Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 10, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | Dec. 31, 2017 | Jun. 30, 2017 |
Assets | ||
Cash and due from banks | $ 1,070 | $ 1,514 |
Interest-earning deposits with banks | 13,732 | 27,063 |
Cash and cash equivalents | 14,802 | 28,577 |
Investment securities available-for-sale, at fair value | 32,863 | 42,820 |
Investment securities held-to-maturity (fair value of $12,490 at December 31, 2017 and $11,896 at June 30, 2017) | 12,433 | 11,809 |
Loans held for sale, at fair value | 12,266 | 12,784 |
Loans receivable, net of allowance for loan losses of $683 at December 31, 2017 and $593 at June 30, 2017 | 159,702 | 111,811 |
Bank-owned life insurance | 5,936 | 4,005 |
Restricted investment in bank stock | 749 | 643 |
Premises and equipment, net | 1,834 | 1,835 |
Accrued interest receivable | 773 | 620 |
Prepaid income taxes | 38 | 171 |
Deferred income taxes, net | 397 | 257 |
Prepaid expenses | 266 | 272 |
Mortgage banking derivatives | 519 | 1,001 |
Other assets | 78 | 160 |
Total Assets | 242,656 | 216,765 |
Liabilities | ||
Deposits | 193,108 | 170,481 |
Advances from the Federal Home Loan Bank | 12,000 | 9,000 |
Securities sold under agreements to repurchase | 2,967 | 2,883 |
Advances from borrowers for taxes and insurance | 1,428 | 1,402 |
Deferred gain on sale - leaseback of building | 302 | 310 |
Other liabilities | 1,138 | 1,248 |
Total Liabilities | 210,943 | 185,324 |
Shareholders’ Equity | ||
Preferred Stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of December 31, 2017 and June 30, 2017 | ||
Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,182,125 shares issued and outstanding as of December 31, 2017 and June 30, 2017 | 22 | 22 |
Additional paid in capital | 20,369 | 20,369 |
Retained earnings | 13,962 | 13,547 |
Accumulated other comprehensive loss | (301) | (111) |
Unearned Employee Stock Option Plan | (2,339) | (2,386) |
Total Shareholders' Equity | 31,713 | 31,441 |
Total Liabilities and Shareholders' Equity | $ 242,656 | $ 216,765 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Investment securities held-to-maturity, fair value | $ 12,490 | $ 11,896 |
Loans receivable, allowance for loan losses | $ 683 | $ 593 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 2,182,125 | 2,182,125 |
Common stock, shares outstanding | 2,182,125 | 2,182,125 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Income | ||||
Interest and fees on loans | $ 1,517 | $ 1,132 | $ 2,867 | $ 2,338 |
Interest and dividends on investments: | ||||
Taxable | 91 | 72 | 209 | 132 |
Nontaxable | 65 | 41 | 130 | 83 |
Interest on mortgage-backed securities and collateralized mortgage obligations | 94 | 48 | 179 | 111 |
Interest on interest-earning deposits | 97 | 53 | 202 | 83 |
Total Interest Income | 1,864 | 1,346 | 3,587 | 2,747 |
Interest Expense | ||||
Interest on deposits | 231 | 163 | 447 | 329 |
Interest on advances from the Federal Home Loan Bank | 45 | 40 | 75 | 86 |
Interest on securities sold under agreements to repurchase | 1 | 1 | 2 | 2 |
Total Interest Expense | 277 | 204 | 524 | 417 |
Net interest income | 1,587 | 1,142 | 3,063 | 2,330 |
Provision for Loan Losses | 80 | 12 | 79 | 135 |
Net interest income after provision for loan losses | 1,507 | 1,130 | 2,984 | 2,195 |
Non-Interest Income | ||||
Fees for customer services | 185 | 51 | 230 | 105 |
Increase in cash surrender value of bank owned life insurance | 41 | 28 | 75 | 57 |
Gain on sale of loans, net | 909 | 2,136 | 2,145 | 3,705 |
Gain on sale of available-for-sale securities | 34 | 11 | ||
Loss from hedging instruments | (74) | (560) | (464) | (939) |
Change in fair value of loans held-for-sale | (140) | (778) | (95) | (695) |
Other | 2 | 1 | 3 | 2 |
Total Non-Interest Income | 923 | 878 | 1,928 | 2,246 |
Non-Interest Expense | ||||
Salaries and employee benefits | 1,286 | 1,146 | 2,457 | 2,297 |
Occupancy | 260 | 254 | 525 | 500 |
Federal deposit insurance premiums | 26 | 32 | 56 | 70 |
Data processing related operations | 125 | 138 | 277 | 285 |
Loss on sale of other real estate owned | 3 | 12 | 3 | 12 |
Real estate owned expense | 6 | 5 | 27 | 16 |
Professional fees | 113 | 135 | 285 | 270 |
Other expenses | 338 | 285 | 685 | 619 |
Total Non-Interest Expense | 2,157 | 2,007 | 4,315 | 4,069 |
Income before income taxes | 273 | 1 | 597 | 372 |
Income Tax Expense (Benefit) | 94 | (38) | 182 | 80 |
Net Income | $ 179 | $ 39 | $ 415 | $ 292 |
Net Income per share: | ||||
Basic | $ 0.08 | $ 0.19 | ||
Diluted | $ 0.08 | $ 0.19 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net Income | $ 179 | $ 39 | $ 415 | $ 292 | |
Other comprehensive loss, net of tax | |||||
Unrealized loss on available-for-sale securities (pre-tax ($176) and ($490); $(205) and $(537), respectively) | (153) | (288) | (165) | (309) | |
Less: Reclassification for gains included in income (pre-tax $0 and $0; $(34) and $(11), respectively) | [1] | 25 | 7 | ||
Other comprehensive (loss) | (153) | (288) | (190) | (316) | |
Comprehensive Income (Loss) | $ 26 | $ (249) | $ 225 | $ (24) | |
[1] | 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. |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized loss on available-for-sale securities, pre-tax | $ (176) | $ (490) | $ (205) | $ (537) |
Reclassification for gains included in income, pre-tax | $ 0 | $ 0 | $ (34) | $ (11) |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Unearned ESOP Shares |
Beginning balance at Jun. 30, 2016 | $ 12,971 | $ 12,978 | $ (7) | |||
Net Income | 292 | 292 | ||||
Other comprehensive loss | (316) | (316) | ||||
Ending balance at Dec. 31, 2016 | 12,947 | 13,270 | (323) | |||
Beginning balance at Jun. 30, 2017 | 31,441 | $ 22 | $ 20,369 | 13,547 | (111) | $ (2,386) |
Beginning balance, shares at Jun. 30, 2017 | 2,182,125 | |||||
ESOP shares committed to be released | 47 | 47 | ||||
Net Income | 415 | 415 | ||||
Other comprehensive loss | (190) | (190) | ||||
Ending balance at Dec. 31, 2017 | $ 31,713 | $ 22 | $ 20,369 | $ 13,962 | $ (301) | $ (2,339) |
Ending balance, shares at Dec. 31, 2017 | 2,182,125 |
Unaudited Consolidated Stateme8
Unaudited Consolidated Statements Shareholders' Equity (Parenthetical) | 6 Months Ended |
Dec. 31, 2016shares | |
Statement Of Stockholders Equity [Abstract] | |
Common stock or ESOP shares issued | 0 |
Common stock or ESOP shares outstanding | 0 |
Unaudited Consolidated Stateme9
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net Income | $ 415 | $ 292 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 106 | 96 |
Impairment of real estate owned, net | 14 | 5 |
Amortization of net deferred loan costs | 67 | 3 |
Amortization of net securities premiums | 73 | 210 |
Loss on sale of other real estate owned | 3 | 12 |
Gain on sale of available-for-sale securities | (34) | (11) |
Loss from hedging instruments | 464 | 1,123 |
Provision for Loan Losses | 79 | 135 |
Deferred income tax benefit | (91) | (327) |
Amortization of deferred gain on sale-leaseback transaction | (8) | (8) |
Earnings on bank owned life insurance | (75) | (57) |
ESOP compensation expense | 47 | |
Loans held for sale: | ||
Originations, net of prepayments | (80,066) | (90,831) |
Proceeds from sales | 82,634 | 112,336 |
Gain on sales | (2,145) | (3,705) |
Change in fair value of loans held for sale | 95 | 695 |
(Increase) decrease in: | ||
Accrued interest receivable | (153) | 2 |
Prepaid federal income taxes | 133 | 78 |
Prepaid and other assets | 88 | (1,039) |
Other liabilities | (90) | (512) |
Net cash provided by operating activities | 1,556 | 18,497 |
Cash Flows from Investing Activities | ||
Net Increase in loans receivable | (48,178) | (2,465) |
Activity in available-for-sale securities: | ||
Proceeds from sales | 11,158 | 2,054 |
Maturities and repayments | 1,186 | 2,101 |
Purchases | (2,665) | (5,200) |
Activity in held-to-maturity securities: | ||
Maturities and repayments | 11 | |
Purchases | (635) | |
Redemption of restricted investment in bank stock | (106) | 450 |
Purchases of bank owned life insurance | (1,856) | |
Proceeds from sales of real estate owned | 124 | 98 |
Purchases of premises and equipment | (107) | (178) |
Net cash used in investing activities | (41,068) | (3,140) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 22,627 | 71,317 |
Net increase (decrease) in advances from borrowers for taxes and insurance | 26 | (480) |
Net increase (decrease) in securities sold under agreements to repurchase | 84 | (2,176) |
Proceeds from borrowings from Federal Home Loan Bank | 15,000 | 19,000 |
Repayment of borrowings from Federal Home Loan Bank | (12,000) | (30,000) |
Net cash provided by financing activities | 25,737 | 57,661 |
(Decrease) increase in Cash and Cash Equivalents | (13,775) | 73,018 |
Cash and Cash Equivalents, beginning of year | 28,577 | 15,427 |
Cash and Cash Equivalents, end of year | 14,802 | 88,445 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the year of interest | 598 | 413 |
Cash paid during the year for income taxes | 65 | |
Supplementary Schedule of Noncash Investing Activities | ||
Transfer of loans to real estate owned | $ 127 | $ 65 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Recent Accounting Pronouncements | 6 Months Ended |
Dec. 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 Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”). The Bank is a stock savings bank organized under the laws of the Commonwealth of Pennsylvania and is subject to comprehensive regulation and examination by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking (“PADOB”). The Bank was 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 the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. 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, 2017 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission on September 28, 2017 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. Principles of Consolidation The unaudited interim consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. In January 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Prior to January 11, 2017, all financial information reflects the Bank’s transactions and balances only. All significant intercompany transactions and balances have been eliminated in consolidation. 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, other real estate owned, and the valuation of deferred tax assets. Recent Accounting Pronouncements 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. 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 collectability 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 evaluated its non-interest revenue sources and the adoption of these ASUs will not have a material impact on its financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Topic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 amends the guidance on the classification and measurement of financial instruments. Some of the amendments in ASU 2016-01 include the following: 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; and 4) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value; among others. ASU 2016-01 also clarifies that an entity should assess the need for a valuation allowance on a deferred tax asset related to unrealized losses of investments in debt instruments recognized in OCI in combination with the entity’s other deferred tax assets. Prior to this guidance, the alternative approach used in practice evaluated the need for a valuation allowance for a deferred tax asset related to unrealized losses on debt instruments recognized in other comprehensive income separately from other deferred tax assets. This alternative approach will no longer be acceptable. For public business entities, the amendments of ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. As of December 31, 2017 we do not hold material equity investments for which fair value is accounted through other comprehensive income. We are analyzing ASU 2016-01 and do not believe that it will have a material effect on our financial statements. In March 2017, the FASB issued Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization for premiums on purchased callable debt securities to the earliest call date (i.e. yield-to-earliest call amortization), rather than amortizing over the full contractual term. The ASU does not change the accounting for securities held at a discount. 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 above, 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 adopted this standard on July 1, 2017 with no material impact on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases The new leases standard applies a right-of-use (ROU) model that requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. For leases with a term of 12 months or less, a practical expedient is available whereby a lessee may elect, by class of underlying asset, not to recognize an ROU asset or lease liability. At inception, lessees must classify all leases as either finance or operating based on five criteria. Balance sheet recognition of finance and operating leases is similar, but the pattern of expense recognition in the income statement, as well as the effect on the statement of cash flows, differs depending on the lease classification. 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 components of a contract, sale and leaseback transactions, modifications, combining contracts, reassessment of the lease term, and re-measurement of lease payments. It also contains comprehensive implementation guidance with practical examples. 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 above) 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’s leases are operating leases and ASU 2016-02 will require us to add them to our balance sheet. The Company’s operating leases are predominantly related to real estate. The Company is currently evaluating other impacts of the pending adoption of the new standard on our consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. 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 (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. The ASU 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 above for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. In anticipation of the ASU, the Company has entered into a contract with a third party, compiled data for the modeling and is working on developing an estimate using historically and qualitative data based on the requirements of ASU 2016-13. The Company is currently evaluating the impact of adoption of the new standard on the consolidated financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 2. Investment Securities Investment securities available-for-sale was comprised of the following: December 31, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 1,455 $ 9 $ (17 ) $ 1,447 Corporate notes 6,308 15 (47 ) 6,276 Collateralized mortgage obligations - agency residential 13,736 4 (265 ) 13,475 Mortgage-backed securities - agency residential 4,234 — (81 ) 4,153 Municipal securities 2,065 — (19 ) 2,046 Bank CDs 5,492 5 (31 ) 5,466 $ 33,290 $ 33 $ (460 ) $ 32,863 Investment securities held-to-maturity was comprised of the following: December 31, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 2,000 $ 8 $ — $ 2,008 Municipal securities 10,433 85 (36 ) 10,482 $ 12,433 $ 93 $ (36 ) $ 12,490 Investment securities available-for-sale was comprised of the following: June 30, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 4,330 $ 26 $ (16 ) $ 4,340 Corporate notes 11,231 59 (64 ) 11,226 Collateralized mortgage obligations - agency residential 12,668 59 (160 ) 12,567 Mortgage-backed securities - agency residential 4,520 — (85 ) 4,435 Municipal securities 3,517 1 (11 ) 3,507 Bank CDs 6,742 23 (20 ) 6,745 $ 43,008 $ 168 $ (356 ) $ 42,820 Investment securities held-to-maturity was comprised of the following: June 30, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 2,000 $ 12 $ — $ 2,012 Municipal securities 9,809 88 (13 ) 9,884 $ 11,809 $ 100 $ (13 ) $ 11,896 The scheduled maturities of securities available-for-sale and held-to-maturity at December 31, 2017 were as follows: December 31, 2017 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 1,550 $ 1,549 $ 605 $ 604 Due from one to five years 8,569 8,515 2,528 2,513 Due from after five to ten years 3,750 3,728 6,995 7,050 Due after ten years 19,421 19,071 2,305 2,323 $ 33,290 $ 32,863 $ 12,433 $ 12,490 Securities with a fair value of $6.6 million and $8.2 million at December 31, 2017 and June 30, 2017, respectively, were pledged to secure public deposits and for other purposes as required by law. Proceeds from the sale of available-for-sale securities for the six months ended December 31, 2017 were $11.2 million. Gross realized gains on such sales were approximately $39,000 and gross realized losses on such sales were $5,000 for the six months ended December 31, 2017. Proceeds from the sale of available-for-sale securities for the six months ended December 31, 2016 were $2.1 million. Gross realized gains on such sales were approximately $11,000 and gross realized losses on such sales were $0 for the six months ended December 31, 2016. The following tables summarize the unrealized loss positions of securities available-for-sale and held-to-maturity as of December 31, 2017 and June 30, 2017: December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ — $ — $ 601 $ (17 ) $ 601 $ (17 ) Corporate notes 900 (5 ) 3,459 (42 ) 4,359 (47 ) Collateralized mortgage obligations 5,843 (47 ) 6,497 (218 ) 12,340 (265 ) Mortgage-backed securities — — 4,149 (81 ) 4,149 (81 ) Municipal securities — — 2,046 (19 ) 2,046 (19 ) Bank CDs 3,975 (23 ) 487 (8 ) 4,462 (31 ) $ 10,718 $ (75 ) $ 17,239 $ (385 ) $ 27,957 $ (460 ) Held-to-maturity: Municipal securities $ 5,637 $ (36 ) $ — $ — $ 5,637 $ (36 ) $ 16,355 $ (111 ) $ 17,239 $ (385 ) $ 33,594 $ (496 ) June 30, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ 1,115 $ (16 ) $ — $ — $ 1,115 $ (16 ) Corporate notes 2,045 (6 ) 2,492 (58 ) 4,537 (64 ) Collateralized mortgage obligations 2,218 (40 ) 4,278 (120 ) 6,496 (160 ) Mortgage-backed securities 3,297 (46 ) 1,133 (39 ) 4,430 (85 ) Municipal securities 2,214 (9 ) 238 (2 ) 2,452 (11 ) Bank CDs 2,736 (13 ) 243 (7 ) 2,979 (20 ) $ 13,625 $ (130 ) $ 8,384 $ (226 ) $ 22,009 $ (356 ) Held-to-maturity: Municipal securities $ 3,227 $ (11 ) $ 501 $ (2 ) $ 3,728 $ (13 ) $ 16,852 $ (141 ) $ 8,885 $ (228 ) $ 25,737 $ (369 ) At December 31, 2017 and June 30, 2017, the investment portfolio included five and ten U.S. Government securities, respectively, with total market values of $1.4 million and $4.3 million, respectively. Of these securities, two and three were in an unrealized loss position as of December 31, 2017 and June 30, 2017, respectively. These securities are zero risk weighted for capital purposes and are guaranteed for repayment of principal and interest. As of December 31, 2017 and June 30, 2017, management found no evidence of Other Than Temporary Impairment (“OTTI”) on any of the U.S. Governmental securities in an unrealized loss position held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2017 and June 30, 2017, the investment portfolio included fifteen and twenty-four corporate notes with total market values of $8.3 million and $13.2 million, respectively. Of these securities, nine were in an unrealized loss position as of December 31, 2017 and June 30, 2017. At the time of purchase and as of December 31, 2017 and June 30, 2017, these bonds continue to maintain investment grade ratings. As of December 31, 2017 and June 30, 2017, management found no evidence of OTTI on any of the corporate notes held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than will not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2017 and June 30, 2017, the investment portfolio included thirty-eight and thirty-five collateralized mortgage obligations (“CMOs”) with total market values of $13.5 million and $12.6 million, respectively. Of these securities, thirty-six and At December 31, 2017 and June 30, 2017, the investment portfolio included fifteen mortgage backed securities (“MBS”) with a total market value of $4.2 million and $4.4 million, respectively. Of these securities, twelve were in an unrealized loss position as of December 31, 2017 and June 30, 2017, respectively. The MBS portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of December 31, 2017 and June 30, 2017, management found no evidence of OTTI on any of the MBS held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2017 and June 30, 2017, the investment portfolio included twenty-seven and thirty municipal securities with a total market value of $12.5 million and $13.4 million, respectively. Of these securities, seventeen and thirteen were in an unrealized loss position as of December 31, 2017 and June 30, 2017, respectively. The Company’s municipal portfolio issuers are located in Pennsylvania and at the time of purchase, and as of December 31, 2017 and June 30, 2017, continue to maintain investment grade ratings. As of December 31, 2017 and June 30, 2017, management found no evidence of OTTI on any of the municipal securities held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2017 and June 30, 2017, the investment portfolio included twenty-two and twenty-six Bank Certificate of Deposits (“CDs”) with a total market value of $5.5 million and $6.7 million, respectively. Of these securities, eighteen and twelve were in an unrealized loss position as of December 31, 2017 and June 30, 2017, respectively. The Bank CDs |
Loans Receivable
Loans Receivable | 6 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable | 3. Loans Receivable Loans receivable were comprised of the following: December 31, June 30, (Dollars in thousands) 2017 2017 Residential: One-to-four family $ 128,267 $ 88,578 Home equity and HELOCs 4,881 5,466 Commercial: Commercial real estate 12,652 12,191 Commercial business 3,345 3,801 Construction 2,837 2,004 Consumer: Medical education 7,526 — Other 6 5 159,514 112,045 Less: Unearned discounts, origination and commitment fees and costs 871 359 Allowance for loan losses (683 ) (593 ) $ 159,702 $ 111,811 In November 2017, the Bank entered into a loan purchase agreement with a broker to purchase a portfolio of private education loans made to American citizens attending American Medical Association (“AMA”) approved medical schools in Caribbean Nations. The broker serves as a lender, holder, program designer and developer, administrator, and secondary market for the loan portfolios they generate. At December 31, 2017, the balance of the private education loans was $7.5 million. The private student loans are made following a proven credit criteria and were underwritten in accordance with the Bank’s policies. Recourse includes a fully paid insurance wrap for the life of the loan provided by an insurance company who is required to repurchase loans delinquent over 180 days. Overdraft deposits are reclassified as other consumer and commercial business loans and are included in the total loans on the statements of financial condition. Overdrafts were $12,000 and $5,000 at December 31, 2017 and June 30, 2017, respectively. The following table summarizes the activity in the allowance for loan losses by loan class for the three months ended December 31, 2017 and 2016. Allowance for Loan Losses For the three months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 420 $ (12 ) — $ 64 $ 472 $ — $ 472 Home equity and HELOCs 39 — — (1 ) 38 — 38 Commercial: Commercial real estate 85 — — 1 86 — 86 Commercial business 68 — — (10 ) 58 16 42 Construction 3 — — 7 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — — — — — — $ 615 $ (12 ) $ — $ 80 $ 683 $ 16 $ 667 Allowance for Loan Losses For the three months ended December 31, 2016 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 360 $ — $ 2 $ — $ 362 $ — $ 362 Home equity and HELOCs 114 — — — 114 96 18 Commercial: Commercial real estate 118 — — — 118 30 88 Commercial business 20 — — — 20 15 5 Construction 1 — — — 1 — 1 Consumer: Other — (2 ) 1 1 — — — Unallocated reserve — — — 11 11 — 11 $ 613 $ (2 ) $ 3 $ 12 $ 626 $ 141 $ 485 The following tables summarize the activity in the allowance for loan losses by loan class for the six months ended December 31, 2017 and 2016. Allowance for Loan Losses For the six months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 399 $ (12 ) $ 44 $ 41 $ 472 $ — $ 472 Home equity and HELOCs 38 — — — 38 — 38 Commercial: Commercial real estate 89 (22 ) — 19 86 — 86 Commercial business 58 — — — 58 16 42 Construction 9 — — 1 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — 1 (1 ) — — — Unallocated reserve — — — — — — — $ 593 $ (34 ) $ 45 $ 79 $ 683 $ 16 $ 667 Allowance for Loan Losses For the six months ended December 31, 2016 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 314 $ — $ 5 $ 43 $ 362 $ — $ 362 Home equity and HELOCs 18 — — 96 114 96 18 Commercial: — Commercial real estate 131 — — (13 ) 118 30 88 Commercial business 23 — — (3 ) 20 15 5 Construction 1 — — — 1 — 1 Consumer: Other — (2 ) 1 1 — — — Unallocated reserve — — — 11 11 — 11 $ 487 $ (2 ) $ 6 $ 135 $ 626 $ 141 $ 485 The following tables summarize information in regards to the recorded investment in loans receivable by loan class as of December 31, 2017 and June 30, 2017: December 31, 2017 Loan Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 128,267 $ 1,280 $ 126,987 Home equity and HELOCs 4,881 105 4,776 Commercial Commercial real estate 12,652 406 12,246 Commercial business 3,345 163 3,182 Construction 2,837 — 2,837 Consumer: Medical education 7,526 — 7,526 Other 6 — 6 $ 159,514 $ 1,954 $ 157,560 June 30, 2017 Loan Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 88,578 $ 1,198 $ 87,380 Home equity and HELOCs 5,466 196 5,270 Commercial Commercial real estate 12,191 514 11,684 Commercial business 3,801 173 3,628 Construction 2,004 — 2,004 Consumer: Other 5 — 5 $ 112,045 $ 2,081 $ 109,971 The following tables summarize information in regard to impaired loans by loan portfolio class as of December 31, 2017 and June 30, 2017: December 31, 2017 June 30, 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential: One-to-four family $ 1,280 $ 1,280 $ — $ 1,198 $ 1,198 $ — Home equity and HELOCs 105 105 — 196 196 — Commercial: Commercial real estate 406 406 — 514 514 — 1,791 1,791 — 1,908 1,908 — With an allowance recorded Commercial: Commercial business 163 163 16 173 173 15 163 163 16 173 173 15 $ 1,954 $ 1,954 $ 16 $ 2,081 $ 2,081 $ 15 The following table presents additional information regarding the impaired loans for the three months ended December 31, 2017 and December 31, 2016: Three Months Ended December 31, 2017 2016 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,151 $ 1 $ 924 $ 1 Home equity and HELOCs 105 — 147 — Commercial: Commercial real estate 408 8 552 8 1,664 9 1,623 9 With an allowance recorded Residential: Home equity and HELOCs — — 120 — Commercial: Commercial real estate — — 200 4 Commercial business 165 3 185 3 165 3 505 7 $ 1,829 $ 12 $ 2,128 $ 16 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $18,000 and $23,000 for the three months ended December 31, 2017 and 2016, respectively. The following table presents additional information regarding the impaired loans for the six months ended December 31, 2017 and December 31, 2016: Six Months Ended December 31, 2017 2016 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,147 $ 3 $ 854 $ 3 Home equity and HELOCs 106 — 106 — Commercial: Commercial real estate 410 14 553 16 1,663 17 1,513 19 With an allowance recorded Residential: Home equity and HELOCs — — 121 — Commercial: Commercial real estate — — 200 8 Commercial business 168 5 188 6 168 5 509 14 $ 1,831 $ 22 $ 2,022 $ 33 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $40,000 and $35,000 for the six months ended December 31, 2017 and 2016, respectively. The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2017 and June 30, 2017: December 31, June 30, (Dollars in thousands) 2017 2017 Residential: One-to-four family $ 1,139 $ 1,198 Home equity and HELOCs 105 110 Commercial: Commercial real estate — 100 Commercial business — — Construction — — Consumer: Medical education — — Other — — $ 1,244 $ 1,408 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 December 31, 2017 and June 30, 2017: December 31, 2017 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 126,424 $ — $ 1,843 $ — $ 128,267 Home equity and HELOCs 4,776 — 105 — 4,881 Commercial: Commercial real estate 12,026 220 406 — 12,652 Commercial business 3,182 — 163 — 3,345 Construction 2,837 — — — 2,837 Consumer: Medical education 7,526 — — — 7,526 Other 6 — — — 6 $ 156,777 $ 220 $ 2,517 $ — $ 159,514 June 30, 2017 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 87,099 $ — $ 1,479 $ — $ 88,578 Home equity and HELOCs 5,270 — 196 — 5,466 Commercial: Commercial real estate 11,283 552 356 — 12,191 Commercial business 3,628 — 173 — 3,801 Construction 2,004 — — — 2,004 Consumer: Other 5 — — — 5 $ 109,289 $ 552 $ 2,204 $ — $ 112,045 The following tables present the segments of the loan portfolio summarized by aging categories as of December 31, 2017 and June 30, 2017: December 31, 2017 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 191 $ 500 $ 860 $ 1,551 $ 126,716 $ 128,267 $ — Home equity and HELOCs — — 105 105 4,776 4,881 — Commercial: Commercial real estate — — — — 12,652 12,652 — Commercial business — — — — 3,345 3,345 — Construction — — — — 2,837 2,837 — Consumer: Medical education 173 — — 173 7,353 7,526 — Other — — — — 6 6 — $ 364 $ 500 $ 965 $ 1,829 $ 157,685 $ 159,514 $ — June 30, 2017 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 554 $ 381 $ 950 $ 1,885 $ 86,693 $ 88,578 $ — Home equity and HELOCs — — 110 110 5,356 5,466 — Commercial: Commercial real estate — — 100 100 12,091 12,191 — Commercial business — — — — 3,801 3,801 — Construction — — — — 2,004 2,004 — Consumer: Other — — — — 5 5 — $ 554 $ 381 $ 1,160 $ 2,095 $ 109,950 $ 112,045 $ — 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 December 31, 2017 and June 30, 2017, the Company had two loans identified as TDRs totaling $317,000 and $331,000, respectively. At December 31, 2017 and June 30, 2017, both 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 six months ended December 31, 2017 and 2016. No additional loan commitments were outstanding to these borrowers at December 31, 2017 and June 30, 2017. The following table details the Company’s TDRs that are on accrual status and non-accrual status at December 31, 2017: As of December 31, 2017 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 2 $ 317 $ — $ 317 Total 2 $ 317 $ — $ 317 The following table details the Company’s TDRs that are on accrual status and non-accrual status at June 30, 2017: As of June 30, 2017 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 2 $ 331 $ — $ 331 Total 2 $ 331 $ — $ 331 The carrying amount of residential mortgage loans in the process of foreclosure was $402,000 and $946,000 at December 31, 2017 and June 30, 2017, respectively. |
Derivatives and Risk Management
Derivatives and Risk Management Activities | 6 Months Ended |
Dec. 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 December 31, 2017 and June 30, 2017 and for the six months ended December 31, 2017 and 2016. The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of December 31, 2017 and June 30, 2017 (in thousands): December 31, 2017 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 251 $ 10,224 Forward loan sales commitments Mortgage banking derivatives 268 7,267 To Be Announced securities Mortgage banking derivatives — 1,000 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 26 $ 2,667 Forward loan sales commitments Other liabilities 3 978 To Be Announced securities Other liabilities 17 10,250 June 30, 2017 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 786 $ 21,389 Forward loan sales commitments Mortgage banking derivatives 179 10,864 To Be Announced securities Mortgage banking derivatives 36 14,750 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 19 $ 4,089 Forward loan sales commitments Other liabilities 37 3,713 To Be Announced securities Other liabilities 8 2,750 The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the three and six months ended December 31, 2017 and December 31, 2016 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation December 31, 2017 December 31, 2016 Interest rate lock commitments Loss from hedging Instruments $ (173 ) $ (486 ) Forward loan sales commitments Gain (Loss) from hedging instruments 131 (583 ) To Be Announced securities (Loss) Gain from hedging instruments (32 ) 509 Total loss from hedging instruments $ (74 ) $ (560 ) Gain/(Loss) Consolidated Statements of Income Six Months Ended Presentation December 31, 2017 December 31, 2016 Interest rate lock commitments Loss from hedging Instruments $ (542 ) $ (269 ) Forward loan sales commitments Gain (Loss) from hedging instruments 123 (928 ) To Be Announced securities (Loss) Gain from hedging instruments (45 ) 258 Total loss from hedging instruments $ (464 ) $ (939 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. 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. Assets measured at fair value on a recurring basis at December 31, 2017 and June 30, 2017 are summarized below: December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 1,447 $ — $ 1,447 Corporate notes — 5,288 988 6,276 Collateralized mortgage obligations - agency residential — 13,475 — 13,475 Mortgage-backed securities - agency residential — 4,153 — 4,153 Municipal securities — 2,046 — 2,046 Bank CDs — 5,223 243 5,466 Loans held for sale — 12,266 — 12,266 Interest rate lock commitments — — 251 251 Forward loan sales commitments — 268 — 268 June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 4,340 $ — $ 4,340 Corporate notes — 10,258 968 11,226 Collateralized mortgage obligations - agency residential — 12,567 — 12,567 Mortgage-backed securities - agency residential — 4,435 — 4,435 Municipal securities — 3,507 — 3,507 Bank CDs — 6,502 243 6,745 Loans held for sale — 12,784 — 12,784 Interest rate lock commitments — — 786 786 Forward loan sales commitments — 179 — 179 To Be Announced securities — 36 — 36 Liabilities measured at fair value on a recurring basis at December 31, 2017 are summarized below. December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 26 $ 26 Forward loan sales commitments — 3 — 3 To Be Announced securities — 17 — 17 Liabilities measured at fair value on a recurring basis at June 30, 2017 are summarized below. June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 19 $ 19 Forward loan sales commitments — 37 — 37 To Be Announced securities — 8 — 8 The following table represents the change in the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended December 31, 2017 and 2016: Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2017 $ 243 $ 982 $ 412 $ (15 ) Total gains (unrealized): Included in other comprehensive income — 6 — — Total (losses) or gains included in earnings and held at reporting date — — (161 ) (11 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2016 $ — $ — $ 867 $ (16 ) Total gains (unrealized): Included in other comprehensive income — — — — Total (losses) or gains included in earnings and held at reporting date — — (552 ) 12 Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2016 $ — $ — $ 315 $ (4 ) Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2017 $ 243 $ 968 $ 786 $ (19 ) Total gains (unrealized): Included in other comprehensive income — 20 — — Total (losses) or gains included in earnings and held at reporting date — — (535 ) (7 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2016 $ — $ — $ 1,084 $ (32 ) Total losses (unrealized): Included in other comprehensive income — — Total (losses) or gains included in earnings and held at reporting date — — (769 ) 28 Transfers in and/or out of Level 3 — — Ending Balance: December 31, 2016 $ — $ — $ 315 $ (4 ) There were no assets measured at fair value on a nonrecurring basis at December 31, 2017. The estimated fair values of the Company's financial instruments at December 31, 2017 and June 30, 2017 are as follows: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2017 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 14,802 $ 14,802 $ 14,802 $ — $ — Investment securities held-to-maturity 12,433 12,490 — 10,482 2,008 Loans receivable, net 159,702 153,416 — — 153,416 Restricted investment in bank stock 749 749 — — 749 Accrued interest receivable 773 773 — 773 — Liabilities: Deposits $ 193,108 $ 152,661 $ — $ 152,661 $ — Advances from the FHLB 12,000 11,899 — 11,899 — Securities sold under agreements to repurchase 2,967 2,967 — 2,967 — Accrued interest payable 20 20 — 20 — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, 2017 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,577 $ 28,577 $ 28,577 $ — $ — Investment securities held-to-maturity 11,809 11,896 — 9,884 2,012 Loans receivable, net 111,811 107,510 — — 107,510 Restricted investment in bank stock 643 643 — — 643 Accrued interest receivable 620 620 — 620 — Liabilities: Deposits $ 170,481 $ 160,764 $ — $ 160,764 $ — Advances from the FHLB 9,000 8,958 — 8,958 — Securities sold under agreements to repurchase 2,883 2,883 — 2,883 — Accrued interest payable 20 20 — 20 — The above 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 three and six months ended December 31, 2017 and December 31, 2016. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2017 and June 30, 2017: Cash and Cash Equivalents These short-term assets are valued at their face value, which approximate fair value. Investments (Available- for- Sale and Held- to- Maturity) Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. 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. Such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include certain Mortgage Backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Corporate notes, and Municipal and U.S government securities. 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 corporate notes, certain Bank CDS and other less liquid investment securities. If observable market-based inputs are not available, we use unobservable inputs to determine appropriate valuation adjustments by reviewing valuation reports provided by a third-party (Level 3). Loans Held for Sale at Fair Value All mortgage loans held for sale are carried at fair value which is determined on a recurring basis by utilizing quoted prices from dealers in such loans. The Company's mortgage loans held for sale are generally classified within Level 2 of the valuation hierarchy. The f l l w i t b l r e f l c t t d i f f r c t w e t a rr y i m m rt g g l e l f o s l e m s r f i v l n t gg r g t a i r i i a m n t h t Company is nt a c u al t i t l t r e i v m t u r i t December 31, 2017 and June Loans held for sale Carrying Amount Aggregated Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2017 $ 12,266 $ 12,112 $ 154 June 30, 2017 $ 12,784 $ 12,534 $ 250 The Company i h v m rt g a g l e l f sa l r r a f a i v l t ha w r 9 r y s n - r u a December 31 , 2017, or June 30, 2017 Interest Rate Lock Commitments (“IRLC”) The fair value of the Company’s IRLC instruments are based upon the underlying mortgage loan adjusted for the probability of such commitments being exercised and estimated costs to complete and originate the loan. The Company’s IRLCs are classified within Level 3 of the valuation hierarchy as a result of unobservable market data inputs. Forward Loan Sale Commitments Fair values for forward loan sales commitments are based on forward prices with dealers in such securities. Due to the observable inputs used by the Company, the Company’s forward loan sales commitments 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. Restricted Investment in Bank Stock The stock is carried at cost; which approximates fair value and considers the limited marketability of such securities. 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 estimated by discounting expected cash flow, net of expected servicing costs, using the current rates and anticipated maturities of each deposit category. As these deposits do not have stated maturity dates, the average lives of these deposits are estimated when calculating the discounted cash flow. 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 Securities sold under agreements to repurchase are carried at the amounts at which the securities will be subsequently repurchased as specified in the agreements and the carrying amount is a reasonable estimate of the fair value. The Company values the collateral on a daily basis and obtains additional collateral, if necessary, to protect the Company in the event of default by the counterparties. 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 and is not considered material for disclosure. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Dec. 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 six months ended December 31, 2016. For the three and six months ended December 31, 2017 and 2016, there were no stock options or other convertible instruments outstanding. Therefore, there is no effect of dilution on the Company’s earnings per share. The calculation of EPS for the three and six months ended December 31, 2017 and 2016 is as follows (in thousands, except per share data): For the Three Months For the Six Months Ended December 31, Ended December 31, 2017 2016 2017 2016 Net income (basic and diluted) $ 179 $ 39 $ 415 $ 292 Weighted average shares outstanding 2,182,125 N/A 2,182,125 N/A Net income per share – basic and diluted $ 0.08 $ N/A $ 0.19 $ N/A |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 6 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased 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 participate 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. During the six months ended December 31, 2017, ESOP shares committed to be released were 4,364 with a value of approximately $47,000. There were no shares purchased by the ESOP during the six months ended December 31, 2017. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions In November 2017, the Company engaged a third party to provide services for certain customers with large deposit balances, by offering both a competitive rate of return and FDIC insurance. Related party balances in this program totaled $116.7 million at December 31, 2017 for which we received approximately $84,000 in fees for customer services which is included in the three month and six months ended December 31, 2017. |
Organization, Basis of Presen18
Organization, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Dec. 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 the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. 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, 2017 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission on September 28, 2017 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. |
Principles of Consolidation | Principles of Consolidation The unaudited interim consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. In January 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Prior to January 11, 2017, all financial information reflects the Bank’s transactions and balances only. All significant intercompany transactions and balances have been eliminated in consolidation. |
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, other real estate owned, and the valuation of deferred tax assets. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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. 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 collectability 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 evaluated its non-interest revenue sources and the adoption of these ASUs will not have a material impact on its financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Topic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 amends the guidance on the classification and measurement of financial instruments. Some of the amendments in ASU 2016-01 include the following: 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; and 4) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value; among others. ASU 2016-01 also clarifies that an entity should assess the need for a valuation allowance on a deferred tax asset related to unrealized losses of investments in debt instruments recognized in OCI in combination with the entity’s other deferred tax assets. Prior to this guidance, the alternative approach used in practice evaluated the need for a valuation allowance for a deferred tax asset related to unrealized losses on debt instruments recognized in other comprehensive income separately from other deferred tax assets. This alternative approach will no longer be acceptable. For public business entities, the amendments of ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. As of December 31, 2017 we do not hold material equity investments for which fair value is accounted through other comprehensive income. We are analyzing ASU 2016-01 and do not believe that it will have a material effect on our financial statements. In March 2017, the FASB issued Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization for premiums on purchased callable debt securities to the earliest call date (i.e. yield-to-earliest call amortization), rather than amortizing over the full contractual term. The ASU does not change the accounting for securities held at a discount. 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 above, 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 adopted this standard on July 1, 2017 with no material impact on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases The new leases standard applies a right-of-use (ROU) model that requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. For leases with a term of 12 months or less, a practical expedient is available whereby a lessee may elect, by class of underlying asset, not to recognize an ROU asset or lease liability. At inception, lessees must classify all leases as either finance or operating based on five criteria. Balance sheet recognition of finance and operating leases is similar, but the pattern of expense recognition in the income statement, as well as the effect on the statement of cash flows, differs depending on the lease classification. 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 components of a contract, sale and leaseback transactions, modifications, combining contracts, reassessment of the lease term, and re-measurement of lease payments. It also contains comprehensive implementation guidance with practical examples. 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 above) 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’s leases are operating leases and ASU 2016-02 will require us to add them to our balance sheet. The Company’s operating leases are predominantly related to real estate. The Company is currently evaluating other impacts of the pending adoption of the new standard on our consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. 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 (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. The ASU 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 above for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. In anticipation of the ASU, the Company has entered into a contract with a third party, compiled data for the modeling and is working on developing an estimate using historically and qualitative data based on the requirements of ASU 2016-13. The Company is currently evaluating the impact of adoption of the new standard on the consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | Investment securities available-for-sale was comprised of the following: December 31, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 1,455 $ 9 $ (17 ) $ 1,447 Corporate notes 6,308 15 (47 ) 6,276 Collateralized mortgage obligations - agency residential 13,736 4 (265 ) 13,475 Mortgage-backed securities - agency residential 4,234 — (81 ) 4,153 Municipal securities 2,065 — (19 ) 2,046 Bank CDs 5,492 5 (31 ) 5,466 $ 33,290 $ 33 $ (460 ) $ 32,863 Investment securities available-for-sale was comprised of the following: June 30, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 4,330 $ 26 $ (16 ) $ 4,340 Corporate notes 11,231 59 (64 ) 11,226 Collateralized mortgage obligations - agency residential 12,668 59 (160 ) 12,567 Mortgage-backed securities - agency residential 4,520 — (85 ) 4,435 Municipal securities 3,517 1 (11 ) 3,507 Bank CDs 6,742 23 (20 ) 6,745 $ 43,008 $ 168 $ (356 ) $ 42,820 |
Investment Securities Held-to-Maturity | Investment securities held-to-maturity was comprised of the following: December 31, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 2,000 $ 8 $ — $ 2,008 Municipal securities 10,433 85 (36 ) 10,482 $ 12,433 $ 93 $ (36 ) $ 12,490 Investment securities held-to-maturity was comprised of the following: June 30, 2017 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 2,000 $ 12 $ — $ 2,012 Municipal securities 9,809 88 (13 ) 9,884 $ 11,809 $ 100 $ (13 ) $ 11,896 |
Scheduled Maturities of Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of securities available-for-sale and held-to-maturity at December 31, 2017 were as follows: December 31, 2017 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 1,550 $ 1,549 $ 605 $ 604 Due from one to five years 8,569 8,515 2,528 2,513 Due from after five to ten years 3,750 3,728 6,995 7,050 Due after ten years 19,421 19,071 2,305 2,323 $ 33,290 $ 32,863 $ 12,433 $ 12,490 |
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 and held-to-maturity as of December 31, 2017 and June 30, 2017: December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ — $ — $ 601 $ (17 ) $ 601 $ (17 ) Corporate notes 900 (5 ) 3,459 (42 ) 4,359 (47 ) Collateralized mortgage obligations 5,843 (47 ) 6,497 (218 ) 12,340 (265 ) Mortgage-backed securities — — 4,149 (81 ) 4,149 (81 ) Municipal securities — — 2,046 (19 ) 2,046 (19 ) Bank CDs 3,975 (23 ) 487 (8 ) 4,462 (31 ) $ 10,718 $ (75 ) $ 17,239 $ (385 ) $ 27,957 $ (460 ) Held-to-maturity: Municipal securities $ 5,637 $ (36 ) $ — $ — $ 5,637 $ (36 ) $ 16,355 $ (111 ) $ 17,239 $ (385 ) $ 33,594 $ (496 ) June 30, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ 1,115 $ (16 ) $ — $ — $ 1,115 $ (16 ) Corporate notes 2,045 (6 ) 2,492 (58 ) 4,537 (64 ) Collateralized mortgage obligations 2,218 (40 ) 4,278 (120 ) 6,496 (160 ) Mortgage-backed securities 3,297 (46 ) 1,133 (39 ) 4,430 (85 ) Municipal securities 2,214 (9 ) 238 (2 ) 2,452 (11 ) Bank CDs 2,736 (13 ) 243 (7 ) 2,979 (20 ) $ 13,625 $ (130 ) $ 8,384 $ (226 ) $ 22,009 $ (356 ) Held-to-maturity: Municipal securities $ 3,227 $ (11 ) $ 501 $ (2 ) $ 3,728 $ (13 ) $ 16,852 $ (141 ) $ 8,885 $ (228 ) $ 25,737 $ (369 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable were comprised of the following: December 31, June 30, (Dollars in thousands) 2017 2017 Residential: One-to-four family $ 128,267 $ 88,578 Home equity and HELOCs 4,881 5,466 Commercial: Commercial real estate 12,652 12,191 Commercial business 3,345 3,801 Construction 2,837 2,004 Consumer: Medical education 7,526 — Other 6 5 159,514 112,045 Less: Unearned discounts, origination and commitment fees and costs 871 359 Allowance for loan losses (683 ) (593 ) $ 159,702 $ 111,811 |
Summary of Allowance for Loan Losses | The following table summarizes the activity in the allowance for loan losses by loan class for the three months ended December 31, 2017 and 2016. Allowance for Loan Losses For the three months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 420 $ (12 ) — $ 64 $ 472 $ — $ 472 Home equity and HELOCs 39 — — (1 ) 38 — 38 Commercial: Commercial real estate 85 — — 1 86 — 86 Commercial business 68 — — (10 ) 58 16 42 Construction 3 — — 7 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — — — — — — $ 615 $ (12 ) $ — $ 80 $ 683 $ 16 $ 667 Allowance for Loan Losses For the three months ended December 31, 2016 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 360 $ — $ 2 $ — $ 362 $ — $ 362 Home equity and HELOCs 114 — — — 114 96 18 Commercial: Commercial real estate 118 — — — 118 30 88 Commercial business 20 — — — 20 15 5 Construction 1 — — — 1 — 1 Consumer: Other — (2 ) 1 1 — — — Unallocated reserve — — — 11 11 — 11 $ 613 $ (2 ) $ 3 $ 12 $ 626 $ 141 $ 485 The following tables summarize the activity in the allowance for loan losses by loan class for the six months ended December 31, 2017 and 2016. Allowance for Loan Losses For the six months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 399 $ (12 ) $ 44 $ 41 $ 472 $ — $ 472 Home equity and HELOCs 38 — — — 38 — 38 Commercial: Commercial real estate 89 (22 ) — 19 86 — 86 Commercial business 58 — — — 58 16 42 Construction 9 — — 1 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — 1 (1 ) — — — Unallocated reserve — — — — — — — $ 593 $ (34 ) $ 45 $ 79 $ 683 $ 16 $ 667 Allowance for Loan Losses For the six months ended December 31, 2016 (Dollars in thousands) Beginning Balance Charge-offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 314 $ — $ 5 $ 43 $ 362 $ — $ 362 Home equity and HELOCs 18 — — 96 114 96 18 Commercial: — Commercial real estate 131 — — (13 ) 118 30 88 Commercial business 23 — — (3 ) 20 15 5 Construction 1 — — — 1 — 1 Consumer: Other — (2 ) 1 1 — — — Unallocated reserve — — — 11 11 — 11 $ 487 $ (2 ) $ 6 $ 135 $ 626 $ 141 $ 485 |
Summary of Loans Receivable by Balances Individually Evaluated for Impairment | The following tables summarize information in regards to the recorded investment in loans receivable by loan class as of December 31, 2017 and June 30, 2017: December 31, 2017 Loan Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 128,267 $ 1,280 $ 126,987 Home equity and HELOCs 4,881 105 4,776 Commercial Commercial real estate 12,652 406 12,246 Commercial business 3,345 163 3,182 Construction 2,837 — 2,837 Consumer: Medical education 7,526 — 7,526 Other 6 — 6 $ 159,514 $ 1,954 $ 157,560 June 30, 2017 Loan Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 88,578 $ 1,198 $ 87,380 Home equity and HELOCs 5,466 196 5,270 Commercial Commercial real estate 12,191 514 11,684 Commercial business 3,801 173 3,628 Construction 2,004 — 2,004 Consumer: Other 5 — 5 $ 112,045 $ 2,081 $ 109,971 |
Summary of Information in Regard to Impaired Loans | The following tables summarize information in regard to impaired loans by loan portfolio class as of December 31, 2017 and June 30, 2017: December 31, 2017 June 30, 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential: One-to-four family $ 1,280 $ 1,280 $ — $ 1,198 $ 1,198 $ — Home equity and HELOCs 105 105 — 196 196 — Commercial: Commercial real estate 406 406 — 514 514 — 1,791 1,791 — 1,908 1,908 — With an allowance recorded Commercial: Commercial business 163 163 16 173 173 15 163 163 16 173 173 15 $ 1,954 $ 1,954 $ 16 $ 2,081 $ 2,081 $ 15 The following table presents additional information regarding the impaired loans for the three months ended December 31, 2017 and December 31, 2016: Three Months Ended December 31, 2017 2016 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,151 $ 1 $ 924 $ 1 Home equity and HELOCs 105 — 147 — Commercial: Commercial real estate 408 8 552 8 1,664 9 1,623 9 With an allowance recorded Residential: Home equity and HELOCs — — 120 — Commercial: Commercial real estate — — 200 4 Commercial business 165 3 185 3 165 3 505 7 $ 1,829 $ 12 $ 2,128 $ 16 The following table presents additional information regarding the impaired loans for the six months ended December 31, 2017 and December 31, 2016: Six Months Ended December 31, 2017 2016 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,147 $ 3 $ 854 $ 3 Home equity and HELOCs 106 — 106 — Commercial: Commercial real estate 410 14 553 16 1,663 17 1,513 19 With an allowance recorded Residential: Home equity and HELOCs — — 121 — Commercial: Commercial real estate — — 200 8 Commercial business 168 5 188 6 168 5 509 14 $ 1,831 $ 22 $ 2,022 $ 33 |
Summary of Nonaccrual Loans by Classes of Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2017 and June 30, 2017: December 31, June 30, (Dollars in thousands) 2017 2017 Residential: One-to-four family $ 1,139 $ 1,198 Home equity and HELOCs 105 110 Commercial: Commercial real estate — 100 Commercial business — — Construction — — Consumer: Medical education — — Other — — $ 1,244 $ 1,408 |
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 December 31, 2017 and June 30, 2017: December 31, 2017 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 126,424 $ — $ 1,843 $ — $ 128,267 Home equity and HELOCs 4,776 — 105 — 4,881 Commercial: Commercial real estate 12,026 220 406 — 12,652 Commercial business 3,182 — 163 — 3,345 Construction 2,837 — — — 2,837 Consumer: Medical education 7,526 — — — 7,526 Other 6 — — — 6 $ 156,777 $ 220 $ 2,517 $ — $ 159,514 June 30, 2017 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 87,099 $ — $ 1,479 $ — $ 88,578 Home equity and HELOCs 5,270 — 196 — 5,466 Commercial: Commercial real estate 11,283 552 356 — 12,191 Commercial business 3,628 — 173 — 3,801 Construction 2,004 — — — 2,004 Consumer: Other 5 — — — 5 $ 109,289 $ 552 $ 2,204 $ — $ 112,045 |
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 December 31, 2017 and June 30, 2017: December 31, 2017 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 191 $ 500 $ 860 $ 1,551 $ 126,716 $ 128,267 $ — Home equity and HELOCs — — 105 105 4,776 4,881 — Commercial: Commercial real estate — — — — 12,652 12,652 — Commercial business — — — — 3,345 3,345 — Construction — — — — 2,837 2,837 — Consumer: Medical education 173 — — 173 7,353 7,526 — Other — — — — 6 6 — $ 364 $ 500 $ 965 $ 1,829 $ 157,685 $ 159,514 $ — June 30, 2017 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 554 $ 381 $ 950 $ 1,885 $ 86,693 $ 88,578 $ — Home equity and HELOCs — — 110 110 5,356 5,466 — Commercial: Commercial real estate — — 100 100 12,091 12,191 — Commercial business — — — — 3,801 3,801 — Construction — — — — 2,004 2,004 — Consumer: Other — — — — 5 5 — $ 554 $ 381 $ 1,160 $ 2,095 $ 109,950 $ 112,045 $ — |
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 status at December 31, 2017: As of December 31, 2017 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 2 $ 317 $ — $ 317 Total 2 $ 317 $ — $ 317 The following table details the Company’s TDRs that are on accrual status and non-accrual status at June 30, 2017: As of June 30, 2017 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 2 $ 331 $ — $ 331 Total 2 $ 331 $ — $ 331 |
Derivatives and Risk Manageme21
Derivatives and Risk Management Activities (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition | The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of December 31, 2017 and June 30, 2017 (in thousands): December 31, 2017 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 251 $ 10,224 Forward loan sales commitments Mortgage banking derivatives 268 7,267 To Be Announced securities Mortgage banking derivatives — 1,000 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 26 $ 2,667 Forward loan sales commitments Other liabilities 3 978 To Be Announced securities Other liabilities 17 10,250 June 30, 2017 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 786 $ 21,389 Forward loan sales commitments Mortgage banking derivatives 179 10,864 To Be Announced securities Mortgage banking derivatives 36 14,750 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 19 $ 4,089 Forward loan sales commitments Other liabilities 37 3,713 To Be Announced securities Other liabilities 8 2,750 |
Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments Not Designated as Hedging Instruments | The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the three and six months ended December 31, 2017 and December 31, 2016 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation December 31, 2017 December 31, 2016 Interest rate lock commitments Loss from hedging Instruments $ (173 ) $ (486 ) Forward loan sales commitments Gain (Loss) from hedging instruments 131 (583 ) To Be Announced securities (Loss) Gain from hedging instruments (32 ) 509 Total loss from hedging instruments $ (74 ) $ (560 ) Gain/(Loss) Consolidated Statements of Income Six Months Ended Presentation December 31, 2017 December 31, 2016 Interest rate lock commitments Loss from hedging Instruments $ (542 ) $ (269 ) Forward loan sales commitments Gain (Loss) from hedging instruments 123 (928 ) To Be Announced securities (Loss) Gain from hedging instruments (45 ) 258 Total loss from hedging instruments $ (464 ) $ (939 ) |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis at December 31, 2017 and June 30, 2017 are summarized below: December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 1,447 $ — $ 1,447 Corporate notes — 5,288 988 6,276 Collateralized mortgage obligations - agency residential — 13,475 — 13,475 Mortgage-backed securities - agency residential — 4,153 — 4,153 Municipal securities — 2,046 — 2,046 Bank CDs — 5,223 243 5,466 Loans held for sale — 12,266 — 12,266 Interest rate lock commitments — — 251 251 Forward loan sales commitments — 268 — 268 June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 4,340 $ — $ 4,340 Corporate notes — 10,258 968 11,226 Collateralized mortgage obligations - agency residential — 12,567 — 12,567 Mortgage-backed securities - agency residential — 4,435 — 4,435 Municipal securities — 3,507 — 3,507 Bank CDs — 6,502 243 6,745 Loans held for sale — 12,784 — 12,784 Interest rate lock commitments — — 786 786 Forward loan sales commitments — 179 — 179 To Be Announced securities — 36 — 36 |
Liabilities Measured at Fair Value on a Recurring Basis | Liabilities measured at fair value on a recurring basis at December 31, 2017 are summarized below. December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 26 $ 26 Forward loan sales commitments — 3 — 3 To Be Announced securities — 17 — 17 Liabilities measured at fair value on a recurring basis at June 30, 2017 are summarized below. June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 19 $ 19 Forward loan sales commitments — 37 — 37 To Be Announced securities — 8 — 8 |
Change in Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table represents the change in the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended December 31, 2017 and 2016: Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2017 $ 243 $ 982 $ 412 $ (15 ) Total gains (unrealized): Included in other comprehensive income — 6 — — Total (losses) or gains included in earnings and held at reporting date — — (161 ) (11 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2016 $ — $ — $ 867 $ (16 ) Total gains (unrealized): Included in other comprehensive income — — — — Total (losses) or gains included in earnings and held at reporting date — — (552 ) 12 Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2016 $ — $ — $ 315 $ (4 ) Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2017 $ 243 $ 968 $ 786 $ (19 ) Total gains (unrealized): Included in other comprehensive income — 20 — — Total (losses) or gains included in earnings and held at reporting date — — (535 ) (7 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) Level 3 (Dollars in thousands) Bank Cds Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2016 $ — $ — $ 1,084 $ (32 ) Total losses (unrealized): Included in other comprehensive income — — Total (losses) or gains included in earnings and held at reporting date — — (769 ) 28 Transfers in and/or out of Level 3 — — Ending Balance: December 31, 2016 $ — $ — $ 315 $ (4 ) |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company's financial instruments at December 31, 2017 and June 30, 2017 are as follows: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2017 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 14,802 $ 14,802 $ 14,802 $ — $ — Investment securities held-to-maturity 12,433 12,490 — 10,482 2,008 Loans receivable, net 159,702 153,416 — — 153,416 Restricted investment in bank stock 749 749 — — 749 Accrued interest receivable 773 773 — 773 — Liabilities: Deposits $ 193,108 $ 152,661 $ — $ 152,661 $ — Advances from the FHLB 12,000 11,899 — 11,899 — Securities sold under agreements to repurchase 2,967 2,967 — 2,967 — Accrued interest payable 20 20 — 20 — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, 2017 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 28,577 $ 28,577 $ 28,577 $ — $ — Investment securities held-to-maturity 11,809 11,896 — 9,884 2,012 Loans receivable, net 111,811 107,510 — — 107,510 Restricted investment in bank stock 643 643 — — 643 Accrued interest receivable 620 620 — 620 — Liabilities: Deposits $ 170,481 $ 160,764 $ — $ 160,764 $ — Advances from the FHLB 9,000 8,958 — 8,958 — Securities sold under agreements to repurchase 2,883 2,883 — 2,883 — Accrued interest payable 20 20 — 20 — |
Difference between Carrying Amount of Mortgage Loans Held For Sale, Measured at Fair Value and Aggregate Unpaid Principal Amount | The f l l w i t b l r e f l c t t d i f f r c t w e t a rr y i m m rt g g l e l f o s l e m s r f i v l n t gg r g t a i r i i a m n t h t Company is nt a c u al t i t l t r e i v m t u r i t December 31, 2017 and June Loans held for sale Carrying Amount Aggregated Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2017 $ 12,266 $ 12,112 $ 154 June 30, 2017 $ 12,784 $ 12,534 $ 250 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The calculation of EPS for the three and six months ended December 31, 2017 and 2016 is as follows (in thousands, except per share data): For the Three Months For the Six Months Ended December 31, Ended December 31, 2017 2016 2017 2016 Net income (basic and diluted) $ 179 $ 39 $ 415 $ 292 Weighted average shares outstanding 2,182,125 N/A 2,182,125 N/A Net income per share – basic and diluted $ 0.08 $ N/A $ 0.19 $ N/A |
Organization, Basis of Presen24
Organization, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Detail) $ / shares in Units, $ in Millions | Jan. 11, 2017USD ($)$ / sharesshares |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Shares of common stock converted | shares | 2,182,125 |
Debt Instrument, convertible, conversion Price | $ / shares | $ 10 |
Gross offering proceeds received | $ 21.8 |
Offering costs | 1.4 |
Net proceeds from issuance of shares | $ 20.4 |
Investment Securities - Investm
Investment Securities - Investment Securities Available-for-sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 33,290 | $ 43,008 |
Available-for-sale, Gross Unrealized Gains | 33 | 168 |
Available-for-sale, Gross Unrealized Losses | (460) | (356) |
Available-for-sale, Fair Value | 32,863 | 42,820 |
U.S. Governmental securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 1,455 | 4,330 |
Available-for-sale, Gross Unrealized Gains | 9 | 26 |
Available-for-sale, Gross Unrealized Losses | (17) | (16) |
Available-for-sale, Fair Value | 1,447 | 4,340 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 6,308 | 11,231 |
Available-for-sale, Gross Unrealized Gains | 15 | 59 |
Available-for-sale, Gross Unrealized Losses | (47) | (64) |
Available-for-sale, Fair Value | 6,276 | 11,226 |
Collateralized mortgage obligations - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 13,736 | 12,668 |
Available-for-sale, Gross Unrealized Gains | 4 | 59 |
Available-for-sale, Gross Unrealized Losses | (265) | (160) |
Available-for-sale, Fair Value | 13,475 | 12,567 |
Mortgage-backed securities - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 4,234 | 4,520 |
Available-for-sale, Gross Unrealized Losses | (81) | (85) |
Available-for-sale, Fair Value | 4,153 | 4,435 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,065 | 3,517 |
Available-for-sale, Gross Unrealized Gains | 1 | |
Available-for-sale, Gross Unrealized Losses | (19) | (11) |
Available-for-sale, Fair Value | 2,046 | 3,507 |
Bank CDs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 5,492 | 6,742 |
Available-for-sale, Gross Unrealized Gains | 5 | 23 |
Available-for-sale, Gross Unrealized Losses | (31) | (20) |
Available-for-sale, Fair Value | $ 5,466 | $ 6,745 |
Investment Securities - Inves26
Investment Securities - Investment Securities Held-to-maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 12,433 | $ 11,809 |
Held-to-maturity, Gross Unrealized Gains | 93 | 100 |
Held-to-maturity, Gross Unrealized Losses | (36) | (13) |
Held-to-maturity, Fair Value | 12,490 | 11,896 |
Corporate notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 2,000 | 2,000 |
Held-to-maturity, Gross Unrealized Gains | 8 | 12 |
Held-to-maturity, Fair Value | 2,008 | 2,012 |
Municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 10,433 | 9,809 |
Held-to-maturity, Gross Unrealized Gains | 85 | 88 |
Held-to-maturity, Gross Unrealized Losses | (36) | (13) |
Held-to-maturity, Fair Value | $ 10,482 | $ 9,884 |
Investment Securities - Schedul
Investment Securities - Scheduled of Maturities of Securities Available-for-sale and Held-to-maturity (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale, Due in one year or less, Amortized Cost | $ 1,550 |
Available-for-Sale, Due from one to five years, Amortized Cost | 8,569 |
Available-for-Sale, Due from after five to ten years, Amortized Cost | 3,750 |
Available-for-Sale, Due after ten years, Amortized Cost | 19,421 |
Available-for-Sale, Amortized Cost | 33,290 |
Available-for-Sale, Due in one year or less, Fair Value | 1,549 |
Available-for-Sale, Due from one to five years, Fair Value | 8,515 |
Available-for-Sale, Due from after five to ten years, Fair Value | 3,728 |
Available-for-Sale, Due after ten years, Fair Value | 19,071 |
Available-for-Sale, Fair Value | 32,863 |
Held-to-Maturity, Due in one year or less, Amortized Cost | 605 |
Held-to-Maturity, Due from one to five years, Amortized Cost | 2,528 |
Held-to-Maturity, Due from after five to ten years, Amortized Cost | 6,995 |
Held-to-Maturity, Due after ten years, Amortized Cost | 2,305 |
Held-to-Maturity, Amortized Cost | 12,433 |
Held-to-Maturity, Due in one year or less, Fair Value | 604 |
Held-to-Maturity, Due from one to five years, Fair Value | 2,513 |
Held-to-Maturity, Due from after five to ten years, Fair Value | 7,050 |
Held-to-Maturity, Due after ten years, Fair Value | 2,323 |
Held-to-Maturity, Fair Value | $ 12,490 |
Investment Securities - Additio
Investment Securities - Additional information (Detail) | 6 Months Ended | ||
Dec. 31, 2017USD ($)Security | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($)Security | |
Investment Holdings [Line Items] | |||
Securities with a fair value pledge to secure public deposits and for other purposes as required by law | $ 6,600,000 | $ 8,200,000 | |
Proceeds from the sale of available-for-sale securities | 11,158,000 | $ 2,054,000 | |
Gross realized gains on sale of available-for-sale securities | 39,000 | 11,000 | |
Gross realized losses sale of available-for-sale securities | 5,000 | $ 0 | |
Securities available-for-sale | $ 32,863,000 | $ 42,820,000 | |
Bank CDs | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 22 | 26 | |
Securities available-for-sale | $ 5,466,000 | $ 6,745,000 | |
Number of securities with unrealized losses | Security | 18 | 12 | |
U.S. Governmental securities | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 5 | 10 | |
Securities available-for-sale | $ 1,447,000 | $ 4,340,000 | |
Number of securities with unrealized losses | Security | 2 | 3 | |
Corporate notes | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 15 | 24 | |
Securities available-for-sale | $ 6,276,000 | $ 11,226,000 | |
Number of securities with unrealized losses | Security | 9 | 9 | |
Investment securities | $ 8,300,000 | $ 13,200,000 | |
Collateralized mortgage obligations | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 38 | 35 | |
Securities available-for-sale | $ 13,475,000 | $ 12,567,000 | |
Number of securities with unrealized losses | Security | 36 | 28 | |
Available for sale securities percentage of agency | 100.00% | ||
Mortgage-backed securities | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 15 | 15 | |
Securities available-for-sale | $ 4,153,000 | $ 4,435,000 | |
Number of securities with unrealized losses | Security | 12 | 12 | |
Available for sale securities percentage of agency | 100.00% | ||
Municipal securities | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 27 | 30 | |
Securities available-for-sale | $ 2,046,000 | $ 3,507,000 | |
Number of securities with unrealized losses | Security | 17 | 13 | |
Investment securities | $ 12,500,000 | $ 13,400,000 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Jun. 30, 2017 | |
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | $ 10,718 | $ 13,625 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (75) | (130) |
Available-for-sale, 12 Months or Longer, Fair Value | 17,239 | 8,384 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (385) | (226) |
Available-for-sale, Total, Fair Value | 27,957 | 22,009 |
Available-for-sale, Total, Unrealized Loss | (460) | (356) |
Available-for-sale and Held-to-maturity, Less than 12 Months, Fair Value | 16,355 | 16,852 |
Available-for-sale and Held-to-maturity, Less than 12 Months, Unrealized Loss | (111) | (141) |
Available-for-sale and Held-to-maturity, 12 Months or Longer, Fair Value | 17,239 | 8,885 |
Available-for-sale and Held-to-maturity, 12 Months or Longer, Unrealized Loss | (385) | (228) |
Available-for-sale and Held-to-maturity, Total, Fair Value | 33,594 | 25,737 |
Available-for-sale and Held-to-maturity, Total, Unrealized Loss | (496) | (369) |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 1,115 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (16) | |
Available-for-sale, 12 Months or Longer, Fair Value | 601 | |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (17) | |
Available-for-sale, Total, Fair Value | 601 | 1,115 |
Available-for-sale, Total, Unrealized Loss | (17) | (16) |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 900 | 2,045 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (5) | (6) |
Available-for-sale, 12 Months or Longer, Fair Value | 3,459 | 2,492 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (42) | (58) |
Available-for-sale, Total, Fair Value | 4,359 | 4,537 |
Available-for-sale, Total, Unrealized Loss | (47) | (64) |
Collateralized mortgage obligations - agency residential | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 5,843 | 2,218 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (47) | (40) |
Available-for-sale, 12 Months or Longer, Fair Value | 6,497 | 4,278 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (218) | (120) |
Available-for-sale, Total, Fair Value | 12,340 | 6,496 |
Available-for-sale, Total, Unrealized Loss | (265) | (160) |
Mortgage-backed securities - agency residential | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 3,297 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (46) | |
Available-for-sale, 12 Months or Longer, Fair Value | 4,149 | 1,133 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (81) | (39) |
Available-for-sale, Total, Fair Value | 4,149 | 4,430 |
Available-for-sale, Total, Unrealized Loss | (81) | (85) |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 2,214 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (9) | |
Available-for-sale, 12 Months or Longer, Fair Value | 2,046 | 238 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (19) | (2) |
Available-for-sale, Total, Fair Value | 2,046 | 2,452 |
Available-for-sale, Total, Unrealized Loss | (19) | (11) |
Held-to-maturity, Less than 12 Months, Fair Value | 5,637 | 3,227 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (36) | (11) |
Held-to-maturity, 12 Months or Longer, Fair Value | 501 | |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (2) | |
Held-to-maturity, Total, Fair Value | 5,637 | 3,728 |
Held-to-maturity, Total, Unrealized Loss | (36) | (13) |
Bank CDs | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 3,975 | 2,736 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (23) | (13) |
Available-for-sale, 12 Months or Longer, Fair Value | 487 | 243 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (8) | (7) |
Available-for-sale, Total, Fair Value | 4,462 | 2,979 |
Available-for-sale, Total, Unrealized Loss | $ (31) | $ (20) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 159,514 | $ 112,045 | ||||
Unearned discounts, origination and commitment fees and costs | 871 | 359 | ||||
Allowance for loan losses | (683) | $ (615) | (593) | $ (626) | $ (613) | $ (487) |
Loans and leases receivable, net amount | 159,702 | 111,811 | ||||
Residential | 1-4 family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 128,267 | 88,578 | ||||
Allowance for loan losses | (472) | (420) | (399) | (362) | (360) | (314) |
Residential | Home equity and HELOCs | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 4,881 | 5,466 | ||||
Allowance for loan losses | (38) | (39) | (38) | (114) | (114) | (18) |
Commercial | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 12,652 | 12,191 | ||||
Allowance for loan losses | (86) | (85) | (89) | (118) | (118) | (131) |
Commercial | Commercial Business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 3,345 | 3,801 | ||||
Allowance for loan losses | (58) | (68) | (58) | (20) | (20) | (23) |
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 2,837 | 2,004 | ||||
Allowance for loan losses | (10) | $ (3) | (9) | $ (1) | $ (1) | $ (1) |
Consumer | Medical Education | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 7,526 | |||||
Allowance for loan losses | (19) | |||||
Consumer | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 6 | $ 5 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)Loan | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | $ 159,514,000 | $ 159,514,000 | $ 112,045,000 | ||
Overdrafts | 12,000 | 12,000 | $ 5,000 | ||
Loans performing under original contractual, interest increase | 18,000 | $ 23,000 | $ 40,000 | $ 35,000 | |
Number of loans identified as TDRs | Loan | 2 | 2 | |||
Loans identified as TDRs | 317,000 | $ 317,000 | $ 331,000 | ||
Modifications to loans classified as TDRs | 0 | $ 0 | |||
Additional loan commitments outstanding | 0 | 0 | 0 | ||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans in process of foreclosure | 402,000 | 402,000 | $ 946,000 | ||
Consumer | Private Education Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | $ 7,526,000 | $ 7,526,000 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses By Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | $ 615 | $ 613 | $ 593 | $ 487 |
Allowance for Loan Losses Charge-offs | (12) | (2) | (34) | (2) |
Allowance for Loan Losses Recoveries | 3 | 45 | 6 | |
Allowance for Loan Losses (Credit) Provisions | 80 | 12 | 79 | 135 |
Allowance for Loan Losses Ending Balance | 683 | 626 | 683 | 626 |
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 16 | 141 | 16 | 141 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 667 | 485 | 667 | 485 |
Residential | 1-4 family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 420 | 360 | 399 | 314 |
Allowance for Loan Losses Charge-offs | (12) | (12) | ||
Allowance for Loan Losses Recoveries | 2 | 44 | 5 | |
Allowance for Loan Losses (Credit) Provisions | 64 | 41 | 43 | |
Allowance for Loan Losses Ending Balance | 472 | 362 | 472 | 362 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 472 | 362 | 472 | 362 |
Residential | Home equity and HELOCs | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 39 | 114 | 38 | 18 |
Allowance for Loan Losses (Credit) Provisions | (1) | 96 | ||
Allowance for Loan Losses Ending Balance | 38 | 114 | 38 | 114 |
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 96 | 96 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 38 | 18 | 38 | 18 |
Commercial | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 85 | 118 | 89 | 131 |
Allowance for Loan Losses Charge-offs | (22) | |||
Allowance for Loan Losses (Credit) Provisions | 1 | 19 | (13) | |
Allowance for Loan Losses Ending Balance | 86 | 118 | 86 | 118 |
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 30 | 30 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 86 | 88 | 86 | 88 |
Commercial | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 68 | 20 | 58 | 23 |
Allowance for Loan Losses (Credit) Provisions | (10) | (3) | ||
Allowance for Loan Losses Ending Balance | 58 | 20 | 58 | 20 |
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 16 | 15 | 16 | 15 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 42 | 5 | 42 | 5 |
Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 3 | 1 | 9 | 1 |
Allowance for Loan Losses (Credit) Provisions | 7 | 1 | ||
Allowance for Loan Losses Ending Balance | 10 | 1 | 10 | 1 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 10 | 1 | 10 | 1 |
Consumer | Medical Education | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses (Credit) Provisions | 19 | 19 | ||
Allowance for Loan Losses Ending Balance | 19 | 19 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | $ 19 | 19 | ||
Consumer | Other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Charge-offs | (2) | (2) | ||
Allowance for Loan Losses Recoveries | 1 | 1 | 1 | |
Allowance for Loan Losses (Credit) Provisions | 1 | $ (1) | 1 | |
Unallocated Reserve | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses (Credit) Provisions | 11 | 11 | ||
Allowance for Loan Losses Ending Balance | 11 | 11 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | $ 11 | $ 11 |
Loans Receivable - Individually
Loans Receivable - Individually and Collectively Evaluated for Impairment By Loan Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 159,514 | $ 112,045 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 1,954 | 2,081 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 157,560 | 109,971 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 128,267 | 88,578 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 1,280 | 1,198 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 126,987 | 87,380 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 4,881 | 5,466 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 105 | 196 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 4,776 | 5,270 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 12,652 | 12,191 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 406 | 514 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 12,246 | 11,684 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 3,345 | 3,801 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 163 | 173 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 3,182 | 3,628 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 2,837 | 2,004 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 2,837 | 2,004 |
Consumer | Medical Education | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 7,526 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 7,526 | |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 6 | 5 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | $ 6 | $ 5 |
Loans Receivable - Summary of I
Loans Receivable - Summary of Information in Regard to Impaired Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | $ 1,791 | $ 1,791 | $ 1,908 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 1,791 | 1,791 | 1,908 | ||
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 163 | 163 | 173 | ||
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 163 | 163 | 173 | ||
Impaired loans by loan portfolio class with an allowance, Related Allowance | 16 | 16 | 15 | ||
Impaired loans by loan portfolio class, Recorded Investment | 1,954 | 1,954 | 2,081 | ||
Impaired loans by loan portfolio class, Unpaid Principal Balance | 1,954 | 1,954 | 2,081 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,664 | $ 1,623 | 1,663 | $ 1,513 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 9 | 9 | 17 | 19 | |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 165 | 505 | 168 | 509 | |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 3 | 7 | 5 | 14 | |
Impaired loans by loan portfolio class, Average Record Investment | 1,829 | 2,128 | 1,831 | 2,022 | |
Impaired loans by loan portfolio class, Interest Income Recognized | 12 | 16 | 22 | 33 | |
Residential | 1-4 family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 1,280 | 1,280 | 1,198 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 1,280 | 1,280 | 1,198 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,151 | 924 | 1,147 | 854 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 1 | 1 | 3 | 3 | |
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 | 105 | 105 | 196 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 105 | 105 | 196 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 105 | 147 | 106 | 106 | |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 120 | 121 | |||
Commercial | Commercial Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 406 | 406 | 514 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 406 | 406 | 514 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 408 | 552 | 410 | 553 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 8 | 8 | 14 | 16 | |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 200 | 200 | |||
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 4 | 8 | |||
Commercial | Commercial Business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 163 | 163 | 173 | ||
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 163 | 163 | 173 | ||
Impaired loans by loan portfolio class with an allowance, Related Allowance | 16 | 16 | $ 15 | ||
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 165 | 185 | 168 | 188 | |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | $ 3 | $ 3 | $ 5 | $ 6 |
Loans Receivable - Summary of N
Loans Receivable - Summary of Nonaccrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 1,244 | $ 1,408 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,139 | 1,198 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 105 | 110 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 100 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 159,514 | $ 112,045 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 156,777 | 109,289 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 220 | 552 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,517 | 2,204 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 128,267 | 88,578 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,881 | 5,466 |
Residential | Pass | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 126,424 | 87,099 |
Residential | Pass | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,776 | 5,270 |
Residential | Substandard | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,843 | 1,479 |
Residential | Substandard | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 105 | 196 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 12,652 | 12,191 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,345 | 3,801 |
Commercial | Pass | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 12,026 | 11,283 |
Commercial | Pass | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,182 | 3,628 |
Commercial | Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 220 | 552 |
Commercial | Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 406 | 356 |
Commercial | Substandard | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 163 | 173 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,837 | 2,004 |
Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,837 | 2,004 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 7,526 | |
Consumer | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 6 | 5 |
Consumer | Pass | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 7,526 | |
Consumer | Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 6 | $ 5 |
Loans Receivable - Summary of S
Loans Receivable - Summary of Segments of Loan Portfolio by Aging Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,829 | $ 2,095 |
Current | 157,685 | 109,950 |
Total Loans Receivable | 159,514 | 112,045 |
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 | 364 | 554 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 500 | 381 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 965 | 1,160 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,551 | 1,885 |
Current | 126,716 | 86,693 |
Total Loans Receivable | 128,267 | 88,578 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | 1-4 family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 191 | 554 |
Residential | 1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 500 | 381 |
Residential | 1-4 family | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 860 | 950 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 105 | 110 |
Current | 4,776 | 5,356 |
Total Loans Receivable | 4,881 | 5,466 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | Home equity and HELOCs | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 105 | 110 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100 | |
Current | 12,652 | 12,091 |
Total Loans Receivable | 12,652 | 12,191 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Commercial Real Estate | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100 | |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,345 | 3,801 |
Total Loans Receivable | 3,345 | 3,801 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 173 | |
Current | 7,353 | |
Total Loans Receivable | 7,526 | |
Loans Receivable >90 Days and Accruing | 0 | |
Consumer | Medical Education | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 173 | |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6 | 5 |
Total Loans Receivable | 6 | 5 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,837 | 2,004 |
Total Loans Receivable | 2,837 | 2,004 |
Loans Receivable >90 Days and Accruing | $ 0 | $ 0 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings on Accrual Status and Non-Accrual Status (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Total TDRs | $ 317 | $ 331 |
Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 317 | $ 331 |
Derivatives and Risk Manageme39
Derivatives and Risk Management Activities - Summary of Derivatives not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 519 | $ 1,001 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 251 | 786 |
Asset Derivatives, Notional Amount | 10,224 | 21,389 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 26 | 19 |
Liability Derivatives, Notional Amount | 2,667 | 4,089 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 268 | 179 |
Asset Derivatives, Notional Amount | 7,267 | 10,864 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 3 | 37 |
Liability Derivatives, Notional Amount | 978 | 3,713 |
Not Designated as Hedging Instrument | To Be Announced Securities | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 36 | |
Asset Derivatives, Notional Amount | 1,000 | 14,750 |
Not Designated as Hedging Instrument | To Be Announced Securities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 17 | 8 |
Liability Derivatives, Notional Amount | $ 10,250 | $ 2,750 |
Derivatives and Risk Manageme40
Derivatives and Risk Management Activities - Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from hedging instruments | $ (74) | $ (560) | $ (464) | $ (939) |
Interest Rate Lock Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from hedging instruments | (173) | (486) | (542) | (269) |
Forward Loan Sales Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from hedging instruments | 131 | (583) | 123 | (928) |
To Be Announced Securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from hedging instruments | $ (32) | $ 509 | $ (45) | $ 258 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 32,863 | $ 42,820 |
Loans held for sale, at fair value | 12,266 | 12,784 |
Asset Derivatives | 519 | 1,001 |
Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,466 | 6,745 |
U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,447 | 4,340 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,276 | 11,226 |
Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,475 | 12,567 |
Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,153 | 4,435 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,046 | 3,507 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 12,266 | 12,784 |
Fair Value, Measurements, Recurring | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,466 | 6,745 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 268 | 179 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 251 | 786 |
Fair Value, Measurements, Recurring | To Be Announced Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 36 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 12,266 | 12,784 |
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 | 5,223 | 6,502 |
Fair Value, Measurements, Recurring | Level 2 | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 268 | 179 |
Fair Value, Measurements, Recurring | Level 2 | To Be Announced Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 36 | |
Fair Value, Measurements, Recurring | Level 3 | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 243 | 243 |
Fair Value, Measurements, Recurring | Level 3 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 251 | 786 |
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 | 1,447 | 4,340 |
Fair Value, Measurements, Recurring | U.S. Governmental securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,447 | 4,340 |
Fair Value, Measurements, Recurring | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,276 | 11,226 |
Fair Value, Measurements, Recurring | Corporate notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,288 | 10,258 |
Fair Value, Measurements, Recurring | Corporate notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 988 | 968 |
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 | 13,475 | 12,567 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,475 | 12,567 |
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 | 4,153 | 4,435 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,153 | 4,435 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,046 | 3,507 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 2,046 | $ 3,507 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments - Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 3 | $ 37 |
Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 3 | 37 |
Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 26 | 19 |
Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 26 | 19 |
To Be Announced Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 17 | 8 |
To Be Announced Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 17 | $ 8 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Change in Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Bank Cds | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 243 | $ 243 | ||
Ending Balance | 243 | 243 | ||
Corporate notes | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 982 | 968 | ||
Total gains (losses) (unrealized): Included in other comprehensive income | 6 | 20 | ||
Ending Balance | 988 | 988 | ||
IRLC - Asset | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 412 | $ 867 | 786 | $ 1,084 |
Total (losses) or gains included in earnings and held at reporting date | (161) | (552) | (535) | (769) |
Ending Balance | 251 | 315 | 251 | 315 |
IRLC - Liability | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | (15) | (16) | (19) | (32) |
Total (losses) or gains included in earnings and held at reporting date | (11) | 12 | (7) | 28 |
Ending Balance | $ (26) | $ (4) | $ (26) | $ (4) |
Fair Value of Financial Instr44
Fair Value of Financial Instruments - Additional Information (Detail) | Dec. 31, 2017USD ($) |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a nonrecurring basis | $ 0 |
Fair Value of Financial Instr45
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Assets: | ||
Investment securities held-to-maturity, fair value | $ 12,490 | $ 11,896 |
Loans held for sale at fair value | 12,266 | 12,784 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 14,802 | 28,577 |
Investment securities held-to-maturity, fair value | 12,433 | 11,809 |
Loans receivable, net | 159,702 | 111,811 |
Restricted investment in bank stock | 749 | 643 |
Accrued interest receivable | 773 | 620 |
Liabilities: | ||
Deposits | 193,108 | 170,481 |
Advances from the FHLB | 12,000 | 9,000 |
Securities sold under agreements to repurchase | 2,967 | 2,883 |
Accrued interest payable | 20 | 20 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 14,802 | 28,577 |
Investment securities held-to-maturity, fair value | 12,490 | 11,896 |
Loans receivable, net | 153,416 | 107,510 |
Restricted investment in bank stock | 749 | 643 |
Accrued interest receivable | 773 | 620 |
Liabilities: | ||
Deposits | 152,661 | 160,764 |
Advances from the FHLB | 11,899 | 8,958 |
Securities sold under agreements to repurchase | 2,967 | 2,883 |
Accrued interest payable | 20 | 20 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 14,802 | 28,577 |
Level 2 | ||
Assets: | ||
Investment securities held-to-maturity, fair value | 10,482 | 9,884 |
Accrued interest receivable | 773 | 620 |
Liabilities: | ||
Deposits | 152,661 | 160,764 |
Advances from the FHLB | 11,899 | 8,958 |
Securities sold under agreements to repurchase | 2,967 | 2,883 |
Accrued interest payable | 20 | 20 |
Level 3 | ||
Assets: | ||
Investment securities held-to-maturity, fair value | 2,008 | 2,012 |
Loans receivable, net | 153,416 | 107,510 |
Restricted investment in bank stock | $ 749 | $ 643 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments - Difference between Carrying Amount of Mortgage Loans Held For Sale, Measured at Fair Value and Aggregate Unpaid Principal Amount (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Carrying Amount | $ 12,266 | $ 12,784 |
Aggregate Unpaid Principal Balance | 12,112 | 12,534 |
Excess Carrying Amount Over Aggregate Unpaid Principal Balance | $ 154 | $ 250 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |||||
Common stock outstanding | 2,182,125 | 0 | 2,182,125 | 0 | 2,182,125 |
Stock options or other convertible instruments outstanding | 0 | 0 | 0 | 0 | |
Effect of dilution on earnings per share | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income (basic and diluted) | $ 179 | $ 39 | $ 415 | $ 292 |
Weighted average shares outstanding | 2,182,125 | 2,182,125 | ||
Net income per share – basic and diluted | $ 0.08 | $ 0.19 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Dec. 31, 2017USD ($)shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee stock ownership plan, eligibility description | Eligible employees who have attained age 21 may participate 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, number of shares committed to be released | 4,364 |
Employee stock ownership plan, value of shares committed to be released | $ | $ 47 |
Number of shares purchased by ESOP | 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||
Fees for customer services | $ 185,000 | $ 51,000 | $ 230,000 | $ 105,000 |
Competitive Rate of Return and FDIC Insurance | ||||
Related Party Transaction [Line Items] | ||||
Related party program total balances | 116,700,000 | 116,700,000 | ||
Fees for customer services | $ 84,000 | $ 84,000 |