Pioneer Bancorp (PBFS) 10-K 10 Dec 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Dec. 09, 2019	Dec. 31, 2018
Document and Entity Information
Document Type	10-K
Document Period End Date	Jun. 30, 2019
Entity Registrant Name	Pioneer Bancorp, Inc./MD
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	No
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		25,977,679
Entity Public Float			$ 0
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001769663
Amendment Flag	false

CONSOLIDATED STATEMENTS OF COND

CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Assets
Cash and due from banks	$ 48,385	$ 23,187
Federal funds sold	2,083	8,869
Interest-bearing deposits with banks	179,641	88,224
Cash and cash equivalents	230,109	120,280
Securities available for sale, at fair value	95,353	88,063
Securities held to maturity (fair value of $3,887 at June 30, 2019; and $5,326 at June 30, 2018)	3,873	5,297
Federal Home Loan Bank of New York stock	924	883
Net loans receivable	1,053,938	985,902
Accrued interest receivable	4,374	3,854
Premises and equipment, net	41,710	42,902
Bank-owned life insurance	17,834	17,715
Goodwill	7,292	7,292
Other intangible assets, net	2,523	2,874
Other assets	22,062	9,066
Total assets	1,479,992	1,284,128
Deposits:
Non-interest bearing deposits	357,523	345,048
Interest bearing deposits	973,795	805,214
Total deposits	1,331,318	1,150,262
Mortgagors’ escrow deposits	6,044	5,382
Other liabilities	7,665	10,421
Total liabilities	1,345,027	1,166,065
Net worth:
Surplus	10,658	10,658
Undivided profits	135,410	116,394
Accumulated other comprehensive loss	(11,103)	(8,989)
Total net worth	134,965	118,063
Total liabilities and net worth	$ 1,479,992	$ 1,284,128

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF CONDITION
Securities held to maturity, fair value	$ 3,887	$ 5,326

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Interest and dividend income:
Loans	$ 49,818	$ 43,649
Securities	2,541	1,367
Interest-bearing deposits with banks and other	1,800	1,470
Total interest and dividend income	54,159	46,486
Interest expense:
Deposits	4,327	3,167
Borrowings and other	153	19
Total interest expense	4,480	3,186
Net interest income	49,679	43,300
Provision for loan losses	2,350	1,970
Net interest income after provision for loan losses	47,329	41,330
Noninterest income:
Bank fees and service charges	8,066	6,572
Insurance and wealth management services	6,457	5,132
Net gain on securities transactions	6	812
Net loss on disposal of assets	(583)	(114)
Bank-owned life insurance	119	114
Other	342	288
Total noninterest income	14,407	12,804
Noninterest expense:
Salaries and employee benefits	22,647	21,621
Net occupancy and equipment	5,875	5,528
Data processing	2,940	2,921
Advertising and marketing	925	732
FDIC insurance premiums	676	841
Other	4,827	4,682
Total noninterest expense	37,890	36,325
Income before income taxes	23,846	17,809
Income tax expense	4,830	6,310
Net income	$ 19,016	$ 11,499

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 19,016	$ 11,499
Unrealized gains/losses on securities:
Unrealized holding (losses) gains arising during the period	(90)	758
Reclassification adjustment for gains included in net income	(6)	(812)
Unrealized gains/losses on securities, before tax	(96)	(54)
Tax effect	(25)	4
Unrealized gains/losses on securities, net of tax	(71)	(58)
Defined benefit plan:
Change in funded status of defined benefit plans	(3,526)	2,075
Reclassification adjustment for amortization of net actuarial loss	760	1,458
Defined benefit plan (before tax)	(2,766)	3,533
Tax effect	(723)	923
Defined benefit plan, net of tax	(2,043)	2,610
Total other comprehensive (loss) income	(2,114)	2,552
Comprehensive income	$ 16,902	$ 14,051

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET WORTH - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Net Worth
Balance at beginning of period	$ 118,063	$ 104,012
Net income	19,016	11,499
Other comprehensive income (loss)	(2,114)	2,552
Balance at end of period	134,965	118,063
Surplus
Increase (Decrease) in Net Worth
Balance at beginning of period	10,658	10,658
Balance at end of period	10,658	10,658
Undivided Profits
Increase (Decrease) in Net Worth
Balance at beginning of period	116,394	103,022
Net income	19,016	11,499
Reclassification of certain tax effects related to the Tax Cuts and Jobs Act		1,873
Balance at end of period	135,410	116,394
Accumulated Other Comprehensive Loss
Increase (Decrease) in Net Worth
Balance at beginning of period	(8,989)	(9,668)
Other comprehensive income (loss)	(2,114)	2,552
Reclassification of certain tax effects related to the Tax Cuts and Jobs Act		(1,873)
Balance at end of period	$ (11,103)	$ (8,989)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 19,016	$ 11,499
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,814	2,638
Provision for loan losses	2,350	1,970
Net accretion on securities	(533)	(125)
Earnings on bank-owned life insurance	(119)	(114)
Net loss on sale of loans		26
Proceeds from sale of loans	227	2,771
Net losses on the sale, disposal or write-down of premises and equipment, and other real estate owned	583	114
Net gains on securities transactions	(6)	(812)
Deferred tax (benefit) expense	(63)	2,078
Increase in accrued interest receivable	(520)	(599)
(Increase) decrease in other assets	(14,186)	1,836
(Decrease) increase in other liabilities	(3,434)	1,723
Net cash provided by operating activities	6,129	23,005
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of securities available for sale	61,534	66,267
Proceeds from sales of securities available for sale	0	1,134
Purchases of securities available for sale	(68,381)	(72,606)
Proceeds from maturities and paydowns of securities held to maturity	5,252	4,807
Purchases of securities held to maturity	(3,828)	(7,891)
Net redemptions of FHLBNY stock	(41)	265
Net increase in loans receivable	(70,887)	(58,034)
Purchases of premises and equipment	(2,284)	(8,015)
Proceeds from sale of premises and equipment, and other real estate owned	617	70
Acquisitions		(4,696)
Net cash used in investing activities	(78,018)	(78,699)
Cash flows from financing activities:
Net increase in deposits	181,056	140,236
Net increase in mortgagors' escrow deposits	662	477
Net decrease in borrowings from FHLBNY		(5,000)
Net cash provided by financing activities	181,718	135,713
Net increase in cash and cash equivalents	109,829	80,019
Cash and cash equivalents at beginning of period	120,280	40,261
Cash and cash equivalents at end of period	230,109	120,280
Cash paid during the period for:
Interest	4,474	3,190
Income taxes	5,350	3,250
Non-cash investing and financing activity:
Loans transferred to other real estate owned	$ 274	$ 72

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operations and Principles of Consolidation The accompanying consolidated financial statements of Pioneer Savings Bank and Subsidiaries (the “Bank”) conform, in all material respects, to accounting principles generally accepted in the United States of America (“GAAP”) and to general practice within the banking industry. The Bank provides financial services through its twenty-two offices in the Capital Region of New York State. Its primary deposit products are checking, savings, money market, and certificate accounts, and its primary lending products are residential mortgage, home equity, commercial business and commercial real estate loans. There are no significant concentrations of loans to any one customer or industry. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the Bank’s market area. The consolidated financial statements include the accounts of Pioneer Savings Bank, as well as Pioneer Commercial Bank, Pioneer Financial Services, Inc., and Anchor Agency, Inc., its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ substantially from those estimates. The allowance for loan losses, valuation of securities and other financial instruments, the funded status and expense of employee benefit plans, and the realizability of deferred tax assets are particularly subject to change. Subsequent Events Subsequent events are events or transactions that occur after the statement of condition date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the statement of condition, including the estimates inherent in the process of preparing consolidated financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the statement of condition but arose after that date. Management has reviewed events occurring through the date the consolidated financial statements were issued and, when appropriate, recognized or disclosed in the consolidated financial statements or notes to the consolidated financial statements. See Note 16, “Mutual Holding Company Reorganization and Minority Stock Issuance” and Note 17 “Subsequent Events,” for additional information. Cash and Cash Equivalents Cash and cash equivalents consists of cash and due from banks, federal funds sold with maturities less than three months, and interest-bearing deposits with banks. Net cash flows are reported for customer loan and deposit transactions, changes in mortgagor’s escrow deposits, and short-term borrowings. Securities Available for Sale and Securities Held to Maturity Management determines the appropriate classification of securities at the time of purchase. If management has the positive intent and ability to hold debt securities to maturity, they are classified as securities held to maturity and are stated at amortized cost. If securities are purchased for the purpose of selling them in the near term, they are classified as trading securities and are reported at fair value with unrealized gains and losses reflected in current earnings. All other debt and marketable equity securities are classified as securities available for sale and reported at fair value, with net unrealized gains or losses reported, net of income taxes, in accumulated other comprehensive loss, a component of net worth. At June 30, 2019 and 2018, and during the periods then ended, the Bank did not hold any securities considered to be trading securities. Gains or losses on the sale or call of securities are based on the net proceeds received and the amortized cost of the securities sold or called, using the specific identification method. Unrealized losses on securities which reflect a decline in value which is other-than-temporary are charged to income. The cost of securities is adjusted for amortization of premium and accretion of discount, which is calculated on an effective interest method. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. In order to determine OTTI for mortgage-backed securities, asset-backed securities and collateralized mortgage obligations, the Bank compares the present value of the remaining cash flows as estimated at the preceding evaluation date to the current expected remaining cash flows. OTTI is deemed to have occurred if there has been an adverse change in the remaining expected future cash flows. When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. Securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain securities, it is at least reasonably possible that changes in the values of securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated financial statements. Federal Home Loan Bank of New York (“FHLBNY”) Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors. FHLBNY stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends, if any, are reported as income. Loans Held for Sale Management determines the appropriate classification of mortgage loans at the time of commitment for new loan originations or, for convertible adjustable rate loans, at the time of conversion to a fixed interest rate. Mortgage loans held for sale are recorded at the lower of aggregate cost or fair value as determined by outstanding commitments from investors or fair value based upon recent sales for loans with no commitments. In order to limit the interest rate risk associated with loans held for sale, the Bank may enter into various agreements to sell loans in the secondary mortgage market at fixed rates. Gains and losses on the disposition of loans held for sale are determined based on the difference between the selling price and the carrying value of the loan sold plus the value of servicing rights, if retained. At June 30, 2019 and 2018 the Bank had no loans held for sale. Net Loans Receivable Loans receivable are reported at the principal amount outstanding, plus net deferred loan costs and net of the allowance for loan losses. Interest income accrues on the unpaid principal balance. Interest income on loans is not recognized when considered doubtful of collection by management (generally, when principal or interest payments are ninety days or more past due). Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans. A loan is moved to non-accrual status in accordance with the Bank’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on a cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Fees received from loan originations and certain direct origination costs are deferred and amortized into interest income to provide for a level-yield on the underlying loans without anticipating prepayments. Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased through charges to the provision for loan losses. Loans are charged against the allowance when management believes that the collectability of the principal is not probable. Recoveries on loans previously charged-off are credited to the allowance for loan losses when realized. The allowance is an amount that management believes is adequate for probable incurred losses on existing loans. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Commercial business, commercial real estate, commercial construction, and certain residential real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures unless classified as a troubled debt restructuring. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Bank determines the amount of an allowance in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Bank over the most recent one, three, five or ten year periods, whichever is highest. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: Commercial, Residential Mortgages, Home Equity Loans and Lines, and Consumer. Commercial loan classes include commercial and industrial, real estate, and construction. The risk characteristics of each of the identified portfolio segments and classes are as follows: Commercial – Commercial and industrial loans are commercial loans other than those secured by real estate. Commercial and industrial loans are generally of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. Commercial real estate loans are secured by multi-family and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Commercial real estate loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow from the property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with oversupply in a specific region. Commercial construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Residential Mortgages – Residential mortgage loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable. Repayment of residential mortgage loans is subject to adverse employment conditions in the local economy leading to increased default rate and decreased market values from oversupply in a geographic area. In general, residential mortgage loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Home Equity Loans and Lines – Home equity loans secured by real estate may entail greater risk than first-lien residential mortgage loans due to a lower lien position. In general, repayment of home equity loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Consumer - Consumer loans, particularly unsecured loans and loans secured by assets that depreciate rapidly, such as motor vehicles, are subject to greater risk. In all cases, collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Derivatives In the normal course of business, the Bank utilizes interest rate swaps with certain commercial borrowers and third-party counterparties. These transactions are accounted for as derivatives. The derivatives are entered into in connection with the Bank’s asset and liability management activities and not for trading purposes. The derivatives are not designated as hedges for accounting purposes and therefore all derivatives are recorded at fair value as derivative assets and derivative liabilities, included in other assets and other liabilities, respectively, in the consolidated statement of condition, with changes in fair value recognized as non-interest income in the consolidated statement of income. Premises and Equipment Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets (39 years for buildings, 15 years for land improvements and 3 to 10 years for furniture, fixtures and equipment). Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the related leases or the estimated useful lives of the assets. Land is carried at cost. Other Real Estate Owned Other real estate owned (“OREO”) is initially recorded at fair value of the asset acquired less an estimate of the costs to sell, establishing a new cost basis. Fair value of OREO is generally determined through independent appraisals. At the time of foreclosure or when the Bank obtains legal title to the property, the excess, if any, of the recorded investment in the loan over the fair value of the asset received is charged to the allowance for loan losses. Subsequent declines in the fair value of such assets, or increases in the estimated costs to sell the properties and net operating expenses of such assets, are charged directly to other expenses. OREO is included in other assets on the consolidated statements of condition. Bank-Owned Life Insurance The Bank is the beneficiary of a policy that insures the lives of certain current and former officers of the Bank. The Bank has recognized the cash surrender value, or the amount that can be realized under the insurance policy, as an asset in the consolidated statements of condition. Changes in the cash surrender value and insurance benefit payments are recorded in noninterest income. Goodwill and Other Intangible Assets The excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, is recorded as goodwill. Goodwill is carried at its acquired value and is reviewed annually for impairment, or when events or changes in circumstances indicate that carrying amounts may be impaired. Acquired identifiable intangible assets that have finite lives are amortized over their useful economic life. Customer relationship intangibles are generally amortized over fifteen years based upon the projected discounted cash flows of the accounts acquired. Core deposit premium related to the Bank’s assumption of certain deposit liabilities is being amortized over fifteen years. Acquired identifiable intangible assets that are amortized are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may be impaired. Advertising The Bank expenses costs associated with advertising as they are incurred. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Bank recognizes interest and/or penalties related to income tax matters in other expense. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Statutory Transfer of Surplus A quarterly transfer of 10% of net income may be made to surplus in accordance with New York State Banking Regulations. No transfer is required if net worth as a percent of deposits exceeds 10% at the end of each quarter. In accordance with State of New York Banking Law, surplus is subject to certain restrictions, including a prohibition of its use for payment of dividends, except with the approval of the Department of Financial Services. Financial Instruments In the normal course of business, the Bank is a party to certain financial instruments with off-balance-sheet risk such as commitments to extend credit, unused lines of credit and standby letters of credit. The face amount for these items represents exposure to loss, before considering customer collateral, or ability to repay. The Bank’s policy is to record such instruments when funded. Mortgage Servicing Rights Mortgage servicing rights are recognized in other assets when loans are sold with servicing retained based on their estimated fair values. The cost allocated to the servicing right is capitalized as a separate asset and amortized in proportion to, and over the period of, estimated net servicing income. Capitalized mortgage servicing rights are assessed for impairment based on the fair value of those rights, and any impairment loss is recognized through a valuation allowance. Comprehensive Income Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in net worth, net of tax. Other comprehensive income or loss includes the unrealized gain or loss on securities available for sale and changes in the funded status of the Bank’s defined benefit pension and other post-retirement plans, net of tax. Cash Reserve Requirement The Bank may be required to maintain certain reserves of cash and/or deposits with the Federal Reserve Bank. The Bank had no reserve requirement at June 30, 2019 and 2018. Employee Benefits The Bank has a defined benefit pension plan covering substantially all of its employees. The benefits are developed from actuarial valuations and are based on the employee’s years of service and compensation. Actuarial assumptions such as interest rates, expected return on plan assets, turnover, mortality and rates of future compensation increases have a significant impact on the costs, assets and liabilities of the plan. Pension expense is the net of service cost, interest cost, return on plan assets and amortization of gains and losses not immediately recognized. The Bank maintains a defined contribution 401(k) plan covering substantially all employees meeting certain eligibility requirements. Employer 401(k) expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense principally represents investment performance on the various plan assets. The Bank also provides post-retirement medical and life insurance benefits to certain employees and retirees. The cost of post-retirement benefits is recognized on an accrual basis as employees perform services. Effective October 1, 2006, the post-retirement medical portion of the plan was frozen. Accordingly, after that date there have been no new plan participants. Reclassifications Amounts in the prior year’s consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation. Impact of Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014‑09 to amend its guidance on “Revenue from Contracts with Customers (Topic 606)”. The objective of this ASU is to align the recognition of revenue with the transfer of promised goods or services provided to customers in an amount that reflects the consideration which the entity expects to be entitled in exchange for those goods or services. This ASU will replace most existing revenue recognition guidance under GAAP when it becomes effective. In August 2015, the FASB issued an amendment (ASU 2015‑14) which defers the effective date of this new guidance by one year. More detailed implementation guidance on Topic 606 was issued in March 2016 (ASU 2016‑08), April 2016 (ASU 2016‑10), May 2016 (ASU 2016‑12), December 2016 (ASU 2016‑20), February 2017 (ASU 2017‑05), and September 2017 (ASU‑2017‑13) and the effective date and transition requirements for these ASUs are the same as the effective date and transition requirements of ASU 2014‑09. The amendments in ASU 2014‑09 are effective for the Bank for the fiscal year beginning July 1, 2019. A significant amount of the Bank’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. With respect to noninterest income, the Bank has identified revenue streams within the scope of the guidance and has performed its accounting analysis of the underlying contracts. The Bank will record a cumulative effect adjustment to increase retained earnings in the amount of $290,000. The Bank does not presently expect that changes in the timing of revenue recognition will be material to the amount of annual revenue recognized by the Bank. In January 2016, the FASB issued ASU 2016‑01 to its guidance on “Financial Instruments (Subtopic 825‑10)”. This amendment addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. These amendments require equity securities to be measured at fair value with changes in the fair value to be recognized through net income. The amendments also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. The amendments in ASU 2016‑01 are effective for the Bank for the fiscal year beginning July 1, 2019. The Bank will record a cumulative effect adjustment to increase retained earnings in the amount of $600,000, representing the unrealized gain, net of tax, on those equity securities. In February 2016, the FASB issued ASU 2016‑02 to its guidance on “Leases (Topic 842)”. The new leases standard applies a right-of-use (ROU) model that requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. For leases with a term of 12 months or less, a practical expedient is available whereby a lessee may elect, by class of underlying asset, not to recognize an ROU asset or lease liability. The new leases standard requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under Topic 606. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The amendments in ASU 2016‑02 are effective for the Bank for the fiscal year beginning July 1, 2021. Early adoption is permitted. The adoption of this ASU will result in a gross up of the Consolidated Statements of Condition for right-of-use assets and associated lease liabilities for operating leases in which the Bank is the lessee. 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. In July 2018, the FASB issued ASU No. 2018‑11, Leases (Topic 842): Targeted Improvements, which amends FASB Accounting Standards Codification (ASC), Leases (Topic 842), 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. In December 2018, the FASB issued ASU No. 2018‑20, Narrow-Scope Improvements for Lessors, which addresses issues related to (1) sales tax and similar taxes collected from lessees, (2) certain lessor costs, and (3) recognition of variable payments for contracts with lease and non-lease components. The Bank is evaluating the significance and other effects of adoption on the consolidated financial statements and related disclosures. The Bank is performing its accounting analysis of its branch building and other leases underlying contracts. The Bank is currently evaluating the potential impact on adoption of this ASU on our consolidated finan

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Jun. 30, 2019
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS On May 29, 2018 and July 1, 2017 respectively, the Bank acquired substantially all of the operating assets of Ward Financial Management, LTD, a financial services agency that offers a full line of financial services, for total cash consideration of $3.4 million and the Capital Region Strategic Employee Benefits Services, LLC, an insurance agency that offers a full line of employee benefits products and services, for total cash consideration of $1.3 million. The acquisitions were made to expand the Bank’s insurance and wealth management services. The results of operations have been included in the consolidated statement of income from the respective date of each acquisition. The estimated fair values of the assets acquired as of the acquisition dates included goodwill of $2.1 million and other intangible assets of $2.6 million. The goodwill from the acquisitions is expected to be deductible for tax purposes. On April 24, 2019, the Bank entered into a stock purchase agreement with Jaeger & Flynn Associates, Inc., a New York insurance agency (“JFA”), which provides employee benefits products and services, commercial and personal insurance products, and human resources consulting services. Pursuant to the stock purchase agreement, the Bank will acquire 100% of the outstanding shares of capital stock of JFA. JFA will become a wholly owned subsidiary of the Bank. Pursuant to the terms of the stock purchase agreement, Pioneer Bank will pay an aggregate purchase price of $12.75 million. The purchase price may be adjusted upward or downward as described below and will be payable in four installments with $3.75 million being paid at closing (the “closing payment”) and $3.0 million paid following the first, second and third anniversaries of the closing (each an “installment payment”). The $3.75 million closing payment will be adjusted downward if there is (i) any indebtedness outstanding at the closing date or (ii) a shortfall from the target working capital of JFA, determined as of closing. Full payment of each installment payment is contingent upon JFA achieving its target Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), as adjusted to reflect the difference, if any, between Anchor Agency, Inc.’s EBITDA and pro-forma EBITDA, for each of the three 12‑month periods immediately following the closing date (each the “performance period”). Each installment payment will be adjusted downward if either: (i) there is a negative difference between JFA’s EBITDA and target EBITDA during the performance period or (ii) JFA experiences a decline in organic revenue by 5% or more for the performance period compared to the prior 12‑month period. Each installment payment, however, is subject to an earn-out adjustment (with no maximum amount) equal to 50% of the positive difference between JFA’s EBITDA and target EBITDA for each performance period so long as JFA has at least 10% organic revenue growth for the applicable performance period. The transaction is subject to customary closing conditions. The Bank currently anticipates that the transaction will be completed sometime early in the first calendar quarter of 2020.

SECURITIES AVAILABLE FOR SALE A

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY	12 Months Ended
	Jun. 30, 2019
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY	3. SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY The amortized cost and estimated fair value of securities are as follows (dollars in thousands): June 30, 2019 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available for sale: U.S. Government and agency obligations $ 70,706 $ 164 $ (3) $ 70,867 Mortgage-backed securities - residential 109 3 — 112 Asset-backed securities 75 55 (2) 128 Collateralized mortgage obligations - residential 525 401 (37) 889 Municipal obligations 14,666 33 — 14,699 Total debt securities 86,081 656 (42) 86,695 Preferred stocks 6,007 52 (1,019) 5,040 Common stocks 2,806 1,067 (255) 3,618 Total available for sale securities $ 94,894 $ 1,775 $ (1,316) $ 95,353 Securities held to maturity: Municipal obligations $ 3,873 $ 14 $ — $ 3,887 June 30, 2018 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available for sale: U.S. Government and agency obligations $ 58,743 $ — $ (185) $ 58,558 Mortgage-backed securities - residential 146 4 — 150 Asset-backed securities 115 49 (2) 162 Collateralized mortgage obligations - residential 692 415 (28) 1,079 Municipal obligations 19,264 3 (4) 19,263 Total debt securities 78,960 471 (219) 79,212 Preferred stocks 6,007 24 (282) 5,749 Common stocks 2,541 727 (166) 3,102 Total available for sale securities $ 87,508 $ 1,222 $ (667) $ 88,063 Securities held to maturity: Municipal obligations $ 5,297 $ 29 $ — $ 5,326 The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands): June 30, 2019 Less than 12 Months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Securities available for sale: U.S. Government and agency obligations $ 4,969 $ (1) $ 7,988 $ (2) $ 12,957 $ (3) Mortgage-backed securities - residential (1) 1 — 2 — 3 — Asset-backed securities — — 5 (2) 5 (2) Collateralized mortgage obligations - residential 15 (9) 160 (28) 175 (37) Preferred stocks — — 4,986 (1,019) 4,986 (1,019) Common stocks 88 (27) 627 (228) 715 (255) $ 5,073 $ (37) $ 13,768 $ (1,279) $ 18,841 $ (1,316) June 30, 2018 Less than 12 Months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Securities available for sale: U.S. Government and agency obligations $ 52,569 $ (175) $ 5,989 $ (10) $ 58,558 $ (185) Mortgage-backed securities - residential (1) 2 — — — 2 — Asset-backed securities — — 4 (2) 4 (2) Collateralized mortgage obligations - residential 34 (11) 175 (17) 209 (28) Municipal obligations 7,504 (4) — — 7,504 (4) Preferred stocks — — 5,723 (282) 5,723 (282) Common stocks — — 747 (166) 747 (166) $ 60,109 $ (190) $ 12,638 $ (477) $ 72,747 $ (667) (1) Unrealized losses on these securities are less than $500. The above tables represent securities at June 30, 2019 and 2018, where the current fair value is less than the related amortized cost. There were 37 and 53 securities with unrealized losses at June 30, 2019 and 2018, respectively. Unrealized losses on debt securities are primarily related to increases in credit spreads since the securities were purchased. Unrealized losses on agency-backed and certain private-label mortgage-backed securities, asset-backed securities and collateralized mortgage obligation securities are not considered other than temporary based upon analysis completed by management considering credit rating of the instrument, length of time each security has spent in an unrealized loss position and the strength of the underlying collateral. Unrealized losses on common stocks relate to declines in specific industry groups and in particular the energy, healthcare and materials sectors. Unrealized losses on two auction rate securities, consisting of U.S. Bancorp and Bank of America preferred stock, are not considered to be other-than-temporary based upon management’s evaluation of the underlying operating results and financial strength of the issuers. The U.S. Bancorp security is investment grade, whereas the Bank of America security, remains non-investment grade as of June 30, 2019. The Bank of America security had a cost basis of $2.2 million and an estimated fair value of $2.0 million, as of June 30, 2019. Management does not have the intent to sell, nor do they believe that they will be required to sell the above mentioned securities in an unrealized loss position before recovery of the amortized cost basis. In management’s opinion, the market conditions are temporary in nature and provide the basis for the Bank’s belief that the declines are not other-than-temporary. During the years ended June 30, 2019 and 2018, management reviewed all private-label mortgage-backed securities, asset-backed securities and collateralized mortgage obligations which were rated less than investment grade for impairment, resulting in no additional impairment charges in fiscal 2019 and 2018. In fiscal 2019, 62 securities with an amortized cost of $0.5 million and remaining par value of $2.0 million were evaluated. In fiscal 2018, 64 securities with an amortized cost of $0.7 million and remaining par value of $2.2 million were evaluated. The table below presents a rollforward of the credit losses recognized in earnings (dollars in thousands): Balance, July 1, 2017 $ 2,431 Reductions for amounts realized for securities transactions (925) Balance, June 30, 2018 1,506 Reductions for amounts realized for securities transactions (29) Balance, June 30, 2019 $ 1,477 The fair value of debt securities and carrying amount, if different, by contractual maturity were as follows (dollars in thousands). Securities not due at a single maturity date are shown separately. June 30, 2019 Amortized Estimated Cost Fair Value Securities available for sale: Due in one year or less $ 75,416 $ 75,593 Due after one to five years 9,956 9,973 Mortgage-backed securities - residential 109 112 Asset-backed securities 75 128 Collateralized mortgage obligations - residential 525 889 $ 86,081 $ 86,695 Securities held to maturity: Due in one year or less $ 3,748 $ 3,762 Due after one to five years — — Due after five to ten years 125 125 $ 3,873 $ 3,887 June 30, 2018 Amortized Estimated Cost Fair Value Securities available for sale: Due in one year or less $ 51,217 $ 51,101 Due after one to five years 26,790 26,720 Mortgage-backed securities - residential 146 150 Asset-backed securities 115 162 Collateralized mortgage obligations - residential 692 1,079 $ 78,960 $ 79,212 Securities held to maturity: Due in one year or less $ 5,091 $ 5,120 Due after one to five years 66 66 Due after five to ten years 140 140 $ 5,297 $ 5,326 During the year ended June 30, 2019, there were no sales of securities available for sale. During the year ended June 30, 2018, the Bank received $1.1 million in proceeds from the sale of securities available for sale, realizing gross gains of $921,000 and gross losses of $109,000. During the years ended June 30, 2019 and 2018, there were no sales of securities held to maturity. At June 30, 2019 and 2018, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of net worth. As of June 30, 2019 and 2018, the carrying value of available for sale securities pledged to secure FHLBNY advances and municipal deposits was $84.9 million and $77.9 million, respectively.

NET LOANS RECEIVABLE

NET LOANS RECEIVABLE	12 Months Ended
	Jun. 30, 2019
NET LOANS RECEIVABLE
NET LOANS RECEIVABLE	4. NET LOANS RECEIVABLE A summary of net loans receivable is as follows (dollars in thousands): June 30, 2019 June 30, 2018 Commercial: Real estate $ 414,375 $ 375,852 Commercial and industrial 183,262 194,183 Construction 85,274 84,569 Total commercial 682,911 654,604 Residential mortgages 281,388 249,635 Home equity loans and lines 80,258 78,286 Consumer 21,482 14,977 1,066,039 997,502 Net deferred loan costs 2,398 1,910 Allowance for loan losses (14,499) (13,510) Net loans receivable $ 1,053,938 $ 985,902 The following table presents the activity in the allowance for loan losses by portfolio segment (dollars in thousands): For the Year Ended June 30, 2019 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses at beginning of year $ 10,414 $ 2,166 $ 770 $ 160 $ 13,510 Provisions charged to operations 1,729 279 90 252 2,350 Loans charged off (1,086) (85) (47) (179) (1,397) Recoveries on loans charged off — — — 36 36 Allowance for loan losses at end of year $ 11,057 $ 2,360 $ 813 $ 269 $ 14,499 For the Year Ended June 30, 2018 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses at beginning of year $ 9,506 $ 1,427 $ 740 $ 147 $ 11,820 Provisions charged to operations 1,082 739 44 105 1,970 Loans charged off (174) — (17) (152) (343) Recoveries on loans charged off — — 3 60 63 Allowance for loan losses at end of year $ 10,414 $ 2,166 $ 770 $ 160 $ 13,510 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method (dollars in thousands): June 30, 2019 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses: Related to loans individually evaluated for impairment $ 426 $ — $ — $ — $ 426 Related to loans collectively evaluated for impairment 10,631 2,360 813 269 14,073 Ending balance $ 11,057 $ 2,360 $ 813 $ 269 $ 14,499 Loans: Individually evaluated for impairment $ 8,067 $ — $ — $ — $ 8,067 Loans collectively evaluated for impairment 674,844 281,388 80,258 21,482 1,057,972 Ending balance $ 682,911 $ 281,388 $ 80,258 $ 21,482 $ 1,066,039 June 30, 2018 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses: Related to loans individually evaluated for impairment $ 1,329 $ — $ — $ — $ 1,329 Related to loans collectively evaluated for impairment 9,085 2,166 770 160 12,181 Ending balance $ 10,414 $ 2,166 $ 770 $ 160 $ 13,510 Loans: Individually evaluated for impairment $ 4,753 $ — $ — $ — $ 4,753 Loans collectively evaluated for impairment 649,851 249,635 78,286 14,977 992,749 Ending balance $ 654,604 $ 249,635 $ 78,286 $ 14,977 $ 997,502 The following table presents information related to impaired loans by class (dollars in thousands): For the Year Ended June 30, 2019 June 30, 2019 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Commercial: Real estate $ 5,593 $ 5,376 $ — $ 5,608 $ — Commercial and industrial 59 48 — 59 — Construction 1,377 1,377 — 1,106 — Subtotal 7,029 6,801 — 6,773 — With an allowance recorded: Commercial: Real estate — — — — — Commercial and industrial 1,266 1,266 426 1,293 95 Subtotal 1,266 1,266 426 1,293 95 Total $ 8,295 $ 8,067 $ 426 $ 8,066 $ 95 For the Year Ended June 30, 2018 June 30, 2018 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Commercial: Real estate $ 2,419 $ 2,227 $ — $ 2,439 $ — Commercial and industrial 62 55 — 66 1 Subtotal 2,481 2,282 — 2,505 1 With an allowance recorded: Commercial: Real estate — — — — — Commercial and industrial 2,473 2,471 1,329 2,498 95 Subtotal 2,473 2,471 1,329 2,498 95 Total $ 4,954 $ 4,753 $ 1,329 $ 5,003 $ 96 Interest income on nonaccrual loans is recognized using the cost recovery method. Interest income on impaired loans that were on nonaccrual status and cash-basis interest income for the years ended June 30, 2019 and 2018 was nominal. The recorded investment in loans excludes accrued interest receivable and deferred loan fees, net due to immateriality. At various times, certain loan modifications are executed which are considered to be troubled debt restructurings. Substantially all of these modifications include one or a combination of the following: extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; change in scheduled payment amount including interest only; or extensions of additional credit for payment of delinquent real estate taxes or other costs. There were no loans modified as troubled debt restructurings during the years ended June 30, 2019 and 2018. Loans subject to a troubled debt restructuring are evaluated as impaired loans for the purpose of determining the specific component of allowance for loan losses. The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans (dollars in thousands): June 30, June 30, 2019 2018 Past Due Past Due 90 Days 90 Days Still on Still on Nonaccrual Accrual Nonaccrual Accrual Commercial: Real estate $ 5,618 $ 58 $ 2,236 $ 180 Commercial and industrial 42 — 705 — Construction 1,377 — — — Residential mortgages 4,028 — 3,834 1,232 Home equity loans and lines 1,497 41 970 330 Consumer — 19 — 24 $ 12,562 $ 118 $ 7,745 $ 1,766 Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans. The following table presents the aging of the recorded investment in loans by class of loans (dollars in thousands): June 30, 2019 30 - 59 60 - 89 90 or more Days Days Days Total Loans Not Past Due Past Due Past Due Past Due Past Due Total Commercial: Real estate $ 3 $ — $ 5,490 $ 5,493 $ 408,882 $ 414,375 Commercial and industrial — — 42 42 183,220 183,262 Construction — — 1,377 1,377 83,897 85,274 Residential mortgages 156 217 2,699 3,072 278,316 281,388 Home equity loans and lines 476 318 988 1,782 78,476 80,258 Consumer 5 — 19 24 21,458 21,482 Total $ 640 $ 535 $ 10,615 $ 11,790 $ 1,054,249 $ 1,066,039 June 30, 2018 30 - 59 60 - 89 90 or more Days Days Days Total Loans Not Past Due Past Due Past Due Past Due Past Due Total Commercial: Real estate $ 634 $ 21 $ 2,083 $ 2,738 $ 373,114 $ 375,852 Commercial and industrial 1,346 45 659 2,050 192,133 194,183 Construction 205 — — 205 84,364 84,569 Residential mortgages 716 781 4,696 6,193 243,442 249,635 Home equity loans and lines 205 385 1,183 1,773 76,513 78,286 Consumer 7 1 24 32 14,945 14,977 Total $ 3,113 $ 1,233 $ 8,645 $ 12,991 $ 984,511 $ 997,502 The Bank categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes commercial loans individually by classifying the loans as to credit risk. The Bank uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Commercial loans not meeting the criteria above are considered to be pass rated loans. The following table presents commercial loans summarized by class of loans and the risk category (dollars in thousands): June 30, 2019 Special Pass Mention Substandard Doubtful Total Commercial Real estate $ 406,317 $ 2,440 $ 5,618 $ — $ 414,375 Commercial and industrial 179,099 226 3,937 — 183,262 Construction 83,897 — 1,377 — 85,274 $ 669,313 $ 2,666 $ 10,932 $ — $ 682,911 June 30, 2018 Special Pass Mention Substandard Doubtful Total Commercial Real estate $ 371,781 $ 1,836 $ 2,235 $ — $ 375,852 Commercial and industrial 190,639 1,494 1,391 659 194,183 Construction 84,569 — — — 84,569 $ 646,989 $ 3,330 $ 3,626 $ 659 $ 654,604 The Bank considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Bank also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. At both June 30, 2019 and 2018, the Bank had residential real estate loans in process of foreclosure of $2.2 million. As of June 30, 2019 and 2018, the Bank had pledged $485.6 million and $308.4 million respectively, of residential mortgage, home equity and commercial loans as collateral for FHLBNY borrowings and stand-by letters of credit. At June 30, 2019 and 2018, loans to executive officers, trustees, or to associates of such persons, as well as activity in such loans for the years then ended were immaterial as a percentage of total loans receivable. During the year ended June 30, 2018, the Bank sold its portfolio of guaranteed student loans (consumer loans) totaling $2.8 million and realized a net loss on this sale of $26,000. The Bank retains the servicing rights on certain mortgage loans sold, and may release the servicing rights on others. Total residential mortgage loans serviced by the Bank for unrelated third parties were approximately $29.4 and $33.2 million at June 30, 2019 and 2018, respectively. At June 30, 2019 and 2018, the unamortized balance of mortgage servicing rights on loans sold with servicing retained was approximately $251,000 and $279,000, respectively. The estimated fair value of these mortgage servicing rights was in excess of their carrying value at June 30, 2019 and 2018, and therefore no valuation reserve was necessary. At June 30, 2019 and 2018, the Bank held escrow funds in trust on loans serviced for others of $645,000 and $674,000, respectively.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Jun. 30, 2019
DERIVATIVES
DERIVATIVES	5. DERIVATIVES In the normal course of servicing our commercial customers, the Bank acts as an interest rate swap counterparty for certain commercial borrowers. The Bank manages its exposure to such interest rate swaps by entering into corresponding and offsetting interest rate swaps with third parties that match the terms of the interest rate swap with the commercial borrowers. These positions directly offset each other and the Bank’s exposure is the fair value of the derivatives due to potential changes in credit risk of our commercial borrowers and third parties. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. At June 30, 2019, the Bank held derivatives not designated as hedging instruments, comprised of back-to-back interest rate swaps, with a total notional amount of $515.4 million, consisting of $257.7 million of interest rate swaps with commercial borrowers and $257.7 million of offsetting interest rate swaps with third-party counterparties on substantially the same terms. At June 30, 2018, the Bank held derivatives not designated as hedging instruments, comprised of back-to-back interest rate swaps, with a total notional amount of $289.2 million, consisting of $144.6 million of interest rate swaps with commercial borrowers and $144.6 million of offsetting interest rate swaps with third-party counterparties on substantially the same terms. The fair value of derivatives are classified as other assets and other liabilities on the consolidated statement of condition. The estimated fair value of derivatives not designated as hedging instruments are as follows (dollars in thousands): June 30, 2019 Derivative Derivative Assets Liabilities Gross interest rate swaps $ 13,550 $ 13,550 Less: master netting arrangements (88) (88) Less: cash collateral applied — (13,318) Net amount $ 13,462 $ 144 June 30, 2018 Derivative Derivative Assets Liabilities Gross interest rate swaps $ 4,471 $ 4,471 Less: master netting arrangements (304) (304) Less: cash collateral applied (2,642) (400) Net amount $ 1,525 $ 3,767 Under terms of the agreements with the third-party counterparties, the Bank provides cash collateral to the counterparty for the initial trade. Subsequent to the trade, the margin is exchanged in either direction, based upon the estimated fair value of the underlying contracts. At June 30, 2019, the Bank had deposited $13.3 million as collateral for swap agreements with third-party counterparties. At June 30, 2018, the Bank had received $2.6 million and deposited $400,000 as collateral for swap agreements with third-party counterparties.

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Jun. 30, 2019
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT	6. PREMISES AND EQUIPMENT Premises and equipment consists of the following (dollars in thousands): June 30, June 30, 2019 2018 Land $ 6,678 $ 7,031 Leaseholds and land improvements 2,272 2,227 Buildings 29,630 29,908 Furniture, fixtures, and equipment 14,252 13,214 Construction in progress 1,000 909 53,832 53,289 Less accumulated depreciation and amortization (12,122) (10,387) $ 41,710 $ 42,902 Depreciation and amortization included in occupancy and equipment expense amounted to $2,463,000 and $2,369,000 for the years ended June 30, 2019 and 2018, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Jun. 30, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	7. GOODWILL AND OTHER INTANGIBLE ASSETS Changes in goodwill were as follows (dollars in thousands): Balance, July 1, 2017 $ 5,242 Acquired 2,050 Balance, June 30, 2018 7,292 Acquired — Balance, June 30, 2019 $ 7,292 Acquired other intangible assets were as follows (dollars in thousands): June 30, June 30, 2019 2018 Customer relationship intangibles: Gross carrying amount $ 2,645 $ 2,645 Less: accumulated amortization (493) (203) Net carrying amount 2,152 2,442 Core deposit intangibles: Gross carrying amount 562 562 Less: accumulated amortization (191) (130) Net carrying amount 371 432 Total other intangible assets: Gross carrying amount 3,207 3,207 Less: accumulated amortization (684) (333) Net carrying amount $ 2,523 $ 2,874 Estimated amortization expense for the next five years is as follows (dollars in thousands): Year ending June 30, 2020 $ 354 2021 327 2022 300 2023 274 2024 247 Aggregate amortization expense was $351,000 and $269,000 for the years ended June 30, 2019 and 2018, respectively. There were no impairment losses on goodwill or intangible assets for the years ended June 30, 2019 and 2018.

DEPOSITS

DEPOSITS	12 Months Ended
	Jun. 30, 2019
DEPOSITS
DEPOSITS	8. DEPOSITS Deposit account balances are summarized as follows (dollars in thousands): June 30, June 30, 2019 2018 Non-interest bearing demand accounts $ 357,523 $ 345,048 Interest-bearing accounts: Interest-bearing demand accounts 220,546 97,191 Savings accounts 250,856 244,050 Money market accounts 371,828 334,884 Time deposits 130,565 129,089 Total interest bearing accounts 973,795 805,214 Total deposits $ 1,331,318 $ 1,150,262 Overdrawn demand deposit balances of $238,000 and $260,000 were reclassified as loan balances as of June 30, 2019 and 2018, respectively. Time deposits outstanding that had balances of $250,000 and over amounted to approximately $34.5 million and $27.1 million at June 30, 2019 and 2018, respectively. Scheduled maturities of time deposits for the next five years are as follows (dollars in thousands): Year ending June 30, 2020 $ 65,983 2021 39,679 2022 7,836 2023 10,166 2024 6,901 $ 130,565 Deposits of related parties amounted to $6.0 million and $5.2 million at June 30, 2019 and 2018, respectively.

BORROWINGS

BORROWINGS	12 Months Ended
	Jun. 30, 2019
BORROWINGS
BORROWINGS	9. BORROWINGS The Bank has the ability to borrow (Non-Repo Advances) in an amount up to 30% of its total assets from the FHLBNY. All borrowings from the FHLBNY are collateralized by FHLBNY stock, certain qualifying loans, and certain available for sale securities. In addition, overall credit exposure, including Non-Repo Advances, cannot exceed 50% of total assets. FHLBNY borrowings have prepayment penalties. At June 30, 2019, the Bank pledged approximately $485.6 million of residential mortgage, home equity and commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At June 30, 2019, the maximum amount of funding available from the FHLBNY was $405.0 million, of which none was utilized for borrowings and $207.0 million was utilized for irrevocable stand-by letters of credit issued to secure municipal deposits. At June 30, 2018, the Bank pledged approximately $308.4 million of residential mortgage, home equity and commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At June 30, 2018, the maximum amount of funding available from the FHLBNY was $264.5 million, of which none was utilized for borrowings and $164.7 million was utilized for irrevocable stand-by letters of credit issued to secure municipal deposits. In addition, the Bank has an unsecured $20.0 million line of credit available with an unrelated financial institution; there were no draws against the line made during the year ended June 30, 2019.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	12 Months Ended
	Jun. 30, 2019
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME	10. OTHER COMPREHENSIVE INCOME Reclassifications out of accumulated other comprehensive loss were as follows (dollars in thousands): Details About Accumulated Other Amount Reclassified from Accumulated Affected Line Item in the Statement Comprehensive Loss Components Other Comprehensive Loss Where Net Income is Presented Years ended June 30, 2019 2018 Unrealized gains/losses on securities (before tax): Net gains included in net income $ 6 $ 812 Net gain on securities transactions Tax expense (1) (212) Income tax expense Net of tax 5 600 Amortization of defined benefit plan items (before tax): Net actuarial loss (760) (1,458) Salaries and employee benefits Tax benefit 198 381 Income tax expense Net of tax (562) (1,077) Total reclassification for the year, net of tax $ (557) $ (477) The balances and changes in the components of accumulated other comprehensive income (loss), net of tax are as follows (dollars in thousands): Accumulated Unrealized Other Gains/Losses Defined Comprehensive on Securities Benefit Plans Loss Accumulated other comprehensive income (loss) as of July l, 2017 $ 365 (10,033) $ (9,668) Other comprehensive income (loss) before reclassifications 645 (443) 202 Amounts reclassified from accumulated other comprehensive income (loss) (600) 1,077 477 Accumulated other comprehensive income (loss) as of June 30, 2018 410 (9,399) (8,989) Other comprehensive income (loss) before reclassifications (67) (2,604) (2,671) Amounts reclassified from accumulated other comprehensive income (loss) (5) 562 557 Accumulated other comprehensive income (loss) as of June 30, 2019 $ 338 (11,441) $ (11,103) The amounts of income tax expense (benefit) allocated to each component of other comprehensive income (loss) were as follows (dollars in thousands): For the Year Ended June 30, 2019 2018 Unrealized gains/losses on securities: Unrealized holdings (losses) gains arising during the period $ (24) $ 217 Reclassification adjustment for gains included in net income (1) (213) (25) 4 Defined benefit plans: Change in funded status (921) 542 Reclassification adjustment for amortization of net actuarial loss 198 381 (723) 923 $ (748) $ 927 The above tables are inclusive of the change in federal corporate income tax rate as a result of the Tax Cuts and Jobs Act and the adoption of Accounting Standard Update 2018‑02.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Jun. 30, 2019
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	11. EMPLOYEE BENEFIT PLANS The Bank maintains a noncontributory defined benefit pension plan and a defined benefit post-retirement plan. Plan assets and obligations that determine the funded status are measured as of the end of the fiscal year. Amounts recognized in the consolidated statement of condition related to the Bank’s plans are as follows as of June 30 (dollars in thousands): 2019 2018 Other assets Pension asset $ — $ 2,821 Other liabilities Unfunded pension liability $ 464 $ — Accumulated post-retirement benefit obligation 1,655 1,570 $ 2,119 $ 1,570 Accumulated other comprehensive loss (gain), net of taxes Pension plan $ 11,308 $ 9,424 Post-retirement benefit plan 133 (25) $ 11,441 $ 9,399 Pension Plan The Bank maintains a noncontributory defined benefit pension plan covering substantially all of its full-time employees twenty-one years of age or older, with at least one year of service. Through December 31, 2009, pensions were paid as an annuity using a pension formula of 2.0% of the average of the five highest consecutive years of total compensation over the last ten years multiplied by credited service up to thirty years. Effective January 1, 2010, the plan was amended and service rendered thereafter is paid using a pension formula of 1.5%. Amounts contributed to the plan are determined annually on the basis of (a) the maximum amount allowable under Internal Revenue Service regulations and (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974 (“ERISA”). The defined benefit pension plan was amended, effective August 31, 2019, to close the plan to new employees hired on or after September 1, 2019, therefore, no new employees hired on or after September 1, 2019 would be eligible to participate in the defined benefit pension plan. The following table sets forth information on the Bank’s defined benefit pension plan as of June 30 (dollars in thousands): 2019 2018 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 48,137 $ 47,974 Service cost 1,574 1,313 Interest cost 1,918 1,857 Assumption changes — (2,727) Actuarial loss 5,976 1,046 Benefits paid (1,455) (1,326) Projected benefit obligation at end of year 56,150 48,137 Change in fair value of plan assets: Fair value of plan assets at beginning of year 50,958 46,718 Actual return on plan assets 6,237 3,639 Employer contributions — 2,000 Expenses (54) (73) Benefits paid (1,455) (1,326) Fair value of plan assets at end of year 55,686 50,958 (Unfunded) funded status of plan at end of year $ (464) $ 2,821 Net periodic pension cost included in the Bank’s consolidated statements of income included the following components (dollars in thousands): For the Year Ended June 30, 2019 2018 Service cost $ 1,574 $ 1,313 Interest cost 1,918 1,857 Expected return on plan assets (3,518) (3,413) Amortization of net actuarial loss 760 1,458 Net periodic pension cost $ 734 $ 1,215 Amounts recognized in accumulated other comprehensive loss, before tax effect consist of net actuarial losses of $15,311,000 and $12,759,000 at June 30, 2019 and 2018, respectively. The estimated net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during the year ending June 30, 2020, is $1,087,000. The actuarial assumptions used in determining the present value of the projected benefit obligations and net periodic pension cost as of and for the years ended June 30 were as follows: 2019 2018 Weighted average assumptions – benefit obligations Discount rate 3.49 % 4.12 % Annual rate of compensation increase 3.00 % 3.00 % Weighted average assumptions – net periodic benefit cost Discount rate 4.12 % 3.85 % Annual rate of compensation increase 3.00 % 3.00 % Expected long-term rate of return on plan assets 7.00 % 7.35 % Accumulated Benefit Obligation The accumulated benefit obligation (the actuarial present value of benefits, vested and nonvested, earned by employees based on current and past compensation levels) for the Bank’s defined benefit pension plan totaled $51,034,000 and $44,058,000 as of June 30, 2019 and 2018, respectively. Investment Policies and Strategies Plan assets are invested in various mutual funds and are held in trust by Charles Schwab Corporation. The Employer, as the Plan Sponsor, determines the appropriate strategic asset allocation versus plan liabilities. Currently, the Plan asset allocation targets 65% of assets to equity securities, and 35% to fixed income through a combination of short-term and long-term bond funds. The overall long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. The Strategy is designed to provide long-term growth of assets with the objective of achieving an investment return in excess of the costs of funding active lives, deferred vested, and all longer-term obligations. In addition, the plan’s assets are rebalanced quarterly to the target percentages for each investment option no later than the 10 th business day following the end of each calendar quarter. Determination of Long-Term Rate-of-Return The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed-income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed-income securities were assumed to earn real rates of return in the ranges of 5‑9% and 1‑4%, respectively. The long-term inflation rate was estimated to be 3%. When these overall return expectations are applied to the plan’s target allocation, the result is an expected long-term rate of return of 6% to 10%. Contributions For the fiscal year ending June 30, 2020, the Bank is not required to make a cash contribution to the plan, but may elect to do so. Estimated Future Benefit Payments The benefit payments expected to be paid over the next ten years are as follows (dollars in thousands): Fiscal year ending June 30, 2020 $ 1,442 2021 1,483 2022 1,538 2023 1,583 2024 1,702 Years 2025 – 2029 10,885 The Bank’s pension plan asset allocation at June 30, 2019 and 2018, target allocation for 2019, and expected long-term rate of return by asset category are as follows: Percentage of Weighted- Target Plan Assets at Average Expected Allocation Year End Long-Term Rate Asset Category 2019 2019 2018 of Return Equity securities 65.0 % 62.5 % 66.0 % 5.00 – 9.00 % Fixed income securities 35.0 % 37.5 % 34.0 % 1.00 – 4.00 % Total 100.0 % 100.0 % Fair Value of Plan Assets Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The Bank used the following methods and significant assumptions to estimate the fair value of each type of plan asset: Equity, Debt, Investment Funds and Other Securities The fair values for securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread to swap and LIBOR curves that are updated to incorporate loss severities, volatility, credit spread and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations. The fair values of the plan assets at June 30, by asset category, are as follows (dollars in thousands): June 30, 2019 Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Mutual funds American Funds New World R6 $ 2,819 $ 2,819 $ — $ — Cohen & Steers Real Estate SECS I 1,614 1,614 — — Fidelity Capital & Income Fund 2,778 2,778 — — PIMCO Commodities Plus Strat Fd Inst 1,711 1,711 — — PIMCO Long Term Credit Bond Inst 8,417 8,417 — — PIMCO Low Duration Incm Fd I 2,212 2,212 — — Vanguard Developed Mkts Index Inst 7,283 7,283 — — Vanguard Growth Index Fund Instl 7,736 7,736 — — Vanguard Mid Cap Index Funds Admiral 3,893 3,893 — — Vanguard Small Cap I 3,338 3,338 — — Vanguard Value Index Instl Shares 7,787 7,787 — — Western Asset Core Bd Fd I 5,548 5,548 — — Money Market 550 550 — — Total plan assets $ 55,686 $ 55,686 $ — $ — June 30, 2018 Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Separate investment accounts Premier Short-Duration Bond (Barings) $ 2,307 $ — $ 2,307 $ — Long Duration Bond (Barings) 7,410 — 7,410 — Premier Diversified Bond (Barings) 5,059 — 5,059 — Premier High Yield (Barings) 2,555 — 2,555 — Washington Mutual Invs (American) 4,658 — 4,658 — Select Focused Value (Harris) 2,602 — 2,602 — MM S&P 500 Index (Northern Trust) 2,609 — 2,609 — Select Blue Chip Growth (T.Rowe Price) 4,787 — 4,787 — Special Mid Cap Value (Wells Fargo) 1,782 — 1,782 — Select Mid Cap Gr II (TRP/Frontier) 1,803 — 1,803 — Premier Oppenheimer FdsSm Cp Opp II 3,285 — 3,285 — International Value (MFS) 2,041 — 2,041 — EuroPacific Growth (American) 2,473 — 2,473 — International Growth (OFI) 1,991 — 1,991 — New World (American) 2,442 — 2,442 — Real Estate (OFI) 1,613 — 1,613 — Commodity Rl Rtn Strat (PIMCO) 1,541 — 1,541 — Total plan assets $ 50,958 $ — $ 50,958 $ — There were no significant transfers between Level 1 and Level 2 during the years ended June 30, 2019 and 2018 due to changes in the Plan’s Investment Policies and Strategies. Post-Retirement Healthcare Plan The Bank offers a defined benefit post-retirement plan which provides medical and life insurance benefits to employees meeting certain requirements. Effective October 1, 2006, the plan was amended so that there have been no new plan participants for medical benefits. The cost of post-retirement plan benefits is recognized on an accrual basis as employees perform services. Active employees are eligible for retiree medical coverage upon reaching age sixty with twenty-five or more years of service. Employees with a minimum of thirty years of service are eligible for individual and spousal coverage. Retirees are eligible to participate in any bank-sponsored health insurance programs. The Bank’s contributions for retiree medical are limited to a monthly premium of $210 for individual coverage and $420 for employee and spousal coverage. The Bank’s funding policy is to pay insurance premiums as they come due. The following table sets forth the plan’s funded status and amounts recognized in the Bank’s consolidated financial statements at June 30 (dollars in thousands): 2019 2018 Change in accumulated post-retirement benefit obligation: Accumulated benefit obligation at beginning of year $ 1,570 $ 1,763 Service cost 30 35 Interest cost 65 61 Actuarial loss (gain) 32 (171) Effect of changes in assumptions 181 (71) Benefits paid (43) (47) Accumulated benefit obligation at end of year 1,835 1,570 Change in plan assets: Fair value of plan assets at beginning of year — — Actual return on plan assets — — Employer contributions 43 47 Benefits paid (43) (47) Fair value of plan assets at end of year — — Unfunded status at end of year $ 1,835 $ 1,570 Net periodic post-retirement benefit cost included in the Bank’s consolidated statements of income included the following components (dollars in thousands): For the Year Ended June 30, 2019 2018 Service cost $ 30 $ 35 Interest cost 65 61 Net periodic post-retirement benefit cost $ 95 $ 96 Amounts recognized in accumulated other comprehensive (gain) loss, before tax effect, at June 30, consist of (dollars in thousands): 2019 2018 Net actuarial loss (gain) $ 180 $ (34) The estimated net actuarial gain for the post-retirement plan that will be amortized from accumulated other comprehensive loss into net periodic benefit costs during the year ending June 30, 2020, is $0. The discount rates used in determining the accumulated post-retirement benefit obligation were 3.45% and 4.11% at June 30, 2019 and 2018, respectively. For measurement purposes, the medical care cost trend rate has no effect on the Bank’s cost since the insurance premiums are a fixed amount (capped). However, increasing or decreasing the benefit cost cap for plan participants could have a significant impact on the accumulated benefit obligation and employer cost. The projected benefit payments under the plan over the next ten years are as follows (dollars in thousands): Fiscal year ending June 30, 2020 $ 52 2021 53 2022 54 2023 58 2024 61 Years 2025 – 2029 380 401(k) Plan The Bank maintains a defined contribution 401(k) plan covering substantially all employees meeting certain eligibility requirements. Participants may contribute from 0.5% to 20% of their compensation; and the Bank matches 100% on the first 1% of employee contributions and 50% on the next 5% after the employee has completed one year of service. The 401(k) plan contribution expense was approximately $411,000 and $365,000 for the years ended June 30, 2019 and 2018, respectively. Supplemental Retirement and Deferred Compensation Plans The Bank had a Targeted Benefit Supplemental Retirement Plan for executives. At June 30, 2019 and 2018, the Bank had an accrued benefit liability of $488,000 and $525,000, respectively. Effective June 2010, the plan was terminated and there have been no additional contributions. There were no provisions for the years ended June 30, 2019 and 2018. Changes in the accrued benefit liability equal the changes in the fair values of designated assets, less participant payments. The Bank has a Deferred Compensation Plan for trustees and certain of its officers. Under the plan, participants can elect to defer all, or portion of their trustee fees, or salaries and/or bonuses, and invest those funds in various investment fund options. At June 30, 2019 and 2018, the Bank had an accrued benefit liability of $658,000 and $596,000, respectively. Changes in the accrued benefit liability equal the changes in the fair values of the invested assets, additional deferrals, less participant payments, if any.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2019
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The components of income tax expense were as follows (dollars in thousands): For the Years Ended June 30, 2019 2018 Current tax expense $ 4,893 $ 4,232 Deferred tax expense (benefit) (63) 2,078 Total income tax expense $ 4,830 $ 6,310 Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following (dollars in thousands): June 30, 2019 2018 Amount Rate Amount Rate Income before tax at the federal tax rate $ 5,008 21.0 % $ 4,987 28.0 % State expense, net of federal benefit 580 2.4 % 548 3.1 % Federal tax rate change (580) (2.4) % 1,200 6.7 % Tax-exempt income (164) (0.7) % (230) (1.3) % Bank-owned life insurance (25) (0.1) % (32) (0.2) % Other, net 11 — % (163) (0.9) % Total income tax expense $ 4,830 20.2 % $ 6,310 35.4 % The tax effects that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (dollars in thousands): June 30, June 30, 2019 2018 Deferred tax assets Allowance for loan losses $ 4,441 $ 4,001 OTTI – securities 406 414 Post-retirement benefit obligations 452 438 Deferred compensation 309 303 Unfunded defined benefit and postretirement benefit plan liabilities 4,049 3,326 Other 251 436 Total deferred tax assets 9,908 8,918 Deferred tax liabilities Depreciation (2,174) (1,278) Net deferred loan origination costs (571) (581) Prepaid pension (4,083) (4,284) Prepaid expenses (139) (130) Unrealized gains on securities available for sale (120) (145) Other (191) (100) Total deferred tax liabilities (7,278) (6,518) Net deferred tax asset at end of year $ 2,630 $ 2,400 Net deferred tax assets are included in other assets in the consolidated statement of condition. Management determines the need for a deferred tax valuation allowance based upon the realizability of tax benefits from the reversal of temporary differences creating the deferred tax assets, as well as the amount of available open tax carrybacks, if any. As of June 30, 2019, and 2018, no valuation allowance was required. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act reduces the corporate federal tax rate from a maximum 35% to a flat 21% rate, effective January 1, 2018. As a result of the reduction in the corporate tax rate under the Tax Act, the Bank revalued its deferred tax assets and liabilities at December 31, 2017. The re-measurements resulted in a discrete tax expense of $1.2 million that was recognized during the year ended June 30, 2018 and a discrete tax benefit of $580,000 that was recognized during the year ended June 30, 2019. For the years ending June 30, 2019 and 2018, there were no amounts accrued and/or paid for interest and penalties. As a thrift institution, the Bank is subject to special provisions in the Federal income tax laws regarding its allowable bad debt deduction and related tax basis bad debt reserves. Deferred income tax liabilities are to be recognized with respect to any base-year reserves which are to become taxable (or “recaptured”) in the foreseeable future. Under current income tax laws, the base-year reserves would be subject to recapture if the Company pays a cash dividend in excess of earnings and profits or liquidates. The Bank does not expect to take any actions in the foreseeable future that would require the recapture of any base-year reserves. A deferred tax liability has not been recognized with respect to the Federal base-year reserve of $9.3 million at June 30, 2019 and 2018, because the Bank does not expect that this amount will become taxable in the foreseeable future. The unrecognized deferred tax liability with respect to the Federal base-year reserve was $2.4 million at June 30, 2019 and 2018. It is more likely than not that this liability will never be incurred because, as noted above, the Bank does not expect to take any action in the future that would result in this liability being incurred. The Bank is subject to routine audits of its tax returns by the Internal Revenue Service and New York State Department of Taxation and Finance. The Bank is no longer subject to examination by either taxing authority for years before calendar 2015.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Jun. 30, 2019
COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS AND CONTINGENT LIABILITIES	13. COMMITMENTS AND CONTINGENT LIABILITIES Off-Balance-Sheet Financing and Concentrations of Credit The Bank is a party to certain financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include the Bank’s commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the consolidated statement of condition. The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit is represented by the contractual notional amounts of those instruments which are presented in the tables below (dollars in thousands). The Bank uses the same credit policies in making commitments as it does for on-balance-sheet instruments. June 30, 2019 Fixed Variable Rate Rate Total Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds): Commitments to extend credit $ 23,892 $ 357,223 $ 381,115 Standby letters of credit — 33,385 33,385 $ 23,892 $ 390,608 $ 414,500 June 30, 2018 Fixed Variable Rate Rate Total Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds): Commitments to extend credit $ 16,144 $ 252,250 $ 268,394 Standby letters of credit — 25,507 25,507 $ 16,144 $ 277,757 $ 293,901 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 require payment of a fee. Since certain commitments are expected to expire without being fully drawn, 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, if any, required by the Bank for the extension of credit is based on management’s credit evaluation of the customer. Commitments to extend credit may be written on a fixed rate basis thus exposing the Bank to interest rate risk, given the possibility that market rates may change between commitment and actual extension of credit. Standby letters of credit are conditional commitments issued by the Bank to guarantee payment on behalf of a customer or to guarantee the performance of a customer to a third party. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Since a portion of these instruments will expire unused, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance-sheet instruments. Bank policies governing loan collateral apply to standby letters of credit at the time of credit extension. Certain residential mortgage loans are written on an adjustable basis and include interest rate caps which limit annual and lifetime increases in interest rates. Generally, adjustable rate mortgages have an annual rate increase cap of 2% and lifetime rate increase cap of 5% to 6% above the initial loan rate. These caps expose the Bank to interest rate risk should market rates increase above these limits. At June 30, 2019, approximately $47.6 million of adjustable rate residential mortgage loans had interest rate caps. At June 30, 2018, approximately $28.0 million of adjustable rate residential mortgage loans had interest rate caps. In addition, certain adjustable rate residential mortgage loans have a conversion option whereby the borrower may elect to convert the loan to a fixed rate during a designated time period. At June 30, 2019, approximately $4.3 million of the adjustable rate mortgage loans had conversion options. At June 30, 2018, approximately $4.9 million of the adjustable rate mortgage loans had conversion options. The Bank periodically sells residential mortgage loans to FNMA and to the State of New York Mortgage Agency. At June 30, 2019, the Bank had no loans held for sale. In addition, the Bank has no loan commitments with borrowers at June 30, 2019 with rate lock agreements which are intended to be held for sale, if closed. The Bank generally determines whether or not a loan is held for sale at the time that loan commitments are entered into or at the time a convertible adjustable rate mortgage loan converts to a fixed interest rate. In order to reduce the interest rate risk associated with the portfolio of loans held for sale, as well as loan commitments with locked interest rates which are intended to be held for sale if closed, the Bank enters into agreements to sell loans in the secondary market. At June 30, 2019, the Bank had no commitments to sell loans to unrelated investors. Concentrations of Credit The Bank primarily grants loans to customers located in the New York State counties of Albany, Greene, Rensselaer, Schenectady, Saratoga, and Warren. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon the real estate and construction-related sectors of the economy. Leases The Bank leases certain branches and equipment under various noncancelable operating leases. The future minimum payments by year and in the aggregate, under all significant noncancelable operating leases with initial or remaining terms of one year or more, are as follows (dollars in thousands): Year ending June 30, 2020 $ 515 2021 358 2022 335 2023 346 2024 294 Thereafter 1,120 $ 2,968 Total rent expense was approximately $748,000 and $798,000 for the years ended June 30, 2019 and 2018, respectively. Contingent Liabilities In the ordinary course of business there are various legal proceedings pending against the Bank. Management believes that the aggregate exposure, if any, arising from such litigation would not have a material adverse effect on the Bank’s consolidated financial statements as of June 30, 2019.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Jun. 30, 2019
FAIR VALUE
FAIR VALUE	14. FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). The fair value of derivatives are classified as a component of other assets and other liabilities on the consolidated statements of condition. The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Nonrecurring adjustments to certain commercial and residential real estate properties classified as OREO are measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands): June 30, 2019 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets: Available for sale securities: U.S. Government and agency obligations $ 70,867 $ 70,867 $ — $ — Mortgage-backed securities - residential 112 — 112 — Asset-backed securities 128 — 128 — Collateralized mortgage obligations – residential 889 — 889 — Municipal obligations 14,699 — 14,699 — Total debt securities 86,695 70,867 15,828 — Preferred stocks 5,040 1,970 3,070 — Common stocks 3,618 3,618 — — Total available for sale securities 95,353 76,455 18,898 — Derivative assets 13,462 — 13,462 — Total $ 108,815 $ 76,455 $ 32,360 $ — Liabilities: Derivative liabilities $ 144 $ — $ 144 $ — Total $ 144 $ — $ 144 $ — June 30, 2018 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets: Available for sale securities: U.S. Government and agency obligations $ 58,558 $ 58,558 $ — $ — Mortgage-backed securities - residential 150 — 150 — Asset-backed securities 162 — 162 — Collateralized mortgage obligations – residential 1,079 — 1,079 — Municipal obligations 19,263 — 19,263 — Total debt securities 79,212 58,558 20,654 — Preferred stocks 5,749 2,171 3,578 — Common stocks 3,102 3,102 — — Total available for sale securities 88,063 63,831 24,232 — Derivative assets 1,525 — 1,525 — Total $ 89,588 $ 63,831 $ 25,757 $ — Liabilities: Derivative liabilities $ 3,767 $ — $ 3,767 $ — Total $ 3,767 $ — $ 3,767 $ — Assets and Liabilities Measured on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands): Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2019 Impaired loans: Commercial loans $ 840 $ — $ — $ 840 OREO 158 — — 158 June 30, 2018 Impaired loans: Commercial loans $ 1,142 $ — $ — $ 1,142 OREO 72 — — 72 Impaired loans, which are assets measured at fair value on a non-recurring basis, using the fair value of collateral for collateral dependent loans, had a carrying amount of $1.3 million with a valuation allowance of $426,000 resulting in an estimated fair value of $840,000 as of June 30, 2019. Impaired loans, which are assets measured at fair value on a non-recurring basis, using the fair value of collateral for collateral dependent loans, had a carrying amount of $2.4 million with a valuation allowance of $1.3 million resulting in an estimated fair value of $1.1 million as of June 30, 2018. OREO measured at fair value less costs to sell, had a carrying amount of $158,000 at June 30, 2019. There were write-downs of $17,000 for the year ended June 30, 2019. OREO measured at fair value less costs to sell, had a carrying amount of $72,000 at June 30, 2018. There were no write-downs for the year ended June 30, 2018. The carrying and estimated fair values of financial assets and liabilities as of June 30 were as follows (dollars in thousands): June 30, 2019 Fair Value Measurements Using Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 230,109 $ 230,109 $ 230,109 $ — $ — Securities available for sale 95,353 95,353 76,455 18,898 — Securities held to maturity 3,873 3,887 — 3,887 — Net loans receivable 1,053,938 1,065,328 — — 1,065,328 FHLBNY stock 924 924 — 924 — Accrued interest receivable 4,374 4,374 — 4,374 — Derivatives 13,462 13,462 — 13,462 — Financial liabilities Deposits Savings, money market, and demand accounts $ 1,200,753 $ 1,200,753 $ — $ 1,200,753 $ — Time deposits 130,565 130,680 — 130,680 — Mortgagors’ escrow deposits 6,044 6,044 — 6,044 — Accrued interest payable 17 17 — 17 — Derivatives 144 144 — 144 — June 30, 2018 Fair Value Measurements Using Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 120,280 $ 120,280 $ 120,280 $ — $ — Securities available for sale 88,063 88,063 63,831 24,232 — Securities held to maturity 5,297 5,326 — 5,326 — Net loans receivable 985,902 988,857 — — 988,857 FHLBNY stock 883 883 — 883 — Accrued interest receivable 3,854 3,854 — 3,854 — Derivatives 1,525 1,525 — 1,525 — Financial liabilities Deposits Savings, money market, and demand accounts $ 1,021,173 $ 1,021,173 $ — $ 1,021,173 $ — Time deposits 129,089 128,810 — 128,810 — Mortgagors’ escrow deposits 5,382 5,382 — 5,382 — Accrued interest payable 11 11 — 11 — Derivatives 3,767 3,767 — 3,767 — Short-Term Financial Instruments The fair value of certain financial instruments are estimated to approximate their carrying amounts because the remaining term to maturity or period to repricing of the financial instrument is less than ninety days. Such financial instruments include cash and cash equivalents, accrued interest receivable and payable, and mortgagor’s escrow deposits. Securities Fair values of securities available for sale and securities held to maturity are determined as outlined earlier in this footnote. FHLBNY Stock The fair value of FHLB stock approximates its carrying value due to transferability restrictions. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including residential real estate, commercial real estate, and consumer loans and whether the interest rates are fixed and/or variable. The estimated fair values of performing loans is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the respective loan portfolio. Estimated fair values for nonperforming loans are based on estimated cash flows discounted using a rate commensurate with the credit risk involved. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information. Derivatives Fair values of derivative assets and liabilities are determined as outlined earlier in this footnote. Deposits The estimated fair value of deposits with no stated maturity, such as savings, money market and demand deposits, is regarded to be the amount payable on demand. The estimated fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using market rates for time deposits with similar maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the deposits as compared to the cost of borrowing funds in the market. Borrowings The estimated fair value of FHLB advances, if any, is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for borrowings with similar remaining maturities. The fair values of commitments to extend credit, unused lines of credit, and standby letters of credit are not considered material.

REGULATORY CAPITAL

REGULATORY CAPITAL	12 Months Ended
	Jun. 30, 2019
REGULATORY CAPITAL
REGULATORY CAPITAL	15. REGULATORY CAPITAL The Bank and Pioneer Commercial Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, banks must meet specific capital guidelines that involve quantitative measures of the bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgements by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank and Pioneer Commercial Bank to maintain minimum capital amounts and ratios (set forth in the table below) of Tier 1 capital (as defined in the regulations) to average assets (as defined), and common equity Tier 1, Tier 1 and total capital (as defined) to risk-weighted assets (as defined). Basel III transitional rules became effective for the Bank and Pioneer Commercial Bank on January 1, 2015 with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Under Basel III rules, banks must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0% for 2015 to 2.5% for 2019. The required capital conservation buffer is 2.50% for 2019 and 1.875% for 2018. As of June 30, 2019 and 2018, the Bank and Pioneer Commercial Bank met all capital adequacy requirements to which they were subject. Further, the most recent FDIC notification categorized the Bank and Pioneer Commercial Bank as well capitalized institutions under the prompt corrective action regulations. There have been no conditions or events since the notification that management believes have changed the Bank’s or Pioneer Commercial Bank’s capital classification. The actual capital amounts and ratios for the Bank and Pioneer Commercial Bank, are presented in the following table (dollars in thousands): To be Well For Capital Capitalized Under For Capital Adequacy Purposes Prompt Actual Adequacy Purposes with Capital Buffer Corrective Action Pioneer Savings Bank Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2019: Tier 1 (leverage) capital $ 136,879 9.99 % $ 54,808 4.00 % N/A N/A $ 68,510 5.00 % Risk-based capital Common Tier 1 $ 136,879 12.58 % $ 48,974 4.50 % $ 76,182 7.00 % $ 70,741 6.50 % Tier 1 $ 136,879 12.58 % $ 65,299 6.00 % $ 92,507 8.50 % $ 87,066 8.00 % Total $ 150,776 13.85 % $ 87,066 8.00 % $ 114,274 10.50 % $ 108,832 10.00 % As of June 30, 2018: Tier 1 (leverage) capital $ 116,675 9.17 % $ 50,896 4.00 % N/A N/A $ 63,619 5.00 % Risk-based capital Common Tier 1 $ 116,675 11.59 % $ 45,298 4.50 % $ 64,173 6.375 % $ 65,431 6.50 % Tier 1 $ 116,675 11.59 % $ 60,398 6.00 % $ 79,272 7.875 % $ 80,531 8.00 % Total $ 129,494 12.86 % $ 80,531 8.00 % $ 99,405 9.875 % $ 100,663 10.00 % To be Well For Capital Capitalized Under For Capital Adequacy Purposes Prompt Actual Adequacy Purposes with Capital Buffer Corrective Action Pioneer Commercial Bank Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2019: Tier 1 (leverage) capital $ 24,502 7.64 % $ 12,826 4.00 % N/A N/A $ 16,032 5.00 % Risk-based capital Common Tier 1 $ 24,502 42.25 % $ 2,610 4.50 % $ 4,059 7.00 % $ 3,769 6.50 % Tier 1 $ 24,502 42.25 % $ 3,480 6.00 % $ 4,929 8.50 % $ 4,639 8.00 % Total $ 24,502 42.25 % $ 4,639 8.00 % $ 6,089 10.50 % $ 5,799 10.00 % As of June 30, 2018: Tier 1 (leverage) capital $ 18,200 6.99 % $ 10,410 4.00 % N/A N/A $ 13,013 5.00 % Risk-based capital Common Tier 1 $ 18,200 39.61 % $ 2,068 4.50 % $ 2,929 6.375 % $ 2,987 6.50 % Tier 1 $ 18,200 39.61 % $ 2,757 6.00 % $ 3,618 7.875 % $ 3,676 8.00 % Total $ 18,200 39.61 % $ 3,676 8.00 % $ 4,537 9.875 % $ 4,595 10.00 %

MUTUAL HOLDING COMPANY REORGANI

MUTUAL HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE	12 Months Ended
	Jun. 30, 2019
MUTUAL HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE
MUTUAL HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE	16. MUTUAL HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE On July 17, 2019, Pioneer Bancorp, Inc. became the holding company of the Bank when it closed its stock offering in connection with the completion of the reorganization of the Bank into the two-tier mutual holding company form of organization. Pioneer Bancorp, Inc. sold 11,170,402 shares of common stock at a price of $10.00 per share, for net proceeds of $109.1 million, issued 14,287,723 shares to Pioneer Bancorp, MHC and contributed 519,554 shares of common stock and $250,000 in cash to the Pioneer Bank Charitable Foundation. The Bank established an ESOP which owns 1,018,325 shares of Pioneer Bancorp, Inc. The remaining amount of subscription proceeds received and recorded as a liability on June 30, 2019, was refunded to subscribers. Pioneer Bancorp, MHC now owns 55% of the common stock of Pioneer Bancorp, Inc.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Potentially Fraudulent Activity Subsequent to fiscal year end, the Company became aware of potentially fraudulent activity associated with transactions conducted in the Company’s first fiscal quarter of 2020 (the quarter ending September 30, 2019) by an established business customer of the Bank. The customer and various affiliated entities (collectively, the “Mann Entities”), had numerous accounts with the Bank. The transactions in question relate both to deposit and lending activity with the Mann Entities. The Company continues to investigate this matter to determine the potential exposure of the Company and it’s possible that the company may face additional exposure. The Company is pursuing all available sources of recovery and other means of mitigating the potential loss. Deposit Activity As previously reported, with respect to the deposit activity, the Bank’s potential exposure for the fraudulent activity is approximately $19.0 million. In the first fiscal quarter of 2020, the Bank exercised its legal right of setoffs on the deposit accounts held by the Mann Entities at the Bank. As a result we intend to recognize a charge to non-interest expense in the amount of $2.5 million, in the first fiscal quarter of 2020, based on the net negative deposit balance of the various Mann Entity accounts after the setoffs. This expense will flow through our Consolidated Statements of Income in the first fiscal quarter of 2020 and we expect the Company’s first quarter 2020 net income and net income per share to be adversely affected. Lending Activity As previously reported, with respect to the lending activity, the Bank’s potential exposure is approximately $16 million (which represents the Bank’s participation interest in the approximately $36 million commercial loan relationships for which the Bank is the originating lender). In the first fiscal quarter of 2020, the Bank concluded that due to the impact of the potential fraudulent activity, it is more likely than not that the Bank will not be able to recover the loan balances. The Bank intends to record a provision for loan losses in the amount of $15.8 million, in the first quarter of fiscal 2020, related to the charge-off of the entire principal balance owed to the Bank related to the customer’s commercial loan relationships. This provision for loan losses related to the charge-off will flow through our Consolidated Statement of Income in the first fiscal quarter of 2020. We expect the Company’s first quarter 2020 net income and net income per share to be adversely affected. Nasdaq Delinquency Notification Letter On October 16, 2019, the Company received a delinquency notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of the Company’s delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (the “Form 10-K”), the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The Company has not filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (the “Form 10-Q”). On November 20, 2019, the Company received another delinquency notification letter from the Nasdaq relating to the Form 10-Q. The notification letters have no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. The Company has until December 16, 2019 to submit our delinquent Form 10-Q or submit a plan to regain compliance to the Nasdaq. If Nasdaq accepts the Company’s plan, it may grant an exception of up to 180 calendar days from the due date of the Company’s Form 10-K, or until March 30, 2020, to regain compliance. Litigation On October 31, 2019, Southwestern Payroll Services, Inc. (“Southwestern”) filed a complaint against the Company and the Bank (“Pioneer Parties), Michael T. Mann, Valuewise Corporation, MyPayrollHR, LLC and Cloud Payroll, LLC in the United States District Court for the Northern District of New York. The complaint alleges that the Pioneer Parties (i) wrongfully converted certain funds belonging to Southwestern, (ii) engaged in fraudulent and wrongful collection and retention of funds belonging to Southwestern, and (iii) committed gross negligence and that Southwestern is entitled to a constructive trust limiting how the Pioneer Parties distribute the funds in question, which are about $9.8 million. The Pioneer Parties are defending this lawsuit vigorously, and management believes that the Company has substantial defenses to the claims that have been asserted. However, the ultimate outcome of this lawsuit, or any other litigation involving the Company or the Pioneer Parties, cannot be predicted with certainty. It also remains possible that other parties may pursue additional claims against the Bank related to the Bank’s dealings with certain of the named defendants in this proceeding. The Bank’s legal fees and expenses related to these actions are expected to be significant. In addition, costs associated with potentially prosecuting, litigating or settling any litigation, satisfying any adverse judgments, if any, could be significant. These fees, expenses and costs could have a material adverse effect on the Bank’s results of operations or financial position.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Operations and Principles of Consolidation	Operations and Principles of Consolidation The accompanying consolidated financial statements of Pioneer Savings Bank and Subsidiaries (the “Bank”) conform, in all material respects, to accounting principles generally accepted in the United States of America (“GAAP”) and to general practice within the banking industry. The Bank provides financial services through its twenty-two offices in the Capital Region of New York State. Its primary deposit products are checking, savings, money market, and certificate accounts, and its primary lending products are residential mortgage, home equity, commercial business and commercial real estate loans. There are no significant concentrations of loans to any one customer or industry. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the Bank’s market area. The consolidated financial statements include the accounts of Pioneer Savings Bank, as well as Pioneer Commercial Bank, Pioneer Financial Services, Inc., and Anchor Agency, Inc., its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ substantially from those estimates. The allowance for loan losses, valuation of securities and other financial instruments, the funded status and expense of employee benefit plans, and the realizability of deferred tax assets are particularly subject to change.
Subsequent Events	Subsequent Events Subsequent events are events or transactions that occur after the statement of condition date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the statement of condition, including the estimates inherent in the process of preparing consolidated financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the statement of condition but arose after that date. Management has reviewed events occurring through the date the consolidated financial statements were issued and, when appropriate, recognized or disclosed in the consolidated financial statements or notes to the consolidated financial statements. See Note 16, “Mutual Holding Company Reorganization and Minority Stock Issuance” and Note 17 “Subsequent Events,” for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and due from banks, federal funds sold with maturities less than three months, and interest-bearing deposits with banks. Net cash flows are reported for customer loan and deposit transactions, changes in mortgagor’s escrow deposits, and short-term borrowings.
Securities Available for Sale and Securities Held to Maturity	Securities Available for Sale and Securities Held to Maturity Management determines the appropriate classification of securities at the time of purchase. If management has the positive intent and ability to hold debt securities to maturity, they are classified as securities held to maturity and are stated at amortized cost. If securities are purchased for the purpose of selling them in the near term, they are classified as trading securities and are reported at fair value with unrealized gains and losses reflected in current earnings. All other debt and marketable equity securities are classified as securities available for sale and reported at fair value, with net unrealized gains or losses reported, net of income taxes, in accumulated other comprehensive loss, a component of net worth. At June 30, 2019 and 2018, and during the periods then ended, the Bank did not hold any securities considered to be trading securities. Gains or losses on the sale or call of securities are based on the net proceeds received and the amortized cost of the securities sold or called, using the specific identification method. Unrealized losses on securities which reflect a decline in value which is other-than-temporary are charged to income. The cost of securities is adjusted for amortization of premium and accretion of discount, which is calculated on an effective interest method. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. In order to determine OTTI for mortgage-backed securities, asset-backed securities and collateralized mortgage obligations, the Bank compares the present value of the remaining cash flows as estimated at the preceding evaluation date to the current expected remaining cash flows. OTTI is deemed to have occurred if there has been an adverse change in the remaining expected future cash flows. When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. Securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain securities, it is at least reasonably possible that changes in the values of securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated financial statements.
Federal Home Loan Bank of New York (“FHLBNY”) Stock	Federal Home Loan Bank of New York (“FHLBNY”) Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors. FHLBNY stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends, if any, are reported as income.
Loans Held for Sale	Loans Held for Sale Management determines the appropriate classification of mortgage loans at the time of commitment for new loan originations or, for convertible adjustable rate loans, at the time of conversion to a fixed interest rate. Mortgage loans held for sale are recorded at the lower of aggregate cost or fair value as determined by outstanding commitments from investors or fair value based upon recent sales for loans with no commitments. In order to limit the interest rate risk associated with loans held for sale, the Bank may enter into various agreements to sell loans in the secondary mortgage market at fixed rates. Gains and losses on the disposition of loans held for sale are determined based on the difference between the selling price and the carrying value of the loan sold plus the value of servicing rights, if retained. At June 30, 2019 and 2018 the Bank had no loans held for sale.
Net Loans Receivable	Net Loans Receivable Loans receivable are reported at the principal amount outstanding, plus net deferred loan costs and net of the allowance for loan losses. Interest income accrues on the unpaid principal balance. Interest income on loans is not recognized when considered doubtful of collection by management (generally, when principal or interest payments are ninety days or more past due). Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans. A loan is moved to non-accrual status in accordance with the Bank’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on a cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Fees received from loan originations and certain direct origination costs are deferred and amortized into interest income to provide for a level-yield on the underlying loans without anticipating prepayments.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased through charges to the provision for loan losses. Loans are charged against the allowance when management believes that the collectability of the principal is not probable. Recoveries on loans previously charged-off are credited to the allowance for loan losses when realized. The allowance is an amount that management believes is adequate for probable incurred losses on existing loans. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Commercial business, commercial real estate, commercial construction, and certain residential real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures unless classified as a troubled debt restructuring. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Bank determines the amount of an allowance in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Bank over the most recent one, three, five or ten year periods, whichever is highest. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: Commercial, Residential Mortgages, Home Equity Loans and Lines, and Consumer. Commercial loan classes include commercial and industrial, real estate, and construction. The risk characteristics of each of the identified portfolio segments and classes are as follows: Commercial – Commercial and industrial loans are commercial loans other than those secured by real estate. Commercial and industrial loans are generally of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. Commercial real estate loans are secured by multi-family and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Commercial real estate loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow from the property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with oversupply in a specific region. Commercial construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Residential Mortgages – Residential mortgage loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable. Repayment of residential mortgage loans is subject to adverse employment conditions in the local economy leading to increased default rate and decreased market values from oversupply in a geographic area. In general, residential mortgage loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Home Equity Loans and Lines – Home equity loans secured by real estate may entail greater risk than first-lien residential mortgage loans due to a lower lien position. In general, repayment of home equity loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Consumer - Consumer loans, particularly unsecured loans and loans secured by assets that depreciate rapidly, such as motor vehicles, are subject to greater risk. In all cases, collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower.
Derivatives	Derivatives In the normal course of business, the Bank utilizes interest rate swaps with certain commercial borrowers and third-party counterparties. These transactions are accounted for as derivatives. The derivatives are entered into in connection with the Bank’s asset and liability management activities and not for trading purposes. The derivatives are not designated as hedges for accounting purposes and therefore all derivatives are recorded at fair value as derivative assets and derivative liabilities, included in other assets and other liabilities, respectively, in the consolidated statement of condition, with changes in fair value recognized as non-interest income in the consolidated statement of income.
Premises and Equipment	Premises and Equipment Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets (39 years for buildings, 15 years for land improvements and 3 to 10 years for furniture, fixtures and equipment). Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the related leases or the estimated useful lives of the assets. Land is carried at cost.
Other Real Estate Owned	Other Real Estate Owned Other real estate owned (“OREO”) is initially recorded at fair value of the asset acquired less an estimate of the costs to sell, establishing a new cost basis. Fair value of OREO is generally determined through independent appraisals. At the time of foreclosure or when the Bank obtains legal title to the property, the excess, if any, of the recorded investment in the loan over the fair value of the asset received is charged to the allowance for loan losses. Subsequent declines in the fair value of such assets, or increases in the estimated costs to sell the properties and net operating expenses of such assets, are charged directly to other expenses. OREO is included in other assets on the consolidated statements of condition
Bank-Owned Life Insurance	Bank-Owned Life Insurance The Bank is the beneficiary of a policy that insures the lives of certain current and former officers of the Bank. The Bank has recognized the cash surrender value, or the amount that can be realized under the insurance policy, as an asset in the consolidated statements of condition. Changes in the cash surrender value and insurance benefit payments are recorded in noninterest income.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, is recorded as goodwill. Goodwill is carried at its acquired value and is reviewed annually for impairment, or when events or changes in circumstances indicate that carrying amounts may be impaired. Acquired identifiable intangible assets that have finite lives are amortized over their useful economic life. Customer relationship intangibles are generally amortized over fifteen years based upon the projected discounted cash flows of the accounts acquired. Core deposit premium related to the Bank’s assumption of certain deposit liabilities is being amortized over fifteen years. Acquired identifiable intangible assets that are amortized are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may be impaired.
Advertising	Advertising The Bank expenses costs associated with advertising as they are incurred.
Income Taxes	Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Bank recognizes interest and/or penalties related to income tax matters in other expense. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
Statutory Transfer of Surplus	Statutory Transfer of Surplus A quarterly transfer of 10% of net income may be made to surplus in accordance with New York State Banking Regulations. No transfer is required if net worth as a percent of deposits exceeds 10% at the end of each quarter. In accordance with State of New York Banking Law, surplus is subject to certain restrictions, including a prohibition of its use for payment of dividends, except with the approval of the Department of Financial Services.
Financial Instruments	Financial Instruments In the normal course of business, the Bank is a party to certain financial instruments with off-balance-sheet risk such as commitments to extend credit, unused lines of credit and standby letters of credit. The face amount for these items represents exposure to loss, before considering customer collateral, or ability to repay. The Bank’s policy is to record such instruments when funded.
Mortgage Servicing Rights	Mortgage Servicing Rights Mortgage servicing rights are recognized in other assets when loans are sold with servicing retained based on their estimated fair values. The cost allocated to the servicing right is capitalized as a separate asset and amortized in proportion to, and over the period of, estimated net servicing income. Capitalized mortgage servicing rights are assessed for impairment based on the fair value of those rights, and any impairment loss is recognized through a valuation allowance.
Comprehensive Income	Comprehensive Income Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in net worth, net of tax. Other comprehensive income or loss includes the unrealized gain or loss on securities available for sale and changes in the funded status of the Bank’s defined benefit pension and other post-retirement plans, net of tax.
Cash Reserve Requirement	Cash Reserve Requirement The Bank may be required to maintain certain reserves of cash and/or deposits with the Federal Reserve Bank. The Bank had no reserve requirement at June 30, 2019 and 2018.
Employee Benefits	Employee Benefits The Bank has a defined benefit pension plan covering substantially all of its employees. The benefits are developed from actuarial valuations and are based on the employee’s years of service and compensation. Actuarial assumptions such as interest rates, expected return on plan assets, turnover, mortality and rates of future compensation increases have a significant impact on the costs, assets and liabilities of the plan. Pension expense is the net of service cost, interest cost, return on plan assets and amortization of gains and losses not immediately recognized. The Bank maintains a defined contribution 401(k) plan covering substantially all employees meeting certain eligibility requirements. Employer 401(k) expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense principally represents investment performance on the various plan assets. The Bank also provides post-retirement medical and life insurance benefits to certain employees and retirees. The cost of post-retirement benefits is recognized on an accrual basis as employees perform services. Effective October 1, 2006, the post-retirement medical portion of the plan was frozen. Accordingly, after that date there have been no new plan participants.
Reclassifications	Reclassifications Amounts in the prior year’s consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation.
Impact of Recent Accounting Pronouncements	Impact of Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014‑09 to amend its guidance on “Revenue from Contracts with Customers (Topic 606)”. The objective of this ASU is to align the recognition of revenue with the transfer of promised goods or services provided to customers in an amount that reflects the consideration which the entity expects to be entitled in exchange for those goods or services. This ASU will replace most existing revenue recognition guidance under GAAP when it becomes effective. In August 2015, the FASB issued an amendment (ASU 2015‑14) which defers the effective date of this new guidance by one year. More detailed implementation guidance on Topic 606 was issued in March 2016 (ASU 2016‑08), April 2016 (ASU 2016‑10), May 2016 (ASU 2016‑12), December 2016 (ASU 2016‑20), February 2017 (ASU 2017‑05), and September 2017 (ASU‑2017‑13) and the effective date and transition requirements for these ASUs are the same as the effective date and transition requirements of ASU 2014‑09. The amendments in ASU 2014‑09 are effective for the Bank for the fiscal year beginning July 1, 2019. A significant amount of the Bank’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. With respect to noninterest income, the Bank has identified revenue streams within the scope of the guidance and has performed its accounting analysis of the underlying contracts. The Bank will record a cumulative effect adjustment to increase retained earnings in the amount of $290,000. The Bank does not presently expect that changes in the timing of revenue recognition will be material to the amount of annual revenue recognized by the Bank. In January 2016, the FASB issued ASU 2016‑01 to its guidance on “Financial Instruments (Subtopic 825‑10)”. This amendment addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. These amendments require equity securities to be measured at fair value with changes in the fair value to be recognized through net income. The amendments also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. The amendments in ASU 2016‑01 are effective for the Bank for the fiscal year beginning July 1, 2019. The Bank will record a cumulative effect adjustment to increase retained earnings in the amount of $600,000, representing the unrealized gain, net of tax, on those equity securities. In February 2016, the FASB issued ASU 2016‑02 to its guidance on “Leases (Topic 842)”. The new leases standard applies a right-of-use (ROU) model that requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. For leases with a term of 12 months or less, a practical expedient is available whereby a lessee may elect, by class of underlying asset, not to recognize an ROU asset or lease liability. The new leases standard requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under Topic 606. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The amendments in ASU 2016‑02 are effective for the Bank for the fiscal year beginning July 1, 2021. Early adoption is permitted. The adoption of this ASU will result in a gross up of the Consolidated Statements of Condition for right-of-use assets and associated lease liabilities for operating leases in which the Bank is the lessee. 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. In July 2018, the FASB issued ASU No. 2018‑11, Leases (Topic 842): Targeted Improvements, which amends FASB Accounting Standards Codification (ASC), Leases (Topic 842), 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. In December 2018, the FASB issued ASU No. 2018‑20, Narrow-Scope Improvements for Lessors, which addresses issues related to (1) sales tax and similar taxes collected from lessees, (2) certain lessor costs, and (3) recognition of variable payments for contracts with lease and non-lease components. The Bank is evaluating the significance and other effects of adoption on the consolidated financial statements and related disclosures. The Bank is performing its accounting analysis of its branch building and other leases underlying contracts. The Bank is currently evaluating the potential impact on adoption of this ASU on our consolidated financial statements. In June 2016, the FASB issued ASU 2016‑13 to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016‑13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. The amendments in this ASU are effective for the Bank for the fiscal year beginning July 1, 2023. All entities may adopt the amendments in this ASU earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018‑19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016‑13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU 2019-04 clarifies or addresses stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 related to measuring the allowance for loan losses under the new guidance. The effective dates and transition requirements for the amendments related to this Update are the same as the effective dates and transition requirements in Update 2016-13. The Bank is currently evaluating the potential impact on our consolidated results of operations and financial position. The initial adjustment will not be reported in earnings and therefore will not have any material impact on our consolidated results of operations, but it is expected that it will have an impact on our consolidated financial position at the date of adoption of this ASU. At this time, we have not calculated the estimated impact that this ASU will have on our allowance for loan losses, however, we anticipate it will have a significant impact on the methodology process we utilize to calculate the allowance. Alternative methodologies are currently being considered. Data requirements and integrity are being reviewed and enhancements incorporated into standard processes. The Bank is currently evaluating the potential impact on adoption of this ASU on our consolidated financial statements. In August 2016, the FASB issued ASU 2016‑15 which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are intended to reduce diversity in practice. The amendment covers the following cash flows: Cash payments for debt prepayment or extinguishment costs will be classified in financing activities. Upon settlement of zero-coupon bonds and bonds with insignificant cash coupons, the portion of the payment attributable to imputed interest will be classified as an operating activity, while the portion of the payment attributable to principal will be classified as a financing activity. Cash paid by an acquirer that is not soon after a business combination for the settlement of a contingent consideration liability will be separated between financing activities and operating activities. Cash payments up to the amount of the contingent consideration liability recognized at the acquisition date will be classified in financing activities; any excess will be classified in operating activities. Cash paid soon after the business combination will be classified in investing activities. Cash proceeds received from the settlement of insurance claims will be classified on the basis of the related insurance coverage (that is, the nature of the loss). Cash proceeds from lump-sum settlements will be classified based on the nature of each loss included in the settlement. Cash proceeds received from the settlement of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) policies will be classified as cash inflows from investing activities. Cash payments for premiums on COLI and BOLI may be classified as cash outflows for investing, operating, or a combination of both. A transferor’s beneficial interest obtained in a securitization of financial assets will be disclosed as a noncash activity, and cash received from beneficial interests will be classified in investing activities. Distributions received from equity method investees will be classified using either a cumulative earnings approach or a look- through approach as an accounting policy election. The ASU contains additional guidance clarifying when an entity should separate cash receipts and cash payments and classify them into more than one class of cash flows (including when reasonable judgment is required to estimate and allocate cash flows) versus when an entity should classify the aggregate amount into one class of cash flows on the basis of predominance. The amendments in this ASU are effective for the Bank for the fiscal year beginning July 1, 2019. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In November 2016, the FASB issued ASU 2016‑18 to its guidance on “Statement of Cash Flows (Topic 230) Restricted Cash” addresses diversity in practice from entities classifying and presenting transfers between cash and restricted cash as operating, investing or financing activities or as a combination of those activities in the statement of cash flows. The ASU requires entities to show the changes in the total cash, cash equivalents, restricted cash and restricted cash equivalents in the Statement of Cash Flows. As a result, transfers between such categories will no longer be presented in the Statement of Cash Flows. The amendments in this ASU are effective for the Bank for the fiscal year beginning July 1, 2019. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In March 2017, the FASB issued ASU 2017‑07 to its guidance on “Compensation - Retirement Benefits (Topic 715)” to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. ASU 2017‑07 requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments in this ASU are effective for the Bank for the fiscal year beginning July 1, 2019. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. The amendments in this ASU should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit costs in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net period pension cost and net periodic postretirement benefit in assets. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In March 2017, the FASB issued ASU 2017‑08 to its guidance on “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310‑20) related to premium amortization on purchased callable debt securities. The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this ASU are effective for the Bank for the fiscal year beginning July 1, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosure about a change in accounting principle. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In August 2018, the FASB issued ASU 2018‑13 to its guidance on “Fair Value Measurement (Topic 820)”. This update modifies the disclosure requirements on fair value measurements. The following disclosure requirements were removed from Topic 820: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; (3) the valuation processes for Level 3 fair value measurements; and (4) for nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. The following disclosure requirements were modified in Topic 820: (1) in lieu of a rollforward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; (2) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and (3) the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820; however, the disclosures are not required for nonpublic entities: (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. In addition, the amendments eliminate at a minimum from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. The amendments in ASU No. 2018‑13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018‑13 and delay adoption of the additional disclosures until their effective date. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In August 2018, the FASB has 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”, that applies to all employers that sponsor defined benefit pension or other postretirement plans. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The following disclosure requirements were removed from Subtopic 715‑20: (1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year; (2) the amount and timing of plan assets expected to be returned to the employer; (3) the disclosures related to the June 2001 amendments to the Japanese Welfare Pension Insurance Law; related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan; (4) for nonpublic entities, the reconciliation of the opening balances to the closing balances of plan assets measured on a recurring basis in Level 3 of the fair value hierarchy. However, nonpublic entities will be required to disclose separately the amounts of transfers into and out of Level 3 of the fair value hierarchy and purchases of Level 3 plan assets; and (5) for public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. The following disclosure requirements were added to Subtopic 715‑20: (1) the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates; and (2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements in paragraph 715‑20‑50‑3, which state that the following information for defined benefit pension plans should be disclosed: (1) the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets; and (2) the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. ASU No. 2018‑14 is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In April 2019, the FASB issued an Update (ASU 2019-04), Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other Topics in this Update include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: · Accrued Interest · Transfers between Classifications or Categories for Loans and Debt Securities · Recoveries · Consideration of Prepayments in Determining the Effective Interest Rate · Consideration of Estimated Costs to Sell When Foreclosure Is Probable · Vintage Disclosures— Line-of-Credit Arrangements Converted to Term Loans · Contractual Extensions and Renewals The ASU also covered a number of issues that related to hedge accounting including: · Partial-Term Fair Value Hedges of Interest Rate Risk · Amortization of Fair Value Hedge Basis Adjustments · Disclosure of Fair Value Hedge Basis Adjustments · Consideration of the Hedged Contractually Specified Interest Rate under the Hypothetical Derivative Method · Scoping for Not-for-Profit Entities · Hedge Accounting Provisions Applicable to Certain Private Companies and Not-for- Profit Entities · Application of a First- Payments-Received Cash Flow Hedging Technique to Overall Cash Flows on a Group of Variable Interest Payments · Transition Guidance For Codification Improvements specific to ASU 2016-01, the following topics were covered within ASU 2019-04: · Scope Clarifications · Held-to-Maturity Debt Securities Fair Value Disclosures · Applicability of Topic 820 to the Measurement Alternative · Remeasurement of Equity Securities at Historical Exchange Rates ASU 2019-04 has various implementation dates dependent on a number of factors as it pertains to the above items.

SECURITIES AVAILABLE FOR SALE_2

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (Tables)	12 Months Ended
	Jun. 30, 2019
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
Summary of amortized cost and estimated fair value of securities	The amortized cost and estimated fair value of securities are as follows (dollars in thousands): June 30, 2019 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available for sale: U.S. Government and agency obligations $ 70,706 $ 164 $ (3) $ 70,867 Mortgage-backed securities - residential 109 3 — 112 Asset-backed securities 75 55 (2) 128 Collateralized mortgage obligations - residential 525 401 (37) 889 Municipal obligations 14,666 33 — 14,699 Total debt securities 86,081 656 (42) 86,695 Preferred stocks 6,007 52 (1,019) 5,040 Common stocks 2,806 1,067 (255) 3,618 Total available for sale securities $ 94,894 $ 1,775 $ (1,316) $ 95,353 Securities held to maturity: Municipal obligations $ 3,873 $ 14 $ — $ 3,887 June 30, 2018 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available for sale: U.S. Government and agency obligations $ 58,743 $ — $ (185) $ 58,558 Mortgage-backed securities - residential 146 4 — 150 Asset-backed securities 115 49 (2) 162 Collateralized mortgage obligations - residential 692 415 (28) 1,079 Municipal obligations 19,264 3 (4) 19,263 Total debt securities 78,960 471 (219) 79,212 Preferred stocks 6,007 24 (282) 5,749 Common stocks 2,541 727 (166) 3,102 Total available for sale securities $ 87,508 $ 1,222 $ (667) $ 88,063 Securities held to maturity: Municipal obligations $ 5,297 $ 29 $ — $ 5,326
Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position	The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands): June 30, 2019 Less than 12 Months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Securities available for sale: U.S. Government and agency obligations $ 4,969 $ (1) $ 7,988 $ (2) $ 12,957 $ (3) Mortgage-backed securities - residential (1) 1 — 2 — 3 — Asset-backed securities — — 5 (2) 5 (2) Collateralized mortgage obligations - residential 15 (9) 160 (28) 175 (37) Preferred stocks — — 4,986 (1,019) 4,986 (1,019) Common stocks 88 (27) 627 (228) 715 (255) $ 5,073 $ (37) $ 13,768 $ (1,279) $ 18,841 $ (1,316) June 30, 2018 Less than 12 Months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Securities available for sale: U.S. Government and agency obligations $ 52,569 $ (175) $ 5,989 $ (10) $ 58,558 $ (185) Mortgage-backed securities - residential (1) 2 — — — 2 — Asset-backed securities — — 4 (2) 4 (2) Collateralized mortgage obligations - residential 34 (11) 175 (17) 209 (28) Municipal obligations 7,504 (4) — — 7,504 (4) Preferred stocks — — 5,723 (282) 5,723 (282) Common stocks — — 747 (166) 747 (166) $ 60,109 $ (190) $ 12,638 $ (477) $ 72,747 $ (667) (1) Unrealized losses on these securities are less than $500.
Summary of rollforward of the credit losses recognized in earnings	The table below presents a rollforward of the credit losses recognized in earnings (dollars in thousands): Balance, July 1, 2017 $ 2,431 Reductions for amounts realized for securities transactions (925) Balance, June 30, 2018 1,506 Reductions for amounts realized for securities transactions (29) Balance, June 30, 2019 $ 1,477
Summary of fair value of debt securities and carrying amount, if different, by contractual maturity	The fair value of debt securities and carrying amount, if different, by contractual maturity were as follows (dollars in thousands). Securities not due at a single maturity date are shown separately. June 30, 2019 Amortized Estimated Cost Fair Value Securities available for sale: Due in one year or less $ 75,416 $ 75,593 Due after one to five years 9,956 9,973 Mortgage-backed securities - residential 109 112 Asset-backed securities 75 128 Collateralized mortgage obligations - residential 525 889 $ 86,081 $ 86,695 Securities held to maturity: Due in one year or less $ 3,748 $ 3,762 Due after one to five years — — Due after five to ten years 125 125 $ 3,873 $ 3,887 June 30, 2018 Amortized Estimated Cost Fair Value Securities available for sale: Due in one year or less $ 51,217 $ 51,101 Due after one to five years 26,790 26,720 Mortgage-backed securities - residential 146 150 Asset-backed securities 115 162 Collateralized mortgage obligations - residential 692 1,079 $ 78,960 $ 79,212 Securities held to maturity: Due in one year or less $ 5,091 $ 5,120 Due after one to five years 66 66 Due after five to ten years 140 140 $ 5,297 $ 5,326

NET LOANS RECEIVABLE (Tables)

NET LOANS RECEIVABLE (Tables)	12 Months Ended
	Jun. 30, 2019
NET LOANS RECEIVABLE
Schedule of net loans receivable	A summary of net loans receivable is as follows (dollars in thousands): June 30, 2019 June 30, 2018 Commercial: Real estate $ 414,375 $ 375,852 Commercial and industrial 183,262 194,183 Construction 85,274 84,569 Total commercial 682,911 654,604 Residential mortgages 281,388 249,635 Home equity loans and lines 80,258 78,286 Consumer 21,482 14,977 1,066,039 997,502 Net deferred loan costs 2,398 1,910 Allowance for loan losses (14,499) (13,510) Net loans receivable $ 1,053,938 $ 985,902
Schedule of activity in allowance for loan losses by portfolio segment	The following table presents the activity in the allowance for loan losses by portfolio segment (dollars in thousands): For the Year Ended June 30, 2019 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses at beginning of year $ 10,414 $ 2,166 $ 770 $ 160 $ 13,510 Provisions charged to operations 1,729 279 90 252 2,350 Loans charged off (1,086) (85) (47) (179) (1,397) Recoveries on loans charged off — — — 36 36 Allowance for loan losses at end of year $ 11,057 $ 2,360 $ 813 $ 269 $ 14,499 For the Year Ended June 30, 2018 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses at beginning of year $ 9,506 $ 1,427 $ 740 $ 147 $ 11,820 Provisions charged to operations 1,082 739 44 105 1,970 Loans charged off (174) — (17) (152) (343) Recoveries on loans charged off — — 3 60 63 Allowance for loan losses at end of year $ 10,414 $ 2,166 $ 770 $ 160 $ 13,510
Schedule of balance in allowance for loan losses and recorded investment	The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method (dollars in thousands): June 30, 2019 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses: Related to loans individually evaluated for impairment $ 426 $ — $ — $ — $ 426 Related to loans collectively evaluated for impairment 10,631 2,360 813 269 14,073 Ending balance $ 11,057 $ 2,360 $ 813 $ 269 $ 14,499 Loans: Individually evaluated for impairment $ 8,067 $ — $ — $ — $ 8,067 Loans collectively evaluated for impairment 674,844 281,388 80,258 21,482 1,057,972 Ending balance $ 682,911 $ 281,388 $ 80,258 $ 21,482 $ 1,066,039 June 30, 2018 Residential Commercial Mortgages Home Equity Consumer Total Allowance for loan losses: Related to loans individually evaluated for impairment $ 1,329 $ — $ — $ — $ 1,329 Related to loans collectively evaluated for impairment 9,085 2,166 770 160 12,181 Ending balance $ 10,414 $ 2,166 $ 770 $ 160 $ 13,510 Loans: Individually evaluated for impairment $ 4,753 $ — $ — $ — $ 4,753 Loans collectively evaluated for impairment 649,851 249,635 78,286 14,977 992,749 Ending balance $ 654,604 $ 249,635 $ 78,286 $ 14,977 $ 997,502
Schedule of impaired loans by class	The following table presents information related to impaired loans by class (dollars in thousands): For the Year Ended June 30, 2019 June 30, 2019 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Commercial: Real estate $ 5,593 $ 5,376 $ — $ 5,608 $ — Commercial and industrial 59 48 — 59 — Construction 1,377 1,377 — 1,106 — Subtotal 7,029 6,801 — 6,773 — With an allowance recorded: Commercial: Real estate — — — — — Commercial and industrial 1,266 1,266 426 1,293 95 Subtotal 1,266 1,266 426 1,293 95 Total $ 8,295 $ 8,067 $ 426 $ 8,066 $ 95 For the Year Ended June 30, 2018 June 30, 2018 Unpaid Allowance for Average Interest Principal Recorded Loan Losses Recorded Income Balance Investment Allocated Investment Recognized With no related allowance recorded: Commercial: Real estate $ 2,419 $ 2,227 $ — $ 2,439 $ — Commercial and industrial 62 55 — 66 1 Subtotal 2,481 2,282 — 2,505 1 With an allowance recorded: Commercial: Real estate — — — — — Commercial and industrial 2,473 2,471 1,329 2,498 95 Subtotal 2,473 2,471 1,329 2,498 95 Total $ 4,954 $ 4,753 $ 1,329 $ 5,003 $ 96
Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual	The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans (dollars in thousands): June 30, June 30, 2019 2018 Past Due Past Due 90 Days 90 Days Still on Still on Nonaccrual Accrual Nonaccrual Accrual Commercial: Real estate $ 5,618 $ 58 $ 2,236 $ 180 Commercial and industrial 42 — 705 — Construction 1,377 — — — Residential mortgages 4,028 — 3,834 1,232 Home equity loans and lines 1,497 41 970 330 Consumer — 19 — 24 $ 12,562 $ 118 $ 7,745 $ 1,766
Schedule of aging of recorded investment	The following table presents the aging of the recorded investment in loans by class of loans (dollars in thousands): June 30, 2019 30 - 59 60 - 89 90 or more Days Days Days Total Loans Not Past Due Past Due Past Due Past Due Past Due Total Commercial: Real estate $ 3 $ — $ 5,490 $ 5,493 $ 408,882 $ 414,375 Commercial and industrial — — 42 42 183,220 183,262 Construction — — 1,377 1,377 83,897 85,274 Residential mortgages 156 217 2,699 3,072 278,316 281,388 Home equity loans and lines 476 318 988 1,782 78,476 80,258 Consumer 5 — 19 24 21,458 21,482 Total $ 640 $ 535 $ 10,615 $ 11,790 $ 1,054,249 $ 1,066,039 June 30, 2018 30 - 59 60 - 89 90 or more Days Days Days Total Loans Not Past Due Past Due Past Due Past Due Past Due Total Commercial: Real estate $ 634 $ 21 $ 2,083 $ 2,738 $ 373,114 $ 375,852 Commercial and industrial 1,346 45 659 2,050 192,133 194,183 Construction 205 — — 205 84,364 84,569 Residential mortgages 716 781 4,696 6,193 243,442 249,635 Home equity loans and lines 205 385 1,183 1,773 76,513 78,286 Consumer 7 1 24 32 14,945 14,977 Total $ 3,113 $ 1,233 $ 8,645 $ 12,991 $ 984,511 $ 997,502
Schedule of loans by risk category	The following table presents commercial loans summarized by class of loans and the risk category (dollars in thousands): June 30, 2019 Special Pass Mention Substandard Doubtful Total Commercial Real estate $ 406,317 $ 2,440 $ 5,618 $ — $ 414,375 Commercial and industrial 179,099 226 3,937 — 183,262 Construction 83,897 — 1,377 — 85,274 $ 669,313 $ 2,666 $ 10,932 $ — $ 682,911 June 30, 2018 Special Pass Mention Substandard Doubtful Total Commercial Real estate $ 371,781 $ 1,836 $ 2,235 $ — $ 375,852 Commercial and industrial 190,639 1,494 1,391 659 194,183 Construction 84,569 — — — 84,569 $ 646,989 $ 3,330 $ 3,626 $ 659 $ 654,604

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Jun. 30, 2019
DERIVATIVES
Schedule of offsetting of derivative assets and liabilities	The estimated fair value of derivatives not designated as hedging instruments are as follows (dollars in thousands): June 30, 2019 Derivative Derivative Assets Liabilities Gross interest rate swaps $ 13,550 $ 13,550 Less: master netting arrangements (88) (88) Less: cash collateral applied — (13,318) Net amount $ 13,462 $ 144 June 30, 2018 Derivative Derivative Assets Liabilities Gross interest rate swaps $ 4,471 $ 4,471 Less: master netting arrangements (304) (304) Less: cash collateral applied (2,642) (400) Net amount $ 1,525 $ 3,767

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Jun. 30, 2019
PREMISES AND EQUIPMENT
Schedule of useful lives of leasehold improvements and equipment by class	Premises and equipment consists of the following (dollars in thousands): June 30, June 30, 2019 2018 Land $ 6,678 $ 7,031 Leaseholds and land improvements 2,272 2,227 Buildings 29,630 29,908 Furniture, fixtures, and equipment 14,252 13,214 Construction in progress 1,000 909 53,832 53,289 Less accumulated depreciation and amortization (12,122) (10,387) $ 41,710 $ 42,902

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jun. 30, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of changes in goodwill	Changes in goodwill were as follows (dollars in thousands): Balance, July 1, 2017 $ 5,242 Acquired 2,050 Balance, June 30, 2018 7,292 Acquired — Balance, June 30, 2019 $ 7,292
Schedule of acquired other intangible assets	Acquired other intangible assets were as follows (dollars in thousands): June 30, June 30, 2019 2018 Customer relationship intangibles: Gross carrying amount $ 2,645 $ 2,645 Less: accumulated amortization (493) (203) Net carrying amount 2,152 2,442 Core deposit intangibles: Gross carrying amount 562 562 Less: accumulated amortization (191) (130) Net carrying amount 371 432 Total other intangible assets: Gross carrying amount 3,207 3,207 Less: accumulated amortization (684) (333) Net carrying amount $ 2,523 $ 2,874
Schedule of estimated amortization expense for the next five years	Estimated amortization expense for the next five years is as follows (dollars in thousands): Year ending June 30, 2020 $ 354 2021 327 2022 300 2023 274 2024 247

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Jun. 30, 2019
DEPOSITS
Schedule of deposit account balances	Deposit account balances are summarized as follows (dollars in thousands): June 30, June 30, 2019 2018 Non-interest bearing demand accounts $ 357,523 $ 345,048 Interest-bearing accounts: Interest-bearing demand accounts 220,546 97,191 Savings accounts 250,856 244,050 Money market accounts 371,828 334,884 Time deposits 130,565 129,089 Total interest bearing accounts 973,795 805,214 Total deposits $ 1,331,318 $ 1,150,262
Schedule of maturities of time deposits	Scheduled maturities of time deposits for the next five years are as follows (dollars in thousands): Year ending June 30, 2020 $ 65,983 2021 39,679 2022 7,836 2023 10,166 2024 6,901 $ 130,565

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Jun. 30, 2019
OTHER COMPREHENSIVE INCOME
Schedule of reclassifications out of accumulated other comprehensive loss	Reclassifications out of accumulated other comprehensive loss were as follows (dollars in thousands): Details About Accumulated Other Amount Reclassified from Accumulated Affected Line Item in the Statement Comprehensive Loss Components Other Comprehensive Loss Where Net Income is Presented Years ended June 30, 2019 2018 Unrealized gains/losses on securities (before tax): Net gains included in net income $ 6 $ 812 Net gain on securities transactions Tax expense (1) (212) Income tax expense Net of tax 5 600 Amortization of defined benefit plan items (before tax): Net actuarial loss (760) (1,458) Salaries and employee benefits Tax benefit 198 381 Income tax expense Net of tax (562) (1,077) Total reclassification for the year, net of tax $ (557) $ (477)
Schedule of changes in components of accumulated other comprehensive income (loss), net of tax	The balances and changes in the components of accumulated other comprehensive income (loss), net of tax are as follows (dollars in thousands): Accumulated Unrealized Other Gains/Losses Defined Comprehensive on Securities Benefit Plans Loss Accumulated other comprehensive income (loss) as of July l, 2017 $ 365 (10,033) $ (9,668) Other comprehensive income (loss) before reclassifications 645 (443) 202 Amounts reclassified from accumulated other comprehensive income (loss) (600) 1,077 477 Accumulated other comprehensive income (loss) as of June 30, 2018 410 (9,399) (8,989) Other comprehensive income (loss) before reclassifications (67) (2,604) (2,671) Amounts reclassified from accumulated other comprehensive income (loss) (5) 562 557 Accumulated other comprehensive income (loss) as of June 30, 2019 $ 338 (11,441) $ (11,103)
Schedule of income tax expense (benefit) allocated to component of other comprehensive income (loss)	The amounts of income tax expense (benefit) allocated to each component of other comprehensive income (loss) were as follows (dollars in thousands): For the Year Ended June 30, 2019 2018 Unrealized gains/losses on securities: Unrealized holdings (losses) gains arising during the period $ (24) $ 217 Reclassification adjustment for gains included in net income (1) (213) (25) 4 Defined benefit plans: Change in funded status (921) 542 Reclassification adjustment for amortization of net actuarial loss 198 381 (723) 923 $ (748) $ 927

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Jun. 30, 2019
EMPLOYEE BENEFIT PLANS
Summary of amounts recognized in the consolidated statement of condition related to the Bank’s plans	Amounts recognized in the consolidated statement of condition related to the Bank’s plans are as follows as of June 30 (dollars in thousands): 2019 2018 Other assets Pension asset $ — $ 2,821 Other liabilities Unfunded pension liability $ 464 $ — Accumulated post-retirement benefit obligation 1,655 1,570 $ 2,119 $ 1,570 Accumulated other comprehensive loss (gain), net of taxes Pension plan $ 11,308 $ 9,424 Post-retirement benefit plan 133 (25) $ 11,441 $ 9,399
Summary of defined benefit pension plan	The following table sets forth information on the Bank’s defined benefit pension plan as of June 30 (dollars in thousands): 2019 2018 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 48,137 $ 47,974 Service cost 1,574 1,313 Interest cost 1,918 1,857 Assumption changes — (2,727) Actuarial loss 5,976 1,046 Benefits paid (1,455) (1,326) Projected benefit obligation at end of year 56,150 48,137 Change in fair value of plan assets: Fair value of plan assets at beginning of year 50,958 46,718 Actual return on plan assets 6,237 3,639 Employer contributions — 2,000 Expenses (54) (73) Benefits paid (1,455) (1,326) Fair value of plan assets at end of year 55,686 50,958 (Unfunded) funded status of plan at end of year $ (464) $ 2,821
Summary of actuarial assumptions used in determining the present value of the projected benefit obligations and net periodic pension cost	The actuarial assumptions used in determining the present value of the projected benefit obligations and net periodic pension cost as of and for the years ended June 30 were as follows: 2019 2018 Weighted average assumptions – benefit obligations Discount rate 3.49 % 4.12 % Annual rate of compensation increase 3.00 % 3.00 % Weighted average assumptions – net periodic benefit cost Discount rate 4.12 % 3.85 % Annual rate of compensation increase 3.00 % 3.00 % Expected long-term rate of return on plan assets 7.00 % 7.35 %
Summary of pension plan asset allocation, target allocation, and expected long-term rate of return by asset category	The Bank’s pension plan asset allocation at June 30, 2019 and 2018, target allocation for 2019, and expected long-term rate of return by asset category are as follows: Percentage of Weighted- Target Plan Assets at Average Expected Allocation Year End Long-Term Rate Asset Category 2019 2019 2018 of Return Equity securities 65.0 % 62.5 % 66.0 % 5.00 – 9.00 % Fixed income securities 35.0 % 37.5 % 34.0 % 1.00 – 4.00 % Total 100.0 % 100.0 %
Summary of fair values of the plan assets by asset category	The fair values of the plan assets at June 30, by asset category, are as follows (dollars in thousands): June 30, 2019 Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Mutual funds American Funds New World R6 $ 2,819 $ 2,819 $ — $ — Cohen & Steers Real Estate SECS I 1,614 1,614 — — Fidelity Capital & Income Fund 2,778 2,778 — — PIMCO Commodities Plus Strat Fd Inst 1,711 1,711 — — PIMCO Long Term Credit Bond Inst 8,417 8,417 — — PIMCO Low Duration Incm Fd I 2,212 2,212 — — Vanguard Developed Mkts Index Inst 7,283 7,283 — — Vanguard Growth Index Fund Instl 7,736 7,736 — — Vanguard Mid Cap Index Funds Admiral 3,893 3,893 — — Vanguard Small Cap I 3,338 3,338 — — Vanguard Value Index Instl Shares 7,787 7,787 — — Western Asset Core Bd Fd I 5,548 5,548 — — Money Market 550 550 — — Total plan assets $ 55,686 $ 55,686 $ — $ — June 30, 2018 Fair Value Measurements Quoted Prices in Significant Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Separate investment accounts Premier Short-Duration Bond (Barings) $ 2,307 $ — $ 2,307 $ — Long Duration Bond (Barings) 7,410 — 7,410 — Premier Diversified Bond (Barings) 5,059 — 5,059 — Premier High Yield (Barings) 2,555 — 2,555 — Washington Mutual Invs (American) 4,658 — 4,658 — Select Focused Value (Harris) 2,602 — 2,602 — MM S&P 500 Index (Northern Trust) 2,609 — 2,609 — Select Blue Chip Growth (T.Rowe Price) 4,787 — 4,787 — Special Mid Cap Value (Wells Fargo) 1,782 — 1,782 — Select Mid Cap Gr II (TRP/Frontier) 1,803 — 1,803 — Premier Oppenheimer FdsSm Cp Opp II 3,285 — 3,285 — International Value (MFS) 2,041 — 2,041 — EuroPacific Growth (American) 2,473 — 2,473 — International Growth (OFI) 1,991 — 1,991 — New World (American) 2,442 — 2,442 — Real Estate (OFI) 1,613 — 1,613 — Commodity Rl Rtn Strat (PIMCO) 1,541 — 1,541 — Total plan assets $ 50,958 $ — $ 50,958 $ —
Summary of plan’s funded status and amounts recognized in the Bank’s consolidated financial statements	The following table sets forth the plan’s funded status and amounts recognized in the Bank’s consolidated financial statements at June 30 (dollars in thousands): 2019 2018 Change in accumulated post-retirement benefit obligation: Accumulated benefit obligation at beginning of year $ 1,570 $ 1,763 Service cost 30 35 Interest cost 65 61 Actuarial loss (gain) 32 (171) Effect of changes in assumptions 181 (71) Benefits paid (43) (47) Accumulated benefit obligation at end of year 1,835 1,570 Change in plan assets: Fair value of plan assets at beginning of year — — Actual return on plan assets — — Employer contributions 43 47 Benefits paid (43) (47) Fair value of plan assets at end of year — — Unfunded status at end of year $ 1,835 $ 1,570
Summary of amounts recognized in accumulated other comprehensive (gain) loss, before tax effect	Amounts recognized in accumulated other comprehensive (gain) loss, before tax effect, at June 30, consist of (dollars in thousands): 2019 2018 Net actuarial loss (gain) $ 180 $ (34)
Pension plan
EMPLOYEE BENEFIT PLANS
Summary of net periodic cost included in the Bank’s consolidated statements of income	Net periodic pension cost included in the Bank’s consolidated statements of income included the following components (dollars in thousands): For the Year Ended June 30, 2019 2018 Service cost $ 1,574 $ 1,313 Interest cost 1,918 1,857 Expected return on plan assets (3,518) (3,413) Amortization of net actuarial loss 760 1,458 Net periodic pension cost $ 734 $ 1,215
Summary of projected benefit payments under the plan over the next ten years	The benefit payments expected to be paid over the next ten years are as follows (dollars in thousands): Fiscal year ending June 30, 2020 $ 1,442 2021 1,483 2022 1,538 2023 1,583 2024 1,702 Years 2025 – 2029 10,885
Post-retirement benefit plan
EMPLOYEE BENEFIT PLANS
Summary of net periodic cost included in the Bank’s consolidated statements of income	Net periodic post-retirement benefit cost included in the Bank’s consolidated statements of income included the following components (dollars in thousands): For the Year Ended June 30, 2019 2018 Service cost $ 30 $ 35 Interest cost 65 61 Net periodic post-retirement benefit cost $ 95 $ 96
Summary of projected benefit payments under the plan over the next ten years	The projected benefit payments under the plan over the next ten years are as follows (dollars in thousands): Fiscal year ending June 30, 2020 $ 52 2021 53 2022 54 2023 58 2024 61 Years 2025 – 2029 380

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2019
INCOME TAXES
Summary of components of income tax expense	The components of income tax expense were as follows (dollars in thousands): For the Years Ended June 30, 2019 2018 Current tax expense $ 4,893 $ 4,232 Deferred tax expense (benefit) (63) 2,078 Total income tax expense $ 4,830 $ 6,310
Schedule of reconciliation between income tax expense for financial statement purposes and amount computed by applying statutory federal income tax rate of 35% to pretax income before extraordinary item	Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following (dollars in thousands): June 30, 2019 2018 Amount Rate Amount Rate Income before tax at the federal tax rate $ 5,008 21.0 % $ 4,987 28.0 % State expense, net of federal benefit 580 2.4 % 548 3.1 % Federal tax rate change (580) (2.4) % 1,200 6.7 % Tax-exempt income (164) (0.7) % (230) (1.3) % Bank-owned life insurance (25) (0.1) % (32) (0.2) % Other, net 11 — % (163) (0.9) % Total income tax expense $ 4,830 20.2 % $ 6,310 35.4 %
Schedule of components of net deferred tax assets and liabilities	The tax effects that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (dollars in thousands): June 30, June 30, 2019 2018 Deferred tax assets Allowance for loan losses $ 4,441 $ 4,001 OTTI – securities 406 414 Post-retirement benefit obligations 452 438 Deferred compensation 309 303 Unfunded defined benefit and postretirement benefit plan liabilities 4,049 3,326 Other 251 436 Total deferred tax assets 9,908 8,918 Deferred tax liabilities Depreciation (2,174) (1,278) Net deferred loan origination costs (571) (581) Prepaid pension (4,083) (4,284) Prepaid expenses (139) (130) Unrealized gains on securities available for sale (120) (145) Other (191) (100) Total deferred tax liabilities (7,278) (6,518) Net deferred tax asset at end of year $ 2,630 $ 2,400

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Jun. 30, 2019
COMMITMENTS AND CONTINGENT LIABILITIES
Schedule of contractual amount of exposure to off-balance-sheet risk	The Bank uses the same credit policies in making commitments as it does for on-balance-sheet instruments. June 30, 2019 Fixed Variable Rate Rate Total Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds): Commitments to extend credit $ 23,892 $ 357,223 $ 381,115 Standby letters of credit — 33,385 33,385 $ 23,892 $ 390,608 $ 414,500 June 30, 2018 Fixed Variable Rate Rate Total Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds): Commitments to extend credit $ 16,144 $ 252,250 $ 268,394 Standby letters of credit — 25,507 25,507 $ 16,144 $ 277,757 $ 293,901
Schedule of future minimum lease payments under noncancelable operating lease	The future minimum payments by year and in the aggregate, under all significant noncancelable operating leases with initial or remaining terms of one year or more, are as follows (dollars in thousands): Year ending June 30, 2020 $ 515 2021 358 2022 335 2023 346 2024 294 Thereafter 1,120 $ 2,968

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Jun. 30, 2019
FAIR VALUE
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands): June 30, 2019 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets: Available for sale securities: U.S. Government and agency obligations $ 70,867 $ 70,867 $ — $ — Mortgage-backed securities - residential 112 — 112 — Asset-backed securities 128 — 128 — Collateralized mortgage obligations – residential 889 — 889 — Municipal obligations 14,699 — 14,699 — Total debt securities 86,695 70,867 15,828 — Preferred stocks 5,040 1,970 3,070 — Common stocks 3,618 3,618 — — Total available for sale securities 95,353 76,455 18,898 — Derivative assets 13,462 — 13,462 — Total $ 108,815 $ 76,455 $ 32,360 $ — Liabilities: Derivative liabilities $ 144 $ — $ 144 $ — Total $ 144 $ — $ 144 $ — June 30, 2018 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Assets: Available for sale securities: U.S. Government and agency obligations $ 58,558 $ 58,558 $ — $ — Mortgage-backed securities - residential 150 — 150 — Asset-backed securities 162 — 162 — Collateralized mortgage obligations – residential 1,079 — 1,079 — Municipal obligations 19,263 — 19,263 — Total debt securities 79,212 58,558 20,654 — Preferred stocks 5,749 2,171 3,578 — Common stocks 3,102 3,102 — — Total available for sale securities 88,063 63,831 24,232 — Derivative assets 1,525 — 1,525 — Total $ 89,588 $ 63,831 $ 25,757 $ — Liabilities: Derivative liabilities $ 3,767 $ — $ 3,767 $ — Total $ 3,767 $ — $ 3,767 $ —
Schedule of assets and liabilities measured at fair value on a non-recurring basis	Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands): Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) June 30, 2019 Impaired loans: Commercial loans $ 840 $ — $ — $ 840 OREO 158 — — 158 June 30, 2018 Impaired loans: Commercial loans $ 1,142 $ — $ — $ 1,142 OREO 72 — — 72
Schedule of carrying and estimated fair values of financial assets and liabilities	The carrying and estimated fair values of financial assets and liabilities as of June 30 were as follows (dollars in thousands): June 30, 2019 Fair Value Measurements Using Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 230,109 $ 230,109 $ 230,109 $ — $ — Securities available for sale 95,353 95,353 76,455 18,898 — Securities held to maturity 3,873 3,887 — 3,887 — Net loans receivable 1,053,938 1,065,328 — — 1,065,328 FHLBNY stock 924 924 — 924 — Accrued interest receivable 4,374 4,374 — 4,374 — Derivatives 13,462 13,462 — 13,462 — Financial liabilities Deposits Savings, money market, and demand accounts $ 1,200,753 $ 1,200,753 $ — $ 1,200,753 $ — Time deposits 130,565 130,680 — 130,680 — Mortgagors’ escrow deposits 6,044 6,044 — 6,044 — Accrued interest payable 17 17 — 17 — Derivatives 144 144 — 144 — June 30, 2018 Fair Value Measurements Using Significant Active Markets Other Significant for Identical Observable Unobservable Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) Financial assets Cash and cash equivalents $ 120,280 $ 120,280 $ 120,280 $ — $ — Securities available for sale 88,063 88,063 63,831 24,232 — Securities held to maturity 5,297 5,326 — 5,326 — Net loans receivable 985,902 988,857 — — 988,857 FHLBNY stock 883 883 — 883 — Accrued interest receivable 3,854 3,854 — 3,854 — Derivatives 1,525 1,525 — 1,525 — Financial liabilities Deposits Savings, money market, and demand accounts $ 1,021,173 $ 1,021,173 $ — $ 1,021,173 $ — Time deposits 129,089 128,810 — 128,810 — Mortgagors’ escrow deposits 5,382 5,382 — 5,382 — Accrued interest payable 11 11 — 11 — Derivatives 3,767 3,767 — 3,767 —

REGULATORY CAPITAL (Tables)

REGULATORY CAPITAL (Tables)	12 Months Ended
	Jun. 30, 2019
REGULATORY CAPITAL
Schedule of actual capital amounts and ratios for the Bank and Pioneer Commercial Bank	The actual capital amounts and ratios for the Bank and Pioneer Commercial Bank, are presented in the following table (dollars in thousands): To be Well For Capital Capitalized Under For Capital Adequacy Purposes Prompt Actual Adequacy Purposes with Capital Buffer Corrective Action Pioneer Savings Bank Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2019: Tier 1 (leverage) capital $ 136,879 9.99 % $ 54,808 4.00 % N/A N/A $ 68,510 5.00 % Risk-based capital Common Tier 1 $ 136,879 12.58 % $ 48,974 4.50 % $ 76,182 7.00 % $ 70,741 6.50 % Tier 1 $ 136,879 12.58 % $ 65,299 6.00 % $ 92,507 8.50 % $ 87,066 8.00 % Total $ 150,776 13.85 % $ 87,066 8.00 % $ 114,274 10.50 % $ 108,832 10.00 % As of June 30, 2018: Tier 1 (leverage) capital $ 116,675 9.17 % $ 50,896 4.00 % N/A N/A $ 63,619 5.00 % Risk-based capital Common Tier 1 $ 116,675 11.59 % $ 45,298 4.50 % $ 64,173 6.375 % $ 65,431 6.50 % Tier 1 $ 116,675 11.59 % $ 60,398 6.00 % $ 79,272 7.875 % $ 80,531 8.00 % Total $ 129,494 12.86 % $ 80,531 8.00 % $ 99,405 9.875 % $ 100,663 10.00 % To be Well For Capital Capitalized Under For Capital Adequacy Purposes Prompt Actual Adequacy Purposes with Capital Buffer Corrective Action Pioneer Commercial Bank Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2019: Tier 1 (leverage) capital $ 24,502 7.64 % $ 12,826 4.00 % N/A N/A $ 16,032 5.00 % Risk-based capital Common Tier 1 $ 24,502 42.25 % $ 2,610 4.50 % $ 4,059 7.00 % $ 3,769 6.50 % Tier 1 $ 24,502 42.25 % $ 3,480 6.00 % $ 4,929 8.50 % $ 4,639 8.00 % Total $ 24,502 42.25 % $ 4,639 8.00 % $ 6,089 10.50 % $ 5,799 10.00 % As of June 30, 2018: Tier 1 (leverage) capital $ 18,200 6.99 % $ 10,410 4.00 % N/A N/A $ 13,013 5.00 % Risk-based capital Common Tier 1 $ 18,200 39.61 % $ 2,068 4.50 % $ 2,929 6.375 % $ 2,987 6.50 % Tier 1 $ 18,200 39.61 % $ 2,757 6.00 % $ 3,618 7.875 % $ 3,676 8.00 % Total $ 18,200 39.61 % $ 3,676 8.00 % $ 4,537 9.875 % $ 4,595 10.00 %

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other (Details)	12 Months Ended
	Jun. 30, 2019USD ($)Office	Jun. 30, 2018USD ($)
Operations and Principles of Consolidation
Number of offices in Capital Region of New York | Office	22
Loans Held for Sale
Loans held for sale | $	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Premises and Equipment (Details)	12 Months Ended
	Jun. 30, 2019
Buildings
Premises and Equipment
Estimated useful lives	39 years
Land improvements
Premises and Equipment
Estimated useful lives	15 years
Furniture, fixtures and equipment | Minimum
Premises and Equipment
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Premises and Equipment
Estimated useful lives	10 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Jun. 30, 2019
Customer relationship
Intangible assets
Amortization period	15 years
Core deposit
Intangible assets
Amortization period	15 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Recent Accounting Pronouncements (Details) - Scenario Forecast Adjustment	Jul. 01, 2019USD ($)
ASU 2014-09
Impact of Recent Accounting Pronouncements
Cumulative effect adjustment to increase retained earnings	$ 290,000
ASU 2016-01
Impact of Recent Accounting Pronouncements
Cumulative effect adjustment to increase retained earnings	$ 600,000

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Thousands	Jul. 01, 2017USD ($)	May 29, 2018USD ($)	Mar. 31, 2020USD ($)installment	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
ACQUISITIONS
Goodwill				$ 7,292	$ 7,292	$ 5,242
Acquisitions
ACQUISITIONS
Goodwill		$ 2,100
Other intangible assets		2,600
Ward Financial Management, LTD
ACQUISITIONS
Total cash consideration		$ 3,400
Capital Region Strategic Employee Benefits Services, LLC
ACQUISITIONS
Total cash consideration	$ 1,300
JFA | Forecast
ACQUISITIONS
Percentage of shares acquired			100.00%
Aggregate purchase price			$ 12,750
Number of installments in which the purchase price is payable | installment			4
Closing payment			$ 3,750
Installment payment			$ 3,000
Minimum percentage decline in orgnanic revenue of acquiree that would trigger each installment payment to be adjusted			5.00%
Earn-out adjustment equal to the percentage of positive difference between acquiree's EBITDA and target EBITDA			50.00%
Minimum percentage of organic revenue growth for the applicable performance period that would trigger an earn-out adjustment			10.00%

SECURITIES AVAILABLE FOR SALE_3

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Securities available for sale
Amortized cost	$ 86,081	$ 78,960
Gross Unrealized Gains	656	471
Gross Unrealized Losses	(42)	(219)
Estimated fair value	86,695	79,212
Equity securities
Total Amortized Cost	94,894	87,508
Total Gross Unrealized Gains	1,775	1,222
Total Gross Unrealized Losses	(1,316)	(667)
Total available for sale securities	95,353	88,063
Securities held to maturity:
Amortized Cost	3,873	5,297
Estimated fair value	3,887	5,326
U.S. Government and agency obligations
Securities available for sale
Amortized cost	70,706	58,743
Gross Unrealized Gains	164
Gross Unrealized Losses	(3)	(185)
Estimated fair value	70,867	58,558
Mortgage-backed securities – residential
Securities available for sale
Amortized cost	109	146
Gross Unrealized Gains	3	4
Estimated fair value	112	150
Asset-backed securities
Securities available for sale
Amortized cost	75	115
Gross Unrealized Gains	55	49
Gross Unrealized Losses	(2)	(2)
Estimated fair value	128	162
Collateralized mortgage obligations - residential
Securities available for sale
Amortized cost	525	692
Gross Unrealized Gains	401	415
Gross Unrealized Losses	(37)	(28)
Estimated fair value	889	1,079
Municipal obligations
Securities available for sale
Amortized cost	14,666	19,264
Gross Unrealized Gains	33	3
Gross Unrealized Losses		(4)
Estimated fair value	14,699	19,263
Securities held to maturity:
Amortized Cost	3,873	5,297
Gross Unrealized Gains	14	29
Estimated fair value	3,887	5,326
Preferred stocks
Equity securities
Amortized Cost	6,007	6,007
Gross Unrealized Gains	52	24
Gross Unrealized Losses	(1,019)	(282)
Estimated Fair Value	5,040	5,749
Common stocks
Equity securities
Amortized Cost	2,806	2,541
Gross Unrealized Gains	1,067	727
Gross Unrealized Losses	(255)	(166)
Estimated Fair Value	$ 3,618	$ 3,102

SECURITIES AVAILABLE FOR SALE_4

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Estimated Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Estimated Fair Value
Less than 12 Months	$ 5,073	$ 60,109
12 Months or Longer	13,768	12,638
Total	18,841	72,747
Unrealized Losses
Less than 12 Months	(37)	(190)
12 Months or Longer	(1,279)	(477)
Total	(1,316)	(667)
U.S. Government and agency obligations
Estimated Fair Value
Less than 12 Months	4,969	52,569
12 Months or Longer	7,988	5,989
Total	12,957	58,558
Unrealized Losses
Less than 12 Months	(1)	(175)
12 Months or Longer	(2)	(10)
Total	(3)	(185)
Mortgage-backed securities – residential
Estimated Fair Value
Less than 12 Months	1	2
12 Months or Longer	2
Total	3	2
Unrealized Losses
Less than 12 Months
12 Months or Longer
Total
Asset-backed securities
Estimated Fair Value
12 Months or Longer	5	4
Total	5	4
Unrealized Losses
12 Months or Longer	(2)	(2)
Total	(2)	(2)
Collateralized mortgage obligations - residential
Estimated Fair Value
Less than 12 Months	15	34
12 Months or Longer	160	175
Total	175	209
Unrealized Losses
Less than 12 Months	(9)	(11)
12 Months or Longer	(28)	(17)
Total	(37)	(28)
Municipal obligations
Estimated Fair Value
Less than 12 Months		7,504
Total		7,504
Unrealized Losses
Less than 12 Months		(4)
Total		(4)
Preferred stocks
Estimated Fair Value
12 Months or Longer	4,986	5,723
Total	4,986	5,723
Unrealized Losses
12 Months or Longer	(1,019)	(282)
Total	(1,019)	(282)
Common stocks
Estimated Fair Value
Less than 12 Months	88
12 Months or Longer	627	747
Total	715	747
Unrealized Losses
Less than 12 Months	(27)
12 Months or Longer	(228)	(166)
Total	$ (255)	$ (166)

SECURITIES AVAILABLE FOR SALE_5

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Other (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2019USD ($)security	Jun. 30, 2018USD ($)security
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
Securities with unrealized losses | security	37	53
Securities available for sale, amortized cost	$ 86,081	$ 78,960
Non-investment grade
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
Amortized Cost	2,200
Estimated Fair Value	$ 2,000
Number of securities evaluated for impairment | security	62	64
Securities available for sale, amortized cost	$ 500	$ 700
Securities with remaining par value	$ 2,000	$ 2,200

SECURITIES AVAILABLE FOR SALE_6

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Rollforward of the credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Rollforward of the credit losses recognized in earnings
Balance at the beginning or period	$ 1,506	$ 2,431
Reductions for amounts realized for securities transactions	(29)	(925)
Balance at the end of period	$ 1,477	$ 1,506

SECURITIES AVAILABLE FOR SALE_7

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Fair Value of Debt Securities and Carrying Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Securities available for sale, amortized cost
Due in one year or less	$ 75,416	$ 51,217
Due after one to five years	9,956	26,790
Amortized cost	86,081	78,960
Securities available for sale, estimated fair value
Due in one year or less	75,593	51,101
Due after one to five years	9,973	26,720
Estimated fair value	86,695	79,212
Securities held to maturity, amortized cost
Due in one year or less	3,748	5,091
Due after one to five years		66
Due after five to ten years	125	140
Amortized cost	3,873	5,297
Securities held to maturity, estimated fair value
Due in one year or less	3,762	5,120
Due after one to five years		66
Due after five to ten years	125	140
Estimated fair value	3,887	5,326
Mortgage-backed securities – residential
Securities available for sale, amortized cost
Without single maturity date	109	146
Amortized cost	109	146
Securities available for sale, estimated fair value
Without single maturity date	112	150
Estimated fair value	112	150
Asset-backed securities
Securities available for sale, amortized cost
Without single maturity date	75	115
Amortized cost	75	115
Securities available for sale, estimated fair value
Without single maturity date	128	162
Estimated fair value	128	162
Collateralized mortgage obligations - residential
Securities available for sale, amortized cost
Without single maturity date	525	692
Amortized cost	525	692
Securities available for sale, estimated fair value
Without single maturity date	889	1,079
Estimated fair value	$ 889	$ 1,079

SECURITIES AVAILABLE FOR SALE_8

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Securities Available for Sale Realized Gain/Losses (Details) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
Proceeds from the sale of securities available for sale	$ 0	$ 1,134,000
Realizing gross gains		921,000
Realizing gross losses		109,000
Proceeds from the sales of securities held to maturity	0	0
Carrying value of available for sale securities pledged to secure FHLBNY advances and municipal deposits	$ 84,900,000	$ 77,900,000

NET LOANS RECEIVABLE - Summary

NET LOANS RECEIVABLE - Summary of Net Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
NET LOANS RECEIVABLE
Gross Loans Receivable	$ 1,066,039	$ 997,502
Net deferred loan costs	2,398	1,910
Allowance for loan losses	(14,499)	(13,510)	$ (11,820)
Net Loans Receivable	1,053,938	985,902
Commercial
NET LOANS RECEIVABLE
Gross Loans Receivable	682,911	654,604
Allowance for loan losses	(11,057)	(10,414)	(9,506)
Commercial | Real estate
NET LOANS RECEIVABLE
Gross Loans Receivable	414,375	375,852
Commercial | Commercial and industrial
NET LOANS RECEIVABLE
Gross Loans Receivable	183,262	194,183
Commercial | Construction
NET LOANS RECEIVABLE
Gross Loans Receivable	85,274	84,569
Residential mortgages
NET LOANS RECEIVABLE
Gross Loans Receivable	281,388	249,635
Allowance for loan losses	(2,360)	(2,166)	(1,427)
Home equity loans and lines
NET LOANS RECEIVABLE
Gross Loans Receivable	80,258	78,286
Allowance for loan losses	(813)	(770)	(740)
Consumer
NET LOANS RECEIVABLE
Gross Loans Receivable	21,482	14,977
Allowance for loan losses	$ (269)	$ (160)	$ (147)

NET LOANS RECEIVABLE - Allowanc

NET LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Allowance for loan losses:
Allowance for loan losses at beginning of period	$ 13,510	$ 11,820
Provision charged to operations	2,350	1,970
Loans charged off	(1,397)	(343)
Recoveries on loans charged off	36	63
Allowance for loan losses at end of period	14,499	13,510
Commercial
Allowance for loan losses:
Allowance for loan losses at beginning of period	10,414	9,506
Provision charged to operations	1,729	1,082
Loans charged off	(1,086)	(174)
Allowance for loan losses at end of period	11,057	10,414
Residential mortgages
Allowance for loan losses:
Allowance for loan losses at beginning of period	2,166	1,427
Provision charged to operations	279	739
Loans charged off	(85)
Allowance for loan losses at end of period	2,360	2,166
Home equity loans and lines
Allowance for loan losses:
Allowance for loan losses at beginning of period	770	740
Provision charged to operations	90	44
Loans charged off	(47)	(17)
Recoveries on loans charged off		3
Allowance for loan losses at end of period	813	770
Consumer
Allowance for loan losses:
Allowance for loan losses at beginning of period	160	147
Provision charged to operations	252	105
Loans charged off	(179)	(152)
Recoveries on loans charged off	36	60
Allowance for loan losses at end of period	$ 269	$ 160

NET LOANS RECEIVABLE - Balance

NET LOANS RECEIVABLE - Balance in Allowance for Loan Losses and recorded Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Allowance for loan losses:
Related to loans individually evaluated for impairment	$ 426	$ 1,329
Related to loans collectively evaluated for impairment	14,073	12,181
Ending balance	14,499	13,510	$ 11,820
Loans:
Individually evaluated for impairment	8,067	4,753
Loans collectively evaluated for impairment	1,057,972	992,749
Total	1,066,039	997,502
Commercial
Allowance for loan losses:
Related to loans individually evaluated for impairment	426	1,329
Related to loans collectively evaluated for impairment	10,631	9,085
Ending balance	11,057	10,414	9,506
Loans:
Individually evaluated for impairment	8,067	4,753
Loans collectively evaluated for impairment	674,844	649,851
Total	682,911	654,604
Residential mortgages
Allowance for loan losses:
Related to loans collectively evaluated for impairment	2,360	2,166
Ending balance	2,360	2,166	1,427
Loans:
Loans collectively evaluated for impairment	281,388	249,635
Total	281,388	249,635
Home equity loans and lines
Allowance for loan losses:
Related to loans collectively evaluated for impairment	813	770
Ending balance	813	770	740
Loans:
Loans collectively evaluated for impairment	80,258	78,286
Total	80,258	78,286
Consumer
Allowance for loan losses:
Related to loans collectively evaluated for impairment	269	160
Ending balance	269	160	$ 147
Loans:
Loans collectively evaluated for impairment	21,482	14,977
Total	$ 21,482	$ 14,977

NET LOANS RECEIVABLE - Impaired

NET LOANS RECEIVABLE - Impaired loans by Class (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
NET LOANS RECEIVABLE
With an allowance recorded, Allowance for Loan Losses Allocated	$ 426	$ 1,329
Total: Unpaid Principal Balance	8,295	4,954
Total: Recorded Investment	8,067	4,753
Total: Allowance for Loan Losses Allocated	426	1,329
Total: Average Recorded Investment	8,066	5,003
Total: Interest Income Recognized	95	96
Commercial
NET LOANS RECEIVABLE
With no related allowance recorded, Unpaid Principal Balance	7,029	2,481
With no related allowance recorded, Recorded Investment	6,801	2,282
With no related allowance recorded, Average Recorded Investment	6,773	2,505
With no related allowance recorded, Interest Income Recognized		1
With an allowance recorded, Unpaid Principal Balance	1,266	2,473
With an allowance recorded, Recorded Investment	1,266	2,471
With an allowance recorded, Allowance for Loan Losses Allocated	426	1,329
With an allowance recorded, Average Recorded Investment	1,293	2,498
With an allowance recorded, Interest Income Recognized	95	95
Total: Allowance for Loan Losses Allocated	426	1,329
Commercial | Real estate
NET LOANS RECEIVABLE
With no related allowance recorded, Unpaid Principal Balance	5,593	2,419
With no related allowance recorded, Recorded Investment	5,376	2,227
With no related allowance recorded, Average Recorded Investment	5,608	2,439
Commercial | Commercial and industrial
NET LOANS RECEIVABLE
With no related allowance recorded, Unpaid Principal Balance	59	62
With no related allowance recorded, Recorded Investment	48	55
With no related allowance recorded, Average Recorded Investment	59	66
With no related allowance recorded, Interest Income Recognized		1
With an allowance recorded, Unpaid Principal Balance	1,266	2,473
With an allowance recorded, Recorded Investment	1,266	2,471
With an allowance recorded, Allowance for Loan Losses Allocated	426	1,329
With an allowance recorded, Average Recorded Investment	1,293	2,498
With an allowance recorded, Interest Income Recognized	95	95
Total: Allowance for Loan Losses Allocated	426	$ 1,329
Commercial | Construction
NET LOANS RECEIVABLE
With no related allowance recorded, Unpaid Principal Balance	1,377
With no related allowance recorded, Recorded Investment	1,377
With no related allowance recorded, Average Recorded Investment	$ 1,106

NET LOANS RECEIVABLE - TDR (Det

NET LOANS RECEIVABLE - TDR (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2018
NET LOANS RECEIVABLE
Troubled debt restructurings	$ 0	$ 0

NET LOANS RECEIVABLE - Nonaccru

NET LOANS RECEIVABLE - Nonaccrual and Loans Past Due Over 90 Days Still on Accrual (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
NET LOANS RECEIVABLE
Nonaccrual	$ 12,562	$ 7,745
Past Due 90 Days Still on Accrual	118	1,766
Commercial | Real estate
NET LOANS RECEIVABLE
Nonaccrual	5,618	2,236
Past Due 90 Days Still on Accrual	58	180
Commercial | Commercial and industrial
NET LOANS RECEIVABLE
Nonaccrual	42	705
Commercial | Construction
NET LOANS RECEIVABLE
Nonaccrual	1,377
Residential mortgages
NET LOANS RECEIVABLE
Nonaccrual	4,028	3,834
Past Due 90 Days Still on Accrual		1,232
Home equity loans and lines
NET LOANS RECEIVABLE
Nonaccrual	1,497	970
Past Due 90 Days Still on Accrual	41	330
Consumer
NET LOANS RECEIVABLE
Past Due 90 Days Still on Accrual	$ 19	$ 24

NET LOANS RECEIVABLE - Aging of

NET LOANS RECEIVABLE - Aging of Recorded Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
NET LOANS RECEIVABLE
Total Past Due	$ 11,790	$ 12,991
Loans Not Past Due	1,054,249	984,511
Total	1,066,039	997,502
30-59 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	640	3,113
60-89 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	535	1,233
90 or More Days Past Due
NET LOANS RECEIVABLE
Total Past Due	10,615	8,645
Commercial
NET LOANS RECEIVABLE
Total	682,911	654,604
Commercial | Real estate
NET LOANS RECEIVABLE
Total Past Due	5,493	2,738
Loans Not Past Due	408,882	373,114
Total	414,375	375,852
Commercial | Real estate | 30-59 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	3	634
Commercial | Real estate | 60-89 Days Past Due
NET LOANS RECEIVABLE
Total Past Due		21
Commercial | Real estate | 90 or More Days Past Due
NET LOANS RECEIVABLE
Total Past Due	5,490	2,083
Commercial | Commercial and industrial
NET LOANS RECEIVABLE
Total Past Due	42	2,050
Loans Not Past Due	183,220	192,133
Total	183,262	194,183
Commercial | Commercial and industrial | 30-59 Days Past Due
NET LOANS RECEIVABLE
Total Past Due		1,346
Commercial | Commercial and industrial | 60-89 Days Past Due
NET LOANS RECEIVABLE
Total Past Due		45
Commercial | Commercial and industrial | 90 or More Days Past Due
NET LOANS RECEIVABLE
Total Past Due	42	659
Commercial | Construction
NET LOANS RECEIVABLE
Total Past Due	1,377	205
Loans Not Past Due	83,897	84,364
Total	85,274	84,569
Commercial | Construction | 30-59 Days Past Due
NET LOANS RECEIVABLE
Total Past Due		205
Commercial | Construction | 90 or More Days Past Due
NET LOANS RECEIVABLE
Total Past Due	1,377
Residential mortgages
NET LOANS RECEIVABLE
Total Past Due	3,072	6,193
Loans Not Past Due	278,316	243,442
Total	281,388	249,635
Residential mortgages | 30-59 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	156	716
Residential mortgages | 60-89 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	217	781
Residential mortgages | 90 or More Days Past Due
NET LOANS RECEIVABLE
Total Past Due	2,699	4,696
Home equity loans and lines
NET LOANS RECEIVABLE
Total Past Due	1,782	1,773
Loans Not Past Due	78,476	76,513
Total	80,258	78,286
Home equity loans and lines | 30-59 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	476	205
Home equity loans and lines | 60-89 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	318	385
Home equity loans and lines | 90 or More Days Past Due
NET LOANS RECEIVABLE
Total Past Due	988	1,183
Consumer
NET LOANS RECEIVABLE
Total Past Due	24	32
Loans Not Past Due	21,458	14,945
Total	21,482	14,977
Consumer | 30-59 Days Past Due
NET LOANS RECEIVABLE
Total Past Due	5	7
Consumer | 60-89 Days Past Due
NET LOANS RECEIVABLE
Total Past Due		1
Consumer | 90 or More Days Past Due
NET LOANS RECEIVABLE
Total Past Due	$ 19	$ 24

NET LOANS RECEIVABLE - Risk (De

NET LOANS RECEIVABLE - Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
NET LOANS RECEIVABLE
Loans	$ 1,066,039	$ 997,502
Commercial
NET LOANS RECEIVABLE
Loans	682,911	654,604
Commercial | Pass
NET LOANS RECEIVABLE
Loans	669,313	646,989
Commercial | Special Mention
NET LOANS RECEIVABLE
Loans	2,666	3,330
Commercial | Substandard
NET LOANS RECEIVABLE
Loans	10,932	3,626
Commercial | Doubtful
NET LOANS RECEIVABLE
Loans		659
Commercial | Real estate
NET LOANS RECEIVABLE
Loans	414,375	375,852
Commercial | Real estate | Pass
NET LOANS RECEIVABLE
Loans	406,317	371,781
Commercial | Real estate | Special Mention
NET LOANS RECEIVABLE
Loans	2,440	1,836
Commercial | Real estate | Substandard
NET LOANS RECEIVABLE
Loans	5,618	2,235
Commercial | Commercial and industrial
NET LOANS RECEIVABLE
Loans	183,262	194,183
Commercial | Commercial and industrial | Pass
NET LOANS RECEIVABLE
Loans	179,099	190,639
Commercial | Commercial and industrial | Special Mention
NET LOANS RECEIVABLE
Loans	226	1,494
Commercial | Commercial and industrial | Substandard
NET LOANS RECEIVABLE
Loans	3,937	1,391
Commercial | Commercial and industrial | Doubtful
NET LOANS RECEIVABLE
Loans		659
Commercial | Construction
NET LOANS RECEIVABLE
Loans	85,274	84,569
Commercial | Construction | Pass
NET LOANS RECEIVABLE
Loans	83,897	$ 84,569
Commercial | Construction | Substandard
NET LOANS RECEIVABLE
Loans	$ 1,377

NET LOANS RECEIVABLE - Others (

NET LOANS RECEIVABLE - Others (Details) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2019
NET LOANS RECEIVABLE
Residential mortgage loans serviced by the Bank for unrelated third parties	$ 33,200,000	$ 29,400,000
Unamortized balance of mortgage servicing rights	279,000	251,000
Mortgage servicing rights, valuation reserve	0	0
Escrow funds the Bank held in trust on loans serviced for others	674,000	645,000
Residential mortgage, home equity and commercial loans
NET LOANS RECEIVABLE
Pledges loans receivable as collateral	308,400,000	485,600,000
Government guaranteed students loans
NET LOANS RECEIVABLE
Proceeds from sale of loans	2,800,000
Realized net loss	26,000
Residential mortgages
NET LOANS RECEIVABLE
Loans in process of foreclosure	$ 2,200,000	$ 2,200,000

DERIVATIVES - Offsetting (Detai

DERIVATIVES - Offsetting (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Interest rate swap
DERIVATIVES
Derivative notional amount	$ 515.4	$ 289.2
Interest rate swap - Commercial borrowers
DERIVATIVES
Derivative notional amount	257.7	144.6
Interest rate swap - Third party counterparties
DERIVATIVES
Derivative notional amount	$ 257.7	$ 144.6

DERIVATIVES - Hedging Instrumen

DERIVATIVES - Hedging Instruments (Details) - Interest rate swap - Not designated as hedging instruments - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Derivative Assets
Gross interest rate swaps	$ 13,550	$ 4,471
Less: master netting arrangements	(88)	(304)
Less: cash collateral applied		(2,642)
Net amount	13,462	1,525
Derivative Liabilities
Gross interest rate swaps	13,550	4,471
Less: master netting arrangements	(88)	(304)
Less: cash collateral applied	(13,318)	(400)
Net amount	$ 144	$ 3,767

DERIVATIVES - Collateral (Detai

DERIVATIVES - Collateral (Details) - Interest rate swap - Third party counterparties - Not designated as hedging instruments - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
DERIVATIVES
Received collateral		$ 2,600
Deposited collateral	$ 13,300	$ 400,000

PREMISES AND EQUIPMENT - Summar

PREMISES AND EQUIPMENT - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Premises and Equipment
Gross	$ 53,832	$ 53,289
Less accumulated depreciation	(12,122)	(10,387)
Net	41,710	42,902
Land
Premises and Equipment
Gross	6,678	7,031
Leaseholds and land improvements
Premises and Equipment
Gross	2,272	2,227
Buildings
Premises and Equipment
Gross	29,630	29,908
Furniture, fixtures and equipment
Premises and Equipment
Gross	14,252	13,214
Construction in progress
Premises and Equipment
Gross	$ 1,000	$ 909

PREMISES AND EQUIPMENT - Deprec

PREMISES AND EQUIPMENT - Depreciation and Amortization (Details) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
PREMISES AND EQUIPMENT
Depreciation and amortization	$ 2,463,000	$ 2,369,000

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 7,292	$ 5,242
Acquired	0	2,050
Balance at the end of the period	$ 7,292	$ 7,292

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross Carrying Amount	$ 3,207	$ 3,207
Less: accumulated amortization	(684)	(333)
Net Carrying Amount	2,523	2,874
Customer relationship
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross Carrying Amount	2,645	2,645
Less: accumulated amortization	(493)	(203)
Net Carrying Amount	2,152	2,442
Core deposit
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross Carrying Amount	562	562
Less: accumulated amortization	(191)	(130)
Net Carrying Amount	$ 371	$ 432

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2019USD ($)
Estimated amortization expense:
2020	$ 354
2021	327
2022	300
2023	274
2024	$ 247

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
GOODWILL AND OTHER INTANGIBLE ASSETS
Aggregate amortization expense	$ 351,000	$ 269,000
Impairment losses	$ 0	$ 0

DEPOSITS - Summary (Details)

DEPOSITS - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
DEPOSITS
Non-interest bearing demand deposits	$ 357,523	$ 345,048
Interest-bearing accounts:
Interest-bearing demand accounts	220,546	97,191
Saving accounts	250,856	244,050
Money market accounts	371,828	334,884
Time deposits	130,565	129,089
Total interest bearing accounts	973,795	805,214
Total deposits	$ 1,331,318	$ 1,150,262

DEPOSITS - Other (Details)

DEPOSITS - Other (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2018
DEPOSITS
Overdrawn demand deposit balances reclassified as loan balance	$ 238,000	$ 260,000
Time deposits 250000 and over	$ 34,500,000	$ 27,100,000

DEPOSITS - Maturities (Details)

DEPOSITS - Maturities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Scheduled maturities of time deposits:
2020	$ 65,983
2021	39,679
2022	7,836
2023	10,166
2024	6,901
Total	$ 130,565

DEPOSITS - Related parties (Det

DEPOSITS - Related parties (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
DEPOSITS
Deposits of related parties	$ 6	$ 5.2

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
BORROWINGS
Available line of credit	$ 20,000
Draws against line of credit	$ 0
FHLBNY
BORROWINGS
Percentage of ability to borrow on total assets	30.00%
Overall credit exposure on total assets	50.00%
Residential mortgage, home equity and commercial loans pledged as collateral for borrowing and stand-by letters of credit	$ 485,600	$ 308,400
Maximum amount of funding available from FHLBNY	405,000	264,500
Funding untilized for borrowings	0	0
Funding utilized for irrevocable stand-by letters of credit issued to secure municipal deposits	$ 207,000	$ 164,700

OTHER COMPREHENSIVE INCOME - Re

OTHER COMPREHENSIVE INCOME - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
OTHER COMPREHENSIVE INCOME
Net gain on securities transactions	$ 6	$ 812
Tax expense	(4,830)	(6,310)
Reclassification, net of tax	(19,016)	(11,499)
Amount Reclassified from Accumulated Other Comprehensive Loss
OTHER COMPREHENSIVE INCOME
Reclassification, net of tax	(557)	(477)
Amount Reclassified from Accumulated Other Comprehensive Loss | Unrealized gains/losses on securities
OTHER COMPREHENSIVE INCOME
Net gain on securities transactions	6	812
Tax expense	(1)	(212)
Reclassification, net of tax	(5)	(600)
Amount Reclassified from Accumulated Other Comprehensive Loss | Defined Benefit Plan
OTHER COMPREHENSIVE INCOME
Reclassification, before tax	(760)	(1,458)
Reclassification, tax benefit	198	381
Reclassification, net of tax	$ (562)	$ (1,077)

OTHER COMPREHENSIVE INCOME - Ba

OTHER COMPREHENSIVE INCOME - Balances and Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Accumulated other comprehensive income (loss)
Balance at beginning of period	$ 118,063	$ 104,012
Balance at end of period	134,965	118,063
Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss)
Balance at beginning of period	(8,989)	(9,668)
Other comprehensive income (loss) before reclassifications	(2,671)	202
Amounts reclassified from accumulated other comprehensive income (loss)	557	477
Balance at end of period	(11,103)	(8,989)
Unrealized Gains/Losses on Securities
Accumulated other comprehensive income (loss)
Balance at beginning of period	410	365
Other comprehensive income (loss) before reclassifications	(67)	645
Amounts reclassified from accumulated other comprehensive income (loss)	(5)	(600)
Balance at end of period	338	410
Defined Benefit Plan
Accumulated other comprehensive income (loss)
Balance at beginning of period	(9,399)	(10,033)
Other comprehensive income (loss) before reclassifications	(2,604)	(443)
Amounts reclassified from accumulated other comprehensive income (loss)	562	1,077
Balance at end of period	$ (11,441)	$ (9,399)

OTHER COMPREHENSIVE INCOME - Al

OTHER COMPREHENSIVE INCOME - Allocated Component of OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Unrealized gains/losses on securities:
Unrealized holdings (losses) gains arising during the period	$ (24)	$ 217
Reclassification adjustment for accretion of net prior service cost	(1)	(213)
Tax amount on unrealized gains/losses on securities	(25)	4
Defined benefit plans:
Change in funded status	(921)	542
Reclassification adjustment for amortization of net actuarial loss	198	381
Tax amount on defined benefit plans	(723)	923
Total	$ (748)	$ 927

EMPLOYEE BENEFIT PLANS - Statem

EMPLOYEE BENEFIT PLANS - Statement of Condition (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Other assets
Pension asset	$ 0	$ 2,821
Other liabilities
Unfunded pension liability	464	0
Accumulated post-retirement benefit obligation	1,655	1,570
Other liabilities	2,119	1,570
Accumulated other comprehensive loss (gain), net of taxes
Accumulated other comprehensive loss (gain), net of taxes	11,441	9,399
Pension plan
Accumulated other comprehensive loss (gain), net of taxes
Accumulated other comprehensive loss (gain), net of taxes	11,308	9,424
Post-retirement benefit plan
Accumulated other comprehensive loss (gain), net of taxes
Accumulated other comprehensive loss (gain), net of taxes	$ 133	$ (25)

EMPLOYEE BENEFIT PLANS - Pensio

EMPLOYEE BENEFIT PLANS - Pension Plan - other (Details)	Jan. 01, 2010	Dec. 31, 2009	Jun. 30, 2019
Employee Benefit Plans
Threshold age of employee who are eligible for pension plan			21 years
Threshold period of service of employee to be eligible for pension plan			1 year
Pension plan
Employee Benefit Plans
Pensions paid as annuity using pension formula	1.50%	2.00%
Average of highest consecutive years of total compensation over the last ten years multiplied by credited service up to thirty years to calculate pension formula		5 years
Total compensation year used for average of the five highest consecutive years multiplied by credited service up to thirty years to calculate pension formula		10 years
Maximum credited service (in years)		30 years

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined Benefit Pension Plan (Details) - Pension plan - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Change in projected benefit obligation:
Benefit obligation at beginning of year	$ 48,137	$ 47,974
Service cost	1,574	1,313
Interest cost	1,918	1,857
Assumption changes		(2,727)
Actuarial loss (gain)	5,976	1,046
Benefits paid	(1,455)	(1,326)
Benefit obligation at end of year	56,150	48,137
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	50,958	46,718
Actual return on plan assets	6,237	3,639
Employer contributions		2,000
Expenses	(54)	(73)
Benefits paid	(1,455)	(1,326)
Fair value of plan assets at end of year	55,686	50,958
(Unfunded) funded status of plan at end of year	$ (464)	$ 2,821

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Pension Cost (Details) - Pension plan - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Net periodic pension cost included in the Bank’s consolidated statements of income
Service cost	$ 1,574,000	$ 1,313,000
Interest cost	1,918,000	1,857,000
Expected return on plan assets	(3,518,000)	(3,413,000)
Amortization of net actuarial loss	760,000	1,458,000
Net periodic cost	734,000	1,215,000
Amounts recognized in accumulated other comprehensive (gain) loss, before tax effect
Amounts recognized in accumulated other comprehensive loss, before tax, net actuarial losses	15,311,000	$ 12,759,000
Estimated net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during next fiscal year	$ 1,087,000

EMPLOYEE BENEFIT PLANS - Actuar

EMPLOYEE BENEFIT PLANS - Actuarial Assumptions (Details) - Pension plan - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Weighted average assumptions – benefit obligations
Discount rate	3.49%	4.12%
Annual rate of compensation increase	3.00%	3.00%
Weighted average assumptions – net periodic benefit cost
Discount rate	4.12%	3.85%
Annual rate of compensation increase	3.00%	3.00%
Expected long-term rate of return on plan assets	7.00%	7.35%
Accumulated Benefit Obligation
Accumulated benefit obligation	$ 51,034,000	$ 44,058,000

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details)	12 Months Ended
	Jun. 30, 2019
Employee Benefit Plans
Estimated long-term inflation rate	3.00%
Minimum
Employee Benefit Plans
Rates of return	5.00%
Weighted-Average Expected Long-Term Rate of Return	6.00%
Maximum
Employee Benefit Plans
Weighted-Average Expected Long-Term Rate of Return	10.00%
Equity securities
Employee Benefit Plans
Target allocation percentage	65.00%
Equity securities | Maximum
Employee Benefit Plans
Rates of return	9.00%
Fixed income securities
Employee Benefit Plans
Target allocation percentage	35.00%
Fixed income securities | Minimum
Employee Benefit Plans
Rates of return	1.00%
Fixed income securities | Maximum
Employee Benefit Plans
Rates of return	4.00%

EMPLOYEE BENEFIT PLANS - Estima

EMPLOYEE BENEFIT PLANS - Estimated Future Benefit Payments (Details) - Pension plan $ in Thousands	Jun. 30, 2019USD ($)
Estimated Future Benefit Payments
2020	$ 1,442
2021	1,483
2022	1,538
2023	1,583
2024	1,702
Years 2025 – 2029	$ 10,885

EMPLOYEE BENEFIT PLANS - Bank_s

EMPLOYEE BENEFIT PLANS - Bank’s Pension Plan Asset Allocation (Details)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Pension Plan Assets
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Percentage of Plan Assets	100.00%	100.00%
Equity securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Target allocation	65.00%
Percentage of Plan Assets	62.50%	66.00%
Fixed income securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Target allocation	35.00%
Percentage of Plan Assets	37.50%	34.00%
Minimum
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	6.00%
Minimum | Equity securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	5.00%
Minimum | Fixed income securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	1.00%
Maximum
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	10.00%
Maximum | Equity securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	9.00%
Maximum | Fixed income securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	4.00%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Values of Plan Assets by Asset Category (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Transfers of assets from level 1 and level 2	$ 0	$ 0
Transfers of assets from level 2 and level 1	0	0
Transfers of liabilities from level 1 and level 2	0	0
Transfers of liabilities from level 2 and level 1	0	0
Carrying Amount
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	55,686,000	50,958,000
Carrying Amount | American Funds New World R6
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2,819,000
Carrying Amount | Cohen & Steers Real Estate SECS I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,614,000
Carrying Amount | Fidelity Capital & Income Fund
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2,778,000
Carrying Amount | PIMCO Commodities Plus Strat Fd Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,711,000
Carrying Amount | PIMCO Long Term Credit Bond Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	8,417,000
Carrying Amount | PIMCO Low Duration Incm Fd I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2,212,000
Carrying Amount | Vanguard Developed Mkts Index Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	7,283,000
Carrying Amount | Vanguard Growth Index Fund Instl
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	7,736,000
Carrying Amount | Vanguard Mid Cap Index Funds Admiral
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	3,893,000
Carrying Amount | Vanguard Small Cap I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	3,338,000
Carrying Amount | Vanguard Value Index Instl Shares
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	7,787,000
Carrying Amount | Western Asset Core Bd Fd I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	5,548,000
Carrying Amount | Cash
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	550,000
Carrying Amount | Premier Short-Duration Bond (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,307,000
Carrying Amount | Long Duration Bond (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		7,410,000
Carrying Amount | Premier Diversified Bond (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		5,059,000
Carrying Amount | Premier High Yield (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,555,000
Carrying Amount | Washington Mutual Invs (American)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		4,658,000
Carrying Amount | Select Focused Value (Harris)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,602,000
Carrying Amount | MM S&P 500 Index (Northern Trust)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,609,000
Carrying Amount | Select Blue Chip Growth (T.Rowe Price)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		4,787,000
Carrying Amount | Special Mid Cap Value (Wells Fargo)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,782,000
Carrying Amount | Select Mid Cap Gr II (TRP/Frontier)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,803,000
Carrying Amount | Premier Oppenheimer FdsSm Cp Opp II
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		3,285,000
Carrying Amount | International Value (MFS)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,041,000
Carrying Amount | EuroPacific Growth (American)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,473,000
Carrying Amount | International Growth (OFI)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,991,000
Carrying Amount | New World (American)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,442,000
Carrying Amount | Real Estate (OFI)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,613,000
Carrying Amount | Commodity Rl Rtn Strat (PIMCO)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,541,000
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	55,686,000
Level 1 | American Funds New World R6
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2,819,000
Level 1 | Cohen & Steers Real Estate SECS I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,614,000
Level 1 | Fidelity Capital & Income Fund
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2,778,000
Level 1 | PIMCO Commodities Plus Strat Fd Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,711,000
Level 1 | PIMCO Long Term Credit Bond Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	8,417,000
Level 1 | PIMCO Low Duration Incm Fd I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2,212,000
Level 1 | Vanguard Developed Mkts Index Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	7,283,000
Level 1 | Vanguard Growth Index Fund Instl
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	7,736,000
Level 1 | Vanguard Mid Cap Index Funds Admiral
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	3,893,000
Level 1 | Vanguard Small Cap I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	3,338,000
Level 1 | Vanguard Value Index Instl Shares
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	7,787,000
Level 1 | Western Asset Core Bd Fd I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	5,548,000
Level 1 | Cash
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	550,000
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		50,958,000
Level 2 | Premier Short-Duration Bond (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,307,000
Level 2 | Long Duration Bond (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		7,410,000
Level 2 | Premier Diversified Bond (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		5,059,000
Level 2 | Premier High Yield (Barings)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,555,000
Level 2 | Washington Mutual Invs (American)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		4,658,000
Level 2 | Select Focused Value (Harris)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,602,000
Level 2 | MM S&P 500 Index (Northern Trust)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,609,000
Level 2 | Select Blue Chip Growth (T.Rowe Price)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		4,787,000
Level 2 | Special Mid Cap Value (Wells Fargo)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,782,000
Level 2 | Select Mid Cap Gr II (TRP/Frontier)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,803,000
Level 2 | Premier Oppenheimer FdsSm Cp Opp II
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		3,285,000
Level 2 | International Value (MFS)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,041,000
Level 2 | EuroPacific Growth (American)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,473,000
Level 2 | International Growth (OFI)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,991,000
Level 2 | New World (American)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		2,442,000
Level 2 | Real Estate (OFI)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		1,613,000
Level 2 | Commodity Rl Rtn Strat (PIMCO)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets		$ 1,541,000
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | American Funds New World R6
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Cohen & Steers Real Estate SECS I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Fidelity Capital & Income Fund
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | PIMCO Commodities Plus Strat Fd Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | PIMCO Long Term Credit Bond Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | PIMCO Low Duration Incm Fd I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Vanguard Developed Mkts Index Inst
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Vanguard Growth Index Fund Instl
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Vanguard Mid Cap Index Funds Admiral
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Vanguard Small Cap I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Vanguard Value Index Instl Shares
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Western Asset Core Bd Fd I
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0
Level 3 | Cash
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 0

EMPLOYEE BENEFIT PLANS - Post-R

EMPLOYEE BENEFIT PLANS - Post-Retirement Healthcare Plan (Details) - Post-retirement benefit plan $ in Thousands	12 Months Ended
	Jun. 30, 2019USD ($)
Employee Benefit Plans
Threshold age for eligibility for retiree medical coverage	60 years
Minimum year of service for eligibility for retiree medical coverage	25 years
Minimum year of service required for eligibility for individual and spousal coverage	30 years
Monthly premium for individual coverage	$ 210
Monthly premium for employee and spousal coverage	$ 420

EMPLOYEE BENEFIT PLANS - Plan_s

EMPLOYEE BENEFIT PLANS - Plan’s Funded Status and Amounts Recognized (Details) - Post-retirement benefit plan - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Change in accumulated post-retirement benefit obligation:
Benefit obligation at beginning of year	$ 1,570	$ 1,763
Service cost	30	35
Interest cost	65	61
Actuarial gain	32	(171)
Effect of changes in assumptions	181	(71)
Benefits paid	(43)	(47)
Benefit obligation at end of year	1,835	1,570
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	43	47
Benefits paid	(43)	(47)
Fair value of plan assets at end of year	0	0
Unfunded status at end of year	$ 1,835	$ 1,570

EMPLOYEE BENEFIT PLANS - Net _2

EMPLOYEE BENEFIT PLANS - Net Periodic Post-retirement Benefit Cost (Details) - Post-retirement benefit plan - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Net periodic post-retirement benefit cost
Service cost	$ 30,000	$ 35,000
Interest cost	65,000	61,000
Net periodic cost	95,000	96,000
Amounts recognized in accumulated other comprehensive (gain) loss, before tax effect
Net actuarial loss (gain)	180,000	$ (34,000)
Estimated net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during next fiscal year	$ 0
Discount rate	3.45%	4.11%

EMPLOYEE BENEFIT PLANS - Projec

EMPLOYEE BENEFIT PLANS - Projected Benefit Payments (Details) - Post-retirement benefit plan $ in Thousands	Jun. 30, 2019USD ($)
Estimated Future Benefit Payments
2020	$ 52
2021	53
2022	54
2023	58
2024	61
Years 2025 – 2029	$ 380

EMPLOYEE BENEFIT PLANS - 401(k)

EMPLOYEE BENEFIT PLANS - 401(k) Plan (Details) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
EMPLOYEE BENEFIT PLANS
Percentage of match for first 1% of employee contributions	100.00%
Percentage of employee contribution on which 100% match by employer	1.00%
Percentage of match on next 5% of employee contributions	50.00%
Percentage of employee contribution on which 50% match by employer	5.00%
Contribution expense	$ 411,000	$ 365,000
Minimum
EMPLOYEE BENEFIT PLANS
Employee contribution (as a percent)	0.50%
Maximum
EMPLOYEE BENEFIT PLANS
Employee contribution (as a percent)	20.00%

EMPLOYEE BENEFIT PLANS - Supple

EMPLOYEE BENEFIT PLANS - Supplemental Retirement and Deferred Compensation Plans (Details) - Supplemental Retirement and Deferred Compensation Plans - USD ($)	24 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Executives
Employee Benefit Plans
Accrued benefit liability	$ 488,000		$ 525,000
Provisions for benefit liability	0
Trustees and certain of its officers
Employee Benefit Plans
Accrued benefit liability	$ 658,000	$ 596,000

INCOME TAXES - Components (Deta

INCOME TAXES - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Components of income tax expense
Current tax expense	$ 4,893	$ 4,232
Deferred tax expense (benefit)	(63)	2,078
Total income tax expense	$ 4,830	$ 6,310

INCOME TAXES - Reconciliation (

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 22, 2017	Jun. 30, 2019	Jun. 30, 2018
Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following:
Income before tax at the federal tax rate			$ 5,008	$ 4,987
State expense, net of federal benefit			580	548
Federal tax rate change			(580)	1,200
Tax-exempt income			(164)	(230)
Bank-owned life insurance			(25)	(32)
Other, net			11	(163)
Total income tax expense			$ 4,830	$ 6,310
Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following (as a percent):
Income before tax at the federal tax rate (as a percent)	21.00%	35.00%	21.00%	28.00%
State expense, net of federal benefit (as a percent)			2.40%	3.10%
Federal tax rate change (as a percent)			(2.40%)	6.70%
Tax-exempt income (as a percent)			(0.70%)	(1.30%)
Bank-owned life insurance (as a percent)			(0.10%)	(0.20%)
Other, net (as a percent)				(0.90%)
Total income tax expense (as a percent)			20.20%	35.40%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Deferred tax assets
Allowance for loan losses	$ 4,441	$ 4,001
OTTI – securities	406	414
Post-retirement benefit obligations	452	438
Deferred compensation	309	303
Unfunded defined benefit and postretirement benefit plan liabilities	4,049	3,326
Other	251	436
Deferred Tax Assets, Gross, Total	9,908	8,918
Deferred tax liabilities
Depreciation	(2,174)	(1,278)
Net deferred loan origination costs	(571)	(581)
Prepaid pension	(4,083)	(4,284)
Prepaid expenses	(139)	(130)
Unrealized gains on securities available for sale	(120)	(145)
Other	(191)	(100)
Total deferred tax liabilities	(7,278)	(6,518)
Net deferred tax asset at end of year	$ 2,630	$ 2,400

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	Jan. 01, 2018	Dec. 22, 2017	Jun. 30, 2019	Jun. 30, 2018
INCOME TAXES
Valuation allowance			$ 0	$ 0
Federal corporate income tax rate	21.00%	35.00%	21.00%	28.00%
Re-measurements resulted in a discrete tax expense (benefit)			$ (580,000)	$ 1,200,000
Amounts accrued interest and penalties			0	0
Amounts paid for interest and penalties			0	0
Federal base-year reserve			9,300,000	$ 9,300,000
Unrecognized deferred tax liability with respect to the Federal base-year reserve			$ 2,400,000

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Off-Balance Sheet Financing (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
COMMITMENTS AND CONTINGENT LIABILITIES
Fixed Rate	$ 23,892	$ 16,144
Variable Rate	390,608	277,757
Total	414,500	293,901
Commitments to extend credit
COMMITMENTS AND CONTINGENT LIABILITIES
Fixed Rate	23,892	16,144
Variable Rate	357,223	252,250
Total	381,115	268,394
Standby letters of credit
COMMITMENTS AND CONTINGENT LIABILITIES
Variable Rate	33,385	25,507
Total	$ 33,385	$ 25,507

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Additional information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
COMMITMENTS AND CONTINGENT LIABILITIES
Adjustable rate mortgages annual rate increase	2.00%
Adjustable rate residential mortgage loans amount	$ 47,600,000	$ 28,000,000
Adjustable rate mortgage loans had conversion options	4,300,000	4,900,000
Loans held for sale	0	$ 0
Loan Commitments | Borrowers
COMMITMENTS AND CONTINGENT LIABILITIES
Commitments	0
Loan Commitments | Unrelated Investors
COMMITMENTS AND CONTINGENT LIABILITIES
Commitments	$ 0
Minimum
COMMITMENTS AND CONTINGENT LIABILITIES
Adjustable rate mortgages lifetime rate increase	5.00%
Maximum
COMMITMENTS AND CONTINGENT LIABILITIES
Adjustable rate mortgages lifetime rate increase	6.00%

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - Leases (Details) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Future minimum payments
2020	$ 515,000
2021	358,000
2022	335,000
2023	346,000
2024	294,000
Thereafter	1,120,000
Total minimum lease payments	2,968,000
Rent expenses	$ 748,000	$ 798,000

FAIR VALUE - Recurring Basis (D

FAIR VALUE - Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
FAIR VALUE
Debt securities	$ 86,695	$ 79,212
Total available for sale securities	95,353	88,063
Mortgage-backed securities – residential
FAIR VALUE
Debt securities	112	150
Asset-backed securities
FAIR VALUE
Debt securities	128	162
Municipal obligations
FAIR VALUE
Debt securities	14,699	19,263
Preferred stocks
FAIR VALUE
Equity securities	5,040	5,749
Common stocks
FAIR VALUE
Equity securities	3,618	3,102
Level 1
FAIR VALUE
Total available for sale securities	76,455	63,831
Level 2
FAIR VALUE
Total available for sale securities	18,898	24,232
Derivative assets	13,462	1,525
Derivative liabilities	144	3,767
Recurring basis
FAIR VALUE
Debt securities	86,695	79,212
Equity securities	95,353
Total available for sale securities		88,063
Total assets	108,815	89,588
Total liabilities	144	3,767
Recurring basis | Derivative assets
FAIR VALUE
Derivative assets	13,462	1,525
Recurring basis | Derivative liabilities
FAIR VALUE
Derivative liabilities	144	3,767
Recurring basis | U.S. Government and agency obligations
FAIR VALUE
Debt securities	70,867	58,558
Recurring basis | Mortgage-backed securities – residential
FAIR VALUE
Debt securities	112	150
Recurring basis | Asset-backed securities
FAIR VALUE
Debt securities	128	162
Recurring basis | Collateralized mortgage obligations – residential
FAIR VALUE
Debt securities	889	1,079
Recurring basis | Municipal obligations
FAIR VALUE
Debt securities	14,699	19,263
Recurring basis | Preferred stocks
FAIR VALUE
Equity securities	5,040	5,749
Recurring basis | Common stocks
FAIR VALUE
Equity securities	3,618	3,102
Recurring basis | Level 1
FAIR VALUE
Debt securities	70,867	58,558
Equity securities	76,455
Total available for sale securities		63,831
Total assets	76,455	63,831
Recurring basis | Level 1 | U.S. Government and agency obligations
FAIR VALUE
Debt securities	70,867	58,558
Recurring basis | Level 1 | Preferred stocks
FAIR VALUE
Equity securities	1,970	2,171
Recurring basis | Level 1 | Common stocks
FAIR VALUE
Equity securities	3,618	3,102
Recurring basis | Level 2
FAIR VALUE
Debt securities	15,828	20,654
Equity securities	18,898
Total available for sale securities		24,232
Total assets	32,360	25,757
Total liabilities	144	3,767
Recurring basis | Level 2 | Derivative assets
FAIR VALUE
Derivative assets	13,462	1,525
Recurring basis | Level 2 | Derivative liabilities
FAIR VALUE
Derivative liabilities	144	3,767
Recurring basis | Level 2 | Mortgage-backed securities – residential
FAIR VALUE
Debt securities	112	150
Recurring basis | Level 2 | Asset-backed securities
FAIR VALUE
Debt securities	128	162
Recurring basis | Level 2 | Collateralized mortgage obligations – residential
FAIR VALUE
Debt securities	889	1,079
Recurring basis | Level 2 | Municipal obligations
FAIR VALUE
Debt securities	14,699	19,263
Recurring basis | Level 2 | Preferred stocks
FAIR VALUE
Equity securities	$ 3,070	$ 3,578

FAIR VALUE - Non-Recurring Basi

FAIR VALUE - Non-Recurring Basis (Details) - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
FAIR VALUE
Valuation allowance of impaired loans	$ 426,000	$ 1,329,000
Write-downs	17,000	0
Non-recurring basis
FAIR VALUE
Impaired loans, Commercial	840,000	1,142,000
Other real estate owned	158,000	72,000
Non-recurring basis | Level 3
FAIR VALUE
Impaired loans, Commercial	840,000	1,142,000
Other real estate owned	158,000	72,000
Carrying amount of impaired loans	1,300,000	2,400,000
Valuation allowance of impaired loans	$ 426,000	$ 1,300,000

FAIR VALUE - Carrying and Fair

FAIR VALUE - Carrying and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Financial assets
Cash and cash equivalents	$ 230,109	$ 120,280
Securities available for sale	95,353	88,063
Securities held to maturity, fair value	3,887	5,326
Net loans receivable	1,053,938	985,902
FHLBNY stock	924	883
Accrued interest receivable	4,374	3,854
Level 1
Financial assets
Cash and cash equivalents	230,109	120,280
Securities available for sale	76,455	63,831
Level 2
Financial assets
Securities available for sale	18,898	24,232
Securities held to maturity, fair value	3,887	5,326
FHLBNY stock	924	883
Accrued interest receivable	4,374	3,854
Derivatives	13,462	1,525
Financial liabilities
Savings, money market, and demand accounts	1,200,753	1,021,173
Time deposits	130,680	128,810
Mortgagors’ escrow deposits	6,044	5,382
Accrued interest payable	17	11
Derivatives	144	3,767
Level 3
Financial assets
Net loans receivable	1,065,328	988,857
Carrying Amount
Financial assets
Cash and cash equivalents	230,109	120,280
Securities available for sale	95,353	88,063
Securities held to maturity, fair value	3,873	5,297
Net loans receivable	1,053,938	985,902
FHLBNY stock	924	883
Accrued interest receivable	4,374	3,854
Derivatives	13,462	1,525
Financial liabilities
Savings, money market, and demand accounts	1,200,753	1,021,173
Time deposits	130,565	129,089
Mortgagors’ escrow deposits	6,044	5,382
Accrued interest payable	17	11
Derivatives	144	3,767
Estimated Fair Value
Financial assets
Cash and cash equivalents	230,109	120,280
Securities available for sale	95,353	88,063
Securities held to maturity, fair value	3,887	5,326
Net loans receivable	1,065,328	988,857
FHLBNY stock	924	883
Accrued interest receivable	4,374	3,854
Derivatives	13,462	1,525
Financial liabilities
Savings, money market, and demand accounts	1,200,753	1,021,173
Time deposits	130,680	128,810
Mortgagors’ escrow deposits	6,044	5,382
Accrued interest payable	17	11
Derivatives	$ 144	$ 3,767

REGULATORY CAPITAL - Other (Det

REGULATORY CAPITAL - Other (Details)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2015
REGULATORY CAPITAL
Capital conversion buffer percentage	2.50%			0.00%
Required buffer percentage		2.50%	1.875%

REGULATORY CAPITAL - Actual Cap

REGULATORY CAPITAL - Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Pioneer Savings Bank
Tier 1 (leverage) capital, Amount
Actual	$ 136,879	$ 116,675
Capital Adequacy Purposes	54,808	50,896
To be Well Capitalized Under Prompt Corrective Action	$ 68,510	$ 63,619
Tier 1 (leverage) capital, Ratio
Actual (as a percent)	9.99%	9.17%
Capital Adequacy Purposes (as a percent)	4.00%	4.00%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	5.00%	5.00%
Common Tier 1, Amount
Actual	$ 136,879	$ 116,675
Capital Adequacy Purposes	48,974	45,298
Capital Adequacy Purposes with Capital Buffer	76,182	64,173
To be Well Capitalized Under Prompt Corrective Action	$ 70,741	$ 65,431
Common Tier 1, Ratio
Actual (as a percent)	12.58%	11.59%
Capital Adequacy Purposes (as a percent)	4.50%	4.50%
Capital Adequacy Purposes with Capital Buffer (as a percent)	7.00%	6.375%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	6.50%	6.50%
Tier 1 capital, Amount
Actual	$ 136,879	$ 116,675
Capital Adequacy Purposes	65,299	60,398
Capital Adequacy Purposes with Capital Buffer	92,507	79,272
To be Well Capitalized Under Prompt Corrective Action	$ 87,066	$ 80,531
Tier 1 capital, Ratio
Actual (as a percent)	12.58%	11.59%
Capital Adequacy Purposes (as a percent)	6.00%	6.00%
Capital Adequacy Purposes with Capital Buffer (as a percent)	8.50%	7.875%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	8.00%	8.00%
Total, Amount
Actual	$ 150,776	$ 129,494
Capital Adequacy Purposes	87,066	80,531
Capital Adequacy Purposes with Capital Buffer	114,274	99,405
To be Well Capitalized Under Prompt Corrective Action	$ 108,832	$ 100,663
Total, Ratio
Actual (as a percent)	13.85%	12.86%
Capital Adequacy Purposes (as a percent)	8.00%	8.00%
Capital Adequacy Purposes with Capital Buffer (as a percent)	10.50%	9.875%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	10.00%	10.00%
Pioneer Commercial Bank
Tier 1 (leverage) capital, Amount
Actual	$ 24,502	$ 18,200
Capital Adequacy Purposes	12,826	10,410
To be Well Capitalized Under Prompt Corrective Action	$ 16,032	$ 13,013
Tier 1 (leverage) capital, Ratio
Actual (as a percent)	7.64%	6.99%
Capital Adequacy Purposes (as a percent)	4.00%	4.00%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	5.00%	5.00%
Common Tier 1, Amount
Actual	$ 24,502	$ 18,200
Capital Adequacy Purposes	2,610	2,068
Capital Adequacy Purposes with Capital Buffer	4,059	2,929
To be Well Capitalized Under Prompt Corrective Action	$ 3,769	$ 2,987
Common Tier 1, Ratio
Actual (as a percent)	42.25%	39.61%
Capital Adequacy Purposes (as a percent)	4.50%	4.50%
Capital Adequacy Purposes with Capital Buffer (as a percent)	7.00%	6.375%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	6.50%	6.50%
Tier 1 capital, Amount
Actual	$ 24,502	$ 18,200
Capital Adequacy Purposes	3,480	2,757
Capital Adequacy Purposes with Capital Buffer	4,929	3,618
To be Well Capitalized Under Prompt Corrective Action	$ 4,639	$ 3,676
Tier 1 capital, Ratio
Actual (as a percent)	42.25%	39.61%
Capital Adequacy Purposes (as a percent)	6.00%	6.00%
Capital Adequacy Purposes with Capital Buffer (as a percent)	8.50%	7.875%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	8.00%	8.00%
Total, Amount
Actual	$ 24,502	$ 18,200
Capital Adequacy Purposes	4,639	3,676
Capital Adequacy Purposes with Capital Buffer	6,089	4,537
To be Well Capitalized Under Prompt Corrective Action	$ 5,799	$ 4,595
Total, Ratio
Actual (as a percent)	42.25%	39.61%
Capital Adequacy Purposes (as a percent)	8.00%	8.00%
Capital Adequacy Purposes with Capital Buffer (as a percent)	10.50%	9.875%
To be Well Capitalized Under Prompt Corrective Action (as a percent)	10.00%	10.00%

MUTUAL HOLDING COMPANY REORGA_2

MUTUAL HOLDING COMPANY REORGANIZATION AND MINORITY STOCK ISSUANCE (Details)	Jul. 17, 2019USD ($)$ / sharesshares
Mutual Holding Company Reorganization and Minority Stock Issuance
Stock contributed to Pioneer Bank Charitable Foundation (in shares)	519,554
Cash contributed to Pioneer Bank Charitable Foundation | $	$ 250,000
Pioneer Bancorp, MHC
Mutual Holding Company Reorganization and Minority Stock Issuance
Sale of stock (in shares)	14,287,723
Ownership interest (as a percent)	55.00%
Pioneer Bank ESOP
Mutual Holding Company Reorganization and Minority Stock Issuance
Numbers of shares owned by ESOP	1,018,325
Initial Public Offering
Mutual Holding Company Reorganization and Minority Stock Issuance
Sale of stock (in shares)	11,170,402
Share price | $ / shares	$ 10
Net proceeds from sale of stock | $	$ 109,100,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
SUBSEQUENT EVENTS
Deposit activity, the Bank's potential exposure for fraudulent activity	$ 19
Lending activity, the Bank's potential exposure for fraudulent activity	16
Amount of commercial loan relationships with a customer for which the Bank is the originating lender and which there is potentially fraudulent activity	36
Southwestern Complaint
SUBSEQUENT EVENTS
Constructive trust, funds in question, per complaint		$ 9.8
Forecast
SUBSEQUENT EVENTS
Non-interest expense associated with potentially fraudulent activity	2.5
Provision for loan losses related to charge-off the entire principal balance owed to the Bank related to the customer's commercial loan relationship as it relates to the potentially fraudulent activity	$ 15.8