Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | May 14, 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 | 2,624,343 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
ASSETS | ||
Cash and due from banks | $ 3,705,862 | $ 4,698,851 |
Federal funds sold | 202,032 | 1,435,295 |
Cash and cash equivalents | 3,907,894 | 6,134,146 |
Interest bearing deposits in banks | 445,913 | 157,459 |
Available for sale securities - stated at fair value | 21,464,540 | 20,906,087 |
Loans, less allowance for loan losses of $1,288,040 and $1,324,159 at March 31, 2019 and June 30, 2018, respectively | 261,237,763 | 263,998,800 |
Loans held for sale | 1,751,276 | 6,416,385 |
Other real estate owned, net | 4,027,747 | 3,957,133 |
Premises and equipment, net | 8,018,202 | 8,252,426 |
Federal Home Loan Bank stock | 2,209,500 | 2,070,000 |
Accrued interest receivable and other assets | 2,534,109 | 1,531,606 |
TOTAL ASSETS | 305,596,944 | 313,424,042 |
Deposits | ||
Demand | 70,156,783 | 64,528,259 |
Savings and NOW | 84,223,553 | 81,998,195 |
Certificates of Deposit | 87,331,263 | 97,937,026 |
Total Deposits | 241,711,599 | 244,463,480 |
Federal Home Loan Bank borrowings | 45,100,000 | 46,000,000 |
Advance payments by borrowers for property taxes and insurance | 1,875,110 | 3,677,434 |
Accrued interest payable and other liabilities | 2,867,616 | 5,180,996 |
Total Liabilities | 291,554,325 | 299,321,910 |
EQUITY | ||
Retained earnings | 15,840,975 | 16,309,708 |
Accumulated other comprehensive loss | (1,798,356) | (2,207,576) |
Total Equity | 14,042,619 | 14,102,132 |
TOTAL LIABILITIES AND EQUITY | $ 305,596,944 | $ 313,424,042 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | |||||||
Allowance for loan losses | $ 1,288,040 | $ 1,295,012 | $ 1,324,159 | $ 1,317,517 | $ 1,863,730 | $ 1,879,304 | $ 1,901,212 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST AND DIVIDEND INCOME | ||||
Interest and fees on loans | $ 2,925,560 | $ 2,693,463 | $ 8,785,694 | $ 8,373,287 |
Interest and dividends on investment securities | 183,775 | 153,171 | 529,658 | 443,129 |
Interest on federal funds sold | 8,375 | 4,035 | 20,468 | 10,541 |
Interest on deposits in banks | 831 | 637 | 2,093 | 3,268 |
Total Interest Income | 3,118,541 | 2,851,306 | 9,337,913 | 8,830,225 |
INTEREST EXPENSE | ||||
Interest on deposits | 378,016 | 287,828 | 1,101,341 | 867,316 |
Interest on other borrowings | 155 | 255 | ||
Interest on Federal Home Loan Bank borrowings | 346,062 | 119,637 | 853,994 | 244,013 |
Total Interest Expense | 724,233 | 407,465 | 1,955,590 | 1,111,329 |
Net interest income before provision for loan losses | 2,394,308 | 2,443,841 | 7,382,323 | 7,718,896 |
Provision for loan losses | 425,000 | 425,000 | ||
Net interest income after provision for loan losses | 2,394,308 | 2,018,841 | 7,382,323 | 7,293,896 |
NON-INTEREST INCOME | ||||
Service fees on deposits | 107,239 | 104,747 | 351,739 | 338,130 |
Service fees on loans | 37,738 | 57,831 | 193,936 | 157,138 |
Gain on sales of mortgage loans | 260,813 | 250,154 | 882,595 | 1,058,672 |
Income on sale of uninsured products | 80,823 | 69,559 | 222,733 | 222,383 |
Gain on sale of other real estate owned | 71,194 | |||
Other income | 10,070 | 9,352 | 26,578 | 26,335 |
Total Non-Interest Income | 496,683 | 491,643 | 1,677,581 | 1,873,852 |
NON-INTEREST EXPENSES | ||||
Compensation and benefits | 1,851,693 | 1,929,935 | 5,493,052 | 5,670,733 |
Occupancy | 501,947 | 476,897 | 1,466,062 | 1,400,638 |
Advertising | 49,176 | 90,270 | 212,755 | 255,810 |
Data processing services | 310,542 | 286,130 | 911,074 | 888,818 |
FDIC assessment | 116,008 | 118,600 | 352,728 | 355,278 |
Net loss on and cost of operations of other real estate owned | 46,832 | 37,216 | 136,716 | 181,840 |
Insurance expense | 41,625 | 39,608 | 125,441 | 118,425 |
Professional fees | 52,500 | 18,750 | 155,489 | 56,250 |
Other expenses | 202,101 | 233,983 | 675,320 | 699,543 |
Total Non-Interest Expenses | 3,172,424 | 3,231,389 | 9,528,637 | 9,627,335 |
Loss before income taxes | (281,433) | (720,905) | (468,733) | (459,587) |
Income tax benefit | (61,178) | (61,178) | ||
NET LOSS | $ (281,433) | $ (659,727) | $ (468,733) | $ (398,409) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (281,433) | $ (659,727) | $ (468,733) | $ (398,409) |
Unrealized gains/losses on securities | ||||
Net unrealized holding gains (losses) arising during period | 308,255 | (275,077) | 409,220 | (463,521) |
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 | 110,670 | 488,594 | ||
Other comprehensive income (loss), net of tax | 308,255 | (164,407) | 409,220 | 25,073 |
COMPREHENSIVE INCOME (LOSS) | $ 26,822 | $ (824,134) | $ (59,513) | $ (373,336) |
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net loss | (398,409) | (398,409) | |
Other comprehensive income | 25,073 | 25,073 | |
BALANCES at Mar. 31, 2018 | 15,823,438 | (2,315,945) | 13,507,493 |
BALANCES at Jun. 30, 2018 | 16,309,708 | (2,207,576) | 14,102,132 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Net loss | (468,733) | (468,733) | |
Other comprehensive income | 409,220 | 409,220 | |
BALANCES at Mar. 31, 2019 | $ 15,840,975 | $ (1,798,356) | $ 14,042,619 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (468,733) | $ (398,409) |
Adjustments to reconcile net loss to net cash flows from operating activities | ||
Provision for loan losses | 425,000 | |
Depreciation | 414,877 | 384,615 |
Amortization and accretion | 62,485 | 55,882 |
Origination of mortgage loans held for sale | (62,597,025) | (85,472,061) |
Proceeds from sales of mortgage loans held for sale | 68,144,729 | 87,914,333 |
Gain on sale of mortgage loans held for sale | (882,595) | (1,058,672) |
(Gain) loss on sale of other real estate owned, net | 24,848 | (21,593) |
Changes in assets and liabilities: | ||
Accrued interest payable and other liabilities | (2,313,380) | (630,826) |
Accrued interest receivable and other assets | (1,002,503) | 1,200,226 |
Net cash flows provided by operating activities | 1,382,703 | 2,398,495 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities or calls of securities available for sale | 438,282 | 508,557 |
Purchase of securities available for sale | (650,000) | (980,000) |
Change in loans | 2,342,188 | 6,393,409 |
Purchase of FHLB stock | (139,500) | (443,000) |
Change in interest bearing deposits in banks | (288,454) | (165,147) |
Proceeds from sale of other real estate owned | 323,387 | 719,456 |
Purchase of premises and equipment, net | (180,653) | (149,518) |
Net cash flows provided by investing activities | 1,845,250 | 5,883,757 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in deposits | (2,751,881) | (29,301,594) |
FHLB advance proceeds | 485,450,000 | 262,050,000 |
FHLB advance repayments | (486,350,000) | (239,650,000) |
Change in advance payments by borrowers for property taxes and insurance | (1,802,324) | (1,962,827) |
Net cash flows used in financing activities | (5,454,205) | (8,864,421) |
Net Change in Cash and Cash Equivalents | (2,226,252) | (582,169) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 6,134,146 | 6,550,622 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 3,907,894 | 5,968,453 |
SUPPLEMENTAL CASH FLOW DISCLOSURES | ||
Cash paid for interest | 1,098,418 | 836,835 |
Loans transferred to other real estate owned | $ 418,849 | $ 349,983 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, and for the three and nine months ended March 31, 2019 and 2018 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 nine months ended March 31, 2019, 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. 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 condensed 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 March 31, 2019, we had a $100.3 million line of credit with the Federal Home Loan Bank of Chicago, and had $45.1 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 | 9 Months Ended |
Mar. 31, 2019 | |
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 13, 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 August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements on fair value measurements in Topic 820, including the removal, modification to, and addition of certain disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The majority of the disclosure changes are to be applied on a prospective basis. The Company is currently in the process of reviewing this ASU to determine whether the modifications within will be adopted prior to the effective date. Although this ASU has a significant impact to the Company’s fair value disclosures, no additional impact to the financial statements is expected 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 | 9 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 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 March 31, 2019 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 March 31, 2019 Level 1 Level 2 Level 3 Total Securities classified as available for sale: Obligations of states and political subdivisions $ - $ 20,021,450 $ - $ 20,021,450 Mortgage-backed securities - 1,116,026 - 1,116,026 Certificates of deposit - 327,064 - 327,064 Total $ - $ 21,464,540 $ - $ 21,464,540 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 March 31, 2019 or June 30, 2018. Assets measured at fair value on non-recurring basis: Fair Value as of March 31, 2019 Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 275,673 $ 275,673 Other real estate owned, net - - 4,027,747 4,027,747 Total $ - $ - $ 4,303,420 $ 4,303,420 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: March 31, 2019 June 30, 2018 Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 3,907,894 $ 3,907,894 $ 6,134,146 $ 6,134,146 Interest bearing deposits in banks $ 445,913 $ 445,913 $ 157,459 $ 157,459 Available for sale securities $ 21,464,540 $ 21,464,540 $ 20,906,087 $ 20,906,087 Loans $ 261,237,763 $ 255,193,763 $ 263,998,800 $ 256,952,400 Loans held for sale $ 1,751,276 $ 1,751,276 $ 6,416,385 $ 6,416,385 Federal Home Loan Bank stock $ 2,209,500 $ 2,209,500 $ 2,070,000 $ 2,070,000 Accrued interest receivable $ 1,090,833 $ 1,090,833 $ 879,292 $ 879,292 FINANCIAL LIABILITIES Deposits $ 241,711,599 $ 221,489,599 $ 244,463,480 $ 220,870,600 Federal Home Loan Bank borrowings $ 45,100,000 $ 45,100,000 $ 46,000,000 $ 46,000,000 Accrued interest payable $ 97,585 $ 97,585 $ 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 March 31, 2019 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 March 31, 2019 and June 30, 2018. |
Cash and Due From Banks
Cash and Due From Banks | 9 Months Ended |
Mar. 31, 2019 | |
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 $1,740,000 at March 31, 2019 and $1,439,000 at June 30, 2018. |
Available for Sale Securities
Available for Sale Securities | 9 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 20,068,626 $ 76,714 $ 123,890 $ 20,021,450 Mortgage-backed securities 1,089,733 26,293 - 1,116,026 Certificates of deposit 330,000 - 2,936 327,064 $ 21,488,359 $ 103,007 $ 126,826 $ 21,464,540 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: March 31, 2019 (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 $ - $ - $ 9,776,744 $ 123,890 $ 9,776,744 $ 123,890 Mortgage-backed - - - - - - Certificates of deposit - - 327,064 2,936 327,064 2,936 $ - $ - $ 10,103,808 $ 126,826 $ 10,103,808 $ 126,826 Management does not believe any individual unrealized loss as of March 31, 2019 represents other than temporary impairment. The Bank holds $9,776,744, comprised of 44 securities, in obligations of states and political subdivisions and $327,064, comprised of two certificates of deposit, at March 31, 2019 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 March 31, 2019 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. Amortized Cost Fair Value Due in one year or less $ 1,532,911 $ 1,532,147 Due after one year through 5 years 8,256,785 8,247,576 Due after 5 years through 10 years 9,704,229 9,647,740 Due after 10 years 904,701 921,051 Subtotal 20,398,626 20,348,514 Mortgage backed Due after one year through 5 years 522,584 535,755 Due after 5 years through 10 years 567,149 580,271 Total $ 21,488,359 $ 21,464,540 During the three and nine months ended March 31, 2019 and 2018, 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 March 31, 2019 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 | 9 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 6 – Loans and Allowance for Loan Losses Major classifications of loans are as follows: March 31, 2019 June 30, 2018 Construction, Land, Development $ 3,316,605 $ 4,845,372 1-4 family owner occupied 123,505,942 122,598,962 1-4 family non-owner occupied 21,031,234 23,836,875 Multifamily 74,684,437 71,100,731 Commercial owner occupied 8,639,629 7,351,591 Commercial non-owner occupied 20,904,832 24,211,269 Consumer & Installment Loans 10,443,124 11,378,159 Total Loans 262,525,803 265,322,959 Less: Allowance for loan losses (1,288,040 ) (1,324,159 ) Loans, net $ 261,237,763 $ 263,998,800 Non-performing loans are as follows: March 31, 2019 June 30, 2018 Nonaccrual Loans $ 1,290,301 $ 1,444,404 Total non-performing loans $ 1,290,301 $ 1,444,404 Restructured loans, accruing $ - $ - Total Impaired Loans $ 1,290,301 $ 1,444,404 Impaired loans are as follows as of and for the following periods ended: March 31, 2019 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total With related allowance recorded Recorded investment $ - $ 70,608 $ - $ - $ 196,135 $ - $ 116,420 $ 383,163 Unpaid principal balance - 70,608 - - 196,135 - 116,420 383,163 Related allowance - 5,325 - - 45,768 - 56,397 107,490 With no related allowance recorded Recorded investment $ - $ 899,537 $ - $ - $ - $ - $ 7,601 $ 907,138 Unpaid principal balance - 899,537 - - - - 7,601 907,138 Related allowance - - - - - - - - Total Recorded investment $ - $ 970,145 $ - $ - $ 196,135 $ - $ 124,021 $ 1,290,301 Unpaid principal balance - 970,145 - - 196,135 - 124,021 1,290,301 Related allowance - 5,325 - - 45,768 - 56,397 107,490 Three Months Ended March 31, 2019 Average recorded balance $ - $ 965,358 $ 11,496 $ - $ 196,135 $ - $ 131,445 $ 1,304,434 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired - 1,386 18 - - - 1,070 2,474 Total interest on impaired loans $ - $ 1,386 $ 18 $ - $ - $ - $ 1,070 $ 2,474 Nine Months Ended March 31, 2019 Average recorded balance $ 14,562 $ 801,528 $ 23,533 $ - $ 196,718 $ - $ 134,855 $ 1,171,196 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired 3,531 16,449 367 - 3,162 - 2,244 25,753 Total interest on impaired loans $ 3,531 $ 16,449 $ 367 $ - $ 3,162 $ - $ 2,244 $ 25,753 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 March 31, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total With related allowance recorded Recorded investment $ - $ - $ 95,214 $ - $ 200,183 $ - $ 62,950 $ 358,347 Unpaid principal balance - - 95,214 - 200,183 - 62,950 358,347 Related allowance - - 35,234 - 124,429 - 62,950 222,613 With no related allowance recorded Recorded investment $ 87,371 $ 768,045 $ - $ - $ - $ - $ 10,704 $ 866,120 Unpaid principal balance 87,371 768,045 - - - - 10,704 866,120 Related allowance - - - - - - - - Total Recorded investment $ 87,371 $ 768,045 $ 95,214 $ - $ 200,183 $ - $ 73,654 $ 1,224,467 Unpaid principal balance 87,371 768,045 95,214 - 200,183 - 73,654 1,224,467 Related allowance - - 35,234 - 124,429 - 62,950 222,613 Three Months Ended March 31, 2018 Average recorded balance $ 43,686 $ 803,653 $ 95,214 $ - $ 201,625 $ - $ 80,881 $ 1,225,059 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 14,924 $ - $ 14,924 Interest income recognized on a cash basis while impaired - 4,334 - - 5,501 - 472 10,307 Total interest on impaired loans $ - $ 4,334 $ - $ - $ 5,501 $ 14,924 $ 472 $ 25,231 Nine Months Ended March 31, 2018 Average recorded balance $ 14,562 $ 995,927 $ 95,214 $ - $ 202,586 $ 705,226 $ 135,876 $ 2,149,391 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 29,941 $ - $ 29,941 Interest income recognized on a cash basis while impaired - 15,144 - - 5,528 - 719 21,391 Total interest on impaired loans $ - $ 15,144 $ - $ - $ 5,528 $ 29,941 $ 719 $ 51,332 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: March 31, 2019 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Non- Consumer & Total Pass $ 3,316,605 $ 122,535,797 $ 21,031,234 $ 74,684,437 $ 8,254,548 $ 14,614,152 $ 10,319,103 $ 254,755,876 Special Mention - - - - 188,946 6,290,680 - 6,479,626 Substandard - 970,145 - - 196,135 - 124,021 1,290,301 REJ - - - - - - - - Total $ 3,316,605 $ 123,505,942 $ 21,031,234 $ 74,684,437 $ 8,639,629 $ 20,904,832 $ 10,443,124 $ 262,525,803 June 30, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Non- Consumer & 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: March 31, 2019 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total 30-59 days, accruing $ - $ 1,583,412 $ 2,101 $ 108,003 $ - $ - $ 47,253 $ 1,740,769 60-89 days, accruing - 363,873 - - - - 53,391 417,264 90 days & over or nonaccrual - 970,145 - - 196,135 - 124,021 1,290,301 Total $ - $ 2,917,430 $ 2,101 $ 108,003 $ 196,135 $ - $ 224,665 $ 3,448,334 June 30, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & 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 $1,050,336 and $1,080,125 at March 31, 2019 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 nine months ending March 31, 2019. There were also no TDRs that defaulted during the period that were modified within the previous nine months as of March 31, 2019. There were no TDRs as of March 31, 2019 and June 30, 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 nine months ended March 31, 2019 and 2018 and June 30, 2018: Three Months ended March 31, 2019 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not Total Allowance Balance at 12/31/18 $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Charge-offs - - - - - - (13,599 ) - (13,599 ) Recoveries - 6,327 - - - - 300 - 6,627 Provision 97 34,416 (2,035 ) 923 (71,633 ) (126,924 ) (25,526 ) 190,682 - Balance at 3/31/19 $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Nine Months ended March 31, 2019 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 ) - - - (15,809 ) - (60,343 ) Recoveries - 23,110 - - - - 1,114 - 24,224 Provision (1,441 ) 36,183 (20 ) 40,926 (69,251 ) (170,482 ) (14,518 ) 178,603 - Balance at 3/31/19 $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Allowance Ending balance individually evaluated for impairment $ - $ 5,325 $ - $ - $ 45,768 $ - $ 56,397 $ - $ 107,490 Ending balance collectively evaluated for impairment 3,317 61,268 26,499 112,027 16,887 754,873 12,486 193,193 1,180,550 Ending balance $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Loans Ending balance individually evaluated for impairment $ - $ 970,145 $ - $ - $ 196,135 $ - $ 124,021 $ - $ 1,290,301 Ending balance collectively evaluated for impairment 3,316,605 122,535,797 21,031,234 74,684,437 8,443,494 20,904,832 10,319,103 - 261,235,502 Total loans $ 3,316,605 $ 123,505,942 $ 21,031,234 $ 74,684,437 $ 8,639,629 $ 20,904,832 $ 10,443,124 $ - $ 262,525,803 Less allowance $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Total $ 3,313,288 $ 123,439,349 $ 21,004,735 $ 74,572,410 $ 8,576,974 $ 20,149,959 $ 10,374,241 $ (193,193 ) $ 261,237,763 June 30, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial 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 March 31, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not Total Allowance Balance at 1/1/18 $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Charge-offs - - - - - (979,468 ) (1,327 ) - (980,795 ) Recoveries - 9,282 - - - - 300 - 9,582 Provision (51,063 ) (42,583 ) (35,331 ) 4,152 (3,612 ) 1,084,629 (38,546 ) (492,646 ) 425,000 Balance at 3/31/18 $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Nine Months Ended March 31, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not 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 ) - - - (1,007,968 ) (2,766 ) - (1,073,023 ) Recoveries 33,064 22,919 - - - 7,000 1,345 - 64,328 Provision (42,191 ) (89,411 ) (178,420 ) 6,539 (19,159 ) 1,109,239 (35,340 ) (326,257 ) 425,000 Balance at 3/31/18 $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Allowance Ending balance individually evaluated for impairment $ - $ - $ 35,234 $ - $ 124,429 $ - $ 62,950 $ - $ 222,613 Ending balance collectively evaluated for impairment 52,410 10,473 30,181 66,004 17,184 857,857 36,696 24,099 1,094,904 Ending balance $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Loans Ending balance individually evaluated for impairment $ 87,371 $ 768,045 $ 95,214 $ - $ 200,183 $ - $ 73,654 $ - $ 1,224,467 Ending balance collectively evaluated for impairment 3,555,610 116,363,017 22,356,203 66,004,366 8,592,153 23,154,031 12,031,626 - 252,057,006 Total loans $ 3,642,981 $ 117,131,062 $ 22,451,417 $ 66,004,366 $ 8,792,336 $ 23,154,031 $ 12,105,280 $ - $ 253,281,473 Less allowance $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Total $ 3,590,571 $ 117,120,589 $ 22,386,002 $ 65,938,362 $ 8,650,723 $ 22,296,174 $ 12,005,634 $ (24,099 ) $ 251,963,956 |
Loan Servicing
Loan Servicing | 9 Months Ended |
Mar. 31, 2019 | |
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 $2,667,946 and $1,863,097 at March 31, 2019 and June 30, 2018, respectively. The Bank maintained custodial balances in the amount of $0 and $6,471 at March 31, 2019 and June 30, 2018, respectively, in connection with the foregoing loan servicing. |
Borrowings
Borrowings | 9 Months Ended |
Mar. 31, 2019 | |
Debt Instrument, Debt Default [Abstract] | |
Borrowings | NOTE 8 – Borrowings Borrowings consist of the following: March 31, 2019 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 (2.56-2.61%, matures April 2019) 36,400,000 - FHLB fixed rate advance (2.65%, matures July 2019) 8,700,000 - $ 45,100,000 $ 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 $100,336,556 at March 31, 2019. 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 March 31, 2019 and June 30, 2018, respectively. Additionally, the Bank had $45,100,000 and $41,900,000 outstanding in term advances at March 31, 2019 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 March 31, 2019 and June 30, 2018. There were no amounts outstanding as of March 31, 2019 or June 30, 2018. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 – Income Taxes The Bank recognized no income tax expense for the three and nine months ended March 31, 2019. Comparatively, this is the first fiscal year of interim consolidated financial statements prepared for the Bank in current form, so management is unable to estimate the tax expense attributed to the three and nine month periods ended March 31, 2018. 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 March 31, 2019 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 | 9 Months Ended |
Mar. 31, 2019 | |
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 nine month periods ended March 31, 2018. The Bank recognized pension income of $30,000 for the three months ended and $93,555 for the nine months ended March 31, 2019. 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 March 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 June 30, 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit to borrowers $ 18,142,736 $ 18,708,308 Sold loan commitments 19,494,809 17,437,885 Credit card commitments 643,265 639,878 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 March 31, 2019 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 | 9 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 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 March 31, 2019 and June 30, 2018, the Bank did not meet all capital adequacy requirements to which it was 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. For more information, see Note 13. 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 March 31, 2019 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 was phased in to 2.50% effective January 1, 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 March 31, 2019 (unaudited) Total capital (to risk weighted assets) $ 17,129,015 8.82 % $ 15,533,119 8.00 % $ 23,299,679 12.00 % Tier 1 capital (to risk weighted assets) 15,840,975 8.16 % 11,649,839 6.00 % 15,533,119 8.00 % Common Equity Tier 1 (to risk weighted assets) 15,840,975 8.16 % 8,737,380 4.50 % 15,533,119 8.00 % Tier 1 capital (to average assets) 15,840,975 5.21 % 12,164,148 4.00 % 24,328,295 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 March 31, 2019 and June 30, 2018, the Bank’s net worth was approximately $14,042,619 and $14,102,132 or 4.6% 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 | 9 Months Ended |
Mar. 31, 2019 | |
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 was 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 was 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 March 31, 2019, $985,138 of reorganization costs had been incurred. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 14 – Subsequent Events On April 30, 2019, the Bank completed the reorganization into the mutual holding company structure, and the related stock offering of TEB Bancorp, Inc. (the “Company”), the Bank’s new holding company. As a result of the reorganization, the Bank has become a wholly-owned subsidiary of the Company, the Company has issued and sold 49.9% of its outstanding shares in its stock offering, and the Company has issued 50.1% of its outstanding shares to TEB MHC, which is the Company’s mutual holding company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, and for the three and nine months ended March 31, 2019 and 2018 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 nine months ended March 31, 2019, 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. |
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 condensed 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 March 31, 2019, we had a $100.3 million line of credit with the Federal Home Loan Bank of Chicago, and had $45.1 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 13, 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 August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements on fair value measurements in Topic 820, including the removal, modification to, and addition of certain disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The majority of the disclosure changes are to be applied on a prospective basis. The Company is currently in the process of reviewing this ASU to determine whether the modifications within will be adopted prior to the effective date. Although this ASU has a significant impact to the Company’s fair value disclosures, no additional impact to the financial statements is expected 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) | 9 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets measured on recurring basis | Fair Value as of March 31, 2019 Level 1 Level 2 Level 3 Total Securities classified as available for sale: Obligations of states and political subdivisions $ - $ 20,021,450 $ - $ 20,021,450 Mortgage-backed securities - 1,116,026 - 1,116,026 Certificates of deposit - 327,064 - 327,064 Total $ - $ 21,464,540 $ - $ 21,464,540 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 March 31, 2019 Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 275,673 $ 275,673 Other real estate owned, net - - 4,027,747 4,027,747 Total $ - $ - $ 4,303,420 $ 4,303,420 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 | March 31, 2019 June 30, 2018 Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 3,907,894 $ 3,907,894 $ 6,134,146 $ 6,134,146 Interest bearing deposits in banks $ 445,913 $ 445,913 $ 157,459 $ 157,459 Available for sale securities $ 21,464,540 $ 21,464,540 $ 20,906,087 $ 20,906,087 Loans $ 261,237,763 $ 255,193,763 $ 263,998,800 $ 256,952,400 Loans held for sale $ 1,751,276 $ 1,751,276 $ 6,416,385 $ 6,416,385 Federal Home Loan Bank stock $ 2,209,500 $ 2,209,500 $ 2,070,000 $ 2,070,000 Accrued interest receivable $ 1,090,833 $ 1,090,833 $ 879,292 $ 879,292 FINANCIAL LIABILITIES Deposits $ 241,711,599 $ 221,489,599 $ 244,463,480 $ 220,870,600 Federal Home Loan Bank borrowings $ 45,100,000 $ 45,100,000 $ 46,000,000 $ 46,000,000 Accrued interest payable $ 97,585 $ 97,585 $ 93,053 $ 93,053 |
Available for Sale Securities (
Available for Sale Securities (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized costs and fair values of available for sale securities | March 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ 20,068,626 $ 76,714 $ 123,890 $ 20,021,450 Mortgage-backed securities 1,089,733 26,293 - 1,116,026 Certificates of deposit 330,000 - 2,936 327,064 $ 21,488,359 $ 103,007 $ 126,826 $ 21,464,540 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 | March 31, 2019 (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 $ - $ - $ 9,776,744 $ 123,890 $ 9,776,744 $ 123,890 Mortgage-backed - - - - - - Certificates of deposit - - 327,064 2,936 327,064 2,936 $ - $ - $ 10,103,808 $ 126,826 $ 10,103,808 $ 126,826 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 $ 1,532,911 $ 1,532,147 Due after one year through 5 years 8,256,785 8,247,576 Due after 5 years through 10 years 9,704,229 9,647,740 Due after 10 years 904,701 921,051 Subtotal 20,398,626 20,348,514 Mortgage backed Due after one year through 5 years 522,584 535,755 Due after 5 years through 10 years 567,149 580,271 Total $ 21,488,359 $ 21,464,540 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of loans receivable | March 31, 2019 June 30, 2018 Construction, Land, Development $ 3,316,605 $ 4,845,372 1-4 family owner occupied 123,505,942 122,598,962 1-4 family non-owner occupied 21,031,234 23,836,875 Multifamily 74,684,437 71,100,731 Commercial owner occupied 8,639,629 7,351,591 Commercial non-owner occupied 20,904,832 24,211,269 Consumer & Installment Loans 10,443,124 11,378,159 Total Loans 262,525,803 265,322,959 Less: Allowance for loan losses (1,288,040 ) (1,324,159 ) Loans, net $ 261,237,763 $ 263,998,800 |
Schedule of non-performing loans | March 31, 2019 June 30, 2018 Nonaccrual Loans $ 1,290,301 $ 1,444,404 Total non-performing loans $ 1,290,301 $ 1,444,404 Restructured loans, accruing $ - $ - Total Impaired Loans $ 1,290,301 $ 1,444,404 |
Schedule of impaired loans | March 31, 2019 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total With related allowance recorded Recorded investment $ - $ 70,608 $ - $ - $ 196,135 $ - $ 116,420 $ 383,163 Unpaid principal balance - 70,608 - - 196,135 - 116,420 383,163 Related allowance - 5,325 - - 45,768 - 56,397 107,490 With no related allowance recorded Recorded investment $ - $ 899,537 $ - $ - $ - $ - $ 7,601 $ 907,138 Unpaid principal balance - 899,537 - - - - 7,601 907,138 Related allowance - - - - - - - - Total Recorded investment $ - $ 970,145 $ - $ - $ 196,135 $ - $ 124,021 $ 1,290,301 Unpaid principal balance - 970,145 - - 196,135 - 124,021 1,290,301 Related allowance - 5,325 - - 45,768 - 56,397 107,490 Three Months Ended March 31, 2019 Average recorded balance $ - $ 965,358 $ 11,496 $ - $ 196,135 $ - $ 131,445 $ 1,304,434 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired - 1,386 18 - - - 1,070 2,474 Total interest on impaired loans $ - $ 1,386 $ 18 $ - $ - $ - $ 1,070 $ 2,474 Nine Months Ended March 31, 2019 Average recorded balance $ 14,562 $ 801,528 $ 23,533 $ - $ 196,718 $ - $ 134,855 $ 1,171,196 Interest income recognized while impaired $ - $ - $ - $ - $ - $ - $ - $ - Interest income recognized on a cash basis while impaired 3,531 16,449 367 - 3,162 - 2,244 25,753 Total interest on impaired loans $ 3,531 $ 16,449 $ 367 $ - $ 3,162 $ - $ 2,244 $ 25,753 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 March 31, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total With related allowance recorded Recorded investment $ - $ - $ 95,214 $ - $ 200,183 $ - $ 62,950 $ 358,347 Unpaid principal balance - - 95,214 - 200,183 - 62,950 358,347 Related allowance - - 35,234 - 124,429 - 62,950 222,613 With no related allowance recorded Recorded investment $ 87,371 $ 768,045 $ - $ - $ - $ - $ 10,704 $ 866,120 Unpaid principal balance 87,371 768,045 - - - - 10,704 866,120 Related allowance - - - - - - - - Total Recorded investment $ 87,371 $ 768,045 $ 95,214 $ - $ 200,183 $ - $ 73,654 $ 1,224,467 Unpaid principal balance 87,371 768,045 95,214 - 200,183 - 73,654 1,224,467 Related allowance - - 35,234 - 124,429 - 62,950 222,613 Three Months Ended March 31, 2018 Average recorded balance $ 43,686 $ 803,653 $ 95,214 $ - $ 201,625 $ - $ 80,881 $ 1,225,059 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 14,924 $ - $ 14,924 Interest income recognized on a cash basis while impaired - 4,334 - - 5,501 - 472 10,307 Total interest on impaired loans $ - $ 4,334 $ - $ - $ 5,501 $ 14,924 $ 472 $ 25,231 Nine Months Ended March 31, 2018 Average recorded balance $ 14,562 $ 995,927 $ 95,214 $ - $ 202,586 $ 705,226 $ 135,876 $ 2,149,391 Interest income recognized while impaired $ - $ - $ - $ - $ - $ 29,941 $ - $ 29,941 Interest income recognized on a cash basis while impaired - 15,144 - - 5,528 - 719 21,391 Total interest on impaired loans $ - $ 15,144 $ - $ - $ 5,528 $ 29,941 $ 719 $ 51,332 |
Schedule of loans by risk rating | March 31, 2019 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Non- Consumer & Total Pass $ 3,316,605 $ 122,535,797 $ 21,031,234 $ 74,684,437 $ 8,254,548 $ 14,614,152 $ 10,319,103 $ 254,755,876 Special Mention - - - - 188,946 6,290,680 - 6,479,626 Substandard - 970,145 - - 196,135 - 124,021 1,290,301 REJ - - - - - - - - Total $ 3,316,605 $ 123,505,942 $ 21,031,234 $ 74,684,437 $ 8,639,629 $ 20,904,832 $ 10,443,124 $ 262,525,803 June 30, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Non- Consumer & 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 | March 31, 2019 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & Total 30-59 days, accruing $ - $ 1,583,412 $ 2,101 $ 108,003 $ - $ - $ 47,253 $ 1,740,769 60-89 days, accruing - 363,873 - - - - 53,391 417,264 90 days & over or nonaccrual - 970,145 - - 196,135 - 124,021 1,290,301 Total $ - $ 2,917,430 $ 2,101 $ 108,003 $ 196,135 $ - $ 224,665 $ 3,448,334 June 30, 2018 Construction, 1-4 Family 1-4 Family Multifamily Commercial Commercial Consumer & 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 March 31, 2019 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not Total Allowance Balance at 12/31/18 $ 3,220 $ 25,850 $ 28,534 $ 111,104 $ 134,288 $ 881,797 $ 107,708 $ 2,511 $ 1,295,012 Charge-offs - - - - - - (13,599 ) - (13,599 ) Recoveries - 6,327 - - - - 300 - 6,627 Provision 97 34,416 (2,035 ) 923 (71,633 ) (126,924 ) (25,526 ) 190,682 - Balance at 3/31/19 $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Nine Months ended March 31, 2019 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 ) - - - (15,809 ) - (60,343 ) Recoveries - 23,110 - - - - 1,114 - 24,224 Provision (1,441 ) 36,183 (20 ) 40,926 (69,251 ) (170,482 ) (14,518 ) 178,603 - Balance at 3/31/19 $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Allowance Ending balance individually evaluated for impairment $ - $ 5,325 $ - $ - $ 45,768 $ - $ 56,397 $ - $ 107,490 Ending balance collectively evaluated for impairment 3,317 61,268 26,499 112,027 16,887 754,873 12,486 193,193 1,180,550 Ending balance $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Loans Ending balance individually evaluated for impairment $ - $ 970,145 $ - $ - $ 196,135 $ - $ 124,021 $ - $ 1,290,301 Ending balance collectively evaluated for impairment 3,316,605 122,535,797 21,031,234 74,684,437 8,443,494 20,904,832 10,319,103 - 261,235,502 Total loans $ 3,316,605 $ 123,505,942 $ 21,031,234 $ 74,684,437 $ 8,639,629 $ 20,904,832 $ 10,443,124 $ - $ 262,525,803 Less allowance $ 3,317 $ 66,593 $ 26,499 $ 112,027 $ 62,655 $ 754,873 $ 68,883 $ 193,193 $ 1,288,040 Total $ 3,313,288 $ 123,439,349 $ 21,004,735 $ 74,572,410 $ 8,576,974 $ 20,149,959 $ 10,374,241 $ (193,193 ) $ 261,237,763 June 30, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial 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 March 31, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not Total Allowance Balance at 1/1/18 $ 103,473 $ 43,774 $ 100,746 $ 61,852 $ 145,225 $ 752,696 $ 139,219 $ 516,745 $ 1,863,730 Charge-offs - - - - - (979,468 ) (1,327 ) - (980,795 ) Recoveries - 9,282 - - - - 300 - 9,582 Provision (51,063 ) (42,583 ) (35,331 ) 4,152 (3,612 ) 1,084,629 (38,546 ) (492,646 ) 425,000 Balance at 3/31/18 $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Nine Months Ended March 31, 2018 Construction, 1-4 Family 1-4 Family Non- Multifamily Commercial Commercial Consumer Not 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 ) - - - (1,007,968 ) (2,766 ) - (1,073,023 ) Recoveries 33,064 22,919 - - - 7,000 1,345 - 64,328 Provision (42,191 ) (89,411 ) (178,420 ) 6,539 (19,159 ) 1,109,239 (35,340 ) (326,257 ) 425,000 Balance at 3/31/18 $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Allowance Ending balance individually evaluated for impairment $ - $ - $ 35,234 $ - $ 124,429 $ - $ 62,950 $ - $ 222,613 Ending balance collectively evaluated for impairment 52,410 10,473 30,181 66,004 17,184 857,857 36,696 24,099 1,094,904 Ending balance $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Loans Ending balance individually evaluated for impairment $ 87,371 $ 768,045 $ 95,214 $ - $ 200,183 $ - $ 73,654 $ - $ 1,224,467 Ending balance collectively evaluated for impairment 3,555,610 116,363,017 22,356,203 66,004,366 8,592,153 23,154,031 12,031,626 - 252,057,006 Total loans $ 3,642,981 $ 117,131,062 $ 22,451,417 $ 66,004,366 $ 8,792,336 $ 23,154,031 $ 12,105,280 $ - $ 253,281,473 Less allowance $ 52,410 $ 10,473 $ 65,415 $ 66,004 $ 141,613 $ 857,857 $ 99,646 $ 24,099 $ 1,317,517 Total $ 3,590,571 $ 117,120,589 $ 22,386,002 $ 65,938,362 $ 8,650,723 $ 22,296,174 $ 12,005,634 $ (24,099 ) $ 251,963,956 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Debt Instrument, Debt Default [Abstract] | |
Schedule for summary of borrowings | March 31, 2019 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 (2.56-2.61%, matures April 2019) 36,400,000 - FHLB fixed rate advance (2.65%, matures July 2019) 8,700,000 - $ 45,100,000 $ 46,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of notional amount of exposure to off-balance-sheet risk | March 31, 2019 June 30, 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit to borrowers $ 18,142,736 $ 18,708,308 Sold loan commitments 19,494,809 17,437,885 Credit card commitments 643,265 639,878 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of comparison of Bank's actual capital amounts with the minimum requirements for adequately capitalized banks | To be Capitalized For Capital Adequacy In Accordance with Actual Purposes the Consent Order Amount Ratio Amount Ratio Amount Ratio As of March 31, 2019 (unaudited) Total capital (to risk weighted assets) $ 17,129,015 8.82 % $ 15,533,119 8.00 % $ 23,299,679 12.00 % Tier 1 capital (to risk weighted assets) 15,840,975 8.16 % 11,649,839 6.00 % 15,533,119 8.00 % Common Equity Tier 1 (to risk weighted assets) 15,840,975 8.16 % 8,737,380 4.50 % 15,533,119 8.00 % Tier 1 capital (to average assets) 15,840,975 5.21 % 12,164,148 4.00 % 24,328,295 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 | Mar. 31, 2019 | Jun. 30, 2018 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Minimum Tier 1 capital of average assets | 8.00% | 4.00% | 4.00% |
Minimum total risk-based capital of risk weighted assets, revising capital plan submitted to FDIC and WDFI | 12.00% | 6.00% | 6.00% |
Threshold limit for 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 | $ 100,300,000 | ||
Borrowings outstanding | 45,100,000 | ||
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 ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 21,464,540 | $ 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 | 21,464,540 | 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 | 20,021,450 | 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 | 20,021,450 | 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 | 1,116,026 | 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 | 1,116,026 | 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 | 327,064 | 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 | 327,064 | 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 ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, net | $ 4,027,747 | $ 3,957,133 |
Fair value on non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 275,673 | 140,765 |
Other real estate owned, net | 4,027,747 | 3,957,133 |
Total | 4,303,420 | 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 | 275,673 | 140,765 |
Other real estate owned, net | 4,027,747 | 3,957,133 |
Total | $ 4,303,420 | $ 4,097,898 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details 2) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 |
FINANCIAL ASSETS | ||||
Cash and cash equivalents | $ 3,907,894 | $ 6,134,146 | $ 5,968,453 | $ 6,550,622 |
Interest bearing deposits in banks | 445,913 | 157,459 | ||
Available for sale securities | 21,464,540 | 20,906,087 | ||
Loans | 261,237,763 | 263,998,800 | $ 251,963,956 | |
Loans held for sale | 1,751,276 | 6,416,385 | ||
Federal Home Loan Bank stock | 2,209,500 | 2,070,000 | ||
Accrued interest receivable | 2,534,109 | 1,531,606 | ||
FINANCIAL LIABILITIES | ||||
Deposits | 241,711,599 | 244,463,480 | ||
Federal Home Loan Bank borrowings | 45,100,000 | 46,000,000 | ||
Accrued interest payable | 2,867,616 | 5,180,996 | ||
Carrying Value | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 3,907,894 | 6,134,146 | ||
Interest bearing deposits in banks | 445,913 | 157,459 | ||
Available for sale securities | 21,464,540 | 20,906,087 | ||
Loans | 261,237,763 | 263,998,800 | ||
Loans held for sale | 1,751,276 | 6,416,385 | ||
Federal Home Loan Bank stock | 2,209,500 | 2,070,000 | ||
Accrued interest receivable | 1,090,833 | 879,292 | ||
FINANCIAL LIABILITIES | ||||
Deposits | 241,711,599 | 244,463,480 | ||
Federal Home Loan Bank borrowings | 45,100,000 | 46,000,000 | ||
Accrued interest payable | 97,585 | 93,053 | ||
Fair Value | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 3,907,894 | 6,134,146 | ||
Interest bearing deposits in banks | 445,913 | 157,459 | ||
Available for sale securities | 21,464,540 | 20,906,087 | ||
Loans | 255,193,763 | 256,952,400 | ||
Loans held for sale | 1,751,276 | 6,416,385 | ||
Federal Home Loan Bank stock | 2,209,500 | 2,070,000 | ||
Accrued interest receivable | 1,090,833 | 879,292 | ||
FINANCIAL LIABILITIES | ||||
Deposits | 221,489,599 | 220,870,600 | ||
Federal Home Loan Bank borrowings | 45,100,000 | 46,000,000 | ||
Accrued interest payable | $ 97,585 | $ 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 - percent | Mar. 31, 2019 | Jun. 30, 2018 |
Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Impaired loans | 5 | 5 |
Other real estate owned, net | 5 | 5 |
Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Impaired loans | 15 | 15 |
Other real estate owned, net | 15 | 15 |
Cash and Due From Banks (Detail
Cash and Due From Banks (Detail Textuals) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Cash and Due from Banks [Abstract] | ||
Requirements for cash and reserve balances with Federal Reserve Bank deposits | $ 1,740,000 | $ 1,439,000 |
Available for Sale Securities_2
Available for Sale Securities (Details) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 21,488,359 | $ 21,339,126 |
Gross Unrealized Gains | 103,007 | 3,291 |
Gross Unrealized Losses | 126,826 | 436,330 |
Fair Value | 21,464,540 | 20,906,087 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,068,626 | 19,846,714 |
Gross Unrealized Gains | 76,714 | 3,291 |
Gross Unrealized Losses | 123,890 | 423,568 |
Fair Value | 20,021,450 | 19,426,437 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,089,733 | 1,162,412 |
Gross Unrealized Gains | 26,293 | 0 |
Gross Unrealized Losses | 0 | 4,471 |
Fair Value | 1,116,026 | 1,157,941 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 330,000 | 330,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,936 | 8,291 |
Fair Value | $ 327,064 | $ 321,709 |
Available for Sale Securities_3
Available for Sale Securities (Details 1) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for Less Than 12 Months, Fair Value | $ 0 | $ 17,336,154 |
Continuous Unrealized Losses Existing for Less Than 12 Months, Unrealized Losses | 0 | 295,325 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | 10,103,808 | 2,045,230 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Unrealized Losses | 126,826 | 141,005 |
Total, Fair Value | 10,103,808 | 19,381,384 |
Total, Unrealized Losses | 126,826 | 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 | 0 | 15,856,505 |
Continuous Unrealized Losses Existing for Less Than 12 Months, Unrealized Losses | 0 | 282,562 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | 9,776,744 | 2,045,230 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Unrealized Losses | 123,890 | 141,005 |
Total, Fair Value | 9,776,744 | 17,901,735 |
Total, Unrealized Losses | 123,890 | 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 | 0 | 321,709 |
Continuous Unrealized Losses Existing for Less Than 12 Months, Unrealized Losses | 0 | 8,291 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | 327,064 | 0 |
Continuous Unrealized Losses Existing for 12 Months or Greater, Unrealized Losses | 2,936 | 0 |
Total, Fair Value | 327,064 | 321,709 |
Total, Unrealized Losses | $ 2,936 | $ 8,291 |
Available for Sale Securities_4
Available for Sale Securities (Details 2) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Amortized Cost | ||
Due in one year or less | $ 1,532,911 | |
Due after one year through 5 years | 8,256,785 | |
Due after 5 years through 10 years | 9,704,229 | |
Due after 10 years | 904,701 | |
Subtotal | 20,398,626 | |
Total | 21,488,359 | $ 21,339,126 |
Fair Value | ||
Due in one year or less | 1,532,147 | |
Due after one year through 5 years | 8,247,576 | |
Due after 5 years through 10 years | 9,647,740 | |
Due after 10 years | 921,051 | |
Subtotal | 20,348,514 | |
Total | 21,464,540 | 20,906,087 |
Mortgage-backed securities | ||
Amortized Cost | ||
Due after one year through 5 years | 522,584 | |
Due after 5 years through 10 years | 567,149 | |
Total | 1,089,733 | 1,162,412 |
Fair Value | ||
Due after one year through 5 years | 535,755 | |
Due after 5 years through 10 years | 580,271 | |
Total | $ 1,116,026 | $ 1,157,941 |
Available for Sale Securities_5
Available for Sale Securities (Detail Textuals) | Mar. 31, 2019USD ($)Security | Jun. 30, 2018USD ($)Security |
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | $ 10,103,808 | $ 2,045,230 |
Available for sale securities pledged as collateral on public deposits | 7,555,000 | 7,410,000 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | $ 9,776,744 | $ 2,045,230 |
Number of securities with unrealized loss position | Security | 44 | 9 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Losses Existing for 12 Months or Greater, Fair Value | $ 327,064 | $ 0 |
Number of securities with unrealized loss position | Security | 2 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | $ 262,525,803 | $ 265,322,959 | $ 253,281,473 | ||||
Less: allowance for loan losses | (1,288,040) | $ (1,295,012) | (1,324,159) | (1,317,517) | $ (1,863,730) | $ (1,879,304) | $ (1,901,212) |
Total | 261,237,763 | 263,998,800 | 251,963,956 | ||||
Construction, Land, Development | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | 3,316,605 | 4,845,372 | 3,642,981 | ||||
Less: allowance for loan losses | (3,317) | (3,220) | (4,758) | (52,410) | (103,473) | (83,955) | (61,537) |
Total | 3,313,288 | 4,840,614 | 3,590,571 | ||||
1-4 family owner occupied | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | 123,505,942 | 122,598,962 | 117,131,062 | ||||
Less: allowance for loan losses | (66,593) | (25,850) | (7,300) | (10,473) | (43,774) | (53,630) | (139,254) |
Total | 123,439,349 | 122,591,662 | 117,120,589 | ||||
1-4 family non-owner occupied | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | 21,031,234 | 23,836,875 | 22,451,417 | ||||
Less: allowance for loan losses | (26,499) | (28,534) | (71,053) | (65,415) | (100,746) | (121,274) | (243,835) |
Total | 21,004,735 | 23,765,822 | 22,386,002 | ||||
Multifamily | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | 74,684,437 | 71,100,731 | 66,004,366 | ||||
Less: allowance for loan losses | (112,027) | (111,104) | (71,101) | (66,004) | (61,852) | (60,883) | (59,465) |
Total | 74,572,410 | 71,029,630 | 65,938,362 | ||||
Commercial owner occupied | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | 8,639,629 | 7,351,591 | 8,792,336 | ||||
Less: allowance for loan losses | (62,655) | (134,288) | (131,906) | (141,613) | (145,225) | (161,819) | (160,772) |
Total | 8,576,974 | 7,219,685 | 8,650,723 | ||||
Commercial non-owner occupied | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | 20,904,832 | 24,211,269 | 23,154,031 | ||||
Less: allowance for loan losses | (754,873) | (881,797) | (925,355) | (857,857) | (752,696) | (799,632) | (749,586) |
Total | 20,149,959 | 23,285,914 | 22,296,174 | ||||
Consumer & Installment | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Total Loans | 10,443,124 | 11,378,159 | 12,105,280 | ||||
Less: allowance for loan losses | (68,883) | $ (107,708) | (98,096) | (99,646) | $ (139,219) | $ (164,440) | $ (136,407) |
Total | $ 10,374,241 | $ 11,280,063 | $ 12,005,634 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Details 1) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Receivables [Abstract] | |||
Nonaccrual Loans | $ 1,290,301 | $ 1,444,404 | |
Total non-performing loans | 1,290,301 | 1,444,404 | $ 1,224,467 |
Restructured loans, accruing | 0 | 0 | |
Total Impaired Loans | $ 1,290,301 | $ 1,444,404 | $ 1,224,467 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
With related allowance recorded | |||||
Recorded investment | $ 383,163 | $ 358,347 | $ 383,163 | $ 356,730 | $ 358,347 |
Unpaid principal balance | 383,163 | 358,347 | 383,163 | 356,730 | 358,347 |
Related allowance | 107,490 | 222,613 | 107,490 | 215,965 | 222,613 |
With no related allowance recorded | |||||
Recorded investment | 907,138 | 866,120 | 907,138 | 1,087,674 | 866,120 |
Unpaid principal balance | 907,138 | 866,120 | 907,138 | 1,087,674 | 866,120 |
Total | |||||
Recorded investment | 1,290,301 | 1,224,467 | 1,290,301 | 1,444,404 | 1,224,467 |
Unpaid principal balance | 1,290,301 | 1,224,467 | 1,290,301 | 1,444,404 | 1,224,467 |
Related allowance | 107,490 | 222,613 | 107,490 | 215,965 | 222,613 |
Average recorded balance | 1,304,434 | 1,225,059 | 1,171,196 | 1,586,224 | 2,149,391 |
Interest income recognized while impaired | 0 | 14,924 | 0 | 14,924 | 29,941 |
Interest income recognized on a cash basis while impaired | 2,474 | 10,307 | 25,753 | 23,670 | 21,391 |
Total interest on impaired loans | 2,474 | 25,231 | 25,753 | 38,594 | 51,332 |
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 | 87,371 | 0 | 87,371 | 87,371 |
Unpaid principal balance | 0 | 87,371 | 0 | 87,371 | 87,371 |
Total | |||||
Recorded investment | 0 | 87,371 | 0 | 87,371 | 87,371 |
Unpaid principal balance | 0 | 87,371 | 0 | 87,371 | 87,371 |
Related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded balance | 0 | 43,686 | 14,562 | 43,686 | 14,562 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 0 | 0 | 3,531 | 0 | 0 |
Total interest on impaired loans | 0 | 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 | 5,325 | 0 | 5,325 | 0 | 0 |
With no related allowance recorded | |||||
Recorded investment | 899,537 | 768,045 | 899,537 | 924,135 | 768,045 |
Unpaid principal balance | 899,537 | 768,045 | 899,537 | 924,135 | 768,045 |
Total | |||||
Recorded investment | 970,145 | 768,045 | 970,145 | 924,135 | 768,045 |
Unpaid principal balance | 970,145 | 768,045 | 970,145 | 924,135 | 768,045 |
Related allowance | 5,325 | 0 | 5,325 | 0 | 0 |
Average recorded balance | 965,358 | 803,653 | 801,528 | 893,915 | 995,927 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 1,386 | 4,334 | 16,449 | 14,037 | 15,144 |
Total interest on impaired loans | 1,386 | 4,334 | 16,449 | 14,037 | 15,144 |
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 | 35,234 | 0 | 35,678 | 35,234 |
With no related allowance recorded | |||||
Recorded investment | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance | 0 | 0 | 0 | 0 | 0 |
Total | |||||
Recorded investment | 0 | 95,214 | 0 | 95,214 | 95,214 |
Unpaid principal balance | 0 | 95,214 | 0 | 95,214 | 95,214 |
Related allowance | 0 | 35,234 | 0 | 35,678 | 35,234 |
Average recorded balance | 11,496 | 95,214 | 23,533 | 95,214 | 95,214 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 18 | 0 | 367 | 0 | 0 |
Total interest on impaired loans | 18 | 0 | 367 | 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 | 200,183 | 196,135 | 198,829 | 200,183 |
Unpaid principal balance | 196,135 | 200,183 | 196,135 | 198,829 | 200,183 |
Related allowance | 45,768 | 124,429 | 45,768 | 117,600 | 124,429 |
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 | 200,183 | 196,135 | 198,829 | 200,183 |
Unpaid principal balance | 196,135 | 200,183 | 196,135 | 198,829 | 200,183 |
Related allowance | 45,768 | 124,429 | 45,768 | 117,600 | 124,429 |
Average recorded balance | 196,135 | 201,625 | 196,718 | 201,399 | 202,586 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 0 | 5,501 | 3,162 | 8,346 | 5,528 |
Total interest on impaired loans | 0 | 5,501 | 3,162 | 8,346 | 5,528 |
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 | 0 | 0 | 234,590 | 705,226 |
Interest income recognized while impaired | 0 | 14,924 | 0 | 14,924 | 29,941 |
Interest income recognized on a cash basis while impaired | 0 | 0 | 0 | 0 | 0 |
Total interest on impaired loans | 0 | 14,924 | 0 | 14,924 | 29,941 |
Consumer & Installment | |||||
With related allowance recorded | |||||
Recorded investment | 116,420 | 62,950 | 116,420 | 62,687 | 62,950 |
Unpaid principal balance | 116,420 | 62,950 | 116,420 | 62,687 | 62,950 |
Related allowance | 56,397 | 62,950 | 56,397 | 62,687 | 62,950 |
With no related allowance recorded | |||||
Recorded investment | 7,601 | 10,704 | 7,601 | 76,168 | 10,704 |
Unpaid principal balance | 7,601 | 10,704 | 7,601 | 76,168 | 10,704 |
Total | |||||
Recorded investment | 124,021 | 73,654 | 124,021 | 138,855 | 73,654 |
Unpaid principal balance | 124,021 | 73,654 | 124,021 | 138,855 | 73,654 |
Related allowance | 56,397 | 62,950 | 56,397 | 62,687 | 62,950 |
Average recorded balance | 131,445 | 80,881 | 134,855 | 117,420 | 135,876 |
Interest income recognized while impaired | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis while impaired | 1,070 | 472 | 2,244 | 1,287 | 719 |
Total interest on impaired loans | $ 1,070 | $ 472 | $ 2,244 | $ 1,287 | $ 719 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Details 3) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 262,525,803 | $ 265,322,959 | $ 253,281,473 |
Construction, Land, Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,316,605 | 4,845,372 | 3,642,981 |
1-4 Family Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 123,505,942 | 122,598,962 | 117,131,062 |
1-4 Family Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 21,031,234 | 23,836,875 | 22,451,417 |
Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 74,684,437 | 71,100,731 | 66,004,366 |
Commercial Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,639,629 | 7,351,591 | 8,792,336 |
Commercial Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 20,904,832 | 24,211,269 | 23,154,031 |
Consumer & Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 10,443,124 | 11,378,159 | $ 12,105,280 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 254,755,876 | 252,535,181 | |
Pass | Construction, Land, Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,316,605 | 4,758,001 | |
Pass | 1-4 Family Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 122,535,797 | 121,674,827 | |
Pass | 1-4 Family Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 21,031,234 | 23,001,683 | |
Pass | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 74,684,437 | 70,755,990 | |
Pass | Commercial Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,254,548 | 7,152,762 | |
Pass | Commercial Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 14,614,152 | 13,952,614 | |
Pass | Consumer & Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 10,319,103 | 11,239,304 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 6,479,626 | 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 | 188,946 | 0 | |
Special Mention | Commercial Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 6,290,680 | 10,258,655 | |
Special Mention | Consumer & Installment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 1,290,301 | 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 | 970,145 | 446,352 | |
Substandard | 1-4 Family Non-Owner Occupied | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 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 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 124,021 | 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 | |||
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 ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | $ 3,448,334 | $ 3,685,513 |
30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 1,740,769 | 2,241,109 |
60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 417,264 | 0 |
90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 1,290,301 | 1,444,404 |
Construction, Land, Development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 162,429 |
Construction, Land, Development | 30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 75,058 |
Construction, Land, Development | 60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Construction, Land, Development | 90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 87,371 |
1-4 Family Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 2,917,430 | 2,999,111 |
1-4 Family Owner Occupied | 30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 1,583,412 | 2,074,976 |
1-4 Family Owner Occupied | 60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 363,873 | 0 |
1-4 Family Owner Occupied | 90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 970,145 | 924,135 |
1-4 Family Non-Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 2,101 | 95,214 |
1-4 Family Non-Owner Occupied | 30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 2,101 | 0 |
1-4 Family Non-Owner Occupied | 60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
1-4 Family Non-Owner Occupied | 90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 95,214 |
Multifamily | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 108,003 | 0 |
Multifamily | 30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 108,003 | 0 |
Multifamily | 60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Multifamily | 90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Commercial Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 196,135 | 198,829 |
Commercial Owner Occupied | 30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Commercial Owner Occupied | 60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Commercial Owner Occupied | 90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 196,135 | 198,829 |
Commercial Non-Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Commercial Non-Owner Occupied | 30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Commercial Non-Owner Occupied | 60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Commercial Non-Owner Occupied | 90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 0 | 0 |
Consumer & Installment | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 224,665 | 229,930 |
Consumer & Installment | 30-59 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 47,253 | 91,075 |
Consumer & Installment | 60-89 days, accruing | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | 53,391 | 0 |
Consumer & Installment | 90 days & over or nonaccrual | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Past due loans | $ 124,021 | $ 138,855 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses (Details 5) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | $ 1,295,012 | $ 1,863,730 | $ 1,324,159 | $ 1,879,304 | $ 1,901,212 | |||
Charge-offs | (13,599) | (980,795) | (60,343) | (1,035,176) | (1,073,023) | |||
Recoveries | 6,627 | 9,582 | 24,224 | 55,031 | 64,328 | |||
Provision | 0 | 425,000 | 425,000 | 425,000 | ||||
Balance at Ending | 1,288,040 | 1,317,517 | 1,288,040 | 1,324,159 | 1,317,517 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | $ 107,490 | $ 215,965 | $ 222,613 | |||||
Ending balance collectively evaluated for impairment | 1,180,550 | 1,108,194 | 1,094,904 | |||||
Ending balance | 1,288,040 | 1,324,159 | 1,317,517 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 1,290,301 | 1,444,404 | 1,224,467 | |||||
Ending balance collectively evaluated for impairment | 261,235,502 | 263,878,555 | 252,057,006 | |||||
Total Loans | 262,525,803 | 265,322,959 | 253,281,473 | |||||
Less: allowance for loan losses | 1,288,040 | 1,317,517 | 1,324,159 | 1,324,159 | 1,317,517 | 1,288,040 | 1,324,159 | 1,317,517 |
Total | 261,237,763 | 263,998,800 | 251,963,956 | |||||
Construction, Land, Development | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 3,220 | 103,473 | 4,758 | 83,955 | 61,537 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 30,064 | 33,064 | |||
Provision | 97 | (51,063) | (1,441) | (109,261) | (42,191) | |||
Balance at Ending | 3,317 | 52,410 | 3,317 | 4,758 | 52,410 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 3,317 | 4,758 | 52,410 | |||||
Ending balance | 3,317 | 4,758 | 52,410 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 87,371 | 87,371 | |||||
Ending balance collectively evaluated for impairment | 3,316,605 | 4,758,001 | 3,555,610 | |||||
Total Loans | 3,316,605 | 4,845,372 | 3,642,981 | |||||
Less: allowance for loan losses | 3,317 | 52,410 | 4,758 | 4,758 | 52,410 | 3,317 | 4,758 | 52,410 |
Total | 3,313,288 | 4,840,614 | 3,590,571 | |||||
1-4 Family Owner Occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 25,850 | 43,774 | 7,300 | 53,630 | 139,254 | |||
Charge-offs | 0 | 0 | 0 | (54,345) | (62,289) | |||
Recoveries | 6,327 | 9,282 | 23,110 | 18,007 | 22,919 | |||
Provision | 34,416 | (42,583) | 36,183 | (9,992) | (89,411) | |||
Balance at Ending | 66,593 | 10,473 | 66,593 | 7,300 | 10,473 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 5,325 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 61,268 | 7,300 | 10,473 | |||||
Ending balance | 66,593 | 7,300 | 10,473 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 970,145 | 924,135 | 768,045 | |||||
Ending balance collectively evaluated for impairment | 122,535,797 | 121,674,827 | 116,363,017 | |||||
Total Loans | 123,505,942 | 122,598,962 | 117,131,062 | |||||
Less: allowance for loan losses | 66,593 | 10,473 | 7,300 | 7,300 | 10,473 | 66,593 | 7,300 | 10,473 |
Total | 123,439,349 | 122,591,662 | 117,120,589 | |||||
1-4 Family Non-Owner Occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 28,534 | 100,746 | 71,053 | 121,274 | 243,835 | |||
Charge-offs | 0 | 0 | (44,534) | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 1,400 | 0 | |||
Provision | (2,035) | (35,331) | (20) | (51,621) | (178,420) | |||
Balance at Ending | 26,499 | 65,415 | 26,499 | 71,053 | 65,415 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 35,678 | 35,234 | |||||
Ending balance collectively evaluated for impairment | 26,499 | 35,375 | 30,181 | |||||
Ending balance | 26,499 | 71,053 | 65,415 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 95,214 | 95,214 | |||||
Ending balance collectively evaluated for impairment | 21,031,234 | 23,741,661 | 22,356,203 | |||||
Total Loans | 21,031,234 | 23,836,875 | 22,451,417 | |||||
Less: allowance for loan losses | 26,499 | 65,415 | 71,053 | 71,053 | 65,415 | 26,499 | 71,053 | 65,415 |
Total | 21,004,735 | 23,765,822 | 22,386,002 | |||||
Multifamily | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 111,104 | 61,852 | 71,101 | 60,883 | 59,465 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | 0 | |||
Provision | 923 | 4,152 | 40,926 | 10,218 | 6,539 | |||
Balance at Ending | 112,027 | 66,004 | 112,027 | 71,101 | 66,004 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 112,027 | 71,101 | 66,004 | |||||
Ending balance | 112,027 | 71,101 | 66,004 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 74,684,437 | 71,100,731 | 66,004,366 | |||||
Total Loans | 74,684,437 | 71,100,731 | 66,004,366 | |||||
Less: allowance for loan losses | 112,027 | 66,004 | 71,101 | 71,101 | 66,004 | 112,027 | 71,101 | 66,004 |
Total | 74,572,410 | 71,029,630 | 65,938,362 | |||||
Commercial Owner Occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 134,288 | 145,225 | 131,906 | 161,819 | 160,772 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | 0 | |||
Provision | (71,633) | (3,612) | (69,251) | (29,913) | (19,159) | |||
Balance at Ending | 62,655 | 141,613 | 62,655 | 131,906 | 141,613 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 45,768 | 117,600 | 124,429 | |||||
Ending balance collectively evaluated for impairment | 16,887 | 14,306 | 17,184 | |||||
Ending balance | 62,655 | 131,906 | 141,613 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 196,135 | 198,829 | 200,183 | |||||
Ending balance collectively evaluated for impairment | 8,443,494 | 7,152,762 | 8,592,153 | |||||
Total Loans | 8,639,629 | 7,351,591 | 8,792,336 | |||||
Less: allowance for loan losses | 62,655 | 141,613 | 131,906 | 131,906 | 141,613 | 62,655 | 131,906 | 141,613 |
Total | 8,576,974 | 7,219,685 | 8,650,723 | |||||
Commercial Non-Owner Occupied | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 881,797 | 752,696 | 925,355 | 799,632 | 749,586 | |||
Charge-offs | 0 | (979,468) | 0 | (979,468) | (1,007,968) | |||
Recoveries | 0 | 0 | 0 | 4,000 | 7,000 | |||
Provision | (126,924) | 1,084,629 | (170,482) | 1,101,191 | 1,109,239 | |||
Balance at Ending | 754,873 | 857,857 | 754,873 | 925,355 | 857,857 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 754,873 | 925,355 | 857,857 | |||||
Ending balance | 754,873 | 925,355 | 857,857 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 20,904,832 | 24,211,269 | 23,154,031 | |||||
Total Loans | 20,904,832 | 24,211,269 | 23,154,031 | |||||
Less: allowance for loan losses | 754,873 | 857,857 | 925,355 | 925,355 | 857,857 | 754,873 | 925,355 | 857,857 |
Total | 20,149,959 | 23,285,914 | 22,296,174 | |||||
Consumer | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 107,708 | 139,219 | 98,096 | 164,440 | 136,407 | |||
Charge-offs | (13,599) | (1,327) | (15,809) | (1,363) | (2,766) | |||
Recoveries | 300 | 300 | 1,114 | 1,560 | 1,345 | |||
Provision | (25,526) | (38,546) | (14,518) | (66,541) | (35,340) | |||
Balance at Ending | 68,883 | 99,646 | 68,883 | 98,096 | 99,646 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 56,397 | 62,687 | 62,950 | |||||
Ending balance collectively evaluated for impairment | 12,486 | 35,409 | 36,696 | |||||
Ending balance | 68,883 | 98,096 | 99,646 | |||||
Loans | ||||||||
Ending balance individually evaluated for impairment | 124,021 | 138,855 | 73,654 | |||||
Ending balance collectively evaluated for impairment | 10,319,103 | 11,239,304 | 12,031,626 | |||||
Total Loans | 10,443,124 | 11,378,159 | 12,105,280 | |||||
Less: allowance for loan losses | 68,883 | 99,646 | 98,096 | 98,096 | 99,646 | 68,883 | 98,096 | 99,646 |
Total | 10,374,241 | 11,280,063 | 12,005,634 | |||||
Not Specifically Allocated | ||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at Beginning | 2,511 | 516,745 | 14,590 | 433,671 | 350,356 | |||
Charge-offs | 0 | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | 0 | |||
Provision | 190,682 | (492,646) | 178,603 | (419,081) | (326,257) | |||
Balance at Ending | 193,193 | 24,099 | 193,193 | 14,590 | 24,099 | |||
Allowance | ||||||||
Ending balance individually evaluated for impairment | 0 | 0 | 0 | |||||
Ending balance collectively evaluated for impairment | 193,193 | 14,590 | 24,099 | |||||
Ending balance | 193,193 | 14,590 | 24,099 | |||||
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 | $ 193,193 | $ 24,099 | $ 14,590 | $ 14,590 | $ 24,099 | 193,193 | 14,590 | 24,099 |
Total | $ (193,193) | $ (14,590) | $ (24,099) |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses (Detail Textuals) - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans outstanding to certain directors and executive officers of the Bank | $ 1,080,125 | $ 1,050,336 |
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 ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Loan Servicing [Abstract] | ||
Unpaid principal balance of loans serviced for others | $ 2,667,946 | $ 1,863,097 |
Custodial balances maintained by bank | $ 0 | $ 6,471 |
Borrowings (Details)
Borrowings (Details) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | $ 45,100,000 | $ 46,000,000 |
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 (2.56-2.61%, matures April 2019) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | 36,400,000 | 0 |
FHLB fixed rate advance (2.65%, matures July 2019) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank borrowings | $ 8,700,000 | $ 0 |
Borrowings (Parentheticals) (De
Borrowings (Parentheticals) (Details) | Mar. 31, 2019 | 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 (2.56-2.61%, matures April 2019) | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.56% | |
FHLB fixed rate advance (2.56-2.61%, matures April 2019) | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.61% | |
FHLB fixed rate advance (2.65%, matures July 2019) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Interest rate | 2.65% |
Borrowings (Detail Textuals)
Borrowings (Detail Textuals) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank borrowings | $ 45,100,000 | $ 46,000,000 |
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 | 100,336,556 | |
Federal Home Loan Bank borrowings | 0 | 4,100,000 |
Total outstanding in fixed rate term advances | $ 45,100,000 | $ 41,900,000 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) | 9 Months Ended |
Jun. 30, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
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 | 9 Months Ended |
Mar. 31, 2019 | Mar. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Recognized pension income | $ 30,000 | $ 93,555 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Mar. 31, 2019 | 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 | $ 18,142,736 | $ 18,708,308 |
Sold loan commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 19,494,809 | 17,437,885 |
Credit card commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 643,265 | $ 639,878 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 | Feb. 15, 2012 |
Total capital (to risk weighted assets) | |||
Total capital (to risk weighted assets) Actual Amount | $ 17,129,015 | $ 17,633,868 | |
Total capital (to risk weighted assets) Actual Ratio | 8.82% | 8.90% | |
Total capital (to risk weighted assets) For Capital Adequacy Purposes Amount | $ 15,533,119 | $ 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 | $ 23,299,679 | $ 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 | $ 15,840,975 | $ 16,309,708 | |
Tier 1 capital (to risk weighted assets) Actual Ratio | 8.16% | 8.23% | |
Tier 1 capital (to risk weighted assets) For Capital Adequacy Purposes Amount | $ 11,649,839 | $ 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 | $ 15,533,119 | $ 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 | $ 15,840,975 | $ 16,309,708 | |
Common Equity Tier 1 (to risk weighted assets) Actual Ratio | 8.16% | 8.23% | |
Common Equity Tier 1 (to risk weighted assets) For Capital Adequacy Purposes Amount | $ 8,737,380 | $ 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 | $ 15,533,119 | $ 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 | $ 15,840,975 | $ 16,309,708 | |
Tier 1 capital (to average assets) Actual Ratio | 5.21% | 5.46% | |
Tier 1 capital (to average assets) For Capital Adequacy Purposes Amount | $ 12,164,148 | $ 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 | $ 24,328,295 | $ 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 ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Regulatory Capital Requirements [Abstract] | ||
Bank's net worth of total assets | $ 14,042,619 | $ 14,102,132 |
Percentage of bank's net worth of total assets | 4.60% | 4.50% |
Plan of Reorganization and Ch_2
Plan of Reorganization and Change in Corporate Form (Detail Textuals) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Sep. 06, 2018 | |
Plan Of Reorganization [Line Items] | ||
Offering price per share | $ 10 | |
Reorganization costs | $ 985,138 | |
Maryland corporation | ||
Plan Of Reorganization [Line Items] | ||
Ownership percentage of eligible members and certain other persons | 49.90% | |
Wisconsin mutual holding company | ||
Plan Of Reorganization [Line Items] | ||
Percentage ownership of reorganization and stock offering | 50.10% |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) - Subsequent Events - TEB MHC | Apr. 30, 2019 |
Subsequent Event [Line Items] | |
Percentage ownership of reorganization and stock offering | 49.90% |
Ownership percentage of eligible members and certain other persons | 50.10% |