Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 13, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Community Savings Bancorp, Inc. | |
Entity Central Index Key | 1,682,593 | |
Trading Symbol | csb | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 441,290 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Assets | ||
Cash and due from banks | $ 2,057 | $ 2,647 |
Interest-earning demand deposits in other financial institutions | 587 | 6,052 |
Cash and cash equivalents | 2,644 | 8,699 |
Interest-earning time deposits in other financial institutions | 5,082 | 4,580 |
Investment securities available-for-sale, at fair value | 8,218 | 8,798 |
Other investment securities | 940 | 940 |
Loans | 32,458 | 31,953 |
Less: allowance for loan losses | (253) | (253) |
Loans, net | 32,205 | 31,700 |
Premises and equipment, net | 441 | 458 |
Foreclosed assets, net | 17 | 17 |
Accrued interest receivable | 137 | 152 |
Bank owned life insurance | 751 | |
Other assets | 242 | 265 |
Total assets | 50,677 | 55,609 |
Deposits | ||
Demand | 9,242 | 9,907 |
Savings and money market | 22,582 | 23,477 |
Time | 8,212 | 8,135 |
Total deposits | 40,036 | 41,519 |
Federal Home Loan Bank advances | 1,000 | 4,500 |
Payments by borrowers for taxes and insurance | 156 | 88 |
Other liabilities | 178 | 109 |
Total liabilities | 41,370 | 46,216 |
Shareholders' Equity | ||
Preferred stock - par value $0.01 per share, 5,000,000 shares authorized, none issued | ||
Common stock - par value $0.01 per share, 50,000,000 shares authorized, 441,290 shares issued and outstanding | 4 | 4 |
Additional paid in capital | 3,258 | 3,258 |
Unearned employee stock ownership plan (ESOP) shares | (327) | (327) |
Retained earnings | 6,354 | 6,433 |
Accumulated other comprehensive income | 18 | 25 |
Total shareholders' equity | 9,307 | 9,393 |
Total liabilities and shareholders' equity | $ 50,677 | $ 55,609 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares, issued | 441,290 | 441,290 |
Common stock, shares, outstanding | 441,290 | 441,290 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Interest Income | ||
Loans, including fees | $ 346 | $ 356 |
Taxable securities | 31 | 33 |
Tax exempt securities | 10 | 18 |
Interest-earning deposits | 39 | 32 |
Total interest income | 426 | 439 |
Interest Expense | ||
Deposits | 32 | 30 |
Federal Home Loan Bank advances | 15 | 22 |
Total interest expense | 47 | 52 |
Net Interest Income | 379 | 387 |
Provision for Loan Losses | 0 | 0 |
Net Interest Income After Provision for Loan Losses | 379 | 387 |
Noninterest Income | ||
Service charges and fees | 65 | 65 |
Gain on sale of foreclosed assets, net | 29 | |
Increase in cash surrender value-bank owned life insurance | 1 | |
Other operating | 5 | |
Total noninterest income | 66 | 99 |
Noninterest Expense | ||
Salaries, employee benefits and directors fees | 223 | 200 |
Occupancy and equipment | 25 | 25 |
Data processing | 86 | 62 |
Correspondent bank service charges | 54 | 47 |
Franchise taxes | 13 | 12 |
FDIC insurance premiums | 3 | 8 |
Professional services | 80 | 60 |
Advertising | 7 | 3 |
Office supplies | 25 | 18 |
Other | 39 | 49 |
Total noninterest expense | 555 | 484 |
Income (Loss) Before Federal Income Tax Expense (Benefits) | (110) | 2 |
Federal Income Tax Expense (Benefits) | (31) | (2) |
Net Income (Loss) | $ (79) | $ 4 |
(Loss) per share - basic and diluted (in dollars per share) | $ (0.20) | |
Weighted-average shares outstanding - basic and diluted (in shares) | 408,602 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (79) | $ 4 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) on securities available for sale | (10) | 9 |
Tax effect | 3 | (3) |
Total other comprehensive income (loss) | (7) | 6 |
Comprehensive income (loss) | $ (86) | $ 10 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock | Common Stock | Additional Paid in Capital | Unearned ESOP Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Jun. 30, 2016 | $ 6,567 | $ 88 | $ 6,655 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 4 | 4 | |||||
Other comprehensive income (loss): | 6 | 6 | |||||
Balance at Sep. 30, 2016 | 6,571 | 94 | 6,665 | ||||
Balance at Jun. 30, 2017 | $ 0 | $ 4 | $ 3,258 | $ (327) | 6,433 | 25 | 9,393 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (79) | (79) | |||||
Other comprehensive income (loss): | (7) | (7) | |||||
Balance at Sep. 30, 2017 | $ 0 | $ 4 | $ 3,258 | $ (327) | $ 6,354 | $ 18 | $ 9,307 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ (79) | $ 4 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 17 | 17 |
Deferred income tax expense | (31) | (5) |
Amortization of premiums and discounts on securities, net | 35 | 55 |
Provision for loan losses | 0 | 0 |
Gain on sale of foreclosed assets | (29) | |
Net changes in: | ||
Accrued interest receivable | 15 | 11 |
Bank owned life insurance-cash surrender value | (1) | |
Other assets | 57 | (384) |
Other liabilities | 69 | 140 |
Net cash provided by (used in) operating activities | 82 | (191) |
Cash Flows from Investing Activities | ||
Net change in interest-earning time deposits in other financial institutions | (502) | 998 |
Purchase of available for sale securities | (1,507) | |
Proceeds from maturities of available for sale securities | 1,960 | |
Principal repayments of available for sale mortgage-backed securities | 535 | |
Net change in loans | (505) | 421 |
Purchase of premises and equipment | (7) | |
Purchase of bank owned life insurance | (750) | |
Proceeds from sale of foreclosed assets | 40 | |
Net cash provided by (used in) investing activities | (1,222) | 1,905 |
Cash Flows from Financing Activities | ||
Net change in deposits | (1,483) | 178 |
Proceeds from Federal Home Loan Bank advances | 3,700 | |
Repayment of Federal Home Loan Bank advances | (3,500) | (4,750) |
Payments by borrowers for taxes and insurance | 68 | 51 |
Net cash provided by (used in) financing activities | (4,915) | (821) |
Net Change in Cash and Cash Equivalents | (6,055) | 893 |
Beginning Cash and Cash Equivalents | 8,699 | 3,184 |
Ending Cash and Cash Equivalents | 2,644 | 4,077 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 47 | 52 |
Supplemental Disclosure of Noncash Investing Activities | ||
Transfers from loans to foreclosed assets | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2017 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Community Savings Bancorp, Inc. (the “Company”), headquartered in Caldwell, Ohio, was formed to serve as the stock holding company for Community Savings (the “Bank”) following its mutual-to-stock conversion. The conversion was completed effective January 10, 2017. The Company issued 441,290 shares at an offering price of $10.00 per share. The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of September 30, 2017 and the results of operations and cash flows for the three months ended September 30, 2017 and 2016. All interim amounts have not been audited and the results of operations for the three months ended September 30, 2017, herein are not necessarily indicative of the results of operations to be expected for the entire fiscal year. The accompanying condensed consolidated balance sheet as of June 30, 2017 has been derived from audited financial statements included in the Company’s Form 10-K. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended June 30, 2017 included in the Company’s Form 10-K. Principles of Consolidation The condensed consolidated financial statements as of and for the periods ended September 30, 2017 and at June 30, 2017, include Community Savings Bancorp, Inc. and its wholly-owned subsidiary, Community Savings (the “Bank”), together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. The financial statements for the three months ended September 30, 2016 represent the Bank only, as the conversion to stock form, including the formation of Community Savings Bancorp, Inc., was completed on January 10, 2017. References herein to the “Company” for periods prior to the completion of the stock conversion should be deemed to refer to the “Bank.” Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets, and fair values of financial instruments. |
Securities
Securities | 3 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 2: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Amortized Gross Gross Fair (In thousands) Available-for-sale Securities: September 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,066 $ 35 $ (24 ) $ 5,077 Collateralized mortgage obligations of government sponsored entities - residential 276 4 - 280 State and political subdivisions Taxable 1,385 7 (8 ) 1,384 Nontaxable 1,464 15 (2 ) 1,477 $ 8,191 $ 61 $ (34 ) $ 8,218 June 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,595 $ 44 $ (26 ) $ 5,613 Collateralized mortgage obligations of government sponsored entities - residential 307 6 - 313 State and political subdivisions Taxable 1,393 8 (8 ) 1,393 Nontaxable 1,466 16 (3 ) 1,479 $ 8,761 $ 74 $ (37 ) $ 8,798 The amortized cost and fair value of available-for-sale securities at September 30, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Amortized Fair Cost Value (In thousands) Within one year $ - $ - One to five years 1,121 1,128 Five to ten years 291 293 Beyond ten years 1,437 1,440 2,849 2,861 Mortgage-backed securities of U.S. government sponsored entities - residential 5,066 5,077 Collateralized mortgage obligations of government sponsored entities - residential 276 280 Totals $ 8,191 $ 8,218 The Company had no sales of investment securities during the three-month periods ended September 30, 2017 and 2016. The Company had pledged $2.6 million and $2.6 million of its investment securities at September 30, 2017 and June 30, 2017, respectively, and $885,000 of interest-earning time deposits at September 30, 2017 and June 30, 2017. The Company also had pledged $225,000 of interest-earning demand deposits at September 30, 2017 and June 30, 2017, primarily to secure public deposits. The Company’s other investment securities consists of $915,000 of stock in the FHLB and $25,000 of stock in the Company’s data service provider at both September 30, 2017 and June 30, 2017. The following table shows the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2017 and June 30, 2017: Less than 12 Months 12 Months or Longer Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) September 30, 2017 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 2,419 $ (16 ) $ 534 $ (8 ) $ 2,953 $ (24 ) State and political subdivisions Taxable 255 (1 ) 256 (7 ) 511 (8 ) Nontaxable 385 (2 ) - - 385 (2 ) $ 3,059 $ (19 ) $ 790 $ (15 ) $ 3,849 $ (34 ) June 30, 2017 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 2,161 $ (26 ) $ - $ - $ 2,161 $ (26 ) State and political subdivisions Taxable 256 (1 ) 258 (7 ) 514 (8 ) Nontaxable 383 (3 ) - - 383 (3 ) $ 2,800 $ (30 ) $ 258 $ (7 ) $ 3,058 $ (37 ) Other-than-temporary Impairment At September 30, 2017 and June 30, 2017, the decline in fair value of the Company’s investment securities is attributable to changes in interest rates and not credit quality. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before recovery of their amortized cost bases, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2017 and June 30, 2017. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 3: Loans and Allowance for Loan Losses Loans at September 30, 2017 and June 30, 2017 include: September 30, June 30, 2017 2017 (In thousands) Real estate One- to four-family residential $ 24,949 $ 23,600 Home equity lines of credit 2,309 3,059 Commercial and multi-family 1,870 1,683 Consumer and other 3,330 3,611 Total loans 32,458 31,953 Allowance for loan losses (253 ) (253 ) Net loans $ 32,205 $ 31,700 The risk characteristics applicable to each segment of the loan portfolio are described below: Residential Real Estate and Home Equity Lines of Credit Residential mortgage loans and home equity lines of credit are secured by one-to four-family residences and are comprised of owner-occupied and non-owner-occupied loans. Construction real estate loans (immaterial for the periods presented) are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. The Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values or residential properties. Risk is mitigated by the fact that loans are of smaller individual amounts and spread over a large number of borrowers. Multi-family Residential Real Estate Multi-family real estate loans generally involve a greater degree of credit risk than one-to four- family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family real estate is typically dependent upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. Commercial Real Estate Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. Consumer Loans Consumer loans entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as automobiles. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection efforts against the borrower. In particular, amounts realizable on the sale of repossessed automobiles may be significantly reduced based upon the condition of the automobiles and the lack of demand for used automobiles. The following table presents, by portfolio segment, the activity in the allowance for loan losses for the three months ended September 30, 2017 and the recorded investment in loans and impairment method as of September 30, 2017: September 30, 2017 Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Three Months Ended September 30, 2017 Allowance for loan losses: Balance, July 1, 2017 $ 162 $ 21 $ 8 $ 20 42 $ 253 Provision for loan losses 10 (6 ) 1 - (5 ) - Charge-offs - - - - - - Recoveries - - - - - - Balance, September 30, 2017 $ 172 $ 15 $ 9 $ 20 $ 37 $ 253 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 9 $ - $ - $ - $ - $ 9 Ending balance, collectively evaluated for impairment $ 163 $ 15 $ 9 $ 20 $ 37 $ 244 Loans: Ending balance $ 24,949 $ 2,309 $ 1,870 $ 3,330 $ 32,458 Ending balance; individually evaluated for impairment $ 410 $ 15 $ 92 $ 9 $ 526 Ending balance; collectively evaluated for impairment $ 24,539 $ 2,294 $ 1,778 $ 3,321 $ 31,932 The following table presents, by portfolio segment, the activity in the allowance for loan losses for the three months ended September 30, 2016: September 30, 2016 Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Three Months Ended September 30, 2016 Allowance for loan losses: Balance, July 1, 2016 $ 161 $ 22 $ 10 $ 24 $ 36 $ 253 Provision for loan losses - - (1 ) (1 ) 2 - Charge-offs - - - - - - Recoveries - - - - - - Balance, September 30, 2016 $ 161 $ 22 $ 9 $ 23 $ 38 $ 253 The following table presents, by portfolio segment, the allowance for loan losses, the recorded investment in loans and impairment method as of June 30, 2017: June 30, 2017 Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Allowance for loan losses: Ending balance, individually evaluated for impairment $ 9 $ - $ - $ - $ - $ 9 Ending balance, collectively evaluated for impairment $ 153 $ 21 $ 8 $ 20 $ 42 $ 244 Loans: Ending balance $ 23,600 $ 3,059 $ 1,683 $ 3,611 $ 31,953 Ending balance; individually evaluated for impairment $ 411 $ 17 $ 13 $ 2 $ 443 Ending balance; collectively evaluated for impairment $ 23,189 $ 3,042 $ 1,670 $ 3,609 $ 31,510 Internal Risk Categories The Company has adopted a standard loan grading system for all loans. Loans are selected for a grading review based on certain characteristics, including credit concentrations, subprime criteria, and delinquency of 90 days or more. Definitions are as follows: Pass : Special Mention Substandard One-to-four family residential real estate loans and home equity loans that are past due 90 days or more with loan to value ratios greater than 60 percent are classified as substandard. Doubtful Loss The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2017 and June 30, 2017: Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Total (In thousands) September 30, 2017 Pass $ 24,131 $ 2,234 $ 1,778 $ 3,321 $ 31,464 Special mention - - - - - Substandard 818 75 92 9 994 Doubtful - - - - - Total $ 24,949 $ 2,309 $ 1,870 $ 3,330 $ 32,458 June 30, 2017 Pass $ 22,824 $ 2,989 $ 1,670 $ 3,609 $ 31,092 Special mention - - - - - Substandard 776 70 13 2 861 Doubtful - - - - - Total $ 23,600 $ 3,059 $ 1,683 $ 3,611 $ 31,953 The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the past year. The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of September 30, 2017 and June 30, 2017: September 30, 2017 90 Days and 30-59 Days 60-89 Days Greater Total Total Loans Past Due Past Due Past Due Past Due Current Receivable (In thousands) Real estate 1-4 family residential $ 243 $ - $ 65 $ 308 $ 24,641 $ 24,949 Home equity lines of credit - - - - 2,309 2,309 Commercial and multi-family 79 - 13 92 1,778 1,870 Consumer and other - - 7 7 3,323 3,330 Total $ 322 $ - $ 85 $ 407 $ 32,051 $ 32,458 June 30, 2017 90 Days and 30-59 Days 60-89 Days Greater Total Total Loans Past Due Past Due Past Due Past Due Current Receivable (In thousands) Real estate 1-4 family residential $ - $ 127 $ 65 $ 192 $ 23,408 $ 23,600 Home equity lines of credit - 11 - 11 3,048 3,059 Commercial and multi-family - - 13 13 1,670 1,683 Consumer and other - - - - 3,611 3,611 Total $ - $ 138 $ 78 $ 216 $ 31,737 $ 31,953 A loan is considered impaired when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans, but also include loans modified in troubled debt restructurings. The following table presents impaired loan information as of and for the three months ended September 30, 2017: For the Three Months Ended As of September 30, 2017 September 30, 2017 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: Real estate 1-4 family residential $ 320 $ 321 $ - $ 320 $ - Home equity lines of credit 15 15 - 16 - Commercial and multi-family 92 92 - 92 - Consumer and other 9 9 - 4 - Loans with an allowance recorded: Real estate 1-4 family residential 90 92 9 90 1 Home equity lines of credit - - - - - Commercial and multi-family - - - - - Consumer and other - - - - - Totals $ 526 $ 529 $ 9 $ 522 $ 1 The following table presents impaired loan information as of June 30, 2017 and for the three months ended September 30, 2016: For the Three Months Ended As of June 30, 2017 September 30, 2016 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: Real estate 1-4 family residential $ 319 $ 319 $ - $ 307 $ 1 Home equity lines of credit 17 17 - 13 - Commercial and multi-family 13 13 - - - Consumer and other 2 2 - - - Loans with an allowance recorded: Real estate 1-4 family residential 92 94 9 98 - Home equity lines of credit - - - - - Commercial and multi-family - - - - - Consumer and other - - - - - Totals $ 443 $ 445 $ 9 $ 418 $ 1 The recorded investment in loans excludes accrued interest receivable and loan origination fees, net due to immateriality. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. Interest income recognized on a cash basis was not materially different than interest income recognized. The following table presents the Company’s nonaccrual loans at September 30, 2017 and June 30, 2017. The table excludes performing troubled debt restructurings. September 30, June 30, 2017 2017 (In thousands) Real estate 1-4 family residential $ 338 $ 337 Home equity lines of credit 15 17 Commercial and multi-family 92 13 Consumer and other 9 2 Total nonaccrual $ 454 $ 369 At September 30, 2017 and June 30, 2017, the Company had certain loans that were modified in previous years in troubled debt restructurings and impaired. The modification of terms of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate, or a permanent reduction of the recorded investment in the loan. The Company had loans modified, in previous years, in a troubled debt restructuring totaling $82,000 and $85,000 at September 30, 2017 and June 30, 2017, respectively. Troubled debt restructured loans had specific allowances totaling $7,000 and $6,000 at September 30, 2017 and June 30, 2017, respectively. At September 30, 2017, the Company had no commitments to lend additional funds to borrowers with troubled debt restructured loans. No loans were modified as troubled debt restructurings during either the three months ended September 30, 2017 or 2016. The Company had no troubled debt restructurings modified during the twelve months ended September 30, 2017 or 2016 that subsequently defaulted during the three-month periods ended September 30, 2017 or 2016. A troubled debt restructured loan is considered to be in payment default once it is 30 days contractually past due under the loan’s modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 4: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier I capital, and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of leverage capital to adjusted average total assets (as defined). Management believes, as of September 30, 2017 and June 30, 2017, that the Bank meets all capital adequacy requirements to which it is subject. Basel III requires the Bank to maintain minimum amounts and ratios of common equity Tier 1 capital to risk-weighted assets, as defined in the regulation. Under the Basel III rules, in order to avoid limitations on capital distributions, including dividends, the Bank must hold a capital conservation buffer above the adequately capitalized common equity Tier 1 capital to risk-weighted assets ratio. The capital conservation buffer is being phased in from zero percent to 2.50 percent by 2019. Under Basel III, the Bank elected to opt-out of including accumulated other comprehensive income in regulatory capital. As of September 30, 2017 and June 30, 2017, the most recent notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total capital, Tier I capital, common equity Tier I capital and leverage capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Company’s and the Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2017 Total Capital (to Risk-Weighted Assets) Company $ 9,542 40.0 % $ 1,906 8.0 % N/A N/A Bank $ 8,480 35.6 % $ 1,906 8.0 % $ 2,383 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 9,289 39.0 % $ 1,430 6.0 % N/A N/A Bank $ 8,227 34.5 % $ 1,430 6.0 % $ 1,906 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 9,289 39.0 % $ 1,072 4.5 % N/A N/A Bank $ 8,227 34.5 % $ 1,072 4.5 % $ 1,549 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 9,289 17.8 % $ 2,091 4.0 % N/A N/A Bank $ 8,227 15.7 % $ 2,091 4.0 % $ 2,614 5.0 % As of June 30, 2017 Total Capital (to Risk-Weighted Assets) Company $ 9,621 39.1 % $ 1,970 8.0 % N/A N/A Bank $ 8,560 34.8 % $ 1,970 8.0 % $ 2,463 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 9,368 38.0 % $ 1,478 6.0 % N/A N/A Bank $ 8,307 33.7 % $ 1,478 6.0 % $ 1,970 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 9,368 38.0 % $ 1,108 4.5 % N/A N/A Bank $ 8,307 33.7 % $ 1,108 4.5 % $ 1,601 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 9,368 16.9 % $ 2,211 4.0 % N/A N/A Bank $ 8,307 15.0 % $ 2,211 4.0 % $ 2,764 5.0 % |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 3 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Disclosures about Fair Value of Assets and Liabilities | Note 5: Disclosures about Fair Value of Assets and Liabilities Fair value is the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 Significant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Recurring Measurements The following table presents the fair value measurement of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2017 and June 30, 2017: Fair Value Measurement Using Fair Quoted Prices in Significant Other Significant (In thousands) September 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,077 $ - $ 5,077 $ - Collateralized mortgage obligations of government sponsored entities - residential 280 - 280 - State and political subdivisions Taxable 1,384 - 1,384 - Nontaxable 1,477 - 1,477 - $ 8,218 $ - $ 8,218 $ - June 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,613 $ - $ 5,613 $ - Collateralized mortgage obligations of government sponsored entities - residential 313 - 313 - State and political subdivisions Taxable 1,393 - 1,393 - Nontaxable 1,479 - 1,479 - $ 8,798 $ - $ 8,798 $ - Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There were no assets classified within Level 3 of the fair value hierarchy measured on a recurring basis. There were no transfers between Level 1 and Level 2 during the three-month periods ended September 30, 2017 and 2016. Available-for-sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flow. Such securities are classified within Level 2 of the valuation hierarchy. Nonrecurring Measurements The following table presents fair value measurements of assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which fair value measurements fall at September 30, 2017 and June 30, 2017: Fair Value Measurement Using Fair Quoted Prices in Significant Significant (In thousands) September 30, 2017 Impaired loans Real estate 1-4 family residential $ 81 $ - $ - $ 81 Forclosed assets Residential real estate $ 17 $ - $ - $ 17 June 30, 2017 Impaired loans Real estate 1-4 family residential $ 83 $ - $ - $ 83 Foreclosed assets Residential real estate $ 17 $ - $ - $ 17 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying condensed consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below. Impaired Loans (Collateral Dependent) The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the borrower and borrower’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Foreclosed Assets Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. The assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements: Fair Value Valuation Unobservable Range (In thousands) September 30, 2017 Impaired loans (collateral dependent) - residential real estate $ 81 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Foreclosed assets - residential real estate $ 17 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % June 30, 2017 Impaired loans (collateral dependent) - residential real estate $ 83 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Foreclosed assets - residential real estate $ 17 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Fair Value of Financial Instruments The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not carried at fair value and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2017 and June 30, 2017. Fair Value Measurement Using Carrying Quoted Prices in Significant Other Significant Total (In thousands) September 30, 2017 Financial assets Cash and cash equivalents $ 2,644 $ 2,644 $ - $ - $ 2,644 Interest-earning time deposits 5,082 5,082 - - 5,082 Other investment securities 940 - - 940 940 Loans, net 32,205 - - 33,276 33,276 Accrued interest receivable 137 - 137 - 137 Bank owned life insurance 751 - 751 - 751 Financial liabilities Deposits 40,036 31,824 8,085 - 39,909 Federal Home Loan Bank advances 1,000 - 1,030 - 1,030 Payments by borrowers for taxes and insurance 156 - 156 - 156 June 30, 2017 Financial assets Cash and cash equivalents $ 8,699 $ 8,699 $ - $ - $ 8,699 Interest-earning time deposits 4,580 4,580 - - 4,580 Other investment securities 940 - - 940 940 Loans, net 31,700 - - 32,869 32,869 Accrued interest receivable 152 - 152 - 152 Financial liabilities Deposits 41,519 33,384 8,014 - 41,398 Federal Home Loan Bank advances 4,500 - 4,536 - 4,536 Payments by borrowers for taxes and insurance 88 - 88 - 88 The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying condensed consolidated balance sheets at amounts other than fair value. Cash and Cash Equivalents and Interest-earning Time Deposits The carrying amount of cash, short-term instruments and time deposits approximate fair value and are classified as Level 1. Other Investment Securities Due to restrictions placed on their transferability, the FHLB and COCC stock are carried at cost, which approximates fair value based on redemption provisions resulting in a Level 3 classification. Loans Fair values of loans are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values, resulting in a Level 3 classification. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality, resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value of collateral as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. Accrued Interest Receivable and Payable The carrying amounts of accrued interest approximate fair value, resulting in a Level 2 classification. Bank Owned Life Insurance The fair value of bank owned life insurance approximates the cash surrender value of the policies, resulting in a level 2 classification. Deposits The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of certificates of deposit approximate their fair values at the reporting date resulting in a Level 1 classification. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. Federal Home Loan Bank Advances The fair values of FHLB advances are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements, resulting in a Level 2 classification. Payments by Borrowers for Taxes and Insurance The fair value of escrow accounts is estimated to approximate the carrying amount resulting in a Level 2 classification. Off-Balance Sheet Instruments Fair values of off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not material. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Income(Loss) | Note 6: Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended September 30, 2017 and 2016 are as follows: Three Months Ended September 30, 2017 2016 (In thousands) Balance, July 1 $ 25 $ 88 Other comprehensive income (loss) before tax effect (10 ) 9 Tax effect 3 (3 ) Net current period other comprehensive income (loss) (7 ) 6 Balance, September 30 $ 18 $ 94 There were no material items reclassified from accumulated other comprehensive income (loss) to the condensed consolidated statement of operations for the three months ended September 30, 2017 and 2016. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Note 7: Recent Accounting Pronouncements FASB ASU 2014-09, Revenue from Contracts with Customers FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company does not believe it will have a material impact on the Company’s financial statements or disclosures. FASB ASU 2016-02, Leases. Leases ● A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and ● A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in ASU 2016-02 are effective, as to the Company, for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements. FASB ASU 2016-13, Financial Instruments-Credit Losses. FASB ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs . - - |
Loss Per Share
Loss Per Share | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 8: Loss Per Share Basic loss per share (“LPS”) is calculated by dividing net loss applicable to common stock by the weighted-average number of shares of common stock outstanding during the period. Unallocated common shares held by the Company’s Employee Stock Ownership Plan (the “ESOP”) are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for basic and diluted LPS calculations until they are committed to be released. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Loss per share for the three months ended September 30, 2017 was $(0.20), calculated using 441,290 shares issued, less 32,688 unallocated shares held by the ESOP. The Company had no dilutive or potentially dilutive securities at September 30, 2017. Loss per share disclosures are not applicable to the three months ended September 30, 2016, because the Company did not complete the conversion to stock form until January 10, 2017. |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (ESOP) | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan (ESOP) | Note 9: Employee Stock Ownership Plan (ESOP) As part of the Company’s stock conversion, shares were purchased by the ESOP with a loan from Community Savings Bancorp, Inc. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. Compensation expense related to the ESOP was $6,000 for the three months ended September 30, 2017. The stock price at the formation date was $10.00. The aggregate fair value of the 32,688 unallocated shares was $436,000 based on the $13.35 closing price of our common stock on September 30, 2017. |
Plan of Conversion and Change i
Plan of Conversion and Change in Corporate Form | 3 Months Ended |
Sep. 30, 2017 | |
Plan Of Conversion And Change In Corporate Form [Abstract] | |
Plan of Conversion and Change in Corporate Form | Note 10: Plan of Conversion and Change in Corporate Form On August 25, 2016, the Board of Directors adopted a Plan of Conversion (the “Plan”) to convert from a federal mutual savings bank to a federal stock savings bank (the “Conversion”). A new Maryland-chartered corporation, Community Savings Bancorp, Inc. (the “Company”), was formed in August 2016, which, upon consummation of the Conversion and offering, became the savings and loan holding company of Community Savings (the “Bank”). The Plan was subject to approval of the members of the Bank, which approval was received at a Special Meeting of Members on December 21, 2016. Additionally, the Plan was subject to the final approval of the Office of the Comptroller of the Currency (“OCC”) and the formation of the Company as the holding company of the Bank, upon consummation of the Conversion, was subject to the approval of the Board of Governors of the Federal Reserve System (“FRB”). As part of the Conversion and offering, the Company filed a registration statement with the U.S. Securities and Exchange Commission. Upon receipt of the final approval of the OCC and the FRB and the consummation of the Conversion and offering, the Bank became the wholly owned subsidiary of the Company, and the Company issued and sold shares of its capital stock to eligible depositors and borrowers of the Bank and the public pursuant to an independent valuation appraisal of the Bank and the Company on a converted basis that has been conducted by an independent appraisal firm that is experienced in appraising financial institutions in connection with mutual to stock conversions. The Conversion was completed on January 10, 2017 and resulted in the issuance of 441,290 common shares by the Company. The cost of the Conversion and issuing the capital stock totaled $1.15 million and was deducted from the proceeds of the offering. In accordance with OCC regulations, at the time of the Conversion, the Bank substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible holders who continue to maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Community Savings Bancorp, Inc. (the “Company”), headquartered in Caldwell, Ohio, was formed to serve as the stock holding company for Community Savings (the “Bank”) following its mutual-to-stock conversion. The conversion was completed effective January 10, 2017. The Company issued 441,290 shares at an offering price of $10.00 per share. The Company’s condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of September 30, 2017 and the results of operations and cash flows for the three months ended September 30, 2017 and 2016. All interim amounts have not been audited and the results of operations for the three months ended September 30, 2017, herein are not necessarily indicative of the results of operations to be expected for the entire fiscal year. The accompanying condensed consolidated balance sheet as of June 30, 2017 has been derived from audited financial statements included in the Company’s Form 10-K. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company as of and for the year ended June 30, 2017 included in the Company’s Form 10-K. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements as of and for the periods ended September 30, 2017 and at June 30, 2017, include Community Savings Bancorp, Inc. and its wholly-owned subsidiary, Community Savings (the “Bank”), together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. The financial statements for the three months ended September 30, 2016 represent the Bank only, as the conversion to stock form, including the formation of Community Savings Bancorp, Inc., was completed on January 10, 2017. References herein to the “Company” for periods prior to the completion of the stock conversion should be deemed to refer to the “Bank.” |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets, and fair values of financial instruments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements FASB ASU 2014-09, Revenue from Contracts with Customers FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company does not believe it will have a material impact on the Company’s financial statements or disclosures. FASB ASU 2016-02, Leases. Leases ● A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and ● A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in ASU 2016-02 are effective, as to the Company, for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements. FASB ASU 2016-13, Financial Instruments-Credit Losses. FASB ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs . - - |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost and approximate fair values, together with gross unrealized gains and losses | Amortized Gross Gross Fair (In thousands) Available-for-sale Securities: September 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,066 $ 35 $ (24 ) $ 5,077 Collateralized mortgage obligations of government sponsored entities - residential 276 4 - 280 State and political subdivisions Taxable 1,385 7 (8 ) 1,384 Nontaxable 1,464 15 (2 ) 1,477 $ 8,191 $ 61 $ (34 ) $ 8,218 June 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,595 $ 44 $ (26 ) $ 5,613 Collateralized mortgage obligations of government sponsored entities - residential 307 6 - 313 State and political subdivisions Taxable 1,393 8 (8 ) 1,393 Nontaxable 1,466 16 (3 ) 1,479 $ 8,761 $ 74 $ (37 ) $ 8,798 |
Summary of amortized cost and fair value of available-for-sale securities | Amortized Fair Cost Value (In thousands) Within one year $ - $ - One to five years 1,121 1,128 Five to ten years 291 293 Beyond ten years 1,437 1,440 2,849 2,861 Mortgage-backed securities of U.S. government sponsored entities - residential 5,066 5,077 Collateralized mortgage obligations of government sponsored entities - residential 276 280 Totals $ 8,191 $ 8,218 |
Summary of gross unrealized losses and fair value | Less than 12 Months 12 Months or Longer Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) September 30, 2017 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 2,419 $ (16 ) $ 534 $ (8 ) $ 2,953 $ (24 ) State and political subdivisions Taxable 255 (1 ) 256 (7 ) 511 (8 ) Nontaxable 385 (2 ) - - 385 (2 ) $ 3,059 $ (19 ) $ 790 $ (15 ) $ 3,849 $ (34 ) June 30, 2017 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 2,161 $ (26 ) $ - $ - $ 2,161 $ (26 ) State and political subdivisions Taxable 256 (1 ) 258 (7 ) 514 (8 ) Nontaxable 383 (3 ) - - 383 (3 ) $ 2,800 $ (30 ) $ 258 $ (7 ) $ 3,058 $ (37 ) |
Loans and Allowance for Loan 20
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of loan components | September 30, June 30, 2017 2017 (In thousands) Real estate One- to four-family residential $ 24,949 $ 23,600 Home equity lines of credit 2,309 3,059 Commercial and multi-family 1,870 1,683 Consumer and other 3,330 3,611 Total loans 32,458 31,953 Allowance for loan losses (253 ) (253 ) Net loans $ 32,205 $ 31,700 |
Schedule of allowance for loan losses recorded investment in loans and impairment method | September 30, 2017 Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Three Months Ended September 30, 2017 Allowance for loan losses: Balance, July 1, 2017 $ 162 $ 21 $ 8 $ 20 42 $ 253 Provision for loan losses 10 (6 ) 1 - (5 ) - Charge-offs - - - - - - Recoveries - - - - - - Balance, September 30, 2017 $ 172 $ 15 $ 9 $ 20 $ 37 $ 253 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 9 $ - $ - $ - $ - $ 9 Ending balance, collectively evaluated for impairment $ 163 $ 15 $ 9 $ 20 $ 37 $ 244 Loans: Ending balance $ 24,949 $ 2,309 $ 1,870 $ 3,330 $ 32,458 Ending balance; individually evaluated for impairment $ 410 $ 15 $ 92 $ 9 $ 526 Ending balance; collectively evaluated for impairment $ 24,539 $ 2,294 $ 1,778 $ 3,321 $ 31,932 September 30, 2016 Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Three Months Ended September 30, 2016 Allowance for loan losses: Balance, July 1, 2016 $ 161 $ 22 $ 10 $ 24 $ 36 $ 253 Provision for loan losses - - (1 ) (1 ) 2 - Charge-offs - - - - - - Recoveries - - - - - - Balance, September 30, 2016 $ 161 $ 22 $ 9 $ 23 $ 38 $ 253 June 30, 2017 Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Allowance for loan losses: Ending balance, individually evaluated for impairment $ 9 $ - $ - $ - $ - $ 9 Ending balance, collectively evaluated for impairment $ 153 $ 21 $ 8 $ 20 $ 42 $ 244 Loans: Ending balance $ 23,600 $ 3,059 $ 1,683 $ 3,611 $ 31,953 Ending balance; individually evaluated for impairment $ 411 $ 17 $ 13 $ 2 $ 443 Ending balance; collectively evaluated for impairment $ 23,189 $ 3,042 $ 1,670 $ 3,609 $ 31,510 |
Schedule of credit risk profile based on internal rating category | Real Estate Commercial 1-4 Family Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Total (In thousands) September 30, 2017 Pass $ 24,131 $ 2,234 $ 1,778 $ 3,321 $ 31,464 Special mention - - - - - Substandard 818 75 92 9 994 Doubtful - - - - - Total $ 24,949 $ 2,309 $ 1,870 $ 3,330 $ 32,458 June 30, 2017 Pass $ 22,824 $ 2,989 $ 1,670 $ 3,609 $ 31,092 Special mention - - - - - Substandard 776 70 13 2 861 Doubtful - - - - - Total $ 23,600 $ 3,059 $ 1,683 $ 3,611 $ 31,953 |
Schedule of loan portfolio aging analysis of the recorded investment in loans | September 30, 2017 90 Days and 30-59 Days 60-89 Days Greater Total Total Loans Past Due Past Due Past Due Past Due Current Receivable (In thousands) Real estate 1-4 family residential $ 243 $ - $ 65 $ 308 $ 24,641 $ 24,949 Home equity lines of credit - - - - 2,309 2,309 Commercial and multi-family 79 - 13 92 1,778 1,870 Consumer and other - - 7 7 3,323 3,330 Total $ 322 $ - $ 85 $ 407 $ 32,051 $ 32,458 June 30, 2017 90 Days and 30-59 Days 60-89 Days Greater Total Total Loans Past Due Past Due Past Due Past Due Current Receivable (In thousands) Real estate 1-4 family residential $ - $ 127 $ 65 $ 192 $ 23,408 $ 23,600 Home equity lines of credit - 11 - 11 3,048 3,059 Commercial and multi-family - - 13 13 1,670 1,683 Consumer and other - - - - 3,611 3,611 Total $ - $ 138 $ 78 $ 216 $ 31,737 $ 31,953 |
Schedule of impaired loan information | For the Three Months Ended As of September 30, 2017 September 30, 2017 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: Real estate 1-4 family residential $ 320 $ 321 $ - $ 320 $ - Home equity lines of credit 15 15 - 16 - Commercial and multi-family 92 92 - 92 - Consumer and other 9 9 - 4 - Loans with an allowance recorded: Real estate 1-4 family residential 90 92 9 90 1 Home equity lines of credit - - - - - Commercial and multi-family - - - - - Consumer and other - - - - - Totals $ 526 $ 529 $ 9 $ 522 $ 1 For the Three Months Ended As of June 30, 2017 September 30, 2016 Unpaid Allowance Average Interest Recorded Principal Losses Recorded Income (In thousands) Loans with no related allowance recorded: Real estate 1-4 family residential $ 319 $ 319 $ - $ 307 $ 1 Home equity lines of credit 17 17 - 13 - Commercial and multi-family 13 13 - - - Consumer and other 2 2 - - - Loans with an allowance recorded: Real estate 1-4 family residential 92 94 9 98 - Home equity lines of credit - - - - - Commercial and multi-family - - - - - Consumer and other - - - - - Totals $ 443 $ 445 $ 9 $ 418 $ 1 |
Schedule of nonaccrual loans | September 30, June 30, 2017 2017 (In thousands) Real estate 1-4 family residential $ 338 $ 337 Home equity lines of credit 15 17 Commercial and multi-family 92 13 Consumer and other 9 2 Total nonaccrual $ 454 $ 369 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
Schedule of regulatory matters | Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2017 Total Capital (to Risk-Weighted Assets) Company $ 9,542 40.0 % $ 1,906 8.0 % N/A N/A Bank $ 8,480 35.6 % $ 1,906 8.0 % $ 2,383 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 9,289 39.0 % $ 1,430 6.0 % N/A N/A Bank $ 8,227 34.5 % $ 1,430 6.0 % $ 1,906 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 9,289 39.0 % $ 1,072 4.5 % N/A N/A Bank $ 8,227 34.5 % $ 1,072 4.5 % $ 1,549 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 9,289 17.8 % $ 2,091 4.0 % N/A N/A Bank $ 8,227 15.7 % $ 2,091 4.0 % $ 2,614 5.0 % As of June 30, 2017 Total Capital (to Risk-Weighted Assets) Company $ 9,621 39.1 % $ 1,970 8.0 % N/A N/A Bank $ 8,560 34.8 % $ 1,970 8.0 % $ 2,463 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 9,368 38.0 % $ 1,478 6.0 % N/A N/A Bank $ 8,307 33.7 % $ 1,478 6.0 % $ 1,970 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 9,368 38.0 % $ 1,108 4.5 % N/A N/A Bank $ 8,307 33.7 % $ 1,108 4.5 % $ 1,601 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 9,368 16.9 % $ 2,211 4.0 % N/A N/A Bank $ 8,307 15.0 % $ 2,211 4.0 % $ 2,764 5.0 % |
Disclosures about Fair Value 22
Disclosures about Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value on a recurring basis | Fair Value Measurement Using Fair Quoted Prices in Significant Other Significant (In thousands) September 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,077 $ - $ 5,077 $ - Collateralized mortgage obligations of government sponsored entities - residential 280 - 280 - State and political subdivisions Taxable 1,384 - 1,384 - Nontaxable 1,477 - 1,477 - $ 8,218 $ - $ 8,218 $ - June 30, 2017 Mortgage-backed securities of U.S. government sponsored entities - residential $ 5,613 $ - $ 5,613 $ - Collateralized mortgage obligations of government sponsored entities - residential 313 - 313 - State and political subdivisions Taxable 1,393 - 1,393 - Nontaxable 1,479 - 1,479 - $ 8,798 $ - $ 8,798 $ - |
Schedule of fair value on a non-recurring | Fair Value Measurement Using Fair Quoted Prices in Significant Significant (In thousands) September 30, 2017 Impaired loans Real estate 1-4 family residential $ 81 $ - $ - $ 81 Forclosed assets Residential real estate $ 17 $ - $ - $ 17 June 30, 2017 Impaired loans Real estate 1-4 family residential $ 83 $ - $ - $ 83 Foreclosed assets Residential real estate $ 17 $ - $ - $ 17 |
Schedule of quantitative information about unobservable inputs used in nonrecurring Level 3 | Fair Value Valuation Unobservable Range (In thousands) September 30, 2017 Impaired loans (collateral dependent) - residential real estate $ 81 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Foreclosed assets - residential real estate $ 17 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % June 30, 2017 Impaired loans (collateral dependent) - residential real estate $ 83 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % Foreclosed assets - residential real estate $ 17 Sales comparison approach Adjustment for differences between the comparable real estate sales 10 % |
Schedule of fair value and the level within the fair value hierarchy in which the fair value measurement | Fair Value Measurement Using Carrying Quoted Prices in Significant Other Significant Total (In thousands) September 30, 2017 Financial assets Cash and cash equivalents $ 2,644 $ 2,644 $ - $ - $ 2,644 Interest-earning time deposits 5,082 5,082 - - 5,082 Other investment securities 940 - - 940 940 Loans, net 32,205 - - 33,276 33,276 Accrued interest receivable 137 - 137 - 137 Bank owned life insurance 751 - 751 - 751 Financial liabilities Deposits 40,036 31,824 8,085 - 39,909 Federal Home Loan Bank advances 1,000 - 1,030 - 1,030 Payments by borrowers for taxes and insurance 156 - 156 - 156 June 30, 2017 Financial assets Cash and cash equivalents $ 8,699 $ 8,699 $ - $ - $ 8,699 Interest-earning time deposits 4,580 4,580 - - 4,580 Other investment securities 940 - - 940 940 Loans, net 31,700 - - 32,869 32,869 Accrued interest receivable 152 - 152 - 152 Financial liabilities Deposits 41,519 33,384 8,014 - 41,398 Federal Home Loan Bank advances 4,500 - 4,536 - 4,536 Payments by borrowers for taxes and insurance 88 - 88 - 88 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of changes in accumulated other comprehensive loss by component, net of tax | Three Months Ended September 30, 2017 2016 (In thousands) Balance, July 1 $ 25 $ 88 Other comprehensive income (loss) before tax effect (10 ) 9 Tax effect 3 (3 ) Net current period other comprehensive income (loss) (7 ) 6 Balance, September 30 $ 18 $ 94 |
Basis of Presentation (Detail T
Basis of Presentation (Detail Textuals) | Jan. 10, 2017$ / sharesshares |
Basis Of Presentation [Abstract] | |
Number of shares issued during mutual-to-stock conversion | shares | 441,290 |
Offering price per share (in dollars per share) | $ / shares | $ 10 |
Securities - Summary of amortiz
Securities - Summary of amortized cost and fair values with gross unrealized gains and losses of securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available for sale: | ||
Amortized Cost | $ 8,191 | $ 8,761 |
Gross Unrealized Gains | 61 | 74 |
Gross Unrealized Losses | (34) | (37) |
Fair Value | 8,218 | 8,798 |
Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available for sale: | ||
Amortized Cost | 5,066 | 5,595 |
Gross Unrealized Gains | 35 | 44 |
Gross Unrealized Losses | (24) | (26) |
Fair Value | 5,077 | 5,613 |
Collateralized mortgage obligations of government sponsored entities - residential | ||
Available for sale: | ||
Amortized Cost | 276 | 307 |
Gross Unrealized Gains | 4 | 6 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 280 | 313 |
State and political subdivisions Taxable | ||
Available for sale: | ||
Amortized Cost | 1,385 | 1,393 |
Gross Unrealized Gains | 7 | 8 |
Gross Unrealized Losses | (8) | (8) |
Fair Value | 1,384 | 1,393 |
State and political subdivisions Nontaxable | ||
Available for sale: | ||
Amortized Cost | 1,464 | 1,466 |
Gross Unrealized Gains | 15 | 16 |
Gross Unrealized Losses | (2) | (3) |
Fair Value | $ 1,477 | $ 1,479 |
Securities - Summary of amort26
Securities - Summary of amortized cost and fair value of available-for-sale securities (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Amortized Cost, Available for sale: | ||
Within one year | $ 0 | |
One to five years | 1,121 | |
Five to ten years | 291 | |
Beyond ten years | 1,437 | |
Available for sale securities, Amortized Cost | 2,849 | |
Total Amortized Cost | 8,191 | $ 8,761 |
Fair Value, Available for sale: | ||
Within one year | 0 | |
One to five years | 1,128 | |
Five to ten years | 293 | |
Beyond ten years | 1,440 | |
Available for sale securities, Fair Value | 2,861 | |
Total Fair Value | 8,218 | 8,798 |
Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Amortized Cost, Available for sale: | ||
Available for sale securities, Amortized Cost | 5,066 | |
Total Amortized Cost | 5,066 | 5,595 |
Fair Value, Available for sale: | ||
Available for sale securities, Fair Value | 5,077 | |
Total Fair Value | 5,077 | 5,613 |
Collateralized mortgage obligations of government sponsored entities - residential | ||
Amortized Cost, Available for sale: | ||
Available for sale securities, Amortized Cost | 276 | |
Total Amortized Cost | 276 | 307 |
Fair Value, Available for sale: | ||
Available for sale securities, Fair Value | 280 | |
Total Fair Value | $ 280 | $ 313 |
Securities - Summary of investm
Securities - Summary of investments' gross unrealized losses and fair value (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available for sale: | ||
Less than 12 Months Fair Value | $ 3,059 | $ 2,800 |
Less than 12 Months Unrealized Losses | (19) | (30) |
12 Months or Longer Fair Value | 790 | 258 |
12 Months or Longer Unrealized Losses | (15) | (7) |
Total Fair Value | 3,849 | 3,058 |
Total Unrealized Losses | (34) | (37) |
Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available for sale: | ||
Less than 12 Months Fair Value | 2,419 | 2,161 |
Less than 12 Months Unrealized Losses | (16) | (26) |
12 Months or Longer Fair Value | 534 | 0 |
12 Months or Longer Unrealized Losses | (8) | 0 |
Total Fair Value | 2,953 | 2,161 |
Total Unrealized Losses | (24) | (26) |
State and political subdivisions Taxable | ||
Available for sale: | ||
Less than 12 Months Fair Value | 255 | 256 |
Less than 12 Months Unrealized Losses | (1) | (1) |
12 Months or Longer Fair Value | 256 | 258 |
12 Months or Longer Unrealized Losses | (7) | (7) |
Total Fair Value | 511 | 514 |
Total Unrealized Losses | (8) | (8) |
State and political subdivisions Nontaxable | ||
Available for sale: | ||
Less than 12 Months Fair Value | 385 | 383 |
Less than 12 Months Unrealized Losses | (2) | (3) |
12 Months or Longer Fair Value | 0 | 0 |
12 Months or Longer Unrealized Losses | 0 | 0 |
Total Fair Value | 385 | 383 |
Total Unrealized Losses | $ (2) | $ (3) |
Securities (Detail Textuals)
Securities (Detail Textuals) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value of pledged securities | $ 2,600,000 | $ 2,600,000 |
Amount of interest earned through time deposit | 885,000 | 885,000 |
Amount of interest earned through demand deposit | 225,000 | 225,000 |
Federal Home Loan Bank | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amount of other investment security in stock | 915,000 | 915,000 |
Data Service Provider | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amount of other investment security in stock | $ 25,000 | $ 25,000 |
Loans and Allowance for Loan 29
Loans and Allowance for Loan Losses - Summary of loan receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | $ 32,458 | $ 31,953 | ||
Allowance for loan losses | (253) | (253) | $ (253) | $ (253) |
Loans, net | 32,205 | 31,700 | ||
Real estate | One- to four-family residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 24,949 | 23,600 | ||
Allowance for loan losses | (172) | (162) | (161) | (161) |
Real estate | Home equity lines of credit | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 2,309 | 3,059 | ||
Allowance for loan losses | (15) | (21) | (22) | (22) |
Real estate | Commercial and multi-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,870 | 1,683 | ||
Allowance for loan losses | (9) | (8) | (9) | (10) |
Consumer and other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 3,330 | 3,611 | ||
Allowance for loan losses | $ (20) | $ (20) | $ (23) | $ (24) |
Loans and Allowance for Loan 30
Loans and Allowance for Loan Losses - Summary of allowance for loan losses by portfolio segment with recorded investment in loans and impairment method (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Allowance for loan losses: | |||
Balance | $ 253 | $ 253 | |
Provision for loan losses | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | 253 | 253 | |
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 9 | $ 9 | |
Ending balance, collectively evaluated for impairment | 244 | 244 | |
Loans: | |||
Ending balance | 32,458 | 31,953 | |
Ending balance; individually evaluated for impairment | 526 | 443 | |
Ending balance; collectively evaluated for impairment | 31,932 | 31,510 | |
Real Estate | 1-4 Family Residential | |||
Allowance for loan losses: | |||
Balance | 162 | 161 | |
Provision for loan losses | 10 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | 172 | 161 | |
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 9 | 9 | |
Ending balance, collectively evaluated for impairment | 163 | 153 | |
Loans: | |||
Ending balance | 24,949 | 23,600 | |
Ending balance; individually evaluated for impairment | 410 | 411 | |
Ending balance; collectively evaluated for impairment | 24,539 | 23,189 | |
Real Estate | Home Equity Lines of Credit | |||
Allowance for loan losses: | |||
Balance | 21 | 22 | |
Provision for loan losses | (6) | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | 15 | 22 | |
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 0 | 0 | |
Ending balance, collectively evaluated for impairment | 15 | 21 | |
Loans: | |||
Ending balance | 2,309 | 3,059 | |
Ending balance; individually evaluated for impairment | 15 | 17 | |
Ending balance; collectively evaluated for impairment | 2,294 | 3,042 | |
Real Estate | Commercial and Multi-Family | |||
Allowance for loan losses: | |||
Balance | 8 | 10 | |
Provision for loan losses | 1 | (1) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | 9 | 9 | |
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 0 | 0 | |
Ending balance, collectively evaluated for impairment | 9 | 8 | |
Loans: | |||
Ending balance | 1,870 | 1,683 | |
Ending balance; individually evaluated for impairment | 92 | 13 | |
Ending balance; collectively evaluated for impairment | 1,778 | 1,670 | |
Consumer and Other | |||
Allowance for loan losses: | |||
Balance | 20 | 24 | |
Provision for loan losses | 0 | (1) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | 20 | 23 | |
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 0 | 0 | |
Ending balance, collectively evaluated for impairment | 20 | 20 | |
Loans: | |||
Ending balance | 3,330 | 3,611 | |
Ending balance; individually evaluated for impairment | 9 | 2 | |
Ending balance; collectively evaluated for impairment | 3,321 | 3,609 | |
Unallocated | |||
Allowance for loan losses: | |||
Balance | 42 | 36 | |
Provision for loan losses | (5) | 2 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | 37 | $ 38 | |
Allowance for loan losses: | |||
Ending balance, individually evaluated for impairment | 0 | 0 | |
Ending balance, collectively evaluated for impairment | $ 37 | $ 42 |
Loans and Allowance for Loan 31
Loans and Allowance for Loan Losses - Summary of credit risk profile of loan portfolio based on internal rating category and payment activity(Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 32,458 | $ 31,953 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 31,464 | 31,092 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 994 | 861 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 24,949 | 23,600 |
Real Estate | 1-4 Family Residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 24,131 | 22,824 |
Real Estate | 1-4 Family Residential | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Real Estate | 1-4 Family Residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 818 | 776 |
Real Estate | 1-4 Family Residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Real Estate | Home Equity Lines of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,309 | 3,059 |
Real Estate | Home Equity Lines of Credit | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,234 | 2,989 |
Real Estate | Home Equity Lines of Credit | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Real Estate | Home Equity Lines of Credit | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 75 | 70 |
Real Estate | Home Equity Lines of Credit | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Real Estate | Commercial and Multi-Family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,870 | 1,683 |
Real Estate | Commercial and Multi-Family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,778 | 1,670 |
Real Estate | Commercial and Multi-Family | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Real Estate | Commercial and Multi-Family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 92 | 13 |
Real Estate | Commercial and Multi-Family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Consumer and Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,330 | 3,611 |
Consumer and Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,321 | 3,609 |
Consumer and Other | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Consumer and Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9 | 2 |
Consumer and Other | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 0 | $ 0 |
Loans and Allowance for Loan 32
Loans and Allowance for Loan Losses - Summary of loan portfolio aging analysis of recorded investment in loans (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 407 | $ 216 |
Current | 32,051 | 31,737 |
Total Loans Receivable | 32,458 | 31,953 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 322 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 138 |
Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 85 | 78 |
Real estate | 1-4 Family Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 308 | 192 |
Current | 24,641 | 23,408 |
Total Loans Receivable | 24,949 | 23,600 |
Real estate | 1-4 Family Residential | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 243 | 0 |
Real estate | 1-4 Family Residential | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 127 |
Real estate | 1-4 Family Residential | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 65 | 65 |
Real estate | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 11 |
Current | 2,309 | 3,048 |
Total Loans Receivable | 2,309 | 3,059 |
Real estate | Home equity lines of credit | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real estate | Home equity lines of credit | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 11 |
Real estate | Home equity lines of credit | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real estate | Commercial and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 13 |
Current | 1,778 | 1,670 |
Total Loans Receivable | 1,870 | 1,683 |
Real estate | Commercial and multi-family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 79 | 0 |
Real estate | Commercial and multi-family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real estate | Commercial and multi-family | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13 | 13 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7 | 0 |
Current | 3,323 | 3,611 |
Total Loans Receivable | 3,330 | 3,611 |
Consumer and other | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and other | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer and other | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 7 | $ 0 |
Loans and Allowance for Loan 33
Loans and Allowance for Loan Losses - Summary of impaired loan information (Details 4) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Loans with an allowance recorded: | |||
Recorded Investment | $ 526 | $ 443 | |
Unpaid Principal Balance | 529 | 445 | |
Allowance for Loan Losses Allocated | 9 | 9 | |
Average Recorded Investment | 522 | $ 418 | |
Interest Income Recognized | 1 | 1 | |
Total impaired loans | |||
Allowance for Loan Losses Allocated | 9 | 9 | |
Real estate | One- to four-family residential | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 320 | 319 | |
Unpaid Principal Balance | 321 | 319 | |
Average Recorded Investment | 320 | 307 | |
Interest Income Recognized | 0 | 1 | |
Loans with an allowance recorded: | |||
Recorded Investment | 90 | 92 | |
Unpaid Principal Balance | 92 | 94 | |
Allowance for Loan Losses Allocated | 9 | 9 | |
Average Recorded Investment | 90 | 98 | |
Interest Income Recognized | 1 | 0 | |
Total impaired loans | |||
Allowance for Loan Losses Allocated | 9 | 9 | |
Real estate | Home Equity Lines of Credit | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 15 | 17 | |
Unpaid Principal Balance | 15 | 17 | |
Average Recorded Investment | 16 | 13 | |
Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded: | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Allowance for Loan Losses Allocated | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Total impaired loans | |||
Allowance for Loan Losses Allocated | 0 | 0 | |
Real estate | Commercial and multi-family | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 92 | 13 | |
Unpaid Principal Balance | 92 | 13 | |
Average Recorded Investment | 92 | 0 | |
Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded: | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Allowance for Loan Losses Allocated | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Total impaired loans | |||
Allowance for Loan Losses Allocated | 0 | 0 | |
Consumer and other | |||
Loans with no related allowance recorded: | |||
Recorded Investment | 9 | 2 | |
Unpaid Principal Balance | 9 | 2 | |
Average Recorded Investment | 4 | 0 | |
Interest Income Recognized | 0 | 0 | |
Loans with an allowance recorded: | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Allowance for Loan Losses Allocated | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | $ 0 | |
Total impaired loans | |||
Allowance for Loan Losses Allocated | $ 0 | $ 0 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses - Summary of nonaccrual loans excludes performing troubled debt restructurings (Details 5) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Total nonaccrual | $ 454 | $ 369 |
Real estate | One- to four-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonaccrual | 338 | 337 |
Real estate | Home Equity Lines of Credit | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonaccrual | 15 | 17 |
Real estate | Commercial and multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonaccrual | 92 | 13 |
Consumer and other | ||
Financing Receivable, Modifications [Line Items] | ||
Total nonaccrual | $ 9 | $ 2 |
Loans and Allowance for Loan 35
Loans and Allowance for Loan Losses (Detail Textuals) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Receivables [Abstract] | ||
Loans modified under troubled debt restructuring in previous years | $ 82,000 | $ 85,000 |
Troubled debt restructured loans, specific allowances | $ 7,000 | $ 6,000 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of actual capital amounts and ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 9,542 | $ 9,621 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 40.00% | 39.10% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,906 | $ 1,970 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) Actual, Amount | $ 9,289 | $ 9,368 |
Tier I Capital (to Risk-Weighted Assets) Actual, Ratio | 39.00% | 38.00% |
Tier I Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,430 | $ 1,478 |
Tier I Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 9,289 | $ 9,368 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 39.00% | 38.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,072 | $ 1,108 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Leverage Capital (to Adjusted Average Total Assets) Actual, Amount | $ 9,289 | $ 9,368 |
Leverage Capital (to Adjusted Average Total Assets) Actual, Ratio | 17.80% | 16.90% |
Leverage Capital (to Adjusted Average Total Assets) For Capital Adequacy Purposes, Amount | $ 2,091 | $ 2,211 |
Leverage Capital (to Adjusted Average Total Assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 8,480 | $ 8,560 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 35.60% | 34.80% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,906 | $ 1,970 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 2,383 | $ 2,463 |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk-Weighted Assets) Actual, Amount | $ 8,227 | $ 8,307 |
Tier I Capital (to Risk-Weighted Assets) Actual, Ratio | 34.50% | 33.70% |
Tier I Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,430 | $ 1,478 |
Tier I Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier I Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,906 | $ 1,970 |
Tier I Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 8,227 | $ 8,307 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 34.50% | 33.70% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,072 | $ 1,108 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,549 | $ 1,601 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Leverage Capital (to Adjusted Average Total Assets) Actual, Amount | $ 8,227 | $ 8,307 |
Leverage Capital (to Adjusted Average Total Assets) Actual, Ratio | 15.70% | 15.00% |
Leverage Capital (to Adjusted Average Total Assets) For Capital Adequacy Purposes, Amount | $ 2,091 | $ 2,211 |
Leverage Capital (to Adjusted Average Total Assets) For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Leverage Capital (to Adjusted Average Total Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 2,614 | $ 2,764 |
Leverage Capital (to Adjusted Average Total Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Matters (Details Tex
Regulatory Matters (Details Textuals) | 3 Months Ended |
Sep. 30, 2017 | |
Minimum | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Common equity Tier 1 Capital conservation buffer of risk weighted assets | 0.00% |
Maximum | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Common equity Tier 1 Capital conservation buffer of risk weighted assets | 2.50% |
Disclosures about Fair Value 38
Disclosures about Fair Value of Assets and Liabilities - Summary of fair value measurement of assets recognized (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 8,218 | $ 8,798 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage obligations of government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | State and political subdivisions Taxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | State and political subdivisions Nontaxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 8,218 | 8,798 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 5,077 | 5,613 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations of government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 280 | 313 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | State and political subdivisions Taxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,384 | 1,393 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | State and political subdivisions Nontaxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,477 | 1,479 |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Collateralized mortgage obligations of government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | State and political subdivisions Taxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | State and political subdivisions Nontaxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Measurements Recurring | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 8,218 | 8,798 |
Fair Value Measurements Recurring | Fair Value | Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 5,077 | 5,613 |
Fair Value Measurements Recurring | Fair Value | Collateralized mortgage obligations of government sponsored entities - residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 280 | 313 |
Fair Value Measurements Recurring | Fair Value | State and political subdivisions Taxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,384 | 1,393 |
Fair Value Measurements Recurring | Fair Value | State and political subdivisions Nontaxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 1,477 | $ 1,479 |
Disclosures about Fair Value 39
Disclosures about Fair Value of Assets and Liabilities - Summary of fair value measurements of assets measured at fair value on a non-recurring basis (Details 1) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value | Real estate | One- to four-family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 81 | $ 83 |
Fair Value | Foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 17 | 17 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate | One- to four-family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value | Foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Real estate | One- to four-family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value | Foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Real estate | One- to four-family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 81 | 83 |
Significant Unobservable Inputs (Level 3) | Fair Value | Foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 17 | $ 17 |
Disclosures about Fair Value 40
Disclosures about Fair Value of Assets and Liabilities - Summary of unobservable inputs used in nonrecurring Level 3 fair value measurements (Details 2) - Fair Value, Measurements, Nonrecurring - Fair Value - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | $ 17 | $ 17 |
Level 3 | Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | $ 17 | $ 17 |
Level 3 | Weighted Average | Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Level 3 | Residential real estate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Level 3 | Sales comparison approach | Foreclosed assets | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | $ 17 | $ 17 |
Valuation Technique | Sales comparison approach | Sales comparison approach |
Unobservable Inputs | Adjustment for differences between the comparable real estate sales | Adjustment for differences between the comparable real estate sales |
Range (Weighted Average) | 10.00% | |
Level 3 | Sales comparison approach | Residential real estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans | $ 81 | $ 83 |
Valuation Technique | Sales comparison approach | Sales comparison approach |
Unobservable Inputs | Adjustment for differences between the comparable real estate sales | Adjustment for differences between the comparable real estate sales |
Disclosures about Fair Value 41
Disclosures about Fair Value of Assets and Liabilities - Summary of Summary of carrying amount and estimated fair values of financial instruments (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 |
Financial assets | ||||
Cash and cash equivalents | $ 2,644 | $ 8,699 | $ 4,077 | $ 3,184 |
Interest-earning time deposits | 5,082 | 4,580 | ||
Other investment securities | 940 | 940 | ||
Loans, net | 32,205 | 31,700 | ||
Accrued interest receivable | 137 | 152 | ||
Bank Owned Life Insurance | 751 | |||
Financial liabilities | ||||
Deposits | 40,036 | 41,519 | ||
Federal Home Loan Bank advances | 1,030 | |||
Payments by borrowers for taxes and insurance | 156 | 88 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets | ||||
Cash and cash equivalents | 2,644 | 8,699 | ||
Interest-earning time deposits | 5,082 | 4,580 | ||
Other investment securities | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Bank Owned Life Insurance | 0 | |||
Financial liabilities | ||||
Deposits | 31,824 | 33,384 | ||
Federal Home Loan Bank advances | 0 | 0 | ||
Payments by borrowers for taxes and insurance | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ||||
Financial assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Interest-earning time deposits | 0 | 0 | ||
Other investment securities | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 137 | 152 | ||
Bank Owned Life Insurance | 751 | |||
Financial liabilities | ||||
Deposits | 8,085 | 8,014 | ||
Federal Home Loan Bank advances | 1,030 | 4,536 | ||
Payments by borrowers for taxes and insurance | 156 | 88 | ||
Significant Unobservable Inputs (Level 3) | ||||
Financial assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Interest-earning time deposits | 0 | 0 | ||
Other investment securities | 940 | 940 | ||
Loans, net | 33,276 | 32,869 | ||
Accrued interest receivable | 0 | 0 | ||
Bank Owned Life Insurance | 0 | |||
Financial liabilities | ||||
Deposits | 0 | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | ||
Payments by borrowers for taxes and insurance | 0 | 0 | ||
Fair Value | ||||
Financial assets | ||||
Cash and cash equivalents | 2,644 | 8,699 | ||
Interest-earning time deposits | 5,082 | 4,580 | ||
Other investment securities | 940 | 940 | ||
Loans, net | 33,276 | 32,869 | ||
Accrued interest receivable | 137 | 152 | ||
Bank Owned Life Insurance | 751 | |||
Financial liabilities | ||||
Deposits | 39,909 | 41,398 | ||
Federal Home Loan Bank advances | 1,030 | 4,536 | ||
Payments by borrowers for taxes and insurance | 156 | 88 | ||
Carrying Amount | ||||
Financial assets | ||||
Cash and cash equivalents | 2,644 | 8,699 | ||
Interest-earning time deposits | 5,082 | 4,580 | ||
Other investment securities | 940 | 940 | ||
Loans, net | 32,205 | 31,700 | ||
Accrued interest receivable | 137 | 152 | ||
Bank Owned Life Insurance | 751 | |||
Financial liabilities | ||||
Deposits | 40,036 | 41,519 | ||
Federal Home Loan Bank advances | 1,000 | 4,500 | ||
Payments by borrowers for taxes and insurance | $ 156 | $ 88 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) - Summary of changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Balance, July 1 | $ 25 | $ 88 |
Other comprehensive income (loss) before tax effect | (10) | 9 |
Tax effect | 3 | (3) |
Net current period other comprehensive income (loss) | (7) | 6 |
Balance, September 30 | $ 18 | $ 94 |
Loss Per Share (Details Textual
Loss Per Share (Details Textuals) - $ / shares | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||
(Loss) per share - basic and diluted (in dollars per share) | $ (0.20) | |
Common Stock, Shares, Issued | 441,290 | 441,290 |
Number of unallocated shares held by ESOP | 32,688 |
Employee Stock Ownership Plan44
Employee Stock Ownership Plan (ESOP) (Details Textuals) | 3 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation expense related to the ESOP | $ | $ 6,000 |
Stock price of ESOP at the formation date | $ / shares | $ 10 |
Number of unallocated shares | shares | 32,688 |
Aggregate fair value of unallocated shares | $ | $ 436,000 |
Closing price of common stock | $ / shares | $ 13.35 |
Plan of Conversion and Change45
Plan of Conversion and Change in Corporate Form (Details Textuals) - USD ($) $ in Thousands | Jan. 10, 2017 | Sep. 30, 2017 |
Plan Of Conversion And Change In Corporate Form [Abstract] | ||
Number of shares issued during mutual-to-stock conversion | 441,290 | |
Cost of conversion | $ 1,150 |