Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PCSB | |
Entity Registrant Name | PCSB Financial Corporation | |
Entity Central Index Key | 0001691337 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 15,334,323 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38065 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 81-4710738 | |
Entity Address, Address Line One | 2651 Strang Blvd | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Yorktown Heights | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10598 | |
City Area Code | 914 | |
Local Phone Number | 248-7272 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
ASSETS | ||
Cash and due from banks | $ 48,747 | $ 116,522 |
Federal funds sold | 2,006 | 1,935 |
Total cash and cash equivalents | 50,753 | 118,457 |
Held to maturity debt securities, at amortized cost (fair value of $339,143 and $361,608 as of September 30, 2022 and June 30, 2022, respectively) | 406,250 | 412,449 |
Available for sale debt securities, at fair value | 32,431 | 34,621 |
Total investment securities | 438,681 | 447,070 |
Loans receivable, net of allowance for loan losses of $9,048 and $8,927 as of September 30, 2022 and June 30, 2022, respectively | 1,350,197 | 1,329,372 |
Accrued interest receivable | 7,074 | 6,396 |
FHLB stock | 2,865 | 3,766 |
Premises and equipment, net | 19,084 | 19,358 |
Deferred tax asset, net | 4,403 | 4,132 |
Bank-owned life insurance | 36,513 | 36,322 |
Goodwill | 6,106 | 6,106 |
Other intangible assets | 77 | 89 |
Other assets | 24,816 | 18,064 |
Total assets | 1,940,569 | 1,989,132 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Interest bearing deposits | 1,365,631 | 1,380,953 |
Non-interest bearing deposits | 227,635 | 245,297 |
Total deposits | 1,593,266 | 1,626,250 |
Mortgage escrow funds | 7,302 | 11,173 |
Advances from FHLB | 28,288 | 48,323 |
Other liabilities | 30,576 | 26,224 |
Total liabilities | 1,659,432 | 1,711,970 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of September 30, 2022 and June 30, 2022) | ||
Common stock ($0.01 par value, 200,000,000 shares authorized, 18,703,577 shares issued as of both September 30, 2022 and June 30, 2022, and 15,334,323 and 15,334,857 shares outstanding as of September 30, 2022 and June 30, 2022, respectively) | 187 | 187 |
Additional paid in capital | 194,935 | 193,893 |
Retained earnings | 166,033 | 162,262 |
Unearned compensation - ESOP | (8,963) | (9,208) |
Accumulated other comprehensive loss, net of income taxes | (9,702) | (8,629) |
Treasury stock, at cost (3,369,254 and 3,368,720 shares as of September 30, 2022 and June 30, 2022, respectively) | (61,353) | (61,343) |
Total shareholders' equity | 281,137 | 277,162 |
Total liabilities and shareholders' equity | $ 1,940,569 | $ 1,989,132 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Held to maturity investment securities, fair value | $ 339,143 | $ 361,608 |
Allowance for loan losses | $ 9,048 | $ 8,927 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares, issued | 18,703,577 | 18,703,577 |
Common Stock, shares outstanding | 15,334,323 | 15,334,857 |
Treasury Stock, Shares | 3,369,254 | 3,368,720 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Interest and dividend income | |||
Loans receivable | $ 13,849 | $ 12,107 | |
Investment securities | 2,420 | 2,011 | |
Federal funds and other | 487 | 109 | |
Total interest and dividend income | 16,756 | 14,227 | |
Interest expense | |||
Deposits and escrow interest | 1,664 | 1,354 | |
FHLB advances | 235 | 338 | |
Total interest expense | 1,899 | 1,692 | |
Net interest income | 14,857 | 12,535 | |
Provision for loan losses | 82 | 13 | |
Net interest income after provision for loan losses | 14,775 | 12,522 | |
Noninterest income | |||
Fees and service charges | 453 | 401 | |
Bank-owned life insurance | [1] | 191 | 192 |
Swap income | [1] | 141 | |
Other | [1] | 8 | 20 |
Total noninterest income | 793 | 613 | |
Noninterest expense | |||
Salaries and employee benefits | 5,985 | 5,773 | |
Occupancy and equipment | 1,403 | 1,353 | |
Communication and data processing | 610 | 527 | |
Professional fees | 335 | 393 | |
Merger-related expenses | 311 | ||
Postage, printing, stationery and supplies | 174 | 143 | |
Advertising | 128 | 100 | |
FDIC assessment | 125 | 125 | |
Amortization of intangible assets | 12 | 16 | |
Other operating expenses | 474 | 194 | |
Total noninterest expense | 9,557 | 8,624 | |
Net income before income tax expense | 6,011 | 4,511 | |
Income tax expense | 1,235 | 897 | |
Net income | $ 4,776 | $ 3,614 | |
Earnings per common share: | |||
Basic | $ 0.34 | $ 0.25 | |
Diluted | $ 0.33 | $ 0.25 | |
Weighted average common shares outstanding: | |||
Basic | 14,214,313 | 14,337,543 | |
Diluted | 14,301,600 | 14,405,816 | |
[1] Not within the scope of ASC 606. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 4,776 | $ 3,614 |
Unrealized (losses) gains on available for sale debt securities: | ||
Net change in unrealized gains/losses before reclassification adjustment | (1,519) | (187) |
Net change in unrealized gains/losses | (1,519) | (187) |
Tax effect | 319 | 40 |
Net of tax | (1,200) | (147) |
Defined benefit pension plan and supplemental retirement plans: | ||
Total other comprehensive (loss) income | (1,073) | (105) |
Comprehensive income | 3,703 | 3,509 |
Pension Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 141 | 38 |
Net change in unrealized gains/losses | 141 | 38 |
Tax effect | (30) | (9) |
Net of tax | 111 | 29 |
SERP Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 20 | 16 |
Net change in unrealized gains/losses | 20 | 16 |
Tax effect | (4) | (3) |
Net of tax | $ 16 | $ 13 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unallocated Common Stock of ESOP [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, at Cost [Member] |
Beginning Balance at Jun. 30, 2021 | $ 274,560 | $ 187 | $ 189,926 | $ 150,987 | $ (10,176) | $ (3,099) | $ (53,265) |
Beginning Balance (in shares) at Jun. 30, 2021 | 15,770,645 | ||||||
Net income | 3,614 | 3,614 | |||||
Other comprehensive income (loss) | (105) | (105) | |||||
Common stock dividends declared | (876) | (876) | |||||
Repurchase of common stock | (3,720) | (3,720) | |||||
Repurchase of common stock (in shares) | (204,261) | ||||||
Restricted stock awards granted | (145) | 145 | |||||
Restricted stock awards granted (in shares) | 8,000 | ||||||
Shares withheld related to income tax withholding | (1) | (1) | |||||
Shares withheld related to income tax withholding (in shares) | (74) | ||||||
Stock-based compensation | 810 | 810 | |||||
ESOP shares committed to be released | 446 | 202 | 244 | ||||
Ending Balance at Sep. 30, 2021 | 274,728 | $ 187 | 190,793 | 153,725 | (9,932) | (3,204) | (56,841) |
Ending Balance (in shares) at Sep. 30, 2021 | 15,574,310 | ||||||
Beginning Balance at Jun. 30, 2022 | 277,162 | $ 187 | 193,893 | 162,262 | (9,208) | (8,629) | (61,343) |
Beginning Balance (in shares) at Jun. 30, 2022 | 15,334,857 | ||||||
Net income | 4,776 | 4,776 | |||||
Other comprehensive income (loss) | (1,073) | (1,073) | |||||
Common stock dividends declared | (1,005) | (1,005) | |||||
Shares withheld related to income tax withholding | (10) | (10) | |||||
Shares withheld related to income tax withholding (in shares) | (534) | ||||||
Stock-based compensation | 820 | 820 | |||||
ESOP shares committed to be released | 467 | 222 | 245 | ||||
Ending Balance at Sep. 30, 2022 | $ 281,137 | $ 187 | $ 194,935 | $ 166,033 | $ (8,963) | $ (9,702) | $ (61,353) |
Ending Balance (in shares) at Sep. 30, 2022 | 15,334,323 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends declared (per share) | $ 0.07 | $ 0.06 |
ESOP shares committed to be released (in shares) | 24,419 | 24,419 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 4,776,000 | $ 3,614,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 82,000 | 13,000 |
Depreciation and amortization | 749,000 | 738,000 |
Amortization of net premiums on securities and net deferred loan origination costs | 237,000 | 20,000 |
Net increase in accrued interest receivable | (678,000) | (152,000) |
Stock-based compensation | 820,000 | 810,000 |
ESOP compensation | 467,000 | 446,000 |
Earnings from cash surrender value of BOLI | (191,000) | (192,000) |
Net accretion of purchase accounting adjustments | (19,000) | (35,000) |
Other adjustments, principally net changes in other assets and liabilities | (2,224,000) | (1,080,000) |
Net cash provided by operating activities | 4,019,000 | 4,182,000 |
INVESTING ACTIVITIES | ||
Purchases of investment securities held to maturity | (1,500,000) | (75,504,000) |
Maturities, calls and amortization of investment securities: | ||
Held to maturity | 7,579,000 | 24,415,000 |
Available for sale | 641,000 | 12,134,000 |
Loan (originations) repayments, net | (20,975,000) | 19,021,000 |
Net redemption of FHLB stock | 901,000 | 1,000 |
Net purchase of bank premises and equipment | (464,000) | (159,000) |
Net cash used in investing activities | (13,818,000) | (20,092,000) |
FINANCING ACTIVITIES | ||
Net (decrease) increase in deposits | (32,984,000) | 12,955,000 |
Repayment of long-term FHLB advances | (20,035,000) | (33,000) |
Net decrease in mortgage escrow funds | (3,871,000) | (3,708,000) |
Common stock dividends paid | (1,005,000) | (876,000) |
Repurchase of shares from employees for income tax withholding purpose | (10,000) | (1,000) |
Repurchase of common stock | (3,720,000) | |
Net cash (used in) provided by financing activities | (57,905,000) | 4,617,000 |
Net decrease in cash and cash equivalents | (67,704,000) | (11,293,000) |
Cash and cash equivalents at beginning of period | 118,457,000 | 159,305,000 |
Cash and cash equivalents at end of period | 50,753,000 | 148,012,000 |
Cash paid for: | ||
Interest | 1,940,000 | 1,694,000 |
Income taxes | $ 1,160,000 | $ 917,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Nature of Operations : PCSB Financial Corporation (the “Holding Company” and together with its direct and indirect subsidiaries, the “Company”) is a Maryland corporation organized by PCSB Bank (the “Bank”) for the purpose of acquiring all of the capital stock of the Bank issued in the Bank's conversion to stock ownership on April 20, 2017. At September 30, 2022, the significant assets of the Holding Company were the capital stock of the Bank, cash deposited in the Bank, and a loan to the PCSB Bank Employee Stock Ownership Plan (“ESOP”). The liabilities of the Holding Company were insignificant. The Company is subject to the financial reporting requirements of the Securities Exchange Act of 1934, as amended, and regulation and examination by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the New York State Department of Financial Services (the “NYSDFS”). PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered commercial bank, and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the NYSDFS. Basis of Presentation : The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of the Holding Company, the Bank and the Bank's two subsidiaries – PCSB Funding Corp. and UpCounty Realty Corp. (formerly PCSB Realty Ltd.). PCSB Funding Corp. is a real estate investment trust that holds certain mortgage assets. UpCounty Realty Corp. is a corporation that holds certain properties foreclosed upon by the Bank. All intercompany transactions and balances have been eliminated in consolidation. The unaudited consolidated financial statements contained herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments reflected in the consolidated financial statements contained herein. The results of operations for the current period presented are not necessarily indicative of the results of operations that may be expected for the entire current fiscal year. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2022, included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022. Certain prior period amounts have been reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or equity. Risks and Uncertainties: In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events, such as continued interest rate volatility, prolonged periods of inflation, continued trade and supply chain disruptions, economic recession and increased unemployment. Such conditions could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include, but are not limited to, the valuation impairments of the Company’s intangible assets, investments, loans receivable, or deferred tax assets. Additionally, i t is reasonably possible that the Company’s allowance for loan loss estimate as of September 30, 2022 could change in the near term and could result in a material change to the Company’s provision for loan losses, earnings and capital. Use of Estimates : To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 . Recent Accounting Pronouncements The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that the Company has determined could potentially have a material impact on its consolidated financial position and results of operations or on its disclosures. There were no accounting standards adopted in the current period. Future Application of Accounting Pronouncements Previously Issued In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 which affects entities holding financial assets that are not accounted for at fair value through net income, including loans, debt securities, and other financial assets. The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected by recording an allowance for current expected credit losses. In October 2019, the FASB unanimously voted to delay the implementation of the standard for three years for certain companies, including small reporting companies (as defined by the SEC), non-SEC public companies and private companies. The Company currently qualifies as a small reporting company and is subject to the delayed implementation. Therefore, the amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2023, including interim periods within that fiscal year. The Company is actively working through the provisions of the Update. Management has established a steering committee which is identifying the methodologies and the additional data requirements necessary to implement the Update and has engaged a third-party software service provider to assist in the Company's implementation. On March 31, 2022 the FASB issued ASU 2022-02 "Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures." The ASU eliminates the current accounting guidance on troubled debt restructurings ("TDRs") for creditors, enhances disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty and amends the guidance on vintage disclosures with respect to current period gross charge-offs. For entities that have not yet adopted ASU 2016-13, the amendments in ASU 2022-02 are effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact that ASU 2016-13 and ASU 2022-02 will have on the Company’s consolidated financial position, results of operations and disclosures. The FASB issued ASU 2020-04 “Reference Rate Reform” and ASU 2021-01 “Reference Rate Reform Scope” which collectively address accounting considerations related to the expected discontinuation of LIBOR as a reference rate for financial contracts. These Updates provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848). They include optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables), were not substantial (assets within the scope of ASC 470, Debt) and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases, and other Topics) of the existing contract. They also include optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. The Updates also allow for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. The Company has not yet elected to apply the practical expedients contained in these Updates and does not expect significant impact to the consolidated financial statements upon adoption. |
Investment Securities
Investment Securities | 3 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3. Investment Securities The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity debt securities at September 30, 2022 and June 30, 2022 were as follows (in thousands): September 30, 2022 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 10,945 $ - $ ( 1,502 ) $ 9,443 Corporate 5,000 - ( 235 ) 4,765 State and municipal 7,040 - ( 2,706 ) 4,334 Mortgage-backed securities – residential 13,695 2 ( 2,074 ) 11,623 Mortgage-backed securities – commercial 2,398 - ( 132 ) 2,266 Total available for sale debt securities $ 39,078 $ 2 $ ( 6,649 ) $ 32,431 Held to maturity debt securities U.S. Government and agency obligations $ 59,995 $ - $ ( 5,088 ) $ 54,907 Corporate 52,068 - ( 3,558 ) 48,510 State and municipal 88,490 64 ( 27,580 ) 60,974 Mortgage-backed securities – residential 97,886 - ( 13,727 ) 84,159 Mortgage-backed securities – collateralized 22,916 - ( 3,047 ) 19,869 Mortgage-backed securities – commercial 84,895 - ( 14,171 ) 70,724 Total held to maturity debt securities $ 406,250 $ 64 $ ( 67,171 ) $ 339,143 June 30, 2022 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 10,942 $ - $ ( 1,014 ) $ 9,928 Corporate 5,000 4 ( 150 ) 4,854 State and municipal 7,040 - ( 2,244 ) 4,796 Mortgage-backed securities – residential 14,351 5 ( 1,644 ) 12,712 Mortgage-backed securities – commercial 2,416 - ( 85 ) 2,331 Total available for sale debt securities $ 39,749 $ 9 $ ( 5,137 ) $ 34,621 Held to maturity debt securities U.S. Government and agency obligations $ 59,995 $ 6 $ ( 3,046 ) $ 56,955 Corporate 52,076 111 ( 2,796 ) 49,391 State and municipal 87,111 - ( 22,307 ) 64,804 Mortgage-backed securities – residential 101,525 4 ( 9,746 ) 91,783 Mortgage-backed securities – collateralized 24,198 - ( 2,124 ) 22,074 Mortgage-backed securities – commercial 87,544 - ( 10,943 ) 76,601 Total held to maturity debt securities $ 412,449 $ 121 $ ( 50,962 ) $ 361,608 No securities were sold during the three months ended September 30, 2022 or 2021. The following table presents the fair value and carrying amount of debt securities at September 30, 2022, by contractual maturity (in thousands). Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value 1 year or less $ 5,280 $ 5,265 $ - $ - 1 to 5 years 66,230 60,805 12,944 11,440 5 to 10 years 45,100 41,303 3,001 2,768 over 10 years 80,102 53,753 7,040 4,334 Mortgage-backed securities and other 209,538 178,017 16,093 13,889 Total $ 406,250 $ 339,143 $ 39,078 $ 32,431 Securities pledged had carrying amounts of $ 211.4 million and $ 202.9 million at September 30, 2022 and June 30, 2022, respectively, and were pledged principally to secure FHLB advances and public deposits. The following table provides information regarding investment securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ - $ - $ 9,443 $ ( 1,502 ) $ 9,443 $ ( 1,502 ) Corporate 4,765 ( 235 ) - - 4,765 ( 235 ) State and municipal 2,563 ( 1,460 ) 1,771 ( 1,246 ) 4,334 ( 2,706 ) Mortgage-backed securities – residential 3,624 ( 104 ) 7,822 ( 1,970 ) 11,446 ( 2,074 ) Mortgage-backed securities – commercial 2,266 ( 132 ) - - 2,266 ( 132 ) Total available for sale $ 13,218 $ ( 1,931 ) $ 19,036 $ ( 4,718 ) $ 32,254 $ ( 6,649 ) Held to maturity U.S. Government and agency obligations $ 31,488 $ ( 2,012 ) $ 23,419 $ ( 3,076 ) $ 54,907 $ ( 5,088 ) Corporate 48,510 ( 3,558 ) - - 48,510 ( 3,558 ) State and municipal 26,953 ( 9,722 ) 32,457 ( 17,858 ) 59,410 ( 27,580 ) Mortgage-backed securities – residential 62,389 ( 8,570 ) 21,770 ( 5,157 ) 84,159 ( 13,727 ) Mortgage-backed securities – collateralized 10,344 ( 717 ) 9,525 ( 2,330 ) 19,869 ( 3,047 ) Mortgage-backed securities – commercial 27,763 ( 3,546 ) 42,961 ( 10,625 ) 70,724 ( 14,171 ) Total held to maturity $ 207,447 $ ( 28,125 ) $ 130,132 $ ( 39,046 ) $ 337,579 $ ( 67,171 ) June 30, 2022 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ 2,774 $ ( 226 ) $ 7,154 $ ( 788 ) $ 9,928 $ ( 1,014 ) Corporate 2,850 ( 150 ) - - 2,850 ( 150 ) State and municipal 2,860 ( 1,162 ) 1,936 ( 1,082 ) 4,796 ( 2,244 ) Mortgage-backed securities – residential 3,616 ( 81 ) 8,394 ( 1,563 ) 12,010 ( 1,644 ) Mortgage-backed securities – commercial 2,331 ( 85 ) - - 2,331 ( 85 ) Total available for sale $ 14,431 $ ( 1,704 ) $ 17,484 $ ( 3,433 ) $ 31,915 $ ( 5,137 ) Held to maturity U.S. Government and agency obligations $ 39,883 $ ( 2,616 ) $ 5,066 $ ( 430 ) $ 44,949 $ ( 3,046 ) Corporate 39,758 ( 2,796 ) - - 39,758 ( 2,796 ) State and municipal 61,847 ( 20,696 ) 2,957 ( 1,611 ) 64,804 ( 22,307 ) Mortgage-backed securities – residential 87,364 ( 9,063 ) 3,994 ( 683 ) 91,358 ( 9,746 ) Mortgage-backed securities – collateralized 13,611 ( 642 ) 8,390 ( 1,482 ) 22,001 ( 2,124 ) Mortgage-backed securities – commercial 50,434 ( 5,515 ) 26,166 ( 5,428 ) 76,600 ( 10,943 ) Total held to maturity $ 292,897 $ ( 41,328 ) $ 46,573 $ ( 9,634 ) $ 339,470 $ ( 50,962 ) As of September 30, 2022, the Company’s securities portfolio consisted of $ 438.7 million in securities, of which 314 securities with a fair value of $ 369.8 million were in an unrealized/unrecognized loss position. Non-U.S. government and agency obligations are internally pass rated and are subject to quarterly credit monitoring. There were no securities for which the Company believes it is not probable that it will collect all amounts due according to the contractual terms of the security as of September 30, 2022 or June 30, 2022. Management believes the unrealized losses are primarily a result of changes in market interest rates. The Company has determined that it does not intend to sell, or it is not more likely than not that it will be required to sell, its securities that are in an unrealized loss position prior to the recovery of its amortized cost basis. Therefore, the Company did not consider any securities to be other-than-temporarily impaired as of September 30, 2022 or June 30, 2022. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans Receivable | Note 4. Loans Receivable Loans receivable are summarized as follows (in thousands): September 30, June 30, 2022 2022 Mortgage loans: Residential $ 214,586 $ 214,167 Commercial 953,539 942,130 Construction 25,307 20,896 Net deferred loan origination fees ( 145 ) ( 100 ) Total mortgage loans 1,193,287 1,177,093 Commercial and consumer loans: Commercial loans 141,902 136,304 Home equity lines of credit 22,955 23,688 Consumer and overdrafts 508 594 Net deferred loan origination costs 593 620 Total commercial and consumer loans 165,958 161,206 Total loans receivable 1,359,245 1,338,299 Allowance for loan losses ( 9,048 ) ( 8,927 ) Loans receivable, net $ 1,350,197 $ 1,329,372 The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, 2022 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 323 $ ( 3 ) $ - $ 2 $ 322 Commercial mortgages 7,351 5 - - 7,356 Construction 209 25 - - 234 Commercial loans 982 32 ( 15 ) 74 1,073 Home equity lines of credit 51 ( 9 ) - 1 43 Consumer and overdrafts 11 32 ( 24 ) 1 20 Total $ 8,927 $ 82 $ ( 39 ) $ 78 $ 9,048 Three Months Ended September 30, 2021 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 337 $ ( 13 ) $ - $ 2 $ 326 Commercial mortgages 6,435 134 - - 6,569 Construction 102 25 - - 127 Commercial loans 948 ( 143 ) ( 100 ) 367 1,072 Home equity lines of credit 54 ( 3 ) - 2 53 Consumer and overdrafts 5 13 ( 7 ) 1 12 Total $ 7,881 $ 13 $ ( 107 ) $ 372 $ 8,159 The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 1,664 $ 212,704 $ 218 $ 214,586 $ 109 $ 213 $ - $ 322 Commercial mortgages 3,504 949,185 850 953,539 - 7,356 - 7,356 Construction 2,792 22,515 - 25,307 - 234 - 234 Commercial loans 781 141,121 - 141,902 - 1,073 - 1,073 Home equity lines of credit 400 22,469 86 22,955 2 41 - 43 Consumer and overdrafts - 508 - 508 - 20 - 20 Total $ 9,141 $ 1,348,502 $ 1,154 $ 1,358,797 $ 111 $ 8,937 $ - $ 9,048 June 30, 2022 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 1,613 $ 212,333 $ 221 $ 214,167 $ 110 $ 213 $ - $ 323 Commercial mortgages 4,778 936,493 859 942,130 - 7,351 - 7,351 Construction 2,792 18,104 - 20,896 - 209 - 209 Commercial loans 783 135,521 - 136,304 - 982 - 982 Home equity lines of credit 452 23,147 89 23,688 9 42 - 51 Consumer and overdrafts - 594 - 594 - 11 - 11 Total $ 10,418 $ 1,326,192 $ 1,169 $ 1,337,779 $ 119 $ 8,808 $ - $ 8,927 The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by portfolio segment as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 June 30, 2022 Unpaid Recorded Investment Allowance for Loan Losses Unpaid Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential mortgages $ 1,382 $ 1,313 $ - $ 1,262 $ 1,197 $ - Commercial mortgages 3,582 3,504 - 4,789 4,778 - Construction 2,792 2,792 - 2,792 2,792 - Commercial loans 793 781 - 795 783 - Home equity lines of credit 383 376 - 379 399 - With an allowance recorded: Residential mortgages 351 351 109 353 416 110 Home equity lines of credit 31 24 2 60 53 9 Total $ 9,314 $ 9,141 $ 111 $ 10,430 $ 10,418 $ 119 The tables below present the average recorded investment and interest income recognized on loans individually evaluated for impairment, by portfolio segment, for the three months ended September 30, 2022 and 2021 (in thousands): September 30, 2022 September 30, 2021 Average Interest Average Interest With no related allowance recorded: Residential mortgages $ 1,318 $ 9 $ 1,936 $ 7 Commercial mortgages 3,543 - 3,582 - Construction 2,792 - - - Commercial loans 782 4 980 191 Home equity lines of credit 378 - 350 2 With an allowance recorded: Residential mortgages 352 3 424 3 Home equity lines of credit 27 - 33 - Total $ 9,192 $ 16 $ 7,305 $ 203 The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days and still on accrual status, by portfolio segment, as of September 30, 2022 and June 30, 2022 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing September 30, June 30, September 30, June 30, 2022 2022 2022 2022 Residential mortgages $ 791 $ 671 $ - $ - Commercial mortgages 3,504 4,778 - - Construction 2,792 2,792 - - Commercial loans 534 539 - - Home equity lines of credit 368 416 - - Consumer and overdrafts - - - 39 Total $ 7,989 $ 9,196 $ - $ 39 Nonperforming loans include both smaller-balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The table above excludes acquired loans that are accounted for as purchased credit impaired loans totaling $ 133,000 and $ 137,000 as of September 30, 2022 and June 30, 2022, respectively. Such loans are excluded because the loans are in pools that are considered performing. The discounts arising from recording these loans at fair value upon acquisition were due in part to credit quality and the accretable yield is being recognized as interest income over the life of the loans based on expected cash flows. The following tables present the aging of the recorded investment in past due loans by portfolio segment as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Residential mortgages $ - $ 104 $ 427 $ 531 $ 214,055 $ 214,586 Commercial mortgages - - - - 953,539 953,539 Construction - - 2,792 2,792 22,515 25,307 Commercial loans - 51 533 584 141,318 141,902 Home equity lines of credit - - 296 296 22,659 22,955 Consumer and overdrafts - - - - 508 508 Total $ - $ 155 $ 4,048 $ 4,203 $ 1,354,594 $ 1,358,797 June 30, 2022 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Residential mortgages $ - $ - $ 367 $ 367 $ 213,800 $ 214,167 Commercial mortgages - - 1,197 1,197 940,933 942,130 Construction - - 1,113 1,113 19,783 20,896 Commercial loans - 16 400 416 135,888 136,304 Home equity lines of credit - - 399 399 23,289 23,688 Consumer and overdrafts - - 39 39 555 594 Total $ - $ 16 $ 3,515 $ 3,531 $ 1,334,248 $ 1,337,779 Troubled Debt Restructurings The terms of certain loans have been modified as troubled debt restructurings (“TDRs”). The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. All TDRs are considered impaired loans. As of both September 30, 2022 and June 30, 2022, the Company had 9 loans, classified as TDRs totaling $ 1.4 million, including $ 1.2 million of loans still accruing interest. The Company has allocated $ 111,000 and $ 119,000 , respectively, of specific reserves to customers whose loan terms have been modified in TDRs as of September 30, 2022 and June 30, 2022. As of September 30, 2022, the Company has no commitments to lend additional funds to customers with outstanding loans that are classified as TDRs. The Company did no t modify any loans during the three months ended September 30, 2022 or 2021 that were classified as TDRs. There were no defaults of TDRs occurring in the three months ended September 30, 2022 or 2021 that were modified in the twelve months prior to default. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief From Troubled Debt Restructurings,” provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. On December 27, 2020, the Consolidated Appropriations Act 2021 was signed into law. Section 541 of this legislation, “Extension of Temporary Relief From Troubled Debt Restructurings and Insurer Clarification,” extends Section 4013 of the CARES Act to the earlier of January 1, 2022 or 60 days after the termination of the national emergency declared relating to COVID-19. This extension expired as of January 1, 2022 . Additionally, on April 7, 2020, the banking agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), to encourage banks to work prudently with borrowers and to describe the agencies’ interpretation of how accounting rules under ASC 310-40, “Troubled Debt Restructurings by Creditors,” apply to certain COVID-19-related modifications. During the three months ended September 30, 2022, no loan payment deferrals were granted or extended by the Company. During the three months ended September 30, 2021, the Company granted or extended loan payment deferrals for 5 residential mortgage, construction and commercial loans totaling $ 3.7 million. In accordance with either the CARES Act (as amended) or Interagency Statement, these modifications are not considered TDRs. The Company had no loans on loan payment deferral as of September 30, 2022 nor June 30, 2022. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on a monthly basis. The Company utilizes the same grading process for acquired loans as it does for originated loans. The Company uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above-described process and loans in groups of homogenous loans are considered to be pass rated loans. These loans are monitored based on delinquency and performance. Based on the most recent analysis performed, the risk category of loans by portfolio segment is as follows (in thousands): September 30, 2022 Pass Special Substandard Total Residential mortgages $ 213,581 $ 383 $ 622 $ 214,586 Commercial mortgages 944,482 1,538 7,519 953,539 Construction 22,515 1,679 1,113 25,307 Commercial loans 141,295 145 462 141,902 Home equity lines of credit 22,587 - 368 22,955 Consumer and overdrafts 508 - - 508 Total $ 1,344,968 $ 3,745 $ 10,084 $ 1,358,797 June 30, 2022 Pass Special Substandard Total Residential mortgages $ 212,810 $ 154 $ 1,203 $ 214,167 Commercial mortgages 931,178 1,548 9,404 942,130 Construction 18,104 1,679 1,113 20,896 Commercial loans 135,725 156 423 136,304 Home equity lines of credit 23,220 43 425 23,688 Consumer and overdrafts 594 - - 594 Total $ 1,321,631 $ 3,580 $ 12,568 $ 1,337,779 Purchased Credit Impaired Loans The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans as of September 30, 2022 and June 30, 2022 is as follows (in thousands): September 30, June 30, 2022 2022 Residential mortgages $ 218 $ 221 Commercial mortgages 850 859 Home equity lines of credit 86 89 Carrying amount, net of allowance of $ 0 $ 1,154 $ 1,169 There was no provision for loan losses on purchased credit impaired loans during the three months ended September 30, 2022 or 2021. Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Three Months Ended September 30, 2022 2021 Beginning balance $ 89 $ 130 Accretion income ( 3 ) ( 10 ) Ending balance $ 86 $ 120 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Note 5. Accumulated Other Comprehensive (Loss) Income The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized (1) Unrealized loss (2) Unrealized loss (2) Total Balance at July 1, 2022 $ ( 4,052 ) $ ( 4,452 ) $ ( 125 ) $ ( 8,629 ) Other comprehensive loss before reclassifications - - - - Amounts reclassified from accumulated other ( 1,519 ) 141 20 ( 1,358 ) Tax effect 319 ( 30 ) ( 4 ) 285 Net other comprehensive (loss) income ( 1,200 ) 111 16 ( 1,073 ) Balance at September 30, 2022 $ ( 5,252 ) $ ( 4,341 ) $ ( 109 ) $ ( 9,702 ) Net unrealized Unrealized loss Unrealized loss Total Balance at July 1, 2021 $ 137 $ ( 3,055 ) $ ( 181 ) $ ( 3,099 ) Other comprehensive loss before reclassifications ( 187 ) - - ( 187 ) Amounts reclassified from accumulated other - 38 16 54 Tax effect 40 ( 9 ) ( 3 ) 28 Net other comprehensive (loss) income ( 147 ) 29 13 ( 105 ) Balance at September 30, 2021 $ ( 10 ) $ ( 3,026 ) $ ( 168 ) $ ( 3,204 ) |
Post-Retirement Benefits
Post-Retirement Benefits | 3 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Post-Retirement Benefits | Note 6 . Post-Retirement Benefits Employee Pension Plan The Company maintains a non-contributory defined benefit pension plan that covers employees meeting specific requirements as to age and length of service. The Company’s contributions to this qualified plan are determined on the basis of (i) the maximum amount that can be deducted for federal income tax purposes, and (ii) the amount determined by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974 (“ERISA”). Contributions are intended to provide for benefits attributed to service to date but also those expected to be earned in the future. On February 15, 2017, the Board of Directors approved the freezing of the defined benefit pension plan effective May 1, 2017 . Supplemental Executive Retirement Plans The Company also maintains unfunded and non-qualified supplemental executive retirement plans ("SERP") to provide pension benefits in addition to those provided under the qualified pension plan. Net periodic benefit cost and other amounts recognized in other comprehensive income for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 Defined Supplemental Defined Supplemental Service cost $ - $ 82 $ - $ 131 Interest cost 196 26 149 17 Expected return on plan assets ( 410 ) - ( 510 ) - Amortization of prior net loss 141 20 38 16 Settlement charges - - - - Net periodic (benefit) cost $ ( 73 ) $ 128 $ ( 323 ) $ 164 The Company made no contributions to the defined benefit plan during the three months ended September 30, 2022. Employee Stock Ownership Plan On January 1, 2017, the Company established an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. The ESOP is a tax-qualified retirement plan for the benefit of Company employees. On April 20, 2017, the Holding Company granted a loan to the ESOP in the amount of $ 14.5 million for the purchase of 1,453,209 shares of the Company’s common stock at a price of $ 10.00 per share. The loan obtained by the ESOP from the Holding Company to purchase the common stock is payable annually over 15 years at a rate per annum equal to the Prime Rate, reset annually on January 1st ( 3.25 % for 2022). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at September 30, 2022 was $ 9.7 million. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 96,881 through 2032. Dividends on allocated shares increase participant accounts and are used to purchase additional shares of stock. Participants receive the shares at the end of employment. Shares held by the ESOP include the following (Dollars in thousands): September 30, 2022 June 30, 2022 Allocated to participants 541,097 518,371 Unearned 896,348 920,767 Total ESOP shares 1,437,445 1,439,138 Fair value of unearned shares $ 16,072 $ 17,577 Total compensation expense recognized in connection with the ESOP for the three months ended September 30, 2022 and 2021 was $ 467,000 and $ 446,000 , respectively |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 7. Fair Value of Financial Instruments Fair value is the exchange price that would be received for 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 on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as general classification of such instruments pursuant to the valuation hierarchy, is set forth below. While management believes the Company’s valuation methodologies are appropriate and consistent with other financial institutions, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Investment Securities : The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs), or a broker's opinion of value (Level 3 inputs). Impaired Loans : The fair value of collateral-dependent impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. Appraisals are generally obtained annually and 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 appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Management performs a review of all appraisals, including any such adjustments. The fair value of uncollateralized or non-collateral-dependent loans are generally based on discounted cash flows which utilize management’s assumption of discount rates and expected future cash flows, resulting in a Level 3 classification. Foreclosed Real Estate : Assets acquired through or instead of loan foreclosure are initially recorded at fair value, less estimated costs to sell, when acquired, establishing a new cost basis. These assets are subsequently accounted for at the 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. Foreclosed 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 the Credit Department, as well as a third-party specialist, where deemed appropriate, 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. Once appraisals are considered appropriate, management discounts the appraised value for estimated selling costs, such as legal, broker, and property maintenance and insurance costs. The most recent analysis performed indicated discount rates ranging between 10 % and 20 % should be applied to properties with appraisals performed. Derivatives : The Company’s derivative assets and liabilities consist of transactions undertaken as part of management’s strategy to manage interest rate risk. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy. Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total September 30, 2022 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 9,443 $ - $ 9,443 Corporate - 1,997 2,768 4,765 State and municipal - 4,334 - 4,334 Mortgage-backed securities – residential - 11,623 - 11,623 Mortgage-backed securities – commercial - 2,266 - 2,266 Derivatives – interest rate contracts - 14,774 - 14,774 Total assets at fair value $ - $ 44,437 $ 2,768 $ 47,205 Derivatives – interest rate contracts $ - $ 14,774 $ - $ 14,774 Total liabilities at fair value $ - $ 14,774 $ - $ 14,774 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 242 $ 242 Home equity lines of credit - - 22 22 Total assets at fair value $ - $ - $ 264 $ 264 Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2022 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 9,928 $ - $ 9,928 Corporate - 2,004 2,850 4,854 State and municipal - 4,796 - 4,796 Mortgage-backed securities – residential - 12,712 - 12,712 Mortgage-backed securities – commercial - 2,331 - 2,331 Derivatives – interest rate contracts - 8,223 - 8,223 Total assets at fair value $ - $ 39,994 $ 2,850 $ 42,844 Derivatives – interest rate contracts $ - $ 8,223 $ - $ 8,223 Total liabilities at fair value $ - $ 8,223 $ - $ 8,223 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 306 $ 306 Home equity lines of credit - - 44 44 Total assets at fair value $ - $ - $ 350 $ 350 There were no transfers between levels within the fair value hierarchy during the three months ended September 30, 2022 or 2021. Impaired loans in the preceding table had a carrying amount of $ 375,000 and a remaining valuation allowance of $ 111,000 , at September 30, 2022, as compared to $ 469,000 and $ 119,000 , respectively, as of June 30, 2022. Impaired loans measured at fair value incurred no net charge-offs and resulted in a benefit for loan losses of $ 2,000 during the three months ended September 30, 2022. Impaired loans measured at fair value as of September 30, 2021 incurred no net charge-offs and resulted in a credit for loan losses of $ 2,000 during the three months ended September 30, 2021. The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at September 30, 2022 and June 30, 2022 (Dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used September 30, 2022 Impaired loans - residential mortgages $ 242 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 22 Discounted cash flow Discount rate 4.8 % to 6.3 % June 30, 2022 Impaired loans - residential mortgages $ 306 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 44 Discounted cash flow Discount rate 4.8 % to 6.3 % The following is a summary of the carrying amounts and estimated fair values of the Company’s financial assets and liabilities, none of which are held for trading purposes (in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total September 30, 2022 Financial assets: Cash and cash equivalents $ 50,753 $ 50,753 $ - $ - $ 50,753 Held to maturity debt securities 406,250 - 307,553 31,590 339,143 Available for sale debt securities 32,431 - 29,663 2,768 32,431 Loans receivable, net 1,350,197 - - 1,280,789 1,280,789 Accrued interest receivable 7,074 - 1,845 5,229 7,074 FHLB stock 2,865 N/A N/A N/A N/A Derivative assets - interest rate contracts 14,774 - 14,774 - 14,774 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,269,942 1,269,942 - - 1,269,942 Time deposits 323,324 - 324,778 - 324,778 Mortgage escrow funds 7,302 7,302 - - 7,302 Advances from FHLB 28,288 - 27,347 - 27,347 Accrued interest payable 53 - 53 - 53 Derivative liabilities - interest rate contracts 14,774 - 14,774 - 14,774 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2022 Financial assets: Cash and cash equivalents $ 118,457 $ 118,457 $ - $ - $ 118,457 Held to maturity debt securities 412,449 - 331,262 30,346 361,608 Available for sale debt securities 34,621 - 31,771 2,850 34,621 Loans receivable, net 1,329,372 - - 1,261,035 1,261,035 Accrued interest receivable 6,396 - 1,751 4,645 6,396 FHLB stock 3,766 N/A N/A N/A N/A Derivative assets - interest rate contracts 8,223 - 8,223 - 8,223 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,298,661 1,298,661 - - 1,298,661 Time deposits 327,589 - 329,885 - 329,885 Mortgage escrow funds 11,173 11,173 - - 11,173 Advances from FHLB 48,323 - 48,094 - 48,094 Accrued interest payable 94 1 93 - 94 Derivative liabilities - interest rate contracts 8,223 - 8,223 - 8,223 The methods of determining the fair value of assets and liabilities presented in the table above are consistent with our methodologies disclosed in the Company's Consolidated Financial Statements included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2022. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Sep. 30, 2022 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Regulatory Matters | Note 8. Regulatory Matters The following is a summary of the Bank’s actual capital amounts and ratios as of September 30, 2022 and June 30, 2022, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (Dollars in thousands). To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2022 Leverage (Tier 1) $ 256,469 13.0 % $ 78,658 4.0 % $ 98,323 5.0 % Risk-based: Common Tier 1 256,469 17.3 66,842 4.5 96,549 6.5 Tier 1 256,469 17.3 89,122 6.0 118,829 8.0 Total 265,517 17.9 118,829 8.0 148,537 10.0 June 30, 2022 Leverage (Tier 1) $ 251,144 12.8 % $ 78,490 4.0 % $ 98,112 5.0 % Risk-based: Common Tier 1 251,144 17.2 65,630 4.5 94,799 6.5 Tier 1 251,144 17.2 87,507 6.0 116,676 8.0 Total 260,071 17.8 116,676 8.0 145,845 10.0 In addition to the ratios above, the Basel III Capital Rules have established that community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5 % of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonus payments to executive officers. Management believes that as of September 30, 2022 and June 30, 2022, the Bank met all capital adequacy requirements to which it was subject, including the capital conservation buffer. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | Note 9. Earnings Per Share (“EPS”) Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated in a similar matter, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. Dilutive financial instruments include stock options and unvested restricted stock. The following table provides factors used in the earnings per share computation for the three months ended September 30, 2022 and 2021: 2022 2021 (Dollars in thousands, except per share data) Net income applicable to common stock $ 4,776 $ 3,614 Average number of common shares outstanding 15,122,732 15,342,975 Less: Average unallocated ESOP shares ( 908,419 ) ( 1,005,432 ) Average number of common shares outstanding used to calculate basic earnings per common share 14,214,313 14,337,543 Effect of equity-based awards 87,287 68,273 Average number of common shares outstanding used to calculate diluted earnings per common share 14,301,600 14,405,816 Earnings per common share: Basic $ 0.34 $ 0.25 Diluted $ 0.33 $ 0.25 Stock options for 1,314,963 and 1,325,935 shares of common stock were not considered in computing diluted earnings per common share for the three months ended September 30, 2022 and 2021, respectively, because they were antidilutive. |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 10. Derivatives and Hedging Derivatives not designated as hedges may be used to manage the Company’s exposure to interest rate movements or to provide service to customers. The Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third party in order to minimize the net risk exposure resulting from such transactions. The Company presents interest rate swap assets and liabilities in other assets and other liabilities, respectively, in the Consolidated Balance Sheets. These interest rate swap agreements do not qualify for hedge accounting treatment, and therefore changes in fair value are reported in current period earnings. The following table presents summary information about the interest rate swaps as of September 30, 2022 and June 30, 2022 (Dollars in thousands). September 30, 2022 June 30, 2022 Notional amounts $ 287,485 $ 264,462 Weighted average pay rates 4.31 % 3.57 % Weighted average receive rates 4.31 % 3.57 % Weighted average maturity 8.14 years 8.22 years Fair value of combined interest rate swaps $ - $ - |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | Note 11. Revenue From Contracts With Customers In accordance with ASC 606, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. The Company applies the following five steps to properly recognize revenue: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to performance obligations in the contract. 5. Recognize revenue when (or as) the Company satisfies a performance obligation. The following table presents summary information about sources of revenue from contracts with customers for the periods indicated (in thousands). Three months ended September 30, 2022 2021 Noninterest income: Service charges on deposits $ 234 $ 183 Interchange fees 153 156 Other fees and service charges (1) 66 62 Fees and service charges 453 401 Swap income (1) 141 - Bank-owned life insurance (1) 191 192 Other noninterest income (1) 8 20 Total noninterest income $ 793 $ 613 (1) Not within the scope of ASC 606. Fees and Service Charges on Deposit Accounts . The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payments, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of the month, representing the period over which the Company satisfied the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income . The Company earns interchange fees from debit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gain on Sales of Foreclosed Real Estate . The Company records a gain or loss from the sale of foreclosed real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of foreclosed real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed real estate asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 12. Stock-Based Compensation On October 24, 2018, the Company’s shareholders approved the PCSB Financial Corporation 2018 Equity Incentive Plan (the “Plan”), which permits the grant of stock options and restricted stock and/or restricted stock units. The total number of shares that may be granted under the Plan is 2,543,115 , of which 1,816,511 shares may be granted as stock options and 726,604 shares may be granted as restricted stock and restricted stock units. Total compensation cost that has been charged against income for the Plan was $ 820,000 and $ 810,000 for the three months ended September 30, 2022 and 2021, respectively. Restricted Stock Awards (“RSAs”) RSAs awarded under the Plan provide for the issuance of shares to both employees and non-employee directors. These awards generally vest over a 5 -year period, with 20 % vesting each year on the anniversary of the award. All awards were made at the fair value of common stock on the grant date. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock was determined to be the closing price of the stock on the NASDAQ exchange. Total shares available for grant under the Plan are 726,000 , of which 549,467 shares were granted as of September 30, 2022. The following table presents a summary of RSA activity during the period ended September 30, 2022. Number of Weighted-Average Unvested granted shares outstanding at July 1, 2022 223,450 $ 18.89 Shares granted - - Shares vested ( 2,200 ) 16.21 Shares forfeited - - Unvested granted shares at September 30, 2022 221,250 $ 18.92 As of September 30, 2022, there was $ 2.4 million of total unrecognized compensation cost related to non-vested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.4 years. Stock Option Awards Stock options awarded to employees under the Plan are considered incentive stock options (ISOs), up to applicable limits. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. Those issued to non-employee directors, as well as those exceeding ISO limitations, are considered non-qualified stock options (NQSOs). Options generally vest over a 5 -year period, with 20 % vesting each year on the anniversary of the award, however, may not vest more rapidly than over a three-year period, and have a contractual term of 10 years. The Company has a policy of using shares held as a treasury stock to satisfy share option exercises. Currently, the Company has a sufficient number of treasury shares to satisfy the current level of exercisable share options. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatilities of a peer group of publicly traded financial institutions. The expected term of options granted is based on the simplified “mid-point” approach which utilizes the weighted average vesting period and contractual term. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. Total options available for grant under the Plan are 1,816,511 , of which 1,320,963 options were granted as of September 30, 2022. The following table presents a summary of activity related to stock options granted under the Plan, and changes during the period then ended: Number of Weighted- Weighted- Aggregate (Dollars in thousands, except per share data) Options outstanding at July 1, 2022 1,320,963 $ 18.98 6.4 $ 411 Options granted - - Options expired - - Options forfeited - - Options exercised - - Options outstanding at September 30, 2022 1,320,963 $ 18.98 6.1 $ 37 Exercisable at September 30, 2022 786,578 $ 19.00 6.1 $ 14 As of September 30, 2022, there was $ 1.4 million of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.4 years. |
Leases
Leases | 3 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 13. Leases As of September 30, 2022, the Company leases real estate for eleven branch offices and one administrative office, including its corporate headquarters, under various operating lease agreements. The Company’s leases have maturities which range from 2023 to 2041 , some of which include lessee options to extend the lease term. The weighted average remaining life of the lease terms for these leases was 9.4 years as of September 30, 2022. The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date. The Company utilized a weighted average discount rate of 2.49 % in determining the lease liability as of September 30, 2022. The Company made a policy election to exclude the recognition requirements of ASC 842 to short-term leases, those leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. The Company had no short-term lease cost for the three months ended September 30, 2022 or 2021. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three months ended September 30, 2022 or 2021. Total operating lease cost was $ 505,000 for the three months ended September 30, 2022 and 2021, respectively. The right-of-use asset , included in premises and equipment, net, was $ 8.1 million and the corresponding lease liability , included in other liabilities was $ 8.4 million as of September 30, 2022. Future minimum lease payments for the fiscal years ending June 30 th and a reconciliation of undiscounted lease cash flows and the lease liability recognized in the consolidated balance sheet as of September 30, 2022 is shown below (in thousands): 2023 $ 1,550 2024 1,719 2025 1,426 2026 907 2027 547 Thereafter 3,442 Total future minimum lease payments (undiscounted) 9,591 Discounting effect on cash flows ( 1,228 ) Lease liability (discounted) $ 8,363 |
Pending Merger With and Into Br
Pending Merger With and Into Brookline Bancorp, Inc. | 3 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Pending Merger With and Into Brookline Bancorp, Inc. | Note 14. Pending Merger With and Into Brookline Bancorp, Inc. On May 23, 2022, the Company and Brookline Bancorp, Inc (“Brookline”), the holding company of Brookline Bank and Bank Rhode Island, entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, the Company will merge with and into Brookline, with Brookline as the surviving corporation (the “Merger”). Following the Merger, PCSB Bank will operate as a separate bank subsidiary of Brookline. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, each stockholder of PCSB will receive, at the holder’s election, either $ 22.00 in cash consideration or 1.3284 shares of Brookline common stock for each share of PCSB common stock, subject to allocation procedures to ensure that 60 % of the outstanding shares of PCSB common stock will be converted to Brookline common stock. On September 21, 2022, the Company's shareholders approved the Merger Agreement. The consummation of the Merger remains subject to customary closing conditions, including the receipt of regulatory approvals. The Merger is currently expected to be completed in the fourth calendar quarter of 2022. For the three months ended September 30, 2022, the Company recognized $ 311,000 of merger-related expenses. No merger-related expenses were recognized for the three months ended September 30, 2021. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations : PCSB Financial Corporation (the “Holding Company” and together with its direct and indirect subsidiaries, the “Company”) is a Maryland corporation organized by PCSB Bank (the “Bank”) for the purpose of acquiring all of the capital stock of the Bank issued in the Bank's conversion to stock ownership on April 20, 2017. At September 30, 2022, the significant assets of the Holding Company were the capital stock of the Bank, cash deposited in the Bank, and a loan to the PCSB Bank Employee Stock Ownership Plan (“ESOP”). The liabilities of the Holding Company were insignificant. The Company is subject to the financial reporting requirements of the Securities Exchange Act of 1934, as amended, and regulation and examination by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the New York State Department of Financial Services (the “NYSDFS”). PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered commercial bank, and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the NYSDFS. |
Basis of Presentation | Basis of Presentation : The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of the Holding Company, the Bank and the Bank's two subsidiaries – PCSB Funding Corp. and UpCounty Realty Corp. (formerly PCSB Realty Ltd.). PCSB Funding Corp. is a real estate investment trust that holds certain mortgage assets. UpCounty Realty Corp. is a corporation that holds certain properties foreclosed upon by the Bank. All intercompany transactions and balances have been eliminated in consolidation. The unaudited consolidated financial statements contained herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments reflected in the consolidated financial statements contained herein. The results of operations for the current period presented are not necessarily indicative of the results of operations that may be expected for the entire current fiscal year. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended June 30, 2022, included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022. Certain prior period amounts have been reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or equity. |
Risks and Uncertainties | Risks and Uncertainties: In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events, such as continued interest rate volatility, prolonged periods of inflation, continued trade and supply chain disruptions, economic recession and increased unemployment. Such conditions could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include, but are not limited to, the valuation impairments of the Company’s intangible assets, investments, loans receivable, or deferred tax assets. Additionally, i t is reasonably possible that the Company’s allowance for loan loss estimate as of September 30, 2022 could change in the near term and could result in a material change to the Company’s provision for loan losses, earnings and capital. |
Use of Estimates | Use of Estimates : To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Recent Accounting Pronouncements | The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that the Company has determined could potentially have a material impact on its consolidated financial position and results of operations or on its disclosures. There were no accounting standards adopted in the current period. Future Application of Accounting Pronouncements Previously Issued In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 which affects entities holding financial assets that are not accounted for at fair value through net income, including loans, debt securities, and other financial assets. The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected by recording an allowance for current expected credit losses. In October 2019, the FASB unanimously voted to delay the implementation of the standard for three years for certain companies, including small reporting companies (as defined by the SEC), non-SEC public companies and private companies. The Company currently qualifies as a small reporting company and is subject to the delayed implementation. Therefore, the amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2023, including interim periods within that fiscal year. The Company is actively working through the provisions of the Update. Management has established a steering committee which is identifying the methodologies and the additional data requirements necessary to implement the Update and has engaged a third-party software service provider to assist in the Company's implementation. On March 31, 2022 the FASB issued ASU 2022-02 "Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures." The ASU eliminates the current accounting guidance on troubled debt restructurings ("TDRs") for creditors, enhances disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty and amends the guidance on vintage disclosures with respect to current period gross charge-offs. For entities that have not yet adopted ASU 2016-13, the amendments in ASU 2022-02 are effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact that ASU 2016-13 and ASU 2022-02 will have on the Company’s consolidated financial position, results of operations and disclosures. The FASB issued ASU 2020-04 “Reference Rate Reform” and ASU 2021-01 “Reference Rate Reform Scope” which collectively address accounting considerations related to the expected discontinuation of LIBOR as a reference rate for financial contracts. These Updates provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848). They include optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables), were not substantial (assets within the scope of ASC 470, Debt) and/or did not result in remeasurements or reclassifications (assets within the scope of ASC 842, Leases, and other Topics) of the existing contract. They also include optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. The Updates also allow for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. The Company has not yet elected to apply the practical expedients contained in these Updates and does not expect significant impact to the consolidated financial statements upon adoption. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Debt Securities | The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity debt securities at September 30, 2022 and June 30, 2022 were as follows (in thousands): September 30, 2022 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 10,945 $ - $ ( 1,502 ) $ 9,443 Corporate 5,000 - ( 235 ) 4,765 State and municipal 7,040 - ( 2,706 ) 4,334 Mortgage-backed securities – residential 13,695 2 ( 2,074 ) 11,623 Mortgage-backed securities – commercial 2,398 - ( 132 ) 2,266 Total available for sale debt securities $ 39,078 $ 2 $ ( 6,649 ) $ 32,431 Held to maturity debt securities U.S. Government and agency obligations $ 59,995 $ - $ ( 5,088 ) $ 54,907 Corporate 52,068 - ( 3,558 ) 48,510 State and municipal 88,490 64 ( 27,580 ) 60,974 Mortgage-backed securities – residential 97,886 - ( 13,727 ) 84,159 Mortgage-backed securities – collateralized 22,916 - ( 3,047 ) 19,869 Mortgage-backed securities – commercial 84,895 - ( 14,171 ) 70,724 Total held to maturity debt securities $ 406,250 $ 64 $ ( 67,171 ) $ 339,143 June 30, 2022 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 10,942 $ - $ ( 1,014 ) $ 9,928 Corporate 5,000 4 ( 150 ) 4,854 State and municipal 7,040 - ( 2,244 ) 4,796 Mortgage-backed securities – residential 14,351 5 ( 1,644 ) 12,712 Mortgage-backed securities – commercial 2,416 - ( 85 ) 2,331 Total available for sale debt securities $ 39,749 $ 9 $ ( 5,137 ) $ 34,621 Held to maturity debt securities U.S. Government and agency obligations $ 59,995 $ 6 $ ( 3,046 ) $ 56,955 Corporate 52,076 111 ( 2,796 ) 49,391 State and municipal 87,111 - ( 22,307 ) 64,804 Mortgage-backed securities – residential 101,525 4 ( 9,746 ) 91,783 Mortgage-backed securities – collateralized 24,198 - ( 2,124 ) 22,074 Mortgage-backed securities – commercial 87,544 - ( 10,943 ) 76,601 Total held to maturity debt securities $ 412,449 $ 121 $ ( 50,962 ) $ 361,608 |
Fair Value and Carrying Amount of Debt Securities by Contractual Maturity | The following table presents the fair value and carrying amount of debt securities at September 30, 2022, by contractual maturity (in thousands). Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value 1 year or less $ 5,280 $ 5,265 $ - $ - 1 to 5 years 66,230 60,805 12,944 11,440 5 to 10 years 45,100 41,303 3,001 2,768 over 10 years 80,102 53,753 7,040 4,334 Mortgage-backed securities and other 209,538 178,017 16,093 13,889 Total $ 406,250 $ 339,143 $ 39,078 $ 32,431 |
Investment Securities with Fair Value and Unrealized Losses | The following table provides information regarding investment securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ - $ - $ 9,443 $ ( 1,502 ) $ 9,443 $ ( 1,502 ) Corporate 4,765 ( 235 ) - - 4,765 ( 235 ) State and municipal 2,563 ( 1,460 ) 1,771 ( 1,246 ) 4,334 ( 2,706 ) Mortgage-backed securities – residential 3,624 ( 104 ) 7,822 ( 1,970 ) 11,446 ( 2,074 ) Mortgage-backed securities – commercial 2,266 ( 132 ) - - 2,266 ( 132 ) Total available for sale $ 13,218 $ ( 1,931 ) $ 19,036 $ ( 4,718 ) $ 32,254 $ ( 6,649 ) Held to maturity U.S. Government and agency obligations $ 31,488 $ ( 2,012 ) $ 23,419 $ ( 3,076 ) $ 54,907 $ ( 5,088 ) Corporate 48,510 ( 3,558 ) - - 48,510 ( 3,558 ) State and municipal 26,953 ( 9,722 ) 32,457 ( 17,858 ) 59,410 ( 27,580 ) Mortgage-backed securities – residential 62,389 ( 8,570 ) 21,770 ( 5,157 ) 84,159 ( 13,727 ) Mortgage-backed securities – collateralized 10,344 ( 717 ) 9,525 ( 2,330 ) 19,869 ( 3,047 ) Mortgage-backed securities – commercial 27,763 ( 3,546 ) 42,961 ( 10,625 ) 70,724 ( 14,171 ) Total held to maturity $ 207,447 $ ( 28,125 ) $ 130,132 $ ( 39,046 ) $ 337,579 $ ( 67,171 ) June 30, 2022 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ 2,774 $ ( 226 ) $ 7,154 $ ( 788 ) $ 9,928 $ ( 1,014 ) Corporate 2,850 ( 150 ) - - 2,850 ( 150 ) State and municipal 2,860 ( 1,162 ) 1,936 ( 1,082 ) 4,796 ( 2,244 ) Mortgage-backed securities – residential 3,616 ( 81 ) 8,394 ( 1,563 ) 12,010 ( 1,644 ) Mortgage-backed securities – commercial 2,331 ( 85 ) - - 2,331 ( 85 ) Total available for sale $ 14,431 $ ( 1,704 ) $ 17,484 $ ( 3,433 ) $ 31,915 $ ( 5,137 ) Held to maturity U.S. Government and agency obligations $ 39,883 $ ( 2,616 ) $ 5,066 $ ( 430 ) $ 44,949 $ ( 3,046 ) Corporate 39,758 ( 2,796 ) - - 39,758 ( 2,796 ) State and municipal 61,847 ( 20,696 ) 2,957 ( 1,611 ) 64,804 ( 22,307 ) Mortgage-backed securities – residential 87,364 ( 9,063 ) 3,994 ( 683 ) 91,358 ( 9,746 ) Mortgage-backed securities – collateralized 13,611 ( 642 ) 8,390 ( 1,482 ) 22,001 ( 2,124 ) Mortgage-backed securities – commercial 50,434 ( 5,515 ) 26,166 ( 5,428 ) 76,600 ( 10,943 ) Total held to maturity $ 292,897 $ ( 41,328 ) $ 46,573 $ ( 9,634 ) $ 339,470 $ ( 50,962 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable are summarized as follows (in thousands): September 30, June 30, 2022 2022 Mortgage loans: Residential $ 214,586 $ 214,167 Commercial 953,539 942,130 Construction 25,307 20,896 Net deferred loan origination fees ( 145 ) ( 100 ) Total mortgage loans 1,193,287 1,177,093 Commercial and consumer loans: Commercial loans 141,902 136,304 Home equity lines of credit 22,955 23,688 Consumer and overdrafts 508 594 Net deferred loan origination costs 593 620 Total commercial and consumer loans 165,958 161,206 Total loans receivable 1,359,245 1,338,299 Allowance for loan losses ( 9,048 ) ( 8,927 ) Loans receivable, net $ 1,350,197 $ 1,329,372 |
Summary of Activity in Allowance for Loan Losses by Portfolio Segment | The following tables present the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, 2022 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 323 $ ( 3 ) $ - $ 2 $ 322 Commercial mortgages 7,351 5 - - 7,356 Construction 209 25 - - 234 Commercial loans 982 32 ( 15 ) 74 1,073 Home equity lines of credit 51 ( 9 ) - 1 43 Consumer and overdrafts 11 32 ( 24 ) 1 20 Total $ 8,927 $ 82 $ ( 39 ) $ 78 $ 9,048 Three Months Ended September 30, 2021 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 337 $ ( 13 ) $ - $ 2 $ 326 Commercial mortgages 6,435 134 - - 6,569 Construction 102 25 - - 127 Commercial loans 948 ( 143 ) ( 100 ) 367 1,072 Home equity lines of credit 54 ( 3 ) - 2 53 Consumer and overdrafts 5 13 ( 7 ) 1 12 Total $ 7,881 $ 13 $ ( 107 ) $ 372 $ 8,159 |
Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 1,664 $ 212,704 $ 218 $ 214,586 $ 109 $ 213 $ - $ 322 Commercial mortgages 3,504 949,185 850 953,539 - 7,356 - 7,356 Construction 2,792 22,515 - 25,307 - 234 - 234 Commercial loans 781 141,121 - 141,902 - 1,073 - 1,073 Home equity lines of credit 400 22,469 86 22,955 2 41 - 43 Consumer and overdrafts - 508 - 508 - 20 - 20 Total $ 9,141 $ 1,348,502 $ 1,154 $ 1,358,797 $ 111 $ 8,937 $ - $ 9,048 June 30, 2022 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 1,613 $ 212,333 $ 221 $ 214,167 $ 110 $ 213 $ - $ 323 Commercial mortgages 4,778 936,493 859 942,130 - 7,351 - 7,351 Construction 2,792 18,104 - 20,896 - 209 - 209 Commercial loans 783 135,521 - 136,304 - 982 - 982 Home equity lines of credit 452 23,147 89 23,688 9 42 - 51 Consumer and overdrafts - 594 - 594 - 11 - 11 Total $ 10,418 $ 1,326,192 $ 1,169 $ 1,337,779 $ 119 $ 8,808 $ - $ 8,927 |
Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Portfolio Segment | The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by portfolio segment as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 June 30, 2022 Unpaid Recorded Investment Allowance for Loan Losses Unpaid Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential mortgages $ 1,382 $ 1,313 $ - $ 1,262 $ 1,197 $ - Commercial mortgages 3,582 3,504 - 4,789 4,778 - Construction 2,792 2,792 - 2,792 2,792 - Commercial loans 793 781 - 795 783 - Home equity lines of credit 383 376 - 379 399 - With an allowance recorded: Residential mortgages 351 351 109 353 416 110 Home equity lines of credit 31 24 2 60 53 9 Total $ 9,314 $ 9,141 $ 111 $ 10,430 $ 10,418 $ 119 |
Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Portfolio Segment | The tables below present the average recorded investment and interest income recognized on loans individually evaluated for impairment, by portfolio segment, for the three months ended September 30, 2022 and 2021 (in thousands): September 30, 2022 September 30, 2021 Average Interest Average Interest With no related allowance recorded: Residential mortgages $ 1,318 $ 9 $ 1,936 $ 7 Commercial mortgages 3,543 - 3,582 - Construction 2,792 - - - Commercial loans 782 4 980 191 Home equity lines of credit 378 - 350 2 With an allowance recorded: Residential mortgages 352 3 424 3 Home equity lines of credit 27 - 33 - Total $ 9,192 $ 16 $ 7,305 $ 203 |
Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Portfolio Segment | The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days and still on accrual status, by portfolio segment, as of September 30, 2022 and June 30, 2022 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing September 30, June 30, September 30, June 30, 2022 2022 2022 2022 Residential mortgages $ 791 $ 671 $ - $ - Commercial mortgages 3,504 4,778 - - Construction 2,792 2,792 - - Commercial loans 534 539 - - Home equity lines of credit 368 416 - - Consumer and overdrafts - - - 39 Total $ 7,989 $ 9,196 $ - $ 39 |
Aging of Recorded Investment in Past Due Loans by Portfolio Segment | The following tables present the aging of the recorded investment in past due loans by portfolio segment as of September 30, 2022 and June 30, 2022 (in thousands): September 30, 2022 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Residential mortgages $ - $ 104 $ 427 $ 531 $ 214,055 $ 214,586 Commercial mortgages - - - - 953,539 953,539 Construction - - 2,792 2,792 22,515 25,307 Commercial loans - 51 533 584 141,318 141,902 Home equity lines of credit - - 296 296 22,659 22,955 Consumer and overdrafts - - - - 508 508 Total $ - $ 155 $ 4,048 $ 4,203 $ 1,354,594 $ 1,358,797 June 30, 2022 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Residential mortgages $ - $ - $ 367 $ 367 $ 213,800 $ 214,167 Commercial mortgages - - 1,197 1,197 940,933 942,130 Construction - - 1,113 1,113 19,783 20,896 Commercial loans - 16 400 416 135,888 136,304 Home equity lines of credit - - 399 399 23,289 23,688 Consumer and overdrafts - - 39 39 555 594 Total $ - $ 16 $ 3,515 $ 3,531 $ 1,334,248 $ 1,337,779 |
Summary of Risk Category of Loans by Portfolio Segment | Based on the most recent analysis performed, the risk category of loans by portfolio segment is as follows (in thousands): September 30, 2022 Pass Special Substandard Total Residential mortgages $ 213,581 $ 383 $ 622 $ 214,586 Commercial mortgages 944,482 1,538 7,519 953,539 Construction 22,515 1,679 1,113 25,307 Commercial loans 141,295 145 462 141,902 Home equity lines of credit 22,587 - 368 22,955 Consumer and overdrafts 508 - - 508 Total $ 1,344,968 $ 3,745 $ 10,084 $ 1,358,797 June 30, 2022 Pass Special Substandard Total Residential mortgages $ 212,810 $ 154 $ 1,203 $ 214,167 Commercial mortgages 931,178 1,548 9,404 942,130 Construction 18,104 1,679 1,113 20,896 Commercial loans 135,725 156 423 136,304 Home equity lines of credit 23,220 43 425 23,688 Consumer and overdrafts 594 - - 594 Total $ 1,321,631 $ 3,580 $ 12,568 $ 1,337,779 |
Schedule of Carrying Amount of Purchased Credit Impaired Loans | The carrying amount of those loans as of September 30, 2022 and June 30, 2022 is as follows (in thousands): September 30, June 30, 2022 2022 Residential mortgages $ 218 $ 221 Commercial mortgages 850 859 Home equity lines of credit 86 89 Carrying amount, net of allowance of $ 0 $ 1,154 $ 1,169 |
Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans | Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Three Months Ended September 30, 2022 2021 Beginning balance $ 89 $ 130 Accretion income ( 3 ) ( 10 ) Ending balance $ 86 $ 120 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized (1) Unrealized loss (2) Unrealized loss (2) Total Balance at July 1, 2022 $ ( 4,052 ) $ ( 4,452 ) $ ( 125 ) $ ( 8,629 ) Other comprehensive loss before reclassifications - - - - Amounts reclassified from accumulated other ( 1,519 ) 141 20 ( 1,358 ) Tax effect 319 ( 30 ) ( 4 ) 285 Net other comprehensive (loss) income ( 1,200 ) 111 16 ( 1,073 ) Balance at September 30, 2022 $ ( 5,252 ) $ ( 4,341 ) $ ( 109 ) $ ( 9,702 ) Net unrealized Unrealized loss Unrealized loss Total Balance at July 1, 2021 $ 137 $ ( 3,055 ) $ ( 181 ) $ ( 3,099 ) Other comprehensive loss before reclassifications ( 187 ) - - ( 187 ) Amounts reclassified from accumulated other - 38 16 54 Tax effect 40 ( 9 ) ( 3 ) 28 Net other comprehensive (loss) income ( 147 ) 29 13 ( 105 ) Balance at September 30, 2021 $ ( 10 ) $ ( 3,026 ) $ ( 168 ) $ ( 3,204 ) |
Post-Retirement Benefits (Table
Post-Retirement Benefits (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | Net periodic benefit cost and other amounts recognized in other comprehensive income for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended Three Months Ended September 30, 2022 September 30, 2021 Defined Supplemental Defined Supplemental Service cost $ - $ 82 $ - $ 131 Interest cost 196 26 149 17 Expected return on plan assets ( 410 ) - ( 510 ) - Amortization of prior net loss 141 20 38 16 Settlement charges - - - - Net periodic (benefit) cost $ ( 73 ) $ 128 $ ( 323 ) $ 164 |
Shares Held by ESOP | Shares held by the ESOP include the following (Dollars in thousands): September 30, 2022 June 30, 2022 Allocated to participants 541,097 518,371 Unearned 896,348 920,767 Total ESOP shares 1,437,445 1,439,138 Fair value of unearned shares $ 16,072 $ 17,577 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total September 30, 2022 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 9,443 $ - $ 9,443 Corporate - 1,997 2,768 4,765 State and municipal - 4,334 - 4,334 Mortgage-backed securities – residential - 11,623 - 11,623 Mortgage-backed securities – commercial - 2,266 - 2,266 Derivatives – interest rate contracts - 14,774 - 14,774 Total assets at fair value $ - $ 44,437 $ 2,768 $ 47,205 Derivatives – interest rate contracts $ - $ 14,774 $ - $ 14,774 Total liabilities at fair value $ - $ 14,774 $ - $ 14,774 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 242 $ 242 Home equity lines of credit - - 22 22 Total assets at fair value $ - $ - $ 264 $ 264 Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2022 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 9,928 $ - $ 9,928 Corporate - 2,004 2,850 4,854 State and municipal - 4,796 - 4,796 Mortgage-backed securities – residential - 12,712 - 12,712 Mortgage-backed securities – commercial - 2,331 - 2,331 Derivatives – interest rate contracts - 8,223 - 8,223 Total assets at fair value $ - $ 39,994 $ 2,850 $ 42,844 Derivatives – interest rate contracts $ - $ 8,223 $ - $ 8,223 Total liabilities at fair value $ - $ 8,223 $ - $ 8,223 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 306 $ 306 Home equity lines of credit - - 44 44 Total assets at fair value $ - $ - $ 350 $ 350 |
Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis | The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at September 30, 2022 and June 30, 2022 (Dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used September 30, 2022 Impaired loans - residential mortgages $ 242 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 22 Discounted cash flow Discount rate 4.8 % to 6.3 % June 30, 2022 Impaired loans - residential mortgages $ 306 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 44 Discounted cash flow Discount rate 4.8 % to 6.3 % |
Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Assets and Liabilities | The following is a summary of the carrying amounts and estimated fair values of the Company’s financial assets and liabilities, none of which are held for trading purposes (in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total September 30, 2022 Financial assets: Cash and cash equivalents $ 50,753 $ 50,753 $ - $ - $ 50,753 Held to maturity debt securities 406,250 - 307,553 31,590 339,143 Available for sale debt securities 32,431 - 29,663 2,768 32,431 Loans receivable, net 1,350,197 - - 1,280,789 1,280,789 Accrued interest receivable 7,074 - 1,845 5,229 7,074 FHLB stock 2,865 N/A N/A N/A N/A Derivative assets - interest rate contracts 14,774 - 14,774 - 14,774 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,269,942 1,269,942 - - 1,269,942 Time deposits 323,324 - 324,778 - 324,778 Mortgage escrow funds 7,302 7,302 - - 7,302 Advances from FHLB 28,288 - 27,347 - 27,347 Accrued interest payable 53 - 53 - 53 Derivative liabilities - interest rate contracts 14,774 - 14,774 - 14,774 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2022 Financial assets: Cash and cash equivalents $ 118,457 $ 118,457 $ - $ - $ 118,457 Held to maturity debt securities 412,449 - 331,262 30,346 361,608 Available for sale debt securities 34,621 - 31,771 2,850 34,621 Loans receivable, net 1,329,372 - - 1,261,035 1,261,035 Accrued interest receivable 6,396 - 1,751 4,645 6,396 FHLB stock 3,766 N/A N/A N/A N/A Derivative assets - interest rate contracts 8,223 - 8,223 - 8,223 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,298,661 1,298,661 - - 1,298,661 Time deposits 327,589 - 329,885 - 329,885 Mortgage escrow funds 11,173 11,173 - - 11,173 Advances from FHLB 48,323 - 48,094 - 48,094 Accrued interest payable 94 1 93 - 94 Derivative liabilities - interest rate contracts 8,223 - 8,223 - 8,223 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized | The following is a summary of the Bank’s actual capital amounts and ratios as of September 30, 2022 and June 30, 2022, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (Dollars in thousands). To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2022 Leverage (Tier 1) $ 256,469 13.0 % $ 78,658 4.0 % $ 98,323 5.0 % Risk-based: Common Tier 1 256,469 17.3 66,842 4.5 96,549 6.5 Tier 1 256,469 17.3 89,122 6.0 118,829 8.0 Total 265,517 17.9 118,829 8.0 148,537 10.0 June 30, 2022 Leverage (Tier 1) $ 251,144 12.8 % $ 78,490 4.0 % $ 98,112 5.0 % Risk-based: Common Tier 1 251,144 17.2 65,630 4.5 94,799 6.5 Tier 1 251,144 17.2 87,507 6.0 116,676 8.0 Total 260,071 17.8 116,676 8.0 145,845 10.0 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides factors used in the earnings per share computation for the three months ended September 30, 2022 and 2021: 2022 2021 (Dollars in thousands, except per share data) Net income applicable to common stock $ 4,776 $ 3,614 Average number of common shares outstanding 15,122,732 15,342,975 Less: Average unallocated ESOP shares ( 908,419 ) ( 1,005,432 ) Average number of common shares outstanding used to calculate basic earnings per common share 14,214,313 14,337,543 Effect of equity-based awards 87,287 68,273 Average number of common shares outstanding used to calculate diluted earnings per common share 14,301,600 14,405,816 Earnings per common share: Basic $ 0.34 $ 0.25 Diluted $ 0.33 $ 0.25 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Information About Interest Rate Swaps | The following table presents summary information about the interest rate swaps as of September 30, 2022 and June 30, 2022 (Dollars in thousands). September 30, 2022 June 30, 2022 Notional amounts $ 287,485 $ 264,462 Weighted average pay rates 4.31 % 3.57 % Weighted average receive rates 4.31 % 3.57 % Weighted average maturity 8.14 years 8.22 years Fair value of combined interest rate swaps $ - $ - |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Sources of Revenue from Contracts with Customers | The following table presents summary information about sources of revenue from contracts with customers for the periods indicated (in thousands). Three months ended September 30, 2022 2021 Noninterest income: Service charges on deposits $ 234 $ 183 Interchange fees 153 156 Other fees and service charges (1) 66 62 Fees and service charges 453 401 Swap income (1) 141 - Bank-owned life insurance (1) 191 192 Other noninterest income (1) 8 20 Total noninterest income $ 793 $ 613 Not within the scope of ASC 606. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSA Activity | The following table presents a summary of RSA activity during the period ended September 30, 2022. Number of Weighted-Average Unvested granted shares outstanding at July 1, 2022 223,450 $ 18.89 Shares granted - - Shares vested ( 2,200 ) 16.21 Shares forfeited - - Unvested granted shares at September 30, 2022 221,250 $ 18.92 |
Summary of Activity Related to Stock Options Granted under Plan | The following table presents a summary of activity related to stock options granted under the Plan, and changes during the period then ended: Number of Weighted- Weighted- Aggregate (Dollars in thousands, except per share data) Options outstanding at July 1, 2022 1,320,963 $ 18.98 6.4 $ 411 Options granted - - Options expired - - Options forfeited - - Options exercised - - Options outstanding at September 30, 2022 1,320,963 $ 18.98 6.1 $ 37 Exercisable at September 30, 2022 786,578 $ 19.00 6.1 $ 14 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for the fiscal years ending June 30 th and a reconciliation of undiscounted lease cash flows and the lease liability recognized in the consolidated balance sheet as of September 30, 2022 is shown below (in thousands): 2023 $ 1,550 2024 1,719 2025 1,426 2026 907 2027 547 Thereafter 3,442 Total future minimum lease payments (undiscounted) 9,591 Discounting effect on cash flows ( 1,228 ) Lease liability (discounted) $ 8,363 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2022 Subsidiary | |
Basis Of Presentation [Line Items] | |
Number of subsidiaries | 2 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | $ 39,078 | $ 39,749 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 2 | 9 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (6,649) | (5,137) |
Available for sale debt securities, Fair Value | 32,431 | 34,621 |
Held to maturity debt securities, Amortized Cost | 406,250 | 412,449 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 64 | 121 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (67,171) | (50,962) |
Held to maturity debt securities, Fair Value | 339,143 | 361,608 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 10,945 | 10,942 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (1,502) | (1,014) |
Available for sale debt securities, Fair Value | 9,443 | 9,928 |
Held to maturity debt securities, Amortized Cost | 59,995 | 59,995 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 6 | |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (5,088) | (3,046) |
Held to maturity debt securities, Fair Value | 54,907 | 56,955 |
Corporate [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 5,000 | 5,000 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 4 | |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (235) | (150) |
Available for sale debt securities, Fair Value | 4,765 | 4,854 |
Held to maturity debt securities, Amortized Cost | 52,068 | 52,076 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 111 | |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (3,558) | (2,796) |
Held to maturity debt securities, Fair Value | 48,510 | 49,391 |
State and Municipal [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 7,040 | 7,040 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (2,706) | (2,244) |
Available for sale debt securities, Fair Value | 4,334 | 4,796 |
Held to maturity debt securities, Amortized Cost | 88,490 | 87,111 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 64 | |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (27,580) | (22,307) |
Held to maturity debt securities, Fair Value | 60,974 | 64,804 |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 13,695 | 14,351 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 2 | 5 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (2,074) | (1,644) |
Available for sale debt securities, Fair Value | 11,623 | 12,712 |
Held to maturity debt securities, Amortized Cost | 97,886 | 101,525 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 4 | |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (13,727) | (9,746) |
Held to maturity debt securities, Fair Value | 84,159 | 91,783 |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 2,398 | 2,416 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (132) | (85) |
Available for sale debt securities, Fair Value | 2,266 | 2,331 |
Held to maturity debt securities, Amortized Cost | 84,895 | 87,544 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (14,171) | (10,943) |
Held to maturity debt securities, Fair Value | 70,724 | 76,601 |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity debt securities, Amortized Cost | 22,916 | 24,198 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (3,047) | (2,124) |
Held to maturity debt securities, Fair Value | $ 19,869 | $ 22,074 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | ||
Sep. 30, 2022 USD ($) Security | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Security | |
Schedule of Investments [Line Items] | |||
Sale of investment securities | $ 0 | $ 0 | |
Total investment securities | $ 438,681,000 | $ 447,070,000 | |
Number of securities in unrealized loss position | Security | 314 | ||
Fair value of securities in unrealized/unrecognized loss position | $ 369,800,000 | ||
Other-than-temporarily impaired securities | Security | 0 | 0 | |
Federal Home Loan Bank Advances and Public Deposits [Member] | |||
Schedule of Investments [Line Items] | |||
Carrying amounts of securities pledged | $ 211,400,000 | $ 202,900,000 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Carrying Amount of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Held to maturity, carrying amount, 1 year or less | $ 5,280 | |
Held to maturity, carrying amount, 1 to 5 years | 66,230 | |
Held to maturity, carrying amount, 5 to 10 years | 45,100 | |
Held to maturity, carrying amount, over 10 years | 80,102 | |
Held to maturity, carrying amount, Mortgage-backed securities and other | 209,538 | |
Held to maturity debt securities, Amortized Cost | 406,250 | $ 412,449 |
Held to maturity, fair value, 1 year or less | 5,265 | |
Held to maturity, fair value, 1 to 5 years | 60,805 | |
Held to maturity, fair value, 5 to 10 years | 41,303 | |
Held to maturity, fair value, over 10 years | 53,753 | |
Held to maturity, fair value, Mortgage-backed securities and other | 178,017 | |
Held to maturity, fair value, Total | 339,143 | 361,608 |
Available for sale, amortized cost, 1 to 5 years | 12,944 | |
Available for sale, amortized cost, 5 to 10 years | 3,001 | |
Available for sale, amortized cost, over 10 years | 7,040 | |
Available for sale, amortized cost, Mortgage-backed securities and other | 16,093 | |
Available for sale debt securities, Amortized Cost | 39,078 | 39,749 |
Available for sale, fair value, 1 to 5 years | 11,440 | |
Available for sale, fair value, 5 to 10 years | 2,768 | |
Available for sale, fair value, over 10 years | 4,334 | |
Available for sale, fair value, Mortgage-backed securities and other | 13,889 | |
Available for sale, fair value, Total | $ 32,431 | $ 34,621 |
Investment Securities - Investm
Investment Securities - Investment Securities with Fair Value and Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | $ 13,218 | $ 14,431 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (1,931) | (1,704) |
Available for sale, 12 months or greater, Fair Value | 19,036 | 17,484 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (4,718) | (3,433) |
Available for sale, Total, Fair Value | 32,254 | 31,915 |
Available for sale, Total, Unrealized/Unrecognized Loss | (6,649) | (5,137) |
Held to maturity, Less than 12 months, Fair Value | 207,447 | 292,897 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (28,125) | (41,328) |
Held to maturity, 12 months or greater, Fair Value | 130,132 | 46,573 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (39,046) | (9,634) |
Held to maturity, Total, Fair Value | 337,579 | 339,470 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (67,171) | (50,962) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,774 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (226) | |
Available for sale, 12 months or greater, Fair Value | 9,443 | 7,154 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (1,502) | (788) |
Available for sale, Total, Fair Value | 9,443 | 9,928 |
Available for sale, Total, Unrealized/Unrecognized Loss | (1,502) | (1,014) |
Held to maturity, Less than 12 months, Fair Value | 31,488 | 39,883 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (2,012) | (2,616) |
Held to maturity, 12 months or greater, Fair Value | 23,419 | 5,066 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (3,076) | (430) |
Held to maturity, Total, Fair Value | 54,907 | 44,949 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (5,088) | (3,046) |
State and Municipal [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,563 | 2,860 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (1,460) | (1,162) |
Available for sale, 12 months or greater, Fair Value | 1,771 | 1,936 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (1,246) | (1,082) |
Available for sale, Total, Fair Value | 4,334 | 4,796 |
Available for sale, Total, Unrealized/Unrecognized Loss | (2,706) | (2,244) |
Held to maturity, Less than 12 months, Fair Value | 26,953 | 61,847 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (9,722) | (20,696) |
Held to maturity, 12 months or greater, Fair Value | 32,457 | 2,957 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (17,858) | (1,611) |
Held to maturity, Total, Fair Value | 59,410 | 64,804 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (27,580) | (22,307) |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 3,624 | 3,616 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (104) | (81) |
Available for sale, 12 months or greater, Fair Value | 7,822 | 8,394 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (1,970) | (1,563) |
Available for sale, Total, Fair Value | 11,446 | 12,010 |
Available for sale, Total, Unrealized/Unrecognized Loss | (2,074) | (1,644) |
Held to maturity, Less than 12 months, Fair Value | 62,389 | 87,364 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (8,570) | (9,063) |
Held to maturity, 12 months or greater, Fair Value | 21,770 | 3,994 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (5,157) | (683) |
Held to maturity, Total, Fair Value | 84,159 | 91,358 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (13,727) | (9,746) |
Corporate [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 4,765 | 2,850 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (235) | (150) |
Available for sale, Total, Fair Value | 4,765 | 2,850 |
Available for sale, Total, Unrealized/Unrecognized Loss | (235) | (150) |
Held to maturity, Less than 12 months, Fair Value | 48,510 | 39,758 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (3,558) | (2,796) |
Held to maturity, Total, Fair Value | 48,510 | 39,758 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (3,558) | (2,796) |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 10,344 | 13,611 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (717) | (642) |
Held to maturity, 12 months or greater, Fair Value | 9,525 | 8,390 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (2,330) | (1,482) |
Held to maturity, Total, Fair Value | 19,869 | 22,001 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (3,047) | (2,124) |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,266 | 2,331 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (132) | (85) |
Available for sale, Total, Fair Value | 2,266 | 2,331 |
Available for sale, Total, Unrealized/Unrecognized Loss | (132) | (85) |
Held to maturity, Less than 12 months, Fair Value | 27,763 | 50,434 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (3,546) | (5,515) |
Held to maturity, 12 months or greater, Fair Value | 42,961 | 26,166 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (10,625) | (5,428) |
Held to maturity, Total, Fair Value | 70,724 | 76,600 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | $ (14,171) | $ (10,943) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | $ 1,358,797 | $ 1,337,779 | ||
Loans receivable | 1,359,245 | 1,338,299 | ||
Allowance for loan losses | (9,048) | (8,927) | $ (8,159) | $ (7,881) |
Loans receivable, net | 1,350,197 | 1,329,372 | ||
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 214,586 | 214,167 | ||
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 953,539 | 942,130 | ||
Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 25,307 | 20,896 | ||
Allowance for loan losses | (234) | (209) | (127) | (102) |
Commercial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 141,902 | 136,304 | ||
Allowance for loan losses | (1,073) | (982) | (1,072) | (948) |
Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 22,955 | 23,688 | ||
Allowance for loan losses | (43) | (51) | (53) | (54) |
Consumer and Overdrafts [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 508 | 594 | ||
Allowance for loan losses | (20) | (11) | $ (12) | $ (5) |
Mortgage Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination (fees) costs | (145) | (100) | ||
Loans receivable | 1,193,287 | 1,177,093 | ||
Commercial and Consumer Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination (fees) costs | 593 | 620 | ||
Loans receivable | $ 165,958 | $ 161,206 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | $ 8,927 | $ 7,881 |
Allowance for Loan Losses, Provision (benefit) | 82 | 13 |
Allowance for Loan Losses, Charge-offs | (39) | (107) |
Allowance for Loan Losses, Recoveries | 78 | 372 |
Allowance for Loan Losses, Ending Allowance | 9,048 | 8,159 |
Residential Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 323 | 337 |
Allowance for Loan Losses, Provision (benefit) | (3) | (13) |
Allowance for Loan Losses, Recoveries | 2 | 2 |
Allowance for Loan Losses, Ending Allowance | 322 | 326 |
Commercial Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 7,351 | 6,435 |
Allowance for Loan Losses, Provision (benefit) | 5 | 134 |
Allowance for Loan Losses, Ending Allowance | 7,356 | 6,569 |
Construction [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 209 | 102 |
Allowance for Loan Losses, Provision (benefit) | 25 | 25 |
Allowance for Loan Losses, Ending Allowance | 234 | 127 |
Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 982 | 948 |
Allowance for Loan Losses, Provision (benefit) | 32 | (143) |
Allowance for Loan Losses, Charge-offs | (15) | (100) |
Allowance for Loan Losses, Recoveries | 74 | 367 |
Allowance for Loan Losses, Ending Allowance | 1,073 | 1,072 |
Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 51 | 54 |
Allowance for Loan Losses, Provision (benefit) | (9) | (3) |
Allowance for Loan Losses, Recoveries | 1 | 2 |
Allowance for Loan Losses, Ending Allowance | 43 | 53 |
Consumer and Overdrafts [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 11 | 5 |
Allowance for Loan Losses, Provision (benefit) | 32 | 13 |
Allowance for Loan Losses, Charge-offs | (24) | (7) |
Allowance for Loan Losses, Recoveries | 1 | 1 |
Allowance for Loan Losses, Ending Allowance | $ 20 | $ 12 |
Loans Receivable - Summary of B
Loans Receivable - Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | $ 9,141 | $ 10,418 | ||
Loans, Collectively Evaluated for Impairment | 1,348,502 | 1,326,192 | ||
Total | 1,358,797 | 1,337,779 | ||
Allowance for loan losses, Individually Evaluated for Impairment | 111 | 119 | ||
Allowance for loan losses, Collectively Evaluated for Impairment | 8,937 | 8,808 | ||
Allowance for loan losses, Total | 9,048 | 8,927 | $ 8,159 | $ 7,881 |
Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 1,154 | 1,169 | ||
Allowance for loan losses, Acquired With Deteriorated Credit Quality | 0 | 0 | ||
Residential Mortgages [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 1,664 | 1,613 | ||
Loans, Collectively Evaluated for Impairment | 212,704 | 212,333 | ||
Total | 214,586 | 214,167 | ||
Allowance for loan losses, Individually Evaluated for Impairment | 109 | 110 | ||
Allowance for loan losses, Collectively Evaluated for Impairment | 213 | 213 | ||
Allowance for loan losses, Total | 322 | 323 | 326 | 337 |
Residential Mortgages [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 218 | 221 | ||
Commercial Mortgages [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 3,504 | 4,778 | ||
Loans, Collectively Evaluated for Impairment | 949,185 | 936,493 | ||
Total | 953,539 | 942,130 | ||
Allowance for loan losses, Collectively Evaluated for Impairment | 7,356 | 7,351 | ||
Allowance for loan losses, Total | 7,356 | 7,351 | 6,569 | 6,435 |
Commercial Mortgages [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 850 | 859 | ||
Construction [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 2,792 | 2,792 | ||
Loans, Collectively Evaluated for Impairment | 22,515 | 18,104 | ||
Total | 25,307 | 20,896 | ||
Allowance for loan losses, Collectively Evaluated for Impairment | 234 | 209 | ||
Allowance for loan losses, Total | 234 | 209 | 127 | 102 |
Commercial Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 781 | 783 | ||
Loans, Collectively Evaluated for Impairment | 141,121 | 135,521 | ||
Total | 141,902 | 136,304 | ||
Allowance for loan losses, Collectively Evaluated for Impairment | 1,073 | 982 | ||
Allowance for loan losses, Total | 1,073 | 982 | 1,072 | 948 |
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 400 | 452 | ||
Loans, Collectively Evaluated for Impairment | 22,469 | 23,147 | ||
Total | 22,955 | 23,688 | ||
Allowance for loan losses, Individually Evaluated for Impairment | 2 | 9 | ||
Allowance for loan losses, Collectively Evaluated for Impairment | 41 | 42 | ||
Allowance for loan losses, Total | 43 | 51 | 53 | 54 |
Home Equity Lines Of Credit [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 86 | 89 | ||
Consumer and Overdrafts [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Collectively Evaluated for Impairment | 508 | 594 | ||
Total | 508 | 594 | ||
Allowance for loan losses, Collectively Evaluated for Impairment | 20 | 11 | ||
Allowance for loan losses, Total | $ 20 | $ 11 | $ 12 | $ 5 |
Loans Receivable - Summary of_2
Loans Receivable - Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable Impaired [Line Items] | ||
Allowance for loan losses | $ 111 | $ 119 |
Impaired loans, unpaid principal balance | 9,314 | 10,430 |
Impaired loans, recorded investment | 9,141 | 10,418 |
Residential Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,382 | 1,262 |
Impaired loans with no related allowance recorded, recorded investment | 1,313 | 1,197 |
Impaired loans with an allowance recorded, unpaid principal balance | 351 | 353 |
Impaired loans with an allowance recorded, recorded investment | 351 | 416 |
Allowance for loan losses | 109 | 110 |
Impaired loans, recorded investment | 1,664 | 1,613 |
Commercial Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 3,582 | 4,789 |
Impaired loans with no related allowance recorded, recorded investment | 3,504 | 4,778 |
Impaired loans, recorded investment | 3,504 | 4,778 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 2,792 | 2,792 |
Impaired loans with no related allowance recorded, recorded investment | 2,792 | 2,792 |
Impaired loans, recorded investment | 2,792 | 2,792 |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 793 | 795 |
Impaired loans with no related allowance recorded, recorded investment | 781 | 783 |
Impaired loans, recorded investment | 781 | 783 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 383 | 379 |
Impaired loans with no related allowance recorded, recorded investment | 376 | 399 |
Impaired loans with an allowance recorded, unpaid principal balance | 31 | 60 |
Impaired loans with an allowance recorded, recorded investment | 24 | 53 |
Allowance for loan losses | 2 | 9 |
Impaired loans, recorded investment | $ 400 | $ 452 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable Impaired [Line Items] | ||
Impaired loans average recorded investment | $ 9,192 | $ 7,305 |
Impaired loans interest income recognized | 16 | 203 |
Residential Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 1,318 | 1,936 |
Impaired loans with no related allowance recorded, interest income recognized | 9 | 7 |
Impaired loans with an allowance recorded, average recorded investment | 352 | 424 |
Impaired loans with an allowance recorded, interest income recognized | 3 | 3 |
Commercial Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 3,543 | 3,582 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 2,792 | |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 782 | 980 |
Impaired loans with no related allowance recorded, interest income recognized | 4 | 191 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 378 | 350 |
Impaired loans with no related allowance recorded, interest income recognized | 2 | |
Impaired loans with an allowance recorded, average recorded investment | $ 27 | $ 33 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 7,989 | $ 9,196 |
Loans Past Due Over 90 Days and Still Accruing | 39 | |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 791 | 671 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,504 | 4,778 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,792 | 2,792 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 534 | 539 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 368 | 416 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due Over 90 Days and Still Accruing | $ 39 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) Loan | Sep. 30, 2021 USD ($) Loan | Jun. 30, 2022 USD ($) Loan | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of loans classified as troubled debt restructurings | Loan | 9 | 9 | |
Value of loans classified as troubled debt restructurings | $ 1,400,000 | $ 1,400,000 | |
Troubled debt restructuring with carrying amount | 1,200,000 | 1,200,000 | |
Specific reserves | 111,000 | 119,000 | |
Commitment to lend to customers in addition to outstanding loans classified as troubled debt restructurings | $ 0 | ||
Troubled debt restructurings, number of modified loans | Loan | 0 | 0 | |
Troubled debt restructurings for which there was a payment default | Loan | 0 | 0 | |
Loans receivable | $ 1,359,245,000 | 1,338,299,000 | |
Loans granted | 4,203,000 | $ 3,531,000 | |
Provision for loan losses | $ 82,000 | $ 13,000 | |
COVID-19 Pandemic [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Extension expiration date | Jan. 01, 2022 | ||
Purchased Credit Impaired Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Provision for loan losses | $ 0 | $ 0 | |
Loan Payment Deferrals [Member] | COVID-19 Pandemic [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 0 | 5 | 0 |
Loans receivable | $ 3,700,000 | ||
90 Days or More Past Due [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Acquired loans accounted for as purchased credit impaired loans | $ 133,000,000 | $ 137,000,000 | |
Loans granted | $ 4,048,000 | $ 3,515,000 |
Loans Receivable - Aging of Rec
Loans Receivable - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 4,203 | $ 3,531 |
Total | 1,358,797 | 1,337,779 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 155 | 16 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,048 | 3,515 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,354,594 | 1,334,248 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 531 | 367 |
Total | 214,586 | 214,167 |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 104 | |
Residential Mortgages [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 427 | 367 |
Residential Mortgages [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 214,055 | 213,800 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,197 | |
Total | 953,539 | 942,130 |
Commercial Mortgages [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,197 | |
Commercial Mortgages [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 953,539 | 940,933 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,792 | 1,113 |
Total | 25,307 | 20,896 |
Construction [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,792 | 1,113 |
Construction [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22,515 | 19,783 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 584 | 416 |
Total | 141,902 | 136,304 |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51 | 16 |
Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 533 | 400 |
Commercial Loans [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 141,318 | 135,888 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 296 | 399 |
Total | 22,955 | 23,688 |
Home Equity Lines Of Credit [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 296 | 399 |
Home Equity Lines Of Credit [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22,659 | 23,289 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39 | |
Total | 508 | 594 |
Consumer and Overdrafts [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39 | |
Consumer and Overdrafts [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 508 | $ 555 |
Loans Receivable - Summary of R
Loans Receivable - Summary of Risk Category of Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,358,797 | $ 1,337,779 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,344,968 | 1,321,631 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,745 | 3,580 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,084 | 12,568 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 214,586 | 214,167 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 213,581 | 212,810 |
Residential Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 383 | 154 |
Residential Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 622 | 1,203 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 953,539 | 942,130 |
Commercial Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 944,482 | 931,178 |
Commercial Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,538 | 1,548 |
Commercial Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,519 | 9,404 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25,307 | 20,896 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,515 | 18,104 |
Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,679 | 1,679 |
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,113 | 1,113 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 141,902 | 136,304 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 141,295 | 135,725 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 145 | 156 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 462 | 423 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,955 | 23,688 |
Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,587 | 23,220 |
Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 43 | |
Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 368 | 425 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 508 | 594 |
Consumer and Overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 508 | $ 594 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 1,350,197 | $ 1,329,372 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 218 | 221 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 850 | 859 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 1,154 | 1,169 |
Acquired with Deteriorated Credit Quality [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 86 | $ 89 |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans, allowance | $ 0 | $ 0 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Beginning balance | $ 89 | $ 130 |
Accretion income | (3) | (10) |
Ending balance | $ 86 | $ 120 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 277,162 | $ 274,560 |
Total other comprehensive (loss) income | (1,073) | (105) |
Ending Balance | 281,137 | 274,728 |
Net Unrealized Gain (Loss) on Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,052) | 137 |
Other comprehensive income (loss) before reclassifications | (187) | |
Amounts reclassified from accumulated other comprehensive income | (1,519) | |
Tax effect | 319 | 40 |
Total other comprehensive (loss) income | (1,200) | (147) |
Ending Balance | (5,252) | (10) |
Unrealized Losses on Retirement Plans [Member] | Pension Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,452) | (3,055) |
Amounts reclassified from accumulated other comprehensive income | 141 | 38 |
Tax effect | (30) | (9) |
Total other comprehensive (loss) income | 111 | 29 |
Ending Balance | (4,341) | (3,026) |
Unrealized Losses on Retirement Plans [Member] | SERP Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (125) | (181) |
Amounts reclassified from accumulated other comprehensive income | 20 | 16 |
Tax effect | (4) | (3) |
Total other comprehensive (loss) income | 16 | 13 |
Ending Balance | (109) | (168) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (8,629) | (3,099) |
Other comprehensive income (loss) before reclassifications | (187) | |
Amounts reclassified from accumulated other comprehensive income | (1,358) | 54 |
Tax effect | 285 | 28 |
Total other comprehensive (loss) income | (1,073) | (105) |
Ending Balance | $ (9,702) | $ (3,204) |
Post-Retirement Benefits - Addi
Post-Retirement Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Apr. 20, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Effective date of freezing of the defined benefit pension plan | May 01, 2017 | |||
Defined benefit plan, contributions by employer | $ 0 | |||
ESOP shares | 1,453,209 | 1,437,445 | 1,439,138 | |
ESOP borrowing | $ 14,500,000 | $ 9,700,000 | ||
Stock price | $ 10 | |||
ESOP payable term | 15 years | |||
ESOP prime rate percentage | 3.25% | |||
Number of shares committed to be released per year through 2032 | 96,881 | |||
ESOP compensation | $ 467,000 | $ 446,000 |
Post-Retirement Benefits - Sche
Post-Retirement Benefits - Schedule of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 196 | $ 149 |
Expected return on plan assets | (410) | (510) |
Amortization of prior net loss | 141 | 38 |
Net periodic (benefit) cost | (73) | (323) |
Supplemental Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 82 | 131 |
Interest cost | 26 | 17 |
Amortization of prior net loss | 20 | 16 |
Net periodic (benefit) cost | $ 128 | $ 164 |
Post-Retirement Benefits - Shar
Post-Retirement Benefits - Shares Held by ESOP (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Apr. 20, 2017 |
Share-Based Payment Arrangement [Abstract] | |||
Allocated to participants | 541,097 | 518,371 | |
Unearned | 896,348 | 920,767 | |
Total ESOP shares | 1,437,445 | 1,439,138 | 1,453,209 |
Fair value of unearned shares | $ 16,072 | $ 17,577 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) | 3 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value transfers between levels | $ 0 | $ 0 | ||
Carrying amount of loans | 1,350,197,000 | $ 1,329,372,000 | ||
Remaining valuation allowance | 9,048,000 | 8,159,000 | 8,927,000 | $ 7,881,000 |
Net charge-offs | 39,000 | 107,000 | ||
Provision for loan losses | 82,000 | 13,000 | ||
Impaired Loans [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying amount of loans | 375,000 | 469,000 | ||
Remaining valuation allowance | 111,000 | $ 119,000 | ||
Net charge-offs | 0 | 0 | ||
Provision for loan losses | $ 2,000 | $ 2,000 | ||
Minimum [Member] | Measurement Input, Discount Rates [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.10 | |||
Maximum [Member] | Measurement Input, Discount Rates [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.20 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 47,205 | $ 42,844 |
Total liabilities at fair value | 14,774 | 8,223 |
Measured on a Recurring Basis [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 9,443 | 9,928 |
Measured on a Recurring Basis [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,765 | 4,854 |
Measured on a Recurring Basis [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,334 | 4,796 |
Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 11,623 | 12,712 |
Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,266 | 2,331 |
Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 264 | 350 |
Impaired Loans [Member] | Residential Mortgages [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 242 | 306 |
Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 22 | 44 |
Derivatives - Interest Rate Contracts [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 14,774 | 8,223 |
Total liabilities at fair value | 14,774 | 8,223 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 44,437 | 39,994 |
Total liabilities at fair value | 14,774 | 8,223 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 9,443 | 9,928 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,997 | 2,004 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,334 | 4,796 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 11,623 | 12,712 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,266 | 2,331 |
Level 2 [Member] | Derivatives - Interest Rate Contracts [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 14,774 | 8,223 |
Total liabilities at fair value | 14,774 | 8,223 |
Level 3 [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,768 | 2,850 |
Level 3 [Member] | Measured on a Recurring Basis [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,768 | 2,850 |
Level 3 [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 264 | 350 |
Level 3 [Member] | Impaired Loans [Member] | Residential Mortgages [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 242 | 306 |
Level 3 [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 22 | $ 44 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis (Detail) $ in Thousands | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Minimum [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.10 | |
Maximum [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.20 | |
Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 264 | $ 350 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 264 | 350 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 242 | 306 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 242 | 306 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 242 | 306 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 22 | 44 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 22 | 44 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 22 | $ 44 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.054 | 0.054 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.048 | 0.048 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.063 | 0.063 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.063 | 0.063 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financial assets: | ||
Held to maturity debt securities | $ 339,143 | $ 361,608 |
Available for sale debt securities | 32,431 | 34,621 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 50,753 | 118,457 |
Held to maturity debt securities | 406,250 | 412,449 |
Available for sale debt securities | 32,431 | 34,621 |
Loans receivable, net | 1,350,197 | 1,329,372 |
Accrued interest receivable | 7,074 | 6,396 |
FHLB stock | 2,865 | 3,766 |
Financial liabilities: | ||
Mortgage escrow funds | 7,302 | 11,173 |
Advances from FHLB | 28,288 | 48,323 |
Accrued interest payable | 53 | 94 |
Carrying Amount [Member] | Derivatives - Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 14,774 | 8,223 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 14,774 | 8,223 |
Carrying Amount [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 1,269,942 | 1,298,661 |
Carrying Amount [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 323,324 | 327,589 |
Total [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 50,753 | 118,457 |
Held to maturity debt securities | 339,143 | 361,608 |
Available for sale debt securities | 32,431 | 34,621 |
Loans receivable, net | 1,280,789 | 1,261,035 |
Accrued interest receivable | 7,074 | 6,396 |
Financial liabilities: | ||
Mortgage escrow funds | 7,302 | 11,173 |
Advances from FHLB | 27,347 | 48,094 |
Accrued interest payable | 53 | 94 |
Total [Member] | Derivatives - Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 14,774 | 8,223 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 14,774 | 8,223 |
Total [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 1,269,942 | 1,298,661 |
Total [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 324,778 | 329,885 |
Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 50,753 | 118,457 |
Financial liabilities: | ||
Mortgage escrow funds | 7,302 | 11,173 |
Accrued interest payable | 1 | |
Level 1 [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 1,269,942 | 1,298,661 |
Level 2 [Member] | ||
Financial assets: | ||
Held to maturity debt securities | 307,553 | 331,262 |
Available for sale debt securities | 29,663 | 31,771 |
Accrued interest receivable | 1,845 | 1,751 |
Financial liabilities: | ||
Advances from FHLB | 27,347 | 48,094 |
Accrued interest payable | 53 | 93 |
Level 2 [Member] | Derivatives - Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 14,774 | 8,223 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 14,774 | 8,223 |
Level 2 [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 324,778 | 329,885 |
Level 3 [Member] | ||
Financial assets: | ||
Held to maturity debt securities | 31,590 | 30,346 |
Available for sale debt securities | 2,768 | 2,850 |
Loans receivable, net | 1,280,789 | 1,261,035 |
Accrued interest receivable | $ 5,229 | $ 4,645 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized (Detail) - PCSB Bank [Member] $ in Thousands | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Bank Actual Amount | $ 256,469 | $ 251,144 |
Common Tier 1, Bank Actual Amount | 256,469 | 251,144 |
Tier 1, Bank Actual Amount | 256,469 | 251,144 |
Total, Bank Actual Amount | $ 265,517 | $ 260,071 |
Leverage (Tier 1), Bank Actual Ratio | 13 | 12.8 |
Common Tier 1, Bank Actual Ratio | 17.3 | 17.2 |
Tier 1, Bank Actual Ratio | 17.3 | 17.2 |
Total, Bank Actual Ratio | 17.9 | 17.8 |
Leverage (Tier 1), For Capital Adequacy Purposes Amount | $ 78,658 | $ 78,490 |
Common Tier 1, For Capital Adequacy Purposes Amount | 66,842 | 65,630 |
Tier 1, For Capital Adequacy Purposes Amount | 89,122 | 87,507 |
Total, For Capital Adequacy Purposes Amount | $ 118,829 | $ 116,676 |
Leverage (Tier 1), For Capital Adequacy Purposes Ratio | 4 | 4 |
Common Tier 1, For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1, For Capital Adequacy Purposes Ratio | 6 | 6 |
Total, For Capital Adequacy Purposes Ratio | 8 | 8 |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 98,323 | $ 98,112 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 96,549 | 94,799 |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 118,829 | 116,676 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 148,537 | $ 145,845 |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5 | 5 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8 | 8 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10 | 10 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2022 | |
Minimum [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer percentage required under regulatory | 2.50% |
Earnings Per Share ("EPS") - Sc
Earnings Per Share ("EPS") - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common stock | $ 4,776 | $ 3,614 |
Average number of common shares outstanding | 15,122,732 | 15,342,975 |
Less: Average unallocated ESOP shares | (908,419) | (1,005,432) |
Average number of common shares outstanding used to calculate basic earnings per common share | 14,214,313 | 14,337,543 |
Effect of equity-based awards | 87,287 | 68,273 |
Average number of common shares outstanding used to calculate diluted earnings per common share | 14,301,600 | 14,405,816 |
Earnings per common share, Basic: | ||
Basic | $ 0.34 | $ 0.25 |
Earnings per common share, Diluted: | ||
Diluted | $ 0.33 | $ 0.25 |
Earnings Per Share ("EPS") - Ad
Earnings Per Share ("EPS") - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,314,963 | 1,325,935 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary Information About Interest Rate Swaps (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Notional amounts | $ 287,485,000 | $ 264,462,000 |
Weighted average pay rates | 4.31% | 3.57% |
Weighted average receive rates | 4.31% | 3.57% |
Weighted average maturity | 8 years 1 month 20 days | 8 years 2 months 19 days |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Summary of Sources of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Noninterest income | |||
Service charges on deposits | $ 234 | $ 183 | |
Interchange fees | 153 | 156 | |
Other fees and service charges | [1] | 66 | 62 |
Fees and service charges | 453 | 401 | |
Swap income | [1] | 141 | |
Bank-owned life insurance | [1] | 191 | 192 |
Other noninterest income | [1] | 8 | 20 |
Total noninterest income | $ 793 | $ 613 | |
[1] Not within the scope of ASC 606. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Oct. 24, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | $ 820,000 | $ 810,000 | |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 1,400,000 | ||
Expected weighted-average period for cost recognition | 1 year 4 months 24 days | ||
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 2,400,000 | ||
Expected weighted-average period for cost recognition | 1 year 4 months 24 days | ||
2018 Equity Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 2,543,115 | ||
Stock-based compensation | $ 820,000 | $ 810,000 | |
2018 Equity Incentive Plan [Member] | Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 1,816,511 | 1,816,511 | |
Contractual term | 10 years | ||
Number of shares granted | 1,320,963 | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Annual Vesting on Each Anniversary [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Awards vesting percentage for year | 20% | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2018 Equity Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 726,604 | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of other than stock options granted | 549,467 | ||
Number of shares available for grant | 726,000 | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Annual Vesting on Each Anniversary [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Awards vesting percentage for year | 20% | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSA activity (Detail) | 3 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Shares, Unvested granted shares outstanding beginning balance | shares | 223,450 |
Number of Shares, vested | shares | (2,200) |
Number of Shares, Unvested granted shares outstanding ending balance | shares | 221,250 |
Weighted-Average Grant Date Fair Value, Unvested granted shares outstanding beginning balance | $ / shares | $ 18.89 |
Weighted-Average Grant Date Fair Value, Shares vested | $ / shares | 16.21 |
Weighted-Average Grant Date Fair Value, Unvested granted shares outstanding ending balance | $ / shares | $ 18.92 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity Related to Stock Options Granted under Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options, outstanding beginning balance | 1,320,963 | |
Number of Options, outstanding ending balance | 1,320,963 | 1,320,963 |
Number of Option, Exercisable at September 30, 2022 | 786,578 | |
Weighted-Average Exercise Price, Option outstanding beginning balance | $ 18.98 | |
Weighted-Average Exercise Price, Option outstanding ending balance | 18.98 | $ 18.98 |
Weighted-Average Exercise Price, Exercisable at September 30, 2022 | $ 19 | |
Weighted-Average Remaining Contractual Years, Option outstanding | 6 years 1 month 6 days | 6 years 4 months 24 days |
Weighted-Average Remaining Contractual Years, Option Exercisable | 6 years 1 month 6 days | |
Aggregate Intrinsic Value, Option outstanding | $ 37 | $ 411 |
Aggregate Intrinsic Value, Exercisable | $ 14 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended | |
Sep. 30, 2022 USD ($) BranchOffice AdministrativeOffice | Sep. 30, 2021 USD ($) | |
Lessee Lease Description [Line Items] | ||
Number of branch offices in real estate lease | BranchOffice | 11 | |
Number of administrative office in real estate lease | AdministrativeOffice | 1 | |
Lease maturity start year | 2023 | |
Lease maturity end year | 2041 | |
Lease option to extend | some of which include lessee options to extend the lease term. | |
Operating lease, weighted average remaining lease terms | 9 years 4 months 24 days | |
Lessee, operating lease, description | The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. | |
Operating lease, weighted average discount rate, percent | 2.49% | |
Short-term lease cost | $ 0 | $ 0 |
Sale and leaseback transactions with related parties | 0 | 0 |
Operating lease, cost | 505,000 | $ 505,000 |
Operating lease, right-of-use asset | $ 8,100,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Premises and equipment, net | |
Operating lease, liability | $ 8,363,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, original term | 12 months |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 1,550 |
2024 | 1,719 |
2025 | 1,426 |
2026 | 907 |
2027 | 547 |
Thereafter | 3,442 |
Total future minimum lease payments (undiscounted) | 9,591 |
Discounting effect on cash flows | (1,228) |
Lease liability (discounted) | $ 8,363 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities |
Pending Merger With and Into _2
Pending Merger With and Into Brookline Bancorp, Inc. - Additional Information (Details) - Brookline Bancorp, Inc. [Member] | 3 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | May 23, 2022 shares $ / shares | |
Business Acquisition [Line Items] | |||
Share price | $ / shares | $ 22 | ||
Consideration transferred in shares | shares | 1.3284 | ||
Percentage of outstanding shares | 60% | ||
Merger-related expense | $ | $ 311,000 | $ 0 |