Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Sep. 23, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
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 | $ 10,824,502 | |
Trading Symbol | MWBC | |
Entity Common Stock, Shares Outstanding | 884,973 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Assets | ||
Cash and due from banks | $ 258 | $ 88 |
Interest-bearing demand deposits | 3,414 | 3,577 |
Cash and cash equivalents | 3,672 | 3,665 |
Interest-bearing deposits in other financial institutions | 2,100 | 3,100 |
Available-for-sale securities | 3,465 | 4,295 |
Held-to-maturity securities (fair value of $996 and $1,480 at June 30, 2016 and 2015, respectively) | 986 | 1,551 |
Loans held for sale | 1,763 | 0 |
Loans, net of allowance for loan losses of $1,635 and $1,602 | 99,946 | 88,878 |
Premises and equipment, net | 1,158 | 322 |
Federal Home Loan Bank stock, at cost | 1,192 | 1,164 |
Foreclosed assets, net | 0 | 104 |
Accrued interest receivable | 292 | 245 |
Bank owned life insurance | 3,469 | 3,375 |
Other assets | 251 | 130 |
Deferred federal income taxes | 713 | 0 |
Total assets | 119,007 | 106,829 |
Deposits | ||
Demand and money market | 27,736 | 16,295 |
Savings | 9,274 | 8,609 |
Time | 40,204 | 43,448 |
Total deposits | 77,214 | 68,352 |
Federal Home Loan Bank advances | 25,319 | 22,360 |
Other liabilities | 350 | 447 |
Total liabilities | 102,883 | 91,159 |
Commitments and Contingent Liabilities (Note 14) | ||
Shareholders' 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, 904,973 shares issued | 9 | 9 |
Additional paid-in-capital | 7,835 | 7,386 |
Shares acquired by ESOP | (666) | (701) |
Unearned compensation - restricted stock awards | (429) | 0 |
Retained earnings | 9,756 | 9,067 |
Accumulated other comprehensive loss | (79) | (91) |
Treasury stock, 20,000 shares at June 30, 2016 | (302) | 0 |
Total shareholders' equity | 16,124 | 15,670 |
Total liabilities and shareholders' equity | $ 119,007 | $ 106,829 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Held-to-maturity Securities, Fair Value | $ 996 | $ 1,480 |
Loans and Leases Receivable, Allowance | $ 1,635 | $ 1,602 |
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 | 904,973 | |
Treasury Stock, Shares | 20,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Interest Income | ||
Loans, including fees | $ 3,712 | $ 3,198 |
Investment securities | 98 | 104 |
Interest-bearing deposits | 140 | 120 |
Total interest income | 3,950 | 3,422 |
Interest Expense | ||
Deposits | 877 | 708 |
Federal Home Loan Bank advances | 329 | 294 |
Total interest expense | 1,206 | 1,002 |
Net Interest Income | 2,744 | 2,420 |
Provision for Loan Losses | 13 | 35 |
Net Interest Income After Provision for Loan Losses | 2,731 | 2,385 |
Noninterest Income | ||
Gain on sale of loans | 219 | 50 |
Gain on sale of foreclosed assets, net | 21 | 15 |
Gain on investment securities transactions | 1 | 0 |
Income from Bank owned life insurance | 94 | 92 |
Other operating | 43 | 29 |
Total noninterest income | 378 | 186 |
Noninterest Expense | ||
Salaries and employee benefits | 1,777 | 1,402 |
Occupancy and equipment | 231 | 135 |
Data processing | 143 | 97 |
Franchise taxes | 95 | 64 |
FDIC insurance premiums | 78 | 70 |
Professional services | 398 | 296 |
Advertising | 56 | 43 |
Office supplies | 51 | 24 |
Business entertainment | 49 | 40 |
Other | 255 | 255 |
Total noninterest expense | 3,133 | 2,426 |
Income (Loss) Before Federal Income Tax Benefit | (24) | 145 |
Federal Income Tax Benefit | (713) | 0 |
Net Income | $ 689 | $ 145 |
Basic earnings per share | $ 0.86 | |
Diluted earnings per share | $ 0.85 | |
Weighted-average shares outstanding | ||
Basic | 804,698 | |
Diluted | 808,192 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 689 | $ 145 |
Other comprehensive income: | ||
Unrealized holding gains (losses) on securities available for sale | 7 | (6) |
Reclassification adjustment for gains realized in net income | (1) | 0 |
Amortization of net unrealized holding loss on held-to-maturity securities | 6 | 8 |
Net unrealized gains | 12 | 2 |
Tax effect | 0 | 0 |
Total other comprehensive income | 12 | 2 |
Comprehensive income | $ 701 | $ 147 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Shares Acquired by ESOP [Member] | Deferred Compensation, Share-based Payments [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning Balance at Jun. 30, 2014 | $ 8,829 | $ 0 | $ 0 | $ 0 | $ 0 | $ 8,922 | $ (93) | $ 0 |
Proceeds from Issuance of Common Stock | 6,694 | 9 | 7,386 | (701) | 0 | 0 | 0 | 0 |
Net income | 145 | 0 | 0 | 0 | 0 | 145 | 0 | 0 |
Amortization of ESOP | 0 | 0 | ||||||
Other comprehensive income | 2 | 0 | 0 | 0 | 0 | 2 | ||
Ending Balance at Jun. 30, 2015 | 15,670 | 9 | 7,386 | (701) | 0 | 9,067 | (91) | 0 |
Net income | 689 | 0 | 0 | 0 | 0 | 689 | 0 | 0 |
Amortization of ESOP | 49 | 0 | 14 | 35 | 0 | 0 | 0 | 0 |
Compensation expense related to stock options | 6 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
Purchase of treasury shares | (302) | 0 | 0 | 0 | 0 | 0 | 0 | (302) |
Issuance of restricted stock awards | 0 | 0 | 429 | 0 | (429) | 0 | 0 | 0 |
Other comprehensive income | 12 | 0 | 0 | 0 | 0 | 12 | 0 | |
Ending Balance at Jun. 30, 2016 | $ 16,124 | $ 9 | $ 7,835 | $ (666) | $ (429) | $ 9,756 | $ (79) | $ (302) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities | ||
Net income | $ 689 | $ 145 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization | 114 | 90 |
Amortization of premiums and discounts on securities, net | 57 | 88 |
Accretion of deferred loan origination fees and costs, net | 14 | (53) |
Provision for loan losses | 13 | 35 |
Gain on securities transactions | (1) | 0 |
Gain on sale of loans | (219) | (50) |
Proceeds from sales of loans | 6,881 | 3,198 |
Loans originated for sale | (10,296) | (3,165) |
Gain on sale of foreclosed real estate | (21) | (15) |
Cash surrender value of life insurance | (94) | (93) |
Compensation expense related to stock options | 6 | 0 |
Amortization of ESOP | 49 | 0 |
Changes in: | ||
Accrued interest receivable | (47) | (58) |
Prepaid expenses and other assets | (70) | 239 |
Deferred directors compensation | 0 | (2,012) |
Other liabilities | (97) | 89 |
Deferred federal income taxes | (713) | 0 |
Net cash from operating activities | (3,735) | (1,562) |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other financial institutions | 1,000 | 898 |
Purchases of available-for-sale securities | (494) | (498) |
Proceeds from maturities of available-for-sale securities | 500 | 500 |
Principal repayments from mortgage-backed securities available-for-sale | 782 | 1,034 |
Principal repayments from mortgage-backed securities held to maturity | 563 | 822 |
Proceeds from sale of jumbo mortgage loans | 5,773 | 0 |
Net change in loans | (15,048) | (21,654) |
Purchase of premises and equipment | (950) | (27) |
Payments for improvments to foreclosed assets | 0 | (26) |
Proceeds from sale of foreclosed assets | 125 | 173 |
Purchase of Federal Home Loan Bank stock | (28) | 0 |
Net cash from investing activities | (7,777) | (18,778) |
Cash Flows from Financing Activities | ||
Net change in deposits | 8,862 | 7,814 |
Proceeds from Federal Home Loan Bank advances | 5,500 | 19,000 |
Repayment of Federal Home Loan Bank advances | (2,541) | (13,973) |
Proceeds from issuance of common stock | 0 | 6,694 |
Purchase of treasury stock | (302) | 0 |
Net cash from financing activities | 11,519 | 19,535 |
Net Change in Cash and Cash Equivalents | 7 | (805) |
Beginning Cash and Cash Equivalents | 3,665 | 4,470 |
Ending Cash and Cash Equivalents | 3,672 | 3,665 |
Cash paid during the year for: | ||
Interest on deposits and borrowings | 1,196 | 994 |
Supplemental Disclosure of Noncash Investing Activities | ||
Transfers from loans to real estate acquired through foreclosure | 0 | 78 |
Sale and financing of foreclosed assets | $ 0 | $ 158 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
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”), headquartered in Cincinnati, Ohio, was formed to serve as the stock holding company for Watch Hill Bank (the “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 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 preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make 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 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 five 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. The Company accounts for income taxes in accordance with income tax accounting guidance (Accounting Standards Codification (“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 2013. As of June 30, 2016, 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 Bank 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. Common shares repurchased are recorded at cost. The Company has a share-based compensation plan, which is more fully described in Note 12. 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. Basic earnings per share excludes dilution and is calculated by dividing net income applicable to common stock by the weighted-average number of shares of common stock outstanding during the period, less unallocated ESOP shares and unvested restricted stock awards. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards and are determined using the treasury stock method. Unallocated common shares held by the Company’s Employee Stock Ownership Plan (the “ESOP”) are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released. Earnings per share disclosures are not applicable to the fiscal year ended June 30, 2015, because the Company did not complete the conversion to stock form until January 29, 2015. Certain reclassifications have been made to the 2015 financial statements to conform to the 2016 financial statement presentation. These reclassifications had no effect on the results of operations. |
Securities
Securities | 12 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 2: Securities Amortized Gross Gross Fair (In thousands) Available-for-sale Securities: June 30, 2016 Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,445 $ 36 $ (16) $ 3,465 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 Amortized Gross Gross Fair (In thousands) Held-to-maturity Securities: June 30, 2016 Mortgage-backed securities $ 986 $ 11 $ (1) $ 996 June 30, 2015 Mortgage-backed securities $ 1,551 $ - $ (71) $ 1,480 The amortized cost and fair value of available-for-sale securities and held-to-maturity securities at June 30, 2016, 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, 2016 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (In thousands) Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,445 $ 3,465 $ 986 $ 996 There were no sales of securities during the years ended June 30, 2016 and 2015. The Company has pledged securities with a carrying value of $ 1.4 1.1 At June 30, 2016 and 2015, 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 intended to hold these securities to maturity. The securities had a total amortized cost of $ 2.925 2.894 31,000 12,000 Less than 12 Months 12 Months or Longer Total Description of Securities Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses (In thousands) June 30, 2016 Available-for-sale Securities: Mortgage-backed securities of U.S. sponsored entities - residential $ 740 $ (9) $ 486 $ (7) $ 1,226 $ (16) Held-to-maturity Securities: Mortgage-backed securities - of U.S. sponsored entities - residential - - 256 (1) 256 (1) $ 740 $ (9) $ 742 $ (8) $ 1,482 $ (17) June 30, 2015 Available-for-sale Securities: U.S. Government agencies $ 493 $ (5) $ - $ - $ 493 $ (5) Mortgage-backed securities of U.S. sponsored entities - residential - - 579 (4) 579 (4) Held-to-maturity Securities: Mortgage-backed securities - of U.S. sponsored entities - residential - - 1,480 (71) 1,480 (71) $ 493 $ (5) $ 2,059 $ (75) $ 2,552 $ (80) Other-than-temporary Impairment At June 30, 2016 and 2015, 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, 2016 and 2015. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 3: Loans and Allowance for Loan Losses 2016 2015 (In thousands) Real estate loans One- to four-family residential $ 65,294 $ 65,170 Multi-family residential 9,076 6,221 Commercial 17,486 15,908 Construction 6,720 3,041 Commercial loans 2,397 - Consumer and other 548 93 Total loans 101,521 90,433 Less: Net deferred loan fees, premiums and discounts (60) (47) Allowance for loan losses 1,635 1,602 Net loans $ 99,946 $ 88,878 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 one- to four-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. Commercial Commercial loans are viewed primarily as cash flow loans. Commercial lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the business conducted. Commercial loans may be secured by receivables, inventories and/or guarantees of the borrowers and certain of these loans may be unsecured. Commercial loans may be more adversely affected by conditions in the general economy. The characteristics of businesses comprising the Company’s commercial portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial loans based on collateral, geography and risk grade criteria. 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, 2016 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, 2015 $ 1,130 $ 287 $ 3 $ 124 $ 58 $ - $ 1,602 Provision for loan losses (140) 22 36 43 58 (6) 13 Charge-offs - - - - - - - Recoveries 14 - - - - 6 20 Balance, June 30, 2016 $ 1,004 $ 309 $ 39 $ 167 $ 116 $ - $ 1,635 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 89 $ 99 $ - $ - $ - $ - $ 188 Ending balance, collectively evaluated for impairment $ 915 $ 210 $ 39 $ 167 $ 116 $ - $ 1,447 Loans: Ending balance $ 53,060 $ 12,234 $ 9,076 $ 19,883 $ 6,720 $ 548 $ 101,521 Ending balance; individually evaluated for impairment $ 1,047 $ 641 $ - $ 145 $ - $ - $ 1,833 Ending balance; collectively evaluated for impairment $ 52,013 $ 11,593 $ 9,076 $ 19,738 $ 6,720 $ 548 $ 99,688 June 30, 2015 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 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 are 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, 2016 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Pass $ 52,224 $ 11,558 $ 9,076 $ 19,883 $ 6,720 $ 548 $ 100,009 Special mention - - - - - - - Substandard 836 676 - - - - 1,512 Doubtful - - - - - - - Total $ 53,060 $ 12,234 $ 9,076 $ 19,883 $ 6,720 $ 548 $ 101,521 June 30, 2015 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 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 1-4 family real estate, including both owner-occupied and non-owner occupied properties. Subprime loans totaled $ 6.5 7.8 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 fiscal year. June 30, 2016 Total Loans > 30-59 Days 60-89 Days Greater Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) 1-4 family owner-occupied $ 136 $ 86 $ - $ 222 $ 52,838 $ 53,060 $ - 1-4 family non-owner occupied 379 - - 379 11,855 12,234 - Multi-family residential - - - - 9,076 9,076 - Commercial - - - - 19,883 19,883 - Construction - - - - 6,720 6,720 - Consumer and other - - - - 548 548 - Total $ 515 $ 86 $ - $ 601 $ 100,920 $ 101,521 $ - June 30, 2015 Total Loans > 30-59 Days 60-89 Days Greater Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) 1-4 family owner-occupied $ 223 $ - $ 86 $ 309 $ 53,486 $ 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 $ 309 $ 90,124 $ 90,433 $ - 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, 2016 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: 1-4 family owner-occupied $ 682 $ 881 $ - $ 712 $ 17 1-4 family non-owner occupied 182 213 - 189 - Multi-family residential - - - - - Commercial 145 160 - 149 11 Construction - - - - - Consumer and other - - - - - Loans with an allowance recorded: 1-4 family owner-occupied 365 451 89 383 - 1-4 family non-owner occupied 459 496 99 462 - Multi-family residential - - - - - Commercial - - - - - Construction - - - - - Consumer and other - - - - - Totals $ 1,833 $ 2,201 $ 188 $ 1,895 $ 28 As of and for the year ended June 30, 2015 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: 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: 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 The recorded investment in loans excludes accrued interest receivable and net loan origination fees and costs, 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. 2016 2015 (In thousands) 1-4 family owner-occupied $ 568 $ 795 1-4 family non-owner occupied 641 290 Multi-family residential - - Commercial - - Construction - - Consumer and other - - Total nonaccrual $ 1,209 $ 1,085 At June 30, 2016 and 2015, 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 $ 1.1 1.3 58,000 115,000 The Company had no loans modified under a troubled debt restructuring during the years ended June 30, 2016 and 2015. 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, 2016 and 2015, the Company originated for sale and sold $ 6.8 3.2 162,000 50,000 5.7 57,000 1.8 |
Foreclosed Assets
Foreclosed Assets | 12 Months Ended |
Jun. 30, 2016 | |
Repossessed Assets [Abstract] | |
Foreclosed Assets | Note 4: Foreclosed Assets Foreclosed assets activity for the years ended June 30, 2016 and 2015 was as follows: June 30, 2016 2015 (In thousands) Beginning balance $ 104 $ 158 Loans transferred to foreclosed real estate - 78 Capitalized expenditures - 27 Direct writedowns - - Sales of foreclosed real estate (104) (159) Ending balance $ - $ 104 Income (expenses) related to foreclosed assets include: Net gain on sales $ 21 $ 15 Operating expenses, net of rental income (5) (17) Total income (expense) related to foreclosed assets $ 16 $ (2) |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 5: Premises and Equipment June 30, 2016 2015 Buildings and improvements $ 863 $ 559 Furniture and equipment 796 506 Construction in progress 199 - 1,858 1,065 Less accumulated depreciation 700 743 Net premises and equipment $ 1,158 $ 322 During the year ended June 30, 2016, the Company entered into a contract to build a drive-through banking facility adjacent to its new branch location at a total cost of approximately $ 730,000 |
Time Deposits
Time Deposits | 12 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Time Deposits | Note 6: Time Deposits Time deposits in denominations of $100,000 or more were $ 19.1 18.9 5.0 3.6 June 30, 2016 (In thousands) One year or less $ 26,326 Over one year to two years 8,180 Over two years to three years 4,753 Over three years to four years 606 Over four years to five years 339 Thereafter - $ 40,204 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances June 30, Interest rate Maturing 2016 2015 (In thousands) 0.74% -1.01% One year or less $ 4,000 $ - 0.77% - 1.40% Over one year to two years 5,000 3,000 1.07% - 1.92% Over two years to three years 3,000 2,500 1.21% - 2.09% Over three years to four years 2,624 2,000 1.22% - 2.35% Over four years to five years 2,000 2,821 2.33% - 2.35% Over five years to six years 500 1,000 1.13% - 2.33% Thereafter 8,195 11,039 $ 25,319 $ 22,360 June 30, 2016 (In thousands) Payments due in years ending June 30, 2017 $ 6,438 2018 6,605 2019 4,319 2020 2,885 2021 2,701 Thereafter 2,371 $ 25,319 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8: Income Taxes Year Ended June 30, 2016 2015 (In thousands) Federal-current $ - $ - Federal-deferred (33) 17 Change in valuation allowance (680) (17) Total $ (713) $ - Year Ended June 30, 2016 2015 (In thousands) Computed at statutory rate (34%) $ (8) $ 49 Increase (decrease) resulting from Bank-owned life insurance (32) (31) Deferred tax asset valuation allowance (680) (17) Nondeductible expenses 7 7 Other - (8) Actual income tax benefit $ (713) $ - June 30, 2016 2015 (In thousands) Deferred tax assets Allowance for loan losses $ 556 $ 545 Other-than-temporary impairment 71 71 Net operating loss carry forward 1,925 1,713 Cash versus accrual basis of accounting - 73 Other 47 46 Deferred tax assets 2,599 2,448 Deferred tax liabilities Federal Home Loan Bank stock dividends (293) (293) Book/tax depreciation differences (25) (21) Deferred loan orgination fees (20) (16) Cash versus accrual basis of accounting (87) - Unrealized gains on available-for-sale securities - 1 Other (22) - Deferred tax liabilities (447) (329) Net deferred tax asset before valuation allowance 2,152 2,119 Valuation allowance Beginning balance (2,119) (2,136) Decrease during year 680 17 Ending balance (1,439) (2,119) Net deferred tax asset $ 713 $ - As of June 30, 2016 and 2015, the net deferred tax asset, before valuation allowance, was $ 2.1 680,000 5.6 Retained earnings at both June 30, 2016 and 2015 includes approximately $ 2.0 680,000 As of June 30, 2016 and 2015, 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 2013. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2016 | |
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 that, as of June 30, 2016 and 2015, 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 To be categorized as well capitalized under the regulatory framework for prompt corrective action, the Bank must maintain minimum capital ratios as set forth in the table. Management believes its capital still meets the requirements to be deemed well-capitalized as of the date of this report. Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2016 Total Capital (to Risk-Weighted Assets) $ 15,250 19.7 % $ 6,204 8.0 % $ 7,756 10.0 % Tier I Capital (to Risk-Weighted Assets) $ 14,269 18.4 % $ 4,653 6.0 % $ 6,204 8.0 % Common Equity (to Risk-Weighted Assets) $ 14,269 18.4 % $ 3,490 4.5 % $ 5,041 6.5 % Tier I Capital (to Average Assets) $ 14,269 12.1 % $ 4,727 4.0 % $ 5,909 5.0 % As of June 30, 2015 Total Capital (to Risk-Weighted Assets) $ 14,834 23.1 % $ 5,140 8.0 % $ 6,425 10.0 % Tier I Capital (to Risk-Weighted Assets) $ 14,021 21.8 % $ 3,855 6.0 % $ 5,140 8.0 % Common Equity (to Risk-Weighted Assets) $ 14,021 21.8 % $ 2,891 4.5 % $ 4,176 6.5 % Tier I Capital (to Average Assets) $ 14,021 13.7 % $ 4,089 4.0 % $ 5,112 5.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10: Related Party Transactions At June 30, 2016 and 2015, the Company had loans outstanding to executive officers, directors and their affiliates (related parties), in the amount of approximately $ 1.3 1.5 44,000 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, 2016 and 2015, the Company had deposits from certain officers, directors and other related interests totaling approximately $ 1.9 2.2 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | Note 11: Employee Benefits 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. During the year ended June 30, 2013, the Company elected to terminate the Plan and distribute the benefits which had been earned through the date of termination. The Company did not recognize any expense in connection with the Plan for the year ended June 30, 2015. Final distributions of $ 2.0 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 $ 28,000 22,000 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 $ 55,000 20,000 2016 2015 Shares Amount Shares Amount (Dollars in thousands) Balance at beginning of year 70,093 $ 701 - $ - New share purchases - - 70,093 701 Shares allocated to participants (3,504) (35) - - Balance at end of year 66,589 $ 666 70,093 $ 701 The stock price at the formation date was $ 10.00 66,589 70,093 1.0 1.1 15.75 15.00 |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | Equity Incentive Plan In April 2016, the Company’s stockholders authorized the adoption of the MW Bancorp, Inc. 2016 Equity Incentive Plan (the “2016 Plan”). No more than 122,662 Awards may vest or become exercisable only upon the achievement of performance measures or based solely on the passage of time after award. Stock options and restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the 2016 Plan). In May 2016, the Company granted stock options for 60,150 4.67 19.46 1.81 0.00 Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value (In thousands) Outstanding, beginning of year - $ - Granted 60,150 14.88 Exercised - - Forfeited or expired - - Outstanding, end of year 60,150 $ 14.88 9.8 $ 52 Exercisable, end of year - $ - - $ - In May 2016, the Company awarded restricted stock totaling 28,810 Total compensation cost recognized in the income statement for share-based payment arrangements during the year ended June 30, 2016 was $ 15,000 As of June 30, 2016, there was $ 703,000 6.3 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Year Ended June 30, 2016 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 689 Basic earnings per share 804,698 $ 0.86 Effect of dilutive securities Stock options 2,144 Restricted stock awards 1,350 Diluted earnings per share 808,192 $ 0.85 |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | Note 14: 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, 2016 2015 (In thousands) Commitments to originate loans $ 2,236 $ 1,759 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, 2016 2015 (In thousands) Letters of credit $ 936 $ 750 The terms of the letters of credit are for 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, 2016 2015 (In thousands) Commercial lines $ 999 $ 750 Consumer lines 6,132 387 The Bank has leased office space for its new branch, which opened 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 27,000 198,000 |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 15: 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 Fair Quoted Prices in Significant Other Significant (In thousands) June 30, 2016 Mortgage-backed securities of U.S. of government sponsored entities - residential $ 3,465 $ - $ 3,465 $ - 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 $ - 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, 2016 and 2015. 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. Nonrecurring Measurements Fair Value Measurement Using Fair Quoted Prices in Significant Significant (In thousands) June 30, 2016 Impaired loans - residential One-to-four family: Owner occupied $ 276 $ - $ - $ 276 Non-owner occupied 360 - - 360 June 30, 2015 Impaired loans - residential One-to-four family: Owner occupied $ 270 $ - $ - $ 270 Non-owner occupied 148 - - 148 Foreclosed assets 104 - - 104 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 sheets, 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 7 10 Unobservable (Level 3) Inputs Fair Value at Valuation Technique Unobservable Inputs Range (In thousands) Impaired loans (collateral dependent) - one-to-four family owner occupied residential real estate $ 276 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Impaired loans (collateral dependent) - one-to-four family non-owner occupied residential real estate $ 360 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Fair Value at Valuation Technique Unobservable Inputs Range (In thousands) Impaired loans (collateral dependent) - one-to-four family owner occupied residential real estate $ 270 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Impaired loans (collateral dependent) - one-to-four family non-owner occupied residential real estate $ 148 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Foreclosed assets $ 104 Sales comparison approach Estimated selling costs 10 % Fair Value of Financial Instruments Fair Value Measurement Using Carrying Amount Quoted Prices in Significant Other Significant Total (In thousands) June 30, 2016 Financial assets Cash and due from banks $ 3,672 $ 3,672 $ - $ - $ 3,672 Interest-bearing demand deposits 2,100 2,100 - - 2,100 Held-to-maturity securities 986 - 996 - 996 Loans and loans held for sale 101,709 - - 102,480 102,480 Federal Home Loan Bank stock 1,192 N/A N/A N/A N/A Accrued interest receivable 292 - 292 - 292 Financial liabilities - Deposits 77,214 37,010 40,584 - 77,594 Federal Home Loan Bank advances 25,319 - 25,445 - 25,445 Accrued interest payable 33 - 33 - 33 June 30, 2015 Financial assets Cash and cash equivalents $ 3,665 $ 3,665 $ - $ - $ 3,665 Interest-bearing time deposits 3,100 - 3,100 - 3,100 Held-to-maturity securities 1,551 - 1,463 - 1,463 Loans 88,878 - - 89,561 89,561 Federal Home Loan Bank stock 1,164 N/A N/A N/A - Accrued interest receivable 245 - 245 - 245 Financial liabilities - Deposits 68,524 25,076 43,112 - 68,188 Federal Home Loan Bank advances 22,360 - 22,219 - 22,219 Accrued interest payable 31 - 31 - 31 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 amount approximates fair value. The carrying amount is 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, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 16: Accumulated Other Comprehensive Income (Loss) Unrealized Unrealized gains and losses Gains and Losses on securities on Available transferred from for Sale Available for Sale to June 30, 2016 Securities Held to Maturity Total (In thousands) Beginning balance $ (73) $ (18) $ (91) 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 - 6 6 Net current period other comprehensive income 6 6 12 Ending balance $ (67) $ (12) $ (79) June 30, 2015 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) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 17: Recent Accounting Pronouncements FASB ASU 2014-09, Revenue from Contracts with Customers FASB ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements. FASB ASU 2016-02, Leases. A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e., January 1, 2019, for a calendar year entity). Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements. FASB ASU 2016-13 Financial Instruments-Credit Losses. |
Change in Corporate Form
Change in Corporate Form | 12 Months Ended |
Jun. 30, 2016 | |
Change In Corporate Form [Abstract] | |
Change In Corporate Form | 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 benefits of eligible savings account holders who maintain deposit accounts in the Bank after 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 Event
Subsequent Event | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On July 17, 2016, the Company declared a cash dividend of $ 0.10 86,000 |
Nature of Operations and Summ27
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations MW Bancorp, Inc. (the “Company”), headquartered in Cincinnati, Ohio, was formed to serve as the stock holding company for Watch Hill Bank (the “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 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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make 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 |
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. |
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. |
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 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 five 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. |
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. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (Accounting Standards Codification (“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 2013. As of June 30, 2016, the Company had no material uncertain tax positions. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Bank Owned Life Insurance | Bank Owned Life Insurance The cash surrender value of Bank 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 | 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. |
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. |
Treasury Stock | Treasury Stock Common shares repurchased are recorded at cost. |
Stock Options and Restricted Stock Awards | Stock Options and Restricted Stock Awards The Company has a share-based compensation plan, which is more fully described in Note 12. |
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. |
Earnings Per Share | Earnings Per Share Basic earnings per share excludes dilution and is calculated by dividing net income applicable to common stock by the weighted-average number of shares of common stock outstanding during the period, less unallocated ESOP shares and unvested restricted stock awards. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards and are determined using the treasury stock method. Unallocated common shares held by the Company’s Employee Stock Ownership Plan (the “ESOP”) are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released. Earnings per share disclosures are not applicable to the fiscal year ended June 30, 2015, because the Company did not complete the conversion to stock form until January 29, 2015. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2015 financial statements to conform to the 2016 financial statement presentation. These reclassifications had no effect on the results of operations. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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: Amortized Gross Gross Fair (In thousands) Available-for-sale Securities: June 30, 2016 Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,445 $ 36 $ (16) $ 3,465 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 Amortized Gross Gross Fair (In thousands) Held-to-maturity Securities: June 30, 2016 Mortgage-backed securities $ 986 $ 11 $ (1) $ 996 June 30, 2015 Mortgage-backed securities $ 1,551 $ - $ (71) $ 1,480 |
Schedule Of Securities Without Single Maturity Date | June 30, 2016 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair (In thousands) Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,445 $ 3,465 $ 986 $ 996 |
Schedule of Unrealized Loss on Investments | The following tables show the Company’s investments’ gross unrealized losses and 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, 2016 and 2015: Less than 12 Months 12 Months or Longer Total Description of Securities Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses (In thousands) June 30, 2016 Available-for-sale Securities: Mortgage-backed securities of U.S. sponsored entities - residential $ 740 $ (9) $ 486 $ (7) $ 1,226 $ (16) Held-to-maturity Securities: Mortgage-backed securities - of U.S. sponsored entities - residential - - 256 (1) 256 (1) $ 740 $ (9) $ 742 $ (8) $ 1,482 $ (17) June 30, 2015 Available-for-sale Securities: U.S. Government agencies $ 493 $ (5) $ - $ - $ 493 $ (5) Mortgage-backed securities of U.S. sponsored entities - residential - - 579 (4) 579 (4) Held-to-maturity Securities: Mortgage-backed securities - of U.S. sponsored entities - residential - - 1,480 (71) 1,480 (71) $ 493 $ (5) $ 2,059 $ (75) $ 2,552 $ (80) |
Loans and Allowance for Loan 29
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans at June 30, 2016 and 2015 include: 2016 2015 (In thousands) Real estate loans One- to four-family residential $ 65,294 $ 65,170 Multi-family residential 9,076 6,221 Commercial 17,486 15,908 Construction 6,720 3,041 Commercial loans 2,397 - Consumer and other 548 93 Total loans 101,521 90,433 Less: Net deferred loan fees, premiums and discounts (60) (47) Allowance for loan losses 1,635 1,602 Net loans $ 99,946 $ 88,878 |
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, 2016 and 2015, and the recorded investment in loans and impairment method as of June 30, 2016 and 2015: June 30, 2016 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, 2015 $ 1,130 $ 287 $ 3 $ 124 $ 58 $ - $ 1,602 Provision for loan losses (140) 22 36 43 58 (6) 13 Charge-offs - - - - - - - Recoveries 14 - - - - 6 20 Balance, June 30, 2016 $ 1,004 $ 309 $ 39 $ 167 $ 116 $ - $ 1,635 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 89 $ 99 $ - $ - $ - $ - $ 188 Ending balance, collectively evaluated for impairment $ 915 $ 210 $ 39 $ 167 $ 116 $ - $ 1,447 Loans: Ending balance $ 53,060 $ 12,234 $ 9,076 $ 19,883 $ 6,720 $ 548 $ 101,521 Ending balance; individually evaluated for impairment $ 1,047 $ 641 $ - $ 145 $ - $ - $ 1,833 Ending balance; collectively evaluated for impairment $ 52,013 $ 11,593 $ 9,076 $ 19,738 $ 6,720 $ 548 $ 99,688 June 30, 2015 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 |
Financing Receivable Credit Quality Indicators | June 30, 2016 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Pass $ 52,224 $ 11,558 $ 9,076 $ 19,883 $ 6,720 $ 548 $ 100,009 Special mention - - - - - - - Substandard 836 676 - - - - 1,512 Doubtful - - - - - - - Total $ 53,060 $ 12,234 $ 9,076 $ 19,883 $ 6,720 $ 548 $ 101,521 June 30, 2015 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 |
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, 2016 and 2015: June 30, 2016 Total Loans > 30-59 Days 60-89 Days Greater Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) 1-4 family owner-occupied $ 136 $ 86 $ - $ 222 $ 52,838 $ 53,060 $ - 1-4 family non-owner occupied 379 - - 379 11,855 12,234 - Multi-family residential - - - - 9,076 9,076 - Commercial - - - - 19,883 19,883 - Construction - - - - 6,720 6,720 - Consumer and other - - - - 548 548 - Total $ 515 $ 86 $ - $ 601 $ 100,920 $ 101,521 $ - June 30, 2015 Total Loans > 30-59 Days 60-89 Days Greater Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) 1-4 family owner-occupied $ 223 $ - $ 86 $ 309 $ 53,486 $ 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 $ 309 $ 90,124 $ 90,433 $ - |
Impaired Financing Receivables | The following tables present impaired loans as of and for the years ended June 30, 2016 and 2015: As of and for the year ended June 30, 2016 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: 1-4 family owner-occupied $ 682 $ 881 $ - $ 712 $ 17 1-4 family non-owner occupied 182 213 - 189 - Multi-family residential - - - - - Commercial 145 160 - 149 11 Construction - - - - - Consumer and other - - - - - Loans with an allowance recorded: 1-4 family owner-occupied 365 451 89 383 - 1-4 family non-owner occupied 459 496 99 462 - Multi-family residential - - - - - Commercial - - - - - Construction - - - - - Consumer and other - - - - - Totals $ 1,833 $ 2,201 $ 188 $ 1,895 $ 28 As of and for the year ended June 30, 2015 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: 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: 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 |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the Company’s nonaccrual loans at June 30, 2016 and 2015. The table excludes performing troubled debt restructurings. 2016 2015 (In thousands) 1-4 family owner-occupied $ 568 $ 795 1-4 family non-owner occupied 641 290 Multi-family residential - - Commercial - - Construction - - Consumer and other - - Total nonaccrual $ 1,209 $ 1,085 |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Repossessed Assets [Abstract] | |
Schedule of Foreclosed Assets Activity | Foreclosed assets activity for the years ended June 30, 2016 and 2015 was as follows: June 30, 2016 2015 (In thousands) Beginning balance $ 104 $ 158 Loans transferred to foreclosed real estate - 78 Capitalized expenditures - 27 Direct writedowns - - Sales of foreclosed real estate (104) (159) Ending balance $ - $ 104 Income (expenses) related to foreclosed assets include: Net gain on sales $ 21 $ 15 Operating expenses, net of rental income (5) (17) Total income (expense) related to foreclosed assets $ 16 $ (2) |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Major classifications of premises and equipment, stated at cost, are as follows: June 30, 2016 2015 Buildings and improvements $ 863 $ 559 Furniture and equipment 796 506 Construction in progress 199 - 1,858 1,065 Less accumulated depreciation 700 743 Net premises and equipment $ 1,158 $ 322 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Schedule Of Time Deposit Maturities | At June 30, 2016, the scheduled maturities of time deposits were as follows: June 30, 2016 (In thousands) One year or less $ 26,326 Over one year to two years 8,180 Over two years to three years 4,753 Over three years to four years 606 Over four years to five years 339 Thereafter - $ 40,204 |
Federal Home Loan Bank Advanc33
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank, Advances | June 30, Interest rate Maturing 2016 2015 (In thousands) 0.74% -1.01% One year or less $ 4,000 $ - 0.77% - 1.40% Over one year to two years 5,000 3,000 1.07% - 1.92% Over two years to three years 3,000 2,500 1.21% - 2.09% Over three years to four years 2,624 2,000 1.22% - 2.35% Over four years to five years 2,000 2,821 2.33% - 2.35% Over five years to six years 500 1,000 1.13% - 2.33% Thereafter 8,195 11,039 $ 25,319 $ 22,360 |
Federal Home Loan Bank Advances Maturity | June 30, 2016 (In thousands) Payments due in years ending June 30, 2017 $ 6,438 2018 6,605 2019 4,319 2020 2,885 2021 2,701 Thereafter 2,371 $ 25,319 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax benefit for the years ended June 30, 2016 and 2015, was as follows: Year Ended June 30, 2016 2015 (In thousands) Federal-current $ - $ - Federal-deferred (33) 17 Change in valuation allowance (680) (17) Total $ (713) $ - |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal income tax benefit at the statutory rate to the Company’s actual income tax benefit is shown below: Year Ended June 30, 2016 2015 (In thousands) Computed at statutory rate (34%) $ (8) $ 49 Increase (decrease) resulting from Bank-owned life insurance (32) (31) Deferred tax asset valuation allowance (680) (17) Nondeductible expenses 7 7 Other - (8) Actual income tax benefit $ (713) $ - |
Schedule of Deferred Tax Assets and Liabilities | The composition of the Company’s net deferred tax asset at June 30, 2016 and 2015, is as follows: June 30, 2016 2015 (In thousands) Deferred tax assets Allowance for loan losses $ 556 $ 545 Other-than-temporary impairment 71 71 Net operating loss carry forward 1,925 1,713 Cash versus accrual basis of accounting - 73 Other 47 46 Deferred tax assets 2,599 2,448 Deferred tax liabilities Federal Home Loan Bank stock dividends (293) (293) Book/tax depreciation differences (25) (21) Deferred loan orgination fees (20) (16) Cash versus accrual basis of accounting (87) - Unrealized gains on available-for-sale securities - 1 Other (22) - Deferred tax liabilities (447) (329) Net deferred tax asset before valuation allowance 2,152 2,119 Valuation allowance Beginning balance (2,119) (2,136) Decrease during year 680 17 Ending balance (1,439) (2,119) Net deferred tax asset $ 713 $ - |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2016 Total Capital (to Risk-Weighted Assets) $ 15,250 19.7 % $ 6,204 8.0 % $ 7,756 10.0 % Tier I Capital (to Risk-Weighted Assets) $ 14,269 18.4 % $ 4,653 6.0 % $ 6,204 8.0 % Common Equity (to Risk-Weighted Assets) $ 14,269 18.4 % $ 3,490 4.5 % $ 5,041 6.5 % Tier I Capital (to Average Assets) $ 14,269 12.1 % $ 4,727 4.0 % $ 5,909 5.0 % As of June 30, 2015 Total Capital (to Risk-Weighted Assets) $ 14,834 23.1 % $ 5,140 8.0 % $ 6,425 10.0 % Tier I Capital (to Risk-Weighted Assets) $ 14,021 21.8 % $ 3,855 6.0 % $ 5,140 8.0 % Common Equity (to Risk-Weighted Assets) $ 14,021 21.8 % $ 2,891 4.5 % $ 4,176 6.5 % Tier I Capital (to Average Assets) $ 14,021 13.7 % $ 4,089 4.0 % $ 5,112 5.0 % |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures | A summary of the unallocated share activity of the Bank’s ESOP is as follows for the years ended June 30, 2016 and 2015: 2016 2015 Shares Amount Shares Amount (Dollars in thousands) Balance at beginning of year 70,093 $ 701 - $ - New share purchases - - 70,093 701 Shares allocated to participants (3,504) (35) - - Balance at end of year 66,589 $ 666 70,093 $ 701 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under the Plan as of June 30, 2016, and changes during the year then ended, is presented below: Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value (In thousands) Outstanding, beginning of year - $ - Granted 60,150 14.88 Exercised - - Forfeited or expired - - Outstanding, end of year 60,150 $ 14.88 9.8 $ 52 Exercisable, end of year - $ - - $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per share were computed as follows: Year Ended June 30, 2016 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 689 Basic earnings per share 804,698 $ 0.86 Effect of dilutive securities Stock options 2,144 Restricted stock awards 1,350 Diluted earnings per share 808,192 $ 0.85 |
Commitments and Credit Risk (Ta
Commitments and Credit Risk (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Outstanding Commitments To Originate Loans | At June 30, 2016 and 2015, the Company had outstanding commitments to originate loans as follows: June 30, 2016 2015 (In thousands) Commitments to originate loans $ 2,236 $ 1,759 |
Schedule Of Letters Of Credit Facilities | At June 30, 2016 and 2015, the Company had the following performance letters of credit outstanding: June 30, 2016 2015 (In thousands) Letters of credit $ 936 $ 750 |
Schedule of Line of Credit Facilities | At June 30, 2016 and 2015, the Company had the following lines of credit outstanding: June 30, 2016 2015 (In thousands) Commercial lines $ 999 $ 750 Consumer lines 6,132 387 |
Disclosures about Fair Value 40
Disclosures about Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 and 2015: Fair Value Measurement Using Fair Quoted Prices in Significant Other Significant (In thousands) June 30, 2016 Mortgage-backed securities of U.S. of government sponsored entities - residential $ 3,465 $ - $ 3,465 $ - 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 $ - |
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, 2016 and 2015: Fair Value Measurement Using Fair Quoted Prices in Significant Significant (In thousands) June 30, 2016 Impaired loans - residential One-to-four family: Owner occupied $ 276 $ - $ - $ 276 Non-owner occupied 360 - - 360 June 30, 2015 Impaired loans - residential One-to-four family: Owner occupied $ 270 $ - $ - $ 270 Non-owner occupied 148 - - 148 Foreclosed assets 104 - - 104 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements: Fair Value at Valuation Technique Unobservable Inputs Range (In thousands) Impaired loans (collateral dependent) - one-to-four family owner occupied residential real estate $ 276 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Impaired loans (collateral dependent) - one-to-four family non-owner occupied residential real estate $ 360 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Fair Value at Valuation Technique Unobservable Inputs Range (In thousands) Impaired loans (collateral dependent) - one-to-four family owner occupied residential real estate $ 270 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Impaired loans (collateral dependent) - one-to-four family non-owner occupied residential real estate $ 148 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Foreclosed assets $ 104 Sales comparison approach Estimated selling costs 10 % |
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, 2016 and 2015. Fair Value Measurement Using Carrying Amount Quoted Prices in Significant Other Significant Total (In thousands) June 30, 2016 Financial assets Cash and due from banks $ 3,672 $ 3,672 $ - $ - $ 3,672 Interest-bearing demand deposits 2,100 2,100 - - 2,100 Held-to-maturity securities 986 - 996 - 996 Loans and loans held for sale 101,709 - - 102,480 102,480 Federal Home Loan Bank stock 1,192 N/A N/A N/A N/A Accrued interest receivable 292 - 292 - 292 Financial liabilities - Deposits 77,214 37,010 40,584 - 77,594 Federal Home Loan Bank advances 25,319 - 25,445 - 25,445 Accrued interest payable 33 - 33 - 33 June 30, 2015 Financial assets Cash and cash equivalents $ 3,665 $ 3,665 $ - $ - $ 3,665 Interest-bearing time deposits 3,100 - 3,100 - 3,100 Held-to-maturity securities 1,551 - 1,463 - 1,463 Loans 88,878 - - 89,561 89,561 Federal Home Loan Bank stock 1,164 N/A N/A N/A - Accrued interest receivable 245 - 245 - 245 Financial liabilities - Deposits 68,524 25,076 43,112 - 68,188 Federal Home Loan Bank advances 22,360 - 22,219 - 22,219 Accrued interest payable 31 - 31 - 31 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended June 30, 2016 and 2015 are as follows: Unrealized Unrealized gains and losses Gains and Losses on securities on Available transferred from for Sale Available for Sale to June 30, 2016 Securities Held to Maturity Total (In thousands) Beginning balance $ (73) $ (18) $ (91) 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 - 6 6 Net current period other comprehensive income 6 6 12 Ending balance $ (67) $ (12) $ (79) June 30, 2015 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) |
Nature of Operations and Summ42
Nature of Operations and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
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 | 1,833 | $ 1,737 |
Commercial Real Estate [Member] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 250,000 | |
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 | Jun. 30, 2016 | Jun. 30, 2015 |
Available-for-sale Securities: | ||
Amortized Cost | $ 4,281 | |
Gross Unrealized Gains | 23 | |
Gross Unrealized Losses | (9) | |
Fair Value | $ 3,465 | 4,295 |
Held-to-maturity Securities: | ||
Held-to-maturity Securities, Fair Value | 996 | 1,480 |
Mortgage-backed securities of U.S. government sponsored entities [Member] | Residential [Member] | ||
Available-for-sale Securities: | ||
Amortized Cost | 3,445 | 3,783 |
Gross Unrealized Gains | 36 | 23 |
Gross Unrealized Losses | (16) | (4) |
Fair Value | 3,465 | 3,802 |
Held-to-maturity Securities: | ||
Amortized Cost | 986 | 1,551 |
Gross Unrealized Gains | 11 | 0 |
Gross Unrealized Losses | (1) | (71) |
Held-to-maturity Securities, Fair Value | $ 996 | 1,480 |
U. S. Government agency bonds [Member] | ||
Available-for-sale Securities: | ||
Amortized Cost | 498 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (5) | |
Fair Value | $ 493 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Held-to-maturity Securities | $ 986 | $ 1,551 |
Held-to-maturity Securities, Fair Value | 996 | $ 1,480 |
Residential Portfolio Segment [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3,445 | |
Available-for-sale Securities, Debt Securities | 3,465 | |
Held-to-maturity Securities | 986 | |
Held-to-maturity Securities, Fair Value | $ 996 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | $ 740 | $ 493 |
12 Months or Longer, Fair Value | 742 | 2,059 |
Fair Value | 1,482 | 2,552 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (9) | (5) |
12 Months or Longer, Unrealized Losses | (8) | (75) |
Unrealized Losses | (17) | (80) |
Mortgage-backed securities of U.S. government sponsored entities - residential [Member] | Residential [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | 740 | 0 |
12 Months or Longer, Fair Value | 486 | 579 |
Fair Value | 1,226 | 579 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (9) | 0 |
12 Months or Longer, Unrealized Losses | (7) | (4) |
Unrealized Losses | (16) | (4) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 0 | 0 |
12 Months or Longer, Fair Value | 256 | 1,480 |
Fair Value | 256 | 1,480 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Unrealized Losses | (1) | (71) |
Unrealized Losses | $ (1) | (71) |
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 ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Percentage Of Securities Holdings Description | At June 30, 2016 and 2015, 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 | $ 996 | $ 1,480 |
Other Comprehensive Income Loss, Transfers from Available for Sale Securities to Held to maturity before Tax | (1) | 0 |
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value, Total | 1,400 | $ 1,100 |
Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,925 | |
Held-to-maturity Securities, Fair Value | 2,894 | |
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 | $ 12,000 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 101,521 | $ 90,433 | |
Less: | |||
Net deferred loan fees, premiums and discounts | (60) | (47) | |
Allowance for loan losses | 1,635 | 1,602 | $ 1,537 |
Net loans | 99,946 | 88,878 | |
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,397 | 0 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 17,486 | 15,908 | |
One-to-four-family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 65,294 | 65,170 | |
Multi-family residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 9,076 | 6,221 | |
Less: | |||
Allowance for loan losses | 39 | 3 | $ 33 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,720 | 3,041 | |
Consumer and other Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 548 | $ 93 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | $ 188 | $ 204 |
Ending balance, collectively evaluated for impairment | 1,447 | 1,398 |
Loans: | ||
Ending balance | 101,521 | 90,433 |
Ending balance; individually evaluated for impairment | 1,833 | 1,737 |
Ending balance; collectively evaluated for impairment | 99,688 | 88,696 |
Allowance for loan losses: | ||
Beginning Balance | 1,602 | 1,537 |
Provision for loan losses | 13 | 35 |
Charge-offs | 0 | (3) |
Recoveries | 20 | 33 |
Ending Balance | 1,635 | 1,602 |
1-4 Family Owner Occupied [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 89 | 134 |
Ending balance, collectively evaluated for impairment | 915 | 996 |
Loans: | ||
Ending balance | 53,060 | 53,795 |
Ending balance; individually evaluated for impairment | 1,047 | 1,294 |
Ending balance; collectively evaluated for impairment | 52,013 | 52,501 |
Allowance for loan losses: | ||
Beginning Balance | 1,130 | 1,065 |
Provision for loan losses | (140) | 41 |
Charge-offs | 0 | (3) |
Recoveries | 14 | 27 |
Ending Balance | 1,004 | 1,130 |
1-4 Family Non-Owner Occupied [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 99 | 70 |
Ending balance, collectively evaluated for impairment | 210 | 217 |
Loans: | ||
Ending balance | 12,234 | 11,375 |
Ending balance; individually evaluated for impairment | 641 | 290 |
Ending balance; collectively evaluated for impairment | 11,593 | 11,085 |
Allowance for loan losses: | ||
Beginning Balance | 287 | 278 |
Provision for loan losses | 22 | 9 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 309 | 287 |
Multi-family [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 39 | 3 |
Loans: | ||
Ending balance | 9,076 | 6,221 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | 9,076 | 6,221 |
Allowance for loan losses: | ||
Beginning Balance | 3 | 33 |
Provision for loan losses | 36 | (30) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 39 | 3 |
Commercial [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 167 | 124 |
Loans: | ||
Ending balance | 19,883 | 15,908 |
Ending balance; individually evaluated for impairment | 145 | 153 |
Ending balance; collectively evaluated for impairment | 19,738 | 15,755 |
Allowance for loan losses: | ||
Beginning Balance | 124 | 105 |
Provision for loan losses | 43 | 19 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 167 | 124 |
Construction [Member] | ||
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 116 | 58 |
Loans: | ||
Ending balance | 6,720 | 3,041 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | 6,720 | 3,041 |
Allowance for loan losses: | ||
Beginning Balance | 58 | 56 |
Provision for loan losses | 58 | 2 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 116 | 58 |
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 | 548 | 93 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | 548 | 93 |
Allowance for loan losses: | ||
Beginning Balance | 0 | 0 |
Provision for loan losses | (6) | (6) |
Charge-offs | 0 | 0 |
Recoveries | 6 | 6 |
Ending Balance | $ 0 | $ 0 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 101,521 | $ 90,433 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 100,009 | 88,590 |
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 | 1,512 | 1,843 |
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 | 53,060 | 53,795 |
1-4 Family Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 52,224 | 52,668 |
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 | 836 | 1,127 |
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 | 12,234 | 11,375 |
1-4 Family Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,558 | 10,659 |
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 | 676 | 716 |
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 | 9,076 | 6,221 |
Multi-family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,076 | 6,221 |
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 | 19,883 | 15,908 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 19,883 | 15,908 |
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 | 6,720 | 3,041 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,720 | 3,041 |
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 | 548 | 93 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 548 | 93 |
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 50
Loans and Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 601 | $ 309 |
Current | 100,920 | 90,124 |
Total Loans Receivable | 101,521 | 90,433 |
Total Loans > 90 Days & Accruing | 0 | 0 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 515 | 223 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 0 |
Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 86 |
1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 222 | 309 |
Current | 52,838 | 53,486 |
Total Loans Receivable | 53,060 | 53,795 |
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 | 136 | 223 |
1-4 Family Owner Occupied [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 0 |
1-4 Family Owner Occupied [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 86 |
1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 379 | 0 |
Current | 11,855 | 11,375 |
Total Loans Receivable | 12,234 | 11,375 |
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 | 379 | 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 | 9,076 | 6,221 |
Total Loans Receivable | 9,076 | 6,221 |
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 | 19,883 | 15,908 |
Total Loans Receivable | 19,883 | 15,908 |
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 | 6,720 | 3,041 |
Total Loans Receivable | 6,720 | 3,041 |
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 | 548 | 93 |
Total Loans Receivable | 548 | 93 |
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 51
Loans and Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Loans with an allowance recorded: | ||
Allowance for Loan Losses Allocated | $ 188 | $ 204 |
Recorded Investment, Total | 1,833 | 1,737 |
Unpaid Principal Balance, Total | 2,201 | 2,045 |
Average Recorded Investment, Total | 1,895 | 1,824 |
Interest Income Recognized, Total | 28 | 35 |
1-4 Family Owner Occupied [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 682 | 762 |
Unpaid Principal Balance | 881 | 937 |
Average Recorded Investment | 712 | 815 |
Interest Income Recognized | 17 | 19 |
Loans with an allowance recorded: | ||
Recorded Investment | 365 | 532 |
Unpaid Principal Balance | 451 | 596 |
Allowance for Loan Losses Allocated | 89 | 134 |
Average Recorded Investment | 383 | 552 |
Interest Income Recognized | 0 | 6 |
1-4 Family Non-Owner Occupied [Member] | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 182 | 72 |
Unpaid Principal Balance | 213 | 89 |
Average Recorded Investment | 189 | 76 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 459 | 218 |
Unpaid Principal Balance | 496 | 255 |
Allowance for Loan Losses Allocated | 99 | 70 |
Average Recorded Investment | 462 | 226 |
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 | 145 | 153 |
Unpaid Principal Balance | 160 | 168 |
Average Recorded Investment | 149 | 155 |
Interest Income Recognized | 11 | 10 |
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 52
Loans and Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | $ 1,209 | $ 1,085 |
1-4 Family Owner Occupied [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 568 | 795 |
1-4 Family Non-Owner Occupied [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 641 | 290 |
Multi-family residential [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Commercial [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Construction [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Consumer and other Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | $ 0 | $ 0 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Loans and Leases Receivable, Gross | $ 101,521,000 | $ 90,433,000 |
Financing Receivable, Modifications, Recorded Investment | 1,100,000 | 1,300,000 |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 58,000 | 115,000 |
Loans Originated For Sale | 10,296,000 | 3,165,000 |
Gain (Loss) on Sale of Mortgage Loans | 162,000 | 50,000 |
Loans Receivable Held-for-sale, Amount | 1,763,000 | 0 |
Jumbo Mortgage Loan [Member] | ||
Proceeds from Sale of Mortgage Loans Held-for-sale | 5,700,000 | |
Gain (Loss) on Sale of Mortgage Loans | 57,000 | |
Loans Receivable Held-for-sale, Amount | 1,800,000 | |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | $ 6,500,000 | $ 7,800,000 |
Foreclosed Assets (Details)
Foreclosed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Beginning balance | $ 104 | $ 158 |
Loans transferred to foreclosed real estate | 0 | 78 |
Capitalized expenditures | 0 | 27 |
Direct writedowns | 0 | 0 |
Sales of foreclosed real estate | (104) | (159) |
Ending balance | 0 | 104 |
Income (expenses) related to foreclosed assets include: | ||
Net gain on sales | 21 | 15 |
Operating expenses, net of rental income | (5) | (17) |
Total income (expense) related to foreclosed assets | $ 16 | $ (2) |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Total premises and equipment | $ 1,858 | $ 1,065 |
Less accumulated depreciation | 700 | 743 |
Net premises and equipment | 1,158 | 322 |
Buildings and improvements [Member] | ||
Total premises and equipment | 863 | 559 |
Furniture and equipment [Member] | ||
Total premises and equipment | 796 | 506 |
Construction in Progress [Member] | ||
Total premises and equipment | $ 199 | $ 0 |
Premises and Equipment (Detai56
Premises and Equipment (Details Textual) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Construction and Development Costs | $ 730,000 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
One year or less | $ 26,326 | |
Over one year to two years | 8,180 | |
Over two years to three years | 4,753 | |
Over three years to four years | 606 | |
Over four years to five years | 339 | |
Thereafter | 0 | |
Time Deposits | $ 40,204 | $ 43,448 |
Time Deposits (Details Textual)
Time Deposits (Details Textual) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
Time Deposits, $100,000 or More, Total | $ 19.1 | $ 18.9 |
Time Deposits, 250,000 or More, Total | $ 5 | $ 3.6 |
Federal Home Loan Bank Advanc59
Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
One year or less | $ 4,000 | $ 0 |
Over one year to two years | 5,000 | 3,000 |
Over two years to three years | 3,000 | 2,500 |
Over three years to four years | 2,624 | 2,000 |
Over four years to five years | 2,000 | 2,821 |
Over five years to six years | 500 | 1,000 |
Thereafter | 8,195 | 11,039 |
Long-term Federal Home Loan Bank Advances | $ 25,319 | $ 22,360 |
Interest rate 1 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.01% | |
Interest rate 1 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 0.74% | |
Interest rate 2 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.40% | |
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 | 1.92% | |
Interest rate 3 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.07% | |
Interest rate 4 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 2.09% | |
Interest rate 4 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.21% | |
Interest rate 5 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 2.35% | |
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 | 2.33% | |
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 Advanc60
Federal Home Loan Bank Advances (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Short-term Debt [Abstract] | ||
2,017 | $ 4,000 | $ 0 |
2,018 | 5,000 | 3,000 |
2,019 | 3,000 | 2,500 |
2,020 | 2,624 | 2,000 |
2,021 | 2,000 | 2,821 |
Thereafter | 2,371 | |
Advances from Federal Home Loan Banks, Total | $ 25,319 | $ 22,360 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Federal-current | $ 0 | $ 0 |
Federal-deferred | (33) | 17 |
Change in valuation allowance | (680) | (17) |
Total | $ (713) | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Computed at statutory rate (34%) | $ (8) | $ 49 |
Bank-owned life insurance | (32) | (31) |
Deferred tax asset valuation allowance | (680) | (17) |
Nondeductible expenses | 7 | 7 |
Other | 0 | (8) |
Actual income tax benefit | $ (713) | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Deferred tax assets | ||
Allowance for loan losses | $ 556 | $ 545 |
Other-than-temporary impairment | 71 | 71 |
Net operating loss carry forward | 1,925 | 1,713 |
Cash versus accrual basis for accounting | 0 | 73 |
Other | 47 | 46 |
Deferred tax assets | 2,599 | 2,448 |
Deferred tax liabilities | ||
Federal Home Loan Bank stock dividends | (293) | (293) |
Book/tax depreciation differences | (25) | (21) |
Deferred loan orgination fees | (20) | (16) |
Cash versus accrual basis of accounting | (87) | 0 |
Unrealized gains on available-for-sale securities | 0 | 1 |
Other | (22) | 0 |
Deferred tax liabilities | (447) | (329) |
Net deferred tax asset before valuation allowance | 2,152 | 2,119 |
Valuation allowance | ||
Beginning balance | (2,119) | (2,136) |
Decrease during year | 680 | 17 |
Ending balance | (1,439) | (2,119) |
Net deferred tax asset | $ 713 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Deferred Tax Liabilities, Net, Total | $ 2,100,000 | $ 2,100,000 |
Operating Loss Carryforwards | 5,600,000 | |
Deferred Federal Income Tax Expense (Benefit) | (33,000) | 17,000 |
Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals | 680,000 | 680,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 680,000 | 17,000 |
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, 2016 | Jun. 30, 2015 |
Total Capital (to Risk-Weighted Assets) | ||
Actual Amount | $ 15,250 | $ 14,834 |
Actual Ratio | 19.70% | 23.10% |
For Capital Adequacy Purposes Amount | $ 6,204 | $ 5,140 |
For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 7,756 | $ 6,425 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I Capital (to Average Assets) | ||
Actual Amount | $ 14,269 | $ 14,021 |
Actual Ratio | 12.10% | 13.70% |
For Capital Adequacy Purposes Amount | $ 4,727 | $ 4,089 |
For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 5,909 | $ 5,112 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tier I Capital (to Risk-Weighted Assets) | ||
Actual Amount | $ 14,269 | $ 14,021 |
Actual Ratio | 18.40% | 21.80% |
For Capital Adequacy Purposes Amount | $ 4,653 | $ 3,855 |
For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 6,204 | $ 5,140 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity (to Risk-Weighted Assets) | ||
Actual Amount | $ 14,269 | $ 14,021 |
Actual Ratio | 18.40% | 21.80% |
For Capital Adequacy Purposes Amount | $ 3,490 | $ 2,891 |
For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 5,041 | $ 4,176 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Regulatory Matters (Details Tex
Regulatory Matters (Details Textual) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | ||
Due from Related Parties | $ 1,300,000 | $ 1,500,000 |
Repayments of Related Party Debt | 44,000 | |
Related Party Deposit Liabilities | $ 1,900,000 | $ 2,200,000 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Balance at beginning of year (in shares) | 70,093 | 0 |
Balance at beginning of year (in amount) | $ 701 | $ 0 |
New share purchases (in shares) | 0 | 70,093 |
New share purchases (in amount) | $ 0 | $ 701 |
Shares allocated to participants (in shares) | (3,504) | 0 |
Shares allocated to participants (in amount) | $ (35) | $ 0 |
Balance at end of year (in shares) | 66,589 | 70,093 |
Balance at end of year (in amount) | $ 666 | $ 701 |
Employee Benefits (Details Text
Employee Benefits (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jan. 29, 2015 | Jun. 30, 2014 | |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 2,000,000 | |||
Allocated Share-based Compensation Expense | $ 28,000 | 22,000 | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 55,000 | 20,000 | ||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 10 | |||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 1,000,000 | $ 1,100,000 | ||
Sale of Stock, Price Per Share | $ 10 | |||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 66,589 | 70,093 | 0 | |
Common Stock [Member] | ||||
Sale of Stock, Price Per Share | $ 15.75 | $ 15 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Beginning of Year | shares | 0 |
Shares, Granted | shares | 60,150 |
Shares, Exercised | shares | 0 |
Shares, Forfeited or expired | shares | 0 |
Shares, Outstanding, end of year | shares | 60,150 |
Shares, Exercisable, end of year | shares | 0 |
Weighted-Average exercise Price Outstanding, beginning of year | $ / shares | $ 0 |
Weighted-Average exercise Price, Granted | $ / shares | 14.88 |
Weighted-Average exercise Price, Exercised | $ / shares | 0 |
Weighted-Average exercise Price, Forfeited or expired | $ / shares | 0 |
Weighted-Average exercise Price, Outstanding, end of year | $ / shares | 14.88 |
Weighted-Average exercise Price, Exercisable, end of year | $ / shares | $ 0 |
Weighted Average Remaining Contractual Term, Outstanding, end of year | 9 years 9 months 18 days |
Weighted Average Remaining Contractual Term, Exercisable, end of year | 0 years |
Aggregated Intrinsic Value, Outstanding, end of year | $ | $ 52 |
Aggregated Intrinsic Value, Exercisable, end of year | $ | $ 0 |
Equity Incentive Plan (Details
Equity Incentive Plan (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 31, 2016 | Apr. 30, 2016 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 60,150 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 14.88 | ||
Equity Incentive Plan 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 122,662 | ||
Share-based Compensation | $ 15,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 703,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 6 years 3 months 18 days | ||
Equity Incentive Plan 2016 [Member] | Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 60,150 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 14.88 | ||
Share Price | $ 4.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 19.46% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.81% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Equity Incentive Plan 2016 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 87,616 | ||
Equity Incentive Plan 2016 [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 35,046 | ||
Equity Incentive Plan 2016 [Member] | Restricted Stock [Member] | Management [Member] | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 28,810 | ||
Equity Incentive Plan 2016 [Member] | Restricted Stock [Member] | Management [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Equity Incentive Plan 2016 [Member] | Restricted Stock [Member] | Management [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 689 | $ 145 |
Weighted Average Number of Shares Outstanding, Basic | 804,698 | |
Weighted Average Number of Shares Outstanding, Diluted | 808,192 | |
Earnings Per Share, Basic | $ 0.86 | |
Earnings Per Share, Diluted | $ 0.85 | |
Employee Stock Option [Member] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,144 | |
Restricted Stock [Member] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,350 |
Commitments and Credit Risk (De
Commitments and Credit Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Commitments to originate loans | $ 2,236 | $ 1,759 |
Commitments and Credit Risk (74
Commitments and Credit Risk (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Letters of credit | $ 936 | $ 750 |
Commitments and Credit Risk (75
Commitments and Credit Risk (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Consumer Portfolio Segment [Member] | ||
Line Of Credit | $ 6,132 | $ 387 |
Commercial Portfolio Segment [Member] | ||
Line Of Credit | $ 999 | $ 750 |
Commitments and Credit Risk (76
Commitments and Credit Risk (Details Textual) - Lease Commitment [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 4 years | |
Operating Leases, Rent Expense | $ 27,000 | $ 3,750 |
Operating Leases, Future Minimum Payments Due | $ 198,000 |
Disclosures about Fair Value 77
Disclosures about Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | $ 4,295 | |
Mortgage-backed securities of U.S. government sponsored entities - residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | $ 3,465 | 3,802 |
U. S. Government agency bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 493 | |
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 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities of U.S. government sponsored entities - residential [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 | |
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 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities of U.S. government sponsored entities - residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 3,465 | 3,802 |
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 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities of U.S. government sponsored entities - residential [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 |
Disclosures about Fair Value 78
Disclosures about Fair Value of Assets and Liabilities (Details 1) - Impaired Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 276 | $ 270 |
1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | 360 | 148 |
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 | 276 | 270 |
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 | $ 360 | 148 |
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 79
Disclosures about Fair Value of Assets and Liabilities (Details 2) - Impaired Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
1-4 Family Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 276 | $ 270 |
Fair Value Measurements, Valuation Techniques | Sales comparison approach | Sales comparison approach |
Fair Value Measurements, Unobservable Inputs | Adjustment for differences between the comparable real estate sales | Adjustment for differences between the comparable real estate sales |
Fair Value Measurements, Range | 10.00% | 10.00% |
1-4 Family Non-Owner Occupied [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Nonrecurring | $ 360 | $ 148 |
Fair Value Measurements, Valuation Techniques | Sales comparison approach | Sales comparison approach |
Fair Value Measurements, Unobservable Inputs | Adjustment for differences between the comparable real estate sales | Adjustment for differences between the comparable real estate sales |
Fair Value Measurements, Range | 10.00% | 10.00% |
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% |
Disclosures about Fair Value 80
Disclosures about Fair Value of Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Financial assets | ||
Cash and cash equivalents | $ 3,672 | $ 3,665 |
Interest-bearing time deposits | 2,100 | 3,100 |
Held-to-maturity securities | 996 | 1,480 |
Loans and loans held for sale | 102,480 | |
Loans | 89,561 | |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 292 | 245 |
Financial liabilities | ||
Deposits | 77,594 | 68,188 |
Federal Home Loan Bank advances | 25,445 | 22,219 |
Accrued interest payable | 33 | 31 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 3,672 | 3,665 |
Interest-bearing time deposits | 2,100 | 0 |
Held-to-maturity securities | 0 | 0 |
Loans and loans held for sale | 0 | |
Loans | 0 | |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 37,010 | 25,076 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing time deposits | 0 | 3,100 |
Held-to-maturity securities | 996 | 1,463 |
Loans and loans held for sale | 0 | |
Loans | 0 | |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 292 | 245 |
Financial liabilities | ||
Deposits | 40,584 | 43,112 |
Federal Home Loan Bank advances | 25,445 | 22,219 |
Accrued interest payable | 33 | 31 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing time deposits | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Loans and loans held for sale | 102,480 | |
Loans | 89,561 | |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 3,672 | 3,665 |
Interest-bearing time deposits | 2,100 | 3,100 |
Held-to-maturity securities | 986 | 1,551 |
Loans and loans held for sale | 101,709 | |
Loans | 88,878 | |
Federal Home Loan Bank stock | 1,192 | 1,164 |
Accrued interest receivable | 292 | 245 |
Financial liabilities | ||
Deposits | 77,214 | 68,524 |
Federal Home Loan Bank advances | 25,319 | 22,360 |
Accrued interest payable | $ 33 | $ 31 |
Disclosures about Fair Value 81
Disclosures about Fair Value of Assets and Liabilities (Details Textual) | 12 Months Ended |
Jun. 30, 2016 | |
Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Discount Rate | 10.00% |
Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Discount Rate | 7.00% |
Accumulated Other Comprehensi82
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (91) | $ (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 | 6 | 8 |
Net current period other comprehensive income | 12 | 2 |
Ending balance | (79) | (91) |
Unrealized gains and losses on available for sale securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (73) | (67) |
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 | 0 | 0 |
Net current period other comprehensive income | 6 | (6) |
Ending balance | (67) | (73) |
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 | (18) | (26) |
Other comprehensive loss | 0 | 0 |
Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income | 6 | 8 |
Net current period other comprehensive income | 6 | 8 |
Ending balance | $ (12) | $ (18) |
Change in Corporate Form (Detai
Change in Corporate Form (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended |
Jan. 29, 2015USD ($)$ / shares | |
Change In Corporate Form [Line Items] | |
Sale of Stock, Price Per Share | $ / shares | $ 10 |
Sale of Stock, Percentage of Ownership after Transaction | 8.00% |
Escrow Deposit | $ | $ 8.8 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
Aug. 31, 2016 | Jul. 17, 2016 | |
Subsequent Event [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | |
Payments of Dividends | $ 86,000 |