Cover Page
Cover Page - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Sep. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | IROQ | |
Entity Registrant Name | IF BANCORP, INC. | |
Entity Central Index Key | 0001514743 | |
Current Fiscal Year End Date | --06-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 3,353,026 | |
Entity Public Float | $ 38,977,000 | |
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, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Address, State or Province | IL | |
Entity Address, Address Line One | 201 East Cherry Street | |
Entity Address, City or Town | Watseka | |
City Area Code | 815 | |
Local Phone Number | 432-2476 | |
Entity Tax Identification Number | 45-1834449 | |
Entity Incorporation, State or Country Code | MD | |
Entity File Number | 001-35226 | |
Entity Address, Postal Zip Code | 60970 | |
Auditor Name | FORVIS MAZARS, LLP | |
Auditor Firm ID | 686 | |
Auditor Location | Decatur, Illinois | |
Document Financial Statement Error Correction [Flag] | false | |
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Assets | ||
Cash and due from banks | $ 9,276 | $ 10,717 |
Interest-bearing demand deposits | 295 | 271 |
Cash and cash equivalents | 9,571 | 10,988 |
Interest-bearing time deposits in banks | 250 | 1,250 |
Available-for-sale securities | 190,475 | 201,299 |
Loans, net of allowance for credit losses of $7,499 and $7,139 at June 30, 2024 and 2023, respectively | 639,297 | 587,457 |
Premises and equipment, net of accumulated depreciation of $9,196 and $9,212 at June 30, 2024 and 2023, respectively | 10,580 | 11,092 |
Federal Home Loan Bank stock, at cost | 4,499 | 3,127 |
Foreclosed assets held for sale | 0 | 31 |
Accrued interest receivable | 3,457 | 2,781 |
Bank-owned life insurance | 14,892 | 14,761 |
Mortgage servicing rights | 1,491 | 1,482 |
Deferred income taxes | 10,483 | 11,037 |
Other | 2,750 | 3,671 |
Total assets | 887,745 | 848,976 |
Deposits | ||
Demand | 103,314 | 107,567 |
Savings, NOW and money market | 304,230 | 344,151 |
Certificates of deposit | 290,633 | 264,058 |
Brokered certificates of deposit | 29,000 | 19,538 |
Total deposits | 727,177 | 735,314 |
Repurchase agreements | 17,772 | 10,787 |
Federal Home Loan Bank advances | 32,999 | 19,500 |
Other borrowings | 25,250 | 0 |
Advances from borrowers for taxes and insurance | 968 | 1,233 |
Accrued post-retirement benefit obligation | 2,256 | 2,431 |
Accrued interest payable | 3,009 | 1,666 |
Allowance for credit losses on off-balance sheet credit exposure | 98 | 216 |
Other | 4,300 | 6,076 |
Total liabilities | 813,829 | 777,223 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $.01 par value, 100,000,000 shares authorized, 3,353,026 and 3,354,626 shares issued and outstanding at June 30, 2024 and 2023, respectively | 33 | 33 |
Additional paid-in capital | 51,913 | 51,543 |
Unearned ESOP shares, at cost, 134,715 and 153,960 shares at June 30, 2024 and 2023, respectively | (1,347) | (1,540) |
Retained earnings | 43,876 | 43,365 |
Accumulated other comprehensive loss, net of tax | (20,559) | (21,648) |
Total stockholders' equity | 73,916 | 71,753 |
Total liabilities and stockholders' equity | $ 887,745 | $ 848,976 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 7,499 | $ 7,139 |
Premises and equipment, accumulated depreciation | $ 9,196 | $ 9,212 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,353,026 | 3,354,626 |
Common stock, shares outstanding | 3,353,026 | 3,354,626 |
Unearned ESOP shares | 134,715 | 153,960 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income | ||
Interest and fees on loans | $ 34,826 | $ 26,106 |
Securities | ||
Taxable | 5,445 | 5,359 |
Tax-exempt | 97 | 106 |
Federal Home Loan Bank dividends | 378 | 198 |
Deposits with financial institutions | 238 | 303 |
Total interest and dividend income | 40,984 | 32,072 |
Interest Expense | ||
Deposits | 17,653 | 7,997 |
Federal Home Loan Bank advances and repurchase agreements | 4,752 | 2,062 |
Line of credit and other borrowings | 850 | 16 |
Total interest expense | 23,255 | 10,075 |
Net Interest Income | 17,729 | 21,997 |
Provision (Credit) for Credit Losses | 32 | (228) |
Net Interest Income After Provision (Credit) for Credit Losses | 17,697 | 22,225 |
Noninterest Income | ||
Insurance commissions | 745 | 651 |
Brokerage commissions | 650 | 773 |
Net realized losses on sale of available-for-sale securities | 0 | (171) |
Mortgage banking income, net | 338 | 360 |
Gain on sale of loans | 266 | 172 |
Bank-owned life insurance income, net | 506 | 388 |
Other | 1,207 | 1,268 |
Total noninterest income | 4,386 | 4,069 |
Noninterest Expense | ||
Compensation and benefits | 12,012 | 12,712 |
Office occupancy | 1,036 | 1,006 |
Equipment | 2,185 | 2,499 |
Federal deposit insurance | 574 | 333 |
Stationary, printing and office | 58 | 99 |
Advertising | 409 | 538 |
Professional services | 426 | 459 |
Supervisory examination | 101 | 173 |
Audit and accounting services | 175 | 182 |
Organizational dues and subscriptions | 55 | 56 |
Insurance bond premiums | 235 | 206 |
Telephone and postage | 157 | 163 |
Loss (gain) on sale of foreclosed assets | 1 | (28) |
Other | 2,304 | 1,636 |
Total noninterest expense | 19,728 | 20,034 |
Income Before Income Tax | 2,355 | 6,260 |
Provision for Income Taxes | 565 | 1,600 |
Net Income | $ 1,790 | $ 4,660 |
Earnings Per Share: | ||
Basic | $ 0.57 | $ 1.5 |
Diluted | 0.57 | 1.46 |
Dividends Paid Per Share | $ 0.4 | $ 0.4 |
Customer Service Fees [Member] | ||
Noninterest Income | ||
Noninterest income | $ 416 | $ 380 |
Other Service Charges and Fees [Member] | ||
Noninterest Income | ||
Noninterest income | $ 258 | $ 248 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 1,790 | $ 4,660 |
Other Comprehensive Income (Loss) | ||
Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes of $378 and $(1,824) for 2024 and 2023, respectively | 947 | (4,574) |
Less: reclassification adjustment for realized gains (losses) included in net income, net of taxes of $0 and $(49) for 2024 and 2023, respectively | 0 | (122) |
Accumulated other comprehensive income (loss) before tax | 947 | (4,452) |
Change in postretirement health plan gains and losses, net of taxes of $56 and $60 for 2024 and 2023, respectively | 142 | 150 |
Other comprehensive income (loss), net of tax | 1,089 | (4,302) |
Comprehensive Income | $ 2,879 | $ 358 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized appreciation (depreciation) on available-for-sale securities, tax | $ 378 | $ (1,824) |
Reclassification adjustment for realized gains (losses) included in net income, tax | 0 | 49 |
Change in postretirement health plan gains and losses, net of taxes | $ 56 | $ 60 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Impact Of ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Common Stock [Member] Cumulative Impact Of ASU 2016-13 [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] Cumulative Impact Of ASU 2016-13 [Member] | Additional Paid-In Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Unearned ESOP Shares [Member] | Unearned ESOP Shares [Member] Cumulative Impact Of ASU 2016-13 [Member] | Unearned ESOP Shares [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Impact Of ASU 2016-13 [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Impact Of ASU 2016-13 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
Beginning Balance at Jun. 30, 2022 | $ 71,658 | $ (388) | $ 71,270 | $ 32 | $ 0 | $ 32 | $ 50,342 | $ 0 | $ 50,342 | $ (1,732) | $ 0 | $ (1,732) | $ 40,362 | $ (388) | $ 39,974 | $ (17,346) | $ 0 | $ (17,346) |
Net income | 4,660 | 4,660 | ||||||||||||||||
Other comprehensive loss | (4,302) | (4,302) | ||||||||||||||||
Dividends on common stock | (1,269) | (1,269) | ||||||||||||||||
Stock options exercised | 732 | 1 | 731 | |||||||||||||||
Stock equity plan | 327 | 327 | ||||||||||||||||
ESOP shares earned | 335 | 143 | 192 | |||||||||||||||
Ending Balance at Jun. 30, 2023 | 71,753 | 33 | 51,543 | (1,540) | 43,365 | (21,648) | ||||||||||||
Net income | 1,790 | 1,790 | ||||||||||||||||
Other comprehensive loss | 1,089 | 1,089 | ||||||||||||||||
Dividends on common stock | (1,279) | (1,279) | ||||||||||||||||
Stock equity plan | 260 | 260 | ||||||||||||||||
ESOP shares earned | 303 | 110 | 193 | |||||||||||||||
Ending Balance at Jun. 30, 2024 | $ 73,916 | $ 33 | $ 51,913 | $ (1,347) | $ 43,876 | $ (20,559) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Dividends declared per common share | $ 0.4 | $ 0.4 |
ESOP shares earned, shares | 19,245 | 19,245 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income | $ 1,790 | $ 4,660 |
Items not requiring (providing) cash | ||
Depreciation | 671 | 663 |
Provision (credit) for credit losses on loans | 150 | (228) |
Amortization (accretion) of premiums and discounts on securities | (214) | 118 |
Deferred income taxes | 120 | (156) |
Net realized gains on loan sales | (266) | (172) |
Net realized losses on sales of available-for-sale securities | 0 | 171 |
Loss (gain) on foreclosed real estate held for sale | 1 | (28) |
Bank-owned life insurance income, net | (506) | (388) |
Originations of loans held for sale | (13,531) | (7,554) |
Proceeds from sales of loans held for sale | 13,788 | 7,934 |
ESOP compensation expense | 303 | 335 |
Stock equity plan expense | 260 | 327 |
Changes in | ||
Accrued interest receivable | (676) | (758) |
Other assets | 921 | (3,053) |
Accrued interest payable | 1,343 | 1,490 |
Post-retirement benefit obligation | 23 | 21 |
Other liabilities | (1,894) | (616) |
Net cash provided by operating activities | 2,283 | 2,766 |
Investing Activities | ||
Net change in interest bearing time deposits | 1,000 | 250 |
Purchases of available-for-sale securities | (1,977) | (18,205) |
Proceeds from the sales of available-for-sale securities | 0 | 7,695 |
Proceeds from maturities and pay-downs of available-for-sale securities | 14,340 | 23,601 |
Net change in loans | (51,993) | (68,373) |
Purchase of premises and equipment | (247) | (2,250) |
Proceeds from sale of premises and equipment | 88 | 0 |
Proceeds from the sale of foreclosed assets | 33 | 148 |
Purchase of Federal Home Loan Bank stock | (2,292) | (1,050) |
Redemption of Federal Home Loan Bank stock | 920 | 1,065 |
Proceeds from settlement of bank-owned life insurance death claim | 375 | 0 |
Net cash used in investing activities | (39,753) | (57,119) |
Financing Activities | ||
Net decrease in demand deposits, money market, NOW and savings accounts | (44,174) | (49,826) |
Net increase in certificates of deposit, including brokered certificates | 36,037 | 33,120 |
Net increase (decrease) in advances from borrowers for taxes and insurance | (265) | 730 |
Proceeds from Federal Home Loan Bank advances | 680,499 | 513,600 |
Repayment of Federal Home Loan Bank advances | (667,000) | (509,100) |
Proceeds from other borrowings | 523,175 | 0 |
Repayments of other borrowings | (497,925) | 0 |
Net increase in repurchase agreements | 6,985 | 1,543 |
Dividends paid | (1,279) | (1,269) |
Proceeds from exercise of stock options | 0 | 732 |
Net cash provided by (used in) financing activities | 36,053 | (10,470) |
Decrease in Cash and Cash Equivalents | (1,417) | (64,823) |
Cash and Cash Equivalents, Beginning of Year | 10,988 | 75,811 |
Cash and Cash Equivalents, End of Year | 9,571 | 10,988 |
Supplemental Cash Flows Information | ||
Interest paid | 21,912 | 8,585 |
Income taxes paid (net of refunds) | 347 | 2,096 |
Foreclosed assets acquired in settlement of loans | $ 3 | $ 31 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations IF Bancorp, Inc., (“IF Bancorp” or the “Company”) is a Maryland corporation whose principal activity is the ownership and management of its wholly-owned subsidiary, Iroquois Federal Savings and Loan Association (“Iroquois Federal” or the “Association”). The Association provides a full range of banking and financial services to individual and corporate customers from our seven full-service banking offices located in the municipalities of Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois, and our loan production office in Osage Beach, Missouri. Our primary lending market includes the Illinois counties of Vermilion, Iroquois, Champaign and Kankakee, as well as the adjacent counties in Illinois and Indiana. Our loan production office in Osage Beach, Missouri, serves the Missouri counties of Camden, Miller and Morgan. The principal activity of the Association’s wholly-owned subsidiary, L.C.I. Service Corporation (“L.C.I.”) dba IF Insurance Agency, is the sale of property and casualty insurance. The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of the Association. The Company and Association are subject to competition from other financial institutions. The Company and Association are also subject to the regulation of certain federal and state agencies and undergo periodic examinations by those regulatory authorities. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Association and Association’s wholly owned subsidiary, L.C.I. All significant intercompany accounts and transactions have been eliminated in consolidation. Operating Segment The Company provides community banking services, including such products and services as loans, certificates of deposits, savings accounts, and mortgage originations. These activities are reported as a single operating segment. The Company does not derive revenues from, or have assets located in, foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company’s total revenues. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, fair value measurements of investment securities, loan servicing rights and income taxes. Interest-bearing Time Deposits in Banks Interest-bearing time deposits in banks are carried at cost. Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At June 30, 2024 and 2023, cash equivalents consisted primarily of noninterest bearing deposits and interest bearing demand deposits. At June 30, 2024, the Company’s cash accounts exceeded federally insured limits by approximately $350,000. The Company had approximately $4.6 million at the Federal Reserve and Federal Home Loan Banks, which are government-affiliated entities not insured by the FDIC. Securities Securities are classified as “available for sale” (AFS) and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For AFS securities with fair value less than amortized cost that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income (loss). The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections and is recorded to the allowance for credit losses (ACL) on investments, by a charge to provision for credit losses. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired AFS security, or, if it is more likely than not the Company will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there would be no ACL in this situation. At adoption of ASU 2016-13, Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for credit losses, and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Credit Losses The allowance for credit losses (ACL) represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets. The provision (credit) for credit losses is expensed (credited) to current earnings and is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be expensed (credited) to current earnings, the Company relies on a sound credit review and approval process. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty. The Company utilizes the CECL cohort methodology analysis which relies on segmenting the loan portfolio into pools with similar risks, tracking the performance of the pools over time, and using the data to determine pool loss experience. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans and is established through provision (credit) for credit losses expensed (credited) to current earnings. The ACL is increased by the provision for losses on loans charged to expense and reduced by loans charged off, net of recoveries. Loans are charged off in the period deemed uncollectible, based on management’s analysis of expected cash flows (for non-collateral Subsequent recoveries of loans previously charged off, if any, are credited to the allowance when received. Management estimates the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Adjustments may be made to historical loss information for differences identified in current loan-specific risk characteristics, such as differences in underwriting standards or terms; lending review systems; experience, ability, or depth of lending management and staff; portfolio growth and mix; delinquency levels and trends; as well as for changes in environmental conditions, such as changes in economic activity or employment, industry economic conditions, property values, or other relevant factors. The allowance for credit losses on most loans is measured on a collective (pool) basis for loans with similar risk characteristics. The Company estimates the appropriate level of allowance for credit losses for specifically identified loans by evaluating them individually. The specific allowance for collateral-dependent loans that are evaluated separately is measured by determining the fair value of the collateral adjusted for market conditions and selling expense. Factors used in identifying a specific individually evaluated 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 individually evaluated 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 segmenting the loan portfolio into pools with similar risks and collecting data to determine pool loss experience. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and loan modifications for borrowers with financial difficulties, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. In addition, a forecast, using reasonable and supportable future conditions, is prepared that is used to estimate expected changes to existing and historical conditions in the current period. Off-balance non-performance off-balance off-balance estimated by loan pool on a quarterly basis under the CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included as a liability on the Company’s consolidated balance sheets. The Company records an ACL on off-balance Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 35-40 years Furniture and equipment 3-5 Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset are less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. No asset impairment was recognized during the years ended June 30, 2024 and 2023. Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value are reflected in noninterest income in the consolidated statements of income. Fee Income Loan origination fees, net of direct origination costs, are recognized as income using the level-yield method over the contractual life of the loans. Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit and investments securities, as well as revenue related to our mortgage servicing activities and bank owned life insurance, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, and which are presented in our income statements as components of noninterest income are as follows: Customer Service Fees – The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. Insurance Commissions – The Company’s insurance agency, IF Insurance Agency, receives commissions on premiums of new and renewed business policies. IF Insurance Agency records commission revenue on direct bill policies as the cash is received. For agency bill policies, IF Insurance Agency retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the carrier holds the performance obligation. Brokerage Commissions – The primary brokerage revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Other – The Company generates revenue through service charges from the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used, and the performance obligation is satisfied. Mortgage Servicing Rights Mortgage servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The change in fair value of mortgage servicing rights is netted against loan servicing fee income. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company – put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each year. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and restricted stock awards and are determined using the treasury stock method. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized appreciation and depreciation on available-for-sale Stock-based Compensation Plans At June 30, 2024 and 2023, the Company has stock-based compensation plans (stock options and restricted stock) which are described more fully in Note 14. Recent and Future Accounting Requirements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale 2016-13, The Company early adopted ASU 2016-13 2016-13, 2016-13. off-balance The following table illustrates the impact of ASU 2016-13 July 1, 2022 Allowance for credit 2016-13 Allowance pre-ASU 2016-13 Impact on Allowance 2016-13 Assets: Real Estate Loans One- $ 1,410 $ 1,028 $ 382 Multi-Family 1,235 1,375 (140 ) Commercial 2,370 1,985 385 HELOC 103 70 33 Construction 681 489 192 Commercial Business 1,207 2,025 (818 ) Consumer 93 80 13 Allowance for credit losses for all loans $ 7,099 $ 7,052 $ 47 Liabilities: Allowance for credit losses on off-balance $ 496 $ — $ 496 In March 2022, FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . 310-40, Receivables—Troubled Debt Restructurings by Creditors 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost 2022-02 In December 2023, the FASB issued ASU 2023-09, 740 Improvements to Income Tax Disclosures |
Securities
Securities | 12 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 2: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair Value Available-for-sale June 30, 2024: U.S. Treasury $ 497 $ — $ (53 ) $ 444 U.S. Government and federal agency and Government sponsored enterprises (GSEs) 6,979 — (370 ) 6,609 Mortgage-backed: GSE residential 192,556 41 (26,361 ) 166,236 Small Business Administration 16,387 — (2,301 ) 14,086 State and political subdivisions 3,104 — (4 ) 3,100 $ 219,523 $ 41 $ (29,089 ) $ 190,475 June 30, 2023: U.S. Treasury $ 497 $ — $ (59 ) $ 438 U.S. Government and federal agency and Government sponsored enterprises (GSEs) 6,976 — (499 ) 6,477 Mortgage-backed: GSE residential 203,139 21 (27,434 ) 175,726 Small Business Administration 17,629 1 (2,397 ) 15,233 State and political subdivisions 3,431 — (6 ) 3,425 $ 231,672 $ 22 $ (30,395 ) $ 201,299 Available for sale securities (“AFS”), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Unrealized gains and losses, net of tax, are reported in accumulated other comprehensive income (loss), a component of stockholders’ equity. All securities have been classified as available for sale. Premiums and discounts on debt securities are amortized or accreted as adjustments to income over the estimated life of the security using the level yield method or to the earlier of call or maturity date. Realized gains or losses on the sale of securities is based on the specific identification method. The fair value of securities is based on quoted market prices or dealer quotes. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. For AFS securities with fair value less than amortized cost that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income (loss). The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections, and is recorded to the allowance for credit losses (ACL) on investments, by a charge to provision for credit losses. Accrued interest At adoption of ASU 2016-13, Changes in the ACL are recorded as expense. Losses are charged against the ACL when management believes the collectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The Company did not hold securities of any one issuer at June 30, 2024 with a book value that exceeded 10% of the Company’s total equity except for: Mortgage-backed GSE residential securities and Small Business Administration securities with an amortized cost of approximately $192,556,000 and $16,387,000, respectively, and a market value of approximately $166,236,000 and $14,086,000, respectively, at June 30, 2024. All mortgage-backed securities at June 30, 2024 and June 30, 2023 were issued by GSEs. The amortized cost and fair value of available-for-sale Amortized Fair Value Within one year $ 4,000 $ 3,938 One to five years 4,619 4,240 Five to ten years 7,661 7,040 After ten years 10,687 9,021 26,967 24,239 Mortgage-backed securities 192,556 166,236 Totals $ 219,523 $ 190,475 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $118,577,000 at June 30, 2024 and $138,022,000 at June 30, 2023. Gross gains of $0 and $12,000 and gross losses of $0 and $183,000 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. The total fair value of these investments at June 30, 2024 and 2023, was $185,652,000 and $194,818,000, respectively, which is approximately 97% and 97% of the Company’s available-for-sale The following table shows the Company’s gross unrealized investment losses and the fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2024 and 2023: Less Than 12 Months 12 Months or More Total Description of Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized June 30, 2024: U.S. Treasury $ — $ — $ 444 $ (53 ) $ 444 $ (53 ) U.S. Government and federal agency and Government sponsored enterprises (GSEs) — — 6,609 (370 ) 6,609 (370 ) Mortgage-backed: GSE residential 945 (1 ) 162,525 (26,360 ) 163,470 (26,361 ) Small Business Administration — — 14,086 (2,301 ) 14,086 (2,301 ) State and political subdivisions 1,043 (4 ) — — 1,043 (4 ) Total $ 1,988 $ (5 ) $ 183,664 $ (29,084 ) $ 185,652 $ (29,089 ) June 30, 2023: U.S. Treasury $ — $ — $ 438 $ (59 ) $ 438 $ (59 ) U.S. Government and federal agency and Government sponsored enterprises (GSEs) — — 6,477 (499 ) 6,477 (499 ) Mortgage-backed: GSE residential 14,517 (440 ) 158,413 (26,994 ) 172,930 (27,434 ) Small Business Administration 1,148 (60 ) 12,762 (2,337 ) 13,910 (2,397 ) State and political subdivisions 1,063 (6 ) — — 1,063 (6 ) Total $ 16,728 $ (506 ) $ 178,090 $ (29,889 ) $ 194,818 $ (30,395 ) The unrealized losses on the Company’s investment in U.S. Treasury, U.S. Government |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 3: Loans and Allowance for Credit Losses Classes of loans at June 30, include: 2024 2023 Real estate loans One- $ 177,263 $ 163,854 Multi-family 126,031 89,649 Commercial Business 200,017 193,707 Home equity lines of credit 9,859 8,066 Construction 33,708 50,973 Commercial 91,784 79,693 Consumer 7,727 8,382 646,389 594,324 Less Unearned fees and discounts, net (407 ) (272 ) Allowance for credit losses 7,499 7,139 Loans, net $ 639,297 $ 587,457 The Company had no loans held for sale included in one- The Company believes that sound loans are a necessary and desirable means of deploying funds available for investment. Recognizing the Company’s obligations to its depositors and to the communities it serves, authorized personnel are expected to seek to develop and make sound, profitable loans that resources permit, and that opportunity affords. The Company maintains lending policies and procedures in place designed to focus our lending efforts on the types, locations, and duration of loans most appropriate for our business model and markets. The Company’s lending activity includes the origination of one- Management reviews and approves the Company’s lending policies and procedures on a routine basis. Management routinely (at least quarterly) reviews our allowance for credit 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 structure of the Company’s loan approval process is based on progressively larger lending authorities granted to loan officers, loan committees, and ultimately the Board of Directors through its Operating Committee, consisting of the Chairman and at least four other Board members. At no time is a borrower’s total borrowing relationship to exceed our regulatory lending limit. Loans to related parties, including executive officers and the Company’s directors, are reviewed for compliance with regulatory guidelines and the Board of Directors at least annually. The Company conducts internal loan reviews that validate the loans against the Company’s loan policy quarterly for mortgage, consumer, and small commercial loans on a sample basis, and all larger commercial loans on an annual basis. The Company also receives independent loan reviews performed by a third party on larger commercial loans to be performed annually. In addition to compliance with our policy, the third-party loan review process reviews the risk assessments made by our credit department, lenders and loan committees. Results of these reviews are presented to management 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 also offers USDA (USDA Rural Development), 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 owner-occupied businesses, student housing, retail rentals, churches, office buildings and farm loans secured by real estate. In underwriting commercial real estate and multi-family real estate loans, the Company considers a number of factors, which include the projected net cash flow to the loan’s debt service requirement, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. Personal guarantees are typically obtained from commercial real estate and multi-family real estate borrowers. In addition, the borrower’s financial information on such loans is monitored on an ongoing basis by requiring periodic financial statement updates. The repayment of these loans is primarily dependent on the cash flows of the underlying property. However, the commercial real estate loan generally must be supported by an adequate underlying collateral value. The performance and the value of the underlying property may be adversely affected by economic factors or geographical and/or industry specific factors. These loans are subject to other industry guidelines that are closely monitored by the Company. Home Equity Lines of Credit In addition to traditional one- one- Commercial Business Loans The Company originates commercial non-mortgage medium-sized The commercial business loan portfolio consists primarily of secured loans. When making commercial business loans, the Company considers the financial statements, lending history and debt service capabilities of the borrower, the projected cash flows of the business and the value of the collateral, if any. The cash flows of the underlying borrower, however, may not perform consistent with historical or projected information. Further, the collateral securing loans may fluctuate in value due to individual economic or other factors. Loans are typically guaranteed by the principals of the borrower. The Company has established minimum standards and underwriting guidelines for all commercial loan types. Real Estate Construction Loans The Company originates construction loans for one- Consumer Loans Consumer loans consist of installment loans to individuals, primarily automotive loans. These loans are underwritten utilizing the borrower’s financial history, including the Fair Isaac Corporation (“FICO”) Loan-to-value Loan Concentrations The loan portfolio includes a concentration of loans secured by commercial and multi-family real estate properties, amounting to $346,499,000 and $328,721,000 as of June 30, 2024 and 2023, 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 $253,000 and $652,000 at June 30, 2024 and 2023, 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 $51,798,000 and $46,073,000 at June 30, 2024 and 2023, respectively, of which $34,929,000 and $28,951,000, at June 30, 2024 and 2023 were outside of our primary market area. Allowance for Credit Losses The following tables present the activity in the allowance for credit losses and the recorded investment in loans based on loan classes as of June 30, 2024 and 2023: 2024 Real Estate Loans One- Multi-family Commercial Home Equity Allowance for credit losses: Balance, beginning of year $ 1,898 $ 1,121 $ 2,369 $ 121 Provision (credit) charged to expense (127 ) 643 (11 ) 27 Losses charged off — — — — Recoveries 3 — — — Balance, end of period $ 1,774 $ 1,764 $ 2,358 $ 148 Loans: Ending balance $ 177,263 $ 126,031 $ 200,017 $ 9,859 2024 (Continued) Construction Commercial Consumer Total Allowance for credit losses: Balance, beginning of year $ 765 $ 794 $ 71 $ 7,139 Provision (credit) charged to expense (428 ) 17 29 150 Losses charged off — — (49 ) (49 ) Recoveries — 242 14 259 Balance, end of year $ 337 $ 1,053 $ 65 $ 7,499 Loans: Ending balance $ 33,708 $ 91,784 $ 7,727 $ 646,389 2023 Real Estate Loans One- to four-family Multi-family Commercial Home Equity Allowance for credit Balance, beginning of year (prior to adoption of ASU 2016-13) $ 1,028 $ 1,375 $ 1,985 $ 70 Impact of adopting ASU 2016- 13 382 (140 ) 385 33 Provision (credit) charged to expense 487 (114 ) (1 ) 18 Losses charged off — — — — Recoveries 1 — — — Balance, end of period $ 1,898 $ 1,121 $ 2,369 $ 121 Loans: Ending balance $ 163,854 $ 89,649 $ 193,707 $ 8,066 2023 (Continued) Construction Commercial Consumer Total Allowance for credit losses: Balance, beginning of year (prior to adoption of ASU 2016-13) $ 489 $ 2,025 $ 80 $ 7,052 Impact of adopting ASU 2016-13 192 (818 ) 13 47 Provision (credit) charged to expense 84 (422 ) — 52 Losses charged off — (14 ) (37 ) (51 ) Recoveries — 23 15 39 Balance, end of year $ 765 $ 794 $ 71 $ 7,139 Loans: Ending balance $ 50,973 $ 79,693 $ 8,382 $ 594,324 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 credit losses (ACL) represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets. The provision for credit losses is the charge against current earnings that is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be charged to current earnings, the Company relies on a sound credit review and approval process. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty. The Company utilizes the CECL cohort methodology analysis which relies on segmenting the loan portfolio into pools with similar risks, tracking the performance of the pools over time, and using the data to determine pool loss experience. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans and is established through provision for credit losses charged to current earnings. The ACL is increased by the provision for losses on loans charged to expense and reduced by loans charged off, net of recoveries. Loans are charged off in the period deemed uncollectible, based on management’s analysis of expected cash flows (for non-collateral Management estimates the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Adjustments may be made to historical loss information for differences identified in current loan-specific risk characteristics, such as differences in underwriting standards or terms; lending review systems; experience, ability, or depth of lending management and staff; portfolio growth and mix; delinquency levels and trends; as well as for changes in environmental conditions, such as changes in economic activity or employment, industry economic conditions, property values, or other relevant factors. The allowance for credit losses on most loans is measured on a collective (pool) basis for loans with similar risk characteristics. The Company estimates the appropriate level of allowance for credit losses for specifically identified loans by evaluating them individually. The specific allowance for collateral-dependent loans that are evaluated separately is measured by determining 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 individually evaluated 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 segmenting the loan portfolio into pools with similar risks and collecting data to determine pool loss experience. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and loan modifications to borrowers experiencing financial difficulties, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. In addition, a forecast, using reasonable and supportable future conditions, is prepared that is used to estimate expected changes to existing and historical conditions in the current period. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. All loans are graded at inception of the loan. Subsequently, analyses are performed on an annual basis and grade changes are made as necessary. Interim grade reviews may take place if the circumstances of the borrower warrant a timelier review. The Company utilizes an internal asset classification system as a means of identifying and 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 Business: Consumer: The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and calendar year of origination as of June 30, 2024 and 2023 (in thousands): June 30, 2024 Risk Rating 2024 2023 2022 2021 2020 Prior Years Total One- Pass $ 14,790 $ 39,202 $ 51,262 $ 24,362 $ 15,455 $ 31,926 $ 176,997 Watch — — — 72 — — 72 Substandard — 14 5 5 — 170 194 Total $ 14,790 $ 39,216 $ 51,267 $ 24,439 $ 15,455 $ 32,096 $ 177,263 Current period recoveries $ — $ — $ — $ — $ — $ 3 $ 3 Multi-Family Pass $ 573 $ 9,004 $ 51,279 $ 20,346 $ 22,728 $ 21,867 $ 125,797 Watch — — — — — — — Substandard — — — — — 234 234 Total $ 573 $ 9,004 $ 51,279 $ 20,346 $ 22,728 $ 22,101 $ 126,031 Commercial Real Estate Pass $ 4,602 $ 29,665 $ 57,530 $ 27,622 $ 30,489 $ 48,886 $ 198,794 Watch — — — — — — — Substandard — — — 150 821 252 1,223 Total $ 4,602 $ 29,665 $ 57,530 $ 27,772 $ 31,310 $ 49,138 $ 200,017 Home Equity Line of Credit Pass $ 1,629 $ 2,361 $ 1,874 $ 1,806 $ 795 $ 1,394 $ 9,859 Watch — — — — — — — Substandard — — — — — — — Total $ 1,629 $ 2,361 $ 1,874 $ 1,806 $ 795 $ 1,394 $ 9,859 Construction Pass $ 9,123 $ 21,043 $ 3,250 $ — $ — $ 292 $ 33,708 Watch — — — — — — — Substandard — — — — — — — Total $ 9,123 $ 21,043 $ 3,250 $ — $ — $ 292 $ 33,708 Commercial Business Pass $ 10,357 $ 38,853 $ 10,158 $ 9,898 $ 8,201 $ 12,803 $ 90,270 Watch — — — — — — — Substandard — 133 47 190 1,088 56 1,514 Total $ 10,357 $ 38,986 $ 10,205 $ 10,088 $ 9,289 $ 12,859 $ 91,784 Current period recoveries $ — $ — $ — $ — $ 242 $ — $ 242 Consumer Pass $ 1,956 $ 2,635 $ 1,830 $ 843 $ 394 $ 69 $ 7,727 Watch — — — — — — — Substandard — — — — — — — Total $ 1,956 $ 2,635 $ 1,830 $ 843 $ 394 $ 69 $ 7,727 Current period charge-offs $ (48 ) $ — $ — $ (1 ) $ — $ — $ (49 ) Current period recoveries $ 14 $ — $ — $ — $ — $ — $ 14 Total Loans Pass $ 43,030 $ 142,763 $ 177,183 $ 84,877 $ 78,062 $ 117,237 $ 643,152 Watch — — — 72 — — 72 Substandard — 147 52 345 1,909 712 3,165 Total $ 43,030 $ 142,910 $ 177,235 $ 85,294 $ 79,971 $ 117,949 $ 646,389 June 30, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Years Total One- Pass $ 22,032 $ 56,054 $ 27,843 $ 18,468 $ 5,996 $ 32,729 $ 163,122 Watch — — — — — 335 335 Substandard 14 6 94 61 222 — 397 Total $ 22,046 $ 56,060 $ 27,937 $ 18,529 $ 6,218 $ 33,064 $ 163,854 Current period recoveries $ — $ — $ — $ — $ — $ 1 $ 1 Multi-Family Pass $ 674 $ 37,826 $ 10,647 $ 14,399 $ 8,587 $ 17,272 $ 89,405 Watch — — — — — — — Substandard — — — — 244 — 244 Total $ 674 $ 37,826 $ 10,647 $ 14,399 $ 8,831 $ 17,272 $ 89,649 Commercial Real Estate Pass $ 12,214 $ 63,645 $ 29,320 $ 32,502 $ 5,844 $ 49,239 $ 192,764 Watch — — — — — — — Substandard — — — 862 81 — 943 Total $ 12,214 $ 63,645 $ 29,320 $ 33,364 $ 5,925 $ 49,239 $ 193,707 Home Equity Line of Credit Pass $ 982 $ 2,554 $ 1,301 $ 1,035 $ 789 $ 1,405 $ 8,066 Watch — — — — — — — Substandard — — — — — — — Total $ 982 $ 2,554 $ 1,301 $ 1,035 $ 789 $ 1,405 $ 8,066 Construction Pass $ 2,882 $ 29,188 $ 10,432 $ 8,471 $ — $ — $ 50,973 Watch — — — — — — — Substandard — — — — — — — Total $ 2,882 $ 29,188 $ 10,432 $ 8,471 $ — $ — $ 50,973 Commercial Business Pass $ 12,449 $ 20,004 $ 17,673 $ 8,797 $ 7,669 $ 8,841 $ 75,433 Watch — — — — — — — Substandard 2,779 59 174 1,189 57 2 4,260 Total $ 15,228 $ 20,063 $ 17,847 $ 9,986 $ 7,726 $ 8,843 $ 79,693 Current period charge-offs $ — $ (10 ) $ (4 ) $ — $ — $ — $ (14 ) Current period recoveries $ — $ — $ — $ 14 $ — $ 9 $ 23 Consumer Pass $ 2,391 $ 3,181 $ 1,653 $ 834 $ 211 $ 107 $ 8,377 Watch — — — — — — — Substandard — — 1 — — 4 5 Total $ 2,391 $ 3,181 $ 1,654 $ 834 $ 211 $ 111 $ 8,382 Current period charge-offs $ (33 ) $ — $ — $ (4 ) $ — $ — $ (37 ) Current period recoveries $ 14 $ — $ — $ — $ — $ 1 $ 15 Total Loans Pass $ 53,624 $ 212,452 $ 98,869 $ 84,506 $ 29,096 $ 109,593 $ 588,140 Watch — — — — — 335 335 Substandard 2,793 65 269 2,112 604 6 5,849 Total $ 56,417 $ 212,517 $ 99,138 $ 86,618 $ 29,700 $ 109,934 $ 594,324 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 June 30, 2024: Real estate loans: One- $ 1,009 $ 192 $ — $ 1,201 $ 176,062 $ 177,263 $ — Multi-family 141 — — 141 125,890 126,031 — Commercial — — 150 150 199,867 200,017 — Home equity lines of credit 17 25 — 42 9,817 9,859 — Construction 237 — — 237 33,471 33,708 — Commercial 21 20 — 41 91,743 91,784 — Consumer 27 1 23 51 7,676 7,727 23 Total $ 1,452 $ 238 $ 173 $ 1,863 $ 644,526 $ 646,389 $ 23 30-59 Days 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Total June 30, 2023: Real estate loans: One- $ 523 $ 116 $ — $ 639 $ 163,215 $ 163,854 $ — Multi-family — — — — 89,649 89,649 — Commercial 153 — — 153 193,554 193,707 — Home equity lines of credit — 20 — 20 8,046 8,066 — Construction — — — — 50,973 50,973 — Commercial 56 — 58 114 79,579 79,693 — Consumer 47 6 2 55 8,327 8,382 — Total $ 779 $ 142 $ 60 $ 981 $ 593,343 $ 594,324 $ — The allowance for credit losses on most loans is measured on a collective (pool) basis for loans with similar risk characteristics, while some loans are selected to be evaluated individually. At June 30, 2024 and 2023, no non-performing The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of June 30, 2024 and 2023: June 30, 2024 June 30, 2023 Nonaccrual with no Allowance for Credit Nonaccrual Nonaccrual with no Allowance for Credit Nonaccrual Mortgages on real estate: One- $ — $ — $ — $ — Multi-family — — — — Commercial — 150 — — Home equity lines of credit — — — — Construction loans — — — — Commercial business loans — — — 115 Consumer loans — — — 2 Total $ — $ 150 $ — $ 117 Loan Modifications with Borrowers Experiencing Financial Difficulty After adopting ASU 2022-02, 2022-02, The following table shows the amortized cost of loans at June 30, 2024 that were modified and experiencing financial difficulty, segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below. Payment Delay Total Class of Real estate loans One- $ — — Multi-family — — Commercial 252 0.13 % Home equity lines of credit — — Construction — — Commercial business 133 0.15 % Consumer — — Total $ 385 0.06 % As of June 30, 2024, the Company no longer held any TDRs, while as of June 30, 2023, the Company had a number of loans that were modified in troubled debt restructurings. The modification of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan. The following table presents the recorded balance, at original cost, of troubled debt restructurings, as of June 30, 2023. All TDRs were performing according to the terms of the restructuring and were accruing as of June 30, 2023. June 30, 2023 Real estate loans One- $ 189 Multi-family — Commercial — Home equity lines of credit — Total real estate loans 189 Construction — Commercial business 26 Consumer — Total $ 215 Loan Modifications with Defaults The Company had no loan modifications for borrowers experiencing financial difficulty in default or in foreclosure as of June 30, 2024, or June 30, 2023. The Company defines a default as any loan that becomes 90 days or more past due. 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 credit losses. The Company believes the qualitative adjustments more accurately reflect collateral values considering the sales and economic conditions that the Company has recently observed. The Company may obtain physical possession of real estate collateralizing a residential mortgage loan or home equity loan via foreclosure or in-substance |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 4: Premises and Equipment Major classifications of premises and equipment, stated at cost, are as follows: 2024 2023 Land $ 2,124 $ 2,160 Buildings and improvements 13,204 13,298 Furniture and equipment 4,448 4,846 19,776 20,304 Less accumulated depreciation 9,196 9,212 Net premises and equipment $ 10,580 $ 11,092 |
Loan Servicing
Loan Servicing | 12 Months Ended |
Jun. 30, 2024 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | Note 5: Loan Servicing Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others was $133,786,000 and $133,228,000 at June 30, 2024 and 2023, respectively. Custodial escrow balances in connection with the foregoing loan servicing were $1,090,000 and $1,536,000 at June 30, 2024 and 2023, respectively. The aggregate fair value of capitalized mortgage servicing rights at June 30, 2024 and 2023 was $1,491,000 and $1,482,000, respectively. Comparable market values and a valuation model that calculates the present value of future cash flows were used to estimate fair value. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, custodial earnings rate, default rates and losses and prepayment speeds. The following summarizes the activity in mortgage servicing rights measured using the fair value method: 2024 2023 Fair value, beginning of period $ 1,482 $ 1,463 Additions: Servicing assets resulting from asset transfers 151 89 Subtractions: Payments received and loans refinanced (143 ) (171 ) Changes in fair value, due to changes in valuation inputs or assumptions 1 101 Fair value, end of period $ 1,491 $ 1,482 For purposes of measuring impairment, risk characteristics including product type, investor type, and interest rates, were used to stratify the originated mortgage servicing rights. |
Interest-Bearing Deposits
Interest-Bearing Deposits | 12 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Interest-Bearing Deposits | Note 6: Interest-bearing Deposits Interest-bearing deposits in denominations of $100,000 or more were $367,035,000 at June 30, 2024 and $389,928,000 at June 30, 2023. The following table represents interest expense by deposit type: 2024 2023 Savings, NOW, and Money Market $ 5,351 $ 2,942 Certificates of deposit 10,996 4,391 Brokered certificates of deposit 1,306 664 Total deposit interest expense $ 17,653 $ 7,997 At June 30, 2024, the scheduled maturities of time deposits; including brokered time deposits, are as follows: 2025 $ 289,058 2026 15,555 2027 8,976 2028 5,604 2029 and thereafter 440 $ 319,633 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowings | Note 7: Federal Home Loan Bank Advances and Other Borrowings The Federal Home Loan Bank advances totaled $32,999,000 and $19,500,000 as of June 30, 2024 and 2023, respectively. The Federal Home Loan Bank advances are secured by mortgage, multi-family, commercial real estate, and HELOC loans totaling $408,196,000 and $350,838,000 at June 30, 2024 and 2023, respectively. Advances at June 30, 2024, at interest rates from 0.00 to 5.29 percent are subject to restrictions or penalties in the event of prepayment. Aggregate annual maturities of Federal Home Loan Bank advances at June 30, 2024, are: 2025 $ 11,000 2026 5,500 2027 15,000 2028 100 2029 1,009 Thereafter 390 $ 32,999 The Company also has four Public Unit Deposit (PUD) letters of credit with the FHLB, whereby the FHLB issues a letter of credit directly to a public unit (i.e. municipality, state, and local government agency) to collateralize and secure its deposits. At June 30, 2024, the outstanding letters of credit amounts were $90,000,000 with a maturity of May 6, 2025, $6,500,000 with a maturity of November 29, 2024, $11,000,000 with a maturity of November 29, 2024, and $9,000,000 with a maturity of December 29, 2024. All four letters of credit are renewable annually and have an interest rate of 0.065 percent. At June 30, 2023, we had one outstanding letter of credit in the amount of $80,000,000 and an interest rate of 0.065 percent. Other borrowings include borrowings from the Federal Reserve Bank Term Funding Program (BTFP). The Federal Reserve created the BTFP in March 2023 to offer loans of up to one year in length to qualifying financial institutions which pledge collateral, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. The collateral is valued at par and advances under this program do not include any fees or prepayment penalties. At June 30, 2024, we had total borrowings from the Federal Reserve BTFP of $25,250,000 at a rate of 4.76% with a maturity of January 16, 2025. The collateral par value of securities pledged to the Federal Reserve BTFP was $25,272,000 as of June 30, 2024. At June 30, 2023, we had no borrowings from the Federal Reserve. In October of 2023, the Company renewed a revolving line of credit up to $4.0 million from CIBC BANK USA for general corporate purposes at a rate equal to prime rate minus 75 basis points, an unused commitment fee of 0.10%, and collateralized by common stock of the Association. The current note matures in October 2024. The Company also has a Fed Funds line of credit in the amount of $10.0 million from CIBC BANK USA. The Company had an outstanding balance of $ 0 Repurchase Agreements Securities sold under agreements to repurchase consist of obligations of the Company to other parties. The carrying value of securities sold under the agreement to repurchase amounted to $17,772,000 at June 30, 2024 and $10,787,000 at June 30, 2023. At June 30, 2024, all $17,772,000 of our repurchase agreements had an overnight maturity. The maximum amount of outstanding agreements at any month-end 2024 and 2023, respectively. 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8: Income Taxes The Company and its subsidiary file income tax returns in the U.S. federal jurisdiction and the States of Illinois, Missouri, Indiana and Iowa. During the years ended June 30, 2024 and 2023, the Company did not recognize expense for interest or penalties. The provision for income taxes includes these components: 2024 2023 Taxes currently payable $ 445 $ 1,756 Deferred income taxes 120 (156 ) Income tax expense $ 565 $ 1,600 A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below: 2024 2023 Computed at the statutory rate of 21.0% $ 495 $ 1,315 Increase (decrease) resulting from Tax exempt interest (30 ) (22 ) Cash surrender value of life insurance (106 ) (81 ) State income taxes 152 451 Other 54 (63 ) Actual tax expense $ 565 $ 1,600 Tax rate as a percentage of pre-tax 24.0 % 25.6 % The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were: 2024 2023 Deferred tax assets Allowance for credit losses (ACL) on loans $ 2,134 $ 2,033 ACL on off-balance 28 62 Accrued retirement liability 726 693 Deferred compensation 678 612 Deferred loan fees 99 126 Unrealized losses on available-for-sale 8,280 8,658 Accrued vacation 70 56 MPF recourse liability 29 36 Deferred revenue Mastercard 9 12 Stock options - Directors — 54 Restricted stock 20 61 Accrued professional services 21 27 Other 3 28 12,097 12,458 Deferred tax liabilities Depreciation (815 ) (698 ) Mortgage servicing rights (425 ) (423 ) Deferred loan expense (214 ) (204 ) Prepaid expenses (77 ) (69 ) Postretirement health plan (83 ) (27 ) (1,614 ) (1,421 ) Net deferred tax asset $ 10,483 $ 11,037 Retained earnings at both June 30, 2024 and 2023, include approximately $2,217,000, for which no deferred federal income tax liability has been recognized. These amounts represent an allocation of income to bad debt deductions for tax purposes only. Reduction of amounts allocated for purposes other than tax bad debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The deferred income tax liabilities on the preceding amounts that would have been recorded if they were expected to reverse into taxable income in the foreseeable future were approximately $466,000 at both June 30, 2024 and 2023. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9: Accumulated Other Comprehensive Income The following tables present changes in accumulated other comprehensive income (loss), by Unrealized Gains and Losses on Available-for- Sale Securities Defined Benefit Pension Items Total June 30, 2024: Beginning balance $ (21,715 ) $ 67 $ (21,648 ) Other comprehensive income before reclassification 947 — 947 Amounts reclassified from accumulated other comprehensive income (loss) — — — Net current period other comprehensive income — 142 142 Ending balance $ (20,768 ) $ 209 $ (20,559 ) June 30, 2023: Beginning balance $ (17,263 ) $ (83 ) $ (17,346 ) Other comprehensive income (loss) before reclassification (4,574 ) — (4,574 ) Amounts reclassified from accumulated other comprehensive income (loss) 122 — 122 Net current period other comprehensive income — 150 150 Ending balance $ (21,715 ) $ 67 $ (21,648 ) |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component | 12 Months Ended |
Jun. 30, 2024 | |
Text Block [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component | Note 10: Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended June 30, 2024 and 2023, were as follows: Amounts Reclassified From AOCI 2024 2023 Affected Line Item in the Condensed Consolidated Statements of Income Realized gains (losses) on available-for-sale $ — $ (171 ) Net realized gains (losses) on sale of available-for-sale Amortization of defined benefit pension items: Actuarial gains (losses) 198 210 Components are included in computation of net periodic pension cost Total reclassified amount before tax 198 39 Tax expense 56 11 Provision for Income Tax Total reclassification out of AOCI $ 142 $ 28 Net Income |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Regulatory Matters | Note 11: Regulatory Matters The Association is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that if undertaken, could have a direct material effect on the Association’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Association must meet specific capital guidelines involving quantitative measures of the Association’s assets, liabilities and certain off-balance-sheet The Basel III regulatory capital framework (the “Basel III Capital Rules”) adopted by U.S. federal regulatory authorities, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consist of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) define CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iv) set forth the acceptable scope of deductions/adjustments to the specified capital measures. In addition, to avoid restrictions on capital distributions, including dividend payments and stock repurchases, or discretionary bonus payments to executives, a covered banking organization must maintain a “capital conservation buffer” of 2.5 percent on top of its minimum risk-based capital requirements. This buffer must consist solely of Tier 1 Common Equity and the buffer applies to all three measurements: Common Equity Tier 1, Tier 1 capital and total capital. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies were required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The Community Bank Leverage Ratio is currently set at 9%. The Association opted into the Community Bank Leverage Ratio in 2020. As of June 30, 2024 and 2023, the Association met all capital adequacy requirements to which it is subject and was categorized as well capitalized under regulatory framework for prompt corrective action. There are no conditions or events that management believes have changed the Association’s prompt corrective action category. The Association’s actual capital amounts (in thousands) and ratios are also presented in the table. Actual Minimum Capital Requirement Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of June 30, 2024 Community Bank Leverage Ratio $ 86,672 9.23 % $ 84,484 9.00 % $ 84,484 9.00 % Tier 1 capital (to adjusted total assets) 86,672 9.23 % 37,549 4.00 % 46,936 5.00 % Tangible capital (to adjusted tangible assets) 86,672 9.23 % 14,081 1.50 % N/A N/A As of June 30, 2023 Community Bank Leverage Ratio $ 84,222 9.51 % $ 79,726 9.00 % $ 79,726 9.00 % Tier 1 capital (to adjusted total assets) 84,222 9.51 % 35,434 4.00 % 44,292 5.00 % Tangible capital (to adjusted tangible assets) 84,222 9.51 % 13,288 1.50 % N/A N/A |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 12: Related Party Transactions At June 30, 2024 and 2023, the Company had loans outstanding to executive officers, directors, significant members and their affiliates (related parties). Changes in loans to executive officers and directors are summarized as follows: 2024 2023 Balance, beginning of year $ 2,798 $ 3,357 New loans 301 50 Repayments (572 ) (609 ) Balance, end of year $ 2,527 $ 2,798 Deposits from related parties held by the Company at June 30, 2024 and 2023 totaled $2,660,000 and $2,476,000, respectively. In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 13: Employee Benefits The Company sponsors a noncontributory postretirement health benefit plan (postretirement plan). The postretirement plan provides medical coverage benefits for former employees and their spouses upon retirement. The postretirement plan has no assets to offset the future liabilities incurred under the postretirement plan. The Company’s funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute $137,000 to the plan in fiscal year 2025. The Company uses a June 30 measurement date for the plan. Information about the plan’s funded status and pension cost follows: 2024 2023 Change in benefit obligation Beginning of year $ 2,431 $ 2,620 Service cost 41 43 Interest cost 112 102 Actuarial (gain) loss (196 ) (210 ) Benefits paid (132 ) (124 ) End of year $ 2,256 $ 2,431 Significant balances, costs and assumptions are: Postretirement Plan 2024 2023 Benefit obligation $ 2,256 $ 2,431 Fair value of plan assets — — Funded status $ (2,256 ) $ (2,431 ) Accumulated benefit obligation $ 2,256 $ 2,431 Amounts recognized in the consolidated balance sheets: Accrued postretirement benefit obligation $ 2,256 $ 2,431 Components of net periodic benefit cost: 2024 2023 Service cost $ 41 $ 43 Interest cost 112 102 Amortization of Loss — — $ 153 $ 145 Amounts recognized in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost consist of: 2024 2023 Net income (loss) $ (349 ) $ (153 ) Other significant balances and costs are: 2024 2023 Employer contribution $ 132 $ 124 Benefits paid 132 124 Benefit costs 153 145 Other changes in benefit obligations recognized in other comprehensive income are described in Note 10. The estimated net loss (gain), prior service cost and transition obligation for the postretirement plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost of the next fiscal year are $(15), $0, and $0, respectively. Discount rates of 5.31% and 4.76% were used for 2024 and 2023, respectively, to determine the benefit obligations, and 4.76% and 4.02%, respectively, for benefit costs. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one-percentage-point One- Point One- Point Effect on total of service and interest cost components $ 4 $ (4 ) Effect on postretirement benefit obligation 23 (21 ) For measurement purposes, 8.0%, 7.5% and 7.5% annual rates of increase in the per capita cost of covered health care benefits were assumed for 2024, 2025 and 2026, respectively. The rate was assumed to decrease gradually to 5.0% by the year 2035 and remain at that level thereafter. The following postretirement plan benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of June 30, 2024: 2025 $ 147 2026 179 2027 190 2028 203 2029 201 2030-2034 905 The Company has a 401(k) plan covering substantially all employees. The Company matches 25% of the first 5% of compensation that a participant defers. Employer contributions charged to expense for 2024 and 2023 were $96,000 and $91,000, respectively. The plan also includes an Employer Profit Sharing contribution which allows all eligible participants to receive at least 4% of their Plan year salary. The Company’s contributions for the plan years ended June 30, 2024 and 2023 were $402,000 and $698,000, respectively. The Company has deferred compensation agreements for directors, which provides benefits payable upon normal retirement age of 72. The present value of the estimated liability under the agreement is being accrued using a discount rate of 6 percent. The deferred compensation charged to expense totaled $271,000 and $262,000 for the years ended June 30, 2024 and 2023, respectively. The agreements’ accrued liability of $2.4 million and $2.1 million as of June 30, 2024 and 2023, respectively, is included in other liabilities in the consolidated balance sheets. The following benefit payments are expected to be paid for these agreements: 2025 $ 90 2026 228 2027 241 2028 263 2029 294 Thereafter 3,905 $ 5,021 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Note 14: 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 funds from the Company in an amount sufficient to purchase 384,900 shares (approximately 8% of the Common Stock issued in the stock offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Association and dividends received by the ESOP, with funds from any contributions on ESOP assets. Contributions will be applied to repay interest on the loan first, and the remainder will be applied to principal. The loan is expected to be repaid over a period of up to 20 years. Shares purchased with the loan proceeds are held in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants. Participants will vest 100% in their accrued benefits under the employee stock ownership plan after six 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 June 30, 2024 and 2023 are as follows (dollars in thousands): 2024 2023 Allocated shares 170,696 162,986 Shares committed for release 19,245 19,245 Unearned shares 134,715 153,960 Total ESOP shares 324,656 336,191 Fair value of unearned ESOP shares (1) $ 2,180 $ 2,223 (1) Based on closing price of $16.18 and $14.44 per share on June 30, 2024, and 2023, respectively. During the year ended June 30, 2024, 9,130 ESOP shares were paid to ESOP participants due to separation from service and 2,405 shares were transferred out as a result of participant diversification. During the year ended June 30, 2023, 9,348 ESOP shares were paid to ESOP participants due to separation from service and 7,683 shares were transferred out as a result of participant diversification. The IF Bancorp, Inc. 2012 Equity Incentive Plan (the “Equity Incentive Plan”) was approved by stockholders in 2012 for a ten-year non-qualified 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. These shares of restricted stock vested in equal installments over 10 years and the stock options vested in equal installments over 7 years. Vesting of both the restricted stock and options started in December, 2014, and were fully vested in December 2023. On December 10, 2015, 16,900 shares of restricted stock were awarded to senior officers and directors of the Association. These shares of restricted stock vested in equal installments over 8 years, starting in December 2016, and were fully vested in December 2023. On September 9, 2022, 53,000 shares of restricted stock were awarded to senior officers and directors of the Association. These shares of restricted stock will vest in equal installments over 5 years, starting in September 2023. No shares have been granted from the 2022 Equity Incentive Plan as of June 30, 2024, so there are 211,880 shares of restricted stock and 52,970 stock option shares available for future grants under this plan. The following table summarizes stock option activity for the year ended June 30, 2024 (dollars in thousands): Shares Weighted- Weighted- Aggregate Outstanding, June 30, 2023 90,143 $ 16.63 Granted — — Exercised — — Forfeited 90,143 16.63 Outstanding, June 30, 2024 — $ — — $ — Exercisable, June 30, 2024 — $ — — $ — Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. There were no options outstanding and/or granted during the year ended June 30, 2024. No stock options vested during the years ended June 30, 2024 and 2023. Stock-based compensation expense and related tax benefit were zero for stock options for the years ended June 30, 2024 and 2023. Compensation costs related to non-vested The following table summarizes non-vested Shares Weighted- Grant-Date Balance, June 30, 2023 62,314 $ 18.76 Granted — — Forfeited 1,600 19.10 Earned and issued 19,914 18.76 Balance, June 30, 2024 40,800 19.10 The fair value of the restricted stock awards is amortized to compensation expense over the vesting period and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. At the date of grant the par value of the shares granted was recorded in equity as a credit to common stock and a debit to paid-in non-interest non-vested paid-in |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | Note 15: Earnings Per Share (“EPS”) Basic and diluted earnings per common share are presented for the years ended June 30, 2024 and 2023. The factors used in the earnings per common share computation follow: Year Ended Year Ended Net income $ 1,790 $ 4,660 Basic weighted average shares outstanding 3,276,491 3,276,890 Less: Average unallocated ESOP shares (144,338 ) (163,583 ) Average shares outstanding 3,132,153 3,113,307 Diluted effect of restricted stock awards and stock options — 81,722 Diluted average shares outstanding 3,132,153 3,195,029 Basic earnings per common share $ 0.57 $ 1.50 Diluted earnings per common share $ 0.57 $ 1.46 |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets | 12 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Disclosures about Fair Value of Assets | Note 16: Disclosures about Fair Value of Assets Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets Recurring Measurements The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and 2023: Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2024: Available-for-sale US Treasury $ 444 $ 444 $ — $ — US Government and federal agency 6,609 — 6,609 — Mortgage-backed securities – GSE residential 166,236 — 166,236 — Small Business Administration 14,086 — 14,086 — State and political subdivisions 3,100 — 1,043 2,057 Mortgage servicing rights 1,491 — — 1,491 Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2023: Available-for-sale US Treasury $ 438 $ — $ 438 $ — US Government and federal agency 6,477 — 6,477 — Mortgage-backed securities – GSE residential 175,726 — 175,726 — Small Business Administration 15,233 — 15,233 — State and political subdivisions 3,425 — 1,064 2,361 Mortgage servicing rights 1,482 — — 1,482 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the year ended June 30, 2024. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Available-for-sale Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. There were no Level 1 securities as of June 30, 2024 or 2023. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. For these investments, the inputs used by the pricing service to determine fair value may include one, or a combination of, observable inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided Mortgage Servicing Rights Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. Management measures mortgage servicing rights through the completion of a proprietary model. Inputs to the model are developed by the accounting staff and are reviewed by management. The model is tested annually using baseline data to check its accuracy. Level 3 Reconciliation The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs: State and Balance, July 1, 2022 $ 2,662 Transfers into Level 3 — Transfers out of Level 3 — Total realized and unrealized gains and losses included in net income — Purchases — Sales — Settlements (301 ) Balance, June 30, 2023 2,361 Transfers into Level 3 — Transfers out of Level 3 — Total realized and unrealized gains and losses included in net income — Purchases — Sales — Settlements (304 ) Balance, June 30, 2024 $ 2,057 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 $ — Mortgage Balance, July 1, 2022 $ 1,463 Total realized and unrealized gains and losses included in net income 101 Servicing rights that result from asset transfers 89 Payments received and loans refinanced (171 ) Balance, June 30, 2023 1,482 Total realized and unrealized gains and losses included in net income 1 Servicing rights that result from asset transfers 151 Payments received and loans refinanced (143 ) Balance, June 30, 2024 $ 1,491 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 $ 1 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. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation Unobservable Range (Weighted Average) Mortgage servicing rights $ 1,491 Discounted cash Discount rate 10.0% (10.0%) Constant 6.2% - 8.0% (7.7%) Probability of 0.08% - 0.12% (0.11%) State and political subdivision $ 2,057 Discounted cash Maturity/Call 1 month – 7 years Weighted 2.97% - 3.08% (3.04%) Marketability 1.0% - 2.0% (1.6%) Fair Value at Valuation Unobservable Range (Weighted Average) Mortgage servicing rights $ 1,482 Discounted cash Discount rate 9.5% (9.5%) Constant 6.0% - 7.0% (6.9%) Probability of 0.09% - 0.12% (0.12%) State and political subdivision $ 2,361 Discounted cash Maturity/Call 1 month – 9 years Weighted 2.97% - 3.08% (3.04%) Marketability 1.0% - 2.0% (1.6%) Fair Value of Financial Instruments The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and 2023. Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2024: Financial assets Cash and cash equivalents $ 9,571 $ 9,571 $ — $ — Interest-bearing time deposits in banks 250 250 — — Loans, net of allowance for credit losses 639,297 — — 607,076 Federal Home Loan Bank stock 4,499 — 4,499 — Accrued interest receivable 3,457 — 3,457 — Financial liabilities Deposits 727,177 — 407,544 318,612 Repurchase agreements 17,772 — 17,772 — Federal Home Loan Bank advances 32,999 — 32,560 — Other borrowings 25,250 — 25,199 — Advances from borrowers for taxes and insurance 968 — 968 — Accrued interest payable 3,009 — 3,009 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2023: Financial assets Cash and cash equivalents $ 10,988 $ 10,988 $ — $ — Interest-bearing time deposits in banks 1,250 1,250 — — Loans, net of allowance for loan losses 587,457 — — 564,432 Federal Home Loan Bank stock 3,127 — 3,127 — Accrued interest receivable 2,781 — 2,781 — Financial liabilities Deposits 735,314 — 451,718 282,351 Repurchase agreements 10,787 — 10,787 — Federal Home Loan Bank advances 19,500 — 19,382 — Advances from borrowers for taxes and insurance 1,233 — 1,233 — Accrued interest payable 1,666 — 1,666 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — The methods utilized to measure the fair value of financial instruments at June 30, 2024 represent an approximation of exit price; however, an actual exit price may differ |
Significant Estimates and Conce
Significant Estimates and Concentrations | 12 Months Ended |
Jun. 30, 2024 | |
Text Block [Abstract] | |
Significant Estimates and Concentrations | Note 17: Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for credit losses are reflected in the footnote regarding loans. Current vulnerabilities due to certain concentrations of credit risk are discussed in the footnote on commitments and credit risk. Postretirement Benefit Obligations The Company has a postretirement health care plan whereby it agrees to provide certain postretirement benefits to eligible employees. The benefit obligation is the actuarial present value of all benefits attributed to service rendered prior to the valuation date based on the projected unit credit cost method. It is reasonably possible that events could occur that would change the estimated amount of this liability materially in the near term. Investments The Company invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated balance sheets . |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | Note 18: Commitments and Credit Risk The Company generates commercial, mortgage and consumer loans and receives deposits from customers located in the Illinois counties of Vermilion, Iroquois, Champaign, and Kankakee, as well as adjacent counties in Illinois and Indiana within 30 miles of a branch or loan production office. The Company generates commercial, mortgage and consumer loans from its location in Osage Beach, Missouri. The Company’s loans are generally secured by specific items of collateral including real property and consumer assets. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon economic conditions in the Company’s various locations. Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case At June 30, 2024 and 2023, the Company had outstanding commitments to originate loans aggregating approximately $8,317,000 and $5,081,000, respectively. The commitments extended over varying periods of time with the majority being disbursed within a one-year Lines of Credit Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet At June 30, 2024, the Company had granted unused lines of credit to borrowers aggregating approximately $58,696,000 and $12,545,000 for commercial lines and open-end open-end Off-Balance Off-balance non-performance off-balance off-balance off-balance off-balance off-balance Other Credit Risks At June 30, 2024 and 2023, the interest-bearing demand deposits on the consolidated balance sheets represent amounts on deposit with one financial institution, the Federal Home Loan Bank of Chicago. |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Jun. 30, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | Note 19: Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company as of and for the years ended June 30, 2024 and 2023: Condensed Balance Sheets June 30, June 30, 2024 2023 Assets Cash and due from banks $ 6,191 $ 7,407 Investment in common stock of subsidiary 66,113 62,574 ESOP loan 1,718 1,893 Total assets $ 74,022 $ 71,874 Liabilities Line of credit $ — $ — Interest payable — — Other liabilities 106 121 Total liabilities 106 121 Stockholders’ Equity 73,916 71,753 Total liabilities and stockholders’ equity $ 74,022 $ 71,874 Condensed Statements of Income and Comprehensive Income Year Ending Year Ending 2024 2023 Income Interest on ESOP loan $ 150 $ 95 Deposits with financial institutions — — Total income 150 95 Expense Interest on line of credit — — Other expenses 199 201 Total expense 199 201 Loss Before Income Tax and Equity in Undistributed Income of Subsidiary (49 ) (106 ) Benefit for Income Taxes (14 ) (30 ) Loss Before Equity in Undistributed Income of Subsidiary (35 ) (76 ) Equity in Undistributed Income of Subsidiary 1,825 4,736 Net Income $ 1,790 $ 4,660 Comprehensive Income $ 2,879 $ 358 Condensed Statements of Cash Flows Year Ended Year Ended 2024 2023 Cash flows from operating activities Net income $ 1,790 $ 4,660 Items not requiring (providing) cash Net change accrued interest payable — (21 ) Net change in other liabilities (15 ) 30 Earnings from subsidiary (1,825 ) (4,736 ) Net cash used in operating activities (50 ) (67 ) Cash flows from financing activities Proceeds from exercise of stock options — 732 Dividends paid (1,341 ) (1,338 ) Dividends received — 2,000 Loan for ESOP 175 190 Net cash provided by (used in) financing activities (1,166 ) 1,584 Net Change in Cash and Cash Equivalents (1,216 ) 1,517 Cash and Cash Equivalents at Beginning of Year 7,407 5,890 Cash and Cash Equivalents at End of Year $ 6,191 $ 7,407 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations IF Bancorp, Inc., (“IF Bancorp” or the “Company”) is a Maryland corporation whose principal activity is the ownership and management of its wholly-owned subsidiary, Iroquois Federal Savings and Loan Association (“Iroquois Federal” or the “Association”). The Association provides a full range of banking and financial services to individual and corporate customers from our seven full-service banking offices located in the municipalities of Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois, and our loan production office in Osage Beach, Missouri. Our primary lending market includes the Illinois counties of Vermilion, Iroquois, Champaign and Kankakee, as well as the adjacent counties in Illinois and Indiana. Our loan production office in Osage Beach, Missouri, serves the Missouri counties of Camden, Miller and Morgan. The principal activity of the Association’s wholly-owned subsidiary, L.C.I. Service Corporation (“L.C.I.”) dba IF Insurance Agency, is the sale of property and casualty insurance. The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of the Association. The Company and Association are subject to competition from other financial institutions. The Company and Association are also subject to the regulation of certain federal and state agencies and undergo periodic examinations by those regulatory authorities. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Association and Association’s wholly owned subsidiary, L.C.I. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Operating Segment | Operating Segment The Company provides community banking services, including such products and services as loans, certificates of deposits, savings accounts, and mortgage originations. These activities are reported as a single operating segment. The Company does not derive revenues from, or have assets located in, foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company’s total revenues. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, fair value measurements of investment securities, loan servicing rights and income taxes. |
Interest-bearing Time Deposits in Banks | Interest-bearing Time Deposits in Banks Interest-bearing time deposits in banks are carried at cost. |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At June 30, 2024 and 2023, cash equivalents consisted primarily of noninterest bearing deposits and interest bearing demand deposits. At June 30, 2024, the Company’s cash accounts exceeded federally insured limits by approximately $350,000. The Company had approximately $4.6 million at the Federal Reserve and Federal Home Loan Banks, which are government-affiliated entities not insured by the FDIC. |
Securities | Securities Securities are classified as “available for sale” (AFS) and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For AFS securities with fair value less than amortized cost that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income (loss). The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections and is recorded to the allowance for credit losses (ACL) on investments, by a charge to provision for credit losses. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired AFS security, or, if it is more likely than not the Company will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there would be no ACL in this situation. At adoption of ASU 2016-13, |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for credit losses, and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses (ACL) represents the Company’s best estimate of the reserve necessary to adequately account for probable losses expected over the remaining contractual life of the assets. The provision (credit) for credit losses is expensed (credited) to current earnings and is determined by the Company as the amount needed to maintain an adequate allowance for credit losses. In determining the adequacy of the allowance for credit losses, and therefore the provision to be expensed (credited) to current earnings, the Company relies on a sound credit review and approval process. The review process is directed by the overall lending policy and is intended to identify, at the earliest possible stage, borrowers who might be facing financial difficulty. The Company utilizes the CECL cohort methodology analysis which relies on segmenting the loan portfolio into pools with similar risks, tracking the performance of the pools over time, and using the data to determine pool loss experience. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans and is established through provision (credit) for credit losses expensed (credited) to current earnings. The ACL is increased by the provision for losses on loans charged to expense and reduced by loans charged off, net of recoveries. Loans are charged off in the period deemed uncollectible, based on management’s analysis of expected cash flows (for non-collateral Subsequent recoveries of loans previously charged off, if any, are credited to the allowance when received. Management estimates the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Adjustments may be made to historical loss information for differences identified in current loan-specific risk characteristics, such as differences in underwriting standards or terms; lending review systems; experience, ability, or depth of lending management and staff; portfolio growth and mix; delinquency levels and trends; as well as for changes in environmental conditions, such as changes in economic activity or employment, industry economic conditions, property values, or other relevant factors. The allowance for credit losses on most loans is measured on a collective (pool) basis for loans with similar risk characteristics. The Company estimates the appropriate level of allowance for credit losses for specifically identified loans by evaluating them individually. The specific allowance for collateral-dependent loans that are evaluated separately is measured by determining the fair value of the collateral adjusted for market conditions and selling expense. Factors used in identifying a specific individually evaluated 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 individually evaluated 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 segmenting the loan portfolio into pools with similar risks and collecting data to determine pool loss experience. Factors considered by the Company in evaluating the overall adequacy of the allowance include historical net loan losses, the level and composition of nonaccrual, past due and loan modifications for borrowers with financial difficulties, trends in volumes and terms of loans, effects of changes in risk selection and underwriting standards or lending practices, lending staff changes, concentrations of credit, industry conditions and the current economic conditions in the region where the Company operates. In addition, a forecast, using reasonable and supportable future conditions, is prepared that is used to estimate expected changes to existing and historical conditions in the current period. Off-balance non-performance off-balance off-balance estimated by loan pool on a quarterly basis under the CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included as a liability on the Company’s consolidated balance sheets. The Company records an ACL on off-balance |
Premises and Equipment | Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 35-40 years Furniture and equipment 3-5 |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. |
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. |
Long-Lived Asset Impairment | Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset are less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. No asset impairment was recognized during the years ended June 30, 2024 and 2023. |
Bank-owned Life Insurance | Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value are reflected in noninterest income in the consolidated statements of income. |
Fee Income | Fee Income Loan origination fees, net of direct origination costs, are recognized as income using the level-yield method over the contractual life of the loans. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit and investments securities, as well as revenue related to our mortgage servicing activities and bank owned life insurance, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, and which are presented in our income statements as components of noninterest income are as follows: Customer Service Fees – The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. Insurance Commissions – The Company’s insurance agency, IF Insurance Agency, receives commissions on premiums of new and renewed business policies. IF Insurance Agency records commission revenue on direct bill policies as the cash is received. For agency bill policies, IF Insurance Agency retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the carrier holds the performance obligation. Brokerage Commissions – The primary brokerage revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. Other – The Company generates revenue through service charges from the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used, and the performance obligation is satisfied. |
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860-50), Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change and may have an adverse impact on the value of the mortgage servicing right and may result in a reduction to noninterest income. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The change in fair value of mortgage servicing rights is netted against loan servicing fee income. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company – put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not more-likely-than-not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. |
Earnings Per Share | Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during each year. Diluted earnings per share reflects additional potential common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and restricted stock awards and are determined using the treasury stock method. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized appreciation and depreciation on available-for-sale |
Stock-based Compensation Plans | Stock-based Compensation Plans At June 30, 2024 and 2023, the Company has stock-based compensation plans (stock options and restricted stock) which are described more fully in Note 14. |
Liabilities | Recent and Future Accounting Requirements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments available-for-sale 2016-13, The Company early adopted ASU 2016-13 2016-13, 2016-13. off-balance The following table illustrates the impact of ASU 2016-13 July 1, 2022 Allowance for credit 2016-13 Allowance pre-ASU 2016-13 Impact on Allowance 2016-13 Assets: Real Estate Loans One- $ 1,410 $ 1,028 $ 382 Multi-Family 1,235 1,375 (140 ) Commercial 2,370 1,985 385 HELOC 103 70 33 Construction 681 489 192 Commercial Business 1,207 2,025 (818 ) Consumer 93 80 13 Allowance for credit losses for all loans $ 7,099 $ 7,052 $ 47 Liabilities: Allowance for credit losses on off-balance $ 496 $ — $ 496 In March 2022, FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . 310-40, Receivables—Troubled Debt Restructurings by Creditors 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost 2022-02 In December 2023, the FASB issued ASU 2023-09, 740 Improvements to Income Tax Disclosures |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimated Useful Lives of Premises and Equipment | The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Buildings and improvements 35-40 years Furniture and equipment 3-5 |
Schedule of Impact of ASU 2016-13 Adoption | The following table illustrates the impact of ASU 2016-13 July 1, 2022 Allowance for credit 2016-13 Allowance pre-ASU 2016-13 Impact on Allowance 2016-13 Assets: Real Estate Loans One- $ 1,410 $ 1,028 $ 382 Multi-Family 1,235 1,375 (140 ) Commercial 2,370 1,985 385 HELOC 103 70 33 Construction 681 489 192 Commercial Business 1,207 2,025 (818 ) Consumer 93 80 13 Allowance for credit losses for all loans $ 7,099 $ 7,052 $ 47 Liabilities: Allowance for credit losses on off-balance $ 496 $ — $ 496 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Approximate Fair Value of Securities, Together with Gross Unrealized Gains and Losses of Securities | The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair Value Available-for-sale June 30, 2024: U.S. Treasury $ 497 $ — $ (53 ) $ 444 U.S. Government and federal agency and Government sponsored enterprises (GSEs) 6,979 — (370 ) 6,609 Mortgage-backed: GSE residential 192,556 41 (26,361 ) 166,236 Small Business Administration 16,387 — (2,301 ) 14,086 State and political subdivisions 3,104 — (4 ) 3,100 $ 219,523 $ 41 $ (29,089 ) $ 190,475 June 30, 2023: U.S. Treasury $ 497 $ — $ (59 ) $ 438 U.S. Government and federal agency and Government sponsored enterprises (GSEs) 6,976 — (499 ) 6,477 Mortgage-backed: GSE residential 203,139 21 (27,434 ) 175,726 Small Business Administration 17,629 1 (2,397 ) 15,233 State and political subdivisions 3,431 — (6 ) 3,425 $ 231,672 $ 22 $ (30,395 ) $ 201,299 |
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | The amortized cost and fair value of available-for-sale Amortized Fair Value Within one year $ 4,000 $ 3,938 One to five years 4,619 4,240 Five to ten years 7,661 7,040 After ten years 10,687 9,021 26,967 24,239 Mortgage-backed securities 192,556 166,236 Totals $ 219,523 $ 190,475 |
Association's Investments Gross Unrealized Investment Losses and Fair Value of Association's Investments with Unrealized Losses | The following table shows the Company’s gross unrealized investment losses and the fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2024 and 2023: Less Than 12 Months 12 Months or More Total Description of Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized June 30, 2024: U.S. Treasury $ — $ — $ 444 $ (53 ) $ 444 $ (53 ) U.S. Government and federal agency and Government sponsored enterprises (GSEs) — — 6,609 (370 ) 6,609 (370 ) Mortgage-backed: GSE residential 945 (1 ) 162,525 (26,360 ) 163,470 (26,361 ) Small Business Administration — — 14,086 (2,301 ) 14,086 (2,301 ) State and political subdivisions 1,043 (4 ) — — 1,043 (4 ) Total $ 1,988 $ (5 ) $ 183,664 $ (29,084 ) $ 185,652 $ (29,089 ) June 30, 2023: U.S. Treasury $ — $ — $ 438 $ (59 ) $ 438 $ (59 ) U.S. Government and federal agency and Government sponsored enterprises (GSEs) — — 6,477 (499 ) 6,477 (499 ) Mortgage-backed: GSE residential 14,517 (440 ) 158,413 (26,994 ) 172,930 (27,434 ) Small Business Administration 1,148 (60 ) 12,762 (2,337 ) 13,910 (2,397 ) State and political subdivisions 1,063 (6 ) — — 1,063 (6 ) Total $ 16,728 $ (506 ) $ 178,090 $ (29,889 ) $ 194,818 $ (30,395 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Categories of Loans | Classes of loans at June 30, include: 2024 2023 Real estate loans One- $ 177,263 $ 163,854 Multi-family 126,031 89,649 Commercial Business 200,017 193,707 Home equity lines of credit 9,859 8,066 Construction 33,708 50,973 Commercial 91,784 79,693 Consumer 7,727 8,382 646,389 594,324 Less Unearned fees and discounts, net (407 ) (272 ) Allowance for credit losses 7,499 7,139 Loans, net $ 639,297 $ 587,457 |
Allowance for Credit Losses | Allowance for Credit Losses The following tables present the activity in the allowance for credit losses and the recorded investment in loans based on loan classes as of June 30, 2024 and 2023: 2024 Real Estate Loans One- Multi-family Commercial Home Equity Allowance for credit losses: Balance, beginning of year $ 1,898 $ 1,121 $ 2,369 $ 121 Provision (credit) charged to expense (127 ) 643 (11 ) 27 Losses charged off — — — — Recoveries 3 — — — Balance, end of period $ 1,774 $ 1,764 $ 2,358 $ 148 Loans: Ending balance $ 177,263 $ 126,031 $ 200,017 $ 9,859 2024 (Continued) Construction Commercial Consumer Total Allowance for credit losses: Balance, beginning of year $ 765 $ 794 $ 71 $ 7,139 Provision (credit) charged to expense (428 ) 17 29 150 Losses charged off — — (49 ) (49 ) Recoveries — 242 14 259 Balance, end of year $ 337 $ 1,053 $ 65 $ 7,499 Loans: Ending balance $ 33,708 $ 91,784 $ 7,727 $ 646,389 2023 Real Estate Loans One- to four-family Multi-family Commercial Home Equity Allowance for credit Balance, beginning of year (prior to adoption of ASU 2016-13) $ 1,028 $ 1,375 $ 1,985 $ 70 Impact of adopting ASU 2016- 13 382 (140 ) 385 33 Provision (credit) charged to expense 487 (114 ) (1 ) 18 Losses charged off — — — — Recoveries 1 — — — Balance, end of period $ 1,898 $ 1,121 $ 2,369 $ 121 Loans: Ending balance $ 163,854 $ 89,649 $ 193,707 $ 8,066 2023 (Continued) Construction Commercial Consumer Total Allowance for credit losses: Balance, beginning of year (prior to adoption of ASU 2016-13) $ 489 $ 2,025 $ 80 $ 7,052 Impact of adopting ASU 2016-13 192 (818 ) 13 47 Provision (credit) charged to expense 84 (422 ) — 52 Losses charged off — (14 ) (37 ) (51 ) Recoveries — 23 15 39 Balance, end of year $ 765 $ 794 $ 71 $ 7,139 Loans: Ending balance $ 50,973 $ 79,693 $ 8,382 $ 594,324 |
Credit Risk Profile of Association's Loan Portfolio Based on Risk Rating Category and Calendar Year of Origination | The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and calendar year of origination as of June 30, 2024 and 2023 (in thousands): June 30, 2024 Risk Rating 2024 2023 2022 2021 2020 Prior Years Total One- Pass $ 14,790 $ 39,202 $ 51,262 $ 24,362 $ 15,455 $ 31,926 $ 176,997 Watch — — — 72 — — 72 Substandard — 14 5 5 — 170 194 Total $ 14,790 $ 39,216 $ 51,267 $ 24,439 $ 15,455 $ 32,096 $ 177,263 Current period recoveries $ — $ — $ — $ — $ — $ 3 $ 3 Multi-Family Pass $ 573 $ 9,004 $ 51,279 $ 20,346 $ 22,728 $ 21,867 $ 125,797 Watch — — — — — — — Substandard — — — — — 234 234 Total $ 573 $ 9,004 $ 51,279 $ 20,346 $ 22,728 $ 22,101 $ 126,031 Commercial Real Estate Pass $ 4,602 $ 29,665 $ 57,530 $ 27,622 $ 30,489 $ 48,886 $ 198,794 Watch — — — — — — — Substandard — — — 150 821 252 1,223 Total $ 4,602 $ 29,665 $ 57,530 $ 27,772 $ 31,310 $ 49,138 $ 200,017 Home Equity Line of Credit Pass $ 1,629 $ 2,361 $ 1,874 $ 1,806 $ 795 $ 1,394 $ 9,859 Watch — — — — — — — Substandard — — — — — — — Total $ 1,629 $ 2,361 $ 1,874 $ 1,806 $ 795 $ 1,394 $ 9,859 Construction Pass $ 9,123 $ 21,043 $ 3,250 $ — $ — $ 292 $ 33,708 Watch — — — — — — — Substandard — — — — — — — Total $ 9,123 $ 21,043 $ 3,250 $ — $ — $ 292 $ 33,708 Commercial Business Pass $ 10,357 $ 38,853 $ 10,158 $ 9,898 $ 8,201 $ 12,803 $ 90,270 Watch — — — — — — — Substandard — 133 47 190 1,088 56 1,514 Total $ 10,357 $ 38,986 $ 10,205 $ 10,088 $ 9,289 $ 12,859 $ 91,784 Current period recoveries $ — $ — $ — $ — $ 242 $ — $ 242 Consumer Pass $ 1,956 $ 2,635 $ 1,830 $ 843 $ 394 $ 69 $ 7,727 Watch — — — — — — — Substandard — — — — — — — Total $ 1,956 $ 2,635 $ 1,830 $ 843 $ 394 $ 69 $ 7,727 Current period charge-offs $ (48 ) $ — $ — $ (1 ) $ — $ — $ (49 ) Current period recoveries $ 14 $ — $ — $ — $ — $ — $ 14 Total Loans Pass $ 43,030 $ 142,763 $ 177,183 $ 84,877 $ 78,062 $ 117,237 $ 643,152 Watch — — — 72 — — 72 Substandard — 147 52 345 1,909 712 3,165 Total $ 43,030 $ 142,910 $ 177,235 $ 85,294 $ 79,971 $ 117,949 $ 646,389 June 30, 2023 Risk Rating 2023 2022 2021 2020 2019 Prior Years Total One- Pass $ 22,032 $ 56,054 $ 27,843 $ 18,468 $ 5,996 $ 32,729 $ 163,122 Watch — — — — — 335 335 Substandard 14 6 94 61 222 — 397 Total $ 22,046 $ 56,060 $ 27,937 $ 18,529 $ 6,218 $ 33,064 $ 163,854 Current period recoveries $ — $ — $ — $ — $ — $ 1 $ 1 Multi-Family Pass $ 674 $ 37,826 $ 10,647 $ 14,399 $ 8,587 $ 17,272 $ 89,405 Watch — — — — — — — Substandard — — — — 244 — 244 Total $ 674 $ 37,826 $ 10,647 $ 14,399 $ 8,831 $ 17,272 $ 89,649 Commercial Real Estate Pass $ 12,214 $ 63,645 $ 29,320 $ 32,502 $ 5,844 $ 49,239 $ 192,764 Watch — — — — — — — Substandard — — — 862 81 — 943 Total $ 12,214 $ 63,645 $ 29,320 $ 33,364 $ 5,925 $ 49,239 $ 193,707 Home Equity Line of Credit Pass $ 982 $ 2,554 $ 1,301 $ 1,035 $ 789 $ 1,405 $ 8,066 Watch — — — — — — — Substandard — — — — — — — Total $ 982 $ 2,554 $ 1,301 $ 1,035 $ 789 $ 1,405 $ 8,066 Construction Pass $ 2,882 $ 29,188 $ 10,432 $ 8,471 $ — $ — $ 50,973 Watch — — — — — — — Substandard — — — — — — — Total $ 2,882 $ 29,188 $ 10,432 $ 8,471 $ — $ — $ 50,973 Commercial Business Pass $ 12,449 $ 20,004 $ 17,673 $ 8,797 $ 7,669 $ 8,841 $ 75,433 Watch — — — — — — — Substandard 2,779 59 174 1,189 57 2 4,260 Total $ 15,228 $ 20,063 $ 17,847 $ 9,986 $ 7,726 $ 8,843 $ 79,693 Current period charge-offs $ — $ (10 ) $ (4 ) $ — $ — $ — $ (14 ) Current period recoveries $ — $ — $ — $ 14 $ — $ 9 $ 23 Consumer Pass $ 2,391 $ 3,181 $ 1,653 $ 834 $ 211 $ 107 $ 8,377 Watch — — — — — — — Substandard — — 1 — — 4 5 Total $ 2,391 $ 3,181 $ 1,654 $ 834 $ 211 $ 111 $ 8,382 Current period charge-offs $ (33 ) $ — $ — $ (4 ) $ — $ — $ (37 ) Current period recoveries $ 14 $ — $ — $ — $ — $ 1 $ 15 Total Loans Pass $ 53,624 $ 212,452 $ 98,869 $ 84,506 $ 29,096 $ 109,593 $ 588,140 Watch — — — — — 335 335 Substandard 2,793 65 269 2,112 604 6 5,849 Total $ 56,417 $ 212,517 $ 99,138 $ 86,618 $ 29,700 $ 109,934 $ 594,324 |
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 June 30, 2024: Real estate loans: One- $ 1,009 $ 192 $ — $ 1,201 $ 176,062 $ 177,263 $ — Multi-family 141 — — 141 125,890 126,031 — Commercial — — 150 150 199,867 200,017 — Home equity lines of credit 17 25 — 42 9,817 9,859 — Construction 237 — — 237 33,471 33,708 — Commercial 21 20 — 41 91,743 91,784 — Consumer 27 1 23 51 7,676 7,727 23 Total $ 1,452 $ 238 $ 173 $ 1,863 $ 644,526 $ 646,389 $ 23 30-59 Days 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Total June 30, 2023: Real estate loans: One- $ 523 $ 116 $ — $ 639 $ 163,215 $ 163,854 $ — Multi-family — — — — 89,649 89,649 — Commercial 153 — — 153 193,554 193,707 — Home equity lines of credit — 20 — 20 8,046 8,066 — Construction — — — — 50,973 50,973 — Commercial 56 — 58 114 79,579 79,693 — Consumer 47 6 2 55 8,327 8,382 — Total $ 779 $ 142 $ 60 $ 981 $ 593,343 $ 594,324 $ — |
Nonaccrual with no Allowance for Credit Losses and Nonaccrual Loans | The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of June 30, 2024 and 2023: June 30, 2024 June 30, 2023 Nonaccrual with no Allowance for Credit Nonaccrual Nonaccrual with no Allowance for Credit Nonaccrual Mortgages on real estate: One- $ — $ — $ — $ — Multi-family — — — — Commercial — 150 — — Home equity lines of credit — — — — Construction loans — — — — Commercial business loans — — — 115 Consumer loans — — — 2 Total $ — $ 150 $ — $ 117 |
Amortized Costs of Loans Modified As On the Reporting Date and the Percentage of Amortized Cost of Loans Modified To Total Borrowers | The following table shows the amortized cost of loans at June 30, 2024 that were modified and experiencing financial difficulty, segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below. Payment Delay Total Class of Real estate loans One- $ — — Multi-family — — Commercial 252 0.13 % Home equity lines of credit — — Construction — — Commercial business 133 0.15 % Consumer — — Total $ 385 0.06 % |
Loans Modified as Troubled Debt Restructurings | The following table presents the recorded balance, at original cost, of troubled debt restructurings, as of June 30, 2023. All TDRs were performing according to the terms of the restructuring and were accruing as of June 30, 2023. June 30, 2023 Real estate loans One- $ 189 Multi-family — Commercial — Home equity lines of credit — Total real estate loans 189 Construction — Commercial business 26 Consumer — Total $ 215 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Major Classifications of Premises and Equipment, Stated at Cost | Major classifications of premises and equipment, stated at cost, are as follows: 2024 2023 Land $ 2,124 $ 2,160 Buildings and improvements 13,204 13,298 Furniture and equipment 4,448 4,846 19,776 20,304 Less accumulated depreciation 9,196 9,212 Net premises and equipment $ 10,580 $ 11,092 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Transfers and Servicing [Abstract] | |
Activity in Mortgage Servicing Rights Measured Using Fair Value Method | The following summarizes the activity in mortgage servicing rights measured using the fair value method: 2024 2023 Fair value, beginning of period $ 1,482 $ 1,463 Additions: Servicing assets resulting from asset transfers 151 89 Subtractions: Payments received and loans refinanced (143 ) (171 ) Changes in fair value, due to changes in valuation inputs or assumptions 1 101 Fair value, end of period $ 1,491 $ 1,482 |
Interest-Bearing Deposits (Tabl
Interest-Bearing Deposits (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Interest Expense by Deposit Type | The following table represents interest expense by deposit type: 2024 2023 Savings, NOW, and Money Market $ 5,351 $ 2,942 Certificates of deposit 10,996 4,391 Brokered certificates of deposit 1,306 664 Total deposit interest expense $ 17,653 $ 7,997 |
Scheduled Maturities of Time Deposits Including Brokered Time Deposits | At June 30, 2024, the scheduled maturities of time deposits; including brokered time deposits, are as follows: 2025 $ 289,058 2026 15,555 2027 8,976 2028 5,604 2029 and thereafter 440 $ 319,633 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Aggregate Annual Maturities of Federal Home Loan Bank Advances | Aggregate annual maturities of Federal Home Loan Bank advances at June 30, 2024, are: 2025 $ 11,000 2026 5,500 2027 15,000 2028 100 2029 1,009 Thereafter 390 $ 32,999 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Components of the Provision for Income Taxes | The provision for income taxes includes these components: 2024 2023 Taxes currently payable $ 445 $ 1,756 Deferred income taxes 120 (156 ) Income tax expense $ 565 $ 1,600 |
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: 2024 2023 Computed at the statutory rate of 21.0% $ 495 $ 1,315 Increase (decrease) resulting from Tax exempt interest (30 ) (22 ) Cash surrender value of life insurance (106 ) (81 ) State income taxes 152 451 Other 54 (63 ) Actual tax expense $ 565 $ 1,600 Tax rate as a percentage of pre-tax 24.0 % 25.6 % |
Temporary Differences Related to Deferred Taxes | The tax effects of temporary differences related to deferred taxes shown on the consolidated balance sheets were: 2024 2023 Deferred tax assets Allowance for credit losses (ACL) on loans $ 2,134 $ 2,033 ACL on off-balance 28 62 Accrued retirement liability 726 693 Deferred compensation 678 612 Deferred loan fees 99 126 Unrealized losses on available-for-sale 8,280 8,658 Accrued vacation 70 56 MPF recourse liability 29 36 Deferred revenue Mastercard 9 12 Stock options - Directors — 54 Restricted stock 20 61 Accrued professional services 21 27 Other 3 28 12,097 12,458 Deferred tax liabilities Depreciation (815 ) (698 ) Mortgage servicing rights (425 ) (423 ) Deferred loan expense (214 ) (204 ) Prepaid expenses (77 ) (69 ) Postretirement health plan (83 ) (27 ) (1,614 ) (1,421 ) Net deferred tax asset $ 10,483 $ 11,037 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables present changes in accumulated other comprehensive income (loss), by Unrealized Gains and Losses on Available-for- Sale Securities Defined Benefit Pension Items Total June 30, 2024: Beginning balance $ (21,715 ) $ 67 $ (21,648 ) Other comprehensive income before reclassification 947 — 947 Amounts reclassified from accumulated other comprehensive income (loss) — — — Net current period other comprehensive income — 142 142 Ending balance $ (20,768 ) $ 209 $ (20,559 ) June 30, 2023: Beginning balance $ (17,263 ) $ (83 ) $ (17,346 ) Other comprehensive income (loss) before reclassification (4,574 ) — (4,574 ) Amounts reclassified from accumulated other comprehensive income (loss) 122 — 122 Net current period other comprehensive income — 150 150 Ending balance $ (21,715 ) $ 67 $ (21,648 ) |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Text Block [Abstract] | |
Amounts Reclassified from Accumulated Other Comprehensive Income | Amounts reclassified from AOCI and the affected line items in the statements of income during the years ended June 30, 2024 and 2023, were as follows: Amounts Reclassified From AOCI 2024 2023 Affected Line Item in the Condensed Consolidated Statements of Income Realized gains (losses) on available-for-sale $ — $ (171 ) Net realized gains (losses) on sale of available-for-sale Amortization of defined benefit pension items: Actuarial gains (losses) 198 210 Components are included in computation of net periodic pension cost Total reclassified amount before tax 198 39 Tax expense 56 11 Provision for Income Tax Total reclassification out of AOCI $ 142 $ 28 Net Income |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Association's Actual Capital Amounts and Ratios | The Association’s actual capital amounts (in thousands) and ratios are also presented in the table. Actual Minimum Capital Requirement Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of June 30, 2024 Community Bank Leverage Ratio $ 86,672 9.23 % $ 84,484 9.00 % $ 84,484 9.00 % Tier 1 capital (to adjusted total assets) 86,672 9.23 % 37,549 4.00 % 46,936 5.00 % Tangible capital (to adjusted tangible assets) 86,672 9.23 % 14,081 1.50 % N/A N/A As of June 30, 2023 Community Bank Leverage Ratio $ 84,222 9.51 % $ 79,726 9.00 % $ 79,726 9.00 % Tier 1 capital (to adjusted total assets) 84,222 9.51 % 35,434 4.00 % 44,292 5.00 % Tangible capital (to adjusted tangible assets) 84,222 9.51 % 13,288 1.50 % N/A N/A |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Changes in Loans Outstanding | Changes in loans to executive officers and directors are summarized as follows: 2024 2023 Balance, beginning of year $ 2,798 $ 3,357 New loans 301 50 Repayments (572 ) (609 ) Balance, end of year $ 2,527 $ 2,798 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Plan's Funded Status and Pension Cost | The Company uses a June 30 measurement date for the plan. Information about the plan’s funded status and pension cost follows: 2024 2023 Change in benefit obligation Beginning of year $ 2,431 $ 2,620 Service cost 41 43 Interest cost 112 102 Actuarial (gain) loss (196 ) (210 ) Benefits paid (132 ) (124 ) End of year $ 2,256 $ 2,431 |
Significant Balances, Costs and Assumptions | Significant balances, costs and assumptions are: Postretirement Plan 2024 2023 Benefit obligation $ 2,256 $ 2,431 Fair value of plan assets — — Funded status $ (2,256 ) $ (2,431 ) Accumulated benefit obligation $ 2,256 $ 2,431 |
Summary of Accrued postretirement benefit obligations recognized in Balance sheet | Amounts recognized in the consolidated balance sheets: Accrued postretirement benefit obligation $ 2,256 $ 2,431 |
Net Periodic Benefit Cost | Components of net periodic benefit cost: 2024 2023 Service cost $ 41 $ 43 Interest cost 112 102 Amortization of Loss — — $ 153 $ 145 |
Accumulated Other Comprehensive Income (Loss) Not Yet Recognized | Amounts recognized in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost consist of: 2024 2023 Net income (loss) $ (349 ) $ (153 ) |
Other Significant Balances and Costs | Other significant balances and costs are: 2024 2023 Employer contribution $ 132 $ 124 Benefits paid 132 124 Benefit costs 153 145 |
One-percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point One- Point One- Point Effect on total of service and interest cost components $ 4 $ (4 ) Effect on postretirement benefit obligation 23 (21 ) |
Postretirement Plan Benefit Payments Expected Future Service | The following postretirement plan benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of June 30, 2024: 2025 $ 147 2026 179 2027 190 2028 203 2029 201 2030-2034 905 |
Benefit Payments Expected to be Paid for Agreements | The following benefit payments are expected to be paid for these agreements: 2025 $ 90 2026 228 2027 241 2028 263 2029 294 Thereafter 3,905 $ 5,021 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of ESOP Shares | A summary of ESOP shares at June 30, 2024 and 2023 are as follows (dollars in thousands): 2024 2023 Allocated shares 170,696 162,986 Shares committed for release 19,245 19,245 Unearned shares 134,715 153,960 Total ESOP shares 324,656 336,191 Fair value of unearned ESOP shares (1) $ 2,180 $ 2,223 (1) Based on closing price of $16.18 and $14.44 per share on June 30, 2024, and 2023, respectively. |
Summary of Stock Option Activity | The following table summarizes stock option activity for the year ended June 30, 2024 (dollars in thousands): Shares Weighted- Weighted- Aggregate Outstanding, June 30, 2023 90,143 $ 16.63 Granted — — Exercised — — Forfeited 90,143 16.63 Outstanding, June 30, 2024 — $ — — $ — Exercisable, June 30, 2024 — $ — — $ — |
Summary of Non-vested Restricted Stock Activity | The following table summarizes non-vested Shares Weighted- Grant-Date Balance, June 30, 2023 62,314 $ 18.76 Granted — — Forfeited 1,600 19.10 Earned and issued 19,914 18.76 Balance, June 30, 2024 40,800 19.10 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Common Share Computation | Basic and diluted earnings per common share are presented for the years ended June 30, 2024 and 2023. The factors used in the earnings per common share computation follow: Year Ended Year Ended Net income $ 1,790 $ 4,660 Basic weighted average shares outstanding 3,276,491 3,276,890 Less: Average unallocated ESOP shares (144,338 ) (163,583 ) Average shares outstanding 3,132,153 3,113,307 Diluted effect of restricted stock awards and stock options — 81,722 Diluted average shares outstanding 3,132,153 3,195,029 Basic earnings per common share $ 0.57 $ 1.50 Diluted earnings per common share $ 0.57 $ 1.46 |
Disclosures about Fair Value _2
Disclosures about Fair Value of Assets (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Assets Recognized on Recurring Basis | The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and 2023: Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2024: Available-for-sale US Treasury $ 444 $ 444 $ — $ — US Government and federal agency 6,609 — 6,609 — Mortgage-backed securities – GSE residential 166,236 — 166,236 — Small Business Administration 14,086 — 14,086 — State and political subdivisions 3,100 — 1,043 2,057 Mortgage servicing rights 1,491 — — 1,491 Fair Value Measurements Using Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2023: Available-for-sale US Treasury $ 438 $ — $ 438 $ — US Government and federal agency 6,477 — 6,477 — Mortgage-backed securities – GSE residential 175,726 — 175,726 — Small Business Administration 15,233 — 15,233 — State and political subdivisions 3,425 — 1,064 2,361 Mortgage servicing rights 1,482 — — 1,482 |
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: State and Balance, July 1, 2022 $ 2,662 Transfers into Level 3 — Transfers out of Level 3 — Total realized and unrealized gains and losses included in net income — Purchases — Sales — Settlements (301 ) Balance, June 30, 2023 2,361 Transfers into Level 3 — Transfers out of Level 3 — Total realized and unrealized gains and losses included in net income — Purchases — Sales — Settlements (304 ) Balance, June 30, 2024 $ 2,057 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 $ — Mortgage Balance, July 1, 2022 $ 1,463 Total realized and unrealized gains and losses included in net income 101 Servicing rights that result from asset transfers 89 Payments received and loans refinanced (171 ) Balance, June 30, 2023 1,482 Total realized and unrealized gains and losses included in net income 1 Servicing rights that result from asset transfers 151 Payments received and loans refinanced (143 ) Balance, June 30, 2024 $ 1,491 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 $ 1 |
Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements. Fair Value at Valuation Unobservable Range (Weighted Average) Mortgage servicing rights $ 1,491 Discounted cash Discount rate 10.0% (10.0%) Constant 6.2% - 8.0% (7.7%) Probability of 0.08% - 0.12% (0.11%) State and political subdivision $ 2,057 Discounted cash Maturity/Call 1 month – 7 years Weighted 2.97% - 3.08% (3.04%) Marketability 1.0% - 2.0% (1.6%) Fair Value at Valuation Unobservable Range (Weighted Average) Mortgage servicing rights $ 1,482 Discounted cash Discount rate 9.5% (9.5%) Constant 6.0% - 7.0% (6.9%) Probability of 0.09% - 0.12% (0.12%) State and political subdivision $ 2,361 Discounted cash Maturity/Call 1 month – 9 years Weighted 2.97% - 3.08% (3.04%) Marketability 1.0% - 2.0% (1.6%) |
Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall | The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2024 and 2023. Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2024: Financial assets Cash and cash equivalents $ 9,571 $ 9,571 $ — $ — Interest-bearing time deposits in banks 250 250 — — Loans, net of allowance for credit losses 639,297 — — 607,076 Federal Home Loan Bank stock 4,499 — 4,499 — Accrued interest receivable 3,457 — 3,457 — Financial liabilities Deposits 727,177 — 407,544 318,612 Repurchase agreements 17,772 — 17,772 — Federal Home Loan Bank advances 32,999 — 32,560 — Other borrowings 25,250 — 25,199 — Advances from borrowers for taxes and insurance 968 — 968 — Accrued interest payable 3,009 — 3,009 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Fair Value Carrying Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) June 30, 2023: Financial assets Cash and cash equivalents $ 10,988 $ 10,988 $ — $ — Interest-bearing time deposits in banks 1,250 1,250 — — Loans, net of allowance for loan losses 587,457 — — 564,432 Federal Home Loan Bank stock 3,127 — 3,127 — Accrued interest receivable 2,781 — 2,781 — Financial liabilities Deposits 735,314 — 451,718 282,351 Repurchase agreements 10,787 — 10,787 — Federal Home Loan Bank advances 19,500 — 19,382 — Advances from borrowers for taxes and insurance 1,233 — 1,233 — Accrued interest payable 1,666 — 1,666 — Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — The methods utilized to measure the fair value of financial instruments at June 30, 2024 represent an approximation of exit price; however, an actual exit price may differ |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets June 30, June 30, 2024 2023 Assets Cash and due from banks $ 6,191 $ 7,407 Investment in common stock of subsidiary 66,113 62,574 ESOP loan 1,718 1,893 Total assets $ 74,022 $ 71,874 Liabilities Line of credit $ — $ — Interest payable — — Other liabilities 106 121 Total liabilities 106 121 Stockholders’ Equity 73,916 71,753 Total liabilities and stockholders’ equity $ 74,022 $ 71,874 |
Condensed Statements of Income and Comprehensive Income (Loss) | Condensed Statements of Income and Comprehensive Income Year Ending Year Ending 2024 2023 Income Interest on ESOP loan $ 150 $ 95 Deposits with financial institutions — — Total income 150 95 Expense Interest on line of credit — — Other expenses 199 201 Total expense 199 201 Loss Before Income Tax and Equity in Undistributed Income of Subsidiary (49 ) (106 ) Benefit for Income Taxes (14 ) (30 ) Loss Before Equity in Undistributed Income of Subsidiary (35 ) (76 ) Equity in Undistributed Income of Subsidiary 1,825 4,736 Net Income $ 1,790 $ 4,660 Comprehensive Income $ 2,879 $ 358 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended Year Ended 2024 2023 Cash flows from operating activities Net income $ 1,790 $ 4,660 Items not requiring (providing) cash Net change accrued interest payable — (21 ) Net change in other liabilities (15 ) 30 Earnings from subsidiary (1,825 ) (4,736 ) Net cash used in operating activities (50 ) (67 ) Cash flows from financing activities Proceeds from exercise of stock options — 732 Dividends paid (1,341 ) (1,338 ) Dividends received — 2,000 Loan for ESOP 175 190 Net cash provided by (used in) financing activities (1,166 ) 1,584 Net Change in Cash and Cash Equivalents (1,216 ) 1,517 Cash and Cash Equivalents at Beginning of Year 7,407 5,890 Cash and Cash Equivalents at End of Year $ 6,191 $ 7,407 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Estimated Useful Lives of Premises and Equipment (Detail) | Jun. 30, 2024 |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Maximum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 35 years |
Minimum [Member] | Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Impact of ASU 2016-13 Adoption (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jul. 01, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit losses on off-balance sheet exposures | $ 98 | $ 216 | |
Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | $ 7,099 | ||
Allowance for credit losses on off-balance sheet exposures | 496 | ||
Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 7,052 | ||
Allowance for credit losses on off-balance sheet exposures | 0 | ||
Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 47 | ||
Allowance for credit losses on off-balance sheet exposures | 496 | ||
Commercial Portfolio Segment [Member] | Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 1,207 | ||
Commercial Portfolio Segment [Member] | Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 2,025 | ||
Commercial Portfolio Segment [Member] | Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | (818) | ||
Consumer Portfolio Segment [Member] | Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 93 | ||
Consumer Portfolio Segment [Member] | Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 80 | ||
Consumer Portfolio Segment [Member] | Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 13 | ||
Real Estate Loans One To Four Family Including Home Equity Loans [Member] | Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 1,410 | ||
Real Estate Loans One To Four Family Including Home Equity Loans [Member] | Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 1,028 | ||
Real Estate Loans One To Four Family Including Home Equity Loans [Member] | Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 382 | ||
Real Estate Loans Multi Family [Member] | Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 1,235 | ||
Real Estate Loans Multi Family [Member] | Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 1,375 | ||
Real Estate Loans Multi Family [Member] | Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | (140) | ||
Commercial Real Estate Portfolio Segment [Member] | Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 2,370 | ||
Commercial Real Estate Portfolio Segment [Member] | Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 1,985 | ||
Commercial Real Estate Portfolio Segment [Member] | Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 385 | ||
Real Estate Loans Home Equity Lines Of Credit [Member] | Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 103 | ||
Real Estate Loans Home Equity Lines Of Credit [Member] | Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 70 | ||
Real Estate Loans Home Equity Lines Of Credit [Member] | Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 33 | ||
Construction Loans [Member] | Allowance For Credit Losses As Reported Under ASU 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 681 | ||
Construction Loans [Member] | Allowance For Credit Loss Before ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | 489 | ||
Construction Loans [Member] | Impact On Allowance Of ASU 2016-13 Adoption [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan losses | $ 192 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Jun. 30, 2024 USD ($) Banking_Office | Jun. 30, 2023 USD ($) | Jul. 01, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Number of full service banking offices | Banking_Office | 7 | |||
Liquid investments with original maturity period | 3 months | |||
Accrual of interest on loans due discontinued period, in days | 90 days | |||
Percentage of minimum likelihood of realized tax benefit upon settlement | 50% | |||
Cash, Uninsured Amount | $ 350,000 | |||
Federal home loan bank stock and federal reserve bank stock | 4,600,000 | |||
Long-Lived Asset Impairment | 0 | $ 0 | ||
Retained earnings (accumulated deficit) | 43,876,000 | 43,365,000 | ||
Allowance for loan losses | 7,499,000 | 7,139,000 | $ 7,052,000 | |
Allowance for credit losses on off-balance sheet credit exposure | $ 98,000 | $ 216,000 | ||
Accounting Standards Update 2016-13 [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Retained earnings (accumulated deficit) | $ 388,000 | |||
Allowance for loan losses | 47,000 | |||
Allowance for credit losses on off-balance sheet credit exposure | $ 496,000 | |||
Sales [Member] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Percentage of major customer revenues | 10% |
Securities - Amortized Cost and
Securities - Amortized Cost and Approximate Fair Value of Securities, Together with Gross Unrealized Gains and Losses of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 219,523 | $ 231,672 |
Gross Unrealized Gains | 41 | 22 |
Gross Unrealized Losses | (29,089) | (30,395) |
Fair Value | 190,475 | 201,299 |
U.S. Treasury [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 497 | 497 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (53) | (59) |
Fair Value | 444 | 438 |
U.S. Government and Federal Agency and Government sponsored enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,979 | 6,976 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (370) | (499) |
Fair Value | 6,609 | 6,477 |
Mortgage-backed: GSE residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 192,556 | 203,139 |
Gross Unrealized Gains | 41 | 21 |
Gross Unrealized Losses | (26,361) | (27,434) |
Fair Value | 166,236 | 175,726 |
Small Business Administration [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,387 | 17,629 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (2,301) | (2,397) |
Fair Value | 14,086 | 15,233 |
State and political subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,104 | 3,431 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4) | (6) |
Fair Value | $ 3,100 | $ 3,425 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Accrued interest receivable | $ 509 | $ 535 |
Mortgage-backed securities with a book value | 219,523 | 231,672 |
Fair Value | $ 190,475 | 201,299 |
Percentage of equity securities | 10% | |
Gross gains from sales of available for sale securities | $ 0 | 12 |
Gross losses from sales of available for sale securities | 0 | 183 |
Tax benefit to net realized gains (losses) | 0 | 49 |
Investments in debt and marketable equity securities | $ 185,652 | $ 194,818 |
Temporarily impaired debt securities percentage of investment securities portfolio | 97% | 97% |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable |
Asset Pledged as Collateral with Right [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Carrying value of securities pledged as collateral | $ 118,577 | $ 138,022 |
Tax benefit to net realized gains (losses) | 0 | 49 |
Mortgage-backed securities – GSE residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities with a book value | 192,556 | 203,139 |
Fair Value | 166,236 | 175,726 |
Investments in debt and marketable equity securities | 163,470 | 172,930 |
Small Business Administration [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities with a book value | 16,387 | 17,629 |
Fair Value | 14,086 | 15,233 |
Investments in debt and marketable equity securities | 14,086 | 13,910 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments in debt and marketable equity securities | $ 185,652 | $ 194,818 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Within one year, Amortized Cost | $ 4,000 | |
One to five years, Amortized Cost | 4,619 | |
Five to ten years, Amortized Cost | 7,661 | |
After ten years, Amortized Cost | 10,687 | |
Amortized Cost | 26,967 | |
Amortized Cost | 219,523 | $ 231,672 |
Within one year, Fair Value | 3,938 | |
One to five years, Fair Value | 4,240 | |
Five to ten years, Fair Value | 7,040 | |
After ten years, Fair Value | 9,021 | |
Fair Value | 24,239 | |
Fair Value | 190,475 | 201,299 |
Mortgage-backed securities – GSE residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 192,556 | 203,139 |
Fair Value | $ 166,236 | $ 175,726 |
Securities - Association's Inve
Securities - Association's Investments Gross Unrealized Investment Losses and Fair Value of Association's Investments with Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Less than 12 Months, Fair Value | $ 1,988 | $ 16,728 |
Less than 12 Months, Unrealized Losses | (5) | (506) |
12 Months or More, Fair Value | 183,664 | 178,090 |
12 Months or More, Unrealized Losses | (29,084) | (29,889) |
Total, Fair Value | 185,652 | 194,818 |
Total, Unrealized Losses | (29,089) | (30,395) |
U.S. Treasury [Member] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 444 | 438 |
12 Months or More, Unrealized Losses | (53) | (59) |
Total, Fair Value | 444 | 438 |
Total, Unrealized Losses | (53) | (59) |
U.S. Government and Federal Agency and Government sponsored enterprises (GSEs) [Member] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 6,609 | 6,477 |
12 Months or More, Unrealized Losses | (370) | (499) |
Total, Fair Value | 6,609 | 6,477 |
Total, Unrealized Losses | (370) | (499) |
Mortgage-backed: GSE residential [Member] | ||
Less than 12 Months, Fair Value | 945 | 14,517 |
Less than 12 Months, Unrealized Losses | (1) | (440) |
12 Months or More, Fair Value | 162,525 | 158,413 |
12 Months or More, Unrealized Losses | (26,360) | (26,994) |
Total, Fair Value | 163,470 | 172,930 |
Total, Unrealized Losses | (26,361) | (27,434) |
Small Business Administration [Member] | ||
Less than 12 Months, Fair Value | 0 | 1,148 |
Less than 12 Months, Unrealized Losses | 0 | (60) |
12 Months or More, Fair Value | 14,086 | 12,762 |
12 Months or More, Unrealized Losses | (2,301) | (2,337) |
Total, Fair Value | 14,086 | 13,910 |
Total, Unrealized Losses | (2,301) | (2,397) |
State and political subdivisions [Member] | ||
Less than 12 Months, Fair Value | 1,043 | 1,063 |
Less than 12 Months, Unrealized Losses | (4) | (6) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total, Fair Value | 1,043 | 1,063 |
Total, Unrealized Losses | $ (4) | $ (6) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Categories of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Real estate loans | |||
Total loans | $ 646,389 | $ 594,324 | |
Unearned fees and discounts, net | (407) | (272) | |
Allowance for credit losses | 7,499 | 7,139 | $ 7,052 |
Loans, net | 639,297 | 587,457 | |
One- to four-family [Member] | |||
Real estate loans | |||
Total loans | 177,263 | 163,854 | |
Allowance for credit losses | 1,774 | 1,898 | 1,028 |
Multi-family [Member] | |||
Real estate loans | |||
Total loans | 126,031 | 89,649 | |
Allowance for credit losses | 1,764 | 1,121 | 1,375 |
Home equity lines of credit [Member] | |||
Real estate loans | |||
Total loans | 9,859 | 8,066 | |
Allowance for credit losses | 148 | 121 | 70 |
Construction [Member] | |||
Real estate loans | |||
Total loans | 33,708 | 50,973 | |
Allowance for credit losses | 337 | 765 | 489 |
Commercial Business [Member] | |||
Real estate loans | |||
Total loans | 200,017 | 193,707 | |
Allowance for credit losses | 2,358 | 2,369 | 1,985 |
Commercial [Member] | |||
Real estate loans | |||
Total loans | 91,784 | 79,693 | |
Allowance for credit losses | 1,053 | 794 | 2,025 |
Consumer [Member] | |||
Real estate loans | |||
Total loans | 7,727 | 8,382 | |
Allowance for credit losses | $ 65 | $ 71 | $ 80 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2024 USD ($) SecurityLoan | Jun. 30, 2023 USD ($) SecurityLoan | |
Loans and Allowance for Credit Losses [Line Items] | ||
Maximum term of fixed-rate one- to four-family residential mortgage loans | 15 years | |
Number of default loans | SecurityLoan | 0 | 0 |
Foreclosed residential real estate properties | $ 0 | $ 31,000 |
Fair Value, Concentration of Risk, Collateral Policy [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Commercial and multi-family real estate | $ 346,499,000 | 328,721,000 |
Troubled Debt Restructurings [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Minimum period for default | 90 days | |
Residential Real Estate [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Foreclosed residential real estate properties | $ 0 | 25,000 |
One- to four-family [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Loans held for sale | $ 0 | 0 |
Maximum term of fixed-rate one- to four-family residential mortgage loans | 15 years | |
Purchased Loans and Loan Participations [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Approximate amount of purchase loans included in loans receivable | $ 253,000 | 652,000 |
Approximate amount of loans included on out-of-area participation | 51,798,000 | 46,073,000 |
Amount within 100 miles of primary area | $ 34,929,000 | $ 28,951,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Allowance for loan losses: | ||
Balance, beginning of year | $ 7,139 | $ 7,052 |
Impact of adopting ASU 2016-13 | 47 | |
Provision (credit) charged to expense | 150 | 52 |
Losses charged off | (49) | (51) |
Recoveries | 259 | 39 |
Balance, end of period | 7,499 | 7,139 |
Loans: | ||
Ending balance | 646,389 | 594,324 |
One- to four-family [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 1,898 | 1,028 |
Impact of adopting ASU 2016-13 | 382 | |
Provision (credit) charged to expense | (127) | 487 |
Losses charged off | 0 | 0 |
Recoveries | 3 | 1 |
Balance, end of period | 1,774 | 1,898 |
Loans: | ||
Ending balance | 177,263 | 163,854 |
Multi-family [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 1,121 | 1,375 |
Impact of adopting ASU 2016-13 | (140) | |
Provision (credit) charged to expense | 643 | (114) |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 1,764 | 1,121 |
Loans: | ||
Ending balance | 126,031 | 89,649 |
Home equity lines of credit [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 121 | 70 |
Impact of adopting ASU 2016-13 | 33 | |
Provision (credit) charged to expense | 27 | 18 |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 148 | 121 |
Loans: | ||
Ending balance | 9,859 | 8,066 |
Construction [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 765 | 489 |
Impact of adopting ASU 2016-13 | 192 | |
Provision (credit) charged to expense | (428) | 84 |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 337 | 765 |
Loans: | ||
Ending balance | 33,708 | 50,973 |
Commercial [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 2,369 | 1,985 |
Impact of adopting ASU 2016-13 | 385 | |
Provision (credit) charged to expense | (11) | (1) |
Losses charged off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 2,358 | 2,369 |
Loans: | ||
Ending balance | 200,017 | 193,707 |
Commercial [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 794 | 2,025 |
Impact of adopting ASU 2016-13 | (818) | |
Provision (credit) charged to expense | 17 | (422) |
Losses charged off | 0 | (14) |
Recoveries | 242 | 23 |
Balance, end of period | 1,053 | 794 |
Loans: | ||
Ending balance | 91,784 | 79,693 |
Consumer [Member] | ||
Allowance for loan losses: | ||
Balance, beginning of year | 71 | 80 |
Impact of adopting ASU 2016-13 | 13 | |
Provision (credit) charged to expense | 29 | 0 |
Losses charged off | (49) | (37) |
Recoveries | 14 | 15 |
Balance, end of period | 65 | 71 |
Loans: | ||
Ending balance | $ 7,727 | $ 8,382 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Credit Risk Profile of Association's Loan Portfolio Based on Risk Rating Category and Calendar Year of Origination (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | $ 43,030 | $ 56,417 |
2023 | 142,910 | 212,517 |
2022 | 177,235 | 99,138 |
2021 | 85,294 | 86,618 |
2020 | 79,971 | 29,700 |
Prior Years | 117,949 | 109,934 |
Total loans | 646,389 | 594,324 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 43,030 | 53,624 |
2023 | 142,763 | 212,452 |
2022 | 177,183 | 98,869 |
2021 | 84,877 | 84,506 |
2020 | 78,062 | 29,096 |
Prior Years | 117,237 | 109,593 |
Total loans | 643,152 | 588,140 |
Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 72 | |
Prior Years | 335 | |
Total loans | 72 | 335 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 2,793 | |
2023 | 147 | 65 |
2022 | 52 | 269 |
2021 | 345 | 2,112 |
2020 | 1,909 | 604 |
Prior Years | 712 | 6 |
Total loans | 3,165 | 5,849 |
One- to four-family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 14,790 | 22,046 |
2023 | 39,216 | 56,060 |
2022 | 51,267 | 27,937 |
2021 | 24,439 | 18,529 |
2020 | 15,455 | 6,218 |
Prior Years | 32,096 | 33,064 |
Total loans | 177,263 | 163,854 |
Current period charge-offs Prior Years | 3 | |
Current period charge-offs Total | 3 | |
Current period recoveries Prior Years | 1 | |
Current period recoveries Total | 1 | |
One- to four-family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 14,790 | 22,032 |
2023 | 39,202 | 56,054 |
2022 | 51,262 | 27,843 |
2021 | 24,362 | 18,468 |
2020 | 15,455 | 5,996 |
Prior Years | 31,926 | 32,729 |
Total loans | 176,997 | 163,122 |
One- to four-family [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 72 | |
Prior Years | 335 | |
Total loans | 72 | 335 |
One- to four-family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 14 | |
2023 | 14 | 6 |
2022 | 5 | 94 |
2021 | 5 | 61 |
2020 | 222 | |
Prior Years | 170 | |
Total loans | 194 | 397 |
Multi-family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 573 | 674 |
2023 | 9,004 | 37,826 |
2022 | 51,279 | 10,647 |
2021 | 20,346 | 14,399 |
2020 | 22,728 | 8,831 |
Prior Years | 22,101 | 17,272 |
Total loans | 126,031 | 89,649 |
Multi-family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 573 | 674 |
2023 | 9,004 | 37,826 |
2022 | 51,279 | 10,647 |
2021 | 20,346 | 14,399 |
2020 | 22,728 | 8,587 |
Prior Years | 21,867 | 17,272 |
Total loans | 125,797 | 89,405 |
Multi-family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2020 | 244 | |
Prior Years | 234 | |
Total loans | 234 | 244 |
Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 1,629 | 982 |
2023 | 2,361 | 2,554 |
2022 | 1,874 | 1,301 |
2021 | 1,806 | 1,035 |
2020 | 795 | 789 |
Prior Years | 1,394 | 1,405 |
Total loans | 9,859 | 8,066 |
Home equity lines of credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 1,629 | 982 |
2023 | 2,361 | 2,554 |
2022 | 1,874 | 1,301 |
2021 | 1,806 | 1,035 |
2020 | 795 | 789 |
Prior Years | 1,394 | 1,405 |
Total loans | 9,859 | 8,066 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 9,123 | 2,882 |
2023 | 21,043 | 29,188 |
2022 | 3,250 | 10,432 |
2021 | 8,471 | |
Prior Years | 292 | |
Total loans | 33,708 | 50,973 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 9,123 | 2,882 |
2023 | 21,043 | 29,188 |
2022 | 3,250 | 10,432 |
2021 | 8,471 | |
Prior Years | 292 | |
Total loans | 33,708 | 50,973 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 4,602 | 12,214 |
2023 | 29,665 | 63,645 |
2022 | 57,530 | 29,320 |
2021 | 27,772 | 33,364 |
2020 | 31,310 | 5,925 |
Prior Years | 49,138 | 49,239 |
Total loans | 200,017 | 193,707 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 4,602 | 12,214 |
2023 | 29,665 | 63,645 |
2022 | 57,530 | 29,320 |
2021 | 27,622 | 32,502 |
2020 | 30,489 | 5,844 |
Prior Years | 48,886 | 49,239 |
Total loans | 198,794 | 192,764 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 150 | 862 |
2020 | 821 | 81 |
Prior Years | 252 | |
Total loans | 1,223 | 943 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 10,357 | 15,228 |
2023 | 38,986 | 20,063 |
2022 | 10,205 | 17,847 |
2021 | 10,088 | 9,986 |
2020 | 9,289 | 7,726 |
Prior Years | 12,859 | 8,843 |
Total loans | 91,784 | 79,693 |
Current period charge-offs 2023 | (10) | |
Current period charge-offs 2022 | (4) | |
Current period charge-offs Total | (14) | |
Current period recoveries 2020 | 242 | 14 |
Current period recoveries Prior Years | 9 | |
Current period recoveries Total | 242 | 23 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 10,357 | 12,449 |
2023 | 38,853 | 20,004 |
2022 | 10,158 | 17,673 |
2021 | 9,898 | 8,797 |
2020 | 8,201 | 7,669 |
Prior Years | 12,803 | 8,841 |
Total loans | 90,270 | 75,433 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 2,779 | |
2023 | 133 | 59 |
2022 | 47 | 174 |
2021 | 190 | 1,189 |
2020 | 1,088 | 57 |
Prior Years | 56 | 2 |
Total loans | 1,514 | 4,260 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 1,956 | 2,391 |
2023 | 2,635 | 3,181 |
2022 | 1,830 | 1,654 |
2021 | 843 | 834 |
2020 | 394 | 211 |
Prior Years | 69 | 111 |
Total loans | 7,727 | 8,382 |
Current period charge-offs 2024 | (48) | (33) |
Current period charge-offs 2021 | (1) | (4) |
Current period charge-offs Total | (49) | (37) |
Current period recoveries 2024 | 14 | 14 |
Current period recoveries Prior Years | 1 | |
Current period recoveries Total | 14 | 15 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2024 | 1,956 | 2,391 |
2023 | 2,635 | 3,181 |
2022 | 1,830 | 1,653 |
2021 | 843 | 834 |
2020 | 394 | 211 |
Prior Years | 69 | 107 |
Total loans | $ 7,727 | 8,377 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2022 | 1 | |
Prior Years | 4 | |
Total loans | $ 5 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Association's Loan Portfolio Aging Analysis (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | $ 1,863 | $ 981 |
Current | 644,526 | 593,343 |
Total loans | 646,389 | 594,324 |
Total Loans 90 Days Past Due & Accruing | 23 | |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 150 | 153 |
Current | 199,867 | 193,554 |
Total loans | 200,017 | 193,707 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 41 | 114 |
Current | 91,743 | 79,579 |
Total loans | 91,784 | 79,693 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 51 | 55 |
Current | 7,676 | 8,327 |
Total loans | 7,727 | 8,382 |
Total Loans 90 Days Past Due & Accruing | 23 | |
One- to four-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,201 | 639 |
Current | 176,062 | 163,215 |
Total loans | 177,263 | 163,854 |
Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 141 | |
Current | 125,890 | 89,649 |
Total loans | 126,031 | 89,649 |
Home equity lines of credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 42 | 20 |
Current | 9,817 | 8,046 |
Total loans | 9,859 | 8,066 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 237 | |
Current | 33,471 | 50,973 |
Total loans | 33,708 | 50,973 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1,452 | 779 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 153 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 21 | 56 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 27 | 47 |
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 | 1,009 | 523 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 141 | |
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 | 17 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 237 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 238 | 142 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 20 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 1 | 6 |
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 | 192 | 116 |
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 | 25 | 20 |
Financing Receivables, 90 Days or Greater [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 173 | 60 |
Financing Receivables, 90 Days or Greater [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 150 | |
Financing Receivables, 90 Days or Greater [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | 58 | |
Financing Receivables, 90 Days or Greater [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total Past Due | $ 23 | $ 2 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Nonaccrual with no Allowance for Credit Losses and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | $ 0 | $ 0 |
Nonaccrual | 150 | 117 |
One- to four-family [Member] | ||
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
Nonaccrual | 0 | 0 |
Multi-family [Member] | ||
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
Nonaccrual | 0 | 0 |
Home equity lines of credit [Member] | ||
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
Nonaccrual | 0 | 0 |
Construction loans [Member] | ||
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
Nonaccrual | 0 | 0 |
Consumer loans [Member] | ||
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
Nonaccrual | 0 | 2 |
Commercial [Member] | ||
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
Nonaccrual | 150 | 0 |
Commercial business loans [Member] | ||
Mortgages on real estate: | ||
Nonaccrual with no Allowance for Credit Losses | 0 | 0 |
Nonaccrual | $ 0 | $ 115 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary Of Amortized Cost Of Loans Modified And Experiencing Financial Difficulty (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2024 USD ($) | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 385 |
Total Class of Financing Receivable | 0.06% |
One- to four-family [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 0 |
Total Class of Financing Receivable | 0% |
Multi-family [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 0 |
Total Class of Financing Receivable | 0% |
Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 252 |
Total Class of Financing Receivable | 0.13% |
Home equity lines of credit [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 0 |
Total Class of Financing Receivable | 0% |
Construction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 0 |
Total Class of Financing Receivable | 0% |
Commercial business [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 133 |
Total Class of Financing Receivable | 0.15% |
Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Delay | $ 0 |
Total Class of Financing Receivable | 0% |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Real estate loans | |
Total | $ 215 |
One- to four-family [Member] | |
Real estate loans | |
Total | 189 |
Multi-family [Member] | |
Real estate loans | |
Total | 0 |
Home equity lines of credit [Member] | |
Real estate loans | |
Total | 0 |
Real estate loan [Member] | |
Real estate loans | |
Total | 189 |
Construction loans [Member] | |
Real estate loans | |
Total | 0 |
Commercial [Member] | |
Real estate loans | |
Total | 0 |
Commercial business loans [Member] | |
Real estate loans | |
Total | 26 |
Consumer loans [Member] | |
Real estate loans | |
Total | $ 0 |
Premises and Equipment - Major
Premises and Equipment - Major Classifications of Premises and Equipment, Stated at Cost (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Property Plant And Equipment Useful Life And Values [Abstract] | ||
Land | $ 2,124 | $ 2,160 |
Buildings and improvements | 13,204 | 13,298 |
Furniture and equipment | 4,448 | 4,846 |
Premises and equipment, gross | 19,776 | 20,304 |
Less accumulated depreciation | 9,196 | 9,212 |
Net premises and equipment | $ 10,580 | $ 11,092 |
Loan Servicing - Activity in Mo
Loan Servicing - Activity in Mortgage Servicing Rights Measured Using the Fair Value Method (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Transfers and Servicing [Abstract] | ||
Fair value, beginning of period | $ 1,482 | $ 1,463 |
Servicing assets resulting from asset transfers | 151 | 89 |
Payments received and loans refinanced | (143) | (171) |
Changes in fair value, due to changes in valuation inputs or assumptions | 1 | 101 |
Fair value, end of period | $ 1,491 | $ 1,482 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Transfers and Servicing [Abstract] | |||
Unpaid principal balances of mortgage loans serviced for others | $ 133,786,000 | $ 133,228,000 | |
Custodial escrow balances in connection with the foregoing loan servicing | 1,090,000 | 1,536,000 | |
Mortgage servicing rights, Fair value | $ 1,491 | $ 1,482 | $ 1,463 |
Interest-Bearing Deposits - Int
Interest-Bearing Deposits - Interest Expense by Deposit Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Federal Home Loan Banks [Abstract] | ||
Savings, NOW, and Money Market | $ 5,351 | $ 2,942 |
Certificates of deposit | 10,996 | 4,391 |
Brokered certificates of deposit | 1,306 | 664 |
Total deposit interest expense | $ 17,653 | $ 7,997 |
Interest-Bearing Deposits - Sch
Interest-Bearing Deposits - Scheduled Maturities of Time Deposits Including Brokered Time Deposits (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Federal Home Loan Banks [Abstract] | |
2025 | $ 289,058 |
2026 | 15,555 |
2027 | 8,976 |
2028 | 5,604 |
2029 and thereafter | 440 |
Time Deposits | $ 319,633 |
Interest-Bearing Deposits - Add
Interest-Bearing Deposits - Additional Information (Detail) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Federal Home Loan Banks [Abstract] | ||
Interest-bearing deposits in denominations of $100,000 or more | $ 367,035,000 | $ 389,928,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Other Borrowings - Aggregate Annual Maturities of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Federal Home Loan Banks [Abstract] | ||
2025 | $ 11,000 | |
2026 | 5,500 | |
2027 | 15,000 | |
2028 | 100 | |
2029 | 1,009 | |
Thereafter | 390 | |
Total federal home loan bank advances | $ 32,999 | $ 19,500 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances and Other Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Federal Home Loan Bank, Advances [Line Items] | |||
Federal Home Loan Bank advances | $ 32,999,000 | $ 32,999,000 | $ 19,500,000 |
Mortgage loans secured for Federal Home Loan Bank Advances | 408,196,000,000 | 408,196,000,000 | |
Other borrowings | 25,250,000 | 25,250,000 | 0 |
Maximum amount of outstanding agreements | 18,377,000 | 11,050,000 | |
Repurchase agreement monthly average amount | 16,276,000 | 10,015,000 | |
Repurchase agreements | 17,772,000 | 17,772,000 | 10,787,000 |
Maturity Overnight [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Repurchase agreements | 17,772,000 | 17,772,000 | |
Fed Funds Line Of Credit Facility From Cibc Bank Usa [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Line of credit maximum borrowing capacity | 10,000,000 | 10,000,000 | |
Lines of credit | $ 0 | 0 | $ 0 |
Letter of Credit [Member] | Public Unit Deposit Letter Of Credit One [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Debt Instrument Maturity Date | May 06, 2025 | ||
Letters of Credit Outstanding, Amount | $ 90,000,000,000 | 90,000,000,000 | |
Letter of Credit [Member] | Public Unit Deposit Letter Of Credit Two [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Debt Instrument Maturity Date | Nov. 29, 2024 | ||
Letters of Credit Outstanding, Amount | $ 6,500,000,000 | 6,500,000,000 | |
Letter of Credit [Member] | Public Unit Deposit Letter Of Credit Three [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Debt Instrument Maturity Date | Nov. 29, 2024 | ||
Letters of Credit Outstanding, Amount | $ 11,000,000,000 | 11,000,000,000 | |
Letter of Credit [Member] | Public Unit Deposit Letter Of Credit Four [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Debt Instrument Maturity Date | Dec. 29, 2024 | ||
Letters of Credit Outstanding, Amount | $ 9,000,000,000 | $ 9,000,000,000 | |
Letter of Credit [Member] | Public Deposit Unit Letter Of Credit One Two Three And Four [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.065% | 0.065% | |
Letter of Credit [Member] | Public Deposit Unit Letter Of Credit [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.065% | ||
Letters of Credit Outstanding, Amount | $ 80,000,000,000 | ||
Federal Reserve Bank Advances [Member] | Asset Pledged as Collateral [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Other borrowings | $ 0 | ||
Debt Instrument, Face Amount | $ 25,272,000 | $ 25,272,000 | |
Federal Reserve Bank Advances [Member] | Debt Instrument, Redemption, Period One [Member] | Asset Pledged as Collateral [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Debt Instrument Maturity Date | Jan. 16, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.76% | 4.76% | |
Other borrowings | $ 25,250,000 | $ 25,250,000 | |
Maximum [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Federal Home Loan Bank advances interest rate range from | 5.29% | 5.29% | |
Minimum [Member] | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Federal Home Loan Bank advances interest rate range from | 0% | 0% |
Income Taxes - Components of th
Income Taxes - Components of the Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Taxes currently payable | $ 445 | $ 1,756 |
Deferred income taxes | 120 | (156) |
Income tax expense | $ 565 | $ 1,600 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense at the Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes Paid, Net [Abstract] | ||
Computed at the statutory rate | $ 495 | $ 1,315 |
Increase (decrease) resulting from | ||
Tax exempt interest | (30) | (22) |
Cash surrender value of life insurance | (106) | (81) |
State income taxes | 152 | 451 |
Other | 54 | (63) |
Actual tax expense | $ 565 | $ 1,600 |
Tax rate as a percentage of pre-tax income | 24% | 25.60% |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Income Tax Expense at the Statutory Rate (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2024 | |
Income Taxes Paid, Net [Abstract] | |
Statutory tax rate | 21% |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences Related to Deferred Taxes (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Deferred tax assets | ||
Allowance for credit losses (ACL) on loans | $ 2,134 | $ 2,033 |
ACL on off-balance sheet credit exposures | 28 | 62 |
Accrued retirement liability | 726 | 693 |
Deferred compensation | 678 | 612 |
Deferred loan fees | 99 | 126 |
Unrealized losses on available-for-sale securities | 8,280 | 8,658 |
Accrued vacation | 70 | 56 |
MPF recourse liability | 29 | 36 |
Deferred revenue Mastercard | 9 | 12 |
Stock options - Directors | 0 | 54 |
Restricted stock | 20 | 61 |
Accrued professional services | 21 | 27 |
Other | 3 | 28 |
Total deferred tax assets | 12,097 | 12,458 |
Deferred tax liabilities | ||
Postretirement health plan | (83) | (27) |
Depreciation | (815) | (698) |
Mortgage servicing rights | (425) | (423) |
Deferred loan expense | (214) | (204) |
Prepaid expenses | (77) | (69) |
Total deferred tax liabilities | (1,614) | (1,421) |
Net deferred tax asset | $ 10,483 | $ 11,037 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Income Tax Disclosure [Abstract] | ||
Retained earnings excluding deferred federal income tax liability | $ 2,217,000 | $ 2,217,000 |
Amount deferred income tax liabilities expected to reverse into taxable income | $ 466,000 | $ 466,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | $ (21,648) | $ (17,346) |
Other comprehensive income (loss) before reclassification | 947 | (4,574) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 122 |
Net current period other comprehensive income | 142 | 150 |
Ending balance | (20,559) | (21,648) |
Unrealized Gains and Losses on Available-for- Sale Securities [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | (21,715) | (17,263) |
Other comprehensive income (loss) before reclassification | 947 | (4,574) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 122 |
Net current period other comprehensive income | 0 | 0 |
Ending balance | (20,768) | (21,715) |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Beginning balance | 67 | (83) |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current period other comprehensive income | 142 | 150 |
Ending balance | $ 209 | $ 67 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component - Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains (losses) on available-for-sale securities | $ 0 | $ (171) |
Tax expense | 565 | 1,600 |
Net Income | 1,790 | 4,660 |
Amounts Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassified amount before tax | 198 | 39 |
Tax expense | 56 | 11 |
Net Income | 142 | 28 |
Accumulated Net Realized Investment Gains (Losses) [Member] | Amounts Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gains (losses) on available-for-sale securities | 0 | (171) |
Amortization of Defined Benefit Pension Items [Member] | Amounts Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial gains (losses) | $ 198 | $ 210 |
Regulatory Matters - Associatio
Regulatory Matters - Association's Actual Capital Amounts and Ratios (Detail) - Association [Member] $ in Thousands | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual, Community Bank Leverage Ratio, Amount | $ 86,672 | $ 84,222 |
Actual, Tier 1 capital (to adjusted total assets), Amount | 86,672 | 84,222 |
Actual, Tangible capital (to adjusted tangible assets), Amount | $ 86,672 | $ 84,222 |
Actual, Community Bank Leverage Ratio, Ratio | 0.0923 | 0.0951 |
Actual, Tier 1 capital (to adjusted total assets), Ratio | 9.23% | 9.51% |
Actual, Tangible capital (to adjusted total assets), Ratio | 0.0923 | 0.0951 |
Minimum Capital Requirement, Community Bank Leverage Ratio, Amount | $ 84,484 | $ 79,726 |
Minimum Capital Requirement, Tier 1 capital (to adjusted total assets), Amount | 37,549 | 35,434 |
Minimum Capital Requirement, Tangible capital (to adjusted tangible assets), Amount | $ 14,081 | $ 13,288 |
Minimum Capital Requirement, Community Bank Leverage Ratio, Ratio | 0.09 | 0.09 |
Minimum Capital Requirement, Tier 1 capital (to adjusted total assets), Ratio | 4% | 4% |
Minimum Capital Requirement, Tangible capital (to adjusted tangible assets), Ratio | 0.015 | 0.015 |
Minimum To Be Well Capitalised Under Prompt Corrective Action Provisions, Community Bank Leverage Ratio, Amount | $ 84,484 | $ 79,726 |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 capital (to adjusted total assets), Amount | $ 46,936 | $ 44,292 |
Minimum To Be Well Capitalised Under Prompt Corrective Action Provisions, Community Bank Leverage Ratio, Ratio | 0.09 | 0.09 |
Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 capital (to adjusted total assets), Ratio | 5% | 5% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Billions | Jun. 30, 2024 USD ($) | Mar. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Maximum asset value required to be maintained leverage ratio | $ 10 | |
Tier 1 capital ratio of risk-weighted assets | 0.025 | |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage ratio | 0.09 |
Related Party Transactions - Ch
Related Party Transactions - Changes in Loans Outstanding (Detail) - Management [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||
Balance, beginning of year | $ 2,798 | $ 3,357 |
New loans | 301 | 50 |
Repayments | (572) | (609) |
Balance, end of year | $ 2,527 | $ 2,798 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Management [Member] | ||
Related Party Transaction [Line Items] | ||
Deposits from related parties held by the Company | $ 2,660,000 | $ 2,476,000 |
Employee Benefits - Plan's Fund
Employee Benefits - Plan's Funded Status and Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Change in benefit obligation | ||
Beginning of year | $ 2,431 | $ 2,620 |
Service cost | 41 | 43 |
Interest cost | 112 | 102 |
Actuarial (gain) loss | (196) | (210) |
Benefits paid | (132) | (124) |
End of year | $ 2,256 | $ 2,431 |
Employee Benefits - Significant
Employee Benefits - Significant Balances, Costs and Assumptions (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Retirement Benefits [Abstract] | |||
Benefit obligation | $ 2,256 | $ 2,431 | $ 2,620 |
Fair value of plan assets | |||
Funded status | (2,256) | (2,431) | |
Accumulated benefit obligation | $ 2,256 | $ 2,431 |
Employee Benefits - Summary of
Employee Benefits - Summary of Accrued postretirement benefit obligations recognized in Balance sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Accrued postretirement benefit obligation | $ 2,256 | $ 2,431 |
Employee Benefits - Net Periodi
Employee Benefits - Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 41 | $ 43 |
Interest cost | 112 | 102 |
Amortization of Loss | 0 | 0 |
Net periodic benefit cost, Total | $ 153 | $ 145 |
Employee Benefits - Accumulated
Employee Benefits - Accumulated Other Comprehensive Income (Loss) Not Yet Recognized (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Retirement Benefits [Abstract] | ||
Net income (loss) | $ (349) | $ (153) |
Employee Benefits - Other Signi
Employee Benefits - Other Significant Balances and Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||
Employer contribution | $ 132 | $ 124 |
Benefits paid | 132 | 124 |
Benefit costs | $ 153 | $ 145 |
Employee Benefits - One-Percent
Employee Benefits - One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2024 USD ($) | |
Retirement Benefits [Abstract] | |
One-Percentage-Point Increase, Effect on total of service and interest cost components | $ 4 |
One-Percentage-Point Increase, Effect on postretirement benefit obligation | 23 |
One-Percentage-Point Decrease, Effect on total of service and interest cost components | (4) |
One-Percentage-Point Decrease, Effect on postretirement benefit obligation | $ (21) |
Employee Benefits - Postretirem
Employee Benefits - Postretirement Plan Benefit Payments Expected Future Service (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Retirement Benefits [Abstract] | |
2025 | $ 147 |
2026 | 179 |
2027 | 190 |
2028 | 203 |
2029 | 201 |
2030-2034 | $ 905 |
Employee Benefits - Benefit Pay
Employee Benefits - Benefit Payments Expected to be Paid for Agreements (Detail) $ in Thousands | Jun. 30, 2024 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2025 | $ 147 |
2026 | 179 |
2027 | 190 |
2028 | 203 |
2029 | 201 |
Thereafter | 905 |
Deferred Compensation Agreements [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2025 | 90 |
2026 | 228 |
2027 | 241 |
2028 | 263 |
2029 | 294 |
Thereafter | 3,905 |
Total | $ 5,021 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2026 | Jun. 30, 2025 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contribution by the association in the year 2021 | $ 137,000 | |||
Estimated net loss | (15,000) | |||
Prior service cost | 0 | |||
Transition obligation | $ 0 | |||
Discount rates | 5.31% | 4.76% | ||
Annual rate of health care cost, increase | 8% | 7.50% | 7.50% | |
Matching contribution contributed by the association under the plan | 25% | |||
Percentage of employee's compensation | 5% | |||
Employer contributions | $ 96,000 | $ 91,000 | ||
Employer contributions | $ 2,400,000 | $ 2,100,000 | ||
Normal retirement age of directors | 72 years | |||
Benefit cost discount rate | 4.76% | 4.02% | ||
Deferred Profit Sharing [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 402,000 | $ 698,000 | ||
Deferred Compensation Agreements [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected annual rate of health care cost, decrease | 5% | |||
Employer contributions | $ 271,000 | $ 262,000 | ||
Minimum [Member] | Deferred Profit Sharing [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer Profit Sharing contribution under the Plan | 4% |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Allocated shares | 170,696 | 162,986 | |
Shares committed for release | 19,245 | 19,245 | |
Unearned shares | 134,715 | 153,960 | |
Total ESOP shares | 324,656 | 336,191 | |
Fair value of unearned ESOP shares | [1] | $ 2,180 | $ 2,223 |
[1]Based on closing price of $16.18 and $14.44 per share on June 30, 2024, and 2023, respectively. |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of ESOP Shares (Parenthetical) (Detail) - $ / shares | Jun. 30, 2024 | Jun. 30, 2023 |
Employee Stock Ownership Plan Esop [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
ESOP, closing price per share | $ 16.18 | $ 14.44 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, June 30, 2023 | shares | 90,143 |
Granted | shares | |
Exercised | shares | |
Forfeited | shares | 90,143 |
Outstanding, June 30, 2024 | shares | 0 |
Exercisable, June 30, 2024 | shares | 0 |
Outstanding, June 30, 2023 | $ / shares | $ 16.63 |
Granted | $ / shares | |
Exercised | $ / shares | |
Forfeited | $ / shares | 16.63 |
Outstanding, June 30, 2024 | $ / shares | 0 |
Exercisable, June 30, 2024 | $ / shares | $ 0 |
Outstanding, June 30, 2024 | 0 years |
Exercisable, June 30, 2024 | 0 years |
Outstanding, June 30, 2024 | $ | $ 0 |
Exercisable, June 30, 2024 | $ | $ 0 |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Non-vested Restricted Stock Activity (Detail) - Restricted Stock [Member] | 12 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | shares | 62,314 |
Granted, Shares | shares | |
Forfeited, Shares | shares | 1,600 |
Earned and issued, Shares | shares | 19,914 |
Ending balance, Shares | shares | 40,800 |
Beginning balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.76 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 19.1 |
Earned and issued, Weighted-Average Grant-Date Fair Value | $ / shares | 18.76 |
Ending balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.1 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Dec. 10, 2013 | Dec. 31, 2016 | Jun. 30, 2024 | Jun. 30, 2023 | Jul. 01, 2023 | Sep. 09, 2022 | Dec. 10, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares paid under ESOP | 324,656 | 336,191 | |||||
Employee Stock Ownership Plan Esop [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Minimum hours of service required | 1000 hours | ||||||
Period of service to qualify for ESOP benefits | 12 months | ||||||
Minimum age of employee to attain the plan | 21 years | ||||||
Shares to be purchased for ESOP, from borrowed funds | 384,900 | ||||||
Shares to be purchased for ESOP, percentage of common stock | 8% | ||||||
Repayment of loan on ESOP | 20 years | ||||||
Percentage vested in accrued benefits | 100% | ||||||
Vesting period | 6 years | ||||||
Employee Stock Ownership Plan Esop [Member] | Employee Severance [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares paid under ESOP | 9,348 | 9,130 | |||||
Employee Stock Ownership Plan ESOP Shares In ESOP Transferred | 2,405 | ||||||
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 | 52,970 | ||||||
Stock options granted | 0 | ||||||
Options vested during the period | 0 | 0 | |||||
Weighted average recognition period for non-vested restricted stock awards | 7 years | ||||||
Unrecognized compensation expense for non-vested restricted stock awards | $ 0 | ||||||
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 | 53,000 | 16,900 | ||||
Restricted stock available for future grants | 211,880 | ||||||
Weighted average recognition period for non-vested restricted stock awards | 3 years 2 months 12 days | ||||||
Unrecognized compensation expense for non-vested restricted stock awards | $ 617,000 | ||||||
Stock based compensation expense | 260,000 | $ 327,000 | |||||
Tax benefit | $ 74,000 | $ 93,000 | |||||
2022 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized | 264,850 | ||||||
2022 Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized | 52,970 | ||||||
Options vested during the period | 0 | ||||||
2022 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 | 211,880 |
Earnings Per Share ("EPS") - Fa
Earnings Per Share ("EPS") - Factors Used in Earnings Per Common Share Computation (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 1,790 | $ 4,660 |
Basic weighted average shares outstanding | 3,276,491 | 3,276,890 |
Less: Average unallocated ESOP shares | (144,338) | (163,583) |
Average shares outstanding | 3,132,153 | 3,113,307 |
Diluted effect of restricted stock awards and stock options | 0 | 81,722 |
Diluted average shares outstanding | 3,132,153 | 3,195,029 |
Basic earnings per common share | $ 0.57 | $ 1.5 |
Diluted earnings per common share | $ 0.57 | $ 1.46 |
Disclosures about Fair Value _3
Disclosures about Fair Value of Assets - Fair Value Measurements of Assets Recognized on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | $ 190,475 | $ 201,299 | |
Mortgage servicing rights | 1,491 | 1,482 | $ 1,463 |
U.S. Treasury [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 444 | 438 | |
US Government and federal agency [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 6,609 | 6,477 | |
Mortgage-backed securities – GSE residential [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 166,236 | 175,726 | |
Small Business Administration [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 14,086 | 15,233 | |
State and political subdivisions [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 3,100 | 3,425 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 444 | ||
Significant Other Observable Inputs (Level 2) [Member] | |||
Available-for-sale securities: | |||
Mortgage servicing rights | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 0 | 438 | |
Significant Other Observable Inputs (Level 2) [Member] | US Government and federal agency [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 6,609 | 6,477 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities – GSE residential [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 166,236 | 175,726 | |
Significant Other Observable Inputs (Level 2) [Member] | Small Business Administration [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 14,086 | 15,233 | |
Significant Other Observable Inputs (Level 2) [Member] | State and political subdivisions [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | 1,043 | 1,064 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Available-for-sale securities: | |||
Mortgage servicing rights | 1,491 | 1,482 | |
Significant Unobservable Inputs (Level 3) [Member] | State and political subdivisions [Member] | |||
Available-for-sale securities: | |||
Available-for-sale securities, Fair Value | $ 2,057 | $ 2,361 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Assets - Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in Accompanying Balance Sheet (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
State and Political Subdivision [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 2,361 | $ 2,662 |
Settlements | (304) | (301) |
Ending Balance | 2,057 | 2,361 |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,482 | 1,463 |
Total realized and unrealized gains and losses included in net income | 1 | 101 |
Servicing rights that result from asset transfers | 151 | 89 |
Payments received and loans refinanced | (143) | (171) |
Ending Balance | 1,491 | $ 1,482 |
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 | $ 1 |
Disclosures about Fair Value _5
Disclosures about Fair Value of Assets - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 USD ($) yr mo | Jun. 30, 2023 USD ($) yr mo | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights | $ 1,491 | $ 1,482 |
State and political subdivisions | $ 2,057 | $ 2,361 |
Discount Rate [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 10 | 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 | 6.2 | 6 |
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 | 0.08 | 0.09 |
Minimum [Member] | Maturity/Call Date [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | mo | 1 | 1 |
Minimum [Member] | Weighted average coupon [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 2.97 | 2.97 |
Minimum [Member] | Marketability yield adjustment [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 1 | 1 |
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 | 8 | 7 |
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 | 0.12 | 0.12 |
Maximum [Member] | Maturity/Call Date [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | yr | 7 | 9 |
Maximum [Member] | Weighted average coupon [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 3.08 | 3.08 |
Maximum [Member] | Marketability yield adjustment [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 2 | 2 |
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 | 7.7 | 6.9 |
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 | 0.11 | 0.12 |
Weighted Average [Member] | Weighted average coupon [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 3.04 | 3.04 |
Weighted Average [Member] | Marketability yield adjustment [Member] | Discounted Cash Flow [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage servicing rights, measurement input | 1.6 | 1.6 |
Disclosures about Fair Value _6
Disclosures about Fair Value of Assets - Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Financial assets | ||
Cash and cash equivalents | $ 9,571 | $ 10,988 |
Interest-bearing time deposits in banks | 250 | 1,250 |
Loans, net of allowance for credit losses | 639,297 | 587,457 |
Federal Home Loan Bank stock | 4,499 | 3,127 |
Accrued interest receivable | 3,457 | 2,781 |
Financial liabilities | ||
Deposits | 727,177 | 735,314 |
Repurchase agreements | 17,772 | 10,787 |
Federal Home Loan Bank advances | 32,999 | 19,500 |
Other borrowings | 25,250 | 0 |
Advances from borrowers for taxes and insurance | 968 | 1,233 |
Accrued interest payable | 3,009 | 1,666 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 9,571 | 10,988 |
Interest-bearing time deposits in banks | 250 | 1,250 |
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 | 4,499 | 3,127 |
Accrued interest receivable | 3,457 | 2,781 |
Financial liabilities | ||
Deposits | 407,544 | 451,718 |
Repurchase agreements | 17,772 | 10,787 |
Federal Home Loan Bank advances | 32,560 | 19,382 |
Other borrowings | 25,199 | |
Advances from borrowers for taxes and insurance | 968 | 1,233 |
Accrued interest payable | 3,009 | 1,666 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Loans, net of allowance for credit losses | 607,076 | 564,432 |
Financial liabilities | ||
Deposits | 318,612 | 282,351 |
Unrecognized financial instruments (net of contract amount) | ||
Commitments to originate loans | $ 0 | $ 0 |
Commitments and Credit Risk - A
Commitments and Credit Risk - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments And Contingencies Disclosure [Line Items] | ||
Outstanding commitments to originate loans amount | $ 8,317,000 | $ 5,081,000 |
Loan amount commitments at fixed rates of interest | $ 2,028,000 | $ 3,454,000 |
Weighted average interest rates for fixed rate loan commitments | 7.43% | 7.48% |
Off-Balance-Sheet, Credit loss, Liability | $ 98,000 | $ 216,000 |
Off-Balance-Sheet, Credit Loss,Credit Loss Expense | (118,000) | (280,000) |
Commercial [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Lines of credit to borrowers | 58,696,000 | 80,497,000 |
Open End Consumer Lines [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Lines of credit to borrowers | $ 12,545,000 | $ 13,663,000 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Assets | |||
Cash and due from banks | $ 9,276 | $ 10,717 | |
Total assets | 887,745 | 848,976 | |
Liabilities | |||
Interest payable | 3,009 | 1,666 | |
Other liabilities | 4,300 | 6,076 | |
Total liabilities | 813,829 | 777,223 | |
Stockholders' Equity | 73,916 | 71,753 | $ 71,658 |
Total liabilities and stockholders' equity | 887,745 | 848,976 | |
Parent Company [Member] | |||
Assets | |||
Cash and due from banks | 6,191 | 7,407 | |
Investment in common stock of subsidiary | 66,113 | 62,574 | |
ESOP loan | 1,718 | 1,893 | |
Total assets | 74,022 | 71,874 | |
Liabilities | |||
Line of credit | 0 | 0 | |
Interest payable | 0 | 0 | |
Other liabilities | 106 | 121 | |
Total liabilities | 106 | 121 | |
Stockholders' Equity | 73,916 | 71,753 | |
Total liabilities and stockholders' equity | $ 74,022 | $ 71,874 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income | ||
Interest on ESOP loan | $ 34,826 | $ 26,106 |
Deposits with financial institutions | 238 | 303 |
Total interest and dividend income | 40,984 | 32,072 |
Expense | ||
Interest on line of credit | 850 | 16 |
Other expenses | 2,304 | 1,636 |
Benefit for Income Taxes | 565 | 1,600 |
Net Income | 1,790 | 4,660 |
Comprehensive Income | 2,879 | 358 |
Parent Company [Member] | ||
Income | ||
Interest on ESOP loan | 150 | 95 |
Deposits with financial institutions | ||
Total interest and dividend income | 150 | 95 |
Expense | ||
Interest on line of credit | 0 | 0 |
Other expenses | 199 | 201 |
Total expense | 199 | 201 |
Loss Before Income Tax and Equity in Undistributed Income of Subsidiary | (49) | (106) |
Benefit for Income Taxes | (14) | (30) |
Loss Before Equity in Undistributed Loss of Subsidiary | (35) | (76) |
Equity in Undistributed Income of Subsidiary | 1,825 | 4,736 |
Net Income | 1,790 | 4,660 |
Comprehensive Income | $ 2,879 | $ 358 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net income | $ 1,790 | $ 4,660 |
Items not requiring (providing) cash | ||
Net change accrued interest payable | 1,343 | 1,490 |
Net change in other liabilities | (1,894) | (616) |
Net cash provided by operating activities | 2,283 | 2,766 |
Cash flows from financing activities | ||
Dividends paid | (1,279) | (1,269) |
Net cash provided by (used in) financing activities | 36,053 | (10,470) |
Decrease in Cash and Cash Equivalents | (1,417) | (64,823) |
Cash and Cash Equivalents at Beginning of Year | 10,988 | |
Cash and Cash Equivalents at End of Year | 9,571 | 10,988 |
Parent Company [Member] | ||
Cash flows from operating activities | ||
Net income | 1,790 | 4,660 |
Items not requiring (providing) cash | ||
Net change accrued interest payable | 0 | (21) |
Net change in other liabilities | (15) | 30 |
Earnings from subsidiary | (1,825) | (4,736) |
Net cash provided by operating activities | (50) | (67) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 0 | 732 |
Dividends paid | (1,341) | (1,338) |
Dividends received | 0 | 2,000 |
Loan for ESOP | 175 | 190 |
Net cash provided by (used in) financing activities | (1,166) | 1,584 |
Decrease in Cash and Cash Equivalents | (1,216) | 1,517 |
Cash and Cash Equivalents at Beginning of Year | 7,407 | 5,890 |
Cash and Cash Equivalents at End of Year | $ 6,191 | $ 7,407 |