Document and Entity Information
| Document and Entity Information - shares | 3 Months Ended | |
| Sep. 30, 2015 | Nov. 12, 2015 | |
| Document and Entity Information | ||
| Entity Registrant Name | Equitable Financial Corp. | |
| Entity Central Index Key | 1,635,626 | |
| Document Type | 10-Q | |
| Document Period End Date | Sep. 30, 2015 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --06-30 | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 3,477,328 | |
| Document Fiscal Year Focus | 2,016 | |
| Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
| Assets | ||
| Cash and due from financial institutions | $ 3,300,118 | $ 3,037,653 |
| Interest-earning deposits | 6,982,000 | 18,475,000 |
| Total cash and due from financial institutions and interest-earning deposits | 10,282,118 | 21,512,653 |
| Time deposits with financial institutions | 500,000 | 500,000 |
| Securities available-for-sale | 856,963 | 420,248 |
| Securities held-to-maturity | 3,231,585 | 3,276,752 |
| Federal Home Loan Bank stock, at cost | 227,600 | 226,800 |
| Loans, net of allowance for loan losses of $2,684,000 and $2,583,000, respectively | 185,921,589 | 178,423,486 |
| Premises and equipment, net | 5,476,928 | 5,551,790 |
| Foreclosed assets, net | 336,979 | 349,708 |
| Accrued interest receivable | 1,402,776 | 1,044,271 |
| Deferred taxes, net | 1,753,373 | 1,765,189 |
| Other assets | 1,657,353 | 1,958,816 |
| Total assets | 211,647,264 | 215,029,713 |
| Liabilities: | ||
| Noninterest-bearing deposits | 21,670,607 | 21,779,092 |
| Interest-bearing deposits | 153,093,550 | 152,989,829 |
| Total deposits | 174,764,157 | 174,768,921 |
| Advance payments from borrowers for taxes and insurance | 204,268 | 404,467 |
| Accrued interest payable and other liabilities | 1,054,644 | 18,408,315 |
| Total liabilities | 176,023,069 | 193,581,703 |
| Common stock in ESOP subject to contingent repurchase obligation | 508,218 | 516,800 |
| Stockholders' equity: | ||
| Common stock, $0.01 par value, 25,000,000 and 14,000,000 shares authorized, 3,477,328 and 3,297,509 shares issued at September 30, 2015 and June 30, 2015, respectively | 34,773 | 32,975 |
| Additional paid-in capital | 26,901,316 | 13,086,447 |
| Retained earnings | 10,460,133 | 10,185,155 |
| Unearned ESOP Shares | (1,337,952) | (408,750) |
| Shares reserved for stock compensation | (433,393) | (465,080) |
| Treasury stock at cost; 114,505 shares at June 30, 2015 | (978,682) | |
| Accumulated other comprehensive loss, net of tax | (682) | (4,055) |
| Reclassification of ESOP shares | (508,218) | (516,800) |
| Total stockholders' equity | 35,115,977 | 20,931,210 |
| Total liabilities and stockholders' equity | $ 211,647,264 | $ 215,029,713 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
| Condensed Consolidated Statements of Financial Condition | ||
| Allowance for loan losses | $ 2,684,000 | $ 2,583,000 |
| Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common Stock, shares authorized | 25,000,000 | 14,000,000 |
| Common Stock, shares issues | 3,477,328 | 3,297,509 |
| Treasury Stock, shares | 114,505 |
Consolidated Statements of Inco
| Consolidated Statements of Income - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Interest income: | ||
| Loans | $ 2,078,223 | $ 1,786,274 |
| Securities | 39,959 | 53,811 |
| Other | 6,795 | 252 |
| Total interest income | 2,124,977 | 1,840,337 |
| Interest expense: | ||
| Deposits | 247,486 | 209,945 |
| Federal Home Loan Bank borrowings | 61,112 | |
| Other | 235 | |
| Total interest expense | 247,721 | 271,057 |
| Net interest income | 1,877,256 | 1,569,280 |
| Provision for loan losses | 72,944 | 146,899 |
| Net interest income after provision for loan losses | 1,804,312 | 1,422,381 |
| Noninterest income: | ||
| Service charges on deposit accounts | 147,379 | 154,015 |
| Brokerage fee income | 157,185 | 127,304 |
| Gain on sale of loans | 216,199 | 211,032 |
| Other loan fees | 67,495 | 62,607 |
| Other income | 24,502 | 16,131 |
| Total noninterest income | 612,760 | 571,089 |
| Noninterest expense: | ||
| Salaries and employee benefits | 1,191,699 | 1,105,503 |
| Director and committee fees | 42,458 | 32,950 |
| Data processing fees | 127,519 | 73,331 |
| Occupancy and equipment | 219,318 | 225,974 |
| Regulatory fees and deposit insurance premium | 51,639 | 45,657 |
| Advertising and public relations | 62,078 | 39,212 |
| Insurance and surety bond premiums | 27,852 | 23,531 |
| Professional fees | 175,297 | 84,262 |
| Supplies, telephone and postage | 67,228 | 66,996 |
| Other expenses | 138,013 | 129,822 |
| Total noninterest expense | 2,103,101 | 1,827,238 |
| Income before income taxes | 313,971 | 166,232 |
| Income tax expense | (38,993) | (59,962) |
| Net income | $ 274,978 | $ 106,270 |
| Basic earnings per share (in dollars per share) | $ 0.08 | $ 0.03 |
| Diluted earnings per share (in dollars per share) | $ 0.08 | $ 0.03 |
Consolidated Statements of Comp
| Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Condensed Consolidated Statements of Comprehensive Income | ||
| Net income | $ 274,978 | $ 106,270 |
| Other comprehensive income: | ||
| Unrealized gain (loss) on securities available-for-sale, net of tax | 3,373 | (2,668) |
| Comprehensive income | $ 278,351 | $ 103,602 |
Consolidated Statements of Chan
| Consolidated Statements of Changes in Stockholders' Equity - 3 months ended Sep. 30, 2015 - USD ($) | Common Equity | Additional Paid In Capital | Retained Earnings | Unearned ESOP Shares | Shares Reserved for Stock Compensation | Treasury Stock | Accumulated Other Comprehensive (Loss) | Amount Reclassified on ESOP Shares | Total |
| BALANCE at Jun. 30, 2015 | $ 32,975 | $ 13,086,447 | $ 10,185,155 | $ (408,750) | $ (465,080) | $ (978,682) | $ (4,055) | $ (516,800) | $ 20,931,210 |
| Increase (Decrease) in Stockholders' Equity | |||||||||
| Net Income | 274,978 | 274,978 | |||||||
| Other comprehensive income | 3,373 | 3,373 | |||||||
| Stock Offering Proceeds | 1,798 | 13,820,591 | (951,912) | $ 978,682 | 13,849,159 | ||||
| Release of 2,477 unearned ESOP shares | (4,012) | 22,710 | 18,698 | ||||||
| Stock compensation expense | (1,710) | 31,687 | 29,977 | ||||||
| Reclassification due to release and changes in fair value of common stock in ESOP subject to contingent repurchase obligation of ESOP shares | 8,582 | 8,582 | |||||||
| BALANCE at Sep. 30, 2015 | $ 34,773 | $ 26,901,316 | $ 10,460,133 | $ (1,337,952) | $ (433,393) | $ (682) | $ (508,218) | $ 35,115,977 |
Consolidated Statements of Cha7
| Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended |
| Sep. 30, 2015shares | |
| Condensed Consolidated Statements of Changes in Stockholders' Equity | |
| Release of unearned ESOP shares (in shares) | 2,477 |
Consolidated Statements of Cash
| Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Cash Flows from Operating Activities: | ||
| Net income | $ 274,978 | $ 106,270 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 86,209 | 72,240 |
| Federal Home Loan Bank stock dividends | (800) | (6,100) |
| ESOP expense | 18,698 | 12,233 |
| Stock compensation expense | 29,977 | 15,912 |
| Amortization of deferred loan origination costs, net | 108,598 | 126,128 |
| Amortization of premiums and discounts | 3,358 | 4,341 |
| Amortization of prepayment penalty fee | 51,153 | |
| Gain on sale of loans | (216,199) | (211,032) |
| Loss on sale of foreclosed assets | 9,728 | 2,819 |
| Loss on disposal of premises and equipment | 2,961 | |
| Provision for loan losses | 72,944 | 146,899 |
| Deferred taxes | 10,077 | 51,579 |
| Loans originated for sale | (8,767,121) | (6,719,680) |
| Proceeds from sale of loans | 8,236,582 | 6,946,159 |
| Loss on investment in partnership | 13,500 | |
| Changes in: | ||
| Accrued interest receivable | (358,505) | (372,429) |
| Other assets | 360,182 | (107,235) |
| Accrued interest payable and other liabilities | (12,722) | (139,295) |
| Net cash used in operating activities | (127,555) | (20,038) |
| Cash Flows from Investing Activities: | ||
| Net change in loans | (6,989,826) | (4,995,667) |
| Proceeds from sale of foreclosed assets, net | 3,000 | 59,681 |
| Securities available-for-sale: | ||
| Proceeds from calls and principal repayments | 34,935 | 94,603 |
| Purchases | (469,253) | |
| Securities held-to-maturity: | ||
| Proceeds from calls and principal repayments | 44,523 | 66,560 |
| Redemption of Federal Home Loan Bank stock | 5,300 | |
| Purchases of Federal Home Loan Bank stock | (13,500) | |
| Purchase of premises and equipment | (14,308) | (124,459) |
| Net cash used in investing activities | (7,390,929) | (4,907,482) |
| Cash Flows from Financing Activities: | ||
| Net change in deposits | (4,764) | 2,458,064 |
| Proceeds from Federal Home Loan Bank borrowings | 1,410,000 | |
| Net change in advance payments from borrowers for taxes and insurance | (200,199) | (175,927) |
| Purchase of ESOP Shares | (951,912) | |
| Expenses and return of proceeds in advance of offering | (2,555,176) | |
| Net cash (used in) provided by financing activities | (3,712,051) | 3,692,137 |
| Decrease in cash and cash equivalents | (11,230,535) | (1,235,383) |
| Cash and Cash Equivalents: | ||
| Beginning | 21,512,653 | 7,776,305 |
| Ending | 10,282,118 | 6,540,922 |
| Supplemental Cash Flow Information: | ||
| Interest paid on deposits and borrowings | 248,014 | 269,605 |
| Income taxes paid | $ 115,156 | $ 93,491 |
Basis of Presentation
| Basis of Presentation | 3 Months Ended |
| Sep. 30, 2015 | |
| Basis of Presentation | |
| Basis of Presentation | Note 1. Basis of Presentation The accompanying consolidated financial statements of Equitable Financial Corp. (the “Company”) and its wholly owned subsidiary Equitable Bank (the “Bank”) have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with SEC rules and regulations. Accordingly, the statements do not include all the information and footnotes required by GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto that were included in the Company’s annual report for the year ended June 30, 2015. The consolidated balance sheet of the Company as of June 30, 2015, has been derived from the audited consolidated balance sheet of the company as of that date. All significant intercompany transactions are eliminated in consolidation. In the opinion of the Company’s management, all adjustments necessary (i) for a fair presentation of the financial statements for the interim periods included herein and (ii) to make such financial statements not misleading have been made and are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. In preparing the financial statements, management is required to make estimates and assumptions that affect the recorded amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the period. Actual results could differ from those estimates. For further information with respect to significant accounting policies followed by the Company in preparation of the financial statements, refer to the Company’s annual report for the year ended June 30, 2015. The Bank is a federally chartered stock savings bank and a member of the Federal Home Loan Bank (“FHLB”) system. The Bank maintains insurance on deposit accounts with the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). |
Stock Conversion
| Stock Conversion | 3 Months Ended |
| Sep. 30, 2015 | |
| Stock Conversion | |
| Stock Conversion | Note 2. Stock Conversion On July 8, 2015, Equitable Financial, MHC, the Company’s former federally chartered mutual holding company, consummated its mutual-to-stock conversion, and the Company consummated its initial stock offering. In the Offering, the Company sold 1,983,160 shares of its common stock, par value $0.01 per share, at $8.00 per share in a subscription offering and community offering, including 118,989 shares, equal to 6.0% of the shares sold in the offering, to the Equitable Bank employee stock ownership plan. The cost of conversion and the stock offering were deferred and deducted from the proceeds of the offering. Conversion costs incurred for the stock offering were $1,096,303. In accordance with applicable federal conversion regulations, at the time of the completion of our mutual-to-stock conversion, we established a liquidation account in an amount equal to the Company’s total equity as of the latest balance sheet date in the final prospectus used in the Conversion. Each eligible account holder or supplemental account holder is entitled to a proportionate share of this liquidation account in the event of a complete liquidation of the Bank, and only in such event. This share will be reduced if the eligible account holder’s or supplemental account holder’s deposit balance falls below the amounts on the date of record as of any June 30 and will cease to exist if the account is closed. The liquidation account will never be increased despite any increase after Conversion in the related deposit balance. Following completion of the Conversion, the Bank may not declare, pay a dividend on, or repurchase any of its capital stock of the Bank, if the effect thereof would cause retained earnings to be reduced below the liquidation account amount or regulatory capital requirements. |
New Accounting Pronouncements
| New Accounting Pronouncements | 3 Months Ended |
| Sep. 30, 2015 | |
| New Accounting Pronouncements | |
| New Accounting Pronouncements | Note 3. New Accounting Pronouncements In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers. ASU 2015-14 is intended to provide a robust framework for addressing revenue recognition guidance related to contractual rights and obligations. ASU 2015-14 is effective for annual periods beginning after December 15, 2017 and is not expected to have a material impact on the Company’s consolidated financial statements. |
Securities
| Securities | 3 Months Ended |
| Sep. 30, 2015 | |
| Securities | |
| Securities | Note 4. Securities The fair value of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows: Gross Gross Amortized Unrealized Unrealized September 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ - $ ) $ Gross Gross Amortized Unrealized Unrealized June 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ - $ ) $ The carrying amount, unrecognized gross gains and losses, and fair value of securities held-to-maturity are as follows: Gross Gross Amortized Unrealized Unrealized September 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - Municipal securities - $ $ $ - $ Gross Gross Amortized Unrealized Unrealized June 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - $ Municipal securities - $ $ $ - $ Securities available-for-sale and held-to-maturity consist of investments in bonds securitized by the Government National Mortgage Association and local municipal securities. The contractual maturities of the residential mortgage-backed securities at September 30, 2015 are not disclosed because the securities are not due at a single maturity date. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Approximately $400,000 in municipal securities will mature in the year ending June 30, 2019 with the remaining balance maturing in the year ending June 30, 2020. In addition; the Company has received notification that approximately $2.4 million in municipal securities will be called in November 2015. There were no sales of securities for the three months ended September 30, 2015 and 2014. The duration of gross unrealized losses is not disclosed as such amounts are immaterial to the consolidated financial statements. The Company has not recognized other-than-temporary impairment on any securities for the three months ended September 30, 2015 and 2014. |
Loans
| Loans | 3 Months Ended |
| Sep. 30, 2015 | |
| Loans | |
| Loans | Note 5. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less an allowance for loan losses, premiums and discounts on loans purchased, and net deferred loan fees/costs. Interest income on loans is recognized over the term of the loan and is calculated using the simple interest method on principal amounts outstanding. Direct loan origination fees and costs are generally being deferred and the net amounts amortized as an adjustment of the related loan’s yield. The Company generally amortizes these amounts over the contractual life. Direct loan origination fees and costs related to loans sold to unrelated third parties are recognized as income or expense in the current consolidated statement of income. The Company’s portfolio segments are as follows: · Commercial · Agricultural · Residential real estate · Other The Company’s classes of loans are as follows: · Commercial – operating · Commercial – real estate · Agricultural – operating · Agricultural – real estate · Residential real estate – 1-4 family · Residential real estate – home equity · Other – construction and land · Other – consumer Loans are as follows: September 30, 2015 June 30, 2015 Commercial: Operating $ $ Real estate Agricultural: Operating Real estate Residential real estate: 1-4 family Home equity Other: Construction and land Consumer Total loans Deferred loan origination costs, net Allowance for loan losses ) ) ) ) Loans, net $ $ For all portfolio segments, the allowance for loan losses is maintained at the level considered adequate by management of the Company to provide for losses that are probable. The allowance is increased by provisions charged to operating expense and reduced by net charge-offs. Subsequent recoveries, if any, are credited to the allowance. In determining the adequacy of the allowance balance, the Company makes continuous evaluations of the loan portfolio and related off-balance sheet commitments, considers current economic conditions, historical loan loss experience, review of specific problem loans and other factors. Changes in the allowance for loan losses, by portfolio segment are summarized as follows: Residential Commercial Agricultural Real Estate Other Total For the three months ended September 30, 2015 Balance, beginning $ $ $ $ $ Provision charged to expense ) Recoveries - Loans charged off - - - ) ) Balance, ending $ $ $ $ $ Residential Commercial Agricultural Real Estate Other Total For the three months ended September 30, 2014 Balance, beginning $ $ $ $ $ Provision charged to expense ) $ Recoveries - $ Loans charged off ) - - ) $ ) Balance, ending $ $ $ $ $ For commercial loans and agricultural loans, the allowance for estimated losses on loans consists of specific and general components. The specific component relates to loans that are classified as impaired, as defined below. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. For commercial loans and agricultural loans, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical charge-off experience. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss data. The Company’s credit quality indicator for all loans excluding commercial loans is past due or performance status. The Company’s credit quality indicator for commercial loans is internal risk ratings. For residential real estate loans and consumer and other loans, these large groups of smaller balance homogenous loans are collectively evaluated for impairment. In estimating the allowance for loan losses for these loans, the Company applies quantitative and qualitative factors on a portfolio segment basis. Quantitative factors are based on historical charge-off experience and qualitative factors are based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss data. Accordingly, the Company generally does not separately identify individual residential real estate loans and/or consumer and other loans for impairment disclosures, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. Troubled debt restructures are considered impaired loans and are subject to the same allowance methodology as described above for impaired loans by portfolio segment. The allowance for loan losses, by impairment evaluation and portfolio segment is summarized as follows: Residential Commercial Agricultural Real Estate Other Total September 30, 2015 Allowance for loans individually evaluated for impairment $ $ - $ $ - $ Allowance for loans collectively evaluated for impairment $ $ $ $ $ Loans individually evaluated for impairment $ $ $ $ $ Loans collectively evaluated for impairment $ $ $ $ $ Residential Commercial Agricultural Real Estate Other Total June 30, 2015 Allowance for loans individually evaluated for impairment $ $ - $ $ - $ Allowance for loans collectively evaluated for impairment $ $ $ $ $ Loans individually evaluated for impairment $ $ $ $ $ Loans collectively evaluated for impairment $ $ $ $ $ Generally, for all classes of loans, loans are considered past due when contractual payments are delinquent for 31 days or greater. For all classes of loans, loans will generally be placed on nonaccrual status when the loan has become greater than 90 days past due; or when management believes, after considering collection efforts and other factors, that the borrower’s financial condition is such that collection of interest is doubtful. When a loan is placed on nonaccrual status, payments received will be applied to the principal balance. However, interest may be taken on a cash basis in the event the loan is fully secured and the risk of loss is minimal. Previously recorded but uncollected interest on a loan placed in nonaccrual status is accounted for as follows: if the previously accrued but uncollected interest and the principal amount of the loan is protected by sound collateral value based upon a current, independent qualified appraisal, such interest may remain on the Company’s books. If such interest is not so protected, it is considered a loss with the amount thereof recorded in the current year being reversed against current interest income, and the amount recorded in the prior year being charged against the allowance for possible loan losses. For all classes of loans, nonaccrual loans may be restored to accrual status provided the following criteria are met: · The loan is current, and all principal and interest amounts contractually due have been made, · The loan is well secured and in the process of collection, and · Prospects for future principal and interest payments are not in doubt. The aging in terms of unpaid principal balance of the loan portfolio, by classes of loans is summarized as follows: > 90 days 31-60 days 61-90 days Past Due Nonaccrual Current Past Due Past Due (Nonaccrual) Total Loans September 30, 2015 Classes of loans: Commercial: Operating $ $ - $ - $ - $ $ Real estate - Agricultural: Operating - - Real estate - - - Residential real estate: 1-4 family - Home equity - Other: Construction and land - - - - Consumer - $ $ $ - $ $ $ > 90 days 31-60 days 61-90 days Past Due Nonaccrual Current Past Due Past Due (Nonaccrual) Total Loans June 30, 2015 Classes of loans: Commercial: Operating $ $ $ - $ - $ $ Real estate - - Agricultural: Operating - - - - Real estate - - - Residential real estate: 1-4 family - Home equity - Other: Construction and land - - - - Consumer - - $ $ $ $ - $ $ For commercial and agriculture loans, the Company utilizes the following internal risk rating scale: Highest Quality (rating 1) – Loans represent a credit extension of the highest quality. Excellent liquidity, management and character in an industry with favorable conditions. High quality financial information, history of strong cash flows and superior collateral including readily marketable assets, prime real estate, U.S. government securities, U.S. government agencies, highly rated municipal bonds, insured savings accounts, and insured certificates of deposit drawn on high-quality financial institutions. Good Quality (rating 2) – Loans which have a sound primary and secondary source of repayment. Strong to good liquidity, management and character in an industry with favorable conditions. Good quality financial information and margins of cash flow coverage is consistently good. Loans may be unsecured, secured by quality (but less readily marketable) assets, high quality real estate or traded stocks, lower grade municipal bonds (which must still be investment grade), and uninsured certificates of deposit on other financial institutions may also be included in this grade. Acceptable Quality (rating 3) – Loans where the borrower is a reasonable credit risk and demonstrates the ability to repay the debt from normal business operations. Good liquidity, management and character in an industry that is more sensitive to external factors. Alternative sources of refinancing may be less available in periods of uncertain economic conditions. Term debt is moderate but cash flow margins fall within bank policy guidelines. Quality of financial information is adequate but is not as detailed and sophisticated as information found on higher-grade loans. Secured by business assets that conform to usual lending parameters for margin and eligibility or real estate that is deemed to be of satisfactory quality in an area that may not be prime but still within viable economic centers. Fair Quality (rating 4) – Loans where the borrower is a reasonable credit risk but shows a more erratic earnings history (a loss may have been realized in the past four years). Liquidity is limited and primary repayment is susceptible to unfavorable external factors. Industry characteristics are generally stable. Borrower is more highly leveraged with increased levels of term debt. Cash flow margins remain adequate but may not fall within the policy guidelines. Quality of financial information is adequate and interim reporting may be required. Secured by business assets with an adequate collateral margin or real estate that is of fair quality and location. Property may have limited alternative uses and may be considered a “special use” facility. Special Mention (rating 5) – Loans in this category have the potential for developing weaknesses that deserve extra attention from the account manager and other management personnel. If the developing weakness is not corrected or mitigated, the ability of the borrower to repay the Company’s debt in the future may deteriorate. This grade should not be assigned to loans that bear certain peculiar risks normally associated with the type of financing involved, unless circumstances have caused the risk to increase to a level higher than would have been acceptable when the credit was originally approved. If a loan’s actual, not potential, weakness or problems are clearly evident and significant it should generally be graded in one of the following grade categories. Substandard (rating 6) – Loans and other credit extensions are considered to be inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. These loans, even if apparently protected by collateral value, have a well-defined weakness or weaknesses that jeopardize the liquidation of debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual loans classified substandard. Doubtful (rating 7) – Loans and other credit extensions have all the weaknesses inherent in those graded “6” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage and strengthening of the loan, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include: proposed merger, acquisition, or liquidation actions; capital injection; perfecting liens on collateral and refinancing plans. Loans in this classification should be placed in non-accrual status, with collections applied to principal. Loss (rating 8) – Loans are considered uncollectible and cannot be justified as a viable asset of the Bank. This classification does not mean the loan has absolutely no recovery value. However, it is not prudent to delay writing off this loan even though partial recovery may be obtained in the future. For commercial and agricultural loans or credit relationships with aggregate exposure greater than $250,000, a loan review is required within 12 months of the most recent credit review. The reviews are completed in enough detail to, at a minimum, validate the risk rating. Additionally, the reviews shall determine whether any documentation exceptions exist, appropriate written analysis is included in the loan file, and whether credit policies have been properly adhered to. For each class of loans, the following summarizes the unpaid principal balance by credit quality indicator as of: Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total September 30, 2015 Internally assigned risk rating: Highest Quality (rating 1) $ - $ - $ $ $ Good Quality (rating 2) Acceptable Quality (rating 3) Fair Quality (rating 4) Special Mention (rating 5) - - - - - Substandard (rating 6) Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ $ $ $ $ Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total June 30, 2015 Internally assigned risk rating: Highest Quality (rating 1) $ - $ - $ $ $ Good Quality (rating 2) Acceptable Quality (rating 3) Fair Quality (rating 4) Special Mention (rating 5) - - - - - Substandard (rating 6) Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ $ $ $ $ Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total September 30, 2015 Delinquency status*: Performing $ $ $ $ $ Nonperforming - $ $ $ $ $ Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total June 30, 2015 Delinquency status*: Performing $ $ $ $ $ Nonperforming - $ $ $ $ $ * Performing loans are those which are accruing and less than 31 days past due. Nonperforming loans are those on nonaccrual and accruing loans that are greater than or equal to 31 days past due. At September 30, 2015 and June 30, 2014, the Company had no loans greater than 90 days past due and still accruing. For commercial loans and agricultural loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 12 months, at a minimum, and on as needed basis depending on the specific circumstances of the loan. For residential real estate and other loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. Loans, by classes of loans, considered to be impaired are summarized as follows: Unpaid Recorded Principal Related Investment Balance Allowance September 30, 2015 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ - Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity - Other: Consumer - - Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: Home equity Total impaired loans: Commercial: Operating Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity Other: Consumer - $ $ $ Unpaid Recorded Principal Related Investment Balance Allowance June 30, 2015 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ - Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity - Other: Consumer - - Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: Home equity Total impaired loans: Commercial: Operating Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity Other: Consumer - $ $ $ Impaired loans, for which no allowance has been provided as of September 30, 2015 and June 30, 2015, have adequate collateral, based on management’s current estimates. For the three months ended September 30, 2015 September 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ $ Real estate - Agricultural: Operating - - Real estate - - Residential real estate: 1-4 family Home equity Other: Consumer Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: 1-4 family - - Home equity Total impaired loans: Commercial:+* Operating Real estate - Agricultural: Operating - - Real estate - - Residential real estate: 1-4 family Home equity Other: Consumer $ $ $ $ The Company’s troubled debt restructuring as of September 30, 2015 and June 30, 2015 were not material to the consolidated financial statements. |
Regulatory Matters
| Regulatory Matters | 3 Months Ended |
| Sep. 30, 2015 | |
| Regulatory Matters | |
| Regulatory Matters | Note 6. Regulatory Matters The Bank is subject to 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 consolidated 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 regulators about components, risk weightings, and other factors. The prompt corrective action regulations provide five classifications, including well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If only adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and plans for capital restoration are required. Management believes, as of September 30, 2015, that the Bank meets all capital adequacy requirements to which it is subject. Actual capital levels and minimum required levels for the Bank were: Minimum Required to Be Well Capitalized Minimum Required for Under Prompt Capital Adequacy Corrective Action Purposes Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio September 30, 2015 Total capital (to risk-weighted assets) $ % $ % $ % Common equity Tier 1 capital (to risk- weighted assets) % % % Tier 1 (core) capital (to risk-weighted assets) % % % Tier 1 (core) capital (to adjusted total assets) % % % June 30, 2015 Total capital (to risk-weighted assets) $ % $ % $ % Common equity Tier 1 capital (to risk- weighted assets) % % % Tier 1 (core) capital (to risk-weighted assets) % % % Tier 1 (core) capital (to adjusted total assets) % % % Federal regulations require the Bank to comply with a Qualified Thrift Lender (“QTL”) test, which requires that 65% of assets be maintained in housing-related finance and other specified assets. If the QTL test is not met, limits are placed on growth, branching, new investment, FHLB advances, and dividends or the institution must convert to a commercial bank charter. Management believes the QTL test has been met. In July 2013, the Federal Reserve Board and the Federal Deposit Insurance Corporation issued final rules implementing the Basel III regulatory capital framework and related Dodd-Frank Wall Street Reform and Consumer Protection Act changes. The rules revised minimum capital requirements and adjusted prompt corrective action thresholds. The final rules revised the regulatory capital elements, added a new common equity Tier 1 capital ratio, increased the minimum Tier 1 capital ratio requirement, and implemented a new capital conservation buffer. The rules also permitted certain banking organizations to retain, through a one-time election, the existing treatment for accumulated other comprehensive income. The final rules took effect for community banks on January 1, 2015, subject to a transition period for certain parts of the rules. |
Employee Benefit Plan
| Employee Benefit Plan | 3 Months Ended |
| Sep. 30, 2015 | |
| Employee Benefit Plan | |
| Employee Benefit Plan | Note 7. Employee Benefit Plan The Company has a 401(k) and profit sharing plan (the “Plans”) covering substantially all employees. Annual contributions to the Plans are made at the discretion of and determined by the Board of Directors. Participant interests are vested over a period from one to five years of service. Contributions were made of $27,955 and $24,184 for the three months ended September 30, 2015 and 2014. On November 8, 2005, the Company adopted an employee stock ownership plan (the “ESOP”) for the benefit of substantially all employees. The ESOP borrowed $1,292,620 from the Company and used those funds to acquire 129,262 shares of the Company’s stock in connection with the reorganization at a price of $10.00 per share. On July 8, 2015, the ESOP borrowed $951,912 from the Company and used the funds to acquire 118,989 shares of the Company’s stock. Shares purchased by the ESOP with the loan proceeds are held in a suspense account and are allocated to ESOP participants on a pro rata basis as principal and interest payments are made by the ESOP to the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Company’s discretionary contributions to the ESOP and earnings on ESOP assets. Annual principal and interest payments of approximately $145,000 are to be made by the ESOP prior to the calendar year December 31, 2015. As shares are released from collateral, the Company will report compensation expense equal to the current market price of the shares and the shares will become outstanding for earnings-per-share computations. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce accrued interest. Because participants may require the Company to purchase their ESOP shares upon termination of their employment, the fair value of all earned and allocated ESOP shares may become a liability. The ESOP has a plan year-end of December 31. The Company recorded compensation expense of $18,698 and $12,233 for the three months ended September 30, 2015 and 2014, respectively . Shares held by the ESOP were as follows: September 30, 2015 June 30, 2015 Allocated shares Unearned ESOP shares Total ESOP shares Fair value of unearned ESOP shares $ $ Fair value of allocated shares subject to repurchase obligation $ $ The Company approved the Equitable Financial Corp. 2006 Equity Incentive Plan in November 2006. Under this plan, the Company may award up to 161,577 stock options and 64,631 shares of restricted stock to employees and directors. |
Earnings per Share
| Earnings per Share | 3 Months Ended |
| Sep. 30, 2015 | |
| Earnings per Share | |
| Earnings per Share | Note 8. Earnings per Share Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is calculated by dividing earnings available to common stockholders for the period by the sum of the weighted average common shares outstanding and the weighted average dilutive shares. The following table presents a reconciliation of the components used to compute basic earnings per share for the three months ended September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Weighted average common shares outstanding Net income available to common stockholders $ $ Basic earnings per share $ $ The following table presents a reconciliation of the components used to compute diluted earnings per share for the three months and ended September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Weighted average common shares outstanding Weighted average of net additional shares from restricted stock awards Weighted average number of shares outstanding Net income available to common stockholders $ $ Diluted earnings per share $ $ |
Fair Value Measurements
| Fair Value Measurements | 3 Months Ended |
| Sep. 30, 2015 | |
| Fair Value Measurements | |
| Fair Value Measurements | Note 9. Fair Value Measurements The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value, establishes a framework for measuring fair value and requires disclosure of fair value measurements. The fair value hierarchy set forth in the Topic is as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. There were no transfers between levels during the three months ended September 30, 2015, nor were there any changes in valuation techniques used for assets or liabilities measured at fair value at September 30, 2015. Assets and liabilities recorded at fair value on a recurring basis : A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below: Securities Available-for-Sale – Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The following tables summarize assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and June 30, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Fair Value Measurement at September 30, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - Fair Value Measurement at June 30, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - Assets and liabilities recorded at fair value on a nonrecurring basis : A description of the valuation methodologies used for assets and liabilities measured at fair value on a nonrecurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Impaired Loans – From time to time, a loan is considered impaired and an allowance for credit losses is established. The specific reserves for collateral dependent impaired loans are based on the fair value of the collateral less estimated costs to sell. The fair value of collateral was determined based on appraisals. In some cases, adjustments were made to the appraised values due to various factors including age of the appraisal, age of competables included in the appraisal, and known changes in the market and in the collateral. When significant adjustments were based on unobservable inputs, the resulting fair value measurement has been categorized as a Level 3 measurement. Foreclosed Assets – Foreclosed assets are carried at estimated fair value of the property, less disposal costs. The fair value of the property is determined based upon appraisals. As with impaired loans, if significant adjustments are made to the appraised value, based on unobservable inputs, the resulting fair value measurement has been categorized as a Level 3 measurement. At September 30, 2015 and June 30, 2015 the fair value of impaired loans and foreclosed assets were immaterial. The Financial Instruments Topic of the FASB Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Fair value is determined under the framework discussed above. The Topic excludes all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions used in estimating fair value disclosure for financial instruments are described below: Cash and due from financial institutions – For cash and due from financial institutions, the current carrying amount is a reasonable estimate of fair value. Time deposits with financial institutions – The fair value of fixed rate time deposits is estimated by discounting the future cash flows using the current rates for the same remaining maturities. The fair value of variable rate time deposits approximates carrying value. Securities – The fair value of securities is determined using quoted prices, when available in an active market. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or a discounted cash flows model. Federal Home Loan Bank stock – For restricted equity securities, the carrying value approximates fair value. Loans, net – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of variable rate loans approximates carrying value. Deposits – The carrying value of noninterest-bearing deposits approximates fair value. The fair value of fixed rate deposits is estimated by discounting the future cash flows using the current rates for the same remaining maturities. Federal funds purchased and securities sold under agreements to repurchase – For federal funds purchased and securities sold under agreements to repurchase, the carrying value approximates fair value. Federal Home Loan Bank borrowings – The estimated fair value of fixed rate advances from the FHLB is determined by discounting the future cash flows of existing advances using rates currently available on advances from the FHLB having similar characteristics. Adjustable rate advances’ carrying value approximates fair value. Accrued interest – The carrying amounts of accrued interest approximate fair value. Off-balance sheet items – The fair value of off-balance-sheet items is based on current fees or cost that would be charged to enter into or terminate such arrangements. There were not considered material and are not presented in the below tables. The estimated fair value of financial instruments is as follows: Fair Value Carrying Estimated September 30, 2015 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 Interest-bearing deposits Level 2 Accrued interest payable and other liabilities Level 1 Fair Value Carrying Estimated June 30, 2015 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 Interest-bearing deposits Level 2 Accrued interest payable and other liabilities Level 1 |
Accumulated Other Comprehensive
| Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
| Sep. 30, 2015 | |
| Accumulated Other Comprehensive Income (Loss) | |
| Accumulated Other Comprehensive Income (Loss) | Note 10. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) components were as follows: September 30, 2015 June 30, 2015 Unrealized holding gains (losses) on securities available-for-sale $ $ Tax benefit $ $ |
Income Taxes
| Income Taxes | 3 Months Ended |
| Sep. 30, 2015 | |
| Income Taxes | |
| Income Taxes | Note 11. Income Taxes Three months ended September 30, 2015 September 30, 2014 Provision computed at the statutory federal tax rate $ ) $ ) State income taxes, net of federal tax ) ) Release of unearned EOSP shares and stock awards Nondeductible expenses ) ) Valuation allowance adjustment - Return-to-provision, net - $ ) Other ) $ ) $ ) |
Securities (Tables)
| Securities (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Securities | |
| Schedule of securities available-for-sale | Gross Gross Amortized Unrealized Unrealized September 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ - $ ) $ Gross Gross Amortized Unrealized Unrealized June 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ - $ ) $ |
| Schedule of securities held-to-maturity | Gross Gross Amortized Unrealized Unrealized September 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - Municipal securities - $ $ $ - $ Gross Gross Amortized Unrealized Unrealized June 30, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - $ Municipal securities - $ $ $ - $ |
Loans (Tables)
| Loans (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Loans | |
| Summary of loans | September 30, 2015 June 30, 2015 Commercial: Operating $ $ Real estate Agricultural: Operating Real estate Residential real estate: 1-4 family Home equity Other: Construction and land Consumer Total loans Deferred loan origination costs, net Allowance for loan losses ) ) ) ) Loans, net $ $ |
| Summary of changes in the allowance for loan losses by portfolio segment | Residential Commercial Agricultural Real Estate Other Total For the three months ended September 30, 2015 Balance, beginning $ $ $ $ $ Provision charged to expense ) Recoveries - Loans charged off - - - ) ) Balance, ending $ $ $ $ $ Residential Commercial Agricultural Real Estate Other Total For the three months ended September 30, 2014 Balance, beginning $ $ $ $ $ Provision charged to expense ) $ Recoveries - $ Loans charged off ) - - ) $ ) Balance, ending $ $ $ $ $ |
| Summary of allowance for loan losses by impairment evaluation and portfolio segment | Residential Commercial Agricultural Real Estate Other Total September 30, 2015 Allowance for loans individually evaluated for impairment $ $ - $ $ - $ Allowance for loans collectively evaluated for impairment $ $ $ $ $ Loans individually evaluated for impairment $ $ $ $ $ Loans collectively evaluated for impairment $ $ $ $ $ Residential Commercial Agricultural Real Estate Other Total June 30, 2015 Allowance for loans individually evaluated for impairment $ $ - $ $ - $ Allowance for loans collectively evaluated for impairment $ $ $ $ $ Loans individually evaluated for impairment $ $ $ $ $ Loans collectively evaluated for impairment $ $ $ $ $ |
| Summary of aging in terms of unpaid balance of the loan portfolio by classes of loans | > 90 days 31-60 days 61-90 days Past Due Nonaccrual Current Past Due Past Due (Nonaccrual) Total Loans September 30, 2015 Classes of loans: Commercial: Operating $ $ - $ - $ - $ $ Real estate - Agricultural: Operating - - Real estate - - - Residential real estate: 1-4 family - Home equity - Other: Construction and land - - - - Consumer - $ $ $ - $ $ $ > 90 days 31-60 days 61-90 days Past Due Nonaccrual Current Past Due Past Due (Nonaccrual) Total Loans June 30, 2015 Classes of loans: Commercial: Operating $ $ $ - $ - $ $ Real estate - - Agricultural: Operating - - - - Real estate - - - Residential real estate: 1-4 family - Home equity - Other: Construction and land - - - - Consumer - - $ $ $ $ - $ $ |
| Summary of unpaid principal balance by credit quality indicator | Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total September 30, 2015 Internally assigned risk rating: Highest Quality (rating 1) $ - $ - $ $ $ Good Quality (rating 2) Acceptable Quality (rating 3) Fair Quality (rating 4) Special Mention (rating 5) - - - - - Substandard (rating 6) Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ $ $ $ $ Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total June 30, 2015 Internally assigned risk rating: Highest Quality (rating 1) $ - $ - $ $ $ Good Quality (rating 2) Acceptable Quality (rating 3) Fair Quality (rating 4) Special Mention (rating 5) - - - - - Substandard (rating 6) Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ $ $ $ $ Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total September 30, 2015 Delinquency status*: Performing $ $ $ $ $ Nonperforming - $ $ $ $ $ Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total June 30, 2015 Delinquency status*: Performing $ $ $ $ $ Nonperforming - $ $ $ $ $ * Performing loans are those which are accruing and less than 31 days past due. Nonperforming loans are those on nonaccrual and accruing loans that are greater than or equal to 31 days past due. |
| Summary of loans, by classes of loans, considered to be impaired | Unpaid Recorded Principal Related Investment Balance Allowance September 30, 2015 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ - Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity - Other: Consumer - - Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: Home equity Total impaired loans: Commercial: Operating Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity Other: Consumer - $ $ $ Unpaid Recorded Principal Related Investment Balance Allowance June 30, 2015 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ - Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity - Other: Consumer - - Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: Home equity Total impaired loans: Commercial: Operating Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity Other: Consumer - $ $ $ For the three months ended September 30, 2015 September 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ $ Real estate - Agricultural: Operating - - Real estate - - Residential real estate: 1-4 family Home equity Other: Consumer Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: 1-4 family - - Home equity Total impaired loans: Commercial: Operating Real estate - Agricultural: Operating - - Real estate - - Residential real estate: 1-4 family Home equity Other: Consumer $ $ $ $ |
Regulatory Matters (Tables)
| Regulatory Matters (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Regulatory Matters | |
| Summary of bank's actual capital levels and minimum required levels | Minimum Required to Be Well Capitalized Minimum Required for Under Prompt Capital Adequacy Corrective Action Purposes Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio September 30, 2015 Total capital (to risk-weighted assets) $ % $ % $ % Common equity Tier 1 capital (to risk- weighted assets) % % % Tier 1 (core) capital (to risk-weighted assets) % % % Tier 1 (core) capital (to adjusted total assets) % % % June 30, 2015 Total capital (to risk-weighted assets) $ % $ % $ % Common equity Tier 1 capital (to risk- weighted assets) % % % Tier 1 (core) capital (to risk-weighted assets) % % % Tier 1 (core) capital (to adjusted total assets) % % % |
Employee Benefit Plan (Tables)
| Employee Benefit Plan (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Employee Benefit Plan | |
| Summary of ESOP shares | September 30, 2015 June 30, 2015 Allocated shares Unearned ESOP shares Total ESOP shares Fair value of unearned ESOP shares $ $ Fair value of allocated shares subject to repurchase obligation $ $ |
Earnings per Share (Tables)
| Earnings per Share (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Earnings per Share | |
| Schedule of reconciliation of the components used to compute basic earnings per share | September 30, 2015 September 30, 2014 Weighted average common shares outstanding Net income available to common stockholders $ $ Basic earnings per share $ $ |
| Schedule of reconciliation of the components used to compute diluted earnings per share | September 30, 2015 September 30, 2014 Weighted average common shares outstanding Weighted average of net additional shares from restricted stock awards Weighted average number of shares outstanding Net income available to common stockholders $ $ Diluted earnings per share $ $ |
Fair Value Measurements (Tables
| Fair Value Measurements (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Fair Value Measurements | |
| Summary of fair value of assets and liabilities measured on a recurring basis | Fair Value Measurement at September 30, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - Fair Value Measurement at June 30, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - |
| Schedule of carrying and estimated fair value of financial instruments | Fair Value Carrying Estimated September 30, 2015 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 Interest-bearing deposits Level 2 Accrued interest payable and other liabilities Level 1 Fair Value Carrying Estimated June 30, 2015 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 Interest-bearing deposits Level 2 Accrued interest payable and other liabilities Level 1 |
Accumulated Other Comprehensi26
| Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Accumulated Other Comprehensive Income (Loss) | |
| Schedule of components of accumulated other comprehensive income (loss) | September 30, 2015 June 30, 2015 Unrealized holding gains (losses) on securities available-for-sale $ $ Tax benefit $ $ |
Income Taxes (Tables)
| Income Taxes (Tables) | 3 Months Ended |
| Sep. 30, 2015 | |
| Income Taxes | |
| Schedule of reconciliation of the provision for income taxes computed at the statutory federal corporate tax rate to the income tax expense in the statements of income | Three months ended September 30, 2015 September 30, 2014 Provision computed at the statutory federal tax rate $ ) $ ) State income taxes, net of federal tax ) ) Release of unearned EOSP shares and stock awards Nondeductible expenses ) ) Valuation allowance adjustment - Return-to-provision, net - $ ) Other ) $ ) $ ) |
Stock Conversion (Details)
| Stock Conversion (Details) - USD ($) | Jul. 08, 2015 | Sep. 30, 2015 | Jun. 30, 2015 |
| Stock Conversion. | |||
| Sale of common stock, par value under Stock Conversion (in dollars per share) | $ 0.01 | $ 0.01 | |
| Stock conversion between Equitable Financial Corp, Equitable MHC and Equitable Bank | |||
| Stock Conversion. | |||
| Sale of common stock under Stock Conversion (in shares) | 1,983,160 | ||
| Sale of common stock, par value under Stock Conversion (in dollars per share) | $ 0.01 | ||
| Subscription price of common stock under Stock Conversion (in dollars per share) | $ 8 | ||
| Conversion costs for stock offering under Stock Conversion | $ 1,096,303 | ||
| Equitable Bank | Stock conversion between Equitable Financial Corp, Equitable MHC and Equitable Bank | |||
| Stock Conversion. | |||
| Sale of common stock to employee stock ownership plan under Stock Conversion | 118,989 | ||
| Percentage of shares sold to employee stock ownership plan from total shares sold in initial stock offering under Stock Conversion | 6.00% |
Securities (Details)
| Securities (Details) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 |
| Amortized cost and estimated fair value of investments in debt and equity securities | |||
| Securities available-for-sale | $ 856,963 | $ 420,248 | |
| Investment securities held-to-maturity, amortized cost | 3,231,585 | 3,276,752 | |
| Investment securities held-to-maturity , gross unrealized gains | 21,228 | 21,340 | |
| Investment securities held-to-maturity, estimated fair value | 3,252,813 | 3,298,092 | |
| Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | |||
| Held-to-maturity securities sold | 0 | $ 0 | |
| Residential mortgage-backed securities | |||
| Amortized cost and estimated fair value of investments in debt and equity securities | |||
| Investment securities available-for-sale, amortized cost | 857,996 | 426,392 | |
| Investment securities available-for-sale , gross unrealized losses | (1,033) | (6,144) | |
| Securities available-for-sale | 856,963 | 420,248 | |
| Investment securities held-to-maturity, amortized cost | 214,836 | 259,481 | |
| Investment securities held-to-maturity , gross unrealized gains | 16,245 | 18,101 | |
| Investment securities held-to-maturity, estimated fair value | 231,081 | 277,582 | |
| Municipal bonds | |||
| Amortized cost and estimated fair value of investments in debt and equity securities | |||
| Investment securities held-to-maturity, amortized cost | 3,016,749 | 3,017,271 | |
| Investment securities held-to-maturity , gross unrealized gains | 4,983 | 3,239 | |
| Investment securities held-to-maturity, estimated fair value | 3,021,732 | $ 3,020,510 | |
| Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | |||
| Held-to-maturity securities maturing in the year ending June 30, 2019 | 400,000 | ||
| Held-to-maturity securities will be called in November 2015 | $ 2,400,000 |
Loans (Details)
| Loans (Details) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
| Loans disclosures | ||||
| Total loans | $ 188,053,252 | $ 180,445,199 | ||
| Deferred loan origination costs, net | 552,337 | 561,287 | ||
| Allowance for loan losses | (2,684,000) | (2,583,000) | $ (2,683,000) | $ (2,574,000) |
| Deferred loan origination costs and allowance | (2,131,663) | (2,021,713) | ||
| Loans, net | 185,921,589 | 178,423,486 | ||
| Commercial | ||||
| Loans disclosures | ||||
| Total loans | 72,389,417 | 71,576,395 | ||
| Allowance for loan losses | (1,140,000) | (1,124,000) | (1,316,000) | (1,237,000) |
| Commercial | Operating | ||||
| Loans disclosures | ||||
| Total loans | 15,289,194 | 14,967,289 | ||
| Commercial | Real estate | ||||
| Loans disclosures | ||||
| Total loans | 57,100,223 | 56,609,106 | ||
| Agricultural | ||||
| Loans disclosures | ||||
| Total loans | 50,295,550 | 48,278,177 | ||
| Allowance for loan losses | (726,000) | (697,000) | (635,000) | (646,000) |
| Agricultural | Operating | ||||
| Loans disclosures | ||||
| Total loans | 27,984,157 | 27,229,622 | ||
| Agricultural | Real estate | ||||
| Loans disclosures | ||||
| Total loans | 22,311,393 | 21,048,555 | ||
| Residential | ||||
| Loans disclosures | ||||
| Total loans | 54,084,731 | 51,653,368 | ||
| Allowance for loan losses | (669,000) | (644,000) | (618,000) | (586,000) |
| Residential | 1 - 4 family | ||||
| Loans disclosures | ||||
| Total loans | 41,895,928 | 40,892,433 | ||
| Residential | Consumer - Home equity and lines of credit | ||||
| Loans disclosures | ||||
| Total loans | 12,188,803 | 10,760,935 | ||
| Other | ||||
| Loans disclosures | ||||
| Total loans | 11,283,554 | 8,937,259 | ||
| Allowance for loan losses | (149,000) | (118,000) | $ (114,000) | $ (105,000) |
| Other | Construction and land | ||||
| Loans disclosures | ||||
| Total loans | 7,957,557 | 5,844,461 | ||
| Other | Consumer - Personal | ||||
| Loans disclosures | ||||
| Total loans | $ 3,325,997 | $ 3,092,798 |
Loans (Details 2)
| Loans (Details 2) - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Allowance for loan losses: | ||
| Balance, beginning | $ 2,583,000 | $ 2,574,000 |
| Provision charged to expense | 72,944 | 146,899 |
| Recoveries | 29,203 | 13,633 |
| Loans charged off | (1,147) | (51,532) |
| Balance, ending | 2,684,000 | 2,683,000 |
| Commercial | ||
| Allowance for loan losses: | ||
| Balance, beginning | 1,124,000 | 1,237,000 |
| Provision charged to expense | (9,352) | 127,939 |
| Recoveries | 25,352 | 1,122 |
| Loans charged off | (50,061) | |
| Balance, ending | 1,140,000 | 1,316,000 |
| Agricultural | ||
| Allowance for loan losses: | ||
| Balance, beginning | 697,000 | 646,000 |
| Provision charged to expense | 29,000 | (11,000) |
| Balance, ending | 726,000 | 635,000 |
| Residential | ||
| Allowance for loan losses: | ||
| Balance, beginning | 644,000 | 586,000 |
| Provision charged to expense | 24,541 | 19,589 |
| Recoveries | 459 | 12,411 |
| Balance, ending | 669,000 | 618,000 |
| Other | ||
| Allowance for loan losses: | ||
| Balance, beginning | 118,000 | 105,000 |
| Provision charged to expense | 28,755 | 10,371 |
| Recoveries | 3,392 | 100 |
| Loans charged off | (1,147) | (1,471) |
| Balance, ending | $ 149,000 | $ 114,000 |
Loans (Details 3)
| Loans (Details 3) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
| Allowance for loan losses: | ||||
| Allowance for loans individually evaluated for impairment | $ 25,371 | $ 25,566 | ||
| Allowance for loans collectively evaluated for impairment | 2,658,629 | 2,557,434 | ||
| Total Allowance | 2,684,000 | 2,583,000 | $ 2,683,000 | $ 2,574,000 |
| Loan balances | ||||
| Loans individually evaluated for impairment | 4,901,054 | 4,842,177 | ||
| Loans collectively evaluated for impairment | 183,152,198 | 175,603,022 | ||
| Total loans | 188,053,252 | 180,445,199 | ||
| Commercial | ||||
| Allowance for loan losses: | ||||
| Allowance for loans individually evaluated for impairment | 5,422 | 5,617 | ||
| Allowance for loans collectively evaluated for impairment | 1,134,578 | 1,118,383 | ||
| Total Allowance | 1,140,000 | 1,124,000 | 1,316,000 | 1,237,000 |
| Loan balances | ||||
| Loans individually evaluated for impairment | 527,122 | 549,983 | ||
| Loans collectively evaluated for impairment | 71,862,295 | 71,026,412 | ||
| Total loans | 72,389,417 | 71,576,395 | ||
| Agricultural | ||||
| Allowance for loan losses: | ||||
| Allowance for loans collectively evaluated for impairment | 726,000 | 697,000 | ||
| Total Allowance | 726,000 | 697,000 | 635,000 | 646,000 |
| Loan balances | ||||
| Loans individually evaluated for impairment | 483,879 | 482,442 | ||
| Loans collectively evaluated for impairment | 49,811,671 | 47,795,735 | ||
| Total loans | 50,295,550 | 48,278,177 | ||
| Residential | ||||
| Allowance for loan losses: | ||||
| Allowance for loans individually evaluated for impairment | 19,949 | 19,949 | ||
| Allowance for loans collectively evaluated for impairment | 649,051 | 624,051 | ||
| Total Allowance | 669,000 | 644,000 | 618,000 | 586,000 |
| Loan balances | ||||
| Loans individually evaluated for impairment | 3,883,369 | 3,802,074 | ||
| Loans collectively evaluated for impairment | 50,201,362 | 47,851,294 | ||
| Total loans | 54,084,731 | 51,653,368 | ||
| Other | ||||
| Allowance for loan losses: | ||||
| Allowance for loans collectively evaluated for impairment | 149,000 | 118,000 | ||
| Total Allowance | 149,000 | 118,000 | $ 114,000 | $ 105,000 |
| Loan balances | ||||
| Loans individually evaluated for impairment | 6,684 | 7,678 | ||
| Loans collectively evaluated for impairment | 11,276,870 | 8,929,581 | ||
| Total loans | $ 11,283,554 | $ 8,937,259 |
Loans (Details 4)
| Loans (Details 4) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
| Summary of aging in terms of unpaid principal balance | ||
| Current | $ 187,109,992 | $ 179,111,547 |
| 31-60 Days Past Due | 341,254 | 1,317,480 |
| 61-90 Days Past Due | 16,172 | |
| Greater Than 90 Days Past Due | 602,006 | |
| Total loans | 188,053,252 | 180,445,199 |
| Nonaccrual Loans | 1,521,591 | 1,178,842 |
| Commercial | ||
| Summary of aging in terms of unpaid principal balance | ||
| Total loans | 72,389,417 | 71,576,395 |
| Commercial | Operating | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 15,289,194 | 14,933,071 |
| 31-60 Days Past Due | 34,218 | |
| Total loans | 15,289,194 | 14,967,289 |
| Nonaccrual Loans | 285,631 | 426,808 |
| Commercial | Real estate | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 56,623,758 | 56,415,655 |
| 31-60 Days Past Due | 255,867 | 193,451 |
| Greater Than 90 Days Past Due | 220,598 | |
| Total loans | 57,100,223 | 56,609,106 |
| Nonaccrual Loans | 220,598 | 235,844 |
| Agricultural | ||
| Summary of aging in terms of unpaid principal balance | ||
| Total loans | 50,295,550 | 48,278,177 |
| Agricultural | Operating | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 27,965,353 | 27,229,622 |
| 31-60 Days Past Due | 18,804 | |
| Total loans | 27,984,157 | 27,229,622 |
| Nonaccrual Loans | 9,035 | |
| Agricultural | Real estate | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 22,311,393 | 21,033,555 |
| 31-60 Days Past Due | 15,000 | |
| Total loans | 22,311,393 | 21,048,555 |
| Nonaccrual Loans | 474,845 | |
| Residential | ||
| Summary of aging in terms of unpaid principal balance | ||
| Total loans | 54,084,731 | 51,653,368 |
| Residential | 1 - 4 family | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 41,513,287 | 39,866,787 |
| 31-60 Days Past Due | 44,200 | 1,024,437 |
| 61-90 Days Past Due | 1,209 | |
| Greater Than 90 Days Past Due | 338,441 | |
| Total loans | 41,895,928 | 40,892,433 |
| Nonaccrual Loans | 483,022 | 487,345 |
| Residential | Consumer - Home equity and lines of credit | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 12,140,119 | 10,726,023 |
| 31-60 Days Past Due | 13,846 | 19,949 |
| 61-90 Days Past Due | 14,963 | |
| Greater Than 90 Days Past Due | 34,838 | |
| Total loans | 12,188,803 | 10,760,935 |
| Nonaccrual Loans | 34,838 | 20,885 |
| Other | ||
| Summary of aging in terms of unpaid principal balance | ||
| Total loans | 11,283,554 | 8,937,259 |
| Other | Construction and land | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 7,957,557 | 5,844,461 |
| Total loans | 7,957,557 | 5,844,461 |
| Other | Consumer - Personal | ||
| Summary of aging in terms of unpaid principal balance | ||
| Current | 3,309,331 | 3,062,373 |
| 31-60 Days Past Due | 8,537 | 30,425 |
| Greater Than 90 Days Past Due | 8,129 | |
| Total loans | 3,325,997 | 3,092,798 |
| Nonaccrual Loans | $ 13,622 | $ 7,960 |
Loans (Details 5)
| Loans (Details 5) - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Jun. 30, 2015 | |
| Loans | ||
| Maximum aggregate exposure not requiring a loan review within 12 months of most recent credit review | $ 250,000 | |
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | $ 188,053,252 | $ 180,445,199 |
| Performing Financing Receivable Maximum Days Past Due | 31 days | |
| Nonperforming Financing Receivable Minimum Days Past Due | 31 days | |
| Commercial and Agricultural | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | $ 122,684,967 | 119,854,572 |
| Financing Receivable Risk Rating Minimum Review Period | 12 months | |
| Commercial | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | $ 72,389,417 | 71,576,395 |
| Commercial | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 15,289,194 | 14,967,289 |
| Commercial | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 57,100,223 | 56,609,106 |
| Agricultural | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 50,295,550 | 48,278,177 |
| Agricultural | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 27,984,157 | 27,229,622 |
| Agricultural | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 22,311,393 | 21,048,555 |
| Residential Real Estate and Other Combined | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 65,368,285 | 60,590,627 |
| Residential | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 54,084,731 | 51,653,368 |
| Residential | 1 - 4 family | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 41,895,928 | 40,892,433 |
| Residential | Consumer - Home equity and lines of credit | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 12,188,803 | 10,760,935 |
| Other | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 11,283,554 | 8,937,259 |
| Other | Construction and land | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 7,957,557 | 5,844,461 |
| Other | Consumer - Personal | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 3,325,997 | 3,092,798 |
| Highest Quality (rating 1) | Commercial and Agricultural | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 702,515 | 447,515 |
| Highest Quality (rating 1) | Agricultural | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 512,515 | 257,515 |
| Highest Quality (rating 1) | Agricultural | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 190,000 | 190,000 |
| Good Quality (rating 2) | Commercial and Agricultural | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 18,037,844 | 20,366,342 |
| Good Quality (rating 2) | Commercial | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 270,123 | 333,434 |
| Good Quality (rating 2) | Commercial | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 1,773,315 | 4,913,937 |
| Good Quality (rating 2) | Agricultural | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 10,679,587 | 10,029,448 |
| Good Quality (rating 2) | Agricultural | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 5,314,819 | 5,089,523 |
| Acceptable Quality (rating 3) | Commercial and Agricultural | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 61,116,508 | 57,536,991 |
| Acceptable Quality (rating 3) | Commercial | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 8,048,829 | 8,409,732 |
| Acceptable Quality (rating 3) | Commercial | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 33,470,930 | 30,494,389 |
| Acceptable Quality (rating 3) | Agricultural | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 9,505,515 | 9,089,993 |
| Acceptable Quality (rating 3) | Agricultural | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 10,091,234 | 9,542,877 |
| Fair Quality (rating 4) | Commercial and Agricultural | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 40,047,977 | 38,661,851 |
| Fair Quality (rating 4) | Commercial | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 6,636,572 | 5,880,641 |
| Fair Quality (rating 4) | Commercial | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 20,086,904 | 19,404,832 |
| Fair Quality (rating 4) | Agricultural | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 7,084,006 | 7,622,340 |
| Fair Quality (rating 4) | Agricultural | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 6,240,495 | 5,754,038 |
| Substandard | Commercial and Agricultural | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 2,780,123 | 2,841,873 |
| Substandard | Commercial | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 333,670 | 343,482 |
| Substandard | Commercial | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 1,769,074 | 1,795,948 |
| Substandard | Agricultural | Operating | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 202,534 | 230,326 |
| Substandard | Agricultural | Real estate | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 474,845 | 472,117 |
| Performing | Residential Real Estate and Other Combined | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 64,814,422 | 59,115,574 |
| Performing | Residential | 1 - 4 family | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 41,412,906 | 39,488,822 |
| Performing | Residential | Consumer - Home equity and lines of credit | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 12,140,120 | 10,726,024 |
| Performing | Other | Construction and land | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 7,957,557 | 5,844,461 |
| Performing | Other | Consumer - Personal | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 3,303,839 | 3,056,267 |
| Nonperforming | Residential Real Estate and Other Combined | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 553,863 | 1,475,053 |
| Nonperforming | Residential | 1 - 4 family | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 483,022 | 1,403,611 |
| Nonperforming | Residential | Consumer - Home equity and lines of credit | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | 48,683 | 34,911 |
| Nonperforming | Other | Consumer - Personal | ||
| Unpaid principal balance by credit quality indicator | ||
| Unpaid principal balance | $ 22,158 | $ 36,531 |
Loans (Details 6)
| Loans (Details 6) - USD ($) | 3 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | $ 4,868,022 | $ 4,796,812 | |
| Unpaid Principal Balance | 4,826,880 | 4,766,055 | |
| Average Recorded Investment | 4,858,630 | $ 3,451,401 | |
| Interest Income Recognized | 55,618 | 43,006 | |
| Impaired loans with specific allowance recorded: | |||
| Recorded Investment | 74,436 | 76,306 | |
| Unpaid Principal Balance | 74,174 | 76,122 | |
| Related Allowance | 25,371 | 25,566 | |
| Average Recorded Investment | 75,371 | 1,512,257 | |
| Interest Income Recognized | 1,870 | 15,878 | |
| Total impaired loans: | |||
| Recorded Investment | 4,942,458 | 4,873,118 | |
| Unpaid Principal Balance | 4,901,054 | 4,842,177 | |
| Related Allowance | 25,371 | 25,566 | |
| Average Recorded Investment | 4,934,001 | 4,963,658 | |
| Interest Income Recognized | 57,488 | 58,884 | |
| Commercial | Operating | |||
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | 253,878 | 274,833 | |
| Unpaid Principal Balance | 252,299 | 273,212 | |
| Average Recorded Investment | 269,275 | 53,082 | |
| Interest Income Recognized | 3,807 | 972 | |
| Impaired loans with specific allowance recorded: | |||
| Recorded Investment | 54,295 | 56,246 | |
| Unpaid Principal Balance | 54,225 | 56,173 | |
| Related Allowance | 5,422 | 5,617 | |
| Average Recorded Investment | 55,271 | 420,055 | |
| Interest Income Recognized | 1,225 | 641 | |
| Total impaired loans: | |||
| Recorded Investment | 308,173 | 331,079 | |
| Unpaid Principal Balance | 306,524 | 329,385 | |
| Related Allowance | 5,422 | 5,617 | |
| Average Recorded Investment | 324,546 | 473,137 | |
| Interest Income Recognized | 5,032 | 1,613 | |
| Commercial | Real estate | |||
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | 232,529 | 228,889 | |
| Unpaid Principal Balance | 220,598 | 220,598 | |
| Average Recorded Investment | 230,709 | 242,803 | |
| Interest Income Recognized | 4,337 | ||
| Total impaired loans: | |||
| Recorded Investment | 232,529 | 228,889 | |
| Unpaid Principal Balance | 220,598 | 220,598 | |
| Average Recorded Investment | 230,709 | 242,803 | |
| Interest Income Recognized | 4,337 | ||
| Agricultural | Operating | |||
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | 9,051 | 10,344 | |
| Unpaid Principal Balance | 9,035 | 10,326 | |
| Average Recorded Investment | 9,697 | ||
| Interest Income Recognized | 125 | ||
| Total impaired loans: | |||
| Recorded Investment | 9,051 | 10,344 | |
| Unpaid Principal Balance | 9,035 | 10,326 | |
| Average Recorded Investment | 9,697 | ||
| Interest Income Recognized | 125 | ||
| Agricultural | Real estate | |||
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | 489,418 | 480,879 | |
| Unpaid Principal Balance | 474,844 | 472,116 | |
| Average Recorded Investment | 485,148 | ||
| Interest Income Recognized | 1,179 | ||
| Total impaired loans: | |||
| Recorded Investment | 489,418 | 480,879 | |
| Unpaid Principal Balance | 474,844 | 472,116 | |
| Average Recorded Investment | 485,148 | ||
| Interest Income Recognized | 1,179 | ||
| Residential | 1 - 4 family | |||
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | 3,813,684 | 3,730,154 | |
| Unpaid Principal Balance | 3,801,329 | 3,718,852 | |
| Average Recorded Investment | 3,793,213 | 3,077,058 | |
| Interest Income Recognized | 49,292 | 36,468 | |
| Impaired loans with specific allowance recorded: | |||
| Average Recorded Investment | 1,070,959 | ||
| Interest Income Recognized | 14,847 | ||
| Total impaired loans: | |||
| Recorded Investment | 3,813,684 | 3,730,154 | |
| Unpaid Principal Balance | 3,801,329 | 3,718,852 | |
| Average Recorded Investment | 3,793,213 | 4,148,017 | |
| Interest Income Recognized | 49,292 | 51,315 | |
| Residential | Consumer - Home equity and lines of credit | |||
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | 62,286 | 63,575 | |
| Unpaid Principal Balance | 62,091 | 63,273 | |
| Average Recorded Investment | 62,931 | 67,021 | |
| Interest Income Recognized | 1,109 | 1,063 | |
| Impaired loans with specific allowance recorded: | |||
| Recorded Investment | 20,141 | 20,060 | |
| Unpaid Principal Balance | 19,949 | 19,949 | |
| Related Allowance | 19,949 | 19,949 | |
| Average Recorded Investment | 20,100 | 21,243 | |
| Interest Income Recognized | 645 | 390 | |
| Total impaired loans: | |||
| Recorded Investment | 82,427 | 83,635 | |
| Unpaid Principal Balance | 82,040 | 83,222 | |
| Related Allowance | 19,949 | 19,949 | |
| Average Recorded Investment | 83,031 | 88,264 | |
| Interest Income Recognized | 1,754 | 1,453 | |
| Other | Consumer - Personal | |||
| Impaired loans with no specific allowance recorded: | |||
| Recorded Investment | 7,176 | 8,138 | |
| Unpaid Principal Balance | 6,684 | 7,678 | |
| Average Recorded Investment | 7,657 | 11,437 | |
| Interest Income Recognized | 106 | 166 | |
| Total impaired loans: | |||
| Recorded Investment | 7,176 | 8,138 | |
| Unpaid Principal Balance | 6,684 | $ 7,678 | |
| Average Recorded Investment | 7,657 | 11,437 | |
| Interest Income Recognized | $ 106 | $ 166 | |
Regulatory Matters (Details)
| Regulatory Matters (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
| Compliance with regulatory capital requirements under banking regulations | ||
| Total capital (to risk weighted assets), amount | $ 27,241 | $ 20,626 |
| Total capital (to risk weighted assets), as a percent | 14.70% | 11.50% |
| Tier 1 (core) capital (to risk weighted assets), amount | $ 24,909 | $ 18,379 |
| Tier 1 (core) capital (to risk weighted assets), as a percent | 13.40% | 10.30% |
| Tier 1 (core) capital (to adjusted total assets), amount | $ 24,909 | $ 18,379 |
| Tier 1 (core) capital (to adjusted total assets), as a percent | 11.80% | 9.10% |
| Minimum Required for Capital Adequacy Purposes | ||
| Total capital (to risk weighted assets), amount | $ 14,851 | $ 14,306 |
| Total capital (to risk weighted assets), as a percent | 8.00% | 8.00% |
| Tier 1 (core) capital (to risk weighted assets), amount | $ 11,138 | $ 10,729 |
| Tier 1 (core) capital (to risk weighted assets), as a percent | 6.00% | 6.00% |
| Tier 1 (core) capital (to adjusted total assets), amount | $ 8,436 | $ 8,056 |
| Tier 1 (core) capital (to adjusted total assets), as a percent | 4.00% | 4.00% |
| Minimum Required to Be Well Capitalized Under Prompt Corrective Action Provisions | ||
| Total capital (to risk weighted assets), amount | $ 18,563 | $ 17,882 |
| Total capital (to risk weighted assets), as a percent | 10.00% | 10.00% |
| Tier 1 (core) capital (to risk weighted assets), amount | $ 14,851 | $ 14,306 |
| Tier 1 (core) capital (to risk weighted assets), as a percent | 8.00% | 8.00% |
| Tier 1 (core) capital (to adjusted total assets), amount | $ 10,045 | $ 10,070 |
| Tier 1 (core) capital (to adjusted total assets), as a percent | 5.00% | 5.00% |
| Common Equity | ||
| Compliance with regulatory capital requirements under banking regulations | ||
| Tier 1 (core) capital (to risk weighted assets), amount | $ 24,909 | $ 18,379 |
| Tier 1 (core) capital (to risk weighted assets), as a percent | 13.40% | 10.30% |
| Minimum Required for Capital Adequacy Purposes | ||
| Tier 1 (core) capital (to risk weighted assets), amount | $ 8,353 | $ 8,047 |
| Tier 1 (core) capital (to risk weighted assets), as a percent | 4.50% | 4.50% |
| Minimum Required to Be Well Capitalized Under Prompt Corrective Action Provisions | ||
| Tier 1 (core) capital (to risk weighted assets), amount | $ 12,066 | $ 11,624 |
| Tier 1 (core) capital (to risk weighted assets), as a percent | 6.50% | 6.50% |
Employee Benefit Plan (Details)
| Employee Benefit Plan (Details) - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Employee Benefit Plan | ||
| 401(k) and profit sharing plans, minimum vesting period | 1 year | |
| 401(k) and profit sharing plans, maximum vesting period | 5 years | |
| Company contributions to the 401(k) and profit sharing plans | $ 27,955 | $ 24,184 |
Employee Benefit Plan (Details
| Employee Benefit Plan (Details 2) - USD ($) | Nov. 08, 2005 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Jul. 08, 2015 |
| Employee stock ownership plan ("ESOP") | |||||
| Funds borrowed by the ESOP from the Company | $ 1,292,620 | $ 951,912 | |||
| Company stock acquired by the ESOP (in shares) | 129,262 | 118,989 | |||
| Price of Company stock acquired by the ESOP (in dollars per share) | $ 10 | ||||
| Annual principal and interest payments to be made by the ESOP | $ 145,000 | ||||
| Number of shares allocated to the ESOP | 2,477 | ||||
| Compensation expense | $ 18,698 | $ 12,233 | |||
| Shares held by the ESOP | |||||
| Allocated shares (in shares) | 66,032 | 61,249 | |||
| Unearned ESOP shares (in shares) | 168,543 | 45,417 | |||
| Total ESOP shares (in shares) | 234,575 | 106,666 | |||
| Fair value of unearned ESOP shares | $ 1,385,423 | $ 411,024 | |||
| Fair value of allocated shares subject to repurchase obligation | $ 508,218 | $ 516,800 |
Employee Benefit Plan (Detail39
| Employee Benefit Plan (Details 3) - 2006 Equity Incentive Plan | Sep. 30, 2015shares |
| Stock options | |
| Share-based compensation | |
| Number of shares that may be awarded to employees and directors under the plan | 161,577 |
| Restricted stock | |
| Share-based compensation | |
| Number of shares that may be awarded to employees and directors under the plan | 64,631 |
Earnings per Share (Details)
| Earnings per Share (Details) - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Components of basic earnings per share: | ||
| Weighted average common shares outstanding | 3,259,902 | 3,068,991 |
| Net income available to common stockholders | $ 274,978 | $ 106,270 |
| Basic earnings per share (in dollars per share) | $ 0.08 | $ 0.03 |
Earnings per Share (Details 2)
| Earnings per Share (Details 2) - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Components of diluted earnings per share: | ||
| Weighted average common shares outstanding | 3,259,902 | 3,068,991 |
| Weighted average of net additional shares from restricted stock awards | 23,676 | 13,204 |
| Weighted average number of shares outstanding | 3,283,578 | 3,082,195 |
| Net income available to common stockholders | $ 274,978 | $ 106,270 |
| Diluted earnings per share (in dollars per share) | $ 0.08 | $ 0.03 |
Fair Value Measurements (Detail
| Fair Value Measurements (Details) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
| Assets and Liabilities Measured on Recurring Basis | ||
| Fair value asset transfers from Level 1 to Level 2 | $ 0 | |
| Fair value asset transfers from Level 2 to Level 1 | 0 | |
| Fair value liability transfers from Level 1 to Level 2 | 0 | |
| Fair value liability transfers from Level 2 to Level 1 | 0 | |
| Assets: | ||
| Securities available-for-sale | 856,963 | $ 420,248 |
| Recurring | ||
| Assets: | ||
| Securities available-for-sale | 856,963 | 420,248 |
| Recurring | Level 2 | ||
| Assets: | ||
| Securities available-for-sale | $ 856,963 | $ 420,248 |
Fair Value Measurements (Deta43
| Fair Value Measurements (Details 2) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
| Fair Value Measurements | ||
| Impaired loans | $ 4,942,458 | $ 4,873,118 |
| Foreclosed assets | $ 336,979 | $ 349,708 |
Fair Value Measurements (Deta44
| Fair Value Measurements (Details 3) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
| Financial assets: | ||
| Cash and due from financial institutions | $ 10,282,118 | $ 21,512,653 |
| Time deposits with financial institutions | 500,000 | 500,000 |
| Securities available-for-sale | 856,963 | 420,248 |
| Securities held-to-maturity | 3,252,813 | 3,298,092 |
| Federal Home Loan Bank stock | 227,600 | 226,800 |
| Loans, net | 185,921,589 | 178,423,486 |
| Accrued interest receivable | 1,402,776 | 1,044,271 |
| Financial liabilities: | ||
| Noninterest-bearing deposits | 21,670,607 | 21,779,092 |
| Interest-bearing deposits | 153,093,550 | 152,989,829 |
| Accrued interest payable and other liabilities | 1,054,644 | 18,408,315 |
| Carrying Amount | Level 1 | ||
| Financial assets: | ||
| Cash and due from financial institutions | 10,282,118 | 21,512,653 |
| Federal Home Loan Bank stock | 227,600 | 226,800 |
| Accrued interest receivable | 1,402,776 | 1,765,189 |
| Financial liabilities: | ||
| Accrued interest payable and other liabilities | 1,054,644 | 18,408,315 |
| Carrying Amount | Level 2 | ||
| Financial assets: | ||
| Time deposits with financial institutions | 500,000 | 500,000 |
| Securities available-for-sale | 856,963 | 420,248 |
| Securities held-to-maturity | 3,231,585 | 3,276,752 |
| Loans, net | 185,921,589 | 178,423,486 |
| Financial liabilities: | ||
| Noninterest-bearing deposits | 21,670,607 | 21,779,092 |
| Interest-bearing deposits | 153,093,550 | 152,989,829 |
| Estimated Fair Value | Level 1 | ||
| Financial assets: | ||
| Cash and due from financial institutions | 10,282,000 | 21,513,000 |
| Federal Home Loan Bank stock | 228,000 | 227,000 |
| Accrued interest receivable | 1,403,000 | 1,765,000 |
| Financial liabilities: | ||
| Accrued interest payable and other liabilities | 1,055,000 | 18,408,000 |
| Estimated Fair Value | Level 2 | ||
| Financial assets: | ||
| Time deposits with financial institutions | 500,000 | 500,000 |
| Securities available-for-sale | 857,000 | 420,000 |
| Securities held-to-maturity | 3,253,000 | 3,298,000 |
| Loans, net | 185,995,000 | 178,458,000 |
| Financial liabilities: | ||
| Noninterest-bearing deposits | 21,671,000 | 21,779,000 |
| Interest-bearing deposits | $ 151,767,000 | $ 151,248,000 |
Accumulated Other Comprehensi45
| Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
| Sep. 30, 2015 | Jun. 30, 2015 | |
| Accumulated Other Comprehensive Income (Loss) | ||
| Unrealized holding gains (losses) on securities available-for-sale | $ (1,033) | $ (6,144) |
| Tax benefit | 351 | 2,089 |
| Total accumulated other comprehensive income (loss) | $ (682) | $ (4,055) |
Income Taxes (Details)
| Income Taxes (Details) - USD ($) | 3 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
| Provision computed at the statutory federal tax | $ (106,750) | $ (56,519) |
| State income taxes, net of federal tax | (11,986) | (5,532) |
| Release of unearned EOSP shares and stock awards | 1,946 | 29,894 |
| Nondeductible expenses | (1,990) | (1,304) |
| Valuation allowance adjustment | 79,000 | |
| Return-to-provision, net | (21,617) | |
| Other | 787 | (4,884) |
| Total income tax expense | $ (38,993) | $ (59,962) |