Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 15, 2018 | Dec. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HVBC | ||
Entity Registrant Name | HV Bancorp, Inc. | ||
Entity Central Index Key | 1,594,555 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 2,259,125 | ||
Entity Public Float | $ 28,164,646 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Assets | ||
Cash and due from banks | $ 1,345 | $ 1,514 |
Interest-earning deposits with banks | 13,400 | 27,063 |
Cash and cash equivalents | 14,745 | 28,577 |
Investment securities available-for-sale, at fair value | 30,847 | 42,820 |
Investment securities held-to-maturity (fair value of $13,747 at June 30, 2018 and $11,896 at June 30, 2017) | 13,905 | 11,809 |
Loans held for sale, at fair value | 13,558 | 12,784 |
Loans receivable, net of allowance for loan losses of $871 at June 30, 2018 and $593 at June 30, 2017 | 212,696 | 111,811 |
Bank-owned life insurance | 6,016 | 4,005 |
Restricted investment in bank stock | 1,190 | 643 |
Premises and equipment, net | 1,873 | 1,835 |
Accrued interest receivable | 940 | 620 |
Prepaid income taxes | 254 | 171 |
Deferred income taxes, net | 526 | 257 |
Prepaid expenses | 267 | 272 |
Mortgage banking derivatives | 817 | 1,001 |
Other assets | 128 | 160 |
Total Assets | 297,762 | 216,765 |
Liabilities | ||
Deposits | 235,403 | 170,481 |
Advances from the Federal Home Loan Bank | 22,000 | 9,000 |
Securities sold under agreements to repurchase | 5,739 | 2,883 |
Advances from borrowers for taxes and insurance | 2,276 | 1,402 |
Deferred gain on sale - leaseback of building | 294 | 310 |
Other liabilities | 1,329 | 1,248 |
Total Liabilities | 267,041 | 185,324 |
Shareholders’ Equity | ||
Preferred Stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and 2017 | ||
Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,259,125 and 2,182,125 shares issued and outstanding as of June 30, 2018 and 2017 | 23 | 22 |
Additional paid in capital | 20,368 | 20,369 |
Retained earnings | 13,277 | 13,547 |
Accumulated other comprehensive loss | (648) | (111) |
Unearned Employee Stock Option Plan | (2,299) | (2,386) |
Total Shareholders' Equity | 30,721 | 31,441 |
Total Liabilities and Shareholders' Equity | $ 297,762 | $ 216,765 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Investment securities held-to-maturity, fair value | $ 13,747 | $ 11,896 |
Loans receivable, allowance for loan losses | $ 871 | $ 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 | 2,259,125 | 2,182,125 |
Common stock, shares outstanding | 2,259,125 | 2,182,125 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Interest Income | |||
Interest and fees on loans | $ 6,509 | $ 4,523 | |
Interest and dividends on investments: | |||
Taxable | 422 | 376 | |
Nontaxable | 280 | 198 | |
Interest on mortgage-backed securities and collateralized mortgage obligations | 390 | 274 | |
Interest on interest-earning deposits | 383 | 363 | |
Total Interest Income | 7,984 | 5,734 | |
Interest Expense | |||
Interest on deposits | 1,030 | 741 | |
Interest on advances from the Federal Home Loan Bank | 317 | 147 | |
Interest on securities sold under agreements to repurchase | 4 | 3 | |
Total Interest Expense | 1,351 | 891 | |
Net Interest Income | 6,633 | 4,843 | |
Provision for Loan Losses | 266 | 201 | |
Net Interest Income After Provision for Loan Losses | 6,367 | 4,642 | |
Non-Interest Income | |||
Fees for customer services | 634 | 204 | |
Increase in cash surrender value of bank owned life insurance | 154 | 110 | |
Gain on sale of loans, net | 3,467 | 5,515 | |
Gain on sale of available-for-sale securities, net | 35 | 18 | |
Loss from derivative instruments | (258) | (337) | |
Change in fair value of loans held-for-sale | 30 | (578) | |
Other | 14 | 10 | |
Total Non-Interest Income | 4,076 | 4,942 | |
Non-Interest Expense | |||
Salaries and employee benefits | 5,253 | 5,021 | |
Occupancy | 1,089 | 1,014 | |
Federal deposit insurance premiums | 121 | 125 | |
Data processing related operations | 603 | 582 | |
Loss on sale of other real estate owned | 3 | 12 | |
Real estate owned expense | 30 | 19 | |
Professional fees | 632 | 698 | |
Other expenses | 1,698 | 1,349 | |
Total Non-Interest Expense | 9,429 | 8,820 | |
Income Before Income Taxes | 1,014 | 764 | |
Income Tax Expense | 244 | 195 | |
Net Income | $ 770 | $ 569 | [1] |
Net Income per share: | |||
Basic | $ 0.38 | $ 0.56 | [1] |
Diluted | 0.38 | $ 0.56 | [1] |
Dividends declared per share | $ 0.50 | ||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Statement Of Income And Comprehensive Income [Abstract] | ||||||||||||
Net Income | $ 223 | $ 132 | $ 179 | $ 236 | $ 179 | $ 98 | $ 39 | $ 253 | $ 770 | $ 569 | [1] | |
Other comprehensive loss, net of tax | ||||||||||||
Unrealized loss on investment securities available-for-sale securities (pre-tax ($696) and ($194), respectively) | (459) | (92) | ||||||||||
Reclassification adjustment for gains included in income (pre-tax ($35), and ($18), respectively) | [2] | (27) | (12) | |||||||||
Other comprehensive loss | (486) | (104) | ||||||||||
Total Comprehensive Income | $ 284 | $ 465 | ||||||||||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. | |||||||||||
[2] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized (loss) gain on investment securities available-for-sale securities, pre-tax | $ (696) | $ (194) |
Reclassification adjustment for gains included in income, pre-tax | $ (35) | $ (18) |
Consolidated Statements of Chan
Consolidated Statements of Changes in 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) | ||||
Proceeds from issuance of common stock | 20,391 | $ 22 | $ 20,369 | ||||
Proceeds from issuance of common stock, shares | 2,182,125 | ||||||
Purchase of ESOP Shares | (2,430) | $ (2,430) | |||||
ESOP shares committed to be released | 44 | 44 | |||||
Net Income | 569 | [1] | 569 | ||||
Other comprehensive loss | (104) | (104) | |||||
Ending balance at Jun. 30, 2017 | 31,441 | $ 22 | 20,369 | 13,547 | (111) | (2,386) | |
Ending balance, shares at Jun. 30, 2017 | 2,182,125 | ||||||
Special dividend declared on common stock ($0.50) | (1,091) | (1,091) | |||||
ESOP shares committed to be released | 87 | 87 | |||||
Net Income | 770 | 770 | |||||
Reclassification of certain income tax effects from accumulated other comprehensive income | 51 | (51) | |||||
Other comprehensive loss | (486) | (486) | |||||
Restricted stock awards | $ 1 | (1) | |||||
Restricted stock awards, shares | 77,000 | ||||||
Ending balance at Jun. 30, 2018 | $ 30,721 | $ 23 | $ 20,368 | $ 13,277 | $ (648) | $ (2,299) | |
Ending balance, shares at Jun. 30, 2018 | 2,259,125 | ||||||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($)shares | |
Statement Of Stockholders Equity [Abstract] | |
Proceeds from issuance of common stock, offering costs | $ | $ 1,431 |
Number of ESOP shares purchased | shares | 174,570 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 770 | $ 569 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 238 | 198 |
Impairment of real estate owned, net | 14 | |
Amortization of deferred loan costs | 195 | 17 |
Amortization of net securities premiums | 190 | 191 |
Loss on sale of other real estate owned | 3 | 12 |
Gain on sale of available-for-sale securities, net | (35) | (18) |
Loss from derivative instruments | 258 | 309 |
Provision for Loan Losses | 266 | 201 |
Deferred income taxes | (75) | (158) |
Amortization of deferred gain on sale-leaseback transaction | (16) | (16) |
Earnings on bank owned life insurance | (154) | (110) |
ESOP compensation expense | 87 | 44 |
Loans held for sale: | ||
Originations, net of prepayments | (141,954) | (167,954) |
Proceeds from sales | 144,677 | 184,783 |
Gain on sales | (3,467) | (5,515) |
Change in fair value of loans held for sale | (30) | 578 |
(Increase) decrease in: | ||
Accrued interest receivable | (320) | (93) |
Prepaid income taxes | (83) | (24) |
Prepaid and other assets | 88 | (30) |
Other liabilities | 7 | (240) |
Net cash provided by operating activities | 659 | 12,744 |
Cash Flows from Investing Activities | ||
Net increase in loans receivable | (13,307) | (18,644) |
Purchased loans | (88,180) | |
Activity in available-for-sale securities: | ||
Proceeds from sales | 11,882 | 4,436 |
Maturities and repayments | 3,801 | 3,992 |
Purchases | (4,596) | (18,316) |
Activity in held-to-maturity securities: | ||
Maturities and repayments | 27 | 534 |
Purchases | (2,123) | (6,518) |
Purchase of restricted investment in bank stock | (2,479) | |
Redemption of restricted investment in bank stock | 1,932 | 465 |
Proceeds from sale of real estate owned | 124 | 168 |
Purchases of premises and equipment | (276) | (381) |
Purchase of bank owned life insurance | (1,857) | |
Net cash used in investing activities | (95,052) | (34,264) |
Cash Flows from Financing Activities | ||
Cash dividend paid to shareholders | (1,091) | |
Net increase in deposits | 64,922 | 28,710 |
Net increase in advances from borrowers for taxes and insurance | 874 | 45 |
Net increase (decrease) in securities sold under agreements to repurchase | 2,856 | (1,046) |
Net increase in short-term borrowings from Federal Home Loan Bank | 6,000 | |
Proceeds from long-term borrowings from Federal Home Loan Bank | 12,000 | 1,000 |
Repayment of long-term borrowings from Federal Home Loan Bank | (5,000) | (12,000) |
Purchase of ESOP shares | (2,430) | |
Proceeds from issuance of common stock, net | 20,391 | |
Net cash provided by financing activities | 80,561 | 34,670 |
(Decrease) increase in Cash and Cash Equivalents | (13,832) | 13,150 |
Cash and Cash Equivalents, beginning of year | 28,577 | 15,427 |
Cash and Cash Equivalents, end of year | 14,745 | 28,577 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the year of interest | 1,296 | 890 |
Cash paid during the year for income taxes | 346 | 330 |
Supplementary Schedule of Noncash Investing Activities | ||
Transfer of loans to real estate owned | $ 141 | $ 65 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Nature of Business 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 of the Company 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’s common stock began trading on the Nasdaq Capital Market on January 12, 2017. 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. In accordance with federal and state regulations, at the time of the conversion from mutual to stock form, the Bank substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after the conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder's interest in the liquidation account. In the event of a complete liquidation of the Bank, each account holder will be entitled to receive a distribution in an amount proportionate to the adjusted qualifying account balances then held. The following is a description of the significant accounting policies of the Company. The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. Basis of Financial Statement Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and general practices within the financial services industry. Principles of Consolidation The accompanying audited consolidated financial statements include the 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 (see Nature of Business). Prior to January 11, 2017, all financial information reflects the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates 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 consolidated statements of financial condition 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. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers cash and cash equivalents to include cash, amounts due from banks, and interest-bearing deposits with banks with original maturities of three months or less. Investment Securities Management determines the appropriate classification of securities at the time of purchase. Securities that management has both the positive intent and ability to hold to maturity are classified as securities held-to-maturity and are carried at cost, adjusted for amortization of premium or accretion of discount using the interest method. Securities that may be sold prior to maturity for asset/liability management purposes, or that may be sold in response to changes in interest rates, to changes in prepayment risk, to increase regulatory capital or other similar factors, are classified as securities available-for-sale and carried at fair value with any adjustments to fair value, after tax, reported as a separate component of shareholders’ equity. Interest and dividends on securities, including the amortization of premiums and the accretion of discounts, are reported in interest and dividends on securities using the interest method. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and are calculated using the specific-identification method. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other-than-temporary, (“OTTI”) would be reflected in the statements of income. In evaluating loss for other-than-temporary impairment, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value and (4) whether the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost basis. For debt securities where the Company has determined that other-than-temporary impairment exists and the Company does not intend to sell the security or if it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the impairment is separated into the amount that is credit-related and the amount due to all other factors. The credit-related impairment is recognized in the statements of income, and is the difference between an investment's amortized cost basis and the present value of expected future cash flows discounted at the investment's effective interest rate. The non-credit related loss is recognized in other comprehensive income (loss), net of income tax benefit. For debt securities classified as held-to-maturity, the amount of noncredit-related impairment is recognized in other comprehensive income (loss) and is accreted over the remaining life of the debt security as an increase in the carrying value of the investment. Mortgage Banking Activities and Mortgage Loans Held for Sale Loans held for sale (“LHS”) are originated and held until sold to permanent investors. Management accounts for loans held for sale at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in non-interest income and direct loan origination costs and fees deferred and recognized upon sale and are included in non-interest income in the consolidated statements of income. Risk Management and Derivative Instruments and Hedging Activities The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates due to their impact on the fair value of mortgage loans held for sale and related commitments. The Company is subject to interest rate risk and price risk on its loans held for sale from the loan funding date until the date the loan is sold. The Company uses derivative instruments as part of its overall strategy to manage its exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, the Company does not use derivatives for speculative purposes. All of the Company’s derivative instruments are measured at fair value on a recurring basis and are included in the consolidated statements of financial condition as mortgage banking derivatives. The changes in the fair value of derivative instruments are included in non-interest income in the consolidated statements of income. To Be Announced Securities To be announced securities (“TBAs”) are “forward delivery” securities considered derivative instruments under derivatives and hedging accounting guidance. The Company utilizes TBAs to protect against the price risk inherent in derivative loan commitments. 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. TBAs are recorded at fair value on the consolidated statements of financial condition in mortgage banking derivatives or other liabilities with changes in fair value recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. The fair value of the Company’s derivative instruments, other than IRLCs, that are measured at fair value on a recurring basis is determined by utilizing quoted prices from dealers in such securities or third-party models utilizing observable market inputs. Interest Rate Lock Commitments Interest rate loan commitments known as IRLCs that relate to the origination of mortgages that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging Forward Loan Sales Commitments Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of issuance through the date of loan funding, cancellation or expiration. IRLC generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. The Company uses mandatory commitments to substantially reduce these risks. See Note 9, Derivatives and Risk Management Activities. Forward loan sales commitments are recognized at fair value on the Consolidated Statements of Financial Condition as mortgage banking derivatives or as other liabilities with changes in their fair values recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield in (interest income) of the related loans. The loans receivable portfolio is segmented into Residential, Commercial, Construction and Consumer loans. Within Residential loans, the following classes exist: One-to-four family loans and home equity and home equity lines of credit (“HELOCs”). Within Commercial loans, the following classes exist: commercial real estate and commercial business loans. Within Consumer loans, the following classes exist: Medical education and other. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the 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 past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for probable losses inherent in the portfolio. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective; as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential mortgage, home equity, HELOCs, medical education loans, and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. Nature and volume of the portfolio and terms of loans. 4. Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 5. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 6. Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through objective data to analyze of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Residential loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential loans have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets. Commercial mortgage loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial mortgage loans typically require a loan to value ratio of not greater than 80% and vary in terms. The Company also makes construction loans to finance the construction of residential and commercial structures. These loans are made to individuals or commercial customers and are typically secured by the land and structures under construction. Construction loans have an inherently higher risk of repayment due to potential unforeseen delays in completion and changes in market conditions during the construction. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management, in determining impairment, include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial real estate loans, commercial business and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. For commercial and construction loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans, home equity line of credits and other consumer loans for impairment disclosures, unless such loans have been modified and accounted for as a troubled debt restructuring. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are generally restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All loans classified as troubled debt restructurings are designated as impaired. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial and construction loans or when credit deficiencies arise, such as delinquent loan payments, for commercial real estate and consumer loans. 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 the repayment prospects. 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. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require to the Bank recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Bank-Owned Life Insurance The Bank invests in bank-owned life insurance policies (“BOLI”) as a mechanism for funding various employee benefit costs. The Bank is the beneficiary of these policies that insure the lives of certain of its current and former officers. The Bank recognizes the cash surrender value under the insurance policies as an asset in the Consolidated Statement of Financial Condition. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. Restricted Investment in Bank Stock Restricted investment in bank stocks, which represents required investments in the common stock of correspondent banks, is carried at cost, and consists of common stock of the Atlantic Community Bancshares, Inc. (“ACBI”) and Federal Home Loan Bank of Pittsburgh (“FHLB”) stock totaling $1,190,000 and $643,000 at June 30, 2018 and 2017, respectively. Premises and Equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is charged to income on the straight-line method over the estimated useful lives of the assets or, in the case of leasehold improvements, the expected lease period, if shorter. When disposal of fixed assets occurs, the related cost and accumulated depreciation are removed from the asset accounts, and the gain or loss from these disposals is reflected in non-interest income. The estimated useful lives are as follows: Years Land improvements 40 Office buildings and improvements 15 to 40 Leasehold improvements 5 to 15 Furniture and office equipment 3 to 10 Real Estate Owned Real estate owned is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure and loans classified as in-substance foreclosure. A loan is classified as in-substance foreclosure when the Company has taken possession of the collateral regardless of whether formal proceedings take place. Foreclosed assets initially are recorded at fair value, net of estimated selling costs, at the date of foreclosure establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the assets are carried at the lower of cost or fair value minus estimated costs to sell. Real estate secured by residential 1-4 family properties June 30, 2018 and 2017, respectively. There was no real estate secured by residential 1-4 family properties held in Other Real Estate Owned at June 30, 2018 and 2017, respectively. There was no real estate secured by commercial properties held in Other Real Estate Owned June 30, 2018 and 2017, respectively. The following is a roll forward of activity in Other Real Estate Owned at June 30: (Dollars in thousands) 2018 2017 Balance at beginning of period $ — $ 115 Properties transferred in 141 65 Proceeds from properties sold (124 ) (168 ) Loss on sales of properties (3 ) (12 ) Impairment valuation reserves (14 ) — Balance at end of year $ — $ — Securities Sold Under Agreements to Repurchase The Company enters into sales of securities under agreements to repurchase. Reverse repurchase agreements are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Financial Condition. The securities underlying the agreements remain in the asset accounts. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, the tax position will be realized or sustained upon examination. The term “more likely than not” means that a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. As of June 30, 2018 and 2017, the Company had no material unrecognized tax benefits or accrued interest and penalties. The Company's policy is to account for interest as a component of interest expense and penalties as a component of other expense. Federal and state tax years 2015 through 2017 were open for examination as of June 30, 2018. Transfer of Financial Assets Transfers of financials assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Fair Value Measurements Fair value of financial instruments is estimated using relevant market information and other assumptions. As more fully disclosed in Note 13, fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates. Huntingdon Valley Bank Employee Stock Ownership Plan (“the ESOP”) The cost of shares issued to the ESOP but not yet allocated to participants is shown as a reduction of shareholders' equity. Compensation expense is based on the average market price of shares as they are committed to be released to participants' accounts. If the Company declares a dividend, the dividends on the allocated shares would be recorded as dividends and charged to retained earnings. Dividends declared on common stock held by the ESOP and not allocated to the account of a participant can be used to repay the loan. Allocation of shares to the ESOP participants is contingent upon the repayment of the loan to the Company. Stock Options The Company recognizes the value of share-based payment transactions as compensation costs in the financial statements over the period that an employee provides service in exchange for the award. The fair value of the share-based payments for stock options is estimated using the Black-Scholes option-pricing model. Restricted Stock The Company recognizes compensation cost related to restricted stock based on the market price of the stock at the grant date over the vesting period. The product of the number of shares granted and the grant date market price of the Company's common stock determines the fair value of restricted stock under the equity incentive plan. Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted-average number of common shares outstanding during the period. As ESOP shares are committed to be released, the shares become outstanding for EPS calculation purposes. ESOP shares not committed to be released are not considered outstanding for basic or diluted EPS calculations. The basic EPS calculation excludes the dilutive effect of all common stock equivalents. Diluted earnings per share reflects the weighted-average potential dilution that could occur if all potentially dilutive securities or other commitments to issue common stock were exercised or converted into common stock using the treasury stock method. 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 Revenue from Contracts with Customers: Deferral of the Effective Date Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net Revenue from Contracts with Customers: Identifying Performance O |
Investment Securities
Investment Securities | 12 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 2. Investment Securities Investment securities available-for-sale at June 30, 2018 were comprised of the following: 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 1,007 $ — $ (40 ) $ 967 Corporate notes 5,805 5 (102 ) 5,708 Collateralized mortgage obligations - agency residential 14,297 — (503 ) 13,794 Mortgage-backed securities - agency residential 3,964 — (186 ) 3,778 Municipal securities 1,701 — (21 ) 1,680 Bank CDs 4,992 — (72 ) 4,920 $ 31,766 $ 5 $ (924 ) $ 30,847 Investment securities held-to-maturity at June 30, 2018 were comprised of the following: 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 2,519 $ — $ (3 ) $ 2,516 Municipal securities 11,386 34 (189 ) 11,231 $ 13,905 $ 34 $ (192 ) $ 13,747 Investment securities available-for-sale at June 30, 2017 were comprised of the following: 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 at June 30, 2017 were comprised of the following: 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 June 30, 2018 were as follows: 2018 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 2,994 $ 2,981 $ 605 $ 604 Due from more than one to five years 8,006 7,870 3,044 3,028 Due from more than five to ten years 1,502 1,461 7,238 7,146 Due after ten years 19,264 18,535 3,018 2,969 $ 31,766 $ 30,847 $ 13,905 $ 13,747 Securities with a fair value of $7.8 million and $8.2 million at June 30, 2018 and 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 year ended June 30, 2018 were $11.9 million. Gross realized gains on such sales were approximately $43,000 and gross realized losses on such sales were $8,000. Proceeds from the sale of available-for-sale securities for the year ended June 30, 2017 were $4.4 million. Gross realized gains on such sales were $22,000 and gross realized losses on such sales were $4,000. The following tables summarize the unrealized loss positions of securities available-for-sale and held-to-maturity at June 30, 2018 and 2017: 2018 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 $ 414 $ (11 ) $ 553 $ (29 ) $ 967 $ (40 ) Corporate notes 2,308 (45 ) 2,895 (57 ) 5,203 (102 ) Collateralized mortgage obligations - agency residential 8,798 (216 ) 4,996 (287 ) 13,794 (503 ) Mortgage-backed securities - agency residential — — 3,774 (186 ) 3,774 (186 ) Municipal securities 299 (1 ) 1,082 (20 ) 1,381 (21 ) Bank CDs 2,457 (35 ) 2,212 (37 ) 4,669 (72 ) $ 14,276 $ (308 ) $ 15,512 $ (616 ) $ 29,788 $ (924 ) Held-to-maturity: Corporate notes $ 516 $ (3 ) $ — $ — $ 516 $ (3 ) Municipal securities 5,542 (100 ) 3,375 (89 ) 8,917 (189 ) $ 6,058 $ (103 ) $ 3,375 $ (89 ) $ 9,433 $ (192 ) 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 - agency residential 2,218 (40 ) 4,278 (120 ) 6,496 (160 ) Mortgage-backed securities - agency residential 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 ) At June 30, 2018 and 2017, the investment portfolio included three and ten U.S. Government securities, with total fair values of $1.0 million and $4.3 million, respectively. Of these securities, three were in an unrealized loss position as of June 30, 2018 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 June 30, 2018 and June 30, 2017, management found no evidence of OTTI on any of the U.S. Governmental 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 June 30, 2018 and 2017, the investment portfolio included fifteen and twenty-four corporate notes with total fair values of $8.2 million and $13.2 million, respectively. Of these securities, twelve and nine were in an unrealized loss position as of June 30, 2018 and June 30, 2017, respectively. At the time of purchase and as of June 30, 2018 and June 30, 2017, these bonds continue to maintain investment grade ratings. As of June 30, 2018 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 not, will not be required to sell the securities before a recovery of the cost has occurred. At June 30, 2018 and 2017, the investment portfolio included forty-one and thirty-five collateralized mortgage obligations (CMOs) with total fair values of $13.8 million and $12.6 million at June 30, 2018 and 2017, respectively. Of these securities, forty-one and twenty-eight were in an unrealized loss position as of June 30, 2018 and 2017, respectively. The CMO portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of June 30, 2018 and 2017, management found no evidence of OTTI on any of the CMOs 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 June 30, 2018 and 2017, the investment portfolio included fifteen Mortgage backed securities (MBS) with a total fair value of $3.8 million and $4.4 million at the end of each period, respectively. Of these securities, twelve were in an unrealized loss position as of June 30, 2018 and 2017. The MBS portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of June 30, 2018 and 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 June 30, 2018 and 2017, the investment portfolio included twenty-eight and thirty municipal securities with a total fair value of $12.9 million and $13.4 million, respectively. Of these securities, twenty-one and thirteen were in an unrealized loss position as of June 30, 2018 and 2017, respectively. The Company’s municipal portfolio issuers are located in Pennsylvania and were purchased and, as of June 30, 2018 and 2017, continue to maintain investment grade ratings. Each of the municipal securities is reviewed quarterly for impairment. This includes research on each issuer to ensure the financial stability of the municipal entity. As of June 30, 2018 and 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 June 30, 2018 and 2017, the investment portfolio included twenty and twenty-six Bank CDs Bank CDs Bank CDs |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Receivable | 3. Loans Receivable Loans receivable at June 30, 2018 and 2017 were comprised of the following: (Dollars in thousands) 2018 2017 Residential: One-to-four family $ 182,234 $ 88,578 Home equity and HELOCs 4,921 5,466 Commercial: Commercial real estate 10,804 12,191 Commercial business 4,059 3,801 Construction 2,907 2,004 Consumer: Medical education 7,047 — Other 31 5 212,003 112,045 Unearned discounts, origination and commitment fees and costs 1,564 359 Allowance for loan losses (871 ) (593 ) $ 212,696 $ 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 June 30, 2018, the balance of the private education loans was $7.0 million. The private student loans are made following a proven credit criteria and were underwritten in accordance with the Bank’s policies. The purchased private student loans had recourse which included 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. However, in June 2018, the Company was informed that the insurance company was declared insolvent and adopted a plan of liquidation. The default claims will continue to be filed with the insurance company’s liquidator once accounts reach the 180 th Overdraft deposits are reclassified as consumer loans and are included in the total loans on the Consolidated Statements of Financial Condition. Overdrafts were $31,000 and $5,000 and at June 30, 2018 and 2017, respectively. The following tables summarize the activity in the allowance for loan losses by loan class for the years ended June 30, 2018 and 2017: Allowance for Loan Losses 2018 (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 $ (11 ) $ 3 $ 260 $ 651 $ — $ 651 Home equity and HELOCs 38 — — 1 39 — 39 Commercial: Commercial real estate 89 (23 ) 43 (44 ) 65 — 65 Commercial business 58 — — 7 65 14 51 Construction 9 — — 6 15 — 15 Consumer: Medical Education — — — 35 35 — 35 Other — — — 1 1 — 1 $ 593 $ (34 ) $ 46 $ 266 $ 871 $ 14 $ 857 Allowance for Loan Losses 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 $ 314 $ — $ 8 $ 77 $ 399 $ — $ 399 Home equity and HELOCs 18 (125 ) — 145 38 — 38 Commercial: Commercial real estate 131 — 25 (67 ) 89 — 89 Commercial business 23 — — 35 58 15 43 Construction 1 — — 8 9 — 9 Consumer: Other — (4 ) 1 3 — — — $ 487 $ (129 ) $ 34 $ 201 $ 593 $ 15 $ 578 The Company maintains a general allowance for loan losses based on evaluating known and inherent risks in the loan portfolio, including management’s continuing analysis of the factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, actual loan loss experience, and current and anticipated economic conditions. The reserve is an estimate based upon factors and trends identified by management at the time the financial statements are prepared. The Company allocated decreased allowance for loan loss provisions to the residential one-to-four family and commercial real estate for the year ended June 30, 2018, due primarily due to decreased historical charge-offs which impacted the quantitative factors. The following tables summarize information in regards to the recorded investment in loans receivable by loan class as of June 30, 2018 and 2017: 2018 Loan Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 182,234 $ 1,429 $ 180,805 Home equity and HELOCs 4,921 105 4,816 Commercial: Commercial real estate 10,804 398 10,406 Commercial business 4,059 153 3,906 Construction 2,907 — 2,907 Consumer: Medical education 7,047 — 7,047 Other 31 — 31 $ 212,003 $ 2,085 $ 209,918 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 11,677 Commercial business 3,801 173 3,628 Construction 2,004 — 2,004 Consumer: Other 5 — 5 $ 112,045 $ 2,081 $ 109,964 The following tables summarize information in regard to impaired loans by loan portfolio class as of and for the years ended June 30, 2018 and 2017: 2018 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,429 $ 1,592 $ — $ 1,402 $ 9 Home equity and HELOCs 105 106 — 140 — Commercial: Commercial real estate 398 398 — 441 28 Commercial business — — — — — Construction — — — — — Consumer — — — — — 1,932 2,096 — 1,983 37 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 153 154 14 163 9 Construction — — — — — Consumer — — — — — 153 154 14 163 9 $ 2,085 $ 2,250 $ 14 $ 2,146 $ 46 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,198 $ 1,198 $ — $ 893 $ 5 Home equity and HELOCs 196 196 — 151 1 Commercial: Commercial real estate 514 514 — 749 47 Commercial business — — — — — Construction — — — — — Consumer — — — — — 1,908 1,908 — 1,793 53 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 173 173 15 183 10 Construction — — — — — Consumer — — — — — 173 173 15 183 10 $ 2,081 $ 2,081 $ 15 $ 1,976 $ 63 The following table presents nonaccrual loans by classes of the loan portfolio as of June 30, 2018 and 2017: (Dollars in thousands) 2018 2017 Residential: One-to-four family $ 1,429 $ 1,198 Home equity and HELOCs 105 110 Commercial: Commercial real estate — 100 Commercial business — — Construction — — Consumer: Medical education — — Other — — $ 1,534 $ 1,408 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $97,000 and $84,000 for the years ended June 30, 2018 and 2017, respectively. The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system as of June 30, 2018 and 2017: 2018 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 180,248 $ — $ 1,986 $ — $ 182,234 Home equity and HELOCs 4,816 — 105 — 4,921 Commercial: Commercial real estate 10,190 216 398 — 10,804 Commercial business 3,773 — 286 — 4,059 Construction 2,907 — — — 2,907 Consumer: Medical education 7,047 — — — 7,047 Other 31 — — — 31 $ 209,012 $ 216 $ 2,775 $ — $ 212,003 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 June 30, 2018 and 2017: 2018 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable Accruing Residential: One-to-four family $ 595 $ 412 $ 800 $ 1,807 $ 180,427 $ 182,234 $ — Home equity and HELOCs — — 105 105 4,816 4,921 — Commercial: Commercial real estate — — — — 10,804 10,804 — Commercial business — — — — 4,059 4,059 — Construction — — — — 2,907 2,907 — Consumer: Medical education 152 62 24 238 6,809 7,047 24 Other — — — — 31 31 — $ 747 $ 474 $ 929 $ 2,150 $ 209,853 $ 212,003 $ 24 2017 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable 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 Bank 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 disclosed as and considered impaired loans for purposes of calculating the Company's allowance for loan losses. The Bank 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 June 30, 2018 and 2017, the Bank had two loans identified as TDRs totaling $304,000 and $331,000, respectively. At June 30, 2018 and 2017, all of the TDRs were performing in compliance with their restructured terms and on an accrual status. There were no modifications to loans classified as TDRs in 2018. No additional loan commitments were outstanding to these borrowers at June 30, 2018 and 2017. At June 30, 2018 and 2017, there was a specific reserve of $14,000 and $15,000, respectively, related to one TDR. The following table details the Bank’s TDRs at June 30, 2018: Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 151 $ — $ 151 Commercial business 1 153 — 153 Total 2 $ 304 $ — $ 304 The following table details the Bank’s TDRs at 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | 4. Premises and Equipment Premises and equipment are summarized by major classification at June 30, 2018 and 2017 as follows: (Dollars in thousands) 2018 2017 Land $ 334 $ 334 Land improvements 477 477 Office buildings and improvements 712 712 Leasehold improvements 706 636 Furniture and equipment 3,193 2,987 Total Cost 5,422 5,146 Accumulated depreciation (3,549 ) (3,311 ) $ 1,873 $ 1,835 Depreciation expense for the year ended June 30, 2018 and 2017 was $238,000 and $198,000, respectively. During the year ended June 30, 2007, the Bank sold the building that housed its corporate offices and one of its branch offices. At the time of settlement, the Bank entered into an operating lease agreement for the branch office portion of the building. The Bank deferred the $486,000 gain on the sale. The deferred gain is being amortized into income by the straight-line method over the term of the operating lease (29 years and 11 months) as a reduction of rental expense. The amount amortized was $16,000 for both years ended June 30, 2018 and 2017. |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
Deposits | 5. Deposits Deposits at June 30, 2018 and 2017 consisted of the following: (Dollars in thousands) 2018 2017 Demand accounts-interest bearing (1) $ 41,434 $ — Demand accounts-non-interest bearing (1) 67 — NOW accounts- interest bearing — 34,857 NOW accounts- non-interest bearing — 1,729 Money market deposit accounts 30,234 31,574 Passbook and statement accounts 29,237 33,920 Checking accounts 90,981 40,493 Subtotal - core deposits 191,953 142,573 Certificates of deposit 43,450 27,908 Total deposits $ 235,403 $ 170,481 (1) During 2018, the Company revamped our product offering and phased out the offering NOW accounts to our customers. At June 30, 2018, scheduled maturities of certificates of deposit for the periods are as follows: (Dollars in thousands) June 30, 2019 $ 26,172 June 30, 2020 10,788 June 30, 2021 3,319 June 30, 2022 562 June 30, 2023 2,049 June 30, 2024 and thereafter 560 $ 43,450 Certificates of deposit in denominations of $250,000 or more were $6.3 million and $2.9 million at June 30, 2018 and 2017. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | 6. Borrowings Under terms of its collateral agreement with the FHLB, the Company maintains otherwise unencumbered qualifying assets (principally qualifying 1-4 family residential mortgage loans and U.S. government agency and mortgage-backed securities) in the amount of at least as much as its advances from the FHLB. The Company's FHLB stock is also pledged to secure these advances. The following table details the Company’s fixed rate advances from the FHLB as of June 30, 2018 and 2017: (Dollars in thousands) Issue Date Maturity Advance Type Interest Rate 2018 2017 09/26/12 09/26/17 Fixed Rate 0.93 % $ — $ 3,000 11/30/15 11/30/17 Fixed Rate 1.27 % — 1,000 07/16/15 07/16/18 Fixed Rate 1.41 % 1,000 1,000 04/17/18 07/17/18 Fixed Rate 2.07 % 10,000 — 11/30/15 11/30/18 Fixed Rate 1.59 % 1,000 1,000 06/03/16 06/03/19 Fixed Rate 1.26 % 2,000 2,000 07/18/16 07/18/19 Fixed Rate 1.19 % 1,000 1,000 09/26/17 09/28/20 Fixed Rate 1.88 % 3,000 — 11/21/17 11/22/21 Fixed Rate 2.22 % 4,000 — $ 22,000 $ 9,000 The Company has borrowing facilities with the FHLB, including access to an “Open Repo Plus” line with a maturity up to three months as well as access to advances with maturities up to 30 years. The combined available total of the facilities or maximum borrowing capacity (“MBC”) is approximately $96.8 million as of June 30, 2018. The Open Repo Plus line has a maximum limit of up to one half of the MBC. The MBC changes as a function of the Company's qualifying collateral assets, and the amount of funds received may be reduced by additional required purchases of FHLB stock. As of June 30, 2018 and 2017, the Company had no borrowings outstanding under the Open Repo Plus line. The Company had outstanding FHLB advances totaling $22.0 million and $9.0 million as of June 30, 2018 or 2017, respectively. The Company had a $500,000 outstanding letter of credit to secure a deposit as which reduced the maximum borrowing capacity at June 30, 2018. The Company also has available lines of credit of $3.0 million with ACBI and a line equal to 95% of fair value of collateral held by the Federal Reserve Bank (“FRB”), which were $2.0 million at June 30, 2018 and $2.4 million at June 30, 2017. The Company has not borrowed against its credit lines with ACBI and FRB for the years ended June 30, 2018 or 2017. |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 12 Months Ended |
Jun. 30, 2018 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Agreement to Repurchase | 7. Securities Sold Under Agreement to Repurchase The Bank has entered into overnight repurchase agreements, which are collateralized by mortgage-backed securities and collateralized mortgage obligations, with a carrying value, including accrued interest, of $5.7 million and $2.9 million at June 30, 2018 and 2017, respectively. The fair value of the underlying collateral was $5.8 million and $3.7 million at June 30, 2018 and 2017. The following table details the Company’s overnight repurchase agreements: At or For the Years Ended June 30, 2018 2017 (Dollars in thousands) Balance at end of year $ 5,739 $ 2,883 Average balance during year $ 2,179 $ 1,935 Maximum outstanding at any month end $ 5,739 $ 4,277 Weighted average interest rate at end of year 0.19 % 0.19 % Weighted average interest rate during year 0.18 % 0.16 % |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Jun. 30, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital | 8. Regulatory Capital Information presented for June 30, 2018 and 2017, reflects the Basel III capital requirements that became effective January 1, 2015 for the Bank. Under these capital requirements and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk- weightings and other factors. Federal bank regulators require the Bank maintain minimum ratios of core capital to adjusted average assets of 4.0%, common equity Tier 1 capital to risk-weighted assets of 4.5%, Tier 1 capital to risk-weighted assets of 6.0% and total risk-based capital to risk-weighted assets of 8.0%. At June 30, 2018, the Bank met all the capital adequacy requirements to which they were subject. At June 30, 2018, the Bank was “well capitalized” under the regulatory framework for prompt corrective action. To be “well capitalized,” the Bank must maintain minimum leverage, common equity Tier 1 risk-based, Tier 1 risk-based and total risk-based capital ratios of at least 5.0%, 6.5%, 8.0% and 10.0%, respectively. Management believes that no conditions or events have occurred since June 30, 2018 that would materially adversely change the Bank’s capital classifications. From time to time, the Bank may need to raise additional capital to support the Bank’s further growth and to maintain its “well capitalized” status. The Bank’s actual capital amounts and ratios are presented in the table (dollars in thousands): To Be Well Capitalized Under the Prompt Capital Adequacy Corrective Action Actual Purposes Provision (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of June 30, 2018 Total risk-based capital (to risk-weighted assets) $ 25,050 15.6 % $ > > $ > > Tier 1 capital (to risk-weighted assets) 24,179 15.0 > > > > Tier 1 capital (to average assets) 24,179 8.8 > > > > Tier 1 common equity (to risk-weighted assets) 24,179 15.0 > > > > As of June 30, 2017 Total risk-based capital (to risk-weighted assets) $ 24,113 21.8 % $ ≥8,870 > $ ≥11,087 > Tier 1 capital (to risk-weighted assets) 23,520 21.2 > > > > Tier 1 capital (to average assets) 23,520 11.2 > > > > Tier 1 common equity (to risk-weighted assets) 23,520 21.2 > > > > As a licensed mortgagee, the Bank is subject to the rules and regulations of the Department of Housing and Urban Development ("HUD"), Federal Housing Authority (“FHA”) and state regulatory authorities with respect to originating, processing and selling loans. Those rules and regulations, among other things, require the maintenance of minimum net worth levels (which vary based on the portfolio of FHA loans originated by the Bank). Failure to meet the net worth requirements could adversely impact the ability to originate loans and access secondary markets. As of June 30, 2018 and 2017, the Bank maintained the minimum required net worth levels. The Bank must hold a capital conservation buffer, subject to a phase-in from January 1, 2016 through December 31, 2019, above its minimum risk-based capital requirements. As of June 30, 2018, the Bank is required to maintain a capital conservation buffer of 1.875%. At June 30, 2018, the Bank met the regulatory minimum capital requirements. Failure to maintain the full amount of the buffer will result in restrictions on the Bank’s ability to make capital distributions and to pay discretionary bonuses to executive officers. The phase-in requires the Bank to increase its capital conservation buffer from 0.625% as of June 30, 2016 to 2.50% as of June 30, 2019 and thereafter. Notwithstanding the foregoing, the EGRRCPA simplifies capital calculations by requiring regulators to establish for institutions under $10 billion in assets a community bank leverage ratio (tangible equity to average consolidated assets) at a percentage not less than 8% and not greater than 10% that such institutions may elect to replace the general applicable risk-based capital requirements under the Basel III capital rules. Such institutions that meet the community bank leverage ratio will automatically be deemed to be well-capitalized, although the regulators retain the flexibility to determine that the institution may not qualify for the community bank leverage ratio test based on the institution’s risk profile. Until the community bank leverage ratio is established by the regulators in accordance with EGRRCPA, the Basel III risk-based and leverage ratios remain in effect. The effective date and the specific community bank leverage ratio is unknown. |
Derivatives and Risk Management
Derivatives and Risk Management Activities | 12 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management Activities | 9. Derivatives and Risk Management Activities The Company did not have any derivative instruments designated as hedging instruments, or subject to master netting and collateral agreements as of and for the year ended June 30, 2018 and 2017. The following table summarizes the amounts recorded in the Company’s consolidated statement of financial condition for derivatives not designated as hedging instruments as of June 30, 2018 and 2017 (dollars in thousands): June 30, 2018 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 642 $ 20,589 Forward loan sales commitments Mortgage banking derivatives 175 4,687 TBA securities Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 56 $ 6,795 Forward loan sales commitments Other liabilities 4 1,522 TBA securities Other liabilities 78 17,750 June 30, 2017 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 786 $ 21,389 Forward loan sales commitments Mortgage banking derivatives 179 10,864 TBA securities Mortgage banking derivatives 36 14,750 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 19 $ 4,089 Forward loan sales commitments Other liabilities 37 3,717 TBA 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 year ended June 30, 2018 and 2017 (dollars in thousands): Consolidated Statements of Income Gain/(Loss) Presentation June 30, 2018 June 30, 2017 IRLCs (Loss) gain from derivative instruments $ (181 ) $ 368 Forward loan sales commitments Gain (loss) from derivative instruments 29 (699 ) TBA securities Loss from derivative instruments (106 ) (6 ) Total loss from derivative instruments $ (258 ) $ (337 ) |
Earnings per Share
Earnings per Share | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 10. 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. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect. At June 30, 2018, there were 198,000 stock options outstanding and 77,000 restricted stock shares outstanding which none of the stock options and restricted stock shares were vested and exercisable at June 30, 2018. The 198,000 stock options outstanding were not included in the computation of diluted net income per share for the year ended June 30, 2018 as their effect would have been anti-dilutive. The calculation of EPS for the year ended June 30, 2018 and 2017 is as follows (dollars in thousands, except per share data): 2018 2017 Net income (basic and diluted) $ 770 $ 569 Weighted average number of shares issued 2,185,711 1,010,354 Less weighted average number of unearned ESOP shares (165,519 ) — Less weighted average number of unvested restricted stock awards (3,586 ) — Basic weighted average shares outstanding 2,016,606 1,010,354 Add dilutive effect of restricted stock awards 1,795 — Diluted weighted average shares outstanding 2,018,401 1,010,354 Net income per share Basic $ 0.38 $ 0.56 Diluted $ 0.38 $ 0.56 (1) |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefits | 11. Employee Benefits 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. The ESOP trustee purchased, on behalf of the ESOP, 8% of the total number of shares of HV Bancorp common stock issued in the offering. The ESOP funded the stock purchase with a loan from HV Bancorp equal to the aggregate purchase price of the common stock. The loan will be repaid principally through Huntingdon Valley Bank’s contribution to the ESOP and dividends payable on common stock held by the ESOP over the anticipated 20-year term of the loan. The interest rate for the ESOP loan is an adjustable rate equal to the prime rate, as published in The Wall Street Journal, beginning on the closing date of the conversion. Thereafter the interest rate will adjust annually and will be the prime rate on the first business day of the calendar year, retroactive to January 1 of such year. The collateral for the loan is the common stock of the Company purchased by the ESOP. The trustee will hold the shares purchased by the ESOP in an unallocated suspense account, and shares will be released from the suspense account on a pro-rata basis as the loan is repaid. As shares are released from collateral, the Company recognizes compensation expense equal to the average market price of the shares during the period and the shares will be outstanding for earnings-per-share purposes. The trustee will allocate the shares released among participants on the basis of each participant’s proportional share of compensation relative to the total aggregate compensation paid to all participants. A participant will become vested in his or her account balance at a rate of 20% per year over a six-year period, beginning in the second year of credited service. Participants who were employed by Huntingdon Valley Bank immediately prior to the conversion will receive credit for vesting purposes for years of service prior to the adoption of the ESOP. Participants also will become fully vested automatically upon normal retirement, death or disability, a change in control, or termination of the ESOP. Generally, participants will receive distributions from the ESOP upon separation from service. The ESOP reallocates any unvested shares forfeited upon termination of employment among the remaining participants. During the year ended June 30, 2017, the ESOP purchased 8% of the total shares issued which equated to 174,570 shares of the Company’s common stock in the open market ranging from $12.50 per share to $14.21 per share for a weighted average price per share of $13.92, and a total purchase price of $2,430,000. The following table presents the components of the ESOP Shares at June 30, 2018: 2018 Allocated shares 8,729 Committed shares 4,364 Unreleased shares 161,477 Total ESOP shares 174,570 Fair value of unrelease shares (in thousands) $ 2,458 The Company also maintains a retirement plan for all eligible employees, which allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code. Participants can contribute up to 15% of their compensation, as defined, to the plan. The Company's contribution to the Plan is discretionary and will be determined on a yearly basis. The Company contributed $0 and $80,000 to the Plan during the year ended June 30, 2018 and 2017, respectively. Equity Incentive Plans The Company’s shareholders approved the HV Bancorp, Inc. 2018 Equity Incentive Plan (the “2018 Equity Incentive Plan”) of authorized but unissued common stock of the Company was reserved for future grants of incentive and non-qualified stock options, restricted stock awards and restricted stock units under the 2018 Equity Incentive Plan. Of the 305,497 authorized shares, the maximum number of shares of the Company’s common stock that may be issued under the 2018 Equity Incentive Plan pursuant to the exercise of stock options is 218,212 shares, and the maximum number of shares of the Company’s common stock that may be issued as restricted stock awards or restricted stock units is 87,285 shares. Under the 2018 Equity Incentive Plan, the Company granted 275,000 shares on June 13, 2018 which included 43,000 incentive stock options to employees, 125,000 incentive stock options to officers, 30,000 non-qualified stock options to outside directors, 12,000 shares of restricted stock to employees, 50,000 shares of restricted stock to officers and 15,000 shares of restricted stock to outside directors. The restricted shares and stock options vest over a seven year period. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2018 Equity Incentive plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of June 30, 2018, there were 30,497 shares available for future awards under this plan, which includes 10,285 shares available for restricted stock awards. Total unrecognized compensation cost related to stock options were $359,000 as June 30, 2018 and expected future compensation expense relating to non-vested restricted stock outstanding as of June 30, 2018 was $1.1 million. A summary of the Company’s stock option activity and related information for the year ended June 30, 2018 was as follows: 2018 Options Weighted-Average Exercise Price Average Intrinsic Value Outstanding, beginning of year — $ — Granted 198,000 14.80 Exercised — — Forfeited — — Outstanding, end of year 198,000 $ 14.80 $ 3,960 Exercisable, end of year — $ 14.80 $ 3,960 Exercise price for options outstanding as of June 30, 2018 was $14.80 per share. The weighted average remaining contractual life is 10 years. There were no shares exercisable as of June 30, 2018. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended June 30, 2018 Dividend yield 3.38 % Expected life 10 years Expected volatility 15.12 % Risk-free interest rate 2.95 % Weighted average grant date fair value $ 1.81 The excepted volatility is based on blended rate of historical volatility and SNL US index of Banks between $250 million and $500 million in assets as the Company’s shares of common stock did not begin trading on the Nasdaq Capital Market until January 12, 2017. The expected life is an estimate based on management review of the various factors. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. A summary of the Company’s restricted stock activity and related information for the year ended June 30, 2018 is as follows: 2018 Number of Shares Weighted-Average Grant Date Fair Value Non-vested, beginning of year — $ — Granted 77,000 14.80 Forfeited — — Non-vested at June 30 77,000 $ 14.80 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The table below summarizes the income tax expense (benefit) for the years ended June 30, 2018 and 2017: (Dollars in thousands) 2018 2017 Current: Federal $ 248 $ 305 State 71 48 319 353 Deferred: Change in corporate tax rate (27 ) — Federal (48 ) (158 ) State — — (75 ) (158 ) Total income tax expense $ 244 $ 195 The expense (benefit) for income taxes for the years ended June 30, 2018 and 2017 differed from the federal income tax statutory rate due to the following: 2018 2017 (Dollars in thousands) Amount Rate Amount Rate Tax at statutory rate $ 279 27.5 % $ 259 34.0 % State tax net of federal benefit 51 5.1 % 31 4.2 % Banked-owned life insurance (43 ) (4.2 %) (37 ) (4.9 %) Tax-exempt interest (73 ) (7.2 %) (64 ) (8.8 %) Change in tax rate 27 2.6 % — — Other, net 3 0.3 % 6 1.1 % $ 244 24.1 % $ 195 25.6 % On December 22, 2017, federal tax reform legislation, commonly referred to as the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), was enacted . The Tax Act makes broad and complex changes to the U.S. tax code that affected our income tax rate in 2017. The Tax Act reduced the U.S. federal corporate income tax rate from 34% to 21%. As a result, the Company was required to re-measure, through income tax expense, the deferred tax assets and liabilities using the enacted rate at which they are expected to be recovered or settled. The re-measurement of the net deferred tax asset resulted in additional income tax expense of $27,000 for the year ended June 30, 2018. Deferred income taxes result from temporary differences in recording certain revenues and expenses for financial reporting purposes. The net deferred tax asset at June 30, 2018 and June 30, 2017 consisted of the following: (Dollars in thousands) 2018 2017 Deferred tax assets: Allowance for loan losses $ 183 $ 202 Non-accrual interest 11 25 Deferred income 62 105 Accrued expenses 29 70 Capitalized expenses 4 6 Unrealized loss on securities 271 77 Minimum tax credit carryover 170 178 Gross deferred tax assets $ 730 $ 663 Deferred tax liabilities: Depreciation $ 2 $ 3 Fair value adjustment of IRLC, TBA securities and forward loan sales commitments 143 318 Gain on fair value of loans 59 85 Gross deferred tax liabilities 204 406 Net deferred tax assets $ 526 $ 257 The Company has Alternative Minimum Tax (“AMT”) credits of $170,000 and $178,000 as of June 30, 2018 and 2017, respectively, which will be 100% refunded by the 2021 tax year AMT credit carryforwards were not impacted by the change in statutory tax rate by the Tax Act, as they are treated as payments on future federal income taxes due and are not subject to remeasurement. However, the Tax Act did change alternative minimum tax credit carryforwards to be refundable credits. Retained earnings included $1.7 million at June 30, 2018 and 2017, for which no provision for federal income tax has been made. This amount represents deductions for bad debt reserves for tax purposes, which were only allowed to savings institutions that met certain criteria prescribed by the Internal Revenue Code of 1986, as amended. The Small Business Job Protection Act (the Act) eliminated the special bad debt deduction granted solely to thrifts. Under the terms of the Act, there would be no recapture of the pre-1988 (base year) reserves. However, these pre-1988 reserves would be subject to recapture under the rules of the Internal Revenue Code if the Company pays a cash dividend in excess of earnings and profits, or liquidates. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 13. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. 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 unadjusted on 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 June 30, 2018 and 2017 are summarized below: 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 967 $ — $ 967 Corporate notes — 5,214 494 5,708 Collateralized mortgage obligations - agency residential — 13,794 — 13,794 Mortgage-backed securities - agency residential — 3,778 — 3,778 Municipal securities — 1,680 — 1,680 Bank CDs — 4,920 — 4,920 Loans held for sale — 13,558 — 13,558 Forward loan sales commitments — 175 — 175 TBA securities — — — — Interest rate lock commitments — — 642 642 $ — $ 44,086 $ 1,136 $ 45,222 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 Forward loan sales commitments — 179 — 179 TBA securities — 36 — 36 Interest rate lock commitments — — 786 786 $ — $ 54,608 $ 1,997 $ 56,605 Liabilities measured at fair value on a recurring basis at June 30, 2018 are summarized below. 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 4 $ — $ 4 TBA securities — 78 — 78 Interest rate lock commitments — — 56 56 $ — $ 82 $ 56 $ 138 Liabilities measured at fair value on a recurring basis at June 30, 2017 are summarized below. 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 37 $ — $ 37 TBA securities — 8 — 8 Interest rate lock commitments — — 19 19 $ — $ 45 $ 19 $ 64 There were no assets measured at fair value on a nonrecurring basis at June 30, 2018. For assets measured at fair value on a nonrecurring basis at June 30, 2017, the fair value measurements by level within the fair value hierarchy used at June 30, 2017 are as follows: 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 158 $ 158 Real estate owned — — — — $ — $ — $ 158 $ 158 The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Balances as of June 30, 2017 Qualities Information about Level 3 Fair Value Measurements Range Valuation Unobservable (Weighted (Dollars in thousands) Fair Value Techniques Input Average) Impaired loans $ 158 Appraisal of collateral (1) Liquidation expenses/ borrower negotiations 5.0% - 5.0% (5.0%) (1) Appraisals may be discounted for qualitative factors such as age of appraisal, interior condition of the property, and liquidation expenses. Fair value may also be based on negotiated settlements with the borrowers. The estimated fair values of the Company's financial instruments, whether carried at cost or fair value, at June 30, 2018 and 2017 are as follows: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, 2018 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 14,745 $ 14,745 $ 14,745 $ — $ — Investment securities available-for-sale 30,847 30,847 — 30,353 494 Investment securities held-to-maturity 13,905 13,747 — 11,747 2,000 Loans held for sale at fair value 13,558 13,558 — 13,558 — Loans receivable, net 212,696 205,026 — — 205,026 Bank-owned life insurance 6,016 6,016 6,016 — — Restricted investment in bank stock 1,190 1,190 1,190 — — Accrued interest receivable 940 940 940 — — Forward loan sales commitments 175 175 — 175 — TBA securities — — — — — Interest rate lock commitments 642 642 — — 642 Liabilities: Deposits $ 235,403 $ 232,905 $ 191,953 $ 40,952 $ — Advances from the FHLB 22,000 21,807 10,000 11,807 — Securities sold under agreements to repurchase 5,739 5,734 5,734 — — Forward loan sales commitments 4 4 — 4 — TBA securities 78 78 — 78 — Interest rate lock commitments 56 56 — — 56 Accrued interest payable 74 74 74 — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — 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 available-for-sale 42,820 42,820 — 41,609 1,211 Investment securities held-to-maturity 11,809 11,896 — 9,884 2,012 Loans held for sale at fair value 12,784 12,784 — 12,784 — Loans receivable, net 111,811 107,510 — — 107,510 Restricted investment in bank stock 643 643 — — 643 Accrued interest receivable 620 620 — 620 — Forward loan sales commitments 179 179 — 179 — TBA securities 36 36 — 36 — Interest rate lock commitments 786 786 — — 786 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 — Forward loan sales commitments 37 37 — 37 — TBA securities 8 8 — 8 — Interest rate lock commitments 19 19 — — 19 Accrued interest payable 20 20 — 20 — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. During 2018, a Bank CD was transferred out of Level 3 as the bank determined there were the significant observable inputs to classify the Bank CD sufficiently observable. Therefore, at June 30, 2018, the Bank CD was transferred into a Level 2 valuation. During 2017, significant observable inputs that the Bank relied upon to classify certain investment securities as Level 2 in prior periods are no longer sufficiently observable at June 30, 2017. Therefore, at June 30, 2017, certain investment securities were transferred into a Level 3 valuation. The following table represents assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at June 30, 2018: Level 3 Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2017 $ 243 $ 968 $ 786 $ (19 ) Total losses (unrealized): Included in other comprehensive income — 25 — — Total gains or (losses) included in earnings and held at reporting date — 1 (144 ) (37 ) Purchases, sales and settlements — (500 ) — — Transfers (out) of Level 3 (243 ) — — — Ending Balance: June 30, 2018 $ — $ 494 $ 642 $ (56 ) Level 3 Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2016 $ — $ — $ 1,084 $ (32 ) Total losses (unrealized): Included in other comprehensive income (7 ) (32 ) — — Total gains or (losses) included in earnings and held at reporting date — — (298 ) 13 Transfers in to Level 3 250 1,000 — — Ending Balance: June 30, 2017 $ 243 $ 968 $ 786 $ (19 ) The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at June 30, 2018 and 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 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 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 following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity as of June 30, 2018 and 2017 (dollars in thousands): Loans held for sale Carrying Amount Aggregated Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance June 30, 2018 $ 13,558 $ 13,279 $ 279 June 30, 2017 $ 12,784 $ 12,534 $ 250 The Company did not have any mortgage loans held for sale recorded at fair value that were 90 or more days past due and on non-accrual at June 30, 2018 or 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. Impaired Loans The Company has measured impairment on impaired loans generally based on the fair value of the loan's collateral. The fair value of collateral is based on appraisals performed by qualified licensed appraisers hired by the Company. In some cases, management may adjust the appraised value due to the age of the appraisal, changes in market conditions, or observable deterioration of the property since the appraisal was completed. Additionally, management makes estimates about expected costs to sell the property which are also included in the net realizable value. If the fair value of the collateral dependent loan is less than the carrying amount of the loan a specific reserve for the loan is made in the allowance for loan losses or a charge-off is taken to reduce the loan to the fair value of the collateral (less estimated selling costs) and the loan is included as a Level III measurement. At June 30, 2018, the fair value of the collateral exceeded the carrying amount of the loan; therefore there are no impaired loans currently being carried at its fair value. 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 For 2018, the carrying amount of demand deposits, savings accounts and money market deposits approximate their fair value. For 2017, the fair value of demand deposits, savings accounts, and money market deposits is estimated by discounting expected cash flows, 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 flows. For 2018 and 2017, 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. |
Changes in and Reclassification
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss | 14. Changes in and Reclassification out of Accumulated Other Comprehensive Loss The following tables present the changes in the balances of each component of accumulated other comprehensive income (“AOCI”) for the year ended June 30, 2018 and 2017. All amounts are presented net of tax. Net unrealized holding gains on available-for-sales securities (1) For the year ended (Dollars in thousands) June 30, 2018 June 30, 2017 Balance at beginning period $ (111 ) $ (7 ) Unrealized holding losses on available-for-sale securities before reclassification (459 ) (92 ) Amount reclassified for investment securities gains included in net income (27 ) (12 ) Net current-period other comprehensive loss (486 ) (104 ) Reclassification of certain income tax effects from accumulated other comprehensive income (51 ) — Balance at ending period $ (648 ) $ (111 ) (1) All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 47.7% for the year ended June 30, 2018 and 2017, respectively. For the year ended June 30, 2018 June 30, 2017 (Dollars in thousands) Amount reclassified from AOCI (2) Amount reclassified from AOCI (2) Affected line item in the Consolidated Statement of Income Net unrealized gain on available-for securities (1) $ 35 $ 18 Gain on sale of investment securities, net (8 ) (6 ) Income tax expense $ 27 $ 12 (1) For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive loss, see Note 2, "Investment securities." (2) Amounts in parenthesis indicate debits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies The Company is involved in various legal actions arising in the normal course of business. Management, after taking into consideration legal counsel's evaluation of such actions, is of the opinion that the outcome of these matters will not have a material adverse effect on the financial position, operating results, or equity of the Company. The Company is party to certain financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments are entered into in the normal course of business and include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. In the opinion of management, market risk (interest rate changes) associated with these instruments is nominal. Open mortgage loan commitments granted to loan applicants at June 30, 2018 and 2017 are $35.1 million and $21.4 million, respectively. Open commercial loan commitments granted to loan applicants at June 30, 2018 and 2017 are $50,000 and $$600,000, respectively. At June 30, 2018 and 2017, the Company had forward loan sales commitments amounting to $20.6 million and $21.4 million, respectively. The Company had mandatory TBAs amounting to $17.8 million and $17.5 million, respectively. The undisbursed portion of open-ended HELOCs at June 30, 2018 and 2017 are $7.7 million, and $7.9 million, respectively. The undisbursed portion of open-ended commercial and commercial real estate lines of credit at June 30, 2018 and 2017 are $3.6 million and $134,000, respectively. There was no outstanding performance standby letters of credit at June 30, 2018 and 2017. In the normal course of business, the Company sells loans in the secondary market. As is customary in such sales, the Company provides indemnification to the buyer under certain circumstances. This indemnification may include the obligation to repurchase loans or refund fees by the Company, under certain circumstances. In most cases, repurchases and losses are rare, and no provision is made for losses at the time of sale. When repurchases and losses are probable and reasonably estimable, a provision is made in the financial statements for such estimated losses. There was no provision for losses from repurchases as of June 30, 2018 and 2017. During June 30, 2018, we incurred losses of $270,000 for three indemnity agreements executed with the HUD. Residential mortgage loans serviced for others at June 30, 2018 and 2017 are $4.1 million and $4.7 million, respectively. The Company is required to maintain certain average reserve balances as established by the FRB. The amounts of this reserve balance for the reserve computation period, which included June 30, 2018 and 2017, were $1.3 million and $769,000, respectively, which were satisfied through the restriction of vault cash held at the Company's branches. No additional reserves were required to be maintained at the FRB of Philadelphia in excess of the required $25,000 clearing balance requirement. In connection with the operation of certain branch and administrative offices, the Company has entered into operating leases for periods ranging from 1 to 30 years. Total rental expense for the years ended June 30, 2018 and 2017 were $464,000 and $461,000, respectively. As of June 30, 2018, future minimum lease payments under such operating leases are: (Dollars in thousands) 2019 $ 427 2020 321 2021 80 2022 61 2023 62 Thereafter 1,021 $ 1,972 |
Concentrations
Concentrations | 12 Months Ended |
Jun. 30, 2018 | |
Risks And Uncertainties [Abstract] | |
Concentrations | 16. Concentrations At June 30, 2018 and 2017, the Company’s lending activities are concentrated in Southeastern Pennsylvania, with the largest concentration in Montgomery, Bucks and Philadelphia Counties. The performance of the Company's loan portfolio is affected by economic conditions in the borrowers' geographic region. Mortgage loans held for sale were sold to investors that made up over ten percent of gain on sale of loans as follows: Percentages Number of of Mortgages (Dollars in thousands) Investors Sold June 30, 2018 3 68 % June 30, 2017 3 67 % |
Related Party
Related Party | 12 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party | 17. Related Party In the ordinary course of business, the Company has granted loans to related parties. The amount outstanding at June 30, 2018 and 2017 was $3.7 million and $4.1 million, respectively. During 2018, there was a new related party loan added resulting in the addition $1.6 million to the outstanding balance. Originations to related parties and repayments from related parties during the year ended June 30, 2018 were $2,806,000 and $4,844,000, respectively. Originations to and repayments from related parties during the year ended June 30, 2017 were $3,305,000 and $779,000, respectively. The Company held deposits of approximately $13.7 million and $12.1 million for related parties at June 30, 2018 and 2017, respectively. 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 $57.2 million at June 30, 2018 for which we received approximately $321,000 in fees for customer services which is included in the year ended June 30, 2018. In January 2018, the Company entered into a business consulting agreement with one of our directors to provide deposit sales training, grow deposit market share and identify deposit opportunities. This agreement will terminate on December 31, 2019. The Company has paid $25,000 in consulting fees to the director for the year ended June 30, 2018. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information - Parent Company Only | 18. CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY On January 11, 2017, the mutual to stock conversion of the Bank was completed and HV Bancorp, Inc. became the parent holding company for the Bank. Below is the condensed financial information for the parent company only as follows: Condensed Statement of Financial Condition (dollars in thousands) June 30, 2018 2017 Assets Cash and due from banks $ 172 $ 1,452 Interest-bearing deposits with banks 550 271 Cash and cash equivalents 722 1,723 Investment securities available-for-sale, at fair value 4,766 4,973 Investment securities held-to-maturity (fair value of $1,000 and $1,006 at June 30, 2018 and 2017) 1,000 1,000 Loan to ESOP 2,299 2,386 Premises and equipment, net 6 9 Accrued interest receivable 34 37 Prepaid federal income taxes 55 18 Deferred income taxes, net 23 — Prepaid expenses 26 24 Investment in Subsidiary 21,791 21,280 Other assets 92 84 Total Assets $ 30,814 $ 31,534 Liabilities and Shareholders' Equity Liabilities Deferred income taxes, net $ — $ 17 Other liabilities 93 76 Shareholders' equity 30,721 31,441 Total Liabilities and Shareholders' Equity $ 30,814 $ 31,534 Condensed Statement of Operations (dollars in thousands) Year ended June 30, 2018 2017 Interest Income Interest and dividends on investments: Taxable $ 103 $ 28 Interest on mortgage-backed securities and collateralized mortgage obligations 76 22 Interest on interest-bearing deposits 10 8 Interest from ESOP Loan 96 40 Total Interest Income 285 98 Non-Interest Expense Occupancy 4 2 Professional fees 200 95 Other expenses 188 67 Total Non-Interest Expense 392 164 Loss before income taxes (107 ) (66 ) Income Tax Benefit (28 ) (26 ) Loss before equity in undistributed net earnings of subsidiary (79 ) (40 ) Equity in undistributed net earnings of subsidiary 849 609 Net Income $ 770 $ 569 Other comprehensive (loss) gain, net of tax Unrealized (loss) gain on available-for-sale securities (pre-tax $(696) and $31) (459 ) 18 Reclassification adjustment for gains included in income (pre-tax ($35) and ($18), respectively (27 ) — Other comprehensive(loss) income (486 ) 18 Comprehensive Income $ 284 $ 587 Net Income per share: Basic $ 0.38 $ 0.56 Diluted $ 0.38 $ 0.56 Condensed Statement of Cash Flows (dollars in thousands) Year ended June 30, 2018 2017 Cash Flows from Operating Activities Net income $ 770 $ 569 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed net earnings of subsidiary (849 ) (609 ) Depreciation 3 2 Net amortization of securities premiums and discounts 15 5 Deferred income tax expense (benefit) 8 (8 ) (Increase) decrease in: Accrued interest receivable 3 (37 ) Prepaid federal income taxes (37 ) (18 ) Prepaid and other assets (8 ) (108 ) Other liabilities 17 76 Net cash used in operating activities (78 ) (128 ) Cash Flows from Investing Activities ESOP repayment 87 — Activity in available-for-sale securities: Maturities and repayments 585 152 Purchases (504 ) (5,099 ) Activity in held to maturity securities: Purchases — (1,000 ) Investment in Subsidiary — (10,196 ) Purchases of premises and equipment — (11 ) Net cash provided by (used in) investing activities 168 (16,154 ) Cash Flows from Financing Activities Cash dividend paid to shareholders (1,091 ) — Purchase of ESOP shares — (2,386 ) Proceeds from issuance of common stock, net — 20,391 Net cash (used in) provided by financing activities (1,091 ) 18,005 (Decrease) increase in Cash and Cash Equivalents $ (1,001 ) $ 1,723 Cash and Cash Equivalents, beginning of year $ 1,723 $ — Cash and Cash Equivalents, end of year $ 722 $ 1,723 |
Consolidated Summary of Quarter
Consolidated Summary of Quarterly Earnings (Unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Summary of Quarterly Earnings (Unaudited) | 19. Consolidated Summary of Quarterly Earnings (Unaudited) The following table presents summarized quarterly data for 2018 and 2017: June 30, 2018 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 1,744 $ 1,864 $ 2,026 $ 2,350 Total Interest Expense 247 277 304 523 Net Interest Income 1,497 1,587 1,722 1,827 Provision (Credit) for Loan Losses (1 ) 80 76 111 Total Non-Interest Income 1,005 923 1,055 1,093 Total Non-Interest Expense 2,179 2,157 2,555 2,538 Income before income taxes 324 273 146 271 Income tax expense (benefit) 88 94 14 48 Net income 236 179 132 223 Basic earnings per share (1) 0.11 0.08 0.07 0.11 Diluted earnings per share (1) 0.11 0.08 0.07 0.11 June 30, 2017 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 1,401 $ 1,346 $ 1,491 $ 1,496 Total Interest Expense 213 204 239 235 Net Interest Income 1,188 1,142 1,252 1,261 Provision (Credit) for Loan Losses 123 12 (12 ) 78 Total Non-Interest Income 1,368 878 1,293 1,403 Total Non-Interest Expense 2,062 2,007 2,418 2,333 Income before income taxes 371 1 139 253 Income tax expense (benefit) 118 (38 ) 41 74 Net income 253 39 98 179 Basic earnings per share (1) N/A N/A 0.05 0.08 Diluted earnings per share (1) N/A N/A 0.05 0.08 (1) Earnings per share is computed independently for each period. The sum of the individual quarters may not equal the annual earnings per share. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and general practices within the financial services industry. |
Principles of Consolidation | Principles of Consolidation The accompanying audited consolidated financial statements include the 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 (see Nature of Business). Prior to January 11, 2017, all financial information reflects the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates 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 consolidated statements of financial condition 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers cash and cash equivalents to include cash, amounts due from banks, and interest-bearing deposits with banks with original maturities of three months or less. |
Investment Securities | Investment Securities Management determines the appropriate classification of securities at the time of purchase. Securities that management has both the positive intent and ability to hold to maturity are classified as securities held-to-maturity and are carried at cost, adjusted for amortization of premium or accretion of discount using the interest method. Securities that may be sold prior to maturity for asset/liability management purposes, or that may be sold in response to changes in interest rates, to changes in prepayment risk, to increase regulatory capital or other similar factors, are classified as securities available-for-sale and carried at fair value with any adjustments to fair value, after tax, reported as a separate component of shareholders’ equity. Interest and dividends on securities, including the amortization of premiums and the accretion of discounts, are reported in interest and dividends on securities using the interest method. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and are calculated using the specific-identification method. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other-than-temporary, (“OTTI”) would be reflected in the statements of income. In evaluating loss for other-than-temporary impairment, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value and (4) whether the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost basis. For debt securities where the Company has determined that other-than-temporary impairment exists and the Company does not intend to sell the security or if it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the impairment is separated into the amount that is credit-related and the amount due to all other factors. The credit-related impairment is recognized in the statements of income, and is the difference between an investment's amortized cost basis and the present value of expected future cash flows discounted at the investment's effective interest rate. The non-credit related loss is recognized in other comprehensive income (loss), net of income tax benefit. For debt securities classified as held-to-maturity, the amount of noncredit-related impairment is recognized in other comprehensive income (loss) and is accreted over the remaining life of the debt security as an increase in the carrying value of the investment. |
Mortgage Banking Activities and Mortgage Loans Held for Sale | Mortgage Banking Activities and Mortgage Loans Held for Sale Loans held for sale (“LHS”) are originated and held until sold to permanent investors. Management accounts for loans held for sale at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in non-interest income and direct loan origination costs and fees deferred and recognized upon sale and are included in non-interest income in the consolidated statements of income. |
Risk Management and Derivative Instruments and Hedging Activities | Risk Management and Derivative Instruments and Hedging Activities The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates due to their impact on the fair value of mortgage loans held for sale and related commitments. The Company is subject to interest rate risk and price risk on its loans held for sale from the loan funding date until the date the loan is sold. The Company uses derivative instruments as part of its overall strategy to manage its exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, the Company does not use derivatives for speculative purposes. All of the Company’s derivative instruments are measured at fair value on a recurring basis and are included in the consolidated statements of financial condition as mortgage banking derivatives. The changes in the fair value of derivative instruments are included in non-interest income in the consolidated statements of income. |
To Be Announced Securities | To Be Announced Securities To be announced securities (“TBAs”) are “forward delivery” securities considered derivative instruments under derivatives and hedging accounting guidance. The Company utilizes TBAs to protect against the price risk inherent in derivative loan commitments. 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. TBAs are recorded at fair value on the consolidated statements of financial condition in mortgage banking derivatives or other liabilities with changes in fair value recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. The fair value of the Company’s derivative instruments, other than IRLCs, that are measured at fair value on a recurring basis is determined by utilizing quoted prices from dealers in such securities or third-party models utilizing observable market inputs. |
Interest Rate Lock Commitments | Interest Rate Lock Commitments Interest rate loan commitments known as IRLCs that relate to the origination of mortgages that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging |
Forward Loan Sales Commitments | Forward Loan Sales Commitments Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of issuance through the date of loan funding, cancellation or expiration. IRLC generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. The Company uses mandatory commitments to substantially reduce these risks. See Note 9, Derivatives and Risk Management Activities. Forward loan sales commitments are recognized at fair value on the Consolidated Statements of Financial Condition as mortgage banking derivatives or as other liabilities with changes in their fair values recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. |
Loans Receivable | Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield in (interest income) of the related loans. The loans receivable portfolio is segmented into Residential, Commercial, Construction and Consumer loans. Within Residential loans, the following classes exist: One-to-four family loans and home equity and home equity lines of credit (“HELOCs”). Within Commercial loans, the following classes exist: commercial real estate and commercial business loans. Within Consumer loans, the following classes exist: Medical education and other. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the 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 past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for probable losses inherent in the portfolio. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective; as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential mortgage, home equity, HELOCs, medical education loans, and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. Nature and volume of the portfolio and terms of loans. 4. Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 5. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 6. Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through objective data to analyze of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Residential loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential loans have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets. Commercial mortgage loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial mortgage loans typically require a loan to value ratio of not greater than 80% and vary in terms. The Company also makes construction loans to finance the construction of residential and commercial structures. These loans are made to individuals or commercial customers and are typically secured by the land and structures under construction. Construction loans have an inherently higher risk of repayment due to potential unforeseen delays in completion and changes in market conditions during the construction. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management, in determining impairment, include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial real estate loans, commercial business and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. For commercial and construction loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans, home equity line of credits and other consumer loans for impairment disclosures, unless such loans have been modified and accounted for as a troubled debt restructuring. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are generally restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All loans classified as troubled debt restructurings are designated as impaired. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial and construction loans or when credit deficiencies arise, such as delinquent loan payments, for commercial real estate and consumer loans. 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 the repayment prospects. 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. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require to the Bank recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Bank invests in bank-owned life insurance policies (“BOLI”) as a mechanism for funding various employee benefit costs. The Bank is the beneficiary of these policies that insure the lives of certain of its current and former officers. The Bank recognizes the cash surrender value under the insurance policies as an asset in the Consolidated Statement of Financial Condition. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. |
Restricted Investment in Bank Stock | Restricted Investment in Bank Stock Restricted investment in bank stocks, which represents required investments in the common stock of correspondent banks, is carried at cost, and consists of common stock of the Atlantic Community Bancshares, Inc. (“ACBI”) and Federal Home Loan Bank of Pittsburgh (“FHLB”) stock totaling $1,190,000 and $643,000 at June 30, 2018 and 2017, respectively. |
Premises and Equipment, net | Premises and Equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is charged to income on the straight-line method over the estimated useful lives of the assets or, in the case of leasehold improvements, the expected lease period, if shorter. When disposal of fixed assets occurs, the related cost and accumulated depreciation are removed from the asset accounts, and the gain or loss from these disposals is reflected in non-interest income. The estimated useful lives are as follows: Years Land improvements 40 Office buildings and improvements 15 to 40 Leasehold improvements 5 to 15 Furniture and office equipment 3 to 10 |
Real Estate Owned | Real Estate Owned Real estate owned is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure and loans classified as in-substance foreclosure. A loan is classified as in-substance foreclosure when the Company has taken possession of the collateral regardless of whether formal proceedings take place. Foreclosed assets initially are recorded at fair value, net of estimated selling costs, at the date of foreclosure establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the assets are carried at the lower of cost or fair value minus estimated costs to sell. Real estate secured by residential 1-4 family properties June 30, 2018 and 2017, respectively. There was no real estate secured by residential 1-4 family properties held in Other Real Estate Owned at June 30, 2018 and 2017, respectively. There was no real estate secured by commercial properties held in Other Real Estate Owned June 30, 2018 and 2017, respectively. The following is a roll forward of activity in Other Real Estate Owned at June 30: (Dollars in thousands) 2018 2017 Balance at beginning of period $ — $ 115 Properties transferred in 141 65 Proceeds from properties sold (124 ) (168 ) Loss on sales of properties (3 ) (12 ) Impairment valuation reserves (14 ) — Balance at end of year $ — $ — |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase The Company enters into sales of securities under agreements to repurchase. Reverse repurchase agreements are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Financial Condition. The securities underlying the agreements remain in the asset accounts. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, the tax position will be realized or sustained upon examination. The term “more likely than not” means that a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. As of June 30, 2018 and 2017, the Company had no material unrecognized tax benefits or accrued interest and penalties. The Company's policy is to account for interest as a component of interest expense and penalties as a component of other expense. Federal and state tax years 2015 through 2017 were open for examination as of June 30, 2018. |
Transfer of Financial Assets | Transfer of Financial Assets Transfers of financials assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Fair Value Measurements | Fair Value Measurements Fair value of financial instruments is estimated using relevant market information and other assumptions. As more fully disclosed in Note 13, fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates. |
Huntingdon Valley Bank Employee Stock Ownership Plan (“the ESOP”) | Huntingdon Valley Bank Employee Stock Ownership Plan (“the ESOP”) The cost of shares issued to the ESOP but not yet allocated to participants is shown as a reduction of shareholders' equity. Compensation expense is based on the average market price of shares as they are committed to be released to participants' accounts. If the Company declares a dividend, the dividends on the allocated shares would be recorded as dividends and charged to retained earnings. Dividends declared on common stock held by the ESOP and not allocated to the account of a participant can be used to repay the loan. Allocation of shares to the ESOP participants is contingent upon the repayment of the loan to the Company. |
Stock Options | Stock Options The Company recognizes the value of share-based payment transactions as compensation costs in the financial statements over the period that an employee provides service in exchange for the award. The fair value of the share-based payments for stock options is estimated using the Black-Scholes option-pricing model. |
Restricted Stock | Restricted Stock The Company recognizes compensation cost related to restricted stock based on the market price of the stock at the grant date over the vesting period. The product of the number of shares granted and the grant date market price of the Company's common stock determines the fair value of restricted stock under the equity incentive plan. |
Earnings per Share | Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted-average number of common shares outstanding during the period. As ESOP shares are committed to be released, the shares become outstanding for EPS calculation purposes. ESOP shares not committed to be released are not considered outstanding for basic or diluted EPS calculations. The basic EPS calculation excludes the dilutive effect of all common stock equivalents. Diluted earnings per share reflects the weighted-average potential dilution that could occur if all potentially dilutive securities or other commitments to issue common stock were exercised or converted into common stock using the treasury stock method. |
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 Revenue from Contracts with Customers: Deferral of the Effective Date Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing Revenue from Contracts with Customers Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients • 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 . 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 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 June 30, 2018 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 February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases. The new leases standard requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under Topic 606 . Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new leases standard addresses other considerations including identification of a lease, separating lease and non-lease 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 Statement of Financial Condition. The Company’s material operating leases are related to real estate. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s Statement of Financial Condition is estimated to result in less than a 1 percent increase in assets and liabilities. In June 2016 , Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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 . |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In March 2017, the FASB issued Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities The amendments apply to callable debt securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. If a security may be prepaid based on prepayments of the underlying loans, not because the issuer has exercised a date specific call option, it is excluded from the scope of the new standard. However, for instruments with contingent call features, once the contingency is resolved and the security is callable at a fixed price and preset date, the security is within the scope of the amendment. Further, the amendments apply to all premiums on callable debt securities, regardless of how they were generated. The amendments require companies to reset the effective yield using the payment terms of the debt security if the call option is not exercised on the earliest call date. If the security has additional call dates, any excess of the amortized cost basis over the amount repayable by the issuer at the next call date should be amortized to the next call date. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those years. For all other entities, including emerging growth entities as further described 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. On February 14, 2018, the Financial Accounting Standards Board finalized ASU 2018-02 - Income Statement-Reporting Comprehensive Income (Topic 220) The Company adopted this accounting standard, which provides a benefit to the financial statements by more accurately aligning the impacts of the items carried in accumulated other comprehensive income (loss) with the associate tax effect. The adoption resulted in a one-time cumulative effect adjustment of $51,000 between Retained Earnings and Accumulated Other Comprehensive Income (Loss) on the Consolidated Statement of Financial Condition. The adjustment had no impact on net income or any other financial metrics in any prior periods presented. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives | The estimated useful lives are as follows: Years Land improvements 40 Office buildings and improvements 15 to 40 Leasehold improvements 5 to 15 Furniture and office equipment 3 to 10 |
Roll Forward of Activity in Other Real Estate Owned | The following is a roll forward of activity in Other Real Estate Owned at June 30: (Dollars in thousands) 2018 2017 Balance at beginning of period $ — $ 115 Properties transferred in 141 65 Proceeds from properties sold (124 ) (168 ) Loss on sales of properties (3 ) (12 ) Impairment valuation reserves (14 ) — Balance at end of year $ — $ — |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | Investment securities available-for-sale at June 30, 2018 were comprised of the following: 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 1,007 $ — $ (40 ) $ 967 Corporate notes 5,805 5 (102 ) 5,708 Collateralized mortgage obligations - agency residential 14,297 — (503 ) 13,794 Mortgage-backed securities - agency residential 3,964 — (186 ) 3,778 Municipal securities 1,701 — (21 ) 1,680 Bank CDs 4,992 — (72 ) 4,920 $ 31,766 $ 5 $ (924 ) $ 30,847 Investment securities available-for-sale at June 30, 2017 were comprised of the following: 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 at June 30, 2018 were comprised of the following: 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 2,519 $ — $ (3 ) $ 2,516 Municipal securities 11,386 34 (189 ) 11,231 $ 13,905 $ 34 $ (192 ) $ 13,747 Investment securities held-to-maturity at June 30, 2017 were comprised of the following: 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 June 30, 2018 were as follows: 2018 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 2,994 $ 2,981 $ 605 $ 604 Due from more than one to five years 8,006 7,870 3,044 3,028 Due from more than five to ten years 1,502 1,461 7,238 7,146 Due after ten years 19,264 18,535 3,018 2,969 $ 31,766 $ 30,847 $ 13,905 $ 13,747 |
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 at June 30, 2018 and 2017: 2018 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 $ 414 $ (11 ) $ 553 $ (29 ) $ 967 $ (40 ) Corporate notes 2,308 (45 ) 2,895 (57 ) 5,203 (102 ) Collateralized mortgage obligations - agency residential 8,798 (216 ) 4,996 (287 ) 13,794 (503 ) Mortgage-backed securities - agency residential — — 3,774 (186 ) 3,774 (186 ) Municipal securities 299 (1 ) 1,082 (20 ) 1,381 (21 ) Bank CDs 2,457 (35 ) 2,212 (37 ) 4,669 (72 ) $ 14,276 $ (308 ) $ 15,512 $ (616 ) $ 29,788 $ (924 ) Held-to-maturity: Corporate notes $ 516 $ (3 ) $ — $ — $ 516 $ (3 ) Municipal securities 5,542 (100 ) 3,375 (89 ) 8,917 (189 ) $ 6,058 $ (103 ) $ 3,375 $ (89 ) $ 9,433 $ (192 ) 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 - agency residential 2,218 (40 ) 4,278 (120 ) 6,496 (160 ) Mortgage-backed securities - agency residential 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 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable at June 30, 2018 and 2017 were comprised of the following: (Dollars in thousands) 2018 2017 Residential: One-to-four family $ 182,234 $ 88,578 Home equity and HELOCs 4,921 5,466 Commercial: Commercial real estate 10,804 12,191 Commercial business 4,059 3,801 Construction 2,907 2,004 Consumer: Medical education 7,047 — Other 31 5 212,003 112,045 Unearned discounts, origination and commitment fees and costs 1,564 359 Allowance for loan losses (871 ) (593 ) $ 212,696 $ 111,811 |
Summary of Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses by loan class for the years ended June 30, 2018 and 2017: Allowance for Loan Losses 2018 (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 $ (11 ) $ 3 $ 260 $ 651 $ — $ 651 Home equity and HELOCs 38 — — 1 39 — 39 Commercial: Commercial real estate 89 (23 ) 43 (44 ) 65 — 65 Commercial business 58 — — 7 65 14 51 Construction 9 — — 6 15 — 15 Consumer: Medical Education — — — 35 35 — 35 Other — — — 1 1 — 1 $ 593 $ (34 ) $ 46 $ 266 $ 871 $ 14 $ 857 Allowance for Loan Losses 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 $ 314 $ — $ 8 $ 77 $ 399 $ — $ 399 Home equity and HELOCs 18 (125 ) — 145 38 — 38 Commercial: Commercial real estate 131 — 25 (67 ) 89 — 89 Commercial business 23 — — 35 58 15 43 Construction 1 — — 8 9 — 9 Consumer: Other — (4 ) 1 3 — — — $ 487 $ (129 ) $ 34 $ 201 $ 593 $ 15 $ 578 |
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 June 30, 2018 and 2017: 2018 Loan Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 182,234 $ 1,429 $ 180,805 Home equity and HELOCs 4,921 105 4,816 Commercial: Commercial real estate 10,804 398 10,406 Commercial business 4,059 153 3,906 Construction 2,907 — 2,907 Consumer: Medical education 7,047 — 7,047 Other 31 — 31 $ 212,003 $ 2,085 $ 209,918 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 11,677 Commercial business 3,801 173 3,628 Construction 2,004 — 2,004 Consumer: Other 5 — 5 $ 112,045 $ 2,081 $ 109,964 |
Summary of Information in Regard to Impaired Loans | The following tables summarize information in regard to impaired loans by loan portfolio class as of and for the years ended June 30, 2018 and 2017: 2018 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,429 $ 1,592 $ — $ 1,402 $ 9 Home equity and HELOCs 105 106 — 140 — Commercial: Commercial real estate 398 398 — 441 28 Commercial business — — — — — Construction — — — — — Consumer — — — — — 1,932 2,096 — 1,983 37 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 153 154 14 163 9 Construction — — — — — Consumer — — — — — 153 154 14 163 9 $ 2,085 $ 2,250 $ 14 $ 2,146 $ 46 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,198 $ 1,198 $ — $ 893 $ 5 Home equity and HELOCs 196 196 — 151 1 Commercial: Commercial real estate 514 514 — 749 47 Commercial business — — — — — Construction — — — — — Consumer — — — — — 1,908 1,908 — 1,793 53 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 173 173 15 183 10 Construction — — — — — Consumer — — — — — 173 173 15 183 10 $ 2,081 $ 2,081 $ 15 $ 1,976 $ 63 |
Summary of Nonaccrual Loans by Classes of Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of June 30, 2018 and 2017: (Dollars in thousands) 2018 2017 Residential: One-to-four family $ 1,429 $ 1,198 Home equity and HELOCs 105 110 Commercial: Commercial real estate — 100 Commercial business — — Construction — — Consumer: Medical education — — Other — — $ 1,534 $ 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 Bank’s internal risk rating system as of June 30, 2018 and 2017: 2018 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 180,248 $ — $ 1,986 $ — $ 182,234 Home equity and HELOCs 4,816 — 105 — 4,921 Commercial: Commercial real estate 10,190 216 398 — 10,804 Commercial business 3,773 — 286 — 4,059 Construction 2,907 — — — 2,907 Consumer: Medical education 7,047 — — — 7,047 Other 31 — — — 31 $ 209,012 $ 216 $ 2,775 $ — $ 212,003 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 June 30, 2018 and 2017: 2018 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable Accruing Residential: One-to-four family $ 595 $ 412 $ 800 $ 1,807 $ 180,427 $ 182,234 $ — Home equity and HELOCs — — 105 105 4,816 4,921 — Commercial: Commercial real estate — — — — 10,804 10,804 — Commercial business — — — — 4,059 4,059 — Construction — — — — 2,907 2,907 — Consumer: Medical education 152 62 24 238 6,809 7,047 24 Other — — — — 31 31 — $ 747 $ 474 $ 929 $ 2,150 $ 209,853 $ 212,003 $ 24 2017 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable 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 $ — |
Summary of Troubled Debt Restructurings | The following table details the Bank’s TDRs at June 30, 2018: Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 151 $ — $ 151 Commercial business 1 153 — 153 Total 2 $ 304 $ — $ 304 The following table details the Bank’s TDRs at 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment are summarized by major classification at June 30, 2018 and 2017 as follows: (Dollars in thousands) 2018 2017 Land $ 334 $ 334 Land improvements 477 477 Office buildings and improvements 712 712 Leasehold improvements 706 636 Furniture and equipment 3,193 2,987 Total Cost 5,422 5,146 Accumulated depreciation (3,549 ) (3,311 ) $ 1,873 $ 1,835 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
Summary of Deposits | Deposits at June 30, 2018 and 2017 consisted of the following: (Dollars in thousands) 2018 2017 Demand accounts-interest bearing (1) $ 41,434 $ — Demand accounts-non-interest bearing (1) 67 — NOW accounts- interest bearing — 34,857 NOW accounts- non-interest bearing — 1,729 Money market deposit accounts 30,234 31,574 Passbook and statement accounts 29,237 33,920 Checking accounts 90,981 40,493 Subtotal - core deposits 191,953 142,573 Certificates of deposit 43,450 27,908 Total deposits $ 235,403 $ 170,481 (1) During 2018, the Company revamped our product offering and phased out the offering NOW accounts to our customers. |
Scheduled Maturities of Certificates of Deposit | At June 30, 2018, scheduled maturities of certificates of deposit for the periods are as follows: (Dollars in thousands) June 30, 2019 $ 26,172 June 30, 2020 10,788 June 30, 2021 3,319 June 30, 2022 562 June 30, 2023 2,049 June 30, 2024 and thereafter 560 $ 43,450 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Advances From Federal Home Loan Banks [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | The following table details the Company’s fixed rate advances from the FHLB as of June 30, 2018 and 2017: (Dollars in thousands) Issue Date Maturity Advance Type Interest Rate 2018 2017 09/26/12 09/26/17 Fixed Rate 0.93 % $ — $ 3,000 11/30/15 11/30/17 Fixed Rate 1.27 % — 1,000 07/16/15 07/16/18 Fixed Rate 1.41 % 1,000 1,000 04/17/18 07/17/18 Fixed Rate 2.07 % 10,000 — 11/30/15 11/30/18 Fixed Rate 1.59 % 1,000 1,000 06/03/16 06/03/19 Fixed Rate 1.26 % 2,000 2,000 07/18/16 07/18/19 Fixed Rate 1.19 % 1,000 1,000 09/26/17 09/28/20 Fixed Rate 1.88 % 3,000 — 11/21/17 11/22/21 Fixed Rate 2.22 % 4,000 — $ 22,000 $ 9,000 |
Securities Sold Under Agreeme36
Securities Sold Under Agreement to Repurchase (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Summary of Overnight Repurchase Agreements | The following table details the Company’s overnight repurchase agreements: At or For the Years Ended June 30, 2018 2017 (Dollars in thousands) Balance at end of year $ 5,739 $ 2,883 Average balance during year $ 2,179 $ 1,935 Maximum outstanding at any month end $ 5,739 $ 4,277 Weighted average interest rate at end of year 0.19 % 0.19 % Weighted average interest rate during year 0.18 % 0.16 % |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the table (dollars in thousands): To Be Well Capitalized Under the Prompt Capital Adequacy Corrective Action Actual Purposes Provision (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of June 30, 2018 Total risk-based capital (to risk-weighted assets) $ 25,050 15.6 % $ > > $ > > Tier 1 capital (to risk-weighted assets) 24,179 15.0 > > > > Tier 1 capital (to average assets) 24,179 8.8 > > > > Tier 1 common equity (to risk-weighted assets) 24,179 15.0 > > > > As of June 30, 2017 Total risk-based capital (to risk-weighted assets) $ 24,113 21.8 % $ ≥8,870 > $ ≥11,087 > Tier 1 capital (to risk-weighted assets) 23,520 21.2 > > > > Tier 1 capital (to average assets) 23,520 11.2 > > > > Tier 1 common equity (to risk-weighted assets) 23,520 21.2 > > > > |
Derivatives and Risk Manageme38
Derivatives and Risk Management Activities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition | The following table summarizes the amounts recorded in the Company’s consolidated statement of financial condition for derivatives not designated as hedging instruments as of June 30, 2018 and 2017 (dollars in thousands): June 30, 2018 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 642 $ 20,589 Forward loan sales commitments Mortgage banking derivatives 175 4,687 TBA securities Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 56 $ 6,795 Forward loan sales commitments Other liabilities 4 1,522 TBA securities Other liabilities 78 17,750 June 30, 2017 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 786 $ 21,389 Forward loan sales commitments Mortgage banking derivatives 179 10,864 TBA securities Mortgage banking derivatives 36 14,750 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 19 $ 4,089 Forward loan sales commitments Other liabilities 37 3,717 TBA 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 year ended June 30, 2018 and 2017 (dollars in thousands): Consolidated Statements of Income Gain/(Loss) Presentation June 30, 2018 June 30, 2017 IRLCs (Loss) gain from derivative instruments $ (181 ) $ 368 Forward loan sales commitments Gain (loss) from derivative instruments 29 (699 ) TBA securities Loss from derivative instruments (106 ) (6 ) Total loss from derivative instruments $ (258 ) $ (337 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The calculation of EPS for the year ended June 30, 2018 and 2017 is as follows (dollars in thousands, except per share data): 2018 2017 Net income (basic and diluted) $ 770 $ 569 Weighted average number of shares issued 2,185,711 1,010,354 Less weighted average number of unearned ESOP shares (165,519 ) — Less weighted average number of unvested restricted stock awards (3,586 ) — Basic weighted average shares outstanding 2,016,606 1,010,354 Add dilutive effect of restricted stock awards 1,795 — Diluted weighted average shares outstanding 2,018,401 1,010,354 Net income per share Basic $ 0.38 $ 0.56 Diluted $ 0.38 $ 0.56 (1) |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components of ESOP Shares | The following table presents the components of the ESOP Shares at June 30, 2018: 2018 Allocated shares 8,729 Committed shares 4,364 Unreleased shares 161,477 Total ESOP shares 174,570 Fair value of unrelease shares (in thousands) $ 2,458 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information for the year ended June 30, 2018 was as follows: 2018 Options Weighted-Average Exercise Price Average Intrinsic Value Outstanding, beginning of year — $ — Granted 198,000 14.80 Exercised — — Forfeited — — Outstanding, end of year 198,000 $ 14.80 $ 3,960 Exercisable, end of year — $ 14.80 $ 3,960 |
Summary of Estimated Fair Value of Options Granted Using Black-Scholes Option Pricing Model with Weighted Average Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended June 30, 2018 Dividend yield 3.38 % Expected life 10 years Expected volatility 15.12 % Risk-free interest rate 2.95 % Weighted average grant date fair value $ 1.81 |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity and related information for the year ended June 30, 2018 is as follows: 2018 Number of Shares Weighted-Average Grant Date Fair Value Non-vested, beginning of year — $ — Granted 77,000 14.80 Forfeited — — Non-vested at June 30 77,000 $ 14.80 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | The table below summarizes the income tax expense (benefit) for the years ended June 30, 2018 and 2017: (Dollars in thousands) 2018 2017 Current: Federal $ 248 $ 305 State 71 48 319 353 Deferred: Change in corporate tax rate (27 ) — Federal (48 ) (158 ) State — — (75 ) (158 ) Total income tax expense $ 244 $ 195 |
Reconciliation of Income Tax at Federal Statutory Rate to Income Tax Expense (Benefit) | The expense (benefit) for income taxes for the years ended June 30, 2018 and 2017 differed from the federal income tax statutory rate due to the following: 2018 2017 (Dollars in thousands) Amount Rate Amount Rate Tax at statutory rate $ 279 27.5 % $ 259 34.0 % State tax net of federal benefit 51 5.1 % 31 4.2 % Banked-owned life insurance (43 ) (4.2 %) (37 ) (4.9 %) Tax-exempt interest (73 ) (7.2 %) (64 ) (8.8 %) Change in tax rate 27 2.6 % — — Other, net 3 0.3 % 6 1.1 % $ 244 24.1 % $ 195 25.6 % |
Components of Net Deferred Tax Assets and Liabilities | Deferred income taxes result from temporary differences in recording certain revenues and expenses for financial reporting purposes. The net deferred tax asset at June 30, 2018 and June 30, 2017 consisted of the following: (Dollars in thousands) 2018 2017 Deferred tax assets: Allowance for loan losses $ 183 $ 202 Non-accrual interest 11 25 Deferred income 62 105 Accrued expenses 29 70 Capitalized expenses 4 6 Unrealized loss on securities 271 77 Minimum tax credit carryover 170 178 Gross deferred tax assets $ 730 $ 663 Deferred tax liabilities: Depreciation $ 2 $ 3 Fair value adjustment of IRLC, TBA securities and forward loan sales commitments 143 318 Gain on fair value of loans 59 85 Gross deferred tax liabilities 204 406 Net deferred tax assets $ 526 $ 257 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis at June 30, 2018 and 2017 are summarized below: 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 967 $ — $ 967 Corporate notes — 5,214 494 5,708 Collateralized mortgage obligations - agency residential — 13,794 — 13,794 Mortgage-backed securities - agency residential — 3,778 — 3,778 Municipal securities — 1,680 — 1,680 Bank CDs — 4,920 — 4,920 Loans held for sale — 13,558 — 13,558 Forward loan sales commitments — 175 — 175 TBA securities — — — — Interest rate lock commitments — — 642 642 $ — $ 44,086 $ 1,136 $ 45,222 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 Forward loan sales commitments — 179 — 179 TBA securities — 36 — 36 Interest rate lock commitments — — 786 786 $ — $ 54,608 $ 1,997 $ 56,605 |
Liabilities Measured at Fair Value on a Recurring Basis | Liabilities measured at fair value on a recurring basis at June 30, 2018 are summarized below. 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 4 $ — $ 4 TBA securities — 78 — 78 Interest rate lock commitments — — 56 56 $ — $ 82 $ 56 $ 138 Liabilities measured at fair value on a recurring basis at June 30, 2017 are summarized below. 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 37 $ — $ 37 TBA securities — 8 — 8 Interest rate lock commitments — — 19 19 $ — $ 45 $ 19 $ 64 |
Assets Measured at Fair Value on a Nonrecurring Basis | There were no assets measured at fair value on a nonrecurring basis at June 30, 2018. For assets measured at fair value on a nonrecurring basis at June 30, 2017, the fair value measurements by level within the fair value hierarchy used at June 30, 2017 are as follows: 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Impaired loans $ — $ — $ 158 $ 158 Real estate owned — — — — $ — $ — $ 158 $ 158 |
Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Balances as of June 30, 2017 Qualities Information about Level 3 Fair Value Measurements Range Valuation Unobservable (Weighted (Dollars in thousands) Fair Value Techniques Input Average) Impaired loans $ 158 Appraisal of collateral (1) Liquidation expenses/ borrower negotiations 5.0% - 5.0% (5.0%) (1) Appraisals may be discounted for qualitative factors such as age of appraisal, interior condition of the property, and liquidation expenses. Fair value may also be based on negotiated settlements with the borrowers. |
Estimated Fair Values of Financial Instruments Carried at Cost or Fair Value | The estimated fair values of the Company's financial instruments, whether carried at cost or fair value, at June 30, 2018 and 2017 are as follows: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, 2018 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 14,745 $ 14,745 $ 14,745 $ — $ — Investment securities available-for-sale 30,847 30,847 — 30,353 494 Investment securities held-to-maturity 13,905 13,747 — 11,747 2,000 Loans held for sale at fair value 13,558 13,558 — 13,558 — Loans receivable, net 212,696 205,026 — — 205,026 Bank-owned life insurance 6,016 6,016 6,016 — — Restricted investment in bank stock 1,190 1,190 1,190 — — Accrued interest receivable 940 940 940 — — Forward loan sales commitments 175 175 — 175 — TBA securities — — — — — Interest rate lock commitments 642 642 — — 642 Liabilities: Deposits $ 235,403 $ 232,905 $ 191,953 $ 40,952 $ — Advances from the FHLB 22,000 21,807 10,000 11,807 — Securities sold under agreements to repurchase 5,739 5,734 5,734 — — Forward loan sales commitments 4 4 — 4 — TBA securities 78 78 — 78 — Interest rate lock commitments 56 56 — — 56 Accrued interest payable 74 74 74 — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — 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 available-for-sale 42,820 42,820 — 41,609 1,211 Investment securities held-to-maturity 11,809 11,896 — 9,884 2,012 Loans held for sale at fair value 12,784 12,784 — 12,784 — Loans receivable, net 111,811 107,510 — — 107,510 Restricted investment in bank stock 643 643 — — 643 Accrued interest receivable 620 620 — 620 — Forward loan sales commitments 179 179 — 179 — TBA securities 36 36 — 36 — Interest rate lock commitments 786 786 — — 786 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 — Forward loan sales commitments 37 37 — 37 — TBA securities 8 8 — 8 — Interest rate lock commitments 19 19 — — 19 Accrued interest payable 20 20 — 20 — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — |
Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table represents assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at June 30, 2018: Level 3 Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2017 $ 243 $ 968 $ 786 $ (19 ) Total losses (unrealized): Included in other comprehensive income — 25 — — Total gains or (losses) included in earnings and held at reporting date — 1 (144 ) (37 ) Purchases, sales and settlements — (500 ) — — Transfers (out) of Level 3 (243 ) — — — Ending Balance: June 30, 2018 $ — $ 494 $ 642 $ (56 ) Level 3 Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2016 $ — $ — $ 1,084 $ (32 ) Total losses (unrealized): Included in other comprehensive income (7 ) (32 ) — — Total gains or (losses) included in earnings and held at reporting date — — (298 ) 13 Transfers in to Level 3 250 1,000 — — Ending Balance: June 30, 2017 $ 243 $ 968 $ 786 $ (19 ) |
Difference between Carrying Amount of Mortgage Loans Held For Sale, Measured at Fair Value and Aggregate Unpaid Principal Amount | The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity as of June 30, 2018 and 2017 (dollars in thousands): Loans held for sale Carrying Amount Aggregated Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance June 30, 2018 $ 13,558 $ 13,279 $ 279 June 30, 2017 $ 12,784 $ 12,534 $ 250 |
Changes in and Reclassificati43
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Component of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the balances of each component of accumulated other comprehensive income (“AOCI”) for the year ended June 30, 2018 and 2017. All amounts are presented net of tax. Net unrealized holding gains on available-for-sales securities (1) For the year ended (Dollars in thousands) June 30, 2018 June 30, 2017 Balance at beginning period $ (111 ) $ (7 ) Unrealized holding losses on available-for-sale securities before reclassification (459 ) (92 ) Amount reclassified for investment securities gains included in net income (27 ) (12 ) Net current-period other comprehensive loss (486 ) (104 ) Reclassification of certain income tax effects from accumulated other comprehensive income (51 ) — Balance at ending period $ (648 ) $ (111 ) (1) All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 47.7% for the year ended June 30, 2018 and 2017, respectively. |
Reclassifications out of AOCI by Component | For the year ended June 30, 2018 June 30, 2017 (Dollars in thousands) Amount reclassified from AOCI (2) Amount reclassified from AOCI (2) Affected line item in the Consolidated Statement of Income Net unrealized gain on available-for securities (1) $ 35 $ 18 Gain on sale of investment securities, net (8 ) (6 ) Income tax expense $ 27 $ 12 (1) For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive loss, see Note 2, "Investment securities." (2) Amounts in parenthesis indicate debits. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under Operating Leases | As of June 30, 2018, future minimum lease payments under such operating leases are: (Dollars in thousands) 2019 $ 427 2020 321 2021 80 2022 61 2023 62 Thereafter 1,021 $ 1,972 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Risks And Uncertainties [Abstract] | |
Schedules of Mortgage Loans Held for Sale Concentration Risk | Mortgage loans held for sale were sold to investors that made up over ten percent of gain on sale of loans as follows: Percentages Number of of Mortgages (Dollars in thousands) Investors Sold June 30, 2018 3 68 % June 30, 2017 3 67 % |
Condensed Financial Informati46
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Statement of Financial Condition | Below is the c ondensed financial information for the parent company only as follows: Condensed Statement of Financial Condition (dollars in thousands) June 30, 2018 2017 Assets Cash and due from banks $ 172 $ 1,452 Interest-bearing deposits with banks 550 271 Cash and cash equivalents 722 1,723 Investment securities available-for-sale, at fair value 4,766 4,973 Investment securities held-to-maturity (fair value of $1,000 and $1,006 at June 30, 2018 and 2017) 1,000 1,000 Loan to ESOP 2,299 2,386 Premises and equipment, net 6 9 Accrued interest receivable 34 37 Prepaid federal income taxes 55 18 Deferred income taxes, net 23 — Prepaid expenses 26 24 Investment in Subsidiary 21,791 21,280 Other assets 92 84 Total Assets $ 30,814 $ 31,534 Liabilities and Shareholders' Equity Liabilities Deferred income taxes, net $ — $ 17 Other liabilities 93 76 Shareholders' equity 30,721 31,441 Total Liabilities and Shareholders' Equity $ 30,814 $ 31,534 |
Condensed Statement of Operations | Condensed Statement of Operations (dollars in thousands) Year ended June 30, 2018 2017 Interest Income Interest and dividends on investments: Taxable $ 103 $ 28 Interest on mortgage-backed securities and collateralized mortgage obligations 76 22 Interest on interest-bearing deposits 10 8 Interest from ESOP Loan 96 40 Total Interest Income 285 98 Non-Interest Expense Occupancy 4 2 Professional fees 200 95 Other expenses 188 67 Total Non-Interest Expense 392 164 Loss before income taxes (107 ) (66 ) Income Tax Benefit (28 ) (26 ) Loss before equity in undistributed net earnings of subsidiary (79 ) (40 ) Equity in undistributed net earnings of subsidiary 849 609 Net Income $ 770 $ 569 Other comprehensive (loss) gain, net of tax Unrealized (loss) gain on available-for-sale securities (pre-tax $(696) and $31) (459 ) 18 Reclassification adjustment for gains included in income (pre-tax ($35) and ($18), respectively (27 ) — Other comprehensive(loss) income (486 ) 18 Comprehensive Income $ 284 $ 587 Net Income per share: Basic $ 0.38 $ 0.56 Diluted $ 0.38 $ 0.56 |
Condensed Statement of Cash Flows | Condensed Statement of Cash Flows (dollars in thousands) Year ended June 30, 2018 2017 Cash Flows from Operating Activities Net income $ 770 $ 569 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed net earnings of subsidiary (849 ) (609 ) Depreciation 3 2 Net amortization of securities premiums and discounts 15 5 Deferred income tax expense (benefit) 8 (8 ) (Increase) decrease in: Accrued interest receivable 3 (37 ) Prepaid federal income taxes (37 ) (18 ) Prepaid and other assets (8 ) (108 ) Other liabilities 17 76 Net cash used in operating activities (78 ) (128 ) Cash Flows from Investing Activities ESOP repayment 87 — Activity in available-for-sale securities: Maturities and repayments 585 152 Purchases (504 ) (5,099 ) Activity in held to maturity securities: Purchases — (1,000 ) Investment in Subsidiary — (10,196 ) Purchases of premises and equipment — (11 ) Net cash provided by (used in) investing activities 168 (16,154 ) Cash Flows from Financing Activities Cash dividend paid to shareholders (1,091 ) — Purchase of ESOP shares — (2,386 ) Proceeds from issuance of common stock, net — 20,391 Net cash (used in) provided by financing activities (1,091 ) 18,005 (Decrease) increase in Cash and Cash Equivalents $ (1,001 ) $ 1,723 Cash and Cash Equivalents, beginning of year $ 1,723 $ — Cash and Cash Equivalents, end of year $ 722 $ 1,723 |
Consolidated Summary of Quart47
Consolidated Summary of Quarterly Earnings (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Data | The following table presents summarized quarterly data for 2018 and 2017: June 30, 2018 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 1,744 $ 1,864 $ 2,026 $ 2,350 Total Interest Expense 247 277 304 523 Net Interest Income 1,497 1,587 1,722 1,827 Provision (Credit) for Loan Losses (1 ) 80 76 111 Total Non-Interest Income 1,005 923 1,055 1,093 Total Non-Interest Expense 2,179 2,157 2,555 2,538 Income before income taxes 324 273 146 271 Income tax expense (benefit) 88 94 14 48 Net income 236 179 132 223 Basic earnings per share (1) 0.11 0.08 0.07 0.11 Diluted earnings per share (1) 0.11 0.08 0.07 0.11 June 30, 2017 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 1,401 $ 1,346 $ 1,491 $ 1,496 Total Interest Expense 213 204 239 235 Net Interest Income 1,188 1,142 1,252 1,261 Provision (Credit) for Loan Losses 123 12 (12 ) 78 Total Non-Interest Income 1,368 878 1,293 1,403 Total Non-Interest Expense 2,062 2,007 2,418 2,333 Income before income taxes 371 1 139 253 Income tax expense (benefit) 118 (38 ) 41 74 Net income 253 39 98 179 Basic earnings per share (1) N/A N/A 0.05 0.08 Diluted earnings per share (1) N/A N/A 0.05 0.08 (1) Earnings per share is computed independently for each period. The sum of the individual quarters may not equal the annual earnings per share. |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 11, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Feb. 14, 2018 | Jun. 30, 2016 |
Summary of Significant Accounting Policies [Line Items] | |||||
Shares of common stock converted | 2,182,125 | ||||
Debt Instrument, convertible, conversion Price | $ 10 | ||||
Gross offering proceeds received | $ 21,800,000 | ||||
Offering costs | 1,400,000 | ||||
Net proceeds from issuance of shares | $ 20,400,000 | $ 20,391,000 | |||
Percentage of loan to value ratio under commercial mortgage loans | 80.00% | ||||
Restricted investment in bank stock | $ 1,190,000 | 643,000 | |||
Real estate properties held in other real estate owned | $ 115,000 | ||||
Percentage of likelihood being realized upon settlement | 50.00% | ||||
ASU 2018-02 | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cumulative effect adjustment between Retained Earnings and Accumulated Other Comprehensive Income | $ 51,000 | ||||
Federal | Earliest Tax Year | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Tax years open for examination | 2,015 | ||||
Federal | Latest Tax Year | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Tax years open for examination | 2,017 | ||||
State | Earliest Tax Year | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Tax years open for examination | 2,015 | ||||
State | Latest Tax Year | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Tax years open for examination | 2,017 | ||||
Residential | 1-4 family | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Real estate in the process of foreclosure | $ 565,000 | 946,000 | |||
Real estate properties held in other real estate owned | 0 | 0 | |||
Commercial | Commercial properties | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Real estate properties held in other real estate owned | $ 0 | $ 0 | |||
Minimum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Period of loan commitments | 30 days | ||||
Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Period of loan commitments | 90 days |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
Land improvements | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 40 years |
Office buildings and improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 15 years |
Office buildings and improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 40 years |
Leasehold improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 5 years |
Leasehold improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 15 years |
Furniture and office equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 3 years |
Furniture and office equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 10 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Roll Forward of Activity in Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Real Estate [Abstract] | ||
Balance at beginning of period | $ 115 | |
Properties transferred in | $ 141 | 65 |
Proceeds from properties sold | (124) | (168) |
Loss on sales of properties | (3) | $ (12) |
Impairment valuation reserves | $ (14) |
Investment Securities - Investm
Investment Securities - Investment Securities Available-for-sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 31,766 | $ 43,008 |
Available-for-sale, Gross Unrealized Gains | 5 | 168 |
Available-for-sale, Gross Unrealized Losses | (924) | (356) |
Available-for-sale, Fair Value | 30,847 | 42,820 |
U.S. Governmental securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 1,007 | 4,330 |
Available-for-sale, Gross Unrealized Gains | 26 | |
Available-for-sale, Gross Unrealized Losses | (40) | (16) |
Available-for-sale, Fair Value | 967 | 4,340 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 5,805 | 11,231 |
Available-for-sale, Gross Unrealized Gains | 5 | 59 |
Available-for-sale, Gross Unrealized Losses | (102) | (64) |
Available-for-sale, Fair Value | 5,708 | 11,226 |
Collateralized mortgage obligations - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 14,297 | 12,668 |
Available-for-sale, Gross Unrealized Gains | 59 | |
Available-for-sale, Gross Unrealized Losses | (503) | (160) |
Available-for-sale, Fair Value | 13,794 | 12,567 |
Mortgage-backed securities - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 3,964 | 4,520 |
Available-for-sale, Gross Unrealized Losses | (186) | (85) |
Available-for-sale, Fair Value | 3,778 | 4,435 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 1,701 | 3,517 |
Available-for-sale, Gross Unrealized Gains | 1 | |
Available-for-sale, Gross Unrealized Losses | (21) | (11) |
Available-for-sale, Fair Value | 1,680 | 3,507 |
Bank CDs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 4,992 | 6,742 |
Available-for-sale, Gross Unrealized Gains | 23 | |
Available-for-sale, Gross Unrealized Losses | (72) | (20) |
Available-for-sale, Fair Value | $ 4,920 | $ 6,745 |
Investment Securities - Inves52
Investment Securities - Investment Securities Held-to-maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 13,905 | $ 11,809 |
Held-to-maturity, Gross Unrealized Gains | 34 | 100 |
Held-to-maturity, Gross Unrealized Losses | (192) | (13) |
Held-to-maturity, Fair Value | 13,747 | 11,896 |
Corporate notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 2,519 | 2,000 |
Held-to-maturity, Gross Unrealized Gains | 12 | |
Held-to-maturity, Gross Unrealized Losses | (3) | |
Held-to-maturity, Fair Value | 2,516 | 2,012 |
Municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 11,386 | 9,809 |
Held-to-maturity, Gross Unrealized Gains | 34 | 88 |
Held-to-maturity, Gross Unrealized Losses | (189) | (13) |
Held-to-maturity, Fair Value | $ 11,231 | $ 9,884 |
Investment Securities - Schedul
Investment Securities - Scheduled of Maturities of Securities Available-for-sale and Held-to-maturity (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale, Due in one year or less, Amortized Cost | $ 2,994 |
Available-for-Sale, Due from more than one to five years, Amortized Cost | 8,006 |
Available-for-Sale, Due from more than five to ten years, Amortized Cost | 1,502 |
Available-for-Sale, Due after ten years, Amortized Cost | 19,264 |
Available-for-Sale, Amortized Cost | 31,766 |
Available-for-Sale, Due in one year or less, Fair Value | 2,981 |
Available-for-Sale, Due from more than one to five years, Fair Value | 7,870 |
Available-for-Sale, Due from more than five to ten years, Fair Value | 1,461 |
Available-for-Sale, Due after ten years, Fair Value | 18,535 |
Available-for-Sale, Fair Value | 30,847 |
Held-to-Maturity, Due in one year or less, Amortized Cost | 605 |
Held-to-Maturity, Due from more than one to five years, Amortized Cost | 3,044 |
Held-to-Maturity, Due from more than five to ten years, Amortized Cost | 7,238 |
Held-to-Maturity, Due after ten years, Amortized Cost | 3,018 |
Held-to-Maturity, Amortized Cost | 13,905 |
Held-to-Maturity, Due in one year or less, Fair Value | 604 |
Held-to-Maturity, Due from more than one to five years, Fair Value | 3,028 |
Held-to-Maturity, Due from more than five to ten years, Fair Value | 7,146 |
Held-to-Maturity, Due after ten years, Fair Value | 2,969 |
Held-to-Maturity, Fair Value | $ 13,747 |
Investment Securities - Additio
Investment Securities - Additional information (Detail) | 12 Months Ended | |
Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($)Security | |
Investment Holdings [Line Items] | ||
Securities with a fair value pledge to secure public deposits and for other purposes as required by law | $ 7,800,000 | $ 8,200,000 |
Proceeds from the sale of available-for-sale securities | 11,882,000 | 4,436,000 |
Gross realized gains on sale of available-for-sale securities | 43,000 | 22,000 |
Gross realized losses sale of available-for-sale securities | 8,000 | 4,000 |
Securities available-for-sale | $ 30,847,000 | $ 42,820,000 |
Bank CDs | ||
Investment Holdings [Line Items] | ||
Number of investment securities | Security | 20 | 26 |
Securities available-for-sale | $ 4,920,000 | $ 6,745,000 |
Number of securities with unrealized losses | Security | 19 | 12 |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Number of investment securities | Security | 3 | 10 |
Securities available-for-sale | $ 967,000 | $ 4,340,000 |
Number of securities with unrealized losses | Security | 3 | 3 |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Number of investment securities | Security | 15 | 24 |
Securities available-for-sale | $ 5,708,000 | $ 11,226,000 |
Number of securities with unrealized losses | Security | 12 | 9 |
Investment securities | $ 8,200,000 | $ 13,200,000 |
Collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Number of investment securities | Security | 41 | 35 |
Securities available-for-sale | $ 13,794,000 | $ 12,567,000 |
Number of securities with unrealized losses | Security | 41 | 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 | $ 3,778,000 | $ 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 | 28 | 30 |
Securities available-for-sale | $ 1,680,000 | $ 3,507,000 |
Number of securities with unrealized losses | Security | 21 | 13 |
Investment securities | $ 12,900,000 | $ 13,400,000 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | $ 14,276 | $ 13,625 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (308) | (130) |
Available-for-sale, 12 Months or Longer, Fair Value | 15,512 | 8,384 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (616) | (226) |
Available-for-sale, Total, Fair Value | 29,788 | 22,009 |
Available-for-sale, Total, Unrealized Loss | (924) | (356) |
Held-to-maturity, Less than 12 Months, Fair Value | 6,058 | |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (103) | |
Held-to-maturity, 12 Months or Longer, Fair Value | 3,375 | |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (89) | |
Held-to-maturity, Total, Fair Value | 9,433 | |
Held-to-maturity, Total, Unrealized Loss | (192) | |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 414 | 1,115 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (11) | (16) |
Available-for-sale, 12 Months or Longer, Fair Value | 553 | |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (29) | |
Available-for-sale, Total, Fair Value | 967 | 1,115 |
Available-for-sale, Total, Unrealized Loss | (40) | (16) |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 2,308 | 2,045 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (45) | (6) |
Available-for-sale, 12 Months or Longer, Fair Value | 2,895 | 2,492 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (57) | (58) |
Available-for-sale, Total, Fair Value | 5,203 | 4,537 |
Available-for-sale, Total, Unrealized Loss | (102) | (64) |
Held-to-maturity, Less than 12 Months, Fair Value | 516 | |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (3) | |
Held-to-maturity, Total, Fair Value | 516 | |
Held-to-maturity, Total, Unrealized Loss | (3) | |
Collateralized mortgage obligations - agency residential | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 8,798 | 2,218 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (216) | (40) |
Available-for-sale, 12 Months or Longer, Fair Value | 4,996 | 4,278 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (287) | (120) |
Available-for-sale, Total, Fair Value | 13,794 | 6,496 |
Available-for-sale, Total, Unrealized Loss | (503) | (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 | 3,774 | 1,133 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (186) | (39) |
Available-for-sale, Total, Fair Value | 3,774 | 4,430 |
Available-for-sale, Total, Unrealized Loss | (186) | (85) |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 299 | 2,214 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (1) | (9) |
Available-for-sale, 12 Months or Longer, Fair Value | 1,082 | 238 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (20) | (2) |
Available-for-sale, Total, Fair Value | 1,381 | 2,452 |
Available-for-sale, Total, Unrealized Loss | (21) | (11) |
Held-to-maturity, Less than 12 Months, Fair Value | 5,542 | 3,227 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (100) | (11) |
Held-to-maturity, 12 Months or Longer, Fair Value | 3,375 | 501 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (89) | (2) |
Held-to-maturity, Total, Fair Value | 8,917 | 3,728 |
Held-to-maturity, Total, Unrealized Loss | (189) | (13) |
Bank CDs | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 2,457 | 2,736 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (35) | (13) |
Available-for-sale, 12 Months or Longer, Fair Value | 2,212 | 243 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (37) | (7) |
Available-for-sale, Total, Fair Value | 4,669 | 2,979 |
Available-for-sale, Total, Unrealized Loss | $ (72) | $ (20) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | $ 212,003 | $ 112,045 | |
Unearned discounts, origination and commitment fees and costs | 1,564 | 359 | |
Allowance for loan losses | (871) | (593) | $ (487) |
Loans and leases receivable, net amount | 212,696 | 111,811 | |
Residential | 1-4 family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 182,234 | 88,578 | |
Allowance for loan losses | (651) | (399) | (314) |
Residential | Home equity and HELOCs | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 4,921 | 5,466 | |
Allowance for loan losses | (39) | (38) | (18) |
Commercial | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 10,804 | 12,191 | |
Allowance for loan losses | (65) | (89) | (131) |
Commercial | Commercial Business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 4,059 | 3,801 | |
Allowance for loan losses | (65) | (58) | (23) |
Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 2,907 | 2,004 | |
Allowance for loan losses | (15) | (9) | $ (1) |
Consumer | Medical Education | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 7,047 | ||
Allowance for loan losses | (35) | ||
Consumer | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | 31 | $ 5 | |
Allowance for loan losses | $ (1) |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 212,003,000 | $ 112,045,000 |
Overdrafts | 31,000 | 5,000 |
Loans performing under original contractual, interest increase | $ 97,000 | $ 84,000 |
Number of loans identified as TDRs | Loan | 2 | 2 |
Loans identified as TDRs | $ 304,000 | $ 331,000 |
Modifications to loans classified as TDRs | 0 | |
Additional loan commitments outstanding | 0 | 0 |
Specific reserve related to TDR | 14,000 | $ 15,000 |
Private Education Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 7,047,000 | |
Delinquent loans | $ 0 |
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 | 12 Months Ended | ||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses Beginning Balance | $ 593 | $ 487 | $ 593 | $ 487 | ||||||
Allowance for Loan Losses Charge-offs | (34) | (129) | ||||||||
Allowance for Loan Losses Recoveries | 46 | 34 | ||||||||
Allowance for Loan Losses (Credit) Provisions | $ 111 | $ 76 | $ 80 | (1) | $ 78 | $ (12) | $ 12 | 123 | 266 | 201 |
Allowance for Loan Losses Ending Balance | 871 | 593 | 871 | 593 | ||||||
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 14 | 15 | 14 | 15 | ||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 857 | 578 | 857 | 578 | ||||||
Residential | 1-4 family | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses Beginning Balance | 399 | 314 | 399 | 314 | ||||||
Allowance for Loan Losses Charge-offs | (11) | |||||||||
Allowance for Loan Losses Recoveries | 3 | 8 | ||||||||
Allowance for Loan Losses (Credit) Provisions | 260 | 77 | ||||||||
Allowance for Loan Losses Ending Balance | 651 | 399 | 651 | 399 | ||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 651 | 399 | 651 | 399 | ||||||
Residential | Home equity and HELOCs | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses Beginning Balance | 38 | 18 | 38 | 18 | ||||||
Allowance for Loan Losses Charge-offs | (125) | |||||||||
Allowance for Loan Losses (Credit) Provisions | 1 | 145 | ||||||||
Allowance for Loan Losses Ending Balance | 39 | 38 | 39 | 38 | ||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 39 | 38 | 39 | 38 | ||||||
Commercial | Commercial Real Estate | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses Beginning Balance | 89 | 131 | 89 | 131 | ||||||
Allowance for Loan Losses Charge-offs | (23) | |||||||||
Allowance for Loan Losses Recoveries | 43 | 25 | ||||||||
Allowance for Loan Losses (Credit) Provisions | (44) | (67) | ||||||||
Allowance for Loan Losses Ending Balance | 65 | 89 | 65 | 89 | ||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 65 | 89 | 65 | 89 | ||||||
Commercial | Commercial Business | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses Beginning Balance | 58 | 23 | 58 | 23 | ||||||
Allowance for Loan Losses (Credit) Provisions | 7 | 35 | ||||||||
Allowance for Loan Losses Ending Balance | 65 | 58 | 65 | 58 | ||||||
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 14 | 15 | 14 | 15 | ||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 51 | 43 | 51 | 43 | ||||||
Construction | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses Beginning Balance | $ 9 | $ 1 | 9 | 1 | ||||||
Allowance for Loan Losses (Credit) Provisions | 6 | 8 | ||||||||
Allowance for Loan Losses Ending Balance | 15 | 9 | 15 | 9 | ||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 15 | $ 9 | 15 | 9 | ||||||
Consumer | Medical Education | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses (Credit) Provisions | 35 | |||||||||
Allowance for Loan Losses Ending Balance | 35 | 35 | ||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 35 | 35 | ||||||||
Consumer | Other | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for Loan Losses Charge-offs | (4) | |||||||||
Allowance for Loan Losses Recoveries | 1 | |||||||||
Allowance for Loan Losses (Credit) Provisions | 1 | $ 3 | ||||||||
Allowance for Loan Losses Ending Balance | 1 | 1 | ||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | $ 1 | $ 1 |
Loans Receivable - Individually
Loans Receivable - Individually and Collectively Evaluated for Impairment By Loan Class (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 212,003 | $ 112,045 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 2,085 | 2,081 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 209,918 | 109,964 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 182,234 | 88,578 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 1,429 | 1,198 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 180,805 | 87,380 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 4,921 | 5,466 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 105 | 196 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 4,816 | 5,270 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 10,804 | 12,191 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 398 | 514 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 10,406 | 11,677 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 4,059 | 3,801 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 153 | 173 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 3,906 | 3,628 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 2,907 | 2,004 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 2,907 | 2,004 |
Consumer | Medical Education | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 7,047 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 7,047 | |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 31 | 5 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | $ 31 | $ 5 |
Loans Receivable - Summary of I
Loans Receivable - Summary of Information in Regard to Impaired Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | $ 1,932 | $ 1,908 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 2,096 | 1,908 |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,983 | 1,793 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 37 | 53 |
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 153 | 173 |
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 154 | 173 |
Impaired loans by loan portfolio class with an allowance, Related Allowance | 14 | 15 |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 163 | 183 |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 9 | 10 |
Impaired loans by loan portfolio class, Recorded Investment | 2,085 | 2,081 |
Impaired loans by loan portfolio class, Unpaid Principal Balance | 2,250 | 2,081 |
Impaired loans by loan portfolio class, Average Record Investment | 2,146 | 1,976 |
Impaired loans by loan portfolio class, Interest Income Recognized | 46 | 63 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 1,429 | 1,198 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 1,592 | 1,198 |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,402 | 893 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 9 | 5 |
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 | 196 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 106 | 196 |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 140 | 151 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 1 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 398 | 514 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 398 | 514 |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 441 | 749 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 28 | 47 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 153 | 173 |
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 154 | 173 |
Impaired loans by loan portfolio class with an allowance, Related Allowance | 14 | 15 |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 163 | 183 |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | $ 9 | $ 10 |
Loans Receivable - Summary of N
Loans Receivable - Summary of Nonaccrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 1,534 | $ 1,408 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,429 | 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 | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 212,003 | $ 112,045 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 209,012 | 109,289 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 216 | 552 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,775 | 2,204 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 182,234 | 88,578 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,921 | 5,466 |
Residential | Pass | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 180,248 | 87,099 |
Residential | Pass | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,816 | 5,270 |
Residential | Substandard | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,986 | 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 | 10,804 | 12,191 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,059 | 3,801 |
Commercial | Pass | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 10,190 | 11,283 |
Commercial | Pass | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,773 | 3,628 |
Commercial | Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 216 | 552 |
Commercial | Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 398 | 356 |
Commercial | Substandard | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 286 | 173 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,907 | 2,004 |
Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,907 | 2,004 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 7,047 | |
Consumer | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 31 | 5 |
Consumer | Pass | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 7,047 | |
Consumer | Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 31 | $ 5 |
Loans Receivable - Summary of S
Loans Receivable - Summary of Segments of Loan Portfolio by Aging Categories (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,150 | $ 2,095 |
Current | 209,853 | 109,950 |
Total Loans Receivable | 212,003 | 112,045 |
Loans Receivable >90 Days and Accruing | 24 | 0 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 747 | 554 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 474 | 381 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 929 | 1,160 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,807 | 1,885 |
Current | 180,427 | 86,693 |
Total Loans Receivable | 182,234 | 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 | 595 | 554 |
Residential | 1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 412 | 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 | 800 | 950 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 105 | 110 |
Current | 4,816 | 5,356 |
Total Loans Receivable | 4,921 | 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 | 10,804 | 12,091 |
Total Loans Receivable | 10,804 | 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 | 4,059 | 3,801 |
Total Loans Receivable | 4,059 | 3,801 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,907 | 2,004 |
Total Loans Receivable | 2,907 | 2,004 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 238 | |
Current | 6,809 | |
Total Loans Receivable | 7,047 | |
Loans Receivable >90 Days and Accruing | 24 | |
Consumer | Medical Education | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 152 | |
Consumer | Medical Education | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 62 | |
Consumer | Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24 | |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 31 | 5 |
Total Loans Receivable | 31 | 5 |
Loans Receivable >90 Days and Accruing | $ 0 | $ 0 |
Loans Receivable - Summary of T
Loans Receivable - Summary of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Total TDRs | $ 304 | $ 331 |
Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 304 | $ 331 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Total TDRs | $ 151 | |
Commercial Real Estate | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 151 | |
Commercial Business | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Total TDRs | $ 153 | |
Commercial Business | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 153 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | $ 5,422 | $ 5,146 |
Accumulated depreciation | (3,549) | (3,311) |
Premises and equipment, net | 1,873 | 1,835 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 334 | 334 |
Land improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 477 | 477 |
Office buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 712 | 712 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 706 | 636 |
Furniture and equipment | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | $ 3,193 | $ 2,987 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2007 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 238 | $ 198 | |
Deferred gain on sale of building | $ 486 | ||
Operating lease, term | 29 years 11 months | ||
Amortization of deferred gain on sale-leaseback transaction | $ 16 | $ 16 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Deposits [Abstract] | |||
Demand accounts-interest bearing | [1] | $ 41,434 | |
Demand accounts-non-interest bearing | [1] | 67 | |
NOW accounts- interest bearing | $ 34,857 | ||
NOW accounts- non-interest bearing | 1,729 | ||
Money market deposit accounts | 30,234 | 31,574 | |
Passbook and statement accounts | 29,237 | 33,920 | |
Checking accounts | 90,981 | 40,493 | |
Subtotal - core deposits | 191,953 | 142,573 | |
Certificates of deposit | 43,450 | 27,908 | |
Total deposits | $ 235,403 | $ 170,481 | |
[1] | During 2018, the Company revamped our product offering and phased out the offering NOW accounts to our customers. |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Deposits [Abstract] | ||
June 30, 2019 | $ 26,172 | |
June 30, 2020 | 10,788 | |
June 30, 2021 | 3,319 | |
June 30, 2022 | 562 | |
June 30, 2023 | 2,049 | |
June 30, 2024 and thereafter | 560 | |
Certificates of deposit | $ 43,450 | $ 27,908 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Deposits [Abstract] | ||
Certificates of deposit in denominations of $250,000 or more | $ 6.3 | $ 2.9 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Fixed rate advances from FHLB | $ 22,000 | $ 9,000 |
0.93% FHLB Advances Due 9/26/2017 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Sep. 26, 2012 | |
Maturity | Sep. 26, 2017 | |
Advance Type | Fixed Rate | |
Interest Rate | 0.93% | |
Fixed rate advances from FHLB | 3,000 | |
1.27% FHLB Advances Due 11/30/2017 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Nov. 30, 2015 | |
Maturity | Nov. 30, 2017 | |
Advance Type | Fixed Rate | |
Interest Rate | 1.27% | |
Fixed rate advances from FHLB | 1,000 | |
1.41% FHLB Advances Due 7/16/2018 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Jul. 16, 2015 | |
Maturity | Jul. 16, 2018 | |
Advance Type | Fixed Rate | |
Interest Rate | 1.41% | |
Fixed rate advances from FHLB | $ 1,000 | 1,000 |
2.07% FHLB Advances Due 07/17/2018 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Apr. 17, 2018 | |
Maturity | Jul. 17, 2018 | |
Advance Type | Fixed Rate | |
Interest Rate | 2.07% | |
Fixed rate advances from FHLB | $ 10,000 | |
1.59% FHLB Advances Due 11/30/2018 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Nov. 30, 2015 | |
Maturity | Nov. 30, 2018 | |
Advance Type | Fixed Rate | |
Interest Rate | 1.59% | |
Fixed rate advances from FHLB | $ 1,000 | 1,000 |
1.26% FHLB Advances Due 6/03/2019 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Jun. 3, 2016 | |
Maturity | Jun. 3, 2019 | |
Advance Type | Fixed Rate | |
Interest Rate | 1.26% | |
Fixed rate advances from FHLB | $ 2,000 | 2,000 |
1.19% FHLB Advances Due 7/18/2019 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Jul. 18, 2016 | |
Maturity | Jul. 18, 2019 | |
Advance Type | Fixed Rate | |
Interest Rate | 1.19% | |
Fixed rate advances from FHLB | $ 1,000 | $ 1,000 |
1.88% FHLB Advances Due 09/28/2020 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Sep. 26, 2017 | |
Maturity | Sep. 28, 2020 | |
Advance Type | Fixed Rate | |
Interest Rate | 1.88% | |
Fixed rate advances from FHLB | $ 3,000 | |
2.22% FHLB Advances Due 11/22/2021 | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Issue Date | Nov. 21, 2017 | |
Maturity | Nov. 22, 2021 | |
Advance Type | Fixed Rate | |
Interest Rate | 2.22% | |
Fixed rate advances from FHLB | $ 4,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
FHLB advances maturity period | 30 years | |
Borrowing facility maximum borrowing capacity | $ 96,800,000 | |
Advances from the Federal Home Loan Bank | 22,000,000 | $ 9,000,000 |
Letter of credit amount outstanding | 500,000 | |
Atlantic Community Bancshares, Inc. | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Line of credit amount outstanding | 0 | 0 |
Available line of credit | 3,000,000 | |
Federal Reserve Bank | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Line of credit amount outstanding | 0 | 0 |
Available line of credit | $ 2,000,000 | 2,400,000 |
Collateral percentage | 95.00% | |
Open Repo Plus Line | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Borrowing facility maturity period | 3 months | |
Borrowing facility maximum borrowing capacity description | The Open Repo Plus line has a maximum limit of up to one half of the MBC | |
Line of credit amount outstanding | $ 0 | $ 0 |
Securities Sold Under Agreeme72
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Securities Sold Under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 5,739 | $ 2,883 |
Securities sold under agreements to repurchase, fair value of collateral | $ 5,800 | $ 3,700 |
Securities Sold Under Agreeme73
Securities Sold Under Agreement to Repurchase - Summary of Overnight Repurchase Agreements (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Offsetting [Abstract] | ||
Balance at end of year | $ 5,739,000 | $ 2,883,000 |
Average balance during year | 2,179,000 | 1,935,000 |
Maximum outstanding at any month end | $ 5,739,000 | $ 4,277,000 |
Weighted average interest rate at end of year | 0.19% | 0.19% |
Weighted average interest rate during year | 0.18% | 0.16% |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) - USD ($) $ in Billions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Minimum ratios of core capital to adjusted average assets | 4.00% | 4.00% | |
Minimum ratios of common equity Tier 1 capital to risk-weighted assets | 4.50% | ||
Minimum ratios of Tier 1 capital to risk-weighted assets | 6.00% | 6.00% | |
Minimum ratios of total risk-based capital to risk-weighted assets | 8.00% | 8.00% | |
Minimum leverage ratio | 5.00% | ||
Minimum leverage ratio of common equity Tier 1 risk-based | 6.50% | ||
Minimum leverage ratio of Tier 1 risk-based | 8.00% | ||
Minimum leverage ratio of total risk-based capital ratios | 10.00% | ||
Capital conservation buffer phase in period start date | Jan. 1, 2016 | ||
Capital conservation buffer phase in period end date | Dec. 31, 2019 | ||
Required capital conservation buffer percentage | 1.875% | 0.625% | |
Tangible equity to average consolidated assets | $ 10 | ||
Minimum | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Minimum ratios of common equity Tier 1 capital to risk-weighted assets | 4.50% | 4.50% | |
Minimum leverage ratio | 5.00% | 5.00% | |
Minimum leverage ratio of common equity Tier 1 risk-based | 6.50% | 6.50% | |
Minimum leverage ratio of Tier 1 risk-based | 8.00% | 8.00% | |
Minimum leverage ratio of total risk-based capital ratios | 10.00% | 10.00% | |
Tangible equity to average consolidated assets ratio | 8.00% | ||
Maximum | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Tangible equity to average consolidated assets ratio | 10.00% | ||
June 30, 2019 and Thereafter | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Capital conservation buffer phase in increase | 2.50% |
Regulatory Capital - Schedule o
Regulatory Capital - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk-based capital (to risk-weighted assets), Actual, Amount | $ 25,050,000 | $ 24,113,000 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 24,179,000 | 23,520,000 |
Tier 1 capital (to average assets), Actual, Amount | 24,179,000 | 23,520,000 |
Tier 1 common equity (to risk-weighted assets), Actual, Amount | $ 24,179,000 | $ 23,520,000 |
Total risk-based capital (to risk-weighted assets), Actual, Ratio | 15.60% | 21.80% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 15.00% | 21.20% |
Tier 1 capital (to average assets), Actual, Ratio | 8.80% | 11.20% |
Tier 1 common equity (to risk-weighted assets), Actual, Ratio | 15.00% | 21.20% |
Total risk-based capital (to risk-weighted assets), Capital Adequacy Purposes, Amount | $ 12,874,000 | $ 8,870,000 |
Tier 1 capital (to risk-weighted assets), Capital Adequacy Purposes, Amount | 9,655,000 | 6,652,000 |
Tier 1 capital (to average assets), Capital Adequacy Purposes, Amount | $ 11,031,000 | $ 8,377,000 |
Total risk-based capital (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), Capiral Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets), Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 common equity (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 4.50% | |
Total risk-based capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 10.00% | |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 8.00% | |
Tier 1 capital (to average assets), To Be Well Capitalized Under the prompt Corrective Action Provision, Ratio | 5.00% | |
Tier 1 common equity (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 6.50% | |
Minimum | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier 1 common equity (to risk-weighted assets), Capital Adequacy Purposes, Amount | $ 7,241,000 | $ 4,989,000 |
Tier 1 common equity (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Total risk-based capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | $ 16,092,000 | $ 11,087,000 |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | 12,874,000 | 8,870,000 |
Tier 1 capital (to average assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | 13,789,000 | 10,471,000 |
Tier 1 common equity (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | $ 10,460,000 | $ 7,207,000 |
Total risk-based capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 8.00% | 8.00% |
Tier 1 capital (to average assets), To Be Well Capitalized Under the prompt Corrective Action Provision, Ratio | 5.00% | 5.00% |
Tier 1 common equity (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 6.50% | 6.50% |
Derivatives and Risk Manageme76
Derivatives and Risk Management Activities - Summary of Derivatives not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 817 | $ 1,001 |
Not Designated as Hedging Instrument | IRLCs | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 642 | 786 |
Asset Derivatives, Notional Amount | 20,589 | 21,389 |
Not Designated as Hedging Instrument | IRLCs | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 56 | 19 |
Liability Derivatives, Notional Amount | 6,795 | 4,089 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 175 | 179 |
Asset Derivatives, Notional Amount | 4,687 | 10,864 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 4 | 37 |
Liability Derivatives, Notional Amount | 1,522 | 3,717 |
Not Designated as Hedging Instrument | TBA Securities | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 36 | |
Asset Derivatives, Notional Amount | 14,750 | |
Not Designated as Hedging Instrument | TBA Securities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 78 | 8 |
Liability Derivatives, Notional Amount | $ 17,750 | $ 2,750 |
Derivatives and Risk Manageme77
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 | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | $ (258) | $ (337) |
IRLCs | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | (181) | 368 |
Forward Loan Sales Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | 29 | (699) |
TBA Securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) from derivative instruments | $ (106) | $ (6) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share Basic [Line Items] | ||
Stock options outstanding | 198,000 | 0 |
Share vested and exercisable | 0 | |
Stock options outstanding not included in computation of diluted net income per share | 198,000 | |
Effect of dilution on earnings per share | $ 0 | |
Restricted Stock | ||
Earnings Per Share Basic [Line Items] | ||
Restricted stock shares outstanding | 77,000 | |
Share vested and exercisable other than option | 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 11, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | [1] | ||||||
Earnings Per Share [Abstract] | ||||||||||||||||||
Net Income | $ 223 | $ 132 | $ 179 | $ 236 | $ 179 | $ 98 | $ 39 | $ 253 | $ 770 | $ 569 | ||||||||
Weighted average number of shares issued | 2,185,711 | 1,010,354 | ||||||||||||||||
Less weighted average number of unearned ESOP shares | (165,519) | |||||||||||||||||
Less weighted average number of unvested restricted stock awards | (3,586) | |||||||||||||||||
Basic weighted average shares outstanding | 2,016,606 | 1,010,354 | ||||||||||||||||
Add dilutive effect of restricted stock awards | 1,795 | |||||||||||||||||
Diluted weighted average shares outstanding | 2,018,401 | 1,010,354 | ||||||||||||||||
Net income per share | ||||||||||||||||||
Basic | $ 0.11 | [2] | $ 0.07 | [2] | $ 0.08 | [2] | $ 0.11 | [2] | $ 0.08 | [2] | $ 0.05 | [2] | $ 0.38 | $ 0.56 | ||||
Diluted | $ 0.11 | [2] | $ 0.07 | [2] | $ 0.08 | [2] | $ 0.11 | [2] | $ 0.08 | [2] | $ 0.05 | [2] | $ 0.38 | $ 0.56 | ||||
Weighted average shares outstanding | 0 | |||||||||||||||||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. | |||||||||||||||||
[2] | Earnings per share is computed independently for each period. The sum of the individual quarters may not equal the annual earnings per share. |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | ||
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, percentage of common stock purchase | 8.00% | |
Employee stock ownership plan, loan repaid term | 20 years | |
Employee stock ownership plan, participant accounts vested percentage | 20.00% | |
Employee stock ownership plan, vesting period | 6 years | |
Defined contribution plan, employer discretionary amount | $ 0 | $ 80,000 |
Share based compensation, number of shares for granted | 198,000 | |
Exercise price for options outstanding | $ 14.80 | |
Weighted average remaining contractual life | 10 years | |
Shares exercisable | 0 | |
Assets | $ 297,762,000 | $ 216,765,000 |
2018 Equity Incentive Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Maximum number of shares authorized | 305,497 | |
Share based compensation, number of shares for granted | 275,000 | |
Share based compensation, number of shares available for grant | 30,497 | |
2018 Equity Incentive Plan | Stock Options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Maximum number of shares authorized | 218,212 | |
Share based compensation, number of shares for granted | 43,000 | |
Total unrecognized compensation cost | $ 359,000 | |
2018 Equity Incentive Plan | Restricted Stock Awards or Restricted Stock Units | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Maximum number of shares authorized | 87,285 | |
2018 Equity Incentive Plan | Stock Options Officers | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 125,000 | |
2018 Equity Incentive Plan | Non Qualified Stock Options Outside Directors | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 30,000 | |
2018 Equity Incentive Plan | Restricted Stock Employees | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 12,000 | |
2018 Equity Incentive Plan | Restricted Stock Officers | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 50,000 | |
2018 Equity Incentive Plan | Restricted Stock Outside Directors | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 15,000 | |
2018 Equity Incentive Plan | Restricted Shares and Stock Options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, vesting period | 7 years | |
2018 Equity Incentive Plan | Restricted Stock Awards | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares available for grant | 10,285 | |
2018 Equity Incentive Plan | Non Vested Restricted Stock Outstanding | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Expected future compensation expense | $ 1,100,000 | |
Minimum | SNL US index of Banks | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Assets | $ 250,000,000 | |
Maximum | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Percentage of contribution by participants to compensation plan | 15.00% | |
Maximum | SNL US index of Banks | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Assets | $ 500,000,000 | |
Employee Stock Ownership Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Number of shares repurchase | 174,570 | |
Number of shares repurchase weighted average price per share | $ 13.92 | |
Total repurchase price of shares | $ 2,430,000 | |
Employee Stock Ownership Plan | Minimum | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Number of shares repurchase price per share | $ 12.50 | |
Employee Stock Ownership Plan | Maximum | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Number of shares repurchase price per share | $ 14.21 |
Employee Benefits - Components
Employee Benefits - Components of ESOP Shares (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Employee Stock Ownership Plan E S O P Shares In E S O P [Abstract] | ||
Allocated shares | 8,729 | |
Committed shares | 4,364 | |
Unreleased shares | 161,477 | |
Total ESOP shares | 174,570 | 174,570 |
Fair value of unrelease shares (in thousands) | $ 2,458 |
Employee Benefits - Summary of
Employee Benefits - Summary of Stock Option Activity (Detail) | 12 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Options | |
Outstanding, beginning of year | 0 |
Granted | 198,000 |
Outstanding, end of year | 198,000 |
Exercisable, end of year | 0 |
Weighted-Average Exercise Price | |
Granted | $ / shares | $ 14.80 |
Outstanding, end of year | $ / shares | 14.80 |
Exercisable, end of year | $ / shares | $ 14.80 |
Average Intrinsic Value | |
Outstanding, end of year | $ | $ 3,960 |
Exercisable, end of year | $ | $ 3,960 |
Employee Benefits - Summary o83
Employee Benefits - Summary of Estimated Fair Value of Options Granted Using Black-Scholes Option Pricing Model with Weighted Average Assumptions (Detail) | 12 Months Ended |
Jun. 30, 2018$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | |
Dividend yield | 3.38% |
Expected life | 10 years |
Expected volatility | 15.12% |
Risk-free interest rate | 2.95% |
Weighted average grant date fair value | $ 1.81 |
Employee Benefits - Summary o84
Employee Benefits - Summary of Restricted Stock Activity (Detail) - Restricted Stock | 12 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Number of Shares | |
Granted | shares | 77,000 |
Non-vested at June 30 | shares | 77,000 |
Weighted-Average Grant Date Fair Value | |
Granted | $ / shares | $ 14.80 |
Non-vested at June 30 | $ / shares | $ 14.80 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |
Current: | ||||||||||
Federal | $ 248,000 | $ 305,000 | ||||||||
State | 71,000 | 48,000 | ||||||||
Current income tax expense (benefit) | 319,000 | 353,000 | ||||||||
Deferred: | ||||||||||
Change in corporate tax rate | (27,000) | |||||||||
Federal | (48,000) | (158,000) | ||||||||
Deferred income tax expense (benefit) | (75,000) | (158,000) | ||||||||
Total income tax expense | $ 48,000 | $ 14,000 | $ 94,000 | $ 88,000 | $ 74,000 | $ 41,000 | $ (38,000) | $ 118,000 | $ 244,000 | $ 195,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax at Federal Statutory Rate to Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||||||
Tax at statutory rate | $ 279 | $ 259 | ||||||||||
State tax net of federal benefit | 51 | 31 | ||||||||||
Banked-owned life insurance | (43) | (37) | ||||||||||
Tax-exempt interest | (73) | (64) | ||||||||||
Change in tax rate | 27 | |||||||||||
Other, net | 3 | 6 | ||||||||||
Total income tax expense | $ 48 | $ 14 | $ 94 | $ 88 | $ 74 | $ 41 | $ (38) | $ 118 | $ 244 | $ 195 | ||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||||||||
Tax at statutory rate | 21.00% | 34.00% | 27.50% | 34.00% | ||||||||
State tax net of federal benefit | 5.10% | 4.20% | ||||||||||
Banked-owned life insurance | (4.20%) | (4.90%) | ||||||||||
Tax-exempt interest | (7.20%) | (8.80%) | ||||||||||
Change in tax rate | 2.60% | |||||||||||
Other, net | 0.30% | 1.10% | ||||||||||
Effective income tax rate reconciliation | 24.10% | 25.60% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2021 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes [Line Items] | |||||
U.S. federal corporate income tax rate | 21.00% | 34.00% | 27.50% | 34.00% | |
Additional income tax expense | $ (27,000) | ||||
Alternative Minimum Tax credits | $ 170,000 | 170,000 | $ 178,000 | ||
Bad debt reserves for tax purposes included in retained earnings with no provision for federal income tax | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | ||
Scenario Forecast | |||||
Income Taxes [Line Items] | |||||
Alternative minimum tax credits refund percentage | 100.00% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Deferred tax assets: | ||
Allowance for loan losses | $ 183 | $ 202 |
Non-accrual interest | 11 | 25 |
Deferred income | 62 | 105 |
Accrued expenses | 29 | 70 |
Capitalized expenses | 4 | 6 |
Unrealized loss on securities | 271 | 77 |
Minimum tax credit carryover | 170 | 178 |
Gross deferred tax assets | 730 | 663 |
Deferred tax liabilities: | ||
Depreciation | 2 | 3 |
Fair value adjustment of IRLC, TBA securities and forward loan sales commitments | 143 | 318 |
Gain on fair value of loans | 59 | 85 |
Gross deferred tax liabilities | 204 | 406 |
Net deferred tax assets | $ 526 | $ 257 |
Fair Value of Financial Instr89
Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 30,847 | $ 42,820 |
Loans held for sale, at fair value | 13,558 | 12,784 |
Asset Derivatives | 817 | 1,001 |
U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 967 | 4,340 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,708 | 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 | 13,794 | 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 | 3,778 | 4,435 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,680 | 3,507 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 30,353 | 41,609 |
Loans held for sale, at fair value | 13,558 | 12,784 |
Level 2 | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 175 | 179 |
Level 2 | TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 36 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 494 | 1,211 |
Level 3 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 642 | 786 |
Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,920 | 6,745 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 13,558 | 12,784 |
Assets measured at fair value | 45,222 | 56,605 |
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 | 967 | 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 | 5,708 | 11,226 |
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 | 13,794 | 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 | 3,778 | 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 | 1,680 | 3,507 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 175 | 179 |
Fair Value, Measurements, Recurring | TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 36 | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 642 | 786 |
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 | 13,558 | 12,784 |
Assets measured at fair value | 44,086 | 54,608 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 967 | 4,340 |
Fair Value, Measurements, Recurring | Level 2 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,214 | 10,258 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,794 | 12,567 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,778 | 4,435 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,680 | 3,507 |
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 | 175 | 179 |
Fair Value, Measurements, Recurring | Level 2 | TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 36 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,136 | 1,997 |
Fair Value, Measurements, Recurring | Level 3 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 494 | 968 |
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 | 642 | 786 |
Fair Value, Measurements, Recurring | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,920 | 6,745 |
Fair Value, Measurements, Recurring | Bank CDs | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 4,920 | 6,502 |
Fair Value, Measurements, Recurring | Bank CDs | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 243 |
Fair Value of Financial Instr90
Fair Value of Financial Instruments - Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 4 | $ 37 |
TBA Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 78 | 8 |
Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 56 | 19 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value | 138 | 64 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value | 82 | 45 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value | 56 | 19 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 4 | 37 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 4 | 37 |
Fair Value, Measurements, Recurring | TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 78 | 8 |
Fair Value, Measurements, Recurring | TBA Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 78 | 8 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 56 | 19 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 56 | $ 19 |
Fair Value of Financial Instr91
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value Measurement Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 158 |
Fair Value of Financial Instr92
Fair Value of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurement Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value | $ 0 | $ 158 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value | 158 | ||
Impaired Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value | 158 | ||
Impaired Loans | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value | $ 158 | $ 158 |
Fair Value of Financial Instr93
Fair Value of Financial Instruments - Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis (Detail) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2016USD ($) | ||
Fair Value Measurement Nonrecurring | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value | $ 158 | $ 0 | ||
Fair Value Measurement Nonrecurring | Impaired Loans | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value | $ 158 | |||
Level 3 | Impaired Loans | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Valuation Techniques | [1] | Appraisal of collateral | ||
Level 3 | Impaired Loans | Measurement Input, Discount Rate | Minimum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | 0.050 | |||
Level 3 | Impaired Loans | Measurement Input, Discount Rate | Maximum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | 0.050 | |||
Level 3 | Impaired Loans | Measurement Input, Discount Rate | Weighted Average | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | (0.050) | |||
Level 3 | Fair Value Measurement Nonrecurring | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value | $ 158 | |||
Level 3 | Fair Value Measurement Nonrecurring | Impaired Loans | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets measured at fair value | $ 158 | $ 158 | ||
[1] | Appraisals may be discounted for qualitative factors such as age of appraisal, interior condition of the property, and liquidation expenses. Fair value may also be based on negotiated settlements with the borrowers. |
Fair Value of Financial Instr94
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments Carried at Cost or Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Assets: | ||
Investment securities available for sale | $ 30,847 | $ 42,820 |
Investment securities held-to-maturity | 13,747 | 11,896 |
Loans held for sale at fair value | 13,558 | 12,784 |
Asset Derivatives | 817 | 1,001 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 14,745 | 28,577 |
Bank-owned life insurance | 6,016 | |
Restricted investment in bank stock | 1,190 | |
Accrued interest receivable | 940 | |
Liabilities: | ||
Deposits | 191,953 | |
Advances from the FHLB | 10,000 | |
Securities sold under agreements to repurchase | 5,734 | |
Accrued interest payable | 74 | |
Level 2 | ||
Assets: | ||
Investment securities available for sale | 30,353 | 41,609 |
Investment securities held-to-maturity | 11,747 | 9,884 |
Loans held for sale at fair value | 13,558 | 12,784 |
Accrued interest receivable | 620 | |
Liabilities: | ||
Deposits | 40,952 | 160,764 |
Advances from the FHLB | 11,807 | 8,958 |
Securities sold under agreements to repurchase | 2,883 | |
Accrued interest payable | 20 | |
Level 3 | ||
Assets: | ||
Investment securities available for sale | 494 | 1,211 |
Investment securities held-to-maturity | 2,000 | 2,012 |
Loans receivable, net | 205,026 | 107,510 |
Restricted investment in bank stock | 643 | |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 14,745 | 28,577 |
Investment securities available for sale | 30,847 | 42,820 |
Investment securities held-to-maturity | 13,905 | 11,809 |
Loans held for sale at fair value | 13,558 | 12,784 |
Loans receivable, net | 212,696 | 111,811 |
Bank-owned life insurance | 6,016 | |
Restricted investment in bank stock | 1,190 | 643 |
Accrued interest receivable | 940 | 620 |
Liabilities: | ||
Deposits | 235,403 | 170,481 |
Advances from the FHLB | 22,000 | 9,000 |
Securities sold under agreements to repurchase | 5,739 | 2,883 |
Accrued interest payable | 74 | 20 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 14,745 | 28,577 |
Investment securities available for sale | 30,847 | 42,820 |
Investment securities held-to-maturity | 13,747 | 11,896 |
Loans held for sale at fair value | 13,558 | 12,784 |
Loans receivable, net | 205,026 | 107,510 |
Bank-owned life insurance | 6,016 | |
Restricted investment in bank stock | 1,190 | 643 |
Accrued interest receivable | 940 | 620 |
Liabilities: | ||
Deposits | 232,905 | 160,764 |
Advances from the FHLB | 21,807 | 8,958 |
Securities sold under agreements to repurchase | 5,734 | 2,883 |
Accrued interest payable | 74 | 20 |
Forward Loan Sales Commitments | Level 2 | ||
Assets: | ||
Asset Derivatives | 175 | 179 |
Liabilities: | ||
Liability Derivatives | 4 | 37 |
Forward Loan Sales Commitments | Carrying Amount | ||
Assets: | ||
Asset Derivatives | 175 | 179 |
Liabilities: | ||
Liability Derivatives | 4 | 37 |
Forward Loan Sales Commitments | Estimated Fair Value | ||
Assets: | ||
Asset Derivatives | 175 | 179 |
Liabilities: | ||
Liability Derivatives | 4 | 37 |
TBA Securities | Level 2 | ||
Assets: | ||
Asset Derivatives | 36 | |
Liabilities: | ||
Liability Derivatives | 78 | 8 |
TBA Securities | Carrying Amount | ||
Assets: | ||
Asset Derivatives | 36 | |
Liabilities: | ||
Liability Derivatives | 78 | 8 |
TBA Securities | Estimated Fair Value | ||
Assets: | ||
Asset Derivatives | 36 | |
Liabilities: | ||
Liability Derivatives | 78 | 8 |
Interest Rate Lock Commitments | Level 3 | ||
Assets: | ||
Asset Derivatives | 642 | 786 |
Liabilities: | ||
Liability Derivatives | 56 | 19 |
Interest Rate Lock Commitments | Carrying Amount | ||
Assets: | ||
Asset Derivatives | 642 | 786 |
Liabilities: | ||
Liability Derivatives | 56 | 19 |
Interest Rate Lock Commitments | Estimated Fair Value | ||
Assets: | ||
Asset Derivatives | 642 | 786 |
Liabilities: | ||
Liability Derivatives | $ 56 | $ 19 |
Fair Value of Financial Instr95
Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Bank CDs | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 243 | $ 0 |
Total losses (unrealized): Included in other comprehensive income | (7) | |
Transfers (out) in to Level 3 | (243) | 250 |
Ending Balance | 243 | |
Corporate notes | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 968 | 0 |
Total losses (unrealized): Included in other comprehensive income | 25 | (32) |
Total gains or (losses) included in earnings and held at reporting date | 1 | |
Purchases, sales and settlements | (500) | |
Transfers (out) in to Level 3 | 1,000 | |
Ending Balance | 494 | 968 |
IRLC - Asset | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 786 | 1,084 |
Total gains or (losses) included in earnings and held at reporting date | (144) | (298) |
Ending Balance | 642 | 786 |
IRLC - Liability | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | (19) | (32) |
Total gains or (losses) included in earnings and held at reporting date | (37) | 13 |
Ending Balance | $ (56) | $ (19) |
Fair Value of Financial Instr96
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 | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Carrying Amount | $ 13,558 | $ 12,784 |
Aggregate Unpaid Principal Balance | 13,279 | 12,534 |
Excess Carrying Amount Over Aggregate Unpaid Principal Balance | $ 279 | $ 250 |
Changes in and Reclassificati97
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss - Schedule of Changes in Component of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 31,441 | $ 12,971 | |
Unrealized holding losses on available-for-sale securities before reclassification | (459) | (92) | |
Reclassification adjustment for gains included in income (pre-tax ($35), and ($18), respectively) | [1] | (27) | (12) |
Other comprehensive loss | (486) | (104) | |
Ending balance | 30,721 | 31,441 | |
Net Unrealized Holding Gains on Available-for-sales Securities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | [2] | (111) | (7) |
Unrealized holding losses on available-for-sale securities before reclassification | [2] | (459) | (92) |
Reclassification adjustment for gains included in income (pre-tax ($35), and ($18), respectively) | [2] | (27) | (12) |
Other comprehensive loss | [2] | (486) | (104) |
Reclassification of certain income tax effects from accumulated other comprehensive income | [2] | (51) | |
Ending balance | [2] | $ (648) | $ (111) |
[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. | ||
[2] | All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 47.7% for the year ended June 30, 2018 and 2017, respectively. |
Changes in and Reclassificati98
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss - Schedule of Changes in Component of Accumulated Other Comprehensive Income, Net of Tax (Parenthetical) (Detail) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Stockholders Equity Note [Abstract] | ||
Income tax rate | 29.50% | 47.70% |
Changes in and Reclassificati99
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss - Reclassifications out of AOCI by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Gain on sale of investment securities net, before tax | $ 35 | $ 18 | |
Gain on sale of investment securities net, Net of tax | [1] | 27 | 12 |
Gain on Sale of Investment Securities,net | Amount Reclassified from Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Gain on sale of investment securities net, before tax | [2],[3] | 35 | 18 |
Gain on sale of investment securities net, Income tax expense | [2],[3] | (8) | (6) |
Gain on sale of investment securities net, Net of tax | [2],[3] | $ 27 | $ 12 |
[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. | ||
[2] | Amounts in parenthesis indicate debits. | ||
[3] | For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive loss, see Note 2, "Investment securities." |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2018USD ($)Agreement | Jun. 30, 2017USD ($) | |
Loss Contingencies [Line Items] | ||
Mandatory loan held for sale commitments | $ 20,600,000 | $ 21,400,000 |
Letters of credit, outstanding performance | 500,000 | |
Provision for losses from repurchases | 0 | 0 |
Residential mortgage loans serviced for others | 4,100,000 | 4,700,000 |
Reserve balance with federal reserve bank | 1,300,000 | 769,000 |
Federal reserve required minimum clearing balance requirements | 25,000 | |
Rental expense | $ 464,000 | 461,000 |
Minimum | ||
Loss Contingencies [Line Items] | ||
Operating lease period | 1 year | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Operating lease period | 30 years | |
Indemnity Agreements | ||
Loss Contingencies [Line Items] | ||
Losses incurred for agreements | $ 270,000 | |
Number of agreements | Agreement | 3 | |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit, outstanding performance | $ 0 | 0 |
HELOCs | ||
Loss Contingencies [Line Items] | ||
Loans and Leases undisbursed portion of open-ended | 7,700,000 | 7,900,000 |
Commercial and Commercial Real Estate Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Loans and Leases undisbursed portion of open-ended | 3,600,000 | 134,000 |
Mortgage Loan Commitments | ||
Loss Contingencies [Line Items] | ||
Loan commitments granted | 35,100,000 | 21,400,000 |
Commercial Loan Commitments | ||
Loss Contingencies [Line Items] | ||
Loan commitments granted | 50,000 | 600,000 |
TBA Securities | ||
Loss Contingencies [Line Items] | ||
Mandatory to be announcing amount | $ 17,800,000 | $ 17,500,000 |
Commitments and Contingencie101
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Operating Leases (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 427 |
2,020 | 321 |
2,021 | 80 |
2,022 | 61 |
2,023 | 62 |
Thereafter | 1,021 |
Total | $ 1,972 |
Concentrations - Additional inf
Concentrations - Additional information (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
Risks And Uncertainties [Abstract] | |
Percentage of gain on sale of loans | 10.00% |
Concentrations - Schedules of M
Concentrations - Schedules of Mortgage Loans Held for Sale Concentration Risk (Detail) - Mortgage Loans - Lender Concentration Risk - Investor | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Concentration Risk [Line Items] | ||
Number of Investors | 3 | 3 |
Percentages of Mortgages Sold | 68.00% | 67.00% |
Related Party - Additional Info
Related Party - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||
Outstanding amount of loans to related parties | $ 3,700,000 | $ 4,100,000 |
Loans to related parties, additions | 1,600,000 | |
Origination to related parties | 2,806,000 | 3,305,000 |
Repayment from related parties | 4,844,000 | 779,000 |
Company held deposits for related parties | 13,700 | 12,100 |
Fees for customer services | $ 634,000 | $ 204,000 |
Business Consulting Agreement | ||
Related Party Transaction [Line Items] | ||
Business consulting agreement termination date | Dec. 31, 2019 | |
Director | Business Consulting Agreement | ||
Related Party Transaction [Line Items] | ||
Consulting fees | $ 25,000 | |
Competitive Rate of Return and FDIC Insurance | ||
Related Party Transaction [Line Items] | ||
Company held deposits for related parties | 57,200,000 | |
Fees for customer services | $ 321,000 |
Condensed Financial Informat105
Condensed Financial Information - Parent Company Only - Condensed Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Assets | |||
Cash and due from banks | $ 1,345 | $ 1,514 | |
Interest-bearing deposits with banks | 13,400 | 27,063 | |
Cash and cash equivalents | 14,745 | 28,577 | |
Investment securities available-for-sale, at fair value | 30,847 | 42,820 | |
Investment securities held-to-maturity (fair value of $1,000 and $1,006 at June 30, 2018 and 2017) | 13,905 | 11,809 | |
Premises and equipment, net | 1,873 | 1,835 | |
Accrued interest receivable | 940 | 620 | |
Prepaid federal income taxes | 254 | 171 | |
Deferred income taxes, net | 526 | 257 | |
Prepaid expenses | 267 | 272 | |
Other assets | 128 | 160 | |
Total Assets | 297,762 | 216,765 | |
Liabilities | |||
Other liabilities | 1,329 | 1,248 | |
Shareholders' equity | 30,721 | 31,441 | $ 12,971 |
Total Liabilities and Shareholders' Equity | 297,762 | 216,765 | |
Parent Company | |||
Assets | |||
Cash and due from banks | 172 | 1,452 | |
Interest-bearing deposits with banks | 550 | 271 | |
Cash and cash equivalents | 722 | 1,723 | |
Investment securities available-for-sale, at fair value | 4,766 | 4,973 | |
Investment securities held-to-maturity (fair value of $1,000 and $1,006 at June 30, 2018 and 2017) | 1,000 | 1,000 | |
Loan to ESOP | 2,299 | 2,386 | |
Premises and equipment, net | 6 | 9 | |
Accrued interest receivable | 34 | 37 | |
Prepaid federal income taxes | 55 | 18 | |
Deferred income taxes, net | 23 | ||
Prepaid expenses | 26 | 24 | |
Investment in Subsidiary | 21,791 | 21,280 | |
Other assets | 92 | 84 | |
Total Assets | 30,814 | 31,534 | |
Liabilities | |||
Deferred income taxes, net | 17 | ||
Other liabilities | 93 | 76 | |
Shareholders' equity | 30,721 | 31,441 | |
Total Liabilities and Shareholders' Equity | $ 30,814 | $ 31,534 |
Condensed Financial Informat106
Condensed Financial Information - Parent Company Only - Condensed Statement of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Condensed Balance Sheet Statements Captions [Line Items] | ||
Investment securities held-to-maturity, fair value | $ 13,747 | $ 11,896 |
Parent Company | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Investment securities held-to-maturity, fair value | $ 1,000 | $ 1,006 |
Condensed Financial Informat107
Condensed Financial Information - Parent Company Only - Condensed Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |||||||||
Interest and dividends on investments: | ||||||||||||||||||
Taxable | $ 422 | $ 376 | ||||||||||||||||
Interest on mortgage-backed securities and collateralized mortgage obligations | 390 | 274 | ||||||||||||||||
Interest on interest-bearing deposits | 383 | 363 | ||||||||||||||||
Total Interest Income | $ 2,350 | $ 2,026 | $ 1,864 | $ 1,744 | $ 1,496 | $ 1,491 | $ 1,346 | $ 1,401 | 7,984 | 5,734 | ||||||||
Non-Interest Expense | ||||||||||||||||||
Occupancy | 1,089 | 1,014 | ||||||||||||||||
Professional fees | 632 | 698 | ||||||||||||||||
Other expenses | 1,698 | 1,349 | ||||||||||||||||
Total Non-Interest Expense | 2,538 | 2,555 | 2,157 | 2,179 | 2,333 | 2,418 | 2,007 | 2,062 | 9,429 | 8,820 | ||||||||
Income Before Income Taxes | 271 | 146 | 273 | 324 | 253 | 139 | 1 | 371 | 1,014 | 764 | ||||||||
Income Tax Benefit | 48 | 14 | 94 | 88 | 74 | 41 | (38) | 118 | 244 | 195 | ||||||||
Net Income | $ 223 | $ 132 | $ 179 | $ 236 | $ 179 | $ 98 | $ 39 | $ 253 | 770 | 569 | [1] | |||||||
Unrealized (loss) gain on available-for-sale securities (pre-tax $(696) and $31) | (459) | (92) | ||||||||||||||||
Reclassification adjustment for gains included in income (pre-tax ($35) and ($18), respectively | [2] | (27) | (12) | |||||||||||||||
Other comprehensive loss | (486) | (104) | ||||||||||||||||
Total Comprehensive Income | $ 284 | $ 465 | ||||||||||||||||
Net Income per share: | ||||||||||||||||||
Basic | $ 0.11 | [3] | $ 0.07 | [3] | $ 0.08 | [3] | $ 0.11 | [3] | $ 0.08 | [3] | $ 0.05 | [3] | $ 0.38 | $ 0.56 | [1] | |||
Diluted | $ 0.11 | [3] | $ 0.07 | [3] | $ 0.08 | [3] | $ 0.11 | [3] | $ 0.08 | [3] | $ 0.05 | [3] | $ 0.38 | $ 0.56 | [1] | |||
Parent Company | ||||||||||||||||||
Interest and dividends on investments: | ||||||||||||||||||
Taxable | $ 103 | $ 28 | ||||||||||||||||
Interest on mortgage-backed securities and collateralized mortgage obligations | 76 | 22 | ||||||||||||||||
Interest on interest-bearing deposits | 10 | 8 | ||||||||||||||||
Interest from ESOP Loan | 96 | 40 | ||||||||||||||||
Total Interest Income | 285 | 98 | ||||||||||||||||
Non-Interest Expense | ||||||||||||||||||
Occupancy | 4 | 2 | ||||||||||||||||
Professional fees | 200 | 95 | ||||||||||||||||
Other expenses | 188 | 67 | ||||||||||||||||
Total Non-Interest Expense | 392 | 164 | ||||||||||||||||
Income Before Income Taxes | (107) | (66) | ||||||||||||||||
Income Tax Benefit | (28) | (26) | ||||||||||||||||
Loss before equity in undistributed net earnings of subsidiary | (79) | (40) | ||||||||||||||||
Equity in undistributed net earnings of subsidiary | 849 | 609 | ||||||||||||||||
Net Income | 770 | 569 | ||||||||||||||||
Unrealized (loss) gain on available-for-sale securities (pre-tax $(696) and $31) | (459) | 18 | ||||||||||||||||
Reclassification adjustment for gains included in income (pre-tax ($35) and ($18), respectively | (27) | |||||||||||||||||
Other comprehensive loss | (486) | 18 | ||||||||||||||||
Total Comprehensive Income | $ 284 | $ 587 | ||||||||||||||||
Net Income per share: | ||||||||||||||||||
Basic | $ 0.38 | $ 0.56 | ||||||||||||||||
Diluted | $ 0.38 | $ 0.56 | ||||||||||||||||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. | |||||||||||||||||
[2] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. | |||||||||||||||||
[3] | Earnings per share is computed independently for each period. The sum of the individual quarters may not equal the annual earnings per share. |
Condensed Financial Informat108
Condensed Financial Information - Parent Company Only - Condensed Statement of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Income Statements Captions [Line Items] | ||
Unrealized (loss) gain on available-for-sale securities, pre-tax | $ (696) | $ (194) |
Reclassification adjustment for gains included in income, pre-tax | 35 | 18 |
Parent Company | ||
Condensed Income Statements Captions [Line Items] | ||
Unrealized (loss) gain on available-for-sale securities, pre-tax | (696) | 31 |
Reclassification adjustment for gains included in income, pre-tax | $ (35) | $ (18) |
Condensed Financial Informat109
Condensed Financial Information - Parent Company Only - Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | Jan. 11, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Cash Flows from Operating Activities | |||
Net income | $ 770 | $ 569 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation | 238 | 198 | |
Net amortization of securities premiums and discounts | 190 | 191 | |
Deferred income tax expense (benefit) | (75) | (158) | |
(Increase) decrease in: | |||
Accrued interest receivable | (320) | (93) | |
Prepaid income taxes | (83) | (24) | |
Prepaid and other assets | 88 | (30) | |
Other liabilities | 7 | (240) | |
Net cash provided by operating activities | 659 | 12,744 | |
Activity in available-for-sale securities: | |||
Maturities and repayments | 3,801 | 3,992 | |
Purchases | (4,596) | (18,316) | |
Activity in held-to-maturity securities: | |||
Purchases | (2,123) | (6,518) | |
Purchases of premises and equipment | (276) | (381) | |
Net cash used in investing activities | (95,052) | (34,264) | |
Cash Flows from Financing Activities | |||
Cash dividend paid to shareholders | (1,091) | ||
Purchase of ESOP shares | (2,430) | ||
Proceeds from issuance of common stock, net | $ 20,400 | 20,391 | |
Net cash provided by financing activities | 80,561 | 34,670 | |
(Decrease) increase in Cash and Cash Equivalents | (13,832) | 13,150 | |
Cash and Cash Equivalents, beginning of year | 28,577 | 15,427 | |
Cash and Cash Equivalents, end of year | 14,745 | 28,577 | |
Parent Company | |||
Cash Flows from Operating Activities | |||
Net income | 770 | 569 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Equity in undistributed net earnings of subsidiary | (849) | (609) | |
Depreciation | 3 | 2 | |
Net amortization of securities premiums and discounts | 15 | 5 | |
Deferred income tax expense (benefit) | 8 | (8) | |
(Increase) decrease in: | |||
Accrued interest receivable | 3 | (37) | |
Prepaid income taxes | (37) | (18) | |
Prepaid and other assets | (8) | (108) | |
Other liabilities | 17 | 76 | |
Net cash provided by operating activities | (78) | (128) | |
Cash Flows from Investing Activities | |||
ESOP repayment | 87 | ||
Activity in available-for-sale securities: | |||
Maturities and repayments | 585 | 152 | |
Purchases | (504) | (5,099) | |
Activity in held-to-maturity securities: | |||
Purchases | (1,000) | ||
Investment in Subsidiary | (10,196) | ||
Purchases of premises and equipment | (11) | ||
Net cash used in investing activities | 168 | (16,154) | |
Cash Flows from Financing Activities | |||
Cash dividend paid to shareholders | (1,091) | ||
Purchase of ESOP shares | (2,386) | ||
Proceeds from issuance of common stock, net | 20,391 | ||
Net cash provided by financing activities | (1,091) | 18,005 | |
(Decrease) increase in Cash and Cash Equivalents | (1,001) | 1,723 | |
Cash and Cash Equivalents, beginning of year | 1,723 | ||
Cash and Cash Equivalents, end of year | $ 722 | $ 1,723 |
Consolidated Summary of Quar110
Consolidated Summary of Quarterly Earnings (Unaudited) - Summary of Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | ||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Total Interest Income | $ 2,350 | $ 2,026 | $ 1,864 | $ 1,744 | $ 1,496 | $ 1,491 | $ 1,346 | $ 1,401 | $ 7,984 | $ 5,734 | |||||||
Total Interest Expense | 523 | 304 | 277 | 247 | 235 | 239 | 204 | 213 | 1,351 | 891 | |||||||
Net Interest Income | 1,827 | 1,722 | 1,587 | 1,497 | 1,261 | 1,252 | 1,142 | 1,188 | 6,633 | 4,843 | |||||||
Provision (Credit) for Loan Losses | 111 | 76 | 80 | (1) | 78 | (12) | 12 | 123 | 266 | 201 | |||||||
Total Non-Interest Income | 1,093 | 1,055 | 923 | 1,005 | 1,403 | 1,293 | 878 | 1,368 | 4,076 | 4,942 | |||||||
Total Non-Interest Expense | 2,538 | 2,555 | 2,157 | 2,179 | 2,333 | 2,418 | 2,007 | 2,062 | 9,429 | 8,820 | |||||||
Income before income taxes | 271 | 146 | 273 | 324 | 253 | 139 | 1 | 371 | 1,014 | 764 | |||||||
Income tax expense (benefit) | 48 | 14 | 94 | 88 | 74 | 41 | (38) | 118 | 244 | 195 | |||||||
Net Income | $ 223 | $ 132 | $ 179 | $ 236 | $ 179 | $ 98 | $ 39 | $ 253 | $ 770 | $ 569 | [1] | ||||||
Basic earnings per share (1) | $ 0.11 | [2] | $ 0.07 | [2] | $ 0.08 | [2] | $ 0.11 | [2] | $ 0.08 | [2] | $ 0.05 | [2] | $ 0.38 | $ 0.56 | [1] | ||
Diluted earnings per share (1) | $ 0.11 | [2] | $ 0.07 | [2] | $ 0.08 | [2] | $ 0.11 | [2] | $ 0.08 | [2] | $ 0.05 | [2] | $ 0.38 | $ 0.56 | [1] | ||
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on January 11, 2017. | ||||||||||||||||
[2] | Earnings per share is computed independently for each period. The sum of the individual quarters may not equal the annual earnings per share. |