Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35593 | |
Entity Registrant Name | HOMETRUST BANCSHARES, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 45-5055422 | |
Entity Address, Address Line One | 10 Woodfin Street | |
Entity Address, City or Town | Asheville | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28801 | |
City Area Code | 828 | |
Local Phone Number | 259-3939 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | HTBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,316,211 | |
Entity Central Index Key | 0001538263 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | [1] |
Assets | |||
Cash | $ 22,431 | $ 22,312 | |
Interest-bearing deposits | 20,142 | 28,678 | |
Cash and cash equivalents | 42,573 | 50,990 | |
Commercial paper | 196,652 | 189,596 | |
Certificates of deposit in other banks | 35,495 | 40,122 | |
Debt securities available for sale, at fair value (amortized cost of $122,915 and $154,493 at September 30, 2021 and June 30, 2021, respectively) | 124,576 | 156,459 | |
Other investments, at cost | 20,891 | 23,710 | |
Loans held for sale | 105,161 | 93,539 | |
Total loans, net of deferred loan fees and costs | 2,719,642 | 2,733,267 | |
Allowance for credit losses | (34,406) | (35,468) | |
Net loans | 2,685,236 | 2,697,799 | |
Premises and equipment, net | 68,568 | 70,909 | |
Accrued interest receivable | 8,429 | 7,933 | |
Real Estate Owned ("REO") | 45 | 188 | |
Deferred income taxes | 15,722 | 16,901 | |
Bank Owned Life Insurance ("BOLI") | 93,679 | 93,108 | |
Goodwill | 25,638 | 25,638 | |
Core deposit intangibles | 250 | 343 | |
Other assets | 58,445 | 57,488 | |
Total Assets | 3,481,360 | 3,524,723 | |
Liabilities | |||
Deposits | 2,987,284 | 2,955,541 | |
Borrowings | 40,000 | 115,000 | |
Other liabilities | 57,565 | 57,663 | |
Total liabilities | 3,084,849 | 3,128,204 | |
Stockholders' equity | |||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding | 0 | 0 | |
Common stock, $0.01 par value, 60,000,000 shares authorized, 16,307,658 shares issued and outstanding at September 30, 2021; 16,636,483 at June 30, 2021 | 163 | 167 | |
Additional paid in capital | 151,425 | 160,582 | |
Retained earnings | 249,331 | 240,075 | |
Unearned Employee Stock Ownership Plan ("ESOP") shares | (5,687) | (5,819) | |
Accumulated other comprehensive income | 1,279 | 1,514 | |
Total stockholders' equity | 396,511 | 396,519 | |
Total liabilities and stockholders' equity | $ 3,481,360 | $ 3,524,723 | |
[1] | Derived from audited financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Debt securities available for sale, at fair value, amortized cost | $ 122,915 | $ 154,493 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized shares | 10,000,000 | 10,000,000 |
Preferred stock issued shares | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 60,000,000 | 60,000,000 |
Common stock shares issued | 16,307,658 | 16,636,483 |
Common stock shares outstanding | 16,307,658 | 16,636,483 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income | ||
Loans | $ 27,895 | $ 28,592 |
Commercial paper and interest-bearing deposits | 331 | 881 |
Debt securities available for sale | 524 | 528 |
Other investments | 555 | 448 |
Total interest and dividend income | 29,305 | 30,449 |
Interest expense | ||
Deposits | 1,572 | 3,253 |
Borrowings | 26 | 1,687 |
Total interest expense | 1,598 | 4,940 |
Net interest income | 27,707 | 25,509 |
Total provision (benefit) for credit losses | (1,460) | 950 |
Net interest income after provision (benefit) for credit losses | 29,167 | 24,559 |
Noninterest income | ||
Service charges and fees on deposit accounts | 2,372 | 2,097 |
Loan income and fees | 979 | 474 |
Gain on sale of loans held for sale | 4,057 | 3,344 |
BOLI income | 518 | 532 |
Operating lease income | 1,540 | 1,325 |
Other, net | 886 | 867 |
Total noninterest income | 10,352 | 8,639 |
Noninterest expense | ||
Salaries and employee benefits | 15,280 | 15,207 |
Net occupancy expense | 2,317 | 2,293 |
Computer services | 2,324 | 2,307 |
Telephone, postage, and supplies | 712 | 662 |
Marketing and advertising | 705 | 325 |
Deposit insurance premiums | 566 | 511 |
REO related expense | 142 | 213 |
Core deposit intangible amortization | 93 | 238 |
Other | 3,877 | 4,244 |
Total noninterest expense | 26,016 | 26,000 |
Income before income taxes | 13,503 | 7,198 |
Income tax expense | 2,976 | 1,445 |
Net income | $ 10,527 | $ 5,753 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.66 | $ 0.35 |
Diluted (in dollars per share) | $ 0.65 | $ 0.35 |
Average shares outstanding: | ||
Basic (in shares) | 15,761,247 | 16,230,990 |
Diluted (in shares) | 16,146,611 | 16,469,242 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 10,527 | $ 5,753 |
Other comprehensive income (loss) | ||
Gains (losses) arising during the period | (305) | 199 |
Deferred income tax benefit (expense) | 70 | (46) |
Total other comprehensive income (loss) | (235) | 153 |
Comprehensive income | $ 10,292 | $ 5,906 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative-effect adjustment due to the adoption of ASU 2016-13 | Common Stock | Additional Paid In Capital | Retained Earnings | Retained EarningsCumulative-effect adjustment due to the adoption of ASU 2016-13 | Unearned ESOP Shares | Accumulated Other Comprehensive Income (loss) |
Balance at beginning of period (in shares) at Jun. 30, 2020 | 17,021,357 | |||||||
Balance at beginning of period at Jun. 30, 2020 | $ 408,263 | $ (13,358) | $ 170 | $ 169,648 | $ 242,776 | $ (13,358) | $ (6,348) | $ 2,017 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,753 | 5,753 | ||||||
Cash dividends declared on common stock | (1,148) | (1,148) | ||||||
Retired stock (in shares) | (633) | |||||||
Retired stock | (9) | (9) | ||||||
Stock option expense | 164 | 164 | ||||||
Restricted stock expense | 342 | 342 | ||||||
ESOP shares allocated | 191 | 59 | 132 | |||||
Other comprehensive income (loss) | 153 | 153 | ||||||
Balance at end of period (in shares) at Sep. 30, 2020 | 17,020,724 | |||||||
Balance at end of period at Sep. 30, 2020 | $ 400,351 | $ 170 | 170,204 | 234,023 | (6,216) | 2,170 | ||
Balance at beginning of period (in shares) at Jun. 30, 2021 | 16,636,483 | 16,636,483 | ||||||
Balance at beginning of period at Jun. 30, 2021 | $ 396,519 | $ 167 | 160,582 | 240,075 | (5,819) | 1,514 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 10,527 | 10,527 | ||||||
Cash dividends declared on common stock | (1,271) | (1,271) | ||||||
Shares repurchased (in shares) | (376,435) | |||||||
Stock repurchased | (10,433) | $ (4) | (10,429) | |||||
Forfeited restricted stock (in shares) | (3,000) | |||||||
Retired stock (in shares) | (2,708) | |||||||
Retired stock | $ (75) | (75) | ||||||
Granted restricted stock (in shares) | 7,118 | |||||||
Exercised stock options (in shares) | 46,200 | 46,200 | ||||||
Exercised stock options | $ 700 | 700 | ||||||
Stock option expense | 159 | 159 | ||||||
Restricted stock expense | 256 | 256 | ||||||
ESOP shares allocated | 364 | 232 | 132 | |||||
Other comprehensive income (loss) | $ (235) | (235) | ||||||
Balance at end of period (in shares) at Sep. 30, 2021 | 16,307,658 | 16,307,658 | ||||||
Balance at end of period at Sep. 30, 2021 | $ 396,511 | $ 163 | $ 151,425 | $ 249,331 | $ (5,687) | $ 1,279 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, dividends, declared (in dollars per share) | $ 80 | $ 70 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income | $ 10,527 | $ 5,753 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision (benefit) for credit losses | (1,460) | 950 |
Depreciation | 2,279 | 2,392 |
Deferred income tax expense | 1,249 | 1,070 |
Net amortization and accretion | (34) | (442) |
Loss (gain) on sale and impairment of REO | (3) | (35) |
BOLI income | (518) | (532) |
Gain on sale of loans held for sale | (4,057) | (3,344) |
Origination of loans held for sale | (140,625) | (221,404) |
Proceeds from sales of loans held for sale | 129,679 | 158,185 |
Decrease in deferred loan fees, net | (1,562) | (1,753) |
Decrease in accrued interest receivable and other assets | 105 | 1,926 |
Core deposit intangible amortization | 93 | 238 |
ESOP compensation expense | 364 | 191 |
Restricted stock and stock option expense | 415 | 506 |
Increase in other liabilities | 27 | 516 |
Net cash used in operating activities | (3,521) | (55,783) |
Investing activities: | ||
Purchase of debt securities available for sale | (5,261) | (500) |
Proceeds from maturities of debt securities available for sale | 33,222 | 27,285 |
Net proceeds (purchases) of commercial paper | (6,901) | 100,397 |
Purchase of certificates of deposit in other banks | (996) | (996) |
Maturities of certificates of deposit in other banks | 5,623 | 4,324 |
Principal repayments of mortgage-backed securities | 3,003 | 4,635 |
Net redemptions (purchases) of other investments | 2,819 | (3) |
Net decrease in loans | 19,334 | 19,583 |
Purchase of BOLI | (53) | (56) |
Purchase of equipment for operating leases and other assets | (879) | (2,918) |
Proceeds from the sale of equipment for operating leases | 1,165 | 0 |
Purchase of premises and equipment | (2,416) | (1,807) |
Proceeds from sale of premises and equipment | 634 | 0 |
Proceeds from sale of REO | 146 | 228 |
Net cash provided by investing activities | 49,440 | 150,172 |
Financing activities: | ||
Net increase (decrease) in deposits | 31,743 | (43,710) |
Net decrease in borrowings | (75,000) | 0 |
Common stock repurchased | (10,433) | 0 |
Cash dividends paid | (1,271) | (1,148) |
Retired stock | (75) | (9) |
Exercised stock options | 700 | 0 |
Net cash used in financing activities | (54,336) | (44,867) |
Net increase (decrease) in cash and cash equivalents | (8,417) | 49,522 |
Cash and cash equivalents at beginning of period | 50,990 | 121,622 |
Cash and cash equivalents at end of period | 42,573 | 171,144 |
Cash paid during the period for: | ||
Interest | 1,599 | 5,308 |
Income taxes | 39 | 1,686 |
Noncash transactions: | ||
Unrealized gain (loss) in value of debt securities available for sale, net of income taxes | (235) | 153 |
Transfer of loans held for sale to total loans held for investment | 4,094 | 17,754 |
ROU asset and lease liabilities for operating lease accounting | 959 | 533 |
Transfer of premises and equipment to held for sale (included in other assets) | $ 3,229 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The consolidated financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation ("HomeTrust"), and its wholly-owned subsidiary, HomeTrust Bank (the "Bank"). As used throughout this report, the term the "Company" refers to HomeTrust and the Bank, its consolidated subsidiary, unless the context otherwise requires. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2021 ("2021 Form 10-K") filed with the SEC on September 10, 2021. The results of operations for the three months ended September 30, 2021 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified two accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for credit losses on loans and (ii) the valuation of goodwill and other intangible assets. These policies and judgments, estimates and assumptions are described in greater detail in notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the Company's 2021 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods. Operating, Accounting and Reporting Considerations related to COVID-19 The COVID-19 pandemic has negatively impacted the global economy. In response to this crisis, the CARES Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - The CARES Act provides that a financial institution may elect to suspend (i) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR and (ii) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The Bank has elected this as a policy change. • PPP - The CARES Act established the PPP, an expansion of the SBA's 7(a) loan program and the Economic Injury Disaster Loan Program, administered directly by the SBA. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law providing $900 billion in stimulus relief from the COVID-19 pandemic. The legislation extended certain relief provisions in the CARES Act that were set to expire at the end of 2020. This new legislation extended the relief to financial institutions to suspend TDR assessment and reporting requirements under GAAP for loan modifications to the earlier of 60 days after the national emergency termination date or January 1, 2022. The legislation included additional funding for businesses that did not receive PPP funds under the CARES Act, especially minority- and women-owned businesses. In addition, it allowed businesses another opportunity to borrow PPP funds if they can show losses of 25% or more in 2020 based on their 2020 revenue. As of June 30, 2021, the program’s funds were depleted and the Company ended its participation in the origination of loans under the program. Also in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau, in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - A loan modification that does not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short- term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment. • Past Due Reporting - With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral. • Nonaccrual Status and Charge-offs - While short-term COVID-19 modifications are in effect, these loans generally should not be reported as nonaccrual or as classified. See "Note 6 – Loans and Allowance for Credit Losses on Loans" for more information on loans that have been modified or are in deferral due to COVID-19. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This ASU is part of the FASB's simplification initiative to reduce complexity in accounting standards. The items within this ASU are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of ASU No. 2019-12 did not have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, "Investment—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU clarified the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-03, "Codification Improvements to Financial Instruments." This ASU makes certain narrow-scope amendments to the following: i) clarified that all entities are required to provide fair value option disclosures; ii) clarified the applicability of the portfolio exception in ASC 820 to nonfinancial items; iii) aligned disclosures for depository and lending institutions (Topic 942) with guidance in Topic 320; iv) added cross-references to guidance in ASC 470-50 on line-of-credit or revolving-debt arrangements; v) added cross-references to net asset value practical expedient in ASC 820-10; vi) clarified the interaction between ASC 842 and ASC 326; and vii) clarified the interaction between ASC 326 and ASC 860-20. The amendments for issues i, ii, iv, and v became effective upon issuance and did not have a material effect on the Company's Consolidated Financial Statements. The Company adopted the amendments related to issue iii, vi, and vii on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In September 2020, the FASB issued ASU 2020-06, "Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)." This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically the ASU removes: i) major separation models required under GAAP and ii) certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs." This ASU clarified that entities should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-09, "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." This ASU updates financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. The amendments in this ASU are effective January 4, 2021. The adoption did not have an effect on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-10, "Codification Improvements." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. This ASU, i) removes references to various FASB Concepts Statements, ii) situates all disclosure guidance in the appropriate disclosure section of the Codification, and iii) makes other improvements and technical corrections to the Codification. The items within this ASU are not expected to have a significant effect on current accounting practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. |
Debt Securities
Debt Securities | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Debt Securities Debt securities available for sale consist of the following at the dates indicated: September 30, 2021 Amortized Gross Gross Estimated U.S. government agencies $ 18,979 $ 123 $ (1) $ 19,101 Residential MBS of U.S. government agencies and GSEs 40,348 1,186 (76) 41,458 Municipal bonds 7,446 390 — 7,836 Corporate bonds 56,142 174 (135) 56,181 Total $ 122,915 $ 1,873 $ (212) $ 124,576 June 30, 2021 Amortized Gross Gross Estimated U.S. government agencies $ 18,975 $ 135 $ (37) $ 19,073 Residential MBS of U.S. government agencies and GSEs 42,119 1,339 (54) 43,404 Municipal bonds 9,098 453 — 9,551 Corporate bonds 84,301 257 (127) 84,431 Total $ 154,493 $ 2,184 $ (218) $ 156,459 Debt securities available for sale by contractual maturity at September 30, 2021 and June 30, 2021 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule. September 30, 2021 Amortized Estimated Due within one year $ 29,684 $ 29,790 Due after one year through five years 48,816 49,103 Due after five years through ten years 4,067 4,225 Due after ten years — — Mortgage-backed securities 40,348 41,458 Total $ 122,915 $ 124,576 June 30, 2021 Amortized Estimated Due within one year $ 34,615 $ 34,684 Due after one year through five years 73,249 73,633 Due after five years through ten years 4,510 4,738 Due after ten years — — Mortgage-backed securities 42,119 43,404 Total $ 154,493 $ 156,459 The Company had no sales of debt securities available for sale during the three months ended September 30, 2021 and 2020. There were no gross realized gains or losses for the three months ended September 30, 2021 and 2020. Debt securities available for sale with amortized costs totaling $92,083 and $97,603 and market values of $93,142 and $98,890 at September 30, 2021 and June 30, 2021, respectively, were pledged as collateral to secure various public deposits and other borrowings. The gross unrealized losses and the fair value for debt securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021 and June 30, 2021 were as follows: September 30, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government agencies $ 4,999 $ (1) $ — $ — $ 4,999 $ (1) Residential MBS of U.S. government agencies and GSEs 8,616 (52) 1,171 (24) 9,787 (76) Corporate bonds 23,865 (135) — — 23,865 (135) Total $ 37,480 $ (188) $ 1,171 $ (24) $ 38,651 $ (212) June 30, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government agencies $ 14,963 $ (37) $ — $ — $ 14,963 $ (37) Residential MBS of U.S. government agencies and GSEs 5,212 (28) 1,205 (26) 6,417 (54) Corporate bonds 19,873 (127) — — 19,873 (127) Total $ 40,048 $ (192) $ 1,205 $ (26) $ 41,253 $ (218) The total number of securities with unrealized losses at September 30, 2021, and June 30, 2021 were 31 and 28, respectively. Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. All debt securities available for sale in an unrealized loss position as of September 30, 2021 continue to perform as scheduled and management does not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of management's evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, management considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that securities will be required to be sold. See "Note 1 – Summary of Significant Account Policies" for further discussion. Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that management will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on investment securities and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2021, the accrued interest receivable for debt securities available for sale was $611. |
Other Investments
Other Investments | 3 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments Other investments, at cost consist of the following at the dates indicated: September 30, 2021 June 30, 2021 FHLB of Atlanta stock $ 2,965 $ 6,153 FRB stock 7,395 7,386 SBIC investments 10,531 10,171 Total $ 20,891 $ 23,710 |
Loans Held For Sale
Loans Held For Sale | 3 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans Held For Sale | Loans Held For Sale Loans held for sale as of the dates indicated consist of the following: September 30, 2021 June 30, 2021 One-to-four family $ 39,049 $ 31,873 SBA 6,662 4,160 HELOCs 59,450 57,506 Total $ 105,161 $ 93,539 |
Loans
Loans | 3 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | Loans and Allowance for Credit Losses on Loans Loans consist of the following at the dates indicated: September 30, 2021 June 30, 2021 Commercial loans: Commercial real estate $ 1,132,764 $ 1,142,276 Construction and development 187,900 179,427 Commercial and industrial 153,612 141,341 Equipment finance 341,995 317,920 Municipal finance 142,100 140,421 PPP loans 28,762 46,650 Total commercial loans 1,987,133 1,968,035 Retail consumer loans: One-to-four family 384,901 406,549 HELOCs - originated 129,791 130,225 HELOCs - purchased 33,943 38,976 Construction and land/lots 69,835 66,027 Indirect auto finance 106,184 115,093 Consumer 7,855 8,362 Total retail consumer loans 732,509 765,232 Total loans 2,719,642 2,733,267 Allowance for credit losses (34,406) (35,468) Net loans $ 2,685,236 $ 2,697,799 _________________________________________________________________ (1) At September 30, 2021 and June 30, 2021 accrued interest receivable of $7,818 and $7,339 was accounted for separately from the amortized cost basis. All qualifying one-to-four family first mortgage loans, HELOCs, commercial real estate loans, and FHLB of Atlanta stock are pledged as collateral by a blanket pledge to secure any outstanding FHLB advances. Loans are monitored for credit quality on a recurring basis and the composition of the loans outstanding by credit quality indicator is provided below. Loan credit quality indicators are developed through review of individual borrowers on an ongoing basis. Generally, loans are monitored for performance on a quarterly basis with the credit quality indicators adjusted as needed. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. These credit quality indicators are defined as follows: Pass —A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification. Special Mention —A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. Substandard —A substandard asset is inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful —An asset classified doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. Loss —Assets classified loss are considered uncollectible and of such little value that their continuing to be carried as an asset is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future. The following table presents the credit risk profile by risk grade for commercial loans by origination year: Term Loans By Origination Fiscal Year September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Commercial real estate Risk rating: Pass $ 41,037 $ 232,436 $ 169,932 $ 139,212 $ 151,001 $ 346,044 $ 26,018 $ 1,105,680 Special mention 753 — — — 16,886 3,619 — 21,258 Substandard — — — — 621 4,807 398 5,826 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial real estate $ 41,790 $ 232,436 $ 169,932 $ 139,212 $ 168,508 $ 354,470 $ 26,416 $ 1,132,764 Construction and development Risk rating: Pass $ 6,647 $ 24,896 $ 2,543 $ 4,207 $ 4,615 $ 8,331 $ 132,184 $ 183,423 Special mention — — — — — 257 3,832 4,089 Substandard — — — — — 388 — 388 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and development $ 6,647 $ 24,896 $ 2,543 $ 4,207 $ 4,615 $ 8,976 $ 136,016 $ 187,900 Commercial and industrial Risk rating: Pass $ 17,402 $ 29,495 $ 16,467 $ 15,930 $ 9,562 $ 24,732 $ 34,015 $ 147,603 Special mention — — — 431 108 116 37 692 Substandard — 31 558 371 4,300 57 — 5,317 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial and industrial $ 17,402 $ 29,526 $ 17,025 $ 16,732 $ 13,970 $ 24,905 $ 34,052 $ 153,612 Equipment finance Risk rating: Pass $ 52,310 $ 145,255 $ 94,454 $ 46,014 $ 3,578 $ — $ — $ 341,611 Special mention — 94 — — — — — 94 Substandard — — 32 — — — — 32 Doubtful — — — 258 — — — 258 Loss — — — — — — — — Total equipment finance $ 52,310 $ 145,349 $ 94,486 $ 46,272 $ 3,578 $ — $ — $ 341,995 Municipal leases Risk rating: Pass $ 5,191 $ 23,137 $ 21,330 $ 13,038 $ 15,994 $ 49,260 $ 13,893 $ 141,843 Special mention — — — — — 257 — 257 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total municipal leases $ 5,191 $ 23,137 $ 21,330 $ 13,038 $ 15,994 $ 49,517 $ 13,893 $ 142,100 PPP loans Risk rating: Pass $ 11 $ 20,799 $ 7,952 $ — $ — $ — $ — $ 28,762 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total PPP loans $ 11 $ 20,799 $ 7,952 $ — $ — $ — $ — $ 28,762 Total commercial loans Risk rating: Pass $ 122,598 $ 476,018 $ 312,678 $ 218,401 $ 184,750 $ 428,367 $ 206,110 $ 1,948,922 Special mention 753 94 — 431 16,994 4,249 3,869 26,390 Substandard — 31 590 371 4,921 5,252 398 11,563 Doubtful — — — 258 — — — 258 Loss — — — — — — — — Total commercial loans $ 123,351 $ 476,143 $ 313,268 $ 219,461 $ 206,665 $ 437,868 $ 210,377 $ 1,987,133 The following table presents the credit risk profile by risk grade for retail consumer loans by origination year: Term Loans By Origination Fiscal Year September 30, 2022 2021 2020 2019 2018 Prior Revolving Total One-to-four family Risk rating: Pass $ 9,624 $ 69,855 $ 56,443 $ 37,245 $ 35,835 $ 163,570 $ 4,367 $ 376,939 Special mention — — — — — 1,091 — 1,091 Substandard — 243 972 — 215 4,939 — 6,369 Doubtful — — — — — 188 — 188 Loss — — — — — 314 — 314 Total one-to-four family $ 9,624 $ 70,098 $ 57,415 $ 37,245 $ 36,050 $ 170,102 $ 4,367 $ 384,901 HELOCs - originated Risk rating: Pass $ 297 $ 1,578 $ 365 $ 1,366 $ 242 $ 9,309 $ 115,486 $ 128,643 Special mention — — — — — 11 — 11 Substandard — — — 159 — 926 52 1,137 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - originated $ 297 $ 1,578 $ 365 $ 1,525 $ 242 $ 10,246 $ 115,538 $ 129,791 HELOCs - purchased Risk rating: Pass $ — $ — $ — $ — $ — $ — $ 33,490 $ 33,490 Special mention — — — — — — — — Substandard — — — — 0 — — 453 453 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - purchased $ — $ — $ — $ — $ — $ — $ 33,943 $ 33,943 Construction and land/lots Risk rating: Pass $ 431 $ 8,096 $ 8,454 $ 747 $ — $ 2,781 $ 48,920 $ 69,429 Special mention — — — — — — — — Substandard — — — — — 406 — 406 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and land/lots $ 431 $ 8,096 $ 8,454 $ 747 $ — $ 3,187 $ 48,920 $ 69,835 Indirect auto finance Risk rating: Pass $ 8,103 $ 37,082 $ 23,730 $ 13,635 $ 15,561 $ 7,222 $ — $ 105,333 Special mention — 0 — — — — — — — Substandard — 12 353 120 208 157 — 850 Doubtful — — — — — — — — Loss — 1 — — — — — 1 Total indirect auto finance $ 8,103 $ 37,095 $ 24,083 $ 13,755 $ 15,769 $ 7,379 $ — $ 106,184 Total consumer loans Risk rating: Pass $ 303 $ 1,170 $ 861 $ 4,828 $ 201 $ 153 $ 271 $ 7,787 Special mention — — — — 14 — — 14 Substandard — — 3 17 3 14 16 53 Doubtful — — — — — — — — Loss — — — 1 — — — 1 Total consumer loans $ 303 $ 1,170 $ 864 $ 4,846 $ 218 $ 167 $ 287 $ 7,855 Total retail consumer loans Risk rating: Pass $ 18,758 $ 117,781 $ 89,853 $ 57,821 $ 51,839 $ 183,035 $ 202,534 $ 721,621 Special mention — — — — 14 1,102 — 1,116 Substandard — 255 1,328 296 426 6,442 521 9,268 Doubtful — — — — — 188 — 188 Loss — 1 — 1 — 314 — 316 Total retail consumer loans $ 18,758 $ 118,037 $ 91,181 $ 58,118 $ 52,279 $ 191,081 $ 203,055 $ 732,509 The following table presents the credit risk profile by risk grade for commercial loans by origination year: Term Loans By Origination Fiscal Year June 30, 2021 2020 2019 2018 2017 Prior Revolving Total Commercial real estate Risk rating: Pass $ 227,850 $ 177,691 $ 142,407 $ 158,147 $ 158,525 $ 220,834 $ 25,860 $ 1,111,314 Special mention — — — 16,951 1,256 3,092 — 21,299 Substandard — — — 630 4,993 3,642 398 9,663 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial real estate $ 227,850 $ 177,691 $ 142,407 $ 175,728 $ 164,774 $ 227,568 $ 26,258 $ 1,142,276 Construction and development Risk rating: Pass 18,262 6,523 10,349 6,008 2,693 7,153 123,843 $ 174,831 Special mention — — — — — 286 3,827 4,113 Substandard — — — — — 482 — 482 Doubtful — — — — — — — — Loss — — — — — 1 — 1 Total construction and development $ 18,262 $ 6,523 $ 10,349 $ 6,008 $ 2,693 $ 7,922 $ 127,670 $ 179,427 Commercial and industrial Risk rating: Pass 29,606 14,010 18,826 10,759 15,346 10,589 36,165 $ 135,301 Special mention — 21 438 110 32 125 37 763 Substandard 31 33 300 — — 83 4,829 5,276 Doubtful — — — — — — — — Loss — — — — — 1 — 1 Total commercial and industrial $ 29,637 $ 14,064 $ 19,564 $ 10,869 $ 15,378 $ 10,798 $ 41,031 $ 141,341 Equipment finance Risk rating: Pass 154,685 104,681 53,178 4,773 — — — $ 317,317 Special mention — — — — — — — Substandard — — 323 — — — — 323 Doubtful — — 280 — — — — 280 Loss — — — — — — — — Total equipment finance $ 154,685 $ 104,681 $ 53,781 $ 4,773 $ — $ — $ — $ 317,920 Municipal leases Risk rating: Pass 23,358 19,240 14,005 17,979 9,738 47,144 8,700 $ 140,164 Special mention — — — — — 257 — 257 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — Total municipal leases $ 23,358 $ 19,240 $ 14,005 $ 17,979 $ 9,738 $ 47,401 $ 8,700 $ 140,421 PPP loans Risk rating: Pass 29,667 16,983 — — — — — $ 46,650 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total PPP loans $ 29,667 $ 16,983 $ — $ — $ — $ — $ — $ 46,650 Total commercial loans Risk rating: Pass $ 483,428 $ 339,128 $ 238,765 $ 197,666 $ 186,302 $ 285,720 $ 194,568 $ 1,925,577 Special mention — 21 438 17,061 1,288 3,760 3,864 26,432 Substandard 31 33 623 630 4,993 4,207 5,227 15,744 Doubtful — — 280 — — — — 280 Loss — — — — — 2 — 2 Total commercial loans $ 483,459 $ 339,182 $ 240,106 $ 215,357 $ 192,583 $ 293,689 $ 203,659 $ 1,968,035 The following table presents the credit risk profile by risk grade for retail consumer loans by origination year: Term Loans By Origination Fiscal Year June 30, 2021 2020 2019 2018 2017 Prior Revolving Total One-to-four family Risk rating: Pass $ 72,723 $ 52,987 $ 46,958 $ 40,461 $ 37,361 $ 143,531 $ 4,345 $ 398,366 Special mention — — — — 27 1,084 — 1,111 Substandard 246 981 — 216 86 5,037 — 6,566 Doubtful — — — — — 191 — 191 Loss — — — — — 315 — 315 Total one-to-four family $ 72,969 $ 53,968 $ 46,958 $ 40,677 $ 37,474 $ 150,158 $ 4,345 $ 406,549 HELOCs - originated Risk rating: Pass 2,767 465 1,294 217 716 9,469 114,048 $ 128,976 Special mention — — — — — 12 — 12 Substandard — — 159 — 38 935 105 1,237 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - originated $ 2,767 $ 465 $ 1,453 $ 217 $ 754 $ 10,416 $ 114,153 $ 130,225 HELOCs - purchased Risk rating: Pass — — — — — — 38,523 $ 38,523 Special mention — — — — — — — — Substandard — — — — — — 453 453 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - purchased $ — $ — $ — $ — $ — $ — $ 38,976 $ 38,976 Construction and land/lots Risk rating: Pass 4,244 12,133 2,357 956 — 3,558 42,267 $ 65,515 Special mention — — — — — — — — Substandard — — — 96 — 416 — 512 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and land/lots $ 4,244 $ 12,133 $ 2,357 $ 1,052 $ — $ 3,974 $ 42,267 $ 66,027 Indirect auto finance Risk rating: Pass 42,128 27,134 16,224 18,853 7,561 2,061 — $ 113,961 Special mention — — — — — — — — Substandard 29 415 195 273 143 75 — 1,130 Doubtful — — — — — — — — Loss 2 — — — — — — 2 Total indirect auto finance $ 42,159 $ 27,549 $ 16,419 $ 19,126 $ 7,704 $ 2,136 $ — $ 115,093 Consumer loans Risk rating: Pass 1,344 1,019 5,204 252 90 91 288 $ 8,288 Special mention — — — 14 — — — 14 Substandard — 3 19 11 4 10 11 58 Doubtful — — — — — — — — Loss — 1 1 — — — — 2 Total consumer loans $ 1,344 $ 1,023 $ 5,224 $ 277 $ 94 $ 101 $ 299 $ 8,362 Total retail consumer loans Risk rating: Pass $ 123,206 $ 93,738 $ 72,037 $ 60,739 $ 45,728 $ 158,710 $ 199,471 $ 753,629 Special mention — — — 14 27 1,096 — 1,137 Substandard 275 1,399 373 596 271 6,473 569 9,956 Doubtful — — — — — 191 — 191 Loss 2 1 1 — — 315 — 319 Total retail consumer loans $ 123,483 $ 95,138 $ 72,411 $ 61,349 $ 46,026 $ 166,785 $ 200,040 $ 765,232 The following tables present aging analysis of past due loans (includes nonaccrual loans) by segment and class for the periods indicated below: Past Due Total 30-89 Days 90 Days+ Total Current Loans September 30, 2021 Commercial loans: Commercial real estate $ — $ 114 $ 114 $ 1,132,650 $ 1,132,764 Construction and development 216 37 253 187,647 187,900 Commercial and industrial 67 562 629 152,983 153,612 Equipment finance 52 256 308 341,687 341,995 Municipal finance 405 — 405 141,695 142,100 PPP loans — — — 28,762 28,762 Retail consumer loans: One-to-four family 1,159 1,227 2,386 382,515 384,901 HELOCs - originated 65 317 382 129,409 129,791 HELOCs - purchased 200 — 200 33,743 33,943 Construction and land/lots 126 22 148 69,687 69,835 Indirect auto finance 170 139 309 105,875 106,184 Consumer 425 43 468 7,387 7,855 Total loans $ 2,885 $ 2,717 $ 5,602 $ 2,714,040 $ 2,719,642 Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2021 Commercial loans: Commercial real estate $ 396 $ 1,680 $ 2,076 $ 1,140,200 $ 1,142,276 Construction and development — 37 37 179,390 179,427 Commercial and industrial 634 19 653 140,688 141,341 Equipment finance — 347 347 317,573 317,920 Municipal finance — — — 140,421 140,421 PPP loans — — — 46,650 46,650 Retail consumer loans: One-to-four family 1,112 1,124 2,236 404,313 406,549 HELOCs - originated 290 186 476 129,749 130,225 HELOCs - purchased 198 79 277 38,699 38,976 Construction and land/lots 6 35 41 65,986 66,027 Indirect auto finance 299 259 558 114,535 115,093 Consumer 378 36 414 7,948 8,362 Total loans $ 3,313 $ 3,802 $ 7,115 $ 2,726,152 $ 2,733,267 The following table presents recorded investment in loans on nonaccrual status, by segment and class, including restructured loans. It also includes interest income recognized on nonaccrual loans for the three months ended September 30, 2021. September 30, 2021 June 30, 2021 90 Days + & still accruing as of September 30, 2021 Nonaccrual with no allowance as of September 30, 2021 Interest income recognized Commercial loans: Commercial real estate $ 1,576 $ 7,015 $ — $ — $ 12 Construction and development 388 482 — — 2 Commercial and industrial 1,488 49 — 418 12 Equipment finance 334 630 — 255 — Retail consumer loans: One-to-four family 1,710 2,625 — — 11 HELOCs - originated 445 476 — — 2 HELOCs - purchased 453 453 — — 8 Construction and land/lots 22 22 — — — Indirect auto finance 274 438 — — 2 Consumer 48 416 — — — Total loans $ 6,738 $ 12,606 $ — $ 673 $ 49 The decrease in the nonaccrual balance in the above schedule, compared to June 30, 2021 , is mainly due to the payoff of two commercial real estate loan relationships totaling $5.1 million. TDRs are loans which have renegotiated loan terms to assist borrowers who are unable to meet the original terms of their loans. Such modifications to loan terms may include a lower interest rate, a reduction in principal, or a longer term to maturity. The Company’s loans that were performing under the payment terms of TDRs that were excluded from nonaccruing loans above at the dates indicated follows: September 30, 2021 June 30, 2021 Performing TDRs $ 11,341 $ 11,088 The following table presents a breakdown of the provision (benefit) for credit losses included in our Consolidated Statements of Income: Three Months Ended September 30, 2021 2020 Provision (benefit) for credit losses: Loans $ (1,335) $ 950 Off-balance-sheet credit exposure (125) — Total provision (benefit) for credit losses $ (1,460) $ 950 The following tables present analysis of the ACL on loans by segment for the periods indicated below: Three Months Ended September 30, 2021 Commercial Retail Total Balance at beginning of period $ 24,746 $ 10,722 $ 35,468 Benefit for credit losses (623) (712) (1,335) Charge-offs (619) (90) (709) Recoveries 700 282 982 Net recoveries 81 192 273 Balance at end of period $ 24,204 $ 10,202 $ 34,406 Three Months Ended September 30, 2020 Commercial Retail Total Balance at beginning of period $ 21,116 $ 6,956 $ 28,072 Impact of adoption ASU 2016-13 4,073 10,736 14,809 Provision for credit losses 292 658 950 Charge-offs (1,095) (682) (1,777) Recoveries 813 265 1,078 Net charge-offs (282) (417) (699) Balance at end of period $ 25,199 $ 17,933 43,132 The following tables present ending balances of loans and the related ACL, by segment and class for the periods indicated below: Allowance for Credit Losses Total Loans Receivable Loans Loans Total Loans Loans Total September 30, 2021 Commercial loans: Commercial real estate $ 9 $ 12,209 $ 12,218 $ 299 $ 1,132,465 $ 1,132,764 Construction and development — 1,776 1,776 — 187,900 187,900 Commercial and industrial 525 2,682 3,207 2,048 151,564 153,612 Equipment finance — 6,714 6,714 255 341,740 341,995 Municipal finance — 289 289 — 142,100 142,100 PPP loans — — — — 28,762 28,762 Retail consumer loans: One-to-four family 3 5,018 5,021 1,969 382,932 384,901 HELOCs - originated — 1,430 1,430 — 129,791 129,791 HELOCs - purchased — 374 374 — 33,943 33,943 Construction and land/lots — 776 776 — 69,835 69,835 Indirect auto finance — 2,444 2,444 — 106,184 106,184 Consumer — 157 157 — 7,855 7,855 Total $ 537 $ 33,869 $ 34,406 $ 4,571 $ 2,715,071 $ 2,719,642 Allowance for Loan Losses Total Loans Receivable Loans Loans Total Loans Loans Total June 30, 2021 Commercial loans: Commercial real estate $ 456 $ 12,826 $ 13,282 $ 5,729 $ 1,136,547 $ 1,142,276 Construction and development — 1,801 1,801 80 179,347 179,427 Commercial and industrial 9 2,583 2,592 760 140,581 141,341 Equipment finance — 6,537 6,537 275 317,645 317,920 Municipal finance — 534 534 — 140,421 140,421 PPP loans — — — — 46,650 46,650 Retail consumer loans: One-to-four family 2 5,407 5,409 1,977 404,572 406,549 HELOCs - originated — 1,512 1,512 — 130,225 130,225 HELOCs - purchased — 452 452 — 38,976 38,976 Construction and land/lots — 812 812 — 66,027 66,027 Indirect auto finance — 2,367 2,367 — 115,093 115,093 Consumer — 170 170 — 8,362 8,362 Total $ 467 $ 35,001 $ 35,468 $ 8,821 $ 2,724,446 $ 2,733,267 In estimating ECL, ASC 326 prescribes that if foreclosure is probable, a CDA is required to be measured at the fair value of collateral, but as a practical expedient, if foreclosure is not probable, fair value measurement is optional. For those CDA loans measured at the fair value of collateral, a credit loss expense is recorded for loan amounts in excess of fair value. The following tables provide a breakdown between loans identified as CDAs and non-CDAs, by segment and class, and securing collateral, as well as collateral coverage for those loans for the periods indicated below: Type of Collateral and Extent to Which Collateral Secures Financial Assets September 30, 2021 Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ — $ 299 $ — $ 1,132,465 $ 1,132,764 Construction and development — — — — 187,900 187,900 Commercial and industrial — — — 494 153,118 153,612 Equipment finance — — — — 341,995 341,995 Municipal finance — — — — 142,100 142,100 PPP loans — — — — 28,762 28,762 Retail consumer loans: One-to-four family 799 — — — 384,102 384,901 HELOCs - originated — — — — 129,791 129,791 HELOCs - purchased — — — — 33,943 33,943 Construction and land/lots — — — — 69,835 69,835 Indirect auto finance — — — — 106,184 106,184 Consumer — — — — 7,855 7,855 Total $ 799 $ — $ 299 $ 494 $ 2,718,050 $ 2,719,642 Total Collateral Value $ 1,160 $ — $ 288 $ — Type of Collateral and Extent to Which Collateral Secures Financial Assets June 30, 2021 Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ 3,421 $ 2,308 $ — $ 1,136,547 $ 1,142,276 Construction and development — 80 — — 179,347 179,427 Commercial and industrial — — — 25 141,316 141,341 Equipment finance — — — — 317,920 317,920 Municipal finance — — — — 140,421 140,421 PPP loans — — — — 46,650 46,650 Retail consumer loans: One-to-four family 807 — — — 405,742 406,549 HELOCs - originated — — — — 130,225 130,225 HELOCs - purchased — — — — 38,976 38,976 Construction and land/lots — — — — 66,027 66,027 Indirect auto finance — — — — 115,093 115,093 Consumer — — — — 8,362 8,362 Total $ 807 $ 3,501 $ 2,308 $ 25 $ 2,726,626 $ 2,733,267 Total Collateral Value $ 1,160 $ 3,602 $ 2,723 $ 26 The following table presents a breakdown of the types of concessions made on TDRs by loan class for the period indicated below: Three Months Ended September 30, 2021 2020 Number Pre Post Number Pre Post Other TDRs: Commercial: Commercial and industrial — — — 1 4,407 3,800 Retail consumer: HELOCs - originated 1 18 18 — — — Indirect auto finance 5 84 83 6 105 78 Total 6 $ 102 $ 101 7 $ 4,512 $ 3,878 The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the periods indicated below: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Number of Recorded Number of Recorded Other TDRs: Retail consumer: Indirect auto finance 2 44 1 11 Total 2 $ 44 — $ 11 Other TDRs include TDRs that have a below market interest rate and extended payment terms. The Company does not typically forgive principal when restructuring troubled debt. In determining the ACL, management considers TDRs for all loan classes, and the subsequent nonperformance in accordance with their modified terms, by measuring a reserve on a loan-by-loan basis based on either the value of the loan's expected future cash flows discounted at the loan's original effective interest rate or on the collateral value, net of the estimated costs of disposal, if the loan is collateral dependent. Off-Balance-Sheet Credit Exposure The Company maintains a separate reserve for credit losses on off-balance-sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The reserve for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit losses in the consolidated statement of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of ECLs on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The Company has identified the unfunded portion of certain lines of credit as unconditionally cancellable credit exposures, meaning the Company can cancel the unfunded commitment at any time. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. At September 30, 2021, the liability for credit losses on off-balance-sheet credit exposures included in other liabilities was $2,198. Modifications in Response to COVID-19 Beginning in March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act along with a joint agency statement issued by banking agencies and confirmed by FASB staff that short-term modifications made in response to COVID-19 are not considered TDRs. The Bank is offering payment and financial relief programs for borrowers impacted by COVID-19. These programs include loan payment deferrals for up to 90 days (which can be renewed for another 90 days under certain circumstances) waived late fees, and suspension of foreclosure proceedings and repossessions. Since March 2020, the Company has received numerous requests from borrowers for some type of payment relief; however, the majority of these payment deferrals have ended and borrowers are again making regular loan payments. As of September 30, 2021, the Company had $1,003 in loans with full principal and interest payment deferrals related to COVID-19 compared to $107 at June 30, 2021. Substantially all loans placed on full payment deferral during the pandemic have come out of deferral and borrowers are either making regular loan payments or interest-only payments through the end of calendar year 2021. As of September 30, 2021, the Company had $67,810 in commercial loan deferrals on interest-only payments compared to $78,850 at June 30, 2021. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Net Income per Share The following is a reconciliation of the numerator and denominator of basic and diluted net income per share of common stock as of the dates indicated: Three Months Ended September 30, 2021 2020 Numerator: Net income $ 10,527 $ 5,753 Allocation of earnings to participating securities (92) (50) Numerator for basic EPS - Net income available to common stockholders $ 10,435 $ 5,703 Effect of dilutive securities: Dilutive effect to participating securities 2 6 Numerator for diluted EPS $ 10,437 $ 5,709 Denominator: Weighted-average common shares outstanding - basic 15,761,247 16,230,990 Effect of dilutive shares 385,364 238,252 Weighted-average common shares outstanding - diluted 16,146,611 16,469,242 Net income per share - basic $ 0.66 $ 0.35 Net income per share - diluted $ 0.65 $ 0.35 |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan The Company provides stock-based awards through the 2013 Omnibus Incentive Plan, which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, directors emeritus, officers, employees and advisory directors. The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 2,962,400, including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units. Shares of common stock issued under the plan would be issued out of authorized but unissued shares, some or all of which may be repurchased shares. The Company repurchased all 846,400 shares on the open market for issuance under the 2013 Omnibus Incentive Plan, for $13,297, at an average cost of $15.71 per share during the year ended June 30, 2013. The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three months ended September 30, 2021 and 2020, respectively: Three Months Ended September 30, 2021 2020 Share-based compensation expense $ 415 $ 506 Tax benefit $ 98 $ 119 The table below presents stock option activity and related information: Options Weighted- Remaining Aggregate Options outstanding at June 30, 2020 1,615,500 $ 18.12 4.4 $ 1,711 Forfeited 200 24.95 — — Options outstanding at September 30, 2020 1,615,300 $ 18.12 4.1 $ — Exercisable at September 30, 2020 1,303,000 $ 16.31 3.3 $ — Non-vested at September 30, 2020 312,300 $ 25.68 7.6 $ — Options outstanding at June 30, 2021 1,319,456 $ 19.07 3.9 $ 11,657 Exercised 46,200 15.16 — — Forfeited 2,600 25.42 — — Options outstanding at September 30, 2021 1,270,656 $ 19.19 3.7 $ 11,164 Exercisable at September 30, 2021 1,030,506 $ 17.75 2.9 $ 10,546 Non-vested at September 30, 2021 240,150 $ 25.41 7.3 $ 617 There were no options granted during the three months ended September 30, 2021 and 2020. At September 30, 2021, the Company had $1,083 of unrecognized compensation expense related to 240,150 stock options originally scheduled to vest over a five-year vesting period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.4 years at September 30, 2021. At September 30, 2020, the Company had $1,535 of unrecognized compensation expense related to 312,300 stock options originally scheduled to vest over a five-year vesting period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.5 years at September 30, 2020. The table below presents restricted stock award activity and related information: Restricted Weighted- Aggregate Non-vested at June 30, 2020 144,046 $ 25.89 $ 2,305 Vested 2,600 25.37 — Forfeited 200 24.95 — Non-vested at September 30, 2020 141,246 $ 25.90 $ 1,918 Non-vested at June 30, 2021 151,575 $ 25.06 $ 4,229 Vested 8,918 26.93 — Forfeited 3,000 26.31 — Non-vested at September 30, 2021 139,657 $ 25.00 $ 3,908 The table above includes non-vested performance-based restricted stock units totaling 23,662 and 16,440 at September 30, 2021 and 2020, respectively. Each issuance of these stock units is scheduled to vest over 3.0 years assuming certain performance metrics are met. In addition, the 8,918 vested shares reflected above includes a total of 7,118 performance-based restricted stock units which vested during the three months ended September 30, 2021. three three |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Loan Commitments – Legally binding commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. In the normal course of business, there are various outstanding commitments to extend credit that are not reflected in the consolidated financial statements. At September 30, 2021 and June 30, 2021, respectively, loan commitments (excluding $205,848 and $277,600 of undisbursed portions of construction loans) totaled $83,616 and $123,463 of which $12,636 and $45,270 were variable rate commitments and $70,980 and $78,193 were fixed rate commitments. The fixed rate loans had interest rates ranging from 1.41% to 9.75% at September 30, 2021 and 2.50% to 8.36% at June 30, 2021, and terms ranging from three The Company grants construction and permanent loans collateralized primarily by residential and commercial real estate to customers throughout its primary market areas. In addition, the Company grants equipment financing throughout the United States and municipal financing to customers throughout North and South Carolina. The Company’s loan portfolio can be affected by the general economic conditions within these market areas. Management believes that the Company has no significant concentration of credit in the loan portfolio. Restrictions on Cash – In response to COVID-19, the FRB reduced the reserve requirements to zero on March 15, 2020. Prior to this change the Bank was required by regulation to maintain a varying cash reserve balance with the FRB. Guarantees – Standby letters of credit obligate the Company to meet certain financial obligations of its customers, if, under the contractual terms of the agreement, the customers are unable to do so. The financial standby letters of credit issued by the Company are irrevocable and payment is only guaranteed upon the borrower's failure to perform its obligations to the beneficiary. Total commitments under standby letters of credit as of September 30, 2021 and June 30, 2021 were $9,671 and $8,681, respectively. There was no liability recorded for these letters of credit at September 30, 2021 or June 30, 2021, respectively. Litigation – From time to time, t he Company is involved in litigation matters in the ordinary course of business. These proceedings and the associated legal claims are often contested, and the outcome of individual matters is not always predictable. These claims and counter claims typically arise during the course of collection efforts on problem loans or with respect to actions to enforce liens on properties in which the Company holds a security interest. The Company is not a party to any pending legal proceedings that management believes would have a material adverse effect on the Company’s financial condition or results of operations . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company utilizes fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Debt securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. The Company measures the fair value of loans receivable under the exit price notion. The fair value of nonperforming loans is based on the underlying value of the collateral. Fair Value Hierarchy The Company groups assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Following is a description of valuation methodologies used for assets recorded at fair value. The Company does not have any liabilities recorded at fair value. Debt Securities Available for Sale Debt securities available for sale are valued on a recurring basis at quoted market prices where available. If quoted market prices are not available, fair values are based on quoted prices of comparable securities. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange or U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include MBS and debentures issued by GSEs, municipal bonds, and corporate debt securities. The Company has no Level 3 securities. Loans Held for Sale Loans held for sale are adjusted to lower of cost or fair value. Fair value is based on commitments on hand from investors or, if commitments have not yet been obtained, what investors are currently offering for loans with similar characteristics. The Company considers all loans held for sale carried at fair value as nonrecurring Level 3. Individually Evaluated Loans The Company does not record loans at fair value on a recurring basis. From time to time, however, a loan is individually evaluated and an allowance for credit loss is established. Loans for which it is expected that payment of principal and interest will not be made in accordance with the contractual terms of the loan agreement are individually evaluated. Once a loan is identified, the fair value is estimated using one of two ways, which include collateral value and discounted cash flows. The Company reviews all individually evaluated loans each quarter to determine if an allowance is necessary. Those individually evaluated loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Loans are considered collateral dependent if repayment is expected solely from the collateral. For these collateral dependent loans, the Company obtains updated appraisals at least annually. These appraisals are reviewed for appropriateness and then discounted for estimated closing costs to determine if an allowance is necessary. As part of the quarterly review of individually evaluated loans, the Company reviews these appraisals to determine if any additional discounts to the fair value are necessary. If a current appraisal is not obtained, the Company determines whether a discount is needed to the value from the original appraisal based on the decline in value of similar properties with recent appraisals. For loans that are not collateral dependent, estimated fair value is based on the present value of expected future cash flows using the interest rate implicit in the original agreement. Individually evaluated loans where a charge-off has occurred or an allowance is established during the period being reported require classification in the fair value hierarchy. The Company records such loans as a nonrecurring Level 3 in the fair value hierarchy. Real Estate Owned REO is considered held for sale and is adjusted to fair value less estimated selling costs upon transfer of the loan to foreclosed assets. Fair value is based upon independent market prices, appraised value of the collateral or management's estimation of the value of the collateral. The Company considers all REO that has been charged off or received an allowance during the period as nonrecurring Level 3. Financial Assets Recorded at Fair Value on a Recurring Basis The following table presents financial assets measured at fair value on a recurring basis at the dates indicated: September 30, 2021 Total Level 1 Level 2 Level 3 U.S government agencies $ 19,101 $ — $ 19,101 $ — Residential MBS of U.S. government agencies and GSEs 41,458 — 41,458 — Municipal bonds 7,836 — 7,836 — Corporate bonds 56,181 — 56,181 — Total $ 124,576 $ — $ 124,576 $ — June 30, 2021 Total Level 1 Level 2 Level 3 U.S government agencies $ 19,073 $ — $ 19,073 $ — Residential MBS of U.S. government agencies and GSEs 43,404 — 43,404 — Municipal bonds 9,551 — 9,551 — Corporate bonds 84,431 — 84,431 — Total $ 156,459 $ — $ 156,459 $ — There were no transfers between levels during the three months ended September 30, 2021 and 2020. The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: September 30, 2021 Total Level 1 Level 2 Level 3 Individually evaluated loans $ 4,034 $ — $ — $ 4,034 June 30, 2021 Total Level 1 Level 2 Level 3 Individually evaluated loans $ 8,354 $ — $ — $ 8,354 Quantitative information about Level 3 fair value measurements during the periods ended September 30, 2021 and June 30, 2021 is shown in the tables below: Fair Value at September 30, 2021 Valuation Unobservable Range Weighted Nonrecurring measurements: Individually evaluated loans $ 4,034 Discounted appraisals and discounted cash flows Collateral discounts: Discount spread: 6% - 100% 0% 13 % Fair Value at June 30, 2021 Valuation Unobservable Range Weighted Nonrecurring measurements: Individually evaluated loans $ 8,354 Discounted appraisals and discounted cash flows Collateral discounts: Discount spread: 0% - 52% 0% - 7% 6 % The stated carrying value and estimated fair value amounts of financial instruments as of September 30, 2021 and June 30, 2021, are summarized below: September 30, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 42,573 $ 42,573 $ 42,573 $ — $ — Commercial paper 196,652 196,652 196,652 — — Certificates of deposit in other banks 35,495 35,495 — 35,495 — Debt securities available for sale 124,576 124,576 — 124,576 — Loans held for sale 105,161 107,972 — — 107,972 Loans, net 2,685,236 2,656,263 — — 2,656,263 FHLB stock 2,965 2,965 2,965 — — FRB stock 7,395 7,395 7,395 — — SBIC investments 10,531 10,531 — — 10,531 Accrued interest receivable 8,429 8,429 — 611 7,818 Liabilities: Noninterest-bearing and NOW deposits 1,333,439 1,333,439 — 1,333,439 — Money market accounts 987,650 621,675 — 621,675 — Savings accounts 220,614 220,614 — 220,614 — Certificates of deposit 445,581 446,540 — 446,540 — Borrowings 40,000 40,000 — 40,000 — Accrued interest payable 50 50 — 50 — June 30, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 50,990 $ 50,990 $ 50,990 $ — $ — Commercial paper 189,596 189,596 189,596 — — Certificates of deposit in other banks 40,122 40,122 — 40,122 — Debt securities available for sale 156,459 156,459 — 156,459 — Loans held for sale 93,539 94,779 — — 94,779 Loans, net 2,697,799 2,668,570 — — 2,668,570 FHLB stock 6,153 6,153 6,153 — — FRB stock 7,386 7,386 7,386 — — SBIC investments 10,171 10,171 — — 10,171 Accrued interest receivable 7,933 7,933 52 542 7,339 Liabilities: Noninterest-bearing and NOW deposits 1,281,372 1,281,372 — 1,281,372 — Money market accounts 975,001 975,001 — 975,001 — Savings accounts 226,391 226,391 — 226,391 — Certificates of deposit 472,777 474,397 — 474,397 — Borrowings 115,000 115,000 — 115,000 — Accrued interest payable 52 52 — 52 — The Company had off-balance sheet financial commitments, which included approximately $860,826 and $931,568 of commitments to originate loans, undisbursed portions of interim construction loans, and unused lines of credit at September 30, 2021 and June 30, 2021, respectively (see "Note 9 – Commitments and Contingencies"). Since these commitments are based on current rates, the carrying amount approximates the fair value. Estimated fair values were determined using the following methods and assumptions: Cash and interest-bearing deposits – The stated amounts approximate fair values as maturities are less than 90 days. Commercial paper – The stated amounts approximate fair value due to the short-term nature of these investments. Certificates of deposit in other banks – The stated amounts approximate fair values. Debt securities available for sale – Fair values are based on quoted market prices where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans held for sale – The fair value of mortgage loans held for sale is determined by outstanding commitments from investors on a "best efforts" basis or current investor yield requirements, calculated on the aggregate loan basis. The fair value of SBA loans and HELOCs held for sale is based on what investors are currently offering for loans with similar characteristics. Loans, net – Fair values for loans are estimated by segregating the portfolio by type of loan and discounting scheduled cash flows using current market interest rates for loans with similar terms and credit quality. A prepayment assumption is used as an estimate of the portion of loans that will be repaid prior to their scheduled maturity. A liquidity premium assumption is used as an estimate for the additional return required by an investor of assets that are potentially considered illiquid. FHLB and FRB stock – No ready market exists for these stocks and they have no quoted market value. However, redemptions of these stocks have historically been at par value. Accordingly, cost is deemed to be a reasonable estimate of fair value. SBIC investments – No ready market exists for these investments and they have no quoted market value. SBIC investments are valued at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions of identical or similar investments. Accordingly, cost is deemed to be a reasonable estimate of fair value. Deposits – Fair values for demand deposits, money market accounts, and savings accounts are the amounts payable on demand as of September 30, 2021 and June 30, 2021. The fair value of certificates of deposit is estimated by discounting the contractual cash flows using current market interest rates for accounts with similar maturities. Borrowings – The fair value of advances from the FHLB is estimated based on current rates for borrowings with similar terms. Accrued interest receivable and payable – The stated amounts of accrued interest receivable and payable approximate the fair value. Limitations – Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, a significant asset not considered a financial asset is premises and equipment. In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. |
Leases
Leases | 3 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases As Lessee - Operating Leases The Company's operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2021, there were no leases awaiting commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2021 June 30, 2021 ROU assets $ 6,103 $ 5,498 Lease liabilities $ 6,852 $ 5,926 Weighted-average remaining lease terms (years) 9.70 9.49 Weighted-average discount rate 3.15 % 3.18 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 1,100 2023 1,479 2024 1,010 2025 630 2026 512 Thereafter 3,218 Total of future minimum payments $ 7,949 The following table presents components of operating lease expense for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 Operating lease cost (included in occupancy expense) $ 484 $ 439 Sublease income (included in other, net noninterest income) (51) (61) Total operating lease expense, net $ 433 $ 378 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2021 and June 30, 2021 and is included in other assets. The corresponding lease liability totaled $1,793 and $1,804 at September 30, 2021 and June 30, 2021, respectively, and is included in other liabilities. For the three months ended September 30, 2021 and September 30, 2020, interest expense on the lease liability totaled $23 and $24, respectively. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 100 2023 134 2024 145 2025 146 2026 146 Thereafter 1,702 Total minimum lease payments 2,373 Less: amount representing interest (580) Present value of net minimum lease payments $ 1,793 Supplemental lease cash flow information for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 ROU assets - noncash additions (operating leases) $ 959 $ 533 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 628 524 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of construction, transportation, medical, and manufacturing equipment. Many of its operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. The Company's leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 5 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. The net book value of leased assets totaled $24,821 and $25,932 with a residual value of $14,693 and $15,330 as of September 30, 2021 and June 30, 2021 , respectively. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 4,734 2023 4,671 2024 2,569 2025 722 2026 246 Thereafter 13 Total of future minimum payments $ 12,955 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2021 and 2020, total interest income on equipment finance leases totaled $759 and $530, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2021 June 30, 2021 Lease receivables $ 63,741 $ 63,279 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 14,928 2023 19,076 2024 16,036 2025 10,862 2026 6,437 Thereafter 2,791 Total minimum payments 70,130 Less: amount representing interest (6,389) Total $ 63,741 |
Leases | Leases As Lessee - Operating Leases The Company's operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2021, there were no leases awaiting commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2021 June 30, 2021 ROU assets $ 6,103 $ 5,498 Lease liabilities $ 6,852 $ 5,926 Weighted-average remaining lease terms (years) 9.70 9.49 Weighted-average discount rate 3.15 % 3.18 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 1,100 2023 1,479 2024 1,010 2025 630 2026 512 Thereafter 3,218 Total of future minimum payments $ 7,949 The following table presents components of operating lease expense for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 Operating lease cost (included in occupancy expense) $ 484 $ 439 Sublease income (included in other, net noninterest income) (51) (61) Total operating lease expense, net $ 433 $ 378 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2021 and June 30, 2021 and is included in other assets. The corresponding lease liability totaled $1,793 and $1,804 at September 30, 2021 and June 30, 2021, respectively, and is included in other liabilities. For the three months ended September 30, 2021 and September 30, 2020, interest expense on the lease liability totaled $23 and $24, respectively. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 100 2023 134 2024 145 2025 146 2026 146 Thereafter 1,702 Total minimum lease payments 2,373 Less: amount representing interest (580) Present value of net minimum lease payments $ 1,793 Supplemental lease cash flow information for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 ROU assets - noncash additions (operating leases) $ 959 $ 533 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 628 524 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of construction, transportation, medical, and manufacturing equipment. Many of its operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. The Company's leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 5 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. The net book value of leased assets totaled $24,821 and $25,932 with a residual value of $14,693 and $15,330 as of September 30, 2021 and June 30, 2021 , respectively. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 4,734 2023 4,671 2024 2,569 2025 722 2026 246 Thereafter 13 Total of future minimum payments $ 12,955 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2021 and 2020, total interest income on equipment finance leases totaled $759 and $530, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2021 June 30, 2021 Lease receivables $ 63,741 $ 63,279 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 14,928 2023 19,076 2024 16,036 2025 10,862 2026 6,437 Thereafter 2,791 Total minimum payments 70,130 Less: amount representing interest (6,389) Total $ 63,741 |
Leases | Leases As Lessee - Operating Leases The Company's operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2021, there were no leases awaiting commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2021 June 30, 2021 ROU assets $ 6,103 $ 5,498 Lease liabilities $ 6,852 $ 5,926 Weighted-average remaining lease terms (years) 9.70 9.49 Weighted-average discount rate 3.15 % 3.18 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 1,100 2023 1,479 2024 1,010 2025 630 2026 512 Thereafter 3,218 Total of future minimum payments $ 7,949 The following table presents components of operating lease expense for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 Operating lease cost (included in occupancy expense) $ 484 $ 439 Sublease income (included in other, net noninterest income) (51) (61) Total operating lease expense, net $ 433 $ 378 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2021 and June 30, 2021 and is included in other assets. The corresponding lease liability totaled $1,793 and $1,804 at September 30, 2021 and June 30, 2021, respectively, and is included in other liabilities. For the three months ended September 30, 2021 and September 30, 2020, interest expense on the lease liability totaled $23 and $24, respectively. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 100 2023 134 2024 145 2025 146 2026 146 Thereafter 1,702 Total minimum lease payments 2,373 Less: amount representing interest (580) Present value of net minimum lease payments $ 1,793 Supplemental lease cash flow information for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 ROU assets - noncash additions (operating leases) $ 959 $ 533 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 628 524 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of construction, transportation, medical, and manufacturing equipment. Many of its operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. The Company's leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 5 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. The net book value of leased assets totaled $24,821 and $25,932 with a residual value of $14,693 and $15,330 as of September 30, 2021 and June 30, 2021 , respectively. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 4,734 2023 4,671 2024 2,569 2025 722 2026 246 Thereafter 13 Total of future minimum payments $ 12,955 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2021 and 2020, total interest income on equipment finance leases totaled $759 and $530, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2021 June 30, 2021 Lease receivables $ 63,741 $ 63,279 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 14,928 2023 19,076 2024 16,036 2025 10,862 2026 6,437 Thereafter 2,791 Total minimum payments 70,130 Less: amount representing interest (6,389) Total $ 63,741 |
Leases | Leases As Lessee - Operating Leases The Company's operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2021, there were no leases awaiting commencement. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2021 June 30, 2021 ROU assets $ 6,103 $ 5,498 Lease liabilities $ 6,852 $ 5,926 Weighted-average remaining lease terms (years) 9.70 9.49 Weighted-average discount rate 3.15 % 3.18 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 1,100 2023 1,479 2024 1,010 2025 630 2026 512 Thereafter 3,218 Total of future minimum payments $ 7,949 The following table presents components of operating lease expense for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 Operating lease cost (included in occupancy expense) $ 484 $ 439 Sublease income (included in other, net noninterest income) (51) (61) Total operating lease expense, net $ 433 $ 378 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2021 and June 30, 2021 and is included in other assets. The corresponding lease liability totaled $1,793 and $1,804 at September 30, 2021 and June 30, 2021, respectively, and is included in other liabilities. For the three months ended September 30, 2021 and September 30, 2020, interest expense on the lease liability totaled $23 and $24, respectively. The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 100 2023 134 2024 145 2025 146 2026 146 Thereafter 1,702 Total minimum lease payments 2,373 Less: amount representing interest (580) Present value of net minimum lease payments $ 1,793 Supplemental lease cash flow information for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 ROU assets - noncash additions (operating leases) $ 959 $ 533 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 628 524 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of construction, transportation, medical, and manufacturing equipment. Many of its operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. The Company's leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 5 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. The net book value of leased assets totaled $24,821 and $25,932 with a residual value of $14,693 and $15,330 as of September 30, 2021 and June 30, 2021 , respectively. The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 4,734 2023 4,671 2024 2,569 2025 722 2026 246 Thereafter 13 Total of future minimum payments $ 12,955 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2021 and 2020, total interest income on equipment finance leases totaled $759 and $530, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2021 June 30, 2021 Lease receivables $ 63,741 $ 63,279 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 14,928 2023 19,076 2024 16,036 2025 10,862 2026 6,437 Thereafter 2,791 Total minimum payments 70,130 Less: amount representing interest (6,389) Total $ 63,741 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2021 |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified two accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for credit losses on loans and (ii) the valuation of goodwill and other intangible assets. These policies and judgments, estimates and assumptions are described in greater detail in notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the Company's 2021 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods. |
Recent Accounting Pronouncements | In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This ASU is part of the FASB's simplification initiative to reduce complexity in accounting standards. The items within this ASU are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of ASU No. 2019-12 did not have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, "Investment—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU clarified the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-03, "Codification Improvements to Financial Instruments." This ASU makes certain narrow-scope amendments to the following: i) clarified that all entities are required to provide fair value option disclosures; ii) clarified the applicability of the portfolio exception in ASC 820 to nonfinancial items; iii) aligned disclosures for depository and lending institutions (Topic 942) with guidance in Topic 320; iv) added cross-references to guidance in ASC 470-50 on line-of-credit or revolving-debt arrangements; v) added cross-references to net asset value practical expedient in ASC 820-10; vi) clarified the interaction between ASC 842 and ASC 326; and vii) clarified the interaction between ASC 326 and ASC 860-20. The amendments for issues i, ii, iv, and v became effective upon issuance and did not have a material effect on the Company's Consolidated Financial Statements. The Company adopted the amendments related to issue iii, vi, and vii on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In September 2020, the FASB issued ASU 2020-06, "Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)." This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically the ASU removes: i) major separation models required under GAAP and ii) certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs." This ASU clarified that entities should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-09, "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." This ASU updates financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. The amendments in this ASU are effective January 4, 2021. The adoption did not have an effect on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-10, "Codification Improvements." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. This ASU, i) removes references to various FASB Concepts Statements, ii) situates all disclosure guidance in the appropriate disclosure section of the Codification, and iii) makes other improvements and technical corrections to the Codification. The items within this ASU are not expected to have a significant effect on current accounting practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. |
Debt Securities (Tables)
Debt Securities (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Debt securities available for sale consist of the following at the dates indicated: September 30, 2021 Amortized Gross Gross Estimated U.S. government agencies $ 18,979 $ 123 $ (1) $ 19,101 Residential MBS of U.S. government agencies and GSEs 40,348 1,186 (76) 41,458 Municipal bonds 7,446 390 — 7,836 Corporate bonds 56,142 174 (135) 56,181 Total $ 122,915 $ 1,873 $ (212) $ 124,576 June 30, 2021 Amortized Gross Gross Estimated U.S. government agencies $ 18,975 $ 135 $ (37) $ 19,073 Residential MBS of U.S. government agencies and GSEs 42,119 1,339 (54) 43,404 Municipal bonds 9,098 453 — 9,551 Corporate bonds 84,301 257 (127) 84,431 Total $ 154,493 $ 2,184 $ (218) $ 156,459 |
Investments Classified by Contractual Maturity Date | Debt securities available for sale by contractual maturity at September 30, 2021 and June 30, 2021 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule. September 30, 2021 Amortized Estimated Due within one year $ 29,684 $ 29,790 Due after one year through five years 48,816 49,103 Due after five years through ten years 4,067 4,225 Due after ten years — — Mortgage-backed securities 40,348 41,458 Total $ 122,915 $ 124,576 June 30, 2021 Amortized Estimated Due within one year $ 34,615 $ 34,684 Due after one year through five years 73,249 73,633 Due after five years through ten years 4,510 4,738 Due after ten years — — Mortgage-backed securities 42,119 43,404 Total $ 154,493 $ 156,459 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The gross unrealized losses and the fair value for debt securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021 and June 30, 2021 were as follows: September 30, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government agencies $ 4,999 $ (1) $ — $ — $ 4,999 $ (1) Residential MBS of U.S. government agencies and GSEs 8,616 (52) 1,171 (24) 9,787 (76) Corporate bonds 23,865 (135) — — 23,865 (135) Total $ 37,480 $ (188) $ 1,171 $ (24) $ 38,651 $ (212) June 30, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government agencies $ 14,963 $ (37) $ — $ — $ 14,963 $ (37) Residential MBS of U.S. government agencies and GSEs 5,212 (28) 1,205 (26) 6,417 (54) Corporate bonds 19,873 (127) — — 19,873 (127) Total $ 40,048 $ (192) $ 1,205 $ (26) $ 41,253 $ (218) |
Other Investments (Tables)
Other Investments (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Investment | Other investments, at cost consist of the following at the dates indicated: September 30, 2021 June 30, 2021 FHLB of Atlanta stock $ 2,965 $ 6,153 FRB stock 7,395 7,386 SBIC investments 10,531 10,171 Total $ 20,891 $ 23,710 |
Loans Held For Sale (Tables)
Loans Held For Sale (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Held for Sale | Loans held for sale as of the dates indicated consist of the following: September 30, 2021 June 30, 2021 One-to-four family $ 39,049 $ 31,873 SBA 6,662 4,160 HELOCs 59,450 57,506 Total $ 105,161 $ 93,539 Loans consist of the following at the dates indicated: September 30, 2021 June 30, 2021 Commercial loans: Commercial real estate $ 1,132,764 $ 1,142,276 Construction and development 187,900 179,427 Commercial and industrial 153,612 141,341 Equipment finance 341,995 317,920 Municipal finance 142,100 140,421 PPP loans 28,762 46,650 Total commercial loans 1,987,133 1,968,035 Retail consumer loans: One-to-four family 384,901 406,549 HELOCs - originated 129,791 130,225 HELOCs - purchased 33,943 38,976 Construction and land/lots 69,835 66,027 Indirect auto finance 106,184 115,093 Consumer 7,855 8,362 Total retail consumer loans 732,509 765,232 Total loans 2,719,642 2,733,267 Allowance for credit losses (34,406) (35,468) Net loans $ 2,685,236 $ 2,697,799 _________________________________________________________________ (1) At September 30, 2021 and June 30, 2021 accrued interest receivable of $7,818 and $7,339 was accounted for separately from the amortized cost basis. Type of Collateral and Extent to Which Collateral Secures Financial Assets September 30, 2021 Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ — $ 299 $ — $ 1,132,465 $ 1,132,764 Construction and development — — — — 187,900 187,900 Commercial and industrial — — — 494 153,118 153,612 Equipment finance — — — — 341,995 341,995 Municipal finance — — — — 142,100 142,100 PPP loans — — — — 28,762 28,762 Retail consumer loans: One-to-four family 799 — — — 384,102 384,901 HELOCs - originated — — — — 129,791 129,791 HELOCs - purchased — — — — 33,943 33,943 Construction and land/lots — — — — 69,835 69,835 Indirect auto finance — — — — 106,184 106,184 Consumer — — — — 7,855 7,855 Total $ 799 $ — $ 299 $ 494 $ 2,718,050 $ 2,719,642 Total Collateral Value $ 1,160 $ — $ 288 $ — Type of Collateral and Extent to Which Collateral Secures Financial Assets June 30, 2021 Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ 3,421 $ 2,308 $ — $ 1,136,547 $ 1,142,276 Construction and development — 80 — — 179,347 179,427 Commercial and industrial — — — 25 141,316 141,341 Equipment finance — — — — 317,920 317,920 Municipal finance — — — — 140,421 140,421 PPP loans — — — — 46,650 46,650 Retail consumer loans: One-to-four family 807 — — — 405,742 406,549 HELOCs - originated — — — — 130,225 130,225 HELOCs - purchased — — — — 38,976 38,976 Construction and land/lots — — — — 66,027 66,027 Indirect auto finance — — — — 115,093 115,093 Consumer — — — — 8,362 8,362 Total $ 807 $ 3,501 $ 2,308 $ 25 $ 2,726,626 $ 2,733,267 Total Collateral Value $ 1,160 $ 3,602 $ 2,723 $ 26 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans held for sale as of the dates indicated consist of the following: September 30, 2021 June 30, 2021 One-to-four family $ 39,049 $ 31,873 SBA 6,662 4,160 HELOCs 59,450 57,506 Total $ 105,161 $ 93,539 Loans consist of the following at the dates indicated: September 30, 2021 June 30, 2021 Commercial loans: Commercial real estate $ 1,132,764 $ 1,142,276 Construction and development 187,900 179,427 Commercial and industrial 153,612 141,341 Equipment finance 341,995 317,920 Municipal finance 142,100 140,421 PPP loans 28,762 46,650 Total commercial loans 1,987,133 1,968,035 Retail consumer loans: One-to-four family 384,901 406,549 HELOCs - originated 129,791 130,225 HELOCs - purchased 33,943 38,976 Construction and land/lots 69,835 66,027 Indirect auto finance 106,184 115,093 Consumer 7,855 8,362 Total retail consumer loans 732,509 765,232 Total loans 2,719,642 2,733,267 Allowance for credit losses (34,406) (35,468) Net loans $ 2,685,236 $ 2,697,799 _________________________________________________________________ (1) At September 30, 2021 and June 30, 2021 accrued interest receivable of $7,818 and $7,339 was accounted for separately from the amortized cost basis. Type of Collateral and Extent to Which Collateral Secures Financial Assets September 30, 2021 Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ — $ 299 $ — $ 1,132,465 $ 1,132,764 Construction and development — — — — 187,900 187,900 Commercial and industrial — — — 494 153,118 153,612 Equipment finance — — — — 341,995 341,995 Municipal finance — — — — 142,100 142,100 PPP loans — — — — 28,762 28,762 Retail consumer loans: One-to-four family 799 — — — 384,102 384,901 HELOCs - originated — — — — 129,791 129,791 HELOCs - purchased — — — — 33,943 33,943 Construction and land/lots — — — — 69,835 69,835 Indirect auto finance — — — — 106,184 106,184 Consumer — — — — 7,855 7,855 Total $ 799 $ — $ 299 $ 494 $ 2,718,050 $ 2,719,642 Total Collateral Value $ 1,160 $ — $ 288 $ — Type of Collateral and Extent to Which Collateral Secures Financial Assets June 30, 2021 Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ 3,421 $ 2,308 $ — $ 1,136,547 $ 1,142,276 Construction and development — 80 — — 179,347 179,427 Commercial and industrial — — — 25 141,316 141,341 Equipment finance — — — — 317,920 317,920 Municipal finance — — — — 140,421 140,421 PPP loans — — — — 46,650 46,650 Retail consumer loans: One-to-four family 807 — — — 405,742 406,549 HELOCs - originated — — — — 130,225 130,225 HELOCs - purchased — — — — 38,976 38,976 Construction and land/lots — — — — 66,027 66,027 Indirect auto finance — — — — 115,093 115,093 Consumer — — — — 8,362 8,362 Total $ 807 $ 3,501 $ 2,308 $ 25 $ 2,726,626 $ 2,733,267 Total Collateral Value $ 1,160 $ 3,602 $ 2,723 $ 26 |
Financing Receivable Credit Quality Indicators | The following table presents the credit risk profile by risk grade for commercial loans by origination year: Term Loans By Origination Fiscal Year September 30, 2022 2021 2020 2019 2018 Prior Revolving Total Commercial real estate Risk rating: Pass $ 41,037 $ 232,436 $ 169,932 $ 139,212 $ 151,001 $ 346,044 $ 26,018 $ 1,105,680 Special mention 753 — — — 16,886 3,619 — 21,258 Substandard — — — — 621 4,807 398 5,826 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial real estate $ 41,790 $ 232,436 $ 169,932 $ 139,212 $ 168,508 $ 354,470 $ 26,416 $ 1,132,764 Construction and development Risk rating: Pass $ 6,647 $ 24,896 $ 2,543 $ 4,207 $ 4,615 $ 8,331 $ 132,184 $ 183,423 Special mention — — — — — 257 3,832 4,089 Substandard — — — — — 388 — 388 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and development $ 6,647 $ 24,896 $ 2,543 $ 4,207 $ 4,615 $ 8,976 $ 136,016 $ 187,900 Commercial and industrial Risk rating: Pass $ 17,402 $ 29,495 $ 16,467 $ 15,930 $ 9,562 $ 24,732 $ 34,015 $ 147,603 Special mention — — — 431 108 116 37 692 Substandard — 31 558 371 4,300 57 — 5,317 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial and industrial $ 17,402 $ 29,526 $ 17,025 $ 16,732 $ 13,970 $ 24,905 $ 34,052 $ 153,612 Equipment finance Risk rating: Pass $ 52,310 $ 145,255 $ 94,454 $ 46,014 $ 3,578 $ — $ — $ 341,611 Special mention — 94 — — — — — 94 Substandard — — 32 — — — — 32 Doubtful — — — 258 — — — 258 Loss — — — — — — — — Total equipment finance $ 52,310 $ 145,349 $ 94,486 $ 46,272 $ 3,578 $ — $ — $ 341,995 Municipal leases Risk rating: Pass $ 5,191 $ 23,137 $ 21,330 $ 13,038 $ 15,994 $ 49,260 $ 13,893 $ 141,843 Special mention — — — — — 257 — 257 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total municipal leases $ 5,191 $ 23,137 $ 21,330 $ 13,038 $ 15,994 $ 49,517 $ 13,893 $ 142,100 PPP loans Risk rating: Pass $ 11 $ 20,799 $ 7,952 $ — $ — $ — $ — $ 28,762 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total PPP loans $ 11 $ 20,799 $ 7,952 $ — $ — $ — $ — $ 28,762 Total commercial loans Risk rating: Pass $ 122,598 $ 476,018 $ 312,678 $ 218,401 $ 184,750 $ 428,367 $ 206,110 $ 1,948,922 Special mention 753 94 — 431 16,994 4,249 3,869 26,390 Substandard — 31 590 371 4,921 5,252 398 11,563 Doubtful — — — 258 — — — 258 Loss — — — — — — — — Total commercial loans $ 123,351 $ 476,143 $ 313,268 $ 219,461 $ 206,665 $ 437,868 $ 210,377 $ 1,987,133 The following table presents the credit risk profile by risk grade for retail consumer loans by origination year: Term Loans By Origination Fiscal Year September 30, 2022 2021 2020 2019 2018 Prior Revolving Total One-to-four family Risk rating: Pass $ 9,624 $ 69,855 $ 56,443 $ 37,245 $ 35,835 $ 163,570 $ 4,367 $ 376,939 Special mention — — — — — 1,091 — 1,091 Substandard — 243 972 — 215 4,939 — 6,369 Doubtful — — — — — 188 — 188 Loss — — — — — 314 — 314 Total one-to-four family $ 9,624 $ 70,098 $ 57,415 $ 37,245 $ 36,050 $ 170,102 $ 4,367 $ 384,901 HELOCs - originated Risk rating: Pass $ 297 $ 1,578 $ 365 $ 1,366 $ 242 $ 9,309 $ 115,486 $ 128,643 Special mention — — — — — 11 — 11 Substandard — — — 159 — 926 52 1,137 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - originated $ 297 $ 1,578 $ 365 $ 1,525 $ 242 $ 10,246 $ 115,538 $ 129,791 HELOCs - purchased Risk rating: Pass $ — $ — $ — $ — $ — $ — $ 33,490 $ 33,490 Special mention — — — — — — — — Substandard — — — — 0 — — 453 453 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - purchased $ — $ — $ — $ — $ — $ — $ 33,943 $ 33,943 Construction and land/lots Risk rating: Pass $ 431 $ 8,096 $ 8,454 $ 747 $ — $ 2,781 $ 48,920 $ 69,429 Special mention — — — — — — — — Substandard — — — — — 406 — 406 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and land/lots $ 431 $ 8,096 $ 8,454 $ 747 $ — $ 3,187 $ 48,920 $ 69,835 Indirect auto finance Risk rating: Pass $ 8,103 $ 37,082 $ 23,730 $ 13,635 $ 15,561 $ 7,222 $ — $ 105,333 Special mention — 0 — — — — — — — Substandard — 12 353 120 208 157 — 850 Doubtful — — — — — — — — Loss — 1 — — — — — 1 Total indirect auto finance $ 8,103 $ 37,095 $ 24,083 $ 13,755 $ 15,769 $ 7,379 $ — $ 106,184 Total consumer loans Risk rating: Pass $ 303 $ 1,170 $ 861 $ 4,828 $ 201 $ 153 $ 271 $ 7,787 Special mention — — — — 14 — — 14 Substandard — — 3 17 3 14 16 53 Doubtful — — — — — — — — Loss — — — 1 — — — 1 Total consumer loans $ 303 $ 1,170 $ 864 $ 4,846 $ 218 $ 167 $ 287 $ 7,855 Total retail consumer loans Risk rating: Pass $ 18,758 $ 117,781 $ 89,853 $ 57,821 $ 51,839 $ 183,035 $ 202,534 $ 721,621 Special mention — — — — 14 1,102 — 1,116 Substandard — 255 1,328 296 426 6,442 521 9,268 Doubtful — — — — — 188 — 188 Loss — 1 — 1 — 314 — 316 Total retail consumer loans $ 18,758 $ 118,037 $ 91,181 $ 58,118 $ 52,279 $ 191,081 $ 203,055 $ 732,509 The following table presents the credit risk profile by risk grade for commercial loans by origination year: Term Loans By Origination Fiscal Year June 30, 2021 2020 2019 2018 2017 Prior Revolving Total Commercial real estate Risk rating: Pass $ 227,850 $ 177,691 $ 142,407 $ 158,147 $ 158,525 $ 220,834 $ 25,860 $ 1,111,314 Special mention — — — 16,951 1,256 3,092 — 21,299 Substandard — — — 630 4,993 3,642 398 9,663 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial real estate $ 227,850 $ 177,691 $ 142,407 $ 175,728 $ 164,774 $ 227,568 $ 26,258 $ 1,142,276 Construction and development Risk rating: Pass 18,262 6,523 10,349 6,008 2,693 7,153 123,843 $ 174,831 Special mention — — — — — 286 3,827 4,113 Substandard — — — — — 482 — 482 Doubtful — — — — — — — — Loss — — — — — 1 — 1 Total construction and development $ 18,262 $ 6,523 $ 10,349 $ 6,008 $ 2,693 $ 7,922 $ 127,670 $ 179,427 Commercial and industrial Risk rating: Pass 29,606 14,010 18,826 10,759 15,346 10,589 36,165 $ 135,301 Special mention — 21 438 110 32 125 37 763 Substandard 31 33 300 — — 83 4,829 5,276 Doubtful — — — — — — — — Loss — — — — — 1 — 1 Total commercial and industrial $ 29,637 $ 14,064 $ 19,564 $ 10,869 $ 15,378 $ 10,798 $ 41,031 $ 141,341 Equipment finance Risk rating: Pass 154,685 104,681 53,178 4,773 — — — $ 317,317 Special mention — — — — — — — Substandard — — 323 — — — — 323 Doubtful — — 280 — — — — 280 Loss — — — — — — — — Total equipment finance $ 154,685 $ 104,681 $ 53,781 $ 4,773 $ — $ — $ — $ 317,920 Municipal leases Risk rating: Pass 23,358 19,240 14,005 17,979 9,738 47,144 8,700 $ 140,164 Special mention — — — — — 257 — 257 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — Total municipal leases $ 23,358 $ 19,240 $ 14,005 $ 17,979 $ 9,738 $ 47,401 $ 8,700 $ 140,421 PPP loans Risk rating: Pass 29,667 16,983 — — — — — $ 46,650 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total PPP loans $ 29,667 $ 16,983 $ — $ — $ — $ — $ — $ 46,650 Total commercial loans Risk rating: Pass $ 483,428 $ 339,128 $ 238,765 $ 197,666 $ 186,302 $ 285,720 $ 194,568 $ 1,925,577 Special mention — 21 438 17,061 1,288 3,760 3,864 26,432 Substandard 31 33 623 630 4,993 4,207 5,227 15,744 Doubtful — — 280 — — — — 280 Loss — — — — — 2 — 2 Total commercial loans $ 483,459 $ 339,182 $ 240,106 $ 215,357 $ 192,583 $ 293,689 $ 203,659 $ 1,968,035 The following table presents the credit risk profile by risk grade for retail consumer loans by origination year: Term Loans By Origination Fiscal Year June 30, 2021 2020 2019 2018 2017 Prior Revolving Total One-to-four family Risk rating: Pass $ 72,723 $ 52,987 $ 46,958 $ 40,461 $ 37,361 $ 143,531 $ 4,345 $ 398,366 Special mention — — — — 27 1,084 — 1,111 Substandard 246 981 — 216 86 5,037 — 6,566 Doubtful — — — — — 191 — 191 Loss — — — — — 315 — 315 Total one-to-four family $ 72,969 $ 53,968 $ 46,958 $ 40,677 $ 37,474 $ 150,158 $ 4,345 $ 406,549 HELOCs - originated Risk rating: Pass 2,767 465 1,294 217 716 9,469 114,048 $ 128,976 Special mention — — — — — 12 — 12 Substandard — — 159 — 38 935 105 1,237 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - originated $ 2,767 $ 465 $ 1,453 $ 217 $ 754 $ 10,416 $ 114,153 $ 130,225 HELOCs - purchased Risk rating: Pass — — — — — — 38,523 $ 38,523 Special mention — — — — — — — — Substandard — — — — — — 453 453 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - purchased $ — $ — $ — $ — $ — $ — $ 38,976 $ 38,976 Construction and land/lots Risk rating: Pass 4,244 12,133 2,357 956 — 3,558 42,267 $ 65,515 Special mention — — — — — — — — Substandard — — — 96 — 416 — 512 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and land/lots $ 4,244 $ 12,133 $ 2,357 $ 1,052 $ — $ 3,974 $ 42,267 $ 66,027 Indirect auto finance Risk rating: Pass 42,128 27,134 16,224 18,853 7,561 2,061 — $ 113,961 Special mention — — — — — — — — Substandard 29 415 195 273 143 75 — 1,130 Doubtful — — — — — — — — Loss 2 — — — — — — 2 Total indirect auto finance $ 42,159 $ 27,549 $ 16,419 $ 19,126 $ 7,704 $ 2,136 $ — $ 115,093 Consumer loans Risk rating: Pass 1,344 1,019 5,204 252 90 91 288 $ 8,288 Special mention — — — 14 — — — 14 Substandard — 3 19 11 4 10 11 58 Doubtful — — — — — — — — Loss — 1 1 — — — — 2 Total consumer loans $ 1,344 $ 1,023 $ 5,224 $ 277 $ 94 $ 101 $ 299 $ 8,362 Total retail consumer loans Risk rating: Pass $ 123,206 $ 93,738 $ 72,037 $ 60,739 $ 45,728 $ 158,710 $ 199,471 $ 753,629 Special mention — — — 14 27 1,096 — 1,137 Substandard 275 1,399 373 596 271 6,473 569 9,956 Doubtful — — — — — 191 — 191 Loss 2 1 1 — — 315 — 319 Total retail consumer loans $ 123,483 $ 95,138 $ 72,411 $ 61,349 $ 46,026 $ 166,785 $ 200,040 $ 765,232 |
Past Due Financing Receivables | The following tables present aging analysis of past due loans (includes nonaccrual loans) by segment and class for the periods indicated below: Past Due Total 30-89 Days 90 Days+ Total Current Loans September 30, 2021 Commercial loans: Commercial real estate $ — $ 114 $ 114 $ 1,132,650 $ 1,132,764 Construction and development 216 37 253 187,647 187,900 Commercial and industrial 67 562 629 152,983 153,612 Equipment finance 52 256 308 341,687 341,995 Municipal finance 405 — 405 141,695 142,100 PPP loans — — — 28,762 28,762 Retail consumer loans: One-to-four family 1,159 1,227 2,386 382,515 384,901 HELOCs - originated 65 317 382 129,409 129,791 HELOCs - purchased 200 — 200 33,743 33,943 Construction and land/lots 126 22 148 69,687 69,835 Indirect auto finance 170 139 309 105,875 106,184 Consumer 425 43 468 7,387 7,855 Total loans $ 2,885 $ 2,717 $ 5,602 $ 2,714,040 $ 2,719,642 Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2021 Commercial loans: Commercial real estate $ 396 $ 1,680 $ 2,076 $ 1,140,200 $ 1,142,276 Construction and development — 37 37 179,390 179,427 Commercial and industrial 634 19 653 140,688 141,341 Equipment finance — 347 347 317,573 317,920 Municipal finance — — — 140,421 140,421 PPP loans — — — 46,650 46,650 Retail consumer loans: One-to-four family 1,112 1,124 2,236 404,313 406,549 HELOCs - originated 290 186 476 129,749 130,225 HELOCs - purchased 198 79 277 38,699 38,976 Construction and land/lots 6 35 41 65,986 66,027 Indirect auto finance 299 259 558 114,535 115,093 Consumer 378 36 414 7,948 8,362 Total loans $ 3,313 $ 3,802 $ 7,115 $ 2,726,152 $ 2,733,267 |
Schedule of Past Due Loans Still Accruing and Nonaccruing Interest | The following table presents recorded investment in loans on nonaccrual status, by segment and class, including restructured loans. It also includes interest income recognized on nonaccrual loans for the three months ended September 30, 2021. September 30, 2021 June 30, 2021 90 Days + & still accruing as of September 30, 2021 Nonaccrual with no allowance as of September 30, 2021 Interest income recognized Commercial loans: Commercial real estate $ 1,576 $ 7,015 $ — $ — $ 12 Construction and development 388 482 — — 2 Commercial and industrial 1,488 49 — 418 12 Equipment finance 334 630 — 255 — Retail consumer loans: One-to-four family 1,710 2,625 — — 11 HELOCs - originated 445 476 — — 2 HELOCs - purchased 453 453 — — 8 Construction and land/lots 22 22 — — — Indirect auto finance 274 438 — — 2 Consumer 48 416 — — — Total loans $ 6,738 $ 12,606 $ — $ 673 $ 49 |
Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans | The Company’s loans that were performing under the payment terms of TDRs that were excluded from nonaccruing loans above at the dates indicated follows: September 30, 2021 June 30, 2021 Performing TDRs $ 11,341 $ 11,088 |
Breakdown of Provision (Benefit) for Credit Losses | The following table presents a breakdown of the provision (benefit) for credit losses included in our Consolidated Statements of Income: Three Months Ended September 30, 2021 2020 Provision (benefit) for credit losses: Loans $ (1,335) $ 950 Off-balance-sheet credit exposure (125) — Total provision (benefit) for credit losses $ (1,460) $ 950 |
Allowance for Credit Losses on Financing Receivables | The following tables present analysis of the ACL on loans by segment for the periods indicated below: Three Months Ended September 30, 2021 Commercial Retail Total Balance at beginning of period $ 24,746 $ 10,722 $ 35,468 Benefit for credit losses (623) (712) (1,335) Charge-offs (619) (90) (709) Recoveries 700 282 982 Net recoveries 81 192 273 Balance at end of period $ 24,204 $ 10,202 $ 34,406 Three Months Ended September 30, 2020 Commercial Retail Total Balance at beginning of period $ 21,116 $ 6,956 $ 28,072 Impact of adoption ASU 2016-13 4,073 10,736 14,809 Provision for credit losses 292 658 950 Charge-offs (1,095) (682) (1,777) Recoveries 813 265 1,078 Net charge-offs (282) (417) (699) Balance at end of period $ 25,199 $ 17,933 43,132 |
Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class | The following tables present ending balances of loans and the related ACL, by segment and class for the periods indicated below: Allowance for Credit Losses Total Loans Receivable Loans Loans Total Loans Loans Total September 30, 2021 Commercial loans: Commercial real estate $ 9 $ 12,209 $ 12,218 $ 299 $ 1,132,465 $ 1,132,764 Construction and development — 1,776 1,776 — 187,900 187,900 Commercial and industrial 525 2,682 3,207 2,048 151,564 153,612 Equipment finance — 6,714 6,714 255 341,740 341,995 Municipal finance — 289 289 — 142,100 142,100 PPP loans — — — — 28,762 28,762 Retail consumer loans: One-to-four family 3 5,018 5,021 1,969 382,932 384,901 HELOCs - originated — 1,430 1,430 — 129,791 129,791 HELOCs - purchased — 374 374 — 33,943 33,943 Construction and land/lots — 776 776 — 69,835 69,835 Indirect auto finance — 2,444 2,444 — 106,184 106,184 Consumer — 157 157 — 7,855 7,855 Total $ 537 $ 33,869 $ 34,406 $ 4,571 $ 2,715,071 $ 2,719,642 Allowance for Loan Losses Total Loans Receivable Loans Loans Total Loans Loans Total June 30, 2021 Commercial loans: Commercial real estate $ 456 $ 12,826 $ 13,282 $ 5,729 $ 1,136,547 $ 1,142,276 Construction and development — 1,801 1,801 80 179,347 179,427 Commercial and industrial 9 2,583 2,592 760 140,581 141,341 Equipment finance — 6,537 6,537 275 317,645 317,920 Municipal finance — 534 534 — 140,421 140,421 PPP loans — — — — 46,650 46,650 Retail consumer loans: One-to-four family 2 5,407 5,409 1,977 404,572 406,549 HELOCs - originated — 1,512 1,512 — 130,225 130,225 HELOCs - purchased — 452 452 — 38,976 38,976 Construction and land/lots — 812 812 — 66,027 66,027 Indirect auto finance — 2,367 2,367 — 115,093 115,093 Consumer — 170 170 — 8,362 8,362 Total $ 467 $ 35,001 $ 35,468 $ 8,821 $ 2,724,446 $ 2,733,267 |
Troubled Debt Restructurings on Financing Receivables | The following table presents a breakdown of the types of concessions made on TDRs by loan class for the period indicated below: Three Months Ended September 30, 2021 2020 Number Pre Post Number Pre Post Other TDRs: Commercial: Commercial and industrial — — — 1 4,407 3,800 Retail consumer: HELOCs - originated 1 18 18 — — — Indirect auto finance 5 84 83 6 105 78 Total 6 $ 102 $ 101 7 $ 4,512 $ 3,878 |
Schedule of Trouble Debt Restructurings With Payment Default | The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the periods indicated below: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Number of Recorded Number of Recorded Other TDRs: Retail consumer: Indirect auto finance 2 44 1 11 Total 2 $ 44 — $ 11 Other TDRs include TDRs that have a below market interest rate and extended payment terms. The Company does not typically forgive principal when restructuring troubled debt. |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerator and denominator of basic and diluted net income per share of common stock as of the dates indicated: Three Months Ended September 30, 2021 2020 Numerator: Net income $ 10,527 $ 5,753 Allocation of earnings to participating securities (92) (50) Numerator for basic EPS - Net income available to common stockholders $ 10,435 $ 5,703 Effect of dilutive securities: Dilutive effect to participating securities 2 6 Numerator for diluted EPS $ 10,437 $ 5,709 Denominator: Weighted-average common shares outstanding - basic 15,761,247 16,230,990 Effect of dilutive shares 385,364 238,252 Weighted-average common shares outstanding - diluted 16,146,611 16,469,242 Net income per share - basic $ 0.66 $ 0.35 Net income per share - diluted $ 0.65 $ 0.35 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three months ended September 30, 2021 and 2020, respectively: Three Months Ended September 30, 2021 2020 Share-based compensation expense $ 415 $ 506 Tax benefit $ 98 $ 119 |
Equity Incentive Plan Stock Option Activity | The table below presents stock option activity and related information: Options Weighted- Remaining Aggregate Options outstanding at June 30, 2020 1,615,500 $ 18.12 4.4 $ 1,711 Forfeited 200 24.95 — — Options outstanding at September 30, 2020 1,615,300 $ 18.12 4.1 $ — Exercisable at September 30, 2020 1,303,000 $ 16.31 3.3 $ — Non-vested at September 30, 2020 312,300 $ 25.68 7.6 $ — Options outstanding at June 30, 2021 1,319,456 $ 19.07 3.9 $ 11,657 Exercised 46,200 15.16 — — Forfeited 2,600 25.42 — — Options outstanding at September 30, 2021 1,270,656 $ 19.19 3.7 $ 11,164 Exercisable at September 30, 2021 1,030,506 $ 17.75 2.9 $ 10,546 Non-vested at September 30, 2021 240,150 $ 25.41 7.3 $ 617 |
Schedule of Nonvested Restricted Stock Units Activity | The table below presents restricted stock award activity and related information: Restricted Weighted- Aggregate Non-vested at June 30, 2020 144,046 $ 25.89 $ 2,305 Vested 2,600 25.37 — Forfeited 200 24.95 — Non-vested at September 30, 2020 141,246 $ 25.90 $ 1,918 Non-vested at June 30, 2021 151,575 $ 25.06 $ 4,229 Vested 8,918 26.93 — Forfeited 3,000 26.31 — Non-vested at September 30, 2021 139,657 $ 25.00 $ 3,908 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents financial assets measured at fair value on a recurring basis at the dates indicated: September 30, 2021 Total Level 1 Level 2 Level 3 U.S government agencies $ 19,101 $ — $ 19,101 $ — Residential MBS of U.S. government agencies and GSEs 41,458 — 41,458 — Municipal bonds 7,836 — 7,836 — Corporate bonds 56,181 — 56,181 — Total $ 124,576 $ — $ 124,576 $ — June 30, 2021 Total Level 1 Level 2 Level 3 U.S government agencies $ 19,073 $ — $ 19,073 $ — Residential MBS of U.S. government agencies and GSEs 43,404 — 43,404 — Municipal bonds 9,551 — 9,551 — Corporate bonds 84,431 — 84,431 — Total $ 156,459 $ — $ 156,459 $ — |
Fair Value Measurements, Nonrecurring | The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: September 30, 2021 Total Level 1 Level 2 Level 3 Individually evaluated loans $ 4,034 $ — $ — $ 4,034 June 30, 2021 Total Level 1 Level 2 Level 3 Individually evaluated loans $ 8,354 $ — $ — $ 8,354 |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements during the periods ended September 30, 2021 and June 30, 2021 is shown in the tables below: Fair Value at September 30, 2021 Valuation Unobservable Range Weighted Nonrecurring measurements: Individually evaluated loans $ 4,034 Discounted appraisals and discounted cash flows Collateral discounts: Discount spread: 6% - 100% 0% 13 % Fair Value at June 30, 2021 Valuation Unobservable Range Weighted Nonrecurring measurements: Individually evaluated loans $ 8,354 Discounted appraisals and discounted cash flows Collateral discounts: Discount spread: 0% - 52% 0% - 7% 6 % |
Fair Value, by Balance Sheet Grouping | The stated carrying value and estimated fair value amounts of financial instruments as of September 30, 2021 and June 30, 2021, are summarized below: September 30, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 42,573 $ 42,573 $ 42,573 $ — $ — Commercial paper 196,652 196,652 196,652 — — Certificates of deposit in other banks 35,495 35,495 — 35,495 — Debt securities available for sale 124,576 124,576 — 124,576 — Loans held for sale 105,161 107,972 — — 107,972 Loans, net 2,685,236 2,656,263 — — 2,656,263 FHLB stock 2,965 2,965 2,965 — — FRB stock 7,395 7,395 7,395 — — SBIC investments 10,531 10,531 — — 10,531 Accrued interest receivable 8,429 8,429 — 611 7,818 Liabilities: Noninterest-bearing and NOW deposits 1,333,439 1,333,439 — 1,333,439 — Money market accounts 987,650 621,675 — 621,675 — Savings accounts 220,614 220,614 — 220,614 — Certificates of deposit 445,581 446,540 — 446,540 — Borrowings 40,000 40,000 — 40,000 — Accrued interest payable 50 50 — 50 — June 30, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 50,990 $ 50,990 $ 50,990 $ — $ — Commercial paper 189,596 189,596 189,596 — — Certificates of deposit in other banks 40,122 40,122 — 40,122 — Debt securities available for sale 156,459 156,459 — 156,459 — Loans held for sale 93,539 94,779 — — 94,779 Loans, net 2,697,799 2,668,570 — — 2,668,570 FHLB stock 6,153 6,153 6,153 — — FRB stock 7,386 7,386 7,386 — — SBIC investments 10,171 10,171 — — 10,171 Accrued interest receivable 7,933 7,933 52 542 7,339 Liabilities: Noninterest-bearing and NOW deposits 1,281,372 1,281,372 — 1,281,372 — Money market accounts 975,001 975,001 — 975,001 — Savings accounts 226,391 226,391 — 226,391 — Certificates of deposit 472,777 474,397 — 474,397 — Borrowings 115,000 115,000 — 115,000 — Accrued interest payable 52 52 — 52 — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | The following table presents supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2021 June 30, 2021 ROU assets $ 6,103 $ 5,498 Lease liabilities $ 6,852 $ 5,926 Weighted-average remaining lease terms (years) 9.70 9.49 Weighted-average discount rate 3.15 % 3.18 % |
Lessee, Operating Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 1,100 2023 1,479 2024 1,010 2025 630 2026 512 Thereafter 3,218 Total of future minimum payments $ 7,949 |
Lease, Cost | The following table presents components of operating lease expense for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 Operating lease cost (included in occupancy expense) $ 484 $ 439 Sublease income (included in other, net noninterest income) (51) (61) Total operating lease expense, net $ 433 $ 378 Supplemental lease cash flow information for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 ROU assets - noncash additions (operating leases) $ 959 $ 533 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 628 524 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 33 |
Finance Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 100 2023 134 2024 145 2025 146 2026 146 Thereafter 1,702 Total minimum lease payments 2,373 Less: amount representing interest (580) Present value of net minimum lease payments $ 1,793 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 4,734 2023 4,671 2024 2,569 2025 722 2026 246 Thereafter 13 Total of future minimum payments $ 12,955 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2021 June 30, 2021 Lease receivables $ 63,741 $ 63,279 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2021: Fiscal year ending September 30: Remaining 2022 $ 14,928 2023 19,076 2024 16,036 2025 10,862 2026 6,437 Thereafter 2,791 Total minimum payments 70,130 Less: amount representing interest (6,389) Total $ 63,741 |
Debt Securities - Available for
Debt Securities - Available for Sale Securities Table (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 122,915 | $ 154,493 | |
Gross Unrealized Gains | 1,873 | 2,184 | |
Gross Unrealized Losses | (212) | (218) | |
Estimated Fair Value | 124,576 | 156,459 | [1] |
U.S. government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 18,979 | 18,975 | |
Gross Unrealized Gains | 123 | 135 | |
Gross Unrealized Losses | (1) | (37) | |
Estimated Fair Value | 19,101 | 19,073 | |
Residential MBS of U.S. government agencies and GSEs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 40,348 | 42,119 | |
Gross Unrealized Gains | 1,186 | 1,339 | |
Gross Unrealized Losses | (76) | (54) | |
Estimated Fair Value | 41,458 | 43,404 | |
Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 7,446 | 9,098 | |
Gross Unrealized Gains | 390 | 453 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 7,836 | 9,551 | |
Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 56,142 | 84,301 | |
Gross Unrealized Gains | 174 | 257 | |
Gross Unrealized Losses | (135) | (127) | |
Estimated Fair Value | $ 56,181 | $ 84,431 | |
[1] | Derived from audited financial statements. |
Debt Securities - Schedule of I
Debt Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | |
Amortized Cost | |||
Due within one year | $ 29,684 | $ 34,615 | |
Due after one year through five years | 48,816 | 73,249 | |
Due after five years through ten years | 4,067 | 4,510 | |
Due after ten years | 0 | 0 | |
Total | 122,915 | 154,493 | |
Estimated Fair Value | |||
Due within one year | 29,790 | 34,684 | |
Due after one year through five years | 49,103 | 73,633 | |
Due after five years through ten years | 4,225 | 4,738 | |
Due after ten years | 0 | 0 | |
Estimated Fair Value | 124,576 | 156,459 | [1] |
Residential MBS of U.S. government agencies and GSEs | |||
Amortized Cost | |||
Total | 40,348 | 42,119 | |
Estimated Fair Value | |||
Estimated Fair Value | $ 41,458 | $ 43,404 | |
[1] | Derived from audited financial statements. |
Debt Securities - Narrative (De
Debt Securities - Narrative (Details) | 3 Months Ended | |||
Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($)security | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 124,576,000 | $ 156,459,000 | [1] | |
Proceeds from sale of securities available for sale | 0 | $ 0 | ||
Gross realized gain (loss) | 0 | $ 0 | ||
Securities available for sale pledged as collateral market value | $ 93,142,000 | $ 98,890,000 | ||
Number of securities with unrealized losses | security | 31 | 28 | ||
Accrued interest receivable for investment securities available for sale | $ 611,000 | |||
Collateral Pledged | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 92,083,000 | $ 97,603,000 | ||
[1] | Derived from audited financial statements. |
Debt Securities - Available f_2
Debt Securities - Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | $ 124,576 | $ 156,459 | [1] |
Less than 12 Months, Fair Value | 37,480 | 40,048 | |
12 Months or Longer, Fair Value | 1,171 | 1,205 | |
Total, Fair Value | 38,651 | 41,253 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (188) | (192) | |
12 Months or More, Unrealized Losses | (24) | (26) | |
Total, Unrealized Losses | (212) | (218) | |
U.S. government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | 19,101 | 19,073 | |
Less than 12 Months, Fair Value | 4,999 | 14,963 | |
12 Months or Longer, Fair Value | 0 | 0 | |
Total, Fair Value | 4,999 | 14,963 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (1) | (37) | |
12 Months or More, Unrealized Losses | 0 | 0 | |
Total, Unrealized Losses | (1) | (37) | |
Residential MBS of U.S. government agencies and GSEs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | 41,458 | 43,404 | |
Less than 12 Months, Fair Value | 8,616 | 5,212 | |
12 Months or Longer, Fair Value | 1,171 | 1,205 | |
Total, Fair Value | 9,787 | 6,417 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (52) | (28) | |
12 Months or More, Unrealized Losses | (24) | (26) | |
Total, Unrealized Losses | (76) | (54) | |
Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | 56,181 | 84,431 | |
Less than 12 Months, Fair Value | 23,865 | 19,873 | |
12 Months or Longer, Fair Value | 0 | 0 | |
Total, Fair Value | 23,865 | 19,873 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (135) | (127) | |
12 Months or More, Unrealized Losses | 0 | 0 | |
Total, Unrealized Losses | (135) | (127) | |
Collateral Pledged | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | $ 92,083 | $ 97,603 | |
[1] | Derived from audited financial statements. |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | |
Other Investment Not Readily Marketable [Line Items] | |||
FHLB of Atlanta | $ 2,965 | $ 6,153 | |
Federal Reserve Bank of Richmond (FRB) | 7,395 | 7,386 | |
Other investments, at cost | 20,891 | 23,710 | [1] |
Small Business Investment Companies (SBIC) | |||
Other Investment Not Readily Marketable [Line Items] | |||
Nonmarketable Investment Securities | $ 10,531 | $ 10,171 | |
[1] | Derived from audited financial statements. |
Loans Held For Sale (Details)
Loans Held For Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable | |||
Total | $ 105,161 | $ 93,539 | [1] |
One-to-four family | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total | 39,049 | 31,873 | |
SBA | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total | 6,662 | 4,160 | |
HELOCs | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total | $ 59,450 | $ 57,506 | |
[1] | Derived from audited financial statements. |
Loans - Schedule of Accounts, N
Loans - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | $ 2,719,642 | $ 2,733,267 | |||
Allowance for credit losses | (34,406) | (35,468) | [1] | $ (43,132) | $ (28,072) |
Net loans | 2,685,236 | 2,697,799 | [1] | ||
Accrued interest receivable | 7,818 | 7,339 | |||
Commercial Loans | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 1,987,133 | 1,968,035 | |||
Allowance for credit losses | (24,204) | (24,746) | (25,199) | (21,116) | |
Commercial Loans | PPP | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 28,762 | 46,650 | |||
Allowance for credit losses | 0 | 0 | |||
Commercial Loans | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 1,132,764 | 1,142,276 | |||
Allowance for credit losses | (12,218) | (13,282) | |||
Commercial Loans | Construction and development | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 187,900 | 179,427 | |||
Allowance for credit losses | (1,776) | (1,801) | |||
Commercial Loans | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 153,612 | 141,341 | |||
Allowance for credit losses | (3,207) | (2,592) | |||
Commercial Loans | Equipment finance | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 341,995 | 317,920 | |||
Allowance for credit losses | (6,714) | (6,537) | |||
Commercial Loans | Municipal finance | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 142,100 | 140,421 | |||
Allowance for credit losses | (289) | (534) | |||
Retail Consumer Loans | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 732,509 | 765,232 | |||
Allowance for credit losses | (10,202) | (10,722) | $ (17,933) | $ (6,956) | |
Retail Consumer Loans | One-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 384,901 | 406,549 | |||
Allowance for credit losses | (5,021) | (5,409) | |||
Retail Consumer Loans | HELOCs - originated | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 129,791 | 130,225 | |||
Allowance for credit losses | (1,430) | (1,512) | |||
Retail Consumer Loans | HELOCs - purchased | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 33,943 | 38,976 | |||
Allowance for credit losses | (374) | (452) | |||
Retail Consumer Loans | Construction and land/lots | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 69,835 | 66,027 | |||
Allowance for credit losses | (776) | (812) | |||
Retail Consumer Loans | Indirect auto finance | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 106,184 | 115,093 | |||
Allowance for credit losses | (2,444) | (2,367) | |||
Retail Consumer Loans | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Total loans | 7,855 | 8,362 | |||
Allowance for credit losses | $ (157) | $ (170) | |||
[1] | Derived from audited financial statements. |
Loans - Financing Receivable Cr
Loans - Financing Receivable Credit Quality Indicators, After Adoption of ASU 2016-13 (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | |
Financing Receivable, Recorded Investment | |||
Total loans, net of deferred loan costs | $ 2,719,642 | $ 2,733,267 | [1] |
Commercial Loans | |||
Financing Receivable, Recorded Investment | |||
2022 | 123,351 | 483,459 | |
2021 | 476,143 | 339,182 | |
2020 | 313,268 | 240,106 | |
2019 | 219,461 | 215,357 | |
2018 | 206,665 | 192,583 | |
Prior | 437,868 | 293,689 | |
Revolving | 210,377 | 203,659 | |
Total loans, net of deferred loan costs | 1,987,133 | 1,968,035 | |
Commercial Loans | PPP | |||
Financing Receivable, Recorded Investment | |||
2022 | 11 | 29,667 | |
2021 | 20,799 | 16,983 | |
2020 | 7,952 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 28,762 | 46,650 | |
Commercial Loans | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 122,598 | 483,428 | |
2021 | 476,018 | 339,128 | |
2020 | 312,678 | 238,765 | |
2019 | 218,401 | 197,666 | |
2018 | 184,750 | 186,302 | |
Prior | 428,367 | 285,720 | |
Revolving | 206,110 | 194,568 | |
Total loans, net of deferred loan costs | 1,948,922 | 1,925,577 | |
Commercial Loans | Pass | PPP | |||
Financing Receivable, Recorded Investment | |||
2022 | 11 | 29,667 | |
2021 | 20,799 | 16,983 | |
2020 | 7,952 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 28,762 | 46,650 | |
Commercial Loans | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 753 | 0 | |
2021 | 94 | 21 | |
2020 | 0 | 438 | |
2019 | 431 | 17,061 | |
2018 | 16,994 | 1,288 | |
Prior | 4,249 | 3,760 | |
Revolving | 3,869 | 3,864 | |
Total loans, net of deferred loan costs | 26,390 | 26,432 | |
Commercial Loans | Special Mention | PPP | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 31 | |
2021 | 31 | 33 | |
2020 | 590 | 623 | |
2019 | 371 | 630 | |
2018 | 4,921 | 4,993 | |
Prior | 5,252 | 4,207 | |
Revolving | 398 | 5,227 | |
Total loans, net of deferred loan costs | 11,563 | 15,744 | |
Commercial Loans | Substandard | PPP | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 280 | |
2019 | 258 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 258 | 280 | |
Commercial Loans | Doubtful | PPP | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 2 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 2 | |
Commercial Loans | Loss | PPP | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Commercial real estate | |||
Financing Receivable, Recorded Investment | |||
2022 | 41,790 | 227,850 | |
2021 | 232,436 | 177,691 | |
2020 | 169,932 | 142,407 | |
2019 | 139,212 | 175,728 | |
2018 | 168,508 | 164,774 | |
Prior | 354,470 | 227,568 | |
Revolving | 26,416 | 26,258 | |
Total loans, net of deferred loan costs | 1,132,764 | 1,142,276 | |
Commercial Loans | Commercial real estate | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 41,037 | 227,850 | |
2021 | 232,436 | 177,691 | |
2020 | 169,932 | 142,407 | |
2019 | 139,212 | 158,147 | |
2018 | 151,001 | 158,525 | |
Prior | 346,044 | 220,834 | |
Revolving | 26,018 | 25,860 | |
Total loans, net of deferred loan costs | 1,105,680 | 1,111,314 | |
Commercial Loans | Commercial real estate | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 753 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 16,951 | |
2018 | 16,886 | 1,256 | |
Prior | 3,619 | 3,092 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 21,258 | 21,299 | |
Commercial Loans | Commercial real estate | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 630 | |
2018 | 621 | 4,993 | |
Prior | 4,807 | 3,642 | |
Revolving | 398 | 398 | |
Total loans, net of deferred loan costs | 5,826 | 9,663 | |
Commercial Loans | Commercial real estate | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Commercial real estate | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Construction and development | |||
Financing Receivable, Recorded Investment | |||
2022 | 6,647 | 18,262 | |
2021 | 24,896 | 6,523 | |
2020 | 2,543 | 10,349 | |
2019 | 4,207 | 6,008 | |
2018 | 4,615 | 2,693 | |
Prior | 8,976 | 7,922 | |
Revolving | 136,016 | 127,670 | |
Total loans, net of deferred loan costs | 187,900 | 179,427 | |
Commercial Loans | Construction and development | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 6,647 | 18,262 | |
2021 | 24,896 | 6,523 | |
2020 | 2,543 | 10,349 | |
2019 | 4,207 | 6,008 | |
2018 | 4,615 | 2,693 | |
Prior | 8,331 | 7,153 | |
Revolving | 132,184 | 123,843 | |
Total loans, net of deferred loan costs | 183,423 | 174,831 | |
Commercial Loans | Construction and development | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 257 | 286 | |
Revolving | 3,832 | 3,827 | |
Total loans, net of deferred loan costs | 4,089 | 4,113 | |
Commercial Loans | Construction and development | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 388 | 482 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 388 | 482 | |
Commercial Loans | Construction and development | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Construction and development | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 1 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 1 | |
Commercial Loans | Commercial and industrial | |||
Financing Receivable, Recorded Investment | |||
2022 | 17,402 | 29,637 | |
2021 | 29,526 | 14,064 | |
2020 | 17,025 | 19,564 | |
2019 | 16,732 | 10,869 | |
2018 | 13,970 | 15,378 | |
Prior | 24,905 | 10,798 | |
Revolving | 34,052 | 41,031 | |
Total loans, net of deferred loan costs | 153,612 | 141,341 | |
Commercial Loans | Commercial and industrial | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 17,402 | 29,606 | |
2021 | 29,495 | 14,010 | |
2020 | 16,467 | 18,826 | |
2019 | 15,930 | 10,759 | |
2018 | 9,562 | 15,346 | |
Prior | 24,732 | 10,589 | |
Revolving | 34,015 | 36,165 | |
Total loans, net of deferred loan costs | 147,603 | 135,301 | |
Commercial Loans | Commercial and industrial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 21 | |
2020 | 0 | 438 | |
2019 | 431 | 110 | |
2018 | 108 | 32 | |
Prior | 116 | 125 | |
Revolving | 37 | 37 | |
Total loans, net of deferred loan costs | 692 | 763 | |
Commercial Loans | Commercial and industrial | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 31 | |
2021 | 31 | 33 | |
2020 | 558 | 300 | |
2019 | 371 | 0 | |
2018 | 4,300 | 0 | |
Prior | 57 | 83 | |
Revolving | 0 | 4,829 | |
Total loans, net of deferred loan costs | 5,317 | 5,276 | |
Commercial Loans | Commercial and industrial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Commercial and industrial | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 1 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 1 | |
Commercial Loans | Equipment finance | |||
Financing Receivable, Recorded Investment | |||
2022 | 52,310 | 154,685 | |
2021 | 145,349 | 104,681 | |
2020 | 94,486 | 53,781 | |
2019 | 46,272 | 4,773 | |
2018 | 3,578 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 341,995 | 317,920 | |
Commercial Loans | Equipment finance | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 52,310 | 154,685 | |
2021 | 145,255 | 104,681 | |
2020 | 94,454 | 53,178 | |
2019 | 46,014 | 4,773 | |
2018 | 3,578 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 341,611 | 317,317 | |
Commercial Loans | Equipment finance | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 94 | 0 | |
2020 | 0 | ||
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 94 | 0 | |
Commercial Loans | Equipment finance | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 32 | 323 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 32 | 323 | |
Commercial Loans | Equipment finance | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 280 | |
2019 | 258 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 258 | 280 | |
Commercial Loans | Equipment finance | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Municipal finance | |||
Financing Receivable, Recorded Investment | |||
2022 | 5,191 | 23,358 | |
2021 | 23,137 | 19,240 | |
2020 | 21,330 | 14,005 | |
2019 | 13,038 | 17,979 | |
2018 | 15,994 | 9,738 | |
Prior | 49,517 | 47,401 | |
Revolving | 13,893 | 8,700 | |
Total loans, net of deferred loan costs | 142,100 | 140,421 | |
Commercial Loans | Municipal finance | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 5,191 | 23,358 | |
2021 | 23,137 | 19,240 | |
2020 | 21,330 | 14,005 | |
2019 | 13,038 | 17,979 | |
2018 | 15,994 | 9,738 | |
Prior | 49,260 | 47,144 | |
Revolving | 13,893 | 8,700 | |
Total loans, net of deferred loan costs | 141,843 | 140,164 | |
Commercial Loans | Municipal finance | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 257 | 257 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 257 | 257 | |
Commercial Loans | Municipal finance | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Municipal finance | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Commercial Loans | Municipal finance | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | ||
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | |||
Financing Receivable, Recorded Investment | |||
2022 | 18,758 | 123,483 | |
2021 | 118,037 | 95,138 | |
2020 | 91,181 | 72,411 | |
2019 | 58,118 | 61,349 | |
2018 | 52,279 | 46,026 | |
Prior | 191,081 | 166,785 | |
Revolving | 203,055 | 200,040 | |
Total loans, net of deferred loan costs | 732,509 | 765,232 | |
Retail Consumer Loans | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 18,758 | 123,206 | |
2021 | 117,781 | 93,738 | |
2020 | 89,853 | 72,037 | |
2019 | 57,821 | 60,739 | |
2018 | 51,839 | 45,728 | |
Prior | 183,035 | 158,710 | |
Revolving | 202,534 | 199,471 | |
Total loans, net of deferred loan costs | 721,621 | 753,629 | |
Retail Consumer Loans | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 14 | |
2018 | 14 | 27 | |
Prior | 1,102 | 1,096 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 1,116 | 1,137 | |
Retail Consumer Loans | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 275 | |
2021 | 255 | 1,399 | |
2020 | 1,328 | 373 | |
2019 | 296 | 596 | |
2018 | 426 | 271 | |
Prior | 6,442 | 6,473 | |
Revolving | 521 | 569 | |
Total loans, net of deferred loan costs | 9,268 | 9,956 | |
Retail Consumer Loans | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 188 | 191 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 188 | 191 | |
Retail Consumer Loans | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 2 | |
2021 | 1 | 1 | |
2020 | 0 | 1 | |
2019 | 1 | 0 | |
2018 | 0 | 0 | |
Prior | 314 | 315 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 316 | 319 | |
Retail Consumer Loans | One-to-four family | |||
Financing Receivable, Recorded Investment | |||
2022 | 9,624 | 72,969 | |
2021 | 70,098 | 53,968 | |
2020 | 57,415 | 46,958 | |
2019 | 37,245 | 40,677 | |
2018 | 36,050 | 37,474 | |
Prior | 170,102 | 150,158 | |
Revolving | 4,367 | 4,345 | |
Total loans, net of deferred loan costs | 384,901 | 406,549 | |
Retail Consumer Loans | One-to-four family | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 9,624 | 72,723 | |
2021 | 69,855 | 52,987 | |
2020 | 56,443 | 46,958 | |
2019 | 37,245 | 40,461 | |
2018 | 35,835 | 37,361 | |
Prior | 163,570 | 143,531 | |
Revolving | 4,367 | 4,345 | |
Total loans, net of deferred loan costs | 376,939 | 398,366 | |
Retail Consumer Loans | One-to-four family | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 27 | |
Prior | 1,091 | 1,084 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 1,091 | 1,111 | |
Retail Consumer Loans | One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 246 | |
2021 | 243 | 981 | |
2020 | 972 | 0 | |
2019 | 0 | 216 | |
2018 | 215 | 86 | |
Prior | 4,939 | 5,037 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 6,369 | 6,566 | |
Retail Consumer Loans | One-to-four family | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 188 | 191 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 188 | 191 | |
Retail Consumer Loans | One-to-four family | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 314 | 315 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 314 | 315 | |
Retail Consumer Loans | HELOCs - originated | |||
Financing Receivable, Recorded Investment | |||
2022 | 297 | 2,767 | |
2021 | 1,578 | 465 | |
2020 | 365 | 1,453 | |
2019 | 1,525 | 217 | |
2018 | 242 | 754 | |
Prior | 10,246 | 10,416 | |
Revolving | 115,538 | 114,153 | |
Total loans, net of deferred loan costs | 129,791 | 130,225 | |
Retail Consumer Loans | HELOCs - originated | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 297 | 2,767 | |
2021 | 1,578 | 465 | |
2020 | 365 | 1,294 | |
2019 | 1,366 | 217 | |
2018 | 242 | 716 | |
Prior | 9,309 | 9,469 | |
Revolving | 115,486 | 114,048 | |
Total loans, net of deferred loan costs | 128,643 | 128,976 | |
Retail Consumer Loans | HELOCs - originated | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 11 | 12 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 11 | 12 | |
Retail Consumer Loans | HELOCs - originated | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 159 | |
2019 | 159 | 0 | |
2018 | 0 | 38 | |
Prior | 926 | 935 | |
Revolving | 52 | 105 | |
Total loans, net of deferred loan costs | 1,137 | 1,237 | |
Retail Consumer Loans | HELOCs - originated | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | HELOCs - originated | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | HELOCs - purchased | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 33,943 | 38,976 | |
Total loans, net of deferred loan costs | 33,943 | 38,976 | |
Retail Consumer Loans | HELOCs - purchased | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 33,490 | 38,523 | |
Total loans, net of deferred loan costs | 33,490 | 38,523 | |
Retail Consumer Loans | HELOCs - purchased | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | HELOCs - purchased | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 453 | 453 | |
Total loans, net of deferred loan costs | 453 | 453 | |
Retail Consumer Loans | HELOCs - purchased | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | HELOCs - purchased | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | Construction and land/lots | |||
Financing Receivable, Recorded Investment | |||
2022 | 431 | 4,244 | |
2021 | 8,096 | 12,133 | |
2020 | 8,454 | 2,357 | |
2019 | 747 | 1,052 | |
2018 | 0 | 0 | |
Prior | 3,187 | 3,974 | |
Revolving | 48,920 | 42,267 | |
Total loans, net of deferred loan costs | 69,835 | 66,027 | |
Retail Consumer Loans | Construction and land/lots | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 431 | 4,244 | |
2021 | 8,096 | 12,133 | |
2020 | 8,454 | 2,357 | |
2019 | 747 | 956 | |
2018 | 0 | 0 | |
Prior | 2,781 | 3,558 | |
Revolving | 48,920 | 42,267 | |
Total loans, net of deferred loan costs | 69,429 | 65,515 | |
Retail Consumer Loans | Construction and land/lots | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | Construction and land/lots | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 96 | |
2018 | 0 | 0 | |
Prior | 406 | 416 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 406 | 512 | |
Retail Consumer Loans | Construction and land/lots | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | Construction and land/lots | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | Indirect auto finance | |||
Financing Receivable, Recorded Investment | |||
2022 | 8,103 | 42,159 | |
2021 | 37,095 | 27,549 | |
2020 | 24,083 | 16,419 | |
2019 | 13,755 | 19,126 | |
2018 | 15,769 | 7,704 | |
Prior | 7,379 | 2,136 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 106,184 | 115,093 | |
Retail Consumer Loans | Indirect auto finance | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 8,103 | 42,128 | |
2021 | 37,082 | 27,134 | |
2020 | 23,730 | 16,224 | |
2019 | 13,635 | 18,853 | |
2018 | 15,561 | 7,561 | |
Prior | 7,222 | 2,061 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 105,333 | 113,961 | |
Retail Consumer Loans | Indirect auto finance | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | Indirect auto finance | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 29 | |
2021 | 12 | 415 | |
2020 | 353 | 195 | |
2019 | 120 | 273 | |
2018 | 208 | 143 | |
Prior | 157 | 75 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 850 | 1,130 | |
Retail Consumer Loans | Indirect auto finance | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | Indirect auto finance | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 2 | |
2021 | 1 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 1 | 2 | |
Retail Consumer Loans | Consumer | |||
Financing Receivable, Recorded Investment | |||
2022 | 303 | 1,344 | |
2021 | 1,170 | 1,023 | |
2020 | 864 | 5,224 | |
2019 | 4,846 | 277 | |
2018 | 218 | 94 | |
Prior | 167 | 101 | |
Revolving | 287 | 299 | |
Total loans, net of deferred loan costs | 7,855 | 8,362 | |
Retail Consumer Loans | Consumer | Pass | |||
Financing Receivable, Recorded Investment | |||
2022 | 303 | 1,344 | |
2021 | 1,170 | 1,019 | |
2020 | 861 | 5,204 | |
2019 | 4,828 | 252 | |
2018 | 201 | 90 | |
Prior | 153 | 91 | |
Revolving | 271 | 288 | |
Total loans, net of deferred loan costs | 7,787 | 8,288 | |
Retail Consumer Loans | Consumer | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 14 | |
2018 | 14 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 14 | 14 | |
Retail Consumer Loans | Consumer | Substandard | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 3 | |
2020 | 3 | 19 | |
2019 | 17 | 11 | |
2018 | 3 | 4 | |
Prior | 14 | 10 | |
Revolving | 16 | 11 | |
Total loans, net of deferred loan costs | 53 | 58 | |
Retail Consumer Loans | Consumer | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | 0 | 0 | |
Retail Consumer Loans | Consumer | Loss | |||
Financing Receivable, Recorded Investment | |||
2022 | 0 | 0 | |
2021 | 0 | 1 | |
2020 | 0 | 1 | |
2019 | 1 | 0 | |
2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving | 0 | 0 | |
Total loans, net of deferred loan costs | $ 1 | $ 2 | |
[1] | Derived from audited financial statements. |
Loans - Schedule of Past Due Fi
Loans - Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 5,602 | $ 7,115 |
Current | 2,714,040 | 2,726,152 |
Total Loans | 2,719,642 | 2,733,267 |
30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,885 | 3,313 |
90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,717 | 3,802 |
Commercial Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,987,133 | 1,968,035 |
Commercial Loans | PPP | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Current | 28,762 | 46,650 |
Total Loans | 28,762 | 46,650 |
Commercial Loans | 30-89 Days | PPP | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Loans | 90 Days+ | PPP | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 114 | 2,076 |
Current | 1,132,650 | 1,140,200 |
Total Loans | 1,132,764 | 1,142,276 |
Commercial Loans | Commercial real estate | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 396 |
Commercial Loans | Commercial real estate | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 114 | 1,680 |
Commercial Loans | Construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 253 | 37 |
Current | 187,647 | 179,390 |
Total Loans | 187,900 | 179,427 |
Commercial Loans | Construction and development | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 216 | 0 |
Commercial Loans | Construction and development | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 37 | 37 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 629 | 653 |
Current | 152,983 | 140,688 |
Total Loans | 153,612 | 141,341 |
Commercial Loans | Commercial and industrial | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 67 | 634 |
Commercial Loans | Commercial and industrial | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 562 | 19 |
Commercial Loans | Equipment finance | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 308 | 347 |
Current | 341,687 | 317,573 |
Total Loans | 341,995 | 317,920 |
Commercial Loans | Equipment finance | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 52 | 0 |
Commercial Loans | Equipment finance | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 256 | 347 |
Commercial Loans | Municipal finance | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 405 | 0 |
Current | 141,695 | 140,421 |
Total Loans | 142,100 | 140,421 |
Commercial Loans | Municipal finance | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 405 | 0 |
Commercial Loans | Municipal finance | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Retail Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 732,509 | 765,232 |
Retail Consumer Loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,386 | 2,236 |
Current | 382,515 | 404,313 |
Total Loans | 384,901 | 406,549 |
Retail Consumer Loans | One-to-four family | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,159 | 1,112 |
Retail Consumer Loans | One-to-four family | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,227 | 1,124 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 382 | 476 |
Current | 129,409 | 129,749 |
Total Loans | 129,791 | 130,225 |
Retail Consumer Loans | HELOCs - originated | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 65 | 290 |
Retail Consumer Loans | HELOCs - originated | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 317 | 186 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 200 | 277 |
Current | 33,743 | 38,699 |
Total Loans | 33,943 | 38,976 |
Retail Consumer Loans | HELOCs - purchased | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 200 | 198 |
Retail Consumer Loans | HELOCs - purchased | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 79 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 148 | 41 |
Current | 69,687 | 65,986 |
Total Loans | 69,835 | 66,027 |
Retail Consumer Loans | Construction and land/lots | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 126 | 6 |
Retail Consumer Loans | Construction and land/lots | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 22 | 35 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 309 | 558 |
Current | 105,875 | 114,535 |
Total Loans | 106,184 | 115,093 |
Retail Consumer Loans | Indirect auto finance | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 170 | 299 |
Retail Consumer Loans | Indirect auto finance | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 139 | 259 |
Retail Consumer Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 468 | 414 |
Current | 7,387 | 7,948 |
Total Loans | 7,855 | 8,362 |
Retail Consumer Loans | Consumer | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 425 | 378 |
Retail Consumer Loans | Consumer | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 43 | $ 36 |
Loans - Schedule of Past Due Lo
Loans - Schedule of Past Due Loans Still Accruing and Nonaccruing Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | $ 6,738 | $ 12,606 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 673 | |
Interest income recognized | 49 | |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 1,576 | 7,015 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | 12 | |
Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 388 | 482 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | 2 | |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 1,488 | 49 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 418 | |
Interest income recognized | 12 | |
Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 334 | 630 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 255 | |
Interest income recognized | 0 | |
Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 1,710 | 2,625 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | 11 | |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 445 | 476 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | 2 | |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 453 | 453 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | 8 | |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 22 | 22 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | 0 | |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 274 | 438 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | 2 | |
Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 48 | $ 416 |
90 Days + & still accruing as of September 30, 2021 | 0 | |
Nonaccrual with no allowance as of September 30, 2021 | 0 | |
Interest income recognized | $ 0 |
Loans Loans - Narrative (Detail
Loans Loans - Narrative (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021USD ($)loan | Jun. 30, 2021USD ($) | |
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | loan | 2 | |
Financing receivable, nonaccrual, payoffs and charge offs | $ 5,100 | |
Reserve for credit losses for off-balance sheet credit exposures included in other liabilities | 2,198 | |
Payment deferral amount | 1,003 | $ 107 |
Coronavirus Aid, Relief, And Economic Securities Act, Short-Term Modifications | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Amount of loans on interest-only payments | $ 67,810 | $ 78,850 |
Loans - Schedule of Troubled De
Loans - Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Performing financing receivable | ||
Financing Receivable, Modifications | ||
Performing TDRs | $ 11,341 | $ 11,088 |
Loans - Breakdown of Provision
Loans - Breakdown of Provision (Benefit) For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Provision (benefit) for credit losses: | ||
Loans | $ (1,335) | $ 950 |
Off-balance-sheet credit exposure | (125) | 0 |
Total provision (benefit) for credit losses | $ (1,460) | $ 950 |
Loans - Schedule of Allowance f
Loans - Schedule of Allowance for Credit Losses on Financing Receivables Table (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 35,468 | [1] | $ 28,072 |
Provision (benefit) for credit losses | (1,335) | 950 | |
Charge-offs | (709) | (1,777) | |
Recoveries | 982 | 1,078 | |
Net recoveries | 273 | (699) | |
Balance at end of period | 34,406 | 43,132 | |
Cumulative-effect adjustment due to the adoption of ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 14,809 | ||
Commercial Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 24,746 | 21,116 | |
Provision (benefit) for credit losses | (623) | 292 | |
Charge-offs | (619) | (1,095) | |
Recoveries | 700 | 813 | |
Net recoveries | 81 | (282) | |
Balance at end of period | 24,204 | 25,199 | |
Commercial Loans | Cumulative-effect adjustment due to the adoption of ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 4,073 | ||
Retail Consumer Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 10,722 | 6,956 | |
Provision (benefit) for credit losses | (712) | 658 | |
Charge-offs | (90) | (682) | |
Recoveries | 282 | 265 | |
Net recoveries | 192 | (417) | |
Balance at end of period | $ 10,202 | 17,933 | |
Retail Consumer Loans | Cumulative-effect adjustment due to the adoption of ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 10,736 | ||
[1] | Derived from audited financial statements. |
Loans - Schedule of Ending Bala
Loans - Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | $ 537 | $ 467 | |||
Allowance for credit losses, Loans collectively evaluated | 33,869 | 35,001 | |||
Allowance for credit losses, Total | 34,406 | 35,468 | [1] | $ 43,132 | $ 28,072 |
Total loans receivable, Loans individually evaluated for impairment | 4,571 | 8,821 | |||
Total loans receivable, Loans collectively evaluated | 2,715,071 | 2,724,446 | |||
Total loans receivable | 2,719,642 | 2,733,267 | |||
Commercial Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Total | 24,204 | 24,746 | 25,199 | 21,116 | |
Total loans receivable | 1,987,133 | 1,968,035 | |||
Commercial Loans | PPP | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 0 | 0 | |||
Allowance for credit losses, Total | 0 | 0 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | |||
Total loans receivable, Loans collectively evaluated | 28,762 | 46,650 | |||
Total loans receivable | 28,762 | 46,650 | |||
Commercial Loans | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 9 | 456 | |||
Allowance for credit losses, Loans collectively evaluated | 12,209 | 12,826 | |||
Allowance for credit losses, Total | 12,218 | 13,282 | |||
Total loans receivable, Loans individually evaluated for impairment | 299 | 5,729 | |||
Total loans receivable, Loans collectively evaluated | 1,132,465 | 1,136,547 | |||
Total loans receivable | 1,132,764 | 1,142,276 | |||
Commercial Loans | Construction and development | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 1,776 | 1,801 | |||
Allowance for credit losses, Total | 1,776 | 1,801 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 80 | |||
Total loans receivable, Loans collectively evaluated | 187,900 | 179,347 | |||
Total loans receivable | 187,900 | 179,427 | |||
Commercial Loans | Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 525 | 9 | |||
Allowance for credit losses, Loans collectively evaluated | 2,682 | 2,583 | |||
Allowance for credit losses, Total | 3,207 | 2,592 | |||
Total loans receivable, Loans individually evaluated for impairment | 2,048 | 760 | |||
Total loans receivable, Loans collectively evaluated | 151,564 | 140,581 | |||
Total loans receivable | 153,612 | 141,341 | |||
Commercial Loans | Equipment finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 6,714 | 6,537 | |||
Allowance for credit losses, Total | 6,714 | 6,537 | |||
Total loans receivable, Loans individually evaluated for impairment | 255 | 275 | |||
Total loans receivable, Loans collectively evaluated | 341,740 | 317,645 | |||
Total loans receivable | 341,995 | 317,920 | |||
Commercial Loans | Municipal finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 289 | 534 | |||
Allowance for credit losses, Total | 289 | 534 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | |||
Total loans receivable, Loans collectively evaluated | 142,100 | 140,421 | |||
Total loans receivable | 142,100 | 140,421 | |||
Retail Consumer Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Total | 10,202 | 10,722 | $ 17,933 | $ 6,956 | |
Total loans receivable | 732,509 | 765,232 | |||
Retail Consumer Loans | One-to-four family | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 3 | 2 | |||
Allowance for credit losses, Loans collectively evaluated | 5,018 | 5,407 | |||
Allowance for credit losses, Total | 5,021 | 5,409 | |||
Total loans receivable, Loans individually evaluated for impairment | 1,969 | 1,977 | |||
Total loans receivable, Loans collectively evaluated | 382,932 | 404,572 | |||
Total loans receivable | 384,901 | 406,549 | |||
Retail Consumer Loans | HELOCs - originated | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 1,430 | 1,512 | |||
Allowance for credit losses, Total | 1,430 | 1,512 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | |||
Total loans receivable, Loans collectively evaluated | 129,791 | 130,225 | |||
Total loans receivable | 129,791 | 130,225 | |||
Retail Consumer Loans | HELOCs - purchased | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 374 | 452 | |||
Allowance for credit losses, Total | 374 | 452 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | |||
Total loans receivable, Loans collectively evaluated | 33,943 | 38,976 | |||
Total loans receivable | 33,943 | 38,976 | |||
Retail Consumer Loans | Construction and land/lots | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 776 | 812 | |||
Allowance for credit losses, Total | 776 | 812 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | |||
Total loans receivable, Loans collectively evaluated | 69,835 | 66,027 | |||
Total loans receivable | 69,835 | 66,027 | |||
Retail Consumer Loans | Indirect auto finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 2,444 | 2,367 | |||
Allowance for credit losses, Total | 2,444 | 2,367 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | |||
Total loans receivable, Loans collectively evaluated | 106,184 | 115,093 | |||
Total loans receivable | 106,184 | 115,093 | |||
Retail Consumer Loans | Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | |||
Allowance for credit losses, Loans collectively evaluated | 157 | 170 | |||
Allowance for credit losses, Total | 157 | 170 | |||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | |||
Total loans receivable, Loans collectively evaluated | 7,855 | 8,362 | |||
Total loans receivable | $ 7,855 | $ 8,362 | |||
[1] | Derived from audited financial statements. |
Loans - Breakdown Between Loans
Loans - Breakdown Between Loans Identified as CDAs and Non-CDAs (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | $ 2,719,642 | $ 2,733,267 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 1,987,133 | 1,968,035 |
Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 28,762 | 46,650 |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 1,132,764 | 1,142,276 |
Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 187,900 | 179,427 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 153,612 | 141,341 |
Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 341,995 | 317,920 |
Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 142,100 | 140,421 |
Retail Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 732,509 | 765,232 |
Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 384,901 | 406,549 |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 129,791 | 130,225 |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 33,943 | 38,976 |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 69,835 | 66,027 |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 106,184 | 115,093 |
Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 7,855 | 8,362 |
Residential Property | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 799 | 807 |
Total Collateral Value | 1,160 | 1,160 |
Residential Property | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 799 | 807 |
Residential Property | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Residential Property | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 3,501 |
Total Collateral Value | 0 | 3,602 |
Investment Property | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 3,421 |
Investment Property | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 80 |
Investment Property | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Investment Property | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 299 | 2,308 |
Total Collateral Value | 288 | 2,723 |
Commercial Property | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 299 | 2,308 |
Commercial Property | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Commercial Property | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 494 | 25 |
Total Collateral Value | 0 | 26 |
Business Assets | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 494 | 25 |
Business Assets | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Business Assets | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | 0 |
Financial Assets Not Considered Collateral Dependent | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 2,718,050 | 2,726,626 |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 28,762 | 46,650 |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 1,132,465 | 1,136,547 |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 187,900 | 179,347 |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 153,118 | 141,316 |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 341,995 | 317,920 |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 142,100 | 140,421 |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 384,102 | 405,742 |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 129,791 | 130,225 |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 33,943 | 38,976 |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 69,835 | 66,027 |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 106,184 | 115,093 |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | $ 7,855 | $ 8,362 |
Loans - Schedule of Debt Restru
Loans - Schedule of Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Modifications | ||
Number of loans | loan | 6 | 7 |
Pre-modification outstanding recorded investment | $ 102 | $ 4,512 |
Post-modification outstanding recorded investment | $ 101 | $ 3,878 |
Commercial Loans | Other TDR | Commercial and industrial | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 0 | 1 |
Pre-modification outstanding recorded investment | $ 0 | $ 4,407 |
Post-modification outstanding recorded investment | $ 0 | $ 3,800 |
Retail Consumer Loans | Other TDR | HELOCs - originated | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 1 | 0 |
Pre-modification outstanding recorded investment | $ 18 | $ 0 |
Post-modification outstanding recorded investment | $ 18 | $ 0 |
Retail Consumer Loans | Other TDR | Indirect auto finance | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 5 | 6 |
Pre-modification outstanding recorded investment | $ 84 | $ 105 |
Post-modification outstanding recorded investment | $ 83 | $ 78 |
Loans - Schedule of Troubled _2
Loans - Schedule of Troubled Debt Restructurings With Payment Default (Details) - Other TDR $ in Thousands | 3 Months Ended | |
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Modifications | ||
Number of loans | loan | 2 | 0 |
Recorded investment | $ | $ 44 | $ 11 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 2 | 1 |
Recorded investment | $ | $ 44 | $ 11 |
Net Income per Share - Schedule
Net Income per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||
Net income | $ 10,527 | $ 5,753 |
Allocation of earnings to participating securities | (92) | (50) |
Numerator for basic EPS - Net income available to common stockholders | 10,435 | 5,703 |
Dilutive effect to participating securities | 2 | 6 |
Numerator for diluted EPS | $ 10,437 | $ 5,709 |
Denominator: | ||
Weighted-average common shares outstanding - basic | 15,761,247 | 16,230,990 |
Effect of dilutive shares | 385,364 | 238,252 |
Weighted-average common shares outstanding - diluted | 16,146,611 | 16,469,242 |
Net income per share - basic (in dollars per share) | $ 0.66 | $ 0.35 |
Net income per share - diluted (in dollars per share) | $ 0.65 | $ 0.35 |
Net Income per Share - Antidilu
Net Income per Share - Antidilutive Stock Options (Details) - shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 446,250 | 573,900 |
Equity Incentive Plan - Narrati
Equity Incentive Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 17, 2013 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity incentive plan name | 2013 Omnibus Incentive Plan | ||||||
Nonvested, number of shares (in shares) | 240,150 | 312,300 | |||||
Remaining contractual life (years) | 3 years 8 months 12 days | 4 years 1 month 6 days | 3 years 10 months 24 days | 4 years 4 months 24 days | |||
Options outstanding (in shares) | 312,300 | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 1,083 | $ 1,535 | |||||
Compensation cost not yet recognized, period for recognition (in years) | 1 year 4 months 24 days | 1 year 6 months | |||||
Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining contractual life (years) | 5 years | ||||||
Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining contractual life (years) | 5 years | ||||||
Performance Restricted Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested (in shares) | 23,662 | 16,440 | |||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized, period for recognition (in years) | 1 year 6 months | 1 year 7 months 6 days | |||||
Compensation not yet recognized, share-based awards other than options | $ 2,483 | $ 2,715 | |||||
Non-vested (in shares) | 139,657 | 141,246 | 144,046 | 151,575 | |||
Restricted Stock | Vesting Period One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | 3 years | |||||
Restricted Stock | Vesting Period Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | 5 years | |||||
2013 Omnibus Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity incentive plan description | provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, directors emeritus, officers, employees and advisory directors | ||||||
Number of shares authorized (in shares) | 2,962,400 | ||||||
Shares held for awards of stock options and stock appreciation rights (in shares) | 2,116,000 | ||||||
Shares held for awards of restricted stock and restricted stock units (in shares) | 846,400 | ||||||
Shares repurchased (in shares) | 846,400 | ||||||
Shares repurchased, amount | $ 13,297 | ||||||
Shares repurchased, average cost per share (in usd per share) | $ 15.71 |
Equity Incentive Plan Equity In
Equity Incentive Plan Equity Incentive Plan - Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Share-based compensation expense | $ 415 | $ 506 |
Share-based compensation expense, tax related benefit | $ 98 | $ 119 |
Equity Incentive Plan - Stock O
Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2021 | |
Options | |||||
Options Outstanding, Beginning of Period (in shares) | 1,319,456 | 1,615,500 | |||
Exercised (in shares) | 46,200 | ||||
Forfeited (in shares) | 2,600 | 200 | |||
Options Outstanding, End of period (in shares) | 1,270,656 | 1,615,300 | 1,615,500 | ||
Exercisable (in shares) | 1,030,506 | 1,303,000 | |||
Weighted- Average Exercise Price | |||||
Options Outstanding, Beginning of Period (in usd per share) | $ 19.07 | $ 18.12 | |||
Exercised (in usd per share) | 15.16 | ||||
Forfeited (in usd per share) | 25.42 | 24.95 | |||
Options Outstanding, End of Period (in usd per share) | 19.19 | 18.12 | $ 18.12 | ||
Exercisable (in usd per share) | $ 17.75 | $ 16.31 | |||
Remaining contractual life (years) | 3 years 8 months 12 days | 4 years 1 month 6 days | 3 years 10 months 24 days | 4 years 4 months 24 days | |
Exercisable (in years) | 2 years 10 months 24 days | 3 years 3 months 18 days | |||
Aggregate intrinsic value | $ 11,164 | $ 0 | $ 1,711 | $ 11,657 | |
Aggregate intrinsic value | $ 10,546 | $ 0 | |||
Non-vested Options | |||||
Nonvested, number of shares (in shares) | 240,150 | 312,300 | |||
Nonvested, weighted average grant date fair value (in dollars per share) | $ 25.41 | $ 25.68 | |||
Nonvested, contractual term (in years) | 7 years 3 months 18 days | 7 years 7 months 6 days | |||
Nonvested, intrinsic value | $ 617 | $ 0 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Nonvested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted- Average Grant Date Fair Value | ||||
Aggregate intrinsic value | $ 10,546 | $ 0 | ||
Restricted Stock | ||||
Restricted Stock Awards | ||||
Non-vested, Beginning Balance (in shares) | 151,575 | 144,046 | ||
Vested (in shares) | 8,918 | 2,600 | ||
Forfeited (in shares) | 3,000 | 200 | ||
Non-vested, Ending Balance (in shares) | 139,657 | 141,246 | ||
Weighted- Average Grant Date Fair Value | ||||
Non-vested, Beginning Balance (in usd per share) | $ 25.06 | $ 25.89 | ||
Vested (in usd per share) | 26.93 | 25.37 | ||
Forfeitures (in dollars per share) | 26.31 | 24.95 | ||
Non-vested, Ending Balance (in usd per share) | $ 25 | $ 25.90 | ||
Aggregate intrinsic value | $ 3,908 | $ 1,918 | $ 4,229 | $ 2,305 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Other Commitments | |||
Unused commitments to extend credit | $ 83,616 | $ 123,463 | |
Variable rate commitments | 12,636 | $ 45,270 | |
Fixed rate commitments | 70,980 | $ 78,193 | |
Remaining borrowing capacity | 571,362 | 530,505 | |
Letters of credit outstanding | $ 9,671 | 8,681 | |
Minimum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 1.41% | 2.50% | |
Loan Commitments Terms | 3 years | ||
Maximum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 9.75% | 8.36% | |
Loan Commitments Terms | 30 years | ||
Construction and development | |||
Other Commitments | |||
Unused commitments to extend credit | $ 205,848 | $ 277,600 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 124,576 | $ 156,459 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 124,576 | 156,459 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
US Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 19,101 | 19,073 |
US Government Agencies | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
US Government Agencies | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 19,101 | 19,073 |
US Government Agencies | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Residential MBS of U.S. government agencies and GSEs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 41,458 | 43,404 |
Residential MBS of U.S. government agencies and GSEs | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Residential MBS of U.S. government agencies and GSEs | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 41,458 | 43,404 |
Residential MBS of U.S. government agencies and GSEs | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 7,836 | 9,551 |
Municipal bonds | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Municipal bonds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 7,836 | 9,551 |
Municipal bonds | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 56,181 | 84,431 |
Corporate bonds | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Corporate bonds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 56,181 | 84,431 |
Corporate bonds | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Fair Value Measurements, Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring - Individually evaluated loans - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 4,034 | $ 8,354 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 4,034 | $ 8,354 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) - Individually evaluated loans $ in Thousands | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) |
Minimum | Fair Value, Inputs, Level 3 | Collateral discounts | ||
Level 3 fair value measurements during the period | 0.0006 | 0 |
Minimum | Fair Value, Inputs, Level 3 | Discount Spread | ||
Level 3 fair value measurements during the period | 0 | |
Maximum | Fair Value, Inputs, Level 3 | Collateral discounts | ||
Level 3 fair value measurements during the period | 1 | 0.52 |
Maximum | Fair Value, Inputs, Level 3 | Discount Spread | ||
Level 3 fair value measurements during the period | 0 | 0.07 |
Weighted Average | Fair Value, Inputs, Level 3 | Measurement Input, Discount Rate [Member] | ||
Level 3 fair value measurements during the period | 0.13 | 0.06 |
Fair Value, Measurements, Nonrecurring | ||
Fair value | $ 4,034 | $ 8,354 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair value | $ 4,034 | $ 8,354 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value, Inputs, Level 1 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | $ 42,573 | $ 50,990 |
Fair Value, Inputs, Level 1 | Commercial paper | ||
Financial Instruments Owned | 196,652 | 189,596 |
Fair Value, Inputs, Level 1 | Certificates of deposit in other banks | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Securities available for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Loans held for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Loans, net | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | FHLB Stock | ||
Financial Instruments Owned | 2,965 | 6,153 |
Fair Value, Inputs, Level 1 | FRB Stock | ||
Financial Instruments Owned | 7,395 | 7,386 |
Fair Value, Inputs, Level 1 | Small Business Investment Company Funds | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued interest receivable | ||
Financial Instruments Owned | 0 | 52 |
Fair Value, Inputs, Level 1 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Money market accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Savings accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Certificates of deposit | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Other borrowings | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued interest payable | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Commercial paper | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Certificates of deposit in other banks | ||
Financial Instruments Owned | 35,495 | 40,122 |
Fair Value, Inputs, Level 2 | Securities available for sale | ||
Financial Instruments Owned | 124,576 | 156,459 |
Fair Value, Inputs, Level 2 | Loans held for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Loans, net | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | FHLB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | FRB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Small Business Investment Company Funds | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Accrued interest receivable | ||
Financial Instruments Owned | 611 | 542 |
Fair Value, Inputs, Level 2 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 1,333,439 | 1,281,372 |
Fair Value, Inputs, Level 2 | Money market accounts | ||
Financial Instruments Owned | 621,675 | 975,001 |
Fair Value, Inputs, Level 2 | Savings accounts | ||
Financial Instruments Owned | 220,614 | 226,391 |
Fair Value, Inputs, Level 2 | Certificates of deposit | ||
Financial Instruments Owned | 446,540 | 474,397 |
Fair Value, Inputs, Level 2 | Other borrowings | ||
Financial Instruments Owned | 40,000 | 115,000 |
Fair Value, Inputs, Level 2 | Accrued interest payable | ||
Financial Instruments Owned | 50 | 52 |
Fair Value, Inputs, Level 3 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Commercial paper | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of deposit in other banks | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Securities available for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Loans held for sale | ||
Financial Instruments Owned | 107,972 | 94,779 |
Fair Value, Inputs, Level 3 | Loans, net | ||
Financial Instruments Owned | 2,656,263 | 2,668,570 |
Fair Value, Inputs, Level 3 | FHLB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | FRB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Small Business Investment Company Funds | ||
Financial Instruments Owned | 10,531 | 10,171 |
Fair Value, Inputs, Level 3 | Accrued interest receivable | ||
Financial Instruments Owned | 7,818 | 7,339 |
Fair Value, Inputs, Level 3 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Money market accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Savings accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of deposit | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Other borrowings | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Accrued interest payable | ||
Financial Instruments Owned | 0 | 0 |
Carrying Value | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 42,573 | 50,990 |
Carrying Value | Commercial paper | ||
Financial Instruments Owned | 196,652 | 189,596 |
Carrying Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 35,495 | 40,122 |
Carrying Value | Securities available for sale | ||
Financial Instruments Owned | 124,576 | 156,459 |
Carrying Value | Loans held for sale | ||
Financial Instruments Owned | 105,161 | 93,539 |
Carrying Value | Loans, net | ||
Financial Instruments Owned | 2,685,236 | 2,697,799 |
Carrying Value | FHLB Stock | ||
Financial Instruments Owned | 2,965 | 6,153 |
Carrying Value | FRB Stock | ||
Financial Instruments Owned | 7,395 | 7,386 |
Carrying Value | Small Business Investment Company Funds | ||
Financial Instruments Owned | 10,531 | 10,171 |
Carrying Value | Accrued interest receivable | ||
Financial Instruments Owned | 8,429 | 7,933 |
Carrying Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 1,333,439 | 1,281,372 |
Carrying Value | Money market accounts | ||
Financial Instruments Owned | 987,650 | 975,001 |
Carrying Value | Savings accounts | ||
Financial Instruments Owned | 220,614 | 226,391 |
Carrying Value | Certificates of deposit | ||
Financial Instruments Owned | 445,581 | 472,777 |
Carrying Value | Other borrowings | ||
Financial Instruments Owned | 40,000 | 115,000 |
Carrying Value | Accrued interest payable | ||
Financial Instruments Owned | 50 | 52 |
Fair Value | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 42,573 | 50,990 |
Fair Value | Commercial paper | ||
Financial Instruments Owned | 196,652 | 189,596 |
Fair Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 35,495 | 40,122 |
Fair Value | Securities available for sale | ||
Financial Instruments Owned | 124,576 | 156,459 |
Fair Value | Loans held for sale | ||
Financial Instruments Owned | 107,972 | 94,779 |
Fair Value | Loans, net | ||
Financial Instruments Owned | 2,656,263 | 2,668,570 |
Fair Value | FHLB Stock | ||
Financial Instruments Owned | 2,965 | 6,153 |
Fair Value | FRB Stock | ||
Financial Instruments Owned | 7,395 | 7,386 |
Fair Value | Small Business Investment Company Funds | ||
Financial Instruments Owned | 10,531 | 10,171 |
Fair Value | Accrued interest receivable | ||
Financial Instruments Owned | 8,429 | 7,933 |
Fair Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 1,333,439 | 1,281,372 |
Fair Value | Money market accounts | ||
Financial Instruments Owned | 621,675 | 975,001 |
Fair Value | Savings accounts | ||
Financial Instruments Owned | 220,614 | 226,391 |
Fair Value | Certificates of deposit | ||
Financial Instruments Owned | 446,540 | 474,397 |
Fair Value | Other borrowings | ||
Financial Instruments Owned | 40,000 | 115,000 |
Fair Value | Accrued interest payable | ||
Financial Instruments Owned | $ 50 | $ 52 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Fair Value Disclosures [Abstract] | ||
Fair Value off-balance sheet risks, amount, liability | $ 860,826 | $ 931,568 |
Leases - Supplement Balance She
Leases - Supplement Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Leases [Abstract] | |||
Renewal term (in years) | 15 years | ||
ROU assets | $ 6,103 | $ 5,498 | |
Lease liabilities | $ 6,852 | $ 5,926 | |
Weighted-average remaining lease terms (years) | 9 years 8 months 12 days | 9 years 5 months 26 days | |
Weighted-average discount rate | 3.15% | 3.18% | |
Finance lease, right-of-use asset | $ 2,052 | $ 2,052 | |
Finance lease, liability | 1,793 | ||
Finance lease, interest expense | $ 23 | $ 24 | |
Finance lease, discount rate | 5.18% |
Leases - Maturity Schedule for
Leases - Maturity Schedule for Finance and Operating Leases (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Leases | |
Remaining 2022 | $ 1,100 |
2023 | 1,479 |
2024 | 1,010 |
2025 | 630 |
2026 | 512 |
Thereafter | 3,218 |
Total of future minimum payments | 7,949 |
Finance Leases | |
Remaining 2022 | 100 |
2023 | 134 |
2024 | 145 |
2025 | 146 |
2026 | 146 |
Thereafter | 1,702 |
Total minimum lease payments | 2,373 |
Less: amount representing interest | (580) |
Present value of net minimum lease payments | $ 1,793 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating lease cost (included in occupancy expense) | $ 484 | $ 439 |
Sublease income (included in other, net noninterest income) | (51) | (61) |
Total operating lease expense, net | $ 433 | $ 378 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
ROU assets - noncash additions (operating leases) | $ 959 | $ 533 |
Cash paid for amounts included in the measurement of lease liabilities (operating leases) | 628 | 524 |
Cash paid for amounts included in the measurement of lease liabilities (finance leases) | $ 33 | $ 33 |
Leases - Lessor, Narrative (Det
Leases - Lessor, Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Lessor, Lease, Description [Line Items] | |||
Leased asset | $ 24,821 | $ 25,932 | |
Operating lease, residual value of leased asset | 14,693 | 15,330 | |
Direct financing lease, interest income | 759 | $ 530 | |
Lease receivables | $ 63,741 | $ 63,279 | |
Minimum | |||
Lessor, Lease, Description [Line Items] | |||
Term of contract | 1 year | ||
Maximum | |||
Lessor, Lease, Description [Line Items] | |||
Term of contract | 5 years |
Leases - Lessor, Fiscal Year Ma
Leases - Lessor, Fiscal Year Maturity Schedule (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
Remaining 2022 | $ 4,734 |
2023 | 4,671 |
2024 | 2,569 |
2025 | 722 |
2026 | 246 |
Thereafter | 13 |
Total of future minimum payments | 12,955 |
Financing Leases | |
Remaining 2022 | 14,928 |
2023 | 19,076 |
2024 | 16,036 |
2025 | 10,862 |
2026 | 6,437 |
Thereafter | 2,791 |
Total minimum payments | 70,130 |
Less: amount representing interest | (6,389) |
Total | $ 63,741 |
Uncategorized Items - htbi-2021
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |