Used in Earnings Per Common Share Computation (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,154 | $ 1,560 | $ 4,749 | $ 4,354 |
Basic weighted average shares outstanding | 3,257,782 | 3,240,376 | 3,251,073 | 3,240,376 |
Less: Average unallocated ESOP shares | (180,422) | (199,667) | (185,233) | (204,478) |
Basic average shares outstanding | 3,077,360 | 3,040,709 | 3,065,840 | 3,035,898 |
Diluted effect of restricted stock awards and stock options | 72,919 | 49,989 | 68,497 | 33,508 |
Diluted average shares outstanding | 3,150,279 | 3,090,698 | 3,134,337 | 3,069,406 |
Basic earnings per common share | $ 0.37 | $ 0.51 | $ 1.55 | $ 1.43 |
Diluted earnings per common share | $ 0.37 | $ 0.50 | $ 1.52 | $ 1.42 |
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 | Mar. 31, 2022 | Jun. 30, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 231,125 | $ 186,589 |
Gross Unrealized Gains | 345 | 4,639 |
Gross Unrealized Losses | (12,831) | (1,337) |
Fair Value | 218,639 | 189,891 |
US Treasury [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,804 | 990 |
Gross Unrealized Gains | 1 | 6 |
Gross Unrealized Losses | (117) | |
Fair Value | 8,688 | 996 |
U.S. Government and Federal Agency and Government sponsored enterprises (GSE's) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,489 | 7,522 |
Gross Unrealized Gains | 48 | 517 |
Gross Unrealized Losses | (142) | |
Fair Value | 9,395 | 8,039 |
Mortgage-backed Securities - GSE Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 196,180 | 167,711 |
Gross Unrealized Gains | 296 | 4,011 |
Gross Unrealized Losses | (11,725) | (1,307) |
Fair Value | 184,751 | 170,415 |
Small Business Administration [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,542 | 9,115 |
Gross Unrealized Gains | 0 | 105 |
Gross Unrealized Losses | (847) | (30) |
Fair Value | 14,695 | 9,190 |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,110 | 1,251 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (30) | |
Fair Value | $ 1,110 | $ 1,251 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Mortgage-backed securities with a book value | $ 231,125 | $ 231,125 | $ 186,589 | ||
Fair Value | $ 218,639 | $ 218,639 | 189,891 | ||
Percentage of equity securities | 10.00% | 10.00% | |||
Repurchase agreements | $ 7,263 | $ 7,263 | 6,245 | ||
Gross gains from sales of available for sale securities | 0 | $ 327 | |||
Gross losses from sales of available for sale securities | 0 | 7 | |||
Tax benefit to net realized gains (losses) | 0 | $ 33 | 0 | $ 91 | |
Investments in debt and marketable equity securities | $ 179,350 | $ 179,350 | $ 85,118 | ||
Temporarily impaired debt securities percentage of investment securities portfolio | 82.00% | 82.00% | 45.00% | ||
Asset Pledged as Collateral with Right [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Assets, Fair Value Disclosure | $ 116,110 | $ 116,110 | $ 96,429 | ||
Maturity Overnight [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Repurchase agreements | 7,300 | 7,300 | |||
US Treasury Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Mortgage-backed securities with a book value | 8,804 | 8,804 | 990 | ||
Fair Value | 8,688 | 8,688 | 996 | ||
Investments in debt and marketable equity securities | 7,694 | 7,694 | |||
U.S. Government and Federal Agency and Government Sponsored Enterprises (GSEs) [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Mortgage-backed securities with a book value | 9,489 | 9,489 | 7,522 | ||
Fair Value | 9,395 | 9,395 | 8,039 | ||
Investments in debt and marketable equity securities | 3,324 | 3,324 | |||
Mortgage-backed Securities - GSE Residential [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Mortgage-backed securities with a book value | 196,180 | 196,180 | 167,711 | ||
Fair Value | 184,751 | 184,751 | 170,415 | ||
Investments in debt and marketable equity securities | 153,637 | 153,637 | 79,162 | ||
Debt Securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Investments in debt and marketable equity securities | 179,350 | 179,350 | 85,118 | ||
Small Business Administration [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Mortgage-backed securities with a book value | 15,542 | 15,542 | 9,115 | ||
Fair Value | 14,695 | 14,695 | $ 9,190 | ||
Investments in debt and marketable equity securities | $ 14,695 | $ 14,695 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Within one year, Amortized Cost | $ 998 | |
One to five years, Amortized Cost | 15,105 | |
Five to ten years, Amortized Cost | 8,113 | |
After ten years, Amortized Cost | 10,729 | |
Amortized Cost | 34,945 | |
Amortized Cost | 231,125 | $ 186,589 |
Within one year, Fair Value | 998 | |
One to five years, Fair Value | 15,053 | |
Five to ten years, Fair Value | 7,764 | |
After ten years, Fair Value | 10,073 | |
Fair Value | 33,888 | |
Fair Value | 218,639 | 189,891 |
Mortgage-backed Securities - GSE Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 196,180 | 167,711 |
Fair Value | $ 184,751 | $ 170,415 |
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 | Mar. 31, 2022 | Jun. 30, 2021 |
Less than 12 Months, Fair Value | $ 136,871 | $ 80,958 |
Less than 12 Months, Unrealized Losses | (8,469) | (1,289) |
12 Months or More, Fair Value | 42,479 | 4,160 |
12 Months or More, Unrealized Losses | (4,362) | (48) |
Total Fair Value | 179,350 | 85,118 |
Total, Unrealized Losses | (12,831) | (1,337) |
US Treasury [Member] | ||
Less than 12 Months, Fair Value | 7,694 | |
Less than 12 Months, Unrealized Losses | (117) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Fair Value | 7,694 | |
Total, Unrealized Losses | (117) | |
U.S. Government and Federal Agency [Member] | ||
Less than 12 Months, Fair Value | 3,324 | |
Less than 12 Months, Unrealized Losses | (142) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Fair Value | 3,324 | |
Total, Unrealized Losses | (142) | |
Mortgage-backed Securities - GSE Residential [Member] | ||
Less than 12 Months, Fair Value | 113,324 | 75,002 |
Less than 12 Months, Unrealized Losses | (7,587) | (1,259) |
12 Months or More, Fair Value | 40,313 | 4,160 |
12 Months or More, Unrealized Losses | (4,138) | (48) |
Total Fair Value | 153,637 | 79,162 |
Total, Unrealized Losses | (11,725) | (1,307) |
Small Business Administration [Member] | ||
Less than 12 Months, Fair Value | 12,529 | |
Less than 12 Months, Unrealized Losses | (623) | |
12 Months or More, Fair Value | 2,166 | |
12 Months or More, Unrealized Losses | (224) | |
Total Fair Value | 14,695 | |
Total, Unrealized Losses | $ (847) | (30) |
State and Political Subdivisions [Member] | ||
Less than 12 Months, Fair Value | 5,956 | |
Less than 12 Months, Unrealized Losses | (30) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total Fair Value | 5,956 | |
Total, Unrealized Losses | $ (30) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Categories of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Real estate loans | ||||||
Total loans | $ 505,712 | $ 520,526 | $ 511,318 | |||
Unearned fees and discounts, net | (729) | 556 | ||||
Allowance for loan losses | 6,611 | $ 6,395 | 6,599 | 6,351 | $ 6,449 | $ 6,234 |
Loans, net | 499,830 | 513,371 | ||||
One- to four-family [Member] | ||||||
Real estate loans | ||||||
Total loans | 124,590 | 117,435 | 116,363 | |||
Allowance for loan losses | 1,043 | 1,082 | 967 | 955 | 1,011 | 1,044 |
Multi-family [Member] | ||||||
Real estate loans | ||||||
Total loans | 88,566 | 104,433 | 105,895 | |||
Allowance for loan losses | 1,427 | 1,400 | 1,674 | 1,741 | 1,744 | 1,514 |
Home equity lines of credit [Member] | ||||||
Real estate loans | ||||||
Total loans | 6,600 | 6,688 | 7,814 | |||
Allowance for loan losses | 66 | 62 | 67 | 79 | 79 | 87 |
Construction [Member] | ||||||
Real estate loans | ||||||
Total loans | 31,127 | 25,345 | 20,783 | |||
Allowance for loan losses | 359 | 299 | 258 | 199 | 130 | 240 |
Commercial [Member] | ||||||
Real estate loans | ||||||
Total loans | 165,132 | 155,884 | 149,639 | |||
Allowance for loan losses | 1,966 | 1,962 | 1,831 | 1,758 | 1,782 | 1,706 |
Commercial [Member] | ||||||
Real estate loans | ||||||
Total loans | 81,399 | 103,088 | 103,326 | |||
Allowance for loan losses | 1,679 | 1,521 | 1,740 | 1,560 | 1,636 | 1,583 |
Consumer [Member] | ||||||
Real estate loans | ||||||
Total loans | 8,298 | 7,653 | 7,498 | |||
Allowance for loan losses | $ 71 | $ 69 | $ 62 | $ 59 | $ 67 | $ 60 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)LoansSecurityLoan | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)SecurityLoan | |
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 | $ 1,080,000 | 1,264,000 | |
Number of default loans | SecurityLoan | 0 | ||
Investment recorded prior to modification | $ 0 | 0 | |
Residential real estate properties foreclosure proceedings | $ 34,000 | ||
Foreclosed residential real estate properties | 120,000 | 259,000 | |
Loans and Leases Receivable, Gross | 505,712,000 | 511,318,000 | 520,526,000 |
Special Mention [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Gross | 2,913,000 | 6,919,000 | |
Substandard [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Gross | 7,268,000 | 861,000 | |
Fair Value, Concentration of Risk, Collateral Policy [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Commercial and multi-family real estate | 278,958,000 | 274,892,000 | |
Troubled Debt Restructurings [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Troubled debt restructurings, Impaired loans | $ 1,100,000 | ||
Minimum period for default | 90 days | ||
Residential Real Estate [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Foreclosed residential real estate properties | $ 120,000 | ||
Commercial Business Loans [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Troubled debt restructurings, Impaired loans | 38,000 | 46,000 | |
Loans and Leases Receivable, Gross | 81,399,000 | 103,326,000 | 103,088,000 |
Commercial Business Loans [Member] | Special Mention [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Gross | 871,000 | 5,964,000 | |
Commercial Business Loans [Member] | Substandard [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,535,000 | 46,000 | |
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 | 18 | ||
Loans and Leases Receivable, Gross | $ 1,200,000 | ||
One- to four-family [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans held for sale | $ 475,000 | 632,000 | |
Maximum term of fixed-rate one- to four-family residential mortgage loans | 15 years | ||
Troubled debt restructurings, Impaired loans | $ 1,042,000 | 1,218,000 | |
Investment recorded post modification | 118,000 | ||
Loans and Leases Receivable, Gross | 124,590,000 | $ 116,363,000 | 117,435,000 |
One- to four-family [Member] | Special Mention [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Gross | 1,123,000 | ||
One- to four-family [Member] | Substandard [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Loans and Leases Receivable, Gross | 418,000 | $ 455,000 | |
One- to four-family [Member] | Troubled Debt Restructurings [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of default loans | SecurityLoan | 1 | ||
Investment recorded post modification | 118,000 | ||
Purchased Loans and Loan Participations [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Approximate amount of purchase loans included in loans receivable | 1,585,000 | $ 3,578,000 | |
Approximate amount of loans included on out-of-area participation | 26,851,000 | 26,870,000 | |
Amount within 100 miles of primary area | 10,014,000 | $ 9,718,000 | |
Troubled Debt Restructurings [Member] | Covid Nineteen [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Investment recorded post modification | $ 53,300,000 | ||
Troubled Debt Restructurings [Member] | Modification one [Member] | Covid Nineteen [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of Modifications | Loans | 106 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 50,200,000 | ||
Troubled Debt Restructurings [Member] | Modification Two [Member] | Covid Nineteen [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of Modifications | Loans | 103 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 3,100,000 | ||
Troubled Debt Restructurings [Member] | Modification Two [Member] | Covid Nineteen [Member] | Special Mention [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of Modifications | Loans | 2 | ||
Troubled Debt Restructurings [Member] | Modification Two [Member] | Covid Nineteen [Member] | Substandard [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of Modifications | Loans | 1 | ||
Foreclosure [Member] | Troubled Debt Restructurings [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of default loans | SecurityLoan | 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 | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Allowance for loan losses: | |||||
Balance, beginning of year | $ 6,395 | $ 6,449 | $ 6,599 | $ 6,234 | $ 6,234 |
Provision charged to expense | 242 | (101) | 39 | 165 | 844 |
Losses charged off | (32) | (7) | (50) | (78) | (513) |
Recoveries | 6 | 10 | 23 | 30 | 34 |
Balance, end of period | 6,611 | 6,351 | 6,611 | 6,351 | 6,599 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 6,611 | 6,351 | 6,611 | 6,351 | 6,599 |
Loans: | |||||
Ending balance | 505,712 | 511,318 | 505,712 | 511,318 | 520,526 |
Ending balance: individually evaluated for impairment | 1,114 | 1,393 | 1,114 | 1,393 | 1,298 |
Ending balance: collectively evaluated for impairment | 504,598 | 509,925 | 504,598 | 509,925 | 519,228 |
One- to four-family [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 1,082 | 1,011 | 967 | 1,044 | 1,044 |
Provision charged to expense | (13) | (56) | 101 | (76) | (64) |
Losses charged off | (26) | 0 | (26) | (15) | (15) |
Recoveries | 0 | 0 | 1 | 2 | 2 |
Balance, end of period | 1,043 | 955 | 1,043 | 955 | 967 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,043 | 955 | 1,043 | 955 | 967 |
Loans: | |||||
Ending balance | 124,590 | 116,363 | 124,590 | 116,363 | 117,435 |
Ending balance: individually evaluated for impairment | 1,076 | 1,328 | 1,076 | 1,328 | 1,252 |
Ending balance: collectively evaluated for impairment | 123,514 | 115,035 | 123,514 | 115,035 | 116,183 |
Multi-family [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 1,400 | 1,744 | 1,674 | 1,514 | 1,514 |
Provision charged to expense | 27 | (3) | (247) | 227 | 160 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 1,427 | 1,741 | 1,427 | 1,741 | 1,674 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,427 | 1,741 | 1,427 | 1,741 | 1,674 |
Loans: | |||||
Ending balance | 88,566 | 105,895 | 88,566 | 105,895 | 104,433 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 88,566 | 105,895 | 88,566 | 105,895 | 104,433 |
Home equity lines of credit [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 62 | 79 | 67 | 87 | 87 |
Provision charged to expense | 4 | 0 | (1) | (8) | (20) |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 66 | 79 | 66 | 79 | 67 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 66 | 79 | 66 | 79 | 67 |
Loans: | |||||
Ending balance | 6,600 | 7,814 | 6,600 | 7,814 | 6,688 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 6,600 | 7,814 | 6,600 | 7,814 | 6,688 |
Construction [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 299 | 130 | 258 | 240 | 240 |
Provision charged to expense | 60 | 69 | 101 | (41) | 18 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 359 | 199 | 359 | 199 | 258 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 359 | 199 | 359 | 199 | 258 |
Loans: | |||||
Ending balance | 31,127 | 20,783 | 31,127 | 20,783 | 25,345 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 31,127 | 20,783 | 31,127 | 20,783 | 25,345 |
Commercial [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 1,962 | 1,782 | 1,831 | 1,706 | 1,706 |
Provision charged to expense | 4 | (24) | 135 | 52 | 125 |
Losses charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | 1,966 | 1,758 | 1,966 | 1,758 | 1,831 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,966 | 1,758 | 1,966 | 1,758 | 1,831 |
Loans: | |||||
Ending balance | 165,132 | 149,639 | 165,132 | 149,639 | 155,884 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 165,132 | 149,639 | 165,132 | 149,639 | 155,884 |
Commercial [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 1,521 | 1,636 | 1,740 | 1,583 | 1,583 |
Provision charged to expense | 154 | (80) | (77) | 1 | 611 |
Losses charged off | 0 | 0 | 0 | (40) | (473) |
Recoveries | 4 | 4 | 16 | 16 | 19 |
Balance, end of period | 1,679 | 1,560 | 1,679 | 1,560 | 1,740 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 1,679 | 1,560 | 1,679 | 1,560 | 1,740 |
Loans: | |||||
Ending balance | 81,399 | 103,326 | 81,399 | 103,326 | 103,088 |
Ending balance: individually evaluated for impairment | 38 | 65 | 38 | 65 | 46 |
Ending balance: collectively evaluated for impairment | 81,361 | 103,261 | 81,361 | 103,261 | 103,042 |
Consumer [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 69 | 67 | 62 | 60 | 60 |
Provision charged to expense | 6 | (7) | 27 | 10 | 14 |
Losses charged off | (6) | (7) | (24) | (23) | (25) |
Recoveries | 2 | 6 | 6 | 12 | 13 |
Balance, end of period | 71 | 59 | 71 | 59 | 62 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | 71 | 59 | 71 | 59 | 62 |
Loans: | |||||
Ending balance | 8,298 | 7,498 | 8,298 | 7,498 | 7,653 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance: collectively evaluated for impairment | $ 8,298 | $ 7,498 | $ 8,298 | $ 7,498 | $ 7,653 |
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 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 505,712 | $ 520,526 | $ 511,318 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 495,531 | 512,746 | |
Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,913 | 6,919 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,268 | 861 | |
One- to four-family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 124,590 | 117,435 | 116,363 |
One- to four-family [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 123,049 | 116,980 | |
One- to four-family [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,123 | ||
One- to four-family [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 418 | 455 | |
Multi-family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 88,566 | 104,433 | 105,895 |
Multi-family [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 88,310 | 104,170 | |
Multi-family [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 256 | 263 | |
Home equity lines of credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,600 | 6,688 | 7,814 |
Home equity lines of credit [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,600 | 6,688 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 31,127 | 25,345 | 20,783 |
Construction [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 31,127 | 25,345 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 165,132 | 155,884 | 149,639 |
Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 162,168 | 154,833 | |
Commercial [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 919 | 954 | |
Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,045 | 97 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 81,399 | 103,088 | 103,326 |
Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 75,993 | 97,078 | |
Commercial [Member] | Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 871 | 5,964 | |
Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,535 | 46 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,298 | 7,653 | $ 7,498 |
Consumer [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,284 | 7,652 | |
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 | $ 14 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Association's Loan Portfolio Aging Analysis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | $ 1,625 | $ 680 | |
Current | 504,087 | 519,846 | |
Total loans | 505,712 | 520,526 | $ 511,318 |
Total Loans 90 Days Past Due & Accruing | 0 | 118 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 213 | 86 | |
Current | 164,919 | 155,798 | |
Total loans | 165,132 | 155,884 | 149,639 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 34 | 9 | |
Current | 81,365 | 103,079 | |
Total loans | 81,399 | 103,088 | 103,326 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 34 | 6 | |
Current | 8,264 | 7,647 | |
Total loans | 8,298 | 7,653 | 7,498 |
Total Loans 90 Days Past Due & Accruing | 0 | ||
One- to four-family [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 1,335 | 524 | |
Current | 123,255 | 116,911 | |
Total loans | 124,590 | 117,435 | 116,363 |
Total Loans 90 Days Past Due & Accruing | 0 | 118 | |
Multi-family [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 88,566 | 104,433 | |
Total loans | 88,566 | 104,433 | 105,895 |
Home equity lines of credit [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 9 | 55 | |
Current | 6,591 | 6,633 | |
Total loans | 6,600 | 6,688 | 7,814 |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 31,127 | 25,345 | |
Total loans | 31,127 | 25,345 | $ 20,783 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 1,571 | 476 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 213 | 86 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 34 | 9 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 23 | 6 | |
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 | 1,301 | 320 | |
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 | 20 | 52 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 0 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 0 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 11 | ||
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 | 0 | 52 | |
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 | 9 | ||
Financing Receivables, 90 Days or Greater [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 34 | 152 | |
Financing Receivables, 90 Days or Greater [Member] | Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | 0 | ||
Financing Receivables, 90 Days or Greater [Member] | One- to four-family [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | $ 34 | $ 152 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Financing Receivable, Impaired [Line Items] | |||||
Specific Allowance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Recorded Balance | 1,114 | 1,393 | 1,114 | 1,393 | 1,298 |
Unpaid Principal Balance | 1,114 | 1,393 | 1,114 | 1,393 | 1,298 |
Specific Allowance | 0 | 0 | 0 | 0 | 0 |
Average Investment in Impaired Loans | 1,119 | 1,398 | 1,125 | 1,416 | 1,536 |
Interest Income Recognized | 7 | 15 | 18 | 51 | 86 |
Interest on Cash Basis | 7 | 10 | 17 | 44 | 73 |
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 | 0 | ||||
Specific Allowance | 0 | ||||
Recorded Balance | 0 | ||||
Unpaid Principal Balance | 0 | ||||
Specific Allowance | 0 | ||||
Average Investment in Impaired Loans | 0 | ||||
Interest Income Recognized | 0 | ||||
Interest on Cash Basis | 0 | ||||
Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance, Loans without a specific allowance | 38 | 65 | 38 | 65 | 46 |
Unpaid Principal Balance, Loans without a specific allowance | 38 | 65 | 38 | 65 | 46 |
Average Investment in Impaired Loans, Loans without a specific allowance | 40 | 67 | 73 | 265 | |
Interest Income Recognized, Loans without a specific allowance | 1 | 1 | 19 | ||
Interest on Cash Basis, Loans without a specific allowance | 1 | 1 | 23 | ||
Specific Allowance | 0 | ||||
Average Investment in Impaired Loans, Loans with a specific allowance | 42 | ||||
Interest Income Recognized, Loans with a specific allowance | 3 | 2 | |||
Interest on Cash Basis, Loans with a specific allowance | 3 | 2 | |||
Recorded Balance | 38 | 65 | 38 | 65 | 46 |
Unpaid Principal Balance | 38 | 65 | 38 | 65 | 46 |
Specific Allowance | 0 | ||||
Average Investment in Impaired Loans | 40 | 67 | 42 | 73 | 265 |
Interest Income Recognized | 1 | 1 | 3 | 2 | 19 |
Interest on Cash Basis | 1 | 1 | 3 | 2 | 23 |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Balance, Loans without a specific allowance | 0 | 0 | 0 | ||
Unpaid Principal Balance, Loans without a specific allowance | 0 | 0 | 0 | ||
Average Investment in Impaired Loans, Loans without a specific allowance | 0 | 0 | |||
Interest Income Recognized, Loans without a specific allowance | 0 | ||||
Interest on Cash Basis, Loans without a specific allowance | 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 | 0 | |||
Interest Income Recognized, Loans with a specific allowance | 0 | ||||
Recorded Balance | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Specific Allowance | 0 | ||||
Average Investment in Impaired Loans | 0 | 0 | 0 | 0 | |
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 | 1,076 | 1,328 | 1,076 | 1,328 | 1,252 |
Unpaid Principal Balance, Loans without a specific allowance | 1,076 | 1,328 | 1,076 | 1,328 | 1,252 |
Average Investment in Impaired Loans, Loans without a specific allowance | 1,079 | 1,331 | 1,271 | ||
Interest Income Recognized, Loans without a specific allowance | 6 | 14 | 67 | ||
Interest on Cash Basis, Loans without a specific allowance | 6 | 9 | 50 | ||
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 | 1,083 | 1,343 | 0 | ||
Interest Income Recognized, Loans with a specific allowance | 15 | 49 | 0 | ||
Interest on Cash Basis, Loans with a specific allowance | 14 | 42 | |||
Recorded Balance | 1,076 | 1,328 | 1,076 | 1,328 | 1,252 |
Unpaid Principal Balance | 1,076 | 1,328 | 1,076 | 1,328 | 1,252 |
Specific Allowance | 0 | ||||
Average Investment in Impaired Loans | 1,079 | 1,331 | 1,083 | 1,343 | 1,271 |
Interest Income Recognized | 6 | 14 | 15 | 49 | 67 |
Interest on Cash Basis | $ 6 | $ 9 | $ 14 | $ 42 | 50 |
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 | 0 | ||||
Unpaid Principal Balance, Loans without a specific allowance | 0 | ||||
Average Investment in Impaired Loans, Loans without a specific allowance | 0 | ||||
Interest Income Recognized, Loans without a specific allowance | 0 | ||||
Interest on Cash Basis, Loans without a specific allowance | 0 | ||||
Recorded Balance | 0 | ||||
Unpaid Principal Balance | 0 | ||||
Average Investment in Impaired Loans | 0 | ||||
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 | Mar. 31, 2022 | Jun. 30, 2021 |
Mortgages on real estate: | ||
Total | $ 34 | $ 34 |
One- to four-family [Member] | ||
Mortgages on real estate: | ||
Total | 34 | 34 |
Real Estate Loans Home Equity Lines Of Credit [Member] | ||
Mortgages on real estate: | ||
Total | 0 | 0 |
Consumer Loans [Member] | ||
Mortgages on real estate: | ||
Total | 0 | 0 |
Commercial [Member] | ||
Mortgages on real estate: | ||
Total | 0 | |
Commercial Business Loans [Member] | ||
Mortgages on real estate: | ||
Total | $ 0 | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Non Accruals 1 (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Real estate loans | ||
Total | $ 1,080 | $ 1,264 |
One- to four-family [Member] | ||
Real estate loans | ||
Total | 1,042 | 1,218 |
Home equity lines of credit [Member] | ||
Real estate loans | ||
Total | 0 | 0 |
Real Estate Loan [Member] | ||
Real estate loans | ||
Total | 1,042 | 1,218 |
Commercial [Member] | ||
Real estate loans | ||
Total | 0 | |
Commercial [Member] | ||
Real estate loans | ||
Total | $ 38 | 46 |
Consumer Loans [Member] | ||
Real estate loans | ||
Total | $ 0 |
Federal Home Loan Bank Stock -
Federal Home Loan Bank Stock - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank stock | $ 4,198 | $ 4,198 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | $ 1,933 | $ 4,203 |
Other comprehensive loss before reclassification | (11,288) | (2,700) |
Amounts reclassified from accumulated other comprehensive income | (229) | |
Net current period other comprehensive loss | (25) | 14 |
Ending balance | (9,380) | 1,288 |
Unrealized Gains and Losses on Available-for- Sale Securities [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | 2,361 | 4,865 |
Other comprehensive loss before reclassification | (11,288) | (2,700) |
Amounts reclassified from accumulated other comprehensive income | (229) | |
Ending balance | (8,927) | 1,936 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | (428) | (662) |
Net current period other comprehensive loss | (25) | 14 |
Ending balance | $ (453) | $ (648) |
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 | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains on available-for-sale securities | $ 0 | $ 116 | $ 0 | $ 320 |
Tax expense | 402 | 600 | 1,694 | 1,683 |
Net Income | 1,154 | 1,560 | 4,749 | 4,354 |
Amounts Reclassified from AOCI [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassified amount before tax | (14) | 126 | (35) | 340 |
Tax expense | (4) | 36 | (10) | 97 |
Net Income | (10) | 90 | (25) | 243 |
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 | 0 | 116 | 0 | 320 |
Amortization of Defined Benefit Pension Items [Member] | Amounts Reclassified from AOCI [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Actuarial losses | $ (14) | $ 10 | $ (35) | $ 20 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense at the Statutory Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes Paid, Net [Abstract] | ||||
Computed at the statutory rate | $ 327 | $ 454 | $ 1,353 | $ 1,268 |
Decrease resulting from | ||||
Tax exempt interest | (2) | (2) | (6) | (6) |
Cash surrender value of life insurance | (18) | (43) | (83) | (72) |
State income taxes | 117 | 154 | 471 | 442 |
Other | (22) | 37 | (41) | 51 |
Actual expense | $ 402 | $ 600 | $ 1,694 | $ 1,683 |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) $ in Billions | 9 Months Ended | ||
Mar. 31, 2022USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital conservation buffer risk-weighted assets | 2.50% | ||
Maximum asset value required to be maintained leverage ratio | $ 10 | ||
Covid 19[Member] | Throughout Two Thousand And Twenty [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Leverage ratio | 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 | ||
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 | ||
Maximum [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Leverage ratio | 0.09 |
Disclosures about Fair Value _3
Disclosures about Fair Value of Assets and Liabilities - Fair Value Measurements of Assets Recognized on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | $ 218,639 | $ 189,891 |
Mortgage servicing rights | 1,389 | 1,013 |
US Treasury [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 8,688 | 996 |
US Government and Federal Agency [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 9,395 | 8,039 |
Mortgage-backed Securities - GSE Residential [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 184,751 | 170,415 |
Small Business Administration [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 14,695 | 9,190 |
State and Political Subdivisions [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 1,110 | 1,251 |
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 | 8,688 | 996 |
Significant Other Observable Inputs (Level 2) [Member] | US Government and Federal Agency [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 9,395 | 8,039 |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities - GSE Residential [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 184,751 | 170,415 |
Significant Other Observable Inputs (Level 2) [Member] | Small Business Administration [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 14,695 | 9,190 |
Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, Fair Value | 1,110 | 1,251 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Available-for-sale securities: | ||
Mortgage servicing rights | $ 1,389 | $ 1,013 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Assets and Liabilities - Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in Accompanying Balance Sheet (Detail) - Mortgage Servicing Rights [Member] $ in Thousands | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | $ 1,013 |
Total realized and unrealized gains and losses included in net income | 357 |
Servicing rights that result from asset transfers | 222 |
Payments received and loans refinanced | (203) |
Ending Balance | 1,389 |
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 | $ 357 |
Disclosures about Fair Value _5
Disclosures about Fair Value of Assets and Liabilities - Fair Value Measurement of Assets Recognized on Nonrecurring Basis (Detail) - Non-recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | $ 0 | $ 191 |
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 | $ 0 | $ 191 |
Disclosures about Fair Value _6
Disclosures about Fair Value of Assets and Liabilities - Recoveries (Losses) Recognized on Assets Measured on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Non-recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreclosed and repossessed assets held for sale | $ 0 | $ 0 | $ 0 | $ (30) |
Disclosures about Fair Value _7
Disclosures about Fair Value of Assets and Liabilities - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) Banking_Office in Thousands, $ in Thousands | Mar. 31, 2022USD ($) | Jun. 30, 2021USD ($)Banking_Office |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights | $ | $ 1,389 | $ 1,013 |
Foreclosed assets | Banking_Office | 191 | |
Minimum [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 9.5 | 9.5 |
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 | 4.2 | 9.8 |
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 |
Maximum [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 11.5 | 11.5 |
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 | 12.8 | 14.4 |
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 | 0.14 | 0.14 |
Maximum [Member] | Comparability Adjustments [Member] | Market Comparable Properties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 11.6 | |
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 | (9.5) | (9.5) |
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 | (4.8) | (11.9) |
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 | (0.12) | (0.12) |
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 | (11.6) |
Disclosures about Fair Value _8
Disclosures about Fair Value of Assets and Liabilities - Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Financial assets | ||
Cash and cash equivalents | $ 27,662 | $ 62,735 |
Interest-bearing time deposits in banks | 2,250 | 2,250 |
Loans, net of allowance for loan losses | 499,830 | 513,371 |
Federal Home Loan Bank stock | 4,198 | 4,198 |
Accrued interest receivable | 2,006 | 1,897 |
Financial liabilities | ||
Deposits | 667,031 | 667,632 |
Repurchase agreements | 7,263 | 6,245 |
Federal Home Loan Bank advances | 20,000 | 25,000 |
Advances from borrowers for taxes and insurance | 1,298 | 928 |
Accrued interest payable | 168 | 199 |
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 | 27,662 | 62,735 |
Interest-bearing time deposits in banks | 2,250 | 2,250 |
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 | 4,198 |
Accrued interest receivable | 2,006 | 1,897 |
Financial liabilities | ||
Deposits | 407,666 | 405,664 |
Repurchase agreements | 7,263 | 6,245 |
Federal Home Loan Bank advances | 20,063 | 25,673 |
Advances from borrowers for taxes and insurance | 1,298 | 928 |
Accrued interest payable | 168 | 199 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | 0 | 0 |
Lines of credit | 3,000 | 3,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Loans, net of allowance for loan losses | 499,174 | 515,515 |
Financial liabilities | ||
Deposits | 259,606 | 262,603 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | $ 0 | $ 0 |