Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | May 10, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HVBC | |
Entity Registrant Name | HV Bancorp, Inc. | |
Entity Central Index Key | 1,594,555 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,182,125 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Assets | ||
Cash and due from banks | $ 37,609 | $ 9,949 |
Interest-earning deposits with banks | 9,943 | 5,478 |
Cash and cash equivalents | 47,552 | 15,427 |
Investment securities available- for- sale, at fair value | 46,533 | 33,281 |
Investment securities held- to- maturity (fair value of $9,026 at March 31, 2017 and $5,941 at June 30, 2016) | 9,053 | 5,825 |
Loans held for sale, at fair value | 6,050 | 24,676 |
Loans receivable, net of allowance for loan losses of (March 31, 2017 $514; June 30, 2016 $487) | 98,588 | 93,450 |
Bank-owned life insurance | 3,978 | 3,895 |
Restricted investment in bank stock | 650 | 1,108 |
Premises and equipment, net | 1,788 | 1,652 |
Accrued interest receivable | 554 | 527 |
Prepaid federal income taxes | 196 | 147 |
Deferred income taxes, net | 398 | 26 |
Prepaid expenses | 333 | 231 |
Real estate owned, net | 115 | |
Mortgage banking derivatives | 950 | 1,492 |
Other assets | 299 | 171 |
Total Assets | 216,922 | 182,023 |
Liabilities | ||
Deposits | 171,802 | 141,771 |
Advances from the Federal Home Loan Bank | 9,000 | 20,000 |
Securities sold under agreements to repurchase | 2,408 | 3,929 |
Advances from borrowers for taxes and insurance | 1,070 | 1,357 |
Deferred gain on sale - leaseback of building | 314 | 326 |
Other liabilities | 1,255 | 1,669 |
Total Liabilities | 185,849 | 169,052 |
Shareholders' Equity | ||
Preferred stock, $0.01 par value, 2,000,000 shares authorized (at March 31, 2017) | ||
Common stock, $0.01 par value, 20,000,000 shares authorized; issued and outstanding 2,182,125 shares (at March 31, 2017) | 22 | |
Additional paid in capital | 20,374 | |
Retained earnings | 13,368 | 12,978 |
Accumulated other comprehensive loss | (282) | (7) |
Unearned ESOP Shares | (2,409) | |
Total Shareholders' Equity | 31,073 | 12,971 |
Total Liabilities and Shareholders' Equity | $ 216,922 | $ 182,023 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) $ in Thousands | Mar. 31, 2017USD ($)$ / sharesshares |
Statement of Financial Position [Abstract] | |
Investment securities held-to-maturity, fair value | $ | $ 9,026 |
Loans receivable, allowance for loan losses | $ | $ 514 |
Preferred stock, par value | $ / shares | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 |
Common stock, par value | $ / shares | $ 0.01 |
Common stock, shares authorized | 20,000,000 |
Common stock, shares issued | 2,182,125 |
Common stock, shares outstanding | 2,182,125 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | ||||
Interest Income | |||||||
Interest and fee on loans | $ 1,114 | $ 1,081 | $ 3,452 | $ 3,261 | |||
Interest and dividends on investment: | |||||||
Taxable | 101 | 44 | 232 | 141 | |||
Nontaxable | 50 | 43 | 133 | 120 | |||
Interest on mortgage-backed securities and collateralized mortgage obligations | 71 | 94 | 182 | 295 | |||
Interest on interest-earning deposits | 155 | 38 | 238 | 83 | |||
Total Interest Income | 1,491 | 1,300 | 4,237 | 3,900 | |||
Interest Expense | |||||||
Interest on deposits | 206 | 158 | 535 | 493 | |||
Interest on advances from the Federal Home Loan Bank | 32 | 27 | 119 | 65 | |||
Interest on securities sold under agreements to repurchase | 1 | 1 | 2 | 2 | |||
Total Interest Expense | 239 | 186 | 656 | 560 | |||
Net Interest Income | 1,252 | 1,114 | 3,581 | 3,340 | |||
(Credit) Provision for Loan Losses | (12) | 26 | 123 | (18) | |||
Net Interest Income after (Credit) Provision for Loan Losses | 1,264 | 1,088 | 3,458 | 3,358 | |||
Non-Interest Income | |||||||
Fee for customer services | 51 | 51 | 156 | 160 | |||
Increase in cash surrender value of bank owned life insurance | 26 | 28 | 83 | 84 | |||
Gain on sale of loans | 744 | 989 | 4,449 | 3,119 | |||
Gain on sale of available-for-sale securities | 7 | 11 | 15 | ||||
Gain(loss) from mortgage derivative instruments | 469 | 174 | (469) | 68 | |||
Change in fair value of loans held-for-sale | (2) | 16 | (697) | (33) | |||
Other | 5 | 1 | 7 | 5 | |||
Total Non-Interest Income | 1,293 | 1,266 | 3,540 | 3,418 | |||
Non-Interest Expense | |||||||
Salaries and employee benefits | 1,443 | 1,067 | 3,741 | 3,254 | |||
Occupancy | 255 | 263 | 754 | 722 | |||
Federal deposit insurance premiums | 42 | 39 | 113 | 119 | |||
Data processing related operations | 145 | 135 | 430 | 377 | |||
Loss on sale of other real estate owned | 23 | 12 | 19 | ||||
Real estate owned expense | 3 | 175 | 19 | 247 | |||
Professional fees | 178 | 122 | 447 | 353 | |||
Other | 352 | 321 | 972 | 933 | |||
Total Non-Interest Expense | 2,418 | 2,145 | 6,488 | 6,024 | |||
Income before Income Taxes | 139 | 209 | 510 | 752 | |||
Income Tax expense | 41 | 40 | 120 | 222 | |||
Net Income | $ 98 | [1] | $ 169 | $ 390 | [1] | $ 530 | |
Net Income per share: | |||||||
Basic | [1] | $ 0.05 | $ 0.62 | ||||
Diluted | $ 0.05 | $ 0.62 | |||||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | ||||
Statement of Comprehensive Income [Abstract] | |||||||
Net Income | $ 98 | [1] | $ 169 | $ 390 | [1] | $ 530 | |
Other Comprehensive Income (Loss), net of tax: | |||||||
Unrealized gains (losses) on investment securities available-for-sale (pre-tax $61 and $408;($476) and $583, respectively) | 41 | 260 | (268) | 366 | |||
Reclassification adjustment for gain included in income (pre-tax $0 and $7; $11 and $15, respectively) | [2] | (5) | (7) | (10) | |||
Other comprehensive income (loss) | 41 | 255 | (275) | 356 | |||
Total Comprehensive Income | $ 139 | $ 424 | $ 115 | $ 886 | |||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. | ||||||
[2] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain on available-for-sale securities, pre-tax | $ 61 | $ 408 | $ (476) | $ 583 |
Reclassification for (gains) included in income, pre-tax | $ 0 | $ 7 | $ 11 | $ 15 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Unearned ESOP Shares | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | |
Beginning balance at Jun. 30, 2015 | $ 11,456 | $ 11,952 | $ (496) | ||||
Net Income | 530 | 530 | |||||
Other comprehensive (loss) income | 356 | 356 | |||||
Ending balance at Mar. 31, 2016 | 12,342 | 12,482 | (140) | ||||
Beginning balance at Jun. 30, 2016 | 12,971 | 12,978 | (7) | ||||
Proceeds from issuance of common stock | 20,396 | $ 22 | $ 20,374 | ||||
Purchase of ESOP Shares | (2,430) | $ (2,430) | |||||
ESOP Shares committed to be released | 21 | 21 | |||||
Net Income | 390 | [1] | 390 | ||||
Other comprehensive (loss) income | (275) | (275) | |||||
Ending balance at Mar. 31, 2017 | $ 31,073 | $ (2,409) | $ 22 | $ 20,374 | $ 13,368 | $ (282) | |
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Proceeds from issuance of common stock, shares | $ 1,426 | |
Common stock or ESOP shares issued | 0 | |
Common stock or ESOP shares outstanding | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Cash Flows from Operating Activities | |||
Net Income | $ 390 | [1] | $ 530 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 149 | 139 | |
Impairment of real estate owned, net | 68 | ||
Amortization (accretion) of deferred loan fees | 7 | 5 | |
Net amortization of securities premiums and discounts | 147 | 166 | |
Loss on sale of real estate owned | 12 | 19 | |
Gain on sale of available-for-sale securities | (11) | (15) | |
Provision (credit) for loan losses | 123 | (18) | |
(Benefit) Expense for deferred income taxes | (179) | 184 | |
Amortization of deferred gain on sale-leaseback transaction | (12) | (12) | |
Increase in the cash surrender value of bank owned life insurance | (83) | (84) | |
ESOP Compensation Expense | 21 | ||
Loans held for sale: | |||
Originations, net of prepayments | (117,261) | (71,435) | |
Proceeds from sales | 139,639 | 78,208 | |
Gain on sale of loan | (4,449) | (3,119) | |
Change in fair value of loans held for sale | 697 | 33 | |
Decrease (increase) in: | |||
Accrued interest receivable | (27) | 27 | |
Prepaid federal income taxes | (49) | 25 | |
Mortgage banking derivatives | 447 | (70) | |
Prepaid and other assets | (230) | 39 | |
Other liabilities | (321) | (129) | |
Net Cash provided by Operating Activities | 19,010 | 4,561 | |
Cash Flows from Investing Activities | |||
Net increase in loans receivable | (5,333) | (7,408) | |
Activity in available-for-sale securities: | |||
Proceeds from sales | 2,554 | 5,891 | |
Maturities and repayments | 1,164 | 2,913 | |
Purchases | (17,572) | (4,298) | |
Activity in held-to-maturity securities: | |||
Maturities and repayments | 1,887 | 688 | |
Purchases | (5,115) | (2,071) | |
Redemption (purchase) of restricted investment in bank stock | 458 | (89) | |
Proceeds from sale of real estate owned | 168 | 296 | |
Purchases of premises and equipment | (285) | (106) | |
Net Cash (used in) Investing Activities | (22,074) | (4,184) | |
Cash Flows from Financing Activities | |||
Net increase in deposits | 30,031 | 3,859 | |
Net decrease in advances from borrowers for taxes and insurance | (287) | (55) | |
Net decrease in securities sold under agreements to repurchase | (1,521) | (1,321) | |
Proceeds from Federal Home Loan Bank | 4,000 | ||
Repayment of Federal Home Loan Bank | (11,000) | (1,000) | |
Proceeds from issuance of common stock, net | 20,396 | ||
Purchase of shares for ESOP | (2,430) | ||
Net Cash provided by Financing Activities | 35,189 | 5,483 | |
Net Increase in Cash and Cash Equivalents | 32,125 | 5,860 | |
Cash and Cash Equivalents - Beginning of Period | 15,427 | 15,596 | |
Cash and Cash Equivalents - End of Period | 47,552 | 21,456 | |
Supplementary Disclosure of Cash Flow Information | |||
Cash payments for interest | 659 | 566 | |
Cash payments for income taxes | 415 | $ 70 | |
Supplementary Schedule of Noncash Investing Activities | |||
Transfer from loans to real estate owned | $ 65 | ||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Organization, Basis of Presenta
Organization, Basis of Presentation and Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Recent Accounting Pronouncements | 1 . Organization, Basis of Presentation and Recent Accounting Pronouncements Organization HV Bancorp, Inc., a Pennsylvania Corporation (the “Company”) is the holding company of Huntingdon Valley Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On January 11, 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. A total of 2,182,125 shares of common stock were sold to depositors at $10.00 per share through which the Company received gross offering proceeds of approximately $21.8 million. Offering costs from the sale of the common stock totaled $1.4 million, resulting in net proceeds of $20.4 million. Shares of the Company began trading on the Nasdaq Capital Market on January 12, 2017. The Bank is a Pennsylvania savings bank, organized in 1871, and currently provides residential and commercial loans to its general service area (Montgomery, Bucks and Philadelphia Counties of Pennsylvania) as well as offering a wide variety of savings, checking and certificate of deposit accounts to its retail and business customers. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10-Q, The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of June 30, 2016 have been derived from the audited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Registration Statement on Form S-1 No. 333-213537) The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. Use of Estimates in the Preparation of Financial Statements In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary impairments of securities, interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale, Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU establishes a comprehensive revenue recognition standard for virtually all industries following U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principal is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) identify the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available - full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date. The guidance in this ASU is now effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net). While the ASU does not change the core provisions of Topic 606, it clarifies the implementation guidance on principal versus agent considerations. Namely, the ASU clarifies and offers guidance to help determine when the reporting entity is providing goods or services to a customer itself (i.e., the entity is a principal), or merely arranging for that good or service to be provided by the other party (i.e., the reporting entity is an agent). If the entity is a principal, it recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When the reporting entity is an agent, it recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. An entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. The guidance includes indicators to assist in determining whether the control criteria are met. If a contract with a customer includes more than one specified good or service, an entity could be a principal for some specified goods or services and an agent for others. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing. This ASU clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The ASU includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. The ASU seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The amendments in this ASU affect the guidance in ASU 2014-09, Revenue from Contracts with Customers, which will be effective for fiscal years beginning after December 31, 2017 for public entities. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients. This ASU clarifies certain aspects of Topic 606 guidance as follows: • The objective of the collectibility assessment is to determine whether the contract is valid and represents a substantive transaction on the basis of whether a customer has the ability and intention to pay the promised consideration in exchange for the goods or services transferred. • An entity can recognize revenue in the amount of consideration received when it has transferred control of the goods or services, has no additional obligation to transfer goods or services, and the consideration received is nonrefundable. • A reporting entity is permitted to make the accounting policy election to exclude amounts collected from customers for all sales taxes from the transaction price. • The measurement date is specified as being the contract inception, and variable consideration guidance applies only to variability resulting from reasons other than the form of the consideration. • As a practical expedient, a reporting entity is permitted to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented in accordance with Topic 606 when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations. • The ASU clarifies that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application. Accounting for elements of a contract that do not affect revenue under legacy GAAP are irrelevant to the assessment of whether a contract is complete. In addition, the amendments in this ASU permit an entity to apply the modified retrospective transition method either to all contracts or only to contracts that are not completed contracts. The amendments in this ASU clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. However, an entity is still required to disclose the effect of the changes on any prior periods retrospectively adjusted. The guidance in the revenue recognition ASUs listed above is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of the various revenue recognition ASUs. The guidance does not apply to revenue associated with financial instruments, including loans and securities. The Company is currently evaluating its non-interest revenue sources and does not anticipate the adoption of these ASUs to have a material impact on its financial condition or results of operations. In March 2017, the FASB issued Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities. The amendments apply to callable debt securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. If a security may be prepaid based on prepayments of the underlying loans, not because the issuer has exercised a date specific call option, it is excluded from the scope of the new standard. However, for instruments with contingent call features, once the contingency is resolved and the security is callable at a fixed price and preset date, the security is within the scope of the amendment. Further, the amendments apply to all premiums on callable debt securities, regardless of how they were generated. The amendments require companies to reset the effective yield using the payment terms of the debt security if the call option is not exercised on the earliest call date. If the security has additional call dates, any excess of the amortized cost basis over the amount repayable by the issuer at the next call date should be amortized to the next call date. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those years. For all other entities, including emerging growth entities as further described below, the amendments are effective for fiscal periods beginning after December 15, 2019, and interim periods within fiscal periods beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the adoption of the new standard on the consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases The new leases standard requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under Topic 606. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new leases standard addresses other considerations including identification of a lease, separating lease and non-lease re-measurement The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments are effective for all other entities (including emerging growth entities as further described below) for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. Specific transition requirements apply. The Company is currently evaluating the impact of adoption of the new standard on the consolidated financial statements. In June 2016, 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 2016-13 The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale more-likely-than-not The Update is effective for public business entities for fiscal years after December 15, 2019, including interim periods within those fiscal years. The amendments are effective for all other entities (including emerging growth companies as further described below for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of adoption of the new standard on the consolidated financial statements. The Company qualifies under the Jumpstart Our Business Startups Act (the “JOBS Act”) as an emerging growth company. As an emerging growth company, the Company has elected to use the extended transition period to delay adoption of new or revised accounting pronouncements until such pronouncements are made applicable to private companies. |
Investment Securities
Investment Securities | 9 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 2. Investment Securities Investment securities available-for-sale March 31, 2017 (Dollars in thousands) Amortized Gross Gross Fair Value U.S. Governmental securities $ 4,414 $ 7 $ (51 ) $ 4,370 Corporate notes 13,734 27 (117 ) 13,644 Collateralized mortgage obligations – agency residential 13,792 33 (260 ) 13,565 Mortgage-backed securities – agency residential 5,060 4 (108 ) 4,956 Municipal securities 3,519 1 (14 ) 3,506 Bank CDs 6,492 6 (6 ) 6,492 $ 47,011 $ 78 $ (556 ) $ 46,533 Investment securities held-to-maturity March 31, 2017 (Dollars in thousands) Amortized Gross Gross Fair Value Municipal securities $ 9,053 $ 38 $ (65 ) $ 9,026 $ 9,053 $ 38 $ (65 ) $ 9,026 Investment securities available-for-sale June 30, 2016 (Dollars in thousands) Amortized Gross Gross Fair Value U.S. Governmental securities $ 1,493 $ 28 $ — $ 1,521 Corporate notes 8,423 40 (136 ) 8,327 Collateralized mortgage obligations – agency residential 9,879 45 (93 ) 9,831 Mortgage-backed securities – agency residential 6,980 44 (15 ) 7,009 Municipal securities 3,524 42 — 3,566 Bank CDs 2,994 41 (8 ) 3,027 $ 33,293 $ 240 $ (252 ) $ 33,281 Investment securities held-to-maturity June 30, 2016 (Dollars in thousands) Amortized Gross Gross Fair Value Municipal securities $ 5,825 $ 117 $ (1 ) $ 5,941 $ 5,825 $ 117 $ (1 ) $ 5,941 The scheduled maturities of securities available-for-sale held-to-maturity March 31, 2017 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Fair Value Amortized Fair Value Due in one year or less $ 750 $ 750 $ 140 $ 140 Due from more than one to five years 15,507 15,503 2,644 2,647 Due from more than five to ten years 5,562 5,465 4,597 4,565 Due after ten years 25,192 24,815 1,672 1,674 $ 47,011 $ 46,533 $ 9,053 $ 9,026 Securities with a fair value of $6.9 million and $3.3 million at March 31, 2017 and June 30, 2016, respectively, were pledged to secure public deposits and for other purposes as required by law. Proceeds from the sale of available-for-sale Proceeds from the sale of available-for-sale The following tables summarize the unrealized loss positions of securities available-for-sale held-to-maturity March 31, 2017 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale: U.S. Governmental securities $ 2,417 $ (25 ) $ 667 $ (26 ) $ 3,084 $ (51 ) Corporate notes 3,885 (31 ) 4,564 (86 ) 8,449 (117 ) Collateralized mortgage obligations 4,161 (60 ) 5,732 (200 ) 9,893 (260 ) Mortgage-backed securities 1,338 (23 ) 3,206 (85 ) 4,544 (108 ) Municipal securities 1,927 (7 ) 739 (7 ) 2,666 (14 ) Bank CDs 250 — 489 (6 ) 739 (6 ) $ 13,978 $ (146 ) $ 15,397 $ (410 ) $ 29,375 $ (556 ) Held–to-maturity: Municipal securities $ 3,958 $ (61 ) $ 500 $ (4 ) $ 4,458 $ (65 ) $ 3,958 $ (61 ) $ 500 $ (4 ) $ 4,458 $ (65 ) June 30, 2016 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale: U.S. Governmental securities $ — $ — $ — $ — $ — $ — Corporate notes 1,000 (13 ) 3,677 (123 ) 4,677 (136 ) Collateralized mortgage obligations — — 5,792 (93 ) 5,792 (93 ) Mortgage-backed securities — — 1,885 (15 ) 1,885 (15 ) Municipal securities — — — — — — Bank CDs 249 (1 ) 493 (7 ) 742 (8 ) $ 1,249 $ (14 ) $ 11,847 $ (238 ) $ 13,096 $ (252 ) Held–to-maturity: Municipal securities $ 506 $ (1 ) $ — $ — $ 506 $ (1 ) $ 506 $ (1 ) $ — $ — $ 506 $ (1 ) At March 31, 2017 and June 30, 2016, the investment portfolio included ten and five U.S. Government securities, respectively, with total market values of $4.4 million and $1.5 million, respectively. Of these securities, six and zero were in an unrealized loss position as of March 31, 2017 and June 30, 2016, respectively. These securities are zero risk weighted for capital purposes and are guaranteed for repayment of principal and interest. As of March 31, 2017 and June 30, 2016, management found no evidence of Other Than Temporary Impairment (“OTTI”) on any of the U.S. Governmental securities held in the investment securities portfolio and the Company has no intention to sell the securities before a recovery of the cost has occurred. At March 31, 2017 and June 30, 2016, the investment portfolio included twenty-five and sixteen corporate notes with total market values of $13.6 million and $8.3 million, respectively. Of these securities, seventeen and nine were in an unrealized loss position as of March 31, 2017 and June 30, 2016, respectively. At the time of purchase and as of March 31, 2017 and June 30, 2016, these bonds continue to maintain investment grade ratings. As of March 31, 2017 and June 30, 2016, management found no evidence of OTTI on any of the corporate notes held in the investment securities portfolio and the Company has no intention to sell the securities before a recovery of the cost has occurred. At March 31, 2017 and June 30, 2016, the investment portfolio included thirty-six thirty-two thirty-one At March 31, 2017 and June 30, 2016, the investment portfolio included sixteen and nineteen mortgage backed securities (“MBS”) with a total market value of $5.0 million and $7.0 million, respectively. Of these securities, twelve and four were in an unrealized loss position as of March 31, 2017 and June 30, 2016, respectively. The MBS portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of March 31, 2017 and June 30, 2016, management found no evidence of OTTI on any of the MBS held in the investment securities portfolio and the Company has no intention to sell the securities before a recovery of the cost has occurred. At March 31, 2017 and June 30, 2016, the investment portfolio included thirty and twenty-four municipal securities with a total market value of $12.5 million and $9.5 million, respectively. Of these securities, seventeen and one were in an unrealized loss position as of March 31, 2017 and June 30, 2016, respectively. The Company’s municipal portfolio issuers are located in Pennsylvania and were purchased and, as of March 31, 2017 and June 30, 2016, continue to maintain investment grade ratings. Each of the municipal securities is reviewed quarterly for impairment. This includes research on each issuer to ensure the financial stability of the municipal entity. As of March 31, 2017 and June 30, 2016, management found no evidence of OTTI on any of the municipal securities held in the investment securities portfolio and the Company has no intention to sell the securities before a recovery of the cost has occurred. |
Loans Receivable
Loans Receivable | 9 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable | 3. Loans Receivable Loans receivable were comprised of the following: (Dollars in thousands) March 31, 2017 June 30, Residential: One-to-four $ 75,960 $ 71,980 Home equity and HELOCs 5,254 6,448 Commercial: Commercial real estate 12,326 11,620 Commercial business 2,087 558 Construction 3,204 3,179 Consumer 23 10 98,854 93,795 Less: Unearned discounts, origination and commitment fees and costs 248 142 Allowance for loan losses (514 ) (487 ) $ 98,588 $ 93,450 Overdraft deposits are reclassified as consumer loans and are included in the total loans on the statements of financial condition. Overdrafts were $23,000 and $10,000 at March 31, 2017 and June 30, 2016, respectively. The following tables summarizes the activity in the allowance for loan losses by loan class for the three months ended March 31, 2017 and 2016. For the Three Months Ended March 31, 2017 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries Provision/ Ending Ending Ending Residential: One-to-four $ 362 $ — $ 2 $ (20 ) $ 344 $ — $ 344 Home equity and HELOCs 114 (125 ) — 25 14 — 14 Commercial: Commercial real estate 118 — 25 (27 ) 116 14 102 Commercial business 20 — — 18 38 15 23 Construction 1 — — 1 2 — 2 Consumer — (3 ) 1 2 — — — Unallocated reserve 11 — — (11 ) — — — $ 626 $ (128 ) $ 28 $ (12 ) $ 514 $ 29 $ 485 For the Three Months Ended March 31, 2016 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries Provision/ Ending Residential: One-to-four $ 219 $ — $ — $ (8 ) $ 211 Home equity and HELOCs 19 — — — 19 Commercial: Commercial real estate 203 — — 34 237 Commercial business 26 — — — 26 Construction — — — — — Consumer 2 — — — 2 Unallocated reserve — — — — — $ 469 $ — $ — $ 26 $ 495 The following tables summarizes the activity in the allowance for loan losses by loan class for the nine months ended March 31, 2017 and 2016 and information in regards to the recorded investment in loans receivable as of March 31, 2017 and June 30, 2016: For the Nine Months Ended March 31, 2017 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries Provision/ Ending Ending Ending Residential: One-to-four $ 314 $ — $ 7 $ 23 $ 344 $ — $ 344 Home equity and HELOCs 18 (125 ) — 121 14 — 14 Commercial: Commercial real estate 131 — 25 (40 ) 116 14 102 Commercial business 23 — — 15 38 15 23 Construction 1 — — 1 2 — 2 Consumer — (5 ) 2 3 — — — Unallocated reserve — — — — — — — $ 487 $ (130 ) $ 34 $ 123 $ 514 $ 29 $ 485 For the Nine Months Ended March 31, 2016 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries (Credit)/ Ending Residential: One-to-four $ 219 $ — $ — $ (8 ) $ 211 Home equity and HELOCs 19 — — — 19 Commercial: Commercial real estate 230 — — 7 237 Commercial business 45 — — (19 ) 26 Construction — — — — — Consumer — (1 ) — 3 2 Unallocated reserve 1 — — (1 ) — $ 514 $ (1 ) $ — $ (18 ) $ 495 March 31, 2017 Loans Receivable (Dollars in thousands) Ending Ending Ending Residential: One-to-four $ 75,960 $ 890 $ 75,070 Home equity and HELOCs 5,254 198 5,056 Commercial: Commercial real estate 12,326 744 11,582 Commercial business 2,087 179 1,908 Construction 3,204 — 3,204 Consumer 23 — 23 $ 98,854 $ 2,011 $ 96,843 June 30, 2016 Loans Receivable (Dollars in thousands) Ending Ending Ending Residential: One-to-four $ 71,980 $ 818 $ 71,162 Home equity and HELOCs 6,448 227 6,221 Commercial: Commercial real estate 11,620 760 10,860 Commercial business 558 193 365 Construction 3,179 — 3,179 Consumer 10 — 10 $ 93,795 $ 1,998 $ 91,797 The following table summarizes the Allowance for Loan Losses by loan portfolio class as of June 30, 2016: June 30, 2016 Allowance for Loan Losses (Dollars in thousands) Ending Ending Ending Residential: One-to-four $ 314 $ — $ 314 Home equity and HELOCs 18 — 18 Commercial: Commercial real estate 131 39 92 Commercial business 23 19 4 Construction 1 — 1 Consumer — — — $ 487 $ 58 $ 429 The following tables summarize information in regard to impaired loans by loan portfolio class as of March 31, 2017 and June 30, 2016: March 31, 2017 June 30, 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded Residential: One-to-four $ 890 $ 890 $ — $ 818 $ 818 $ — Home equity and HELOCs 198 198 — 227 227 — Commercial: Commercial real estate 546 546 — 557 600 — Commercial business — — — — — — Construction — — — — — — Consumer — — — — — — $ 1,634 $ 1,634 $ — $ 1,602 $ 1,645 $ — With an allowance recorded Residential: One-to-four $ — $ — $ — $ — $ — $ — Home equity and HELOCs — — — — — — Commercial: Commercial real estate 198 198 14 203 203 39 Commercial business 179 179 15 193 193 19 Construction — — — — — — Consumer — — — — — — $ 377 $ 377 $ 29 $ 396 $ 396 $ 58 Total: Residential: One-to-four $ 890 $ 890 $ — $ 818 $ 818 $ — Home equity and HELOCs 198 198 — 227 227 — Commercial: Commercial real estate 744 744 14 760 803 39 Commercial business 179 179 15 193 193 19 Construction — — — — — — Consumer — — — — — — $ 2,011 $ 2,011 $ 29 $ 1,998 $ 2,041 $ 58 The following table presents additional information regarding the Company’s impaired loans for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Average Interest Average Interest With no related allowance recorded: Residential: One-to-four $ 1,082 $ 2 $ 1,491 $ 1 Home equity and HELOCs 253 — 232 — Commercial: Commercial real estate 548 8 543 8 Commercial business — — — — Construction — — — — Consumer — — — — Total $ 1,883 $ 10 $ 2,266 $ 9 With an allowance recorded: Residential: One-to-four $ — $ — $ — $ — Home equity and HELOCs — — — — Commercial: Commercial real estate 199 4 223 2 Commercial business 181 2 200 3 Construction — — — — Consumer — — — — Total $ 380 $ 6 $ 423 $ 5 Total: Residential: One-to-four $ 1,082 $ 2 $ 1,491 $ 1 Home equity and HELOCs 253 — 232 — Commercial: Commercial real estate 747 12 766 10 Commercial business 181 2 200 3 Construction — — — — Consumer — — — — Total $ 2,263 $ 16 $ 2,689 $ 14 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $20,000 and $26,000 for the three months ended March 31, 2017 and 2016, respectively. The following table presents additional information regarding the Company’s impaired loans for the nine months ended March 31, 2017 and 2016: Nine Months Ended March 31, 2017 2016 (Dollars in thousands) Average Interest Average Interest With no related allowance recorded: Residential: One-to-four $ 946 $ 5 $ 1,616 $ 2 Home equity and HELOCs 152 — 223 — Commercial: Commercial real estate 552 24 618 26 Commercial business — — — — Construction — — — — Consumer — — — — Total $ 1,650 $ 29 $ 2,457 $ 28 With an allowance recorded: Residential: One-to-four $ — $ — $ — $ — Home equity and HELOCs — — — — Commercial: Commercial real estate 200 12 191 4 Commercial business 186 8 203 9 Construction — — — — Consumer — — — — Total $ 386 $ 20 $ 394 $ 13 Total: Residential: One-to-four $ 946 $ 5 $ 1,616 $ 2 Home equity and HELOCs 152 — 223 — Commercial: Commercial real estate 752 36 809 30 Commercial business 186 8 203 9 Construction — — — — Consumer — — — — Total $ 2,036 $ 49 $ 2,851 $ 41 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $65,000 and $81,000 for the nine months ended March 31, 2017 and 2016, respectively. The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2017 and June 30, 2016: (Dollars in thousands) March 31, 2017 June 30, Residential: One-to-four $ 745 $ 818 Home equity and HELOCs 195 227 Commercial: Commercial real estate 100 100 Commercial business — — Construction — — Consumer — — $ 1,040 $ 1,145 Credit quality risk ratings include regulatory classifications of Special Mention, Substandard, Doubtful and Loss. Loans classified as Special Mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of prospects for repayment. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. The following tables summarize the Aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Company’s internal risk rating system as of March 31, 2017 and June 30, 2016: March 31, 2017 (Dollars in thousands) Pass Special Substandard Doubtful Total Residential: One-to-four $ 74,786 $ — $ 1,174 $ — $ 75,960 Home equity and HELOCs 5,056 — 198 — 5,254 Commercial: Commercial real estate 11,583 385 358 — 12,326 Commercial business 1,729 179 179 — 2,087 Construction 3,204 — — — 3,204 Consumer 23 — — — 23 $ 96,381 $ 564 $ 1,909 $ — $ 98,854 June 30, 2016 (Dollars in thousands) Pass Special Substandard Doubtful Total Residential: One-to-four $ 70,874 $ — $ 1,106 $ — $ 71,980 Home equity and HELOCs 6,221 — 227 — 6,448 Commercial: Commercial real estate 10,860 395 365 — 11,620 Commercial business 162 203 193 — 558 Construction 3,179 — — — 3,179 Consumer 10 — — — 10 $ 91,306 $ 598 $ 1,891 $ — $ 93,795 The following tables present the segments of the loan portfolio summarized by aging categories as of March 31, 2017 and June 30, 2016: March 31, 2017 (Dollars in thousands) 30-59 60-89 Greater Total Current Total Loan Loans Residential: One-to-four $ 722 $ 158 $ 587 $ 1,467 $ 74,493 $ 75,960 $ — Home equity and HELOCs — 3 195 198 5,056 5,254 — Commercial: Commercial real estate — — 100 100 12,226 12,326 — Commercial business — — — — 2,087 2,087 — Construction — — — — 3,204 3,204 — Consumer — — — — 23 23 — $ 722 $ 161 $ 882 $ 1,765 $ 97,089 $ 98,854 $ — June 30, 2016 (Dollars in thousands) 30-59 60-89 Greater Total Current Total Loan Loans Residential: One-to-four $ 470 $ 317 $ 659 $ 1,446 $ 70,534 $ 71,980 $ — Home equity and HELOCs 94 79 227 400 6,048 6,448 — Commercial: Commercial real estate — — 100 100 11,520 11,620 — Commercial business — — — — 558 558 — Construction — — — — 3,179 3,179 — Consumer — — — — 10 10 — $ 564 $ 396 $ 986 $ 1,946 $ 91,849 $ 93,795 $ — The Company may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that it would not otherwise consider resulting in a modified loan that is then identified as a troubled debt restructuring (“TDR”). The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. TDRs are considered impaired loans for purposes of calculating the Company’s allowance for loan losses. TDRs are restored to accrual status when the obligation is brought current, has performed in accordance with the modified contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The Company may identify loans for potential restructure primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions and negative trends may result in a payment default in the near future. As of March 31, 2017 and June 30, 2016, the Company had two loans identified as TDRs totaling $339,000 and $357,000, respectively. At March 31, 2017 and June 30, 2016, all of the TDRs were performing in compliance with their restructured terms and on accrual status. There were no modifications to loans classified as TDRs during the nine month period ended March 31, 2017. No additional loan commitments were outstanding to these borrowers at March 31, 2017 and June 30, 2016. The following table details the Company’s TDRs that are on accrual status and non-accrual As of March 31, 2017 (Dollars in thousands) Number of Accrual Non-Accrual Total TDRs Commercial real estate 2 $ 339 $ — $ 339 Total 2 $ 339 $ — $ 339 The following table details the Company’s TDRs that are on accrual status and non-accrual As of June 30, 2016 (Dollars in thousands) Number of Accrual Non-Accrual Total TDRs Commercial real estate 2 $ 357 $ — $ 357 Total 2 $ 357 $ — $ 357 The carrying amount of residential mortgage loans in the process of foreclosure was $488,000 and $886,000 at March 31, 2017 and June 30, 2016, respectively. |
Derivatives and Risk Management
Derivatives and Risk Management Activities | 9 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management Activities | 4. Derivatives and Risk Management Activities The Company did not have any derivative instruments designated as hedging instruments or subject to master netting and collateral agreements as of and for the nine months ended March 31, 2017 and for the year ended June 30, 2016. The following table summarizes the amounts recorded in the Company’s Consolidated Statements of Financial Condition for derivatives not designated as hedging instruments as of March 31, 2017 and June 30, 2016 (in thousands): March 31, 2017 Asset Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Mortgage banking derivatives $ 839 $ 29,485 Mandatory sale commitments: Related to interest rate and price risk for Loans held for sale Mortgage banking derivatives 111 2,990 To Be Announced securities Mortgage banking derivatives — — Liability Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Other liabilities $ 41 $ 6,631 Mandatory sale commitments: Related to interest rate and price risk for Loans held for sale Other liabilities 4 580 To Be Announced securities Other liabilities 106 14,750 June 30, 2016 Asset Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Mortgage banking derivatives $ 1,084 $ 30,006 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale Mortgage banking derivatives 408 7,046 To Be Announced securities Mortgage banking derivatives — — Liability Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Other liabilities $ 32 $ 4,572 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale Other liabilities 48 5,544 To Be Announced securities Other liabilities 166 22,000 The following tables summarize the amounts recorded in the Company’s statements of income for derivative instruments not designated as hedging instruments for the nine and three months ended March 31, 2017 and 2016 (in thousands): Gain/(Loss) Statement of Income Nine Months Ended Presentation March 31, 2017 March 31, 2016 Interest Rate Lock Commitments (Loss) gain from derivative Instruments $ (128 ) $ 553 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale (Loss) from derivative instruments (596 ) (64 ) To Be Announced securities Gain (loss) from Instruments 255 (421 ) Total (loss) gain from hedging instruments $ (469 ) $ 68 Gain/(Loss) Statement of Income Three Months Ended Presentation March 31, 2017 March 31, 2016 Interest Rate Lock Commitments Gain from hedging Instruments $ 140 $ 277 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale Gain from hedging instruments 332 115 To Be Announced securities (Loss) from hedging Instruments (3 ) (218 ) Total gain from hedging instruments $ 469 $ 174 The fair value of the Company’s Interest Rate Lock Commitments (“IRLCs”) and mandatory sales commitments are based upon the estimated fair value of the underlying mortgage loan (determined consistent with “Loans Held for Sale”), adjusted for (1) estimated costs to complete and originate the loan, and (ii) the estimated percentage of IRLCs that will result in a closed mortgage loan. The valuation of the Company’s IRLCs approximates a whole-loan price, which includes the value of the related mortgage servicing. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with FASB ASC Topic 820, “Fair Value Measurement”, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends, and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. The incorporation of counterparty credit risk did not have significant impact on the valuation of assets and liabilities recorded at fair value as of March 31, 2017 or June 30, 2016. Assets measured at fair value on a recurring basis at March 31, 2017 and June 30, 2016 are summarized below: March 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 4,370 $ — $ 4,370 Corporate notes — 13,644 — 13,644 Collateralized mortgage obligations - agency residential — 13,565 — 13,565 Mortgage-backed securities - agency residential — 4,956 — 4,956 Municipal securities — 3,506 — 3,506 Bank CDs — 6,492 — 6,492 Loans Held for Sale — 6,050 — 6,050 Price risk for Loans Held for Sale — 111 — 111 Interest rate lock commitments — 839 — 839 $ — $ 53,533 $ — $ 53,533 June 30, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available- for- U.S. governmental securities $ — $ 1,521 $ — $ 1,521 Corporate notes — 8,327 — 8,327 Collateralized mortgage obligations - agency residential — 9,831 — 9,831 Mortgage-backed securities - agency residential — 7,009 — 7,009 Municipal securities — 3,566 — 3,566 Bank CDs — 3,027 — 3,027 Loans Held for Sale — 24,676 — 24,676 Price risk for Loans Held for Sale — 408 — 408 Interest rate lock commitments — 1,084 — 1,084 $ — $ 59,449 $ — $ 59,449 Liabilities measured at fair value on a recurring basis at March 31, 2017 are summarized below. March 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Price risk for Loans Held for Sale $ — $ 4 $ — $ 4 To Be Announced securities — 106 — 106 Interest rate lock commitments — 41 — 41 $ — $ 151 $ — $ 151 Liabilities measured at fair value on a recurring basis at June 30, 2016 are summarized below. June 30, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Price risk for Loans Held for Sale $ — $ 48 $ — $ 48 To Be Announced securities — 166 — 166 Interest rate lock commitments — 32 — 32 $ — $ 246 $ — $ 246 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2017 and June 30, 2016 are as follows: March 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 348 $ 348 $ — $ — $ 348 $ 348 June 30, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 338 $ 338 Real estate owned — — 115 115 $ — $ — $ 453 $ 453 The following tables presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Balances as of March 31, 2017 (Dollars in thousands) Fair Value Valuation Techniques Unobservable Range Impaired loans $ 348 Appraisal of collateral (1) Liquidation expenses/ 5.0%-16.3% Balances as of June 30, 2016 (Dollars in thousands) Fair Value Valuation Techniques Unobservable Range Impaired loans $ 338 Appraisal of collateral (1) Liquidation expenses/ 5.0%-16.3% (11.2% ) Other real estate owned $ 115 Appraisal of collateral (1) Liquidation expenses 7.0% to 8.0% (7.5% ) (1) Appraisals may be discounted for qualitative factors such as age of appraisal, interior condition of the property, and liquidation expenses. Fair value may also be based on negotiated settlements with the borrowers. The estimated fair values of the Company’s financial instruments, whether carried at cost or fair value, at March 31, 2017 and June 30, 2016 are as follows: Fair Value Measurements at (Dollars in thousands) Carrying Estimated Fair Quoted Significant Significant Assets: Cash and cash equivalents $ 47,552 $ 47,552 $ 47,552 $ — $ — Investment securities available-for-sale 46,533 46,533 — 46,533 — Investment securities held-to-maturity 9,053 9,026 — 9,026 — Loans held for sale at fair value 6,050 6,050 — 6,050 — Loans receivable, net 98,588 98,090 — — 98,090 Restricted investment in bank stock 650 650 — — 650 Accrued interest receivable 554 554 — 554 — Price risk for Loans Held for Sale 111 111 — 111 — Interest rate lock commitments 839 839 — 839 — Liabilities: Deposits $ 171,802 $ 162,554 $ — $ 162,445 $ — Advances from the FHLB 9,000 8,969 — 8,969 — Securities sold under agreements to repurchase 2,408 2,408 — 2,408 — Price risk for Loans Held for Sale 4 4 — 4 — To Be Announced securities 106 106 — 106 — Interest rate lock commitments 41 41 — 41 — Accrued Interest Payable 21 21 — 21 — Off-balance Commitments to extend credit $ — $ — $ — $ — $ — Fair Value Measurements at (Dollars in thousands) Carrying Estimated Quoted Significant Significant Assets: Cash and cash equivalents $ 15,427 $ 15,427 $ 15,427 $ — $ — Investment securities available-for-sale 33,281 33,281 — 33,281 — Investment securities held-to-maturity 5,825 5,941 — 5,941 — Loans held for sale at fair value 24,676 24,676 — 24,676 — Loans receivable, net 93,450 93,907 — — 93,907 Restricted investment in bank stock 1,108 1,108 — — 1,108 Accrued interest receivable 527 527 — 527 — Price risk for Loans Held for Sale 408 408 — 408 — Interest rate lock commitments 1,084 1,084 — 1,084 — Liabilities: Deposits $ 141,771 $ 138,711 $ — $ 138,711 $ — Advances from the FHLB 20,000 20,040 — 20,040 — Securities sold under agreements to repurchase 3,929 3,929 — 3,929 — Price risk for Loans Held for Sale 48 48 — 48 — To Be Announced securities 167 167 — 167 — Interest rate lock commitments 32 32 — 32 — Accrued Interest Payable 19 19 — 19 — Off-balance Commitments to extend credit $ — $ — $ — $ — $ — The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. There were no changes in methodologies or transfers between levels during the nine months ended March 31, 2017 and for the year ended June 30, 2016. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at March 31, 2017 and June 30, 2016: Cash and Cash Equivalents These short-term assets are valued at their face value, which approximate fair value. Investments (Available- for- to- Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include highly liquid U.S. Treasury securities and most equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include certain Mortgage Backed Securities (MBS). In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Investment securities classified within Level 3 include certain equity securities that do not have readily available market prices, certain municipal bonds, certain Asset Backed Securities (ABS), and other less liquid investment securities. Loans Held for Sale at Fair Value All mortgage loans held for sale are carried at fair value. Interest income on loans held for sale, which totaled $319,000 and $257,000 for the nine months ended March 31, 2017 and 2016, respectively, and $44,000 and $61,000 for the three months ended March 31, 2017 and 2016, respectively, are included in Interest and fees on loans in the Consolidated Statements of Income. Changes in fair value of loans held for sale are reported in non-interest The Company’s mortgage loans are generally classified within Level 2 of the valuation hierarchy. The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity as of March 31, 2017 and June 30, 2016 (in thousands): Excess Carrying Amount Carrying Aggregate Unpaid Over Aggregate Unpaid Principal Loans held for sale Amount Principal Balance Balance March 31, 2017 $ 6,050 $ 5,919 $ 131 June 30, 2016 $ 24,676 $ 23,848 $ 828 The Company did not have any mortgage loans held for sale recorded at fair value that were 90 or more days past due and on non-accrual at March 31, 2017. Interest Rate Lock Commitments (“IRLC”) The fair value of the Company’s IRLC instruments are based upon the underlying loans measured at fair value on a recurring basis and the probability of such commitments being exercised. Due to observable market data inputs used by the Company, the Company’s IRLCs are classified within Level 2 of the valuation hierarchy. Mandatory Sales Commitments for Loans Held for Sale Fair values for mandatory sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Due to the observable inputs used by the Company, the Company’s mandatory sales commitments (LHS) are classified within Level 2 of the valuation hierarchy. To Be Announced Securities (“TBAs”) TBAs are valued based on forward dealer marks from the Company’s approved counterparties. The Company utilizes a third party market pricing service which compiles current prices for instruments from market sources, and those prices represent the current executable price. Due to the observable inputs used by the Company, the Company’s TBAs are classified within Level 2 of the valuation hierarchy. Loan Receivable, Net Fair values are estimated for portfolios of loans with similar financial characteristics. For loans that reprice frequently, the carrying value approximates fair value. The fair value of other type of loans is estimated by discounting expected cash flows using the current rates at which similar loans would be made to borrowers with comparable credit ratings and for similar remaining maturities. Impaired Loans Impaired loans include those collateral-dependent loans and leases for which the practical expedient under ASC 310-40 Restricted Investment in Bank Stock The stock is carried at cost; which approximates fair value and considers the limited marketability of such securities. Real Estate Owned (Cost or Fair Value) Real estate properties acquired through, or in lieu of, foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. These assets are included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurements. At March 31, 2017, the Company held no real estate properties acquired through, or in lieu of, foreclosures. Accrued Interest Receivable and Accrued Interest Payable The carrying amount of accrued interest receivable and payable approximates their respective fair values. Deposits The fair value of demand deposits, savings accounts, and money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated discounting the contractual cash flows. The discount rate is estimated using the rates currently offered for deposits with comparable remaining maturities. Advances from the FHLB The fair value of advances is estimated based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for borrowings with comparable terms, credit, and remaining maturities. Securities Sold Under Agreements to Repurchase The fair value of securities sold under agreements to repurchase is estimated based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for borrowings with comparable terms, credit, and remaining maturities. Commitments to Extend Credit The majority of the Company’s commitments to extend credit carry current market interest rates if converted to loans. Because commitments to extend credit are generally unassignable by either the Company or the borrower, they only have value to the Company and the borrower. The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 6. Earnings per Share Earnings per share (“EPS”) consist of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. The diluted EPS calculation reflects the EPS if all outstanding instruments convertible to common stock were exercised. There were no common shares outstanding for the three and nine months ended March 31, 2016. For the three and nine months ended March 31, 2017 and 2016, there were no stock options or other convertible instruments outstanding for either period. Therefore, there is no effect of dilution on the Company’s earnings per share. The calculation of EPS for the three and nine months ended March 31, 2017 and 2016 is as follows (in thousands, except per share data): For the Three Months Ended March 31, For the Nine Months Ended March 31, 2017(1) 2016 2017(1) 2016 Net income (basic and diluted) $ 98 $ 169 $ 390 $ 530 Weighted average shares outstanding 1,915,421 N/A 629,153 N/A Net income per share – basic $ 0.05 $ N/A $ 0.62 $ N/A (1) The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 9 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | 7. Employee Stock Ownership Plan The Company adopted the Huntingdon Valley Bank Employee Stock Ownership Plan (the “ESOP”) for eligible employees. Eligible employees who have attained age 21 may participation in the ESOP on the later of the effective date of the ESOP or upon the first entry date commencing on or after the eligible employee’s completion of 1,000 hours of service during a continuous 12-month The ESOP trustee purchased, on behalf of the ESOP, 8% of the total number of shares of HV Bancorp common stock issued in the offering. The ESOP funded the stock purchase with a loan from HV Bancorp equal to the aggregate purchase price of the common stock. The loan will be repaid principally through Huntingdon Valley Bank’s contribution to the ESOP and dividends payable on common stock held by the ESOP over the anticipated 20-year The trustee will hold the shares purchased by the ESOP in an unallocated suspense account, and shares will be released from the suspense account on a pro-rata six-year During the three months ended March 31, 2017, the ESOP purchased 8% of the total shares issued which equated to 174,570 shares of the Company’s common stock in the open market ranging from $12.50 per share to $14.21 per share for a weighted average price per share of $13.92, and a total purchase price of $2,430,000. |
Organization, Basis of Presen17
Organization, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10-Q, The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of June 30, 2016 have been derived from the audited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Registration Statement on Form S-1 No. 333-213537) The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary impairments of securities, interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale, |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU establishes a comprehensive revenue recognition standard for virtually all industries following U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principal is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) identify the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available - full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date. The guidance in this ASU is now effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net). While the ASU does not change the core provisions of Topic 606, it clarifies the implementation guidance on principal versus agent considerations. Namely, the ASU clarifies and offers guidance to help determine when the reporting entity is providing goods or services to a customer itself (i.e., the entity is a principal), or merely arranging for that good or service to be provided by the other party (i.e., the reporting entity is an agent). If the entity is a principal, it recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When the reporting entity is an agent, it recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. An entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. The guidance includes indicators to assist in determining whether the control criteria are met. If a contract with a customer includes more than one specified good or service, an entity could be a principal for some specified goods or services and an agent for others. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing. This ASU clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The ASU includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. The ASU seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The amendments in this ASU affect the guidance in ASU 2014-09, Revenue from Contracts with Customers, which will be effective for fiscal years beginning after December 31, 2017 for public entities. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients. This ASU clarifies certain aspects of Topic 606 guidance as follows: • The objective of the collectibility assessment is to determine whether the contract is valid and represents a substantive transaction on the basis of whether a customer has the ability and intention to pay the promised consideration in exchange for the goods or services transferred. • An entity can recognize revenue in the amount of consideration received when it has transferred control of the goods or services, has no additional obligation to transfer goods or services, and the consideration received is nonrefundable. • A reporting entity is permitted to make the accounting policy election to exclude amounts collected from customers for all sales taxes from the transaction price. • The measurement date is specified as being the contract inception, and variable consideration guidance applies only to variability resulting from reasons other than the form of the consideration. • As a practical expedient, a reporting entity is permitted to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented in accordance with Topic 606 when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations. • The ASU clarifies that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application. Accounting for elements of a contract that do not affect revenue under legacy GAAP are irrelevant to the assessment of whether a contract is complete. In addition, the amendments in this ASU permit an entity to apply the modified retrospective transition method either to all contracts or only to contracts that are not completed contracts. The amendments in this ASU clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. However, an entity is still required to disclose the effect of the changes on any prior periods retrospectively adjusted. The guidance in the revenue recognition ASUs listed above is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of the various revenue recognition ASUs. The guidance does not apply to revenue associated with financial instruments, including loans and securities. The Company is currently evaluating its non-interest revenue sources and does not anticipate the adoption of these ASUs to have a material impact on its financial condition or results of operations. In March 2017, the FASB issued Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities. The amendments apply to callable debt securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. If a security may be prepaid based on prepayments of the underlying loans, not because the issuer has exercised a date specific call option, it is excluded from the scope of the new standard. However, for instruments with contingent call features, once the contingency is resolved and the security is callable at a fixed price and preset date, the security is within the scope of the amendment. Further, the amendments apply to all premiums on callable debt securities, regardless of how they were generated. The amendments require companies to reset the effective yield using the payment terms of the debt security if the call option is not exercised on the earliest call date. If the security has additional call dates, any excess of the amortized cost basis over the amount repayable by the issuer at the next call date should be amortized to the next call date. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those years. For all other entities, including emerging growth entities as further described below, the amendments are effective for fiscal periods beginning after December 15, 2019, and interim periods within fiscal periods beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the adoption of the new standard on the consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases The new leases standard requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under Topic 606. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new leases standard addresses other considerations including identification of a lease, separating lease and non-lease re-measurement The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments are effective for all other entities (including emerging growth entities as further described below) for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. Specific transition requirements apply. The Company is currently evaluating the impact of adoption of the new standard on the consolidated financial statements. In June 2016, 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. 2016-13 The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale more-likely-than-not The Update is effective for public business entities for fiscal years after December 15, 2019, including interim periods within those fiscal years. The amendments are effective for all other entities (including emerging growth companies as further described below for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of adoption of the new standard on the consolidated financial statements. The Company qualifies under the Jumpstart Our Business Startups Act (the “JOBS Act”) as an emerging growth company. As an emerging growth company, the Company has elected to use the extended transition period to delay adoption of new or revised accounting pronouncements until such pronouncements are made applicable to private companies. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | Investment securities available-for-sale March 31, 2017 (Dollars in thousands) Amortized Gross Gross Fair Value U.S. Governmental securities $ 4,414 $ 7 $ (51 ) $ 4,370 Corporate notes 13,734 27 (117 ) 13,644 Collateralized mortgage obligations – agency residential 13,792 33 (260 ) 13,565 Mortgage-backed securities – agency residential 5,060 4 (108 ) 4,956 Municipal securities 3,519 1 (14 ) 3,506 Bank CDs 6,492 6 (6 ) 6,492 $ 47,011 $ 78 $ (556 ) $ 46,533 Investment securities available-for-sale June 30, 2016 (Dollars in thousands) Amortized Gross Gross Fair Value U.S. Governmental securities $ 1,493 $ 28 $ — $ 1,521 Corporate notes 8,423 40 (136 ) 8,327 Collateralized mortgage obligations – agency residential 9,879 45 (93 ) 9,831 Mortgage-backed securities – agency residential 6,980 44 (15 ) 7,009 Municipal securities 3,524 42 — 3,566 Bank CDs 2,994 41 (8 ) 3,027 $ 33,293 $ 240 $ (252 ) $ 33,281 |
Investment Securities Held-to-Maturity | Investment securities held-to-maturity March 31, 2017 (Dollars in thousands) Amortized Gross Gross Fair Value Municipal securities $ 9,053 $ 38 $ (65 ) $ 9,026 $ 9,053 $ 38 $ (65 ) $ 9,026 Investment securities held-to-maturity June 30, 2016 (Dollars in thousands) Amortized Gross Gross Fair Value Municipal securities $ 5,825 $ 117 $ (1 ) $ 5,941 $ 5,825 $ 117 $ (1 ) $ 5,941 |
Scheduled Maturities of Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of securities available-for-sale held-to-maturity March 31, 2017 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Fair Value Amortized Fair Value Due in one year or less $ 750 $ 750 $ 140 $ 140 Due from more than one to five years 15,507 15,503 2,644 2,647 Due from more than five to ten years 5,562 5,465 4,597 4,565 Due after ten years 25,192 24,815 1,672 1,674 $ 47,011 $ 46,533 $ 9,053 $ 9,026 |
Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity | The following tables summarize the unrealized loss positions of securities available-for-sale held-to-maturity March 31, 2017 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale: U.S. Governmental securities $ 2,417 $ (25 ) $ 667 $ (26 ) $ 3,084 $ (51 ) Corporate notes 3,885 (31 ) 4,564 (86 ) 8,449 (117 ) Collateralized mortgage obligations 4,161 (60 ) 5,732 (200 ) 9,893 (260 ) Mortgage-backed securities 1,338 (23 ) 3,206 (85 ) 4,544 (108 ) Municipal securities 1,927 (7 ) 739 (7 ) 2,666 (14 ) Bank CDs 250 — 489 (6 ) 739 (6 ) $ 13,978 $ (146 ) $ 15,397 $ (410 ) $ 29,375 $ (556 ) Held–to-maturity: Municipal securities $ 3,958 $ (61 ) $ 500 $ (4 ) $ 4,458 $ (65 ) $ 3,958 $ (61 ) $ 500 $ (4 ) $ 4,458 $ (65 ) June 30, 2016 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale: U.S. Governmental securities $ — $ — $ — $ — $ — $ — Corporate notes 1,000 (13 ) 3,677 (123 ) 4,677 (136 ) Collateralized mortgage obligations — — 5,792 (93 ) 5,792 (93 ) Mortgage-backed securities — — 1,885 (15 ) 1,885 (15 ) Municipal securities — — — — — — Bank CDs 249 (1 ) 493 (7 ) 742 (8 ) $ 1,249 $ (14 ) $ 11,847 $ (238 ) $ 13,096 $ (252 ) Held–to-maturity: Municipal securities $ 506 $ (1 ) $ — $ — $ 506 $ (1 ) $ 506 $ (1 ) $ — $ — $ 506 $ (1 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable were comprised of the following: (Dollars in thousands) March 31, 2017 June 30, Residential: One-to-four $ 75,960 $ 71,980 Home equity and HELOCs 5,254 6,448 Commercial: Commercial real estate 12,326 11,620 Commercial business 2,087 558 Construction 3,204 3,179 Consumer 23 10 98,854 93,795 Less: Unearned discounts, origination and commitment fees and costs 248 142 Allowance for loan losses (514 ) (487 ) $ 98,588 $ 93,450 |
Summary of Allowance for Loan Losses | The following tables summarizes the activity in the allowance for loan losses by loan class for the three months ended March 31, 2017 and 2016. For the Three Months Ended March 31, 2017 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries Provision/ Ending Ending Ending Residential: One-to-four $ 362 $ — $ 2 $ (20 ) $ 344 $ — $ 344 Home equity and HELOCs 114 (125 ) — 25 14 — 14 Commercial: Commercial real estate 118 — 25 (27 ) 116 14 102 Commercial business 20 — — 18 38 15 23 Construction 1 — — 1 2 — 2 Consumer — (3 ) 1 2 — — — Unallocated reserve 11 — — (11 ) — — — $ 626 $ (128 ) $ 28 $ (12 ) $ 514 $ 29 $ 485 For the Three Months Ended March 31, 2016 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries Provision/ Ending Residential: One-to-four $ 219 $ — $ — $ (8 ) $ 211 Home equity and HELOCs 19 — — — 19 Commercial: Commercial real estate 203 — — 34 237 Commercial business 26 — — — 26 Construction — — — — — Consumer 2 — — — 2 Unallocated reserve — — — — — $ 469 $ — $ — $ 26 $ 495 The following tables summarizes the activity in the allowance for loan losses by loan class for the nine months ended March 31, 2017 and 2016 and information in regards to the recorded investment in loans receivable as of March 31, 2017 and June 30, 2016: For the Nine Months Ended March 31, 2017 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries Provision/ Ending Ending Ending Residential: One-to-four $ 314 $ — $ 7 $ 23 $ 344 $ — $ 344 Home equity and HELOCs 18 (125 ) — 121 14 — 14 Commercial: Commercial real estate 131 — 25 (40 ) 116 14 102 Commercial business 23 — — 15 38 15 23 Construction 1 — — 1 2 — 2 Consumer — (5 ) 2 3 — — — Unallocated reserve — — — — — — — $ 487 $ (130 ) $ 34 $ 123 $ 514 $ 29 $ 485 For the Nine Months Ended March 31, 2016 Allowance for Loan Losses (Dollars in thousands) Beginning Charge- Recoveries (Credit)/ Ending Residential: One-to-four $ 219 $ — $ — $ (8 ) $ 211 Home equity and HELOCs 19 — — — 19 Commercial: Commercial real estate 230 — — 7 237 Commercial business 45 — — (19 ) 26 Construction — — — — — Consumer — (1 ) — 3 2 Unallocated reserve 1 — — (1 ) — $ 514 $ (1 ) $ — $ (18 ) $ 495 |
Summary of Loans Receivable by Balances Individually Evaluated for Impairment | March 31, 2017 Loans Receivable (Dollars in thousands) Ending Ending Ending Residential: One-to-four $ 75,960 $ 890 $ 75,070 Home equity and HELOCs 5,254 198 5,056 Commercial: Commercial real estate 12,326 744 11,582 Commercial business 2,087 179 1,908 Construction 3,204 — 3,204 Consumer 23 — 23 $ 98,854 $ 2,011 $ 96,843 June 30, 2016 Loans Receivable (Dollars in thousands) Ending Ending Ending Residential: One-to-four $ 71,980 $ 818 $ 71,162 Home equity and HELOCs 6,448 227 6,221 Commercial: Commercial real estate 11,620 760 10,860 Commercial business 558 193 365 Construction 3,179 — 3,179 Consumer 10 — 10 $ 93,795 $ 1,998 $ 91,797 |
Allowance for Loan Losses Individually and Collectively Evaluated for Impairment by Loan Portfolio Class | The following table summarizes the Allowance for Loan Losses by loan portfolio class as of June 30, 2016: June 30, 2016 Allowance for Loan Losses (Dollars in thousands) Ending Ending Ending Residential: One-to-four $ 314 $ — $ 314 Home equity and HELOCs 18 — 18 Commercial: Commercial real estate 131 39 92 Commercial business 23 19 4 Construction 1 — 1 Consumer — — — $ 487 $ 58 $ 429 |
Summary of Information in Regard to Impaired Loans | The following tables summarize information in regard to impaired loans by loan portfolio class as of March 31, 2017 and June 30, 2016: March 31, 2017 June 30, 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded Residential: One-to-four $ 890 $ 890 $ — $ 818 $ 818 $ — Home equity and HELOCs 198 198 — 227 227 — Commercial: Commercial real estate 546 546 — 557 600 — Commercial business — — — — — — Construction — — — — — — Consumer — — — — — — $ 1,634 $ 1,634 $ — $ 1,602 $ 1,645 $ — With an allowance recorded Residential: One-to-four $ — $ — $ — $ — $ — $ — Home equity and HELOCs — — — — — — Commercial: Commercial real estate 198 198 14 203 203 39 Commercial business 179 179 15 193 193 19 Construction — — — — — — Consumer — — — — — — $ 377 $ 377 $ 29 $ 396 $ 396 $ 58 Total: Residential: One-to-four $ 890 $ 890 $ — $ 818 $ 818 $ — Home equity and HELOCs 198 198 — 227 227 — Commercial: Commercial real estate 744 744 14 760 803 39 Commercial business 179 179 15 193 193 19 Construction — — — — — — Consumer — — — — — — $ 2,011 $ 2,011 $ 29 $ 1,998 $ 2,041 $ 58 The following table presents additional information regarding the Company’s impaired loans for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Average Interest Average Interest With no related allowance recorded: Residential: One-to-four $ 1,082 $ 2 $ 1,491 $ 1 Home equity and HELOCs 253 — 232 — Commercial: Commercial real estate 548 8 543 8 Commercial business — — — — Construction — — — — Consumer — — — — Total $ 1,883 $ 10 $ 2,266 $ 9 With an allowance recorded: Residential: One-to-four $ — $ — $ — $ — Home equity and HELOCs — — — — Commercial: Commercial real estate 199 4 223 2 Commercial business 181 2 200 3 Construction — — — — Consumer — — — — Total $ 380 $ 6 $ 423 $ 5 Total: Residential: One-to-four $ 1,082 $ 2 $ 1,491 $ 1 Home equity and HELOCs 253 — 232 — Commercial: Commercial real estate 747 12 766 10 Commercial business 181 2 200 3 Construction — — — — Consumer — — — — Total $ 2,263 $ 16 $ 2,689 $ 14 The following table presents additional information regarding the Company’s impaired loans for the nine months ended March 31, 2017 and 2016: Nine Months Ended March 31, 2017 2016 (Dollars in thousands) Average Interest Average Interest With no related allowance recorded: Residential: One-to-four $ 946 $ 5 $ 1,616 $ 2 Home equity and HELOCs 152 — 223 — Commercial: Commercial real estate 552 24 618 26 Commercial business — — — — Construction — — — — Consumer — — — — Total $ 1,650 $ 29 $ 2,457 $ 28 With an allowance recorded: Residential: One-to-four $ — $ — $ — $ — Home equity and HELOCs — — — — Commercial: Commercial real estate 200 12 191 4 Commercial business 186 8 203 9 Construction — — — — Consumer — — — — Total $ 386 $ 20 $ 394 $ 13 Total: Residential: One-to-four $ 946 $ 5 $ 1,616 $ 2 Home equity and HELOCs 152 — 223 — Commercial: Commercial real estate 752 36 809 30 Commercial business 186 8 203 9 Construction — — — — Consumer — — — — Total $ 2,036 $ 49 $ 2,851 $ 41 |
Summary of Nonaccrual Loans by Classes of Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2017 and June 30, 2016: (Dollars in thousands) March 31, 2017 June 30, Residential: One-to-four $ 745 $ 818 Home equity and HELOCs 195 227 Commercial: Commercial real estate 100 100 Commercial business — — Construction — — Consumer — — $ 1,040 $ 1,145 |
Credit Quality Indicators by Class of Loan Portfolio | The following tables summarize the Aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Company’s internal risk rating system as of March 31, 2017 and June 30, 2016: March 31, 2017 (Dollars in thousands) Pass Special Substandard Doubtful Total Residential: One-to-four $ 74,786 $ — $ 1,174 $ — $ 75,960 Home equity and HELOCs 5,056 — 198 — 5,254 Commercial: Commercial real estate 11,583 385 358 — 12,326 Commercial business 1,729 179 179 — 2,087 Construction 3,204 — — — 3,204 Consumer 23 — — — 23 $ 96,381 $ 564 $ 1,909 $ — $ 98,854 June 30, 2016 (Dollars in thousands) Pass Special Substandard Doubtful Total Residential: One-to-four $ 70,874 $ — $ 1,106 $ — $ 71,980 Home equity and HELOCs 6,221 — 227 — 6,448 Commercial: Commercial real estate 10,860 395 365 — 11,620 Commercial business 162 203 193 — 558 Construction 3,179 — — — 3,179 Consumer 10 — — — 10 $ 91,306 $ 598 $ 1,891 $ — $ 93,795 |
Summary of Segments of Loan Portfolio by Aging Categories | The following tables present the segments of the loan portfolio summarized by aging categories as of March 31, 2017 and June 30, 2016: March 31, 2017 (Dollars in thousands) 30-59 60-89 Greater Total Current Total Loan Loans Residential: One-to-four $ 722 $ 158 $ 587 $ 1,467 $ 74,493 $ 75,960 $ — Home equity and HELOCs — 3 195 198 5,056 5,254 — Commercial: Commercial real estate — — 100 100 12,226 12,326 — Commercial business — — — — 2,087 2,087 — Construction — — — — 3,204 3,204 — Consumer — — — — 23 23 — $ 722 $ 161 $ 882 $ 1,765 $ 97,089 $ 98,854 $ — June 30, 2016 (Dollars in thousands) 30-59 60-89 Greater Total Current Total Loan Loans Residential: One-to-four $ 470 $ 317 $ 659 $ 1,446 $ 70,534 $ 71,980 $ — Home equity and HELOCs 94 79 227 400 6,048 6,448 — Commercial: Commercial real estate — — 100 100 11,520 11,620 — Commercial business — — — — 558 558 — Construction — — — — 3,179 3,179 — Consumer — — — — 10 10 — $ 564 $ 396 $ 986 $ 1,946 $ 91,849 $ 93,795 $ — |
Troubled Debt Restructurings on Accrual Status and Non-Accrual Status | The following table details the Company’s TDRs that are on accrual status and non-accrual As of March 31, 2017 (Dollars in thousands) Number of Accrual Non-Accrual Total TDRs Commercial real estate 2 $ 339 $ — $ 339 Total 2 $ 339 $ — $ 339 The following table details the Company’s TDRs that are on accrual status and non-accrual As of June 30, 2016 (Dollars in thousands) Number of Accrual Non-Accrual Total TDRs Commercial real estate 2 $ 357 $ — $ 357 Total 2 $ 357 $ — $ 357 |
Derivatives and Risk Manageme20
Derivatives and Risk Management Activities (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments Recorded in Consolidated Statements of Financial Condition | The following table summarizes the amounts recorded in the Company’s Consolidated Statements of Financial Condition for derivatives not designated as hedging instruments as of March 31, 2017 and June 30, 2016 (in thousands): March 31, 2017 Asset Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Mortgage banking derivatives $ 839 $ 29,485 Mandatory sale commitments: Related to interest rate and price risk for Loans held for sale Mortgage banking derivatives 111 2,990 To Be Announced securities Mortgage banking derivatives — — Liability Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Other liabilities $ 41 $ 6,631 Mandatory sale commitments: Related to interest rate and price risk for Loans held for sale Other liabilities 4 580 To Be Announced securities Other liabilities 106 14,750 June 30, 2016 Asset Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Mortgage banking derivatives $ 1,084 $ 30,006 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale Mortgage banking derivatives 408 7,046 To Be Announced securities Mortgage banking derivatives — — Liability Derivatives Statement of Financial Condition Notional Presentation Fair Value Amount Interest Rate Lock Commitments Other liabilities $ 32 $ 4,572 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale Other liabilities 48 5,544 To Be Announced securities Other liabilities 166 22,000 |
Summary of Amounts Recorded in Statements of Income for Derivative Instruments Not Designated as Hedging Instruments | The following tables summarize the amounts recorded in the Company’s statements of income for derivative instruments not designated as hedging instruments for the nine and three months ended March 31, 2017 and 2016 (in thousands): Gain/(Loss) Statement of Income Nine Months Ended Presentation March 31, 2017 March 31, 2016 Interest Rate Lock Commitments (Loss) gain from derivative Instruments $ (128 ) $ 553 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale (Loss) from derivative instruments (596 ) (64 ) To Be Announced securities Gain (loss) from Instruments 255 (421 ) Total (loss) gain from hedging instruments $ (469 ) $ 68 Gain/(Loss) Statement of Income Three Months Ended Presentation March 31, 2017 March 31, 2016 Interest Rate Lock Commitments Gain from hedging Instruments $ 140 $ 277 Mandatory sale commitments: Related to interest rate and price risk for Loans Held for Sale Gain from hedging instruments 332 115 To Be Announced securities (Loss) from hedging Instruments (3 ) (218 ) Total gain from hedging instruments $ 469 $ 174 |
Fair Value of Financial Instr21
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis at March 31, 2017 and June 30, 2016 are summarized below: March 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 4,370 $ — $ 4,370 Corporate notes — 13,644 — 13,644 Collateralized mortgage obligations - agency residential — 13,565 — 13,565 Mortgage-backed securities - agency residential — 4,956 — 4,956 Municipal securities — 3,506 — 3,506 Bank CDs — 6,492 — 6,492 Loans Held for Sale — 6,050 — 6,050 Price risk for Loans Held for Sale — 111 — 111 Interest rate lock commitments — 839 — 839 $ — $ 53,533 $ — $ 53,533 June 30, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available- for- U.S. governmental securities $ — $ 1,521 $ — $ 1,521 Corporate notes — 8,327 — 8,327 Collateralized mortgage obligations - agency residential — 9,831 — 9,831 Mortgage-backed securities - agency residential — 7,009 — 7,009 Municipal securities — 3,566 — 3,566 Bank CDs — 3,027 — 3,027 Loans Held for Sale — 24,676 — 24,676 Price risk for Loans Held for Sale — 408 — 408 Interest rate lock commitments — 1,084 — 1,084 $ — $ 59,449 $ — $ 59,449 |
Liabilities Measured at Fair Value on a Recurring Basis | Liabilities measured at fair value on a recurring basis at March 31, 2017 are summarized below. March 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Price risk for Loans Held for Sale $ — $ 4 $ — $ 4 To Be Announced securities — 106 — 106 Interest rate lock commitments — 41 — 41 $ — $ 151 $ — $ 151 Liabilities measured at fair value on a recurring basis at June 30, 2016 are summarized below. June 30, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Price risk for Loans Held for Sale $ — $ 48 $ — $ 48 To Be Announced securities — 166 — 166 Interest rate lock commitments — 32 — 32 $ — $ 246 $ — $ 246 |
Assets Measured at Fair Value on a Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2017 and June 30, 2016 are as follows: March 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 348 $ 348 $ — $ — $ 348 $ 348 June 30, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 338 $ 338 Real estate owned — — 115 115 $ — $ — $ 453 $ 453 |
Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis | The following tables presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Balances as of March 31, 2017 (Dollars in thousands) Fair Value Valuation Techniques Unobservable Range Impaired loans $ 348 Appraisal of collateral (1) Liquidation expenses/ 5.0%-16.3% Balances as of June 30, 2016 (Dollars in thousands) Fair Value Valuation Techniques Unobservable Range Impaired loans $ 338 Appraisal of collateral (1) Liquidation expenses/ 5.0%-16.3% (11.2% ) Other real estate owned $ 115 Appraisal of collateral (1) Liquidation expenses 7.0% to 8.0% (7.5% ) (1) Appraisals may be discounted for qualitative factors such as age of appraisal, interior condition of the property, and liquidation expenses. Fair value may also be based on negotiated settlements with the borrowers. |
Estimated Fair Values of Financial Instruments Carried at Cost or Fair Value | The estimated fair values of the Company’s financial instruments, whether carried at cost or fair value, at March 31, 2017 and June 30, 2016 are as follows: Fair Value Measurements at (Dollars in thousands) Carrying Estimated Fair Quoted Significant Significant Assets: Cash and cash equivalents $ 47,552 $ 47,552 $ 47,552 $ — $ — Investment securities available-for-sale 46,533 46,533 — 46,533 — Investment securities held-to-maturity 9,053 9,026 — 9,026 — Loans held for sale at fair value 6,050 6,050 — 6,050 — Loans receivable, net 98,588 98,090 — — 98,090 Restricted investment in bank stock 650 650 — — 650 Accrued interest receivable 554 554 — 554 — Price risk for Loans Held for Sale 111 111 — 111 — Interest rate lock commitments 839 839 — 839 — Liabilities: Deposits $ 171,802 $ 162,554 $ — $ 162,445 $ — Advances from the FHLB 9,000 8,969 — 8,969 — Securities sold under agreements to repurchase 2,408 2,408 — 2,408 — Price risk for Loans Held for Sale 4 4 — 4 — To Be Announced securities 106 106 — 106 — Interest rate lock commitments 41 41 — 41 — Accrued Interest Payable 21 21 — 21 — Off-balance Commitments to extend credit $ — $ — $ — $ — $ — Fair Value Measurements at (Dollars in thousands) Carrying Estimated Quoted Significant Significant Assets: Cash and cash equivalents $ 15,427 $ 15,427 $ 15,427 $ — $ — Investment securities available-for-sale 33,281 33,281 — 33,281 — Investment securities held-to-maturity 5,825 5,941 — 5,941 — Loans held for sale at fair value 24,676 24,676 — 24,676 — Loans receivable, net 93,450 93,907 — — 93,907 Restricted investment in bank stock 1,108 1,108 — — 1,108 Accrued interest receivable 527 527 — 527 — Price risk for Loans Held for Sale 408 408 — 408 — Interest rate lock commitments 1,084 1,084 — 1,084 — Liabilities: Deposits $ 141,771 $ 138,711 $ — $ 138,711 $ — Advances from the FHLB 20,000 20,040 — 20,040 — Securities sold under agreements to repurchase 3,929 3,929 — 3,929 — Price risk for Loans Held for Sale 48 48 — 48 — To Be Announced securities 167 167 — 167 — Interest rate lock commitments 32 32 — 32 — Accrued Interest Payable 19 19 — 19 — Off-balance Commitments to extend credit $ — $ — $ — $ — $ — |
Difference between Carrying Amount of Mortgage Loans Held For Sale, Measured at Fair Value and Aggregate Unpaid Principal Amount | The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity as of March 31, 2017 and June 30, 2016 (in thousands): Excess Carrying Amount Carrying Aggregate Unpaid Over Aggregate Unpaid Principal Loans held for sale Amount Principal Balance Balance March 31, 2017 $ 6,050 $ 5,919 $ 131 June 30, 2016 $ 24,676 $ 23,848 $ 828 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The calculation of EPS for the three and nine months ended March 31, 2017 and 2016 is as follows (in thousands, except per share data): For the Three Months Ended March 31, For the Nine Months Ended March 31, 2017(1) 2016 2017(1) 2016 Net income (basic and diluted) $ 98 $ 169 $ 390 $ 530 Weighted average shares outstanding 1,915,421 N/A 629,153 N/A Net income per share – basic $ 0.05 $ N/A $ 0.62 $ N/A (1) The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Organization, Basis of Presen23
Organization, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 11, 2017 | Mar. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Shares of common stock converted | 2,182,125 | |
Debt Instrument, convertible, conversion Price | $ 10 | |
Gross offering proceeds received | $ 21,800 | |
Offering costs | 1,400 | |
Net proceeds from issuance of shares | $ 20,400 | $ 20,396 |
Investment Securities Available
Investment Securities Available-for-sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale amortized cost | $ 47,011 | $ 33,293 |
Available-for-sale gross unrealized gains | 78 | 240 |
Available-for-sale gross unrealized losses | (556) | (252) |
Available-for-sale estimated fair value | 46,533 | 33,281 |
Bank CDs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale amortized cost | 6,492 | 2,994 |
Available-for-sale gross unrealized gains | 6 | 41 |
Available-for-sale gross unrealized losses | (6) | (8) |
Available-for-sale estimated fair value | 6,492 | 3,027 |
U.S. Governmental securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale amortized cost | 4,414 | 1,493 |
Available-for-sale gross unrealized gains | 7 | 28 |
Available-for-sale gross unrealized losses | (51) | |
Available-for-sale estimated fair value | 4,370 | 1,521 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale amortized cost | 13,734 | 8,423 |
Available-for-sale gross unrealized gains | 27 | 40 |
Available-for-sale gross unrealized losses | (117) | (136) |
Available-for-sale estimated fair value | 13,644 | 8,327 |
Collateralized mortgage obligations - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale amortized cost | 13,792 | 9,879 |
Available-for-sale gross unrealized gains | 33 | 45 |
Available-for-sale gross unrealized losses | (260) | (93) |
Available-for-sale estimated fair value | 13,565 | 9,831 |
Mortgage-backed securities - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale amortized cost | 5,060 | 6,980 |
Available-for-sale gross unrealized gains | 4 | 44 |
Available-for-sale gross unrealized losses | (108) | (15) |
Available-for-sale estimated fair value | 4,956 | 7,009 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale amortized cost | 3,519 | 3,524 |
Available-for-sale gross unrealized gains | 1 | 42 |
Available-for-sale gross unrealized losses | (14) | |
Available-for-sale estimated fair value | $ 3,506 | $ 3,566 |
Investment Securities Held-to-m
Investment Securities Held-to-maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity amortized cost | $ 9,053 | $ 5,825 |
Held-to-maturity gross unrealized gains | 38 | 117 |
Held-to-maturity gross unrealized losses | (65) | (1) |
Held-to-maturity Fair Value | 9,026 | 5,941 |
Municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity amortized cost | 9,053 | 5,825 |
Held-to-maturity gross unrealized gains | 38 | 117 |
Held-to-maturity gross unrealized losses | (65) | (1) |
Held-to-maturity Fair Value | $ 9,026 | $ 5,941 |
Scheduled of Maturities of Secu
Scheduled of Maturities of Securities Available-for-sale and Held-to-maturity (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale, due in one year or less, amortized cost | $ 750 |
Available-for-sale, due from more than one to five years, amortized cost | 15,507 |
Available-for-sale, due from more than five to ten years, amortized cost | 5,562 |
Available-for-sale, due after ten years, amortized cost | 25,192 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 47,011 |
Available-for-sale, due in one year or less, fair value | 750 |
Available-for-sale, due from more than one to five years, fair value | 15,503 |
Available-for-sale, due from more than five to ten years, fair value | 5,465 |
Available-for-sale, due after ten years, fair value | 24,815 |
Available-for-sale, fair value, total | 46,533 |
Held-to-maturity, due in one year or less, amortized cost | 140 |
Held-to-maturity, due from more than one to five years, amortized cost | 2,644 |
Held-to-maturity, due from more than five to ten years, amortized cost | 4,597 |
Held-to-maturity, due after ten years, amortized cost | 1,672 |
Held-to-maturity, fair value, total | 9,053 |
Held-to-maturity, due in one year or less, fair value | 140 |
Held-to-maturity, due from more than one to five years, fair value | 2,647 |
Held-to-maturity, due from more than five to ten years, fair value | 4,565 |
Held-to-maturity, due after ten years, fair value | 1,674 |
Held-to-maturity, fair value, total | $ 9,026 |
Investment Securities - Additio
Investment Securities - Additional information (Detail) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017USD ($)Security | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)Security | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)Security | |
Investment Holdings [Line Items] | |||||
Securities with a fair value pledge to secure public deposits and for other purposes as required by law | $ 6,900,000 | $ 6,900,000 | $ 3,300,000 | ||
Proceeds from the sale of available-for-sale securities | 500,000 | $ 3,600,000 | 2,554,000 | $ 5,891,000 | |
Gross realized gains on sale of available-for-sale securities | 0 | 7,000 | 11,000 | 16,000 | |
Gross realized losses sale of available-for-sale securities | 0 | $ 0 | 0 | $ 1,000 | |
Securities available-for-sale | $ 46,533,000 | $ 46,533,000 | $ 33,281,000 | ||
U.S. Governmental securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 10 | 10 | 5 | ||
Securities available-for-sale | $ 4,370,000 | $ 4,370,000 | $ 1,521,000 | ||
Number of securities with unrealized losses | Security | 6 | 6 | 0 | ||
Corporate notes | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 25 | 25 | 16 | ||
Securities available-for-sale | $ 13,644,000 | $ 13,644,000 | $ 8,327,000 | ||
Number of securities with unrealized losses | Security | 17 | 17 | 9 | ||
Collateralized mortgage obligations - agency residential | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 36 | 36 | 32 | ||
Securities available-for-sale | $ 13,565,000 | $ 13,565,000 | $ 9,831,000 | ||
Number of securities with unrealized losses | Security | 31 | 31 | 19 | ||
Available for sale securities percentage of agency | 100.00% | 100.00% | |||
Mortgage-backed securities - agency residential | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 16 | 16 | 19 | ||
Securities available-for-sale | $ 4,956,000 | $ 4,956,000 | $ 7,009,000 | ||
Number of securities with unrealized losses | Security | 12 | 12 | 4 | ||
Available for sale securities percentage of agency | 100.00% | 100.00% | |||
Municipal securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 30 | 30 | 24 | ||
Securities available-for-sale | $ 3,506,000 | $ 3,506,000 | $ 3,566,000 | ||
Number of securities with unrealized losses | Security | 17 | 17 | 1 | ||
Total market values of securities | $ 12,500,000 | $ 12,500,000 | $ 9,500,000 |
Unrealized Loss Positions of Se
Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Jun. 30, 2016 | |
Investment Holdings [Line Items] | ||
Less than 12 months fair value | $ 13,978 | $ 1,249 |
Less than 12 months unrealized Loss | (146) | (14) |
12 months or longer fair value | 15,397 | 11,847 |
12 months or longer unrealized Loss | (410) | (238) |
Fair Value | 29,375 | 13,096 |
Unrealized Loss | (556) | (252) |
Less than 12 months fair value | 3,958 | 506 |
Less than 12 months unrealized Loss | (61) | (1) |
12 months or longer fair value | 500 | |
12 months or longer unrealized Loss | (4) | |
Fair Value | 4,458 | 506 |
Unrealized Loss | (65) | (1) |
Bank CDs | ||
Investment Holdings [Line Items] | ||
Less than 12 months fair value | 250 | 249 |
Less than 12 months unrealized Loss | (1) | |
12 months or longer fair value | 489 | 493 |
12 months or longer unrealized Loss | (6) | (7) |
Fair Value | 739 | 742 |
Unrealized Loss | (6) | (8) |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Less than 12 months fair value | 1,927 | |
Less than 12 months unrealized Loss | (7) | |
12 months or longer fair value | 739 | |
12 months or longer unrealized Loss | (7) | |
Fair Value | 2,666 | |
Unrealized Loss | (14) | |
Less than 12 months fair value | 3,958 | 506 |
Less than 12 months unrealized Loss | (61) | (1) |
12 months or longer fair value | 500 | |
12 months or longer unrealized Loss | (4) | |
Fair Value | 4,458 | 506 |
Unrealized Loss | (65) | (1) |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Less than 12 months fair value | 2,417 | |
Less than 12 months unrealized Loss | (25) | |
12 months or longer fair value | 667 | |
12 months or longer unrealized Loss | (26) | |
Fair Value | 3,084 | |
Unrealized Loss | (51) | |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Less than 12 months fair value | 3,885 | 1,000 |
Less than 12 months unrealized Loss | (31) | (13) |
12 months or longer fair value | 4,564 | 3,677 |
12 months or longer unrealized Loss | (86) | (123) |
Fair Value | 8,449 | 4,677 |
Unrealized Loss | (117) | (136) |
Collateralized mortgage obligations - agency residential | ||
Investment Holdings [Line Items] | ||
Less than 12 months fair value | 4,161 | |
Less than 12 months unrealized Loss | (60) | |
12 months or longer fair value | 5,732 | 5,792 |
12 months or longer unrealized Loss | (200) | (93) |
Fair Value | 9,893 | 5,792 |
Unrealized Loss | (260) | (93) |
Mortgage-backed securities - agency residential | ||
Investment Holdings [Line Items] | ||
Less than 12 months fair value | 1,338 | |
Less than 12 months unrealized Loss | (23) | |
12 months or longer fair value | 3,206 | 1,885 |
12 months or longer unrealized Loss | (85) | (15) |
Fair Value | 4,544 | 1,885 |
Unrealized Loss | $ (108) | $ (15) |
Schedule of Loans Receivable (D
Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 98,854 | $ 93,795 | ||||
Unearned discounts, origination and commitment fees and costs | 248 | 142 | ||||
Allowance for loan losses | (514) | $ (626) | (487) | $ (495) | $ (469) | $ (514) |
Loans and leases receivable, net amount | 98,588 | 93,450 | ||||
Residential | 1-4 family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 75,960 | 71,980 | ||||
Allowance for loan losses | (344) | (362) | (314) | (211) | (219) | (219) |
Residential | Home equity and HELOCs | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 5,254 | 6,448 | ||||
Allowance for loan losses | (14) | (114) | (18) | (19) | (19) | (19) |
Commercial | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 12,326 | 11,620 | ||||
Allowance for loan losses | (116) | (118) | (131) | (237) | (203) | (230) |
Commercial | Commercial Business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 2,087 | 558 | ||||
Allowance for loan losses | (38) | (20) | (23) | (26) | (26) | $ (45) |
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 3,204 | 3,179 | ||||
Allowance for loan losses | (2) | $ (1) | (1) | |||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 23 | 10 | ||||
Allowance for loan losses | $ 0 | $ (2) | $ (2) |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)Loan | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Overdrafts | $ 23,000 | $ 23,000 | $ 10,000 | ||
Loans performing under original contractual, interest increase | 20,000 | $ 26,000 | 65,000 | $ 81,000 | |
Loans identified as TDRs | 339,000 | $ 339,000 | $ 357,000 | ||
Number of loans identified as TDRs | Loan | 2 | 2 | |||
Modifications to loans classified as TDRs | $ 0 | ||||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans in process of foreclosure | $ 488,000 | $ 488,000 | $ 886,000 |
Summary of Activity in Allowanc
Summary of Activity in Allowance for Loan Losses By Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | $ 626 | $ 469 | $ 487 | $ 514 | |
Allowance for Loan Losses Charge - Offs | (128) | (130) | (1) | ||
Allowance for Loan Losses Recoveries | 28 | 34 | |||
Allowance for Loan Losses (Credit) Provisions | (12) | 26 | 123 | (18) | |
Allowance for Loan Losses Ending Balance | 514 | 495 | 514 | 495 | |
Allowance for Loan Losses Ending Balance individually Evaluated for impairment | 29 | 29 | $ 58 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 485 | 485 | 429 | ||
Residential | 1-4 family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | 362 | 219 | 314 | 219 | |
Allowance for Loan Losses Recoveries | 2 | 7 | |||
Allowance for Loan Losses (Credit) Provisions | (20) | (8) | 23 | (8) | |
Allowance for Loan Losses Ending Balance | 344 | 211 | 344 | 211 | |
Allowance for Loan Losses Ending Balance individually Evaluated for impairment | 0 | ||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 344 | 344 | 314 | ||
Residential | Home equity and HELOCs | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | 114 | 19 | 18 | 19 | |
Allowance for Loan Losses Charge - Offs | (125) | (125) | |||
Allowance for Loan Losses (Credit) Provisions | 25 | 121 | |||
Allowance for Loan Losses Ending Balance | 14 | 19 | 14 | 19 | |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 14 | 14 | 18 | ||
Commercial | Commercial Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | 118 | 203 | 131 | 230 | |
Allowance for Loan Losses Recoveries | 25 | 25 | |||
Allowance for Loan Losses (Credit) Provisions | (27) | 34 | (40) | 7 | |
Allowance for Loan Losses Ending Balance | 116 | 237 | 116 | 237 | |
Allowance for Loan Losses Ending Balance individually Evaluated for impairment | 14 | 14 | 39 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 102 | 102 | 92 | ||
Commercial | Commercial Business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | 20 | 26 | 23 | 45 | |
Allowance for Loan Losses (Credit) Provisions | 18 | 15 | (19) | ||
Allowance for Loan Losses Ending Balance | 38 | 26 | 38 | 26 | |
Allowance for Loan Losses Ending Balance individually Evaluated for impairment | 15 | 15 | 19 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 23 | 23 | 4 | ||
Construction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | 1 | 1 | |||
Allowance for Loan Losses (Credit) Provisions | 1 | 1 | |||
Allowance for Loan Losses Ending Balance | 2 | 2 | |||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 2 | 2 | 1 | ||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | 2 | 0 | |||
Allowance for Loan Losses Charge - Offs | (3) | (5) | (1) | ||
Allowance for Loan Losses Recoveries | 1 | 2 | |||
Allowance for Loan Losses (Credit) Provisions | 2 | $ 3 | 3 | ||
Allowance for Loan Losses Ending Balance | $ 2 | 2 | |||
Allowance for Loan Losses Ending Balance individually Evaluated for impairment | 0 | ||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | $ 0 | ||||
Unallocated Reserve | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses Beginning Balance | 11 | 1 | |||
Allowance for Loan Losses (Credit) Provisions | $ (11) | $ (1) |
Individually and Collectively E
Individually and Collectively Evaluated for Impairment By Loan Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 98,854 | $ 93,795 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 2,011 | 1,998 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 96,843 | 91,797 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 75,960 | 71,980 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 890 | 818 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 75,070 | 71,162 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 5,254 | 6,448 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 198 | 227 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 5,056 | 6,221 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 12,326 | 11,620 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 744 | 760 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 11,582 | 10,860 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 2,087 | 558 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 179 | 193 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 1,908 | 365 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 3,204 | 3,179 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 3,204 | 3,179 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 23 | 10 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | $ 23 | $ 10 |
Allowance for Loan Losses Indiv
Allowance for Loan Losses Individually and Collectively Evaluated for Impairment by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Ending Balance | $ 514 | $ 626 | $ 487 | $ 495 | $ 469 | $ 514 |
Ending Balance Individually Evaluated For Impairment | 29 | 58 | ||||
Ending Balance Collectively Evaluated For Impairment | 485 | 429 | ||||
Residential | 1-4 family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Ending Balance | 344 | 362 | 314 | 211 | 219 | 219 |
Ending Balance Individually Evaluated For Impairment | 0 | |||||
Ending Balance Collectively Evaluated For Impairment | 344 | 314 | ||||
Residential | Home equity and HELOCs | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Ending Balance | 14 | 114 | 18 | 19 | 19 | 19 |
Ending Balance Collectively Evaluated For Impairment | 14 | 18 | ||||
Commercial | Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Ending Balance | 116 | 118 | 131 | 237 | 203 | 230 |
Ending Balance Individually Evaluated For Impairment | 14 | 39 | ||||
Ending Balance Collectively Evaluated For Impairment | 102 | 92 | ||||
Commercial | Commercial Business | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Ending Balance | 38 | 20 | 23 | 26 | 26 | $ 45 |
Ending Balance Individually Evaluated For Impairment | 15 | 19 | ||||
Ending Balance Collectively Evaluated For Impairment | 23 | 4 | ||||
Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Ending Balance | 2 | $ 1 | 1 | |||
Ending Balance Collectively Evaluated For Impairment | $ 2 | 1 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Ending Balance | 0 | $ 2 | $ 2 | |||
Ending Balance Individually Evaluated For Impairment | 0 | |||||
Ending Balance Collectively Evaluated For Impairment | $ 0 |
Summary of Information in Regar
Summary of Information in Regard to Impaired Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | $ 1,634 | $ 1,602 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 1,634 | 1,645 |
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 377 | 396 |
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 377 | 396 |
Impaired loans by loan portfolio class with an allowance, Related Allowance | 29 | 58 |
Impaired loans by loan portfolio class, Recorded Investment | 2,011 | 1,998 |
Impaired loans by loan portfolio class, Unpaid Principal Balance | 2,011 | 2,041 |
Impaired loans by loan portfolio class, Related Allowance | 29 | 58 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 890 | 818 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 890 | 818 |
Impaired loans by loan portfolio class, Recorded Investment | 890 | 818 |
Impaired loans by loan portfolio class, Unpaid Principal Balance | 890 | 818 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 198 | 227 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 198 | 227 |
Impaired loans by loan portfolio class, Recorded Investment | 198 | 227 |
Impaired loans by loan portfolio class, Unpaid Principal Balance | 198 | 227 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 546 | 557 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 546 | 600 |
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 198 | 203 |
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 198 | 203 |
Impaired loans by loan portfolio class with an allowance, Related Allowance | 14 | 39 |
Impaired loans by loan portfolio class, Recorded Investment | 744 | 760 |
Impaired loans by loan portfolio class, Unpaid Principal Balance | 744 | 803 |
Impaired loans by loan portfolio class, Related Allowance | 14 | 39 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 179 | 193 |
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 179 | 193 |
Impaired loans by loan portfolio class with an allowance, Related Allowance | 15 | 19 |
Impaired loans by loan portfolio class, Recorded Investment | 179 | 193 |
Impaired loans by loan portfolio class, Unpaid Principal Balance | 179 | 193 |
Impaired loans by loan portfolio class, Related Allowance | $ 15 | $ 19 |
Additional Information Regardin
Additional Information Regarding Company's Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | $ 1,883 | $ 2,266 | $ 1,650 | $ 2,457 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 10 | 9 | 29 | 28 |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 380 | 423 | 386 | 394 |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 6 | 5 | 20 | 13 |
Impaired loans by loan portfolio class, Average Record Investment | 2,263 | 2,689 | 2,036 | 2,851 |
Impaired loans by loan portfolio class, Interest Income Recognized | 16 | 14 | 49 | 41 |
Residential | 1-4 family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,082 | 1,491 | 946 | 1,616 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 2 | 1 | 5 | 2 |
Impaired loans by loan portfolio class, Average Record Investment | 1,082 | 1,491 | 946 | 1,616 |
Impaired loans by loan portfolio class, Interest Income Recognized | 2 | 1 | 5 | 2 |
Residential | Home equity and HELOCs | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 253 | 232 | 152 | 223 |
Impaired loans by loan portfolio class, Average Record Investment | 253 | 232 | 152 | 223 |
Commercial | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 548 | 543 | 552 | 618 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 8 | 8 | 24 | 26 |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 199 | 223 | 200 | 191 |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 4 | 2 | 12 | 4 |
Impaired loans by loan portfolio class, Average Record Investment | 747 | 766 | 752 | 809 |
Impaired loans by loan portfolio class, Interest Income Recognized | 12 | 10 | 36 | 30 |
Commercial | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 181 | 200 | 186 | 203 |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 2 | 3 | 8 | 9 |
Impaired loans by loan portfolio class, Average Record Investment | 181 | 200 | 186 | 203 |
Impaired loans by loan portfolio class, Interest Income Recognized | $ 2 | $ 3 | $ 8 | $ 9 |
Summary of Nonaccrual Loans by
Summary of Nonaccrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Loan receivable, nonaccrual status | $ 1,040 | $ 1,145 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loan receivable, nonaccrual status | 745 | 818 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Modifications [Line Items] | ||
Loan receivable, nonaccrual status | 195 | 227 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Loan receivable, nonaccrual status | $ 100 | $ 100 |
Financing Receivables by Credit
Financing Receivables by Credit Quality Indicator and by Class of Financing Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 98,854 | $ 93,795 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 75,960 | 71,980 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 5,254 | 6,448 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 12,326 | 11,620 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,087 | 558 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,204 | 3,179 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 23 | 10 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 96,381 | 91,306 |
Pass | Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 74,786 | 70,874 |
Pass | Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 5,056 | 6,221 |
Pass | Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 11,583 | 10,860 |
Pass | Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,729 | 162 |
Pass | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,204 | 3,179 |
Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 23 | 10 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 564 | 598 |
Special Mention | Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 385 | 395 |
Special Mention | Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 179 | 203 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,909 | 1,891 |
Substandard | Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,174 | 1,106 |
Substandard | Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 198 | 227 |
Substandard | Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 358 | 365 |
Substandard | Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 179 | $ 193 |
Financing Receivables Past Due
Financing Receivables Past Due (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,765 | $ 1,946 |
Current | 97,089 | 91,849 |
Total Loans Receivables | 98,854 | 93,795 |
Loans Receivable 90 Days and Accruing | 0 | 0 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,467 | 1,446 |
Current | 74,493 | 70,534 |
Total Loans Receivables | 75,960 | 71,980 |
Loans Receivable 90 Days and Accruing | 0 | 0 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 198 | 400 |
Current | 5,056 | 6,048 |
Total Loans Receivables | 5,254 | 6,448 |
Loans Receivable 90 Days and Accruing | 0 | 0 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100 | 100 |
Current | 12,226 | 11,520 |
Total Loans Receivables | 12,326 | 11,620 |
Loans Receivable 90 Days and Accruing | 0 | 0 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,087 | 558 |
Total Loans Receivables | 2,087 | 558 |
Loans Receivable 90 Days and Accruing | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,204 | 3,179 |
Total Loans Receivables | 3,204 | 3,179 |
Loans Receivable 90 Days and Accruing | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 23 | 10 |
Total Loans Receivables | 23 | 10 |
Loans Receivable 90 Days and Accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 722 | 564 |
Financing Receivables, 30 to 59 Days Past Due | Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 722 | 470 |
Financing Receivables, 30 to 59 Days Past Due | Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 94 | |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 161 | 396 |
Financing Receivables, 60 to 89 Days Past Due | Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 158 | 317 |
Financing Receivables, 60 to 89 Days Past Due | Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | 79 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 882 | 986 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 587 | 659 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 195 | 227 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 100 | $ 100 |
Troubled Debt Restructurings on
Troubled Debt Restructurings on Accrual Status and Nonaccrual Status (Detail) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Total TDRs | $ 339,000 | $ 357,000 |
Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 339,000 | $ 357,000 |
Summary of Derivatives not Desi
Summary of Derivatives not Designated as Hedging instruments Recorded in Company's Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 950 | $ 1,492 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 839 | 1,084 |
Asset Derivatives, Notional Amount | 29,485 | 30,006 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 41 | 32 |
Derivative liability notional amount | 6,631 | 4,572 |
Not Designated as Hedging Instrument | Mandatory Sale Commitments, Interest Rate Rate and Price Risk for Loan Held for Sale | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 111 | 408 |
Asset Derivatives, Notional Amount | 2,990 | 7,046 |
Not Designated as Hedging Instrument | To Be Announced Securities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 106 | 166 |
Derivative liability notional amount | 14,750 | 22,000 |
Not Designated as Hedging Instrument | Interest Rate and Price Risk for Loans Held for Sale | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 4 | 48 |
Derivative liability notional amount | $ 580 | $ 5,544 |
Derivatives and Risk Manageme41
Derivatives and Risk Management Activities - Summary of Amounts Recorded in Statements of Income for Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain(loss) from mortgage derivative instruments | $ 469 | $ 174 | $ (469) | $ 68 |
Interest Rate Lock Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain(loss) from mortgage derivative instruments | 140 | 277 | (128) | 553 |
Mandatory Sale Commitments, Interest Rate Rate and Price Risk for Loan Held for Sale | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain(loss) from mortgage derivative instruments | 332 | 115 | (596) | (64) |
To Be Announced Securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain(loss) from mortgage derivative instruments | $ (3) | $ (218) | $ 255 | $ (421) |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 46,533 | $ 33,281 |
Loans Held for Sale | 6,050 | 24,676 |
Asset Derivatives | 950 | 1,492 |
Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,492 | 3,027 |
U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,370 | 1,521 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,644 | 8,327 |
Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,565 | 9,831 |
Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,956 | 7,009 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,506 | 3,566 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 46,533 | 33,281 |
Loans Held for Sale | 6,050 | 24,676 |
Level 2 | Price risk for Loans Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 111 | 408 |
Level 2 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 839 | 1,084 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held for Sale | 6,050 | 24,676 |
Assets measured at fair value | 53,533 | 59,449 |
Fair Value, Measurements, Recurring | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,492 | 3,027 |
Fair Value, Measurements, Recurring | Price risk for Loans Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 111 | 408 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 839 | 1,084 |
Fair Value, Measurements, Recurring | U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,370 | 1,521 |
Fair Value, Measurements, Recurring | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,644 | 8,327 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,565 | 9,831 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,956 | 7,009 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,506 | 3,566 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held for Sale | 6,050 | 24,676 |
Assets measured at fair value | 53,533 | 59,449 |
Fair Value, Measurements, Recurring | Level 2 | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,492 | 3,027 |
Fair Value, Measurements, Recurring | Level 2 | Price risk for Loans Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 111 | 408 |
Fair Value, Measurements, Recurring | Level 2 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 839 | 1,084 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,370 | 1,521 |
Fair Value, Measurements, Recurring | Level 2 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,644 | 8,327 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,565 | 9,831 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,956 | 7,009 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 3,506 | $ 3,566 |
Liabilities Measured at Fair Va
Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value | $ 151 | $ 246 |
Fair Value, Measurements, Recurring | Price risk for Loans Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 4 | 48 |
Fair Value, Measurements, Recurring | To Be Announced Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 106 | 166 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 41 | 32 |
Level 2 | Price risk for Loans Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 4 | 48 |
Level 2 | To Be Announced Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 106 | 167 |
Level 2 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 41 | 32 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value | 151 | 246 |
Level 2 | Fair Value, Measurements, Recurring | Price risk for Loans Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 4 | 48 |
Level 2 | Fair Value, Measurements, Recurring | To Be Announced Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 106 | 166 |
Level 2 | Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 41 | $ 32 |
Assets Measured at Fair Value44
Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring | $ 348 | $ 453 |
Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring | 348 | 338 |
Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring | 115 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring | 348 | 453 |
Level 3 | Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring | $ 348 | 338 |
Level 3 | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring | $ 115 |
Additional Quantitative Informa
Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a nonrecurring | $ 348 | $ 453 | |
Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a nonrecurring | 348 | 453 | |
Impaired Loans | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a nonrecurring | 348 | 338 | |
Impaired Loans | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a nonrecurring | $ 348 | $ 338 | |
Valuation Techniques | [1] | Appraisal of collateral | |
Impaired Loans | Minimum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 5.00% | 5.00% | |
Impaired Loans | Maximum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 16.30% | 16.30% | |
Impaired Loans | Weighted Average | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 13.10% | 11.20% | |
Real Estate Owned | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a nonrecurring | $ 115 | ||
Real Estate Owned | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on a nonrecurring | $ 115 | ||
Real Estate Owned | Minimum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 7.00% | ||
Real Estate Owned | Maximum | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 8.00% | ||
Real Estate Owned | Weighted Average | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 7.50% | ||
[1] | Appraisals may be discounted for qualitative factors such as age of appraisal, interior condition of the property, and liquidation expenses. Fair value may also be based on negotiated settlements with the borrowers. |
Estimated Fair Values of Financ
Estimated Fair Values of Financial Instruments Carried at Cost or Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Assets: | ||
Investment securities available-for-sale | $ 46,533 | $ 33,281 |
Investment securities held-to-maturity | 9,026 | 5,941 |
Loans held for sale at fair value | 6,050 | 24,676 |
Asset Derivatives | 950 | 1,492 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 47,552 | 15,427 |
Off-balance sheet: | ||
Commitments to extend credit | 0 | 0 |
Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 46,533 | 33,281 |
Investment securities held-to-maturity | 9,026 | 5,941 |
Loans held for sale at fair value | 6,050 | 24,676 |
Accrued interest receivable | 554 | 527 |
Liabilities: | ||
Deposits | 162,445 | 138,711 |
Advances from the FHLB | 8,969 | 20,040 |
Securities sold under agreements to repurchase | 2,408 | 3,929 |
Accrued Interest Payable | 21 | 19 |
Off-balance sheet: | ||
Commitments to extend credit | 0 | 0 |
Level 3 | ||
Assets: | ||
Loans receivable, net | 98,090 | 93,907 |
Restricted investment in bank stock | 650 | 1,108 |
Off-balance sheet: | ||
Commitments to extend credit | 0 | 0 |
Price risk for Loans Held for Sale | Level 2 | ||
Assets: | ||
Asset Derivatives | 111 | 408 |
Liabilities: | ||
Liability Derivatives | 4 | 48 |
To Be Announced Securities | Level 2 | ||
Liabilities: | ||
Liability Derivatives | 106 | 167 |
Interest Rate Lock Commitments | Level 2 | ||
Assets: | ||
Asset Derivatives | 839 | 1,084 |
Liabilities: | ||
Liability Derivatives | 41 | 32 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 47,552 | 15,427 |
Investment securities available-for-sale | 46,533 | 33,281 |
Investment securities held-to-maturity | 9,053 | 5,825 |
Loans held for sale at fair value | 6,050 | 24,676 |
Loans receivable, net | 98,588 | 93,450 |
Restricted investment in bank stock | 650 | 1,108 |
Accrued interest receivable | 554 | 527 |
Liabilities: | ||
Deposits | 171,802 | 141,771 |
Advances from the FHLB | 9,000 | 20,000 |
Securities sold under agreements to repurchase | 2,408 | 3,929 |
Accrued Interest Payable | 21 | 19 |
Off-balance sheet: | ||
Commitments to extend credit | 0 | 0 |
Carrying Amount | Price risk for Loans Held for Sale | ||
Assets: | ||
Asset Derivatives | 111 | 408 |
Liabilities: | ||
Liability Derivatives | 4 | 48 |
Carrying Amount | To Be Announced Securities | ||
Liabilities: | ||
Liability Derivatives | 106 | 167 |
Carrying Amount | Interest Rate Lock Commitments | ||
Assets: | ||
Asset Derivatives | 839 | 1,084 |
Liabilities: | ||
Liability Derivatives | 41 | 32 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 47,552 | 15,427 |
Investment securities available-for-sale | 46,533 | 33,281 |
Investment securities held-to-maturity | 9,026 | 5,941 |
Loans held for sale at fair value | 6,050 | 24,676 |
Loans receivable, net | 98,090 | 93,907 |
Restricted investment in bank stock | 650 | 1,108 |
Accrued interest receivable | 554 | 527 |
Liabilities: | ||
Deposits | 162,554 | 138,711 |
Advances from the FHLB | 8,969 | 20,040 |
Securities sold under agreements to repurchase | 2,408 | 3,929 |
Accrued Interest Payable | 21 | 19 |
Off-balance sheet: | ||
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Price risk for Loans Held for Sale | ||
Assets: | ||
Asset Derivatives | 111 | 408 |
Liabilities: | ||
Liability Derivatives | 4 | 48 |
Estimated Fair Value | To Be Announced Securities | ||
Liabilities: | ||
Liability Derivatives | 106 | 167 |
Estimated Fair Value | Interest Rate Lock Commitments | ||
Assets: | ||
Asset Derivatives | 839 | 1,084 |
Liabilities: | ||
Liability Derivatives | $ 41 | $ 32 |
Fair Value of Financial Instr47
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Transfers From (To) Parent [Abstract] | ||||
Interest income on loans held for sale | $ 44 | $ 61 | $ 319 | $ 257 |
Change in fair value of loans held-for-sale | $ (2) | $ 16 | $ (697) | $ (33) |
Number real estate properties acquired | 0 |
Difference between Carrying Amo
Difference between Carrying Amount of Mortgage Loans Held For Sale, Measured at Fair Value and Aggregate Unpaid Principal Amount (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value Disclosures [Abstract] | ||
Carrying Amount | $ 6,050 | $ 24,676 |
Aggregate Unpaid Principal Balance | 5,919 | 23,848 |
Excess Carrying Amount Over Aggregate Unpaid Principal Balance | $ 131 | $ 828 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Common stock outstanding | 2,182,125 | 0 | 2,182,125 | 0 |
Stock options or other convertible instruments outstanding | 0 | 0 | 0 | 0 |
Effect of dilution on earnings per share | $ 0 | $ 0 | $ 0 | $ 0 |
Computation of Basic and Dilute
Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 11, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |||
Earnings Per Share [Abstract] | ||||||||
Net income (basic and diluted) | $ 98 | [1] | $ 169 | $ 390 | [1] | $ 530 | ||
Weighted average shares outstanding | 0 | 1,915,421 | [1] | 629,153 | [1] | |||
Net income per share - basic | [1] | $ 0.05 | $ 0.62 | |||||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2017$ / shares | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Employee stock ownership plan, eligibility description | Eligible employees who have attained age 21 may participation in the ESOP on the later of the effective date of the ESOP or upon the first entry date commencing on or after the eligible employee's completion of 1,000 hours of service during a continuous 12-month period | |
Employee stock ownership plan, service period eligibility | 12 months | |
Employee stock ownership plan, age eligibility | 21 years | |
Employee stock ownership plan, hours of service during twelve-month period | 1000 hours | |
Employee stock ownership plan, percentage of common stock purchase | 8.00% | |
Employee stock ownership plan, loan repaid term | 20 years | |
Employee stock ownership plan, participant accounts vested percentage | 20.00% | |
Employee stock ownership plan, vesting period | 6 years | |
Employee Stock Ownership Plan | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares repurchase | shares | 174,570 | |
Number of shares repurchase weighted average price per share | $ 13.92 | $ 13.92 |
Total repurchase price of shares | $ | $ 2,430,000 | |
Employee Stock Ownership Plan | Minimum | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares repurchase price per share | $ 12.50 | |
Employee Stock Ownership Plan | Maximum | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Number of shares repurchase price per share | $ 14.21 |