Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 10, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HVBC | |
Entity Registrant Name | HV Bancorp, Inc. | |
Entity Central Index Key | 1,594,555 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 2,255,125 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Assets | ||
Cash and due from banks | $ 1,371 | $ 1,345 |
Interest-earning deposits with banks | 15,621 | 13,400 |
Cash and cash equivalents | 16,992 | 14,745 |
Investment securities available-for-sale, at fair value | 30,439 | 30,847 |
Investment securities held-to-maturity | 14,286 | 13,905 |
Equity securities | 500 | |
Loans held for sale, at fair value | 15,339 | 13,558 |
Loans receivable, net of allowance for loan losses of $956 at December 31, 2018 and $871 at June 30, 2018 | 231,988 | 212,696 |
Bank-owned life insurance | 6,096 | 6,016 |
Restricted investment in bank stock | 737 | 1,190 |
Premises and equipment, net | 2,029 | 1,873 |
Accrued interest receivable | 1,034 | 940 |
Prepaid income taxes | 223 | 254 |
Deferred income taxes, net | 454 | 526 |
Prepaid expenses | 265 | 267 |
Mortgage banking derivatives | 391 | 817 |
Other assets | 110 | 128 |
Total Assets | 320,883 | 297,762 |
Liabilities | ||
Deposits | 273,461 | 235,403 |
Advances from the Federal Home Loan Bank | 10,000 | 22,000 |
Securities sold under agreements to repurchase | 2,463 | 5,739 |
Advances from borrowers for taxes and insurance | 1,961 | 2,276 |
Deferred gain on sale - leaseback of building | 285 | 294 |
Other liabilities | 1,302 | 1,329 |
Total Liabilities | 289,472 | 267,041 |
Shareholders’ Equity | ||
Preferred Stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of December 31, 2018 and June 30, 2018 | ||
Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,255,125 and 2,259,125 shares issued and outstanding as of December 31, 2018 and June 30, 2018 | 23 | 23 |
Additional paid-in capital | 20,487 | 20,368 |
Retained earnings | 13,686 | 13,277 |
Accumulated other comprehensive loss | (548) | (648) |
Unearned Employee Stock Option Plan | (2,237) | (2,299) |
Total Shareholders' Equity | 31,411 | 30,721 |
Total Liabilities and Shareholders' Equity | $ 320,883 | $ 297,762 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $ 956 | $ 871 |
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 | 2,255,125 | 2,259,125 |
Common stock, shares outstanding | 2,255,125 | 2,259,125 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income | ||||
Interest and fees on loans | $ 2,356,000 | $ 1,517,000 | $ 4,655,000 | $ 2,867,000 |
Interest and dividends on investments: | ||||
Taxable | 97,000 | 91,000 | 198,000 | 209,000 |
Nontaxable | 73,000 | 65,000 | 148,000 | 130,000 |
Interest on mortgage-backed securities and collateralized mortgage obligations | 103,000 | 94,000 | 206,000 | 179,000 |
Interest on interest-earning deposits | 115,000 | 97,000 | 188,000 | 202,000 |
Total Interest Income | 2,744,000 | 1,864,000 | 5,395,000 | 3,587,000 |
Interest Expense | ||||
Interest on deposits | 686,000 | 231,000 | 1,200,000 | 447,000 |
Interest on advances from the Federal Home Loan Bank | 53,000 | 45,000 | 152,000 | 75,000 |
Interest on securities sold under agreements to repurchase | 1,000 | 1,000 | 2,000 | 2,000 |
Total Interest Expense | 740,000 | 277,000 | 1,354,000 | 524,000 |
Net interest income | 2,004,000 | 1,587,000 | 4,041,000 | 3,063,000 |
Provision for Loan Losses | 24,000 | 80,000 | 83,000 | 79,000 |
Net interest income after provision for loan losses | 1,980,000 | 1,507,000 | 3,958,000 | 2,984,000 |
Non-Interest Income | ||||
Fees for customer services | 35,000 | 185,000 | 107,000 | 230,000 |
Increase in cash surrender value of bank-owned life insurance | 40,000 | 41,000 | 80,000 | 75,000 |
Gain on sale of loans, net | 591,000 | 909,000 | 1,492,000 | 2,145,000 |
Gain on sale of available-for-sale securities | 34,000 | |||
Loss from derivative instruments | (49,000) | (74,000) | (366,000) | (464,000) |
Change in fair value of loans held-for-sale | 57,000 | (140,000) | 118,000 | (95,000) |
Other | 2,000 | 2,000 | 3,000 | 3,000 |
Total Non-Interest Income | 676,000 | 923,000 | 1,434,000 | 1,928,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 1,381,000 | 1,267,000 | 2,641,000 | 2,401,000 |
Occupancy | 281,000 | 260,000 | 535,000 | 525,000 |
Federal deposit insurance premiums | 72,000 | 26,000 | 142,000 | 56,000 |
Data processing related operations | 172,000 | 125,000 | 343,000 | 277,000 |
Loss on sale of other real estate owned | 3,000 | 3,000 | ||
Real estate owned expense | 6,000 | 27,000 | ||
Professional fees | 197,000 | 113,000 | 398,000 | 285,000 |
Other expenses | 410,000 | 357,000 | 832,000 | 741,000 |
Total Non-Interest Expense | 2,513,000 | 2,157,000 | 4,891,000 | 4,315,000 |
Income before income taxes | 143,000 | 273,000 | 501,000 | 597,000 |
Income Tax Expense | 4,000 | 94,000 | 92,000 | 182,000 |
Net Income | $ 139,000 | $ 179,000 | $ 409,000 | $ 415,000 |
Net Income per share: | ||||
Basic | $ 0.07 | $ 0.08 | $ 0.20 | $ 0.19 |
Diluted | $ 0.07 | $ 0.08 | $ 0.20 | $ 0.19 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net Income | $ 139,000 | $ 179,000 | $ 409,000 | $ 415,000 | |
Other comprehensive gain (loss), net of tax: | |||||
Unrealized gains (losses) on available-for-sale securities (pre-tax $264 and ($176); $142 and ($205) respectively) | 186,000 | (153,000) | 100,000 | (165,000) | |
Less: Reclassification for gains included in income (pre-tax $0 and $0; $0 and $34, respectively) | 0 | 0 | 0 | 25,000 | [1] |
Other comprehensive gain (loss) | 186,000 | (153,000) | 100,000 | (190,000) | |
Comprehensive Income | $ 325,000 | $ 26,000 | $ 509,000 | $ 225,000 | |
[1] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) on available-for-sale securities, pre-tax | $ 264 | $ (176) | $ 142 | $ (205) |
Reclassification for gains included in income, pre-tax | $ 0 | $ 0 | $ 0 | $ 34 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Unearned ESOP Shares |
Beginning balance at Jun. 30, 2017 | $ 31,441,000 | $ 22,000 | $ 20,369,000 | $ 13,547,000 | $ (111,000) | $ (2,386,000) |
Beginning balance, shares at Jun. 30, 2017 | 2,182,125 | |||||
ESOP shares committed to be released | 47,000 | 47,000 | ||||
Net Income | 415,000 | 415,000 | ||||
Other comprehensive income (loss) | (190,000) | (190,000) | ||||
Ending balance at Dec. 31, 2017 | 31,713,000 | $ 22,000 | 20,369,000 | 13,962,000 | (301,000) | (2,339,000) |
Ending balance, shares at Dec. 31, 2017 | 2,182,125 | |||||
Beginning balance at Sep. 30, 2017 | 31,664,000 | $ 22,000 | 20,369,000 | 13,783,000 | (148,000) | (2,362,000) |
Beginning balance, shares at Sep. 30, 2017 | 2,182,125 | |||||
ESOP shares committed to be released | 23,000 | 23,000 | ||||
Net Income | 179,000 | 179,000 | ||||
Other comprehensive income (loss) | (153,000) | (153,000) | ||||
Ending balance at Dec. 31, 2017 | 31,713,000 | $ 22,000 | 20,369,000 | 13,962,000 | (301,000) | (2,339,000) |
Ending balance, shares at Dec. 31, 2017 | 2,182,125 | |||||
Beginning balance at Jun. 30, 2018 | 30,721,000 | $ 23,000 | 20,368,000 | 13,277,000 | (648,000) | (2,299,000) |
Beginning balance, shares at Jun. 30, 2018 | 2,259,125 | |||||
ESOP shares committed to be released | 67,000 | 5,000 | 62,000 | |||
Stock option expense | 28,000 | 28,000 | ||||
Restricted stock expense | 86,000 | 86,000 | ||||
Forfeiture of restricted stock award, shares | (4,000) | |||||
Net Income | 409,000 | 409,000 | ||||
Other comprehensive income (loss) | 100,000 | 100,000 | ||||
Ending balance at Dec. 31, 2018 | 31,411,000 | $ 23,000 | 20,487,000 | 13,686,000 | (548,000) | (2,237,000) |
Ending balance, shares at Dec. 31, 2018 | 2,255,125 | |||||
Beginning balance at Sep. 30, 2018 | 31,003,000 | $ 23,000 | 20,435,000 | 13,547,000 | (734,000) | (2,268,000) |
Beginning balance, shares at Sep. 30, 2018 | 2,259,125 | |||||
ESOP shares committed to be released | 33,000 | 2,000 | 31,000 | |||
Stock option expense | 10,000 | 10,000 | ||||
Restricted stock expense | 40,000 | 40,000 | ||||
Forfeiture of restricted stock award, shares | (4,000) | |||||
Net Income | 139,000 | 139,000 | ||||
Other comprehensive income (loss) | 186,000 | 186,000 | ||||
Ending balance at Dec. 31, 2018 | $ 31,411,000 | $ 23,000 | $ 20,487,000 | $ 13,686,000 | $ (548,000) | $ (2,237,000) |
Ending balance, shares at Dec. 31, 2018 | 2,255,125 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 409,000 | $ 415,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 162,000 | 106,000 |
Impairment of real estate owned, net | 14,000 | |
Amortization of net deferred loan costs | 94,000 | 67,000 |
Amortization of net securities premiums | 56,000 | 73,000 |
Loss on sale of other real estate owned | 3,000 | |
Gain on sale of available-for-sale securities | (34,000) | |
Loss from derivative instruments | 366,000 | 464,000 |
Provision for Loan Losses | 83,000 | 79,000 |
Deferred income taxes | 30,000 | (91,000) |
Accretion of deferred gain on sale-leaseback transaction | (9,000) | (8,000) |
Earnings on bank owned life insurance | (80,000) | (75,000) |
Stock base compensation expense | 114,000 | |
ESOP compensation expense | 67,000 | 47,000 |
Loans held for sale: | ||
Originations, net of prepayments | (75,781,000) | (80,066,000) |
Proceeds from sales | 75,610,000 | 82,634,000 |
Gain on sales | (1,492,000) | (2,145,000) |
Change in fair value of loans held for sale | (118,000) | 95,000 |
(Increase) decrease in: | ||
Accrued interest receivable | (94,000) | (153,000) |
Prepaid federal income taxes | 31,000 | 133,000 |
Prepaid and other assets | 20,000 | 88,000 |
Other liabilities | 33,000 | (90,000) |
Net cash (used in) provided by operating activities | (499,000) | 1,556,000 |
Cash Flows from Investing Activities | ||
Net Increase in loans receivable | (19,469,000) | (48,178,000) |
Activity in available-for-sale securities: | ||
Proceeds from sales | 11,158,000 | |
Maturities and repayments | 2,027,000 | 1,186,000 |
Purchases | (1,533,000) | (2,665,000) |
Activity in held-to-maturity securities: | ||
Maturities and repayments | 619,000 | 11,000 |
Purchases | (1,000,000) | (635,000) |
Purchase of equity securities | (500,000) | |
Purchases of restricted investment in bank stock | (1,294,000) | |
Redemption of restricted investment in bank stock | 1,747,000 | (106,000) |
Purchases of bank-owned life insurance | (1,856,000) | |
Proceeds from sale of real estate owned | 124,000 | |
Purchases of premises and equipment | (318,000) | (107,000) |
Net cash used in investing activities | (19,721,000) | (41,068,000) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 38,058,000 | 22,627,000 |
Net (decrease) increase in advances from borrowers for taxes and insurance | (315,000) | 26,000 |
Net (decrease) increase in securities sold under agreements to repurchase | (3,276,000) | 84,000 |
Net (decrease) increase in short-term borrowing from Federal Home Loan Bank | (10,000,000) | (2,000,000) |
Proceeds from long-term borrowings from Federal Home Loan Bank | 10,000,000 | |
Repayment of long-term borrowings from Federal Home Loan Bank | (2,000,000) | (5,000,000) |
Net cash provided by financing activities | 22,467,000 | 25,737,000 |
Increase (Decrease) in Cash and Cash Equivalents | 2,247,000 | (13,775,000) |
Cash and Cash Equivalents, beginning of year | 14,745,000 | 28,577,000 |
Cash and Cash Equivalents, end of year | 16,992,000 | 14,802,000 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the year of interest | $ 1,280,000 | 598,000 |
Cash paid during the year for income taxes | 65,000 | |
Supplementary Schedule of Noncash Investing Activities | ||
Transfer of loans to real estate owned | $ 127,000 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Recent Accounting Pronouncements | 1. ORGANIZATION, BASIS OF PRESENTATION and RECENT ACCOUNTING PRONOUNCEMENTS Organization HV Bancorp, Inc., a Pennsylvania Corporation (the “Company”) is the holding company of Huntingdon Valley Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On January 11, 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. A total of 2,182,125 shares of common stock were sold to depositors at $10.00 per share through which the Company received gross offering proceeds of approximately $21.8 million. Offering costs from the sale of the common stock totaled $1.4 million, resulting in net proceeds of $20.4 million. Shares of the Company began trading on the Nasdaq Capital Market on January 12, 2017. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”). The Bank is a stock savings bank organized under the laws of the Commonwealth of Pennsylvania and is subject to comprehensive regulation and examination by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking (“PADOB”). The Bank was organized in 1871, and currently provides residential and commercial loans to its general service area (Montgomery, Bucks and Philadelphia Counties of Pennsylvania) as well as offering a wide variety of savings, checking and certificate of deposit accounts to its retail and business customers. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of June 30, 2018 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission on September 27, 2018 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. Principles of Consolidation The unaudited interim consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. In January 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Statement 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 (“OTTI”), interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale and the valuation of deferred tax assets. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases This Update is not expected to have a significant impact on the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. The ASU is effective for public business entities for fiscal years after December 15, 2019, including interim periods within those fiscal years. The amendments are effective for all other entities (including emerging growth companies as further described above for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. In anticipation of the ASU, the Company has entered into a contract with a third party, compiled data for the modeling and is working on developing an estimate using historically and qualitative data based on the requirements of ASU 2016-13. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements This Update is not expected to have a significant impact on the Company’s consolidated financial statements Adoption of New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) Fair Value Measurement Derivatives and Hedging—Embedded Derivatives Financial Instruments—Overall Financial Services— Insurance |
Investment Securities
Investment Securities | 6 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 2. INVESTMENT SECURITIES Investment securities available-for-sale was comprised of the following: December 31, 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 933 $ — $ (22 ) $ 911 Corporate notes 6,301 — (123 ) 6,178 Collateralized mortgage obligations - agency residential 13,881 1 (415 ) 13,467 Mortgage-backed securities - agency residential 3,707 — (142 ) 3,565 Municipal securities 1,402 — (14 ) 1,388 Bank CDs 4,992 — (62 ) 4,930 $ 31,216 $ 1 $ (778 ) $ 30,439 Investment securities held-to-maturity was comprised of the following: December 31, 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 3,515 $ — $ (4 ) $ 3,511 Municipal securities 10,771 40 (114 ) 10,697 $ 14,286 $ 40 $ (118 ) $ 14,208 Investment securities available-for-sale was comprised of the following: June 30, 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 was comprised of the following: June 30, 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 The scheduled maturities of securities available-for-sale and held-to-maturity at December 31, 2018 were as follows: December 31, 2018 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 4,195 $ 4,169 $ 1,260 $ 1,255 Due from one to five years 7,501 7,371 2,282 2,263 Due from after five to ten years 1,001 959 7,631 7,600 Due after ten years 18,519 17,940 3,113 3,090 $ 31,216 $ 30,439 $ 14,286 $ 14,208 Securities with a fair value of $9.0 million and $7.8 million at December 31, 2018 and June 30, 2018, respectively, were pledged to secure public deposits and for other purposes as required by law. There were no sales of available-for-sale securities for the three and six months ended December 31, 2018. Proceeds from the sale of available-for-sale securities for the six months ended December 31, 2017 were $11.2 million. There were no sales of available-for-sale securities for the three months ended December 31, 2017. Gross realized gains on such sales were approximately $39,000 and gross realized losses on such sales were $5,000 for the six months ended December 31, 2017. The following tables summarize the unrealized loss positions of securities available-for-sale and held-to-maturity as of December 31, 2018 and June 30, 2018: December 31, 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 $ 398 $ (5 ) $ 513 $ (17 ) $ 911 $ (22 ) Corporate notes 1,853 (46 ) 4,325 (77 ) 6,178 (123 ) Collateralized mortgage obligations 2,459 (48 ) 10,482 (367 ) 12,941 (415 ) Mortgage-backed securities — — 3,563 (142 ) 3,563 (142 ) Municipal securities — — 1,388 (14 ) 1,388 (14 ) Bank CDs 985 (14 ) 3,445 (48 ) 4,430 (62 ) $ 5,695 $ (113 ) $ 23,716 $ (665 ) $ 29,411 $ (778 ) Held-to-maturity: Corporate notes $ 511 $ (4 ) $ — $ — $ 511 $ (4 ) Municipal securities 3,416 (31 ) 4,970 (83 ) 8,386 (114 ) $ 3,927 $ (35 ) $ 4,970 $ (83 ) $ 8,897 $ (118 ) June 30, 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 8,798 (216 ) 4,996 (287 ) 13,794 (503 ) Mortgage-backed securities — — 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 ) At December 31, 2018 and June 30, 2018, the investment portfolio included three U.S. Government securities, respectively, with total fair values of $911,000 and $1.0 million, respectively. Each of these securities were in an unrealized loss position as of December 31, 2018 and June 30, 2018, respectively. These securities are zero risk weighted for capital purposes and are guaranteed for repayment of principal and interest. As of December 31, 2018 and June 30, 2018, management found no evidence of other-than-temporary (“OTTI”) on any of the U.S. Governmental securities in an unrealized loss position held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2018 and June 30, 2018, the investment portfolio included eighteen and fifteen corporate notes with total fair values of $9.7 million and $8.2 million at the end of each of period, respectively. Of these securities, fourteen and twelve were in an unrealized loss position as of December 31, 2018 and June 30, 2018. At the time of purchase and as of December 31, 2018 and June 30, 2018, these bonds in an unrealized loss position continue to maintain investment grade ratings. As of December 31, 2018 and June 30, 2018, 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 December 31, 2018 and June 30, 2018, the investment portfolio included forty and forty-one collateralized mortgage obligations (“CMOs”) with total fair values of $13.5 million and $13.8 million, respectively. Of these securities, thirty-nine and forty-one were in an unrealized loss position as of December 31, 2018 and June 30, 2018, respectively. The CMO portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of December 31, 2018 and June 30, 2018, 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 December 31, 2018 and June 30, 2018, the investment portfolio included fourteen and fifteen mortgage backed securities (“MBS”) with a total fair value of $3.6 million and $3.8 million, respectively. Of these securities, twelve were in an unrealized loss position as of December 31, 2018 and June 30, 2018, respectively. The MBS portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of December 31, 2018 and June 30, 2018, management found no evidence of OTTI on any of the MBS held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2018 and June 30, 2018, the investment portfolio included twenty-five and twenty-eight municipal securities with a total fair value of $12.1 million and $12.9 million, respectively. Of these securities, nineteen and twenty-one were in an unrealized loss position as of December 31, 2018 and June 30, 2018, respectively. The Company’s municipal portfolio issuers are located in Pennsylvania and at the time of purchase, and as of December 31, 2018 and June 30, 2018, continue to maintain investment grade ratings. As of December 31, 2018 and June 30, 2018, management found no evidence of OTTI on any of the municipal securities held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2018 and June 30, 2018, the investment portfolio included twenty Bank Certificate of Deposits (“CDs”) with a total fair value of $4.9 million, respectively. Of these securities, eighteen and nineteen were in an unrealized loss position as of December 31, 2018 and June 30, 2018, respectively. The Bank CDs |
Equity Securities
Equity Securities | 6 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Equity Securities | 3. EQUITY SECURITIES During September 2018, the Company purchased an equity security for $500,000. As of December 31, 2018, the Company determined that the equity investment did not have a readily determinable fair value measure and is carrying the equity investment at cost, less impairment, adjusted for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The following table presents the carrying amount of the Company’s equity investment at December 31, 2018: 2018 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 At December 31, 2018, the Company performed a qualitative assessment considering impairment indictors to evaluate whether the investment was impaired and determined the investment was not impaired. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans Receivable | 4. LOANS RECEIVABLE Loans receivable were comprised of the following: December 31, June 30, (Dollars in thousands) 2018 2018 Residential: One-to-four family $ 203,823 $ 182,234 Home equity and HELOCs 4,226 4,921 Commercial: Commercial real estate 10,277 10,804 Commercial business 3,625 4,059 Construction 2,307 2,907 Consumer: Medical education 6,913 7,047 Other 52 31 231,223 212,003 Less: Unearned discounts, origination and commitment fees and costs 1,721 1,564 Allowance for loan losses (956 ) (871 ) $ 231,988 $ 212,696 In November 2017, the Bank entered into a loan purchase agreement with a broker to purchase a portfolio of private education loans made to American citizens attending American Medical Association (“AMA”) approved medical schools in Caribbean Nations. The broker serves as a lender, holder, program designer and developer, administrator, and secondary market for the loan portfolios they generate. At December 31, 2018, the balance of the private education loans was $6.9 million. The private student loans were made following a proven credit criteria and were underwritten in accordance with the Bank’s policies. At December 31, 2018, there were ten loans with a balance of approximately $353,000 that are past due 90 days or more. The Company allocated increased allowance for loan loss provisions to the medical education loans for the six months ended December 31, 2018 primarily as a result of the increased past due loan balances. Overdraft deposits are reclassified as other consumer and are included in the total loans on the statements of financial condition. Overdrafts were $52,000 and $31,000 at December 31, The following tables summarize the activity in the allowance for loan losses by loan class for the three months ended December 31, 2018 and 2017. Allowance for Loan Losses For the three months ended December 31, 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 $ 695 $ — $ 1 $ 26 $ 722 $ — $ 722 Home equity and HELOCs 41 — — 5 46 — 46 Commercial: Commercial real estate 61 — — (2 ) 59 — 59 Commercial business 61 — — (2 ) 59 13 46 Construction 16 — — (3 ) 13 — 13 Consumer: Medical education 57 — — (1 ) 56 — 56 Other — — — 1 1 — 1 $ 931 $ — $ 1 $ 24 $ 956 $ 13 $ 943 Allowance for Loan Losses For the three months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 420 $ (12 ) $ — $ 64 $ 472 $ — $ 472 Home equity and HELOCs 39 — — (1 ) 38 — 38 Commercial: Commercial real estate 85 — — 1 86 — 86 Commercial business 68 — — (10 ) 58 16 42 Construction 3 — — 7 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — — — — — — $ 615 $ (12 ) $ — $ 80 $ 683 $ 16 $ 667 The following tables summarize the activity in the allowance for loan losses by loan class for the six months ended December 31, 2018 and 2017. Allowance for Loan Losses For the six months ended December 31, 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 $ 651 $ — $ 2 $ 69 $ 722 $ — $ 722 Home equity and HELOCs 39 — — 7 46 — 46 Commercial: Commercial real estate 65 — — (6 ) 59 — 59 Commercial business 65 — — (6 ) 59 13 46 Construction 15 — — (2 ) 13 — 13 Consumer: Medical education 35 — — 21 56 — 56 Other 1 — — — 1 — 1 $ 871 $ — $ 2 $ 83 $ 956 $ 13 $ 943 Allowance for Loan Losses For the six months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 399 $ (12 ) $ 44 $ 41 $ 472 $ — $ 472 Home equity and HELOCs 38 — — — 38 — 38 Commercial: Commercial real estate 89 (22 ) — 19 86 — 86 Commercial business 58 — — — 58 16 42 Construction 9 — — 1 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — 1 (1 ) — — — $ 593 $ (34 ) $ 45 $ 79 $ 683 $ 16 $ 667 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 increased allowance for loan loss provisions to the residential one-to-four family for the six months ended December 31, 2018 compared to the same period in 2017, due primarily to the significant increase in the loan balance. allocated increased allowance for loan loss provisions to the medical education loans for the six months ended December 31, 2018 primarily as a result of the increase in quantitative factors impacted by increased past due loan balances. The following tables summarize information in regards to the recorded investment in loans receivable by loan class as of December 31, 2018 and June 30, 2018: December 31, 2018 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 203,823 $ 1,439 $ 202,384 Home equity and HELOCs 4,226 67 4,159 Commercial Commercial real estate 10,277 390 9,887 Commercial business 3,625 142 3,483 Construction 2,307 — 2,307 Consumer: Medical education 6,913 353 6,560 Other 52 — 52 $ 231,223 $ 2,391 $ 228,832 June 30, 2018 Loans 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 The following table summarizes information in regard to impaired loans by loan portfolio class as of December 31, December 31, 2018 June 30, 2018 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential: One-to-four family $ 1,439 $ 1,618 $ — $ 1,429 $ 1,592 $ — Home equity and HELOCs 67 83 — 105 106 — Commercial: Commercial real estate 390 390 — 398 398 — Consumer: Medical education 353 353 — — — — 2,249 2,444 — 1,932 2,096 — With an allowance recorded Commercial: Commercial business 142 143 13 153 154 14 142 143 13 153 154 14 $ 2,391 $ 2,587 $ 13 $ 2,085 $ 2,250 $ 14 The following table presents additional information regarding the impaired loans for the three months ended December 31, 2018 and December 31, 2017: Three Months Ended December 31, 2018 2017 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,655 $ — $ 1,151 $ 1 Home equity and HELOCs 86 — 105 — Commercial: Commercial real estate 392 7 408 8 Consumer: Medical education 177 — — — 2,310 7 1,664 9 With an allowance recorded Commercial business 144 2 165 3 144 2 165 3 $ 2,454 $ 9 $ 1,829 $ 12 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $32,000 and $18,000 for the three months ended December 31, 2018 and 2017, respectively. The following table presents additional information regarding the impaired loans for the six months ended December 31, 2018 and December 31, 2017: Six Months Ended December 31 , 2018 2017 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded One-to-four family $ 1,580 $ — $ 1,147 $ 3 Home equity and HELOCs 93 — 106 — Commercial: Commercial real estate 394 18 410 14 Consumer: Medical education 118 — — — 2,185 18 1,663 17 With an allowance recorded Commercial business 147 4 168 5 147 4 168 5 $ 2,332 $ 22 $ 1,831 $ 22 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $53,000 and $40,000 for the six months ended December 31, 2018 and 2017, respectively. The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2018 and June 30, 2018: December 31, June 30, (Dollars in thousands) 2018 2018 Residential: One-to-four family $ 1,439 $ 1,429 Home equity and HELOCs 67 105 Commercial: Commercial real estate — — Commercial business — — Construction — — Consumer: Medical education 353 — Other — — $ 1,859 $ 1,534 Credit quality risk ratings include regulatory classifications of Special Mention, Substandard, Doubtful and Loss. Loans classified as Special Mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of prospects for repayment. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Company’s internal risk rating system as of December 31, 2018 and June 30, 2018: December 31, 2018 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 201,834 $ — $ 1,989 $ — $ 203,823 Home equity and HELOCs 4,159 — 67 — 4,226 Commercial: Commercial real estate 9,675 212 390 — 10,277 Commercial business 3,369 — 256 — 3,625 Construction 2,307 — — — 2,307 Consumer: Medical education 6,560 — 353 — 6,913 Other 52 — — — 52 $ 227,956 $ 212 $ 3,055 $ — $ 231,223 June 30, 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 The following tables present the segments of the loan portfolio summarized by aging categories as of December 31, 2018 and June 30, 2018: December 31, 2018 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 179 $ 754 $ 952 $ 1,885 $ 201,938 $ 203,823 $ — Home equity and HELOCs 276 — — 276 3,950 4,226 — Commercial: Commercial real estate — — — — 10,277 10,277 — Commercial business — — — — 3,625 3,625 — Construction — — — — 2,307 2,307 — Consumer: Medical education 692 113 353 1,158 5,755 6,913 — Other — — — — 52 52 — $ 1,147 $ 867 $ 1,305 $ 3,319 $ 227,904 $ 231,223 $ — June 30, 2018 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 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 The Company may grant a concession or modification for economic or legal reasons related to a borrower's financial condition that it would not otherwise consider resulting in a modified loan that is then identified as a troubled debt restructuring (“TDR”). The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers' operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. TDRs are considered impaired loans for purposes of calculating the Company's allowance for loan losses. TDRs are restored to accrual status when the obligation is brought current, has performed in accordance with the modified contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The Company may identify loans for potential restructure primarily through direct communication with the borrower and evaluation of the borrower's financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions and negative trends may result in a payment default in the near future. As of December 31, 2018 and June 30, 2018, the Company had two loans identified as TDRs totaling $289,000 and $304,000, respectively. At December 31, 2018 and June 30, 2018, the two TDRs were performing in compliance with their restructured terms and on accrual status. There were no modifications to loans classified as TDRs during the six months ended December 31, 2018. No additional loan commitments were outstanding to these borrowers at December 31, 2018 and June 30, 2018. At both December 31, 2018 and June 30, 2018, there was a specific reserve of $13,000 and $14,000 related to one TDR. The following table details the Company’s TDRs that are on accrual status and non-accrual status at December 31, 2018: As of December 31, 2018 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 147 $ — $ 147 Commercial business 1 142 — 142 Total 2 $ 289 $ — $ 289 The following table details the Company’s TDRs that are on accrual status and non-accrual status at June 30, 2018: As of 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 carrying amount of residential mortgage loans in the process of foreclosure was $686,000 and $565,000 at December 31, 2018 and June 30, 2018, respectively. |
Derivatives and Risk Management
Derivatives and Risk Management Activities | 6 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management Activities | 5. DERIVATIVES AND RISK MANAGEMENT ACTIVITIES The Company did not have any derivative instruments designated as hedging instruments or subject to master netting and collateral agreements as of December 31, 2018 and June 30, 2018 and for the three and six months ended December 31, 2018 and 2017. The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of December 31, 2018 and June 30, 2018 (in thousands): December 31, 2018 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 218 $ 7,659 Forward loan sales commitments Mortgage banking derivatives 173 4,526 To Be Announced securities ("TBAs") Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 18 $ 3,305 Forward loan sales commitments Other liabilities 8 1,249 TBA securities Other liabilities 52 9,500 June 30, 2018 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments 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 Interest rate lock commitments Other liabilities $ 56 $ 6,795 Forward loan sales commitments Other liabilities 4 1,522 TBA securities Other liabilities 78 17,750 The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the three and six months ended December 31, 2018 and December 31, 2017 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation December 31, 2018 December 31, 2017 Interest rate lock commitments Loss from derivative instruments $ (42 ) $ (173 ) Forward loan sales commitments Gain from derivative instruments 52 131 TBA securities Loss from derivative instruments (59 ) (32 ) Total loss from derivative instruments $ (49 ) $ (74 ) Gain/(Loss) Consolidated Statements of Income Six Months Ended Presentation December 31, 2018 December 31, 2017 Interest rate lock commitments Loss from derivative instruments $ (386 ) $ (542 ) Forward loan sales commitments (Loss) gain from derivative instruments (6 ) 123 TBA securities Gain (loss) from derivative instruments 26 (45 ) Total loss from derivative instruments $ (366 ) $ (464 ) |
Fair Value Presentation
Fair Value Presentation | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Presentation | 6. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends, and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of December 31, 2018 and June 30, 2018: December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 911 $ — $ 911 Corporate notes — 5,684 494 6,178 Collateralized mortgage obligations - agency residential — 13,467 — 13,467 Mortgage-backed securities - agency residential — 3,565 — 3,565 Municipal securities — 1,388 — 1,388 Bank CDs — 4,930 — 4,930 Loans held for sale — 15,339 — 15,339 Forward loan sales commitments — 173 — 173 TBA securities — — — — Interest rate lock commitments — — 218 218 $ — $ 45,457 $ 712 $ 46,169 June 30, 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 The following tables provide the fair value for liabilities required to be measured and reported at fair value on a recurring basis as of December 31, 2018 and June 30, 2018. December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 8 $ — $ 8 TBA securities — 52 — 52 Interest rate lock commitments — — 18 18 Liabilities measured at fair value on a recurring basis at June 30, 2018 are summarized below. June 30, 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 The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended December 31, 2018 and 2017: Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2018 $ — $ 495 $ 276 $ (34 ) Total losses (unrealized): Included in other comprehensive income — (1 ) — — Total (losses) or gains included in earnings and held at reporting date — — (58 ) 16 Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2018 $ — $ 494 $ 218 $ (18 ) Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2017 $ 243 $ 982 $ 412 $ (15 ) Total gains (unrealized): Included in other comprehensive income — 6 — — Total losses included in earnings and held at reporting date — — (161 ) (11 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2018 $ — $ 494 $ 642 $ (56 ) Total gains (unrealized): Included in other comprehensive income — — — — Total (losses) or gains included in earnings and held at reporting date — — (424 ) 38 Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2018 $ — $ 494 $ 218 $ (18 ) Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2017 $ 243 $ 968 $ 786 $ (19 ) Total gains (unrealized): Included in other comprehensive income — 20 — — Total losses included in earnings and held at reporting date — — (535 ) (7 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) There were no assets measured at fair value on a nonrecurring basis at December 31, 2018 and June 30, 2018. The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition as of December 31, 2018 and June 30, 2018: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2018 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 16,992 $ 16,992 $ 16,992 $ — $ — Investment securities held-to-maturity 14,286 14,208 — 11,708 2,500 Equity securities 500 500 — — 500 Loans receivable, net (1) 231,988 224,900 — — 224,900 Bank-owned life insurance 6,096 6,096 6,096 — — Restricted investment in bank stock 737 737 737 — — Accrued interest receivable 1,034 1,034 1,034 — — Liabilities: Deposits $ 273,461 $ 250,981 $ 178,135 $ 72,846 $ — Advances from the FHLB 10,000 9,848 — 9,848 — Securities sold under agreements to repurchase 2,463 2,460 2,460 — — Accrued interest payable 148 148 148 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — (1) In accordance with the prospective adoption of ASU No. 2016-01, the fair value of the loans as of December 31, 2018 was measured using an exit price notion. The fair value of loans as of June 30, 2018 was measured using an entry price notion. 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 $ 14,475 $ 14,475 $ 14,475 $ — $ — Investment securities held-to-maturity 13,905 13,747 — 11,747 2,000 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 — — 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 — — Accrued interest payable 74 74 74 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — The above information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. There were no changes in methodologies or transfers between levels at December 31, 2018, other than the adaption of ASU 2016-01. During the year ended June 30, 2018, a Bank CD was transferred out of Level 3 as the Company determined there were the significant observable inputs to classify the Bank CD as sufficiently observable. Therefore, at June 30, 2018, the Bank CD was transferred into a Level 2 valuation. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at June 30, 2018: Cash and Cash Equivalents These short-term assets are valued at their face value, which approximate fair value. Investments (Available- for- Sale and Held- to- Maturity) Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include certain Mortgage Backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Corporate notes, and Municipal and U.S government securities. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Investment securities classified within Level 3 include certain equity securities that do not have readily available market prices, certain corporate notes, certain Bank CDS and other less liquid investment securities. If observable market-based inputs are not available, we use unobservable inputs to determine appropriate valuation adjustments by reviewing valuation reports provided by a third-party (Level 3). Loans Held for Sale at Fair Value All mortgage loans held for sale are carried at fair value which is determined on a recurring basis by utilizing quoted prices from dealers in such loans. The Company's mortgage loans held for sale are generally classified within Level 2 of the valuation hierarchy. The f l l w i t b l r e f l c t t d i f f r c t w e t a rr y i m m rt g g l e l f o s l e m s r f i v l n t gg r g t a i r i i a m n t h t Company is nt a c u al t i t l t r e i v m t u r i t December 31, 2018 and June ): Loans held for sale Carrying Amount Aggregated Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2018 $ 15,339 $ 14,943 $ 396 June 30, 2018 $ 13,558 $ 13,279 $ 279 The Company i h v m rt g a g l e l f sa l r r a f a i v l t ha w r 9 r y s n - r u a , 2018 or June 30, 2018 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 December 31, 2018 and 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. Bank-Owned Life Insurance The carrying amount of the investment in bank-owned life insurance approximates its cash surrender value under the insurance policies. Restricted Investment in Bank Stock The stock is carried at cost; which approximates fair value and considers the limited marketability of such securities. Accrued Interest Receivable and Accrued Interest Payable The carrying amount of accrued interest receivable and payable approximates their respective fair values. Deposits The carrying amount of demand deposits, savings accounts and money market deposits approximate their fair value. The discount rate is estimated using the rates currently offered for deposits with comparable remaining maturities. 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 | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss | 7. CHANGES IN AND RECLASSIFICATIONS 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 three and six months ended December 31, 2018 and December 31, 2017 Net unrealized holding losses on available-for-sales securities (1) For the three months ended For the six months ended (Dollars in thousands) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Balance at beginning period $ (734 ) $ (148 ) $ (648 ) $ (111 ) Unrealized holding gains (losses) on available-for-sale securities before reclassification 186 (153 ) 100 (165 ) Amount reclassified for investment securities gains included in net income — — — (25 ) Net current-period other comprehensive income (loss) 186 (153 ) 100 (190 ) Balance at ending period $ (548 ) $ (301 ) $ (548 ) $ (301 ) (1) All amounts are net of tax. Related tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 13.1% and 29.5% and 20.5% for the three and six months ended December 31, 2018 and 2017, respectively. The following table present reclassifications out of AOCI by component for the six month ended December 31, 2017. For the three months ended December 31, 2018 and 2017 and for the six months ended December 31, 2018, there were no net unrealized gain on available-for-sale securities. For the six months ended December 31, 2017: (Dollars in thousands) Amount reclassified from accumulated other comprehensive income (2) Affected line item in the consolidated statements of income Net unrealized gain on available-for-sale securities (1) $ 34 Gain on sale of available-for-sale securities, net (9) Income tax expense $ 25 (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 parentheses indicate debits. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 8. 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 , 2018, there were 188,000 stock options outstanding and 73,000 restricted stock shares outstanding which none of the stock options and restricted stock shares were vested and exercisable at , 2018. The 188,000 stock options outstanding and 73,000 restricted stock shares outstanding were not included in the computation of diluted net income per share for the three and six months ended 2018 as their effect would have been anti-dilutive. The calculation of basic and diluted EPS for the three and six months ended December 31, 2018 and 2017 is as follows: For the Three Months Ended December 31 For the Six Months Ended December 31 2018 2017 2018 2017 Net income $ 139,000 $ 179,000 $ 409,000 $ 415,000 Weighted average number of shares issued 2,257,908 2,182,125 2,258,516 2,182,125 Less weighted average number of unearned ESOP shares (157,864 ) — (158,959 ) — Less weighted average number of unvested restricted stock awards (71,283 ) — (73,245 ) — Basic weighted average shares outstanding 2,028,761 2,182,125 2,026,312 2,182,125 Add dilutive effect of stock options — — — — Add dilutive effect of restricted stock awards — — — — Diluted weighted average shares outstanding 2,028,761 2,182,125 2,026,312 2,182,125 Net income per share: Basic $ 0.07 $ 0.08 $ 0.20 $ 0.19 Diluted $ 0.07 $ 0.08 $ 0.20 $ 0.19 |
Employee Benefits
Employee Benefits | 6 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefits | 9. EMPLOYEE BENFITS Equity Incentive Plan 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. On June 13, 2018, the Compensation Committee of the Board of Directors authorized the following grants under the 2018 Equity Incentive Plan: Officers Employees Outside Directors Total Incentive stock options 125,000 43,000 — 168,000 Non-qualified stock options — — 30,000 30,000 Restricted stock awards 50,000 12,000 15,000 77,000 Total 175,000 55,000 45,000 275,000 As of December 31, 2018, 4,000 employee restricted shares and 10,000 employee incentive stock options were forfeited. 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 December 31, 2018, there were 44,497 shares available for future awards under this plan, which includes 30,212 shares available for incentive and non-qualified stock options and 14,285 shares available for restricted stock awards. The restricted shares and stock options vest over a seven year period. Stock option expense was $28,000 for the six months ended December 31, 2018. The Company did not record any stock option expense for the six months ended December 31, 2017. At December 31, 2018, t A summary of the Company’s stock option activity and related information for the six months ended December 31, 2018 was as follows: 2018 Options Weighted- Average Exercise Price Average Intrinsic Value Outstanding, July 1 198,000 $ 14.80 $ 3,960 Granted — — Exercised — — — Forfeited (10,000 ) 14.80 — Outstanding, December 31 188,000 $ 14.80 $ 33,840 Exercisable, December 31 — $ — $ — The weighted average remaining contractual life was 9.4 years at December 31, 2018 and the grant-date fair value of stock options of $1.81 was estimated using the Black-Scholes Option-Pricing Model. Restricted stock expense for the six months ended December 31, 2018 was $86,000. The Company did not record any restricted stock expense for the six months ended December 31, 2017. At December 31, 2018, the expected future compensation expense relating to non-vested restricted stock outstanding was $1.0 million. A summary of the Company’s restricted stock activity and related information for the six months ended December 31, 2018 was as follows: 2018 Number of Shares Weighted- Average Grant Date Fair Value Non-vested, July 1 77,000 $ 14.80 Granted — — Forfeited (4,000 ) 14.80 Non-vested at December 31 73,000 $ 14.80 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS In November 2017, the Company engaged a third party to provide services for certain customers with large deposit balances, by offering both a competitive rate of return and FDIC insurance. Related party balances in this program totaled $26.4 million at December 31, 2018 for which the Company received fees for customer services totaling approximately $2,000 and $84,000 and $39,000 and $84,000 in the three and six months ended December 31, 2018 and December 31, 2017, respectively. 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 $15,000 and $30,000 in consulting fees to the director for the three months and six months ended December 31, 2018. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 11. REVENUE RECOGNITION On July 1, 2018, the Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all subsequent ASUs that modified Topic 606. As stated in Note 1 Summary of Significant Accounting Policies, the implementation of the new standard did not have a material impact on the measurement or recognition of revenue; as such, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning after July 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as income from bank owned life insurance, sales of investment securities, mortgage banking activities, and certain items within other income are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such deposit related fees, interchange fees, and fees income received in exchange for customer’s deposits sourced with a deposit placement network. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. The following table presents noninterest income for the three and six months ended December 31, 2018 and 2017: (Dollars in thousands) Three Months Ended December 31, Six Months Ended December 31, Non-Interest Income 2018 2017 2018 2017 In-scope of Topic 606: Fee income $ 2 $ 144 $ 41 $ 144 Insufficient fund fees 17 18 33 38 Other service charges 14 21 29 45 ATM interchange fee income 2 2 4 3 Noninterest Income (in-scope of Topic 606) 35 185 107 230 Noninterest Income (out-of-scope of Topic 606) 641 738 1,327 1,698 Total Noninterest Income 676 923 1,434 1,928 The following is a discussion of key revenues of fees for customer services that are within the scope of the new revenue guidance: • Fee income – Fee income primarily consists of a fee received for placing customer deposits in a deposit placement network such that amounts are under the standard FDIC insurance maximum of $250,000 making the deposits eligible for FDIC insurance. The Company acts as an intermediary between the customer and the deposit placement network. The Company’s performance obligation is generally satisfied upon placement of the customer’s deposit in deposit placement network. • Insufficient fund fees and other service charges – Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services; as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. These revenues are included in insufficient funds fees and other service charges in the table above . • ATM interchange and fee income – ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder used a Company’s ATM. The Company’s performance obligation for ATM fee income are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of June 30, 2018 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission on September 27, 2018 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. |
Principles of Consolidation | Principles of Consolidation The unaudited interim consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. In January 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Statement 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 (“OTTI”), interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale and the valuation of deferred tax assets. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases This Update is not expected to have a significant impact on the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. The ASU is effective for public business entities for fiscal years after December 15, 2019, including interim periods within those fiscal years. The amendments are effective for all other entities (including emerging growth companies as further described above for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. In anticipation of the ASU, the Company has entered into a contract with a third party, compiled data for the modeling and is working on developing an estimate using historically and qualitative data based on the requirements of ASU 2016-13. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements This Update is not expected to have a significant impact on the Company’s consolidated financial statements |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) Fair Value Measurement Derivatives and Hedging—Embedded Derivatives Financial Instruments—Overall Financial Services— Insurance |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | Investment securities available-for-sale was comprised of the following: December 31, 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 933 $ — $ (22 ) $ 911 Corporate notes 6,301 — (123 ) 6,178 Collateralized mortgage obligations - agency residential 13,881 1 (415 ) 13,467 Mortgage-backed securities - agency residential 3,707 — (142 ) 3,565 Municipal securities 1,402 — (14 ) 1,388 Bank CDs 4,992 — (62 ) 4,930 $ 31,216 $ 1 $ (778 ) $ 30,439 Investment securities available-for-sale was comprised of the following: June 30, 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 | Investment securities held-to-maturity was comprised of the following: December 31, 2018 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value Corporate notes $ 3,515 $ — $ (4 ) $ 3,511 Municipal securities 10,771 40 (114 ) 10,697 $ 14,286 $ 40 $ (118 ) $ 14,208 Investment securities held-to-maturity was comprised of the following: June 30, 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 |
Scheduled Maturities of Securities Available-for-Sale and Held-to-Maturity | The scheduled maturities of securities available-for-sale and held-to-maturity at December 31, 2018 were as follows: December 31, 2018 Available-for-Sale Held-to-Maturity Amortized Amortized (Dollars in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 4,195 $ 4,169 $ 1,260 $ 1,255 Due from one to five years 7,501 7,371 2,282 2,263 Due from after five to ten years 1,001 959 7,631 7,600 Due after ten years 18,519 17,940 3,113 3,090 $ 31,216 $ 30,439 $ 14,286 $ 14,208 |
Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity | The following tables summarize the unrealized loss positions of securities available-for-sale and held-to-maturity as of December 31, 2018 and June 30, 2018: December 31, 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 $ 398 $ (5 ) $ 513 $ (17 ) $ 911 $ (22 ) Corporate notes 1,853 (46 ) 4,325 (77 ) 6,178 (123 ) Collateralized mortgage obligations 2,459 (48 ) 10,482 (367 ) 12,941 (415 ) Mortgage-backed securities — — 3,563 (142 ) 3,563 (142 ) Municipal securities — — 1,388 (14 ) 1,388 (14 ) Bank CDs 985 (14 ) 3,445 (48 ) 4,430 (62 ) $ 5,695 $ (113 ) $ 23,716 $ (665 ) $ 29,411 $ (778 ) Held-to-maturity: Corporate notes $ 511 $ (4 ) $ — $ — $ 511 $ (4 ) Municipal securities 3,416 (31 ) 4,970 (83 ) 8,386 (114 ) $ 3,927 $ (35 ) $ 4,970 $ (83 ) $ 8,897 $ (118 ) June 30, 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 8,798 (216 ) 4,996 (287 ) 13,794 (503 ) Mortgage-backed securities — — 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 ) |
Equity Securities (Tables)
Equity Securities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Carrying Amount of Equity Investment | The following table presents the carrying amount of the Company’s equity investment at December 31, 2018: 2018 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable were comprised of the following: December 31, June 30, (Dollars in thousands) 2018 2018 Residential: One-to-four family $ 203,823 $ 182,234 Home equity and HELOCs 4,226 4,921 Commercial: Commercial real estate 10,277 10,804 Commercial business 3,625 4,059 Construction 2,307 2,907 Consumer: Medical education 6,913 7,047 Other 52 31 231,223 212,003 Less: Unearned discounts, origination and commitment fees and costs 1,721 1,564 Allowance for loan losses (956 ) (871 ) $ 231,988 $ 212,696 |
Summary of Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses by loan class for the three months ended December 31, 2018 and 2017. Allowance for Loan Losses For the three months ended December 31, 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 $ 695 $ — $ 1 $ 26 $ 722 $ — $ 722 Home equity and HELOCs 41 — — 5 46 — 46 Commercial: Commercial real estate 61 — — (2 ) 59 — 59 Commercial business 61 — — (2 ) 59 13 46 Construction 16 — — (3 ) 13 — 13 Consumer: Medical education 57 — — (1 ) 56 — 56 Other — — — 1 1 — 1 $ 931 $ — $ 1 $ 24 $ 956 $ 13 $ 943 Allowance for Loan Losses For the three months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 420 $ (12 ) $ — $ 64 $ 472 $ — $ 472 Home equity and HELOCs 39 — — (1 ) 38 — 38 Commercial: Commercial real estate 85 — — 1 86 — 86 Commercial business 68 — — (10 ) 58 16 42 Construction 3 — — 7 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — — — — — — $ 615 $ (12 ) $ — $ 80 $ 683 $ 16 $ 667 The following tables summarize the activity in the allowance for loan losses by loan class for the six months ended December 31, 2018 and 2017. Allowance for Loan Losses For the six months ended December 31, 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 $ 651 $ — $ 2 $ 69 $ 722 $ — $ 722 Home equity and HELOCs 39 — — 7 46 — 46 Commercial: Commercial real estate 65 — — (6 ) 59 — 59 Commercial business 65 — — (6 ) 59 13 46 Construction 15 — — (2 ) 13 — 13 Consumer: Medical education 35 — — 21 56 — 56 Other 1 — — — 1 — 1 $ 871 $ — $ 2 $ 83 $ 956 $ 13 $ 943 Allowance for Loan Losses For the six months ended December 31, 2017 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 399 $ (12 ) $ 44 $ 41 $ 472 $ — $ 472 Home equity and HELOCs 38 — — — 38 — 38 Commercial: Commercial real estate 89 (22 ) — 19 86 — 86 Commercial business 58 — — — 58 16 42 Construction 9 — — 1 10 — 10 Consumer: Medical education — — — 19 19 — 19 Other — — 1 (1 ) — — — $ 593 $ (34 ) $ 45 $ 79 $ 683 $ 16 $ 667 |
Summary of Loans Receivable by Balances Individually Evaluated for Impairment | The following tables summarize information in regards to the recorded investment in loans receivable by loan class as of December 31, 2018 and June 30, 2018: December 31, 2018 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 203,823 $ 1,439 $ 202,384 Home equity and HELOCs 4,226 67 4,159 Commercial Commercial real estate 10,277 390 9,887 Commercial business 3,625 142 3,483 Construction 2,307 — 2,307 Consumer: Medical education 6,913 353 6,560 Other 52 — 52 $ 231,223 $ 2,391 $ 228,832 June 30, 2018 Loans 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 |
Summary of Information in Regard to Impaired Loans | The following table summarizes information in regard to impaired loans by loan portfolio class as of December 31, December 31, 2018 June 30, 2018 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential: One-to-four family $ 1,439 $ 1,618 $ — $ 1,429 $ 1,592 $ — Home equity and HELOCs 67 83 — 105 106 — Commercial: Commercial real estate 390 390 — 398 398 — Consumer: Medical education 353 353 — — — — 2,249 2,444 — 1,932 2,096 — With an allowance recorded Commercial: Commercial business 142 143 13 153 154 14 142 143 13 153 154 14 $ 2,391 $ 2,587 $ 13 $ 2,085 $ 2,250 $ 14 The following table presents additional information regarding the impaired loans for the three months ended December 31, 2018 and December 31, 2017: Three Months Ended December 31, 2018 2017 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,655 $ — $ 1,151 $ 1 Home equity and HELOCs 86 — 105 — Commercial: Commercial real estate 392 7 408 8 Consumer: Medical education 177 — — — 2,310 7 1,664 9 With an allowance recorded Commercial business 144 2 165 3 144 2 165 3 $ 2,454 $ 9 $ 1,829 $ 12 The following table presents additional information regarding the impaired loans for the six months ended December 31, 2018 and December 31, 2017: Six Months Ended December 31 , 2018 2017 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded One-to-four family $ 1,580 $ — $ 1,147 $ 3 Home equity and HELOCs 93 — 106 — Commercial: Commercial real estate 394 18 410 14 Consumer: Medical education 118 — — — 2,185 18 1,663 17 With an allowance recorded Commercial business 147 4 168 5 147 4 168 5 $ 2,332 $ 22 $ 1,831 $ 22 |
Summary of Nonaccrual Loans by Classes of Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2018 and June 30, 2018: December 31, June 30, (Dollars in thousands) 2018 2018 Residential: One-to-four family $ 1,439 $ 1,429 Home equity and HELOCs 67 105 Commercial: Commercial real estate — — Commercial business — — Construction — — Consumer: Medical education 353 — Other — — $ 1,859 $ 1,534 |
Credit Quality Indicators by Class of Loan Portfolio | The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Company’s internal risk rating system as of December 31, 2018 and June 30, 2018: December 31, 2018 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 201,834 $ — $ 1,989 $ — $ 203,823 Home equity and HELOCs 4,159 — 67 — 4,226 Commercial: Commercial real estate 9,675 212 390 — 10,277 Commercial business 3,369 — 256 — 3,625 Construction 2,307 — — — 2,307 Consumer: Medical education 6,560 — 353 — 6,913 Other 52 — — — 52 $ 227,956 $ 212 $ 3,055 $ — $ 231,223 June 30, 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 |
Summary of Segments of Loan Portfolio by Aging Categories | The following tables present the segments of the loan portfolio summarized by aging categories as of December 31, 2018 and June 30, 2018: December 31, 2018 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 179 $ 754 $ 952 $ 1,885 $ 201,938 $ 203,823 $ — Home equity and HELOCs 276 — — 276 3,950 4,226 — Commercial: Commercial real estate — — — — 10,277 10,277 — Commercial business — — — — 3,625 3,625 — Construction — — — — 2,307 2,307 — Consumer: Medical education 692 113 353 1,158 5,755 6,913 — Other — — — — 52 52 — $ 1,147 $ 867 $ 1,305 $ 3,319 $ 227,904 $ 231,223 $ — June 30, 2018 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 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 |
Troubled Debt Restructurings on Accrual Status and Non-Accrual Status | The following table details the Company’s TDRs that are on accrual status and non-accrual status at December 31, 2018: As of December 31, 2018 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 147 $ — $ 147 Commercial business 1 142 — 142 Total 2 $ 289 $ — $ 289 The following table details the Company’s TDRs that are on accrual status and non-accrual status at June 30, 2018: As of 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 |
Derivatives and Risk Manageme_2
Derivatives and Risk Management Activities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition | The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of December 31, 2018 and June 30, 2018 (in thousands): December 31, 2018 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 218 $ 7,659 Forward loan sales commitments Mortgage banking derivatives 173 4,526 To Be Announced securities ("TBAs") Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 18 $ 3,305 Forward loan sales commitments Other liabilities 8 1,249 TBA securities Other liabilities 52 9,500 June 30, 2018 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments 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 Interest rate lock commitments Other liabilities $ 56 $ 6,795 Forward loan sales commitments Other liabilities 4 1,522 TBA securities Other liabilities 78 17,750 |
Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments Not Designated as Hedging Instruments | The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the three and six months ended December 31, 2018 and December 31, 2017 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation December 31, 2018 December 31, 2017 Interest rate lock commitments Loss from derivative instruments $ (42 ) $ (173 ) Forward loan sales commitments Gain from derivative instruments 52 131 TBA securities Loss from derivative instruments (59 ) (32 ) Total loss from derivative instruments $ (49 ) $ (74 ) Gain/(Loss) Consolidated Statements of Income Six Months Ended Presentation December 31, 2018 December 31, 2017 Interest rate lock commitments Loss from derivative instruments $ (386 ) $ (542 ) Forward loan sales commitments (Loss) gain from derivative instruments (6 ) 123 TBA securities Gain (loss) from derivative instruments 26 (45 ) Total loss from derivative instruments $ (366 ) $ (464 ) |
Fair Value Presentation (Tables
Fair Value Presentation (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value for Assets Required to be Measured and Reported at Fair Value on a Recurring Basis | The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of December 31, 2018 and June 30, 2018: December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 911 $ — $ 911 Corporate notes — 5,684 494 6,178 Collateralized mortgage obligations - agency residential — 13,467 — 13,467 Mortgage-backed securities - agency residential — 3,565 — 3,565 Municipal securities — 1,388 — 1,388 Bank CDs — 4,930 — 4,930 Loans held for sale — 15,339 — 15,339 Forward loan sales commitments — 173 — 173 TBA securities — — — — Interest rate lock commitments — — 218 218 $ — $ 45,457 $ 712 $ 46,169 June 30, 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 |
Fair Value for Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis | The following tables provide the fair value for liabilities required to be measured and reported at fair value on a recurring basis as of December 31, 2018 and June 30, 2018. December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 8 $ — $ 8 TBA securities — 52 — 52 Interest rate lock commitments — — 18 18 Liabilities measured at fair value on a recurring basis at June 30, 2018 are summarized below. June 30, 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 |
Change in Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended December 31, 2018 and 2017: Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2018 $ — $ 495 $ 276 $ (34 ) Total losses (unrealized): Included in other comprehensive income — (1 ) — — Total (losses) or gains included in earnings and held at reporting date — — (58 ) 16 Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2018 $ — $ 494 $ 218 $ (18 ) Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: October 1, 2017 $ 243 $ 982 $ 412 $ (15 ) Total gains (unrealized): Included in other comprehensive income — 6 — — Total losses included in earnings and held at reporting date — — (161 ) (11 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2018 $ — $ 494 $ 642 $ (56 ) Total gains (unrealized): Included in other comprehensive income — — — — Total (losses) or gains included in earnings and held at reporting date — — (424 ) 38 Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2018 $ — $ 494 $ 218 $ (18 ) Level 3 (Dollars in thousands) Bank CDs Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2017 $ 243 $ 968 $ 786 $ (19 ) Total gains (unrealized): Included in other comprehensive income — 20 — — Total losses included in earnings and held at reporting date — — (535 ) (7 ) Transfers in and/or out of Level 3 — — — — Ending Balance: December 31, 2017 $ 243 $ 988 $ 251 $ (26 ) |
Carrying Amount for Class of Assets and Liabilities and Fair Value for Certain Financial Instruments Not Required to be Measured or Reported at Fair Value | The following table provides the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition as of December 31, 2018 and June 30, 2018: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2018 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 16,992 $ 16,992 $ 16,992 $ — $ — Investment securities held-to-maturity 14,286 14,208 — 11,708 2,500 Equity securities 500 500 — — 500 Loans receivable, net (1) 231,988 224,900 — — 224,900 Bank-owned life insurance 6,096 6,096 6,096 — — Restricted investment in bank stock 737 737 737 — — Accrued interest receivable 1,034 1,034 1,034 — — Liabilities: Deposits $ 273,461 $ 250,981 $ 178,135 $ 72,846 $ — Advances from the FHLB 10,000 9,848 — 9,848 — Securities sold under agreements to repurchase 2,463 2,460 2,460 — — Accrued interest payable 148 148 148 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — (1) In accordance with the prospective adoption of ASU No. 2016-01, the fair value of the loans as of December 31, 2018 was measured using an exit price notion. The fair value of loans as of June 30, 2018 was measured using an entry price notion. 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 $ 14,475 $ 14,475 $ 14,475 $ — $ — Investment securities held-to-maturity 13,905 13,747 — 11,747 2,000 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 — — 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 — — Accrued interest payable 74 74 74 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — |
Difference between Carrying Amount of Mortgage Loans Held For Sale, Measured at Fair Value and Aggregate Unpaid Principal Amount | The f l l w i t b l r e f l c t t d i f f r c t w e t a rr y i m m rt g g l e l f o s l e m s r f i v l n t gg r g t a i r i i a m n t h t Company is nt a c u al t i t l t r e i v m t u r i t December 31, 2018 and June ): Loans held for sale Carrying Amount Aggregated Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2018 $ 15,339 $ 14,943 $ 396 June 30, 2018 $ 13,558 $ 13,279 $ 279 |
Changes in and Reclassificati_2
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 31, 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 three and six months ended December 31, 2018 and December 31, 2017 Net unrealized holding losses on available-for-sales securities (1) For the three months ended For the six months ended (Dollars in thousands) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Balance at beginning period $ (734 ) $ (148 ) $ (648 ) $ (111 ) Unrealized holding gains (losses) on available-for-sale securities before reclassification 186 (153 ) 100 (165 ) Amount reclassified for investment securities gains included in net income — — — (25 ) Net current-period other comprehensive income (loss) 186 (153 ) 100 (190 ) Balance at ending period $ (548 ) $ (301 ) $ (548 ) $ (301 ) (1) All amounts are net of tax. Related tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 13.1% and 29.5% and 20.5% for the three and six months ended December 31, 2018 and 2017, respectively. |
Reclassifications out of AOCI by Component | The following table present reclassifications out of AOCI by component for the six month ended December 31, 2017. For the three months ended December 31, 2018 and 2017 and for the six months ended December 31, 2018, there were no net unrealized gain on available-for-sale securities. For the six months ended December 31, 2017: (Dollars in thousands) Amount reclassified from accumulated other comprehensive income (2) Affected line item in the consolidated statements of income Net unrealized gain on available-for-sale securities (1) $ 34 Gain on sale of available-for-sale securities, net (9) Income tax expense $ 25 (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 parentheses indicate debits. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted EPS for the three and six months ended December 31, 2018 and 2017 is as follows: For the Three Months Ended December 31 For the Six Months Ended December 31 2018 2017 2018 2017 Net income $ 139,000 $ 179,000 $ 409,000 $ 415,000 Weighted average number of shares issued 2,257,908 2,182,125 2,258,516 2,182,125 Less weighted average number of unearned ESOP shares (157,864 ) — (158,959 ) — Less weighted average number of unvested restricted stock awards (71,283 ) — (73,245 ) — Basic weighted average shares outstanding 2,028,761 2,182,125 2,026,312 2,182,125 Add dilutive effect of stock options — — — — Add dilutive effect of restricted stock awards — — — — Diluted weighted average shares outstanding 2,028,761 2,182,125 2,026,312 2,182,125 Net income per share: Basic $ 0.07 $ 0.08 $ 0.20 $ 0.19 Diluted $ 0.07 $ 0.08 $ 0.20 $ 0.19 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Summary of Equity Incentive Plan | On June 13, 2018, the Compensation Committee of the Board of Directors authorized the following grants under the 2018 Equity Incentive Plan: Officers Employees Outside Directors Total Incentive stock options 125,000 43,000 — 168,000 Non-qualified stock options — — 30,000 30,000 Restricted stock awards 50,000 12,000 15,000 77,000 Total 175,000 55,000 45,000 275,000 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information for the six months ended December 31, 2018 was as follows: 2018 Options Weighted- Average Exercise Price Average Intrinsic Value Outstanding, July 1 198,000 $ 14.80 $ 3,960 Granted — — Exercised — — — Forfeited (10,000 ) 14.80 — Outstanding, December 31 188,000 $ 14.80 $ 33,840 Exercisable, December 31 — $ — $ — |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity and related information for the six months ended December 31, 2018 was as follows: 2018 Number of Shares Weighted- Average Grant Date Fair Value Non-vested, July 1 77,000 $ 14.80 Granted — — Forfeited (4,000 ) 14.80 Non-vested at December 31 73,000 $ 14.80 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Noninterest Income | The following table presents noninterest income for the three and six months ended December 31, 2018 and 2017: (Dollars in thousands) Three Months Ended December 31, Six Months Ended December 31, Non-Interest Income 2018 2017 2018 2017 In-scope of Topic 606: Fee income $ 2 $ 144 $ 41 $ 144 Insufficient fund fees 17 18 33 38 Other service charges 14 21 29 45 ATM interchange fee income 2 2 4 3 Noninterest Income (in-scope of Topic 606) 35 185 107 230 Noninterest Income (out-of-scope of Topic 606) 641 738 1,327 1,698 Total Noninterest Income 676 923 1,434 1,928 |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Detail) $ / shares in Units, $ in Millions | Jan. 11, 2017USD ($)$ / sharesshares |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Shares of common stock converted | shares | 2,182,125 |
Debt Instrument, convertible, conversion Price | $ / shares | $ 10 |
Gross offering proceeds received | $ 21.8 |
Offering costs | 1.4 |
Net proceeds from issuance of shares | $ 20.4 |
Investment Securities - Investm
Investment Securities - Investment Securities Available-for-sale (Detail) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 31,216,000 | $ 31,766,000 |
Available-for-sale, Gross Unrealized Gains | 1,000 | 5,000 |
Available-for-sale, Gross Unrealized Losses | (778,000) | (924,000) |
Available-for-sale, Fair Value | 30,439,000 | 30,847,000 |
U.S. Governmental securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 933,000 | 1,007,000 |
Available-for-sale, Gross Unrealized Losses | (22,000) | (40,000) |
Available-for-sale, Fair Value | 911,000 | 967,000 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 6,301,000 | 5,805,000 |
Available-for-sale, Gross Unrealized Gains | 5,000 | |
Available-for-sale, Gross Unrealized Losses | (123,000) | (102,000) |
Available-for-sale, Fair Value | 6,178,000 | 5,708,000 |
Collateralized mortgage obligations - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 13,881,000 | 14,297,000 |
Available-for-sale, Gross Unrealized Gains | 1,000 | |
Available-for-sale, Gross Unrealized Losses | (415,000) | (503,000) |
Available-for-sale, Fair Value | 13,467,000 | 13,794,000 |
Mortgage-backed securities - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 3,707,000 | 3,964,000 |
Available-for-sale, Gross Unrealized Losses | (142,000) | (186,000) |
Available-for-sale, Fair Value | 3,565,000 | 3,778,000 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 1,402,000 | 1,701,000 |
Available-for-sale, Gross Unrealized Losses | (14,000) | (21,000) |
Available-for-sale, Fair Value | 1,388,000 | 1,680,000 |
Bank CDs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 4,992,000 | 4,992,000 |
Available-for-sale, Gross Unrealized Losses | (62,000) | (72,000) |
Available-for-sale, Fair Value | $ 4,930,000 | $ 4,920,000 |
Investment Securities - Inves_2
Investment Securities - Investment Securities Held-to-maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | $ 14,286 | $ 13,905 |
Held-to-maturity, Gross Unrealized Gains | 40 | 34 |
Held-to-maturity, Gross Unrealized Losses | (118) | (192) |
Held-to-maturity, Fair Value | 14,208 | 13,747 |
Corporate notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 3,515 | 2,519 |
Held-to-maturity, Gross Unrealized Losses | (4) | (3) |
Held-to-maturity, Fair Value | 3,511 | 2,516 |
Municipal securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost | 10,771 | 11,386 |
Held-to-maturity, Gross Unrealized Gains | 40 | 34 |
Held-to-maturity, Gross Unrealized Losses | (114) | (189) |
Held-to-maturity, Fair Value | $ 10,697 | $ 11,231 |
Investment Securities - Schedul
Investment Securities - Scheduled of Maturities of Securities Available-for-sale and Held-to-maturity (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale, Due in one year or less, Amortized Cost | $ 4,195 |
Available-for-Sale, Due from one to five years, Amortized Cost | 7,501 |
Available-for-Sale, Due from after five to ten years, Amortized Cost | 1,001 |
Available-for-Sale, Due after ten years, Amortized Cost | 18,519 |
Available-for-Sale, Amortized Cost | 31,216 |
Available-for-Sale, Due in one year or less, Fair Value | 4,169 |
Available-for-Sale, Due from one to five years, Fair Value | 7,371 |
Available-for-Sale, Due from after five to ten years, Fair Value | 959 |
Available-for-Sale, Due after ten years, Fair Value | 17,940 |
Available-for-Sale, Fair Value | 30,439 |
Held-to-Maturity, Due in one year or less, Amortized Cost | 1,260 |
Held-to-Maturity, Due from one to five years, Amortized Cost | 2,282 |
Held-to-Maturity, Due from after five to ten years, Amortized Cost | 7,631 |
Held-to-Maturity, Due after ten years, Amortized Cost | 3,113 |
Held-to-Maturity, Amortized Cost | 14,286 |
Held-to-Maturity, Due in one year or less, Fair Value | 1,255 |
Held-to-Maturity, Due from one to five years, Fair Value | 2,263 |
Held-to-Maturity, Due from after five to ten years, Fair Value | 7,600 |
Held-to-Maturity, Due after ten years, Fair Value | 3,090 |
Held-to-Maturity, Fair Value | $ 14,208 |
Investment Securities - Additio
Investment Securities - Additional information (Detail) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($)Security | |
Investment Holdings [Line Items] | |||||
Securities with a fair value pledge to secure public deposits and for other purposes as required by law | $ 9,000,000 | $ 9,000,000 | $ 7,800,000 | ||
Proceeds from the sale of available-for-sale securities | 0 | $ 0 | 0 | $ 11,200,000 | |
Gross realized gains on sale of available-for-sale securities | 39,000 | ||||
Gross realized losses sale of available-for-sale securities | $ 5,000 | ||||
Securities available-for-sale | $ 30,439,000 | $ 30,439,000 | $ 30,847,000 | ||
Bank CDs | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 20 | 20 | 20 | ||
Securities available-for-sale | $ 4,930,000 | $ 4,930,000 | $ 4,920,000 | ||
Number of securities with unrealized losses | Security | 18 | 18 | 19 | ||
U.S. Governmental securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 3 | 3 | 3 | ||
Securities available-for-sale | $ 911,000 | $ 911,000 | $ 967,000 | ||
Corporate notes | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 18 | 18 | 15 | ||
Securities available-for-sale | $ 6,178,000 | $ 6,178,000 | $ 5,708,000 | ||
Investment securities | $ 9,700,000 | $ 9,700,000 | $ 8,200,000 | ||
Number of securities with unrealized losses | Security | 14 | 14 | 12 | ||
Collateralized mortgage obligations | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 40 | 40 | 41 | ||
Securities available-for-sale | $ 13,467,000 | $ 13,467,000 | $ 13,794,000 | ||
Number of securities with unrealized losses | Security | 39 | 39 | 41 | ||
Available for sale securities percentage of agency | 100.00% | 100.00% | |||
Mortgage-backed securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 14 | 14 | 15 | ||
Securities available-for-sale | $ 3,565,000 | $ 3,565,000 | $ 3,778,000 | ||
Number of securities with unrealized losses | Security | 12 | 12 | 12 | ||
Available for sale securities percentage of agency | 100.00% | 100.00% | |||
Municipal securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 25 | 25 | 28 | ||
Securities available-for-sale | $ 1,388,000 | $ 1,388,000 | $ 1,680,000 | ||
Investment securities | $ 12,100,000 | $ 12,100,000 | $ 12,900,000 | ||
Number of securities with unrealized losses | Security | 19 | 19 | 21 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Positions of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | $ 5,695 | $ 14,276 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (113) | (308) |
Available-for-sale, 12 Months or Longer, Fair Value | 23,716 | 15,512 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (665) | (616) |
Available-for-sale, Total, Fair Value | 29,411 | 29,788 |
Available-for-sale, Total, Unrealized Loss | (778) | (924) |
Held-to-maturity, Less than 12 Months, Fair Value | 3,927 | 6,058 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (35) | (103) |
Held-to-maturity, 12 Months or Longer, Fair Value | 4,970 | 3,375 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (83) | (89) |
Held-to-maturity, Total, Fair Value | 8,897 | 9,433 |
Held-to-maturity, Total, Unrealized Loss | (118) | (192) |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 398 | 414 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (5) | (11) |
Available-for-sale, 12 Months or Longer, Fair Value | 513 | 553 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (17) | (29) |
Available-for-sale, Total, Fair Value | 911 | 967 |
Available-for-sale, Total, Unrealized Loss | (22) | (40) |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 1,853 | 2,308 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (46) | (45) |
Available-for-sale, 12 Months or Longer, Fair Value | 4,325 | 2,895 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (77) | (57) |
Available-for-sale, Total, Fair Value | 6,178 | 5,203 |
Available-for-sale, Total, Unrealized Loss | (123) | (102) |
Held-to-maturity, Less than 12 Months, Fair Value | 511 | 516 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (4) | (3) |
Held-to-maturity, Total, Fair Value | 511 | 516 |
Held-to-maturity, Total, Unrealized Loss | (4) | (3) |
Collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 2,459 | 8,798 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (48) | (216) |
Available-for-sale, 12 Months or Longer, Fair Value | 10,482 | 4,996 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (367) | (287) |
Available-for-sale, Total, Fair Value | 12,941 | 13,794 |
Available-for-sale, Total, Unrealized Loss | (415) | (503) |
Mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, 12 Months or Longer, Fair Value | 3,563 | 3,774 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (142) | (186) |
Available-for-sale, Total, Fair Value | 3,563 | 3,774 |
Available-for-sale, Total, Unrealized Loss | (142) | (186) |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 299 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (1) | |
Available-for-sale, 12 Months or Longer, Fair Value | 1,388 | 1,082 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (14) | (20) |
Available-for-sale, Total, Fair Value | 1,388 | 1,381 |
Available-for-sale, Total, Unrealized Loss | (14) | (21) |
Held-to-maturity, Less than 12 Months, Fair Value | 3,416 | 5,542 |
Held-to-maturity, Less than 12 Months, Unrealized Loss | (31) | (100) |
Held-to-maturity, 12 Months or Longer, Fair Value | 4,970 | 3,375 |
Held-to-maturity, 12 Months or Longer, Unrealized Loss | (83) | (89) |
Held-to-maturity, Total, Fair Value | 8,386 | 8,917 |
Held-to-maturity, Total, Unrealized Loss | (114) | (189) |
Bank CDs | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 985 | 2,457 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (14) | (35) |
Available-for-sale, 12 Months or Longer, Fair Value | 3,445 | 2,212 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (48) | (37) |
Available-for-sale, Total, Fair Value | 4,430 | 4,669 |
Available-for-sale, Total, Unrealized Loss | $ (62) | $ (72) |
Equity Securities - Additional
Equity Securities - Additional information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2018 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||
Purchase of equity securities | $ 500,000 | $ 500,000 |
Equity Securities - Schedule of
Equity Securities - Schedule of Carrying Amount of Equity Investment (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Amortized cost | $ 500 |
Carrying value | $ 500 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 231,223 | $ 212,003 | ||||
Unearned discounts, origination and commitment fees and costs | 1,721 | 1,564 | ||||
Allowance for loan losses | (956) | $ (931) | (871) | $ (683) | $ (615) | $ (593) |
Loans and leases receivable, net amount | 231,988 | 212,696 | ||||
Medical Education | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (19) | |||||
Residential | 1-4 family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 203,823 | 182,234 | ||||
Allowance for loan losses | (722) | (695) | (651) | (472) | (420) | (399) |
Residential | Home equity and HELOCs | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 4,226 | 4,921 | ||||
Allowance for loan losses | (46) | (41) | (39) | (38) | (39) | (38) |
Commercial | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 10,277 | 10,804 | ||||
Allowance for loan losses | (59) | (61) | (65) | (86) | (85) | (89) |
Commercial | Commercial Business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 3,625 | 4,059 | ||||
Allowance for loan losses | (59) | (61) | (65) | (58) | (68) | (58) |
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 2,307 | 2,907 | ||||
Allowance for loan losses | (13) | (16) | (15) | (10) | $ (3) | $ (9) |
Consumer | Medical Education | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 6,913 | 7,047 | ||||
Allowance for loan losses | (56) | $ (57) | (35) | $ (19) | ||
Consumer | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 52 | 31 | ||||
Allowance for loan losses | $ (1) | $ (1) |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | $ 231,223,000 | $ 231,223,000 | $ 212,003,000 | ||
Balance of loans past due 90 days or more | 3,319,000 | 3,319,000 | 2,150,000 | ||
Overdrafts | 52,000 | 52,000 | $ 31,000 | ||
Loans performing under original contractual, interest increase | 32,000 | $ 18,000 | $ 53,000 | $ 40,000 | |
Number of loans identified as TDRs | Loan | 2 | 2 | |||
Loans identified as TDRs | 289,000 | $ 289,000 | $ 304,000 | ||
Modifications to loans classified as TDRs | 0 | ||||
Additional loan commitments outstanding | 0 | 0 | 0 | ||
Specific reserve related to TDR | 13,000 | 13,000 | 14,000 | ||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans in process of foreclosure | 686,000 | 686,000 | 565,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance of loans past due 90 days or more | 1,305,000 | 1,305,000 | 929,000 | ||
Private Education Loans | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | 6,913,000 | 6,913,000 | 7,047,000 | ||
Balance of loans past due 90 days or more | $ 1,158,000 | $ 1,158,000 | 238,000 | ||
Private Education Loans | Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans | Loan | 10 | 10 | |||
Balance of loans past due 90 days or more | $ 353,000 | $ 353,000 | $ 24,000 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses By Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | $ 931 | $ 615 | $ 871 | $ 593 |
Allowance for Loan Losses Charge-offs | (12) | (34) | ||
Allowance for Loan Losses Recoveries | 1 | 2 | 45 | |
Allowance for Loan Losses (Credit) Provisions | 24 | 80 | 83 | 79 |
Allowance for Loan Losses Ending Balance | 956 | 683 | 956 | 683 |
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 13 | 16 | 13 | 16 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 943 | 667 | 943 | 667 |
Medical Education | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses (Credit) Provisions | 19 | |||
Allowance for Loan Losses Ending Balance | 19 | 19 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 19 | 19 | ||
Residential | 1-4 family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 695 | 420 | 651 | 399 |
Allowance for Loan Losses Charge-offs | (12) | (12) | ||
Allowance for Loan Losses Recoveries | 1 | 2 | 44 | |
Allowance for Loan Losses (Credit) Provisions | 26 | 64 | 69 | 41 |
Allowance for Loan Losses Ending Balance | 722 | 472 | 722 | 472 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 722 | 472 | 722 | 472 |
Residential | Home equity and HELOCs | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 41 | 39 | 39 | 38 |
Allowance for Loan Losses (Credit) Provisions | 5 | (1) | 7 | |
Allowance for Loan Losses Ending Balance | 46 | 38 | 46 | 38 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 46 | 38 | 46 | 38 |
Commercial | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 61 | 85 | 65 | 89 |
Allowance for Loan Losses Charge-offs | (22) | |||
Allowance for Loan Losses (Credit) Provisions | (2) | 1 | (6) | 19 |
Allowance for Loan Losses Ending Balance | 59 | 86 | 59 | 86 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 59 | 86 | 59 | 86 |
Commercial | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 61 | 68 | 65 | 58 |
Allowance for Loan Losses (Credit) Provisions | (2) | (10) | (6) | |
Allowance for Loan Losses Ending Balance | 59 | 58 | 59 | 58 |
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 13 | 16 | 13 | 16 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 46 | 42 | 46 | 42 |
Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 16 | 3 | 15 | 9 |
Allowance for Loan Losses (Credit) Provisions | (3) | 7 | (2) | 1 |
Allowance for Loan Losses Ending Balance | 13 | 10 | 13 | 10 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 13 | 10 | 13 | 10 |
Consumer | Medical Education | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 57 | 35 | ||
Allowance for Loan Losses (Credit) Provisions | (1) | 21 | 19 | |
Allowance for Loan Losses Ending Balance | 56 | 19 | 56 | 19 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 56 | $ 19 | 56 | 19 |
Consumer | Other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 1 | |||
Allowance for Loan Losses Recoveries | 1 | |||
Allowance for Loan Losses (Credit) Provisions | 1 | $ (1) | ||
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 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 231,223 | $ 212,003 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 2,391 | 2,085 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 228,832 | 209,918 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 203,823 | 182,234 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 1,439 | 1,429 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 202,384 | 180,805 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 4,226 | 4,921 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 67 | 105 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 4,159 | 4,816 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 10,277 | 10,804 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 390 | 398 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 9,887 | 10,406 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 3,625 | 4,059 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 142 | 153 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 3,483 | 3,906 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 2,307 | 2,907 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 2,307 | 2,907 |
Consumer | Medical Education | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 6,913 | 7,047 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 353 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 6,560 | 7,047 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 52 | 31 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | $ 52 | $ 31 |
Loans Receivable - Summary of I
Loans Receivable - Summary of Information in Regard to Impaired Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | $ 2,249 | $ 2,249 | $ 1,932 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 2,444 | 2,444 | 2,096 | ||
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 142 | 142 | 153 | ||
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 143 | 143 | 154 | ||
Impaired loans by loan portfolio class with an allowance, Related Allowance | 13 | 13 | 14 | ||
Impaired loans by loan portfolio class, Recorded Investment | 2,391 | 2,391 | 2,085 | ||
Impaired loans by loan portfolio class, Unpaid Principal Balance | 2,587 | 2,587 | 2,250 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 2,310 | $ 1,664 | 2,185 | $ 1,663 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 7 | 9 | 18 | 17 | |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 144 | 165 | 147 | 168 | |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 2 | 3 | 4 | 5 | |
Impaired loans by loan portfolio class, Average Record Investment | 2,454 | 1,829 | 2,332 | 1,831 | |
Impaired loans by loan portfolio class, Interest Income Recognized | 9 | 12 | 22 | 22 | |
Residential | 1-4 family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 1,439 | 1,439 | 1,429 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 1,618 | 1,618 | 1,592 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,655 | 1,151 | 1,580 | 1,147 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 1 | 3 | |||
Residential | Home equity and HELOCs | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 67 | 67 | 105 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 83 | 83 | 106 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 86 | 105 | 93 | 106 | |
Commercial | Commercial Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 390 | 390 | 398 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 390 | 390 | 398 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 392 | 408 | 394 | 410 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 7 | 8 | 18 | 14 | |
Commercial | Commercial Business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 142 | 142 | 153 | ||
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 143 | 143 | 154 | ||
Impaired loans by loan portfolio class with an allowance, Related Allowance | 13 | 13 | $ 14 | ||
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 144 | 165 | 147 | 168 | |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 2 | $ 3 | 4 | $ 5 | |
Consumer | Medical Education | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 353 | 353 | |||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 353 | 353 | |||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | $ 177 | $ 118 |
Loans Receivable - Summary of N
Loans Receivable - Summary of Nonaccrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 1,859 | $ 1,534 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,439 | 1,429 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 67 | $ 105 |
Consumer | Medical Education | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 353 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 231,223 | $ 212,003 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 227,956 | 209,012 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 212 | 216 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,055 | 2,775 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 203,823 | 182,234 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,226 | 4,921 |
Residential | Pass | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 201,834 | 180,248 |
Residential | Pass | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,159 | 4,816 |
Residential | Substandard | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,989 | 1,986 |
Residential | Substandard | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 67 | 105 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 10,277 | 10,804 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,625 | 4,059 |
Commercial | Pass | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 9,675 | 10,190 |
Commercial | Pass | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,369 | 3,773 |
Commercial | Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 212 | 216 |
Commercial | Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 390 | 398 |
Commercial | Substandard | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 256 | 286 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,307 | 2,907 |
Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,307 | 2,907 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 6,913 | 7,047 |
Consumer | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 52 | 31 |
Consumer | Pass | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 6,560 | 7,047 |
Consumer | Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 52 | $ 31 |
Consumer | Substandard | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 353 |
Loans Receivable - Summary of S
Loans Receivable - Summary of Segments of Loan Portfolio by Aging Categories (Detail) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3,319,000 | $ 2,150,000 |
Current | 227,904,000 | 209,853,000 |
Total Loans Receivable | 231,223,000 | 212,003,000 |
Loans Receivable >90 Days and Accruing | 0 | 24,000 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,147,000 | 747,000 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 867,000 | 474,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,305,000 | 929,000 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,885,000 | 1,807,000 |
Current | 201,938,000 | 180,427,000 |
Total Loans Receivable | 203,823,000 | 182,234,000 |
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 | 179,000 | 595,000 |
Residential | 1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 754,000 | 412,000 |
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 | 952,000 | 800,000 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 276,000 | 105,000 |
Current | 3,950,000 | 4,816,000 |
Total Loans Receivable | 4,226,000 | 4,921,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | Home equity and HELOCs | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 276,000 | |
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 | 105,000 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 10,277,000 | 10,804,000 |
Total Loans Receivable | 10,277,000 | 10,804,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,625,000 | 4,059,000 |
Total Loans Receivable | 3,625,000 | 4,059,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,307,000 | 2,907,000 |
Total Loans Receivable | 2,307,000 | 2,907,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,158,000 | 238,000 |
Current | 5,755,000 | 6,809,000 |
Total Loans Receivable | 6,913,000 | 7,047,000 |
Loans Receivable >90 Days and Accruing | 0 | 24,000 |
Consumer | Medical Education | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 692,000 | 152,000 |
Consumer | Medical Education | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 113,000 | 62,000 |
Consumer | Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 353,000 | 24,000 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 52,000 | 31,000 |
Total Loans Receivable | 52,000 | 31,000 |
Loans Receivable >90 Days and Accruing | $ 0 | $ 0 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings on Accrual Status and Non-Accrual Status (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2018USD ($)Loan | Jun. 30, 2018USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Total TDRs | $ 289 | $ 304 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Total TDRs | $ 151 | |
Commercial Business | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Total TDRs | $ 153 | |
Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 289 | 304 |
Accrual Status | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | 151 | |
Accrual Status | Commercial Business | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 153 | |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Total TDRs | $ 147 | |
Commercial Real Estate | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 147 | |
Commercial Business | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Total TDRs | $ 142 | |
Commercial Business | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 142 |
Derivatives and Risk Manageme_3
Derivatives and Risk Management Activities - Summary of Derivatives not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 391 | $ 817 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 218 | 642 |
Asset Derivatives, Notional Amount | 7,659 | 20,589 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 18 | 56 |
Liability Derivatives, Notional Amount | 3,305 | 6,795 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 173 | 175 |
Asset Derivatives, Notional Amount | 4,526 | 4,687 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 8 | 4 |
Liability Derivatives, Notional Amount | 1,249 | 1,522 |
Not Designated as Hedging Instrument | To Be Announced securities ("TBAs") | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 52 | 78 |
Liability Derivatives, Notional Amount | $ 9,500 | $ 17,750 |
Derivatives and Risk Manageme_4
Derivatives and Risk Management Activities - Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | $ (49) | $ (74) | $ (366) | $ (464) |
Interest Rate Lock Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | (42) | (173) | (386) | (542) |
Forward Loan Sales Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | 52 | 131 | (6) | 123 |
To Be Announced securities ("TBAs") | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | $ (59) | $ (32) | $ 26 | $ (45) |
Fair Value Presentation - Fair
Fair Value Presentation - Fair Value for Assets Required to be Measured and Reported at Fair Value on a Recurring Basis (Detail) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 30,439,000 | $ 30,847,000 |
Loans held for sale, at fair value | 15,339,000 | 13,558,000 |
Asset Derivatives | 391,000 | 817,000 |
Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,930,000 | 4,920,000 |
U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 911,000 | 967,000 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,178,000 | 5,708,000 |
Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,467,000 | 13,794,000 |
Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,565,000 | 3,778,000 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,388,000 | 1,680,000 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 15,339,000 | 13,558,000 |
Assets measured at fair value | 46,169,000 | 45,222,000 |
Fair Value, Measurements, Recurring | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,930,000 | 4,920,000 |
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 | 15,339,000 | 13,558,000 |
Assets measured at fair value | 45,457,000 | 44,086,000 |
Fair Value, Measurements, Recurring | Level 2 | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,930,000 | 4,920,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 712,000 | 1,136,000 |
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 | 911,000 | 967,000 |
Fair Value, Measurements, Recurring | U.S. Governmental securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 911,000 | 967,000 |
Fair Value, Measurements, Recurring | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 6,178,000 | 5,708,000 |
Fair Value, Measurements, Recurring | Corporate notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,684,000 | 5,214,000 |
Fair Value, Measurements, Recurring | Corporate notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 494,000 | 494,000 |
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 | 13,467,000 | 13,794,000 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,467,000 | 13,794,000 |
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 | 3,565,000 | 3,778,000 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,565,000 | 3,778,000 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,388,000 | 1,680,000 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,388,000 | 1,680,000 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 173,000 | 175,000 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 173,000 | 175,000 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 218,000 | 642,000 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | $ 218,000 | $ 642,000 |
Fair Value Presentation - Fai_2
Fair Value Presentation - Fair Value for Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 8 | $ 4 |
Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 8 | 4 |
TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 52 | 78 |
TBA Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 52 | 78 |
Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 18 | 56 |
Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 18 | $ 56 |
Fair Value Presentation - Chang
Fair Value Presentation - Change in Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Bank CDs | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 243 | $ 243 | ||
Ending Balance | 243 | 243 | ||
Corporate notes | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 495 | 982 | $ 494 | 968 |
Total gains (losses) (unrealized): Included in other comprehensive income | (1) | 6 | 20 | |
Ending Balance | 494 | 988 | 494 | 988 |
IRLC - Asset | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 276 | 412 | 642 | 786 |
Total (losses) or gains included in earnings and held at reporting date | (58) | (161) | (424) | (535) |
Ending Balance | 218 | 251 | 218 | 251 |
IRLC - Liability | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | (34) | (15) | (56) | (19) |
Total (losses) or gains included in earnings and held at reporting date | 16 | (11) | 38 | (7) |
Ending Balance | $ (18) | $ (26) | $ (18) | $ (26) |
Fair Value Presentation - Addit
Fair Value Presentation - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value Measurement Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Fair Value Presentation - Carry
Fair Value Presentation - Carrying Amount for Class of Assets and Liabilities and Fair Value for Certain Financial Instruments Not Required to be Measured or Reported at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | |
Assets: | |||
Investment securities held-to-maturity | $ 14,208 | $ 13,747 | |
Equity securities | 500 | ||
Carrying Amount | |||
Assets: | |||
Cash and cash equivalents | 16,992 | 14,475 | |
Investment securities held-to-maturity | 14,286 | 13,905 | |
Equity securities | 500 | ||
Loans receivable, net | 231,988 | 212,696 | [1] |
Bank-owned life insurance | 6,096 | 6,016 | |
Restricted investment in bank stock | 737 | 1,190 | |
Accrued interest receivable | 1,034 | 940 | |
Liabilities: | |||
Deposits | 273,461 | 235,403 | |
Advances from the FHLB | 10,000 | 22,000 | |
Securities sold under agreements to repurchase | 2,463 | 5,739 | |
Accrued interest payable | 148 | 74 | |
Estimated Fair Value | |||
Assets: | |||
Cash and cash equivalents | 16,992 | 14,475 | |
Investment securities held-to-maturity | 14,208 | 13,747 | |
Equity securities | 500 | ||
Loans receivable, net | 224,900 | 205,026 | [1] |
Bank-owned life insurance | 6,096 | 6,016 | |
Restricted investment in bank stock | 737 | 1,190 | |
Accrued interest receivable | 1,034 | 940 | |
Liabilities: | |||
Deposits | 250,981 | 232,905 | |
Advances from the FHLB | 9,848 | 21,807 | |
Securities sold under agreements to repurchase | 2,460 | 5,734 | |
Accrued interest payable | 148 | 74 | |
Level 1 | |||
Assets: | |||
Cash and cash equivalents | 16,992 | 14,475 | |
Bank-owned life insurance | 6,096 | 6,016 | |
Restricted investment in bank stock | 737 | 1,190 | |
Accrued interest receivable | 1,034 | 940 | |
Liabilities: | |||
Deposits | 178,135 | 191,953 | |
Advances from the FHLB | 10,000 | ||
Securities sold under agreements to repurchase | 2,460 | 5,734 | |
Accrued interest payable | 148 | 74 | |
Level 2 | |||
Assets: | |||
Investment securities held-to-maturity | 11,708 | 11,747 | |
Liabilities: | |||
Deposits | 72,846 | 40,952 | |
Advances from the FHLB | 9,848 | 11,807 | |
Level 3 | |||
Assets: | |||
Investment securities held-to-maturity | 2,500 | 2,000 | |
Equity securities | 500 | ||
Loans receivable, net | $ 224,900 | $ 205,026 | [1] |
[1] | In accordance with the prospective adoption of ASU No. 2016-01, the fair value of the loans as of December 31, 2018 was measured using an exit price notion. The fair value of loans as of June 30, 2018 was measured using an entry price notion |
Fair Value Presentation - Diffe
Fair Value Presentation - Difference between Carrying Amount of Mortgage Loans Held For Sale, Measured at Fair Value and Aggregate Unpaid Principal Amount (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value Disclosures [Abstract] | ||
Carrying Amount | $ 15,339 | $ 13,558 |
Aggregate Unpaid Principal Balance | 14,943 | 13,279 |
Excess Carrying Amount Over Aggregate Unpaid Principal Balance | $ 396 | $ 279 |
Changes in and Reclassificati_3
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 ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning balance | $ 31,003,000 | $ 31,664,000 | $ 30,721,000 | $ 31,441,000 | ||
Unrealized holding gains (losses) on available-for-sale securities before reclassification | 186,000 | (153,000) | 100,000 | (165,000) | ||
Amount reclassified for investment securities gains included in net income | 0 | 0 | 0 | (25,000) | [1] | |
Other comprehensive gain (loss) | 186,000 | (153,000) | 100,000 | (190,000) | ||
Ending balance | 31,411,000 | 31,713,000 | 31,411,000 | 31,713,000 | ||
Net Unrealized Holding Losses on Available-for-sales Securities | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning balance | [2] | (734,000) | (148,000) | (648,000) | (111,000) | |
Unrealized holding gains (losses) on available-for-sale securities before reclassification | [2] | 186,000 | (153,000) | 100,000 | (165,000) | |
Amount reclassified for investment securities gains included in net income | [2] | (25,000) | ||||
Other comprehensive gain (loss) | [2] | 186,000 | (153,000) | 100,000 | (190,000) | |
Ending balance | [2] | $ (548,000) | $ (301,000) | $ (548,000) | $ (301,000) | |
[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 tax expense or benefit is calculated using an income tax rate of approximately 29.5% and 13.1% and 29.5% and 20.5% for the three and six months ended December 31, 2018 and 2017, respectively. |
Changes in and Reclassificati_4
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) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders Equity Note [Abstract] | ||||
Income tax rate | 29.50% | 13.10% | 29.50% | 20.50% |
Changes in and Reclassificati_5
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Stockholders Equity Note [Abstract] | |||||
Reclassification out of AOCI net unrealized gain on available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 25,000 | [1] |
[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. |
Changes in and Reclassificati_6
Changes in and Reclassifications out of Accumulated Other Comprehensive Loss - Reclassifications out of AOCI by Component (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||||
Gain on sale of investment securities net, before tax | $ 0 | $ 0 | $ 0 | $ 34,000 | ||
Gain on sale of investment securities net, Net of tax | $ 0 | $ 0 | $ 0 | 25,000 | [1] | |
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] | 34,000 | ||||
Gain on sale of investment securities net, Income tax expense | [2],[3] | (9,000) | ||||
Gain on sale of investment securities net, Net of tax | [2],[3] | $ 25,000 | ||||
[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 parentheses 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.” |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Earnings Per Share Basic [Line Items] | |||||
Stock options outstanding | 188,000 | 0 | 188,000 | 0 | 198,000 |
Share vested and exercisable | 0 | 0 | |||
Effect of dilution on earnings per share | $ 0 | $ 0 | |||
Restricted Stock | |||||
Earnings Per Share Basic [Line Items] | |||||
Restricted stock shares outstanding | 73,000 | 73,000 | 77,000 | ||
Share vested and exercisable other than option | 0 | 0 | |||
Stock outstanding not included in computation of diluted net income per share | 73,000 | 73,000 | |||
Stock Options | |||||
Earnings Per Share Basic [Line Items] | |||||
Stock outstanding not included in computation of diluted net income per share | 188,000 | 188,000 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Net Income | $ 139,000 | $ 179,000 | $ 409,000 | $ 415,000 |
Weighted average number of shares issued | 2,257,908 | 2,182,125 | 2,258,516 | 2,182,125 |
Less weighted average number of unearned ESOP shares | (157,864) | (158,959) | ||
Less weighted average number of unvested restricted stock awards | (71,283) | (73,245) | ||
Basic weighted average shares outstanding | 2,028,761 | 2,182,125 | 2,026,312 | 2,182,125 |
Diluted weighted average shares outstanding | 2,028,761 | 2,182,125 | 2,026,312 | 2,182,125 |
Net income per share: | ||||
Basic | $ 0.07 | $ 0.08 | $ 0.20 | $ 0.19 |
Diluted | $ 0.07 | $ 0.08 | $ 0.20 | $ 0.19 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 13, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Number of shares forfeited | 10,000 | ||
Weighted average remaining contractual life | 9 years 4 months 24 days | ||
Weighted average grant-date fair value of stock options | $ 1.81 | ||
2018 Equity Incentive Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum number of shares authorized | 305,497 | ||
Share based compensation, number of shares available for grant | 44,497 | ||
Stock option expense | $ 28,000 | $ 0 | |
Restricted stock expense | $ 86,000 | $ 0 | |
2018 Equity Incentive Plan | Stock Options | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum number of shares authorized | 218,212 | ||
Number of shares forfeited | 10,000 | ||
Total unrecognized compensation cost | $ 314,000 | ||
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 | Restricted Shares Employee | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Number of shares forfeited | 4,000 | ||
2018 Equity Incentive Plan | Incentive and Non-Qualified Stock Options | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Share based compensation, number of shares available for grant | 30,212 | ||
2018 Equity Incentive Plan | Restricted Stock Awards | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Share based compensation, number of shares available for grant | 14,285 | ||
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 | Non Vested Restricted Stock Outstanding | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expected future compensation expense | $ 1,000,000 |
Employee Benefits - Summary of
Employee Benefits - Summary of Grants Under Equity Incentive Plan (Detail) - shares | Jun. 13, 2018 | Dec. 31, 2018 |
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 0 | |
2018 Equity Incentive Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 275,000 | |
2018 Equity Incentive Plan | Incentive stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 168,000 | |
2018 Equity Incentive Plan | Non-qualified stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 30,000 | |
2018 Equity Incentive Plan | Restricted Stock | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 77,000 | |
2018 Equity Incentive Plan | Officers | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 175,000 | |
2018 Equity Incentive Plan | Officers | Incentive stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 125,000 | |
2018 Equity Incentive Plan | Officers | Restricted Stock | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 50,000 | |
2018 Equity Incentive Plan | Employees | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 55,000 | |
2018 Equity Incentive Plan | Employees | Incentive stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 43,000 | |
2018 Equity Incentive Plan | Employees | Restricted Stock | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 12,000 | |
2018 Equity Incentive Plan | Outside Directors | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 45,000 | |
2018 Equity Incentive Plan | Outside Directors | Non-qualified stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 30,000 | |
2018 Equity Incentive Plan | Outside Directors | Restricted Stock | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 15,000 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Stock Option Activity (Detail) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
Options | ||
Outstanding, July 1 | 198,000 | |
Granted | 0 | |
Forfeited | (10,000) | |
Outstanding, December 31 | 188,000 | |
Exercisable, December 31 | 0 | |
Weighted-Average Exercise Price | ||
Outstanding, July 1 | $ 14.80 | |
Forfeited | 14.80 | |
Outstanding, December 31 | $ 14.80 | |
Average Intrinsic Value | ||
Outstanding, balance | $ 33,840 | $ 3,960 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Restricted Stock Activity (Detail) - Restricted Stock | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Shares | |
Non-vested, July 1 | shares | 77,000 |
Granted | shares | 0 |
Forfeited | shares | (4,000) |
Non-vested at December 31 | shares | 73,000 |
Weighted-Average Grant Date Fair Value | |
Non-vested, July 1 | $ / shares | $ 14.80 |
Granted | $ / shares | 0 |
Forfeited | $ / shares | 14.80 |
Non-vested at December 31 | $ / shares | $ 14.80 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Fees for customer services | $ 35,000 | $ 185,000 | $ 107,000 | $ 230,000 |
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 | 15,000 | $ 30,000 | ||
Competitive Rate of Return and FDIC Insurance | ||||
Related Party Transaction [Line Items] | ||||
Company held deposits for related parties | 26,400,000 | 26,400,000 | ||
Fees for customer services | $ 2,000 | $ 84,000 | $ 39,000 | $ 84,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-Interest Income | ||||
Noninterest Income (in-scope of Topic 606) | $ 35 | $ 185 | $ 107 | $ 230 |
Noninterest Income (out-of-scope of Topic 606) | 641 | 738 | 1,327 | 1,698 |
Total Non-Interest Income | 676 | 923 | 1,434 | 1,928 |
Fee income | ||||
Non-Interest Income | ||||
Noninterest Income (in-scope of Topic 606) | 2 | 144 | 41 | 144 |
Insufficient fund fees | ||||
Non-Interest Income | ||||
Noninterest Income (in-scope of Topic 606) | 17 | 18 | 33 | 38 |
Other service charges | ||||
Non-Interest Income | ||||
Noninterest Income (in-scope of Topic 606) | 14 | 21 | 29 | 45 |
ATM interchange fee income | ||||
Non-Interest Income | ||||
Noninterest Income (in-scope of Topic 606) | $ 2 | $ 2 | $ 4 | $ 3 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | Dec. 31, 2018USD ($) |
Maximum | |
Disaggregation Of Revenue [Line Items] | |
FDIC insurance amount | $ 250,000 |