Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 04, 2015 | ||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MW Bancorp, Inc. | ||
Entity Central Index Key | 1,600,065 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | [1] | $ 10,418,550 | |
Trading Symbol | MWBC | ||
Entity Common Stock, Shares Outstanding | 876,163 | ||
[1] | Information is given as the registrant’s most recently completed fiscal quarter because the registrant did not complete its initial public offering until after the end of its second fiscal quarter. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Assets | ||
Cash and due from banks | $ 88 | $ 1,793 |
Interest-bearing demand deposits | 3,577 | 2,677 |
Cash and cash equivalents | 3,665 | 4,470 |
Interest-bearing deposits in other financial institutions | 3,100 | 3,998 |
Available-for-sale securities | 4,295 | 5,416 |
Held-to-maturity securities (fair value of $1,480 and $2,326 at June 30, 2015 and 2014, respectively) | 1,551 | 2,374 |
Loans, net of allowance for loan losses of $1,602 and $1,537 | 88,878 | 67,284 |
Premises and equipment, net | 322 | 385 |
Federal Home Loan Bank stock, at cost | 1,164 | 1,164 |
Foreclosed assets, net | 104 | 158 |
Accrued interest receivable | 245 | 187 |
Company owned life insurance | 3,375 | 3,282 |
Other assets | 130 | 395 |
Total assets | 106,829 | 89,113 |
Deposits | ||
Demand | 16,467 | 5,597 |
Savings and money market | 8,609 | 9,058 |
Time | 43,448 | 46,055 |
Total deposits | 68,524 | 60,710 |
Federal Home Loan Bank advances | 22,360 | 17,333 |
Directors deferred compensation | 0 | 2,012 |
Other liabilities | 275 | 229 |
Total liabilities | 91,159 | 80,284 |
Stockholders' Equity | ||
Preferred stock - authorized 1,000,000 shares, $0.01 par value, none issued | 0 | 0 |
Common stock - authorized 30,000,000 shares, $0.01 par value, 876,163 shares issued and outstanding at June 30, 2015 | 9 | 0 |
Additional paid-in-capital | 7,386 | 0 |
Shares acquired by ESOP | (701) | 0 |
Retained earnings | 9,067 | 8,922 |
Accumulated other comprehensive loss | (91) | (93) |
Total stockholders' equity | 15,670 | 8,829 |
Total liabilities and stockholders' equity | $ 106,829 | $ 89,113 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Held-to-maturity Securities, Fair Value | $ 1,480 | $ 2,326 |
Loans and Leases Receivable, Allowance | $ 1,602 | $ 1,537 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 876,163 | 876,163 |
Common Stock, Shares, Outstanding | 876,163 | 876,163 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Income | ||
Loans, including fees | $ 3,198 | $ 2,710 |
Taxable securities | 104 | 165 |
Tax exempt securities | 0 | 26 |
Interest-bearing deposits | 120 | 80 |
Total interest income | 3,422 | 2,981 |
Interest Expense | ||
Deposits | 708 | 711 |
Federal Home Loan Bank advances | 294 | 210 |
Total interest expense | 1,002 | 921 |
Net Interest Income | 2,420 | 2,060 |
Provision for Loan Losses | 35 | 290 |
Net Interest Income After Provision for Loan Losses | 2,385 | 1,770 |
Noninterest Income | ||
Gain on sale of securities | 0 | 3 |
Gain on sale of loans | 50 | 19 |
Gain on sale of foreclosed assets, net | 15 | 143 |
Income from Company owned life insurance | 92 | 94 |
Other operating | 29 | 32 |
Total noninterest income | 186 | 291 |
Noninterest Expense | ||
Salaries and employee benefits | 1,402 | 1,387 |
Occupancy and equipment | 135 | 161 |
Data processing | 97 | 102 |
Franchise taxes | 64 | 106 |
FDIC insurance | 70 | 77 |
Professional services | 296 | 209 |
Advertising | 43 | 57 |
Office supplies | 24 | 36 |
Business entertainment | 40 | 33 |
Impairment losses on foreclosed assets | 0 | 46 |
Other | 255 | 358 |
Total noninterest expense | 2,426 | 2,572 |
Income (Loss) Before Federal Income Taxes (Credits) | 145 | (511) |
Federal Income Taxes (Credits) | 0 | (29) |
Net Income (Loss) | $ 145 | $ (482) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net income (loss) | $ 145 | $ (482) |
Other comprehensive income: | ||
Unrealized holding gains (losses) on securities available for sale | (6) | 89 |
Securities transferred to held-to-maturity | 0 | (31) |
Amortization of net unrealized holding loss on held-to-maturity securities | 8 | 5 |
Reclassification adjustment for realized gains included in net loss | 0 | (3) |
Net unrealized gains | 2 | 60 |
Tax effect | 0 | (29) |
Total other comprehensive income | 2 | 31 |
Comprehensive income (loss) | $ 147 | $ (451) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Shares Acquired by ESOP [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Jun. 30, 2013 | $ 9,280 | $ 0 | $ 0 | $ 0 | $ 9,404 | $ (124) |
Net income (loss) | (482) | 0 | 0 | 0 | (482) | 0 |
Other comprehensive income | 31 | 0 | 0 | 0 | 0 | 31 |
Ending Balance at Jun. 30, 2014 | 8,829 | 0 | 0 | 0 | 8,922 | (93) |
Proceeds from Issuance of Common Stock | 6,694 | 9 | 7,386 | (701) | ||
Net income (loss) | 145 | 0 | 0 | 0 | 145 | 0 |
Other comprehensive income | 2 | 0 | 0 | 0 | 0 | 2 |
Ending Balance at Jun. 30, 2015 | $ 15,670 | $ 9 | $ 7,386 | $ (701) | $ 9,067 | $ (91) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 145 | $ (482) |
Adjustments to reconcile net income (loss) to net cash from operating activities | ||
Depreciation and amortization | 90 | 87 |
Amortization of premiums and discounts on securities, net | 88 | 86 |
Amortization of deferred loan origination fees and costs, net | (53) | (35) |
Provision for loan losses | 35 | 290 |
Gain on securities transactions | 0 | (3) |
Gain on sale of loans | (50) | (19) |
Proceeds from sales of loans | 3,198 | 900 |
Loans originated for sale | (3,165) | (884) |
Gain on sale of foreclosed real estate | (15) | (143) |
Impairment loss on foreclosed real estate | 0 | 13 |
Changes in: | ||
Accrued interest receivable | (58) | (25) |
Prepaid expenses and other assets | 239 | (170) |
Cash surrender value of life insurance | (93) | (94) |
Deferred directors compensation | (2,012) | (23) |
Other liabilities | 89 | (86) |
Deferred income tax expense | 0 | 0 |
Net cash used in operating activities | (1,562) | (588) |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other financial institutions | 898 | (1,748) |
Purchases of held-to-maturity securities | 0 | 0 |
Purchases of available-for-sale securities | (498) | (5,117) |
Proceeds from maturities of available-for-sale securities | 500 | 900 |
Proceeds from maturities of held-to-maturity securities | 0 | 516 |
Proceeds from sales of available-for-sale securities | 0 | 6,613 |
Principal repayments from mortgage-backed securities available-for-sale | 1,034 | 792 |
Principal repayments from mortgage-backed securities, held-to-maturity | 822 | 0 |
Net change in loans | (21,654) | (8,771) |
Purchase of premises and equipment | (27) | (190) |
Payments for improvements to foreclosed assets | (26) | 0 |
Proceeds from sale of foreclosed assets | 173 | 719 |
Net cash used in investing activities | (18,778) | (6,286) |
Cash Flows from Financing Activities | ||
Net change in deposits | 7,814 | 1,526 |
Proceeds from Federal Home Loan Bank advances | 19,000 | 8,000 |
Repayment of Federal Home Loan Bank advances | (13,973) | (2,246) |
Proceeds from issuance of common stock | 6,694 | 0 |
Net cash provided by financing activities | 19,535 | 7,280 |
Net Change in Cash and Cash Equivalents | (805) | 406 |
Beginning Cash and Cash Equivalents | 4,470 | 4,064 |
Ending Cash and Cash Equivalents | 3,665 | 4,470 |
Supplemental Disclosure of Cash Flow Information | ||
Interest on deposits and borrowings | 994 | 916 |
Supplemental Disclosure of Noncash Investing Activities | ||
Transfer of securities from available for sale to held to maturity | 0 | 2,893 |
Transfers from loans to real estate acquired through foreclosure | 78 | 158 |
Transfers from real estate acquired through foreclosure to loans | 0 | 128 |
Sale and financing of foreclosed assets | $ 158 | $ 66 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1: Nature of Operations and Summary of Significant Accounting Policies MW Bancorp, Inc. (the “Company” or the “Registrant”), headquartered in Cincinnati, Ohio, was formed to serve as the stock holding company for Mt. Washington Savings Bank following its mutual-to-stock conversion. The conversion was completed effective January 29, 2015. The Company issued 876,163 10.00 Watch Hill Bank conducts a general banking business in southwestern Ohio which primarily consists of attracting deposits from the general public and applying those funds to the origination of loans for residential, consumer and nonresidential purposes. The Bank’s profitability is significantly dependent on its net interest income, which is the difference between interest income generated from interest-earning assets (i.e. loans and investments) and the interest expense paid on interest-bearing liabilities (i.e. deposits and borrowed funds). Net interest income is affected by the relative amount of interest-earning assets and interest bearing-liabilities and the interest received or paid on those balances. The level of interest rates paid or received by the Bank can be significantly influenced by a number of environmental factors, such as governmental monetary policy, that are outside management’s control. The consolidated financial statements as of and for the periods ended June 30, 2015, include MW Bancorp, Inc. and its wholly owned subsidiary, Watch Hill Bank, together referred to as “the Company.” Intercompany transactions and balances have been eliminated in consolidation. The financial statements as of June 30, 2014 represent Watch Hill Bank only, as the conversion to stock form, including the formation of MW Bancorp, Inc. was completed on January 29, 2015. References herein to the “Company” for periods prior to the completion of the stock conversion should be deemed to refer to the “Bank”. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the 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 relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets and fair values of financial instruments. For purposes of reporting cash flows, cash and cash equivalents are defined as cash and due from banks and interest-bearing deposits with original terms to maturity of less than ninety days. Net cash flows are reported for customer loan and deposit transactions. From time to time, the Company’s interest-bearing cash accounts may exceed the FDIC’s insured limit of $ 250,000 Interest-bearing deposits in other financial institutions mature within one year and are carried at cost. Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are recognized in interest income using the level-yield method over the terms of the securities, without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) other-than-temporary impairment (OTTI) related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, when the Company has decided to sell an impaired available-for-sale security and the Company does not expect the fair value of the security to fully recover before the expected time of sale, the security is deemed other-than-temporarily impaired in the period in which the decision to sell is made. The Company recognizes an impairment loss when the impairment is deemed other than temporary even if a decision to sell has not been made. Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. For all loan classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash interest payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Most of the Company’s business activity is with customers located within Hamilton County, Ohio. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy in the Hamilton County area. The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Commercial and commercial real estate loan relationships over $250,000 and the loans related to them are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 3 years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of depreciable assets is 39 10 Federal Home Loan Bank (“FHLB”) stock is a required investment for institutions that are members of the FHLB system. The required investment in the common stock is based on a predetermined formula, carried at cost classified as a restricted security and evaluated for impairment. Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs and reserves after acquisition are expensed, net. The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to the management’s judgment. With a few exceptions, the Company is no longer subject to tax examinations by tax authorities for fiscal years before 2012. As of June 30, 2015, the Company had no material uncertain tax positions. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The cash surrender value of Company owned life insurance policies represents the value of life insurance policies on certain officers of the Company for which the Company is the beneficiary. The Company accounts for these assets using the cash surrender value method in determining the carrying value of the insurance policies. Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities, including those for which a portion of an other-than-temporary impairment has been recognized in income. Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. Earnings per share is not applicable to the fiscal years ended June 30, 2015 and 2014, as the Company completed its conversion to stock form in January 2015. Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 financial statement presentation. These reclassifications had no effect on the results of operations. |
Securities
Securities | 12 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 2: Securities Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value (In thousands) Available-for-sale Securities: June 30, 2015 U.S. Government agency bonds $ 498 $ - $ (5) $ 493 Mortgage-backed securities of U.S. government sponsored entities - residential 3,783 23 (4) 3,802 $ 4,281 $ 23 $ (9) $ 4,295 June 30, 2014 U.S. Government agency bonds $ 500 $ 2 $ - $ 502 Mortgage-backed securities of U.S. government sponsored entities - residential 4,896 22 (4) 4,914 $ 5,396 $ 24 $ (4) $ 5,416 Amortized Cost Gross Gross Fair Value (In thousands) Held-to-maturity Securities: June 30, 2015 Mortgage-backed securities $ 1,551 $ - $ (71) $ 1,480 June 30, 2014 Mortgage-backed securities $ 2,374 $ - $ (48) $ 2,326 The amortized cost and fair value of available-for-sale securities and held-to-maturity securities at June 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. June 30, 2015 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Within one year $ - $ - $ - $ - Over one to five years - - - - Over five to ten years - - - - Beyond ten years 498 493 - - 498 493 - - Mortgage-backed securities of U.S. Government sponsored entities - residential 3,783 3,802 1,551 1,480 Totals $ 4,281 $ 4,295 $ 1,551 $ 1,480 There were no sales of securities during the year ended June 30, 2015. Proceeds from sales of investment securities totaled $ 6.6 15,000 12,000 The Company has pledged $ 1.1 At June 30, 2015 and 2014, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of the Company’s equity. On August 1, 2013, the Company reclassified its collateralized mortgage obligation portfolio to held-to-maturity from available-for sale because management intends to hold these securities to maturity. The securities had a total amortized cost of $ 2.925 2.893 31,000 18,000 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In thousands) June 30, 2015 Available-for-sale Securities: U.S. Government agencies $ 493 $ (5) $ - $ - $ 493 $ (5) Mortgage-backed securities of U.S. Government sponsored entities -residential - - 579 (4) 579 (4) Held-to-maturity Securities: Mortgage-backed securities - of U.S. Government sponsored entities -residential - - 1,480 (71) 1,480 (71) $ 493 $ (5) $ 2,059 $ (75) $ 2,552 $ (80) June 30, 2014 Available-for-sale Securities: Mortgage-backed securities of U.S. Government sponsored entities residential $ 1,365 $ (4) $ - $ - $ 1,365 $ (4) Held-to-maturity Securities: Mortgage-backed securities - of U.S. Government sponsored entities - residential 2,326 (48) - - 2,326 (48) $ 3,691 $ (52) $ - $ - $ 3,691 $ (52) Other-than-temporary Impairment At June 30, 2015 and 2014, all of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2015 and 2014. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 3: Loans and Allowance for Loan Losses 2015 2014 (In thousands) Real estate loans One- to four-family residential $ 65,170 $ 54,069 Multi-family residential 6,221 2,124 Commercial 15,908 8,998 Construction 3,041 2,796 Consumer and other 93 812 Total loans 90,433 68,799 Less: Net deferred loan fees, premiums and discounts (47) (22) Allowance for loan losses 1,602 1,537 Net loans $ 88,878 $ 67,284 The risk characteristics applicable to each segment of the loan portfolio are described below: Residential Real Estate including Construction Residential mortgage loans are secured by 1-4 family residences and are comprised of owner-occupied and non-owner-occupied loans. Construction real estate loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. The Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values or residential properties. Risk is mitigated by the fact that loans are of smaller individual amounts and spread over a large number of borrowers. Multi-family Residential Real Estate Multi-family real estate loans generally involve a greater degree of credit risk than one- to four-family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family real estate is typically dependent upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. Commercial Real Estate Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. Consumer Loans Consumer loans entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as automobiles. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection efforts against the borrower. In particular, amounts realizable on the sale of repossessed automobiles may be significantly reduced based upon the condition of the automobiles and the lack of demand for used automobiles. June 30, 2015 Real Estate 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Allowance for loan losses: Balance, July 1, 2014 $ 1,065 $ 278 $ 33 $ 105 $ 56 $ - $ 1,537 Provision for loan losses 41 9 (30) 19 2 (6) 35 Charge-offs (3) - - - - - (3) Recoveries 27 - - - - 6 33 Balance, June 30, 2015 $ 1,130 $ 287 $ 3 $ 124 $ 58 $ - $ 1,602 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 134 $ 70 $ - $ - $ - $ - $ 204 Ending balance, collectively evaluated for impairment $ 996 $ 217 $ 3 $ 124 $ 58 $ - $ 1,398 Loans: Ending Balance $ 53,795 $ 11,375 $ 6,221 $ 15,908 $ 3,041 $ 93 $ 90,433 Ending balance; individually evaluated for impairment $ 1,294 $ 290 $ - $ 153 $ - $ - $ 1,737 Ending balance; collectively evaluated for impairment $ 52,501 $ 11,085 $ 6,221 $ 15,755 $ 3,041 $ 93 $ 88,696 June 30, 2014 Real Estate 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Allowance for loan losses: Balance, July 1, 2013 $ 1,008 $ 273 $ 19 $ 77 $ 15 $ 6 $ 1,398 Provision for loan losses 189 5 14 50 41 (9) 290 Charge-offs (141) - - (25) - - (166) Recoveries 9 - - 3 - 3 15 Balance, June 30, 2014 $ 1,065 $ 278 $ 33 $ 105 $ 56 $ - $ 1,537 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 205 $ 114 $ - $ - $ - $ - $ 319 Ending balance, collectively evaluated for impairment $ 860 $ 164 $ 33 $ 105 $ 56 $ - $ 1,218 Loans: Ending Balance $ 45,255 $ 8,814 $ 2,124 $ 8,998 $ 2,796 $ 812 $ 68,799 Ending balance; individually evaluated for impairment $ 1,810 $ 340 $ - $ 159 $ - $ - $ 2,309 Ending balance; collectively evaluated for impairment $ 43,445 $ 8,474 $ 2,124 $ 8,839 $ 2,796 $ 812 $ 66,490 Internal Risk Categories The Company has adopted a standard loan grading system for all loans: Definitions are as follows: Pass : Loans categorized as Pass are higher quality loans that do not fit any of the other categories described below. Special Mention : These are loans that examiners might label as “OAEM (other assets especially mentioned)”. The loans have an obvious flaw or a potential weakness that deserves special management attention, but which has not yet impacted collectability. These flaws or weaknesses, if left uncorrected, may result in the deterioration of the prospects of repayment or the deterioration of the Company’s credit position. Substandard : These are loans with a well-defined weakness, where the Company has a serious concern about the borrower’s ability to make full repayment if the weaknesses are not corrected. The loan may contain a flaw, which could impact the borrower’s ability to repay, or the borrower’s continuance as a “going concern”. When collateral values are not sufficient to secure the loan and other weaknesses are present, the loan may be rated substandard. A loan will also be graded substandard when full repayment is expected, but it must come from the liquidation of collateral. One- to four-family residential real estate loans and home equity loans that are past due 90 days or more with loan-to-value ratios greater than 60 percent should be classified as substandard. Doubtful : These are loans with major defined weaknesses, where future charge-off of a part of the credit is highly likely. The primary repayment source is no longer viable, and the viability of the secondary source of repayment is in doubt. The amount of loss is uncertain due to circumstances within the credit that are not yet fully developed, and the loan is rated “Doubtful” until the loss can be accurately estimated. Loss : These are near-term charge-offs. Loans classified as loss are considered uncollectible and of such little value that it is not desirable to continue carrying them as assets on the Company’s financial statements, even though partial recovery may be possible at some future time. June 30, 2015 Real Estate 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Pass $ 52,668 $ 10,659 $ 6,221 $ 15,908 $ 3,041 $ 93 $ 88,590 Special mention - - - - - - - Substandard 1,127 716 - - - - 1,843 Doubtful - - - - - - - Total $ 53,795 $ 11,375 $ 6,221 $ 15,908 $ 3,041 $ 93 $ 90,433 June 30, 2014 Real Estate 1-4 Family 1-4 Family Non-Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Pass $ 43,724 $ 8,434 $ 2,124 $ 8,998 $ 2,796 $ 812 $ 66,888 Special mention - - - - - - - Substandard 1,531 380 - - - - 1,911 Doubtful - - - - - - - Total $ 45,255 $ 8,814 $ 2,124 $ 8,998 $ 2,796 $ 812 $ 68,799 The Company has a portfolio of loans designated as subprime, defined as those loans made to borrowers with a credit score below 660. These loans are primarily secured by one- to four-family real estate, including both owner-occupied and non-owner occupied properties. Subprime loans totaled $ 7.8 9.3 The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the past year. June 30, 2015 Total Total Loans> 30-59 Days 60-89 Days Greater Than Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real Estate 1-4 family owner-occupied $ 223 $ - $ 86 $ 310 $ 53,485 $ 53,795 $ - 1-4 family non-owner-occupied - - - - 11,375 11,375 - Multi-family residential - - - - 6,221 6,221 - Commercial - - - - 15,908 15,908 - Construction - - - - 3,041 3,041 - Consumer and other - - - - 93 93 - Total $ 223 $ - $ 86 $ 310 $ 90,123 $ 90,433 $ - June 30, 2014 Total Total Loans> 30-59 Days 60-89 Days Greater Than Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real Estate 1-4 family owner-occupied $ 430 $ - $ 402 $ 832 $ 44,423 $ 45,255 $ - 1-4 family non-owner-occupied - - - - 8,814 8,814 - Multi-family residential - - - - 2,124 2,124 - Commercial - - - - 8,998 8,998 - Construction - - - - 2,796 2,796 - Consumer and other - - - - 812 812 - Total $ 430 $ - $ 402 $ 832 $ 67,967 $ 68,799 $ - A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming multi-family and commercial loans but also include loans modified in troubled debt restructurings. As of and for the year ended June 30, 2015 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real Estate 1-4 family owner-occupied $ 762 $ 937 $ - $ 815 $ 19 1-4 family non-owner-occupied 72 89 - 76 - Multi-family residential - - - - - Commercial 153 168 - 155 10 Construction - - - - - Consumer and other - - - - - Loans with an allowance recorded: Real Estate 1-4 family owner-occupied 532 596 134 552 6 1-4 family non-owner-occupied 218 255 70 226 - Multi-family residential - - - - - Commercial - - - - - Construction - - - - - Consumer and other - - - - - Totals $ 1,737 $ 2,045 $ 204 $ 1,824 $ 35 As of and for the year ended June 30, 2014 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real Estate 1-4 family owner-occupied $ 918 $ 1,003 $ - $ 944 $ 11 1-4 family non-owner-occupied 102 114 - 106 - Multi-family residential - - - - - Commercial 159 159 - 177 12 Construction - - - - - Consumer and other - - - - - Loans with an allowance recorded: Real Estate 1-4 family owner-occupied 892 905 205 814 16 1-4 family non-owner-occupied 238 263 114 354 - Multi-family residential - - - - - Commercial - - - - - Construction - - - - - Consumer and other - - - - - Totals $ 2,309 $ 2,444 $ 319 $ 2,395 $ 39 The recorded investment in loans excludes accrued interest receivable and loan origination fees, net due to immateriality. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. Interest income recognized on a cash basis was not materially different than interest income recognized on the accrual basis. 2015 2014 (In thousands) Real estate 1-4 family owner-occupied $ 795 $ 1,099 1-4 family non-owner occupied 290 340 Multi-family residential - - Commercial - - Construction - - Consumer and other - - Total nonaccrual $ 1,085 $ 1,439 At June 30, 2015 and 2014, the Company had certain loans that were modified in troubled debt restructurings and impaired. The modification of terms of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan. The Company had loans modified in a troubled debt restructuring totaling $ 1.3 1.7 115,000 148,000 June 30, 2014 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (In thousands) Real estate 1-4 family owner-occupied 1 $ 190 $ 190 1-4 family non-owner occupied - - - Multi-family residential - - - Commercial - - - Construction - - - Consumer and other - - - 1 $ 190 $ 190 June 30, 3014 Interest Total Only Term Combination Modification (In thousands) Real estate $ 189 $ - $ - $ 189 1-4 family owner-occupied - - - - 1-4 family non-owner occupied - - - - Multi-family residential - - - - Commercial - - - - Construction - - - - Consumer and other - - - - $ 189 $ - $ - $ 189 The troubled debt restructurings described above increased the allowance for loan losses by $ 0 18,000 The Company had no troubled debt restructurings modified in June 30, 2015 or 2014 that subsequently defaulted. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the company’s internal underwriting policy. During the years ended June 30, 2015 and 2014, the Company originated for sale and sold $ 3.2 884,000 50,000 19,000 |
Foreclosed Assets
Foreclosed Assets | 12 Months Ended |
Jun. 30, 2015 | |
Repossessed Assets [Abstract] | |
Foreclosed Assets | NOTE 4: Foreclosed Assets June 30, 2015 2014 (In thousands) Beginning balance $ 158 $ 812 Loans transferred to foreclosed real estate 78 158 Capitalized expenditures 27 - Direct writedowns - (13) Sales of foreclosed real estate (159) (799) Ending balance $ 104 $ 158 Expenses related to foreclosed assets include: Net gain on sales $ 15 $ 143 Provision for unrealized losses - (13) Operating expenses, net of rental income (17) (30) $ (2) $ 100 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5: Premises and Equipment June 30, 2015 2014 (In thousands) Buildings and improvements $ 559 $ 557 Furniture and equipment 506 481 1,065 1,038 Less accumulated depreciation 743 653 Net premises and equipment $ 322 $ 385 |
Time Deposits
Time Deposits | 12 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Time Deposits | NOTE 6: Time Deposits Time deposits in denominations of $100,000 or more were $ 19.5 18.9 3.6 4.0 June 30, 2015 (In thousands) One year or less $ 20,855 Over one year to two years 16,428 Over two years to three years 1,437 Over three years to four years 4,110 Over four years to five years 618 Thereafter - $ 43,448 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances | NOTE 7: Federal Home Loan Bank Advances June 30, Interest rate Maturing 2015 2014 (In thousands) 1.67% - 2.62% One year or less $ - $ 2,500 0.77% - 1.01% Over one year to two years 3,000 - 0.78% - 1.40% Over two years to three years 2,500 1,000 0.78% - 1.92% Over three years to four years 2,000 1,000 1.22 - 2.09% Over four years to five years 2,821 1,000 1.22% - 2.35% Over five years to six years 1,000 1,000 1.13% - 2.33% Thereafter 11,039 10,833 $ 22,360 $ 17,333 June 30, 2015 Payments due in years ending June 30, (In thousands) 2016 $ 3,016 2017 4,963 2018 4,105 2019 3,319 2020 2,885 Thereafter 4,072 $ 22,360 The Federal Home Loan Bank advances are secured by a blanket pledge of the Company’s eligible mortgage loans and the investment in Federal Home Loan Bank stock. The advances are subject to restrictions or penalties in the event of prepayment. At June 30, 2015 and 2014, the Company had the ability to borrow an additional $ 16.1 13.4 10.0 5.0 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8: Income Taxes 2015 2014 (In thousands) Federal-current $ - $ - Federal-deferred 17 (208) Change in valuation allowance (17) 179 Total $ - $ (29) Year Ended June 30, 2015 2014 (In thousands) Tax computed at statutory rate (34%) $ 49 $ (174) Increase (decrease) resulting from Tax exempt interest - (8) Bank-owned life insurance (31) (32) Deferred tax asset valuation allowance (17) 179 Nondeductible expenses 7 6 Other (8) - Actual income taxes (credits) $ - $ (29) 2015 2014 (In thousands) Deferred tax assets Allowance for loan losses $ 545 $ 523 Deferred compensation - 684 Other-than-temporary impairment 71 - Net operating loss carry forward 1,713 1,102 Cash versus accrual basis for accounting 73 31 Other 46 108 Deferred tax assets 2,448 2,448 Deferred tax liabilities Federal Home Loan Bank stock dividends (293) (293) Book/tax depreciation difference (21) (4) Deferred loan origination fees (16) (8) Unrealized gains on available-for-sale securities 1 (7) Other - - Deferred tax liabilities (329) (312) Net deferred tax asset before valuation allowance 2,119 2,136 Valuation allowance Beginning balance (2,136) (1,957) (Increase) decrease during year 17 (179) Ending balance (2,119) (2,136) Net deferred tax asset $ - $ - As of June 30, 2015 and 2014, the net deferred tax asset, before valuation allowance, was $ 2.1 5.0 Retained earnings at both June 30, 2015 and 2014 includes approximately $ 2.0 680,000 As of June 30, 2015 and 2014, the Company had no unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company will record interest and penalties as a component of income tax expense. The Company is subject to U.S. federal income tax and Ohio franchise tax. The Company is subject to tax in Ohio based on its net worth. The Company is no longer subject to examination by taxing authorities for fiscal years prior to 2012. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | NOTE 9: Regulatory Matters The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory- and possibly additional discretionary- actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy requires the Company to maintain minimum amounts and ratios as set forth in the table below. Management believes, as of June 30, 2015 and 2014, that the Company met all capital adequacy requirements to which it was subject. Effective January 1, 2015, the Bank is subject to the new capital requirements set forth by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. Among other things, the rule establishes a new common equity Tier 1 minimum capital requirement and assigns a higher risk weight ( 150 2.5 As of June 30, 2015, the Company’s capital met the requirements to be deemed as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier I risk-based and Tier I leverage as set forth in the table. For Capital Adequacy To Be Well Capitalized Actual Purposes Action Previsions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2015 Total Capital (to Risk-Weighted Assets) $ 14,834 23.1 % $ 5,140 8.0 % $ 6,425 10.0 % Tier 1 Capital (to Risk-Weighted Assets) 14,021 21.8 3,855 6.0 5,140 8.0 Common Equity (to Risk-Weighted Assets) 13,930 24.6 2,891 4.5 4,176 6.5 Tier 1 Capital (to Total Assets) 14,021 13.7 4,089 4.0 5,112 5.0 As of June 30, 2014 Total Capital (to Risk-Weighted Assets) 9,511 20.6 3,699 8.0 4,623 10.0 Tier 1 Capital (to Risk-Weighted Assets) 8,922 19.3 1,849 4.0 2,774 6.0 Tier 1 Capital (to Total Assets) 8,922 10.0 3,565 4.0 4,456 5.0 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 10: Related Party Transactions At June 30, 2015 and 2014, the Company had loans outstanding to executive officers, directors and their affiliates (related parties), in the amount of approximately $ 1.5 1.6 50,000 In management’s opinion, such loans and other extensions of credit are consistent with sound lending practices and are within applicable regulatory lending limitations. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features. At June 30, 2015 and 2014, the Company had deposits from certain officers, directors and other related interests totaling approximately $ 2.2 615,000 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | NOTE 11: Employee Benefits The Company has a simplified employee pension plan for its full-time employees. All full-time employees are eligible and receive matching contributions at a predetermined rate. Expense recognized in connection with the plan totaled approximately $ 22,000 21,000 On January 29, 2015, the Bank announced the formation of the Mt. Washington Savings Bank Employee Stock Ownership Plan (“ESOP”), a non-contributory plan for its employees. As part of the Company’s stock conversion, shares were purchased with a loan from MW Bancorp, Inc. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. Compensation expense related to the ESOP was $ 20,000 Shares Amount (In thousands) Balance, beginning of year - $ - New share purchases 70,093 701 Shares released to participants - - Share allocated to participant - - Balance, end of period 70,093 $ 701 The stock price at the formation date was $ 10.00 70,093 1.1 15.00 |
Directors Deferred Compensation
Directors Deferred Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Directors Deferred Compensation [Abstract] | |
Directors Deferred Compensation | NOTE 12: Directors Deferred Compensation The Company had a nonqualified Directors Deferred Compensation Plan (the “Plan”) which provided for the payment of benefits upon termination of service with the Company as a director and vesting in the Plan after five years of service. The Plan specified monthly payments for 10 years based upon 80 2.0 |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | NOTE 13: Commitments and Credit Risk Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations, including receipt of collateral, as those utilized for on-balance-sheet instruments. June 30, 2015 2014 (In thousands) Commitments to originate loans $ 1,759 $ 9,500 The commitments extended over varying periods of time with the majority being disbursed within a one-year period. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. June 30, 2015 2014 (In thousands) Letters of credit $ 750 $ - The terms of the letters of credit are one year. Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. June 30, 2015 2014 (In thousands) Commercial lines $ 750 $ 1,810 Consumer lines 387 254 The Bank has leased office space for its new branch, which will open in the first quarter of fiscal year 2016. The lease has an initial term of five years with monthly lease payments for the first year at $ 3,750 234,000 |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | NOTE 14: Disclosures about Fair Value of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 Significant other observable inputs other than Level 1 prices such as 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. Level 3 Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Recurring Measurements Fair Value Measurement Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 U.S. Government agency bonds $ 493 $ - $ 493 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 3,802 - 3,802 - $ 4,295 $ - $ 4,295 $ - June 30, 2014 U.S. Government agency bonds $ 502 $ - $ 502 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 4,914 - 4,914 - $ 5,416 $ - $ 5,416 $ - Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There were no assets classified within Level 3 of the fair value hierarchy measured on a recurring basis. There were no transfers between Level 1 and Level 2 during the years ended June 30, 2015 and 2014. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flow. Such securities are classified within Level 2 of the valuation hierarchy. Non-recurring Measurements Fair Value Measurement Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 Impaired loans - residential One- to four-family: Owner occupied $ 270 $ - $ - $ 270 Non-owner occupied 148 - - 148 Foreclosed assets 104 - - 104 June 30, 2014 Impaired loans - residential One- to four-family: Owner occupied $ 366 $ - $ - $ 366 Non-owner occupied 226 - - 226 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a non-recurring basis and recognized in the accompanying balance sheet, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Impaired Loans (Collateral Dependent) The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Foreclosed Assets Held for Sale Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. The Company has determined that a discount of 10% should be applied to the appraisal value, to cover estimated selling costs, to arrive at fair value of the properties. Unobservable (Level 3) Inputs Fair Value at Valuation Unobservable Range (In thousands) Impaired loans (collateral dependent) one- to four-family owner occupied residential real estate $ 270 Sales comparison approach Adjustment for difference between the comparable real estate (18)%-(24)%4% Impaired loans (collateral dependent) one- to four-family non-owner occupied residential real estate $ 148 Sales comparison approach Adjustment for difference between the comparable real estate (3)%-(19)%(12)% Foreclosed assets $ 104 Sales comparison approach Estimated selling costs 10% Fair Value at Valuation Unobservable Range (In thousands) Impaired loans (collateral dependent) one- to four-family owner occupied residential real estate $ 366 Sales comparison approach Adjustment for difference between the comparable real estate (19)%-3%(-8%) Impaired loans (collateral dependent) one- to four-family non-owner occupied residential real estate $ 226 Sales comparison approach Adjustment for difference between the comparable real estate (24)%-24%(-1)% Fair Value of Financial Instruments Fair Value Measurement Using Carrying Quoted Prices in Significant Significant Total (In thousands) June 30, 2015 Financial assets Cash and due from banks $ 3,665 $ 3,665 $ - $ - $ 3,665 Interest-bearing demand deposits 3,100 - 3,100 - 3,100 Held-to-maturity securities 1,551 - 1,480 - 1,480 Loans 88,878 - - 89,561 89,561 Federal Home Loan Bank stock 1,164 N/A N/A N/A N/A Accrued interest receivable 245 - 245 - 245 Financial liabilities Deposits 68,524 - 68,188 - 68,188 Federal Home Loan Bank advances 22,360 - 21,692 - 21,692 Accrued interest payable 31 - 31 - 31 June 30, 2014 Financial assets Cash and cash equivalents $ 4,470 $ 4,470 $ - $ - $ 4,470 Interest-bearing time deposits 3,998 1,756 2,248 4,004 Held-to-maturity securities 2,374 - 2,326 - 2,326 Loans 67,284 - - 68,619 68,619 Federal Home Loan Bank stock 1,164 N/A N/A N/A N/A Accrued interest receivable 187 - 187 - 187 Financial liabilities Deposits 60,710 - 60,775 - 60,775 Federal Home Loan Bank advances 17,333 - 17,333 - 17,333 Accrued interest payable 23 - 23 - 23 The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value: Cash and Cash Equivalents The carrying amount approximates fair value. Held-to-Maturity Securities The fair value of held-to-maturity securities was estimated by using pricing models that contain market pricing and information, quoted prices of securities with similar characteristics or discounted cash flows that use credit-adjusted discount rates. Loans Fair value is estimated by discounting the future cash flows using the market rates at which similar notes would be made to borrowers with similar credit ratings and for the same remaining maturities. The market rates used are based on current rates the Bank would impose for similar loans and reflect a market participant assumption about risks associated with nonperformance, illiquidity, and the structure and term of the loans along with local economic and market conditions. Federal Home Loan Bank Stock The carrying amounts approximate fair value. Accrued Interest Receivable and Payable The carrying amounts approximate fair value. The carrying amounts are determined using the interest rate, balance and last payment date. Deposits Fair value of term deposits is estimated by discounting the future cash flows using rates of similar deposits with similar maturities. The market rates used were obtained from a knowledgeable independent third party and reviewed by the Company. The rates were the average of current rates offered by local competitors of the Company. The estimated fair value of demand, savings and money market deposits is the book value since rates are regularly adjusted to market rates and amounts are payable on demand at the reporting date. Federal Home Loan Bank Advances Fair value is estimated by discounting the future cash flows using rates of similar advances with similar maturities. These rates were obtained from current rates offered by the FHLB. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 15: Accumulated Other Comprehensive Income (Loss) June 30, 2015 Unrealized Unrealized gains Total (In thousands) Beginning balance $ (67) $ (26) $ (93) Other comprehensive loss (6) - (6) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 8 8 Net current period other comprehensive income (6) 8 2 Ending balance $ (73) $ (18) $ (91) June 30, 2014 Beginning balance $ (124) $ - $ (124) Other comprehensive income before reclassification 60 - 60 Transfer of securities from available for sale to held to maturity - (31) (31) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 5 5 Reclassification adjustment for gains recognized in income (3) - (3) Net current period other comprehensive income 57 (26) 31 Ending balance $ (67) $ (26) $ (93) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 16: Recent Accounting Pronouncements FASB ASU 2014-04 Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, a consensus of the FASB Emerging Issues Task Force FASB ASU 2014-09, Revenue from Contracts with Customers FASB ASU 2014-11 Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures |
Change in Corporate Form
Change in Corporate Form | 12 Months Ended |
Jun. 30, 2015 | |
Change In Corporate Form [Abstract] | |
Change In Corporate Form | NOTE 17: Change in Corporate Form On January 29, 2015, the Company converted into a stock savings bank structure with the establishment of a stock holding company, MW Bancorp, Inc., as parent of the Company. The Bank converted to the stock form of ownership, followed by the issuance of all of the Bank’s outstanding stock to MW Bancorp, Inc. Pursuant to the Plan, the Bank determined the total offering value and number of shares of common stock based upon an independent appraiser’s valuation. The stock was priced at $ 10.00 8 8.8 The costs of issuing the common stock were deducted from the sales proceeds of the offering. At the completion of the conversion to stock form, the Bank established a liquidation account in the amount of retained earnings contained in the final prospectus. The liquidation account will be maintained for the benefit of eligible savings account holders who maintain deposit accounts in the Bank after the conversion. The conversion was accounted for as a change in corporate form with the historic basis of the Bank’s assets, liabilities and equity unchanged as a result. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18: Subsequent Events On July 31, 2015, the Bank changed its name from Mt. Washington Savings Bank to Watch Hill Bank as a result of the Bank’s continued growth and expansion into communities not exclusive to the Mt. Washington area. |
Nature of Operations and Summ26
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations MW Bancorp, Inc. (the “Company” or the “Registrant”), headquartered in Cincinnati, Ohio, was formed to serve as the stock holding company for Mt. Washington Savings Bank following its mutual-to-stock conversion. The conversion was completed effective January 29, 2015. The Company issued 876,163 10.00 Watch Hill Bank conducts a general banking business in southwestern Ohio which primarily consists of attracting deposits from the general public and applying those funds to the origination of loans for residential, consumer and nonresidential purposes. The Bank’s profitability is significantly dependent on its net interest income, which is the difference between interest income generated from interest-earning assets (i.e. loans and investments) and the interest expense paid on interest-bearing liabilities (i.e. deposits and borrowed funds). Net interest income is affected by the relative amount of interest-earning assets and interest bearing-liabilities and the interest received or paid on those balances. The level of interest rates paid or received by the Bank can be significantly influenced by a number of environmental factors, such as governmental monetary policy, that are outside management’s control. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements as of and for the periods ended June 30, 2015, include MW Bancorp, Inc. and its wholly owned subsidiary, Watch Hill Bank, together referred to as “the Company.” Intercompany transactions and balances have been eliminated in consolidation. The financial statements as of June 30, 2014 represent Watch Hill Bank only, as the conversion to stock form, including the formation of MW Bancorp, Inc. was completed on January 29, 2015. References herein to the “Company” for periods prior to the completion of the stock conversion should be deemed to refer to the “Bank”. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the 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 relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets and fair values of financial instruments. |
Cash Equivalents | Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents are defined as cash and due from banks and interest-bearing deposits with original terms to maturity of less than ninety days. Net cash flows are reported for customer loan and deposit transactions. From time to time, the Company’s interest-bearing cash accounts may exceed the FDIC’s insured limit of $ 250,000 |
Concentration of Credit Risk | Concentration of Credit Risk Most of the Company’s business activity is with customers located within Hamilton County, Ohio. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy in the Hamilton County area. |
Interest-Bearing Deposits in Other Financial Institutions | Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions mature within one year and are carried at cost. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are recognized in interest income using the level-yield method over the terms of the securities, without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) other-than-temporary impairment (OTTI) related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, when the Company has decided to sell an impaired available-for-sale security and the Company does not expect the fair value of the security to fully recover before the expected time of sale, the security is deemed other-than-temporarily impaired in the period in which the decision to sell is made. The Company recognizes an impairment loss when the impairment is deemed other than temporary even if a decision to sell has not been made. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. For all loan classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash interest payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Commercial and commercial real estate loan relationships over $250,000 and the loans related to them are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 3 years. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Premises and Equipment | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of depreciable assets is 39 10 |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal Home Loan Bank (“FHLB”) stock is a required investment for institutions that are members of the FHLB system. The required investment in the common stock is based on a predetermined formula, carried at cost classified as a restricted security and evaluated for impairment. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to the management’s judgment. With a few exceptions, the Company is no longer subject to tax examinations by tax authorities for fiscal years before 2012. As of June 30, 2015, the Company had no material uncertain tax positions. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities, including those for which a portion of an other-than-temporary impairment has been recognized in income. |
Earnings Per Share | Earnings Per Share Earnings per share is not applicable to the fiscal years ended June 30, 2015 and 2014, as the Company completed its conversion to stock form in January 2015. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 financial statement presentation. These reclassifications had no effect on the results of operations. |
Foreclosed Assets | Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs and reserves after acquisition are expensed, net. |
Company Owned Life Insurance | Company Owned Life Insurance The cash surrender value of Company owned life insurance policies represents the value of life insurance policies on certain officers of the Company for which the Company is the beneficiary. The Company accounts for these assets using the cash surrender value method in determining the carrying value of the insurance policies. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value (In thousands) Available-for-sale Securities: June 30, 2015 U.S. Government agency bonds $ 498 $ - $ (5) $ 493 Mortgage-backed securities of U.S. government sponsored entities - residential 3,783 23 (4) 3,802 $ 4,281 $ 23 $ (9) $ 4,295 June 30, 2014 U.S. Government agency bonds $ 500 $ 2 $ - $ 502 Mortgage-backed securities of U.S. government sponsored entities - residential 4,896 22 (4) 4,914 $ 5,396 $ 24 $ (4) $ 5,416 Amortized Cost Gross Gross Fair Value (In thousands) Held-to-maturity Securities: June 30, 2015 Mortgage-backed securities $ 1,551 $ - $ (71) $ 1,480 June 30, 2014 Mortgage-backed securities $ 2,374 $ - $ (48) $ 2,326 |
Schedule Of Securities Without Single Maturity Date | June 30, 2015 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Within one year $ - $ - $ - $ - Over one to five years - - - - Over five to ten years - - - - Beyond ten years 498 493 - - 498 493 - - Mortgage-backed securities of U.S. Government sponsored entities - residential 3,783 3,802 1,551 1,480 Totals $ 4,281 $ 4,295 $ 1,551 $ 1,480 |
Schedule of Unrealized Loss on Investments | The following tables show the Company’s investments’ gross unrealized losses and the fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2015 and 2014: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In thousands) June 30, 2015 Available-for-sale Securities: U.S. Government agencies $ 493 $ (5) $ - $ - $ 493 $ (5) Mortgage-backed securities of U.S. Government sponsored entities -residential - - 579 (4) 579 (4) Held-to-maturity Securities: Mortgage-backed securities - of U.S. Government sponsored entities -residential - - 1,480 (71) 1,480 (71) $ 493 $ (5) $ 2,059 $ (75) $ 2,552 $ (80) June 30, 2014 Available-for-sale Securities: Mortgage-backed securities of U.S. Government sponsored entities residential $ 1,365 $ (4) $ - $ - $ 1,365 $ (4) Held-to-maturity Securities: Mortgage-backed securities - of U.S. Government sponsored entities - residential 2,326 (48) - - 2,326 (48) $ 3,691 $ (52) $ - $ - $ 3,691 $ (52) |
Loans and Allowance for Loan 28
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans at June 30, 2015 and 2014 include: 2015 2014 (In thousands) Real estate loans One- to four-family residential $ 65,170 $ 54,069 Multi-family residential 6,221 2,124 Commercial 15,908 8,998 Construction 3,041 2,796 Consumer and other 93 812 Total loans 90,433 68,799 Less: Net deferred loan fees, premiums and discounts (47) (22) Allowance for loan losses 1,602 1,537 Net loans $ 88,878 $ 67,284 |
Allowance for Credit Losses on Financing Receivables | The following tables present, by portfolio segment, the activity in the allowance for loan losses for the years ended June 30, 2015 and 2014, and the recorded investment in loans and impairment method as of June 30, 2015 and 2014: June 30, 2015 Real Estate 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Allowance for loan losses: Balance, July 1, 2014 $ 1,065 $ 278 $ 33 $ 105 $ 56 $ - $ 1,537 Provision for loan losses 41 9 (30) 19 2 (6) 35 Charge-offs (3) - - - - - (3) Recoveries 27 - - - - 6 33 Balance, June 30, 2015 $ 1,130 $ 287 $ 3 $ 124 $ 58 $ - $ 1,602 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 134 $ 70 $ - $ - $ - $ - $ 204 Ending balance, collectively evaluated for impairment $ 996 $ 217 $ 3 $ 124 $ 58 $ - $ 1,398 Loans: Ending Balance $ 53,795 $ 11,375 $ 6,221 $ 15,908 $ 3,041 $ 93 $ 90,433 Ending balance; individually evaluated for impairment $ 1,294 $ 290 $ - $ 153 $ - $ - $ 1,737 Ending balance; collectively evaluated for impairment $ 52,501 $ 11,085 $ 6,221 $ 15,755 $ 3,041 $ 93 $ 88,696 June 30, 2014 Real Estate 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Allowance for loan losses: Balance, July 1, 2013 $ 1,008 $ 273 $ 19 $ 77 $ 15 $ 6 $ 1,398 Provision for loan losses 189 5 14 50 41 (9) 290 Charge-offs (141) - - (25) - - (166) Recoveries 9 - - 3 - 3 15 Balance, June 30, 2014 $ 1,065 $ 278 $ 33 $ 105 $ 56 $ - $ 1,537 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 205 $ 114 $ - $ - $ - $ - $ 319 Ending balance, collectively evaluated for impairment $ 860 $ 164 $ 33 $ 105 $ 56 $ - $ 1,218 Loans: Ending Balance $ 45,255 $ 8,814 $ 2,124 $ 8,998 $ 2,796 $ 812 $ 68,799 Ending balance; individually evaluated for impairment $ 1,810 $ 340 $ - $ 159 $ - $ - $ 2,309 Ending balance; collectively evaluated for impairment $ 43,445 $ 8,474 $ 2,124 $ 8,839 $ 2,796 $ 812 $ 66,490 |
Financing Receivable Credit Quality Indicators | The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of June 30, 2015 and 2014: June 30, 2015 Real Estate 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Pass $ 52,668 $ 10,659 $ 6,221 $ 15,908 $ 3,041 $ 93 $ 88,590 Special mention - - - - - - - Substandard 1,127 716 - - - - 1,843 Doubtful - - - - - - - Total $ 53,795 $ 11,375 $ 6,221 $ 15,908 $ 3,041 $ 93 $ 90,433 June 30, 2014 Real Estate 1-4 Family 1-4 Family Non-Owner Non-Owner Multi- Occupied Occupied Family Commercial Construction Consumer Total (In thousands) Pass $ 43,724 $ 8,434 $ 2,124 $ 8,998 $ 2,796 $ 812 $ 66,888 Special mention - - - - - - - Substandard 1,531 380 - - - - 1,911 Doubtful - - - - - - - Total $ 45,255 $ 8,814 $ 2,124 $ 8,998 $ 2,796 $ 812 $ 68,799 |
Past Due Financing Receivables | The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of June 30, 2015 and 2014: June 30, 2015 Total Total Loans> 30-59 Days 60-89 Days Greater Than Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real Estate 1-4 family owner-occupied $ 223 $ - $ 86 $ 310 $ 53,485 $ 53,795 $ - 1-4 family non-owner-occupied - - - - 11,375 11,375 - Multi-family residential - - - - 6,221 6,221 - Commercial - - - - 15,908 15,908 - Construction - - - - 3,041 3,041 - Consumer and other - - - - 93 93 - Total $ 223 $ - $ 86 $ 310 $ 90,123 $ 90,433 $ - June 30, 2014 Total Total Loans> 30-59 Days 60-89 Days Greater Than Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real Estate 1-4 family owner-occupied $ 430 $ - $ 402 $ 832 $ 44,423 $ 45,255 $ - 1-4 family non-owner-occupied - - - - 8,814 8,814 - Multi-family residential - - - - 2,124 2,124 - Commercial - - - - 8,998 8,998 - Construction - - - - 2,796 2,796 - Consumer and other - - - - 812 812 - Total $ 430 $ - $ 402 $ 832 $ 67,967 $ 68,799 $ - |
Impaired Financing Receivables | The following tables present impaired loans as of and for the years ended June 30, 2015 and 2014: As of and for the year ended June 30, 2015 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real Estate 1-4 family owner-occupied $ 762 $ 937 $ - $ 815 $ 19 1-4 family non-owner-occupied 72 89 - 76 - Multi-family residential - - - - - Commercial 153 168 - 155 10 Construction - - - - - Consumer and other - - - - - Loans with an allowance recorded: Real Estate 1-4 family owner-occupied 532 596 134 552 6 1-4 family non-owner-occupied 218 255 70 226 - Multi-family residential - - - - - Commercial - - - - - Construction - - - - - Consumer and other - - - - - Totals $ 1,737 $ 2,045 $ 204 $ 1,824 $ 35 As of and for the year ended June 30, 2014 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real Estate 1-4 family owner-occupied $ 918 $ 1,003 $ - $ 944 $ 11 1-4 family non-owner-occupied 102 114 - 106 - Multi-family residential - - - - - Commercial 159 159 - 177 12 Construction - - - - - Consumer and other - - - - - Loans with an allowance recorded: Real Estate 1-4 family owner-occupied 892 905 205 814 16 1-4 family non-owner-occupied 238 263 114 354 - Multi-family residential - - - - - Commercial - - - - - Construction - - - - - Consumer and other - - - - - Totals $ 2,309 $ 2,444 $ 319 $ 2,395 $ 39 |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the Company’s nonaccrual loans at June 30, 2015 and 2014. The table excludes performing troubled debt restructurings. 2015 2014 (In thousands) Real estate 1-4 family owner-occupied $ 795 $ 1,099 1-4 family non-owner occupied 290 340 Multi-family residential - - Commercial - - Construction - - Consumer and other - - Total nonaccrual $ 1,085 $ 1,439 |
Troubled Debt Restructurings on Financing Receivables | The Company had no loans modified under a troubled debt restructuring in 2015. Newly classified troubled debt restructurings are as follows for the year ended June 30, 2014: June 30, 2014 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (In thousands) Real estate 1-4 family owner-occupied 1 $ 190 $ 190 1-4 family non-owner occupied - - - Multi-family residential - - - Commercial - - - Construction - - - Consumer and other - - - 1 $ 190 $ 190 |
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods | The following table provides information on how restructured loans were modified during the year ended June 30, 2014: June 30, 3014 Interest Total Only Term Combination Modification (In thousands) Real estate $ 189 $ - $ - $ 189 1-4 family owner-occupied - - - - 1-4 family non-owner occupied - - - - Multi-family residential - - - - Commercial - - - - Construction - - - - Consumer and other - - - - $ 189 $ - $ - $ 189 |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Repossessed Assets [Abstract] | |
Schedule of Foreclosed Assets Activity | Foreclosed assets activity for the years ended June 30, 2015 and 2014 was as follows: June 30, 2015 2014 (In thousands) Beginning balance $ 158 $ 812 Loans transferred to foreclosed real estate 78 158 Capitalized expenditures 27 - Direct writedowns - (13) Sales of foreclosed real estate (159) (799) Ending balance $ 104 $ 158 Expenses related to foreclosed assets include: Net gain on sales $ 15 $ 143 Provision for unrealized losses - (13) Operating expenses, net of rental income (17) (30) $ (2) $ 100 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Major classifications of premises and equipment, stated at cost, are as follows: June 30, 2015 2014 (In thousands) Buildings and improvements $ 559 $ 557 Furniture and equipment 506 481 1,065 1,038 Less accumulated depreciation 743 653 Net premises and equipment $ 322 $ 385 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule Of Time Deposit Maturities | June 30, 2015 (In thousands) One year or less $ 20,855 Over one year to two years 16,428 Over two years to three years 1,437 Over three years to four years 4,110 Over four years to five years 618 Thereafter - $ 43,448 |
Federal Home Loan Bank Advanc32
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank, Advances | June 30, Interest rate Maturing 2015 2014 (In thousands) 1.67% - 2.62% One year or less $ - $ 2,500 0.77% - 1.01% Over one year to two years 3,000 - 0.78% - 1.40% Over two years to three years 2,500 1,000 0.78% - 1.92% Over three years to four years 2,000 1,000 1.22 - 2.09% Over four years to five years 2,821 1,000 1.22% - 2.35% Over five years to six years 1,000 1,000 1.13% - 2.33% Thereafter 11,039 10,833 $ 22,360 $ 17,333 |
Federal Home Loan Bank Advances Maturity | June 30, 2015 Payments due in years ending June 30, (In thousands) 2016 $ 3,016 2017 4,963 2018 4,105 2019 3,319 2020 2,885 Thereafter 4,072 $ 22,360 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) was as follows: 2015 2014 (In thousands) Federal-current $ - $ - Federal-deferred 17 (208) Change in valuation allowance (17) 179 Total $ - $ (29) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal income tax credit at the statutory rate to the Company’s actual income tax credit is shown below: Year Ended June 30, 2015 2014 (In thousands) Tax computed at statutory rate (34%) $ 49 $ (174) Increase (decrease) resulting from Tax exempt interest - (8) Bank-owned life insurance (31) (32) Deferred tax asset valuation allowance (17) 179 Nondeductible expenses 7 6 Other (8) - Actual income taxes (credits) $ - $ (29) |
Schedule of Deferred Tax Assets and Liabilities | The composition of the Company’s net deferred tax asset at June 30, 2015 and 2014, was as follows: 2015 2014 (In thousands) Deferred tax assets Allowance for loan losses $ 545 $ 523 Deferred compensation - 684 Other-than-temporary impairment 71 - Net operating loss carry forward 1,713 1,102 Cash versus accrual basis for accounting 73 31 Other 46 108 Deferred tax assets 2,448 2,448 Deferred tax liabilities Federal Home Loan Bank stock dividends (293) (293) Book/tax depreciation difference (21) (4) Deferred loan origination fees (16) (8) Unrealized gains on available-for-sale securities 1 (7) Other - - Deferred tax liabilities (329) (312) Net deferred tax asset before valuation allowance 2,119 2,136 Valuation allowance Beginning balance (2,136) (1,957) (Increase) decrease during year 17 (179) Ending balance (2,119) (2,136) Net deferred tax asset $ - $ - |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank’s actual capital amounts and ratios are also presented in the table: For Capital Adequacy To Be Well Capitalized Actual Purposes Action Previsions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2015 Total Capital (to Risk-Weighted Assets) $ 14,834 23.1 % $ 5,140 8.0 % $ 6,425 10.0 % Tier 1 Capital (to Risk-Weighted Assets) 14,021 21.8 3,855 6.0 5,140 8.0 Common Equity (to Risk-Weighted Assets) 13,930 24.6 2,891 4.5 4,176 6.5 Tier 1 Capital (to Total Assets) 14,021 13.7 4,089 4.0 5,112 5.0 As of June 30, 2014 Total Capital (to Risk-Weighted Assets) 9,511 20.6 3,699 8.0 4,623 10.0 Tier 1 Capital (to Risk-Weighted Assets) 8,922 19.3 1,849 4.0 2,774 6.0 Tier 1 Capital (to Total Assets) 8,922 10.0 3,565 4.0 4,456 5.0 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Employee Stock Ownership Plan ESOP | A summary of the unallocated share activity of the Bank’s ESOP is as follows for the year ended June 30, 2015: Shares Amount (In thousands) Balance, beginning of year - $ - New share purchases 70,093 701 Shares released to participants - - Share allocated to participant - - Balance, end of period 70,093 $ 701 |
Commitments and Credit Risk (Ta
Commitments and Credit Risk (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Outstanding Commitments To Originate Loans | At June 30, 2015 and 2014, the Company had outstanding commitments to originate loans as follows: June 30, 2015 2014 (In thousands) Commitments to originate loans $ 1,759 $ 9,500 |
Schedule Of Letters Of Credit Facilities | At June 30, 2015 and 2014, the Company had the following letters of credit outstanding: June 30, 2015 2014 (In thousands) Letters of credit $ 750 $ - |
Schedule of Line of Credit Facilities | At June 30, 2015 and 2014, the Company had the following lines of credit outstanding: June 30, 2015 2014 (In thousands) Commercial lines $ 750 $ 1,810 Consumer lines 387 254 |
Disclosures about Fair Value 37
Disclosures about Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value measurement of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2015 and 2014: Fair Value Measurement Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 U.S. Government agency bonds $ 493 $ - $ 493 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 3,802 - 3,802 - $ 4,295 $ - $ 4,295 $ - June 30, 2014 U.S. Government agency bonds $ 502 $ - $ 502 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 4,914 - 4,914 - $ 5,416 $ - $ 5,416 $ - |
Fair Value Measurements, Nonrecurring | The following table presents fair value measurements of assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which fair value measurements fall at June 30, 2015 and 2014: Fair Value Measurement Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2015 Impaired loans - residential One- to four-family: Owner occupied $ 270 $ - $ - $ 270 Non-owner occupied 148 - - 148 Foreclosed assets 104 - - 104 June 30, 2014 Impaired loans - residential One- to four-family: Owner occupied $ 366 $ - $ - $ 366 Non-owner occupied 226 - - 226 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table presents quantitative information about unobservable inputs used in non-recurring Level 3 fair value measurements: Fair Value at Valuation Unobservable Range (In thousands) Impaired loans (collateral dependent) one- to four-family owner occupied residential real estate $ 270 Sales comparison approach Adjustment for difference between the comparable real estate (18)%-(24)%4% Impaired loans (collateral dependent) one- to four-family non-owner occupied residential real estate $ 148 Sales comparison approach Adjustment for difference between the comparable real estate (3)%-(19)%(12)% Foreclosed assets $ 104 Sales comparison approach Estimated selling costs 10% Fair Value at Valuation Unobservable Range (In thousands) Impaired loans (collateral dependent) one- to four-family owner occupied residential real estate $ 366 Sales comparison approach Adjustment for difference between the comparable real estate (19)%-3%(-8%) Impaired loans (collateral dependent) one- to four-family non-owner occupied residential real estate $ 226 Sales comparison approach Adjustment for difference between the comparable real estate (24)%-24%(-1)% |
Fair Value, by Balance Sheet Grouping | The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2015 and 2014. Fair Value Measurement Using Carrying Quoted Prices in Significant Significant Total (In thousands) June 30, 2015 Financial assets Cash and due from banks $ 3,665 $ 3,665 $ - $ - $ 3,665 Interest-bearing demand deposits 3,100 - 3,100 - 3,100 Held-to-maturity securities 1,551 - 1,480 - 1,480 Loans 88,878 - - 89,561 89,561 Federal Home Loan Bank stock 1,164 N/A N/A N/A N/A Accrued interest receivable 245 - 245 - 245 Financial liabilities Deposits 68,524 - 68,188 - 68,188 Federal Home Loan Bank advances 22,360 - 21,692 - 21,692 Accrued interest payable 31 - 31 - 31 June 30, 2014 Financial assets Cash and cash equivalents $ 4,470 $ 4,470 $ - $ - $ 4,470 Interest-bearing time deposits 3,998 1,756 2,248 4,004 Held-to-maturity securities 2,374 - 2,326 - 2,326 Loans 67,284 - - 68,619 68,619 Federal Home Loan Bank stock 1,164 N/A N/A N/A N/A Accrued interest receivable 187 - 187 - 187 Financial liabilities Deposits 60,710 - 60,775 - 60,775 Federal Home Loan Bank advances 17,333 - 17,333 - 17,333 Accrued interest payable 23 - 23 - 23 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended June 30, 2015 and 2014 were as follows: June 30, 2015 Unrealized Unrealized gains Total (In thousands) Beginning balance $ (67) $ (26) $ (93) Other comprehensive loss (6) - (6) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 8 8 Net current period other comprehensive income (6) 8 2 Ending balance $ (73) $ (18) $ (91) June 30, 2014 Beginning balance $ (124) $ - $ (124) Other comprehensive income before reclassification 60 - 60 Transfer of securities from available for sale to held to maturity - (31) (31) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 5 5 Reclassification adjustment for gains recognized in income (3) - (3) Net current period other comprehensive income 57 (26) 31 Ending balance $ (67) $ (26) $ (93) |
Nature of Operations and Summ39
Nature of Operations and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Issued During Period, Shares, New Issues | 876,163 | |
Offering Price Per share | $ 10 | |
Cash, FDIC Insured Amount | $ 250,000 | |
Financing Receivable, Individually Evaluated for Impairment | $ 1,737,000 | $ 2,309,000 |
Building [Member] | ||
Property, Plant and Equipment, Useful Life | 39 years | |
Building Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Furniture Fixtures and Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture Fixtures and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 7 years |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Available-for-sale Securities: | ||
Amortized Cost | $ 4,281 | $ 5,396 |
Gross Unrealized Gains | 23 | 24 |
Gross Unrealized Losses | (9) | (4) |
Fair Value | 4,295 | 5,416 |
Held-to-maturity Securities: | ||
Held-to-maturity Securities, Fair Value | 1,480 | 2,326 |
Mortgage Backed Securities Of U.S. Government Sponsored Entities [Member] | Residential [Member] | ||
Available-for-sale Securities: | ||
Amortized Cost | 3,783 | 4,896 |
Gross Unrealized Gains | 23 | 22 |
Gross Unrealized Losses | (4) | (4) |
Fair Value | 3,802 | 4,914 |
Held-to-maturity Securities: | ||
Amortized Cost | 1,551 | 2,374 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (71) | (48) |
Held-to-maturity Securities, Fair Value | 1,480 | 2,326 |
U. S. Government Agency Bonds [Member] | ||
Available-for-sale Securities: | ||
Amortized Cost | 498 | 500 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (5) | 0 |
Fair Value | $ 493 | $ 502 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Available-for-sale Securities,Amortized Cost, Within one year | $ 0 | |
Available-for-sale Securities,Amortized Cost, Over one to five years | 0 | |
Available-for-sale Securities,Amortized Cost, Over five to ten years | 0 | |
Available-for-sale Securities,Amortized Cost, Beyond ten years | 498 | |
Available-for-sale Securities,Amortized Cost, | 498 | |
Available-for-sale Debt Securities, Amortized Cost Basis | 4,281 | |
Available-for-sale Securities, Fair Value, Within one year | 0 | |
Available-for-sale Securities, Fair Value, Over one to five years | 0 | |
Available-for-sale Securities, Fair Value, Over five to ten years | 0 | |
Available-for-sale Securities, Fair Value, Beyond ten years | 493 | |
Available-for-sale Securities, Fair Value | 493 | |
Available-for-sale Securities, Debt Securities | 4,295 | |
Held-to-maturity Securities, Amortized Cost, Within one year | 0 | |
Held-to-maturity Securities, Amortized Cost, Over one to five years | 0 | |
Held-to-maturity Securities, Amortized Cost, Over five to ten years | 0 | |
Held-to-maturity Securities, Amortized Cost, Beyond ten years | 0 | |
Held-to-maturity Securities, Amortized Cost | 0 | |
Held-to-maturity Securities | 1,551 | $ 2,374 |
Held-to-maturity Securities, Fair Value, Within one year | 0 | |
Held-to-maturity Securities, Fair Value, Over one to five years | 0 | |
Held-to-maturity Securities, Fair Value, Over five to ten years | 0 | |
Held-to-maturity Securities, Fair Value, Beyond ten years | 0 | |
Held-to-maturity Securities, Fair Value | 0 | |
Held-to-maturity Securities, Fair Value | 1,480 | $ 2,326 |
Residential Portfolio Segment [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,783 | |
Available-for-sale Securities, Debt Securities | 3,802 | |
Held-to-maturity Securities | 1,551 | |
Held-to-maturity Securities, Fair Value | $ 1,480 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Marketable Securities Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | $ 493 | $ 3,691 |
12 Months or Longer, Fair Value | 2,059 | 0 |
Fair Value | 2,552 | 3,691 |
Marketable Securities Continuous Unrealized Loss Position Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (5) | (52) |
12 Months or Longer, Unrealized Losses | (75) | 0 |
Unrealized Losses | (80) | (52) |
Mortgage Backed Securities Of U.S. Government Sponsored Entities [Member] | Residential [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | 0 | 1,365 |
12 Months or Longer, Fair Value | 579 | 0 |
Fair Value | 579 | 1,365 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | 0 | (4) |
12 Months or Longer, Unrealized Losses | (4) | 0 |
Unrealized Losses | (4) | (4) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 0 | 2,326 |
12 Months or Longer, Fair Value | 1,480 | 0 |
Fair Value | 1,480 | 2,326 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | 0 | (48) |
12 Months or Longer, Unrealized Losses | (71) | 0 |
Unrealized Losses | (71) | $ (48) |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | 493 | |
12 Months or Longer, Fair Value | 0 | |
Fair Value | 493 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (5) | |
12 Months or Longer, Unrealized Losses | 0 | |
Unrealized Losses | $ (5) |
Securities (Details Textual)
Securities (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Percentage Of Securities Holdings Description | At June 30, 2015 and 2014, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of the Company’s equity. | |
Held-to-maturity Securities, Fair Value | $ 1,480,000 | $ 2,326,000 |
Other Comprehensive Income Loss, Transfers from Available for Sale Securities to Held to maturity before Tax | 0 | (31,000) |
Equity Method Investment, Net Sales Proceeds | $ 6,600,000 | |
Gain on Sale of Investments | 15,000 | |
Loss on Sale of Investments | 12,000 | |
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value, Total | 1,100,000 | |
Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,925,000 | |
Held-to-maturity Securities, Fair Value | 2,893,000 | |
Other Comprehensive Income Loss, Transfers from Available for Sale Securities to Held to maturity before Tax | 31,000 | |
Other Comprehensive Income (Loss) Remaining Unamortized Balance Transfers From Available For Sale Securities To Held To Maturity Before Tax | $ 18,000 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 90,433 | $ 68,799 | |
Less: | |||
Net deferred loan fees, premiums and discounts | (47) | (22) | |
Allowance for loan losses | 1,602 | 1,537 | $ 1,398 |
Net loans | 88,878 | 67,284 | |
One-to-four-family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 65,170 | 54,069 | |
Multi-family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,221 | 2,124 | |
Less: | |||
Allowance for loan losses | 3 | 33 | 19 |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 15,908 | 8,998 | |
Less: | |||
Allowance for loan losses | 124 | 105 | 77 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 3,041 | 2,796 | |
Less: | |||
Allowance for loan losses | 58 | 56 | 15 |
Consumer and other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 93 | 812 | |
Less: | |||
Allowance for loan losses | $ 0 | $ 0 | $ 6 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for loan losses: | ||
Beginning Balance | $ 1,537 | $ 1,398 |
Provision for loan losses | 35 | 290 |
Charge-offs | (3) | (166) |
Recoveries | 33 | 15 |
Ending Balance | 1,602 | 1,537 |
1-4 Family Owner Occupied [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 1,065 | 1,008 |
Provision for loan losses | 41 | 189 |
Charge-offs | (3) | (141) |
Recoveries | 27 | 9 |
Ending Balance | 1,130 | 1,065 |
1-4 Family Non-Owner Occupied [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 278 | 273 |
Provision for loan losses | 9 | 5 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 287 | 278 |
Multi-family [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 33 | 19 |
Provision for loan losses | (30) | 14 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 3 | 33 |
Commercial [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 105 | 77 |
Provision for loan losses | 19 | 50 |
Charge-offs | 0 | (25) |
Recoveries | 0 | 3 |
Ending Balance | 124 | 105 |
Construction [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 56 | 15 |
Provision for loan losses | 2 | 41 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 58 | 56 |
Consumer [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 0 | 6 |
Provision for loan losses | (6) | (9) |
Charge-offs | 0 | 0 |
Recoveries | 6 | 3 |
Ending Balance | $ 0 | $ 0 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | $ 204 | $ 319 |
Ending balance, collectively evaluated for impairment | 1,398 | 1,218 |
Loans: | ||
Ending balance | 90,433 | 68,799 |
Ending balance; individually evaluated for impairment | 1,737 | 2,309 |
Ending balance; collectively evaluated for impairment | 88,696 | 66,490 |
1-4 Family Owner Occupied [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 134 | 205 |
Ending balance, collectively evaluated for impairment | 996 | 860 |
Loans: | ||
Ending balance | 53,795 | 45,255 |
Ending balance; individually evaluated for impairment | 1,294 | 1,810 |
Ending balance; collectively evaluated for impairment | 52,501 | 43,445 |
1-4 Family Non-Owner Occupied [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 70 | 114 |
Ending balance, collectively evaluated for impairment | 217 | 164 |
Loans: | ||
Ending balance | 11,375 | 8,814 |
Ending balance; individually evaluated for impairment | 290 | 340 |
Ending balance; collectively evaluated for impairment | 11,085 | 8,474 |
Multi-family [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 3 | 33 |
Loans: | ||
Ending balance | 6,221 | 2,124 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | 6,221 | 2,124 |
Commercial [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 124 | 105 |
Loans: | ||
Ending balance | 15,908 | 8,998 |
Ending balance; individually evaluated for impairment | 153 | 159 |
Ending balance; collectively evaluated for impairment | 15,755 | 8,839 |
Construction [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 58 | 56 |
Loans: | ||
Ending balance | 3,041 | 2,796 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | 3,041 | 2,796 |
Consumer [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 0 | 0 |
Loans: | ||
Ending balance | 93 | 812 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | $ 93 | $ 812 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 90,433 | $ 68,799 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 88,590 | 66,888 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,843 | 1,911 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 53,795 | 45,255 |
1-4 Family Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 52,668 | 43,724 |
1-4 Family Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
1-4 Family Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,127 | 1,531 |
1-4 Family Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,375 | 8,814 |
1-4 Family Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 10,659 | 8,434 |
1-4 Family Non-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
1-4 Family Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 716 | 380 |
1-4 Family Non-Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Multi-family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,221 | 2,124 |
Multi-family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,221 | 2,124 |
Multi-family [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Multi-family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Multi-family [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 15,908 | 8,998 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 15,908 | 8,998 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,041 | 2,796 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,041 | 2,796 |
Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 93 | 812 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 93 | 812 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Consumer [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 310 | $ 832 |
Current | 90,123 | 67,967 |
Total Loans Receivable | 90,433 | 68,799 |
Total Loans > 90 Days & Accruing | 0 | 0 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 223 | 430 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 402 |
1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 310 | 832 |
Current | 53,485 | 44,423 |
Total Loans Receivable | 53,795 | 45,255 |
Total Loans > 90 Days & Accruing | 0 | 0 |
1-4 Family Owner Occupied [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 223 | 430 |
1-4 Family Owner Occupied [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
1-4 Family Owner Occupied [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 402 |
1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 11,375 | 8,814 |
Total Loans Receivable | 11,375 | 8,814 |
Total Loans > 90 Days & Accruing | 0 | 0 |
1-4 Family Non-Owner Occupied [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
1-4 Family Non-Owner Occupied [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
1-4 Family Non-Owner Occupied [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 6,221 | 2,124 |
Total Loans Receivable | 6,221 | 2,124 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Multi-family residential [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family residential [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 15,908 | 8,998 |
Total Loans Receivable | 15,908 | 8,998 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Commercial [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 3,041 | 2,796 |
Total Loans Receivable | 3,041 | 2,796 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Construction [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 93 | 812 |
Total Loans Receivable | 93 | 812 |
Total Loans > 90 Days & Accruing | 0 | 0 |
Consumer and other [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and other [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and other [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Loans with an allowance recorded: | ||
Allowance for Loan Losses Allocated | $ 204 | $ 319 |
Recorded Investment, Total | 1,737 | 2,309 |
Unpaid Principal Balance, Total | 2,045 | 2,444 |
Average Recorded Investment, Total | 1,824 | 2,395 |
Interest Income Recognized, Total | 35 | 39 |
1-4 Family Owner Occupied [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 762 | 918 |
Unpaid Principal Balance | 937 | 1,003 |
Average Recorded Investment | 815 | 944 |
Interest Income Recognized | 19 | 11 |
Loans with an allowance recorded: | ||
Recorded Investment | 532 | 892 |
Unpaid Principal Balance | 596 | 905 |
Allowance for Loan Losses Allocated | 134 | 205 |
Average Recorded Investment | 552 | 814 |
Interest Income Recognized | 6 | 16 |
1-4 Family Non-Owner Occupied [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 72 | 102 |
Unpaid Principal Balance | 89 | 114 |
Average Recorded Investment | 76 | 106 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 218 | 238 |
Unpaid Principal Balance | 255 | 263 |
Allowance for Loan Losses Allocated | 70 | 114 |
Average Recorded Investment | 226 | 354 |
Interest Income Recognized | 0 | 0 |
Multi-family residential [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Commercial [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 153 | 159 |
Unpaid Principal Balance | 168 | 159 |
Average Recorded Investment | 155 | 177 |
Interest Income Recognized | 10 | 12 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Construction [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Consumer and other [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Real Estate [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | $ 1,085 | $ 1,439 |
1-4 Family Owner Occupied [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 762 | 918 |
1-4 Family Owner Occupied [Member] | Real Estate [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 795 | 1,099 |
1-4 Family Non-Owner Occupied [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 72 | 102 |
1-4 Family Non-Owner Occupied [Member] | Real Estate [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 290 | 340 |
Multi-family residential [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Multi-family residential [Member] | Real Estate [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Commercial [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 153 | 159 |
Commercial [Member] | Real Estate [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Construction [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Construction [Member] | Real Estate [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Consumer and other [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Consumer and other [Member] | Real Estate [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | $ 0 | $ 0 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan Losses (Details 7) - 12 months ended Jun. 30, 2014 - Real Estate [Member] $ in Thousands | USD ($) |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | 1 |
Pre Modification Outstanding Recorded Investment | $ 190 |
Post Modification Outstanding Recorded Investment | $ 190 |
1-4 Family Owner Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | 1 |
Pre Modification Outstanding Recorded Investment | $ 190 |
Post Modification Outstanding Recorded Investment | $ 190 |
1-4 Family Non-Owner Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | 0 |
Pre Modification Outstanding Recorded Investment | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 |
Multi-family residential [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | 0 |
Pre Modification Outstanding Recorded Investment | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 |
Commercial Portfolio Segment [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | 0 |
Pre Modification Outstanding Recorded Investment | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | 0 |
Pre Modification Outstanding Recorded Investment | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 |
Consumer Portfolio Segment [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | 0 |
Pre Modification Outstanding Recorded Investment | $ 0 |
Post Modification Outstanding Recorded Investment | $ 0 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan Losses (Details 8) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Modifications, Recorded Investment | $ 1,300 | $ 189 |
Real Estate Investment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 189 | |
1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Multi-family residential [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Interest Only [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 189 | |
Interest Only [Member] | Real Estate Investment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 189 | |
Interest Only [Member] | 1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Interest Only [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Interest Only [Member] | Multi-family residential [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Interest Only [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Interest Only [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Interest Only [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | Real Estate Investment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | 1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | Multi-family residential [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Term [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | Real Estate Investment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | 1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | Multi-family residential [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 0 | |
Combination [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Recorded Investment | $ 0 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Loans and Leases Receivable, Gross | $ 90,433,000 | $ 68,799,000 |
Financing Receivable, Modifications, Recorded Investment | 1,300,000 | 189,000 |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 115,000 | 148,000 |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 18,000 | |
Loans Originated For Sale | 3,165,000 | 884,000 |
Gains on sale of originated loans | 50,000 | 19,000 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | $ 7,800,000 | $ 9,300,000 |
Foreclosed Assets (Details)
Foreclosed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Beginning balance | $ 158 | $ 812 |
Loans transferred to foreclosed real estate | 78 | 158 |
Capitalized expenditures | 27 | 0 |
Direct writedowns | 0 | (13) |
Sales of foreclosed real estate | (159) | (799) |
Ending balance | 104 | 158 |
Expenses related to foreclosed assets include: | ||
Net gain on sales | 15 | 143 |
Provision for unrealized losses | 0 | (13) |
Operating expenses, net of rental income | (17) | (30) |
Income Expense Related To Foreclosed Assets | $ (2) | $ 100 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Total premises and equipment | $ 1,065 | $ 1,038 |
Less accumulated depreciation | 743 | 653 |
Net premises and equipment | 322 | 385 |
Buildings and improvements [Member] | ||
Total premises and equipment | 559 | 557 |
Furniture and equipment [Member] | ||
Total premises and equipment | $ 506 | $ 481 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
One year or less | $ 20,855 | |
Over one year to two years | 16,428 | |
Over two years to three years | 1,437 | |
Over three years to four years | 4,110 | |
Over four years to five years | 618 | |
Thereafter | 0 | |
Time Deposits | $ 43,448 | $ 46,055 |
Time Deposits (Details Textual)
Time Deposits (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Time Deposits, $100,000 or More, Total | $ 19.5 | $ 18.9 |
Time Deposits, 250,000 or More, Total | $ 3.6 | $ 4 |
Federal Home Loan Bank Advanc58
Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
One year or less | $ 0 | $ 2,500 |
Over one year to two years | 3,000 | 0 |
Over two years to three years | 2,500 | 1,000 |
Over three years to four years | 2,000 | 1,000 |
Over four years to five years | 2,821 | 1,000 |
Over five years to six years | 1,000 | 1,000 |
Thereafter | 11,039 | 10,833 |
Long-term Federal Home Loan Bank Advances | $ 22,360 | $ 17,333 |
Interest rate 1 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 2.62% | |
Interest rate 1 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.67% | |
Interest rate 2 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.01% | |
Interest rate 2 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 0.77% | |
Interest rate 3 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.40% | |
Interest rate 3 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 0.78% | |
Interest rate 4 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.92% | |
Interest rate 4 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 0.78% | |
Interest rate 5 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 2.09% | |
Interest rate 5 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.22% | |
Interest rate 6 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 2.35% | |
Interest rate 6 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.22% | |
Interest rate 7 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 2.33% | |
Interest rate 7 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.13% |
Federal Home Loan Bank Advanc59
Federal Home Loan Bank Advances (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
2,016 | $ 0 | $ 2,500 |
2,017 | 3,000 | 0 |
2,018 | 2,500 | 1,000 |
2,019 | 2,000 | 1,000 |
2,020 | 2,821 | 1,000 |
Thereafter | 4,072 | |
Advances from Federal Home Loan Banks | $ 22,360 | $ 17,333 |
Federal Home Loan Bank Advanc60
Federal Home Loan Bank Advances (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Additional Federal Home Loan Bank Advances | $ 16.1 | $ 13.4 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Long-term Line of Credit | $ 10 | $ 5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Federal-current | $ 0 | $ 0 |
Federal-deferred | 17 | (208) |
Change in valuation allowance | (17) | 179 |
Total | $ 0 | $ (29) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Tax computed at statutory rate (34%) | $ 49 | $ (174) |
Tax exempt interest | 0 | (8) |
Bank-owned life insurance | (31) | (32) |
Deferred tax asset valuation allowance | (17) | 179 |
Nondeductible expenses | 7 | 6 |
Other | (8) | 0 |
Actual income taxes (credits) | $ 0 | $ (29) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Deferred tax assets | ||
Allowance for loan losses | $ 545 | $ 523 |
Deferred compensation | 0 | 684 |
Other-than-temporary impairment | 71 | 0 |
Net operating loss carry forward | 1,713 | 1,102 |
Cash versus accrual basis for accounting | 73 | 31 |
Other | 46 | 108 |
Deferred tax assets | 2,448 | 2,448 |
Deferred tax liabilities | ||
Federal Home Loan Bank stock dividends | (293) | (293) |
Book/tax depreciation difference | (21) | (4) |
Deferred loan origination fees | (16) | (8) |
Unrealized gains on available-for-sale securities | 1 | (7) |
Other | 0 | 0 |
Deferred tax liabilities | (329) | (312) |
Net deferred tax asset before valuation allowance | 2,119 | 2,136 |
Valuation allowance | ||
Beginning balance | (2,136) | (1,957) |
(Increase) decrease during year | 17 | (179) |
Ending balance | (2,119) | (2,136) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Deferred Tax Liabilities, Net, Total | $ 2,100,000 | $ 2,100,000 |
Operating Loss Carryforwards | 5,000,000 | |
Deferred Federal Income Tax Expense (Benefit) | 17,000 | (208,000) |
Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals | 680,000 | 680,000 |
Retained Earnings [Member] | ||
Deferred Federal Income Tax Expense (Benefit) | $ 2,000,000 | $ 2,000,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Total Capital (to Risk-Weighted Assets) | ||
Actual Amount | $ 14,834 | $ 9,511 |
Actual Ratio | 23.10% | 20.60% |
For Capital Adequacy Purposes Amount | $ 5,140 | $ 3,699 |
For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 6,425 | $ 4,623 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk-Weighted Assets) | ||
Actual Amount | $ 14,021 | $ 8,922 |
Actual Ratio | 21.80% | 19.30% |
For Capital Adequacy Purposes Amount | $ 3,855 | $ 1,849 |
For Capital Adequacy Purposes Ratio | 6.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 5,140 | $ 2,774 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 6.00% |
Tier I Capital (to Total Assets) | ||
Actual Amount | $ 14,021 | $ 8,922 |
Actual Ratio | 13.70% | 10.00% |
For Capital Adequacy Purposes Amount | $ 4,089 | $ 3,565 |
For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 5,112 | $ 4,456 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Common Equity (to Risk-Weighted Assets) | ||
Actual Amount | $ 13,930 | |
Actual Ratio | 24.60% | |
For Capital Adequacy Purposes Amount | $ 2,891 | |
For Capital Adequacy Purposes Ratio | 4.50% | |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 4,176 | |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% |
Regulatory Matters (Details Tex
Regulatory Matters (Details Textual) | 12 Months Ended |
Jun. 30, 2015 | |
Higher Risk Weight Percentage | 150.00% |
Capital Conservation Buffer Percentage | 2.50% |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||
Due from Related Parties | $ 1,500,000 | $ 1,600,000 |
Repayments of Related Party Debt | 50,000 | |
Related Party Deposit Liabilities | $ 2,200,000 | $ 615,000 |
Employee Benefits (Details)
Employee Benefits (Details) - 12 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Balance, beginning of year (in shares) | 0 |
New share purchases (in shares) | 70,093 |
Shares released to participants (in shares) | 0 |
Share allocated to participants (in shares) | 0 |
Balance, end of period (in shares) | 70,093 |
Balance, beginning of year (in amount) | $ 0 |
New share purchases (in amount) | 701 |
Shares released to participants (in amount) | 0 |
Share allocated to participant (in amount) | 0 |
Balance, end of period (in amount) | $ 701 |
Employee Benefits (Details Text
Employee Benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jan. 29, 2015 | |
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 10 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 70,093 | 0 | |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 1,100,000 | ||
Sale of Stock, Price Per Share | $ 10 | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 20,000 | ||
Allocated Share-based Compensation Expense | $ 22,000 | $ 21,000 | |
Common Stock [Member] | |||
Sale of Stock, Price Per Share | $ 15 |
Directors Deferred Compensati70
Directors Deferred Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Percentage of Director Final Year Fees | 80.00% | |
Estimated for Termination Cost | $ 2 |
Commitments and Credit Risk (De
Commitments and Credit Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Commitments to originate loans | $ 1,759 | $ 9,500 |
Commitments and Credit Risk (72
Commitments and Credit Risk (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Letters of credit | $ 750 | $ 0 |
Commitments and Credit Risk (73
Commitments and Credit Risk (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Consumer Portfolio Segment [Member] | ||
Line Of Credit | $ 387 | $ 254 |
Commercial Portfolio Segment [Member] | ||
Line Of Credit | $ 750 | $ 1,810 |
Commitments and Credit Risk (74
Commitments and Credit Risk (Details Textual) - 12 months ended Jun. 30, 2015 - Lease Commitment [Member] - USD ($) | Total |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years |
Operating Leases, Rent Expense | $ 3,750 |
Lease And Rental Expense For Five Years | $ 234,000 |
Disclosures about Fair Value 75
Disclosures about Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | $ 4,295 | $ 5,416 |
Mortgage Backed Securities Of U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 3,802 | 4,914 |
U. S. Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 493 | 502 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities Of U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U. S. Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 4,295 | 5,416 |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities Of U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 3,802 | 4,914 |
Significant Other Observable Inputs (Level 2) [Member] | U. S. Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 493 | 502 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Backed Securities Of U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | U. S. Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | $ 0 | $ 0 |
Disclosures about Fair Value 76
Disclosures about Fair Value of Assets and Liabilities (Details 1) - Impaired Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 270 | $ 366 |
1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 148 | 226 |
1-4 Family Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 104 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | 1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | 1-4 Family Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | 1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | 1-4 Family Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | 1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 270 | 366 |
Significant Unobservable Inputs (Level 3) [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 148 | $ 226 |
Significant Unobservable Inputs (Level 3) [Member] | 1-4 Family Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 104 |
Disclosures about Fair Value 77
Disclosures about Fair Value of Assets and Liabilities (Details 2) - Impaired Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 270 | $ 366 |
Fair Value Measurements, Valuation Techniques | Sales comparison approach | Sales comparison approach |
Fair Value Measurements, Unobservable Inputs | Adjustment for difference between the comparable real estate sales | Adjustment for difference between the comparable real estate sales |
1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 148 | $ 226 |
Fair Value Measurements, Valuation Techniques | Sales comparison approach | Sales comparison approach |
Fair Value Measurements, Unobservable Inputs | Adjustment for difference between the comparable real estate sales | Adjustment for difference between the comparable real estate sales |
1-4 Family Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 104 | |
Fair Value Measurements, Valuation Techniques | Sales comparison approach | |
Fair Value Measurements, Unobservable Inputs | Estimated selling costs | |
Fair Value Measurements, Range | 10.00% | |
Maximum [Member] | 1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Range | (18.00%) | 3.00% |
Maximum [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Range | (3.00%) | 24.00% |
Minimum [Member] | 1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Range | (24.00%) | (19.00%) |
Minimum [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Range | (19.00%) | (24.00%) |
Weighted Average [Member] | 1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Range | 4.00% | (8.00%) |
Weighted Average [Member] | 1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements, Range | (12.00%) | (1.00%) |
Disclosures about Fair Value 78
Disclosures about Fair Value of Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financial assets | ||
Cash and due from banks | $ 3,665 | $ 4,470 |
Interest-bearing demand deposits | 3,100 | 4,004 |
Held-to-maturity securities | 1,480 | 2,326 |
Loans | 89,561 | 68,619 |
Accrued interest receivable | 245 | 187 |
Financial liabilities | ||
Deposits | 68,188 | 60,775 |
Federal Home Loan Bank stock | 21,692 | 17,333 |
Accrued interest payable | 31 | 23 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and due from banks | 3,665 | 4,470 |
Interest-bearing demand deposits | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Interest-bearing demand deposits | 3,100 | 1,756 |
Held-to-maturity securities | 1,480 | 2,326 |
Loans | 0 | 0 |
Accrued interest receivable | 245 | 187 |
Financial liabilities | ||
Deposits | 68,188 | 60,775 |
Federal Home Loan Bank stock | 21,692 | 17,333 |
Accrued interest payable | 31 | 23 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Interest-bearing demand deposits | 0 | 2,248 |
Held-to-maturity securities | 0 | 0 |
Loans | 89,561 | 68,619 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and due from banks | 3,665 | 4,470 |
Interest-bearing demand deposits | 3,100 | 3,998 |
Held-to-maturity securities | 1,551 | 2,374 |
Loans | 88,878 | 67,284 |
Federal Home Loan Bank stock | 1,164 | 1,164 |
Accrued interest receivable | 245 | 187 |
Financial liabilities | ||
Deposits | 68,524 | 60,710 |
Federal Home Loan Bank stock | 22,360 | 17,333 |
Accrued interest payable | $ 31 | $ 23 |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (93) | $ (124) |
Other comprehensive loss | (6) | 60 |
Transfer of securities from available for sale to held to maturity | (31) | |
Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income | 8 | 5 |
Reclassification adjustment for gains recognized in income | (3) | |
Net current period other comprehensive income | 2 | 31 |
Ending balance | (91) | (93) |
Unrealized Gains and Losses on Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (67) | (124) |
Other comprehensive loss | (6) | 60 |
Transfer of securities from available for sale to held to maturity | 0 | |
Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income | 0 | 0 |
Reclassification adjustment for gains recognized in income | (3) | |
Net current period other comprehensive income | (6) | 57 |
Ending balance | (73) | (67) |
Unrealized gains and losses on securities transferred from Available for Sale to Held to Maturity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (26) | 0 |
Other comprehensive loss | 0 | 0 |
Transfer of securities from available for sale to held to maturity | (31) | |
Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income | 8 | 5 |
Reclassification adjustment for gains recognized in income | 0 | |
Net current period other comprehensive income | 8 | (26) |
Ending balance | $ (18) | $ (26) |
Change in Corporate Form (Detai
Change in Corporate Form (Details Textual) - Jan. 29, 2015 - USD ($) $ / shares in Units, $ in Millions | Total |
Change In Corporate Form [Line Items] | |
Sale of Stock, Price Per Share | $ 10 |
Sale of Stock, Percentage of Ownership after Transaction | 8.00% |
Escrow Deposit | $ 8.8 |