Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 13, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | MW Bancorp, Inc. | |
Entity Central Index Key | 1,600,065 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | MWBC | |
Entity Common Stock, Shares Outstanding | 891,209 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Assets | ||
Cash and due from banks | $ 395 | $ 458 |
Interest-bearing demand deposits | 10,976 | 7,410 |
Cash and cash equivalents | 11,371 | 7,868 |
Interest-bearing time deposits in other financial institutions | 100 | 100 |
Available-for-sale securities | 4,800 | 4,024 |
Held-to-maturity securities (fair value of $183 at September 30, 2017 and $262 at June 30, 2017) | 187 | 264 |
Loans, net of allowance for loan losses of $1,636 at September 30, 2017 and $1,640 at June 30, 2017 | 128,338 | 121,520 |
Premises and equipment, net | 1,929 | 1,905 |
Federal Home Loan Bank stock, at cost | 1,203 | 1,203 |
Accrued interest receivable | 451 | 399 |
Bank owned life insurance | 3,585 | 3,562 |
Other assets | 280 | 297 |
Deferred federal income taxes | 2,086 | 2,103 |
Total assets | 154,330 | 143,245 |
Deposits | ||
Demand and money market | 47,594 | 41,545 |
Savings | 16,445 | 16,899 |
Time | 43,600 | 38,753 |
Total deposits | 107,639 | 97,197 |
Federal Home Loan Bank advances | 28,755 | 28,255 |
Other liabilities | 612 | 445 |
Total liabilities | 137,006 | 125,897 |
Commitments and Contigent Liabilities | ||
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, 911,209 shares issued at September 30, 2017 and 910,709 shares issued at June 30, 2017 | 9 | 9 |
Additional paid-in capital | 8,052 | 8,022 |
Shares acquired by ESOP | (627) | (627) |
Unearned compensation - restricted stock awards | (466) | (463) |
Retained earnings | 10,665 | 10,715 |
Accumulated other comprehensive loss | (7) | (6) |
Treasury stock, 20,000 shares - at cost | (302) | (302) |
Total shareholders' equity | 17,324 | 17,348 |
Total liabilities and shareholders' equity | $ 154,330 | $ 143,245 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Held-to-maturity Securities, Fair Value | $ 183 | $ 262 |
Loans and Leases Receivable, Allowance | $ 1,636 | $ 1,640 |
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 | 911,209 | 910,709 |
Treasury Stock, Shares | 20,000 | 20,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Interest Income | ||
Loans, including fees | $ 1,272 | $ 1,018 |
Investment securities | 21 | 16 |
Interest-bearing deposits | 40 | 31 |
Total interest income | 1,333 | 1,065 |
Interest Expense | ||
Deposits | 258 | 195 |
Federal Home Loan Bank advances | 113 | 88 |
Total interest expense | 371 | 283 |
Net Interest Income | 962 | 782 |
Provision for Loan Losses | 0 | 0 |
Net Interest Income After Provision for Loan Losses | 962 | 782 |
Noninterest Income | ||
Gain on sale of loans | 16 | 124 |
Income from Bank owned life insurance | 23 | 23 |
Other | 19 | 10 |
Total noninterest income | 58 | 157 |
Noninterest Expense | ||
Salaries, employee benefits and directors fees | 501 | 447 |
Occupancy and equipment | 87 | 66 |
Data processing | 72 | 61 |
Franchise taxes | 33 | 31 |
FDIC insurance premiums | 23 | 20 |
Professional services | 111 | 96 |
Advertising | 13 | 15 |
Office supplies | 17 | 13 |
Business entertainment | 14 | 15 |
Other | 84 | 73 |
Total noninterest expense | 955 | 837 |
Income Before Federal Income Taxes | 65 | 102 |
Federal Income Tax Expense | 17 | 29 |
Net Income | $ 48 | $ 73 |
Basic earnings per share | $ 0.06 | $ 0.09 |
Diluted earnings per share | $ 0.06 | $ 0.09 |
Weighted-average shares outstanding | ||
Basic | 828,537 | 818,824 |
Diluted | 862,799 | 824,700 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 48 | $ 73 |
Other comprehensive loss: | ||
Unrealized holding losses on securities available for sale | (3) | (11) |
Amortization of net unrealized holding loss on held-to-maturity securities | 1 | 1 |
Net unrealized losses | (2) | (10) |
Tax effect | 1 | 0 |
Total other comprehensive loss | (1) | (10) |
Comprehensive income | $ 47 | $ 63 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders’ Equity - 3 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Shares Acquired by ESOP [Member] | Unearned Compensation Restricted Stock Awards [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at July 1, 2017 at Jun. 30, 2017 | $ 17,348 | $ 9 | $ 8,022 | $ (627) | $ (463) | $ 10,715 | $ (6) | $ (302) |
Net income | 48 | 0 | 0 | 0 | 0 | 48 | 0 | 0 |
Compensation expense related to stock options | 27 | 0 | 27 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock awards | 0 | 0 | 3 | 0 | (3) | 0 | 0 | 0 |
Dividends paid, $0.11 per share | (98) | 0 | 0 | 0 | 0 | (98) | 0 | 0 |
Other comprehensive loss | (1) | 0 | 0 | 0 | 0 | (1) | 0 | |
Balance at September 30, 2017 at Sep. 30, 2017 | $ 17,324 | $ 9 | $ 8,052 | $ (627) | $ (466) | $ 10,665 | $ (7) | $ (302) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Shareholders’ Equity (Parenthetical) | 3 Months Ended |
Sep. 30, 2017$ / shares | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.11 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 48 | $ 73 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 49 | 33 |
Amortization of premiums and discounts on securities, net | 10 | 16 |
Accretion of deferred loan origination fees and costs, net | 8 | 13 |
Provision for loan losses | 0 | 0 |
Gain on sale of loans | (16) | (124) |
Proceeds from sales of loans | 427 | 4,766 |
Loans originated for sale | (422) | (4,175) |
Compensation expense related to stock options | 27 | 12 |
Net changes in: | ||
Accrued interest receivable | (52) | (58) |
Other assets | 28 | 110 |
Cash surrender value of life insurance | (23) | (23) |
Other liabilities | 167 | 589 |
Deferred federal income taxes | 17 | 29 |
Net cash provided by operating activities | 268 | 1,261 |
Cash Flows from Investing Activities | ||
Purchase of available-for-sale securities | (1,022) | (100) |
Proceeds from maturities of available-for-sale securities | 20 | 0 |
Principal repayments of held-to-maturity securities | 78 | 496 |
Principal repayments of available-for-sale mortgage-backed securities | 214 | 232 |
Net change in loans | (6,826) | (7,914) |
Purchase of premises and equipment | (73) | (178) |
Net cash used in investing activities | (7,609) | (7,464) |
Cash Flows from Financing Activities | ||
Net change in deposits | 10,442 | 1,253 |
Proceeds from Federal Home Loan Bank advances | 2,000 | 7,000 |
Repayment of Federal Home Loan Bank advances | (1,500) | (3,615) |
Dividends paid | (98) | (89) |
Net cash provided by financing activities | 10,844 | 4,549 |
Net Change in Cash and Cash Equivalents | 3,503 | (1,654) |
Beginning Cash and Cash Equivalents | 7,868 | 3,672 |
Ending Cash and Cash Equivalents | 11,371 | 2,018 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | $ 369 | $ 281 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation MW Bancorp, Inc. (the “Company,” “we,” “us” or “our”), headquartered in Cincinnati, Ohio, was formed to serve as the stock holding company for Watch Hill Bank following its mutual-to-stock conversion. The conversion was completed effective January 29, 2015. The Company issued 876,163 10.00 The accompanying unaudited condensed balance sheet of the Company as of June 30, 2017, which has been derived from audited financial statements, and unaudited condensed consolidated financial statements of the Company as of September 30, 2017 and for the three months ended September 30, 2017 and 2016, were prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended June 30, 2017 included in the Company’s Form 10-K. Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of September 30, 2017 and the results of operations and cash flows for the three months ended September 30, 2017 and 2016. All interim amounts have not been audited and the results of operations for the three months ended September 30, 2017, herein are not necessarily indicative of the results of operations to be expected for the entire fiscal year. 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 dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. 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. |
Securities
Securities | 3 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 2: Securities Amortized Gross Gross Fair (In thousands) Available-for-sale Securities: September 30, 2017 Municipal bonds $ 80 $ - $ - $ 80 Mortgage-backed securities of U.S. government sponsored entities - residential 4,728 10 (18) 4,720 $ 4,808 $ 10 $ (18) $ 4,800 June 30, 2017 Municipal bonds $ 100 $ - $ (1) $ 99 Mortgage-backed securities of U.S. government sponsored entities - residential 3,929 12 (16) 3,925 $ 4,029 $ 12 $ (17) $ 4,024 Amortized Gross Gross Fair (In thousands) Held-to-maturity Securities: September 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 187 $ - $ (4) $ 183 June 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 264 $ - $ (2) $ 262 September 30, 2017 Available-for-sale Held-to-maturity Amortized Amortized AmortizedCost FairValue AmortizedCost FairValue (In thousands) Municipal bonds Due in three to five years $ 80 $ 80 $ - $ - Mortgage-backed securities of U.S. government sponsored entities - residential - not due at a single maturity date 4,728 4,720 187 183 $ 4,808 $ 4,800 $ 187 $ 183 The Company had no sales of investment securities during the three-month periods ended September 30, 2017 and 2016. The Company had pledged $ 946,000 1.0 At September 30, 2017 and June 30, 2017, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of the Company’s equity. On August 1, 2013, the Company reclassified its collateralized mortgage obligation portfolio to held-to-maturity from available-for sale because management intends to hold these securities to maturity. The securities had a total amortized cost of $ 2.925 2.894 31,000 2,000 MW Bancorp, Inc. Notes to Condensed Consolidated Financial Statements (unaudited) Less than 12 Months 12 Months or Longer Total Description of Securities Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses (In thousands) September 30, 2017 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 1,332 $ (3) $ 865 $ (15) $ 2,197 $ (18) Held-to-maturity Securities: Mortgage-backed securities of U.S. government sponsored entities - residential - - 111 (4) 111 (4) $ 1,332 $ (3) $ 976 $ (19) $ 2,308 $ (22) June 30, 2017 Available-for-sale Securities: Municipal bonds $ 99 $ (1) $ - $ - $ 99 $ (1) Mortgage-backed securities of U.S. government sponsored entities - residential 466 (3) 926 (13) 1,392 (16) Held-to-maturity Securities: Mortgage-backed securities of U.S. government sponsored entities - residential - - 262 (2) 262 (2) $ 565 $ (4) $ 1,188 $ (15) $ 1,753 $ (19) Other-than-temporary Impairment At September 30, 2017 and June 30, 2017, 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, and it is likely that it will not be required, to sell these mortgage-backed securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2017 and June 30, 2017. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 3: Loans and Allowance for Loan Losses September 30, June 30, 2017 2017 (In thousands) Real estate loans One- to four-family residential $ 72,799 $ 70,622 Multi-family residential 11,601 10,378 Commercial 35,772 30,882 Construction 16,959 16,436 Commercial loans 3,391 3,304 Consumer and other 684 589 Total loans 141,206 132,211 Less: Net deferred loan costs (82) (72) Undisbursed loans in process 11,314 9,123 Allowance for loan losses 1,636 1,640 Net loans $ 128,338 $ 121,520 At or for the three months ended September 30, 2017 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Three Months Ended September 30, 2017 Allowance for loan losses: Balance, July 1, 2017 $ 812 $ 326 $ 27 $ 359 $ 116 - $ 1,640 Provision for loan losses (47) (1) 4 62 (16) (2) - Charge-offs (8) - - - - - (8) Recoveries 2 - - - - 2 4 Balance, September 30, 2017 $ 759 $ 325 $ 31 $ 421 $ 100 $ - $ 1,636 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 8 $ 14 $ - $ - $ - $ - $ 22 Ending balance, collectively evaluated for impairment $ 751 $ 311 $ 31 $ 421 $ 100 $ - $ 1,614 Loans: Ending balance $ 52,102 $ 20,697 $ 11,601 $ 39,163 $ 16,959 $ 684 $ 141,206 Ending balance; individually evaluated for impairment $ 738 $ 225 $ 101 $ 135 $ - $ - $ 1,199 Ending balance; collectively evaluated for impairment $ 51,364 $ 20,472 $ 11,500 $ 39,028 $ 16,959 $ 684 $ 140,007 The following table presents, by portfolio segment, the activity in the allowance for loan losses for the three months ended September 30, 2016: 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Three Months Ended September 30, 2016 Allowance for loan losses: Balance, July 1, 2016 $ 1,004 $ 282 $ 66 $ 167 $ 116 - $ 1,635 Provision for loan losses 15 (56) (30) 58 10 3 - Charge-offs - - - - - (4) (4) Recoveries - - - - - 1 1 Balance, September 30, 2016 $ 1,019 $ 226 $ 36 $ 225 # $ 126 $ - $ 1,632 The following table presents the recorded investment in loans and impairment method as of June 30, 2017: 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) June 30, 2017 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 20 $ 13 $ - $ - $ - $ - $ 33 Ending balance, collectively evaluated for impairment $ 792 $ 313 $ 27 $ 359 $ 116 $ - $ 1,607 Loans: Ending balance $ 51,629 $ 18,993 $ 10,378 $ 34,186 $ 16,436 $ 589 $ 132,211 Ending balance; individually evaluated for impairment $ 977 $ 331 $ 103 $ 137 $ - $ - $ 1,548 Ending balance; collectively evaluated for impairment $ 50,652 $ 18,662 $ 10,275 $ 34,049 $ 16,436 $ 589 $ 130,663 Internal Risk Categories The Company has adopted a standard loan grading system for all loans. Loans are selected for a grading review based on certain characteristics, including credit concentrations, subprime criteria and delinquency of 90 days or more. Definitions are as follows: Pass : Special Mention Substandard weakness is Doubtful Loss September 30, 2017 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Pass $ 51,512 $ 20,439 $ 11,500 $ 39,068 $ 16,959 $ 684 $ 140,162 Special mention - - - - - - - Substandard 590 258 101 95 - - 1,044 Doubtful - - - - - - - Total $ 52,102 $ 20,697 $ 11,601 $ 39,163 $ 16,959 $ 684 $ 141,206 June 30, 2017 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Pass $ 51,016 $ 18,629 $ 10,275 $ 34,090 $ 16,436 $ 589 $ 131,035 Special mention - - - - - - - Substandard 613 364 103 96 - - 1,176 Doubtful - - - - - - - Total $ 51,629 $ 18,993 $ 10,378 $ 34,186 $ 16,436 $ 589 $ 132,211 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 $ 7.6 7.3 The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the past year. September 30, 2017 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 $ 415 $ - $ 13 $ 428 $ 51,674 $ 52,102 $ - 1-4 family non-owner occupied - 35 - 35 20,662 20,697 - Multi-family residential 100 - - 100 11,501 11,601 - Commercial 108 - - 108 39,055 39,163 - Construction - - - - 16,959 16,959 - Consumer and other - - - - 684 684 - Total $ 623 $ 35 $ 13 $ 671 $ 140,535 $ 141,206 $ - June 30, 2017 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 $ 219 $ 274 $ 14 $ 507 $ 51,122 $ 51,629 $ - 1-4 family non-owner occupied - - - - 18,993 18,993 - Multi-family residential - - - - 10,378 10,378 - Commercial 149 - - 149 34,037 34,186 - Construction - - - - 16,436 16,436 - Consumer and other - - - - 589 589 - Total $ 368 $ 274 $ 14 $ 656 $ 131,555 $ 132,211 $ - A loan is considered impaired 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. The following table presents impaired loan information as of September 30, 2017 and for the three months ended September 30, 2017 and 2016: For the Three Months Ended For the Three Months Ended As of September 30, 2017 September 30, 2017 September 30, 2016 Allowance Unpaid for Loan Average Interest Average Interest Recorded Principal Losses Recorded Income Recorded Income Investment Balance Allocated Investment Recognized Investment Recognized (In thousands) Loans with no related allowance recorded: 1-4 family owner-occupied $ 602 $ 851 $ - $ 620 $ 5 $ 669 $ 12 1-4 family non-owner occupied 195 233 - 201 - 180 - Multi-family residential 101 108 - 108 - - - Commercial 135 149 - 135 2 144 2 Construction - - - - - - - Consumer and other - - - - - - - Loans with an allowance recorded: 1-4 family owner-occupied 136 172 8 137 - 360 - 1-4 family non-owner occupied 30 40 14 31 - 345 - Multi-family residential - - - - - 111 - Commercial - - - - - - - Construction - - - - - - - Consumer and other - - - - - - - Totals $ 1,199 $ 1,553 $ 22 $ 1,232 $ 7 $ 1,809 $ 14 The following table presents impaired loan information as of June 30, 2017: As of June 30, 2017 Allowance Unpaid for Loan Recorded Principal Losses Investment Balance Allocated (In thousands) Loans with no related allowance recorded: 1-4 family owner-occupied $ 589 $ 805 $ - 1-4 family non-owner occupied 202 243 - Multi-family residential 103 108 - Commercial 137 152 - Construction - - - Consumer and other - - - Loans with an allowance recorded: 1-4 family owner-occupied 388 439 20 1-4 family non-owner occupied 129 175 13 Multi-family residential - - - Commercial - - - Construction - - - Consumer and other - - - Totals $ 1,548 $ 1,922 $ 33 The recorded investment in loans excludes accrued interest receivable and loan origination fees, net due to immateriality. September 30, June 30, 2017 2017 (In thousands) Real estate 1-4 family owner-occupied $ 385 $ 422 1-4 family non-owner occupied 225 331 Multi-family residential 101 103 Commercial - - Construction - - Consumer and other - - Total nonaccrual $ 711 $ 856 At September 30, 2017 and June 30, 2017, the Company had certain loans that were modified in troubled debt restructurings. 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 $ 817,000 961,000 22,000 28,000 No loans were modified as troubled debt restructurings during either of the three-month periods ended September 30, 2017 or 2016. The Company had no troubled debt restructurings modified during the twelve months ended September 30, 2017 or 2016 that subsequently defaulted during the three-month periods ended September 30, 2017 or 2016. A troubled debt restructured loan is considered to be in payment default once it is 30 days contractually past due under the loan’s modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Note 4: Regulatory Matters The Bank 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 Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Effective January 1, 2015, the Bank became subject to the capital requirements set forth by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. Among other things, the rule established a new common equity Tier 1 minimum capital requirement and assigned a higher risk weight ( 150 2.5 Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of Total capital, Tier I capital and Common Equity (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital to total average assets (as defined). 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 below table. Management believes its capital still meets the requirements to be deemed well-capitalized as of the date of this report. as of the dates indicated To Be Well Capitalized For Capital Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2017 Total Capital $ 16,515 14.6 % $ 9,061 8.0 % $ 11,326 10.0 % Tier I Capital $ 15,093 13.3 % $ 6,795 6.0 % $ 9,061 8.0 % Common Equity Tier I $ 15,093 13.3 % $ 5,097 4.5 % $ 7,362 6.5 % Tier I Leverage Capital $ 15,093 10.3 % $ 5,852 4.0 % $ 7,315 5.0 % As of June 30, 2017 Total Capital $ 16,266 15.4 % $ 8,431 8.0 % $ 10,538 10.0 % Tier I Capital $ 14,941 14.2 % $ 6,323 6.0 % $ 8,431 8.0 % Common Equity Tier I $ 14,941 14.2 % $ 4,742 4.5 % $ 6,850 6.5 % Tier I Leverage Capital $ 14,941 10.7 % $ 5,574 4.0 % $ 6,968 5.0 % |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 5: Disclosures about Fair Value of Assets and Liabilities Fair value is the exchange 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 an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Recurring Measurements Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Fair Identical Assets Observable Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2017 Municipal bonds $ 80 $ - $ 80 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 4,720 - 4,720 - $ 4,800 $ - $ 4,800 $ - June 30, 2017 Municipal bonds $ 99 $ - $ 99 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 3,925 - 3,925 - $ 4,024 $ - $ 4,024 $ - 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 periods ended September 30, 2017 and 2016. 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 The Company had no assets measured at fair value on a non-recurring basis that were revalued during the period ended September 30, 2017. Fair Value Measurement Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2017 Impaired loans - residential One-to-four family owner occupied $ 248 $ - $ - $ 248 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. Appraisals for collateral-dependent impaired loans 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, a member of 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. Unobservable (Level 3) Inputs Range Fair Value at June (Weighted) 30, 2017 Valuation Technique Unobservable Inputs Average) (In thousands) Impaired loans (collateral dependent) - one-to-four family owner occupied residential real estate $ 248 Sales comparison approach Adjustment for differences between the comparable 10 % Fair Value of Financial Instruments Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Carrying Identical Assets Observable Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Total (In thousands) September 30, 2017 Financial assets Cash and cash equivalents $ 11,371 $ 11,371 $ - $ - $ 11,371 Interest-bearing demand deposits 100 100 - - 100 Held-to-maturity securities 187 - 183 - 183 Loans 128,338 - - 128,882 128,882 Federal Home Loan Bank stock 1,203 n/a n/a n/a n/a Accrued interest receivable 451 - 451 - 451 Financial liabilities Deposits 107,639 64,039 43,615 - 107,654 Federal Home Loan Bank advances 28,755 - 28,508 - 28,508 Accrued interest payable 45 - 45 - 45 June 30, 2017 Financial assets Cash and cash equivalents $ 7,868 $ 7,868 $ - $ - $ 7,868 Interest-bearing demand deposits 100 100 - - 100 Held-to-maturity securities 264 - 262 - 262 Loans 121,520 - - 120,623 120,623 Federal Home Loan Bank stock 1,203 n/a n/a n/a n/a Accrued interest receivable 399 - 399 - 399 Financial liabilities Deposits 97,197 58,444 38,759 97,203 Federal Home Loan Bank advances 28,255 - 28,011 - 28,011 Accrued interest payable 43 - 43 - 43 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 and Interest-bearing Time Deposits The carrying amount of cash, short-term instruments and time deposits approximate fair value and are classified as Level 1. 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, resulting in a Level 2 classification. Loans Fair values of loans are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values, resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality, resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value of collateral as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. Federal Home Loan Bank Stock It is not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. Accrued Interest Receivable and Payable The carrying amounts of accrued interest approximate fair value, resulting in a Level 2 classification. Deposits The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of variable rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date resulting in a Level 1 classification. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. Federal Home Loan Bank Advances The fair values of FHLB advances are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements, resulting in a Level 2 classification. Off Balance Sheet Instruments Fair values of off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not material. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 6: Accumulated Other Comprehensive Loss Unrealized Unrealized Gains and Losses Gains and Losses on Securities on Available Transferred from for Sale Available for Sale to Three Months Ended September 30, 2017 Securities Held to Maturity Total (In thousands) Balance, July 1, 2017 $ (2) $ (4) $ (6) Other comprehensive loss (3) - (3) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 2 2 Net current period other comprehensive loss (3) 2 (1) Balance, September 30, 2017 $ (5) $ (2) $ (7) Three Months Ended September 30, 2016 Balance, July 1, 2016 $ (67) $ (12) $ (79) Other comprehensive loss, net of tax (11) - (11) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 1 1 Net current period other comprehensive loss (11) 1 (10) Balance, September 30, 2016 $ (78) $ (11) $ (89) There were no material items reclassified from accumulated other comprehensive loss to the statement of operations for the three-month periods ended September 30, 2017 and 2016. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7: Earnings Per Share Three Months Ended September 30, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 48 Basic earnings per share 828,537 $ 0.06 Effect of dilutive securities Stock options 24,135 Restricted stock awards 10,127 Diluted earnings per share 862,799 $ 0.06 Three Months Ended September 30, 2016 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 73 Basic earnings per share 818,824 $ 0.09 Effect of dilutive securities Stock options 3,032 Restricted stock awards 2,844 Diluted earnings per share 824,700 $ 0.09 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | Note 8: Employee Stock Ownership Plan 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 $35,000 and $14,000 for the three months ended September 30, 2017 and 2016, respectively. The ESOP had 62,661 and 66,589 unallocated shares at September 30, 2017 and 2016, respectively. The aggregate fair value of the 62,661 unallocated shares was $1.6 million based on the $24.85 closing price of our common stock on September 30, 2017. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | Note 9: 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 87,616 35,046 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 July 2017, the Company granted stock options for 2,000 20.18 10 6.50 18.11 2.35 0.50 In January 2017, the Company granted stock options for 25,466 17.24 10 5.42 16.59 2.51 0.64 Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value (In thousands) September 30, 2017 Outstanding, beginning of period 85,616 $ 15.58 9.1 Granted 2,000 20.18 9.8 Exercised - - - Forfeited or expired - - - Outstanding, end of period 87,616 $ 15.69 8.8 $ 803 Exercisable, end of period 13,196 $ 14.88 6.9 $ 132 September 30, 2016 Outstanding, beginning of period 60,150 $ 14.88 Granted - - Exercised - - Forfeited or expired - - Outstanding, end of period 60,150 $ 14.88 9.6 $ 52 Exercisable, end of period - $ - - $ - In July 2017 and January 2017, the Company awarded restricted stock totaling 500 5,736 28,810 Shares of restricted stock granted to employees under the 2016 Plan are subject to restrictions as to continuous employment for a specified time period following the date of grant. During this period, the holder is entitled to full voting rights and dividends. Total compensation cost recognized in the income statement for share-based payment arrangements during the three months ended September 30, 2017 and 2016 was $ 61,000 30,000 As of September 30, 2017, there was $ 742,000 6.0 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 10: Recent Accounting Pronouncements FASB ASU 2014-09, Revenue from Contracts with Customers . In May 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue recognition from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most contract revenue recognition guidance, including industry-specific guidance. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amended guidance is effective, as to the Company, for annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019, and should be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendments recognized at the date of initial application. Early adoption is prohibited. Management is currently in the process of evaluating the impact of the amended guidance on the Company’s financial statements. FASB ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, the FASB issued Accounting Standards Update (“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. In February 2016 the FASB issued 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. The amendments in ASU 2016-02 are effective, as to the Company, for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. 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 2016-09 Share-Based Payments. In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them to apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments are effective for annual periods beginning after December 15, 2016 (July 1, 2017 as to the Company) and interim periods within those annual periods. These amendments are not expected to have a material impact on the financial statements of the Company. FASB ASU 2016-13 Financial Instruments-Credit Losses. In June 2016, the FASB issued ASU 2016-13. The amendments in this ASU replace the incurred loss model for recognition of credit losses with a methodology that reflects expected credit losses over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. The amendments are effective, as to the Company, for annual reporting periods beginning after December 15, 2020 and for interim reporting periods beginning after December 31, 2021. The Company is currently evaluating the impact of these amendments to the Company’s financial position and results of operations. FASB ASU 2017-03 Accounting Changes and Error Corrections (Topic 250) and InvestmentsEquity Method and Joint Ventures (Topic 323). FASB ASU 2017-09 CompensationStock Compensation (Topic 718): Scope of Modification Accounting. In May 2017, the FASB amended the requirements in the CompensationStock Compensation Topic pf the Accounting Standards Codification related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
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 dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. 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. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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: September 30, 2017 Municipal bonds $ 80 $ - $ - $ 80 Mortgage-backed securities of U.S. government sponsored entities - residential 4,728 10 (18) 4,720 $ 4,808 $ 10 $ (18) $ 4,800 June 30, 2017 Municipal bonds $ 100 $ - $ (1) $ 99 Mortgage-backed securities of U.S. government sponsored entities - residential 3,929 12 (16) 3,925 $ 4,029 $ 12 $ (17) $ 4,024 Amortized Gross Gross Fair (In thousands) Held-to-maturity Securities: September 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 187 $ - $ (4) $ 183 June 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 264 $ - $ (2) $ 262 |
Schedule Of Securities Without Single Maturity Date | The amortized cost and fair value of available-for-sale securities and held-to-maturity securities at September 30, 2017, 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. September 30, 2017 Available-for-sale Held-to-maturity Amortized Amortized AmortizedCost FairValue AmortizedCost FairValue (In thousands) Municipal bonds Due in three to five years $ 80 $ 80 $ - $ - Mortgage-backed securities of U.S. government sponsored entities - residential - not due at a single maturity date 4,728 4,720 187 183 $ 4,808 $ 4,800 $ 187 $ 183 |
Schedule of Unrealized Loss on Investments | MW Bancorp, Inc. Notes to Condensed Consolidated Financial Statements (unaudited) Less than 12 Months 12 Months or Longer Total Description of Securities Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses (In thousands) September 30, 2017 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 1,332 $ (3) $ 865 $ (15) $ 2,197 $ (18) Held-to-maturity Securities: Mortgage-backed securities of U.S. government sponsored entities - residential - - 111 (4) 111 (4) $ 1,332 $ (3) $ 976 $ (19) $ 2,308 $ (22) June 30, 2017 Available-for-sale Securities: Municipal bonds $ 99 $ (1) $ - $ - $ 99 $ (1) Mortgage-backed securities of U.S. government sponsored entities - residential 466 (3) 926 (13) 1,392 (16) Held-to-maturity Securities: Mortgage-backed securities of U.S. government sponsored entities - residential - - 262 (2) 262 (2) $ 565 $ (4) $ 1,188 $ (15) $ 1,753 $ (19) |
Loans and Allowance for Loan 21
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans at September 30, 2017 and June 30, 2017 include: September 30, June 30, 2017 2017 (In thousands) Real estate loans One- to four-family residential $ 72,799 $ 70,622 Multi-family residential 11,601 10,378 Commercial 35,772 30,882 Construction 16,959 16,436 Commercial loans 3,391 3,304 Consumer and other 684 589 Total loans 141,206 132,211 Less: Net deferred loan costs (82) (72) Undisbursed loans in process 11,314 9,123 Allowance for loan losses 1,636 1,640 Net loans $ 128,338 $ 121,520 |
Allowance for Credit Losses on Financing Receivables | The following table presents, by portfolio segment, the activity in the allowance for loan losses for the three months ended September 30, 2017 and the recorded investment in loans and impairment method as of September 30, 2017: At or for the three months ended September 30, 2017 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Three Months Ended September 30, 2017 Allowance for loan losses: Balance, July 1, 2017 $ 812 $ 326 $ 27 $ 359 $ 116 - $ 1,640 Provision for loan losses (47) (1) 4 62 (16) (2) - Charge-offs (8) - - - - - (8) Recoveries 2 - - - - 2 4 Balance, September 30, 2017 $ 759 $ 325 $ 31 $ 421 $ 100 $ - $ 1,636 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 8 $ 14 $ - $ - $ - $ - $ 22 Ending balance, collectively evaluated for impairment $ 751 $ 311 $ 31 $ 421 $ 100 $ - $ 1,614 Loans: Ending balance $ 52,102 $ 20,697 $ 11,601 $ 39,163 $ 16,959 $ 684 $ 141,206 Ending balance; individually evaluated for impairment $ 738 $ 225 $ 101 $ 135 $ - $ - $ 1,199 Ending balance; collectively evaluated for impairment $ 51,364 $ 20,472 $ 11,500 $ 39,028 $ 16,959 $ 684 $ 140,007 The following table presents, by portfolio segment, the activity in the allowance for loan losses for the three months ended September 30, 2016: 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Three Months Ended September 30, 2016 Allowance for loan losses: Balance, July 1, 2016 $ 1,004 $ 282 $ 66 $ 167 $ 116 - $ 1,635 Provision for loan losses 15 (56) (30) 58 10 3 - Charge-offs - - - - - (4) (4) Recoveries - - - - - 1 1 Balance, September 30, 2016 $ 1,019 $ 226 $ 36 $ 225 # $ 126 $ - $ 1,632 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) June 30, 2017 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 20 $ 13 $ - $ - $ - $ - $ 33 Ending balance, collectively evaluated for impairment $ 792 $ 313 $ 27 $ 359 $ 116 $ - $ 1,607 Loans: Ending balance $ 51,629 $ 18,993 $ 10,378 $ 34,186 $ 16,436 $ 589 $ 132,211 Ending balance; individually evaluated for impairment $ 977 $ 331 $ 103 $ 137 $ - $ - $ 1,548 Ending balance; collectively evaluated for impairment $ 50,652 $ 18,662 $ 10,275 $ 34,049 $ 16,436 $ 589 $ 130,663 |
Financing Receivable Credit Quality Indicators | The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2017 and June 30, 2017: September 30, 2017 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Pass $ 51,512 $ 20,439 $ 11,500 $ 39,068 $ 16,959 $ 684 $ 140,162 Special mention - - - - - - - Substandard 590 258 101 95 - - 1,044 Doubtful - - - - - - - Total $ 52,102 $ 20,697 $ 11,601 $ 39,163 $ 16,959 $ 684 $ 141,206 June 30, 2017 1-4 Family 1-4 Family Owner Non-Owner Multi- Occupied Occupied family Commercial Construction Consumer Total (In thousands) Pass $ 51,016 $ 18,629 $ 10,275 $ 34,090 $ 16,436 $ 589 $ 131,035 Special mention - - - - - - - Substandard 613 364 103 96 - - 1,176 Doubtful - - - - - - - Total $ 51,629 $ 18,993 $ 10,378 $ 34,186 $ 16,436 $ 589 $ 132,211 |
Past Due Financing Receivables | The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of September 30, 2017 and June 30, 2017: September 30, 2017 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 $ 415 $ - $ 13 $ 428 $ 51,674 $ 52,102 $ - 1-4 family non-owner occupied - 35 - 35 20,662 20,697 - Multi-family residential 100 - - 100 11,501 11,601 - Commercial 108 - - 108 39,055 39,163 - Construction - - - - 16,959 16,959 - Consumer and other - - - - 684 684 - Total $ 623 $ 35 $ 13 $ 671 $ 140,535 $ 141,206 $ - June 30, 2017 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 $ 219 $ 274 $ 14 $ 507 $ 51,122 $ 51,629 $ - 1-4 family non-owner occupied - - - - 18,993 18,993 - Multi-family residential - - - - 10,378 10,378 - Commercial 149 - - 149 34,037 34,186 - Construction - - - - 16,436 16,436 - Consumer and other - - - - 589 589 - Total $ 368 $ 274 $ 14 $ 656 $ 131,555 $ 132,211 $ - |
Impaired Financing Receivables | The following table presents impaired loan information as of September 30, 2017 and for the three months ended September 30, 2017 and 2016: For the Three Months Ended For the Three Months Ended As of September 30, 2017 September 30, 2017 September 30, 2016 Allowance Unpaid for Loan Average Interest Average Interest Recorded Principal Losses Recorded Income Recorded Income Investment Balance Allocated Investment Recognized Investment Recognized (In thousands) Loans with no related allowance recorded: 1-4 family owner-occupied $ 602 $ 851 $ - $ 620 $ 5 $ 669 $ 12 1-4 family non-owner occupied 195 233 - 201 - 180 - Multi-family residential 101 108 - 108 - - - Commercial 135 149 - 135 2 144 2 Construction - - - - - - - Consumer and other - - - - - - - Loans with an allowance recorded: 1-4 family owner-occupied 136 172 8 137 - 360 - 1-4 family non-owner occupied 30 40 14 31 - 345 - Multi-family residential - - - - - 111 - Commercial - - - - - - - Construction - - - - - - - Consumer and other - - - - - - - Totals $ 1,199 $ 1,553 $ 22 $ 1,232 $ 7 $ 1,809 $ 14 The following table presents impaired loan information as of June 30, 2017: As of June 30, 2017 Allowance Unpaid for Loan Recorded Principal Losses Investment Balance Allocated (In thousands) Loans with no related allowance recorded: 1-4 family owner-occupied $ 589 $ 805 $ - 1-4 family non-owner occupied 202 243 - Multi-family residential 103 108 - Commercial 137 152 - Construction - - - Consumer and other - - - Loans with an allowance recorded: 1-4 family owner-occupied 388 439 20 1-4 family non-owner occupied 129 175 13 Multi-family residential - - - Commercial - - - Construction - - - Consumer and other - - - Totals $ 1,548 $ 1,922 $ 33 |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the Company’s nonaccrual loans at September 30, 2017 and June 30, 2017. The table excludes performing troubled debt restructurings. September 30, June 30, 2017 2017 (In thousands) Real estate 1-4 family owner-occupied $ 385 $ 422 1-4 family non-owner occupied 225 331 Multi-family residential 101 103 Commercial - - Construction - - Consumer and other - - Total nonaccrual $ 711 $ 856 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank’s actual capital amounts and ratios as of the dates indicated To Be Well Capitalized For Capital Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2017 Total Capital $ 16,515 14.6 % $ 9,061 8.0 % $ 11,326 10.0 % Tier I Capital $ 15,093 13.3 % $ 6,795 6.0 % $ 9,061 8.0 % Common Equity Tier I $ 15,093 13.3 % $ 5,097 4.5 % $ 7,362 6.5 % Tier I Leverage Capital $ 15,093 10.3 % $ 5,852 4.0 % $ 7,315 5.0 % As of June 30, 2017 Total Capital $ 16,266 15.4 % $ 8,431 8.0 % $ 10,538 10.0 % Tier I Capital $ 14,941 14.2 % $ 6,323 6.0 % $ 8,431 8.0 % Common Equity Tier I $ 14,941 14.2 % $ 4,742 4.5 % $ 6,850 6.5 % Tier I Leverage Capital $ 14,941 10.7 % $ 5,574 4.0 % $ 6,968 5.0 % |
Disclosures about Fair Value 23
Disclosures about Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and June 30, 2017: Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Fair Identical Assets Observable Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2017 Municipal bonds $ 80 $ - $ 80 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 4,720 - 4,720 - $ 4,800 $ - $ 4,800 $ - June 30, 2017 Municipal bonds $ 99 $ - $ 99 $ - Mortgage-backed securities of U.S. of government sponsored entities - residential 3,925 - 3,925 - $ 4,024 $ - $ 4,024 $ - |
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, 2017: Fair Value Measurement Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2017 Impaired loans - residential One-to-four family owner occupied $ 248 $ - $ - $ 248 |
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: Range Fair Value at June (Weighted) 30, 2017 Valuation Technique Unobservable Inputs Average) (In thousands) Impaired loans (collateral dependent) - one-to-four family owner occupied residential real estate $ 248 Sales comparison approach Adjustment for differences between the comparable 10 % |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not carried at fair value and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2017 and June 30, 2017. Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Carrying Identical Assets Observable Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Total (In thousands) September 30, 2017 Financial assets Cash and cash equivalents $ 11,371 $ 11,371 $ - $ - $ 11,371 Interest-bearing demand deposits 100 100 - - 100 Held-to-maturity securities 187 - 183 - 183 Loans 128,338 - - 128,882 128,882 Federal Home Loan Bank stock 1,203 n/a n/a n/a n/a Accrued interest receivable 451 - 451 - 451 Financial liabilities Deposits 107,639 64,039 43,615 - 107,654 Federal Home Loan Bank advances 28,755 - 28,508 - 28,508 Accrued interest payable 45 - 45 - 45 June 30, 2017 Financial assets Cash and cash equivalents $ 7,868 $ 7,868 $ - $ - $ 7,868 Interest-bearing demand deposits 100 100 - - 100 Held-to-maturity securities 264 - 262 - 262 Loans 121,520 - - 120,623 120,623 Federal Home Loan Bank stock 1,203 n/a n/a n/a n/a Accrued interest receivable 399 - 399 - 399 Financial liabilities Deposits 97,197 58,444 38,759 97,203 Federal Home Loan Bank advances 28,255 - 28,011 - 28,011 Accrued interest payable 43 - 43 - 43 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component, net of tax, for the three months ended September 30, 2017 and 2016 are as follows: Unrealized Unrealized Gains and Losses Gains and Losses on Securities on Available Transferred from for Sale Available for Sale to Three Months Ended September 30, 2017 Securities Held to Maturity Total (In thousands) Balance, July 1, 2017 $ (2) $ (4) $ (6) Other comprehensive loss (3) - (3) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 2 2 Net current period other comprehensive loss (3) 2 (1) Balance, September 30, 2017 $ (5) $ (2) $ (7) Three Months Ended September 30, 2016 Balance, July 1, 2016 $ (67) $ (12) $ (79) Other comprehensive loss, net of tax (11) - (11) Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income - 1 1 Net current period other comprehensive loss (11) 1 (10) Balance, September 30, 2016 $ (78) $ (11) $ (89) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per share for the three months ended September 30, 2017 and 2016, were computed as follows: Three Months Ended September 30, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 48 Basic earnings per share 828,537 $ 0.06 Effect of dilutive securities Stock options 24,135 Restricted stock awards 10,127 Diluted earnings per share 862,799 $ 0.06 Three Months Ended September 30, 2016 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 73 Basic earnings per share 818,824 $ 0.09 Effect of dilutive securities Stock options 3,032 Restricted stock awards 2,844 Diluted earnings per share 824,700 $ 0.09 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and 2016, and changes during the periods then ended, is presented below: Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value (In thousands) September 30, 2017 Outstanding, beginning of period 85,616 $ 15.58 9.1 Granted 2,000 20.18 9.8 Exercised - - - Forfeited or expired - - - Outstanding, end of period 87,616 $ 15.69 8.8 $ 803 Exercisable, end of period 13,196 $ 14.88 6.9 $ 132 September 30, 2016 Outstanding, beginning of period 60,150 $ 14.88 Granted - - Exercised - - Forfeited or expired - - Outstanding, end of period 60,150 $ 14.88 9.6 $ 52 Exercisable, end of period - $ - - $ - |
Basis of Presentation (Details
Basis of Presentation (Details Textual) | 3 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Stock Issued During Period, Shares, New Issues | shares | 876,163 |
Share Price | $ / shares | $ 10 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available-for-sale Securities: | ||
Amortized Cost | $ 4,808 | $ 4,029 |
Gross Unrealized Gains | 10 | 12 |
Gross Unrealized Losses | (18) | (17) |
Fair Value | 4,800 | 4,024 |
Held-to-maturity Securities: | ||
Held-to-maturity Securities, Fair Value | 183 | 262 |
Municipal Bonds [Member] | ||
Available-for-sale Securities: | ||
Amortized Cost | 80 | 100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 80 | 99 |
Mortgage-backed securities of U.S. government sponsored entities [Member] | Residential [Member] | ||
Available-for-sale Securities: | ||
Amortized Cost | 4,728 | 3,929 |
Gross Unrealized Gains | 10 | 12 |
Gross Unrealized Losses | (18) | (16) |
Fair Value | 4,720 | 3,925 |
Held-to-maturity Securities: | ||
Amortized Cost | 187 | 264 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4) | (2) |
Held-to-maturity Securities, Fair Value | $ 183 | $ 262 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available-for-sale Securities,Amortized Cost, | $ 4,808 | |
Available-for-sale Securities, Fair Value | 4,800 | |
Held-to-maturity Securities, Amortized Cost | 187 | |
Held-to-maturity Securities, Fair Value | 187 | $ 264 |
Held-to-maturity Securities, Fair Value | 183 | |
Held-to-maturity Securities, Fair Value | 183 | $ 262 |
Municipal Bonds [Member] | ||
Available-for-sale Securities,Amortized Cost, Over three to five years | 80 | |
Available-for-sale Securities, Fair Value, Over three to five years | 80 | |
Held-to-maturity Securities, Amortized Cost, Over three to five years | 0 | |
Held-to-maturity Securities, Fair Value, Over three to five years | 0 | |
Residential Portfolio Segment [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 4,728 | |
Available-for-sale Securities, Debt Securities | 4,720 | |
Held-to-maturity Securities, Fair Value | 187 | |
Held-to-maturity Securities, Fair Value | $ 183 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available-for-sale Securities, Fair Value | ||
Less than 12 Months, Fair Value | $ 1,332 | $ 565 |
12 Months or Longer, Fair Value | 976 | 1,188 |
Fair Value | 2,308 | 1,753 |
Available-for-sale Securities, Unrealized Losses | ||
Less than 12 Months, Unrealized Losses | (3) | (4) |
12 Months or Longer, Unrealized Losses | (19) | (15) |
Unrealized Losses | (22) | (19) |
Municipal Bonds [Member] | ||
Available-for-sale Securities, Fair Value | ||
Less than 12 Months, Fair Value | 99 | |
12 Months or Longer, Fair Value | 0 | |
Fair Value | 99 | |
Available-for-sale Securities, Unrealized Losses | ||
Less than 12 Months, Unrealized Losses | (1) | |
12 Months or Longer, Unrealized Losses | 0 | |
Unrealized Losses | (1) | |
Mortgage-backed securities of U.S. government sponsored entities - residential [Member] | Residential [Member] | ||
Available-for-sale Securities, Fair Value | ||
Less than 12 Months, Fair Value | 1,332 | 466 |
12 Months or Longer, Fair Value | 865 | 926 |
Fair Value | 2,197 | 1,392 |
Available-for-sale Securities, Unrealized Losses | ||
Less than 12 Months, Unrealized Losses | (3) | (3) |
12 Months or Longer, Unrealized Losses | (15) | (13) |
Unrealized Losses | (18) | (16) |
Held-to-maturity Securities, Fair Value | ||
Less than 12 Months, Fair Value | 0 | 0 |
12 Months or Longer, Fair Value | 111 | 262 |
Fair Value | 111 | 262 |
Held-to-maturity Securities, Unrealized Loss | ||
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Unrealized Losses | (4) | (2) |
Unrealized Losses | $ (4) | $ (2) |
Securities (Details Textual)
Securities (Details Textual) - USD ($) | Aug. 01, 2013 | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Percentage Of Securities Holdings Description | At September 30, 2017 and June 30, 2017, 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 Companys equity. | ||
Held-to-maturity Securities, Fair Value | $ 183,000 | $ 262,000 | |
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value, Total | 946,000 | $ 1,000,000 | |
Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 2,925,000 | ||
Held-to-maturity Securities, Fair Value | 2,894,000 | ||
Other Comprehensive Income Loss, Transfers from Available for Sale Securities to Held to maturity before Tax | $ 31,000 | ||
Other Comprehensive Income (Loss) Remaining Unamortized Balance Transfers From Available For Sale Securities To Held To Maturity Before Tax | $ 2,000 |
Loans and Allowance for Loan 32
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 141,206 | $ 132,211 | ||
Less: | ||||
Net deferred loan costs | (82) | (72) | ||
Undisbursed loans in process | 11,314 | 9,123 | ||
Allowance for loan losses | 1,636 | 1,640 | $ 1,632 | $ 1,635 |
Net loans | 128,338 | 121,520 | ||
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,391 | 3,304 | ||
Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 35,772 | 30,882 | ||
One-to-four-family residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 72,799 | 70,622 | ||
Multi-family residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 11,601 | 10,378 | ||
Less: | ||||
Allowance for loan losses | 31 | 27 | $ 36 | $ 66 |
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 16,959 | 16,436 | ||
Consumer and other Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 684 | $ 589 |
Loans and Allowance for Loan 33
Loans and Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | $ 22 | $ 33 | |
Ending balance, collectively evaluated for impairment | 1,614 | 1,607 | |
Loans: | |||
Ending balance | 141,206 | 132,211 | |
Ending balance; individually evaluated for impairment | 1,199 | 1,548 | |
Ending balance; collectively evaluated for impairment | 140,007 | 130,663 | |
Allowance for loan losses: | |||
Beginning Balance | 1,640 | $ 1,635 | |
Provision for loan losses | 0 | 0 | |
Charge-offs | (8) | (4) | |
Recoveries | 4 | 1 | |
Ending Balance | 1,636 | 1,632 | |
1-4 Family Owner Occupied [Member] | |||
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 8 | 20 | |
Ending balance, collectively evaluated for impairment | 751 | 792 | |
Loans: | |||
Ending balance | 52,102 | 51,629 | |
Ending balance; individually evaluated for impairment | 738 | 977 | |
Ending balance; collectively evaluated for impairment | 51,364 | 50,652 | |
Allowance for loan losses: | |||
Beginning Balance | 812 | 1,004 | |
Provision for loan losses | (47) | 15 | |
Charge-offs | (8) | 0 | |
Recoveries | 2 | 0 | |
Ending Balance | 759 | 1,019 | |
1-4 Family Non-Owner Occupied [Member] | |||
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 14 | 13 | |
Ending balance, collectively evaluated for impairment | 311 | 313 | |
Loans: | |||
Ending balance | 20,697 | 18,993 | |
Ending balance; individually evaluated for impairment | 225 | 331 | |
Ending balance; collectively evaluated for impairment | 20,472 | 18,662 | |
Allowance for loan losses: | |||
Beginning Balance | 326 | 282 | |
Provision for loan losses | (1) | (56) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending Balance | 325 | 226 | |
Multi-family [Member] | |||
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 0 | 0 | |
Ending balance, collectively evaluated for impairment | 31 | 27 | |
Loans: | |||
Ending balance | 11,601 | 10,378 | |
Ending balance; individually evaluated for impairment | 101 | 103 | |
Ending balance; collectively evaluated for impairment | 11,500 | 10,275 | |
Allowance for loan losses: | |||
Beginning Balance | 27 | 66 | |
Provision for loan losses | 4 | (30) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending Balance | 31 | 36 | |
Commercial [Member] | |||
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 0 | 0 | |
Ending balance, collectively evaluated for impairment | 421 | 359 | |
Loans: | |||
Ending balance | 39,163 | 34,186 | |
Ending balance; individually evaluated for impairment | 135 | 137 | |
Ending balance; collectively evaluated for impairment | 39,028 | 34,049 | |
Allowance for loan losses: | |||
Beginning Balance | 359 | 167 | |
Provision for loan losses | 62 | 58 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending Balance | 421 | 225 | |
Construction [Member] | |||
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 0 | 0 | |
Ending balance, collectively evaluated for impairment | 100 | 116 | |
Loans: | |||
Ending balance | 16,959 | 16,436 | |
Ending balance; individually evaluated for impairment | 0 | 0 | |
Ending balance; collectively evaluated for impairment | 16,959 | 16,436 | |
Allowance for loan losses: | |||
Beginning Balance | 116 | 116 | |
Provision for loan losses | (16) | 10 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending Balance | 100 | 126 | |
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 | 684 | 589 | |
Ending balance; individually evaluated for impairment | 0 | 0 | |
Ending balance; collectively evaluated for impairment | 684 | $ 589 | |
Allowance for loan losses: | |||
Beginning Balance | 0 | 0 | |
Provision for loan losses | (2) | 3 | |
Charge-offs | 0 | (4) | |
Recoveries | 2 | 1 | |
Ending Balance | $ 0 | $ 0 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 141,206 | $ 132,211 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 140,162 | 131,035 |
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 | 1,044 | 1,176 |
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 | 52,102 | 51,629 |
1-4 Family Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 51,512 | 51,016 |
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 | 590 | 613 |
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 | 20,697 | 18,993 |
1-4 Family Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 20,439 | 18,629 |
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 | 258 | 364 |
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 | 11,601 | 10,378 |
Multi-family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,500 | 10,275 |
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 | 101 | 103 |
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 | 39,163 | 34,186 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 39,068 | 34,090 |
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 | 95 | 96 |
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 | 16,959 | 16,436 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,959 | 16,436 |
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 | 684 | 589 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 684 | 589 |
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 35
Loans and Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 671 | $ 656 |
Current | 140,535 | 131,555 |
Total Loans Receivable | 141,206 | 132,211 |
Total Loans > 90 Days & Accruing | 0 | 0 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 623 | 368 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35 | 274 |
Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13 | 14 |
1-4 Family Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 428 | 507 |
Current | 51,674 | 51,122 |
Total Loans Receivable | 52,102 | 51,629 |
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 | 415 | 219 |
1-4 Family Owner Occupied [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 274 |
1-4 Family Owner Occupied [Member] | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13 | 14 |
1-4 Family Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35 | 0 |
Current | 20,662 | 18,993 |
Total Loans Receivable | 20,697 | 18,993 |
Total Loans > 90 Days & Accruing | 0 | 0 |
1-4 Family Non-Owner Occupied [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
1-4 Family Non-Owner Occupied [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35 | 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 | 100 | 0 |
Current | 11,501 | 10,378 |
Total Loans Receivable | 11,601 | 10,378 |
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 | 100 | 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 | 108 | 149 |
Current | 39,055 | 34,037 |
Total Loans Receivable | 39,163 | 34,186 |
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 | 108 | 149 |
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 | 16,959 | 16,436 |
Total Loans Receivable | 16,959 | 16,436 |
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 | 684 | 589 |
Total Loans Receivable | 684 | 589 |
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 36
Loans and Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Loans with an allowance recorded: | |||
Allowance for Loan Losses Allocated | $ 22 | $ 33 | |
Recorded Investment, Total | 1,199 | 1,548 | |
Unpaid Principal Balance, Total | 1,553 | 1,922 | |
Average Recorded Investment, Total | 1,232 | $ 1,809 | |
Interest Income Recognized, Total | 7 | 14 | |
1-4 Family Owner Occupied [Member] | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 602 | 589 | |
Unpaid Principal Balance | 851 | 805 | |
Average Recorded Investment | 620 | 669 | |
Interest Income Recognized | 5 | 12 | |
Loans with an allowance recorded: | |||
Recorded Investment | 136 | 388 | |
Unpaid Principal Balance | 172 | 439 | |
Allowance for Loan Losses Allocated | 8 | 20 | |
Average Recorded Investment | 137 | 360 | |
Interest Income Recognized | 0 | 0 | |
1-4 Family Non-Owner Occupied [Member] | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 195 | 202 | |
Unpaid Principal Balance | 233 | 243 | |
Average Recorded Investment | 201 | 180 | |
Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded: | |||
Recorded Investment | 30 | 129 | |
Unpaid Principal Balance | 40 | 175 | |
Allowance for Loan Losses Allocated | 14 | 13 | |
Average Recorded Investment | 31 | 345 | |
Interest Income Recognized | 0 | 0 | |
Multi-family residential [Member] | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 101 | 103 | |
Unpaid Principal Balance | 108 | 108 | |
Average Recorded Investment | 108 | 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 | 111 | |
Interest Income Recognized | 0 | 0 | |
Commercial [Member] | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 135 | 137 | |
Unpaid Principal Balance | 149 | 152 | |
Average Recorded Investment | 135 | 144 | |
Interest Income Recognized | 2 | 2 | |
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 37
Loans and Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | $ 711 | $ 856 |
1-4 Family Owner Occupied [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 385 | 422 |
1-4 Family Non-Owner Occupied [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 225 | 331 |
Multi-family residential [Member] | ||
Nonaccrual Loans [Line Items] | ||
Nonaccrual loans | 101 | 103 |
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 38
Loans and Allowance for Loan Losses (Details Textual) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 |
Loans and Leases Receivable, Gross | $ 141,206,000 | $ 132,211,000 | |
Financing Receivable, Modifications, Recorded Investment | 817,000 | 961,000 | $ 0 |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 22,000 | 28,000 | |
Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Recorded Investment | 0 | $ 0 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | $ 7,600,000 | $ 7,300,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Total Capital (to Risk-Weighted Assets) | ||
Actual Amount | $ 16,515 | $ 16,266 |
Actual Ratio | 14.60% | 15.40% |
For Capital Adequacy Purposes Amount | $ 9,061 | $ 8,431 |
For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 11,326 | $ 10,538 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I Capital (to Average Assets) | ||
Actual Amount | $ 15,093 | $ 14,941 |
Actual Ratio | 10.30% | 10.70% |
For Capital Adequacy Purposes Amount | $ 5,852 | $ 5,574 |
For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 7,315 | $ 6,968 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tier I Capital (to Risk-Weighted Assets) | ||
Actual Amount | $ 15,093 | $ 14,941 |
Actual Ratio | 13.30% | 14.20% |
For Capital Adequacy Purposes Amount | $ 6,795 | $ 6,323 |
For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 9,061 | $ 8,431 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity (to Risk-Weighted Assets) | ||
Actual Amount | $ 15,093 | $ 14,941 |
Actual Ratio | 13.30% | 14.20% |
For Capital Adequacy Purposes Amount | $ 5,097 | $ 4,742 |
For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 7,362 | $ 6,850 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Regulatory Matters (Details Tex
Regulatory Matters (Details Textual) | 3 Months Ended |
Sep. 30, 2017 | |
Higher Risk Weight Percentage | 150.00% |
Capital Conservation Buffer Percentage | 2.50% |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding, Beginning of Year | 85,616 | 60,150 | 60,150 |
Shares, Granted | 2,000 | 0 | |
Shares, Exercised | 0 | 0 | |
Shares, Forfeited or expired | 0 | 0 | |
Shares, Outstanding, end of year | 87,616 | 60,150 | 85,616 |
Shares, Exercisable, end of year | 13,196 | 0 | |
Weighted-Average exercise Price Outstanding, beginning of year | $ 15.58 | $ 14.88 | $ 14.88 |
Weighted-Average exercise Price, Granted | 20.18 | 0 | |
Weighted-Average exercise Price, Exercised | 0 | 0 | |
Weighted-Average exercise Price, Forfeited or expired | 0 | 0 | |
Weighted-Average exercise Price, Outstanding, end of year | 15.69 | 14.88 | $ 15.58 |
Weighted-Average exercise Price, Exercisable, end of year | $ 14.88 | $ 0 | |
Weighted Average Remaining Contractual Term, Outstanding | 8 years 9 months 18 days | 9 years 7 months 6 days | 9 years 1 month 6 days |
Weighted Average Remaining Contractual Term, Granted | 9 years 9 months 18 days | ||
Weighted Average Remaining Contractual Term, Exercisable, end of year | 6 years 10 months 24 days | 0 years | |
Aggregated Intrinsic Value, Outstanding, end of year | $ 803 | $ 52 | |
Aggregated Intrinsic Value, Exercisable, end of year | $ 132 | $ 0 |
Equity Incentive Plan (Details
Equity Incentive Plan (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Jul. 31, 2017 | Jan. 31, 2017 | May 31, 2016 | Apr. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000 | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 20.18 | $ 0 | ||||
Share Price | $ 10 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 6 years | |||||
Equity Incentive Plan 2016 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 122,662 | |||||
Share-based Compensation | $ 61,000 | $ 30,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 742,000 | |||||
Equity Incentive Plan 2016 [Member] | Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000 | 25,466 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 20.18 | $ 17.24 | ||||
Share Price | $ 6.50 | $ 5.42 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 18.11% | 16.59% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.35% | 2.51% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.50% | 0.64% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | 10 years | ||||
Equity Incentive Plan 2016 [Member] | Employee Stock Option [Member] | ||||||
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, 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 | 500 | 5,736 | 28,810 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 48 | $ 73 |
Weighted Average Number of Shares Outstanding, Basic | 828,537 | 818,824 |
Weighted Average Number of Shares Outstanding, Diluted | 862,799 | 824,700 |
Earnings Per Share, Basic | $ 0.06 | $ 0.09 |
Earnings Per Share, Diluted | $ 0.06 | $ 0.09 |
Employee Stock Option [Member] | ||
Effect of dilutive securities Stock options | 24,135 | 3,032 |
Restricted Stock [Member] | ||
Effect of dilutive securities Stock options | 10,127 | 2,844 |
Disclosures about Fair Value 44
Disclosures about Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | $ 4,800 | $ 4,024 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 80 | 99 |
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 | 4,720 | 3,925 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities of U.S. government sponsored entities - residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 4,800 | 4,024 |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 80 | 99 |
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 | 4,720 | 3,925 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities of U.S. government sponsored entities - residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value, Recurring | $ 0 | $ 0 |
Disclosures about Fair Value 45
Disclosures about Fair Value of Assets and Liabilities (Details 1) - 1-4 Family Owner Occupied [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value, Nonrecurring | $ 248 |
Impaired Loans [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value, Nonrecurring | 248 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [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] | Impaired Loans [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] | Impaired Loans [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value, Nonrecurring | $ 248 |
Disclosures about Fair Value 46
Disclosures about Fair Value of Assets and Liabilities (Details 2) - 1-4 Family Owner Occupied [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value, Nonrecurring | $ 248 |
Fair Value Measurements, Valuation Techniques | Sales comparison approach |
Fair Value Measurements, Unobservable Inputs | Adjustment for differences between the comparable real estate sales |
Fair Value Measurements, Range | 10.00% |
Disclosures about Fair Value 47
Disclosures about Fair Value of Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financial assets | ||
Cash and cash equivalents | $ 11,371 | $ 7,868 |
Interest-bearing demand deposits | 100 | 100 |
Held-to-maturity securities | 183 | 262 |
Loans | 128,882 | 120,623 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 451 | 399 |
Financial liabilities | ||
Deposits | 107,654 | 97,203 |
Federal Home Loan Bank advances | 28,508 | 28,011 |
Accrued interest payable | 45 | 43 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 11,371 | 7,868 |
Interest-bearing demand deposits | 100 | 100 |
Held-to-maturity securities | 0 | 0 |
Loans | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 64,039 | 58,444 |
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 demand deposits | 0 | 0 |
Held-to-maturity securities | 183 | 262 |
Loans | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 451 | 399 |
Financial liabilities | ||
Deposits | 43,615 | 38,759 |
Federal Home Loan Bank advances | 28,508 | 28,011 |
Accrued interest payable | 45 | 43 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing demand deposits | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Loans | 128,882 | 120,623 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount [Member] | ||
Financial assets | ||
Cash and cash equivalents | 11,371 | 7,868 |
Interest-bearing demand deposits | 100 | 100 |
Held-to-maturity securities | 187 | 264 |
Loans | 128,338 | 121,520 |
Federal Home Loan Bank stock | 1,203 | 1,203 |
Accrued interest receivable | 451 | 399 |
Financial liabilities | ||
Deposits | 107,639 | 97,197 |
Federal Home Loan Bank advances | 28,755 | 28,255 |
Accrued interest payable | $ 45 | $ 43 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (6) | $ (79) |
Other comprehensive loss | (3) | (11) |
Accretion of unrealized losses on securities transferred from available for sale to held to maturity recognized in other comprehensive income | 2 | 1 |
Net current period other comprehensive loss | (1) | (10) |
Ending balance | (7) | (89) |
Unrealized gains and losses on available for sale securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (2) | (67) |
Other comprehensive loss | (3) | (11) |
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 loss | (3) | (11) |
Ending balance | (5) | (78) |
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 | (4) | (12) |
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 | 2 | 1 |
Net current period other comprehensive loss | 2 | 1 |
Ending balance | $ (2) | $ (11) |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 62,661 | 66,589 |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 1,600,000 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 35,000 | $ 14,000 |
Allocated Share-based Compensation Expense | $ 62,661 | |
Common Stock [Member] | ||
Sale of Stock, Price Per Share | $ 24.85 |