Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 01, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PB Bancorp, Inc. | |
Entity Central Index Key | 1,652,106 | |
Trading Symbol | pbbi | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,448,491 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
ASSETS | ||
Cash and due from depository institutions | $ 4,296 | $ 4,465 |
Interest-bearing demand deposits with other banks | 1,036 | 5,637 |
Total cash and cash equivalents | 5,332 | 10,102 |
Securities available-for-sale, at fair value | 41,274 | 46,546 |
Securities held-to-maturity (fair value of $71,188 as of December 31, 2018 and $81,828 as of June 30, 2018) | 71,925 | 82,816 |
Federal Home Loan Bank stock, at cost | 4,206 | 4,206 |
Loans | 371,482 | 355,213 |
Less: Allowance for loan losses | (2,864) | (2,943) |
Net loans | 368,618 | 352,270 |
Premises and equipment, net | 3,114 | 3,253 |
Accrued interest receivable | 1,538 | 1,361 |
Other real estate owned | 1,297 | 1,381 |
Goodwill | 6,912 | 6,912 |
Bank-owned life insurance | 13,091 | 12,912 |
Net deferred tax asset | 481 | 1,691 |
Other assets | 2,599 | 1,938 |
Total assets | 520,387 | 525,388 |
Deposits | ||
Non-interest-bearing | 72,115 | 71,428 |
Interest-bearing | 293,820 | 300,157 |
Total deposits | 365,935 | 371,585 |
Mortgagors' escrow accounts | 3,062 | 3,123 |
Federal Home Loan Bank advances | 62,172 | 63,199 |
Securities sold under agreements to repurchase | 3,310 | 664 |
Other liabilities | 2,622 | 2,528 |
Total liabilities | 437,101 | 441,099 |
Stockholders' Equity | ||
Preferred stock, 50,000,000 shares authorized, $0.01 par value, no shares issued and outstanding | ||
Common stock, 100,000,000 shares authorized, $0.01 par value, 7,448,491 and 7,624,474 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively. | 74 | 76 |
Additional paid-in capital | 58,513 | 60,329 |
Retained earnings | 29,854 | 28,822 |
Accumulated other comprehensive loss | (963) | (522) |
Unearned ESOP shares | (3,219) | (3,293) |
Unearned stock awards | (973) | (1,123) |
Total stockholders' equity | 83,286 | 84,289 |
Total liabilities and stockholders' equity | $ 520,387 | $ 525,388 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Investments in held-to-maturity securities, fair value (in dollars) | $ 71,188 | $ 81,828 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 7,448,491 | 7,624,474 |
Common stock, shares outstanding | 7,448,491 | 7,624,474 |
Consolidated Statements of Net
Consolidated Statements of Net Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 3,731 | $ 3,307 | $ 7,306 | $ 6,484 |
Interest and dividends on investments | 816 | 945 | 1,681 | 1,935 |
Other | 70 | 53 | 114 | 61 |
Total interest and dividend income | 4,617 | 4,305 | 9,101 | 8,480 |
Interest expense: | ||||
Deposits and escrow | 577 | 460 | 1,134 | 906 |
Borrowed funds | 304 | 344 | 608 | 701 |
Total interest expense | 881 | 804 | 1,742 | 1,607 |
Net interest and dividend income | 3,736 | 3,501 | 7,359 | 6,873 |
(Credit) provision for loan losses | 0 | 0 | (600) | 175 |
Net interest and dividend income after (credit) provision for loan losses | 3,736 | 3,501 | 7,959 | 6,698 |
Non-interest income: | ||||
Total other-than-temporary impairment losses on debt securities | (135) | (135) | (2) | |
Portion of losses recognized in other comprehensive income | 131 | 131 | 1 | |
Net impairment losses recognized in earnings | (4) | (4) | (1) | |
Net commissions from brokerage services | 21 | 35 | 45 | 80 |
Income from bank-owned life insurance | 90 | 90 | 179 | 179 |
Gain (loss) on sales of other real estate owned, net | 86 | 66 | 107 | (47) |
Legal settlement | 15 | 155 | 15 | 155 |
Other income | 32 | 34 | 92 | 66 |
Total non-interest income | 735 | 858 | 1,404 | 1,397 |
Non-interest expense: | ||||
Compensation and benefits | 1,946 | 1,842 | 3,874 | 3,654 |
Occupancy and equipment | 290 | 298 | 600 | 595 |
Data processing | 293 | 273 | 590 | 506 |
LAN/WAN network | 22 | 30 | 46 | 65 |
Advertising and marketing | 46 | 57 | 80 | 99 |
FDIC deposit insurance | 35 | 39 | 74 | 79 |
Other real estate owned | 21 | 61 | 85 | 122 |
Write-down of other real estate owned | 8 | 91 | 14 | |
Other | 520 | 483 | 938 | 898 |
Total non-interest expense | 3,173 | 3,091 | 6,378 | 6,032 |
Income before income tax expense | 1,298 | 1,268 | 2,985 | 2,063 |
Income tax expense | 208 | 477 | 504 | 688 |
NET INCOME | $ 1,090 | $ 791 | $ 2,481 | $ 1,375 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.15 | $ 0.11 | $ 0.34 | $ 0.19 |
Diluted (in dollars per share) | $ 0.15 | $ 0.11 | $ 0.34 | $ 0.19 |
Fees for services | ||||
Non-interest income: | ||||
Fees for services mortgage banking activities | $ 488 | $ 478 | $ 958 | $ 961 |
Mortgage banking activities | ||||
Non-interest income: | ||||
Fees for services mortgage banking activities | $ 7 | $ 12 | $ 4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Comprehensive Income (Loss), Net Of Tax, Attributable To Parent [Abstract] | |||||
Net income | $ 1,090 | $ 791 | $ 2,481 | $ 1,375 | |
Other comprehensive loss: | |||||
Net unrealized holding losses on available-for-sale securities | (292) | (285) | (428) | (185) | |
Reclassification adjustment for losses realized in income on available-for-sale securities | [1] | 4 | 0 | 4 | 1 |
Non-credit portion of other-than-temporary losses on available-for-sale securities | (131) | (131) | (1) | ||
Other comprehensive loss before tax | (419) | (285) | (555) | (185) | |
Income tax benefit related to other comprehensive loss | 85 | 98 | 114 | 64 | |
Other comprehensive loss net of tax | (334) | (187) | (441) | (121) | |
Total comprehensive income | $ 756 | $ 604 | $ 2,040 | $ 1,254 | |
[1] | Reported in net impairment losses recognized in earnings included in non-interest income on the consolidated statements of net income. There were no income tax benefits associated with the reclassification adjustments. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Unearned ESOP Shares | Unearned Stock Awards | Total |
Balance at Jun. 30, 2017 | $ 78 | $ 62,243 | $ 27,195 | $ (117) | $ (3,439) | $ (1,423) | $ 84,537 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 1,375 | (121) | 1,254 | ||||
Cash dividends declared and paid ($0.09 and $0.19 per share for December 31, 2017 and 2018 respectively) | (701) | (701) | |||||
ESOP shares committed to be released (9,009 and 9,009 shares for December 31, 2017 and 2018 respectively) | 21 | 73 | 94 | ||||
Common stock repurchased (55,000 and 175,983 shares for December 31, 2017 and 2018 respectively) | (572) | (572) | |||||
Share-based compensation expense | 74 | 150 | 224 | ||||
Balance at Dec. 31, 2017 | 78 | 61,766 | 27,869 | (238) | (3,366) | (1,273) | 84,836 |
Balance at Jun. 30, 2018 | 76 | 60,329 | 28,822 | (522) | (3,293) | (1,123) | 84,289 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 2,481 | (441) | 2,040 | ||||
Cash dividends declared and paid ($0.09 and $0.19 per share for December 31, 2017 and 2018 respectively) | (1,449) | (1,449) | |||||
ESOP shares committed to be released (9,009 and 9,009 shares for December 31, 2017 and 2018 respectively) | 30 | 74 | 104 | ||||
Common stock repurchased (55,000 and 175,983 shares for December 31, 2017 and 2018 respectively) | (2) | (1,925) | (1,927) | ||||
Share-based compensation expense | 79 | 150 | 229 | ||||
Balance at Dec. 31, 2018 | $ 74 | $ 58,513 | $ 29,854 | $ (963) | $ (3,219) | $ (973) | $ 83,286 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) (Unaudited) - $ / shares | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders' Equity [Abstract] | ||
Cash dividend declared (in dollars per share) | $ 0.19 | $ 0.09 |
Number of ESOP shares committed to be released | 9,009 | 9,009 |
Shares of common stock repurchased | 175,983 | 55,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 2,481 | $ 1,375 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities premiums, net | 234 | 282 |
Impairment losses on securities | 4 | 1 |
Amortization of deferred loan costs, net | 135 | 116 |
(Credit) provision for loan losses | (600) | 175 |
(Gain) loss on sale of other real estate owned, net | (107) | 47 |
Write-down of other real estate owned | 91 | 14 |
Loss on sale of premises and equipment | 1 | 1 |
Depreciation and amortization - premises and equipment | 166 | 163 |
Amortization - software | 4 | 5 |
Increase in accrued interest receivable and other assets | (842) | (20) |
Income from bank-owned life insurance | (179) | (179) |
Increase in other liabilities | 94 | 142 |
Share-based compensation expense | 229 | 224 |
Deferred tax expense | 1,324 | 262 |
ESOP expense | 104 | 94 |
Net cash provided by operating activities | 3,139 | 2,702 |
Cash flows from investing activities | ||
Proceeds from calls, pay downs and maturities of available-for-sale securities | 4,609 | 5,673 |
Proceeds from calls, pay downs and maturities of held-to-maturity securities | 10,761 | 16,346 |
Purchase of Federal Home Loan Bank stock | (133) | |
Net loan principal originations | (16,787) | (10,313) |
Loan purchases | (19,699) | |
Recoveries of loans previously charged off | 582 | 32 |
Proceeds from sale of other real estate owned | 422 | 587 |
Capital expenditures - premises and equipment | (28) | (59) |
Net cash used in investing activities | (441) | (7,566) |
Cash flows from financing activities | ||
Net decrease in deposit accounts | (5,650) | (3,443) |
Net decrease in mortgagors' escrow accounts | (61) | (63) |
Proceeds from issuance of long-term Federal Home Loan Bank advances | 19,730 | |
Repayment of long-term Federal Home Loan Bank advances | (1,027) | (13,004) |
Change in short term Federal Home Loan Bank advances, net | 6,000 | |
Net increase in securities sold under agreements to repurchase | 2,646 | 1,294 |
Cash dividends paid on common stock | (1,449) | (701) |
Common stock repurchased | (1,927) | (572) |
Net cash (used in) provided by financing activities | (7,468) | 9,241 |
Net (decrease) increase in cash and cash equivalents | (4,770) | 4,377 |
Cash and cash equivalents at beginning of year | 10,102 | 10,173 |
Cash and cash equivalents at end of period | 5,332 | 14,550 |
Cash paid during the period for: | ||
Interest | 1,700 | 1,594 |
Income taxes | 1 | 370 |
Loans transferred to other real estate owned | $ 322 | $ 144 |
Organization
Organization | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization | NOTE 1 – Organization PB Bancorp, Inc. (the “Company”) is a Maryland corporation incorporated in 2015 to be the successor to PSB Holdings, Inc. upon completion of the second-step mutual-to-stock conversion (the “Conversion”) of Putnam Bancorp, MHC (the “MHC”), the top tier mutual holding company of PSB Holdings, Inc. PSB Holdings, Inc. was the former mid-tier holding company for Putnam Bank (the “Bank”). Prior to completion of the Conversion, a majority of the shares of common stock of PSB Holdings, Inc. were owned by the MHC. In conjunction with the Conversion, the MHC and PSB Holdings, Inc. merged into the Company and the Company became PSB Holdings, Inc.’s successor. The Conversion was completed on January 7, 2016. The Company raised gross proceeds of $33.7 million in the related stock offering. Concurrent with the completion of the stock offering, each share of PSB Holdings, Inc. stock owned by public stockholders (stockholders other than the MHC) was exchanged for 1.1907 shares of Company common stock. The Conversion was accounted for as a capital raising transaction by entities under common control. The historical financial results of the MHC were immaterial to the results of the Company and therefore the net assets of the MHC were reflected as an increase to stockholders’ equity. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 2 – Basis of Presentation The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and the instructions to Form 10-Q, and accordingly do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments necessary, consisting of only normal recurring accruals and the elimination of all significant intercompany accounts, to present fairly the financial position, results of operations and cash flows of the Company for the periods presented. The interim results of operations are not necessarily indicative of the operating results to be expected for future periods, including the fiscal year ending June 30, 2019. These financial statements should be read in conjunction with the 2018 consolidated financial statements and notes thereto included in PB Bancorp, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (‘’SEC’’) on September 21, 2018. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 3 – Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), |
Critical Accounting Policies
Critical Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | Note 4 - Critical Accounting Policies Critical accounting policies are those that involve significant judgments and assumptions by management that have, or could have, a material impact on our income or the carrying value of our assets. Our critical accounting policies are those related to the allowance for loan losses, realizability of deferred income taxes, valuation of goodwill and the impairment of securities. Allowance for Loan Losses The allowance for loan losses is evaluated on a quarterly basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, specific and unallocated components, as further described below. General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, residential construction, commercial and consumer/other. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; concentrations; changes in lending policies and procedures; experience/ability/depth of lending management and staff; loan rating migration; the effect of other external factors; changes in the value of underlying collateral; changes in the loan review system and national and local economic trends and conditions. The Company calculates historical losses using a five-year rolling average, which is considered indicative of the risk in the Company’s current loan portfolio. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses through December 31, 2018. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate - The Company does not originate loans with a loan-to-value ratio greater than 100% and does not originate subprime loans. Loans originated with a loan-to-value ratio greater than 80% generally require private mortgage insurance. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial real estate - Loans in this segment are primarily income-producing properties throughout New England. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management obtains rent rolls annually and continually monitors the cash flows of these loans. Residential Construction – Loans in this segment include speculative real estate development loans for which payment is derived from sale of the property. Credit risk is affected by the accuracy of estimated costs to complete the project, cost overruns, time to sell at an adequate price, and market conditions. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer/other - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Specific component The specific component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent or foreclosure is probable. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer/other and residential real estate loans for impairment disclosures, unless such loans are non-accrual or subject to a troubled debt restructuring (“TDR”) agreement. 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. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a TDR. All TDRs are classified as impaired. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general reserves in the portfolio. Goodwill The first step (“Step 1”) is used to identify potential impairment, and involves comparing the reporting unit’s (the consolidated Company) estimated fair value to its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill is not deemed to be impaired. Should the carrying amount of the reporting unit exceed its estimated fair value, an indicator of impairment is deemed to exist and a second step is performed to measure the amount of such impairment, if any. The second step (“Step 2”) involves calculating the implied fair value of goodwill. The implied fair value of goodwill is determined in a manner similar to how the amount of goodwill is determined in a business combination (i.e. by measuring the excess of the estimated fair value, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles as of the impairment testing date). If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, no impairment exists. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recorded in an amount equal to such excess. An impairment loss cannot exceed the carrying amount of goodwill, and the loss (write-down) establishes a new carrying amount for the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. Application of the goodwill impairment test requires significant judgments including estimation of future cash flows, which are dependent on internal forecasts, estimation of the long-term rate of growth, the period over which cash flows will occur, and determination of our cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and/or conclusions related to goodwill impairment. See Note 3 – Recent Accounting Pronouncements for future changes to the accounting treatment of goodwill. Other-Than-Temporary Impairment of Securities. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income/loss, net of applicable taxes. Income Taxes. On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the “Act”). The Act includes a number of changes in existing tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 34% to 21%, effective on January 1, 2018. As a result of this rate reduction, the Company revalued its net deferred tax asset as of December 22, 2017 resulting in a reduction in the value of the net deferred tax asset of $211,000, which was recorded as additional tax expense in the Company’s consolidated statements for the three months ended December 31, 2017. Included in the additional tax expense is $47,000 related to net unrealized losses on securities available-for-sale. The accounting treatment effectively stranded $47,000 of deferred tax items in accumulated other comprehensive income. The Company has developed a reasonable estimate of the other provisions of the Act in determining the current year income tax provision. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“AOCI”) Management has discussed the development and selection of these critical accounting policies with the Audit Committee. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | NOTE 5 – Earnings Per Share (EPS) Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. The rights to dividends on unvested options/awards are non-forfeitable, therefore the unvested awards/options are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. For purposes of computing diluted EPS, the treasury stock method is used. The following information was used in the computation of EPS on both a basic and diluted basis for the three and six months ended December 31, 2018 and 2017: Three months ended December 31, Six months ended December 31, 2018 2017 2018 2017 Net income $ 1,090,000 $ 791,000 $ 2,481,000 $ 1,375,000 Weighted average common shares applicable to basic EPS 7,198,456 7,354,602 7,208,317 7,364,606 Effect of dilutive potential common shares - - 4,306 - Weighted average common shares applicable to diluted EPS 7,198,456 7,354,602 7,212,623 7,364,606 Earnings per share: Basic $ 0.15 $ 0.11 $ 0.34 $ 0.19 Diluted $ 0.15 $ 0.11 $ 0.34 $ 0.19 For the three months ended December 31, 2018, options to purchase 387,330 shares were outstanding but not included in the computation of earnings per share because they were anti-dilutive. For the six months ended December 31, 2018, there were no anti-dilutive options not being included in the computation of diluted earnings per share. |
Investment Securities
Investment Securities | 6 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 6 – Investment Securities The carrying value, estimated fair values, and gross unrealized gains and losses of investment securities by maturity and type are as follows: Amortized Gross Unrealized Fair Cost Basis Gains (Losses) Value (in thousands) December 31, 2018: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: After ten years $ 2,849 $ - $ (84 ) $ 2,765 Corporate bonds: Due from five through ten years 3,999 - (474 ) 3,525 U.S. Government-sponsored and guaranteed mortgage-backed securities: From one through five years 5,942 - (87 ) 5,855 From five through ten years 1,273 - (32 ) 1,241 After ten years 15,711 111 (343 ) 15,479 22,926 111 (462 ) 22,575 Non-agency mortgage-backed securities: Due after ten years 2,726 419 (373 ) 2,772 Total debt securities 32,500 530 (1,393 ) 31,637 Other securities: Auction rate preferred: Due from five through ten years 8,000 - (358 ) 7,642 After ten years 2,000 - (5 ) 1,995 10,000 - (363 ) 9,637 Total available-for-sale securities $ 42,500 $ 530 $ (1,756 ) $ 41,274 Held-to-maturity: U.S. government and government-sponsored securities: Due in one year or less $ 2,997 $ - $ (14 ) $ 2,983 From one through five years 2,986 21 (14 ) 2,993 After ten years 4,576 - (201 ) 4,375 10,559 21 (229 ) 10,351 State agency and municipal obligations From one through five years 443 - (11 ) 432 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 624 4 (5 ) 623 From five through ten years 10,790 8 (249 ) 10,549 After ten years 49,509 430 (706 ) 49,233 60,923 442 (960 ) 60,405 Total held-to-maturity securities $ 71,925 $ 463 $ (1,200 ) $ 71,188 Amortized Gross Unrealized Fair Cost Basis Gains (Losses) Value (in thousands) June 30, 2018: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: Due in one year or less $ 1,000 $ - $ (4 ) $ 996 After ten years 3,419 - (87 ) 3,332 4,419 - (91 ) 4,328 Corporate bonds: Due from five through ten years 1,999 - (129 ) 1,870 After ten years 2,000 - (140 ) 1,860 3,999 - (269 ) 3,730 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 3,135 - (125 ) 3,010 From five through ten years 4,919 - (95 ) 4,824 After ten years 17,688 135 (406 ) 17,417 25,742 135 (626 ) 25,251 Non-agency mortgage-backed securities: Due after ten years 3,057 483 (303 ) 3,237 Total debt securities 37,217 618 (1,289 ) 36,546 Other securities: Auction rate preferred: Due from five through ten years 8,000 - - 8,000 After ten years 2,000 - - 2,000 10,000 - - 10,000 Total available-for-sale securities $ 47,217 $ 618 $ (1,289 ) $ 46,546 Held-to-maturity: U.S. government and government-sponsored securities: Due in one year or less $ 2,001 $ - $ (9 ) $ 1,992 From one through five years 4,976 25 (33 ) 4,968 After ten years 4,796 - (189 ) 4,607 11,773 25 (231 ) 11,567 State agency and municipal obligations Due from one through five years 446 - (14 ) 432 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 846 5 (8 ) 843 From five through ten years 12,123 14 (384 ) 11,753 After ten years 57,628 518 (913 ) 57,233 70,597 537 (1,305 ) 69,829 Total held-to-maturity securities $ 82,816 $ 562 $ (1,550 ) $ 81,828 There were no sales of available-for-sale securities for the three and six months ended December 31, 2018 or 2017. Gains and losses on the sales of securities are recorded on the trade date and are determined using the specific identification method. There were other-than-temporary impairment charges on available-for-sale securities of $4,000 realized in income during the three and six months ended December 31, 2018. The write-downs included total other-than-temporary impairment losses on non-agency mortgage-backed securities of $135,000, net of $131,000 recognized in other comprehensive loss, before taxes. There were no other-than temporary impairment losses during the three months ended December 31, 2017 and $1,000 in other-than impairment losses during the six months ended December 31, 2017. The write-downs included total other-than-temporary impairment losses on non-agency mortgage-backed securities of $2,000, net of $1,000 recognized in other comprehensive loss, before taxes. The following is a summary of the estimated fair value and related unrealized losses segregated by category and length of time that individual securities have been in a continuous unrealized loss position at: Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) December 31, 2018: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 2,765 $ 84 $ 2,765 $ 84 Corporate bonds - - 3,525 474 3,525 474 U.S. Government-sponsored and guaranteed mortgage-backed securities 2,441 13 16,334 449 18,775 462 Other securities 4,637 363 - - 4,637 363 Total temporarily impaired available-for-sale 7,078 376 22,624 1,007 29,702 1,383 Held-to-maturity: U.S. Government and government-sponsored securities 995 5 8,351 224 9,346 229 State and political subdivisions - - 432 11 432 11 U.S. Government-sponsored and guaranteed mortgage-backed securities 3,155 40 40,191 920 43,346 960 Total temporarily impaired held-to-maturity 4,150 45 48,974 1,155 53,124 1,200 Other-than-temporarily impaired debt securities (1): Non-agency mortgage-backed securities 280 6 979 367 1,259 373 Total temporarily-impaired and other- than-temporarily impaired securities $ 11,508 $ 427 $ 72,577 $ 2,529 $ 84,085 $ 2,956 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) June 30, 2018: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 4,328 $ 91 $ 4,328 $ 91 Corporate bonds - - 3,730 269 3,730 269 U.S. Government-sponsored and guaranteed mortgage-backed securities 7,331 123 14,914 503 22,245 626 Total temporarily impaired available-for-sale 7,331 123 22,972 863 30,303 986 Held-to-maturity: U.S. Government and government-sponsored securities 5,956 42 4,606 189 10,562 231 State and political subdivisions 432 14 - - 432 14 U.S. Government-sponsored and guaranteed mortgage-backed securities 34,387 708 16,880 597 51,267 1,305 Total temporarily impaired held-to-maturity 40,775 764 21,486 786 62,261 1,550 Other-than-temporarily impaired debt securities (1): Non-agency mortgage-backed securities - - 1,134 303 1,134 303 Total temporarily-impaired and other- than-temporarily impaired securities $ 48,106 $ 887 $ 45,592 $ 1,952 $ 93,698 $ 2,839 (1) Includes other-than-temporary impaired available-for-sale debt securities in which a portion of the other-than-temporary impairment loss remains in accumulated other comprehensive loss. Management evaluates securities for OTTI at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. At December 31, 2018, there were 91 individual investment securities with aggregate depreciation of 3.4% from the Company’s amortized cost basis. Management has the intent and ability to hold these securities until cost recovery occurs and considers these declines to be temporary. The unrealized losses on the Company’s investment in U.S. Government-sponsored agency bonds and U.S. government-guaranteed and government-sponsored residential mortgage-backed securities were primarily caused by interest rate fluctuations. These investments are guaranteed or sponsored by the U.S. government or an agency thereof. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the decline in market value is attributable to changes in interest rates and not to credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2018. The Company’s unrealized losses on investments in corporate bonds and other securities relate to investments in companies within the financial services sector. As of December 31, 2018, the Company had three investments in corporate single-issuer trust preferred securities (TRUPs) with a total book value of $4.0 million and total fair value of $3.5 million, all of which were classified as available-for-sale. The single-issuer trust preferred investments are evaluated for other-than-temporary impairment by performing a present value of cash flows calculation each quarter. None of the issuers have deferred interest payments or announced the intention to defer interest payments. The Company believes the decline in fair value is related to the spread over three-month LIBOR, on which the quarterly interest payments are based, as the spread over LIBOR being received is significantly lower than current market spreads. Management concluded the impairment of these investments was considered temporary and asserts that the Company does not have the intent to sell these investments and that it is more likely than not it will not have to sell the investments before recovery of their cost bases which may be at maturity. At December 31, 2018, there was one state and political subdivision security that had an unrealized loss of 2.5% from the Company’s amortized cost basis. We believe the unrealized loss was primarily caused by interest rate fluctuations. This security is guaranteed by a school district located in Texas. Because the decline in market value is attributable to changes in interest rates and not to credit quality, and because the Company does not intend to sell the investment and it is not more likely than not that the Company will be required to sell the investments before recovery of its amortized cost basis, which may be at maturity, the Company does not consider this investment to be other-than-temporarily impaired at December 31, 2018. For the three and six months ended December 31, 2018, there was $4,000 in other-than-temporary impairment losses recognized in earnings. The other-than-temporary impairment losses were on non-agency mortgage-backed securities. The Company estimates the portion of possible loss attributable to credit loss using a discounted cash flow model. Significant inputs include the estimated cash flows of the underlying loans based on key assumptions, such as default rate, loss severity and prepayment rate. Assumptions can vary widely from security to security, and are influenced by such factors as loan interest rate, geographical location of the borrower, borrower characteristics and collateral type. The present value of the expected cash flows is compared to the Company’s amortized cost basis to determine if there was a credit-related impairment loss. Based on the expected cash flows derived from the model, the Company expects to recover the remaining unrealized losses on these securities. The following table represents a roll-forward of the amount of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive loss: Six months ended December 31, 2018 2017 (in thousands) Balance at beginning of period $ 15,983 $ 15,982 Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded 4 1 Balance at end of period $ 15,987 $ 15,983 |
Loans
Loans | 6 Months Ended |
Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans | NOTE 7 – Loans The following table sets forth the composition of our loan portfolio at December 31, 2018 and June 30, 2018: December 31, June 30, 2018 2018 (in thousands) Real Estate: Residential (1) $ 229,313 $ 236,880 Commercial 127,308 101,647 Residential construction 937 2,217 Commercial 11,815 12,215 Consumer and other 793 831 Total loans 370,166 353,790 Net deferred loan costs 1,316 1,423 Allowance for loan losses (2,864 ) (2,943 ) Loans, net $ 368,618 $ 352,270 (1) Residential real estate loans include one-to four-family mortgage loans, second mortgage loans, and home equity lines of credit. Credit Quality Information The Company utilizes a nine grade internal loan rating system as follows: Loans rated 1 - 5 are considered “pass” rated loans with low to average risk. Loans rated 6 are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 7 are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 8 are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 9 are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial loans. Annually, the Company engages an independent third-party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. Credit quality for residential real estate and consumer/other loans is determined by monitoring loan payment history and ongoing communications with the borrower. The following table presents the Company’s loan classes by internally assigned grades at December 31, 2018 and June 30, 2018: Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and other Total (in thousands) December 31, 2018 Grade: Pass $ 225,838 $ 125,279 $ 937 $ 10,804 $ 793 $ 363,651 Special Mention - 512 - - - 512 Substandard 3,475 1,517 - 1,011 - 6,003 Doubtful - - - - - - Loss - - - - - - Total $ 229,313 $ 127,308 $ 937 $ 11,815 $ 793 $ 370,166 June 30, 2018 Grade: Pass $ 232,919 $ 98,626 $ 2,217 $ 11,157 $ 830 $ 345,749 Special Mention 2 698 - 1,058 - 1,758 Substandard 3,959 2,323 - - 1 6,283 Doubtful - - - - - - Loss - - - - - - Total $ 236,880 $ 101,647 $ 2,217 $ 12,215 $ 831 $ 353,790 There were no material modifications deemed to be troubled debt restructures for the six months ended December 31, 2018 and 2017. There were no material troubled debt restructurings that subsequently defaulted (defined as 30 or more days past due subsequent to restructuring) within one year of modification during the three and six months ended December 31, 2018 and 2017. |
Non-performing Assets, Past Due
Non-performing Assets, Past Due and Impaired Loans | 6 Months Ended |
Dec. 31, 2018 | |
Non Performing Assets [Abstract] | |
Non-performing Assets, Past Due and Impaired Loans | NOTE 8 – Non-performing Assets, Past Due and Impaired Loans The table below sets forth the amounts and categories of non-performing assets at the dates indicated: At December 31, At June 30, 2018 2018 (Dollars in thousands) Non-accrual loans: Real Estate: Residential $ 3,475 $ 3,959 Commercial 406 432 Consumer - 1 Total non-accrual loans 3,881 4,392 Accruing loans past due 90 days or more - 32 Total non-performing loans 3,881 4,424 Other real estate owned 1,297 1,381 Total non-performing assets $ 5,178 $ 5,805 Total non-performing loans to total loans 1.05 % 1.25 % Total non-performing assets to total assets 1.00 % 1.10 % Management is focused on working with borrowers and guarantors to resolve non-accrual loans by restructuring or liquidating assets when prudent. Many of our commercial relationships are secured by development loans, in particular condominiums which have experienced a significant reduction in demand. The Company reviews the strength of the guarantors; requires face to face discussions and offers restructuring suggestions that provide the borrowers with short term relief and exit strategies. The Company obtains a current appraisal on all real estate secured loans that are 180 days or more past due if the appraisal on file is older than one year. If the determination is made that there is the potential for collateral shortfall, an allocated reserve will be assigned to the loan for the expected deficiency. It is the policy of the Company to charge off or write down loans or other assets when, in the opinion of the Credit Committee and Loan Review, the ultimate amount recoverable is less than the carrying value, or the collection of the amount is expected to be unduly prolonged. The level of non-performing assets is expected to fluctuate in response to changing economic and market conditions, and the relative sizes of the respective loan portfolios, along with management’s degree of success in resolving problem assets. The following table sets forth information regarding past due loans at December 31, 2018 and June 30, 2018: 90 days 30–59 Days 60–89 Days or Greater Total Past Due Past Due Past Due Past Due (in thousands) At December 31, 2018 Real Estate: Residential $ 1,627 $ 146 $ 510 $ 2,283 Commercial 2,027 - 121 2,148 Consumer and other 2 - - 2 Total $ 3,656 $ 146 $ 631 $ 4,433 At June 30, 2018 Real Estate: Residential $ 50 $ 238 $ 1,119 $ 1,407 Commercial - - $ 124 124 Consumer and other 4 - - 4 Total $ 54 $ 238 $ 1,243 $ 1,535 The following is a summary of information pertaining to impaired loans at December 31, 2018 and June 30, 2018, none of which had a valuation allowance: At December 31, 2018 At June 30, 2018 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (in thousands) Real Estate: Residential $ 2,062 $ 2,208 $ 2,732 $ 2,870 Commercial 406 469 1,230 1,914 Total impaired loans $ 2,468 $ 2,677 $ 3,962 $ 4,784 The following is a summary of additional information pertaining to impaired loans: Three months ended Three months ended December 31, 2018 December 31, 2017 Average Interest Interest Income Average Interest Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Real Estate: Residential $ 2,177 $ 22 $ 19 $ 2,093 $ 8 $ 3 Commercial 411 - - 1,291 22 - Total impaired loans $ 2,588 $ 22 $ 19 $ 3,384 $ 30 $ 3 Six months ended Six months ended December 31, 2018 December 31, 2017 Average Interest Interest Income Average Interest Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Real Estate: Residential $ 2,362 $ 39 $ 33 $ 2,149 $ 16 $ 7 Commercial 684 7 - 1,303 45 - Total impaired loans $ 3,046 $ 46 $ 33 $ 3,452 $ 61 $ 7 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | NOTE 9 – Allowance for Loan Losses An analysis of the allowance for loan losses for the three and six months ended December 31, 2018 and 2017 is as follows: Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (in thousands) Three months ended December 31, 2018 Beginning balance $ 1,488 $ 1,094 $ 7 $ 77 $ 131 $ 109 $ 2,906 Charge-offs (42 ) - - - (12 ) - (54 ) Recoveries 3 - - 4 5 - 12 (Credit) provision 16 102 (2 ) 29 (92 ) (53 ) - Ending Balance $ 1,465 $ 1,196 $ 5 $ 110 $ 32 $ 56 $ 2,864 Three months ended December 31, 2017 Beginning balance $ 1,432 $ 1,232 $ 7 $ 80 $ 148 $ 61 $ 2,960 Charge-offs - - - - (13 ) - (13 ) Recoveries 9 - - 3 6 - 18 (Credit) provision (24 ) (17 ) 2 (4 ) (10 ) 53 - Ending Balance $ 1,417 $ 1,215 $ 9 $ 79 $ 131 $ 114 $ 2,965 Six months ended December 31, 2018 Beginning balance $ 1,385 $ 1,194 $ 14 $ 80 $ 135 $ 135 $ 2,943 Charge-offs (42 ) - - - (19 ) - (61 ) Recoveries 8 560 - 6 8 - 582 (Credit) provision 114 (558 ) (9 ) 24 (92 ) (79 ) (600 ) Ending Balance $ 1,465 $ 1,196 $ 5 $ 110 $ 32 $ 56 $ 2,864 Six months ended December 31, 2017 Beginning balance $ 1,359 $ 1,164 $ 6 $ 76 $ 86 $ 89 $ 2,780 Charge-offs - - - - (22 ) - (22 ) Recoveries 17 - - 6 9 - 32 (Credit) provision 41 51 3 (3 ) 58 25 175 Ending Balance $ 1,417 $ 1,215 $ 9 $ 79 $ 131 $ 114 $ 2,965 Further information pertaining to the allowance for loan losses at December 31, 2018 and June 30, 2018 is as follows: Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (in thousands) At December 31, 2018 Amount of allowance for loan losses for impaired loans $ - $ - $ - $ - $ - $ - $ - Amount of allowance for loan losses for non-impaired loans $ 1,465 $ 1,196 $ 5 $ 110 $ 32 $ 56 $ 2,864 Impaired loans $ 2,062 $ 406 $ - $ - $ - $ - $ 2,468 Non-impaired loans $ 227,251 $ 126,902 $ 937 $ 11,815 $ 793 $ - $ 367,698 At June 30, 2018 Amount of allowance for loan losses for impaired loans $ - $ - $ - $ - $ - $ - $ - Amount of allowance for loan losses for non-impaired loans $ 1,385 $ 1,194 $ 14 $ 80 $ 135 $ 135 $ 2,943 Impaired loans $ 2,732 $ 1,230 $ - $ - $ - $ - $ 3,962 Non-impaired loans $ 234,148 $ 100,417 $ 2,217 $ 12,215 $ 831 $ - $ 349,828 |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Incentive Plan | NOTE 10 – Stock-Based Incentive Plan In February 2017, stockholders of the Company approved the PB Bancorp, Inc. 2017 Stock-Based Incentive Plan (the “Incentive Plan”). Under the Incentive Plan, the Company may grant up to 453,267 stock options and 181,306 shares of restricted stock to its employees, officers and directors for an aggregate amount of up to 634,573 shares of the Company’s common stock for issuance upon the grant or exercise of awards. Both incentive stock options and non-statutory stock options may be granted under the Incentive Plan. There were no stock options or awards granted during the six months ended December 31, 2018 and 2017. Both stock option and restricted stock awards granted to date vest at 20% per year beginning on the first anniversary of the date of the grant. Stock options are considered common stock equivalents for the purpose of computing earnings per share on a diluted basis. Restricted stock awards have non-forfeitable dividend rights, and are considered participating securities outstanding for the purpose of computing basic earnings per share. The Company has recorded share-based compensation expense related to outstanding stock option and restricted stock awards based upon the fair value at the date of grant over the vesting period of such awards on a straight-line basis. The fair value of each restricted stock allocation, based on the market price at the date of grant, is recorded to unearned stock awards. Compensation expense related to unearned restricted shares is amortized to compensation and benefits expense over the vesting period of the restricted stock awards, adjusted by actual forfeitures. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing method which includes several assumptions such as volatility, expected dividends, expected term and risk-free rate for each stock option award. The Company recorded share-based compensation expense in connection with the stock option and restricted stock awards for the three months ended December 31, 2018 of $111,000 and for the six months ended December 31, 2018 of $229,000. The Company recorded share-based compensation expense in connection with the stock option and restricted stock awards for the three months ended December 31, 2017 of $112,000 and for the six months ended December 31, 2017 of $224,000. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 11 – Accumulated Other Comprehensive Loss Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the consolidated balance sheets, such items are components of accumulated other comprehensive loss. The components of accumulated other comprehensive loss and related tax effects are as follows: December 31, June 30, 2018 2018 (in thousands) Net unrealized loss on securities available-for-sale $ (1,226 ) $ (671 ) Tax effect 263 149 Accumulated other comprehensive loss $ (963 ) $ (522 ) |
FAIR VALUE MEASURMENTS
FAIR VALUE MEASURMENTS | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASURMENTS | NOTE 12 – FAIR VALUE MEASUREMENTS The Company groups its assets measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value as follows: Level 1 – Valuations for assets traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets. Level 2 – Valuations for assets traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets. Level 3 – Valuations for assets that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s assets carried at fair value for December 31, 2018 and June 30, 2018. The Company’s mortgage-backed securities and other debt securities available-for-sale are generally classified within Level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services, which are not adjusted by management. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U. S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. Level 3 assets consisted of available-for-sale auction-rate trust preferred securities (ARPs). All dividends are current. The Company has the ability and intent to hold these securities for the time necessary to collect the expected cash flows. The fair value of impaired loans and other real estate owned is based on the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based upon appraisals of similar properties obtained from a third party and adjusted by management as needed. The Company did not have any transfers of assets between levels of the fair value hierarchy during the six months ended December 31, 2018. The following summarizes assets measured at fair value on a recurring basis at December 31, 2018 and June 30, 2018: Total Fair Value Level 1 Level 2 Level 3 (in thousands) At December 31, 2018 Securities available-for-sale: U.S. government and government-sponsored securities $ 2,765 $ - $ 2,765 $ - Corporate bonds 3,525 - 3,525 - U.S. Government-sponsored and guaranteed mortgage-backed securities 22,575 - 22,575 - Non-agency mortgage-backed securities 2,772 - 2,772 - Other securities 9,637 - - 9,637 Total $ 41,274 $ - $ 31,637 $ 9,637 At June 30, 2018 Securities available-for-sale: U.S. government and government-sponsored securities $ 4,328 $ - $ 4,328 $ - Corporate bonds 3,730 - 3,730 - U.S. Government-sponsored and guaranteed mortgage-backed securities 25,251 - 25,251 - Non-agency mortgage-backed securities 3,237 - 3,237 - Other securities 10,000 - - 10,000 Total $ 46,546 $ - $ 36,546 $ 10,000 There were no changes in level 3 assets measured at fair value for the six months ended December 31, 2018 and 2017. The following summarizes assets measured at fair value on a non-recurring basis and the adjustments to the carrying value at and for the three and six months ended December 31, 2018 and 2017: Total Losses Total Losses for the three for the six Total Fair months ended months ended Value Level 1 Level 2 Level 3 December 31, 2018 December 31, 2018 At December 31, 2018 Impaired loans $ 223 $ - $ - $ 223 $ 38 $ 38 Other real estate owned 494 - - 494 - 63 $ 717 $ - $ - $ 717 $ 38 $ 101 Total Losses Total Losses for the three for the six Total Fair months ended months ended Value Level 1 Level 2 Level 3 December 31, 2017 December 31, 2017 (in thousands) At June 30, 2018 Impaired loans $ 160 $ - $ - $ 160 $ - $ - Other real estate owned 110 - - 110 8 9 $ 270 $ - $ - $ 270 $ 8 $ 9 The amount of other real estate owned represents the carrying value for which write-downs are based on the estimated fair value of the property. Fair value estimates are made at a specific point in time, based on relevant market information and information about the asset. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular asset. Because a market may not readily exist for a significant portion of the Company’s asset, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. There were no liabilities measured at fair value on a recurring or non-recurring basis at December 31, 2018 or June 30, 2018. The following methods and assumptions were used by the Company in estimating fair value disclosures of its financial instruments: Cash and Cash Equivalents. Investment Securities Held-to-Maturity and FHLBB Stock. Loans. The fair values of residential, commercial real estate, residential construction, commercial and consumer and other loans were estimated by discounting the anticipated cash flows from the respective portfolios. Estimates of the timing and amount of these cash flows considered factors such as future loan prepayments. The discount rates reflected current market rates for loans with similar terms to borrowers of similar credit quality. The fair value of home equity lines of credit was based on the outstanding loan balances. Fair values for non-performing loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Deposits and Mortgagors’ Escrow. Federal Home Loan Bank Advances. Securities Sold Under Agreements to Repurchase. Accrued Interest. Off-Balance Sheet Instruments. Summary of Fair Values of Financial Instruments. The following table presents the carrying amount and estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, as of December 31, 2018 and June 30, 2018: December , 2018 Carrying Fair Value Hierarchy Total Fair Amount Level 1 Level 2 Level 3 Value (in thousands) Financial assets: Cash and cash equivalents $ 5,332 $ 5,332 $ - $ - $ 5,332 Securities available-for-sale 41,274 - 31,637 9,637 41,274 Securities held-to-maturity 71,925 - 71,188 - 71,188 Federal Home Loan Bank stock 4,206 - - 4,206 4,206 Loans, net 368,618 - - 353,355 353,355 Accrued interest receivable 1,538 - - 1,538 1,538 Financial liabilities: Deposits 365,935 - - 366,566 366,566 Mortgagors' escrow accounts 3,062 - - 3,062 3,062 Federal Home Loan Bank advances 62,172 - 61,699 - 61,699 Securities sold under agreements to repurchase 3,310 - 3,310 - 3,310 Accrued interest payable 200 - - 200 200 June 30, 2018 Carrying Fair Value Hierarchy Total Fair Amount Level 1 Level 2 Level 3 Value (in thousands) Financial assets: Cash and cash equivalents $ 10,102 $ 10,102 $ - $ - $ 10,102 Securities available-for-sale 46,546 - 36,546 10,000 46,546 Securities held-to-maturity 82,816 - 81,828 - 81,828 Federal Home Loan Bank stock 4,206 - - 4,206 4,206 Loans, net 352,270 - - 346,511 346,511 Accrued interest receivable 1,361 - - 1,361 1,361 Financial liabilities: Deposits 371,585 - - 372,563 372,563 Mortgagors' escrow accounts 3,123 - - 3,123 3,123 Federal Home Loan Bank advances 63,199 - 62,428 - 62,428 Securities sold under agreements to repurchase 664 - 664 - 664 Accrued interest payable 158 - - 158 158 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13 – Subsequent Events On January 2, 2019, the Board of Directors of PB Bancorp, Inc. declared a quarterly cash dividend of $0.07 per share for stockholders of record as of January 16, 2019, which is payable on January 30, 2019. |
Commitments to Extend Credit
Commitments to Extend Credit | 6 Months Ended |
Dec. 31, 2018 | |
Commitments To Extend Credit [Abstract] | |
Commitments to Extend Credit | NOTE 14 – Commitments to Extend Credit The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The contractual amounts of outstanding commitments were as follows: December 31, June 30, 2018 2018 (in thousands) Commitments to extend credit: Loan commitments $ 4,056 $ 3,594 Unadvanced construction loans 8,585 8,822 Unadvanced lines of credit 19,762 18,881 Standby letters of credit 395 395 Outstanding commitments $ 32,798 $ 31,692 |
Critical Accounting Policies (P
Critical Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is evaluated on a quarterly basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, specific and unallocated components, as further described below. General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, residential construction, commercial and consumer/other. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; concentrations; changes in lending policies and procedures; experience/ability/depth of lending management and staff; loan rating migration; the effect of other external factors; changes in the value of underlying collateral; changes in the loan review system and national and local economic trends and conditions. The Company calculates historical losses using a five-year rolling average, which is considered indicative of the risk in the Company’s current loan portfolio. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses through December 31, 2018. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate - The Company does not originate loans with a loan-to-value ratio greater than 100% and does not originate subprime loans. Loans originated with a loan-to-value ratio greater than 80% generally require private mortgage insurance. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial real estate - Loans in this segment are primarily income-producing properties throughout New England. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management obtains rent rolls annually and continually monitors the cash flows of these loans. Residential Construction – Loans in this segment include speculative real estate development loans for which payment is derived from sale of the property. Credit risk is affected by the accuracy of estimated costs to complete the project, cost overruns, time to sell at an adequate price, and market conditions. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer/other - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Specific component The specific component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent or foreclosure is probable. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer/other and residential real estate loans for impairment disclosures, unless such loans are non-accrual or subject to a troubled debt restructuring (“TDR”) agreement. 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. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a TDR. All TDRs are classified as impaired. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general reserves in the portfolio. |
Goodwill | Goodwill The first step (“Step 1”) is used to identify potential impairment, and involves comparing the reporting unit’s (the consolidated Company) estimated fair value to its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill is not deemed to be impaired. Should the carrying amount of the reporting unit exceed its estimated fair value, an indicator of impairment is deemed to exist and a second step is performed to measure the amount of such impairment, if any. The second step (“Step 2”) involves calculating the implied fair value of goodwill. The implied fair value of goodwill is determined in a manner similar to how the amount of goodwill is determined in a business combination (i.e. by measuring the excess of the estimated fair value, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles as of the impairment testing date). If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, no impairment exists. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recorded in an amount equal to such excess. An impairment loss cannot exceed the carrying amount of goodwill, and the loss (write-down) establishes a new carrying amount for the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. Application of the goodwill impairment test requires significant judgments including estimation of future cash flows, which are dependent on internal forecasts, estimation of the long-term rate of growth, the period over which cash flows will occur, and determination of our cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and/or conclusions related to goodwill impairment. See Note 3 – Recent Accounting Pronouncements for future changes to the accounting treatment of goodwill. |
Other-Than-Temporary Impairment of Securities | Other-Than-Temporary Impairment of Securities. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income/loss, net of applicable taxes. |
Income Taxes | Income Taxes. On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the “Act”). The Act includes a number of changes in existing tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 34% to 21%, effective on January 1, 2018. As a result of this rate reduction, the Company revalued its net deferred tax asset as of December 22, 2017 resulting in a reduction in the value of the net deferred tax asset of $211,000, which was recorded as additional tax expense in the Company’s consolidated statements for the three months ended December 31, 2017. Included in the additional tax expense is $47,000 related to net unrealized losses on securities available-for-sale. The accounting treatment effectively stranded $47,000 of deferred tax items in accumulated other comprehensive income. The Company has developed a reasonable estimate of the other provisions of the Act in determining the current year income tax provision. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“AOCI”) Management has discussed the development and selection of these critical accounting policies with the Audit Committee. |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of EPS on basic and diluted basis | Three months ended December 31, Six months ended December 31, 2018 2017 2018 2017 Net income $ 1,090,000 $ 791,000 $ 2,481,000 $ 1,375,000 Weighted average common shares applicable to basic EPS 7,198,456 7,354,602 7,208,317 7,364,606 Effect of dilutive potential common shares - - 4,306 - Weighted average common shares applicable to diluted EPS 7,198,456 7,354,602 7,212,623 7,364,606 Earnings per share: Basic $ 0.15 $ 0.11 $ 0.34 $ 0.19 Diluted $ 0.15 $ 0.11 $ 0.34 $ 0.19 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of carrying value and estimated fair values of investment securities by maturity | Amortized Gross Unrealized Fair Cost Basis Gains (Losses) Value (in thousands) December 31, 2018: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: After ten years $ 2,849 $ - $ (84 ) $ 2,765 Corporate bonds: Due from five through ten years 3,999 - (474 ) 3,525 U.S. Government-sponsored and guaranteed mortgage-backed securities: From one through five years 5,942 - (87 ) 5,855 From five through ten years 1,273 - (32 ) 1,241 After ten years 15,711 111 (343 ) 15,479 22,926 111 (462 ) 22,575 Non-agency mortgage-backed securities: Due after ten years 2,726 419 (373 ) 2,772 Total debt securities 32,500 530 (1,393 ) 31,637 Other securities: Auction rate preferred: Due from five through ten years 8,000 - (358 ) 7,642 After ten years 2,000 - (5 ) 1,995 10,000 - (363 ) 9,637 Total available-for-sale securities $ 42,500 $ 530 $ (1,756 ) $ 41,274 Held-to-maturity: U.S. government and government-sponsored securities: Due in one year or less $ 2,997 $ - $ (14 ) $ 2,983 From one through five years 2,986 21 (14 ) 2,993 After ten years 4,576 - (201 ) 4,375 10,559 21 (229 ) 10,351 State agency and municipal obligations From one through five years 443 - (11 ) 432 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 624 4 (5 ) 623 From five through ten years 10,790 8 (249 ) 10,549 After ten years 49,509 430 (706 ) 49,233 60,923 442 (960 ) 60,405 Total held-to-maturity securities $ 71,925 $ 463 $ (1,200 ) $ 71,188 Amortized Gross Unrealized Fair Cost Basis Gains (Losses) Value (in thousands) June 30, 2018: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: Due in one year or less $ 1,000 $ - $ (4 ) $ 996 After ten years 3,419 - (87 ) 3,332 4,419 - (91 ) 4,328 Corporate bonds: Due from five through ten years 1,999 - (129 ) 1,870 After ten years 2,000 - (140 ) 1,860 3,999 - (269 ) 3,730 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 3,135 - (125 ) 3,010 From five through ten years 4,919 - (95 ) 4,824 After ten years 17,688 135 (406 ) 17,417 25,742 135 (626 ) 25,251 Non-agency mortgage-backed securities: Due after ten years 3,057 483 (303 ) 3,237 Total debt securities 37,217 618 (1,289 ) 36,546 Other securities: Auction rate preferred: Due from five through ten years 8,000 - - 8,000 After ten years 2,000 - - 2,000 10,000 - - 10,000 Total available-for-sale securities $ 47,217 $ 618 $ (1,289 ) $ 46,546 Held-to-maturity: U.S. government and government-sponsored securities: Due in one year or less $ 2,001 $ - $ (9 ) $ 1,992 From one through five years 4,976 25 (33 ) 4,968 After ten years 4,796 - (189 ) 4,607 11,773 25 (231 ) 11,567 State agency and municipal obligations Due from one through five years 446 - (14 ) 432 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 846 5 (8 ) 843 From five through ten years 12,123 14 (384 ) 11,753 After ten years 57,628 518 (913 ) 57,233 70,597 537 (1,305 ) 69,829 Total held-to-maturity securities $ 82,816 $ 562 $ (1,550 ) $ 81,828 |
Schedule of securities in a continuous unrealized loss position | Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) December 31, 2018: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 2,765 $ 84 $ 2,765 $ 84 Corporate bonds - - 3,525 474 3,525 474 U.S. Government-sponsored and guaranteed mortgage-backed securities 2,441 13 16,334 449 18,775 462 Other securities 4,637 363 - - 4,637 363 Total temporarily impaired available-for-sale 7,078 376 22,624 1,007 29,702 1,383 Held-to-maturity: U.S. Government and government-sponsored securities 995 5 8,351 224 9,346 229 State and political subdivisions - - 432 11 432 11 U.S. Government-sponsored and guaranteed mortgage-backed securities 3,155 40 40,191 920 43,346 960 Total temporarily impaired held-to-maturity 4,150 45 48,974 1,155 53,124 1,200 Other-than-temporarily impaired debt securities (1): Non-agency mortgage-backed securities 280 6 979 367 1,259 373 Total temporarily-impaired and other- than-temporarily impaired securities $ 11,508 $ 427 $ 72,577 $ 2,529 $ 84,085 $ 2,956 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) June 30, 2018: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 4,328 $ 91 $ 4,328 $ 91 Corporate bonds - - 3,730 269 3,730 269 U.S. Government-sponsored and guaranteed mortgage-backed securities 7,331 123 14,914 503 22,245 626 Total temporarily impaired available-for-sale 7,331 123 22,972 863 30,303 986 Held-to-maturity: U.S. Government and government-sponsored securities 5,956 42 4,606 189 10,562 231 State and political subdivisions 432 14 - - 432 14 U.S. Government-sponsored and guaranteed mortgage-backed securities 34,387 708 16,880 597 51,267 1,305 Total temporarily impaired held-to-maturity 40,775 764 21,486 786 62,261 1,550 Other-than-temporarily impaired debt securities (1): Non-agency mortgage-backed securities - - 1,134 303 1,134 303 Total temporarily-impaired and other- than-temporarily impaired securities $ 48,106 $ 887 $ 45,592 $ 1,952 $ 93,698 $ 2,839 (1) Includes other-than-temporary impaired available-for-sale debt securities in which a portion of the other-than-temporary impairment loss remains in accumulated other comprehensive loss. |
Schedule of amount of credit losses on debt securities | Six months ended December 31, 2018 2017 (in thousands) Balance at beginning of period $ 15,983 $ 15,982 Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded 4 1 Balance at end of period $ 15,987 $ 15,983 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of composition of loan portfolio | December 31, June 30, 2018 2018 (in thousands) Real Estate: Residential (1) $ 229,313 $ 236,880 Commercial 127,308 101,647 Residential construction 937 2,217 Commercial 11,815 12,215 Consumer and other 793 831 Total loans 370,166 353,790 Net deferred loan costs 1,316 1,423 Allowance for loan losses (2,864 ) (2,943 ) Loans, net $ 368,618 $ 352,270 (1) Residential real estate loans include one-to four-family mortgage loans, second mortgage loans, and home equity lines of credit. |
Schedule of the loan classes by internally assigned grades | Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and other Total (in thousands) December 31, 2018 Grade: Pass $ 225,838 $ 125,279 $ 937 $ 10,804 $ 793 $ 363,651 Special Mention - 512 - - - 512 Substandard 3,475 1,517 - 1,011 - 6,003 Doubtful - - - - - - Loss - - - - - - Total $ 229,313 $ 127,308 $ 937 $ 11,815 $ 793 $ 370,166 June 30, 2018 Grade: Pass $ 232,919 $ 98,626 $ 2,217 $ 11,157 $ 830 $ 345,749 Special Mention 2 698 - 1,058 - 1,758 Substandard 3,959 2,323 - - 1 6,283 Doubtful - - - - - - Loss - - - - - - Total $ 236,880 $ 101,647 $ 2,217 $ 12,215 $ 831 $ 353,790 |
Non-performing Assets, Past D_2
Non-performing Assets, Past Due and Impaired Loans (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Non Performing Assets [Abstract] | |
Schedule of non performing assets | At December 31, At June 30, 2018 2018 (Dollars in thousands) Non-accrual loans: Real Estate: Residential $ 3,475 $ 3,959 Commercial 406 432 Consumer - 1 Total non-accrual loans 3,881 4,392 Accruing loans past due 90 days or more - 32 Total non-performing loans 3,881 4,424 Other real estate owned 1,297 1,381 Total non-performing assets $ 5,178 $ 5,805 Total non-performing loans to total loans 1.05 % 1.25 % Total non-performing assets to total assets 1.00 % 1.10 % |
Schedule of past due loans | 90 days 30–59 Days 60–89 Days or Greater Total Past Due Past Due Past Due Past Due (in thousands) At December 31, 2018 Real Estate: Residential $ 1,627 $ 146 $ 510 $ 2,283 Commercial 2,027 - 121 2,148 Consumer and other 2 - - 2 Total $ 3,656 $ 146 $ 631 $ 4,433 At June 30, 2018 Real Estate: Residential $ 50 $ 238 $ 1,119 $ 1,407 Commercial - - $ 124 124 Consumer and other 4 - - 4 Total $ 54 $ 238 $ 1,243 $ 1,535 |
Schedule of information pertaining to impaired loans | At December 31, 2018 At June 30, 2018 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (in thousands) Real Estate: Residential $ 2,062 $ 2,208 $ 2,732 $ 2,870 Commercial 406 469 1,230 1,914 Total impaired loans $ 2,468 $ 2,677 $ 3,962 $ 4,784 Three months ended Three months ended December 31, 2018 December 31, 2017 Average Interest Interest Income Average Interest Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Real Estate: Residential $ 2,177 $ 22 $ 19 $ 2,093 $ 8 $ 3 Commercial 411 - - 1,291 22 - Total impaired loans $ 2,588 $ 22 $ 19 $ 3,384 $ 30 $ 3 Six months ended Six months ended December 31, 2018 December 31, 2017 Average Interest Interest Income Average Interest Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (in thousands) Real Estate: Residential $ 2,362 $ 39 $ 33 $ 2,149 $ 16 $ 7 Commercial 684 7 - 1,303 45 - Total impaired loans $ 3,046 $ 46 $ 33 $ 3,452 $ 61 $ 7 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of analysis of the allowance for loan losses | Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (in thousands) Three months ended December 31, 2018 Beginning balance $ 1,488 $ 1,094 $ 7 $ 77 $ 131 $ 109 $ 2,906 Charge-offs (42 ) - - - (12 ) - (54 ) Recoveries 3 - - 4 5 - 12 (Credit) provision 16 102 (2 ) 29 (92 ) (53 ) - Ending Balance $ 1,465 $ 1,196 $ 5 $ 110 $ 32 $ 56 $ 2,864 Three months ended December 31, 2017 Beginning balance $ 1,432 $ 1,232 $ 7 $ 80 $ 148 $ 61 $ 2,960 Charge-offs - - - - (13 ) - (13 ) Recoveries 9 - - 3 6 - 18 (Credit) provision (24 ) (17 ) 2 (4 ) (10 ) 53 - Ending Balance $ 1,417 $ 1,215 $ 9 $ 79 $ 131 $ 114 $ 2,965 Six months ended December 31, 2018 Beginning balance $ 1,385 $ 1,194 $ 14 $ 80 $ 135 $ 135 $ 2,943 Charge-offs (42 ) - - - (19 ) - (61 ) Recoveries 8 560 - 6 8 - 582 (Credit) provision 114 (558 ) (9 ) 24 (92 ) (79 ) (600 ) Ending Balance $ 1,465 $ 1,196 $ 5 $ 110 $ 32 $ 56 $ 2,864 Six months ended December 31, 2017 Beginning balance $ 1,359 $ 1,164 $ 6 $ 76 $ 86 $ 89 $ 2,780 Charge-offs - - - - (22 ) - (22 ) Recoveries 17 - - 6 9 - 32 (Credit) provision 41 51 3 (3 ) 58 25 175 Ending Balance $ 1,417 $ 1,215 $ 9 $ 79 $ 131 $ 114 $ 2,965 Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (in thousands) At December 31, 2018 Amount of allowance for loan losses for impaired loans $ - $ - $ - $ - $ - $ - $ - Amount of allowance for loan losses for non-impaired loans $ 1,465 $ 1,196 $ 5 $ 110 $ 32 $ 56 $ 2,864 Impaired loans $ 2,062 $ 406 $ - $ - $ - $ - $ 2,468 Non-impaired loans $ 227,251 $ 126,902 $ 937 $ 11,815 $ 793 $ - $ 367,698 At June 30, 2018 Amount of allowance for loan losses for impaired loans $ - $ - $ - $ - $ - $ - $ - Amount of allowance for loan losses for non-impaired loans $ 1,385 $ 1,194 $ 14 $ 80 $ 135 $ 135 $ 2,943 Impaired loans $ 2,732 $ 1,230 $ - $ - $ - $ - $ 3,962 Non-impaired loans $ 234,148 $ 100,417 $ 2,217 $ 12,215 $ 831 $ - $ 349,828 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] | |
Schedule of accumulated other comprehensive loss | December 31, June 30, 2018 2018 (in thousands) Net unrealized loss on securities available-for-sale $ (1,226 ) $ (671 ) Tax effect 263 149 Accumulated other comprehensive loss $ (963 ) $ (522 ) |
FAIR VALUE MEASURMENTS (Tables)
FAIR VALUE MEASURMENTS (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of summary of assets measured at fair value on a recurring basis | Total Fair Value Level 1 Level 2 Level 3 (in thousands) At December 31, 2018 Securities available-for-sale: U.S. government and government-sponsored securities $ 2,765 $ - $ 2,765 $ - Corporate bonds 3,525 - 3,525 - U.S. Government-sponsored and guaranteed mortgage-backed securities 22,575 - 22,575 - Non-agency mortgage-backed securities 2,772 - 2,772 - Other securities 9,637 - - 9,637 Total $ 41,274 $ - $ 31,637 $ 9,637 At June 30, 2018 Securities available-for-sale: U.S. government and government-sponsored securities $ 4,328 $ - $ 4,328 $ - Corporate bonds 3,730 - 3,730 - U.S. Government-sponsored and guaranteed mortgage-backed securities 25,251 - 25,251 - Non-agency mortgage-backed securities 3,237 - 3,237 - Other securities 10,000 - - 10,000 Total $ 46,546 $ - $ 36,546 $ 10,000 |
Schedule of assets measured at fair value on a non-recurring basis and the adjustments to the carrying value | Total Losses Total Losses for the three for the six Total Fair months ended months ended Value Level 1 Level 2 Level 3 December 31, 2018 December 31, 2018 At December 31, 2018 Impaired loans $ 223 $ - $ - $ 223 $ 38 $ 38 Other real estate owned 494 - - 494 - 63 $ 717 $ - $ - $ 717 $ 38 $ 101 Total Losses Total Losses for the three for the six Total Fair months ended months ended Value Level 1 Level 2 Level 3 December 31, 2017 December 31, 2017 (in thousands) At June 30, 2018 Impaired loans $ 160 $ - $ - $ 160 $ - $ - Other real estate owned 110 - - 110 8 9 $ 270 $ - $ - $ 270 $ 8 $ 9 |
Schedule of estimated fair value of financial instruments which are held or issued for purposes other than trading | December , 2018 Carrying Fair Value Hierarchy Total Fair Amount Level 1 Level 2 Level 3 Value (in thousands) Financial assets: Cash and cash equivalents $ 5,332 $ 5,332 $ - $ - $ 5,332 Securities available-for-sale 41,274 - 31,637 9,637 41,274 Securities held-to-maturity 71,925 - 71,188 - 71,188 Federal Home Loan Bank stock 4,206 - - 4,206 4,206 Loans, net 368,618 - - 353,355 353,355 Accrued interest receivable 1,538 - - 1,538 1,538 Financial liabilities: Deposits 365,935 - - 366,566 366,566 Mortgagors' escrow accounts 3,062 - - 3,062 3,062 Federal Home Loan Bank advances 62,172 - 61,699 - 61,699 Securities sold under agreements to repurchase 3,310 - 3,310 - 3,310 Accrued interest payable 200 - - 200 200 June 30, 2018 Carrying Fair Value Hierarchy Total Fair Amount Level 1 Level 2 Level 3 Value (in thousands) Financial assets: Cash and cash equivalents $ 10,102 $ 10,102 $ - $ - $ 10,102 Securities available-for-sale 46,546 - 36,546 10,000 46,546 Securities held-to-maturity 82,816 - 81,828 - 81,828 Federal Home Loan Bank stock 4,206 - - 4,206 4,206 Loans, net 352,270 - - 346,511 346,511 Accrued interest receivable 1,361 - - 1,361 1,361 Financial liabilities: Deposits 371,585 - - 372,563 372,563 Mortgagors' escrow accounts 3,123 - - 3,123 3,123 Federal Home Loan Bank advances 63,199 - 62,428 - 62,428 Securities sold under agreements to repurchase 664 - 664 - 664 Accrued interest payable 158 - - 158 158 |
Commitments to Extend Credit (T
Commitments to Extend Credit (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Commitments To Extend Credit [Abstract] | |
Schedule of contractual amounts of outstanding commitments | December 31, June 30, 2018 2018 (in thousands) Commitments to extend credit: Loan commitments $ 4,056 $ 3,594 Unadvanced construction loans 8,585 8,822 Unadvanced lines of credit 19,762 18,881 Standby letters of credit 395 395 Outstanding commitments $ 32,798 $ 31,692 |
Organization (Detail Textuals)
Organization (Detail Textuals) $ in Millions | Jan. 07, 2016USD ($)shares |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Gross proceeds from common stock offering | $ | $ 33.7 |
Number of share exchanged for stock offering | shares | 1.1907 |
Critical Accounting Policies (D
Critical Accounting Policies (Detail Textuals) - USD ($) | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2018 | Dec. 22, 2017 | Dec. 31, 2018 | |
Accounting Policies [Line Items] | |||
Additional tax expense due to remeasurement of deferred tax assets | $ 211,000 | ||
Additional tax expense of net unrealized losses on securities available-for-sale | $ 47,000 | ||
Increase in retained earnings and corresponding decrease in AOCI | $ 47,000 | ||
Year - 2017 | |||
Accounting Policies [Line Items] | |||
Statutory federal income tax rate | 34.00% | ||
Year - 2018 | |||
Accounting Policies [Line Items] | |||
Statutory federal income tax rate | 21.00% |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,090 | $ 791 | $ 2,481 | $ 1,375 |
Weighted average common shares applicable to basic EPS | 7,198,456 | 7,354,602 | 7,208,317 | 7,364,606 |
Effect of dilutive potential common shares | 0 | 0 | 4,306 | 0 |
Weighted average common shares applicable to diluted EPS (in shares) | 7,198,456 | 7,354,602 | 7,212,623 | 7,364,606 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.15 | $ 0.11 | $ 0.34 | $ 0.19 |
Diluted (in dollars per share) | $ 0.15 | $ 0.11 | $ 0.34 | $ 0.19 |
Earnings Per Share (EPS) (Det_2
Earnings Per Share (EPS) (Detail Textuals) | 3 Months Ended |
Dec. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Antidilutive securities excluded from computation of earnings per share, amount | 387,330 |
Investment Securities - The amo
Investment Securities - The amortized cost of securities unrealized gains and losses and their fair values by maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Available-for-sale debt securities | ||
Available-for-sale securities, amortized cost basis | $ 32,500 | $ 37,217 |
Available-for-sale securities, Gross Unrealized Gains | 530 | 618 |
Available-for-sale securities, Gross Unrealized (Losses) | (1,393) | (1,289) |
Available-for-sale securities, Fair Value | 31,637 | 36,546 |
U.S. Government and government-sponsored securities | ||
Available-for-sale debt securities | ||
Due in one year or less, Amortized Cost | 1,000 | |
Due in one year or less, Gross Unrealized Gains | 0 | |
Due in one year or less, Gross Unrealized (Losses) | (4) | |
Due in one year or less, Fair Value | 996 | |
After ten years, Amortized Cost | 2,849 | 3,419 |
After ten years, Gross Unrealized Gains | 0 | 0 |
After ten years, Gross Unrealized (Losses) | (84) | (87) |
After ten years, Fair Value | 2,765 | 3,332 |
Available-for-sale securities, amortized cost basis | 4,419 | |
Available-for-sale securities, Gross Unrealized Gains | 0 | |
Available-for-sale securities, Gross Unrealized (Losses) | (91) | |
Available-for-sale securities, Fair Value | 4,328 | |
Corporate bonds | ||
Available-for-sale debt securities | ||
Due from five through ten years, Amortised Cost | 3,999 | 1,999 |
Due from five through ten years, Gross Unrealized Gains | 0 | 0 |
Due from five through ten years, Gross Unrealized (Losses) | (474) | (129) |
Due from five through ten years, Fair Value | 3,525 | 1,870 |
After ten years, Amortized Cost | 2,000 | |
After ten years, Gross Unrealized Gains | 0 | |
After ten years, Gross Unrealized (Losses) | (140) | |
After ten years, Fair Value | 1,860 | |
Available-for-sale securities, amortized cost basis | 3,999 | |
Available-for-sale securities, Gross Unrealized Gains | 0 | |
Available-for-sale securities, Gross Unrealized (Losses) | (269) | |
Available-for-sale securities, Fair Value | 3,730 | |
U.S. Government sponsored and guaranteed mortgage-backed securities | ||
Available-for-sale debt securities | ||
Due from one through five years, Amortized Cost | 5,942 | 3,135 |
Due from one through five years, Gross Unrealized Gains | 0 | 0 |
Due from one through five years, Gross Unrealized (Losses) | (87) | (125) |
Due from one through five years, Fair Value | 5,855 | 3,010 |
Due from five through ten years, Amortised Cost | 1,273 | 4,919 |
Due from five through ten years, Gross Unrealized Gains | 0 | 0 |
Due from five through ten years, Gross Unrealized (Losses) | (32) | (95) |
Due from five through ten years, Fair Value | 1,241 | 4,824 |
After ten years, Amortized Cost | 15,711 | 17,688 |
After ten years, Gross Unrealized Gains | 111 | 135 |
After ten years, Gross Unrealized (Losses) | (343) | (406) |
After ten years, Fair Value | 15,479 | 17,417 |
Available-for-sale securities, amortized cost basis | 22,926 | 25,742 |
Available-for-sale securities, Gross Unrealized Gains | 111 | 135 |
Available-for-sale securities, Gross Unrealized (Losses) | (462) | (626) |
Available-for-sale securities, Fair Value | 22,575 | 25,251 |
Non-agency mortgage-backed securities | ||
Available-for-sale debt securities | ||
After ten years, Amortized Cost | 2,726 | 3,057 |
After ten years, Gross Unrealized Gains | 419 | 483 |
After ten years, Gross Unrealized (Losses) | (373) | (303) |
After ten years, Fair Value | $ 2,772 | $ 3,237 |
Investment Securities - The a_2
Investment Securities - The amortized cost of securities unrealized gains and losses and their fair values by maturity (Details 1) - Auction rate preferred - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Due from five through ten years, Amortized Cost | $ 8,000 | $ 8,000 |
Due from five through ten years, Gross Unrealized Gains | 0 | 0 |
Due from five through ten years, Gross Unrealized (Losses) | (358) | 0 |
Due from five through ten years, Fair Value | 7,642 | 8,000 |
After ten years, Amortized Cost | 2,000 | 2,000 |
After ten years, Gross Unrealized Gains | 0 | 0 |
After ten years, Gross Unrealized (Losses) | (5) | 0 |
After ten years, Fair Value | 1,995 | 2,000 |
Amortized Cost Basis | 10,000 | 10,000 |
Gross Unrealized (Gain) | 0 | 0 |
Gross Unrealized (Losses) | (363) | 0 |
Fair Value | $ 9,637 | $ 10,000 |
Investment Securities - The a_3
Investment Securities - The amortized cost of securities unrealized gains and losses and their fair values by maturity (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost Basis | $ 42,500 | $ 47,217 |
Gross Unrealized Gains | 530 | 618 |
Gross Unrealized (Losses) | (1,756) | (1,289) |
Fair Value | $ 41,274 | $ 46,546 |
Investment Securities - The a_4
Investment Securities - The amortized cost of securities unrealized gains and losses and their fair values by maturity (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Securities, Held-to-maturity [Abstract] | ||
Held-to-maturity securities, amortized cost basis | $ 71,925 | $ 82,816 |
Held-to-maturity securities, Gross Unrealized Gains | 463 | 562 |
Held-to-maturity securities, Gross Unrealized (Losses) | (1,200) | (1,550) |
Held-to-maturity securities, Fair Value | 71,188 | 81,828 |
U.S. Government and government-sponsored securities | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Due in one year or less, amortized cost basis | 2,997 | 2,001 |
Due in one year or less, Gross Unrealized Gains | 0 | 0 |
Due in one year or less, Gross Unrealized (Losses) | (14) | (9) |
Due in one year or less, Fair Value | 2,983 | 1,992 |
From one through five years, Amortized Cost Basis | 2,986 | 4,976 |
From one through five years, Gross Unrealized Gains | 21 | 25 |
From one through five years, Gross Unrealized (Losses) | (14) | (33) |
From one through five years, fair value | 2,993 | 4,968 |
After ten years, Amortized Cost Basis | 4,576 | 4,796 |
After ten years, Gross Unrealized Gains | 0 | 0 |
After ten years, Gross Unrealized (Losses) | (201) | (189) |
After ten years gross, fair value | 4,375 | 4,607 |
Held-to-maturity securities, amortized cost basis | 10,559 | 11,773 |
Held-to-maturity securities, Gross Unrealized Gains | 21 | 25 |
Held-to-maturity securities, Gross Unrealized (Losses) | (229) | (231) |
Held-to-maturity securities, Fair Value | 10,351 | 11,567 |
State agency and municipal obligations | ||
Debt Securities, Held-to-maturity [Abstract] | ||
From one through five years, Amortized Cost Basis | 443 | 446 |
From one through five years, Gross Unrealized Gains | 0 | 0 |
From one through five years, Gross Unrealized (Losses) | (11) | (14) |
From one through five years, fair value | 432 | 432 |
U.S. Government sponsored and guaranteed mortgage-backed securities | ||
Debt Securities, Held-to-maturity [Abstract] | ||
From one through five years, Amortized Cost Basis | 624 | 846 |
From one through five years, Gross Unrealized Gains | 4 | 5 |
From one through five years, Gross Unrealized (Losses) | (5) | (8) |
From one through five years, fair value | 623 | 843 |
From five through ten years, Amortized Cost Basis | 10,790 | 12,123 |
From five through ten years, Gross Unrealized Gains | 8 | 14 |
From five through ten years, Gross Unrealized (Losses) | (249) | (384) |
From five through ten years, fair value | 10,549 | 11,753 |
After ten years, Amortized Cost Basis | 49,509 | 57,628 |
After ten years, Gross Unrealized Gains | 430 | 518 |
After ten years, Gross Unrealized (Losses) | (706) | (913) |
After ten years gross, fair value | 49,233 | 57,233 |
Held-to-maturity securities, amortized cost basis | 60,923 | 70,597 |
Held-to-maturity securities, Gross Unrealized Gains | 442 | 537 |
Held-to-maturity securities, Gross Unrealized (Losses) | (960) | (1,305) |
Held-to-maturity securities, Fair Value | $ 60,405 | $ 69,829 |
Investment Securities - The agg
Investment Securities - The aggregate fair value and unrealized losses on securities that have been in a continuous unrealized loss position (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | $ 7,078 | $ 7,331 |
Less than 12 months, Unrealized Loss | 376 | 123 |
12 months or more, Fair Value | 22,624 | 22,972 |
12 months or more, Unrealized Loss | 1,007 | 863 |
Total, Fair Value | 29,702 | 30,303 |
Total, Unrealized Loss | 1,383 | 986 |
U.S. Government and government-sponsored securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Loss | 0 | 0 |
12 months or more, Fair Value | 2,765 | 4,328 |
12 months or more, Unrealized Loss | 84 | 91 |
Total, Fair Value | 2,765 | 4,328 |
Total, Unrealized Loss | 84 | 91 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Loss | 0 | 0 |
12 months or more, Fair Value | 3,525 | 3,730 |
12 months or more, Unrealized Loss | 474 | 269 |
Total, Fair Value | 3,525 | 3,730 |
Total, Unrealized Loss | 474 | 269 |
U.S. Government-sponsored and guaranteed mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 2,441 | 7,331 |
Less than 12 months, Unrealized Loss | 13 | 123 |
12 months or more, Fair Value | 16,334 | 14,914 |
12 months or more, Unrealized Loss | 449 | 503 |
Total, Fair Value | 18,775 | 22,245 |
Total, Unrealized Loss | 462 | $ 626 |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Fair Value | 4,637 | |
Less than 12 months, Unrealized Loss | 363 | |
12 months or more, Fair Value | 0 | |
12 months or more, Unrealized Loss | 0 | |
Total, Fair Value | 4,637 | |
Total, Unrealized Loss | $ 363 |
Investment Securities - The a_5
Investment Securities - The aggregate fair value and unrealized losses on securities that have been in a continuous unrealized loss position (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 4,150 | $ 40,775 |
Less than 12 months, Unrealized Loss | 45 | 764 |
12 months or more, Fair Value | 48,974 | 21,486 |
12 months or more, Unrealized Loss | 1,155 | 786 |
Total, Fair Value | 53,124 | 62,261 |
Total, Unrealized Loss | 1,200 | 1,550 |
U.S. Government and government-sponsored securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 995 | 5,956 |
Less than 12 months, Unrealized Loss | 5 | 42 |
12 months or more, Fair Value | 8,351 | 4,606 |
12 months or more, Unrealized Loss | 224 | 189 |
Total, Fair Value | 9,346 | 10,562 |
Total, Unrealized Loss | 229 | 231 |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 0 | 432 |
Less than 12 months, Unrealized Loss | 0 | 14 |
12 months or more, Fair Value | 432 | 0 |
12 months or more, Unrealized Loss | 11 | 0 |
Total, Fair Value | 432 | 432 |
Total, Unrealized Loss | 11 | 14 |
U.S. Government sponsored and guaranteed mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 3,155 | 34,387 |
Less than 12 months, Unrealized Loss | 40 | 708 |
12 months or more, Fair Value | 40,191 | 16,880 |
12 months or more, Unrealized Loss | 920 | 597 |
Total, Fair Value | 43,346 | 51,267 |
Total, Unrealized Loss | $ 960 | $ 1,305 |
Investment Securities - The a_6
Investment Securities - The aggregate fair value and unrealized losses on securities that have been in a continuous unrealized loss position (Details 6) - Non-agency mortgage-backed securities - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | |
Schedule Of Debt Securities [Line Items] | |||
Less than 12 months, Fair Value | [1] | $ 280 | $ 0 |
Less than 12 months, Unrealized Loss | [1] | 6 | 0 |
12 months or more, Fair Value | [1] | 979 | 1,134 |
12 months or more, Unrealized Loss | [1] | 367 | 303 |
Total, Fair Value | [1] | 1,259 | 1,134 |
Total, Unrealized Loss | [1] | $ 373 | $ 303 |
[1] | Includes other-than-temporary impaired available-for-sale debt securities in which a portion of the other-than-temporary impairment loss remains in accumulated other comprehensive loss. |
Investment Securities - The a_7
Investment Securities - The aggregate fair value and unrealized losses on securities that have been in a continuous unrealized loss position (Details 7) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Less than 12 months, Fair Value | $ 11,508 | $ 48,106 |
Less than 12 months, Unrealized Loss | 427 | 887 |
12 months or more, Fair Value | 72,577 | 45,592 |
12 months or more, Unrealized Loss | 2,529 | 1,952 |
Total, Fair Value | 84,085 | 93,698 |
Total, Unrealized Loss | $ 2,956 | $ 2,839 |
Investment Securities - Activit
Investment Securities - Activity related to the credit component recognized in earnings on debt securities (Details 8) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance at beginning of period | $ 15,983 | $ 15,982 |
Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded | 4 | 1 |
Balance at end of period | $ 15,987 | $ 15,983 |
Investment Securities (Detail T
Investment Securities (Detail Textuals) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2018USD ($)Security | Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($) | |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Other-than-temporary impairment charges on available-for-sale securities | $ 4,000 | $ 4,000 | $ 1,000 |
Number of individual investment securities with unrealized losses | Security | 91 | 91 | |
Percentage of amortized cost basis as aggregate depreciation of investment securities | 3.40% | ||
Other than temporary impairment losses on non-agency mortgage-backed securities | $ 135,000 | 2,000 | |
Other-than-temporary impairment losses on other comprehensive loss | $ 131,000 | $ 1,000 | |
State and political subdivisions | |||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | |||
Percentage of amortized cost basis as aggregate depreciation of investment securities | 2.50% | ||
Number of available for sale securities with unrealized losses | Security | 1 |
Investment Securities (Detail_2
Investment Securities (Detail Textuals 1) $ in Thousands | Dec. 31, 2018USD ($)Security | Jun. 30, 2018USD ($) |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Book value of available-for-sale securities | $ 42,500 | $ 47,217 |
Fair Value | $ 41,274 | $ 46,546 |
Trust Preferred Securities | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Number of investments in trust preferred securities | Security | 3 | |
Book value of available-for-sale securities | $ 4,000 | |
Fair Value | $ 3,500 |
Loans - Summary of loans (Detai
Loans - Summary of loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 370,166 | $ 353,790 | |
Net deferred loan costs | 1,316 | 1,423 | |
Allowance for loan losses | (2,864) | (2,943) | |
Loans, net | 368,618 | 352,270 | |
Real Estate | Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | [1] | 229,313 | 236,880 |
Real Estate | Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 127,308 | 101,647 | |
Real Estate | Residential construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 937 | 2,217 | |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 11,815 | 12,215 | |
Consumer and Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 793 | $ 831 | |
[1] | Residential real estate loans include one-to four-family mortgage loans, second mortgage loans, and home equity lines of credit. |
Loans - Loans by risk rating (D
Loans - Loans by risk rating (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 370,166 | $ 353,790 | |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 363,651 | 345,749 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 512 | 1,758 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,003 | 6,283 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 229,313 | 236,880 |
Real Estate | Residential | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 225,838 | 232,919 | |
Real Estate | Residential | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 2 | |
Real Estate | Residential | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,475 | 3,959 | |
Real Estate | Residential | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Residential | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 127,308 | 101,647 | |
Real Estate | Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 125,279 | 98,626 | |
Real Estate | Commercial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 512 | 698 | |
Real Estate | Commercial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,517 | 2,323 | |
Real Estate | Commercial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Commercial | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Residential construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 937 | 2,217 | |
Real Estate | Residential construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 937 | 2,217 | |
Real Estate | Residential construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Residential construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Residential construction | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Real Estate | Residential construction | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,815 | 12,215 | |
Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10,804 | 11,157 | |
Commercial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 1,058 | |
Commercial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,011 | 0 | |
Commercial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Consumer and Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 793 | 831 | |
Consumer and Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 793 | 830 | |
Consumer and Other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Consumer and Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 1 | |
Consumer and Other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Consumer and Other | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 0 | $ 0 | |
[1] | Residential real estate loans include one-to four-family mortgage loans, second mortgage loans, and home equity lines of credit. |
Non-performing Assets, Past D_3
Non-performing Assets, Past Due and Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Non Accrual Loans [Abstract] | ||
Total non-accrual loans | $ 3,881 | $ 4,392 |
Accruing loans past due 90 days or more | 0 | 32 |
Total non-performing loans | 3,881 | 4,424 |
Other real estate owned | 1,297 | 1,381 |
Total non-performing assets | $ 5,178 | $ 5,805 |
Total non-performing loans to total loans | 1.05% | 1.25% |
Total non-performing assets to total assets | 1.00% | 1.10% |
Real Estate | Residential | ||
Non Accrual Loans [Abstract] | ||
Total non-accrual loans | $ 3,475 | $ 3,959 |
Real Estate | Commercial | ||
Non Accrual Loans [Abstract] | ||
Total non-accrual loans | 406 | 432 |
Consumer | ||
Non Accrual Loans [Abstract] | ||
Total non-accrual loans | $ 0 | $ 1 |
Non-performing Assets, Past D_4
Non-performing Assets, Past Due and Impaired Loans (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 4,433 | $ 1,535 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,656 | 54 |
60-89 DaysPast Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 146 | 238 |
90 days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 631 | 1,243 |
Real Estate | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,283 | 1,407 |
Real Estate | Residential | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,627 | 50 |
Real Estate | Residential | 60-89 DaysPast Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 146 | 238 |
Real Estate | Residential | 90 days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 510 | 1,119 |
Real Estate | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,148 | 124 |
Real Estate | Commercial | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,027 | 0 |
Real Estate | Commercial | 60-89 DaysPast Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial | 90 days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 121 | 124 |
Consumer and Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 4 |
Consumer and Other | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2 | 4 |
Consumer and Other | 60-89 DaysPast Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and Other | 90 days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2 | $ 0 |
Non-performing Assets, Past D_5
Non-performing Assets, Past Due and Impaired Loans (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans without valuation allowance, Recorded investment | $ 2,468 | $ 2,468 | $ 3,962 | ||
Impaired loans without valuation allowance, Unpaid principal balance | 2,677 | 2,677 | 4,784 | ||
Impaired loans without valuation allowance, Average Recorded investment | 2,588 | $ 3,384 | 3,046 | $ 3,452 | |
Impaired loans without valuation allowance, Interest Income Recognized | 22 | 30 | 46 | 61 | |
Impaired loans without valuation allowance, Interest Income Recognized on Cash Basis | 19 | 3 | 33 | 7 | |
Real Estate | Residential | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans without valuation allowance, Recorded investment | 2,062 | 2,062 | 2,732 | ||
Impaired loans without valuation allowance, Unpaid principal balance | 2,208 | 2,208 | 2,870 | ||
Impaired loans without valuation allowance, Average Recorded investment | 2,177 | 2,093 | 2,362 | 2,149 | |
Impaired loans without valuation allowance, Interest Income Recognized | 22 | 8 | 39 | 16 | |
Impaired loans without valuation allowance, Interest Income Recognized on Cash Basis | 19 | 3 | 33 | 7 | |
Real Estate | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans without valuation allowance, Recorded investment | 406 | 406 | 1,230 | ||
Impaired loans without valuation allowance, Unpaid principal balance | 469 | 469 | $ 1,914 | ||
Impaired loans without valuation allowance, Average Recorded investment | 411 | 1,291 | 684 | 1,303 | |
Impaired loans without valuation allowance, Interest Income Recognized | 0 | 22 | 7 | 45 | |
Impaired loans without valuation allowance, Interest Income Recognized on Cash Basis | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for loan losses: | ||||
Beginning balance | $ 2,906 | $ 2,960 | $ 2,943 | $ 2,780 |
Charge-offs | (54) | (13) | (61) | (22) |
Recoveries | 12 | 18 | 582 | 32 |
(Credit) provision | 0 | 0 | (600) | 175 |
Ending Balance | 2,864 | 2,965 | 2,864 | 2,965 |
Real Estate | Residential | ||||
Allowance for loan losses: | ||||
Beginning balance | 1,488 | 1,432 | 1,385 | 1,359 |
Charge-offs | (42) | 0 | (42) | 0 |
Recoveries | 3 | 9 | 8 | 17 |
(Credit) provision | 16 | (24) | 114 | 41 |
Ending Balance | 1,465 | 1,417 | 1,465 | 1,417 |
Real Estate | Commercial | ||||
Allowance for loan losses: | ||||
Beginning balance | 1,094 | 1,232 | 1,194 | 1,164 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 560 | 0 |
(Credit) provision | 102 | (17) | (558) | 51 |
Ending Balance | 1,196 | 1,215 | 1,196 | 1,215 |
Real Estate | Residential Construction | ||||
Allowance for loan losses: | ||||
Beginning balance | 7 | 7 | 14 | 6 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Credit) provision | (2) | 2 | (9) | 3 |
Ending Balance | 5 | 9 | 5 | 9 |
Commercial | ||||
Allowance for loan losses: | ||||
Beginning balance | 77 | 80 | 80 | 76 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 4 | 3 | 6 | 6 |
(Credit) provision | 29 | (4) | 24 | (3) |
Ending Balance | 110 | 79 | 110 | 79 |
Consumer and Other | ||||
Allowance for loan losses: | ||||
Beginning balance | 131 | 148 | 135 | 86 |
Charge-offs | (12) | (13) | (19) | (22) |
Recoveries | 5 | 6 | 8 | 9 |
(Credit) provision | (92) | (10) | (92) | 58 |
Ending Balance | 32 | 131 | 32 | 131 |
Unallocated | ||||
Allowance for loan losses: | ||||
Beginning balance | 109 | 61 | 135 | 89 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Credit) provision | (53) | 53 | (79) | 25 |
Ending Balance | $ 56 | $ 114 | $ 56 | $ 114 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of impaired and non-impaired loans and allowance for loan losses (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | $ 2,864 | $ 2,906 | $ 2,943 | $ 2,965 | $ 2,960 | $ 2,780 | |
Loans: Ending balance Impaired loans/Non-impaired loans | 370,166 | 353,790 | |||||
Impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 0 | 0 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 2,468 | 3,962 | |||||
Non-impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 2,864 | 2,943 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 367,698 | 349,828 | |||||
Real Estate | Residential | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 1,465 | 1,488 | 1,385 | 1,417 | 1,432 | 1,359 | |
Loans: Ending balance Impaired loans/Non-impaired loans | [1] | 229,313 | 236,880 | ||||
Real Estate | Residential | Impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 0 | 0 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 2,062 | 2,732 | |||||
Real Estate | Residential | Non-impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 1,465 | 1,385 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 227,251 | 234,148 | |||||
Real Estate | Commercial | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 1,196 | 1,094 | 1,194 | 1,215 | 1,232 | 1,164 | |
Loans: Ending balance Impaired loans/Non-impaired loans | 127,308 | 101,647 | |||||
Real Estate | Commercial | Impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 0 | 0 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 406 | 1,230 | |||||
Real Estate | Commercial | Non-impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 1,196 | 1,194 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 126,902 | 100,417 | |||||
Real Estate | Residential Construction | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 5 | 7 | 14 | 9 | 7 | 6 | |
Loans: Ending balance Impaired loans/Non-impaired loans | 937 | 2,217 | |||||
Real Estate | Residential Construction | Impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 0 | 0 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 0 | 0 | |||||
Real Estate | Residential Construction | Non-impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 5 | 14 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 937 | 2,217 | |||||
Commercial | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 110 | 77 | 80 | 79 | 80 | 76 | |
Loans: Ending balance Impaired loans/Non-impaired loans | 11,815 | 12,215 | |||||
Commercial | Impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 0 | 0 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 0 | 0 | |||||
Commercial | Non-impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 110 | 80 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 11,815 | 12,215 | |||||
Consumer and Other | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 32 | 131 | 135 | 131 | 148 | 86 | |
Loans: Ending balance Impaired loans/Non-impaired loans | 793 | 831 | |||||
Consumer and Other | Impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 0 | 0 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 0 | 0 | |||||
Consumer and Other | Non-impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 32 | 135 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 793 | 831 | |||||
Unallocated | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 56 | $ 109 | 135 | $ 114 | $ 61 | $ 89 | |
Unallocated | Impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 0 | 0 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | 0 | 0 | |||||
Unallocated | Non-impaired loan receivables | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Ending balance : Amount of allowance for loan losses for Impaired/ Non-impaired loans | 56 | 135 | |||||
Loans: Ending balance Impaired loans/Non-impaired loans | $ 0 | $ 0 | |||||
[1] | Residential real estate loans include one-to four-family mortgage loans, second mortgage loans, and home equity lines of credit. |
Stock-Based Incentive Plan (Det
Stock-Based Incentive Plan (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | $ 111 | $ 112 | $ 229 | $ 224 | |
Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of stock options and restricted stock authorized | 634,573 | ||||
Vesting percentage of stock awards granted | 20.00% | ||||
Incentive Plan | Employee Stock Option | Employees, Officers And Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of stock options and restricted stock authorized | 453,267 | ||||
Incentive Plan | Restricted Stock | Employees, Officers And Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of stock options and restricted stock authorized | 181,306 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS - Components of accumulated other comprehensive loss and related tax effects (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract] | ||
Net unrealized loss on securities available-for-sale | $ (1,226) | $ (671) |
Tax effect | 263 | 149 |
Accumulated other comprehensive loss | $ (963) | $ (522) |
FAIR VALUE MEASURMENTS - Assets
FAIR VALUE MEASURMENTS - Assets measured at fair value on a recurring basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Available-for-sale: | ||
Assets measured at fair value | $ 41,274 | $ 46,546 |
U.S. government and government-sponsored securities | ||
Available-for-sale: | ||
Assets measured at fair value | 2,765 | 4,328 |
Corporate bonds | ||
Available-for-sale: | ||
Assets measured at fair value | 3,525 | 3,730 |
U.S. Government-sponsored and guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 22,575 | 25,251 |
Non-agency mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 2,772 | 3,237 |
Other securities | ||
Available-for-sale: | ||
Assets measured at fair value | 9,637 | 10,000 |
Level 1 | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 1 | U.S. government and government-sponsored securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 1 | Corporate bonds | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 1 | U.S. Government-sponsored and guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 1 | Non-agency mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 1 | Other securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 2 | ||
Available-for-sale: | ||
Assets measured at fair value | 31,637 | 36,546 |
Level 2 | U.S. government and government-sponsored securities | ||
Available-for-sale: | ||
Assets measured at fair value | 2,765 | 4,328 |
Level 2 | Corporate bonds | ||
Available-for-sale: | ||
Assets measured at fair value | 3,525 | 3,730 |
Level 2 | U.S. Government-sponsored and guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 22,575 | 25,251 |
Level 2 | Non-agency mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 2,772 | 3,237 |
Level 2 | Other securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 3 | ||
Available-for-sale: | ||
Assets measured at fair value | 9,637 | 10,000 |
Level 3 | U.S. government and government-sponsored securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 3 | Corporate bonds | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 3 | U.S. Government-sponsored and guaranteed mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 3 | Non-agency mortgage-backed securities | ||
Available-for-sale: | ||
Assets measured at fair value | 0 | 0 |
Level 3 | Other securities | ||
Available-for-sale: | ||
Assets measured at fair value | $ 9,637 | $ 10,000 |
FAIR VALUE MEASURMENTS - Asse_2
FAIR VALUE MEASURMENTS - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details 1) - Fair value measurements non recurring basis - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | $ 717 | $ 717 | |||
Total Losses | 38 | $ 8 | 101 | $ 9 | |
Impaired loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 223 | 223 | $ 160 | ||
Total Losses | 38 | 0 | 38 | 0 | |
Other real estate owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 494 | 494 | |||
Total Losses | 0 | $ 8 | 63 | $ 9 | |
Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 0 | 0 | |||
Level 1 | Impaired loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 0 | 0 | 0 | ||
Level 1 | Other real estate owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 0 | 0 | |||
Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 0 | 0 | |||
Level 2 | Impaired loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 0 | 0 | 0 | ||
Level 2 | Other real estate owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 0 | 0 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 717 | 717 | |||
Level 3 | Impaired loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | 223 | 223 | $ 160 | ||
Level 3 | Other real estate owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value | $ 494 | $ 494 |
FAIR VALUE MEASURMENTS - Compan
FAIR VALUE MEASURMENTS - Company's financial instruments, all of which are held or issued for purposes other than trading (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Financial assets: | ||
Securities available-for-sale | $ 41,274 | $ 46,546 |
Securities held-to-maturity | 71,188 | 81,828 |
Accrued interest receivable | 1,538 | 1,361 |
Financial liabilities: | ||
Mortgagors' escrow accounts | 3,062 | 3,123 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 5,332 | 10,102 |
Securities available-for-sale | 41,274 | 46,546 |
Securities held-to-maturity | 71,925 | 82,816 |
Federal Home Loan Bank stock | 4,206 | 4,206 |
Loans, net | 368,618 | 352,270 |
Accrued interest receivable | 1,538 | 1,361 |
Financial liabilities: | ||
Deposits | 365,935 | 371,585 |
Mortgagors' escrow accounts | 3,062 | 3,123 |
Federal Home Loan Bank advances | 62,172 | 63,199 |
Securities sold under agreements to repurchase | 3,310 | 664 |
Accrued interest payable | 200 | 158 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 5,332 | 10,102 |
Securities available-for-sale | 41,274 | 46,546 |
Securities held-to-maturity | 71,188 | 81,828 |
Federal Home Loan Bank stock | 4,206 | 4,206 |
Loans, net | 353,355 | 346,511 |
Accrued interest receivable | 1,538 | 1,361 |
Financial liabilities: | ||
Deposits | 366,566 | 372,563 |
Mortgagors' escrow accounts | 3,062 | 3,123 |
Federal Home Loan Bank advances | 61,699 | 62,428 |
Securities sold under agreements to repurchase | 3,310 | 664 |
Accrued interest payable | 200 | 158 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 5,332 | 10,102 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Mortgagors' escrow accounts | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 31,637 | 36,546 |
Securities held-to-maturity | 71,188 | 81,828 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Mortgagors' escrow accounts | 0 | 0 |
Federal Home Loan Bank advances | 61,699 | 62,428 |
Securities sold under agreements to repurchase | 3,310 | 664 |
Accrued interest payable | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 9,637 | 10,000 |
Securities held-to-maturity | 0 | 0 |
Federal Home Loan Bank stock | 4,206 | 4,206 |
Loans, net | 353,355 | 346,511 |
Accrued interest receivable | 1,538 | 1,361 |
Financial liabilities: | ||
Deposits | 366,566 | 372,563 |
Mortgagors' escrow accounts | 3,062 | 3,123 |
Federal Home Loan Bank advances | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Accrued interest payable | $ 200 | $ 158 |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) - $ / shares | Jan. 02, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||
Cash dividend declared (in dollars per share) | $ 0.19 | $ 0.09 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends payable declared date | Jan. 2, 2019 | ||
Cash dividend declared (in dollars per share) | $ 0.07 | ||
Dividends payable record date | Jan. 16, 2019 | ||
Dividends payable date | Jan. 30, 2019 |
Commitments to Extend Credit (D
Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Commitments to extend credit: | ||
Outstanding commitments | $ 32,798 | $ 31,692 |
Loan commitments | ||
Commitments to extend credit: | ||
Outstanding commitments | 4,056 | 3,594 |
Unadvanced construction loans | ||
Commitments to extend credit: | ||
Outstanding commitments | 8,585 | 8,822 |
Unadvanced lines of credit | ||
Commitments to extend credit: | ||
Outstanding commitments | 19,762 | 18,881 |
Standby letters of credit | ||
Commitments to extend credit: | ||
Outstanding commitments | $ 395 | $ 395 |