Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Sep. 27, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Entity Registrant Name | Community Savings Bancorp, Inc. | |
Entity Central Index Key | 0001682593 | |
Trading Symbol | ccsb | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 408,379 | |
Entity Public Float | $ 5.5 | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Assets | ||
Cash and due from banks | $ 1,768 | $ 2,222 |
Interest-earning demand deposits in other financial institutions | 1,075 | 2,082 |
Cash and cash equivalents | 2,843 | 4,304 |
Interest-earning time deposits in other financial institutions | 3,595 | 4,595 |
Investment securities available-for-sale, at fair value | 5,116 | 6,651 |
Restricted Stock | 940 | 940 |
Loans held for sale | 7,127 | 0 |
Loans | 30,912 | 31,888 |
Less: allowance for loan losses | (254) | (253) |
Net loans | 30,658 | 31,635 |
Premises and equipment, net | 376 | 422 |
Foreclosed assets, net | 131 | 9 |
Accrued interest receivable | 125 | 135 |
Bank owned life insurance | 793 | 769 |
Other assets | 518 | 508 |
Total assets | 52,222 | 49,968 |
Deposits | ||
Demand | 9,934 | 10,406 |
Savings and money market | 23,641 | 22,067 |
Time | 8,176 | 7,926 |
Total deposits | 41,751 | 40,399 |
Federal Home Loan Bank advances | 2,500 | 1,000 |
Payments by borrowers for taxes and insurance | 109 | 92 |
Other liabilities | 173 | 190 |
Total liabilities | 44,533 | 41,681 |
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, 408,379 and 441,290 shares issued and outstanding as of June 30, 2019 and 2018, respectively | 4 | 4 |
Additional paid in capital | 2,859 | 3,264 |
Unearned employee stock ownership plan (ESOP) shares | (295) | (311) |
Retained earnings | 5,094 | 5,424 |
Accumulated other comprehensive income (loss) | 27 | (94) |
Total shareholders' equity | 7,689 | 8,287 |
Total liabilities and shareholders' equity | $ 52,222 | $ 49,968 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Consolidated Balance Sheets | ||
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 | 408,379 | 441,290 |
Common stock, shares, outstanding | 408,379 | 441,290 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Income | ||
Loans, including fees | $ 1,640 | $ 1,435 |
Taxable securities | 96 | 124 |
Tax exempt securities | 39 | 40 |
Interest-earning deposits | 204 | 178 |
Total interest income | 1,979 | 1,777 |
Interest Expense | ||
Deposits | 133 | 126 |
Federal Home Loan Bank advances | 60 | 49 |
Total interest expense | 193 | 175 |
Net Interest Income | 1,786 | 1,602 |
Provision for Loan Losses | 15 | 0 |
Net Interest Income After Provision for Loan Losses | 1,771 | 1,602 |
Noninterest Income | ||
Service charges and fees | 324 | 255 |
Gain on sale of foreclosed assets, net | 47 | 0 |
Increase in cash surrender value-bank owned life insurance | 24 | 19 |
Other operating | 10 | 4 |
Total noninterest income | 405 | 278 |
Noninterest Expense | ||
Salaries, employee benefits, and directors fees | 907 | 1,650 |
Occupancy and equipment | 122 | 104 |
Data processing | 325 | 338 |
Correspondent bank service charges | 236 | 225 |
Franchise taxes | 68 | 63 |
FDIC insurance premiums | 18 | 16 |
Professional services | 283 | 412 |
Advertising | 24 | 22 |
Office supplies | 97 | 93 |
Impairment of foreclosed assets | 0 | 8 |
Other expense | 298 | 190 |
Total noninterest expense | 2,378 | 3,121 |
Loss Before Federal Income Tax Benefit | (202) | (1,241) |
Federal Income Tax Benefit | (43) | (227) |
Net loss | $ (159) | $ (1,014) |
Loss per share - basic and diluted (in dollars per share) | $ (0.40) | $ (2.48) |
Weighted-average shares outstanding - basic and diluted (in shares) | 392,896 | 409,417 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Comprehensive Loss | ||
Net loss | $ (159) | $ (1,014) |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) on securities available for sale | 153 | (156) |
Tax effect | (32) | 42 |
Total other comprehensive income (loss) | 121 | (114) |
Comprehensive loss | $ (38) | $ (1,128) |
Consolidated Statements of Shar
Consolidated Statements of 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, 2017 | $ 0 | $ 4 | $ 3,258 | $ (327) | $ 6,433 | $ 25 | $ 9,393 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net loss | 0 | 0 | 0 | 0 | (1,014) | 0 | (1,014) |
ESOP shares earned | 0 | 0 | 6 | 16 | 0 | 0 | 22 |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | (114) | (114) |
Reclassification of certain tax effects from accumulated other comprehensive income | 0 | 0 | 0 | 0 | 5 | (5) | 0 |
Balance at Jun. 30, 2018 | 0 | 4 | 3,264 | (311) | 5,424 | (94) | 8,287 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net loss | 0 | 0 | 0 | 0 | (159) | 0 | (159) |
ESOP shares earned | 0 | 0 | 5 | 17 | 0 | 0 | 22 |
Equity incentive shares vested | 0 | 0 | 12 | 0 | 0 | 0 | 12 |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 121 | 121 |
Stock buyback (42,261 shares) | 0 | 0 | (422) | 0 | (171) | 0 | (593) |
Balance at Jun. 30, 2019 | $ 0 | $ 4 | $ 2,859 | $ (294) | $ 5,094 | $ 27 | $ 7,689 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) | 12 Months Ended |
Jun. 30, 2019shares | |
Consolidated Statements of Shareholders' Equity | |
Stock buyback (42,261 shares) | 42,261 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net loss | $ (159) | $ (1,014) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 65 | 66 |
Deferred income tax benefit | (43) | (227) |
Amortization of premiums and discounts on securities, net | 64 | 150 |
Gain on reposession of foreclosed assets | (47) | 0 |
Provision for loan losses | 15 | 0 |
Impairment loss on foreclosed real estate | 0 | 8 |
ESOP shares earned | 22 | 22 |
Stock awards | 11 | 0 |
Bank owned life insurance-cash surrender value | (24) | (19) |
Orginations of loans held for sale | (8,153) | 0 |
Proceeds from principal collected on loans held for sale | 1,294 | 0 |
Net changes in: | ||
Accrued interest receivable | 10 | 17 |
Other assets | (296) | 26 |
Other liabilities | (16) | 81 |
Net cash used in operating activities | (7,257) | (890) |
Cash Flows from Investing Activities | ||
Deposits in interest-earning time deposits in other financial institutions | 0 | (2,508) |
Maturities in interest-earning time deposits in other financial institutions | 1,000 | 2,493 |
Proceeds from maturities of available for sale securities | (550) | (555) |
Principal repayments of available for sale mortgage-backed securities | 1,074 | 1,332 |
Purchase of loans | 0 | (208) |
Net loan (originations) repayment | 915 | 227 |
Purchase of premises and equipment | (19) | (30) |
Purchase of bank owned life insurance | 0 | (750) |
Net cash (used in) provided by investing activities | 3,520 | 1,111 |
Cash Flows from Financing Activities | ||
Net change in deposits | 1,352 | (1,120) |
Proceeds from Federal Home Loan Bank advances | 1,500 | 0 |
Repayment of Federal Home Loan Bank advances | 0 | (3,500) |
Payments by borrowers for taxes and insurance | 17 | 4 |
Stock buyback | (593) | 0 |
Net cash provided by (used in) financing activities | 2,276 | (4,616) |
Net Change in Cash and Cash Equivalents | (1,461) | (4,395) |
Beginning Cash and Cash Equivalents | 4,304 | 8,699 |
Ending Cash and Cash Equivalents | 2,843 | 4,304 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 193 | 175 |
Supplemental Disclosure of Noncash Investing Activities | ||
Transfers from loans to foreclosed assets | $ 144 | $ 0 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations 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 Bank conducts a general banking business in eastern Ohio, which primarily consists of attracting deposits from the general public and applying those funds to the origination of loans for residential, consumer, and commercial purposes. The Bank’s profitability is significantly dependent on its net interest income, which is the difference between interest income generated from interest-earning assets (i.e. loans and investments) and the interest expense paid on interest-bearing liabilities (i.e. deposits and borrowed funds). Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on those balances. The level of interest rates paid or received by the Bank can be significantly influenced by a number of environmental factors, such as governmental monetary policy, that are outside management’s control. The Company is recognized as an emerging growth company. Principles of Consolidation The consolidated financial statements as of and for the fiscal years ended June 30, 2019 and 2018, include Community Savings Bancorp, Inc. and its wholly-owned subsidiary, Community Savings. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets, and fair values of financial instruments. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents are defined as cash and due from banks and interest-earning demand deposits with original terms to maturity of less than ninety days. Net cash flows are reported for customer loan and deposit transactions and interest-earning time deposits in other financial institutions. From time to time, the Company’s deposits in other financial institutions may exceed the FDIC’s insured limit of $250,000. Management considers the risk of loss to be low based upon the quality of the institutions where the amounts are maintained. Interest-Earning Time Deposits in Other Financial Institutions Interest-earning time deposits in other financial institutions mature through fiscal year 2028 and are carried at cost. Rates on these deposits are in a range of 1.65% to 3.00% with an average yield of 2.35%. Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available-for-sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are recognized in interest income using the level-yield method over the terms of the securities, without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the statements of operations and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Restricted Stock Restricted stock consists of stock in the Federal Home Loan Bank of Cincinnati (“FHLB”) and a required investment in the stock of the Company’s data processing service provider. FHLB stock is a required investment, based on a predetermined formula, for institutions that are members of the FHLB system. The investment in both common stocks is carried at cost, classified as restricted securities, and evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income. The Company's restricted stock consists of $915,000 of stock in the FHLB and $25,000 of stock in the Company's data service provider at both June 30, 2019 and 2018. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for unamortized premiums on loans purchased and any unamortized deferred fees or costs on originated loans, less the allowance for loan losses. Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level-yield adjustment over the respective term of the loan without anticipating prepayments. Premiums and discounts on the purchase of loans are recognized in interest income using the level-yield method over the terms of the loan without anticipating prepayments. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. For all loan classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash interest payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Loans Held for Sale Certain originated fixed-rate auto loans are classified as held for sale, because it is management's intent to sell these auto loans. The auto loans are carried at the lower of aggregate cost or market value. Concentration of Credit Risk Most of the Company’s business activity is with customers located within Noble County, Ohio. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy in the Noble County area. Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Commercial real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported at the present value of future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the sale of collateral. Troubled debt restructurings are separately identified for impairment and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent twelve quarters. All periods are evenly weighted within the twelve quarter loss history. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost, less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of depreciable assets is 40 - 50 years for buildings, 7 - 20 years for building improvements, and 3 - 10 years for furniture, fixtures and equipment. Maintenance and repairs are expensed and major improvements are capitalized. Foreclosed Assets Foreclosed assets acquired in settlement of loans are carried at fair value, less estimated costs to sell, and are included in other assets on the Consolidated Balance Sheet. As of June 30, 2019 and 2018 included with other assets are $131,000 and $9,000, respectively, of foreclosed assets. These foreclosed assets consist of residential mortgages that were foreclosed on or received vis a deed in lieu transaction prior to the period end. As of June 30, 2019, the Company has initiated formal foreclosure proceedings on $55,000 in residential mortgages, which have not yet been transferred into foreclosed assets. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes ). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. The Company is no longer subject to tax examinations by tax authorities for years ended before June 30, 2016. As of June 30, 2019, the Company had no material uncertain tax positions. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income includes unrealized gains (losses) on available-for-sale securities. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. 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 LPS is computed in a manner similar to that of basic LPS 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 year ended June 30, 2019 was $(0.40), calculated using a weighted-average shares outstanding of 422,316 less 29,420 unallocated shares held by the ESOP. The Company had no dilutive or potentially dilutive securities at June 30, 2019. Loss per share for the year ended June 30, 2018 was $(2.48), calculated using a weighted-average shares outstanding of 440,471 less 31,054 shares held by the ESOP. The Company had no dilutive or potentially dilutive securities at June 30, 2019. |
Securities
Securities | 12 Months Ended |
Jun. 30, 2019 | |
Securities | |
Securities | Note 2: The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Available-for-sale Securities: June 30, 2019 Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,210 $ 38 $ (14) $ 3,234 Collateralized mortgage obligations of government sponsored entities - residential 169 2 — 171 State and political subdivisions Taxable 256 1 — 257 Nontaxable 1,447 7 — 1,454 $ 5,082 $ 48 $ (14) $ 5,116 June 30, 2018 Mortgage-backed securities of U.S. government sponsored entities - residential $ 4,280 $ 6 $ (94) $ 4,192 Collateralized mortgage obligations of government sponsored entities - residential 218 1 (5) 214 State and political subdivisions Taxable 815 1 (3) 813 Nontaxable 1,457 1 (26) 1,432 $ 6,770 $ 9 $ (128) $ 6,651 The amortized cost and fair value of available-for-sale securities at June 30, 2019, 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) Five to ten years $ 287 $ 287 Beyond ten years 1,416 1,424 1,703 1,711 Mortgage-backed securities of U.S. government sponsored entities - residential 3,210 3,234 Collateralized mortgage obligations of government sponsored entities - residential 169 171 Totals $ 5,082 $ 5,116 The Company had no sales of investment securities during the years ended June 30, 2019 and 2018, respectively. The Company has pledged certain of its investment securities with a carrying value of $1.3 million and $1.7 million at June 30, 2019 and 2018, respectively. The following table shows the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2019 and 2018. The number of securities in a loss position was 4 and 22 at June 30, 2019 and 2018. Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In thousands) June 30, 2019 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ — $ — $ 1,212 $ (14) $ 1,212 $ (14) $ — $ — $ 1,212 $ (14) $ 1,212 $ (14) June 30, 2018 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 1,777 $ (31) $ 1,568 $ (63) $ 3,345 $ (94) Collateralized mortgage obligations of government sponsored entities - residential 121 (5) — — 121 (5) State and political subdivisions Taxable — — 510 (3) 510 (3) Nontaxable 531 (3) 363 (23) 894 (26) $ 2,429 $ (39) $ 2,441 $ (89) $ 4,870 $ (128) Other-than-temporary Impairment At June 30, 2019 and 2018, 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 June 30, 2019 and 2018. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2019 | |
Loans and Allowance for Loan Losses | |
Loans and Allowance for Loan Losses | Note 3: Loans at June 30, 2019 and 2018 include: 2019 2018 (In thousands) Real estate Residential $ 25,249 $ 25,127 Home equity lines of credit 2,176 1,979 Commercial and multi-family 1,269 1,927 Consumer and other 2,218 2,855 Total loans 30,912 31,888 Allowance for loan losses (254) (253) Net loans $ 30,658 $ 31,635 The premium on loans purchased is included in the loan balances of consumer and other. The amounts of the premiums were $47,000 and $81,000 for the years ended June 30, 2019 and 2018, respectively. 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 years 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 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. 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. Most of our consumer loans are indirect auto loans. These loans are initiated by the auto dealerships which we have partnered with. Management's intent is to sell these loans. The following tables present by portfolio segment, the activity in the allowance for loan losses for the years ended June 30, 2019 and 2018, and the recorded investment in loans and impairment method as of June 30, 2019 and 2018: June 30, 2019 Real Estate Commercial Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Allowance for loan losses: Balance, July 1, 2018 $ 171 $ 13 $ 10 $ 23 $ 36 $ 253 Provision for loan losses 16 1 (4) (10) 12 15 Charge-offs (14) — — — — (14) Recoveries — — — — — — Balance, June 30, 2019 $ 173 $ 14 $ 6 $ 13 $ 48 $ 254 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 8 $ — $ — $ — $ — $ 8 Ending balance, collectively evaluated for impairment $ 165 $ 14 $ 6 $ 13 $ 48 $ 246 Loans: Ending balance $ 25,249 $ 2,176 $ 1,269 $ 2,218 $ 30,912 Ending balance; individually evaluated for impairment $ 605 $ 5 $ — $ — $ 610 Ending balance; collectively evaluated for impairment $ 24,644 $ 2,171 $ 1,269 $ 2,218 $ 30,302 June 30, 2018 Real Estate Commercial Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Allowance for loan losses: Balance, July 1, 2017 $ 162 $ 21 $ 8 $ 20 $ 42 $ 253 Provision for loan losses 9 (8) 2 3 (6) — Charge-offs — — — — — — Recoveries — — — — — — Balance, June 30, 2018 $ 171 $ 13 $ 10 $ 23 $ 36 $ 253 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 7 $ — $ — $ — $ — $ 7 Ending balance, collectively evaluated for impairment $ 164 $ 13 $ 10 $ 23 $ 36 $ 246 Loans: Ending balance $ 25,127 $ 1,979 $ 1,927 $ 2,855 $ 31,888 Ending balance; individually evaluated for impairment $ 374 $ 5 $ 87 $ — $ 466 Ending balance; collectively evaluated for impairment $ 24,753 $ 1,974 $ 1,840 $ 2,855 $ 31,422 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 concentrations of credit, subprime criteria, and upon delinquency of 90 days or more. Definitions are as follows: Pass : Loans categorized as Pass are higher quality loans that do not fit any of the other categories described below. Special Mention : The loans identified as special mention have an obvious flaw or a potential weakness that deserves special management attention, but which has not yet impacted collectability. These flaws or weaknesses, if left uncorrected, may result in the deterioration of the prospects of repayment or the deterioration of the Company’s credit position. Substandard : These are loans with a well-defined weakness, where the Company has a serious concern about the borrower’s ability to make full repayment if the weaknesses are not corrected. The loan may contain a flaw, which could impact the borrower’s ability to repay, or the borrower’s continuance as a “going concern”. When collateral values are not sufficient to secure the loan and other weaknesses are present, the loan may be rated substandard. A loan will also be graded substandard when full repayment is expected, but it must come from the liquidation of collateral. One to four-family residential real estate loans and home equity loans that are past due 90 days or more with loan-to-value ratios greater than 60 percent are classified as substandard. Doubtful : These are loans with major defined weaknesses, where future charge off of a part of the credit is highly likely. The primary repayment source is no longer viable and the viability of the secondary source of repayment is in doubt. The amount of loss is uncertain due to circumstances within the credit that are not yet fully developed and the loan is rated doubtful until the loss can be accurately estimated. Loss : These are near term charge offs. Loans classified as loss are considered uncollectible and of such little value that it is not desirable to continue carrying them as assets on the Company’s financial statements, even though partial recovery may be possible at some future time. The following table presents the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of June 30, 2019 and 2018: Real Estate Commercial Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Total (In thousands) June 30, 2019 Pass $ 24,391 $ 2,171 $ 1,269 $ 2,218 $ 30,049 Special mention — — — — — Substandard 858 5 — — 863 Total $ 25,249 $ 2,176 $ 1,269 $ 2,218 $ 30,912 June 30, 2018 Pass $ 24,507 $ 1,941 $ 1,840 $ 2,855 $ 31,143 Special mention — — — — — Substandard 620 38 87 — 745 Total $ 25,127 $ 1,979 $ 1,927 $ 2,855 $ 31,888 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 table presents the Company’s loan portfolio aging analysis of the recorded investment in loans as of June 30, 2019 and 2018: 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) June 30, 2019 Real estate Residential $ 250 $ — $ 55 $ 305 $ 24,944 $ 25,249 Home equity lines of credit 6 — — 6 2,170 2,176 Commercial and multi-family — — — — 1,269 1,269 Consumer and other 29 22 — 51 2,167 2,218 Total $ 285 $ 22 $ 55 $ 362 $ 30,550 $ 30,912 June 30, 2018 Real estate Residential $ 271 $ 3 $ 65 $ 339 $ 24,788 $ 25,127 Home equity lines of credit — 4 — 4 1,975 1,979 Commercial and multi-family 74 — 13 87 1,840 1,927 Consumer and other 12 34 — 46 2,809 2,855 Total $ 357 $ 41 $ 78 $ 476 $ 31,412 $ 31,888 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310‑10‑35‑16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans, but also include loans modified in troubled debt restructurings. The following tables present impaired loans as of and for the years ended June 30, 2019 and 2018: As of and for the year ended June 30, 2019 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real estate Residential $ 540 $ 540 $ — $ 503 $ — Home equity lines of credit 5 5 — 10 — Commercial and multi-family — — — 64 — Consumer and other — — — — — Loans with an allowance recorded: Real estate Residential 65 67 8 67 4 Home equity lines of credit — — — — — Commercial and multi-family — — — — — Consumer and other — — — — — Totals $ 610 $ 612 $ 8 $ 644 $ 4 As of and for the year ended June 30, 2018 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real estate Residential $ 305 $ 305 $ — $ 296 $ — Home equity lines of credit 5 5 — 6 — Commercial and multi-family 87 87 — 78 — Consumer and other — — — — — Loans with an allowance recorded: Real estate Residential 69 71 7 71 4 Home equity lines of credit — — — — — Commercial and multi-family — — — — — Consumer and other — — — — — Totals $ 466 $ 468 $ 7 $ 451 $ 4 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 June 30, 2019 and 2018. The table excludes performing troubled debt restructurings. June 30, June 30, 2019 2018 (In thousands) Real estate Residential $ 540 $ 305 Home equity lines of credit 5 5 Commercial and multi-family — 87 Consumer and other — — Total nonaccrual $ 545 $ 397 At June 30, 2019 and 2018, 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 $64,000 and $69,000 at June 30, 2019 and 2018, respectively. Troubled debt restructured loans had specific allowances totaling $8,000 at June 30, 2019 and $7,000 at June 30, 2018. The Company had no commitments to lend additional funds on troubled debt restructured loans at June 30, 2019 and 2018. The Company did not modify or identify any loans as troubled debt restructurings during the years ended June 30, 2019 and 2018. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Premises and Equipment | |
Premises and Equipment | Note 4: Major classifications of premises and equipment, stated at cost, are as follows: Depreciation June 30, 2019 2018 (In thousands) Land $ 62 $ 62 Buildings and improvements 916 916 Furniture and equipment 346 335 1,324 1,313 Less accumulated depreciation 948 891 Net premises and equipment $ 376 $ 422 Depreciation expense for buildings and improvements was $30,000 and $29,000 for the years ending June 30, 2019 and 2018, respectively. Depreciation expense for furniture and equipment was $35,000 and $37,000 for the years ending June 30, 2019 and 2018, respectively. |
Foreclosed Assets
Foreclosed Assets | 12 Months Ended |
Jun. 30, 2018 | |
Foreclosed Assets | |
Foreclosed Assets | Note 5: The balance of other real estate owned was $131,000 at June 30, 2019. The balance of other real estate owned was $9,000 at June 30, 2018. We had loans in the process of foreclosure of $55,000 and $53,000 at June 30, 2019 and 2018, respectively. |
Bank Owned Life Insurance
Bank Owned Life Insurance | 12 Months Ended |
Jun. 30, 2019 | |
Bank Owned Life Insurance. | |
Bank Owned Life Insurance | Note 6: During the year ended June 30, 2018, the Bank invested in a whole life insurance contract on the life of the current executive officer who has provided positive consent allowing the Bank to be named beneficiary of this insurance contract. This policy is recorded at its cash surrender value. This contract is an insurance product of Great-West Life & Annuity. As of June 30, 2019, this policy has a stated aggregate death benefit of $2.5 million and aggregate cash surrender value of $793,000. As of June 30, 2018, this policy has a stated aggregate death benefit of $2.5 million and aggregate cash surrender value of $769,000. The initial policy was funded by a premium payment of $750,000. Cash surrender value increases to the carrying amount of the policy is recognized as income of $24,000 and $19,000 for the years ended June 30, 2019 and 2018, respectively. |
Time Deposits
Time Deposits | 12 Months Ended |
Jun. 30, 2019 | |
Time Deposits. | |
Time Deposits | Note 7: The Company had three time deposits of $250,000 or more at June 30, 2019, the balances of which totaled $1.2 million, and one time deposit of $250,000 or more at June 30, 2018, the balance of which was $510,000. At June 30, 2019, the scheduled maturities of time deposits were as follows: June 30, 2019 (In thousands) One year or less $ 4,105 Over one year to two years 1,831 Over two years to three years 1,627 Over three years to four years 123 Over four years to five years 490 Thereafter — $ 8,176 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Bank Advances | |
Federal Home Loan Bank Advances | Note 8: Federal Home Loan Bank advances consisted of the following components at June 30, 2019 and 2018: June 30, Stated Maturities 2019 2018 Weighted Weighted Interest average Interest average Balance rate rate Balance rate rate (In thousands) (In thousands) One year or less $ 1,500 2.61 % 2.61 % $ 1,000 4.12 % 4.12 % Over two years to three years 1,000 3.16 % 3.16 % — — — $ 2,500 2.83 % 2.83 % $ 1,000 % % At June 30, 2019, the scheduled payments of advances were as follows: June 30, 2019 Payments due in fiscal years ending June 30, (In thousands) 2020 $ 1,500 2022 1,000 $ 2,500 The Company’s advances are at fixed and variable rates of interest. The advances are secured by a blanket pledge of the Company’s eligible mortgage loans, totaling $23.0 million at June 30, 2019, and the Company’s investment in FHLB stock. The advances are subject to restrictions or penalties in the event of prepayment. In addition, the Company has lines of credit arrangements with the FHLB, the Federal Reserve Bank, and United Bankers Bank totaling $2.0 million, $197,000 and $3.8 million, respectively, at June 30, 2019. No borrowing was outstanding under these lines of credit at either June 30, 2019 or 2018. At June 30, 2019, the Company had the ability to borrow an additional $13.2 million of advances from the FHLB. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Income Taxes | |
Income Taxes | Note 9: Income tax benefit for the years ended June 30, 2019 and 2018 was as follows: Years Ended June 30, 2019 2018 (In thousands) Federal – current $ — $ — Federal - deferred (43) (227) Total $ (43) $ (227) A reconciliation of the federal income tax benefit at the statutory rate to the Company’s actual income tax expense for the years ended June 30, 2019 and 2018 is shown below: Years Ended June 30, 2019 2018 (In thousands) Computed at statutory rate $ (43) $ (261) Increase (decrease) resulting from: Tax exempt income (8) (15) Nondeductible expenses 3 1 Other 5 (9) Effect of the Tax Act — 57 Total income tax benefit $ (43) $ (227) Effective tax rate (21.3) % (18.3) % Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was enacted. As a result, the adjustment of deferred taxes in the amount of $57,000, due to the reduction of the historical corporate income tax rate of 34% to the newly enacted corporate income tax rate of 21%, is required to be included in income from continuing operations. The composition of the Company’s net deferred tax assets (liabilities) at June 30, 2019 and 2018 is as follows: June 30, 2019 2018 (In thousands) Deferred tax assets Allowance for loan losses $ 53 $ 53 Charitable contributions carryforward 9 7 Net operating loss carry forward 436 395 securities — 25 Total deferred tax assets 498 480 Deferred tax liabilities Federal Home Loan Bank stock dividends (129) (129) Book/tax depreciation differences (12) (14) Cash versus accrual basis of accounting (16) (14) Unrealized gains on available-for-sale securities (7) — Total deferred tax liabilities (164) (157) Net deferred tax assets $ 334 $ 323 The Company conducts a regular assessment of all available information when determining the amount of deferred tax assets that are more likely than not to be realized, and therefore recorded as a benefit. This information includes, but is not limited to, taxable income in prior periods, projected future income, and projected future reversals of deferred tax items. Based on these criteria, the Company determined that it was not necessary to maintain a valuation allowance against the deferred tax asset. The Company’s net operating loss, as of June 30, 2019, of approximately $2.1 million will be carried forward to use against future taxable income. The net operating loss carryforwards begin to expire in the year ending 2034. In addition, the Company has charitable contribution carryovers of $44,000 that can be deducted against future taxable income. These carryover amounts begin to expire in the year ending 2020. Retained earnings at both June 30, 2019 and 2018, includes approximately $909,000 for which no deferred federal income tax liability has been recognized. This amount represents an allocation of income to bad debt deductions for tax purposes only. Reduction of amounts so allocated for purposes other than tax bad debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The deferred income tax liability on the preceding amount that would have been recorded if it was expected to reverse into taxable income in the foreseeable future was approximately $234,000 and $191,000 at June 30, 2019 and 2018, respectively. As of June 30, 2019 and 2018, the Company had no unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company will record interest and penalties as a component of income tax expense. The Company is subject to U.S. federal income tax and Ohio financial institutions tax. The Company is subject to tax in Ohio based on its net worth. The Company is no longer subject to examination by taxing authorities for fiscal years ended prior to June 30, 2017. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2019 | |
Regulatory Matters | |
Regulatory Matters | Note 10: The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. 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 June 30, 2019 and 2018, that the Bank meets all capital adequacy requirements to which it is subject. Under Basel III, the Bank is required 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 June 30, 2019 and 2018, 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 1 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: To Be Well Capitalized Under Prompt For Capital Adequacy Corrective Action Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2019 Total Capital (to Risk-Weighted Assets) Company $ 7,916 27.4 % $ 2,314 8.0 % N/A N/A Bank $ 7,545 26.1 % $ 2,314 8.0 % $ 2,892 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 7,662 26.5 % $ 1,735 6.0 % N/A N/A Bank $ 7,291 25.2 % $ 1,735 6.0 % $ 2,314 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 7,662 26.5 % $ 1,301 4.5 % N/A N/A Bank $ 7,291 25.2 % $ 1,301 4.5 % $ 1,880 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 7,662 14.7 % $ 2,090 4.0 % N/A N/A Bank $ 7,291 14.0 % $ 2,090 4.0 % $ 2,612 5.0 % As of June 30, 2018 Total Capital (to Risk-Weighted Assets) Company $ 8,634 37.0 % $ 1,868 8.0 % N/A N/A Bank $ 7,849 33.6 % $ 1,868 8.0 % $ 2,335 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 8,381 35.9 % $ 1,401 6.0 % N/A N/A Bank $ 7,596 32.5 % $ 1,401 6.0 % $ 1,868 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 8,381 35.9 % $ 1,051 4.5 % N/A N/A Bank $ 7,596 32.5 % $ 1,051 4.5 % $ 1,517 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 8,381 16.4 % $ 2,047 4.0 % N/A N/A Bank $ 7,596 14.8 % $ 2,047 4.0 % $ 2,559 5.0 % The Bank is subject to certain restrictions on the amounts of dividends that it may declare without prior regulatory approval. Generally, the Bank’s payment of dividends is limited to net income for the current year plus the two preceding calendar years, less capital distributions paid over the comparable time period. At June 30, 2018, $‑0‑ was available for dividend declaration by the Bank without prior regulatory approval as long as the equity capital is not reduced to a balance below the required liquidation account amount. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions | |
Related Party Transactions | Note 11: At June 30, 2019 and 2018, the Company had loans outstanding to executive officers, directors and their affiliates (related parties), in the amount of approximately $15,000 and $22,000, respectively. During the year ended June 30, 2019, no loans were originated to related parties and principal repayments from related parties totaled $7,000. At June 30, 2019 and 2018, the Company had deposits from certain officers, directors and other related interests totaling approximately $399,000 and $404,000, respectively. |
Benefit Plans and Employment Ag
Benefit Plans and Employment Agreement | 12 Months Ended |
Jun. 30, 2019 | |
Benefit Plans and Employment Agreement | |
Benefit Plans and Employment Agreement | Note 12: Employment Agreement The Bank entered into an employment agreement with the President and Chief Executive Officer, under which, upon consummation of the conversion, Community Savings Bancorp, Inc. acts as a guarantor. The employment agreement has an initial term of three years. Commencing as of January 1, 2018, and as of each subsequent January 1 thereafter, the board of directors may renew the agreement for an additional year so that the remaining term will again become three years. In addition to a base salary, the agreement provides for, among other things, participation in bonus programs and other benefit plans and arrangements applicable to executive and other employees. Additionally, the employment agreement provides for certain educational expenses incurred in an amount not to exceed $30,000. The Bank may terminate employment for cause at any time, in which event the Officer would have no right to receive compensation or other benefits for any period after his termination of employment. However, certain events resulting in the Officer’s termination or resignation entitle him to payments of severance benefits, such as a cash lump sum equal to the base salary and bonuses he would have earned for the remaining unexpired term of the employment agreement, as well as continual coverage of certain employee benefits for the remaining unexpired term of the employment agreement. The maximum potential amount of severance benefits that the Bank would be required to pay out in the event of the Officer’s termination or resignation cannot be determined at this time due to unknown factors related to future bonuses and employee benefits, however the minimum potential pay out based on the Officer’s base salary is estimated to be $360,000 at June 30, 2019. Equity Incentive Plan On February 19, 2018, the Board of Directors adopted the Community Savings Bancorp, Inc. 2018 Equity Incentive Plan (the “Equity Incentive Plan”), which was approved by shareholders at the Company’s Annual Meeting held on February 19, 2018. The Equity Incentive Plan reserves for issuance 61,780 shares of the Company’s common stock pursuant to grants of restricted stock awards, restricted stock unit awards, incentive stock options, and non-qualified stock options. Of this number, the maximum number of shares of Company common stock that may be issued under the Equity Incentive Plan pursuant to the exercise of stock options is 44,129 shares, and the maximum number of shares of Company common stock that may be issued as restricted stock awards or restricted stock units is 17,651 shares. As of June 30, 2019, 9,710 shares of restricted stock have been awarded. June 30, 2019 Weighted average Shares market price Non-vested $ — $ — Granted 9,710 13.55 Vested — — Non-vested $ 9,710 $ 13.55 The Company recognized $11,000 in expense related to the Equity Incentive Plan during the fiscal year ended June 30, 2019. We anticipate expense of $45,000 for the fiscal years ending 2020 and 2021. 401(k) Profit Sharing Plan The Company has a 401(k) Profit Sharing Plan covering substantially all employees. Employees attain eligibility in the 401(k) plan upon completing one year of service and being 21 years of age or older. Employees may contribute up to 15% of their compensation. After a Plan amendment effective January 1, 2017, the Company matches 100% of the first 3% and 50% of the next 3% contributed by the employee. Expense recognized in connection with the plan totaled approximately $13,000 and $12,000 for the years ended June 30, 2019 and 2018, respectively. Pentegra DB Plan The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions Retirement Fund (the “Pentegra DB Plan”), a tax qualified multi-employer pension plan. The Pentegra DB Plan provides defined benefits to substantially all of the Company’s employees. The Pentegra DB Plan’s Employer Identification Number is 13‑5645888 and the Plan number is 333. The Pentegra DB Plan operates a multi-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code (“IRC”). There are no collective bargaining agreements in place which require contributions to the Pentegra DB Plan. The Pentegra DB Plan is a single plan under IRC Section 413 (c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The funded status (fair value of the Pentegra DB Plan assets divided by the funding target) based on an actuarial valuation report was 132.0% and 95.5% as of June 30, 2019 and 2018, respectively. The Company’s contributions to the Pentegra DB Plan are not more than 5% of the total contributions to the Pentegra DB Plan. The Company recognized $48,000 and $866,000 in pension expense for the years ended June 30, 2019 and 2018, respectively. The Company made $23,000 and $858,000 in contributions to the Pentegra DB Plan for the years ended June 30, 2019 and 2018, respectively. The Bank intends to withdraw as a participant from the Pension Plan. The actual cost to withdraw from the plan is primarily dependent on the value of the Pension Plan’s assets and interest rates at the time of termination. |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (ESOP) | 12 Months Ended |
Jun. 30, 2019 | |
Employee Stock Ownership Plan (ESOP) | |
Employee Stock Ownership Plan (ESOP) | Note 13: As part of the Company’s stock conversion completed on January 10, 2017, 32,688 shares of common stock were purchased by the Community Savings Employee Stock Ownership Plan (ESOP) with a loan from Community Savings Bancorp, Inc., which will be repaid principally through Plan contributions and dividends payable on common stock held by the Plan over the anticipated 20 ‑year term of the loan at the prime interest rate published in The Wall Street Journal adjusted the first day of each calendar year, 5.50% and 4.50% at June 30, 2019 and 2018, respectively. All employees of the Bank who have attained age 21 and have completed one year of service are eligible to participate in the ESOP. A year of service is generally a twelve-month period in which an employee works at least 1,000 hours. The purchased shares have been placed in an unallocated suspense account, and will be released from the suspense account on a pro-rata basis as the loan is repaid. The released shares will be allocated among participants on the basis of each participant’s proportional share of compensation relative to all participants. A participant will become vested in his or her account balance at a rate of 20% per year over a 5 ‑year period. There were 1,634 shares released and allocated to ESOP plan participants during the years ended June 30, 2019 and 2018, respectively. Under applicable accounting requirements, the Bank records a compensation expense for the ESOP at the fair market value of the shares as they are committed to be released from the unallocated suspense account to the participants’ accounts, which may be more or less than the original issue price. The compensation expense resulting from the release of the common stock from the suspense account and allocation to plan participants will result in a corresponding reduction in earnings of the Company. ESOP expense for the years ended June 30, 2019 and 2018 was $22,000 and $22,000, respectively. The stock price at the formation date was $10.00 per share. The aggregate fair value of the 29,420 unallocated shares was $399,000 based on the $13.55 per share closing price of our common stock on June 30, 2019. |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Credit Risk | |
Commitments and Credit Risk | Note 14: Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate, and residential real estate. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations, including receipt of collateral, as those utilized for on-balance sheet instruments. At June 30, 2019, the Company had outstanding commitments to originate loans aggregating approximately $252,000, comprised of fixed-rate and adjustable-rate loans with interest rates ranging from 5.00% to 7.25%. In addition, at June 30, 2019, the Company had commitments under undisbursed construction loans totaling $320,000 and commitments under home equity lines of credit totaling $1.8 million. At June 30, 2018, the Company had outstanding commitments to originate loans aggregating approximately $126,000, comprised of fixed-rate loans, with interest rates ranging from 5.38% to 5.50%. In addition, at June 30, 2018, the Company had commitments under undisbursed construction loans totaling $538,000 and commitments under home equity lines of credit totaling $1.9 million. |
Disclosures about Fair Value of
Disclosures about Fair Value of Assets and Liabilities | 12 Months Ended |
Jun. 30, 2019 | |
Disclosures about Fair Value of Assets and Liabilities | |
Disclosures about Fair Value of Assets and Liabilities | Note 15: 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 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 June 30, 2019 and 2018: Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Fair Identical Assets Observable Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2019 Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,234 $ — $ 3,234 $ — Collateralized mortgage obligations of government sponsored entities - residential 171 — 171 — State and political subdivisions Taxable 257 — 257 — Nontaxable 1,454 — 1,454 — $ 5,116 $ — $ 5,116 $ — June 30, 2018 Mortgage-backed securities of U.S. government sponsored entities - residential $ 4,192 $ — $ 4,192 $ — Collateralized mortgage obligations of government sponsored entities - residential 214 — 214 — State and political subdivisions Taxable 813 — 813 — Nontaxable 1,432 — 1,432 — $ 6,651 $ — $ 6,651 $ — 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 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 years ended June 30, 2019 and 2018. 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 June 30, 2019 and 2018: Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Fair Identical Assets Observable Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2019 Impaired loans Real estate 1-4 family residential $ 57 $ — $ — $ 57 Forclosed assets Residential real estate $ 131 $ — $ — $ 131 June 30, 2018 Impaired loans Real estate 1-4 family residential $ 62 $ — $ — $ 62 Foreclosed assets Residential real estate $ 9 $ — $ — $ 9 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a non-recurring basis and recognized in the accompanying 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 cost to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals, which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, 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. The Company has determined that a discount of 10% should be applied to the appraisal value, to cover estimated selling costs, to arrive at fair value of the properties. Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements: Range (Weighted Fair Value Valuation Technique Unobservable Inputs Average) (In thousands) June 30, 2019 Impaired loans (collateral dependent) - residential real estate $ 57 Sales comparison approach Adjustment for selling cost and holding period 10 % Foreclosed assets - residential real estate $ 131 Sales comparison approach Adjustment for selling cost and discount for time since appraisal 13 % June 30, 2018 Impaired loans (collateral dependent) - residential real estate $ 62 Sales comparison approach Adjustment for selling cost and holding period 13 % Foreclosed assets - residential real estate $ 9 Sales comparison approach Adjustment for selling cost and discount for time since appraisal 52 % 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 June 30, 2019 and 2018. Fair Value Measurement Using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable Carrying Assets/Liabilities Observable Inputs Inputs Fair Amount (Level 1) (Level 2) (Level 3) Value (In thousands) June 30, 2019 Financial assets Cash and cash equivalents $ 2,843 $ 2,843 $ — $ — $ 2,843 Interest-earning time deposits 3,595 3,595 — — 3,595 Restricted Stock 940 940 — — 940 Loans, net 30,658 — — 32,142 31,968 Loans held for sale 7,127 — — 7,327 7,327 Accrued interest receivable 125 125 — — 125 Bank owned life insurance 793 793 — — 793 Financial liabilities Deposits 41,751 33,574 — 8,135 41,709 Federal Home Loan Bank advances 2,500 — — 2,527 2,527 Payments by borrowers for taxes and insurance 109 109 — — 109 Accured interest payable 1 1 — — 1 June 30, 2018 Financial assets Cash and cash equivalents $ 4,304 $ 4,304 $ — $ — $ 4,304 Interest-earning time deposits 4,595 4,595 — — 4,595 Restricted Stock 940 — — 940 940 Loans, net 31,635 — — 32,195 32,195 Accrued interest receivable 135 — 135 — 135 Bank owned life insurance 769 — 769 — 769 Financial liabilities Deposits 40,399 32,473 7,682 — 40,155 Federal Home Loan Bank advances 1,000 — 1,008 — 1,008 Payments by borrowers for taxes and insurance 92 — 92 — 92 Accured interest payable 1 1 — — 1 The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value. Cash and Cash Equivalents The carrying amount of cash and short-term instruments approximate fair value and are classified as Level 1. Interest-earning Time Deposits The carrying amount of interest-earning time deposits approximate fair value and are classified as Level 1. Restricted Stock 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 1 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 1 classification. Bank Owned Life Insurance The fair value of bank owned life insurance approximates the cash surrender value of policies, resulting in a level 1 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. 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 3 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 3 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 1 classification. Off-Balance Sheet Instruments Fair values for 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) | 12 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) | Note 16: Changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended June 30, 2019 and 2018 are as follows: Year Ended June 30, 2019 2018 (In thousands) Beginning balance $ (94) $ 25 Net current period other comprehensive income (loss) 121 (114) Reclassification of certain tax effects from accumulated other comprehensive income (loss) — (5) Ending balance $ 27 $ (94) In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018‑02, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. The amount of the reclassification is the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. Early adoption is permitted and as a result the Company reclassified $5,000 from accumulated other comprehensive income to retained earnings as of January 1, 2018. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2019 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | Note 17: FASB ASU 2014‑09, Revenue from Contracts with Customers . In May 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue recognition from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most contract revenue recognition guidance, including industry-specific guidance. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amended guidance is effective, as to the Company, for annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019, and should be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendments recognized at the date of initial application. Early adoption is prohibited. ASU 2014‑09 may require the Company to change how it recognizes certain components of noninterest income, but the Company does not believe it will have a material impact on the Company’s financial statements or disclosures. FASB ASU 2016‑01, Recognition and Measurement of Financial Assets and Financial Liabilities . In January 2016, the FASB issued Accounting Standards Update (“ASU”) 2016‑01, Recognition and Measurement of Financial Assets and Financial Liabilities . For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to 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 when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. 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. In February 2016, the FASB issued ASU 2016‑02, Leases . Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: · 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. In July 2018, the FASB issued ASU 2018‑11, Leases – Targeted Improvements, which allows for an optional transition method to adopt the new leases standard. The optional transition method allows entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Management is currently evaluating the impact of adopting this guidance on the Company’s financial statements. FASB ASU 2016‑13, Financial Instruments-Credit Losses. In June 2016, the FASB issued ASU 2016‑13. The amendments in this ASU replace the incurred loss model for recognition of credit losses with a methodology that reflects expected credit losses over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. The amendments are effective, as to the Company, for annual reporting periods beginning after December 15, 2020 and for interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of these amendments to the Company’s financial position and results of operations. FASB ASU 2017‑08, Receivables-Nonrefundable Fees and Other Costs . In March 2017, the FASB issued ASU 2017-08. The amendment shortens the amortization period for certain callable debt securities purchased at a premium. Upon adoption of the standard, premiums on these qualifying callable debt securities will be amortized to the earliest call date. Discounts on purchased debt securities will continue to be accreted to maturity. This ASU will become effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. Upon transition, entities should apply the guidance on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption and provide the disclosures required for a change in accounting principle. Management has not determined the expected effect of the adoption of ASU 2017-08 on the Company’s financial statements. FASB ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Receivables-Nonrefundable Fees and Other Costs. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. Topic 326, Financial Instruments - Credit Losses amendments are effective for SEC registrants for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other public business entities, the effective date is for fiscal years beginning after December 15, 2020, and for all other entities, the effective date is for fiscal years beginning after December 15, 2021. Topic 815, Derivatives and Hedging amendments are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. For entities that have adopted the amendments in Update 2017-12, the effective date is as of the beginning of the first annual period beginning after the issuance of this Update. Topic 825, Financial Instruments amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years. This Update is not expected to have a significant impact on the Company's financial statements. FASB ASU 2019-05, Financial Instruments - Credit Losses, Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses, Topic 326, which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for the applying the fair value option in ASC 825-10.3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. This Update is not expected to have a significant impact on the Company's financial statements. FASB ASU 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates . In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. This ASU amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification , and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. Other miscellaneous updates to agree to the electronic Code of Federal Regulations also have been incorporated. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2019 | |
Subsequent Events | |
Subsequent Events | Note 18: Subsequent Events Since June 30, 2019, the Bank has entered into agreements with investors to purchase indirect auto loans. The first sales under these agreements were transacted on August 2, 2019. Since August 2, 2019, we have transferred $1.2 million in loans which were held on the balance sheet at June 30, 2019. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information - Parent Company Only | |
Condensed Financial Information - Parent Company Only | Note 19: The following are condensed parent company only financial statements for Community Savings Bancorp, Inc. For the year ended June 30, 2019. The financial information reflected in the Condensed Statements of Operations and the Condensed Statements of Cash Flows is for the periods ending June 30, 2019 and June 30, 2018. CONDENSED BALANCE SHEETS (In thousands) June 30, 2019 June 30, 2018 Assets Cash and due from banks (all from subsidiary) $ 58 $ 505 ESOP interest receivable 8 — Investment in subsidiary (equity basis) 7,319 7,504 ESOP loan receivable to subsidiary 304 315 Total assets $ 7,689 $ 8,324 Liabilities and shareholders' equity Total liabilities $ — $ 37 Total shareholders' equity 7,689 8,287 Total liabilities and shareholders' equity $ 7,689 $ 8,324 CONDENSED STATEMENTS OF OPERATIONS (In thousands) For Year Ended For Year Ended June 30, 2019 June 30, 2018 Total income $ 22 $ 12 Total expense $ 141 $ 288 Loss before income tax expense and equity in undistributed earnings of subsidiary (119) (276) Income tax expense — — Loss before equity in undistributed earnings of subsidiary (119) (276) Equity in undistributed earnings loss of subsidiary (40) (738) Net income loss $ (159) $ (1,014) CONDENSED STATEMENTS OF CASH FLOWS (In thousands) For Year Ended For Year Ended June 30, 2019 June 30, 2018 Operating activities Net income $ (159) $ (1,014) Adjustments to reconcile net income by operating activities: Equity in undistributed earnings 40 738 Equity awards 11 — ESOP shares earned 22 22 Other, net (67) 24 Net cash provided by (used in) operating activities (153) (230) Investing activities Investment in Community Savings — — Net cash provided by investing activities — — Financing activities Stock buyback (594) — Equity distribution from subsidiary 300 — Net cash used for financing activities (294) — Net cash decrease for period (447) (230) Cash at beginning of period 505 735 Cash at end of period $ 58 $ 505 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements as of and for the fiscal years ended June 30, 2019 and 2018, include Community Savings Bancorp, Inc. and its wholly-owned subsidiary, Community Savings. Intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets, and fair values of financial instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents are defined as cash and due from banks and interest-earning demand deposits with original terms to maturity of less than ninety days. Net cash flows are reported for customer loan and deposit transactions and interest-earning time deposits in other financial institutions. From time to time, the Company’s deposits in other financial institutions may exceed the FDIC’s insured limit of $250,000. Management considers the risk of loss to be low based upon the quality of the institutions where the amounts are maintained. |
Interest-Earning Time Deposits in Other Financial Institutions | Interest-Earning Time Deposits in Other Financial Institutions Interest-earning time deposits in other financial institutions mature through fiscal year 2028 and are carried at cost. Rates on these deposits are in a range of 1.65% to 3.00% with an average yield of 2.35%. |
Securities | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available-for-sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are recognized in interest income using the level-yield method over the terms of the securities, without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the statements of operations and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Restricted Stock | Restricted Stock Restricted stock consists of stock in the Federal Home Loan Bank of Cincinnati (“FHLB”) and a required investment in the stock of the Company’s data processing service provider. FHLB stock is a required investment, based on a predetermined formula, for institutions that are members of the FHLB system. The investment in both common stocks is carried at cost, classified as restricted securities, and evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income. The Company's restricted stock consists of $915,000 of stock in the FHLB and $25,000 of stock in the Company's data service provider at both June 30, 2019 and 2018. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balances adjusted for unamortized premiums on loans purchased and any unamortized deferred fees or costs on originated loans, less the allowance for loan losses. Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and amortized as a level-yield adjustment over the respective term of the loan without anticipating prepayments. Premiums and discounts on the purchase of loans are recognized in interest income using the level-yield method over the terms of the loan without anticipating prepayments. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. For all loan classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash interest payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. |
Loans held for sale | Loans Held for Sale Certain originated fixed-rate auto loans are classified as held for sale, because it is management's intent to sell these auto loans. The auto loans are carried at the lower of aggregate cost or market value. |
Concentration of Credit Risk | Concentration of Credit Risk Most of the Company’s business activity is with customers located within Noble County, Ohio. Therefore, the Company’s exposure to credit risk is significantly affected by changes in the economy in the Noble County area. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Commercial real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported at the present value of future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the sale of collateral. Troubled debt restructurings are separately identified for impairment and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent twelve quarters. All periods are evenly weighted within the twelve quarter loss history. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost, less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of depreciable assets is 40 - 50 years for buildings, 7 - 20 years for building improvements, and 3 - 10 years for furniture, fixtures and equipment. Maintenance and repairs are expensed and major improvements are capitalized. |
Foreclosed Assets | Foreclosed Assets Foreclosed assets acquired in settlement of loans are carried at fair value, less estimated costs to sell, and are included in other assets on the Consolidated Balance Sheet. As of June 30, 2019 and 2018 included with other assets are $131,000 and $9,000, respectively, of foreclosed assets. These foreclosed assets consist of residential mortgages that were foreclosed on or received vis a deed in lieu transaction prior to the period end. As of June 30, 2019, the Company has initiated formal foreclosure proceedings on $55,000 in residential mortgages, which have not yet been transferred into foreclosed assets. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes ). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. The Company is no longer subject to tax examinations by tax authorities for years ended before June 30, 2016. As of June 30, 2019, the Company had no material uncertain tax positions. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income includes unrealized gains (losses) on available-for-sale securities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Loss Per Share | 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 LPS is computed in a manner similar to that of basic LPS 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 year ended June 30, 2019 was $(0.40), calculated using a weighted-average shares outstanding of 422,316 less 29,420 unallocated shares held by the ESOP. The Company had no dilutive or potentially dilutive securities at June 30, 2019. Loss per share for the year ended June 30, 2018 was $(2.48), calculated using a weighted-average shares outstanding of 440,471 less 31,054 shares held by the ESOP. The Company had no dilutive or potentially dilutive securities at June 30, 2019. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Securities | |
Schedule of amortized cost and approximate fair values, together with gross unrealized gains and losses | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Available-for-sale Securities: June 30, 2019 Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,210 $ 38 $ (14) $ 3,234 Collateralized mortgage obligations of government sponsored entities - residential 169 2 — 171 State and political subdivisions Taxable 256 1 — 257 Nontaxable 1,447 7 — 1,454 $ 5,082 $ 48 $ (14) $ 5,116 June 30, 2018 Mortgage-backed securities of U.S. government sponsored entities - residential $ 4,280 $ 6 $ (94) $ 4,192 Collateralized mortgage obligations of government sponsored entities - residential 218 1 (5) 214 State and political subdivisions Taxable 815 1 (3) 813 Nontaxable 1,457 1 (26) 1,432 $ 6,770 $ 9 $ (128) $ 6,651 |
Schedule of amortized cost and fair value of available-for-sale securities | Amortized Fair Cost Value (In thousands) Five to ten years $ 287 $ 287 Beyond ten years 1,416 1,424 1,703 1,711 Mortgage-backed securities of U.S. government sponsored entities - residential 3,210 3,234 Collateralized mortgage obligations of government sponsored entities - residential 169 171 Totals $ 5,082 $ 5,116 |
Schedule of gross unrealized losses and fair value | Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses (In thousands) June 30, 2019 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ — $ — $ 1,212 $ (14) $ 1,212 $ (14) $ — $ — $ 1,212 $ (14) $ 1,212 $ (14) June 30, 2018 Available-for-sale Securities: Mortgage-backed securities of U.S. government sponsored entities - residential $ 1,777 $ (31) $ 1,568 $ (63) $ 3,345 $ (94) Collateralized mortgage obligations of government sponsored entities - residential 121 (5) — — 121 (5) State and political subdivisions Taxable — — 510 (3) 510 (3) Nontaxable 531 (3) 363 (23) 894 (26) $ 2,429 $ (39) $ 2,441 $ (89) $ 4,870 $ (128) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Loans and Allowance for Loan Losses | |
Schedule of loan components | 2019 2018 (In thousands) Real estate Residential $ 25,249 $ 25,127 Home equity lines of credit 2,176 1,979 Commercial and multi-family 1,269 1,927 Consumer and other 2,218 2,855 Total loans 30,912 31,888 Allowance for loan losses (254) (253) Net loans $ 30,658 $ 31,635 |
Schedule of allowance for loan losses recorded investment in loans and impairment method | June 30, 2019 Real Estate Commercial Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Allowance for loan losses: Balance, July 1, 2018 $ 171 $ 13 $ 10 $ 23 $ 36 $ 253 Provision for loan losses 16 1 (4) (10) 12 15 Charge-offs (14) — — — — (14) Recoveries — — — — — — Balance, June 30, 2019 $ 173 $ 14 $ 6 $ 13 $ 48 $ 254 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 8 $ — $ — $ — $ — $ 8 Ending balance, collectively evaluated for impairment $ 165 $ 14 $ 6 $ 13 $ 48 $ 246 Loans: Ending balance $ 25,249 $ 2,176 $ 1,269 $ 2,218 $ 30,912 Ending balance; individually evaluated for impairment $ 605 $ 5 $ — $ — $ 610 Ending balance; collectively evaluated for impairment $ 24,644 $ 2,171 $ 1,269 $ 2,218 $ 30,302 June 30, 2018 Real Estate Commercial Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Unallocated Total (In thousands) Allowance for loan losses: Balance, July 1, 2017 $ 162 $ 21 $ 8 $ 20 $ 42 $ 253 Provision for loan losses 9 (8) 2 3 (6) — Charge-offs — — — — — — Recoveries — — — — — — Balance, June 30, 2018 $ 171 $ 13 $ 10 $ 23 $ 36 $ 253 Allowance for loan losses: Ending balance, individually evaluated for impairment $ 7 $ — $ — $ — $ — $ 7 Ending balance, collectively evaluated for impairment $ 164 $ 13 $ 10 $ 23 $ 36 $ 246 Loans: Ending balance $ 25,127 $ 1,979 $ 1,927 $ 2,855 $ 31,888 Ending balance; individually evaluated for impairment $ 374 $ 5 $ 87 $ — $ 466 Ending balance; collectively evaluated for impairment $ 24,753 $ 1,974 $ 1,840 $ 2,855 $ 31,422 |
Schedule of credit risk profile based on internal rating category | Real Estate Commercial Home Equity and Multi- Consumer Residential Lines of Credit Family and Other Total (In thousands) June 30, 2019 Pass $ 24,391 $ 2,171 $ 1,269 $ 2,218 $ 30,049 Special mention — — — — — Substandard 858 5 — — 863 Total $ 25,249 $ 2,176 $ 1,269 $ 2,218 $ 30,912 June 30, 2018 Pass $ 24,507 $ 1,941 $ 1,840 $ 2,855 $ 31,143 Special mention — — — — — Substandard 620 38 87 — 745 Total $ 25,127 $ 1,979 $ 1,927 $ 2,855 $ 31,888 |
Schedule of loan portfolio aging analysis of the recorded investment in loans | 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) June 30, 2019 Real estate Residential $ 250 $ — $ 55 $ 305 $ 24,944 $ 25,249 Home equity lines of credit 6 — — 6 2,170 2,176 Commercial and multi-family — — — — 1,269 1,269 Consumer and other 29 22 — 51 2,167 2,218 Total $ 285 $ 22 $ 55 $ 362 $ 30,550 $ 30,912 June 30, 2018 Real estate Residential $ 271 $ 3 $ 65 $ 339 $ 24,788 $ 25,127 Home equity lines of credit — 4 — 4 1,975 1,979 Commercial and multi-family 74 — 13 87 1,840 1,927 Consumer and other 12 34 — 46 2,809 2,855 Total $ 357 $ 41 $ 78 $ 476 $ 31,412 $ 31,888 |
Schedule of impaired loan information | As of and for the year ended June 30, 2019 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real estate Residential $ 540 $ 540 $ — $ 503 $ — Home equity lines of credit 5 5 — 10 — Commercial and multi-family — — — 64 — Consumer and other — — — — — Loans with an allowance recorded: Real estate Residential 65 67 8 67 4 Home equity lines of credit — — — — — Commercial and multi-family — — — — — Consumer and other — — — — — Totals $ 610 $ 612 $ 8 $ 644 $ 4 As of and for the year ended June 30, 2018 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized (In thousands) Loans with no related allowance recorded: Real estate Residential $ 305 $ 305 $ — $ 296 $ — Home equity lines of credit 5 5 — 6 — Commercial and multi-family 87 87 — 78 — Consumer and other — — — — — Loans with an allowance recorded: Real estate Residential 69 71 7 71 4 Home equity lines of credit — — — — — Commercial and multi-family — — — — — Consumer and other — — — — — Totals $ 466 $ 468 $ 7 $ 451 $ 4 |
Schedule of nonaccrual loans | June 30, June 30, 2019 2018 (In thousands) Real estate Residential $ 540 $ 305 Home equity lines of credit 5 5 Commercial and multi-family — 87 Consumer and other — — Total nonaccrual $ 545 $ 397 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Premises and Equipment | |
Schedule of major classifications of premises and equipment | June 30, 2019 2018 (In thousands) Land $ 62 $ 62 Buildings and improvements 916 916 Furniture and equipment 346 335 1,324 1,313 Less accumulated depreciation 948 891 Net premises and equipment $ 376 $ 422 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Time Deposits. | |
Schedule of maturities of time deposits | June 30, 2019 (In thousands) One year or less $ 4,105 Over one year to two years 1,831 Over two years to three years 1,627 Over three years to four years 123 Over four years to five years 490 Thereafter — $ 8,176 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Bank Advances | |
Schedule of federal home loan bank advances | June 30, Stated Maturities 2019 2018 Weighted Weighted Interest average Interest average Balance rate rate Balance rate rate (In thousands) (In thousands) One year or less $ 1,500 2.61 % 2.61 % $ 1,000 4.12 % 4.12 % Over two years to three years 1,000 3.16 % 3.16 % — — — $ 2,500 2.83 % 2.83 % $ 1,000 % % |
Scheduled payments of advances | June 30, 2019 Payments due in fiscal years ending June 30, (In thousands) 2020 $ 1,500 2022 1,000 $ 2,500 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Taxes | |
Schedule of income tax benefit | Years Ended June 30, 2019 2018 (In thousands) Federal – current $ — $ — Federal - deferred (43) (227) Total $ (43) $ (227) |
Schedule of reconciliation of the federal income tax benefit | Years Ended June 30, 2019 2018 (In thousands) Computed at statutory rate $ (43) $ (261) Increase (decrease) resulting from: Tax exempt income (8) (15) Nondeductible expenses 3 1 Other 5 (9) Effect of the Tax Act — 57 Total income tax benefit $ (43) $ (227) Effective tax rate (21.3) % (18.3) % |
Schedule of deferred tax assets (liabilities) | June 30, 2019 2018 (In thousands) Deferred tax assets Allowance for loan losses $ 53 $ 53 Charitable contributions carryforward 9 7 Net operating loss carry forward 436 395 securities — 25 Total deferred tax assets 498 480 Deferred tax liabilities Federal Home Loan Bank stock dividends (129) (129) Book/tax depreciation differences (12) (14) Cash versus accrual basis of accounting (16) (14) Unrealized gains on available-for-sale securities (7) — Total deferred tax liabilities (164) (157) Net deferred tax assets $ 334 $ 323 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Regulatory Matters | |
Schedule of regulatory matters | To Be Well Capitalized Under Prompt For Capital Adequacy Corrective Action Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2019 Total Capital (to Risk-Weighted Assets) Company $ 7,916 27.4 % $ 2,314 8.0 % N/A N/A Bank $ 7,545 26.1 % $ 2,314 8.0 % $ 2,892 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 7,662 26.5 % $ 1,735 6.0 % N/A N/A Bank $ 7,291 25.2 % $ 1,735 6.0 % $ 2,314 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 7,662 26.5 % $ 1,301 4.5 % N/A N/A Bank $ 7,291 25.2 % $ 1,301 4.5 % $ 1,880 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 7,662 14.7 % $ 2,090 4.0 % N/A N/A Bank $ 7,291 14.0 % $ 2,090 4.0 % $ 2,612 5.0 % As of June 30, 2018 Total Capital (to Risk-Weighted Assets) Company $ 8,634 37.0 % $ 1,868 8.0 % N/A N/A Bank $ 7,849 33.6 % $ 1,868 8.0 % $ 2,335 10.0 % Tier I Capital (to Risk-Weighted Assets) Company $ 8,381 35.9 % $ 1,401 6.0 % N/A N/A Bank $ 7,596 32.5 % $ 1,401 6.0 % $ 1,868 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) Company $ 8,381 35.9 % $ 1,051 4.5 % N/A N/A Bank $ 7,596 32.5 % $ 1,051 4.5 % $ 1,517 6.5 % Leverage Capital (to Adjusted Average Total Assets) Company $ 8,381 16.4 % $ 2,047 4.0 % N/A N/A Bank $ 7,596 14.8 % $ 2,047 4.0 % $ 2,559 5.0 % |
Benefit Plans and Employment _2
Benefit Plans and Employment Agreement (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Benefit Plans and Employment Agreement | |
Schedule of restricted Stock shares activity | As of June 30, 2019, 9,710 shares of restricted stock have been awarded. June 30, 2019 Weighted average Shares market price Non-vested $ — $ — Granted 9,710 13.55 Vested — — Non-vested $ 9,710 $ 13.55 |
Disclosures about Fair Value _2
Disclosures about Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosures about Fair Value of Assets and Liabilities | |
Schedule of fair value on a recurring basis | Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Fair Identical Assets Observable Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2019 Mortgage-backed securities of U.S. government sponsored entities - residential $ 3,234 $ — $ 3,234 $ — Collateralized mortgage obligations of government sponsored entities - residential 171 — 171 — State and political subdivisions Taxable 257 — 257 — Nontaxable 1,454 — 1,454 — $ 5,116 $ — $ 5,116 $ — June 30, 2018 Mortgage-backed securities of U.S. government sponsored entities - residential $ 4,192 $ — $ 4,192 $ — Collateralized mortgage obligations of government sponsored entities - residential 214 — 214 — State and political subdivisions Taxable 813 — 813 — Nontaxable 1,432 — 1,432 — $ 6,651 $ — $ 6,651 $ — |
Schedule of fair value on a non-recurring | Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Fair Identical Assets Observable Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2019 Impaired loans Real estate 1-4 family residential $ 57 $ — $ — $ 57 Forclosed assets Residential real estate $ 131 $ — $ — $ 131 June 30, 2018 Impaired loans Real estate 1-4 family residential $ 62 $ — $ — $ 62 Foreclosed assets Residential real estate $ 9 $ — $ — $ 9 |
Schedule of quantitative information about unobservable inputs used in nonrecurring Level 3 | Range (Weighted Fair Value Valuation Technique Unobservable Inputs Average) (In thousands) June 30, 2019 Impaired loans (collateral dependent) - residential real estate $ 57 Sales comparison approach Adjustment for selling cost and holding period 10 % Foreclosed assets - residential real estate $ 131 Sales comparison approach Adjustment for selling cost and discount for time since appraisal 13 % June 30, 2018 Impaired loans (collateral dependent) - residential real estate $ 62 Sales comparison approach Adjustment for selling cost and holding period 13 % Foreclosed assets - residential real estate $ 9 Sales comparison approach Adjustment for selling cost and discount for time since appraisal 52 % |
Schedule of fair value and the level within the fair value hierarchy in which the fair value measurement | Fair Value Measurement Using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable Carrying Assets/Liabilities Observable Inputs Inputs Fair Amount (Level 1) (Level 2) (Level 3) Value (In thousands) June 30, 2019 Financial assets Cash and cash equivalents $ 2,843 $ 2,843 $ — $ — $ 2,843 Interest-earning time deposits 3,595 3,595 — — 3,595 Restricted Stock 940 940 — — 940 Loans, net 30,658 — — 32,142 31,968 Loans held for sale 7,127 — — 7,327 7,327 Accrued interest receivable 125 125 — — 125 Bank owned life insurance 793 793 — — 793 Financial liabilities Deposits 41,751 33,574 — 8,135 41,709 Federal Home Loan Bank advances 2,500 — — 2,527 2,527 Payments by borrowers for taxes and insurance 109 109 — — 109 Accured interest payable 1 1 — — 1 June 30, 2018 Financial assets Cash and cash equivalents $ 4,304 $ 4,304 $ — $ — $ 4,304 Interest-earning time deposits 4,595 4,595 — — 4,595 Restricted Stock 940 — — 940 940 Loans, net 31,635 — — 32,195 32,195 Accrued interest receivable 135 — 135 — 135 Bank owned life insurance 769 — 769 — 769 Financial liabilities Deposits 40,399 32,473 7,682 — 40,155 Federal Home Loan Bank advances 1,000 — 1,008 — 1,008 Payments by borrowers for taxes and insurance 92 — 92 — 92 Accured interest payable 1 1 — — 1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) | |
Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax | Year Ended June 30, 2019 2018 (In thousands) Beginning balance $ (94) $ 25 Net current period other comprehensive income (loss) 121 (114) Reclassification of certain tax effects from accumulated other comprehensive income (loss) — (5) Ending balance $ 27 $ (94) |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information - Parent Company Only | |
Schedule of condensed balance sheets | June 30, 2019 June 30, 2018 Assets Cash and due from banks (all from subsidiary) $ 58 $ 505 ESOP interest receivable 8 — Investment in subsidiary (equity basis) 7,319 7,504 ESOP loan receivable to subsidiary 304 315 Total assets $ 7,689 $ 8,324 Liabilities and shareholders' equity Total liabilities $ — $ 37 Total shareholders' equity 7,689 8,287 Total liabilities and shareholders' equity $ 7,689 $ 8,324 |
Schedule of condensed statements of operations | For Year Ended For Year Ended June 30, 2019 June 30, 2018 Total income $ 22 $ 12 Total expense $ 141 $ 288 Loss before income tax expense and equity in undistributed earnings of subsidiary (119) (276) Income tax expense — — Loss before equity in undistributed earnings of subsidiary (119) (276) Equity in undistributed earnings loss of subsidiary (40) (738) Net income loss $ (159) $ (1,014) |
Schedule of Condensed statements of cash flows | For Year Ended For Year Ended June 30, 2019 June 30, 2018 Operating activities Net income $ (159) $ (1,014) Adjustments to reconcile net income by operating activities: Equity in undistributed earnings 40 738 Equity awards 11 — ESOP shares earned 22 22 Other, net (67) 24 Net cash provided by (used in) operating activities (153) (230) Investing activities Investment in Community Savings — — Net cash provided by investing activities — — Financing activities Stock buyback (594) — Equity distribution from subsidiary 300 — Net cash used for financing activities (294) — Net cash decrease for period (447) (230) Cash at beginning of period 505 735 Cash at end of period $ 58 $ 505 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies - Nature of Operations (Details) | Jan. 10, 2017$ / sharesshares |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Issuance of common shares (in shares) | shares | 441,290 |
Offering price per share (in dollars per share) | $ / shares | $ 10 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) | Jun. 30, 2019USD ($) |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
FDIC's insured limit | $ 250,000 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Interest-Earning Time Deposits in Other Financial Institutions (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Interest-Earning Time Deposits in Other Financial Institutions | |
Average yield on interest earning | 2.35% |
Minimum | |
Interest-Earning Time Deposits in Other Financial Institutions | |
Interest rate on deposits | 165.00% |
Maximum | |
Interest-Earning Time Deposits in Other Financial Institutions | |
Interest rate on deposits | 300.00% |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Restricted Stock (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Restricted Stock | ||
Restricted Stock | $ 940,000 | $ 940,000 |
FHLB | ||
Restricted Stock | ||
Restricted Stock | 915,000 | 915,000 |
Data Service Provider | ||
Restricted Stock | ||
Restricted Stock | $ 25,000 | $ 25,000 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Buildings | Minimum | |
Nature of Operations and Summary of Significant Accounting Policies | |
Useful lives (in years) | 40 years |
Buildings | Maximum | |
Nature of Operations and Summary of Significant Accounting Policies | |
Useful lives (in years) | 50 years |
Building improvements | Minimum | |
Nature of Operations and Summary of Significant Accounting Policies | |
Useful lives (in years) | 7 years |
Building improvements | Maximum | |
Nature of Operations and Summary of Significant Accounting Policies | |
Useful lives (in years) | 20 years |
Furniture, fixtures and equipment | Minimum | |
Nature of Operations and Summary of Significant Accounting Policies | |
Useful lives (in years) | 3 years |
Furniture, fixtures and equipment | Maximum | |
Nature of Operations and Summary of Significant Accounting Policies | |
Useful lives (in years) | 10 years |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting Policies - Foreclosed Assets (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ||
Foreclosed assets, net | $ 131,000 | $ 9,000 |
Residential mortgages , foreclosed assets | $ 55,000 | $ 53,000 |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting Policies - Loss Per Share (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | ||
Loss per share - basic and diluted (in dollars per share) | $ (0.40) | $ (2.48) |
weighted-average shares outstanding | 422,316 | 440,471 |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | 29,420 | 31,054 |
Dilutive Securities | $ 0 |
Securities - Amortized cost and
Securities - Amortized cost and fair values with gross unrealized gains and losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Available-for-sale Securities: | ||
Amortized Cost | $ 5,082 | $ 6,770 |
Gross Unrealized Gains | 48 | 9 |
Gross Unrealized Losses | (14) | (128) |
Investments securities available-for-sale | 5,116 | 6,651 |
Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available-for-sale Securities: | ||
Amortized Cost | 3,210 | 4,280 |
Gross Unrealized Gains | 38 | 6 |
Gross Unrealized Losses | (14) | (94) |
Investments securities available-for-sale | 3,234 | 4,192 |
Collateralized mortgage obligations of government sponsored entities -residential | ||
Available-for-sale Securities: | ||
Amortized Cost | 169 | 218 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | 0 | (5) |
Investments securities available-for-sale | 171 | 214 |
State and political subdivisions - Taxable | ||
Available-for-sale Securities: | ||
Amortized Cost | 256 | 815 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | (3) |
Investments securities available-for-sale | 257 | 813 |
State and political subdivisions - Nontaxable | ||
Available-for-sale Securities: | ||
Amortized Cost | 1,447 | 1,457 |
Gross Unrealized Gains | 7 | 1 |
Gross Unrealized Losses | 0 | (26) |
Investments securities available-for-sale | $ 1,454 | $ 1,432 |
Securities - Amortized cost a_2
Securities - Amortized cost and fair value of available-for-sale securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Amortized Cost: | ||
Five to ten years | $ 287 | |
Beyond ten years | 1,416 | |
Amortized Cost | 1,703 | |
Amortized Cost, Totals | 5,082 | $ 6,770 |
Fair Value: | ||
Five to ten years | 287 | |
Beyond ten years | 1,424 | |
Fair Value | 1,711 | |
Investments securities available-for-sale | 5,116 | 6,651 |
Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Amortized Cost: | ||
Amortized Cost, Totals | 3,210 | 4,280 |
Fair Value: | ||
Investments securities available-for-sale | 3,234 | 4,192 |
Collateralized mortgage obligations of government sponsored entities -residential | ||
Amortized Cost: | ||
Amortized Cost, Totals | 169 | 218 |
Fair Value: | ||
Investments securities available-for-sale | $ 171 | $ 214 |
Securities - Investments' gross
Securities - Investments' gross unrealized losses and fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Available for sale: | ||
Less than 12 Months Fair Value | $ 0 | $ 2,429 |
Less than 12 Months Unrealized Losses | 0 | (39) |
12 Months or Longer Fair Value | 1,212 | 2,441 |
12 Months or Longer Unrealized Losses | (14) | (89) |
Total Fair Value | 1,212 | 4,870 |
Total Unrealized Losses | (14) | (128) |
Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available for sale: | ||
Less than 12 Months Fair Value | 0 | 1,777 |
Less than 12 Months Unrealized Losses | 0 | (31) |
12 Months or Longer Fair Value | 1,212 | 1,568 |
12 Months or Longer Unrealized Losses | (14) | (63) |
Total Fair Value | 1,212 | 3,345 |
Total Unrealized Losses | $ (14) | (94) |
Collateralized mortgage obligations of government sponsored entities -residential | ||
Available for sale: | ||
Less than 12 Months Fair Value | 121 | |
Less than 12 Months Unrealized Losses | (5) | |
12 Months or Longer Fair Value | 0 | |
12 Months or Longer Unrealized Losses | 0 | |
Total Fair Value | 121 | |
Total Unrealized Losses | (5) | |
State and political subdivisions - Taxable | ||
Available for sale: | ||
Less than 12 Months Fair Value | 0 | |
Less than 12 Months Unrealized Losses | 0 | |
12 Months or Longer Fair Value | 510 | |
12 Months or Longer Unrealized Losses | (3) | |
Total Fair Value | 510 | |
Total Unrealized Losses | (3) | |
State and political subdivisions - Nontaxable | ||
Available for sale: | ||
Less than 12 Months Fair Value | 531 | |
Less than 12 Months Unrealized Losses | (3) | |
12 Months or Longer Fair Value | 363 | |
12 Months or Longer Unrealized Losses | (23) | |
Total Fair Value | 894 | |
Total Unrealized Losses | $ (26) |
Securities - Additional informa
Securities - Additional information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Securities | ||
Carrying value of pledged securities | $ 1,300 | $ 1,700 |
Interest-earning time deposits in other financial institutions | 3,595 | 4,595 |
Interest-earning demand deposits in other financial institutions | $ 1,075 | $ 2,082 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Loan receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 30,912 | $ 31,888 | |
Allowance for loan losses | (254) | (253) | $ (253) |
Net loans | 30,658 | 31,635 | |
Real estate | Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 25,249 | 25,127 | |
Allowance for loan losses | (173) | (171) | (162) |
Real estate | Home equity lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,176 | 1,979 | |
Allowance for loan losses | (14) | (13) | (21) |
Real estate | Commercial and multi-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,269 | 1,927 | |
Allowance for loan losses | (6) | (10) | (8) |
Consumer and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,218 | 2,855 | |
Allowance for loan losses | $ (13) | $ (23) | $ (20) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Allowance for loan losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for loan losses: | ||
Beg Balance | $ 253 | $ 253 |
Provision for loan losses | 15 | 0 |
Charge-offs | (14) | 0 |
Recoveries | 0 | 0 |
End Balance | 254 | 253 |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 8 | 7 |
Ending balance, collectively evaluated for impairment | 246 | 246 |
Loans: | ||
Ending balance | 30,912 | 31,888 |
Ending balance; individually evaluated for impairment | 610 | 466 |
Ending balance; collectively evaluated for impairment | 30,302 | 31,422 |
Real estate | Residential | ||
Allowance for loan losses: | ||
Beg Balance | 171 | 162 |
Provision for loan losses | 16 | 9 |
Charge-offs | (14) | 0 |
Recoveries | 0 | 0 |
End Balance | 173 | 171 |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 8 | 7 |
Ending balance, collectively evaluated for impairment | 165 | 164 |
Loans: | ||
Ending balance | 25,249 | 25,127 |
Ending balance; individually evaluated for impairment | 605 | 374 |
Ending balance; collectively evaluated for impairment | 24,644 | 24,753 |
Real estate | Home equity lines of credit | ||
Allowance for loan losses: | ||
Beg Balance | 13 | 21 |
Provision for loan losses | 1 | (8) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
End Balance | 14 | 13 |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 14 | 13 |
Loans: | ||
Ending balance | 2,176 | 1,979 |
Ending balance; individually evaluated for impairment | 5 | 5 |
Ending balance; collectively evaluated for impairment | 2,171 | 1,974 |
Real estate | Commercial and multi-family | ||
Allowance for loan losses: | ||
Beg Balance | 10 | 8 |
Provision for loan losses | (4) | 2 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
End Balance | 6 | 10 |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 6 | 10 |
Loans: | ||
Ending balance | 1,269 | 1,927 |
Ending balance; individually evaluated for impairment | 0 | 87 |
Ending balance; collectively evaluated for impairment | 1,269 | 1,840 |
Consumer and other | ||
Allowance for loan losses: | ||
Beg Balance | 23 | 20 |
Provision for loan losses | (10) | 3 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
End Balance | 13 | 23 |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 13 | 23 |
Loans: | ||
Ending balance | 2,218 | 2,855 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | 2,218 | 2,855 |
Unallocated | ||
Allowance for loan losses: | ||
Beg Balance | 36 | 42 |
Provision for loan losses | 12 | (6) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
End Balance | 48 | 36 |
Allowance for loan losses: | ||
Ending balance, individually evaluated for impairment | 0 | 0 |
Ending balance, collectively evaluated for impairment | 48 | 36 |
Loans: | ||
Ending balance | 0 | 0 |
Ending balance; individually evaluated for impairment | 0 | 0 |
Ending balance; collectively evaluated for impairment | $ 0 | $ 0 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Credit risk profile (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 30,912 | $ 31,888 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 30,049 | 31,143 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 863 | 745 |
Real estate | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 25,249 | 25,127 |
Real estate | Residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 24,391 | 24,507 |
Real estate | Residential | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 0 | 0 |
Real estate | Residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 858 | 620 |
Real estate | Home equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,176 | 1,979 |
Real estate | Home equity lines of credit | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,171 | 1,941 |
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 | 5 | 38 |
Real estate | Commercial and multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,269 | 1,927 |
Real estate | Commercial and multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,269 | 1,840 |
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 | 0 | 87 |
Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,218 | 2,855 |
Consumer and other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,218 | 2,855 |
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 | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Loan portfolio aging (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 362 | $ 476 |
Current | 30,550 | 31,412 |
Total Loans Receivable | 30,912 | 31,888 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 285 | 357 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22 | 41 |
Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 55 | 78 |
Real estate | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 305 | 339 |
Current | 24,944 | 24,788 |
Total Loans Receivable | 25,249 | 25,127 |
Real estate | Residential | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 250 | 271 |
Real estate | Residential | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | |
Real estate | Residential | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 55 | 65 |
Real estate | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6 | 4 |
Current | 2,170 | 1,975 |
Total Loans Receivable | 2,176 | 1,979 |
Real estate | Home equity lines of credit | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6 | |
Real estate | Home equity lines of credit | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4 | |
Real estate | Commercial and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 87 | |
Current | 1,269 | 1,840 |
Total Loans Receivable | 1,269 | 1,927 |
Real estate | Commercial and multi-family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 74 | |
Real estate | Commercial and multi-family | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13 | |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51 | 46 |
Current | 2,167 | 2,809 |
Total Loans Receivable | 2,218 | 2,855 |
Consumer and other | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29 | 12 |
Consumer and other | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 22 | $ 34 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Impaired loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Loans with an allowance recorded: | ||
Recorded Investment | $ 610 | $ 466 |
Unpaid Principal Balance | 612 | 468 |
Allowance for Loan Losses Allocated | 8 | 7 |
Average Recorded Investment | 644 | 451 |
Interest Income Recognized | 4 | 4 |
Real estate | Residential | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 540 | 305 |
Unpaid Principal Balance | 540 | 305 |
Average Recorded Investment | 503 | 296 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 65 | 69 |
Unpaid Principal Balance | 67 | 71 |
Allowance for Loan Losses Allocated | 8 | 7 |
Average Recorded Investment | 67 | 71 |
Interest Income Recognized | 4 | 4 |
Real estate | Home equity lines of credit | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 5 | 5 |
Unpaid Principal Balance | 5 | 5 |
Average Recorded Investment | 10 | 6 |
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 |
Real estate | Commercial and multi-family | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 87 |
Unpaid Principal Balance | 0 | 87 |
Average Recorded Investment | 64 | 78 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Consumer and other | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Nonaccrual loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Nonaccrual loans | ||
Total nonaccrual | $ 545 | $ 397 |
Real estate | Residential | ||
Nonaccrual loans | ||
Total nonaccrual | 540 | 305 |
Real estate | Home equity lines of credit | ||
Nonaccrual loans | ||
Total nonaccrual | 5 | 5 |
Real estate | Commercial and multi-family | ||
Nonaccrual loans | ||
Total nonaccrual | 0 | 87 |
Consumer and other | ||
Nonaccrual loans | ||
Total nonaccrual | $ 0 | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Additional information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Loans and Allowance for Loan Losses | ||
Amount of premium on loans purchased | $ 47,000 | $ 81,000 |
Loans modified under troubled debt restructuring in previous years | 64,000 | 69,000 |
Troubled debt restructured loans, specific allowances | $ 8,000 | $ 7,000 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross premises and equipment | $ 1,324 | $ 1,313 |
Less accumulated depreciation | 948 | 891 |
Net premises and equipment | 376 | 422 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross premises and equipment | 62 | 62 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross premises and equipment | 916 | 916 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross premises and equipment | $ 346 | $ 335 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 30,000 | $ 29,000 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 35,000 | $ 37,000 |
Foreclosed Assets (Details)
Foreclosed Assets (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Foreclosed Assets | ||
Other real estate owned, foreclosed assets | $ 131,000 | $ 9,000 |
Residential mortgages , foreclosed assets | $ 55,000 | $ 53,000 |
Bank Owned Life Insurance (Deta
Bank Owned Life Insurance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Bank Owned Life Insurance. | ||
Aggregate death benefit | $ 2,500 | $ 2,500 |
Bank owned life insurance | 793 | 769 |
Payment of premium | 0 | 750 |
Increase in cash surrender value-bank owned life insurance | $ 24 | $ 19 |
Time Deposits - Maturities (Det
Time Deposits - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Time Deposits. | ||
One year or less | $ 4,105 | |
Over one year to two years | 1,831 | |
Over two years to three years | 1,627 | |
Over three years to four years | 123 | |
Over four years to five years | 490 | |
Thereafter | 0 | |
Total Time Deposits | $ 8,176 | $ 7,926 |
Time Deposits- Additional infor
Time Deposits- Additional information (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Time Deposits. | ||
Time deposit of $250,000 or more | $ 1,200,000 | $ 510,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Federal Home Loan Bank Advances | ||
One year or less | $ 1,500 | $ 1,000 |
Over one year to two years | 1,000 | 0 |
Federal Home Loan Bank advances | $ 2,500 | $ 1,000 |
One year or less, Interest rate | 2.61% | 4.12% |
Over two years to three years, Interest rate | 3.16% | 0.00% |
Interest Rate Total | 2.83% | 4.12% |
One year or less,Weighted Average Interest rate | 2.61% | 4.12% |
Over two years to three years, Weighted Average Interest rate | 3.16% | 0.00% |
Weighted Average Interest Rate Total | 2.83% | 4.12% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Payments (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Federal Home Loan Bank Advances | |
2020 | $ 1,500 |
2022 | 1,000 |
Total payment due for Federal Home Loan Bank advances | $ 2,500 |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances- Additional information (Details) | Jun. 30, 2019USD ($) |
Federal Home Loan Bank, Advances [Line Items] | |
Value of collateral pledged | $ 23,000,000 |
Federal Home Loan Bank Advances | |
Federal Home Loan Bank, Advances [Line Items] | |
Borrowing capacity | 2,000,000 |
Additional borrowing capacity | 13,200,000 |
Federal Reserve Bank Advances | |
Federal Home Loan Bank, Advances [Line Items] | |
Borrowing capacity | 197,000 |
United Bankers Bank Advances | |
Federal Home Loan Bank, Advances [Line Items] | |
Borrowing capacity | $ 3,800,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes | ||
Federal - current | $ 0 | $ 0 |
Federal - deferred | (43) | (227) |
Total | $ (43) | $ (227) |
Income Taxes - Reconciliation (
Income Taxes - Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes | ||
Computed at statutory rate | $ (43,000) | $ (261,000) |
Increase (decrease) resulting from: | ||
Tax exempt income | (8,000) | (15,000) |
Nondeductible expenses | 3,000 | 1,000 |
Other | 5,000 | (9,000) |
Effect of the Tax Act | 0 | 57,000 |
Total income tax benefit | $ (43,000) | $ (227,000) |
Effective tax rate | (21.30%) | (18.30%) |
Income Taxes - Deferred tax (De
Income Taxes - Deferred tax (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax assets | ||
Allowance for loan losses | $ 53 | $ 53 |
Charitable contributions carryforward | 9 | 7 |
Net operating loss carry forward | 436 | 395 |
securities | 0 | 25 |
Total deferred tax assets | 498 | 480 |
Deferred tax liabilities | ||
Federal Home Loan Bank stock dividends | (129) | (129) |
Book/tax depreciation differences | (12) | (14) |
Cash versus accrual basis of accounting | (16) | (14) |
Unrealized gains on available-for-sale securities | (7) | 0 |
Total deferred tax liabilities | (164) | (157) |
Net deferred tax assets | $ 334 | $ 323 |
Income Taxes - Additional infor
Income Taxes - Additional information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes | ||
Effective Income Tax adjustment of deferred taxes | $ 0 | $ 57,000 |
Newly enacted corporate income tax rate | 21.00% | 34.00% |
Net operating loss carryforwards | $ 2,100,000 | |
Charitable contribution carryovers | 44,000 | |
Deferred federal income tax liability, not recognized in retained earnings | 909,000 | $ 909,000 |
Deferred income tax liability expected to reverse into taxable income | $ 234,000 | $ 191,000 |
Regulatory Matters - Capital am
Regulatory Matters - Capital amounts and ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 7,916 | $ 8,634 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 27.40% | 37.00% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 2,314 | $ 1,868 |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) Actual, Amount | $ 7,662 | $ 8,381 |
Tier I Capital (to Risk-Weighted Assets) Actual, Ratio | 26.50% | 35.90% |
Tier I Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,735 | $ 1,401 |
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 | $ 7,662 | $ 8,381 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 26.50% | 35.90% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,301 | $ 1,051 |
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 | $ 7,662 | $ 8,381 |
Leverage Capital (to Adjusted Average Total Assets) Actual, Ratio | 14.70% | 16.40% |
Leverage Capital (to Adjusted Average Total Assets) For Capital Adequacy Purposes, Amount | $ 2,090 | $ 2,047 |
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 | $ 7,545 | $ 7,849 |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 26.10% | 33.60% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 2,314 | $ 1,868 |
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 | $ 2,892 | $ 2,335 |
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 | $ 7,291 | $ 7,596 |
Tier I Capital (to Risk-Weighted Assets) Actual, Ratio | 25.20% | 32.50% |
Tier I Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,735 | $ 1,401 |
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 | $ 2,314 | $ 1,868 |
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 | $ 7,291 | $ 7,596 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 25.20% | 32.50% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes, Amount | $ 1,301 | $ 1,051 |
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 | $ 1,880 | $ 1,517 |
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 | $ 7,291 | $ 7,596 |
Leverage Capital (to Adjusted Average Total Assets) Actual, Ratio | 14.00% | 14.80% |
Leverage Capital (to Adjusted Average Total Assets) For Capital Adequacy Purposes, Amount | $ 2,090 | $ 2,047 |
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 | $ 2,612 | $ 2,559 |
Leverage Capital (to Adjusted Average Total Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount available for dividend declaration | $ 0 | |
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% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transactions | ||
Related party loan | $ 15,000 | $ 22,000 |
Principal repayments from related parties | 7,000 | |
Related party deposit liabilities | $ 399,000 | $ 404,000 |
Benefit Plans and Employment _3
Benefit Plans and Employment Agreement (Details) - USD ($) | Jan. 01, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Feb. 19, 2018 |
Pentegra multi-employer plan | |||||||
Benefit plan and employment agreement | |||||||
Funded status (as a percent of assets to funding target) | 132.00% | 95.50% | |||||
Employers contributions (as a percent of total contributions) | 5.00% | ||||||
Pension expense | $ 48,000 | $ 866,000 | |||||
Employer contributions | 23,000 | 858,000 | |||||
Equity Incentive Plan | |||||||
Benefit plan and employment agreement | |||||||
Reserved for issuance (in shares) | 61,780 | ||||||
Equity Incentive Plan | Restricted stock | |||||||
Benefit plan and employment agreement | |||||||
Authorized (in shares) | 17,651 | ||||||
Plan expense | $ 45,000 | $ 45,000 | $ 11,000 | ||||
Equity Incentive Plan | Stock options | |||||||
Benefit plan and employment agreement | |||||||
Authorized (in shares) | 44,129 | ||||||
President and CEO | |||||||
Benefit plan and employment agreement | |||||||
Employment agreement term (in years) | 3 years | ||||||
Educational expenses | 30,000 | ||||||
Potential severance payments | $ 360,000 | ||||||
401(k) Profit Sharing Plan | |||||||
Benefit plan and employment agreement | |||||||
Maximum employee contributions (as a percent of salary) | 15.00% | ||||||
Plan expense | $ 13,000 | $ 12,000 | |||||
401(k) Profit Sharing Plan | Tranche One | |||||||
Benefit plan and employment agreement | |||||||
Employers matching contribution (as a percent of match) | 100.00% | ||||||
Employers matching contribution (as a percent of gross pay) | 3.00% | ||||||
401(k) Profit Sharing Plan | Tranche Two | |||||||
Benefit plan and employment agreement | |||||||
Employers matching contribution (as a percent of match) | 50.00% | ||||||
Employers matching contribution (as a percent of gross pay) | 3.00% |
Benefit Plans and Employment _4
Benefit Plans and Employment Agreement - Restricted stock activity (Details) | 12 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested | shares | 0 |
Granted | shares | 9,710 |
Vested | shares | 0 |
Non-vested | shares | 9,710 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested | $ / shares | $ 0 |
Granted | $ / shares | 13.55 |
Vested | $ / shares | 0 |
Non-vested | $ / shares | $ 13.55 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan (ESOP) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jan. 10, 2017 | |
Employee Stock Ownership Plan | |||
Shares in ESOP | 32,688 | ||
Debt term (in years) | 20 years | ||
Award vesting percentage | 20.00% | ||
Award vesting period | 5 years | ||
Number of shares released and allocated to ESOP plan (in shares) | 1,634 | 1,634 | |
Compensation expense related to the ESOP | $ 22,000 | $ 22,000 | |
Stock price of ESOP at the formation date | $ 10 | ||
Number of unallocated shares (in shares) | 29,420 | 31,054 | |
Aggregate fair value of unallocated shares | $ 399,000 | ||
Closing price of common stock | $ 13.55 | ||
Prime Rate | |||
Employee Stock Ownership Plan | |||
Interest rate (as a percent) | 5.50% | 4.50% |
Commitments and Credit Risk (De
Commitments and Credit Risk (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Commitment to originate loan | ||
Commitments and Credit Risk | ||
Contractual obligation | $ 252,000 | $ 126,000 |
Commitment to originate loan | Minimum | ||
Commitments and Credit Risk | ||
Interest rate (as a percent) | 5.00% | 5.38% |
Commitment to originate loan | Maximum | ||
Commitments and Credit Risk | ||
Interest rate (as a percent) | 7.25% | 5.50% |
Commitment for undisbursed construction loan | ||
Commitments and Credit Risk | ||
Contractual obligation | $ 320,000 | $ 538,000 |
Commitment for home equity lines of credit | ||
Commitments and Credit Risk | ||
Contractual obligation | $ 1,800,000 | $ 1,900,000 |
Disclosures about Fair Value _3
Disclosures about Fair Value of Assets and Liabilities - Assets recognized (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | $ 5,116 | $ 6,651 |
Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 3,234 | 4,192 |
Collateralized mortgage obligations of government sponsored entities -residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 171 | 214 |
State and political subdivisions - Taxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 257 | 813 |
State and political subdivisions - Nontaxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 1,454 | 1,432 |
Recurring | Level 1 | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | Collateralized mortgage obligations of government sponsored entities -residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | State and political subdivisions - Taxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 1 | State and political subdivisions - Nontaxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 2 | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 5,116 | 6,651 |
Recurring | Level 2 | Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 3,234 | 4,192 |
Recurring | Level 2 | Collateralized mortgage obligations of government sponsored entities -residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 171 | 214 |
Recurring | Level 2 | State and political subdivisions - Taxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 257 | 813 |
Recurring | Level 2 | State and political subdivisions - Nontaxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 1,454 | 1,432 |
Recurring | Level 3 | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities of U.S. government sponsored entities - residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 3 | Collateralized mortgage obligations of government sponsored entities -residential | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 3 | State and political subdivisions - Taxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Recurring | Level 3 | State and political subdivisions - Nontaxable | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-sale | $ 0 | $ 0 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Assets and Liabilities - Assets measured at fair value on non-recurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
One to four family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 57 | $ 62 |
Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 131 | 9 |
Level 1 | One to four family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Level 1 | Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 0 | 0 |
Level 2 | One to four family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Level 2 | Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | 0 | 0 |
Level 3 | One to four family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 57 | 62 |
Level 3 | Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 57 | 62 |
Foreclosed assets | $ 131 | $ 9 |
Disclosures about Fair Value _5
Disclosures about Fair Value of Assets and Liabilities - Unobservable inputs used in nonrecurring Level 3 fair value measurements (Details) - Nonrecurring - Residential $ in Thousands | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets | $ 131 | $ 9 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 57 | 62 |
Foreclosed assets | $ 131 | $ 9 |
Level 3 | Weighted Average | Valuation, Market Approach | Adjustment for differences between the comparable real estate sales | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans measurement input | 10 | 13 |
Foreclosed assets measurement input | 13 | 52 |
Disclosures about Fair Value _6
Disclosures about Fair Value of Assets and Liabilities - Carrying amount and estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Financial assets | |||
Cash and cash equivalents | $ 2,843 | $ 4,304 | $ 8,699 |
Interest-earning time deposits | 3,595 | 4,595 | |
Loans, net | 30,658 | 31,635 | |
Accrued interest receivable | 125 | 135 | |
Bank owned life insurance | 793 | 769 | |
Financial liabilities | |||
Deposits | 41,751 | 40,399 | |
Payments by borrowers for taxes and insurance | 109 | 92 | |
Level 1 | |||
Financial assets | |||
Cash and cash equivalents | 2,843 | 4,304 | |
Interest-earning time deposits | 3,595 | 4,595 | |
Restricted Stock | 940 | 0 | |
Loans, net | 0 | 0 | |
Loans held for sale | 0 | ||
Accrued interest receivable | 125 | 0 | |
Bank owned life insurance | 793 | 0 | |
Financial liabilities | |||
Deposits | 33,574 | 32,473 | |
Federal Home Loan Bank advances | 0 | 0 | |
Payments by borrowers for taxes and insurance | 109 | 0 | |
Accured interest payable | 1 | 1 | |
Level 2 | |||
Financial assets | |||
Cash and cash equivalents | 0 | 0 | |
Interest-earning time deposits | 0 | 0 | |
Restricted Stock | 0 | 0 | |
Loans, net | 0 | 0 | |
Loans held for sale | 0 | ||
Accrued interest receivable | 0 | 135 | |
Bank owned life insurance | 0 | 769 | |
Financial liabilities | |||
Deposits | 0 | 7,682 | |
Federal Home Loan Bank advances | 0 | 1,008 | |
Payments by borrowers for taxes and insurance | 0 | 92 | |
Accured interest payable | 0 | 0 | |
Level 3 | |||
Financial assets | |||
Cash and cash equivalents | 0 | 0 | |
Interest-earning time deposits | 0 | 0 | |
Restricted Stock | 0 | 940 | |
Loans, net | 32,142 | 32,195 | |
Loans held for sale | 7,327 | ||
Accrued interest receivable | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Financial liabilities | |||
Deposits | 8,135 | 0 | |
Federal Home Loan Bank advances | 2,527 | 0 | |
Payments by borrowers for taxes and insurance | 0 | 0 | |
Accured interest payable | 0 | 0 | |
Carrying Amount | |||
Financial assets | |||
Cash and cash equivalents | 2,843 | 4,304 | |
Interest-earning time deposits | 3,595 | 4,595 | |
Restricted Stock | 940 | 940 | |
Loans, net | 30,658 | 31,635 | |
Loans held for sale | 7,127 | ||
Accrued interest receivable | 125 | 135 | |
Bank owned life insurance | 793 | 769 | |
Financial liabilities | |||
Deposits | 41,751 | 40,399 | |
Federal Home Loan Bank advances | 2,500 | 1,000 | |
Payments by borrowers for taxes and insurance | 109 | 92 | |
Accured interest payable | 1 | 1 | |
Fair Value | |||
Financial assets | |||
Cash and cash equivalents | 2,843 | 4,304 | |
Interest-earning time deposits | 3,595 | 4,595 | |
Restricted Stock | 940 | 940 | |
Loans, net | 31,968 | 32,195 | |
Loans held for sale | 7,327 | ||
Accrued interest receivable | 125 | 135 | |
Bank owned life insurance | 793 | 769 | |
Financial liabilities | |||
Deposits | 41,709 | 40,155 | |
Federal Home Loan Bank advances | 2,527 | 1,008 | |
Payments by borrowers for taxes and insurance | 109 | 92 | |
Accured interest payable | $ 1 | $ 1 |
Disclosures about Fair Value _7
Disclosures about Fair Value of Assets and Liabilities - Additional information (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosures about Fair Value of Assets and Liabilities | |
Percentage of discount applied to the appraisal value to cover estimated selling costs | 10.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ (94) | $ 25 |
Net current period other comprehensive income (loss) | 121 | (114) |
Reclassification of certain tax effects from accumulated other comprehensive income (loss) | 0 | (5) |
Ending balance | $ 27 | $ (94) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Additional information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) | ||
Historical corporate income tax rate | 21.00% | 34.00% |
Reclassification of certain tax effects from accumulated other comprehensive income | $ 5,000 |
Subsequent Events - Additional
Subsequent Events - Additional information (Details) $ in Millions | Aug. 02, 2019USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Loans transferred | $ 1.2 |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Assets | |||
Cash and due from banks (all from subsidiary) | $ 1,768 | $ 2,222 | |
Total assets | 52,222 | 49,968 | |
Liabilities and shareholders' equity | |||
Total liabilities | 44,533 | 41,681 | |
Total shareholders' equity | 7,689 | 8,287 | $ 9,393 |
Total liabilities and shareholders' equity | 52,222 | 49,968 | |
Parent Company | |||
Assets | |||
Cash and due from banks (all from subsidiary) | 58 | 505 | |
ESOP interest receivable | 8 | ||
Investment in subsidiary (equity basis) | 7,319 | 7,504 | |
ESOP loan receivable to subsidiary | 304 | 315 | |
Total assets | 7,689 | 8,324 | |
Liabilities and shareholders' equity | |||
Total liabilities | 0 | 37 | |
Total shareholders' equity | 7,689 | 8,287 | |
Total liabilities and shareholders' equity | $ 7,689 | $ 8,324 |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only - CONDENSED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Income tax expense | $ (43) | $ (227) |
Net income loss | (159) | (1,014) |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total income | 22 | 12 |
Total expense | 141 | 288 |
Loss before income tax expense and equity in undistributed earnings of subsidiary | (119) | (276) |
Income tax expense | 0 | 0 |
Loss before equity in undistributed earnings of subsidiary | (119) | (276) |
Equity in undistributed earnings loss of subsidiary | (40) | (738) |
Net income loss | $ (159) | $ (1,014) |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net income | $ (159) | $ (1,014) |
Adjustments to reconcile net income by operating activities: | ||
ESOP shares earned | 22 | 22 |
Financing activities | ||
Net cash decrease for period | (1,461) | (4,395) |
Beginning Cash and Cash Equivalents | 4,304 | 8,699 |
Ending Cash and Cash Equivalents | 2,843 | 4,304 |
Parent Company | ||
Operating activities | ||
Net income | (159) | (1,014) |
Adjustments to reconcile net income by operating activities: | ||
Equity in undistributed earnings | 40 | 738 |
Equity awards | 11 | 0 |
ESOP shares earned | 22 | 22 |
Others, net | (67) | 24 |
Net cash provided by (used in) operating activities | (153) | (230) |
Investing activities | ||
Investment in Community Savings | 0 | 0 |
Net cash provided by investing activities | 0 | 0 |
Financing activities | ||
Stock buyback | (594) | 0 |
Equity distribution from subsidiary | 300 | 0 |
Net cash used for financing activities | (294) | 0 |
Net cash decrease for period | (447) | (230) |
Beginning Cash and Cash Equivalents | 505 | 735 |
Ending Cash and Cash Equivalents | $ 58 | $ 505 |