Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Entity Registrant Name | WVS FINANCIAL CORP | |
Entity Central Index Key | 910,679 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,039,129 |
CONSOLIDATED BALANCE SHEET (UNA
CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Assets | ||
Cash and due from banks | $ 2,484 | $ 2,042 |
Interest-earning demand deposits | 327 | 301 |
Total cash and cash equivalents | 2,811 | 2,343 |
Certificates of deposit | 10,383 | 350 |
Investment securities available-for-sale (amortized cost of $101,238 and $107,556) | 101,277 | 107,676 |
Investment securities held-to-maturity (fair value of $8,834 and $9,990) | 8,681 | 9,523 |
Mortgage-backed securities held-to-maturity (fair value of $134,280 and $137,679) | 133,170 | 137,416 |
Net loans receivable (allowance for loan losses of $410 and $360) | 74,931 | 64,673 |
Accrued interest receivable | 1,210 | 1,508 |
Federal Home Loan Bank (FHLB) stock, at cost | 6,946 | 6,599 |
Premises and equipment, net | 478 | 542 |
Bank owned life insurance | 4,509 | 4,410 |
Deferred tax assets (net) | 431 | 406 |
Other assets | 141 | 277 |
TOTAL ASSETS | 344,968 | 335,723 |
Deposits | ||
Non-interest-bearing accounts | 21,751 | 17,284 |
NOW accounts | 22,125 | 22,201 |
Savings accounts | 46,119 | 47,232 |
Money market accounts | 22,675 | 23,050 |
Certificates of deposit | 31,223 | 30,250 |
Advance payments by borrowers for taxes and insurance | 1,241 | 1,261 |
Total deposits | 145,134 | 141,278 |
Federal Home Loan Bank advances - long-term - fixed rate | 10,000 | 10,000 |
Federal Home Loan Bank advances - long-term - variable | 6,109 | 6,109 |
Federal Home Loan Bank advances - short-term | 148,555 | 144,027 |
Accrued interest payable | 198 | 189 |
Other liabilities | 1,278 | 1,035 |
TOTAL LIABILITIES | 311,274 | 302,638 |
Stockholders' equity: | ||
Preferred stock: 5,000,000 shares, no par value per share, authorized; none issued | ||
Common stock: 10,000,000 shares, $.01 par value per share, authorized; 3,805,636 shares issued | 38 | 38 |
Additional paid-in capital | 21,485 | 21,485 |
Treasury stock: 1,797,492 and 1,766,507 shares at cost, respectively | (27,264) | (26,905) |
Retained earnings, substantially restricted | 41,127 | 40,189 |
Accumulated other comprehensive loss | (229) | (238) |
Unallocated Employee Stock Ownership Plan ("ESOP") shares | (1,463) | (1,484) |
TOTAL STOCKHOLDERS' EQUITY | 33,694 | 33,085 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 344,968 | $ 335,723 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Assets | ||
Investment securities available-for-sale, amortized cost | $ 101,238 | $ 107,556 |
Investment securities held-to-maturity, fair value | 8,834 | 9,990 |
Mortgage-backed securities held-to-maturity, fair value | 134,280 | 137,679 |
Net loans receivable, allowance for loan losses | $ 410 | $ 360 |
Stockholders' equity: | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, no par value per share | $ 0 | $ 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares issued | 3,805,636 | 3,805,636 |
Treasury stock, shares at cost | 1,797,492 | 1,766,507 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
INTEREST AND DIVIDEND INCOME: | ||||
Loans, including fees | $ 699 | $ 608 | $ 2,002 | $ 1,697 |
Investment securities - taxable | 553 | 491 | 1,564 | 1,459 |
Mortgage-backed securities | 582 | 583 | 1,652 | 1,606 |
Certificates of deposit | 40 | 2 | 82 | 5 |
Interest-earning demand deposits | 2 | 1 | ||
FHLB Stock | 81 | 80 | 243 | 254 |
Trading Securities | 3 | 5 | ||
Total interest and dividend income | 1,958 | 1,764 | 5,550 | 5,022 |
INTEREST EXPENSE: | ||||
Deposits | 74 | 53 | 183 | 159 |
Federal Home Loan Bank advances - fixed rate | 107 | 140 | 325 | 424 |
Federal Home Loan Bank advances - variable rate | 13 | 145 | 41 | 319 |
Federal Home Loan Bank advances - short-term | 294 | 59 | 708 | 118 |
Other short-term borrowings | 5 | 13 | ||
Total interest expense | 488 | 402 | 1,257 | 1,033 |
NET INTEREST INCOME | 1,470 | 1,362 | 4,293 | 3,989 |
PROVISION FOR LOAN LOSSES | 15 | 21 | 50 | 68 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,455 | 1,341 | 4,243 | 3,921 |
NON-INTEREST INCOME: | ||||
Service charges on deposits | 31 | 33 | 103 | 117 |
Earnings on Bank Owned Life Insurance | 32 | 33 | 99 | 100 |
Investment securities gains | 21 | |||
Market gain (losses) on trading securities | 9 | (31) | ||
Other | 58 | 65 | 196 | 189 |
Total non-interest income | 130 | 131 | 367 | 427 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 555 | 559 | 1,639 | 1,668 |
Occupancy and equipment | 82 | 84 | 245 | 249 |
Data processing | 58 | 58 | 168 | 145 |
Correspondent bank service charges | 9 | 9 | 29 | 29 |
Federal deposit insurance premium | 22 | 47 | 83 | 172 |
Other | 170 | 182 | 582 | 563 |
Total non-interest expense | 896 | 939 | 2,746 | 2,826 |
INCOME BEFORE INCOME TAXES | 689 | 533 | 1,864 | 1,522 |
INCOME TAX EXPENSE | 263 | 204 | 645 | 589 |
NET INCOME | $ 426 | $ 329 | $ 1,219 | $ 933 |
EARNINGS PER SHARE: | ||||
Basic | $ 0.23 | $ 0.17 | $ 0.65 | $ 0.49 |
Diluted | $ 0.23 | $ 0.17 | $ 0.65 | $ 0.49 |
AVERAGE SHARES OUTSTANDING: | ||||
Basic | 1,882,593 | 1,910,222 | 1,879,927 | 1,909,890 |
Diluted | 1,882,593 | 1,910,222 | 1,879,927 | 1,909,890 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 426 | $ 329 | $ 1,219 | $ 933 |
Investment securities available for sale not other-than-temporarily impaired: | ||||
Gains (losses) arising during the year | 58 | 304 | (81) | 105 |
Less: Income tax effect | (19) | (103) | 28 | (35) |
Net gains (losses) | 39 | 201 | (53) | 70 |
Gains recognized in earnings | (21) | |||
Income tax effect | 7 | |||
Gains recognized in earnings, net of tax | (14) | |||
Unrealized holdings gains (losses) on securities available for sale not other-than-temporarily impaired, net of tax | 56 | |||
Investment securities held to maturity other-than-temporarily impaired: | ||||
Accretion of other comprehensive loss on other-than-temporarily impaired securities held to maturity | 25 | 35 | 94 | 134 |
Less: Income tax effect | (8) | (12) | (32) | (46) |
Unrealized holding gains on other-than-temporarily impaired securities held to maturity, net of tax | 17 | 23 | 62 | 88 |
Unrealized holdings gains on securities, net | 56 | 224 | 9 | 144 |
Other comprehensive income | 56 | 224 | 9 | 144 |
COMPREHENSIVE INCOME | $ 482 | $ 553 | $ 1,228 | $ 1,077 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - 9 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings - Substantially Restricted [Member] | Accumulated Other Comprehensive Loss [Member] | Unallocated ESOP Shares [Member] | Total |
Balance at Jun. 30, 2016 | $ 38 | $ 21,485 | $ (26,905) | $ 40,189 | $ (238) | $ (1,484) | $ 33,085 |
Net income | 1,219 | 1,219 | |||||
Other comprehensive income | 9 | 9 | |||||
Purchase of treasury stock (30,985 shares) | (359) | $ (359) | |||||
Increase in Unallocated ESOP shares | (185) | (185) | |||||
Release of ESOP shares | $ 206 | $ 206 | |||||
Cash dividends declared ($0.14 per share) | (281) | (281) | |||||
Balance at Mar. 31, 2017 | $ 38 | $ 21,485 | $ (27,264) | $ 41,127 | $ (229) | $ (1,463) | $ 33,694 |
CONSOLIDATED STATEMENT OF CHAN7
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 9 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Statement of Stockholders' Equity [Abstract] | |
Purchase of treasury stock, shares | shares | 30,985 |
Cash dividends declared, per share | $ / shares | $ 0.14 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net income | $ 1,219 | $ 933 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ||
Provision for loan losses | 50 | 68 |
Depreciation | 73 | 74 |
Gain on sale of investment securities | (21) | |
Amortization of discounts, premiums and deferred loan costs, net | 1,487 | 1,652 |
Trading losses | 31 | |
Purchase of trading securities | (961) | |
Sale of trading securities | 960 | |
Deferred income taxes | (30) | 100 |
Increase in prepaid/accrued income taxes | 261 | 28 |
Earnings on bank owned life insurance | (99) | (100) |
Decrease in accrued interest receivable | 298 | (241) |
Increase in accrued interest payable | 9 | 24 |
Increase (decrease) in deferred director compensation payable | 26 | (131) |
(Decrease) in unsettled security purchases | (1,969) | |
Other, net | (211) | 18 |
Net cash provided by operating activities | 3,113 | 435 |
Available-for-sale: | ||
Purchases of investment securities | (73,408) | (49,654) |
Proceeds from repayments of investments | 78,335 | 11,455 |
Sale of investment securities | 1,024 | |
Held-to-maturity: | ||
Purchases of investment securities | (9,358) | |
Purchases of mortgage-backed securities | (21,954) | (6,750) |
Proceeds from repayments of investments | 833 | 34,966 |
Proceeds from repayments of mortgage-backed securities | 26,331 | 21,951 |
Purchase of certificates of deposit | (10,033) | (100) |
Maturities/redemptions of certificates of deposit | 100 | 100 |
Increase in net loans receivable | (10,258) | (15,482) |
Proceeds from sale of other real estate owned | ||
Purchase of FHLB stock | (5,878) | (4,150) |
Redemption of FHLB stock | 5,531 | 4,228 |
Acquisition of premises and equipment | (9) | (10) |
Net cash used for investing activities | (10,410) | (11,780) |
FINANCING ACTIVITIES | ||
Net increase in transaction and savings accounts | 2,903 | 3,693 |
Net decrease in certificates of deposit | 973 | (2,478) |
Net increase (decrease) in advance payments by borrowers for taxes and insurance | (20) | 3 |
Net increase in FHLB short-term advances | 4,528 | 1,815 |
Net increase in other short-term borrowings | 7,000 | |
Purchase of treasury stock | (359) | (19) |
Increase in unallocated ESOP shares | (185) | (50) |
Release of ESOP shares | 206 | 38 |
Cash dividends paid | (281) | (326) |
Net cash provided by financing activities | 7,765 | 9,676 |
Increase (decrease) in cash and cash equivalents | 468 | (1,669) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 2,343 | 3,573 |
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 2,811 | 1,904 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 1,248 | 1,009 |
Income taxes | 412 | 535 |
Non-cash items: | ||
Bonds received from issuer exchange offer | 1,002 | |
Educational Improvement Tax Credit | 50 | |
Capitalization of interest on loan to ESOP | $ 4 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Mar. 31, 2017 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers Topic 606 2014-09 not-for-profit 2014-09 2014-09 In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): available-for-sale not-for-profit In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). 2014-09, Revenue from Contracts with Customers (Topic 606), 2014-09. No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, 2014-09 In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09). 2015-14, Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date 2014-09 In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09). 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2014-09 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13”), 2016-13 one-time one-time In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15”), In October 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) 2016-18”), beginning-of-period end-of-period In December 2016, the FASB issued ASU 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers 2016-20”. Guarantees 2016-20 year-end, year-end, In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business 2017-01”, In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323), Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings ASU 2014-09, 2016-02, 2016-13, In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). 610-20. 2014-09. In February 2017, the FASB issued ASU 2017-06 , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) 715-30-35-4 715-60-35-9 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Mar. 31, 2017 | |
EARNINGS PER SHARE: | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE The following table sets forth the computation of the weighted-average common shares used to calculate basic and diluted earnings per share. Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average common shares issued 3,805,636 3,805,636 3,805,636 3,805,636 Average treasury stock shares (1,797,492 ) (1,766,507 ) (1,794,991 ) (1,766,455 ) Average unallocated ESOP shares (125,551 ) (128,907 ) (130,718 ) (129,291 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 1,882,593 1,910,222 1,879,927 1,909,890 Additional common stock equivalents (stock options) used to calculate diluted earnings per share - - - - Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 1,882,593 1,910,222 1,879,927 1,909,890 There are no convertible securities that would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statement of Income is used. At March 31, 2017, and 2016, there were 114,519 options outstanding with an exercise price of $16.20 which were anti-dilutive for the three and nine month periods. |
STOCK BASED COMPENSATION DISCLO
STOCK BASED COMPENSATION DISCLOSURE | 9 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK BASED COMPENSATION DISCLOSURE | 4. STOCK BASED COMPENSATION DISCLOSURE The Company’s 2008 Stock Incentive Plan (the “Plan”), which was approved by shareholders in October 2008, permits the grant of stock options or restricted shares to its directors and employees for up to 152,000 shares (up to 38,000 restricted shares may be issued). Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest over five years of continuous service and have ten-year During the nine month periods ended March 31, 2017 and 2016, the Company recorded no compensation expense related to our share-based compensation awards. As of March 31, 2017, there was no unrecognized compensation cost related to unvested share-based compensation awards granted in fiscal 2009. The Company had no non-vested |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 5. INVESTMENT SECURITIES The amortized cost and fair values of investments are as follows: Amortized Gross Gross Fair (Dollars in Thousands) March 31, 2017 AVAILABLE FOR SALE Corporate debt securities $ 91,418 $ 124 $ (77 ) $ 91,465 Foreign debt securities 1 8,490 3 (5 ) 8,488 Obligations of states and political subdivisions 1,330 - (6 ) 1,324 Total $ 101,238 $ 127 $ (88 ) $ 101,277 Amortized Gross Gross Fair (Dollars in Thousands) March 31, 2017 HELD TO MATURITY U.S. government agency securities $ 625 $ 7 $ - $ 632 Corporate debt securities 2,701 117 - 2,818 Obligations of states and political subdivisions 5,355 29 - 5,384 Total $ 8,681 $ 153 $ - $ 8,834 Amortized Gross Gross Fair Value (Dollars in Thousands) June 30, 2016 AVAILABLE FOR SALE Corporate debt securities $ 96,742 $ 150 $ (40 ) $ 96,852 Foreign debt securities 1 8,780 5 (2 ) 8,783 Obligations of states and political subdivisions 2,034 7 - 2,041 Total $ 107,556 $ 162 $ (42 ) $ 107,676 1 U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. Amortized Gross Gross Fair (Dollars in Thousands) June 30, 2016 HELD TO MATURITY U.S. government agency securities $ 625 $ 5 $ - $ 630 Corporate debt securities 3,543 228 - 3,771 Obligations of states and political subdivisions 2 5,355 234 - 5,589 Total $ 9,523 $ 467 $ - $ 9,990 There were no sales of investment securities for the three and nine months ended March 31, 2017. During the three and nine months ended March 31, 2016, the Company recorded gross realized investment securities gains of $0 and $21 thousand, respectively. Proceeds from sales of investment securities during the three and nine months ended March 31, 2016 were $0 and $1.0 million, respectively. The amortized cost and fair values of debt securities at March 31, 2017, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities. Due in Due after Due after Due after Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 41,133 $ 55,584 $ 4,521 $ - $ 101,238 Fair value 41,133 55,587 4,557 - 101,277 HELD TO MATURITY Amortized cost $ 2,479 $ 3,372 $ 2,205 $ 625 $ 8,681 Fair value 2,528 3,454 2,220 632 8,834 At March 31, 2017, investment securities with amortized costs of $4.120 million, and fair values of $4.150 million were pledged to secure borrowings with the Federal Home Loan Bank (“FHLB”). As of March 31, 2017, investment securities with amortized costs of $3.051 million and fair values of $3.167 million were pledged to secure future borrowings with the Federal Reserve Bank of Cleveland (FRBC). Since the Company had no FRBC borrowings outstanding on March 31, 2017, all FRBC collateral pledges may be withdrawn by the Company at any time. As of March 31, 2017, no investment securities were pledged to secure broker repurchase agreements. 2 U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
MORTGAGE-BACKED SECURITIES
MORTGAGE-BACKED SECURITIES | 9 Months Ended |
Mar. 31, 2017 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
MORTGAGE-BACKED SECURITIES | 6. MORTGAGE-BACKED SECURITIES Mortgage-backed securities (“MBS”) include mortgage pass-through certificates (“PCs”) and collateralized mortgage obligations (“CMOs”). With a pass-through security, investors own an undivided interest in the pool of mortgages that collateralize the PCs. Principal and interest is passed through to the investor as it is generated by the mortgages underlying the pool. PCs and CMOs may be insured or guaranteed by Freddie Mac (“FHLMC”), Fannie Mae (“FNMA”) and the Government National Mortgage Association (“GNMA”). CMOs may also be privately issued with varying degrees of credit enhancements. A CMO reallocates mortgage pool cash flow to a series of bonds (called traunches) with varying stated maturities, estimated average lives, coupon rates and prepayment characteristics. The Company’s CMO portfolio is comprised of two segments: CMOs backed by U.S. Government Agencies (“Agency CMOs”) and CMOs backed by single-family whole loans not guaranteed by a U.S. Government Agency (“private-label CMOs”). At March 31, 2017, the Company’s Agency CMOs totaled $131.967 million as compared to $135.957 million at June 30, 2016. The Company’s private-label CMOs totaled $1.203 million at March 31, 2017 as compared to $1.459 million at June 30, 2016. The $4.246 million decrease in the CMO segment of our MBS portfolio was primarily due to repayments on our Agency and private-label CMOs which totaled $25.969 million and $350 thousand, respectively, which were partially offset by purchases of U.S. Government agency CMOs totaling $21.954 million. At March 31, 2017 and June 30, 2016, 100.0% (book value) of the Company’s MBS portfolio, including CMOs, were comprised of adjustable or floating rate investments. Substantially all of the Company’s floating rate MBSs adjust monthly based upon changes in the one month LIBOR. The Company has no investment in multi-family or commercial real estate based MBS. Due to prepayments of the underlying loans, and the prepayment characteristics of the CMO traunches, the actual maturities of the Company’s MBSs are expected to be substantially less than the scheduled maturities. The Company retains an independent third party to assist it in the determination of a fair value for its three private-label CMOs. This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures non-credit The Company believes that the data and assumptions used to determine the fair values are reasonable. The fair value calculations reflect relevant facts and market conditions. Events and conditions occurring after the valuation date could have a material effect on the private-label CMO segment’s fair value. The following table sets forth information with respect to the Company’s private-label CMO portfolio as of March 31, 2017. At the time of purchase, all of our private-label CMOs were rated in the highest investment category by at least two ratings agencies. At March 31, 2017 Rating Amortized Fair 3 Life to Date Cusip # Security Description S&P Moody’s Fitch (in thousands) 126694CP1 CWHL SER 21 A11 N/A Caa2 D $ 664 $ 859 $ 201 126694KF4 CWHL SER 24 A15 D N/A D 405 455 118 126694MP0 CWHL SER 26 1A5 D N/A D 134 147 36 $ 1,203 $ 1,461 $ 355 3 The amortized cost and fair values of the Company’s mortgage-backed securities are as follows: Amortized Gross Gross Fair (Dollars in Thousands) March 31, 2017 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 131,967 $ 1,250 $ (398 ) $ 132,819 Private-label 1,203 258 - 1,461 Total $ 133,170 $ 1,508 $ (398 ) $ 134,280 Amortized Gross Gross Fair (Dollars in Thousands) June 30, 2016 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 135,957 $ 932 $ (913 ) $ 135,976 Private-label 1,459 244 - 1,703 Total $ 137,416 $ 1,176 $ (913 ) $ 137,679 The amortized cost and fair value of the Company’s mortgage-backed securities at March 31, 2017, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Due in Due after Due after Due after Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ - $ - $ 281 $ 132,889 $ 133,170 Fair value - - 288 133,992 134,280 At March 31, 2017, mortgage-backed securities with amortized costs of $131.967 million and fair values of $132.819 million were pledged to secure public deposits and borrowings with the FHLB. At June 30, 2016 mortgage-backed securities with an amortized cost of $127.6 million and fair values of $127.6 million, were pledged to secure public deposits and borrowings with the FHLB. Of the mortgage-backed securities pledged, $17.277 million of amortized cost was excess collateral at the FHLB. Excess collateral is maintained to support future borrowings and may be withdrawn by the Company at any time. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE GAIN (LOSS) | 9 Months Ended |
Mar. 31, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE GAIN (LOSS) | 7. ACCUMULATED OTHER COMPREHENSIVE GAIN (LOSS) The following tables present the changes in accumulated other comprehensive gain (loss) by component, for the three and nine months ended March 31, 2017 and 2016. Three Months Ended March 31, 2017 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – December 31, 2016 $ (13 ) $ (272 ) $ (285 ) Other comprehensive income before reclassifications 39 17 56 Amounts reclassified from accumulated other comprehensive loss - - - Net current-period other comprehensive income 39 17 56 Ending Balance – March 31, 2017 $ 26 $ (255 ) $ (229 ) Nine Months Ended March 31, 2017 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – June 30, 2016 $ 78 $ (316 ) $ (238 ) Other comprehensive income (loss) before reclassifications (53 ) 62 9 Amounts reclassified from accumulated other comprehensive loss - - - Net current-period other comprehensive Income (loss) (53 ) 62 9 Ending Balance – March 31, 2017 $ 25 $ (254 ) $ (229 ) Three Months Ended March 31, 2016 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – December 31, 2015 $ (180 ) $ (361 ) $ (541 ) Other comprehensive income before reclassifications 201 23 224 Amounts reclassified from accumulated other comprehensive income - - - Net current-period other comprehensive income 201 23 224 Ending Balance – March 31, 2016 $ 21 $ (338 ) $ (317 ) Nine Months Ended March 31, 2016 (Dollars in Thousands – net of tax) Unrealized Gains and Available-for-Sale Unrealized Gains and Held-to-Maturity Total Beginning Balance – June 30, 2015 $ (35 ) $ (426 ) $ (461 ) Other comprehensive income before reclassifications 70 88 158 Amounts reclassified from accumulated other comprehensive loss (14 ) - (14 ) Net current-period other comprehensive income 56 88 144 Ending Balance – March 31, 2016 $ 21 $ (338 ) $ (317 ) |
UNREALIZED LOSSES ON SECURITIES
UNREALIZED LOSSES ON SECURITIES | 9 Months Ended |
Mar. 31, 2017 | |
Unrealized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments [Abstract] | |
UNREALIZED LOSSES ON SECURITIES | 8. UNREALIZED LOSSES ON SECURITIES The following tables show the CompanyÂ’s gross unrealized losses and fair value, aggregated by category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2017 and June 30, 2016. March 31, 2017 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 41,445 $ (72 ) $ 991 $ (5 ) $ 42,436 $ (77 ) Foreign Debt Securities 4 2,464 (5 ) - - 2,464 (5 ) Obligations of state and political subdivisions 1,324 (6 ) - - 1,324 (6 ) Collateralized mortgage obligations: Agency 17,246 (40 ) 23,853 (358 ) 41,099 (398 ) Total $ 62,479 $ (123 ) $ 24,844 $ (363 ) $ 87,323 $ (486 ) June 30, 2016 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 19,313 $ (27 ) $ 6,243 $ (13 ) $ 25,556 $ (40 ) Foreign Debt Securities 4 4,646 (2 ) - - 4,646 (2 ) Collateralized mortgage obligations: Agency 17,862 (136 ) 31,769 (777 ) 49,631 (913 ) Total $ 41,821 $ (165 ) $ 38,012 $ (790 ) $ 79,833 $ (955 ) For debt securities, impairment is considered to be other than temporary if an entity (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its amortized cost basis, or (3) does not expect to recover the securityÂ’s entire amortized cost basis (even if the entity does not intend to sell the security). In addition, impairment is considered to be other than temporary if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis of the security (any such shortfall is referred to as a credit loss). The Company evaluates outstanding available-for-sale held-to-maturity The following table presents a roll-forward of the credit loss component of the amortized cost of mortgage-backed securities that we have written down for OTTI and the credit component of the loss that is recognized in earnings. OTTI recognized in earnings for credit impaired mortgage-backed securities is presented as additions in two components based upon whether the current period is the first time the mortgage-backed security was credit-impaired (initial credit impairment) or is not the first time the mortgage-backed security was credit impaired (subsequent credit impairments). The credit loss component is reduced if we sell, intend to sell or believe that we will be required to sell previously credit-impaired mortgage-backed securities. Additionally, the credit loss component is reduced if we receive cash flows in excess of what we expected to receive over the remaining life of the credit impaired mortgage-backed securities, the security matures or is fully written down. Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Dollars in Thousands) Beginning balance $279 $231 $299 $248 Initial credit impairment - - - - Subsequent credit impairment - - - - Reductions for amounts recognized in earnings due to intent or requirement to sell - - - - Reductions for securities sold - - - - Reduction for actual realized losses (11 ) (8 ) (31 ) (25 ) Reduction for increase in cash flows expected to be collected - - - - Ending Balance $268 $223 $268 $223 During the three and nine months ended March 31, 2017, the Company recorded no credit impairment charge and no non-credit In the case of its private-label residential CMOs that exhibit adverse risk characteristics, the Company employs models to determine the cash flows that it is likely to collect from the securities. These models consider borrower characteristics and the particular attributes of the loans underlying the securities, in conjunction with assumptions about future changes in home prices and interest rates, to predict the likelihood a loan will default and the impact on default frequency, loss severity and remaining credit enhancement. A significant input to these models is the forecast of future housing price changes for the relevant states and metropolitan statistical areas, which are based upon an assessment of the various housing markets. In general, since the ultimate receipt of contractual payments on these securities will depend upon the credit and prepayment performance of the underlying loans and, if needed, the credit enhancements for the senior securities owned by the Company, the Company uses these models to assess whether the credit enhancement associated with each security is sufficient to protect against likely losses of principal and interest on the underlying mortgage loans. The development of the modeling assumptions requires significant judgment. In conjunction with our adoption of ASC Topic 820 effective June 30, 2009, the Company retained an independent third party to assist it with assessing its investments within the private-label CMO portfolio. The independent third party utilized certain assumptions for producing the cash flow analysis used in the OTTI assessment. Key assumptions would include interest rates, expected market participant spreads and discount rates, housing prices, projected future delinquency levels and assumed loss rates on any liquidated collateral. The Company reviewed the independent third partyÂ’s assumptions used in the March 31, 2017 OTTI process. Based on the results of this review, the Company deemed the independent third partyÂ’s assumptions to be reasonable and adopted them. However, different assumptions could produce materially different results, which could impact the CompanyÂ’s conclusions as to whether an impairment is considered other-than-temporary and the magnitude of the credit loss. Management believes that no additional private-label CMOs in the portfolio had an other-than-temporary impairment at March 31, 2017, keeping the total at three private-label CMOs with OTTI at March 31, 2017. If the Company intends to sell an impaired debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, the impairment is other-than-temporary and is recognized currently in earnings in an amount equal to the entire difference between fair value and amortized cost. The Company does not anticipate selling its private-label CMO portfolio, nor does Management believe that the Company will be required to sell these securities before recovery of this amortized cost basis. In instances in which the Company determines that a credit loss exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the OTTI is separated into (1) the amount of the total impairment related to the credit loss and (2) the amount of the total impairment related to all other factors (i.e., the noncredit portion). The amount of the total OTTI related to the credit loss is recognized in earnings and the amount of the total OTTI related to all other factors is recognized in accumulated other comprehensive loss. The total OTTI is presented in the Consolidated Statement of Income with an offset for the amount of the total OTTI that is recognized in accumulated other comprehensive loss. Absent the intent or requirement to sell a security, if a credit loss does not exist, any impairment is considered to be temporary. Regardless of whether an OTTI is recognized in its entirety in earnings or if the credit portion is recognized in earnings and the noncredit portion is recognized in other comprehensive income (loss), the estimation of fair values has a significant impact on the amount(s) of any impairment that is recorded. The noncredit portion of any OTTI losses on securities classified as available-for-sale In periods subsequent to the recognition of an OTTI loss, the other-than-temporarily impaired debt security is accounted for as if it had been purchased on the measurement date of the OTTI at an amount equal to the previous amortized cost basis less the credit-related OTTI recognized in earnings. For debt securities for which credit-related OTTI is recognized in earnings, the difference between the new cost basis and the cash flows expected to be collected is accreted into interest income over the remaining life of the security in a prospective manner based on the amount and timing of future estimated cash flows. The Company had investments in 47 positions that were impaired at March 31, 2017. Based on its analysis, management has concluded that three private-label CMOs are other-than-temporarily impaired, while the remaining securities portfolio has experienced unrealized losses and a decrease in fair value due to interest rate volatility, illiquidity in the marketplace, or credit deterioration in the U.S. mortgage markets. |
LOANS AND RELATED ALLOWANCE FOR
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES | 9. LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES The following table summarizes the primary segments of the loan portfolio as of March 31, 2017 and June 30, 2016. March 31, 2017 June 30, 2016 Total Individually Collectively evaluated for impairment Total Individually Collectively evaluated for impairment (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 61,122 $ - $ 61,122 $ 49,411 $ - $ 49,411 Construction 2,978 - 2,978 4,783 - 4,783 Land acquisition & development 643 - 643 666 - 666 Multi-family dwellings 3,719 - 3,719 3,961 - 3,961 Commercial 2,163 - 2,163 1,592 - 1,592 Consumer Loans Home equity 963 - 963 802 - 802 Home equity lines of credit 2,254 - 2,254 1,900 - 1,900 Other 197 - 197 150 - 150 Commercial Loans 896 - 896 1,456 - 1456 $ 74,935 $ - $ 74,935 $ 64,721 $ - $ 64,721 Plus: Deferred loan costs 406 312 Allowance for loan losses (410 ) (360 ) Total $ 74,931 $ 64,673 Impaired loans are loans for which it is probable the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. The following loan categories are collectively evaluated for impairment. First mortgage loans: 1 – 4 family dwellings and all consumer loan categories (home equity, home equity lines of credit, and other). The following loan categories are individually evaluated for impairment. First mortgage loans: construction, land acquisition and development, multi-family dwellings, and commercial. The Company evaluates commercial loans not secured by real property individually for impairment. The definition of “impaired loans” is not the same as the definition of “nonaccrual loans,” although the two categories overlap. The Company may choose to place a loan on nonaccrual status due to payment delinquency or uncertain collectability, while not classifying the loan as impaired if the loan is not a commercial or commercial real estate loan. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of impaired loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Loans that experience insignificant payment delays, which are defined as 90 days or less, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case The following tables are a summary of the loans considered to be impaired as of March 31, 2017 and June 30, 2016, and the related interest income recognized for the three and nine months ended March 31, 2017 and March 31, 2016: March 31, June 30, (Dollars in Thousands) Impaired loans with an allocated allowance: Home equity lines of credit $ - $ - Impaired loans without an allocated allowance: Commercial real estate loans - - Total impaired loans $ - $ - Allocated allowance on impaired loans: Home equity lines of credit $ - $ - Commercial real estate loans - Total $ - $ - Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, (Dollars in Thousands) Average impaired loans Construction loans $ - $ - $ - $ - Land acquisition & development loans - - - - Commercial real estate loans - - - 16 Home equity lines of credit - - - - Total $ - $ - $ - $ 16 Income recognized on impaired loans Construction loans $ - $ - $ - $ - Land acquisition & development loans - - - - Commercial real estate loans - - - 1 Home equity lines of credit - - - - Total $ - $ - $ - $ 1 Total nonaccrual loans as of March 31, 2017 and June 30, 2016 and the related interest income recognized for the three and nine months ended March 31, 2017 and March 31, 2016 are as follows: March 31, June 30, (Dollars in Thousands) Principal outstanding 1 – 4 family dwellings $ 248 $ 254 Construction - - Land acquisition & development - - Commercial real estate - - Home equity lines of credit - - Total $ 248 $ 254 Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, (Dollars in Thousands) Average nonaccrual loans 1 – 4 family dwellings $ 249 $ 256 $ 251 $ 258 Construction - - - - Land acquisition & development - - - - Commercial real estate - - - 16 Home equity lines of credit - - - - Total $ 249 $ 256 $ 251 $ 274 Income that would have been recognized $ 5 $ 4 $ 11 $ 13 Interest income recognized $ 3 $ 7 $ 13 $ 17 The Company’s loan portfolio also includes troubled debt restructurings (TDRs), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. During the three and nine months ended March 31, 2017, there were no troubled debt restructurings, and no troubled debt restructurings that subsequently defaulted. One previously modified TDR, secured by commercial real estate, was paid off in full during the nine months ended March 31, 2016. The following tables include the recorded investment and number of modifications for modified loans, as of March 31, 2016. The Company reports the recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured. For the Three Months Ended Number of Pre-Modification Post-Modification Investment (Dollars in Thousands) Troubled debt restructurings: Commercial real estate - $ - $ - Troubled debt restructurings that subsequently defaulted: Commercial real estate - $ - $ - For the Nine Months Ended Number of Pre-Modification Post-Modification Investment (Dollars in Thousands) Troubled debt restructurings: Commercial real estate 1 $ 49 $ 49 Troubled debt restructurings that subsequently defaulted: Commercial real estate - $ - $ - When the Company modifies a loan, management evaluates any possible impairment based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, instead of discounted cash flows. If management determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized by segment or class of loan, as applicable, through an allowance estimate or a charge-off The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance account. Subsequent recoveries, if any, are credited to the allowance. The allowance is maintained at a level believed adequate by management to absorb estimated potential loan losses. Management’s determination of the adequacy of the allowance is based on periodic evaluations of the loan portfolio considering past experience, current economic conditions, composition of the loan portfolio and other relevant factors. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant change. Effective December 13, 2006, the FDIC, in conjunction with the other federal banking agencies adopted a Revised Interagency Policy Statement on the Allowance for Loan and Lease Losses (“ALLL”). The revised policy statement revised and replaced the banking agencies’ 1993 policy statement on the ALLL. The revised policy statement provides that an institution must maintain an ALLL at a level that is appropriate to cover estimated credit losses on individually evaluated loans determined to be impaired, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. The banking agencies also revised the policy to ensure consistency with generally accepted accounting principles (“GAAP”). The revised policy statement updates the previous guidance that describes the responsibilities of the board of directors, management, and bank examiners regarding the ALLL, factors to be considered in the estimation of the ALLL, and the objectives and elements of an effective loan review system. Federal regulations require that each insured savings institution classify its assets on a regular basis. In addition, in connection with examinations of insured institutions, federal examiners have authority to identify problem assets and, if appropriate, classify them. There are three classifications for problem assets: “substandard”, “doubtful” and “loss”. Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of 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 questionable, and there is a high possibility of loss. An asset classified as loss is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. Another category designated “asset watch” is also utilized by the Bank for assets which do not currently expose an insured institution to a sufficient degree of risk to warrant classification as substandard, doubtful or loss. Assets classified as substandard or doubtful require the institution to establish general allowances for loan losses. If an asset or portion thereof is classified as loss, the insured institution must either establish specific allowances for loan losses in the amount of 100% of the portion of the asset classified loss, or charge-off The Company’s general policy is to internally classify its assets on a regular basis and establish prudent general valuation allowances that are adequate to absorb losses that have not been identified but that are inherent in the loan portfolio. The Company maintains general valuation allowances that it believes are adequate to absorb losses in its loan portfolio that are not clearly attributable to specific loans. The Company’s general valuation allowances are within the following general ranges: (1) 0% to 5% of assets subject to special mention; (2) 1.00% to 100% of assets classified substandard; and (3) 50% to 100% of assets classified doubtful. Any loan classified as loss is charged-off. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of March 31, 2017 and June 30, 2016: Current 30 –59 60 –89 90 Days + 90 Days + Non-accrual Total Total (Dollars in Thousands) March 31, 2017 First mortgage loans: 1 – 4 family dwellings $ 60,874 $ - $ - $ - $ 248 $ 248 $ 61,122 Construction 2,978 - - - - - 2,978 Land acquisition & development 643 - - - - - 643 Multi-family dwellings 3,719 - - - - - 3,719 Commercial 2,163 - - - - - 2,163 Consumer Loans: Home equity 963 - - - - - 963 Home equity lines of credit 2,254 - - - - - 2,254 Other 197 - - - - - 197 Commercial Loans 896 - - - - - 896 $ 74,687 $ - $ - $ - $ 248 $ 248 74,935 Plus: Deferred loan fees 406 Allowance for loan losses (410 ) Net Loans Receivable $ 74,931 Current 30 – 59 60 – 89 90 Days + 90 Days + Non-accrual Total Total (Dollars in Thousands) June 30, 2016 First mortgage loans: 1 – 4 family dwellings $ 49,157 $ - $ - $ - $ 254 $ 254 $ 49,411 Construction 4,783 - - - - - 4,783 Land acquisition & development 666 - - - - - 666 Multi-family dwellings 3,961 - - - - - 3,961 Commercial 1,592 - - - - - 1,592 Consumer Loans: Home equity 802 - - - - - 802 Home equity lines of credit 1,900 - - - - - 1,900 Other 150 - - - - - 150 Commercial Loans 1,456 - - - - - 1,456 $ 64,467 $ - $ - $ - $ 254 $ 254 64,721 Plus: Deferred loan fees 312 Allowance for loan losses (360 ) Net Loans Receivable $ 64,673 Credit quality information The following tables represent credit exposure by internally assigned grades for the period ended March 31, 2017. The grading system analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or not at all. The Company’s internal credit risk grading system is based on experiences with similarly graded loans. The Company’s internally assigned grades are as follows: Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected. Substandard – loans that have a well-defined weakness based on objective evidence and can be characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard loan. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances. Loss – loans classified as loss are considered uncollectible, or of such value that continuance as a loan is not warranted. The primary credit quality indicator used by management in the 1 – 4 family and consumer loan portfolios is the performance status of the loans. Payment activity is reviewed by Management on a monthly basis to determine how loans are performing. Loans are considered to be non-performing The following tables present the Company’s internally classified construction, land acquisition and development, multi-family residential, commercial real estate and commercial (not secured by real estate) loans at March 31, 2017 and June 30, 2016. March 31, 2017 Construction Land Acquisition & Loans Multi-family Commercial Estate Commercial (Dollars in Thousands) Pass $ 2,978 $ 643 $ 3,719 $ 2,163 $ 896 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 2,978 $ 643 $ 3,719 $ 2,163 $ 896 June 30, 2016 Construction Land & Development Multi-family Commercial Estate Commercial (Dollars in Thousands) Pass $ 4,783 $ 666 $ 3,961 $ 1,592 $ 1,456 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 4,783 $ 666 $ 3,961 $ 1,592 $ 1,456 The following table presents performing and non-performing March 31, 2017 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 60,874 $ 3,414 Non-performing 248 - Total $ 61,122 $ 3,414 June 30, 2016 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 49,157 $ 2,852 Non-performing 254 - Total $ 49,411 $ 2,852 The Company determines its allowance for loan losses in accordance with generally accepted accounting principles. The Company uses a systematic methodology as required by Financial Reporting Release No. 28 and the various Federal Financial Institutions Examination Council guidelines. The Company also endeavors to adhere to SEC Staff Accounting Bulletin No. 102 in connection with loan loss allowance methodology and documentation issues. Our methodology used to determine the allocated portion of the allowance is as follows. For groups of homogenous loans, we apply a loss rate to the groups’ aggregate balance. Our group loss rate reflects our historical loss experience. We may adjust these group rates to compensate for changes in environmental factors; but our adjustments have not been frequent due to a relatively stable charge-off The Company had no unallocated loss allowance balance at March 31, 2017 at June 30, 2016. The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. The following tables summarize the primary segments of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of March 31, 2017 and 2016. Activity in the allowance is presented for the three and nine months ended March 31, 2017 and 2016. For the three months ended March 31, 2017 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at December 31, 2016 $ 261 $ 51 $ 7 $ 21 $ 17 $ 33 $ 5 $ 395 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 27 (15 ) (1 ) (1 ) 5 1 (1 ) 15 Ending ALLL Balance at March 31, 2017 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 288 36 6 20 22 34 4 410 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 For the nine months ended March 31, 2017 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2016 $ 222 $ 57 $ 7 $ 22 $ 16 $ 29 $ 7 $ 360 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 66 (21 ) (1 ) (2 ) 6 5 (3 ) 50 Ending ALLL Balance at March 31, 2017 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 288 36 6 20 22 34 4 410 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 For the three months ended March 31, 2016 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at December 31, 2015 $ 162 $ 84 $ 8 $ 29 $ 29 $ 32 $ 7 $ 351 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 39 (13 ) (1 ) 4 (8 ) (2 ) 2 21 Ending ALLL Balance at March 31, 2016 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 201 71 7 33 21 30 9 372 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 For the nine months ended March 31, 2016 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2015 $ 125 $ 63 $ 9 $ 30 $ 34 $ 37 $ 6 $ 304 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 76 8 (2 ) 3 (13 ) (7 ) 3 68 Ending ALLL Balance at March 31, 2016 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 201 71 7 33 21 30 9 372 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 During the three months ended March 31, 2017, the primary changes to the ALLL were comprised of a $27 thousand increase attributable to 1-4 During the nine months ended March 31, 2017, the ALLL associated with 1-4 The primary reason for the changes in the ALLL balance for both periods, in total, and within the identified segments, is changes in applicable loan balances. During the three months ended March 31, 2016, the ALLL associated with the 1-4 1-4 1-4 During the nine months ended March 31, 2016, the ALLL associated with 1-4 1-4 1-4 During the three and nine months ended March 31, 2017, the Company also increased its ALLL reserve factors, due to increases in associated loan balances and qualitative factors for the following loan segment: Loan Segment 03/31/2017 Factor 06/30/2016 Factor 1 – 4 family 0.43% 0.40% |
FEDERAL HOME LOAN BANK (FHLB) A
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 9 Months Ended |
Mar. 31, 2017 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 10. FEDERAL HOME LOAN BANK (FHLB) ADVANCES The following table presents contractual maturities of FHLB long-term advances as of March 31, 2017 and June 30, 2016. Maturity range Weighted- Stated interest rate range March 31, June 30, Description from to interest rate 5 from to 2017 2016 (Dollars in Thousands) Convertible 07/27/17 07/27/17 4.26% 4.26 % 4.26 % $ 10,000 $ 10,000 Adjustable 08/11/17 09/01/17 0.69% 0.68 % 0.70 % 6,109 6,109 Total $ 16,109 $ 16,109 5 As of March 31, 2017. Maturities of FHLB long-term advances at March 31, 2017, are summarized as follows: Maturing During Fiscal Year Ended June 30: Amount Weighted- (Dollars in Thousands) 2017 $ - - 2018 16,109 2.91 % 2019 - - 2020 - - 2021 and thereafter - - Total $ 16,109 2.91 % The terms of the convertible advances reset to the three-month London Interbank Offered Rate (“LIBOR”) and have various spreads and call dates of three months. The FHLB has the right to convert from a fixed rate to a predetermined floating rate on its conversion date or quarterly thereafter. Should the advance be converted, the Company has the right to pay off the advance without penalty. The adjustable rate advances adjust either monthly or quarterly, based on the one-month The Company also utilized revolving and short-term FHLB advances. Short-term FHLB advances generally mature within 90 days, while revolving FHLB advances may be repaid by the Company without penalty. The following table presents information regarding such advances as of March 31, 2017 and June 30, 2016: March 31, June 30, (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 148,555 $ 144,027 Average balance 141,629 47,413 Maximum month-end 148,555 144,027 Average interest rate 0.83 % 0.50 % Weighted-average rate 0.68 % 0.54 % At March 31, 2017, the Company had remaining borrowing capacity with the FHLB of approximately $9.7 million. The FHLB advances are secured by the Company’s FHLB stock, loans, and mortgage-backed and investment securities held in safekeeping at the FHLB. FHLB advances are subject to substantial prepayment penalties. |
OTHER BORROWINGS
OTHER BORROWINGS | 9 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
OTHER BORROWINGS | 11. OTHER BORROWINGS Other borrowings include securities sold under agreements to repurchase with securities brokers (“repurchase agreements”). These borrowings generally mature within 1 to 90 days from the transaction date and require a collateral pledge. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The following table presents information regarding other borrowings as of March 31, 2017 and June 30, 2016: March 31, June 30, (Dollars in Thousands) Other short-term borrowings: Ending balance $ - $ - Average balance - 2,748 Maximum month-end - 9,700 Average interest rate - % 0.51 % Weighted-average rate - % - % |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 12. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. GAAP established a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way Assets Measured at Fair Value on a Recurring Basis Investment Securities Available-for-Sale Fair values for securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges 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. The Company has no Level I or Level III investment securities. Level II investment securities were primarily comprised of investment-grade corporate bonds and U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. The following tables present the assets reported on a recurring basis on the Consolidated Balance Sheet at their fair value as of March 31, 2017 and June 30, 2016, by level within the fair value hierarchy. As required by GAAP, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. March 31, 2017 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Obligations of states and political subdivisions $ - $ 1,324 $ - $ 1,324 Corporate securities - 91,465 - 91,465 Foreign debt securities 6 - 8,488 - 8,488 $ - $ 101,277 $ - $ 101,277 June 30, 2016 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Obligations of states and political subdivisions $ - $ 2,041 $ - $ 2,041 Corporate securities - 96,852 - 96,852 Foreign debt securities 6 - 8,783 - 8,783 $ - $ 107,676 $ - $ 107,676 Assets Measured at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of the period. Impaired Loans Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC Topic 310. The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Collateral values are estimated using Level II inputs based on observable market data or Level III inputs based on customized discounting criteria. For a majority of impaired real estate related loans, the Company obtains a current external appraisal. Other valuation techniques are used as well, including internal valuations, comparable property analysis and contractual sales information. The Company has no Level I or Level II impaired loans. Level III impaired loans were primarily comprised of one single-family residential construction loan, one land loan, and one home equity line of credit. 6 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. The following tables present the assets reported on a non-recurring March 31, 2017 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a non-recurring Impaired loans $ - $ - $ - $ - Total $ - $ - $ - $ - June 30, 2016 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a non-recurring Impaired loans $ - $ - $ - $ - Total $ - $ - $ - $ - For Level III assets measured at fair value on a recurring and non-recurring Fair Value at March 31, June 30, Valuation Significant Significant Unobservable (Dollars in Thousands) Impaired loans $ - $ - Appraisal of 7 Discounted 8 0%/0% When evaluating the value of the collateral on impaired loans, the Company will consider the age of the most current appraisal, and may discount the appraised value from 1.0% to 15.0%. The Company classifies financial instruments in Level III of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation model for Level III financial instruments typically also rely on a number of inputs that are readily observable, either directly or indirectly. 7 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level III inputs which are not identifiable. 8 Appraisals may be adjusted by management for qualitative factors such as economic conditions. The range and weighted average of appraisal adjustments are presented as a percentage of the appraisals. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Mar. 31, 2017 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 13. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts and estimated fair values are as follows: March 31, 2017 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,811 $ 2,811 $ 2,811 $ - $ - Certificates of deposit 10,383 10,383 10,383 - - Investment securities – available for sale 101,277 101,277 - 101,277 - Investment securities – held to maturity 8,681 8,834 - 8,834 - Mortgage-backed securities – held to maturity: Agency 131,967 132,819 - 132,819 - Private-label 1,203 1,461 - - 1,461 Net loans receivable 74,931 74,339 - - 74,339 Accrued interest receivable 1,210 1,210 1,210 - - FHLB stock 6,946 6,946 6,946 - - Bank owned life insurance 4,509 4,509 4,509 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 21,751 $ 21,751 $ 21,751 $ - $ - NOW accounts 22,125 22,125 22,125 - - Savings accounts 46,119 46,119 46,119 - - Money market accounts 22,675 22,675 22,675 - - Certificates of deposit 31,223 31,057 - - 31,057 Advance payments by borrowers for taxes and insurance 1,241 1,241 1,241 - - FHLB advances – fixed rate 10,000 10,413 - - 10,413 FHLB advances – variable rate 6,109 6,109 6,109 - - FHLB short-term advances 148,555 148,555 148,555 - - Accrued interest payable 198 198 198 - - June 30, 2016 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,343 $ 2,343 $ 2,343 $ - $ - Certificates of deposit 350 350 350 - - Investment securities – available for sale 107,676 107,676 - 107,676 - Investment securities – held to maturity 9,523 9,990 - 9,990 - Mortgage-backed securities – held to maturity: Agency 135,957 135,976 - 135,976 - Private-label 1,459 1,703 - - 1,730 Net loans receivable 64,673 67,335 - - 67,335 Accrued interest receivable 1,508 1,508 1,508 - - FHLB stock 6,599 6,599 6,599 - - Bank owned life insurance 4,410 4,410 4,410 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 17,284 $ 17,284 $ 17,284 $ - $ - NOW accounts 22,201 22,201 22,201 - - Savings accounts 47,232 47,232 47,232 - - Money market accounts 23,050 23,050 23,050 - - Certificates of deposit 30,250 30,241 - - 30,241 Advance payments by borrowers for taxes and insurance 1,261 1,261 1,261 - - FHLB advances – fixed rate 10,000 10,498 - - 10,498 FHLB advances - variable rate 6,109 6,109 6,109 - - FHLB short-term advances 144,027 144,027 144,027 - - Accrued interest payable 189 189 189 - - Financial instruments are defined as cash, evidence of an ownership interest in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from or to a second entity on potentially favorable or unfavorable terms. Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. If a quoted market price is available for a financial instrument, the estimated fair value would be calculated based upon the market price per trading unit of the instrument. If no readily available market exists, the fair value estimates for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses, and other factors, as determined through various option pricing formulas or simulation modeling. As many of these assumptions result from judgments made by management based upon estimates, which are inherently uncertain, the resulting estimated values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated values are based may have a significant impact on the resulting estimated values. As certain assets and liabilities, such as deferred tax assets, premises and equipment, and many other operational elements of the Company, are not considered financial instruments, but have value, this estimated fair value of financial instruments would not represent the full market value of the Company. Estimated fair values have been determined by the Company using the best available data, as generally provided in internal Savings Bank regulatory, or third party valuation reports, using an estimation methodology suitable for each category of financial instruments. The estimation methodologies used are as follows: Cash and Cash Equivalents, Certificates of Deposit, Accrued Interest Receivable and Payable, and FHLB Short-term Advances, and Other Short-term Borrowings The fair value approximates the current carrying value. Investment Securities, Mortgage-Backed Securities, and FHLB Stock The fair value of investment and mortgage-backed securities is equal to the available quoted market price. If no quoted market price is available, fair value is estimated using the quoted market price for similar securities. For discussion of valuation of private-label CMOs, see Note 8 “Unrealized Losses on Securities”. Since the FHLB stock is not actively traded on a secondary market and held exclusively by member financial institutions, the estimated fair market value approximates the carrying amount. Net Loans Receivable, Deposits, and Advance Payments by Borrowers for Taxes and Insurance Fair value for consumer mortgage loans is estimated using market quotes or discounting contractual cash flows for prepayment estimates. Discount rates were obtained from secondary market sources, adjusted to reflect differences in servicing, credit, and other characteristics. The estimated fair values for consumer, fixed-rate commercial, and multi-family real estate loans are estimated by discounting contractual cash flows for prepayment estimates. Discount rates are based upon rates generally charged for such loans with similar credit characteristics. The estimated fair value for nonperforming loans is the appraised value of the underlying collateral adjusted for estimated credit risk. Demand, savings, money market deposit accounts, and advance payments by borrowers for taxes and insurance are reported at book value. The fair value of certificates of deposit is based upon the discounted value of the contractual cash flows. The discount rate is estimated using average market rates for deposits with similar average terms. Bank Owned Life Insurance (“BOLI”) The fair value of BOLI approximates the cash surrender value of the policies at these dates. FHLB Advances – Fixed and Variable Rate The fair values of fixed-rate advances are estimated using discounted cash flows, based on current incremental borrowing rates for similar types of borrowing arrangements. The carrying amount on variable rate advances approximates their fair value. Commitments to Extend Credit These financial instruments are generally not subject to sale, and estimated fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
EARNINGS PER SHARE: | |
Schedule of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average common shares issued 3,805,636 3,805,636 3,805,636 3,805,636 Average treasury stock shares (1,797,492 ) (1,766,507 ) (1,794,991 ) (1,766,455 ) Average unallocated ESOP shares (125,551 ) (128,907 ) (130,718 ) (129,291 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 1,882,593 1,910,222 1,879,927 1,909,890 Additional common stock equivalents (stock options) used to calculate diluted earnings per share - - - - Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 1,882,593 1,910,222 1,879,927 1,909,890 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investments | Amortized Gross Gross Fair (Dollars in Thousands) March 31, 2017 AVAILABLE FOR SALE Corporate debt securities $ 91,418 $ 124 $ (77 ) $ 91,465 Foreign debt securities 1 8,490 3 (5 ) 8,488 Obligations of states and political subdivisions 1,330 - (6 ) 1,324 Total $ 101,238 $ 127 $ (88 ) $ 101,277 Amortized Gross Gross Fair (Dollars in Thousands) March 31, 2017 HELD TO MATURITY U.S. government agency securities $ 625 $ 7 $ - $ 632 Corporate debt securities 2,701 117 - 2,818 Obligations of states and political subdivisions 5,355 29 - 5,384 Total $ 8,681 $ 153 $ - $ 8,834 Amortized Gross Gross Fair Value (Dollars in Thousands) June 30, 2016 AVAILABLE FOR SALE Corporate debt securities $ 96,742 $ 150 $ (40 ) $ 96,852 Foreign debt securities 1 8,780 5 (2 ) 8,783 Obligations of states and political subdivisions 2,034 7 - 2,041 Total $ 107,556 $ 162 $ (42 ) $ 107,676 1 U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. Amortized Gross Gross Fair (Dollars in Thousands) June 30, 2016 HELD TO MATURITY U.S. government agency securities $ 625 $ 5 $ - $ 630 Corporate debt securities 3,543 228 - 3,771 Obligations of states and political subdivisions 2 5,355 234 - 5,589 Total $ 9,523 $ 467 $ - $ 9,990 |
Schedule of Investments by Contractual Maturity | Due in Due after Due after Due after Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 41,133 $ 55,584 $ 4,521 $ - $ 101,238 Fair value 41,133 55,587 4,557 - 101,277 HELD TO MATURITY Amortized cost $ 2,479 $ 3,372 $ 2,205 $ 625 $ 8,681 Fair value 2,528 3,454 2,220 632 8,834 |
MORTGAGE-BACKED SECURITIES (Tab
MORTGAGE-BACKED SECURITIES (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
Schedule of Information Relating To Private Label CMO Portfolio | At March 31, 2017 Rating Amortized Fair 3 Life to Date Cusip # Security Description S&P MoodyÂ’s Fitch (in thousands) 126694CP1 CWHL SER 21 A11 N/A Caa2 D $ 664 $ 859 $ 201 126694KF4 CWHL SER 24 A15 D N/A D 405 455 118 126694MP0 CWHL SER 26 1A5 D N/A D 134 147 36 $ 1,203 $ 1,461 $ 355 |
Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities | Amortized Gross Gross Fair (Dollars in Thousands) March 31, 2017 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 131,967 $ 1,250 $ (398 ) $ 132,819 Private-label 1,203 258 - 1,461 Total $ 133,170 $ 1,508 $ (398 ) $ 134,280 Amortized Gross Gross Fair (Dollars in Thousands) June 30, 2016 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 135,957 $ 932 $ (913 ) $ 135,976 Private-label 1,459 244 - 1,703 Total $ 137,416 $ 1,176 $ (913 ) $ 137,679 |
Schedule of Mortgage-Backed Securities by Contractual Maturity | Due in Due after Due after Due after Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ - $ - $ 281 $ 132,889 $ 133,170 Fair value - - 288 133,992 134,280 |
ACCUMULATED OTHER COMPREHENSI25
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive loss | Three Months Ended March 31, 2017 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – December 31, 2016 $ (13 ) $ (272 ) $ (285 ) Other comprehensive income before reclassifications 39 17 56 Amounts reclassified from accumulated other comprehensive loss - - - Net current-period other comprehensive income 39 17 56 Ending Balance – March 31, 2017 $ 26 $ (255 ) $ (229 ) Nine Months Ended March 31, 2017 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – June 30, 2016 $ 78 $ (316 ) $ (238 ) Other comprehensive income (loss) before reclassifications (53 ) 62 9 Amounts reclassified from accumulated other comprehensive loss - - - Net current-period other comprehensive Income (loss) (53 ) 62 9 Ending Balance – March 31, 2017 $ 25 $ (254 ) $ (229 ) Three Months Ended March 31, 2016 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – December 31, 2015 $ (180 ) $ (361 ) $ (541 ) Other comprehensive income before reclassifications 201 23 224 Amounts reclassified from accumulated other comprehensive income - - - Net current-period other comprehensive income 201 23 224 Ending Balance – March 31, 2016 $ 21 $ (338 ) $ (317 ) Nine Months Ended March 31, 2016 (Dollars in Thousands – net of tax) Unrealized Gains and Available-for-Sale Unrealized Gains and Held-to-Maturity Total Beginning Balance – June 30, 2015 $ (35 ) $ (426 ) $ (461 ) Other comprehensive income before reclassifications 70 88 158 Amounts reclassified from accumulated other comprehensive loss (14 ) - (14 ) Net current-period other comprehensive income 56 88 144 Ending Balance – March 31, 2016 $ 21 $ (338 ) $ (317 ) |
UNREALIZED LOSSES ON SECURITI26
UNREALIZED LOSSES ON SECURITIES (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Unrealized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments [Abstract] | |
Schedule of Gross Unrealized Losses and Fair Value | March 31, 2017 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 41,445 $ (72 ) $ 991 $ (5 ) $ 42,436 $ (77 ) Foreign Debt Securities 4 2,464 (5 ) - - 2,464 (5 ) Obligations of state and political subdivisions 1,324 (6 ) - - 1,324 (6 ) Collateralized mortgage obligations: Agency 17,246 (40 ) 23,853 (358 ) 41,099 (398 ) Total $ 62,479 $ (123 ) $ 24,844 $ (363 ) $ 87,323 $ (486 ) June 30, 2016 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 19,313 $ (27 ) $ 6,243 $ (13 ) $ 25,556 $ (40 ) Foreign Debt Securities 4 4,646 (2 ) - - 4,646 (2 ) Collateralized mortgage obligations: Agency 17,862 (136 ) 31,769 (777 ) 49,631 (913 ) Total $ 41,821 $ (165 ) $ 38,012 $ (790 ) $ 79,833 $ (955 ) |
Schedule of Changes in the Credit Loss | Three Months Ended Nine Months Ended 2017 2016 2017 2016 (Dollars in Thousands) Beginning balance $279 $231 $299 $248 Initial credit impairment - - - - Subsequent credit impairment - - - - Reductions for amounts recognized in earnings due to intent or requirement to sell - - - - Reductions for securities sold - - - - Reduction for actual realized losses (11 ) (8 ) (31 ) (25 ) Reduction for increase in cash flows expected to be collected - - - - Ending Balance $268 $223 $268 $223 |
LOANS AND RELATED ALLOWANCE F27
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Primary Segments of Loan Portfolio | March 31, 2017 June 30, 2016 Total Individually Collectively evaluated for impairment Total Individually Collectively evaluated for impairment (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 61,122 $ - $ 61,122 $ 49,411 $ - $ 49,411 Construction 2,978 - 2,978 4,783 - 4,783 Land acquisition & development 643 - 643 666 - 666 Multi-family dwellings 3,719 - 3,719 3,961 - 3,961 Commercial 2,163 - 2,163 1,592 - 1,592 Consumer Loans Home equity 963 - 963 802 - 802 Home equity lines of credit 2,254 - 2,254 1,900 - 1,900 Other 197 - 197 150 - 150 Commercial Loans 896 - 896 1,456 - 1456 $ 74,935 $ - $ 74,935 $ 64,721 $ - $ 64,721 Plus: Deferred loan costs 406 312 Allowance for loan losses (410 ) (360 ) Total $ 74,931 $ 64,673 |
Schedule of Impaired Loans | March 31, June 30, (Dollars in Thousands) Impaired loans with an allocated allowance: Home equity lines of credit $ - $ - Impaired loans without an allocated allowance: Commercial real estate loans - - Total impaired loans $ - $ - Allocated allowance on impaired loans: Home equity lines of credit $ - $ - Commercial real estate loans - Total $ - $ - Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, (Dollars in Thousands) Average impaired loans Construction loans $ - $ - $ - $ - Land acquisition & development loans - - - - Commercial real estate loans - - - 16 Home equity lines of credit - - - - Total $ - $ - $ - $ 16 Income recognized on impaired loans Construction loans $ - $ - $ - $ - Land acquisition & development loans - - - - Commercial real estate loans - - - 1 Home equity lines of credit - - - - Total $ - $ - $ - $ 1 |
Schedule of Nonaccrual Loans | March 31, June 30, (Dollars in Thousands) Principal outstanding 1 – 4 family dwellings $ 248 $ 254 Construction - - Land acquisition & development - - Commercial real estate - - Home equity lines of credit - - Total $ 248 $ 254 Three Months Ended Nine Months Ended March 31, March 31, March 31, March 31, (Dollars in Thousands) Average nonaccrual loans 1 – 4 family dwellings $ 249 $ 256 $ 251 $ 258 Construction - - - - Land acquisition & development - - - - Commercial real estate - - - 16 Home equity lines of credit - - - - Total $ 249 $ 256 $ 251 $ 274 Income that would have been recognized $ 5 $ 4 $ 11 $ 13 Interest income recognized $ 3 $ 7 $ 13 $ 17 |
Schedule of Recorded Investment | For the Three Months Ended Number of Pre-Modification Post-Modification Investment (Dollars in Thousands) Troubled debt restructurings: Commercial real estate - $ - $ - Troubled debt restructurings that subsequently defaulted: Commercial real estate - $ - $ - For the Nine Months Ended Number of Pre-Modification Post-Modification Investment (Dollars in Thousands) Troubled debt restructurings: Commercial real estate 1 $ 49 $ 49 Troubled debt restructurings that subsequently defaulted: Commercial real estate - $ - $ - |
Schedule of Loan Portfolio by Aging Categories | Current 30 –59 60 –89 90 Days + 90 Days + Non-accrual Total Total (Dollars in Thousands) March 31, 2017 First mortgage loans: 1 – 4 family dwellings $ 60,874 $ - $ - $ - $ 248 $ 248 $ 61,122 Construction 2,978 - - - - - 2,978 Land acquisition & development 643 - - - - - 643 Multi-family dwellings 3,719 - - - - - 3,719 Commercial 2,163 - - - - - 2,163 Consumer Loans: Home equity 963 - - - - - 963 Home equity lines of credit 2,254 - - - - - 2,254 Other 197 - - - - - 197 Commercial Loans 896 - - - - - 896 $ 74,687 $ - $ - $ - $ 248 $ 248 74,935 Plus: Deferred loan fees 406 Allowance for loan losses (410 ) Net Loans Receivable $ 74,931 Current 30 – 59 60 – 89 90 Days + 90 Days + Non-accrual Total Total (Dollars in Thousands) June 30, 2016 First mortgage loans: 1 – 4 family dwellings $ 49,157 $ - $ - $ - $ 254 $ 254 $ 49,411 Construction 4,783 - - - - - 4,783 Land acquisition & development 666 - - - - - 666 Multi-family dwellings 3,961 - - - - - 3,961 Commercial 1,592 - - - - - 1,592 Consumer Loans: Home equity 802 - - - - - 802 Home equity lines of credit 1,900 - - - - - 1,900 Other 150 - - - - - 150 Commercial Loans 1,456 - - - - - 1,456 $ 64,467 $ - $ - $ - $ 254 $ 254 64,721 Plus: Deferred loan fees 312 Allowance for loan losses (360 ) Net Loans Receivable $ 64,673 |
Schedule of Loans by Internal Classification | March 31, 2017 Construction Land Acquisition & Loans Multi-family Commercial Estate Commercial (Dollars in Thousands) Pass $ 2,978 $ 643 $ 3,719 $ 2,163 $ 896 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 2,978 $ 643 $ 3,719 $ 2,163 $ 896 June 30, 2016 Construction Land & Development Multi-family Commercial Estate Commercial (Dollars in Thousands) Pass $ 4,783 $ 666 $ 3,961 $ 1,592 $ 1,456 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 4,783 $ 666 $ 3,961 $ 1,592 $ 1,456 |
Schedule of Performing and Non-Performing Loans | March 31, 2017 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 60,874 $ 3,414 Non-performing 248 - Total $ 61,122 $ 3,414 June 30, 2016 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 49,157 $ 2,852 Non-performing 254 - Total $ 49,411 $ 2,852 |
Schedule of Primary Segments of Allowance for Loan Losses | For the three months ended March 31, 2017 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at December 31, 2016 $ 261 $ 51 $ 7 $ 21 $ 17 $ 33 $ 5 $ 395 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 27 (15 ) (1 ) (1 ) 5 1 (1 ) 15 Ending ALLL Balance at March 31, 2017 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 288 36 6 20 22 34 4 410 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 For the nine months ended March 31, 2017 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2016 $ 222 $ 57 $ 7 $ 22 $ 16 $ 29 $ 7 $ 360 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 66 (21 ) (1 ) (2 ) 6 5 (3 ) 50 Ending ALLL Balance at March 31, 2017 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 288 36 6 20 22 34 4 410 $ 288 $ 36 $ 6 $ 20 $ 22 $ 34 $ 4 $ 410 For the three months ended March 31, 2016 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at December 31, 2015 $ 162 $ 84 $ 8 $ 29 $ 29 $ 32 $ 7 $ 351 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 39 (13 ) (1 ) 4 (8 ) (2 ) 2 21 Ending ALLL Balance at March 31, 2016 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 201 71 7 33 21 30 9 372 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 For the nine months ended March 31, 2016 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2015 $ 125 $ 63 $ 9 $ 30 $ 34 $ 37 $ 6 $ 304 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 76 8 (2 ) 3 (13 ) (7 ) 3 68 Ending ALLL Balance at March 31, 2016 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 201 71 7 33 21 30 9 372 $ 201 $ 71 $ 7 $ 33 $ 21 $ 30 $ 9 $ 372 |
Schedule of increased ALL reserve factors, due to increases in associated loan balances | Loan Segment 03/31/2017 Factor 06/30/2016 Factor 1 – 4 family 0.43% 0.40% |
FEDERAL HOME LOAN BANK (FHLB)28
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
Schedule of Contractual Maturities of Federal Home Loan Bank Long-Term Advances | Maturity range Weighted- Stated interest rate range March 31, June 30, Description from to interest rate 5 from to 2017 2016 (Dollars in Thousands) Convertible 07/27/17 07/27/17 4.26% 4.26 % 4.26 % $ 10,000 $ 10,000 Adjustable 08/11/17 09/01/17 0.69% 0.68 % 0.70 % 6,109 6,109 Total $ 16,109 $ 16,109 |
Maturities of Federal Home Loan Bank Long-Term Advances | Maturing During Fiscal Year Ended June 30: Amount Weighted- (Dollars in Thousands) 2017 $ - - 2018 16,109 2.91 % 2019 - - 2020 - - 2021 and thereafter - - Total $ 16,109 2.91 % |
Schedule of Federal Home Loan Bank Short-Term Advances | March 31, June 30, (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 148,555 $ 144,027 Average balance 141,629 47,413 Maximum month-end 148,555 144,027 Average interest rate 0.83 % 0.50 % Weighted-average rate 0.68 % 0.54 % |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Short-Term Borrowings | March 31, June 30, (Dollars in Thousands) Other short-term borrowings: Ending balance $ - $ - Average balance - 2,748 Maximum month-end - 9,700 Average interest rate - % 0.51 % Weighted-average rate - % - % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | March 31, 2017 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Obligations of states and political subdivisions $ - $ 1,324 $ - $ 1,324 Corporate securities - 91,465 - 91,465 Foreign debt securities 6 - 8,488 - 8,488 $ - $ 101,277 $ - $ 101,277 June 30, 2016 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Obligations of states and political subdivisions $ - $ 2,041 $ - $ 2,041 Corporate securities - 96,852 - 96,852 Foreign debt securities 6 - 8,783 - 8,783 $ - $ 107,676 $ - $ 107,676 |
Assets Measured at Fair Value on a Nonrecurring Basis | March 31, 2017 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a non-recurring Impaired loans $ - $ - $ - $ - Total $ - $ - $ - $ - June 30, 2016 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a non-recurring Impaired loans $ - $ - $ - $ - Total $ - $ - $ - $ - |
Schedule of Significant Observable Inputs | Fair Value at March 31, June 30, Valuation Significant Significant Unobservable (Dollars in Thousands) Impaired loans $ - $ - Appraisal of 7 Discounted 8 0%/0% |
FAIR VALUE OF FINANCIAL INSTR31
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | March 31, 2017 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,811 $ 2,811 $ 2,811 $ - $ - Certificates of deposit 10,383 10,383 10,383 - - Investment securities – available for sale 101,277 101,277 - 101,277 - Investment securities – held to maturity 8,681 8,834 - 8,834 - Mortgage-backed securities – held to maturity: Agency 131,967 132,819 - 132,819 - Private-label 1,203 1,461 - - 1,461 Net loans receivable 74,931 74,339 - - 74,339 Accrued interest receivable 1,210 1,210 1,210 - - FHLB stock 6,946 6,946 6,946 - - Bank owned life insurance 4,509 4,509 4,509 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 21,751 $ 21,751 $ 21,751 $ - $ - NOW accounts 22,125 22,125 22,125 - - Savings accounts 46,119 46,119 46,119 - - Money market accounts 22,675 22,675 22,675 - - Certificates of deposit 31,223 31,057 - - 31,057 Advance payments by borrowers for taxes and insurance 1,241 1,241 1,241 - - FHLB advances – fixed rate 10,000 10,413 - - 10,413 FHLB advances – variable rate 6,109 6,109 6,109 - - FHLB short-term advances 148,555 148,555 148,555 - - Accrued interest payable 198 198 198 - - June 30, 2016 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,343 $ 2,343 $ 2,343 $ - $ - Certificates of deposit 350 350 350 - - Investment securities – available for sale 107,676 107,676 - 107,676 - Investment securities – held to maturity 9,523 9,990 - 9,990 - Mortgage-backed securities – held to maturity: Agency 135,957 135,976 - 135,976 - Private-label 1,459 1,703 - - 1,730 Net loans receivable 64,673 67,335 - - 67,335 Accrued interest receivable 1,508 1,508 1,508 - - FHLB stock 6,599 6,599 6,599 - - Bank owned life insurance 4,410 4,410 4,410 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 17,284 $ 17,284 $ 17,284 $ - $ - NOW accounts 22,201 22,201 22,201 - - Savings accounts 47,232 47,232 47,232 - - Money market accounts 23,050 23,050 23,050 - - Certificates of deposit 30,250 30,241 - - 30,241 Advance payments by borrowers for taxes and insurance 1,261 1,261 1,261 - - FHLB advances – fixed rate 10,000 10,498 - - 10,498 FHLB advances - variable rate 6,109 6,109 6,109 - - FHLB short-term advances 144,027 144,027 144,027 - - Accrued interest payable 189 189 189 - - |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings per Share) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
EARNINGS PER SHARE: | ||||
Weighted average common shares issued | 3,805,636 | 3,805,636 | 3,805,636 | 3,805,636 |
Average treasury stock shares | (1,797,492) | (1,766,507) | (1,794,991) | (1,766,455) |
Average unallocated ESOP shares | (125,551) | (128,907) | (130,718) | (129,291) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 1,882,593 | 1,910,222 | 1,879,927 | 1,909,890 |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | ||||
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 1,882,593 | 1,910,222 | 1,879,927 | 1,909,890 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - Employee Stock Option [Member] - $ / shares | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 114,519 | 114,519 |
Exercise price | $ 16.20 | $ 16.20 |
STOCK BASED COMPENSATION DISC34
STOCK BASED COMPENSATION DISCLOSURE (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of options and restricted shares authorized for issuance under the 2008 Stock Incentive Plan | 152,000 | |
Number of restricted shares authorized for issuance under the 2008 Incentive Plan | 38,000 | |
Vesting period for plan | 5 years | |
Contractual term | 10 years | |
Share-based compensation | $ 0 | $ 0 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Values of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | ||
AVAILABLE FOR SALE | ||||
Amortized Cost | $ 101,238 | $ 107,556 | ||
Gross Unrealized Gains | 127 | 162 | ||
Gross Unrealized Losses | (88) | (42) | ||
Fair Value | 101,277 | 107,676 | ||
HELD TO MATURITY | ||||
Amortized Cost | 8,681 | 9,523 | ||
Gross Unrealized Gains | 153 | 467 | ||
Gross Unrealized Losses | ||||
Fair Value | 8,834 | 9,990 | ||
U.S. Government Agency Securities [Member] | ||||
HELD TO MATURITY | ||||
Amortized Cost | 625 | 625 | ||
Gross Unrealized Gains | 7 | 5 | ||
Gross Unrealized Losses | ||||
Fair Value | 632 | 630 | ||
Corporate Debt Securities [Member] | ||||
AVAILABLE FOR SALE | ||||
Amortized Cost | 91,418 | 96,742 | ||
Gross Unrealized Gains | 124 | 150 | ||
Gross Unrealized Losses | (77) | (40) | ||
Fair Value | 91,465 | 96,852 | ||
HELD TO MATURITY | ||||
Amortized Cost | 2,701 | 3,543 | ||
Gross Unrealized Gains | 117 | 228 | ||
Gross Unrealized Losses | ||||
Fair Value | 2,818 | 3,771 | ||
Foreign Debt Securities [Member] | ||||
AVAILABLE FOR SALE | ||||
Amortized Cost | [1] | 8,490 | 8,780 | |
Gross Unrealized Gains | [1] | 3 | 5 | |
Gross Unrealized Losses | [1] | (5) | (2) | |
Fair Value | [1] | 8,488 | 8,783 | |
Obligations of States and Political Subdivisions [Member] | ||||
AVAILABLE FOR SALE | ||||
Amortized Cost | 1,330 | 2,034 | ||
Gross Unrealized Gains | 7 | |||
Gross Unrealized Losses | (6) | |||
Fair Value | 1,324 | 2,041 | ||
HELD TO MATURITY | ||||
Amortized Cost | 5,355 | 5,355 | [1] | |
Gross Unrealized Gains | 29 | 234 | [1] | |
Gross Unrealized Losses | [1] | |||
Fair Value | $ 5,384 | $ 5,589 | [1] | |
[1] | U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
INVESTMENT SECURITIES (Schedu36
INVESTMENT SECURITIES (Schedule of Investments by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
AVAILABLE FOR SALE, Amortized cost | ||
Due in one year or less | $ 41,133 | |
Due after one through five years | 55,584 | |
Due after five through ten years | 4,521 | |
Due after ten years | ||
Total | 101,238 | |
AVAILABLE FOR SALE, Fair value | ||
Due in one year or less | 41,133 | |
Due after one through five years | 55,587 | |
Due after five through ten years | 4,557 | |
Due after ten years | ||
Total | 101,277 | |
HELD TO MATURITY, Amortized cost | ||
Due in one year or less | 2,479 | |
Due after one through five years | 3,372 | |
Due after five through ten years | 2,205 | |
Due after ten years | 625 | |
Total | 8,681 | $ 9,523 |
HELD TO MATURITY, Fair value | ||
Due in one year or less | 2,528 | |
Due after one through five years | 3,454 | |
Due after five through ten years | 2,220 | |
Due after ten years | 632 | |
Total | $ 8,834 | $ 9,990 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Gains recognized in earnings | $ 21 | |||
Sale of investment securities | $ 0 | $ 1,024 | ||
Pledged for FHLB [Member] | ||||
Investment securities pledged as collateral | 4,120 | 4,120 | ||
Investment securities pledged as collateral, fair value | 4,150 | 4,150 | ||
Pledged for Federal Reserve Bank [Member] | ||||
Investment securities pledged as collateral | 3,051 | 3,051 | ||
Investment securities pledged as collateral, fair value | $ 3,167 | $ 3,167 |
MORTGAGE-BACKED SECURITIES (Nar
MORTGAGE-BACKED SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment securities - held to maturity | $ 8,681 | $ 8,681 | $ 9,523 | ||
Accretion of other comprehensive loss on other-than-temporarily impaired securities held to maturity | 25 | $ 35 | 94 | $ 134 | |
Agency [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment securities - held to maturity | 131,967 | 131,967 | 135,957 | ||
Proceeds from repayments mortgage-backed securities | 25,969 | ||||
Private-label [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment securities - held to maturity | 1,203 | 1,203 | 1,459 | ||
Proceeds from repayments mortgage-backed securities | 350 | ||||
Accretion of other comprehensive loss on other-than-temporarily impaired securities held to maturity | 94 | ||||
Collateralized Mortgage Obligations [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment securities - held to maturity | $ 133,170 | 133,170 | $ 137,416 | ||
Decrease in mortgage-backed securities | $ 4,246 | ||||
Percent of MBS comprised of adjustable or floating rate investments | 100.00% | 100.00% | 100.00% | ||
Mortgage-backed securities pledged as collateral | $ 131,967 | $ 131,967 | $ 127,600 | ||
Mortgage-backed securities pledged as collateral, fair value | 132,819 | 132,819 | $ 127,600 | ||
Mortgage-backed securities pledged as collateral, excess collateral | $ 17,277 | $ 17,277 |
MORTGAGE-BACKED SECURITIES (Sch
MORTGAGE-BACKED SECURITIES (Schedule of Information Relating To Private Label CMO Portfolio) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Mar. 31, 2017 | Jun. 30, 2016 | |||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment securities - held to maturity | $ 8,681 | $ 9,523 | ||
Investment securities held-to-maturity, fair value | 8,834 | 9,990 | ||
Private-label [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment securities - held to maturity | 1,203 | 1,459 | ||
Investment securities held-to-maturity, fair value | 1,461 | [1] | $ 1,703 | |
Life to date impairment recorded in earnings | $ 355 | |||
Private-label [Member] | Cusip No. 126694CP1 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
S&P Rating | N/A | |||
Moody's Rating | Caa2 | |||
Fitch Rating | D | |||
Investment securities - held to maturity | $ 664 | |||
Investment securities held-to-maturity, fair value | [1] | 859 | ||
Life to date impairment recorded in earnings | $ 201 | |||
Private-label [Member] | Cusip No. 126694KF4 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
S&P Rating | D | |||
Moody's Rating | N/A | |||
Fitch Rating | D | |||
Investment securities - held to maturity | $ 405 | |||
Investment securities held-to-maturity, fair value | [1] | 455 | ||
Life to date impairment recorded in earnings | $ 118 | |||
Private-label [Member] | Cusip No. 126694MP0 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
S&P Rating | D | |||
Moody's Rating | N/A | |||
Fitch Rating | D | |||
Investment securities - held to maturity | $ 134 | |||
Investment securities held-to-maturity, fair value | [1] | 147 | ||
Life to date impairment recorded in earnings | $ 36 | |||
[1] | Fair value estimate provided by the Company's independent third party valuation consultant. |
MORTGAGE-BACKED SECURITIES (S40
MORTGAGE-BACKED SECURITIES (Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | |
HELD TO MATURITY | |||
Amortized Cost | $ 8,681 | $ 9,523 | |
Gross Unrealized Gains | 153 | 467 | |
Gross Unrealized Losses | |||
Fair Value | 8,834 | 9,990 | |
Agency [Member] | |||
HELD TO MATURITY | |||
Amortized Cost | 131,967 | 135,957 | |
Gross Unrealized Gains | 1,250 | 932 | |
Gross Unrealized Losses | (398) | (913) | |
Fair Value | 132,819 | 135,976 | |
Private-label [Member] | |||
HELD TO MATURITY | |||
Amortized Cost | 1,203 | 1,459 | |
Gross Unrealized Gains | 258 | 244 | |
Gross Unrealized Losses | |||
Fair Value | 1,461 | [1] | 1,703 |
Collateralized Mortgage Obligations [Member] | |||
HELD TO MATURITY | |||
Amortized Cost | 133,170 | 137,416 | |
Gross Unrealized Gains | 1,508 | 1,176 | |
Gross Unrealized Losses | (398) | (913) | |
Fair Value | $ 134,280 | $ 137,679 | |
[1] | Fair value estimate provided by the Company's independent third party valuation consultant. |
MORTGAGE-BACKED SECURITIES (S41
MORTGAGE-BACKED SECURITIES (Schedule of Mortgage-Backed Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Amortized cost | ||
Due in one year or less | $ 2,479 | |
Due after one through five years | 3,372 | |
Due after five through ten years | 2,205 | |
Due after ten years | 625 | |
Total | 8,681 | $ 9,523 |
Fair value | ||
Due in one year or less | 2,528 | |
Due after one through five years | 3,454 | |
Due after five through ten years | 2,220 | |
Due after ten years | 632 | |
Total | 8,834 | 9,990 |
Collateralized Mortgage Obligations [Member] | ||
Amortized cost | ||
Due in one year or less | ||
Due after one through five years | ||
Due after five through ten years | 281 | |
Due after ten years | 132,889 | |
Total | 133,170 | 137,416 |
Fair value | ||
Due in one year or less | ||
Due after one through five years | ||
Due after five through ten years | 288 | |
Due after ten years | 133,992 | |
Total | $ 134,280 | $ 137,679 |
ACCUMULATED OTHER COMPREHENSI42
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (285) | $ (541) | $ (238) | $ (461) |
Other comprehensive income before reclassifications | 56 | 224 | 9 | 158 |
Amounts reclassified from accumulated other comprehensive loss | (14) | |||
Net current-period other comprehensive income | 56 | 224 | 9 | 144 |
Ending Balance | (229) | (317) | (229) | (317) |
Unrealized Gains and Losses on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (13) | (180) | 78 | (35) |
Other comprehensive income before reclassifications | 39 | 201 | (53) | 70 |
Amounts reclassified from accumulated other comprehensive loss | (14) | |||
Net current-period other comprehensive income | 39 | 201 | (53) | 56 |
Ending Balance | 25 | 21 | 25 | 21 |
Unrealized Gains and Losses on Held-to-Maturity Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (272) | (361) | (316) | (426) |
Other comprehensive income before reclassifications | 17 | 23 | 62 | 88 |
Amounts reclassified from accumulated other comprehensive loss | ||||
Net current-period other comprehensive income | 17 | 23 | 62 | 88 |
Ending Balance | $ (254) | $ (338) | $ (254) | $ (338) |
UNREALIZED LOSSES ON SECURITI43
UNREALIZED LOSSES ON SECURITIES (Schedule of Gross Unrealized Losses and Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | ||
Schedule of Investment Securities [Line Items] | ||||
Fair Value | $ 62,479 | $ 41,821 | ||
Gross Unrealized Losses | (123) | (165) | ||
Twelve Months or Greater | ||||
Fair Value | 24,844 | 38,012 | ||
Gross Unrealized Losses | (363) | (790) | ||
Total | ||||
Fair Value | 87,323 | 79,833 | ||
Gross Unrealized Losses | (486) | (955) | ||
Agency [Member] | ||||
Schedule of Investment Securities [Line Items] | ||||
Fair Value | 17,246 | 17,862 | ||
Gross Unrealized Losses | (40) | (136) | ||
Twelve Months or Greater | ||||
Fair Value | 23,853 | 31,769 | ||
Gross Unrealized Losses | (358) | (777) | ||
Total | ||||
Fair Value | 41,099 | 49,631 | ||
Gross Unrealized Losses | (398) | (913) | ||
Corporate Debt Securities [Member] | ||||
Schedule of Investment Securities [Line Items] | ||||
Fair Value | 41,445 | 19,313 | ||
Gross Unrealized Losses | (72) | (27) | ||
Twelve Months or Greater | ||||
Fair Value | 991 | 6,243 | ||
Gross Unrealized Losses | (5) | (13) | ||
Total | ||||
Fair Value | 42,436 | 25,556 | ||
Gross Unrealized Losses | (77) | (40) | ||
Foreign Debt Securities [Member] | ||||
Schedule of Investment Securities [Line Items] | ||||
Fair Value | 2,464 | [1] | 4,646 | [2] |
Gross Unrealized Losses | (5) | [1] | (2) | [2] |
Twelve Months or Greater | ||||
Fair Value | [1] | [2] | ||
Gross Unrealized Losses | [1] | [2] | ||
Total | ||||
Fair Value | 2,464 | [1] | 4,646 | [2] |
Gross Unrealized Losses | (5) | [1] | $ (2) | [2] |
Obligations of state and political subdivision [Member] | ||||
Schedule of Investment Securities [Line Items] | ||||
Fair Value | 1,324 | |||
Gross Unrealized Losses | (6) | |||
Twelve Months or Greater | ||||
Fair Value | ||||
Gross Unrealized Losses | ||||
Total | ||||
Fair Value | 1,324 | |||
Gross Unrealized Losses | $ (6) | |||
[1] | As of March 31, 2017. | |||
[2] | U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
UNREALIZED LOSSES ON SECURITI44
UNREALIZED LOSSES ON SECURITIES (Schedule of Changes in the Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Changes in the credit loss component of credit impaired mortgage-backed securities: | ||||
Beginning balance | $ 279 | $ 231 | $ 299 | $ 248 |
Initial credit impairment | ||||
Subsequent credit impairment | ||||
Reductions for amounts recognized in earnings due to intent or requirement to sell | ||||
Reductions for securities sold | ||||
Reduction for actual realized losses | (11) | (8) | (31) | (25) |
Reduction for increase in cash flows expected to be collected | ||||
Ending Balance | $ 268 | $ 223 | $ 268 | $ 223 |
UNREALIZED LOSSES ON SECURITI45
UNREALIZED LOSSES ON SECURITIES (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Schedule of Investment Securities [Line Items] | ||||
Net accretion | $ 17 | $ 62 | ||
Less: Income tax effect | $ 8 | $ 12 | $ 32 | $ 46 |
Private-label [Member] | ||||
Schedule of Investment Securities [Line Items] | ||||
Number of positions that are impaired | 47 | 47 |
LOANS AND RELATED ALLOWANCE F46
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Primary Segments of Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 74,935 | $ 64,721 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 74,935 | 64,721 |
Plus: Deferred loan costs | 406 | 312 |
Allowance for loan losses | (410) | (360) |
Net Loans Receivable | 74,931 | 64,673 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 61,122 | 49,411 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 61,122 | 49,411 |
First Mortgage Loans Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,978 | 4,783 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 2,978 | 4,783 |
First Mortgage Loans Land Acquisition And Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 643 | 666 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 643 | 666 |
First Mortgage Loans Multifamily Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,719 | 3,961 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 3,719 | 3,961 |
First Mortgage Loans Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,163 | 1,592 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 2,163 | 1,592 |
Consumer Loans Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 963 | 802 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 963 | 802 |
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,254 | 1,900 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 2,254 | 1,900 |
Consumer Loans Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 197 | 150 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 197 | 150 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 896 | 1,456 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 896 | $ 1,456 |
LOANS AND RELATED ALLOWANCE F47
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with an allocated allowance | |||||
Impaired loans without an allocated allowance | |||||
Total impaired loans | |||||
Allocated allowance on impaired loans | |||||
Average impaired loans | $ 16 | ||||
Income recognized on impaired loans | 1 | ||||
Consumer Loans Home Equity Lines Of Credit [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with an allocated allowance | |||||
Allocated allowance on impaired loans | |||||
Average impaired loans | |||||
Income recognized on impaired loans | |||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans without an allocated allowance | |||||
Allocated allowance on impaired loans | |||||
Average impaired loans | 16 | ||||
Income recognized on impaired loans | 1 | ||||
First Mortgage Loans Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average impaired loans | |||||
Income recognized on impaired loans | |||||
First Mortgage Loans Land Acquisition And Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average impaired loans | |||||
Income recognized on impaired loans |
LOANS AND RELATED ALLOWANCE F48
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Principal outstanding on nonaccrual loans | $ 248 | $ 248 | $ 254 | ||
Average nonaccrual loans | 249 | $ 256 | 251 | $ 274 | |
Income that would have been recognized | 5 | 4 | 11 | 13 | |
Interest income recognized | 3 | 7 | 13 | 17 | |
First Mortgage Loans One To Four Family Dwellings [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal outstanding on nonaccrual loans | 248 | 248 | 254 | ||
Average nonaccrual loans | 249 | 256 | 251 | 258 | |
First Mortgage Loans Construction [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal outstanding on nonaccrual loans | |||||
Average nonaccrual loans | |||||
First Mortgage Loans Land Acquisition And Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal outstanding on nonaccrual loans | |||||
Average nonaccrual loans | |||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal outstanding on nonaccrual loans | |||||
Average nonaccrual loans | 16 | ||||
Consumer Loans Home Equity Lines Of Credit [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal outstanding on nonaccrual loans | |||||
Average nonaccrual loans |
LOANS AND RELATED ALLOWANCE F49
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Recorded Investment) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 49 | |
Post-Modification Outstanding Recorded Investment | 49 | |
Troubled Debt Restructurings That Subsequently Defaulted Home Equity Lines Of Credit [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-Modification Outstanding Recorded Investment | ||
Post-Modification Outstanding Recorded Investment |
LOANS AND RELATED ALLOWANCE F50
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Loan Portfolio by Aging Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 74,687 | $ 64,467 |
90 Days + Past Due Non-accrual | 248 | 254 |
Total Past Due | 248 | 254 |
Total Loans | 74,935 | 64,721 |
Deferred loan fees | 406 | 312 |
Allowance for loan losses | (410) | (360) |
Net Loans Receivable | 74,931 | 64,673 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 197 | 150 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 197 | 150 |
Consumer Loans Other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 60,874 | 49,157 |
90 Days + Past Due Non-accrual | 248 | 254 |
Total Past Due | 248 | 254 |
Total Loans | 61,122 | 49,411 |
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,978 | 4,783 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 2,978 | 4,783 |
First Mortgage Loans Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 643 | 666 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 643 | 666 |
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,719 | 3,961 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 3,719 | 3,961 |
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,163 | 1,592 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 2,163 | 1,592 |
First Mortgage Loans Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 963 | 802 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 963 | 802 |
Consumer Loans Home Equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 896 | 1,456 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 896 | 1,456 |
Commercial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,254 | 1,900 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 2,254 | 1,900 |
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due |
LOANS AND RELATED ALLOWANCE F51
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Loans by Internal Classification) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 2,978 | $ 4,783 |
First Mortgage Loans Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,978 | 4,783 |
First Mortgage Loans Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 643 | 666 |
First Mortgage Loans Land Acquisition And Development [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 643 | 666 |
First Mortgage Loans Land Acquisition And Development [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,719 | 3,961 |
First Mortgage Loans Multifamily Dwellings [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,719 | 3,961 |
First Mortgage Loans Multifamily Dwellings [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,163 | 1,592 |
First Mortgage Loans Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,163 | 1,592 |
First Mortgage Loans Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 896 | 1,456 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 896 | 1,456 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | ||
Obligations Other Than Securities And Leases Of States And Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable |
LOANS AND RELATED ALLOWANCE F52
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Performing and Non-Performing Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 61,122 | $ 49,411 |
First Mortgage Loans One To Four Family Dwellings [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 60,874 | 49,157 |
First Mortgage Loans One To Four Family Dwellings [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 248 | 254 |
Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,414 | 2,852 |
Consumer Loan [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,414 | 2,852 |
Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable |
LOANS AND RELATED ALLOWANCE F53
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Primary Segments of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | $ 395 | $ 351 | $ 360 | $ 304 |
Charge-offs | ||||
Recoveries | ||||
Provisions | 15 | 21 | 50 | 68 |
ALLL Balance, Ending | 410 | 372 | 410 | 372 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 410 | 372 | 410 | 372 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||||
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | 261 | 162 | 222 | 125 |
Charge-offs | ||||
Recoveries | ||||
Provisions | 27 | 39 | 66 | 76 |
ALLL Balance, Ending | 288 | 201 | 288 | 201 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 288 | 201 | 288 | 201 |
First Mortgage Loans Construction [Member] | ||||
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | 51 | 84 | 57 | 63 |
Charge-offs | ||||
Recoveries | ||||
Provisions | (15) | (13) | (21) | 8 |
ALLL Balance, Ending | 36 | 71 | 36 | 71 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 36 | 71 | 36 | 71 |
First Mortgage Loans Land Acquisition And Development [Member] | ||||
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | 7 | 8 | 7 | 9 |
Charge-offs | ||||
Recoveries | ||||
Provisions | (1) | (1) | (1) | (2) |
ALLL Balance, Ending | 6 | 7 | 6 | 7 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 6 | 7 | 6 | 7 |
First Mortgage Loans Multifamily Dwellings [Member] | ||||
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | 21 | 29 | 22 | 30 |
Charge-offs | ||||
Recoveries | ||||
Provisions | (1) | 4 | (2) | 3 |
ALLL Balance, Ending | 20 | 33 | 20 | 33 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 20 | 33 | 20 | 33 |
First Mortgage Loans Commercial [Member] | ||||
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | 17 | 29 | 16 | 34 |
Charge-offs | ||||
Recoveries | ||||
Provisions | 5 | (8) | 6 | (13) |
ALLL Balance, Ending | 22 | 21 | 22 | 21 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 22 | 21 | 22 | 21 |
Consumer Loans [Member] | ||||
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | 33 | 32 | 29 | 37 |
Charge-offs | ||||
Recoveries | ||||
Provisions | 1 | (2) | 5 | (7) |
ALLL Balance, Ending | 34 | 30 | 34 | 30 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 34 | 30 | 34 | 30 |
Commercial Loans [Member] | ||||
Summary of the changes in the allowance for loan losses: | ||||
ALLL Balance, Beginning | 5 | 7 | 7 | 6 |
Charge-offs | ||||
Recoveries | ||||
Provisions | (1) | 2 | (3) | 3 |
ALLL Balance, Ending | 4 | 9 | 4 | 9 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | $ 4 | $ 9 | $ 4 | $ 9 |
LOANS AND RELATED ALLOWANCE F54
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of increased ALL reserve factors) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
One To Four Family First Mortgage Loan Receivable Allowance [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in allowance for credit losses | $ 27 | $ 39 | $ 66 | $ 76 | |
Commercial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in allowance for credit losses | 5 | 2 | 3 | ||
Construction Loan Receivable Allowance [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in allowance for credit losses | 15 | 13 | $ 21 | ||
Consumer Loan Receivable Allowance [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in allowance for credit losses | 2 | 7 | |||
Land Acquisition And Development First Mortgage Loan Receivable Allowance [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in allowance for credit losses | $ 1 | 2 | |||
Multi-family residential real estate loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in allowance for credit losses | 4 | 3 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in allowance for credit losses | $ 8 | $ 13 | |||
Construction One to Four Family First Mortgage Loan Receivable Allowance [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
ALL reserve factor (as a percent) | 0.43% | 0.40% |
FEDERAL HOME LOAN BANK (FHLB)55
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Contractual Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2016 | ||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank advances: long-term | $ 16,109 | $ 16,109 | |
Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Maturity range, minimum | Jul. 27, 2017 | ||
Maturity range, maximum | Jul. 27, 2017 | ||
Federal Home Loan Bank advances: long-term | $ 10,000 | 10,000 | |
Convertible Debt [Member] | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | [1] | 4.26% | |
Convertible Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.26% | ||
Convertible Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.26% | ||
Adjustable Debt [Member] | |||
Debt Instrument [Line Items] | |||
Maturity range, minimum | Aug. 11, 2017 | ||
Maturity range, maximum | Sep. 1, 2017 | ||
Federal Home Loan Bank advances: long-term | $ 6,109 | $ 6,109 | |
Adjustable Debt [Member] | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | [1] | 0.69% | |
Adjustable Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.68% | ||
Adjustable Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.70% | ||
[1] | As of March 31, 2017. |
FEDERAL HOME LOAN BANK (FHLB)56
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Amount | |||
Total | $ 16,109 | $ 16,109 | |
Federal Home Loan Bank Advances [Member] | |||
Amount | |||
2,017 | |||
2,018 | 16,109 | ||
2,019 | |||
2,020 | |||
2021 and thereafter | |||
Total | $ 16,109 | ||
Weighted-Average Interest Rate | |||
2,017 | |||
2,018 | 2.91% | ||
2,019 | |||
2,020 | |||
2021 and thereafter | |||
Total | 2.91% |
FEDERAL HOME LOAN BANK (FHLB)57
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Federal Home Loan Bank Short-Term Advances) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Jun. 30, 2016 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Remaining borrowing capacity | $ 9,700 | |
FHLB revolving and short-term advances: | ||
Ending balance | 148,555 | $ 144,027 |
Average balance | 141,629 | 47,413 |
Maximum month-end balance | $ 148,555 | $ 144,027 |
Average interest rate | 0.83% | 0.50% |
Weighted-average rate | 0.68% | 0.54% |
Minimum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread over variable rate | 0.16% | |
Maximum [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread over variable rate | 0.17% |
OTHER BORROWINGS (Schedule of O
OTHER BORROWINGS (Schedule of Other Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | ||
Ending balance | ||
Average balance | 2,748 | |
Maximum month-end balance | $ 9,700 | |
Average interest rate | 0.51% | |
Weighted-average rate |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured at Fair Value on a Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | $ 101,277 | $ 107,676 | |
Assets measured on non-recurring basis | |||
Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 1,324 | 2,041 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 91,465 | 96,852 | |
Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | 8,488 | 8,753 |
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on non-recurring basis | |||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Assets measured on non-recurring basis | |||
Fair Value, Inputs, Level 1 [Member] | Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 1 [Member] | Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on non-recurring basis | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 101,277 | 107,676 | |
Assets measured on non-recurring basis | |||
Fair Value, Inputs, Level 2 [Member] | Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 1,324 | 2,041 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 91,465 | 96,852 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | 8,488 | 8,783 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on non-recurring basis | |||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Assets measured on non-recurring basis | |||
Fair Value, Inputs, Level 3 [Member] | Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 3 [Member] | Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on non-recurring basis | |||
[1] | U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Significant Observable Inputs) (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured on non-recurring basis | ||
Impaired Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets measured on non-recurring basis | ||
Impaired Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Significant Unobservable Input Value | 0.00% | |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Significant Unobservable Input Value | 1.00% | |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Significant Unobservable Input Value | 15.00% |
FAIR VALUE OF FINANCIAL INSTR61
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 |
FINANCIAL ASSETS | ||||
Cash and cash equivalents | $ 2,811 | $ 2,343 | $ 1,904 | $ 3,573 |
Certificates of deposit | 10,383 | 350 | ||
Trading Assets | ||||
Investment securities - available for sale | 101,277 | 107,676 | ||
Investment securities - held to maturity | 8,681 | 9,523 | ||
Mortgage-backed securities - held to maturity | 133,170 | 137,416 | ||
Net loans receivable | 74,931 | 64,673 | ||
Accrued interest receivable | 1,210 | 1,508 | ||
FHLB stock | 6,946 | 6,599 | ||
Bank owned life insurance | 4,509 | 4,410 | ||
Deposits | ||||
Non-interest bearing deposits | 21,751 | 17,284 | ||
NOW accounts | 22,125 | 22,201 | ||
Savings accounts | 46,119 | 47,232 | ||
Money market accounts | 22,675 | 23,050 | ||
FHLB long-term advances - fixed rate | 16,109 | 16,109 | ||
FHLB short-term advances | 148,555 | 144,027 | ||
Other short-term borrowings | ||||
Accrued interest payable | 198 | 189 | ||
Agency [Member] | ||||
Trading Assets | ||||
Investment securities - held to maturity | 131,967 | 135,957 | ||
Private-label [Member] | ||||
Trading Assets | ||||
Investment securities - held to maturity | 1,203 | 1,459 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 2,811 | 2,343 | ||
Certificates of deposit | 10,383 | 350 | ||
Trading Assets | ||||
Investment securities - available for sale | ||||
Investment securities - held to maturity | ||||
Net loans receivable | ||||
Accrued interest receivable | 1,210 | 1,508 | ||
FHLB stock | 6,946 | 6,599 | ||
Bank owned life insurance | 4,509 | 4,410 | ||
Deposits | ||||
Non-interest bearing deposits | 21,751 | 17,284 | ||
NOW accounts | 22,125 | 22,201 | ||
Savings accounts | 46,119 | 47,232 | ||
Money market accounts | 22,675 | 23,050 | ||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | 1,241 | 1,261 | ||
FHLB long-term advances - fixed rate | ||||
FHLB long-term advances - variable rate | 6,109 | 6,109 | ||
FHLB short-term advances | 148,555 | 144,027 | ||
Accrued interest payable | 198 | 189 | ||
Fair Value, Inputs, Level 1 [Member] | Agency [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 1 [Member] | Private-label [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Trading Assets | ||||
Investment securities - available for sale | 101,277 | 107,676 | ||
Investment securities - held to maturity | 8,834 | 9,990 | ||
Net loans receivable | ||||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest bearing deposits | ||||
NOW accounts | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | ||||
FHLB long-term advances - fixed rate | ||||
FHLB long-term advances - variable rate | ||||
FHLB short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 2 [Member] | Agency [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | 132,819 | 135,976 | ||
Fair Value, Inputs, Level 2 [Member] | Private-label [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Trading Assets | ||||
Investment securities - available for sale | ||||
Investment securities - held to maturity | ||||
Net loans receivable | 74,339 | 67,335 | ||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest bearing deposits | ||||
NOW accounts | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | 31,057 | 30,241 | ||
Advance payments by borrowers for taxes and insurance | ||||
FHLB long-term advances - fixed rate | 10,413 | 10,498 | ||
FHLB long-term advances - variable rate | ||||
FHLB short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 3 [Member] | Agency [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | Private-label [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | 1,461 | 1,703 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 2,811 | 2,343 | ||
Certificates of deposit | 10,383 | 350 | ||
Trading Assets | ||||
Investment securities - available for sale | 101,277 | 107,676 | ||
Investment securities - held to maturity | 8,681 | 9,523 | ||
Net loans receivable | 74,931 | 64,673 | ||
Accrued interest receivable | 1,210 | 1,508 | ||
FHLB stock | 6,946 | 6,599 | ||
Bank owned life insurance | 4,509 | 4,410 | ||
Deposits | ||||
Non-interest bearing deposits | 21,751 | 17,284 | ||
NOW accounts | 22,125 | 22,201 | ||
Savings accounts | 46,119 | 47,232 | ||
Money market accounts | 22,675 | 23,050 | ||
Certificates of deposit | 31,223 | 30,250 | ||
Advance payments by borrowers for taxes and insurance | 1,241 | 1,261 | ||
FHLB long-term advances - fixed rate | 10,000 | 10,000 | ||
FHLB long-term advances - variable rate | 6,109 | 6,109 | ||
FHLB short-term advances | 148,555 | 144,027 | ||
Accrued interest payable | 198 | 189 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Agency [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | 131,967 | 135,957 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Private-label [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | 1,203 | 1,459 | ||
Estimate of Fair Value Measurement [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 2,811 | 2,343 | ||
Certificates of deposit | 10,383 | 350 | ||
Trading Assets | ||||
Investment securities - available for sale | 101,277 | 107,676 | ||
Investment securities - held to maturity | 8,834 | 9,990 | ||
Net loans receivable | 74,339 | 67,335 | ||
Accrued interest receivable | 1,210 | 1,508 | ||
FHLB stock | 6,946 | 6,599 | ||
Bank owned life insurance | 4,509 | 4,410 | ||
Deposits | ||||
Non-interest bearing deposits | 21,751 | 17,284 | ||
NOW accounts | 22,125 | 22,201 | ||
Savings accounts | 46,119 | 47,232 | ||
Money market accounts | 22,675 | 23,050 | ||
Certificates of deposit | 31,057 | 30,241 | ||
Advance payments by borrowers for taxes and insurance | 1,241 | 1,261 | ||
FHLB long-term advances - fixed rate | 10,413 | 10,498 | ||
FHLB long-term advances - variable rate | 6,109 | 6,109 | ||
FHLB short-term advances | 148,555 | 144,027 | ||
Accrued interest payable | 198 | 189 | ||
Estimate of Fair Value Measurement [Member] | Agency [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | 132,819 | 135,976 | ||
Estimate of Fair Value Measurement [Member] | Private-label [Member] | ||||
Trading Assets | ||||
Mortgage-backed securities - held to maturity | $ 1,461 | $ 1,703 |