Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Mar. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | TEB Bancorp, Inc. | |
Entity Central Index Key | 0001751700 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
ASSETS | ||
Cash and due from banks | $ 3,755,224 | $ 4,698,851 |
Federal funds sold | 1,706,268 | 1,435,295 |
Cash and cash equivalents | 5,461,492 | 6,134,146 |
Interest bearing deposits in banks | 208,583 | 157,459 |
Available for sale securities - stated at fair value | 21,320,137 | 20,906,087 |
Loans, less allowance for loan losses of $1,295,012 and $1,324,159 at December 31, 2018 and June 30, 2018, respectively | 263,063,705 | 263,998,800 |
Loans held for sale | 2,754,829 | 6,416,385 |
Other real estate owned, net | 4,124,984 | 3,957,133 |
Premises and equipment, net | 8,129,786 | 8,252,426 |
Federal Home Loan Bank stock | 2,344,500 | 2,070,000 |
Accrued interest receivable and other assets | 2,574,166 | 1,531,606 |
TOTAL ASSETS | 309,982,182 | 313,424,042 |
Deposits | ||
Demand | 68,595,434 | 64,528,259 |
Savings and NOW | 80,902,379 | 81,998,195 |
Certificates of Deposit | 88,306,708 | 97,937,026 |
Total Deposits | 237,804,521 | 244,463,480 |
Federal Home Loan Bank borrowings | 52,100,000 | 46,000,000 |
Advance payments by borrowers for property taxes and insurance | 426,593 | 3,677,434 |
Accrued interest payable and other liabilities | 5,635,270 | 5,180,996 |
Total Liabilities | 295,966,384 | 299,321,910 |
EQUITY | ||
Retained earnings | 16,122,409 | 16,309,708 |
Accumulated other comprehensive loss | (2,106,611) | (2,207,576) |
Total Equity | 14,015,798 | 14,102,132 |
TOTAL LIABILITIES AND EQUITY | $ 309,982,182 | $ 313,424,042 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||||||
Allowance for loan losses | $ 1,295,012 | $ 1,301,810 | $ 1,324,159 | $ 1,863,730 | $ 1,879,304 | $ 1,901,212 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTEREST AND DIVIDEND INCOME | ||||
Interest and fees on loans | $ 2,928,655 | $ 2,850,591 | $ 5,860,134 | $ 5,679,824 |
Interest and dividends on investment securities | 177,130 | 148,359 | 345,883 | 289,958 |
Interest on federal funds sold | 6,988 | 3,588 | 12,094 | 6,506 |
Interest on deposits in banks | 515 | 763 | 1,261 | 2,632 |
Total Interest Income | 3,113,288 | 3,003,301 | 6,219,372 | 5,978,920 |
INTEREST EXPENSE | ||||
Interest on deposits | 371,289 | 292,631 | 723,324 | 579,487 |
Interest on other borrowings | 79 | 100 | ||
Interest on Federal Home Loan Bank borrowings | 266,514 | 81,998 | 507,932 | 124,376 |
Total Interest Expense | 637,882 | 374,629 | 1,231,356 | 703,863 |
Net interest income before provision for loan losses | 2,475,406 | 2,628,672 | 4,988,016 | 5,275,057 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 2,475,406 | 2,628,672 | 4,988,016 | 5,275,057 |
NON-INTEREST INCOME | ||||
Service fees on deposits | 124,095 | 112,792 | 244,500 | 233,382 |
Service fees on loans | 94,135 | 50,438 | 156,199 | 99,307 |
Gain on sales of mortgage loans | 287,496 | 392,611 | 621,782 | 808,518 |
Income on sale of uninsured products | 65,970 | 82,596 | 141,910 | 152,824 |
Gain on sale of other real estate owned | 67,093 | 71,193 | ||
Other income | 8,837 | 9,180 | 16,507 | 16,983 |
Total Non-Interest Income | 580,533 | 714,710 | 1,180,898 | 1,382,207 |
NON-INTEREST EXPENSES | ||||
Compensation and benefits | 1,821,496 | 1,930,613 | 3,641,360 | 3,740,798 |
Occupancy | 487,174 | 472,699 | 964,114 | 923,740 |
Advertising | 53,309 | 75,270 | 163,579 | 165,540 |
Data processing services | 298,507 | 312,655 | 600,532 | 602,689 |
FDIC assessment | 118,278 | 117,424 | 236,720 | 236,678 |
Net loss on and cost of operations of other real estate owned | 19,272 | 89,809 | 89,884 | 144,624 |
Insurance expense | 41,701 | 39,568 | 83,816 | 78,817 |
Professional fees | 18,750 | 18,750 | 102,989 | 37,500 |
Other expenses | 244,053 | 261,126 | 473,219 | 465,560 |
Total Non-Interest Expenses | 3,102,540 | 3,317,914 | 6,356,213 | 6,395,946 |
Income (loss) before income taxes | (46,601) | 25,468 | (187,299) | 261,318 |
Income tax benefit | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (46,601) | $ 25,468 | $ (187,299) | $ 261,318 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (46,601) | $ 25,468 | $ (187,299) | $ 261,318 |
Unrealized gains/losses on securities | ||||
Net unrealized holding gains (losses) arising during period | 247,021 | (136,745) | 100,965 | (188,443) |
Tax effect | 0 | 0 | 0 | 0 |
Reclassification adjustment for gains included in net income | 0 | 0 | 0 | 0 |
Change in pension obligation, net of tax | 52,845 | 377,924 | ||
Other comprehensive income (loss), net of tax | 247,021 | (83,900) | 100,965 | 189,481 |
COMPREHENSIVE INCOME (LOSS) | $ 200,420 | $ (58,432) | $ (86,334) | $ 450,799 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
BALANCES at Jun. 30, 2017 | $ 16,221,847 | $ (2,341,018) | $ 13,880,829 |
Comprehensive income (loss) | |||
Net income (loss) | 261,318 | 261,318 | |
Change in unrealized gains/losses on securities available for sale (net of deferred income tax of $0) | (188,443) | (188,443) | |
Change in pension obligation (net of deferred income tax of $0) | 377,924 | 377,924 | |
Total Comprehensive Income (loss) | 450,799 | ||
BALANCES at Dec. 31, 2017 | 16,483,165 | (2,151,537) | 14,331,628 |
BALANCES at Jun. 30, 2018 | 16,309,708 | (2,207,576) | 14,102,132 |
Comprehensive income (loss) | |||
Net income (loss) | (187,299) | (187,299) | |
Change in unrealized gains/losses on securities available for sale (net of deferred income tax of $0) | 100,965 | 100,965 | |
Change in pension obligation (net of deferred income tax of $0) | 0 | ||
Total Comprehensive Income (loss) | (86,334) | ||
BALANCES at Dec. 31, 2018 | $ 16,122,409 | $ (2,106,611) | $ 14,015,798 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parentheticals) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Deferred income tax for change in unrealized gains/losses on securities available for sale | $ 0 | $ 0 |
Deferred income tax change in pension obligation | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (187,299) | $ 261,318 |
Adjustments to reconcile net (loss) income to net cash flows from operating activities | ||
Provision for loan losses | 0 | 0 |
Depreciation | 278,919 | 256,619 |
Amortization and accretion | 41,593 | 35,361 |
Origination of mortgage loans held for sale | (45,532,436) | (64,148,641) |
Proceeds from sales of mortgage loans held for sale | 49,815,774 | 65,564,519 |
Gain on sale of mortgage loans held for sale | (621,782) | (808,518) |
Gain (loss) on sale of other real estate owned, net | (27) | (5,918) |
Changes in assets and liabilities: | ||
Accrued interest payable and other liabilities | 454,274 | 1,891,700 |
Accrued interest receivable and other assets | (1,042,560) | 992,115 |
Net cash flows from operating activities | 3,206,456 | 4,038,555 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities or calls of securities available for sale | 295,322 | 11,438 |
Purchase of securities available for sale | (650,000) | (980,000) |
Change in loans | 516,245 | 7,107,499 |
Purchase of FHLB stock | (274,500) | (155,000) |
Change in interest bearing deposits in banks | (51,124) | (90,390) |
Proceeds from sale of other real estate owned | 251,025 | 703,602 |
Purchase of premises and equipment, net | (156,279) | (109,225) |
Net cash flows from investing activities | (69,311) | 6,487,924 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in deposits | (6,658,959) | (25,474,907) |
FHLB advance proceeds | 318,550,000 | 167,250,000 |
FHLB advance repayments | (312,450,000) | (149,650,000) |
Change in advance payments by borrowers for property taxes and insurance | (3,250,840) | (3,211,869) |
Net cash flows from financing activities | (3,809,799) | (11,086,776) |
Net Change in Cash and Cash Equivalents | (672,654) | (560,297) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 6,134,146 | 6,550,622 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 5,461,492 | 5,990,325 |
SUPPLEMENTAL CASH FLOW DISCLOSURES | ||
Cash paid for interest | 712,263 | 573,416 |
Loans transferred to other real estate owned | $ 418,849 | $ 265,097 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – Summary of Significant Accounting Policies Basis of Presentation The Equitable Bank, S.S.B. (the “Bank”) is a state chartered mutual savings bank providing a full range of financial services. The Bank grants commercial, residential and consumer loans, and accepts deposits from customers primarily in the Metropolitan Milwaukee area, which is in southeastern Wisconsin. Equitable is subject to competition from other financial institutions and nonfinancial institutions providing financial products. Additionally, the Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies. The accompanying unaudited condensed consolidated financial statements of the Bank were prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto of the Bank as of and for the nine months ended June 30, 2018. Reference is made to the accounting policies of the Bank described in the Notes to the consolidated Financial Statements contained in the prospectus of TEB Bancorp, Inc. (“the Company”) dated February 11, 2019. The interim condensed consolidated financial statements as of December 31, 2018, and for the three and six months ended December 31, 2018 and 2017 are unaudited and 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 contained in the interim financial statements. The results of operations for the three and six months ended December 31, 2018, are not necessarily indicative of the results to be achieved for the year ending June 30, 2019 or any other period. The Bank evaluates subsequent events through the date of filing with the Securities and Exchange Commission. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts and operations of the Bank and its wholly-owned subsidiaries, Equitable Investment Corp. and Savings Financial Corporation. All significant intercompany accounts and transactions have been eliminated. Use of Estimates In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management of the Bank is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the pension actuarial assumptions, and the valuation of deferred tax assets. Reclassification Certain June 30, 2018 amounts have been reclassified to conform to the December 31, 2018 presentation. The reclassifications had no effect on reported amounts of consolidated net income (loss) or equity. Going Concern On February 15, 2012, the Board of Directors of the Bank executed a Stipulation and Consent to the Issuance of an Amended Consent Order (“Consent Order”), jointly issued by the Federal Deposit Insurance Corporation (“FDIC”) and Wisconsin Department of Financial Institutions (“WDFI”). Pursuant to the Consent Order, the Bank has taken certain actions to address issues identified by the FDIC and WDFI. The Consent Order requires the Bank to, among other things, (i) retain qualified management; (ii) increase Board oversight; (iii) maintain minimum Tier 1 capital of 8% of average assets and minimum total risk-based capital of 12% of risk weighted assets; revise the capital plan submitted to the FDIC and WDFI (iv) revise the written plan to manage concentrations of credit; (v) revise the written plan to reduce the level of loan relationships and real estate owned greater than $500,000 and 90 days delinquent or classified substandard or doubtful; (vi) obtain monthly Board approval of the allowance for loan losses; (vii) revise the profit plan; and (viii) provide written status reports to the FDIC following each quarter end. The Consent Order will remain in effect until terminated, modified, or suspended in writing by the FDIC or WDFI. Management is required to submit an annual budget to the regulatory agencies in response to the amended consent order. The most recent budget submitted was as of January 1, 2019. The compliance with these items is monitored by management and the Board of Directors on a monthly basis. The condensed consolidated financial statements had been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Non -compliance with the regulatory Consent Order due to low levels of capital raised a substantial doubt about the ability of the Bank to continue as a going concern. Management has a plan to pursue reorganization to a mutual holding company and sell a minority share of the stock to the public which will increase capital levels. The Bank believes it has corrected all outstanding issues other than the low capital levels and returning to profitability. If the Bank is unable to achieve compliance with requirements of the Consent Order, the FDIC or WDFI could force a sale, liquidation, or federal conservatorship or receivership of the Bank. See Note 12 “Regulatory Capital Requirements” for additional information. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Ongoing liquidity is needed to meet the financial obligations that arise in the ordinary course of business. Our primary needs for liquidity are to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, proceeds from the sale of loans, and proceeds from maturities of securities. We also have the ability to borrow from the Federal Home Loan Bank of Chicago and from U.S. Bank. At December 31, 2018, we had an $82.1 million line of credit with the Federal Home Loan Bank of Chicago, and had $52.1 million of borrowings outstanding as of that date. We also had a $5.0 million line of credit with U.S. Bank, with no borrowings outstanding as of that date. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 2 – Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issues Accounting Standards Updates (“ASU”s) to the FASB Accounting Standards Codification (“ASC”). This section provides a summary description of recent ASUs that management expects may have an impact on the consolidated financial statements issued in the near future. Pursuant to final approvals with respect to the mutual holding reorganization, as discussed in Note 19, the Company will be classified as an emerging growth company and will elect to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. Effective dates reflect this election. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses which amends the implementation date for nonpublic entities’ annual financial statements to align with their interim financial statements and clarifies the scope of the guidance in ASU 2016-13. The update will allow management to delay implementation of ASU 2016-13 until fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, due to the Company’s status as an emerging growth company. Management is currently evaluating the impact of other aspects in the update on the Bank’s consolidated results of operations, financial position and cash flows. In August 2018, the FASB issued ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans, which amends the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update removed disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this update are effective for public business entities in fiscal years ending after December 15, 2020. The Bank is required to adopt the new standard for fiscal years ending after December 15, 2021. Early adoption is permitted. Management is currently evaluating the adoption of the new standard on the Bank’s consolidated results of operations, financial position and cash flows. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which amends FASB ASC Topic 842, Leases, to (1) add an optional transition method that would permit entities to apply the new requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption, and (2) provide a practical expedient for lessors regarding the separation of the lease and non-lease components of a contract. This guidance did not change management’s assessment of the impact of ASU No. 2016-02 on the Bank’s consolidated results of operations, financial position or cash flows. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, leases to address certain narrow aspects of the guidance issued in ASU No. 2016-02. This guidance did not change management’s assessment of the impact of ASU No. 2016-02 on the Bank’s consolidated results of operations, financial position or cash flows. In May 2018, the FASB issued ASU No. 2018-06, Codification Improvements to Topic 942, Financial Services - Depository and Lending. This update superseded outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges. Management does not expect the new guidance to have a material impact on the Bank’s consolidated results of operations, financial position or cash flows. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 3 – Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer liabilities in an orderly transaction between market participants at the measurement date (exit price) and establishes a framework for measuring fair value. To determine fair value the Bank utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Bank is able to classify fair value balances based on the observability of those inputs. The guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: > Level 1 - Fair value is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as listed equities and U.S. Treasury securities. > Level 2 - Fair value is based upon quoted prices for similar, but not identical, assets and liabilities in active markets, and other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. This also includes quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data. > Level 3 - Fair value is based upon financial models using primarily unobservable inputs. Unobservable inputs reflect the Bank's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets Available for sale securities Impaired Loans Other real estate owned, net Subsequently, other real estate owned is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, less selling costs, the Bank records the repossessed asset as a non-recurring Level 3 valuation. At December 31, 2018 and June 30, 2018 substantially all of the Other real estate owned was evaluated based on the fair value of the collateral with adjustments to their appraised values ranging from 5-15% for selling costs. The following tables set forth, by level within the fair value hierarchy, the Bank's financial assets that were accounted for at fair value on a recurring and non-recurring basis as of December 31, 2018 and June 30, 2018, respectively. According to fair value guidance, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Bank's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table presents assets measured at fair value on a recurring basis: Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 Total Securities classified as available for sale: Obligations of states and political subdivisions $ - $ 19,882,210 $ - $ 19,882,210 Mortgage backed securities - 1,118,476 - 1,118,476 Certificates of deposit - 319,451 - 319,451 Total $ - $ 21,320,137 $ - $ 21,320,137 Fair Value as of June 30, 2018 Level 1 Level 2 Level 3 Total Securities classified as available for sale: Obligations of states and political subdivisions $ - $ 19,426,437 $ - $ 19,426,437 Mortgage backed securities - 1,157,941 - 1,157,941 Certificates of deposit - 321,709 - 321,709 Total $ - $ 20,906,087 $ - $ 20,906,087 Fair value of level 3 assets measured on a recurring basis is determined based upon financial models using primarily unobservable inputs. The Bank had no level 3 assets as of December 31, 2018 or June 30, 2018. Assets measured at fair value on non-recurring basis: Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 205,313 $ 205,313 Other real estate owned, net - - 4,124,984 4,124,984 Total $ - $ - $ 4,330,297 $ 4,330,297 Fair Value as of June 30, 2018 Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 140,765 $ 140,765 Other real estate owned, net - - 3,957,133 3,957,133 Total $ - $ - $ 4,097,898 $ 4,097,898 Financial Disclosures about Fair Value of Financial Instruments Accounting guidance requires disclosures of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair values. Certain financial instruments and all non-financial instruments are excluded from the scope of the guidance. Accordingly, the fair value disclosures required by the guidance are only indicative of the value of individual financial instruments, as of the dates indicated and should not be considered an indication of the fair value of Bank. The estimated fair values of financial instruments are as follows: December 31, 2018 June 30, 2018 Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 5,461,492 $ 5,461,492 $ 6,134,146 $ 6,134,146 Interest bearing deposits in banks $ 208,583 $ 208,583 $ 157,459 $ 157,459 Available for sale securities $ 21,320,137 $ 21,320,137 $ 20,906,087 $ 20,906,087 Loans $ 263,063,705 $ 255,742,705 $ 263,998,800 $ 256,952,400 Loans held for sale $ 2,754,829 $ 2,754,829 $ 6,416,385 $ 6,416,385 Federal Home Loan Bank stock $ 2,344,500 $ 2,344,500 $ 2,070,000 $ 2,070,000 Accrued interest receivable $ 980,269 $ 980,269 $ 879,292 $ 879,292 FINANCIAL LIABILITIES Deposits $ 237,804,521 $ 212,772,521 $ 244,463,480 $ 220,870,600 Federal Home Loan Bank borrowings $ 52,100,000 $ 52,100,000 $ 46,000,000 $ 46,000,000 Accrued interest payable $ 108,236 $ 108,236 $ 93,053 $ 93,053 The methods and assumptions that were used to estimate the fair value of financial assets and financial liabilities that are measured at fair value on a recurring and non-recurring basis have been previously disclosed. The following methods and assumptions were used to estimate the fair value of other financial instruments for which it is practicable to estimate that value: Cash and cash equivalents – Due to their short term nature, the carrying amount of cash equivalents approximates fair value and is categorized in level 1 of the fair value hierarchy. Interest bearing deposits in banks – The carrying amount approximates fair value and is categorized in level 2 of the fair value hierarchy. Available for sale securities – The fair value is estimated using quoted market prices or by using pricing models and is categorized in level 2 of the fair value hierarchy. Federal Home Loan Bank stock – No secondary market exists for FHLB stock. The stock is bought and sold at par by the FHLB and management believes the carrying amount approximates fair value and is categorized in level 2 of the fair value hierarchy. Loans– The fair value of variable rate loans that reprice frequently are based on carrying values. The fair value of other loans is estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and is categorized in level 3 of the fair value hierarchy. Loans held for sale – Fair value is based on commitments on hand from investors or prevailing market prices and is categorized in level 2 of the fair value hierarchy. Accrued interest receivable – The carrying amount approximates fair value and is categorized in level 1 of the fair value hierarchy. Deposits – Fair value of deposits with no stated maturity, such as demand deposits, savings, and money market accounts, by definition, is the amount payable on demand on the reporting date. Fair value of fixed rate time deposits is estimated using discounted cash flows applying interest rates currently offered on similar time deposits. Deposits are categorized in level 3 of the fair value hierarchy. Federal Home Loan Bank borrowings – The carrying amount approximates fair value and is categorized in level 2 of the fair value hierarchy. Accrued interest payable – The carrying amount approximates fair value and is categorized in level 1 of the fair value hierarchy. The estimated fair value of fee income on letters of credit at September 30, 2018 and June 30, 2018 is insignificant. Loan commitments on which the committed interest rate is less than the current market rate are also insignificant at September 30, 2018 and June 30, 2018. |
Cash and Due From Banks
Cash and Due From Banks | 6 Months Ended |
Dec. 31, 2018 | |
Cash and Due from Banks [Abstract] | |
Cash and Due From Banks | NOTE 4 – Cash and Due From Banks The Bank is required to maintain vault cash and reserve balances with Federal Reserve Bank is based upon a percentage of deposits. These requirements approximated $1,513,000 at December 31, 2018 and $1,439,000 at June 30, 2018. |
Available for Sale Securities
Available for Sale Securities | 6 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Securities | NOTE 5 – Available for Sale Securities Amortized costs and fair values of available for sale securities are summarized as follows: December 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 20,208,106 $ 6,313 $ 332,209 $ 19,882,210 Mortgage-backed securities 1,114,105 4,371 - 1,118,476 Certificates of deposit 330,000 - 10,549 319,451 $ 21,652,211 $ 10,684 $ 342,758 $ 21,320,137 June 30, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 19,846,714 $ 3,291 $ 423,568 $ 19,426,437 Mortgage-backed securities 1,162,412 - 4,471 1,157,941 Certificates of deposit 330,000 - 8,291 321,709 $ 21,339,126 $ 3,291 $ 436,330 $ 20,906,087 The following tables present the portion of the Bank's available for sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position: December 31, 2018 (Unaudited) Continuous Unrealized Continuous Unrealized Losses Existing for Less Losses Existing for 12 Months Than 12 Months or Greater Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of states and political subdivisions $ 3,554,894 $ 25,638 $ 14,257,663 $ 306,571 $ 17,812,557 $ 332,209 Mortgage backed - - - - - - Certificates of deposit 319,451 10,549 - - 319,451 10,549 $ 3,874,345 $ 36,187 $ 14,257,663 $ 306,571 $ 18,132,008 $ 342,758 Management does not believe any individual unrealized loss as of December 31, 2018 represents other than temporary impairment. The Bank holds $14,257,663, comprised of 70 securities, in obligations of states and political subdivisions at December 31, 2018 that have an unrealized loss existing for 12 months or greater. Management believes the temporary impairment in fair value was caused by market fluctuations in interest rates. Although these securities are classified as available for sale, management does not have the intent to sell the security and it is more likely than not it will be able to hold the security through a recovery period or until maturity. June 30, 2018 Continuous Unrealized Continuous Unrealized Losses Existing for Less Losses Existing for 12 Months Than 12 Months or Greater Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of states and political subdivisions $ 15,856,505 $ 282,562 $ 2,045,230 $ 141,005 $ 17,901,735 $ 423,567 Mortgage backed 1,157,940 4,472 - - 1,157,940 4,472 Certificates of deposit 321,709 8,291 - - 321,709 8,291 $ 17,336,154 $ 295,325 $ 2,045,230 $ 141,005 $ 19,381,384 $ 436,330 Management does not believe any individual unrealized loss as of June 30, 2018 represents other than temporary impairment. The Bank holds $2,045,230, comprised of nine securities, in obligations of states and political subdivisions at June 30, 2018 that have an unrealized loss existing for 12 months or greater. Management believes the temporary impairment in fair value was caused by market fluctuations in interest rates. Although these securities are classified as available for sale, management does not have the intent to sell the security and it is more likely than not it will be able to hold the security through a recovery period or until maturity. The amortized cost and fair value of available for sale securities as of December 31, 2018 are shown below by contractual maturity. Expected maturities of mortgage-backed securities will differ from contractual maturities since the anticipated maturities are not readily determinable. Therefore, these securities are not included in the maturity categories in the following maturity summary: Amortized Cost Fair Value Due in one year or less $ 1,450,203 $ 1,446,965 Due after one year through 5 years 7,358,930 7,269,572 Due after 5 years through 10 years 10,824,122 10,589,178 Due after 10 years 904,851 895,946 Subtotal 20,538,106 20,201,661 Mortgage backed Due after 5 years through 10 years 1,114,105 1,118,476 Total $ 21,652,211 $ 21,320,137 During the three months ended December 31, 2018 and 2017, the Bank did not sell any available for sale securities. The Bank pledged $7,555,000 and $7,410,000 of available for sale securities at December 31, 2018 and June 30, 2018, respectively, as collateral on public deposits and for other purposes as required or permitted by law. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 6 – Loans and Allowance for Loan Losses Major classifications of loans are as follows: December 31, 2018 June 30, 2018 Construction, Land, Development $ 3,220,671 $ 4,845,372 1-4 family owner occupied 124,729,230 122,598,962 1-4 family non-owner occupied 22,315,219 23,836,875 Multifamily 74,069,572 71,100,731 Commercial owner occupied 8,591,004 7,351,591 Commercial non-owner occupied 20,782,399 24,211,269 Consumer & Installment Loans 10,650,622 11,378,159 Total Loans 264,358,717 265,322,959 Less: Allowance for loan losses (1,295,012 ) (1,324,159 ) Loans, net $ 263,063,705 $ 263,998,800 Non-performing loans are as follows: December 31, 2018 June 30, 2018 Nonaccrual Loans $ 1,318,569 $ 1,444,404 Total non-performing loans $ 1,318,569 $ 1,444,404 Restructured loans, accruing $ - $ - Total Impaired Loans $ 1,318,569 $ 1,444,404 Impaired loans are as follows as of and for the following periods ended: December 31, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total With related allowance recorded Recorded investment $ - $ 70,608 $ - $ - $ 196,135 $ - $ 131,268 $ 398,011 Unpaid principal balance - 70,608 - - 196,135 - 131,268 398,011 Related allowance - 4,809 - - 117,498 - 70,391 192,698 With no related allowance recorded Recorded investment $ - $ 889,964 $ 22,993 $ - $ - $ - $ 7,601 $ 920,558 Unpaid principal balance - 889,964 22,993 - - - 7,601 920,558 Related allowance - - - - - - - - Total Recorded investment $ - $ 960,572 $ 22,993 $ - $ 196,135 $ - $ 138,869 $ 1,318,569 Unpaid principal balance - 960,572 22,993 - 196,135 - 138,869 1,318,569 Related allowance - 4,809 - - 117,498 - 70,391 192,698 Three Months Ended December 31, 2018 Average recorded balance $ - $ 728,723 $ 11,496 $ - $ 196,335 $ - $ 136,350 $ 1,072,904 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired 3,531 1,947 348 - 1,078 - 1,000 7,904 Total interest on impaired loans $ 3,531 $ 1,947 $ 348 $ - $ 1,078 $ - $ 1,000 $ 7,904 Six Months Ended December 31, 2018 Average recorded balance $ 21,843 $ 719,614 $ 29,552 $ - $ 197,009 $ - $ 136,347 $ 1,104,365 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired 3,531 15,063 348 - 3,162 - 1,175 23,279 Total interest on impaired loans $ 3,531 $ 15,063 $ 348 $ - $ 3,162 $ - $ 1,175 $ 23,279 June 30, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total With related allowance recorded Recorded investment $ - $ - $ 95,214 $ - $ 198,829 $ - $ 62,687 $ 356,730 Unpaid principal balance - - 95,214 - 198,829 - 62,687 356,730 Related allowance - - 35,678 - 117,600 - 62,687 215,965 With no related allowance recorded Recorded investment $ 87,371 $ 924,135 $ - $ - $ - $ - $ 76,168 $ 1,087,674 Unpaid principal balance 87,371 924,135 - - - - 76,168 1,087,674 Related allowance - - - - - - - - Total Recorded investment $ 87,371 $ 924,135 $ 95,214 $ - $ 198,829 $ - $ 138,855 $ 1,444,404 Unpaid principal balance 87,371 924,135 95,214 - 198,829 - 138,855 1,444,404 Related allowance - - 35,678 - 117,600 - 62,687 215,965 Average recorded balance $ 43,686 $ 893,915 $ 95,214 $ - $ 201,399 $ 234,590 $ 117,420 $ 1,586,224 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 14,924 $ - $ 14,924 Interest income recognized on a cash basis while impaired - 14,037 - - 8,346 - 1,287 23,670 Total interest on impaired loans $ - $ 14,037 $ - $ - $ 8,346 $ 14,924 $ 1,287 $ 38,594 December 31, 2017 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total With related allowance recorded Recorded investment $ - $ - $ 95,214 $ - $ 203,066 $ - $ 63,222 $ 361,502 Unpaid principal balance - - 95,214 - 203,066 - 63,222 361,502 Related allowance - - 36,567 - 124,429 - 63,222 224,218 With no related allowance recorded Recorded investment $ - $ 839,261 $ - $ - $ - $ - $ 24,887 $ 864,148 Unpaid principal balance - 839,261 - - - - 24,887 864,148 Related allowance - - - - - - - - Total Recorded investment $ - $ 839,261 $ 95,214 $ - $ 203,066 $ - $ 88,109 $ 1,225,650 Unpaid principal balance - 839,261 95,214 - 203,066 - 88,109 1,225,650 Related allowance - - 36,567 - 124,429 - 63,222 224,218 Three Months Ended December 31, 2017 Average recorded balance $ - $ 1,032,002 $ 95,214 $ - $ 203,066 $ 703,771 $ 165,124 $ 2,199,177 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 14,924 $ - $ 14,924 Interest income recognized on a cash basis while impaired - 5,281 - - - - 186 5,467 Total interest on impaired loans $ - $ 5,281 $ - $ - $ - $ 14,924 $ 186 $ 20,391 Six Months Ended December 31, 2017 Average recorded balance $ - $ 1,092,064 $ 95,214 $ - $ 203,066 $ 1,057,839 $ 163,374 $ 2,611,557 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 29,941 $ - $ 29,941 Interest income recognized on a cash basis while impaired - 10,810 - - 27 - 246 11,083 Total interest on impaired loans $ - $ 10,810 $ - $ - $ 27 $ 29,941 $ 246 $ 41,024 Loans are individually evaluated for impairment once a weakness or adverse trend is identified that may jeopardize the repayment of the loan in accordance with the terms of the loan. The following are the Bank’s risk rating definitions: Pass: Loans in this category are to persons or entities that span from having financial characteristics of unquestioned strength to entities that have potential risks that if left uncorrected could at some point result in deterioration of the Bank’s credit position. Loans in this category are rated “1” through “4” with the lower risk being identified with a lower numerical rating. General characteristics that are monitored include borrower net worth, liquidity and entity profitability. Special Mention: Loans in this category contain some weakness or potential weakness that if left uncorrected may result in the deterioration of the repayment capacity. Loans in this category are rated as a “5”. Substandard: Loans in this category exhibit the same characteristics as “5” rated credits and are inadequately protected by the current net worth and paying capacity of the obligor and/or of the collateral pledged as security for the asset. Loans in this category are rated as a “6”. Real Estate in Judgement: Loans in this category have been placed in non-accrual and the Bank has taken legal action to preserve its position. Loans in this category are rated as a “7”. The following is a summary of loans by risk rating: December 31, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non- Owner Occupied Consumer & Installment Total Pass $ 3,220,671 $ 123,768,658 $ 22,292,226 $ 74,069,572 $ 8,183,458 $ 12,219,334 $ 10,511,753 $ 254,265,672 Special Mention - - - - 211,411 8,563,065 - 8,774,476 Substandard - 960,572 22,993 - 196,135 - 138,869 1,318,569 REJ - - - - - - - - Total $ 3,220,671 $ 124,729,230 $ 22,315,219 $ 74,069,572 $ 8,591,004 $ 20,782,399 $ 10,650,622 $ 264,358,717 June 30, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non -Owner Occupied Multifamily Commercial Owner Occupied Commercial Non- Owner Occupied Consumer & Installment Total Pass $ 4,758,001 $ 121,674,827 $ 23,001,683 $ 70,755,990 $ 7,152,762 $ 13,952,614 $ 11,239,304 $ 252,535,181 Special Mention - - 739,978 344,741 - 10,258,655 - 11,343,374 Substandard 87,371 446,352 - - 198,829 - 138,855 871,407 REJ - 477,783 95,214 - - - - 572,997 Total $ 4,845,372 $ 122,598,962 $ 23,836,875 $ 71,100,731 $ 7,351,591 $ 24,211,269 $ 11,378,159 $ 265,322,959 The following is a summary of past due loans: December 31, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non-Owner Occupied Consumer & Installment Total 30-59 days, accruing $ - $ 2,512,629 $ - $ - $ - $ - $ 43,456 $ 2,556,085 60-89 days, accruing - 91,079 - - - - - 91,079 90 days & over or nonaccrual - 960,572 22,993 - 196,135 - 138,869 1,318,569 Total $ - $ 3,564,280 $ 22,993 $ - $ 196,135 $ - $ 182,325 $ 3,965,733 June 30, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non-Owner Occupied Consumer & Installment Total 30-59 days, accruing $ 75,058 $ 2,074,976 $ - $ - $ - $ - $ 91,075 $ 2,241,109 60-89 days, accruing - - - - - - - - 90 days & over or nonaccrual 87,371 924,135 95,214 - 198,829 - 138,855 1,444,404 Total $ 162,429 $ 2,999,111 $ 95,214 $ - $ 198,829 $ - $ 229,930 $ 3,685,513 Certain directors and executive officers of the Bank, and their related interests, had loans outstanding in the aggregate amounts of $1,060,657 and $1,080,125 at December 31, 2018 and June 30, 2018, respectively. Troubled Debt Restructurings (“TDRs”) involve the granting of some concession to a distressed borrower resulting in a loan modification such as; payment schedule changes, interest rate reductions, or principal charge-offs. There were no new TDRs during the six months ending December 31, 2018. There were also no TDRs that defaulted during the period that were modified within the previous six months as of December 31, 2018. There were no TDRs as of December 31, 2018. There was one accruing commercial non-owner occupied property in the amount of $1,407,541 that transferred out of TDR status for the nine months ending June 30, 2018. Loans that have previously been restructured in a troubled debt restructuring and are no longer impaired based on the terms specified in their restructuring agreement and are now at a rate equal to or greater than a rate the Bank is willing to accept for a loan with comparable risk are transferred out of TDR status. All loans transferred out of TDR status during 2018 have met the above criteria. The allowance for loan losses reflected in the accompanying consolidated financial statements represents the allowance available to absorb probable and inherent loan losses in the loan portfolio. An analysis of changes in the allowance is presented in the following tabulation for the three and six months ended December 31, 2018 and 2017 and June 30, 2018: Three Months ended December 31, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 10/1/18 $ 4,958 $ 6,151 $ 24,542 $ 71,120 $ 131,113 $ 905,405 $ 111,323 $ 47,198 $ 1,301,810 Charge-offs - - (14,042 ) - - - (3 ) - (14,045 ) Recoveries - 6,744 - - - - 503 - 7,247 Provision (1,738 ) 12,955 18,034 39,984 3,175 (23,608 ) (4,115 ) (44,687 ) - Balance at 12/31/18 $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Six Months ended December 31, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not Total Allowance Balance at 7/1/18 $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Charge-offs - - (44,534 ) - - - (2,211 ) - (46,745 ) Recoveries - 16,784 - - - - 814 - 17,598 Provision (1,538 ) 1,766 2,015 40,003 2,382 (43,558 ) 11,009 (12,079 ) - Balance at 12/31/18 $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Allowance Ending balance individually evaluated for impairment $ - $ 4,809 $ - $ - $ 117,498 $ - $ 70,391 $ - $ 192,698 Ending balance collectively evaluated for impairment 3,220 21,041 28,534 111,104 16,790 881,797 37,317 2,511 1,102,314 Ending balance $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Loans Ending balance individually evaluated for impairment $ - $ 960,572 $ 22,993 $ - $ 196,135 $ - $ 138,869 $ - $ 1,318,569 Ending balance collectively evaluated for impairment 3,220,671 123,768,658 22,292,226 74,069,572 8,394,869 20,782,399 10,511,753 - 263,040,148 Total loans $ 3,220,671 $ 124,729,230 $ 22,315,219 $ 74,069,572 $ 8,591,004 $ 20,782,399 $ 10,650,622 $ - $ 264,358,717 Less allowance $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Total $ 3,217,451 $ 124,703,380 $ 22,286,685 $ 73,958,468 $ 8,456,716 $ 19,900,602 $ 10,542,914 $ (2,511 ) $ 263,063,70 5 June 30, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 10/1/17 $ 83,955 $ 53,630 $ 121,274 $ 60,883 $ 161,819 $ 799,632 $ 164,440 $ 433,671 $ 1,879,304 Charge-offs - (54,345 ) - - - (979,468 ) (1,363 ) - (1,035,176 ) Recoveries 30,064 18,007 1,400 - - 4,000 1,560 - 55,031 Provision (109,261 ) (9,992 ) (51,621 ) 10,218 (29,913 ) 1,101,191 (66,541 ) (419,081 ) 425,000 Balance at 6/30/18 $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Allowance Ending balance individually evaluated for impairment $ - $ - $ 35,678 $ - $ 117,600 $ - $ 62,687 $ - $ 215,965 Ending balance collectively evaluated for impairment 4,758 7,300 35,375 71,101 14,306 925,355 35,409 14,590 1,108,194 Ending balance $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Loans Ending balance individually evaluated for impairment $ 87,371 $ 924,135 $ 95,214 $ - $ 198,829 $ - $ 138,855 $ - $ 1,444,404 Ending balance collectively evaluated for impairment 4,758,001 121,674,827 23,741,661 71,100,731 7,152,762 24,211,269 11,239,304 - 263,878,555 Total loans $ 4,845,372 $ 122,598,962 $ 23,836,875 $ 71,100,731 $ 7,351,591 $ 24,211,269 $ 11,378,159 $ - $ 265,322,959 Less allowance $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Total $ 4,840,614 $ 122,591,662 $ 23,765,822 $ 71,029,630 $ 7,219,685 $ 23,285,914 $ 11,280,063 $ (14,590 ) $ 263,998,800 Three Months Ended December 31, 2017 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 10/1/17 $ 83,955 $ 53,630 $ 121,274 $ 60,883 $ 161,819 $ 799,632 $ 164,440 $ 433,671 $ 1,879,304 Charge-offs - (54,345 ) - - - - - - (54,345 ) Recoveries 30,064 4,507 - - - 4,000 200 - 38,771 Provision (10,546 ) 39,982 (20,528 ) 969 (16,594 ) (50,936 ) (25,421 ) 83,074 - Balance at 12/31/17 $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Six Months Ended December 31, 2017 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 7/1/17 $ 61,537 $ 139,254 $ 243,835 $ 59,465 $ 160,772 $ 749,586 $ 136,407 $ 350,356 $ 1,901,212 Charge-offs - (62,289 ) - - - (28,500 ) (1,438 ) - (92,227 ) Recoveries 33,064 13,636 - - - 7,000 1,045 - 54,745 Provision 8,872 (46,827 ) (143,089 ) 2,387 (15,547 ) 24,610 3,205 166,389 - Balance at 12/31/17 $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Allowance Ending balance individually evaluated for impairment $ - $ - $ 36,567 $ - $ 124,429 $ - $ 63,222 $ - $ 224,218 Ending balance collectively evaluated for impairment 103,473 43,774 64,179 61,852 20,796 752,696 75,997 516,745 1,639,512 Ending balance $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Loans Ending balance individually evaluated for impairment $ - $ 839,261 $ 95,214 $ - $ 203,066 $ - $ 88,109 $ - $ 1,225,650 Ending balance collectively evaluated for impairment 3,404,852 115,193,425 22,598,111 61,852,302 10,398,094 26,327,268 12,624,124 - 252,398,176 Total loans $ 3,404,852 $ 116,032,686 $ 22,693,325 $ 61,852,302 $ 10,601,160 $ 26,327,268 $ 12,712,233 $ - $ 253,623,826 Less allowance $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Total $ 3,301,379 $ 115,988,912 $ 22,592,579 $ 61,790,450 $ 10,455,935 $ 25,574,572 $ 12,573,014 $ (516,745 ) $ 251,760,096 |
Loan Servicing
Loan Servicing | 6 Months Ended |
Dec. 31, 2018 | |
Loan Servicing [Abstract] | |
Loan Servicing | NOTE 7 – Loan Servicing The unpaid principal balance of loans serviced for others, which is not included in the consolidated financial statements, was $2,625,153 and $1,863,097 at December 31, 2018 and June 30, 2018, respectively. The Bank maintained custodial balances in the amount of $0 and $6,471 at December 31, 2018 and June 30, 2018, respectively, in connection with the foregoing loan servicing. |
Borrowings
Borrowings | 6 Months Ended |
Dec. 31, 2018 | |
Debt Instrument, Debt Default [Abstract] | |
Borrowings | NOTE 8 – Borrowings Borrowings consist of the following: December 31, 2018 June 30, 2018 FHLB variable rate advance (2.01% as of June 30, 2018) $ - $ 4,100,000 FHLB fixed rate advance (1.73-2.04%, matures July 2018) - 17,900,000 FHLB fixed rate advance (2.07-2.09%, matures August 2018) - 5,000,000 FHLB fixed rate advance (2.12%, matures September 2018) - 9,000,000 FHLB fixed rate advance (2.15%, matures October 2018) - 5,000,000 FHLB fixed rate advance (2.22%, matures November 2018) - 5,000,000 FHLB fixed rate advance (2.28-2.55%, matures January 2019) 41,300,000 - FHLB fixed rate advance (2.61-2.62%, matures March 2019) 10,800,000 - $ 52,100,000 $ 46,000,000 The Bank has a master contract agreement with the Federal Home Loan Bank (“FHLB”), which provides for borrowing up to the maximum $82,132,922 at December 31, 2018. The FHLB provides both fixed and floating rate advances. The Bank has an open line of credit with the FHLB with a variable interest rate. There were $0 and $4.1 million outstanding advances on the open line of credit as of December 31, 2018 and June 30, 2018, respectively. Additionally, the Bank had $52,100,000 and $41,900,000 outstanding in term advances at December 31, 2018 and June 30, 2018, respectively. The advances are collateralized by a security agreement pledging a portion of the Bank's real estate mortgages. The Bank has an agreement with U.S. Bank, which provides for borrowing up to the maximum of $5,000,000, at December 31, 2018 and June 30, 2018. There were no amounts outstanding as of December 31, 2018 or June 30, 2018 |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 – Income Taxes The Bank recognized no income tax expense for the three and six months ended December 31, 2018. Comparatively, this is the first interim consolidated financial statement prepared for the Bank in current form, so management is unable to estimate the tax expense attributed to the three and six month periods ended December 31, 2017. However, a tax benefit of $425,000 was recognized for the fiscal year ending June 30, 2018 primarily as a result of changes in the adoption of the Tax Cut and Jobs Act of 2017 allowing Alternative Minimum Tax credits to be refundable and a true up of prior period tax payable balances. At the end of each interim period, we estimate the effective tax rate we expect to be applicable for the full fiscal year and this rate is applied to the results for the year to date period, and adjusted for any items that are considered discrete in accordance with ASC 740-270. The primary difference between the statutory tax rate and the effective rate for the period ending December 31, 2018 would be the anticipated change in valuation allowance. Management records a valuation allowance for deferred tax assets that are more likely than not to not be realized. All applicable impacts of the Tax Cut and Jobs Act have been reflected in the adopted period of fiscal year ending June 30, 2018. |
Defined Benefit Pension Plan
Defined Benefit Pension Plan | 6 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension Plan | NOTE 10 – Defined Benefit Pension Plan The Bank’s Defined Benefit Pension Plan (the “Plan”) covers substantially all employees hired prior to March 31, 2012. The benefits are based on years of service and the employee's average monthly pay received during the five highest consecutive calendar years in the last 10 years of employment under the Plan. Management contributes annually the amounts necessary to provide for defined benefit payments upon retirement or death as determined by the Plan's actuary. The defined benefit pension plan was frozen effective March 31, 2012 for all employees. No additional benefits are being accrued for active participants after this date, and no new participants will be entered into the Plan. In accordance with accounting guidance for defined benefit plans, the Bank recognizes the funded status of defined benefit pension and other post-retirement plans as a net asset or liability on its consolidated balance sheet. Comparatively, this is the first interim consolidated financial statement prepared for the Bank in current form, so management is unable to estimate the pension expense attributed to the three or six month periods ended December 31, 2017. The Bank recognized pension income of $25,422 for the three months ended and $63,555 for the six months ended December 31, 2018. The Bank has a valuation of the Plan completed at fiscal year ending June 30, therefore, there is not a change in pension obligation shown in the condensed consolidated statements of comprehensive income (loss) or in the condensed consolidated statements of changes in equity as of December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – Commitments and Contingencies In the normal course of business, the Bank is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the consolidated financial statements. The Bank is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, financial guarantees and standby letters of credit. They involve, to varying degrees, elements of credit risk in excess of amounts recognized on the consolidated balance sheets. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and issuing letters of credit as they do for on-balance-sheet instruments. A summary of the contract or notional amount of the Bank's exposure to off-balance-sheet risk is as follows: December 31, 2018 June 30, 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit to borrowers $ 15,783,409 $ 18,708,308 Sold loan commitments 6,751,499 17,437,885 Credit card commitments 642,775 639,878 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income-producing commercial properties. Credit card commitments are unsecured. As of December 31, 2018 and June 30, 2018, the Bank does not engage in the use of interest rate swaps, futures or option contracts. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 6 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 12 – Regulatory Capital Requirements The Bank is subject to various regulatory capital requirements administered by the federal and state banking agencies. The final rules implementing BASEL Committee on Banking Supervisor’s Capital Guidance for U.S. banks (“BASEL III rules”) became effective for the Bank on January 1, 2015, with full compliance with all of the requirements being phased in over a multi-year schedule and fully phased in by January 1, 2019. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table that follows) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), Tier 1 Common Equity (as defined), and Tier 1 capital (as defined) to average assets (as defined). As of December 31, 2018 and June 30, 2018, the Bank was categorized as adequately capitalized. To be categorized as adequately capitalized, an institution must maintain minimum total risk-based, Tier I risk-based, Tier I common equity, and Tier 1 leverage ratios as set forth in the following table. As of December 31, 2018 and June 30, 2018, the Bank did not meet all capital adequacy requirements to which they are subject under the Consent Order. Management submits a capital plan and annual budget to the regulatory agency in response to the capital levels of the Bank. The most recent budget submitted was as of January 1, 2019. On September 6, 2018, the Board of Directors of the Bank adopted a plan to pursue reorganization to a mutual holding company and sell a minority share of the stock to the public in order to increase capital levels. Listed below is a comparison of the Bank's actual capital amounts with the minimum requirements for adequately capitalized banks, as defined by the federal regulatory agencies' Prompt Corrective Action Rules, and the requirements of the Consent Order, as of December 31, 2018 and June 30, 2018. Under Basel III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.625% beginning January 1, 2016 to 2.50% by 2019. Failure to maintain the full amount of the buffer will result in restrictions on the Bank’s ability to make discretionary payments. To be Capitalized For Capital Adequacy In Accordance with Actual Purposes the Consent Order Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 (unaudited) Total capital (to risk weighted assets) $ 17,417,420 8.96 % $ 15,556,104 8.00 % $ 23,334,156 12.00 % Tier 1 capital (to risk weighted assets) 16,122,409 8.29 % 11,667,078 6.00 % 15,556,104 8.00 % Common Equity Tier 1 (to risk weighted assets) 16,122,409 8.29 % 8,750,308 4.50 % 15,556,104 8.00 % Tier 1 capital (to average assets) 16,122,409 5.30 % 12,168,180 4.00 % 24,336,360 8.00 % As of June 30, 2018 Total capital (to risk weighted assets) $ 17,633,868 8.90 % $ 15,858,418 8.00 % $ 23,787,627 12.00 % Tier 1 capital (to risk weighted assets) 16,309,708 8.23 % 11,893,813 6.00 % 15,858,418 8.00 % Common Equity Tier 1 (to risk weighted assets) 16,309,708 8.23 % 8,920,360 4.50 % 15,858,418 8.00 % Tier 1 capital (to average assets) 16,309,708 5.46 % 11,940,144 4.00 % 23,880,287 8.00 % A Wisconsin state-chartered savings bank is required by state law to maintain minimum net worth in an amount equal to at least 6.0% of its total assets. At December 31, 2018 and June 30, 2018, the Bank’s net worth was approximately $14,015,798 and $14,102,132 or 4.5% and 4.5% of total assets, respectively, which falls below the state of Wisconsin’s minimum net worth requirements. |
Plan of Reorganization and Chan
Plan of Reorganization and Change in Corporate Form | 6 Months Ended |
Dec. 31, 2018 | |
Plan of Reorganization [Abstract] | |
Plan of Reorganization and Change in Corporate Form | NOTE 13 – Plan of Reorganization and Change in Corporate Form On September 6, 2018, the Board of Directors of the Bank adopted a Plan of Reorganization from a Mutual Savings Bank to a Mutual Holding Company (the “Reorganization”). The Reorganization has the approval of the Board of Governors of the Federal Reserve System, the WDFI and the FDIC and must be approved by the affirmative vote of at least a majority of the total votes eligible to be cast by the voting members of the Bank at a special meeting being held on April 3, 2019. Pursuant to the Reorganization, the Bank proposes to reorganize into a mutual holding company form of ownership. The Bank will convert to a stock savings bank and issue all of its outstanding stock to a new holding company, which will be named TEB Bancorp, Inc. Pursuant to the Reorganization, the new holding company will sell stock to the public, with the total offering value and number of shares of common stock based upon an independent appraiser’s valuation. The stock will be priced at $10.00 per share. TEB Bancorp, Inc. will be organized as a Maryland corporation and will offer 49.9% of its common stock to be outstanding to the Bank’s eligible members and certain other persons. TEB MHC will be organized as a Wisconsin mutual holding company and will own 50.1% of the common stock of TEB Bancorp, Inc. to be outstanding upon completion of the reorganization and stock offering. As part of the reorganization, the Bank changed the fiscal year end from September 30 to June 30. The costs of the reorganization and the issuing of the common stock will be deferred and deducted from the sales proceeds of the offering. If the reorganization is unsuccessful, all deferred costs will be charged to operations. As of December 31, 2018, $766,041 of reorganization costs had been incurred. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Equitable Bank, S.S.B. (the “Bank”) is a state chartered mutual savings bank providing a full range of financial services. The Bank grants commercial, residential and consumer loans, and accepts deposits from customers primarily in the Metropolitan Milwaukee area, which is in southeastern Wisconsin. Equitable is subject to competition from other financial institutions and nonfinancial institutions providing financial products. Additionally, the Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies. The accompanying unaudited condensed consolidated financial statements of the Bank were prepared in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto of the Bank as of and for the nine months ended June 30, 2018. Reference is made to the accounting policies of the Bank described in the Notes to the consolidated Financial Statements contained in the prospectus of TEB Bancorp, Inc. (“the Company”) dated February 11, 2019. The interim condensed consolidated financial statements as of December 31, 2018, and for the three and six months ended December 31, 2018 and 2017 are unaudited and 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 contained in the interim financial statements. The results of operations for the three and six months ended December 31, 2018, are not necessarily indicative of the results to be achieved for the year ending June 30, 2019 or any other period. The Bank evaluates subsequent events through the date of filing with the Securities and Exchange Commission. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts and operations of the Bank and its wholly-owned subsidiaries, Equitable Investment Corp. and Savings Financial Corporation. All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management of the Bank is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the pension actuarial assumptions, and the valuation of deferred tax assets. |
Reclassification | Reclassification Certain June 30, 2018 amounts have been reclassified to conform to the December 31, 2018 presentation. The reclassifications had no effect on reported amounts of consolidated net income (loss) or equity. |
Going Concern | Going Concern On February 15, 2012, the Board of Directors of the Bank executed a Stipulation and Consent to the Issuance of an Amended Consent Order (“Consent Order”), jointly issued by the Federal Deposit Insurance Corporation (“FDIC”) and Wisconsin Department of Financial Institutions (“WDFI”). Pursuant to the Consent Order, the Bank has taken certain actions to address issues identified by the FDIC and WDFI. The Consent Order requires the Bank to, among other things, (i) retain qualified management; (ii) increase Board oversight; (iii) maintain minimum Tier 1 capital of 8% of average assets and minimum total risk-based capital of 12% of risk weighted assets; revise the capital plan submitted to the FDIC and WDFI (iv) revise the written plan to manage concentrations of credit; (v) revise the written plan to reduce the level of loan relationships and real estate owned greater than $500,000 and 90 days delinquent or classified substandard or doubtful; (vi) obtain monthly Board approval of the allowance for loan losses; (vii) revise the profit plan; and (viii) provide written status reports to the FDIC following each quarter end. The Consent Order will remain in effect until terminated, modified, or suspended in writing by the FDIC or WDFI. Management is required to submit an annual budget to the regulatory agencies in response to the amended consent order. The most recent budget submitted was as of January 1, 2019. The compliance with these items is monitored by management and the Board of Directors on a monthly basis. The condensed consolidated financial statements had been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Non -compliance with the regulatory Consent Order due to low levels of capital raised a substantial doubt about the ability of the Bank to continue as a going concern. Management has a plan to pursue reorganization to a mutual holding company and sell a minority share of the stock to the public which will increase capital levels. The Bank believes it has corrected all outstanding issues other than the low capital levels and returning to profitability. If the Bank is unable to achieve compliance with requirements of the Consent Order, the FDIC or WDFI could force a sale, liquidation, or federal conservatorship or receivership of the Bank. See Note 12 “Regulatory Capital Requirements” for additional information. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Ongoing liquidity is needed to meet the financial obligations that arise in the ordinary course of business. Our primary needs for liquidity are to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, proceeds from the sale of loans, and proceeds from maturities of securities. We also have the ability to borrow from the Federal Home Loan Bank of Chicago and from U.S. Bank. At December 31, 2018, we had an $82.1 million line of credit with the Federal Home Loan Bank of Chicago, and had $52.1 million of borrowings outstanding as of that date. We also had a $5.0 million line of credit with U.S. Bank, with no borrowings outstanding as of that date. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issues Accounting Standards Updates (“ASU”s) to the FASB Accounting Standards Codification (“ASC”). This section provides a summary description of recent ASUs that management expects may have an impact on the consolidated financial statements issued in the near future. Pursuant to final approvals with respect to the mutual holding reorganization, as discussed in Note 19, the Company will be classified as an emerging growth company and will elect to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. Effective dates reflect this election. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses which amends the implementation date for nonpublic entities’ annual financial statements to align with their interim financial statements and clarifies the scope of the guidance in ASU 2016-13. The update will allow management to delay implementation of ASU 2016-13 until fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, due to the Company’s status as an emerging growth company. Management is currently evaluating the impact of other aspects in the update on the Bank’s consolidated results of operations, financial position and cash flows. In August 2018, the FASB issued ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans, which amends the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update removed disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this update are effective for public business entities in fiscal years ending after December 15, 2020. The Bank is required to adopt the new standard for fiscal years ending after December 15, 2021. Early adoption is permitted. Management is currently evaluating the adoption of the new standard on the Bank’s consolidated results of operations, financial position and cash flows. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which amends FASB ASC Topic 842, Leases, to (1) add an optional transition method that would permit entities to apply the new requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption, and (2) provide a practical expedient for lessors regarding the separation of the lease and non-lease components of a contract. This guidance did not change management’s assessment of the impact of ASU No. 2016-02 on the Bank’s consolidated results of operations, financial position or cash flows. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, leases to address certain narrow aspects of the guidance issued in ASU No. 2016-02. This guidance did not change management’s assessment of the impact of ASU No. 2016-02 on the Bank’s consolidated results of operations, financial position or cash flows. In May 2018, the FASB issued ASU No. 2018-06, Codification Improvements to Topic 942, Financial Services - Depository and Lending. This update superseded outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges. Management does not expect the new guidance to have a material impact on the Bank’s consolidated results of operations, financial position or cash flows. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on recurring basis | Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 Total Securities classified as available for sale: Obligations of states and political subdivisions $ - $ 19,882,210 $ - $ 19,882,210 Mortgage backed securities - 1,118,476 - 1,118,476 Certificates of deposit - 319,451 - 319,451 Total $ - $ 21,320,137 $ - $ 21,320,137 Fair Value as of June 30, 2018 Level 1 Level 2 Level 3 Total Securities classified as available for sale: Obligations of states and political subdivisions $ - $ 19,426,437 $ - $ 19,426,437 Mortgage backed securities - 1,157,941 - 1,157,941 Certificates of deposit - 321,709 - 321,709 Total $ - $ 20,906,087 $ - $ 20,906,087 |
Schedule of fair value assets measured on nonrecurring basis | Fair Value as of December 31, 2018 Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 205,313 $ 205,313 Other real estate owned, net - - 4,124,984 4,124,984 Total $ - $ - $ 4,330,297 $ 4,330,297 Fair Value as of June 30, 2018 Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 140,765 $ 140,765 Other real estate owned, net - - 3,957,133 3,957,133 Total $ - $ - $ 4,097,898 $ 4,097,898 |
Schedule of carrying value and estimated fair value of financial instruments | December 31, 2018 June 30, 2018 Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 5,461,492 $ 5,461,492 $ 6,134,146 $ 6,134,146 Interest bearing deposits in banks $ 208,583 $ 208,583 $ 157,459 $ 157,459 Available for sale securities $ 21,320,137 $ 21,320,137 $ 20,906,087 $ 20,906,087 Loans $ 263,063,705 $ 255,742,705 $ 263,998,800 $ 256,952,400 Loans held for sale $ 2,754,829 $ 2,754,829 $ 6,416,385 $ 6,416,385 Federal Home Loan Bank stock $ 2,344,500 $ 2,344,500 $ 2,070,000 $ 2,070,000 Accrued interest receivable $ 980,269 $ 980,269 $ 879,292 $ 879,292 FINANCIAL LIABILITIES Deposits $ 237,804,521 $ 212,772,521 $ 244,463,480 $ 220,870,600 Federal Home Loan Bank borrowings $ 52,100,000 $ 52,100,000 $ 46,000,000 $ 46,000,000 Accrued interest payable $ 108,236 $ 108,236 $ 93,053 $ 93,053 |
Available for Sale Securities (
Available for Sale Securities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized costs and fair values of available for sale securities | December 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 20,208,106 $ 6,313 $ 332,209 $ 19,882,210 Mortgage-backed securities 1,114,105 4,371 - 1,118,476 Certificates of deposit 330,000 - 10,549 319,451 $ 21,652,211 $ 10,684 $ 342,758 $ 21,320,137 June 30, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 19,846,714 $ 3,291 $ 423,568 $ 19,426,437 Mortgage-backed securities 1,162,412 - 4,471 1,157,941 Certificates of deposit 330,000 - 8,291 321,709 $ 21,339,126 $ 3,291 $ 436,330 $ 20,906,087 |
Schedule of available for sale securities portfolio | December 31, 2018 (Unaudited) Continuous Unrealized Continuous Unrealized Losses Existing for Less Losses Existing for 12 Months Than 12 Months or Greater Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of states and political subdivisions $ 3,554,894 $ 25,638 $ 14,257,663 $ 306,571 $ 17,812,557 $ 332,209 Mortgage backed - - - - - - Certificates of deposit 319,451 10,549 - - 319,451 10,549 $ 3,874,345 $ 36,187 $ 14,257,663 $ 306,571 $ 18,132,008 $ 342,758 June 30, 2018 Continuous Unrealized Continuous Unrealized Losses Existing for Less Losses Existing for 12 Months Than 12 Months or Greater Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Obligations of states and political subdivisions $ 15,856,505 $ 282,562 $ 2,045,230 $ 141,005 $ 17,901,735 $ 423,567 Mortgage backed 1,157,940 4,472 - - 1,157,940 4,472 Certificates of deposit 321,709 8,291 - - 321,709 8,291 $ 17,336,154 $ 295,325 $ 2,045,230 $ 141,005 $ 19,381,384 $ 436,330 |
Schedule of available for sale securities maturity categories | Amortized Cost Fair Value Due in one year or less $ 1,450,203 $ 1,446,965 Due after one year through 5 years 7,358,930 7,269,572 Due after 5 years through 10 years 10,824,122 10,589,178 Due after 10 years 904,851 895,946 Subtotal 20,538,106 20,201,661 Mortgage backed Due after 5 years through 10 years 1,114,105 1,118,476 Total $ 21,652,211 $ 21,320,137 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of loans receivable | December 31, 2018 June 30, 2018 Construction, Land, Development $ 3,220,671 $ 4,845,372 1-4 family owner occupied 124,729,230 122,598,962 1-4 family non-owner occupied 22,315,219 23,836,875 Multifamily 74,069,572 71,100,731 Commercial owner occupied 8,591,004 7,351,591 Commercial non-owner occupied 20,782,399 24,211,269 Consumer & Installment Loans 10,650,622 11,378,159 Total Loans 264,358,717 265,322,959 Less: Allowance for loan losses (1,295,012 ) (1,324,159 ) Loans, net $ 263,063,705 $ 263,998,800 |
Schedule of non-performing loans | December 31, 2018 June 30, 2018 Nonaccrual Loans $ 1,318,569 $ 1,444,404 Total non-performing loans $ 1,318,569 $ 1,444,404 Restructured loans, accruing $ - $ - Total Impaired Loans $ 1,318,569 $ 1,444,404 |
Schedule of impaired loans | December 31, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non- Owner Occupied Consumer & Installment Total With related allowance recorded Recorded investment $ - $ 70,608 $ - $ - $ 196,135 $ - $ 131,268 $ 398,011 Unpaid principal balance - 70,608 - - 196,135 - 131,268 398,011 Related allowance - 4,809 - - 117,498 - 70,391 192,698 With no related allowance recorded Recorded investment $ - $ 889,964 $ 22,993 $ - $ - $ - $ 7,601 $ 920,558 Unpaid principal balance - 889,964 22,993 - - - 7,601 920,558 Related allowance - - - - - - - - Total Recorded investment $ - $ 960,572 $ 22,993 $ - $ 196,135 $ - $ 138,869 $ 1,318,569 Unpaid principal balance - 960,572 22,993 - 196,135 - 138,869 1,318,569 Related allowance - 4,809 - - 117,498 - 70,391 192,698 Three Months Ended December 31, 2018 Average recorded balance $ - $ 728,723 $ 11,496 $ - $ 196,335 $ - $ 136,350 $ 1,072,904 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired 3,531 1,947 348 - 1,078 - 1,000 7,904 Total interest on impaired loans $ 3,531 $ 1,947 $ 348 $ - $ 1,078 $ - $ 1,000 $ 7,904 Six Months Ended December 31, 2018 Average recorded balance $ 21,843 $ 719,614 $ 29,552 $ - $ 197,009 $ - $ 136,347 $ 1,104,365 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired 3,531 15,063 348 - 3,162 - 1,175 23,279 Total interest on impaired loans $ 3,531 $ 15,063 $ 348 $ - $ 3,162 $ - $ 1,175 $ 23,279 June 30, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non- Owner Occupied Consumer & Installment Total With related allowance recorded Recorded investment $ - $ - $ 95,214 $ - $ 198,829 $ - $ 62,687 $ 356,730 Unpaid principal balance - - 95,214 - 198,829 - 62,687 356,730 Related allowance - - 35,678 - 117,600 - 62,687 215,965 With no related allowance recorded Recorded investment $ 87,371 $ 924,135 $ - $ - $ - $ - $ 76,168 $ 1,087,674 Unpaid principal balance 87,371 924,135 - - - - 76,168 1,087,674 Related allowance - - - - - - - - Total Recorded investment $ 87,371 $ 924,135 $ 95,214 $ - $ 198,829 $ - $ 138,855 $ 1,444,404 Unpaid principal balance 87,371 924,135 95,214 - 198,829 - 138,855 1,444,404 Related allowance - - 35,678 - 117,600 - 62,687 215,965 Average recorded balance $ 43,686 $ 893,915 $ 95,214 $ - $ 201,399 $ 234,590 $ 117,420 $ 1,586,224 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 14,924 $ - $ 14,924 Interest income recognized on a cash basis while impaired - 14,037 - - 8,346 - 1,287 23,670 Total interest on impaired loans $ - $ 14,037 $ - $ - $ 8,346 $ 14,924 $ 1,287 $ 38,594 December 31, 2017 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non- Owner Occupied Consumer & Installment Total With related allowance recorded Recorded investment $ - $ - $ 95,214 $ - $ 203,066 $ - $ 63,222 $ 361,502 Unpaid principal balance - - 95,214 - 203,066 - 63,222 361,502 Related allowance - - 36,567 - 124,429 - 63,222 224,218 With no related allowance recorded Recorded investment $ - $ 839,261 $ - $ - $ - $ - $ 24,887 $ 864,148 Unpaid principal balance - 839,261 - - - - 24,887 864,148 Related allowance - - - - - - - - Total Recorded investment $ - $ 839,261 $ 95,214 $ - $ 203,066 $ - $ 88,109 $ 1,225,650 Unpaid principal balance - 839,261 95,214 - 203,066 - 88,109 1,225,650 Related allowance - - 36,567 - 124,429 - 63,222 224,218 Three Months Ended December 31, 2017 Average recorded balance $ - $ 1,032,002 $ 95,214 $ - $ 203,066 $ 703,771 $ 165,124 $ 2,199,177 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 14,924 $ - $ 14,924 Interest income recognized on a cash basis while impaired - 5,281 - - - - 186 5,467 Total interest on impaired loans $ - $ 5,281 $ - $ - $ - $ 14,924 $ 186 $ 20,391 Six Months Ended December 31, 2017 Average recorded balance $ - $ 1,092,064 $ 95,214 $ - $ 203,066 $ 1,057,839 $ 163,374 $ 2,611,557 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 29,941 $ - $ 29,941 Interest income recognized on a cash basis while impaired - 10,810 - - 27 - 246 11,083 Total interest on impaired loans $ - $ 10,810 $ - $ - $ 27 $ 29,941 $ 246 $ 41,024 |
Schedule of loans by risk rating | December 31, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non- Owner Occupied Consumer & Installment Total Pass $ 3,220,671 $ 123,768,658 $ 22,292,226 $ 74,069,572 $ 8,183,458 $ 12,219,334 $ 10,511,753 $ 254,265,672 Special Mention - - - - 211,411 8,563,065 - 8,774,476 Substandard - 960,572 22,993 - 196,135 - 138,869 1,318,569 REJ - - - - - - - - Total $ 3,220,671 $ 124,729,230 $ 22,315,219 $ 74,069,572 $ 8,591,004 $ 20,782,399 $ 10,650,622 $ 264,358,717 June 30, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non -Owner Occupied Multifamily Commercial Owner Occupied Commercial Non- Owner Occupied Consumer & Installment Total Pass $ 4,758,001 $ 121,674,827 $ 23,001,683 $ 70,755,990 $ 7,152,762 $ 13,952,614 $ 11,239,304 $ 252,535,181 Special Mention - - 739,978 344,741 - 10,258,655 - 11,343,374 Substandard 87,371 446,352 - - 198,829 - 138,855 871,407 REJ - 477,783 95,214 - - - - 572,997 Total $ 4,845,372 $ 122,598,962 $ 23,836,875 $ 71,100,731 $ 7,351,591 $ 24,211,269 $ 11,378,159 $ 265,322,959 |
Schedule of aged analysis of past due loans | December 31, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non-Owner Occupied Consumer & Installment Total 30-59 days, accruing $ - $ 2,512,629 $ - $ - $ - $ - $ 43,456 $ 2,556,085 60-89 days, accruing - 91,079 - - - - - 91,079 90 days & over or nonaccrual - 960,572 22,993 - 196,135 - 138,869 1,318,569 Total $ - $ 3,564,280 $ 22,993 $ - $ 196,135 $ - $ 182,325 $ 3,965,733 June 30, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner Occupied Commercial Non-Owner Occupied Consumer & Installment Total 30-59 days, accruing $ 75,058 $ 2,074,976 $ - $ - $ - $ - $ 91,075 $ 2,241,109 60-89 days, accruing - - - - - - - - 90 days & over or nonaccrual 87,371 924,135 95,214 - 198,829 - 138,855 1,444,404 Total $ 162,429 $ 2,999,111 $ 95,214 $ - $ 198,829 $ - $ 229,930 $ 3,685,513 |
Schedule of allowance for loan losses and recorded investment | Three Months ended December 31, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 10/1/18 $ 4,958 $ 6,151 $ 24,542 $ 71,120 $ 131,113 $ 905,405 $ 111,323 $ 47,198 $ 1,301,810 Charge-offs - - (14,042 ) - - - (3 ) - (14,045 ) Recoveries - 6,744 - - - - 503 - 7,247 Provision (1,738 ) 12,955 18,034 39,984 3,175 (23,608 ) (4,115 ) (44,687 ) - Balance at 12/31/18 $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Six Months ended December 31, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not Total Allowance Balance at 7/1/18 $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Charge-offs - - (44,534 ) - - - (2,211 ) - (46,745 ) Recoveries - 16,784 - - - - 814 - 17,598 Provision (1,538 ) 1,766 2,015 40,003 2,382 (43,558 ) 11,009 (12,079 ) - Balance at 12/31/18 $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Allowance Ending balance individually evaluated for impairment $ - $ 4,809 $ - $ - $ 117,498 $ - $ 70,391 $ - $ 192,698 Ending balance collectively evaluated for impairment 3,220 21,041 28,534 111,104 16,790 881,797 37,317 2,511 1,102,314 Ending balance $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Loans Ending balance individually evaluated for impairment $ - $ 960,572 $ 22,993 $ - $ 196,135 $ - $ 138,869 $ - $ 1,318,569 Ending balance collectively evaluated for impairment 3,220,671 123,768,658 22,292,226 74,069,572 8,394,869 20,782,399 10,511,753 - 263,040,148 Total loans $ 3,220,671 $ 124,729,230 $ 22,315,219 $ 74,069,572 $ 8,591,004 $ 20,782,399 $ 10,650,622 $ - $ 264,358,717 Less allowance $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Total $ 3,217,451 $ 124,703,380 $ 22,286,685 $ 73,958,468 $ 8,456,716 $ 19,900,602 $ 10,542,914 $ (2,511 ) $ 263,063,70 5 June 30, 2018 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 10/1/17 $ 83,955 $ 53,630 $ 121,274 $ 60,883 $ 161,819 $ 799,632 $ 164,440 $ 433,671 $ 1,879,304 Charge-offs - (54,345 ) - - - (979,468 ) (1,363 ) - (1,035,176 ) Recoveries 30,064 18,007 1,400 - - 4,000 1,560 - 55,031 Provision (109,261 ) (9,992 ) (51,621 ) 10,218 (29,913 ) 1,101,191 (66,541 ) (419,081 ) 425,000 Balance at 6/30/18 $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Allowance Ending balance individually evaluated for impairment $ - $ - $ 35,678 $ - $ 117,600 $ - $ 62,687 $ - $ 215,965 Ending balance collectively evaluated for impairment 4,758 7,300 35,375 71,101 14,306 925,355 35,409 14,590 1,108,194 Ending balance $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Loans Ending balance individually evaluated for impairment $ 87,371 $ 924,135 $ 95,214 $ - $ 198,829 $ - $ 138,855 $ - $ 1,444,404 Ending balance collectively evaluated for impairment 4,758,001 121,674,827 23,741,661 71,100,731 7,152,762 24,211,269 11,239,304 - 263,878,555 Total loans $ 4,845,372 $ 122,598,962 $ 23,836,875 $ 71,100,731 $ 7,351,591 $ 24,211,269 $ 11,378,159 $ - $ 265,322,959 Less allowance $ 4,758 $ 7,300 $ 71,053 $ 71,101 $ 131,906 $ 925,355 $ 98,096 $ 14,590 $ 1,324,159 Total $ 4,840,614 $ 122,591,662 $ 23,765,822 $ 71,029,630 $ 7,219,685 $ 23,285,914 $ 11,280,063 $ (14,590 ) $ 263,998,800 Three Months Ended December 31, 2017 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 10/1/17 $ 83,955 $ 53,630 $ 121,274 $ 60,883 $ 161,819 $ 799,632 $ 164,440 $ 433,671 $ 1,879,304 Charge-offs - (54,345 ) - - - - - - (54,345 ) Recoveries 30,064 4,507 - - - 4,000 200 - 38,771 Provision (10,546 ) 39,982 (20,528 ) 969 (16,594 ) (50,936 ) (25,421 ) 83,074 - Balance at 12/31/17 $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Six Months Ended December 31, 2017 Construction, Land, Development 1-4 Family Owner Occupied 1-4 Family Non- Owner Occupied Multifamily Commercial Owner- Occupied Commercial Non-Owner Occupied Consumer Not Specifically Allocated Total Allowance Balance at 7/1/17 $ 61,537 $ 139,254 $ 243,835 $ 59,465 $ 160,772 $ 749,586 $ 136,407 $ 350,356 $ 1,901,212 Charge-offs - (62,289 ) - - - (28,500 ) (1,438 ) - (92,227 ) Recoveries 33,064 13,636 - - - 7,000 1,045 - 54,745 Provision 8,872 (46,827 ) (143,089 ) 2,387 (15,547 ) 24,610 3,205 166,389 - Balance at 12/31/17 $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Allowance Ending balance individually evaluated for impairment $ - $ - $ 36,567 $ - $ 124,429 $ - $ 63,222 $ - $ 224,218 Ending balance collectively evaluated for impairment 103,473 43,774 64,179 61,852 20,796 752,696 75,997 516,745 1,639,512 Ending balance $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Loans Ending balance individually evaluated for impairment $ - $ 839,261 $ 95,214 $ - $ 203,066 $ - $ 88,109 $ - $ 1,225,650 Ending balance collectively evaluated for impairment 3,404,852 115,193,425 22,598,111 61,852,302 10,398,094 26,327,268 12,624,124 - 252,398,176 Total loans $ 3,404,852 $ 116,032,686 $ 22,693,325 $ 61,852,302 $ 10,601,160 $ 26,327,268 $ 12,712,233 $ - $ 253,623,826 Less allowance $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Total $ 3,301,379 $ 115,988,912 $ 22,592,579 $ 61,790,450 $ 10,455,935 $ 25,574,572 $ 12,573,014 $ (516,745 ) $ 251,760,096 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Debt Instrument, Debt Default [Abstract] | |
Schedule for summary of Borrowings | December 31, 2018 June 30, 2018 FHLB variable rate advance (2.01% as of June 30, 2018) $ - $ 4,100,000 FHLB fixed rate advance (1.73-2.04%, matures July 2018) - 17,900,000 FHLB fixed rate advance (2.07-2.09%, matures August 2018) - 5,000,000 FHLB fixed rate advance (2.12%, matures September 2018) - 9,000,000 FHLB fixed rate advance (2.15%, matures October 2018) - 5,000,000 FHLB fixed rate advance (2.22%, matures November 2018) - 5,000,000 FHLB fixed rate advance (2.28-2.55%, matures January 2019) 41,300,000 - FHLB fixed rate advance (2.61-2.62%, matures March 2019) 10,800,000 - $ 52,100,000 $ 46,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of notional amount of exposure to off-balance-sheet risk | December 31, 2018 June 30, 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit to borrowers $ 15,783,409 $ 18,708,308 Sold loan commitments 6,751,499 17,437,885 Credit card commitments 642,775 639,878 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To be Capitalized For Capital Adequacy In Accordance with Actual Purposes the Consent Order Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 (unaudited) Total capital (to risk weighted assets) $ 17,417,420 8.96 % $ 15,556,104 8.00 % $ 23,334,156 12.00 % Tier 1 capital (to risk weighted assets) 16,122,409 8.29 % 11,667,078 6.00 % 15,556,104 8.00 % Common Equity Tier 1 (to risk weighted assets) 16,122,409 8.29 % 8,750,308 4.50 % 15,556,104 8.00 % Tier 1 capital (to average assets) 16,122,409 5.30 % 12,168,180 4.00 % 24,336,360 8.00 % As of June 30, 2018 Total capital (to risk weighted assets) $ 17,633,868 8.90 % $ 15,858,418 8.00 % $ 23,787,627 12.00 % Tier 1 capital (to risk weighted assets) 16,309,708 8.23 % 11,893,813 6.00 % 15,858,418 8.00 % Common Equity Tier 1 (to risk weighted assets) 16,309,708 8.23 % 8,920,360 4.50 % 15,858,418 8.00 % Tier 1 capital (to average assets) 16,309,708 5.46 % 11,940,144 4.00 % 23,880,287 8.00 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Detail Textuals) - USD ($) | 1 Months Ended | ||
Feb. 15, 2012 | Dec. 31, 2018 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | |||
Minimum Tier 1 capital of average assets and minimum total risk-based capital | 8.00% | 4.00% | 4.00% |
Risk weighted assets, revise the capital plan submitted to the FDIC and WDFI | 12.00% | 6.00% | 6.00% |
Threshold limit fro loan relationships and real estate owned | $ 500,000 | ||
Number of days for delinquent or classified substandard or doubtful | 90 days | ||
Federal Home Loan Bank of Chicago | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Line of credit | $ 82,100,000 | ||
Borrowings outstanding | 52,100,000 | ||
U.S. Bank | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Line of credit | $ 5,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Fair value on a recurring basis - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 21,320,137 | $ 20,906,087 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 21,320,137 | 20,906,087 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 19,882,210 | 19,426,437 |
Obligations of states and political subdivisions | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Obligations of states and political subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 19,882,210 | 19,426,437 |
Obligations of states and political subdivisions | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Mortgage backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,118,476 | 1,157,941 |
Mortgage backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Mortgage backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,118,476 | 1,157,941 |
Mortgage backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 319,451 | 321,709 |
Certificates of deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Certificates of deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 319,451 | 321,709 |
Certificates of deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details 1) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, net | $ 4,124,984 | $ 3,957,133 |
Fair value on non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 205,313 | 140,765 |
Other real estate owned, net | 4,124,984 | 3,957,133 |
Total | 4,330,297 | 4,097,898 |
Fair value on non-recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Total | 0 | 0 |
Fair value on non-recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Total | 0 | 0 |
Fair value on non-recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 205,313 | 140,765 |
Other real estate owned, net | 4,124,984 | 3,957,133 |
Total | $ 4,330,297 | $ 4,097,898 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details 2) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
FINANCIAL ASSETS | ||||
Cash and cash equivalents | $ 5,461,492 | $ 6,134,146 | $ 5,990,325 | $ 6,550,622 |
Interest bearing deposits in banks | 208,583 | 157,459 | ||
Available for sale securities | 21,320,137 | 20,906,087 | ||
Loans | 263,063,705 | 263,998,800 | $ 251,760,096 | |
Loans held for sale | 2,754,829 | 6,416,385 | ||
Federal Home Loan Bank stock | 2,344,500 | 2,070,000 | ||
Accrued interest receivable | 2,574,166 | 1,531,606 | ||
FINANCIAL LIABILITIES | ||||
Deposits | 237,804,521 | 244,463,480 | ||
Federal Home Loan Bank borrowings | 52,100,000 | 46,000,000 | ||
Accrued interest payable | 5,635,270 | 5,180,996 | ||
Carrying Value | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 5,461,492 | 6,134,146 | ||
Interest bearing deposits in banks | 208,583 | 157,459 | ||
Available for sale securities | 21,320,137 | 20,906,087 | ||
Loans | 263,063,705 | 263,998,800 | ||
Loans held for sale | 2,754,829 | 6,416,385 | ||
Federal Home Loan Bank stock | 2,344,500 | 2,070,000 | ||
Accrued interest receivable | 980,269 | 879,292 | ||
FINANCIAL LIABILITIES | ||||
Deposits | 237,804,521 | 244,463,480 | ||
Federal Home Loan Bank borrowings | 52,100,000 | 46,000,000 | ||
Accrued interest payable | 108,236 | 93,053 | ||
Fair Value | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 5,461,492 | 6,134,146 | ||
Interest bearing deposits in banks | 208,583 | 157,459 | ||
Available for sale securities | 21,320,137 | 20,906,087 | ||
Loans | 255,742,705 | 256,952,400 | ||
Loans held for sale | 2,754,829 | 6,416,385 | ||
Federal Home Loan Bank stock | 2,344,500 | 2,070,000 | ||
Accrued interest receivable | 980,269 | 879,292 | ||
FINANCIAL LIABILITIES | ||||
Deposits | 212,772,521 | 220,870,600 | ||
Federal Home Loan Bank borrowings | 52,100,000 | 46,000,000 | ||
Accrued interest payable | $ 108,236 | $ 93,053 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Detail Textuals) - Level 3 - Fair value on non-recurring basis - Measurement input, appraised value | Dec. 31, 2018 | Jun. 30, 2018 |
Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Other real estate owned, net | 5 | 5 |
Loans | 5 | 5 |
Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Other real estate owned, net | 15 | 15 |
Loans | 15 | 15 |
Cash and Due From Banks (Detail
Cash and Due From Banks (Detail Textuals) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Cash and Due from Banks [Abstract] | ||
Requirements cash and reserve balances with Federal Reserve Bank deposits | $ 1,513,000 | $ 1,439,000 |
Available for Sale Securities_2
Available for Sale Securities (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 21,652,211 | $ 21,339,126 |
Gross Unrealized Gains | 10,684 | 3,291 |
Gross Unrealized Losses | 342,758 | 436,330 |
Fair Value | 21,320,137 | 20,906,087 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,208,106 | 19,846,714 |
Gross Unrealized Gains | 6,313 | 3,291 |
Gross Unrealized Losses | 332,209 | 423,568 |
Fair Value | 19,882,210 | 19,426,437 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Gains | 4,371 | 0 |
Gross Unrealized Losses | 0 | 4,471 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 330,000 | 330,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 10,549 | 8,291 |
Fair Value | $ 319,451 | $ 321,709 |
Available for Sale Securities_3
Available for Sale Securities (Details 1) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for Less Than 12 Months, Fair Value | $ 3,874,345 | $ 17,336,154 |
Continuous Unrealized Losses Existing for Less Than 12 Months, Unrealized Losses | 36,187 | 295,325 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | 14,257,663 | 2,045,230 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Unrealized Losses | 306,571 | 141,005 |
Total, Fair Value | 18,132,008 | 19,381,384 |
Total, Unrealized Losses | 342,758 | 436,330 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for Less Than 12 Months, Fair Value | 3,554,894 | 15,856,505 |
Continuous Unrealized Losses Existing for Less Than 12 Months, Unrealized Losses | 25,638 | 282,562 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | 14,257,663 | 2,045,230 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Unrealized Losses | 306,571 | 141,005 |
Total, Fair Value | 17,812,557 | 17,901,735 |
Total, Unrealized Losses | 332,209 | 423,567 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for Less Than 12 Months, Fair Value | 0 | 1,157,940 |
Continuous Unrealized Losses Existing for Less Than 12 Months, Unrealized Losses | 0 | 4,472 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | 0 | 0 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Unrealized Losses | 0 | 0 |
Total, Fair Value | 0 | 1,157,940 |
Total, Unrealized Losses | 0 | 4,472 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for Less Than 12 Months, Fair Value | 319,451 | 321,709 |
Continuous Unrealized Losses Existing for Less Than 12 Months, Unrealized Losses | 10,549 | 8,291 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | 0 | 0 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Unrealized Losses | 0 | 0 |
Total, Fair Value | 319,451 | 321,709 |
Total, Unrealized Losses | $ 10,549 | $ 8,291 |
Available for Sale Securities_4
Available for Sale Securities (Details 2) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Amortized Cost | ||
Due in one year or less | $ 1,450,203 | |
Due after one year through 5 years | 7,358,930 | |
Due after 5 years through 10 years | 10,824,122 | |
Due after 10 years | 904,851 | |
Subtotal | 20,538,106 | |
Total | 21,652,211 | $ 21,339,126 |
Fair Value | ||
Due in one year or less | 1,446,965 | |
Due after one year through 5 years | 7,269,572 | |
Due after 5 years through 10 years | 10,589,178 | |
Due after 10 years | 895,946 | |
Subtotal | 20,201,661 | |
Total | 21,320,137 | $ 20,906,087 |
Mortgage-backed securities | ||
Amortized Cost | ||
Due after 5 years through 10 years | 1,114,105 | |
Fair Value | ||
Due after 5 years through 10 years | $ 1,118,476 |
Available for Sale Securities_5
Available for Sale Securities (Details 3) | Dec. 31, 2018USD ($)Security | Jun. 30, 2018USD ($)Security |
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | $ 14,257,663 | $ 2,045,230 |
Available For Sale Securities Collateral Pledged | 7,555,000 | 7,410,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | $ 14,257,663 | $ 2,045,230 |
Number Of Securities | Security | 70 | 9 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | $ 264,358,717 | $ 265,322,959 | $ 253,623,826 | |||
Less: allowance for loan losses | (1,295,012) | $ (1,301,810) | (1,324,159) | (1,863,730) | $ (1,879,304) | $ (1,901,212) |
Total | 263,063,705 | 263,998,800 | 251,760,096 | |||
Construction, Land, Development | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | 3,220,671 | 4,845,372 | 3,404,852 | |||
Less: allowance for loan losses | (3,220) | (4,958) | (4,758) | (103,473) | (83,955) | (61,537) |
Total | 3,217,451 | 4,840,614 | 3,301,379 | |||
1-4 family owner occupied | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | 124,729,230 | 122,598,962 | 116,032,686 | |||
Less: allowance for loan losses | (25,850) | (6,151) | (7,300) | (43,774) | (53,630) | (139,254) |
Total | 124,703,380 | 122,591,662 | 115,988,912 | |||
1-4 family non-owner occupied | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | 22,315,219 | 23,836,875 | 22,693,325 | |||
Less: allowance for loan losses | (28,534) | (24,542) | (71,053) | (100,746) | (121,274) | (243,835) |
Total | 22,286,685 | 23,765,822 | 22,592,579 | |||
Multifamily | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | 74,069,572 | 71,100,731 | 61,852,302 | |||
Less: allowance for loan losses | (111,104) | (71,120) | (71,101) | (61,852) | (60,883) | (59,465) |
Total | 73,958,468 | 71,029,630 | 61,790,450 | |||
Commercial owner occupied | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | 8,591,004 | 7,351,591 | 10,601,160 | |||
Less: allowance for loan losses | (134,288) | (131,113) | (131,906) | (145,225) | (161,819) | (160,772) |
Total | 8,456,716 | 7,219,685 | 10,455,935 | |||
Commercial non-owner occupied | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | 20,782,399 | 24,211,269 | 26,327,268 | |||
Less: allowance for loan losses | (881,797) | (905,405) | (925,355) | (752,696) | (799,632) | (749,586) |
Total | 19,900,602 | 23,285,914 | 25,574,572 | |||
Consumer & Installment Loans | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total Loans | 10,650,622 | 11,378,159 | 12,712,233 | |||
Less: allowance for loan losses | (107,708) | $ (111,323) | (98,096) | (139,219) | $ (164,440) | $ (136,407) |
Total | $ 10,542,914 | $ 11,280,063 | $ 12,573,014 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Details 1) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | |||
Nonaccrual Loans | $ 1,318,569 | $ 1,444,404 | |
Total non-performing loans | 1,318,569 | 1,444,404 | $ 1,225,650 |
Restructured loans, accruing | 0 | 0 | |
Total Impaired Loans | $ 1,318,569 | $ 1,444,404 | $ 1,225,650 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
With related allowance recorded | |||||
Recorded investment | $ 398,011 | $ 361,502 | $ 398,011 | $ 361,502 | $ 356,730 |
Unpaid principal balance | 398,011 | 361,502 | 398,011 | 361,502 | 356,730 |
Related allowance | 192,698 | 224,218 | 192,698 | 224,218 | 215,965 |
With no related allowance recorded | |||||
Recorded investment | 920,558 | 864,148 | 920,558 | 864,148 | 1,087,674 |
Unpaid principal balance | 920,558 | 864,148 | 920,558 | 864,148 | 1,087,674 |
Total | |||||
Recorded investment | 1,318,569 | 1,225,650 | 1,318,569 | 1,225,650 | 1,444,404 |
Unpaid principal balance | 1,318,569 | 1,225,650 | 1,318,569 | 1,225,650 | 1,444,404 |
Related allowance | 192,698 | 224,218 | 192,698 | 224,218 | 215,965 |
Average recorded balance | 1,072,904 | 2,199,177 | 1,104,365 | 2,611,557 | 1,586,224 |
Interest income recognized while impaired | 0 | 14,924 | 0 | 29,941 | 14,924 |
Interest income recognized on a cash basis while impaired | 7,904 | 5,467 | 23,279 | 11,083 | 23,670 |
Total interest on impaired loans | 7,904 | 20,391 | 23,279 | 41,024 | 38,594 |
Construction, Land, Development | |||||
With related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Related allowance | 0 | 0 | 0 | 0 | 0 |
With no related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 87,371 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 87,371 |
Total | |||||
Recorded investment | 0 | 0 | 0 | 0 | 87,371 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 87,371 |
Related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded balance | 0 | 0 | 21,843 | 0 | 43,686 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 3,531 | 0 | 3,531 | 0 | 0 |
Total interest on impaired loans | 3,531 | 0 | 3,531 | 0 | 0 |
1-4 family owner occupied | |||||
With related allowance recorded | |||||
Recorded investment | 70,608 | 0 | 70,608 | 0 | 0 |
Unpaid principal balance | 70,608 | 0 | 70,608 | 0 | 0 |
Related allowance | 4,809 | 0 | 4,809 | 0 | 0 |
With no related allowance recorded | |||||
Recorded investment | 889,964 | 839,261 | 889,964 | 839,261 | 924,135 |
Unpaid principal balance | 889,964 | 839,261 | 889,964 | 839,261 | 924,135 |
Total | |||||
Recorded investment | 960,572 | 839,261 | 960,572 | 839,261 | 924,135 |
Unpaid principal balance | 960,572 | 839,261 | 960,572 | 839,261 | 924,135 |
Related allowance | 4,809 | 0 | 4,809 | 0 | 0 |
Average recorded balance | 728,723 | 1,032,002 | 719,614 | 1,092,064 | 893,915 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 1,947 | 5,281 | 15,063 | 10,810 | 14,037 |
Total interest on impaired loans | 1,947 | 5,281 | 15,063 | 10,810 | 14,037 |
1-4 family non-owner occupied | |||||
With related allowance recorded | |||||
Recorded investment | 0 | 95,214 | 0 | 95,214 | 95,214 |
Unpaid principal balance | 0 | 95,214 | 0 | 95,214 | 95,214 |
Related allowance | 0 | 36,567 | 0 | 36,567 | 35,678 |
With no related allowance recorded | |||||
Recorded investment | 22,993 | 0 | 22,993 | 0 | 0 |
Unpaid principal balance | 22,993 | 0 | 22,993 | 0 | 0 |
Total | |||||
Recorded investment | 22,993 | 95,214 | 22,993 | 95,214 | 95,214 |
Unpaid principal balance | 22,993 | 95,214 | 22,993 | 95,214 | 95,214 |
Related allowance | 0 | 36,567 | 0 | 36,567 | 35,678 |
Average recorded balance | 11,496 | 95,214 | 29,552 | 95,214 | 95,214 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 348 | 0 | 348 | 0 | 0 |
Total interest on impaired loans | 348 | 0 | 348 | 0 | 0 |
Multifamily | |||||
With related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Related allowance | 0 | 0 | 0 | 0 | 0 |
With no related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Total | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded balance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 0 | 0 | 0 | 0 | 0 |
Total interest on impaired loans | 0 | 0 | 0 | 0 | 0 |
Commercial owner occupied | |||||
With related allowance recorded | |||||
Recorded investment | 196,135 | 203,066 | 196,135 | 203,066 | 198,829 |
Unpaid principal balance | 196,135 | 203,066 | 196,135 | 203,066 | 198,829 |
Related allowance | 117,498 | 124,429 | 117,498 | 124,429 | 117,600 |
With no related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Total | |||||
Recorded investment | 196,135 | 203,066 | 196,135 | 203,066 | 198,829 |
Unpaid principal balance | 196,135 | 203,066 | 196,135 | 203,066 | 198,829 |
Related allowance | 117,498 | 124,429 | 117,498 | 124,429 | 117,600 |
Average recorded balance | 196,335 | 203,066 | 197,009 | 203,066 | 201,399 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 1,078 | 0 | 3,162 | 27 | 8,346 |
Total interest on impaired loans | 1,078 | 0 | 3,162 | 27 | 8,346 |
Commercial non-owner occupied | |||||
With related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Related allowance | 0 | 0 | 0 | 0 | 0 |
With no related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Total | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded balance | 0 | 703,771 | 0 | 1,057,839 | 234,590 |
Interest income recognized while impaired | 0 | 14,924 | 0 | 29,941 | 14,924 |
Interest income recognized on a cash basis while impaired | 0 | 0 | 0 | 0 | 0 |
Total interest on impaired loans | 0 | 14,924 | 0 | 29,941 | 14,924 |
Consumer & Installment Loans | |||||
With related allowance recorded | |||||
Recorded investment | 131,268 | 63,222 | 131,268 | 63,222 | 62,687 |
Unpaid principal balance | 131,268 | 63,222 | 131,268 | 63,222 | 62,687 |
Related allowance | 70,391 | 63,222 | 70,391 | 63,222 | 62,687 |
With no related allowance recorded | |||||
Recorded investment | 7,601 | 24,887 | 7,601 | 24,887 | 76,168 |
Unpaid principal balance | 7,601 | 24,887 | 7,601 | 24,887 | 76,168 |
Total | |||||
Recorded investment | 138,869 | 88,109 | 138,869 | 88,109 | 138,855 |
Unpaid principal balance | 138,869 | 88,109 | 138,869 | 88,109 | 138,855 |
Related allowance | 70,391 | 63,222 | 70,391 | 63,222 | 62,687 |
Average recorded balance | 136,350 | 165,124 | 136,347 | 163,374 | 117,420 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 1,000 | 186 | 1,175 | 246 | 1,287 |
Total interest on impaired loans | $ 1,000 | $ 186 | $ 1,175 | $ 246 | $ 1,287 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Details 3) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 264,358,717 | $ 265,322,959 | $ 253,623,826 |
Construction, Land, Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,220,671 | 4,845,372 | 3,404,852 |
1-4 family owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 124,729,230 | 122,598,962 | 116,032,686 |
1-4 family non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 22,315,219 | 23,836,875 | 22,693,325 |
Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 74,069,572 | 71,100,731 | 61,852,302 |
Commercial owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,591,004 | 7,351,591 | 10,601,160 |
Commercial non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 20,782,399 | 24,211,269 | 26,327,268 |
Consumer & Installment Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 10,650,622 | 11,378,159 | $ 12,712,233 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 254,265,672 | 252,535,181 | |
Pass | Construction, Land, Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,220,671 | 4,758,001 | |
Pass | 1-4 family owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 123,768,658 | 121,674,827 | |
Pass | 1-4 family non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 22,292,226 | 23,001,683 | |
Pass | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 74,069,572 | 70,755,990 | |
Pass | Commercial owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,183,458 | 7,152,762 | |
Pass | Commercial non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 12,219,334 | 13,952,614 | |
Pass | Consumer & Installment Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 10,511,753 | 11,239,304 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,774,476 | 11,343,374 | |
Special Mention | Construction, Land, Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Special Mention | 1-4 family owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Special Mention | 1-4 family non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 739,978 | |
Special Mention | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 344,741 | |
Special Mention | Commercial owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 211,411 | 0 | |
Special Mention | Commercial non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,563,065 | 10,258,655 | |
Special Mention | Consumer & Installment Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,318,569 | 871,407 | |
Substandard | Construction, Land, Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 87,371 | |
Substandard | 1-4 family owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 960,572 | 446,352 | |
Substandard | 1-4 family non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 22,993 | 0 | |
Substandard | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Substandard | Commercial owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 196,135 | 198,829 | |
Substandard | Commercial non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Substandard | Consumer & Installment Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 138,869 | 138,855 | |
REJ | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 572,997 | |
REJ | Construction, Land, Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
REJ | 1-4 family owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 477,783 | |
REJ | 1-4 family non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 95,214 | |
REJ | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
REJ | Commercial owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
REJ | Commercial non-owner occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
REJ | Consumer & Installment Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 0 | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Details 4) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | $ 3,965,733 | $ 3,685,513 |
30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 2,556,085 | 2,241,109 |
60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 91,079 | 0 |
90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 1,318,569 | 1,444,404 |
Construction, Land, Development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 162,429 |
Construction, Land, Development | 30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 75,058 |
Construction, Land, Development | 60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Construction, Land, Development | 90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 87,371 |
1-4 family owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 3,564,280 | 2,999,111 |
1-4 family owner occupied | 30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 2,512,629 | 2,074,976 |
1-4 family owner occupied | 60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 91,079 | 0 |
1-4 family owner occupied | 90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 960,572 | 924,135 |
1-4 family non-owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 22,993 | 95,214 |
1-4 family non-owner occupied | 30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
1-4 family non-owner occupied | 60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
1-4 family non-owner occupied | 90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 22,993 | 95,214 |
Multifamily | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Multifamily | 30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Multifamily | 60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Multifamily | 90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Commercial owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 196,135 | 198,829 |
Commercial owner occupied | 30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Commercial owner occupied | 60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Commercial owner occupied | 90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 196,135 | 198,829 |
Commercial non-owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Commercial non-owner occupied | 30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Commercial non-owner occupied | 60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Commercial non-owner occupied | 90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Consumer & Installment Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 182,325 | 229,930 |
Consumer & Installment Loans | 30-59 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 43,456 | 91,075 |
Consumer & Installment Loans | 60-89 days | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | 0 | 0 |
Consumer & Installment Loans | 90 days & over | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans, accruing | $ 138,869 | $ 138,855 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses (Details 5) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | $ 1,301,810 | $ 1,879,304 | $ 1,324,159 | $ 1,901,212 | $ 1,879,304 | |||
Charge-offs | (14,045) | (54,345) | (46,745) | (92,227) | (1,035,176) | |||
Recoveries | 7,247 | 38,771 | 17,598 | 54,745 | 55,031 | |||
Provision | 0 | 0 | 0 | 0 | 425,000 | |||
Balance at 12/31/18 | 1,295,012 | 1,863,730 | 1,295,012 | 1,863,730 | 1,324,159 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | $ 192,698 | $ 215,965 | $ 224,218 | |||||
Ending balance collectively evaluated for impairment | 1,102,314 | 1,108,194 | 1,639,512 | |||||
Ending balance | 1,295,012 | 1,324,159 | 1,863,730 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 1,318,569 | 1,444,404 | 1,225,650 | |||||
Ending balance collectively evaluated for impairment | 263,040,148 | 263,878,555 | 252,398,176 | |||||
Total Loans | 264,358,717 | 265,322,959 | 253,623,826 | |||||
Less: allowance for loan losses | 1,295,012 | 1,863,730 | 1,324,159 | 1,863,730 | 1,324,159 | 1,295,012 | 1,324,159 | 1,863,730 |
Total | 263,063,705 | 263,998,800 | 251,760,096 | |||||
Construction, Land, Development | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 4,958 | 83,955 | 4,758 | 61,537 | 83,955 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 30,064 | 0 | 33,064 | 30,064 | |||
Provision | (1,738) | (10,546) | (1,538) | 8,872 | (109,261) | |||
Balance at 12/31/18 | 3,220 | 103,473 | 3,220 | 103,473 | 4,758 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 3,220 | 4,758 | 103,473 | |||||
Ending balance | 3,220 | 4,758 | 103,473 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 87,371 | 0 | |||||
Ending balance collectively evaluated for impairment | 3,220,671 | 4,758,001 | 3,404,852 | |||||
Total Loans | 3,220,671 | 4,845,372 | 3,404,852 | |||||
Less: allowance for loan losses | 3,220 | 103,473 | 4,758 | 103,473 | 4,758 | 3,220 | 4,758 | 103,473 |
Total | 3,217,451 | 4,840,614 | 3,301,379 | |||||
1-4 family owner occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 6,151 | 53,630 | 7,300 | 139,254 | 53,630 | |||
Charge-offs | 0 | (54,345) | 0 | (62,289) | (54,345) | |||
Recoveries | 6,744 | 4,507 | 16,784 | 13,636 | 18,007 | |||
Provision | 12,955 | 39,982 | 1,766 | (46,827) | (9,992) | |||
Balance at 12/31/18 | 25,850 | 43,774 | 25,850 | 43,774 | 7,300 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 4,809 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 21,041 | 7,300 | 43,774 | |||||
Ending balance | 25,850 | 7,300 | 43,774 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 960,572 | 924,135 | 839,261 | |||||
Ending balance collectively evaluated for impairment | 123,768,658 | 121,674,827 | 115,193,425 | |||||
Total Loans | 124,729,230 | 122,598,962 | 116,032,686 | |||||
Less: allowance for loan losses | 25,850 | 43,774 | 7,300 | 43,774 | 7,300 | 25,850 | 7,300 | 43,774 |
Total | 124,703,380 | 122,591,662 | 115,988,912 | |||||
1-4 family non-owner occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 24,542 | 121,274 | 71,053 | 243,835 | 121,274 | |||
Charge-offs | (14,042) | 0 | (44,534) | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | 1,400 | |||
Provision | 18,034 | (20,528) | 2,015 | (143,089) | (51,621) | |||
Balance at 12/31/18 | 28,534 | 100,746 | 28,534 | 100,746 | 71,053 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 35,678 | 36,567 | |||||
Ending balance collectively evaluated for impairment | 28,534 | 35,375 | 64,179 | |||||
Ending balance | 28,534 | 71,053 | 100,746 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 22,993 | 95,214 | 95,214 | |||||
Ending balance collectively evaluated for impairment | 22,292,226 | 23,741,661 | 22,598,111 | |||||
Total Loans | 22,315,219 | 23,836,875 | 22,693,325 | |||||
Less: allowance for loan losses | 28,534 | 100,746 | 71,053 | 100,746 | 71,053 | 28,534 | 71,053 | 100,746 |
Total | 22,286,685 | 23,765,822 | 22,592,579 | |||||
Multifamily | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 71,120 | 60,883 | 71,101 | 59,465 | 60,883 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | 0 | |||
Provision | 39,984 | 969 | 40,003 | 2,387 | 10,218 | |||
Balance at 12/31/18 | 111,104 | 61,852 | 111,104 | 61,852 | 71,101 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 111,104 | 71,101 | 61,852 | |||||
Ending balance | 111,104 | 71,101 | 61,852 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 74,069,572 | 71,100,731 | 61,852,302 | |||||
Total Loans | 74,069,572 | 71,100,731 | 61,852,302 | |||||
Less: allowance for loan losses | 111,104 | 61,852 | 71,101 | 61,852 | 71,101 | 111,104 | 71,101 | 61,852 |
Total | 73,958,468 | 71,029,630 | 61,790,450 | |||||
Commercial owner occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 131,113 | 161,819 | 131,906 | 160,772 | 161,819 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | 0 | |||
Provision | 3,175 | (16,594) | 2,382 | (15,547) | (29,913) | |||
Balance at 12/31/18 | 134,288 | 145,225 | 134,288 | 145,225 | 131,906 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 117,498 | 117,600 | 124,429 | |||||
Ending balance collectively evaluated for impairment | 16,790 | 14,306 | 20,796 | |||||
Ending balance | 134,288 | 131,906 | 145,225 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 196,135 | 198,829 | 203,066 | |||||
Ending balance collectively evaluated for impairment | 8,394,869 | 7,152,762 | 10,398,094 | |||||
Total Loans | 8,591,004 | 7,351,591 | 10,601,160 | |||||
Less: allowance for loan losses | 134,288 | 145,225 | 131,906 | 145,225 | 131,906 | 134,288 | 131,906 | 145,225 |
Total | 8,456,716 | 7,219,685 | 10,455,935 | |||||
Commercial non-owner occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 905,405 | 799,632 | 925,355 | 749,586 | 799,632 | |||
Charge-offs | 0 | 0 | 0 | (28,500) | (979,468) | |||
Recoveries | 0 | 4,000 | 0 | 7,000 | 4,000 | |||
Provision | (23,608) | (50,936) | (43,558) | 24,610 | 1,101,191 | |||
Balance at 12/31/18 | 881,797 | 752,696 | 881,797 | 752,696 | 925,355 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 881,797 | 925,355 | 752,696 | |||||
Ending balance | 881,797 | 925,355 | 752,696 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 20,782,399 | 24,211,269 | 26,327,268 | |||||
Total Loans | 20,782,399 | 24,211,269 | 26,327,268 | |||||
Less: allowance for loan losses | 881,797 | 752,696 | 925,355 | 752,696 | 925,355 | 881,797 | 925,355 | 752,696 |
Total | 19,900,602 | 23,285,914 | 25,574,572 | |||||
Consumer | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 111,323 | 164,440 | 98,096 | 136,407 | 164,440 | |||
Charge-offs | (3) | 0 | (2,211) | (1,438) | (1,363) | |||
Recoveries | 503 | 200 | 814 | 1,045 | 1,560 | |||
Provision | (4,115) | (25,421) | 11,009 | 3,205 | (66,541) | |||
Balance at 12/31/18 | 107,708 | 139,219 | 107,708 | 139,219 | 98,096 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 70,391 | 62,687 | 63,222 | |||||
Ending balance collectively evaluated for impairment | 37,317 | 35,409 | 75,997 | |||||
Ending balance | 107,708 | 98,096 | 139,219 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 138,869 | 138,855 | 88,109 | |||||
Ending balance collectively evaluated for impairment | 10,511,753 | 11,239,304 | 12,624,124 | |||||
Total Loans | 10,650,622 | 11,378,159 | 12,712,233 | |||||
Less: allowance for loan losses | 107,708 | 139,219 | 98,096 | 139,219 | 98,096 | 107,708 | 98,096 | 139,219 |
Total | 10,542,914 | 11,280,063 | 12,573,014 | |||||
Not Specifically Allocated | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at 7/1/18 | 47,198 | 433,671 | 14,590 | 350,356 | 433,671 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | 0 | |||
Provision | (44,687) | 83,074 | (12,079) | 166,389 | (419,081) | |||
Balance at 12/31/18 | 2,511 | 516,745 | 2,511 | 516,745 | 14,590 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 2,511 | 14,590 | 516,745 | |||||
Ending balance | 2,511 | 14,590 | 516,745 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 0 | 0 | 0 | |||||
Total Loans | 0 | 0 | 0 | |||||
Less: allowance for loan losses | $ 2,511 | $ 516,745 | $ 14,590 | $ 516,745 | $ 14,590 | 2,511 | 14,590 | 516,745 |
Total | $ (2,511) | $ (14,590) | $ (516,745) |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses (Detail Textuals) - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans outstanding to certain directors and executive officers of the Bank | $ 1,080,125 | $ 1,060,657 |
Commercial non-owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Accrual status of Troubled Debt Restructurings (TDRs) | $ 1,407,541 |
Loan Servicing (Detail Textuals
Loan Servicing (Detail Textuals) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Loan Servicing [Abstract] | ||
Unpaid principal balance of loans serviced for others | $ 2,625,153 | $ 1,863,097 |
Bank maintained custodial balances | $ 0 | $ 6,471 |
Borrowings (Details)
Borrowings (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | $ 52,100,000 | $ 46,000,000 |
FHLB variable rate advance (2.01% as of June 30, 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 0 | 4,100,000 |
FHLB fixed rate advance (1.73-2.04%, matures July 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 0 | 17,900,000 |
FHLB fixed rate advance (2.07-2.09%, matures August 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 0 | 5,000,000 |
FHLB fixed rate advance (2.12%, matures September 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 0 | 9,000,000 |
FHLB fixed rate advance (2.15%, matures October 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 0 | 5,000,000 |
FHLB fixed rate advance (2.22%, matures November 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 0 | 5,000,000 |
FHLB fixed rate advance (2.28-2.55%, matures January 2019) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 41,300,000 | 0 |
FHLB fixed rate advance (2.61-2.62%, matures March 2019) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | $ 10,800,000 | $ 0 |
Borrowings (Details 1)
Borrowings (Details 1) | Dec. 31, 2018 | Jun. 30, 2018 |
FHLB variable rate advance (2.01% as of June 30, 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.01% | |
FHLB fixed rate advance (1.73-2.04%, matures July 2018) | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 1.73% | |
FHLB fixed rate advance (1.73-2.04%, matures July 2018) | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.04% | |
FHLB fixed rate advance (2.07-2.09%, matures August 2018) | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.07% | |
FHLB fixed rate advance (2.07-2.09%, matures August 2018) | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.09% | |
FHLB fixed rate advance (2.12%, matures September 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.12% | |
FHLB fixed rate advance (2.15%, matures October 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.15% | |
FHLB fixed rate advance (2.22%, matures November 2018) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.22% | |
FHLB fixed rate advance (2.28-2.55%, matures January 2019) | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.28% | |
FHLB fixed rate advance (2.28-2.55%, matures January 2019) | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.55% | |
FHLB fixed rate advance (2.61-2.62%, matures March 2019) | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.61% | |
FHLB fixed rate advance (2.61-2.62%, matures March 2019) | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.62% |
Borrowings (Detail Textuals)
Borrowings (Detail Textuals) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank borrowings | $ 52,100,000 | $ 46,000,000 |
FHLB variable rate advance (2.01% as of June 30, 2018) | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank borrowings | 0 | 4,100,000 |
U.S. Bank | ||
Debt Instrument [Line Items] | ||
Maximum line of credit borrowing in master contract agreement | 5,000,000 | 5,000,000 |
Federal Home Loan Bank ("FHLB") | ||
Debt Instrument [Line Items] | ||
Maximum line of credit borrowing in master contract agreement | 82,132,922 | |
Total outstanding in fixed rate term advances | $ 52,100,000 | $ 41,900,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 | |
Tax benefit of adoption of tax cut and Jobs Act of 2017 allowing alternative minimum tax credits | $ 425,000 |
Defined Benefit Pension Plan (D
Defined Benefit Pension Plan (Detail Textuals) - USD ($) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Recognized pension income | $ 25,422 | $ 63,555 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Commitments to extend credit to borrowers | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 15,783,409 | $ 18,708,308 |
Sold loan commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 6,751,499 | 17,437,885 |
Credit card commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 642,775 | $ 639,878 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Feb. 15, 2012 |
Total capital (to risk weighted assets) | |||
Total capital (to risk weighted assets) Actual Amount | $ 17,417,420 | $ 17,633,868 | |
Total capital (to risk weighted assets) Actual Ratio | 8.96% | 8.90% | |
Total capital (to risk weighted assets) For Capital Adequacy Purposes Amount | $ 15,556,104 | $ 15,858,418 | |
Total capital (to risk weighted assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | |
Total capital (to risk weighted assets) To be Capitalized In Accordance with the Consent Order Amount | $ 23,334,156 | $ 23,787,627 | |
Total capital (to risk weighted assets) To be Capitalized In Accordance with the Consent Order Ratio | 12.00% | 12.00% | |
Tier 1 capital (to risk weighted assets) | |||
Tier 1 capital (to risk weighted assets) Actual Amount | $ 16,122,409 | $ 16,309,708 | |
Tier 1 capital (to risk weighted assets) Actual Ratio | 8.29% | 8.23% | |
Tier 1 capital (to risk weighted assets) For Capital Adequacy Purposes Amount | $ 11,667,078 | $ 11,893,813 | |
Tier 1 capital (to risk weighted assets) For Capital Adequacy Purposes Ratio | 6.00% | 6.00% | 12.00% |
Tier 1 capital (to risk weighted assets) To be Capitalized In Accordance with the Consent Order Amount | $ 15,556,104 | $ 15,858,418 | |
Tier 1 capital (to risk weighted assets) To be Capitalized In Accordance with the Consent Order Ratio | 8.00% | 8.00% | |
Common Equity Tier 1 (to risk weighted assets) | |||
Common Equity Tier 1 (to risk weighted assets) Actual Amount | $ 16,122,409 | $ 16,309,708 | |
Common Equity Tier 1 (to risk weighted assets) Actual Ratio | 8.29% | 8.23% | |
Common Equity Tier 1 (to risk weighted assets) For Capital Adequacy Purposes Amount | $ 8,750,308 | $ 8,920,360 | |
Common Equity Tier 1 (to risk weighted assets) For Capital Adequacy Purposes Ratio | 4.50% | 4.50% | |
Common Equity Tier 1 (to risk weighted assets) To be Capitalized In Accordance with the Consent Order Amount | $ 15,556,104 | $ 15,858,418 | |
Common Equity Tier 1 (to risk weighted assets) To be Capitalized In Accordance with the Consent Order Ratio | 8.00% | 8.00% | |
Tier 1 capital (to average assets) | |||
Tier 1 capital (to average assets) Actual Amount | $ 16,122,409 | $ 16,309,708 | |
Tier 1 capital (to average assets) Actual Ratio | 5.30% | 5.46% | |
Tier 1 capital (to average assets) For Capital Adequacy Purposes Amount | $ 12,168,180 | $ 11,940,144 | |
Tier 1 capital (to average assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 8.00% |
Tier 1 capital (to average assets) To be Capitalized In Accordance with the Consent Order Amount | $ 24,336,360 | $ 23,880,287 | |
Tier 1 capital (to average assets) To be Capitalized In Accordance with the Consent Order Ratio | 8.00% | 8.00% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Detail Textuals) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Regulatory Capital Requirements [Abstract] | ||
Bank's net worth of total assets | $ 14,015,798 | $ 14,102,132 |
Percentage of bank's net worth of total assets | 4.50% | 4.50% |
Plan of Reorganization and Ch_2
Plan of Reorganization and Change in Corporate Form (Detail Textuals) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Sep. 06, 2018 | |
Plan Of Reorganization [Line Items] | ||
Offering price per share | $ 10 | |
Reorganization costs | $ 766,041 | |
Wisconsin mutual holding company | ||
Plan Of Reorganization [Line Items] | ||
Percentage ownership of reorganization and stock offering | 50.10% | |
Maryland corporation | ||
Plan Of Reorganization [Line Items] | ||
Ownership percentage of eligible members and certain other persons | 49.90% |