Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 07, 2019 | Dec. 31, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2019 | ||
Entity Registrant Name | WVS FINANCIAL CORP | ||
Entity Central Index Key | 0000910679 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,943,116 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 22,500 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Incorporation, State or Country Code | PA | ||
Entity File Number | 0-22444 | ||
Document Annual Report | true | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
ASSETS | ||
Cash and due from banks | $ 1,849 | $ 2,099 |
Interest-earning demand deposits | 2,530 | 342 |
Total cash and cash equivalents | 4,379 | 2,441 |
Certificates of deposit | 1,843 | 350 |
Investment securities available for sale (amortized cost of $132,673 and $128,824) | 132,780 | 128,811 |
Investment securities held to maturity (fair value of $4,080 and $6,125) | 3,995 | 6,181 |
Mortgage-backed securities held to maturity (fair value of $108,708 and $116,844) | 108,331 | 115,857 |
Net loans receivable (allowance for loan losses of $548 and $468) | 90,588 | 84,675 |
Accrued interest receivable | 1,219 | 1,225 |
Federal Home Loan Bank stock, at cost | 7,010 | 7,161 |
Premises and equipment (net) | 346 | 392 |
Bank owned life insurance | 4,789 | 4,668 |
Deferred tax assets (net) | 368 | 359 |
Other assets | 170 | 168 |
TOTAL ASSETS | 355,818 | 352,288 |
LIABILITIES | ||
Deposits | 146,435 | 145,023 |
Federal Home Loan Bank advances: short-term | 70,828 | 171,403 |
Federal Home Loan Bank advances: long-term - fixed rate | 15,000 | |
Federal Home Loan Bank advances: long-term - variable rate | 85,000 | |
Total Federal Home Loan Bank advances | 170,828 | 171,403 |
Accrued interest payable | 823 | 380 |
Other liabilities | 1,683 | 1,465 |
TOTAL LIABILITIES | 319,769 | 318,271 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, no par value; 5,000,000 shares authorized; none outstanding | ||
Common stock, par value $0.01; 10,000,000 shares authorized; 3,805,636 shares issued | 38 | 38 |
Additional paid-in capital | 21,550 | 21,516 |
Treasury stock (1,862,520 and 1,836,123 shares at cost) | (28,269) | (27,886) |
Retained earnings - substantially restricted | 44,807 | 42,795 |
Accumulated other comprehensive income (loss) | 15 | (188) |
Unallocated Employee Stock Ownership Plan ("ESOP") shares | (2,092) | (2,258) |
TOTAL STOCKHOLDERS' EQUITY | 36,049 | 34,017 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 355,818 | $ 352,288 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
ASSETS | ||
Investment securities available-for-sale, amortized cost | $ 132,673 | $ 128,824 |
Investment securities held-to-maturity, fair value | 4,080 | 6,125 |
Mortgage-backed securities held-to-maturity, fair value | 108,708 | 116,844 |
Net loans receivable, allowance for loan losses | $ 548 | $ 468 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, no par value per share | $ 0 | $ 0 |
Preferred stock, shares outstanding | 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 | 1,862,520 | 1,836,123 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
INTEREST AND DIVIDEND INCOME | |||
Loans, including fees | $ 3,342 | $ 2,983 | $ 2,721 |
Investment securities | 4,447 | 3,036 | 2,131 |
Mortgage-backed securities | 3,745 | 3,130 | 2,333 |
Certificates of deposit | 22 | 72 | 124 |
Interest-earning demand deposits | 12 | 10 | 3 |
Federal Home Loan Bank stock | 486 | 439 | 329 |
Trading securities | 5 | ||
Total interest and dividend income | 12,054 | 9,670 | 7,646 |
INTEREST EXPENSE | |||
Deposits | 856 | 406 | 245 |
Federal Home Loan Bank advances - short-term | 1,996 | 2,675 | 1,118 |
Federal Home Loan Bank advances - long-term - variable rate | 1,676 | 11 | 65 |
Federal Home Loan Bank advances - long-term - fixed rate | 344 | 32 | 426 |
Total interest expense | 4,872 | 3,124 | 1,854 |
NET INTEREST INCOME | 7,182 | 6,546 | 5,792 |
PROVISION FOR LOAN LOSSES | 80 | 50 | 58 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 7,102 | 6,496 | 5,734 |
NONINTEREST INCOME | |||
Service charges on deposits | 114 | 126 | 136 |
Earnings on bank owned life insurance | 121 | 126 | 131 |
Investment securities gains (losses) | (2) | 2 | |
Market losses on trading securities | (31) | ||
Other than temporary impairment losses | 120 | 86 | |
Portion of loss recognized in other comprehensive income | (148) | (100) | |
Net impairment losses recognized in earnings | (28) | (14) | |
ATM fee income | 166 | 180 | 191 |
Other | 44 | 50 | 63 |
Total noninterest income | 415 | 470 | 490 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 2,422 | 2,274 | 2,264 |
Occupancy and equipment | 262 | 310 | 323 |
Data processing | 230 | 220 | 222 |
Correspondent bank charges | 33 | 40 | 38 |
Federal deposit insurance premium | 97 | 108 | 111 |
ATM network expense | 106 | 106 | 127 |
Other | 640 | 655 | 654 |
Total noninterest expense | 3,790 | 3,713 | 3,739 |
INCOME BEFORE INCOME TAXES | 3,727 | 3,253 | 2,485 |
INCOME TAX EXPENSE | 932 | 1,128 | 848 |
NET INCOME | $ 2,795 | $ 2,125 | $ 1,637 |
EARNINGS PER SHARE: | |||
Basic | $ 1.57 | $ 1.16 | $ 0.87 |
Diluted | $ 1.57 | $ 1.16 | $ 0.87 |
AVERAGE SHARES OUTSTANDING: | |||
Basic | 1,780,527 | 1,826,893 | 1,873,790 |
Diluted | 1,780,581 | 1,827,260 | 1,873,790 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,795 | $ 2,125 | $ 1,637 |
Investment securities available for sale not other-than-temporarily impaired: | |||
Gains (losses) arising during the year | 119 | (80) | (51) |
LESS: Income tax effect | (26) | (4) | (17) |
Net gains (losses) | 93 | (76) | (34) |
(Gains) losses recognized in earnings | 2 | (2) | |
LESS: Income tax effect | |||
Net gains recognized in earnings | 2 | (2) | |
Unrealized holding gains (losses) on investment securities available for sale not other-than-temporarily impaired, net of tax | 95 | (78) | (34) |
Investment securities held to maturity other-than-temporarily impaired: | |||
Total losses | 120 | 86 | |
Losses recognized in earnings | 28 | 14 | |
Gains recognized in comprehensive income | 148 | 100 | |
LESS: Income tax effect | (31) | (27) | |
Net gains (losses) recognized in comprehensive income after income tax effect | 117 | 73 | |
Accretion of other comprehensive gain (loss) on other-than-temporarily impaired securities held to maturity | (12) | 28 | 127 |
LESS: Income tax effect | (3) | (8) | (43) |
Unrealized holding gains (losses) on other-than-temporarily impaired securities held to maturity, net of tax | (9) | 20 | 84 |
Other comprehensive income | 203 | 15 | 50 |
COMPREHENSIVE INCOME | $ 2,998 | $ 2,140 | $ 1,687 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings - Substantially Restricted [Member] | Accumulated Other Comprehensive Gain (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 | 1,637 | 1,637 | |||||
Other comprehensive income (loss) | 50 | 50 | |||||
Purchase of treasury stock | (359) | (359) | |||||
Increase in unallocated ESOP shares | (1,109) | (1,109) | |||||
Amortization of unallocated ESOP shares | 221 | 221 | |||||
Cash dividends declared | (482) | (482) | |||||
Balance at Jun. 30, 2017 | 38 | 21,485 | (27,264) | 41,344 | (188) | (2,372) | 33,043 |
Reclassification due to change in federal income tax rate | 15 | (15) | |||||
Net Income | 2,125 | 2,125 | |||||
Other comprehensive income (loss) | 15 | 15 | |||||
Purchase of treasury stock | (622) | (622) | |||||
Increase in unallocated ESOP shares | (32) | (32) | |||||
Amortization of unallocated ESOP shares | 31 | 146 | 177 | ||||
Cash dividends declared | (689) | (689) | |||||
Balance at Jun. 30, 2018 | 38 | 21,516 | (27,886) | 42,795 | (188) | (2,258) | 34,017 |
Net Income | 2,795 | 2,795 | |||||
Other comprehensive income (loss) | 203 | 203 | |||||
Purchase of treasury stock | (383) | (383) | |||||
Amortization of unallocated ESOP shares | 34 | 166 | 200 | ||||
Cash dividends declared | (783) | (783) | |||||
Balance at Jun. 30, 2019 | $ 38 | $ 21,550 | $ (28,269) | $ 44,807 | $ 15 | $ (2,092) | $ 36,049 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share | $ 0.44 | $ 0.32 | $ 0.24 |
Purchase of treasury stock, shares | 26,397 | 38,631 | 30,985 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 2,795 | $ 2,125 | $ 1,637 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 80 | 50 | 58 |
Depreciation | 47 | 78 | 97 |
Investment securities losses (gains) | 2 | (2) | |
Net impairment loss recognized in earnings | 28 | 14 | |
Amortization of discounts, premiums, and deferred loan fees, net | 142 | 581 | 1,803 |
Amortization of unallocated ESOP shares | 200 | 177 | 221 |
Trading losses | 31 | ||
Purchases of trading securities | (961) | ||
Sale of trading securities | 960 | ||
Deferred income taxes | (9) | 65 | (58) |
Earnings on bank owned life insurance | (121) | (126) | (131) |
Decrease (increase) in accrued interest receivable | 6 | (19) | 302 |
Increase in accrued interest payable | 443 | 133 | 58 |
Increase (decrease) in deferred director compensation payable | 72 | 59 | 29 |
Decrease (increase) in cash items in process of collection | 1,230 | (1,230) | |
Other, net | 89 | 208 | 82 |
Net cash provided by operating activities | 3,774 | 4,573 | 2,898 |
Available for sale: | |||
Purchase of investment securities | (42,498) | (64,664) | (99,794) |
Proceeds from repayments of investment securities | 37,074 | 42,331 | 97,203 |
Proceeds from sales of investment securities | 1,364 | 1,257 | |
Held to maturity: | |||
Purchase of mortgage-backed securities | (21,954) | ||
Proceeds from repayments of investment securities | 2,180 | 2,483 | 833 |
Proceeds from repayments of mortgage-backed securities | 7,649 | 13,599 | 30,207 |
Purchase of certificates of deposit | (1,842) | (348) | (10,138) |
Maturities/redemptions of certificates of deposit | 349 | 10,373 | 100 |
Purchase of loans | (11,497) | (11,127) | (13,692) |
Net decrease in net loans receivable | 5,564 | 3,921 | 900 |
Purchase of Federal Home Loan Bank Stock | (8,684) | (6,691) | (7,200) |
Redemption of Federal Home Loan Bank stock | 8,835 | 6,592 | 6,737 |
Acquisition of premises and equipment | (1) | (16) | (9) |
Net cash used for investing activities | (1,507) | (2,290) | (16,807) |
FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 1,412 | (266) | 4,011 |
Repayments of Federal Home Loan Bank long-term advances | (16,109) | ||
Proceeds from Federal Home Loan Bank long-term advances | 100,000 | ||
Net (decrease) increase in Federal Home Loan Bank short-term advances | (100,575) | 15,604 | 11,772 |
Increase in unallocated ESOP shares | (32) | (1,104) | |
Purchase of treasury stock | (383) | (622) | (359) |
Cash dividends paid | (783) | (689) | (482) |
Net cash provided by (used for) financing activities | (329) | (2,114) | 13,838 |
Increase (decrease) in cash and cash equivalents | 1,938 | 169 | (71) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 2,441 | 2,272 | 2,343 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 4,379 | 2,441 | 2,272 |
Cash paid during the year for: | |||
Interest | 4,429 | 2,991 | 1,796 |
Taxes | 970 | 1,003 | 884 |
Non-cash items: | |||
Educational Improvement Tax Credits | $ 45 | $ 50 | $ 80 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization WVS Financial Corp. (“WVS” or the “Company”) is a Pennsylvania-chartered unitary bank holding company which owns 100 percent of the common stock of West View Savings Bank (“West View” or the “Savings Bank”). The operating results of the Company depend primarily upon the operating results of the Savings Bank and, to a lesser extent, income from interest-earning assets such as investment securities. West View is a Pennsylvania-chartered, FDIC-insured stock savings bank conducting business from six offices in the North Hills suburbs of Pittsburgh. The Savings Bank’s principal sources of revenue originate from its portfolio of residential real estate and commercial mortgage loans as well as income from investment and mortgage-backed securities. The Company is supervised by the Board of Governors of the Federal Reserve System, while the Savings Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities . Basis of Presentation The consolidated financial statements include the accounts of WVS and its wholly owned subsidiary, West View. All intercompany transactions have been eliminated in consolidation. The accounting and reporting policies of WVS and West View conform to U.S. generally accepted accounting principles. The Company’s fiscal year-end In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and revenues and expenses for that period. Actual results could differ significantly from those estimates. Investment and Mortgage-Backed Securities Investment and mortgage-backed securities are classified at the time of purchase as securities held to maturity or securities available for sale based on management’s ability and intent. Investment and mortgage-backed securities acquired with the ability and intent to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount, which are computed using the level-yield method and recognized as adjustments of interest income. Amortization rates for mortgage-backed securities are periodically adjusted to reflect changes in the prepayment speeds of the underlying mortgages. Certain other investment securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale Common stock of the Federal Home Loan Bank (the “FHLB”) represents ownership in an institution which is wholly owned by other financial institutions. This equity security is accounted for at cost and reported separately on the accompanying Consolidated Balance Sheet. Management systematically evaluates investment securities for other-than-temporary declines in fair value on at least a quarterly basis. This analysis requires management to consider various factors, which include: (1) duration and magnitude of the decline in value; (2) the credit rating of the issuer or issuers; (3) structure of the security; and (4) the Company’s intent to sell the security or whether it’s more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. The Company retains an independent third party to assist it in the determination of fair values for its private-label collateralized mortgage obligations (“CMOs”). This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures. The valuation does not represent the actual terms or prices at which any party could purchase the securities. There is currently no active secondary market for private-label CMOs and there can be no assurance that any secondary market for private-label CMOs will develop. The Company believes that the private-label CMO portfolio had three other than temporary impairments at June 30, 2019. 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. Trading Securities Trading securities are held for resale in anticipation of short-term (generally 90 days or less) fluctuations in market prices. Trading securities are stated at fair value. Realized and unrealized gains and losses are included in noninterest income as market gains and losses on trading securities. Net Loans Receivable Net loans receivable are reported at their principal amount, net of the allowance for loan losses and deferred loan fees. Interest on mortgage, consumer, and commercial loans is recognized on the accrual method. The Company’s general policy is to stop accruing interest on loans when, based upon relevant factors, the collection of principal or interest is doubtful, regardless of the contractual status. Interest received on nonaccrual loans is recorded as income or applied against principal according to management’s judgment as to the collectability of such principal. Loan origination and commitment fees, and all incremental direct loan origination costs, are deferred and recognized over the contractual remaining lives of the related loans on a level-yield basis. Allowance for Loan Losses 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. Impaired loans are commercial and commercial real estate 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 Company individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. 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. Mortgage loans on one-to-four case-by-case Real Estate Owned Real estate owned acquired through foreclosure is carried at the lower of cost or fair value minus estimated costs to sell. Costs relating to development and improvement of the property are capitalized, whereas costs of holding such real estate are expensed as incurred. Premises and Equipment Land is carried at cost, while premises and equipment are stated at cost, less accumulated depreciation. Depreciation is principally computed on the straight-line method over the estimated useful lives of the related assets, which range from 3 to 25 years for furniture and equipment and 7 to 50 years for building premises. Leasehold improvements are amortized over the shorter of their estimated useful lives or their respective lease terms, which range from 5 to 40 years. Expenditures for maintenance and repairs are charged against income as incurred. Costs of major additions and improvements are capitalized. Income Taxes Deferred tax assets and liabilities are computed based on the difference between the financial statement and the income tax basis of assets and liabilities using the enacted marginal tax rates. Deferred income taxes or benefits are based on the changes in the deferred tax asset or liability from period to period. The Company files a consolidated federal income tax return. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which such items are expected to be realized or settled. As changes in tax rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Earnings Per Share The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share are calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income available to common stockholders, adjusted for the effects of any dilutive securities, by the weighted-average number of common shares outstanding, adjusted for the effects of any dilutive securities. Stock Options The Company accounts for stock compensation based on the grant-date fair value of all share-based payment awards that are expected to vest, including employee share options to be recognized as employee compensation expense over the requisite service period. The Company’s 2008 Stock Incentive Plan (the “Plan”) previously permitted 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 were able to be issued). Option awards were 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 vested based on five years of continuous service and had ten-year During the periods ended June 30, 2019, 2018, and 2017, the Company recorded no compensation expense related to our share-based compensation awards. As of June 30, 2019, all options had expired. Comprehensive Income The Company is required to present comprehensive income and its components in a full set of general-purpose financial statements for all periods presented. Other comprehensive income is composed exclusively of net unrealized holding gains (losses) on its available-for-sale non-credit held-to-maturity Cash Flow Information Cash and cash equivalents include cash and due from banks and interest-earning demand deposits with original maturities of 90 days or less. Cash flow from loans, deposits, and short-term borrowings are reported net. Reclassification of Comparative Figures Certain comparative amounts for prior years have been reclassified to conform to current-year presentations. Such reclassifications did not affect net income or stockholders’ equity. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard) 2014-09 2014-09. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): available-for-sale The Company adopted ASU 2016-01 820-10, Fair Value Measurements non-recurring Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use 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 January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) 2016-02. This In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) In July 2018, the FASB issued ASU 2018-09, Codification Improvements In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases 2016-02, In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements Leases Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits (Topic 715-20). one-percentage-point In November, 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, 2016-13 non-PBEs 2016-13 (non-PBEs) 326-20. Leases 2018-19 2016-13, 2018-19. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842), 2016-02, Leases 2016-02, 2016-02 calendar-year-end In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, 250-10-50-3 In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, w In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326 825-10.3. instrument-by-instrument available-for-sale held-to-maturity 2016-13. 2016-13, 2016-13. 2016-13, 2019-05 2016-13 In May 2019, the FASB issued ASU 2019-06, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Not-for-Profit 2014-02 2014-18 not-for-profit not-for-profit not-for-profit In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, 33-10231 33-10442, No. 33-10532, Disclosure Update and Simplification 33-10231 33-10442, Investment Company Reporting Modernization |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | 2. REVENUE RECOGNITION Effective July 1, 2018, the Company adopted Accounting Standards Update ASU 2014-09, Revenue from contracts with Customers – Topic 606, |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jun. 30, 2019 | |
Per share data: | |
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. 2019 2018 2017 Weighted-average common shares issued 3,805,636 3,805,636 3,805,636 Average treasury stock shares (1,852,450 ) (1,798,021 ) (1,795,615 ) Average unallocated ESOP shares (172,659 ) (180,722 ) (136,231 ) Weighted-average common shares and common stock equivalents used to calculate basic earnings per share 1,780,527 1,826,893 1,873,790 Additional common stock equivalents (stock options) used to calculate diluted earnings per share 54 367 — Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 1,780,581 1,827,260 1,873,790 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. As of June 30, 2019, all outstanding options had expired. At June 30, 2018, and 2017, there were 114,519 options outstanding with an exercise price of $16.20. The unallocated shares controlled by the ESOP are not considered in the weighted average shares outstanding until the shares are committed for allocation to an employee’s individual account. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 4. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and fair values of investments are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2019 AVAILABLE FOR SALE Corporate debt securities $ 104,760 $ 355 $ (207 ) $ 104,908 Foreign debt securities 1 26,583 35 (75 ) 26,543 Obligations of states and political subdivisions 1,330 — (1 ) 1,329 Total $ 132,673 $ 390 $ (283 ) $ 132,780 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2019 HELD TO MATURITY Obligations of states and political subdivisions $ 3,995 $ 85 $ — $ 4,080 Total $ 3,995 $ 85 $ — $ 4,080 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2018 AVAILABLE FOR SALE Corporate debt securities $ 104,316 $ 204 $ (181 ) $ 104,339 Foreign debt securities 1 22,878 11 (38 ) 22,851 Obligations of states and political subdivisions 1,630 — (9 ) 1,621 Total $ 128,824 $ 215 $ (228 ) $ 128,811 1 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2018 HELD TO MATURITY U.S. government agency securities $ 625 $ — $ (1 ) $ 624 Corporate debt securities 1,061 13 — 1,074 Obligations of states and political subdivisions 4,495 — (68 ) 4,427 Total $ 6,181 $ 13 $ (69 ) $ 6,125 Proceeds from sales of investments during the fiscal year 2019 were $1.4 million and the Company recorded gross realized investment losses of $2 thousand during this same period. During fiscal year 2018, the Company recorded gross realized investment securities gains of $2 thousand and received proceeds from sales of investment securities of $1.3 million. There were no sales of investment securities during the fiscal year of 2017. The amortized cost and fair values of investment securities at June 30, 2019, 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 one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 6,964 $ 125,709 $ — $ — $ 132,673 Fair value 6,976 125,804 — — 132,780 Weighted average yield 2.93 % 3.33 % — % — % 3.31 % HELD TO MATURITY Amortized cost $ 500 $ 3,495 $ — $ — $ 3,995 Fair value 500 3,580 — — 4,080 Weighted average yield 2.65 % 3.23 % — % — % 3.16 % At June 30, 2019, investment securities with amortized costs of $3.5 million and fair values of $3.6 million, were pledged to secure borrowings with the Federal Home Loan Bank. At June 30, 2018, investment securities with amortized costs of $4.1 million and fair values of $4.1 million were pledged to secure borrowings with the Federal Home Loan Bank. |
MORTGAGE-BACKED SECURITIES
MORTGAGE-BACKED SECURITIES | 12 Months Ended |
Jun. 30, 2019 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
MORTGAGE-BACKED SECURITIES | 5. 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 are passed through to the investor as they are 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 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 June 30, 2019, the Company’s Agency CMOs totaled $107.4 million as compared to $114.9 million at June 30, 2018. The Company’s private-label CMOs totaled $883 thousand at June 30, 2019 as compared to $958 thousand at June 30, 2018. The $7.5 million decrease in the CMO segment of our portfolio was due to repayments on our U.S. Government agency CMO portfolio totaling $7.5 million, and $185 thousand in repayments on our private-label CMOs, which were partially offset by $12 thousand in accretion of non-credit Due to prepayments of the underlying loans, and the prepayment characteristics of the CMO tranches, the actual maturities of the Company’s MBS 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 three of its private-label CMOs. This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures 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 amortized cost, unrealized gains and losses, and fair values of mortgage-backed securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Value 2019 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 107,448 $ 954 $ (570 ) $ 107,832 Private-label 883 5 (12 ) 876 Total $ 108,331 $ 959 $ (582 ) $ 108,708 Gross Gross Amortized Unrealized Unrealized Fair Value 2018 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 114,899 $ 1,260 $ (426 ) $ 115,733 Private-label 958 153 — 1,111 Total $ 115,857 $ 1,413 $ (426 ) $ 116,844 The amortized cost and fair value of mortgage-backed securities at June 30, 2019, 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 one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ — $ 137 $ — $ 108,194 $ 108,331 Fair value — 139 — 108,569 108,708 Weighted average yield 3.85 % 3.47 % 3.47 % At June 30, 2019, mortgage-backed securities with amortized costs of $107.4 million and fair values of $107.8 million were pledged to secure public deposits and borrowings with the Federal Home Loan Bank. Of the securities pledged, $2.4 million of fair value was excess collateral. Excess collateral is maintained to support future borrowings and may be withdrawn by the Company at any time. At June 30, 2018 mortgage-backed securities with an amortized cost of $114.9 million and fair values of $115.7 million, were pledged to secure borrowings with the Federal Home Loan Bank and public deposits. Of the securities pledged, $2.5 million of fair value was excess collateral. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the changes in accumulated other comprehensive income (loss) by component for the three years ended June 30, 2019, 2018, and 2017. Unrealized Gains and Losses on Available- for-sale Unrealized Gains and Losses on Held-to- Total (Dollars in Thousands – net of tax) Balance – June 30, 2016 $ 78 $ (316 ) $ (238 ) Other comprehensive income (loss) before reclassifications (34 ) 84 50 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (loss) (34 ) 84 50 Balance – June 30, 2017 44 (232 ) (188 ) Other comprehensive income (loss), before reclassifications (76 ) 82 6 Amounts reclassified from accumulated other comprehensive income (loss) (2 ) 11 9 Net current-period other comprehensive income (loss) (78 ) 93 15 Reclassification for the change in corporate tax rate 24 (39 ) (15 ) Balance – June 30, 2018 (10 ) (178 ) (188 ) Other comprehensive income, before reclassifications 93 117 210 Amounts reclassified from accumulated other comprehensive income (loss) 2 (9 ) (7 ) Net current-period other comprehensive income 95 108 203 Balance – June 30, 2019 $ 85 $ 70 $ 15 The following table presents the amounts reclassified out of accumulated other comprehensive income (loss). Amount Reclassified from Accumulated Other Details About Accumulated Other 2019 2018 2017 Affected Line Item in the Statement Where Net Income is Presented (Dollars in Thousands) Unrealized gains and losses on available-for-sale $ (2 ) $ 2 $ — Investment securities gains (losses) Other than temporary impairment losses on held to maturity securities 11 (14 ) — Net impairment losses recognized in earnings Tax effect (2 ) 3 — Income tax expense Total reclassifications for the period $ 7 $ (9 ) $ — (2) Amounts in parenthesis indicate expenses and other amounts indicate income. |
UNREALIZED LOSSES ON SECURITIES
UNREALIZED LOSSES ON SECURITIES | 12 Months Ended |
Jun. 30, 2019 | |
Debt and Equity Securities, Gain (Loss) [Abstract] | |
UNREALIZED LOSSES ON SECURITIES | 7. UNREALIZED LOSSES ON SECURITIES The following tables show the Company’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 June 30, 2019 and 2018. June 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) Corporate debt securities $ 11,728 $ (86 ) $ 17,077 $ (121 ) $ 28,805 $ (207 ) Foreign debt securities 3 2,004 (2 ) 5,699 (73 ) 7,703 (75 ) Obligations of states and political subdivisions — — 1,329 (1 ) 1,329 (1 ) Collateralized mortgage obligations 24,368 (182 ) 18,614 (400 ) 42,982 (582 ) Total $ 38,100 $ (270 ) $ 42,719 $ (595 ) $ 80,819 $ (865 ) 3 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. June 30, 2018 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) U.S. government agency securities $ 624 $ (1 ) $ — $ — $ 624 $ (1 ) Corporate debt securities 56,714 (169 ) 3,028 (12 ) 59,742 (181 ) Foreign debt securities 4 13,761 (38 ) — — 13,761 (38 ) Obligations of states and political subdivisions 5,048 (77 ) — — 5,048 (77 ) Collateralized mortgage obligations: Agency 7,600 (12 ) 21,424 (414 ) 29,024 (426 ) Total $ 83,747 $ (297 ) $ 24,452 $ (426 ) $ 108,199 $ (723 ) 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 security’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. 4 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. Changes in the credit loss component of credit impaired mortgage-backed securities were as follows for the twelve month periods ended June 30, 2019 and 2018: Twelve Months Ended June 30, 2019 2018 (Dollars in Thousands) Beginning balance $ 239 $ 259 Initial credit impairment — — Subsequent credit impairment 28 14 Reductions for amounts recognized in earnings due to intent or requirement to sell — — Reductions for securities sold — — Reduction for actual realized losses (19 ) (34 ) Reduction for increase in cash flows expected to be collected — — Ending balance $ 248 $ 239 During the twelve months ended June 30, 2019, the Company recorded a subsequent credit impairment charge of $28 thousand, 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 analyses 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 party’s assumptions used in the June 30, 2019 OTTI process. Based on the results of this review, the Company deemed the independent third party’s assumptions to be reasonable and adopted them. However, different assumptions could produce materially different results, which could impact the Company’s conclusions as to whether an impairment is considered other-than-temporary and the magnitude of the credit loss. The Company had three private-label CMOs with OTTI at June 30, 2019. 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 CMOs, 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 48 positions that were temporarily impaired at June 30, 2019. Based on its analysis, management has concluded that three private-label CMOs were 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. |
NET LOANS RECEIVABLE
NET LOANS RECEIVABLE | 12 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
NET LOANS RECEIVABLE | 8. NET LOANS RECEIVABLE The Company’s primary business activity is with customers located within its local market area of Northern Allegheny and Southern Butler counties within the state of Pennsylvania. The Company has concentrated its lending efforts by granting residential and construction mortgage loans to customers throughout its immediate trade area. The Company also selectively funds and participates in commercial and residential mortgage loans outside of its immediate trade area, provided such loans meet the Company’s credit policy guidelines. At June 30, 2019 and 2018, the Company had approximately $3.6 million and $1.8 million, respectively, of outstanding loans for land development and construction in the local trade area. Although the Company had a diversified loan portfolio at June 30, 2019 and 2018, loans outstanding to individuals and businesses are dependent upon the local economic conditions in its immediate trade area. Certain officers, directors, and their associates were customers of, and had transactions with, the Company in the ordinary course of business. There were no loans to those directors, executive officers, or their associates during the fiscal years ended June 30, 2019 and 2018. The following table summarizes the primary segments of the loan portfolio as of June 30, 2019 and June 30, 2018. June 30, 2019 June 30, 2018 Total Individually Collectively Total Individually Collectively (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 76,789 $ — $ 76,789 $ 72,237 $ — $ 72,237 Construction 2,907 — 2,907 1,769 — 1,769 Land acquisition & development 694 — 694 — — — Multi-family dwellings 3,123 — 3,123 3,390 — 3,390 Commercial 3,727 — 3,727 3,482 — 3,482 Consumer Loans Home equity 906 — 906 861 — 861 Home equity lines of credit 1,953 — 1,953 2,177 — 2,177 Other 112 — 112 125 — 125 Commercial Loans 418 — 418 633 — 633 $ 90,629 $ — $ 90,629 $ 84,674 $ — $ 84,674 Less: Deferred loan costs 507 469 Allowance for loan losses (548 ) (468 ) Total $ 90,588 $ 84,675 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. At June 30, 2019 and 2018, there were no loans considered to be impaired. Total nonaccrual loans as of June 30, 2019 and June 30, 2018 and the related interest income recognized during the fiscal years ended June 30, 2019 and June 30, 2018 are as follows: June 30, June 30, (Dollars in Thousands) Principal outstanding: 1 – 4 family dwellings $ 225 $ 235 Construction — — Land acquisition & development — — Commercial real estate — — Home equity lines of credit — — Total $ 225 $ 235 Average nonaccrual loans: 1 – 4 family dwellings $ 231 $ 242 Construction — — Land acquisition & development — — Commercial real estate — — Home equity lines of credit — — Total $ 231 $ 242 Income that would have been recognized $ 15 $ 15 Interest income recognized $ 15 $ 21 Interest income foregone $ — $ — The Company’s loan portfolio may include 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 fiscal 2019 and 2018, there were no loans modified and considered a trouble debt restructuring. At June 30, 2019 and 2018, there were no previously modified TDRs in default. 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) 5.00% 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 June 30, 2019 and 2018: Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Non- accrual Total Total Loans (Dollars in Thousands) June 30, 2019 First mortgage loans: 1 – 4 family dwellings $ 76,564 $ — $ — $ — $ 225 $ 225 $ 76,789 Construction 2,907 — — — — — 2,907 Land acquisition & development 694 — — — — — 694 Multi-family dwellings 3,123 — — — — — 3,123 Commercial 3,727 — — — — — 3,727 Consumer Loans Home equity 906 — — — — — 906 Home equity lines of credit 1,953 — — — — — 1,953 Other 112 — — — — — 112 Commercial Loans 418 — — — — — 418 $ 90,404 $ — $ — $ — $ 225 $ 225 90,629 Deferred loan costs 507 Allowance for loan losses (548 ) Net Loans Receivable $ 90,588 Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Past Due Non-accrual Total Total Loans (Dollars in Thousands) June 30, 2018 First mortgage loans: 1 – 4 family dwellings $ 72,002 $ — $ — $ — $ 235 $ 235 $ 72,237 Construction 1,769 — — — — — 1,769 Land acquisition & development — — — — — — — Multi-family dwellings 3,390 — — — — — 3,390 Commercial 3,482 — — — — — 3,482 Consumer Loans Home equity 861 — — — — — 861 Home equity lines of credit 2,177 — — — — — 2,177 Other 125 — — — — — 125 Commercial Loans 633 — — — — — 633 $ 84,439 $ — $ — $ — $ 235 $ 235 84,674 Deferred loan costs 469 Allowance for loan losses (468 ) Net Loans Receivable $ 84,675 Credit Quality Information The following tables represent credit exposure by internally assigned grades for the fiscal years ended June 30, 2019 and 2018. 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 June 30, 2019 and 2018. June 30, 2019 Construction Land Multi-family Commercial Commercial (Dollars in Thousands) Pass $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 Special Mention — — — — — Substandard — — — — — Doubtful — — — — — Ending Balance $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 June 30, 2018 Construction Land Multi-family Commercial Commercial (Dollars in Thousands) Pass $ 1,769 $ — $ 3,390 $ 3,482 $ 633 Special Mention — — — — — Substandard — — — — — Doubtful — — — — — Ending Balance $ 1,769 $ — $ 3,390 $ 3,482 $ 633 The following table presents performing and non-performing June 30, 2019 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 76,564 $ 2,971 Non-performing 225 — Total $ 76,789 $ 2,971 June 30, 2018 1 –4 Family Consumer (Dollars in Thousands) Performing $ 72,002 $ 3,163 Non-performing 235 — Total $ 72,237 $ 3,163 |
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Jun. 30, 2019 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | 9. ALLOWANCE FOR LOAN LOSSES 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 June 30, 2019 and 2018. 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 is a summary of the changes in the allowance for loan losses: 2019 2018 2017 (Dollars in Thousands) Balance, July 1 $ 468 $ 418 $ 360 Add: Provision for loan losses 80 50 58 Less: Loans charged off — — — Balance, June 30 $ 548 $ 468 $ 418 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 June 30, 2019, June 30, 2018 and June 30, 2017. Activity in the allowance is presented for the fiscal years ended June 30, 2019, 2018 and 2017. As of June 30, 2019 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 49 22 10 (1 ) 2 (1 ) (1 ) 80 Ending ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 405 46 10 17 37 30 3 548 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 As of June 30, 2018 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2017 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 51 (6 ) (5 ) (2 ) 15 (3 ) — 50 Ending ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 356 24 — 18 35 31 4 468 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 As of June 30, 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 83 (27 ) (2 ) (2 ) 4 5 (3 ) 58 Ending ALLL Balance at June 30, 2017 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 305 30 5 20 20 34 4 418 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 During the fiscal year ended June 30, 2019, the ALLL associated with the 1-4 1-4 During the fiscal year ended June 30, 2018, the ALLL associated with the 1-4 During the fiscal year ended June 30, 2017, the substantial changes to the ALLL were comprised of an $83 thousand increase associated with 1-4 1-4 During the fiscal years ended June 30, 2019, 2018 and 2017, respectively, the Company increased its ALLL reserve factors for the following loan segment: Loan Segment 06/30/2019 Factor 06/30/2018 Factor 6/30/2017 Factor 1-4 0.50% 0.46% 0.43% |
FEDERAL HOME LOAN BANK STOCK
FEDERAL HOME LOAN BANK STOCK | 12 Months Ended |
Jun. 30, 2019 | |
FEDERAL HOME LOAN BANK (FHLB) STOCK [Abstract] | |
FEDERAL HOME LOAN BANK STOCK | 10. FEDERAL HOME LOAN BANK STOCK We are a member of the Federal Home Loan Bank (FHLB) of Pittsburgh. The FHLB requires members to purchase and hold a specified minimum level of FHLB stock based upon their level of borrowings, collateral balances and participation in other programs offered by the FHLB. Stock in the FHLB is non-marketable At June 30, 2019 and 2018, our FHLB stock totaled $7.0 million and $7.2 million, respectively, as shown on the consolidated balance sheets. We account for the stock in accordance with ASC 325, which requires the investment to be carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. Due to the continued improvement of the FHLBÂ’s financial performance and stability over the past several years, combined with regular quarterly dividends in 2019 and 2018, we believe our holdings in FHLB stock are ultimately recoverable at par value and, therefore, determined that the stock was not other-than-temporarily impaired. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 11. PREMISES AND EQUIPMENT Major classifications of premises and equipment are summarized as follows: 2019 2018 (Dollars in Thousands) Land and improvements $ 246 $ 246 Buildings and improvements 2,165 2,165 Furniture, fixtures, and equipment 1,218 1,217 3,629 3,628 Less accumulated depreciation 3,283 3,236 Total $ 346 $ 392 Depreciation charged to operations was $47 thousand, $78 thousand, and $97 thousand for the years ended June 30, 2019, 2018, and 2017, respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
DEPOSITS | 12. DEPOSITS Deposit accounts are summarized as follows: 2019 2018 Amount Percent of Amount Percent of (Dollars in Thousands) Non-interest $ 19,770 13.5 % $ 18,436 12.7 % Interest-earning checking 23,541 16.1 24,459 16.9 Savings accounts 43,740 29.9 44,727 30.8 Money market accounts 19,958 13.6 21,087 14.6 Savings certificates 37,361 25.5 34,376 23.7 Advance payments by borrowers for taxes and insurance 2,065 1.4 1,938 1.3 Total $ 146,435 100.0 % $ 145,023 100.0 % The maturities of savings certificates at June 30, 2019, are summarized as follows: (Dollars in Thousands) Within one year $ 29,962 Beyond one year but within two years 5,635 Beyond two years but within three years 910 Beyond three years but within four years 187 Beyond four years but within five years 451 Beyond five years 216 Total $ 37,361 There were no retail savings certificates with balances of $250 thousand or more on June 30, 2019. At June 30, 2019 and 2018, the Savings Bank had brokered CDs totaling $10.5 million and $9.3 million, respectively. |
FEDERAL HOME LOAN BANK (FHLB) A
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 12 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 13. FEDERAL HOME LOAN BANK (FHLB) ADVANCES The following table presents contractual maturities of FHLB long-term advances as of June 30, 2019. Maturity range Weighted- Stated interest June 30, June 30, Description from to interest rate 5 from to 2019 2018 (Dollars in Thousands) Fixed 10/01/20 10/03/22 3.03 % 2.95 % 3.09 % $ 15,000 $ — Adjustable 10/01/20 10/01/21 2.61 % 2.54 % 2.65 % 85,000 — Total $ 100,000 $ — Maturities of FHLB long-term advances at June 30, 2019, are summarized as follows: Weighted- Maturing During Average Fiscal Year Ended Interest June 30: Amount Rate (Dollars in Thousands) 2020 $ — — 2021 65,000 2.63 % 2022 30,000 2.72 % 2023 5,000 3.09 % 2024 — — 2025 and thereafter — — Total $ 100,000 2.67 % 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 June 30, 2019 and June 30, 2018: June 30, June 30, (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 70,828 $ 171,403 Average balance 81,556 167,306 Maximum month-end 161,289 179,791 Average interest rate 2.45 % 1.60 % Weighted-average rate 2.46 % 2.12 % 5 As of June 30, 2019 At June 30, 2019, the Company had remaining borrowing capacity with the FHLB of approximately $2.4 million. The FHLB advances are secured by the Company’s FHLB stock, loans, mortgage-backed and investment securities. FHLB advances are subject to substantial prepayment penalties. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 14. COMMITMENTS AND CONTINGENT LIABILITIES Loan Commitments In the normal course of business, there are various commitments that are not reflected in the CompanyÂ’s financial statements. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheet. The CompanyÂ’s exposure to credit loss in the event of nonperformance by the other parties to the financial instruments is represented by the contractual amounts as disclosed. Losses, if any, are charged to the allowance for losses on off-balance off-balance Loan commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheet. The same credit policies are used in making commitments and conditional obligations as for on-balance Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the loan agreement. These commitments are composed primarily of the undisbursed portion of construction and land development loans (Note 8), residential, commercial real estate, and consumer loan originations. The exposure to loss under these commitments is limited by subjecting them to credit approval and monitoring procedures. Substantially all commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of the loan funding. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for loan losses. Litigation The Company is involved with various legal actions arising in the ordinary course of business. Management believes the outcome of these matters will have no material effect on the consolidated operations or financial condition of WVS. |
REGULATORY CAPITAL
REGULATORY CAPITAL | 12 Months Ended |
Jun. 30, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
REGULATORY CAPITAL | 15. REGULATORY CAPITAL Federal regulations require the Savings Bank to maintain minimum amounts of capital. Specifically, the Savings Bank is required to maintain certain minimum dollar amounts and ratios of Total and Tier I Capital to Risk-Weighted Assets and of Tier I Capital to Average Total Assets. In addition to the capital requirements, the Federal Deposit Insurance Corporation Improvement Act (“FDICIA”) established five capital categories ranging from well capitalized to critically undercapitalized. Should any institution fail to meet the requirements to be considered adequately capitalized, it would become subject to a series of increasingly restrictive regulatory actions. In July of 2013 the respective U.S. federal banking agencies issued final rules implementing Basel III and the Dodd-Frank Act capital requirements were fully-phased in on a global basis as of January 1, 2019. The new regulations establish a new tangible common equity capital requirement, increase the minimum requirement for the current Tier 1 risk-weighted asset (“RWA”) ratio, phase out certain kinds of intangibles treated as capital and certain types of instruments and change the risk weightings of certain assets used to determine required capital ratios. Provisions of the Dodd-Frank Act generally require these capital rules to apply to bank holding companies and their subsidiaries. The new common equity Tier 1 capital component requires capital of the highest quality – predominantly composed of retained earnings and common stock instruments. For community banks, such as West View Savings Bank, a common equity Tier 1 capital ratio of 4.5% became effective on January 1, 2015. The new capital rules also increased the current minimum Tier 1 capital ratio from 4.0% to 6.0% beginning on January 1, 2015. In addition, in order to make capital distributions and pay discretionary bonuses to executive officers without restriction, an institution must also maintain greater than 2.5% in common equity attributable to a capital conservation buffer which was phased in from January 1, 2016 to January 1, 2019. The new rules also increase the risk weights for several categories of assets, including an increase from 100% to 150% for certain acquisition, development and construction loans and more than 90-day Bank holding companies are generally subject to statutory capital requirements, which were implemented by certain of the new capital regulations described above that became effective on January 1, 2015. However, the Small Banking Holding Company Policy Statement exempts certain small bank holding companies like the Company from those requirements provided that they meet certain conditions. As of June 30, 2019 and 2018, the FDIC categorized the Savings Bank as well capitalized under the regulatory framework for prompt corrective action. To be classified as a well capitalized financial institution, Common Equity Tier 1 Capital, Tier 1 Risk-Based, Total Risk-Based, and Tier 1 Leverage Capital Ratios must be at least 6.5 percent, 8 percent, 10 percent, and 5 percent, respectively. The Company’s and Savings Bank’s actual capital ratios for fiscal 2019 are presented in the following table, which show that the Company and Savings Bank met all regulatory capital requirements. June 30, 2019 WVS West View Savings Bank Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 12,282 6.50 12,271 6.50 For Capital Adequacy Purposes 8,503 4.50 8,496 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 15,116 8.00 15,103 8.00 For Capital Adequacy Purposes 11,337 6.00 11,327 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 36,615 19.38 % $ 32,885 17.42 % To Be Well Capitalized 18,895 10.00 18,879 10.00 For Capital Adequacy Purposes 15,116 8.00 15,103 8.00 Tier I Capital (to Average Total Assets) Actual $ 36,035 10.20 % $ 32,305 9.15 % To Be Well Capitalized 17,663 5.00 17,656 5.00 For Capital Adequacy Purposes 14,130 4.00 14,124 4.00 The Company’s and Savings Bank’s actual capital ratios for fiscal 2018 are presented in the following table, which show that the Company and Savings Bank met all regulatory capital requirements. June 30, 2018 WVS West View Savings Bank Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 34,205 18.18 % $ 31,976 17.01 % To Be Well Capitalized 12,229 6.50 12,222 6.50 For Capital Adequacy Purposes 8,467 4.50 8,461 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 34,205 18.18 % $ 31,976 17.01 % To Be Well Capitalized 15,052 8.00 15,042 8.00 For Capital Adequacy Purposes 11,289 6.00 11,281 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 34,712 18.45 % $ 32,483 17.28 % To Be Well Capitalized 18,815 10.00 18,803 10.00 For Capital Adequacy Purposes 15,052 8.00 15,042 8.00 Tier I Capital (to Average Total Assets) Actual $ 34,205 9.65 % $ 31,976 9.03 % To Be Well Capitalized 17,718 5.00 17,712 5.00 For Capital Adequacy Purposes 14,174 4.00 14,170 4.00 |
STOCK BENEFIT PLANS
STOCK BENEFIT PLANS | 12 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BENEFIT PLANS | 16. STOCK BENEFIT PLANS Stock Option Plan The Company previously maintained the 2008 Stock Incentive Plan, which provided for the issuance of up to 152,000 shares of common stock pursuant to the grant of stock options, stock appreciation rights and plan share awards of restricted stock to directors, officers and employees. The stock options granted typically had an expiration term of ten years, subject to certain extensions and early terminations. The per share exercise price of an incentive stock option remained a minimum equal the fair market value of a share of common stock on the date the option is granted. The per share exercise price of a compensatory stock option granted was at least equal the greater of par value or 100 percent of the fair market value of a share of common stock on the date the option is granted. Proceeds from the exercise of the stock options were credited to common stock for the aggregate par value and the excess was credited to paid-in The following table presents information related to the outstanding options: Officers’ and Directors’ Weighted- Outstanding, June 30, 2016 77,019 37,500 $ 16.20 Granted — — Exercised — — Forfeited — — Outstanding, June 30, 2017 77,019 37,500 $ 16.20 Granted — — Exercised — — Forfeited — — Outstanding, June 30, 2018 77,019 37,500 $ 16.20 Granted — — Exercised — — Forfeited 77,019 37,500 Outstanding, June 30, 2019 — — Exercisable at year-end — — Available for future grant — — At June 30, 2019, all outstanding options were expired. At June 30, 2018, there were 37,500 options outstanding and exercisable for directors with a weighted-average exercise price of $16.20, and a weighted-average remaining contractual life of 0.25 years. At June 30, 2017, here were 37,500 options outstanding and exercisable for directors, with a weighted-average price of $16.20, and a weighted-average remaining contractual life of 1.25 years. Employee Stock Ownership Plan (“ESOP”) WVS maintains an ESOP for the benefit of officers and Savings Bank employees who have met certain eligibility requirements related to age and length of service. Compensation expense for the ESOP was $226 thousand, $104 thousand, and $125 thousand for the years ended June 30, 2019, 2018, and 2017, respectively. Total ESOP shares as of June 30, 2019 and 2018 were 316,922 and 332,264, respectively. The following table presents the components of the ESOP shares as of June 30, 2019 and 2018. 2019 2018 Allocated shares 146,163 153,178 Unallocated shares 170,759 179,086 Total ESOP shares 316,922 332,264 Fair value of unallocated ESOP shares $ 2,988,283 $ 2,963,873 The purchase of shares of the Company’s stock by the ESOP is funded by three term loans, and contributions from the Company, through the Savings Bank. Unreleased ESOP shares collateralize the loans payable and the cost of these shares is recorded as a contra-equity account in stockholders’ equity of the Company. The ESOP’s term loans bear a weighted-average interest rate of 5.25%, which rate is subject to adjustment based on annual changes in the prime rate and will mature on March 31, 2035, 2037 and 2038, respectively. Shares are released as payments are made by the ESOP on the loans. The ESOP’s sources of repayment on the loans can include dividends, if any, on the unallocated stock held by the ESOP and discretionary contributions from the Savings Bank to the ESOP and other earnings. Compensation is recognized under the shares released method and compensation expense is equal to the fair value of the shares committed to be released, and unallocated ESOP shares are excluded from outstanding shares for the purpose of computing EPS. |
DIRECTOR, OFFICER, AND EMPLOYEE
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS | 12 Months Ended |
Jun. 30, 2019 | |
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS [Abstract] | |
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS | 17. DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS Profit Sharing Plan The Company maintains a non-contributory Directors’ Deferred Compensation Plan The Company maintains a deferred compensation plan (the “Plan”) for directors who elect to defer all or a portion of their directors’ fees. Deferred fees are paid to the participants in installments commencing in the year following the year the individual is no longer a member of the Board of Directors. The Plan allows for the deferred amounts to be paid in shares of common stock at the prevailing market price on the date of distribution. For fiscal years ended June 30, 2019, 2018, and 2017, 1,731 shares were held by the Plan. Amounts deferred are included in other noninterest expense and totaled $31 thousand, $29 thousand, and $28 thousand for the fiscal years 2019, 2018, and 2017, respectively. The aggregate liability for the deferred compensation arrangement at June 30, 2019 and 2018, was $339 thousand and $267 thousand, respectively, and is included in with “other liabilities” in the Consolidated Balance Sheet. Bank-Owned Life Insurance (“BOLI”) The Company has purchased single premium BOLI policies on certain executives. The policies are recorded at their cash surrender values. Increases in cash surrender values are included in noninterest income in the accompanying Consolidated Statement of Income. The Company recorded $121 thousand, $126 thousand and $131 thousand of income in fiscal 2019, 2018, and 2017, respectively, and the policies’ cash surrender values totaling $4.8 million and $4.7 million at June 30, 2019 and 2018, respectively, are reflected as an asset on the Consolidated Balance Sheet. Executive Life Insurance The Company has split dollar life insurance arrangements (“Split Dollar Life Insurance Agreements”) with certain executives. This plan provides each executive a specified death benefit should the executive die while in the Company’s employ. The Company owns the policies and all cash values thereunder. Upon death of the covered employee, the agreed-upon amount of death proceeds from the policies will be paid directly to the insured’s beneficiary. As of June 30, 2019, the policies had total death benefits of $10.9 million of which $2.4 million would have been paid to the executive’s beneficiaries and the remaining $8.5 million would have been paid to the Company. A portion of the death benefit coverage may continue to the Company’s CEO in the event of a change in control or other termination of his employment. In the event the other executives terminate employment with the Company, their split dollar interests in the policies cease. The Company accrued a benefit expense of $58 thousand, $56 thousand, and $32 thousand in fiscal 2019, 2018, and 2017, respectively, for the split dollar benefit. Supplemental Executive Retirement Plan (“SERP”) On September 1, 2013, the Company entered into a supplemental executive retirement plan (SERP) agreement with the CEO. The plan was targeted to provide him with an annual retirement benefit commencing at age 65. The Company accrued expenses of $126 thousand, $122 thousand, and $118 thousand for fiscal years 2019, 2018, and 2017, respectively, in connection with the SERP. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 18. INCOME TAXES The provision for income taxes consists of: 2019 2018 2017 (Dollars in Thousands) Currently payable: Federal $ 680 $ 877 $ 801 State 261 186 105 941 1,063 906 Deferred (9 ) (68 ) (58 ) Change in corporate tax rate — 133 — Total $ 932 $ 1,128 $ 848 In addition to income taxes applicable to income before taxes in the Consolidated Statement of Income, the following income tax amounts were recorded to stockholders’ equity during the years ended June 30: 2019 2018 2017 (Dollars in Thousands) Net unrealized (gain) loss on securities available for sale $ (26 ) $ 4 $ 17 Net non-credit (3 ) (8 ) (44 ) Net loss recorded to stockholders’ equity $ (29 ) $ (4 ) $ (27 ) The following temporary differences gave rise to the net deferred tax assets at June 30: 2019 2018 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 118 $ 101 Deferred compensation 77 62 Retirement Plan 143 117 Reserve for off-balance 7 8 OTTI other impairment 18 47 OTTI credit impairment 37 36 Net unrealized loss on securities available for sale — 3 Other 115 110 Total gross deferred tax assets 515 484 Deferred tax liabilities: Net unrealized gain on securities available for sale 22 — Deferred origination fees, net 125 124 Depreciation reserve — 1 Total gross deferred tax liabilities 147 125 Net deferred tax assets $ 368 $ 359 No valuation allowance was established at June 30, 2019 and 2018, in view of the Company’s ability to carryback to taxes paid in previous years, future anticipated taxable income, which is evidenced by the Company’s earnings potential, and deferred tax liabilities at June 30, 2019 and 2018. The Tax Cut and Jobs Act, enacted on December 22, 2017, lowered the federal corporate income tax rate from 34% to 21% effective January 1, 2018. As a result, the carrying value of net deferred tax assets was reduced, which increased income tax expense by $133 thousand. The Company and its subsidiary file a consolidated federal income tax return. Prior to 1996, the Savings Bank was permitted under the Internal Revenue Code to establish a tax reserve for bad debts, and to make annual additions within specified limitations which may have been deducted in arriving at its taxable income. Subsequent to 1995, the Savings Bank’s bad debt deduction may be computed using an amount based on its actual loss experience (the “experience method”). U.S. generally accepted accounting principles prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not more-likely-than-not more-likely-than-not There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statement of Income. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2016. The following is a reconciliation between the actual provision for income taxes and the amount of income taxes which would have been provided at federal statutory rates for the years ended June 30: 2019 2018 2017 % of % of % of Pretax Pretax Pretax Amount Income Amount Income Amount Income (Dollars in Thousands) Provision at statutory rate $ 782 21.0 % $ 894 27.5 % $ 845 34.0 % Impact of change in Federal corporate tax rate — — 133 4.1 — — State income tax, net of federal tax benefit 206 5.5 146 4.5 69 2.8 Tax exempt income (6 ) (0.2 ) (7 ) (0.2 ) (5 ) (0.2 ) Bank Owned Life Insurance (26 ) (0.7 ) (34 ) (1.0 ) (45 ) (1.8 ) Other, net (24 ) (0.6 ) (4 ) (0.1 ) (16 ) (0.7 ) Actual tax expense and effective rate $ 932 25.0 % $ 1,128 34.8 % $ 848 34.1 % The Savings Bank is subject to the Pennsylvania Mutual Thrift Institutions Tax, which is calculated at 11.5 percent of earnings. Prior to the enactment of the Small Business Job Protection Act, the Company accumulated approximately $3.9 million of retained earnings, which represent allocations of income to bad debt deductions for tax purposes only. Since there is no amount that represents the accumulated bad debt reserves subsequent to 1987, no provision for federal income tax has been made for such amount. If any portion of this amount is used other than to absorb loan losses (which is not anticipated), the amount will be subject to federal income tax at the current corporate rate. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Jun. 30, 2019 | |
REGULATORY MATTERS [Abstract] | |
REGULATORY MATTERS | 19. REGULATORY MATTERS Cash and Due From Banks The Federal Reserve requires the Savings Bank to maintain certain reserve balances. The required reserves are computed by applying prescribed ratios to the Savings BankÂ’s average deposit transaction account balances. As of June 30, 2019 and 2018, the Savings Bank had required reserves of $735 thousand and $801 thousand, respectively. The required reserves are held in the form of vault cash and an interest-bearing depository balance maintained directly with the Federal Reserve. Loans Federal law prohibits the Company from borrowing from the Savings Bank unless the loans are secured by specific obligations. Further, such secured loans are limited in amount to 10 percent of the Savings BankÂ’s capital surplus. Dividend Restrictions The Savings Bank is subject to the Pennsylvania Banking Code, which restricts the availability of surplus for dividend purposes. At June 30, 2019, surplus funds of $3.4 million were not available for dividends from the Savings Bank to the Company. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 20. 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 June 30, 2019 and June 30, 2018, 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. June 30, 2019 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ — $ 104,908 $ — $ 104,908 Foreign debt securities 6 — 26,543 — 26,543 Obligations of states and political subdivisions — 1,329 — 1,329 $ — $ 132,780 $ — $ 132,780 June 30, 2018 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ — $ 104,339 $ — $ 104,339 Foreign debt securities 6 — 22,851 — 22,851 Obligations of states and political subdivisions — 1,621 — 1,621 $ — $ 128,811 $ — $ 128,811 6 U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Jun. 30, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 21. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of the Company’s financial instruments not measured at fair value on a recurring basis are as follows: June 30, 2019 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 4,379 $ 4,379 $ 4,379 $ — $ — Certificates of deposit 1,843 1,843 1,843 — — Investment securities – held to maturity 3,995 4,080 — 4,080 — Mortgage-backed securities – held to maturity: Agency 107,448 107,832 — 107,832 — Private-label 883 876 — — 876 Net loans receivable 90,588 92,062 — — 92,062 Accrued interest receivable 1,219 1,219 1,219 — — FHLB stock 7,010 7,010 7,010 — — Bank owned life insurance 4,789 4,789 4,789 — — FINANCIAL LIABILITIES Deposits: Non-interest $ 19,770 $ 19,770 $ 19,770 $ — $ — Interest-earning checking 23,541 23,541 23,541 — — Savings accounts 43,740 43,740 43,740 — — Money market accounts 19,958 19,958 19,958 — — Certificates of deposit 37,361 37,359 — — 37,359 Advance payments by borrowers for taxes and insurance 2,065 2,065 2,065 — — FHLB advances – fixed rate 15,000 14,323 — — 14,323 FHLB advances – variable rate 85,000 85,000 85,000 — — FHLB short-term advances 70,828 70,828 70,828 — — Accrued interest payable 823 823 823 — — June 30, 2018 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,441 $ 2,441 $ 2,441 $ — $ — Certificates of deposit 350 350 350 — — Investment securities – held to maturity 6,181 6,125 — 6,125 — Mortgage-backed securities – held to maturity: Agency 114,899 115,733 — 115,733 — Private-label 958 1,111 — — 1,111 Net loans receivable 84,675 84,319 — — 84,319 Accrued interest receivable 1,225 1,225 1,225 — — FHLB stock 7,161 7,161 7,161 — — Bank owned life insurance 4,668 4,668 4,668 — — FINANCIAL LIABILITIES Deposits: Non-interest $ 18,436 $ 18,436 $ 18,436 $ — $ — Interest-earning checking 24,459 24,459 24,459 — — Savings accounts 44,727 44,727 44,727 — — Money market accounts 21,087 21,087 21,087 — — Certificates of deposit 34,376 34,053 — — 34,053 Advance payments by borrowers for taxes and insurance 1,938 1,938 1,938 — — FHLB short-term advances 171,403 171,403 171,403 — — Accrued interest payable 380 380 380 — — All financial instruments included in the above tables, with the exception of net loans receivable, certificates of deposit liabilities, and FHLB advances – fixed rate, are carried at cost, which approximates the fair value of the instruments. |
PARENT COMPANY
PARENT COMPANY | 12 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY | 22. PARENT COMPANY Condensed financial information of WVS Financial Corp. is as follows: CONDENSED BALANCE SHEET June 30, 2019 2018 (Dollars in Thousands) ASSETS Interest-earning deposits with subsidiary bank $ 2,566 $ 2,104 Certificates of deposit 497 — Investment in subsidiary bank 32,320 31,788 Other assets 722 178 TOTAL ASSETS $ 36,105 $ 34,070 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 56 $ 53 Stockholders’ equity 36,049 34,017 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 36,105 $ 34,070 CONDENSED STATEMENT OF INCOME Year Ended June 30, 2019 2018 2017 (Dollars in Thousands) INCOME Interest on loans $ 109 $ 94 $ 55 Dividend from subsidiary 2,450 1,600 1,300 Interest-earning deposits with subsidiary bank 3 2 2 Total income 2,562 1,696 1,357 OTHER OPERATING EXPENSE 129 127 121 Income before equity in undistributed earnings of subsidiary 2,433 1,569 1,236 Equity in undistributed earnings of subsidiary 329 540 344 Income before income taxes 2,762 2,109 1,580 Income tax benefit (33 ) (16 ) (57 ) NET INCOME $ 2,795 $ 2,125 $ 1,637 Year Ended June 30, 2019 2018 2017 (Dollars in Thousands) OPERATING ACTIVITIES Net income $ 2,795 $ 2,125 $ 1,637 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (329 ) (540 ) (344 ) Amortization of unallocated ESOP shares 200 177 321 Other, net (541 ) (34 ) (11 ) Net cash provided by operating activities 2,125 1,728 1,503 INVESTING ACTIVITIES Available for sale: Purchases of investments (497 ) — — Net cash used for by investing activities (497 ) — — FINANCING ACTIVITIES Cash dividends paid (783 ) (689 ) (482 ) Purchase of treasury stock (383 ) (622 ) (359 ) Increase in unallocated ESOP shares — (32 ) (1,104 ) Net cash used for financing activities (1,166 ) (1,343 ) (1,945 ) Increase (decrease) in cash and cash equivalents 462 385 (442 ) CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 2,104 1,719 2,161 CASH AND CASH EQUIVALENTS END OF YEAR $ 2,566 $ 2,104 $ 1,719 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended |
Jun. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | 23. SELECTED QUARTERLY FINANCIAL DATA (unaudited) Three Months Ended September December March June 2018 2018 2019 2019 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,832 $ 2,943 $ 3,158 $ 3,121 Total interest expense 1,032 1,208 1,326 1,306 Net interest income 1,800 1,735 1,832 1,815 Provision for loan losses 19 14 10 37 Net interest income after provision for loan losses 1,781 1,721 1,822 1,778 Total noninterest income 110 110 87 108 Total noninterest expense 901 954 897 1,038 Income before income taxes 990 877 1,012 848 Income taxes 242 192 265 233 Net income $ 748 $ 685 $ 747 $ 615 Per share data: Net income Basic $ 0.42 $ 0.38 $ 0.42 $ 0.35 Diluted 0.42 0.38 0.42 0.35 Average shares outstanding Basic 1,793,055 1,782,091 1,772,165 1,774,553 Diluted 1,793,272 1,782,091 1,772,165 1,774,553 Three Months Ended September December March June 2017 2017 2018 2018 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,225 $ 2,267 $ 2,482 $ 2,696 Total interest expense 644 677 818 985 Net interest income 1,581 1,590 1,664 1,711 Provision for loan losses 5 6 10 29 Net interest income after provision for loan losses 1,576 1,584 1,654 1,682 Total noninterest income 115 124 120 111 Total noninterest expense 892 957 907 957 Income before income taxes 799 751 867 836 Income taxes 297 355 233 243 Net income $ 502 $ 396 $ 634 $ 593 Per share data: Net income Basic $ 0.28 $ 0.22 $ 0.35 $ 0.31 Diluted 0.28 0.22 0.35 0.31 Average shares outstanding Basic 1,824,878 1,826,580 1,828,283 1,827,870 Diluted 1,824,878 1,826,580 1,829,750 1,827,870 COMMON STOCK MARKET PRICE AND DIVIDEND INFORMATION WVS Financial Corp.’s common stock is traded on the Nasdaq Global Market SM The following table sets forth the high and low market prices of a share of common stock, and cash dividends declared per share, for the periods indicated. Market Price Cash Dividends Quarter Ended High Low Declared June 2019 $ 17.81 $ 17.00 $ 0.18 March 2019 18.44 14.51 0.10 December 2018 16.50 12.25 0.08 September 2018 16.55 15.85 0.08 June 2018 $ 16.72 $ 15.60 $ 0.12 March 2018 18.05 15.40 0.08 December 2017 16.60 14.76 0.06 September 2017 16.85 15.39 0.06 There were six Nasdaq Market Makers in the Company’s common stock as of June 30, 2019: Bofa Securities; Citadel Securities LLC; VIRTU Americas LLC; UBS Securities LLC; Two Sigma Securities LLC and Collins Stewart LLC. According to the records of the Company’s transfer agent, there were approximately 392 shareholders of record at August 23, 2019. This does not include any persons or entities who hold their stock in nominee or “street name” through various brokerage firms. Dividends are subject to determination and declaration by the Board of Directors, which takes into account the Company’s financial condition, statutory and regulatory restrictions, general economic condition and other factors. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization | Organization WVS Financial Corp. (“WVS” or the “Company”) is a Pennsylvania-chartered unitary bank holding company which owns 100 percent of the common stock of West View Savings Bank (“West View” or the “Savings Bank”). The operating results of the Company depend primarily upon the operating results of the Savings Bank and, to a lesser extent, income from interest-earning assets such as investment securities. West View is a Pennsylvania-chartered, FDIC-insured stock savings bank conducting business from six offices in the North Hills suburbs of Pittsburgh. The Savings Bank’s principal sources of revenue originate from its portfolio of residential real estate and commercial mortgage loans as well as income from investment and mortgage-backed securities. The Company is supervised by the Board of Governors of the Federal Reserve System, while the Savings Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities . |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of WVS and its wholly owned subsidiary, West View. All intercompany transactions have been eliminated in consolidation. The accounting and reporting policies of WVS and West View conform to U.S. generally accepted accounting principles. The CompanyÂ’s fiscal year-end In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and revenues and expenses for that period. Actual results could differ significantly from those estimates. |
Investment and Mortgage-Backed Securities | Investment and Mortgage-Backed Securities Investment and mortgage-backed securities are classified at the time of purchase as securities held to maturity or securities available for sale based on management’s ability and intent. Investment and mortgage-backed securities acquired with the ability and intent to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount, which are computed using the level-yield method and recognized as adjustments of interest income. Amortization rates for mortgage-backed securities are periodically adjusted to reflect changes in the prepayment speeds of the underlying mortgages. Certain other investment securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale Common stock of the Federal Home Loan Bank (the “FHLB”) represents ownership in an institution which is wholly owned by other financial institutions. This equity security is accounted for at cost and reported separately on the accompanying Consolidated Balance Sheet. Management systematically evaluates investment securities for other-than-temporary declines in fair value on at least a quarterly basis. This analysis requires management to consider various factors, which include: (1) duration and magnitude of the decline in value; (2) the credit rating of the issuer or issuers; (3) structure of the security; and (4) the Company’s intent to sell the security or whether it’s more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. The Company retains an independent third party to assist it in the determination of fair values for its private-label collateralized mortgage obligations (“CMOs”). This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures. The valuation does not represent the actual terms or prices at which any party could purchase the securities. There is currently no active secondary market for private-label CMOs and there can be no assurance that any secondary market for private-label CMOs will develop. The Company believes that the private-label CMO portfolio had three other than temporary impairments at June 30, 2019. 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. |
Trading Securities | Trading Securities Trading securities are held for resale in anticipation of short-term (generally 90 days or less) fluctuations in market prices. Trading securities are stated at fair value. Realized and unrealized gains and losses are included in noninterest income as market gains and losses on trading securities. |
Net Loans Receivable | Net Loans Receivable Net loans receivable are reported at their principal amount, net of the allowance for loan losses and deferred loan fees. Interest on mortgage, consumer, and commercial loans is recognized on the accrual method. The CompanyÂ’s general policy is to stop accruing interest on loans when, based upon relevant factors, the collection of principal or interest is doubtful, regardless of the contractual status. Interest received on nonaccrual loans is recorded as income or applied against principal according to managementÂ’s judgment as to the collectability of such principal. Loan origination and commitment fees, and all incremental direct loan origination costs, are deferred and recognized over the contractual remaining lives of the related loans on a level-yield basis. |
Allowance for Loan Losses | Allowance for Loan Losses 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. Impaired loans are commercial and commercial real estate 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 Company individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. 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. Mortgage loans on one-to-four case-by-case |
Real Estate Owned | Real Estate Owned Real estate owned acquired through foreclosure is carried at the lower of cost or fair value minus estimated costs to sell. Costs relating to development and improvement of the property are capitalized, whereas costs of holding such real estate are expensed as incurred. |
Premises and Equipment | Premises and Equipment Land is carried at cost, while premises and equipment are stated at cost, less accumulated depreciation. Depreciation is principally computed on the straight-line method over the estimated useful lives of the related assets, which range from 3 to 25 years for furniture and equipment and 7 to 50 years for building premises. Leasehold improvements are amortized over the shorter of their estimated useful lives or their respective lease terms, which range from 5 to 40 years. Expenditures for maintenance and repairs are charged against income as incurred. Costs of major additions and improvements are capitalized. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are computed based on the difference between the financial statement and the income tax basis of assets and liabilities using the enacted marginal tax rates. Deferred income taxes or benefits are based on the changes in the deferred tax asset or liability from period to period. The Company files a consolidated federal income tax return. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which such items are expected to be realized or settled. As changes in tax rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. |
Earnings Per Share | Earnings Per Share The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share are calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income available to common stockholders, adjusted for the effects of any dilutive securities, by the weighted-average number of common shares outstanding, adjusted for the effects of any dilutive securities. |
Stock Options | Stock Options The Company accounts for stock compensation based on the grant-date fair value of all share-based payment awards that are expected to vest, including employee share options to be recognized as employee compensation expense over the requisite service period. The Company’s 2008 Stock Incentive Plan (the “Plan”) previously permitted 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 were able to be issued). Option awards were 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 vested based on five years of continuous service and had ten-year During the periods ended June 30, 2019, 2018, and 2017, the Company recorded no compensation expense related to our share-based compensation awards. As of June 30, 2019, all options had expired. |
Comprehensive Income | Comprehensive Income The Company is required to present comprehensive income and its components in a full set of general-purpose financial statements for all periods presented. Other comprehensive income is composed exclusively of net unrealized holding gains (losses) on its available-for-sale non-credit held-to-maturity |
Cash Flow Information | Cash Flow Information Cash and cash equivalents include cash and due from banks and interest-earning demand deposits with original maturities of 90 days or less. Cash flow from loans, deposits, and short-term borrowings are reported net. |
Reclassification of Comparative Figures | Reclassification of Comparative Figures Certain comparative amounts for prior years have been reclassified to conform to current-year presentations. Such reclassifications did not affect net income or stockholdersÂ’ equity. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard) 2014-09 2014-09. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): available-for-sale The Company adopted ASU 2016-01 820-10, Fair Value Measurements non-recurring |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use 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 January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) 2016-02. This In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) In July 2018, the FASB issued ASU 2018-09, Codification Improvements In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases 2016-02, In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements Leases Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits (Topic 715-20). one-percentage-point In November, 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, 2016-13 non-PBEs 2016-13 (non-PBEs) 326-20. Leases 2018-19 2016-13, 2018-19. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842), 2016-02, Leases 2016-02, 2016-02 calendar-year-end In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, 250-10-50-3 In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, w In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326 825-10.3. instrument-by-instrument available-for-sale held-to-maturity 2016-13. 2016-13, 2016-13. 2016-13, 2019-05 2016-13 In May 2019, the FASB issued ASU 2019-06, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Not-for-Profit 2014-02 2014-18 not-for-profit not-for-profit not-for-profit In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, 33-10231 33-10442, No. 33-10532, Disclosure Update and Simplification 33-10231 33-10442, Investment Company Reporting Modernization |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Per share data: | |
Schedule of Basic and Diluted 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. 2019 2018 2017 Weighted-average common shares issued 3,805,636 3,805,636 3,805,636 Average treasury stock shares (1,852,450 ) (1,798,021 ) (1,795,615 ) Average unallocated ESOP shares (172,659 ) (180,722 ) (136,231 ) Weighted-average common shares and common stock equivalents used to calculate basic earnings per share 1,780,527 1,826,893 1,873,790 Additional common stock equivalents (stock options) used to calculate diluted earnings per share 54 367 — Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 1,780,581 1,827,260 1,873,790 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investments | The amortized cost, gross unrealized gains and losses, and fair values of investments are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2019 AVAILABLE FOR SALE Corporate debt securities $ 104,760 $ 355 $ (207 ) $ 104,908 Foreign debt securities 1 26,583 35 (75 ) 26,543 Obligations of states and political subdivisions 1,330 — (1 ) 1,329 Total $ 132,673 $ 390 $ (283 ) $ 132,780 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2019 HELD TO MATURITY Obligations of states and political subdivisions $ 3,995 $ 85 $ — $ 4,080 Total $ 3,995 $ 85 $ — $ 4,080 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2018 AVAILABLE FOR SALE Corporate debt securities $ 104,316 $ 204 $ (181 ) $ 104,339 Foreign debt securities 1 22,878 11 (38 ) 22,851 Obligations of states and political subdivisions 1,630 — (9 ) 1,621 Total $ 128,824 $ 215 $ (228 ) $ 128,811 1 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2018 HELD TO MATURITY U.S. government agency securities $ 625 $ — $ (1 ) $ 624 Corporate debt securities 1,061 13 — 1,074 Obligations of states and political subdivisions 4,495 — (68 ) 4,427 Total $ 6,181 $ 13 $ (69 ) $ 6,125 |
Schedule of Investments by Contractual Maturity | Due in Due after Due after one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 6,964 $ 125,709 $ — $ — $ 132,673 Fair value 6,976 125,804 — — 132,780 Weighted average yield 2.93 % 3.33 % — % — % 3.31 % HELD TO MATURITY Amortized cost $ 500 $ 3,495 $ — $ — $ 3,995 Fair value 500 3,580 — — 4,080 Weighted average yield 2.65 % 3.23 % — % — % 3.16 % |
MORTGAGE-BACKED SECURITIES (Tab
MORTGAGE-BACKED SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities | The amortized cost, unrealized gains and losses, and fair values of mortgage-backed securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Value 2019 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 107,448 $ 954 $ (570 ) $ 107,832 Private-label 883 5 (12 ) 876 Total $ 108,331 $ 959 $ (582 ) $ 108,708 Gross Gross Amortized Unrealized Unrealized Fair Value 2018 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 114,899 $ 1,260 $ (426 ) $ 115,733 Private-label 958 153 — 1,111 Total $ 115,857 $ 1,413 $ (426 ) $ 116,844 |
Schedule of Mortgage-Backed Securities by Contractual Maturity | Due in Due after Due after one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ — $ 137 $ — $ 108,194 $ 108,331 Fair value — 139 — 108,569 108,708 Weighted average yield 3.85 % 3.47 % 3.47 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive income (loss) by component for the three years ended June 30, 2019, 2018, and 2017. Unrealized Gains and Losses on Available- for-sale Unrealized Gains and Losses on Held-to- Total (Dollars in Thousands – net of tax) Balance – June 30, 2016 $ 78 $ (316 ) $ (238 ) Other comprehensive income (loss) before reclassifications (34 ) 84 50 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (loss) (34 ) 84 50 Balance – June 30, 2017 44 (232 ) (188 ) Other comprehensive income (loss), before reclassifications (76 ) 82 6 Amounts reclassified from accumulated other comprehensive income (loss) (2 ) 11 9 Net current-period other comprehensive income (loss) (78 ) 93 15 Reclassification for the change in corporate tax rate 24 (39 ) (15 ) Balance – June 30, 2018 (10 ) (178 ) (188 ) Other comprehensive income, before reclassifications 93 117 210 Amounts reclassified from accumulated other comprehensive income (loss) 2 (9 ) (7 ) Net current-period other comprehensive income 95 108 203 Balance – June 30, 2019 $ 85 $ 70 $ 15 |
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Loss | The following table presents the amounts reclassified out of accumulated other comprehensive income (loss). Amount Reclassified from Accumulated Other Details About Accumulated Other 2019 2018 2017 Affected Line Item in the Statement Where Net Income is Presented (Dollars in Thousands) Unrealized gains and losses on available-for-sale $ (2 ) $ 2 $ — Investment securities gains (losses) Other than temporary impairment losses on held to maturity securities 11 (14 ) — Net impairment losses recognized in earnings Tax effect (2 ) 3 — Income tax expense Total reclassifications for the period $ 7 $ (9 ) $ — (2) Amounts in parenthesis indicate expenses and other amounts indicate income. |
UNREALIZED LOSSES ON SECURITI_2
UNREALIZED LOSSES ON SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Debt and Equity Securities, Gain (Loss) [Abstract] | |
Schedule of Gross Unrealized Losses and Fair Value | The following tables show the Company’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 June 30, 2019 and 2018. June 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) Corporate debt securities $ 11,728 $ (86 ) $ 17,077 $ (121 ) $ 28,805 $ (207 ) Foreign debt securities 3 2,004 (2 ) 5,699 (73 ) 7,703 (75 ) Obligations of states and political subdivisions — — 1,329 (1 ) 1,329 (1 ) Collateralized mortgage obligations 24,368 (182 ) 18,614 (400 ) 42,982 (582 ) Total $ 38,100 $ (270 ) $ 42,719 $ (595 ) $ 80,819 $ (865 ) 3 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. June 30, 2018 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) U.S. government agency securities $ 624 $ (1 ) $ — $ — $ 624 $ (1 ) Corporate debt securities 56,714 (169 ) 3,028 (12 ) 59,742 (181 ) Foreign debt securities 4 13,761 (38 ) — — 13,761 (38 ) Obligations of states and political subdivisions 5,048 (77 ) — — 5,048 (77 ) Collateralized mortgage obligations: Agency 7,600 (12 ) 21,424 (414 ) 29,024 (426 ) Total $ 83,747 $ (297 ) $ 24,452 $ (426 ) $ 108,199 $ (723 ) 4 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. |
Schedule of Changes in the Credit Loss | Changes in the credit loss component of credit impaired mortgage-backed securities were as follows for the twelve month periods ended June 30, 2019 and 2018: Twelve Months Ended June 30, 2019 2018 (Dollars in Thousands) Beginning balance $ 239 $ 259 Initial credit impairment — — Subsequent credit impairment 28 14 Reductions for amounts recognized in earnings due to intent or requirement to sell — — Reductions for securities sold — — Reduction for actual realized losses (19 ) (34 ) Reduction for increase in cash flows expected to be collected — — Ending balance $ 248 $ 239 |
NET LOANS RECEIVABLE (Tables)
NET LOANS RECEIVABLE (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Primary Segments of Loan Portfolio | The following table summarizes the primary segments of the loan portfolio as of June 30, 2019 and June 30, 2018. June 30, 2019 June 30, 2018 Total Individually Collectively Total Individually Collectively (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 76,789 $ — $ 76,789 $ 72,237 $ — $ 72,237 Construction 2,907 — 2,907 1,769 — 1,769 Land acquisition & development 694 — 694 — — — Multi-family dwellings 3,123 — 3,123 3,390 — 3,390 Commercial 3,727 — 3,727 3,482 — 3,482 Consumer Loans Home equity 906 — 906 861 — 861 Home equity lines of credit 1,953 — 1,953 2,177 — 2,177 Other 112 — 112 125 — 125 Commercial Loans 418 — 418 633 — 633 $ 90,629 $ — $ 90,629 $ 84,674 $ — $ 84,674 Less: Deferred loan costs 507 469 Allowance for loan losses (548 ) (468 ) Total $ 90,588 $ 84,675 |
Schedule of Nonaccrual Loans | Total nonaccrual loans as of June 30, 2019 and June 30, 2018 and the related interest income recognized during the fiscal years ended June 30, 2019 and June 30, 2018 are as follows: June 30, June 30, (Dollars in Thousands) Principal outstanding: 1 – 4 family dwellings $ 225 $ 235 Construction — — Land acquisition & development — — Commercial real estate — — Home equity lines of credit — — Total $ 225 $ 235 Average nonaccrual loans: 1 – 4 family dwellings $ 231 $ 242 Construction — — Land acquisition & development — — Commercial real estate — — Home equity lines of credit — — Total $ 231 $ 242 Income that would have been recognized $ 15 $ 15 Interest income recognized $ 15 $ 21 Interest income foregone $ — $ — |
Schedule of Loans by Aging Categories | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2019 and 2018: Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Non- accrual Total Total Loans (Dollars in Thousands) June 30, 2019 First mortgage loans: 1 – 4 family dwellings $ 76,564 $ — $ — $ — $ 225 $ 225 $ 76,789 Construction 2,907 — — — — — 2,907 Land acquisition & development 694 — — — — — 694 Multi-family dwellings 3,123 — — — — — 3,123 Commercial 3,727 — — — — — 3,727 Consumer Loans Home equity 906 — — — — — 906 Home equity lines of credit 1,953 — — — — — 1,953 Other 112 — — — — — 112 Commercial Loans 418 — — — — — 418 $ 90,404 $ — $ — $ — $ 225 $ 225 90,629 Deferred loan costs 507 Allowance for loan losses (548 ) Net Loans Receivable $ 90,588 Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Past Due Non-accrual Total Total Loans (Dollars in Thousands) June 30, 2018 First mortgage loans: 1 – 4 family dwellings $ 72,002 $ — $ — $ — $ 235 $ 235 $ 72,237 Construction 1,769 — — — — — 1,769 Land acquisition & development — — — — — — — Multi-family dwellings 3,390 — — — — — 3,390 Commercial 3,482 — — — — — 3,482 Consumer Loans Home equity 861 — — — — — 861 Home equity lines of credit 2,177 — — — — — 2,177 Other 125 — — — — — 125 Commercial Loans 633 — — — — — 633 $ 84,439 $ — $ — $ — $ 235 $ 235 84,674 Deferred loan costs 469 Allowance for loan losses (468 ) Net Loans Receivable $ 84,675 |
Schedule of Loans by Internal Classification | 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 June 30, 2019 and 2018. June 30, 2019 Construction Land Multi-family Commercial Commercial (Dollars in Thousands) Pass $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 Special Mention — — — — — Substandard — — — — — Doubtful — — — — — Ending Balance $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 June 30, 2018 Construction Land Multi-family Commercial Commercial (Dollars in Thousands) Pass $ 1,769 $ — $ 3,390 $ 3,482 $ 633 Special Mention — — — — — Substandard — — — — — Doubtful — — — — — Ending Balance $ 1,769 $ — $ 3,390 $ 3,482 $ 633 |
Schedule of Performing and Non-Performing Loans | The following table presents performing and non-performing June 30, 2019 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 76,564 $ 2,971 Non-performing 225 — Total $ 76,789 $ 2,971 June 30, 2018 1 –4 Family Consumer (Dollars in Thousands) Performing $ 72,002 $ 3,163 Non-performing 235 — Total $ 72,237 $ 3,163 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Schedule of Changes in the Allowance for Loan Losses | The following is a summary of the changes in the allowance for loan losses: 2019 2018 2017 (Dollars in Thousands) Balance, July 1 $ 468 $ 418 $ 360 Add: Provision for loan losses 80 50 58 Less: Loans charged off — — — Balance, June 30 $ 548 $ 468 $ 418 |
Schedule of Primary Segments of Allowance for Loan Losses | 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 June 30, 2019, June 30, 2018 and June 30, 2017. Activity in the allowance is presented for the fiscal years ended June 30, 2019, 2018 and 2017. As of June 30, 2019 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 49 22 10 (1 ) 2 (1 ) (1 ) 80 Ending ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 405 46 10 17 37 30 3 548 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 As of June 30, 2018 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2017 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 51 (6 ) (5 ) (2 ) 15 (3 ) — 50 Ending ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 356 24 — 18 35 31 4 468 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 As of June 30, 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 83 (27 ) (2 ) (2 ) 4 5 (3 ) 58 Ending ALLL Balance at June 30, 2017 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 305 30 5 20 20 34 4 418 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 |
Schedule of Reserve Factors | During the fiscal years ended June 30, 2019, 2018 and 2017, respectively, the Company increased its ALLL reserve factors for the following loan segment: Loan Segment 06/30/2019 Factor 06/30/2018 Factor 6/30/2017 Factor 1-4 0.50% 0.46% 0.43% |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Major classifications of premises and equipment are summarized as follows: 2019 2018 (Dollars in Thousands) Land and improvements $ 246 $ 246 Buildings and improvements 2,165 2,165 Furniture, fixtures, and equipment 1,218 1,217 3,629 3,628 Less accumulated depreciation 3,283 3,236 Total $ 346 $ 392 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Schedule of Retail Deposit Accounts | Deposit accounts are summarized as follows: 2019 2018 Amount Percent of Amount Percent of (Dollars in Thousands) Non-interest $ 19,770 13.5 % $ 18,436 12.7 % Interest-earning checking 23,541 16.1 24,459 16.9 Savings accounts 43,740 29.9 44,727 30.8 Money market accounts 19,958 13.6 21,087 14.6 Savings certificates 37,361 25.5 34,376 23.7 Advance payments by borrowers for taxes and insurance 2,065 1.4 1,938 1.3 Total $ 146,435 100.0 % $ 145,023 100.0 % |
Schedule of Maturities of Retail and Wholesale Savings Certificates | The maturities of savings certificates at June 30, 2019, are summarized as follows: (Dollars in Thousands) Within one year $ 29,962 Beyond one year but within two years 5,635 Beyond two years but within three years 910 Beyond three years but within four years 187 Beyond four years but within five years 451 Beyond five years 216 Total $ 37,361 |
FEDERAL HOME LOAN BANK (FHLB)_2
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
Schedule of Contractual Maturities of Federal Home Loan Bank Long-Term Advances | The following table presents contractual maturities of FHLB long-term advances as of June 30, 2019. Maturity range Weighted- Stated interest June 30, June 30, Description from to interest rate 5 from to 2019 2018 (Dollars in Thousands) Fixed 10/01/20 10/03/22 3.03 % 2.95 % 3.09 % $ 15,000 $ — Adjustable 10/01/20 10/01/21 2.61 % 2.54 % 2.65 % 85,000 — Total $ 100,000 $ — |
Maturities of Federal Home Loan Bank Long-Term Advances | Maturities of FHLB long-term advances at June 30, 2019, are summarized as follows: Weighted- Maturing During Average Fiscal Year Ended Interest June 30: Amount Rate (Dollars in Thousands) 2020 $ — — 2021 65,000 2.63 % 2022 30,000 2.72 % 2023 5,000 3.09 % 2024 — — 2025 and thereafter — — Total $ 100,000 2.67 % |
Schedule of Federal Home Loan Bank Short-Term Advances | The following table presents information regarding such advances as of June 30, 2019 and June 30, 2018: June 30, June 30, (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 70,828 $ 171,403 Average balance 81,556 167,306 Maximum month-end 161,289 179,791 Average interest rate 2.45 % 1.60 % Weighted-average rate 2.46 % 2.12 % |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The CompanyÂ’s and Savings BankÂ’s actual capital ratios for fiscal 2019 are presented in the following table, which show that the Company and Savings Bank met all regulatory capital requirements. June 30, 2019 WVS West View Savings Bank Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 12,282 6.50 12,271 6.50 For Capital Adequacy Purposes 8,503 4.50 8,496 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 15,116 8.00 15,103 8.00 For Capital Adequacy Purposes 11,337 6.00 11,327 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 36,615 19.38 % $ 32,885 17.42 % To Be Well Capitalized 18,895 10.00 18,879 10.00 For Capital Adequacy Purposes 15,116 8.00 15,103 8.00 Tier I Capital (to Average Total Assets) Actual $ 36,035 10.20 % $ 32,305 9.15 % To Be Well Capitalized 17,663 5.00 17,656 5.00 For Capital Adequacy Purposes 14,130 4.00 14,124 4.00 June 30, 2018 WVS West View Savings Bank Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 34,205 18.18 % $ 31,976 17.01 % To Be Well Capitalized 12,229 6.50 12,222 6.50 For Capital Adequacy Purposes 8,467 4.50 8,461 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 34,205 18.18 % $ 31,976 17.01 % To Be Well Capitalized 15,052 8.00 15,042 8.00 For Capital Adequacy Purposes 11,289 6.00 11,281 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 34,712 18.45 % $ 32,483 17.28 % To Be Well Capitalized 18,815 10.00 18,803 10.00 For Capital Adequacy Purposes 15,052 8.00 15,042 8.00 Tier I Capital (to Average Total Assets) Actual $ 34,205 9.65 % $ 31,976 9.03 % To Be Well Capitalized 17,718 5.00 17,712 5.00 For Capital Adequacy Purposes 14,174 4.00 14,170 4.00 |
STOCK BENEFIT PLANS (Tables)
STOCK BENEFIT PLANS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Information Related to Outstanding Options | The following table presents information related to the outstanding options: Officers’ and Directors’ Weighted- Outstanding, June 30, 2016 77,019 37,500 $ 16.20 Granted — — Exercised — — Forfeited — — Outstanding, June 30, 2017 77,019 37,500 $ 16.20 Granted — — Exercised — — Forfeited — — Outstanding, June 30, 2018 77,019 37,500 $ 16.20 Granted — — Exercised — — Forfeited 77,019 37,500 Outstanding, June 30, 2019 — — Exercisable at year-end — — Available for future grant — — |
Schedule of ESOP Shares | The following table presents the components of the ESOP shares as of June 30, 2019 and 2018. 2019 2018 Allocated shares 146,163 153,178 Unallocated shares 170,759 179,086 Total ESOP shares 316,922 332,264 Fair value of unallocated ESOP shares $ 2,988,283 $ 2,963,873 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of: 2019 2018 2017 (Dollars in Thousands) Currently payable: Federal $ 680 $ 877 $ 801 State 261 186 105 941 1,063 906 Deferred (9 ) (68 ) (58 ) Change in corporate tax rate — 133 — Total $ 932 $ 1,128 $ 848 |
Schedule of Income Tax Amounts Recorded to Stockholders' Equity | In addition to income taxes applicable to income before taxes in the Consolidated Statement of Income, the following income tax amounts were recorded to stockholdersÂ’ equity during the years ended June 30: 2019 2018 2017 (Dollars in Thousands) Net unrealized (gain) loss on securities available for sale $ (26 ) $ 4 $ 17 Net non-credit (3 ) (8 ) (44 ) Net loss recorded to stockholdersÂ’ equity $ (29 ) $ (4 ) $ (27 ) |
Schedule of Deferred Tax Assets and Liabilities | The following temporary differences gave rise to the net deferred tax assets at June 30: 2019 2018 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 118 $ 101 Deferred compensation 77 62 Retirement Plan 143 117 Reserve for off-balance 7 8 OTTI other impairment 18 47 OTTI credit impairment 37 36 Net unrealized loss on securities available for sale — 3 Other 115 110 Total gross deferred tax assets 515 484 Deferred tax liabilities: Net unrealized gain on securities available for sale 22 — Deferred origination fees, net 125 124 Depreciation reserve — 1 Total gross deferred tax liabilities 147 125 Net deferred tax assets $ 368 $ 359 |
Schedule of Reconciliation of Income Taxes | The following is a reconciliation between the actual provision for income taxes and the amount of income taxes which would have been provided at federal statutory rates for the years ended June 30: 2019 2018 2017 % of % of % of Pretax Pretax Pretax Amount Income Amount Income Amount Income (Dollars in Thousands) Provision at statutory rate $ 782 21.0 % $ 894 27.5 % $ 845 34.0 % Impact of change in Federal corporate tax rate — — 133 4.1 — — State income tax, net of federal tax benefit 206 5.5 146 4.5 69 2.8 Tax exempt income (6 ) (0.2 ) (7 ) (0.2 ) (5 ) (0.2 ) Bank Owned Life Insurance (26 ) (0.7 ) (34 ) (1.0 ) (45 ) (1.8 ) Other, net (24 ) (0.6 ) (4 ) (0.1 ) (16 ) (0.7 ) Actual tax expense and effective rate $ 932 25.0 % $ 1,128 34.8 % $ 848 34.1 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | The following tables present the assets reported on a recurring basis on the Consolidated Balance Sheet at their fair value as of June 30, 2019 and June 30, 2018, 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. June 30, 2019 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ — $ 104,908 $ — $ 104,908 Foreign debt securities 6 — 26,543 — 26,543 Obligations of states and political subdivisions — 1,329 — 1,329 $ — $ 132,780 $ — $ 132,780 June 30, 2018 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ — $ 104,339 $ — $ 104,339 Foreign debt securities 6 — 22,851 — 22,851 Obligations of states and political subdivisions — 1,621 — 1,621 $ — $ 128,811 $ — $ 128,811 6 U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The estimated fair value of the Company’s financial instruments not measured at fair value on a recurring basis are as follows: June 30, 2019 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 4,379 $ 4,379 $ 4,379 $ — $ — Certificates of deposit 1,843 1,843 1,843 — — Investment securities – held to maturity 3,995 4,080 — 4,080 — Mortgage-backed securities – held to maturity: Agency 107,448 107,832 — 107,832 — Private-label 883 876 — — 876 Net loans receivable 90,588 92,062 — — 92,062 Accrued interest receivable 1,219 1,219 1,219 — — FHLB stock 7,010 7,010 7,010 — — Bank owned life insurance 4,789 4,789 4,789 — — FINANCIAL LIABILITIES Deposits: Non-interest $ 19,770 $ 19,770 $ 19,770 $ — $ — Interest-earning checking 23,541 23,541 23,541 — — Savings accounts 43,740 43,740 43,740 — — Money market accounts 19,958 19,958 19,958 — — Certificates of deposit 37,361 37,359 — — 37,359 Advance payments by borrowers for taxes and insurance 2,065 2,065 2,065 — — FHLB advances – fixed rate 15,000 14,323 — — 14,323 FHLB advances – variable rate 85,000 85,000 85,000 — — FHLB short-term advances 70,828 70,828 70,828 — — Accrued interest payable 823 823 823 — — June 30, 2018 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,441 $ 2,441 $ 2,441 $ — $ — Certificates of deposit 350 350 350 — — Investment securities – held to maturity 6,181 6,125 — 6,125 — Mortgage-backed securities – held to maturity: Agency 114,899 115,733 — 115,733 — Private-label 958 1,111 — — 1,111 Net loans receivable 84,675 84,319 — — 84,319 Accrued interest receivable 1,225 1,225 1,225 — — FHLB stock 7,161 7,161 7,161 — — Bank owned life insurance 4,668 4,668 4,668 — — FINANCIAL LIABILITIES Deposits: Non-interest $ 18,436 $ 18,436 $ 18,436 $ — $ — Interest-earning checking 24,459 24,459 24,459 — — Savings accounts 44,727 44,727 44,727 — — Money market accounts 21,087 21,087 21,087 — — Certificates of deposit 34,376 34,053 — — 34,053 Advance payments by borrowers for taxes and insurance 1,938 1,938 1,938 — — FHLB short-term advances 171,403 171,403 171,403 — — Accrued interest payable 380 380 380 — — |
PARENT COMPANY (Tables)
PARENT COMPANY (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed financial information of WVS Financial Corp. is as follows: CONDENSED BALANCE SHEET June 30, 2019 2018 (Dollars in Thousands) ASSETS Interest-earning deposits with subsidiary bank $ 2,566 $ 2,104 Certificates of deposit 497 — Investment in subsidiary bank 32,320 31,788 Other assets 722 178 TOTAL ASSETS $ 36,105 $ 34,070 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 56 $ 53 Stockholders’ equity 36,049 34,017 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 36,105 $ 34,070 |
Condensed Statement of Income | CONDENSED STATEMENT OF INCOME Year Ended June 30, 2019 2018 2017 (Dollars in Thousands) INCOME Interest on loans $ 109 $ 94 $ 55 Dividend from subsidiary 2,450 1,600 1,300 Interest-earning deposits with subsidiary bank 3 2 2 Total income 2,562 1,696 1,357 OTHER OPERATING EXPENSE 129 127 121 Income before equity in undistributed earnings of subsidiary 2,433 1,569 1,236 Equity in undistributed earnings of subsidiary 329 540 344 Income before income taxes 2,762 2,109 1,580 Income tax benefit (33 ) (16 ) (57 ) NET INCOME $ 2,795 $ 2,125 $ 1,637 |
Condensed Statement of Cash Flows | Year Ended June 30, 2019 2018 2017 (Dollars in Thousands) OPERATING ACTIVITIES Net income $ 2,795 $ 2,125 $ 1,637 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (329 ) (540 ) (344 ) Amortization of unallocated ESOP shares 200 177 321 Other, net (541 ) (34 ) (11 ) Net cash provided by operating activities 2,125 1,728 1,503 INVESTING ACTIVITIES Available for sale: Purchases of investments (497 ) — — Net cash used for by investing activities (497 ) — — FINANCING ACTIVITIES Cash dividends paid (783 ) (689 ) (482 ) Purchase of treasury stock (383 ) (622 ) (359 ) Increase in unallocated ESOP shares — (32 ) (1,104 ) Net cash used for financing activities (1,166 ) (1,343 ) (1,945 ) Increase (decrease) in cash and cash equivalents 462 385 (442 ) CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 2,104 1,719 2,161 CASH AND CASH EQUIVALENTS END OF YEAR $ 2,566 $ 2,104 $ 1,719 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Three Months Ended September December March June 2018 2018 2019 2019 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,832 $ 2,943 $ 3,158 $ 3,121 Total interest expense 1,032 1,208 1,326 1,306 Net interest income 1,800 1,735 1,832 1,815 Provision for loan losses 19 14 10 37 Net interest income after provision for loan losses 1,781 1,721 1,822 1,778 Total noninterest income 110 110 87 108 Total noninterest expense 901 954 897 1,038 Income before income taxes 990 877 1,012 848 Income taxes 242 192 265 233 Net income $ 748 $ 685 $ 747 $ 615 Per share data: Net income Basic $ 0.42 $ 0.38 $ 0.42 $ 0.35 Diluted 0.42 0.38 0.42 0.35 Average shares outstanding Basic 1,793,055 1,782,091 1,772,165 1,774,553 Diluted 1,793,272 1,782,091 1,772,165 1,774,553 Three Months Ended September December March June 2017 2017 2018 2018 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,225 $ 2,267 $ 2,482 $ 2,696 Total interest expense 644 677 818 985 Net interest income 1,581 1,590 1,664 1,711 Provision for loan losses 5 6 10 29 Net interest income after provision for loan losses 1,576 1,584 1,654 1,682 Total noninterest income 115 124 120 111 Total noninterest expense 892 957 907 957 Income before income taxes 799 751 867 836 Income taxes 297 355 233 243 Net income $ 502 $ 396 $ 634 $ 593 Per share data: Net income Basic $ 0.28 $ 0.22 $ 0.35 $ 0.31 Diluted 0.28 0.22 0.35 0.31 Average shares outstanding Basic 1,824,878 1,826,580 1,828,283 1,827,870 Diluted 1,824,878 1,826,580 1,829,750 1,827,870 |
Schedule of Quarterly Common Stock Market Price and Dividend Information | The following table sets forth the high and low market prices of a share of common stock, and cash dividends declared per share, for the periods indicated. Market Price Cash Dividends Quarter Ended High Low Declared June 2019 $ 17.81 $ 17.00 $ 0.18 March 2019 18.44 14.51 0.10 December 2018 16.50 12.25 0.08 September 2018 16.55 15.85 0.08 June 2018 $ 16.72 $ 15.60 $ 0.12 March 2018 18.05 15.40 0.08 December 2017 16.60 14.76 0.06 September 2017 16.85 15.39 0.06 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
West View Savings Bank [Member] | |||
Noncontrolling Interest [Line Items] | |||
Interest in subsidiary | 100.00% | ||
Furniture and Equipment [Member] | Minimum [Member] | |||
Noncontrolling Interest [Line Items] | |||
Premises and equipment, useful life | 3 years | ||
Furniture and Equipment [Member] | Maximum [Member] | |||
Noncontrolling Interest [Line Items] | |||
Premises and equipment, useful life | 25 years | ||
Building Premises [Member] | Minimum [Member] | |||
Noncontrolling Interest [Line Items] | |||
Premises and equipment, useful life | 7 years | ||
Building Premises [Member] | Maximum [Member] | |||
Noncontrolling Interest [Line Items] | |||
Premises and equipment, useful life | 50 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Noncontrolling Interest [Line Items] | |||
Premises and equipment, useful life | 5 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Noncontrolling Interest [Line Items] | |||
Premises and equipment, useful life | 40 years | ||
Stock Incentive Plan [Member] | |||
Noncontrolling Interest [Line Items] | |||
Number of shares authorized | 152,000 | ||
Vesting period | 5 years | ||
Contractual term | 10 years | ||
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Stock Incentive Plan [Member] | Restricted Stock [Member] | |||
Noncontrolling Interest [Line Items] | |||
Number of shares authorized | 38,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
EARNINGS PER SHARE [Abstract] | |||||||||||
Weighted-average common shares issued | 3,805,636 | 3,805,636 | 3,805,636 | ||||||||
Average treasury stock shares | (1,852,450) | (1,798,021) | (1,795,615) | ||||||||
Average unallocated ESOP shares | (172,659) | (180,722) | (136,231) | ||||||||
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,055 | 1,827,870 | 1,828,283 | 1,826,580 | 1,824,878 | 1,780,527 | 1,826,893 | 1,873,790 |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 54 | 367 | |||||||||
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,272 | 1,827,870 | 1,829,750 | 1,826,580 | 1,824,878 | 1,780,581 | 1,827,260 | 1,873,790 |
Employee Stock Option [Member] | |||||||||||
EARNINGS PER SHARE [Abstract] | |||||||||||
Anti-dilutive securities | 114,519 | 114,519 | |||||||||
Exercise price | $ 16.20 | $ 16.20 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Realized investment security gains | $ 2 | $ 2 |
Proceeds from investment securities | 1,400 | 1,300 |
Investment securities pledged, amortized cost | 3,500 | 4,100 |
Investment securities pledged, fair value | $ 3,600 | $ 4,100 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Values of Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
AVAILABLE FOR SALE | |||
Amortized Cost | $ 132,673 | $ 128,824 | |
Gross Unrealized Gains | 390 | 215 | |
Gross Unrealized Losses | (283) | (228) | |
Fair Value | 132,780 | 128,811 | |
HELD TO MATURITY | |||
Amortized Cost | 3,995 | 6,181 | |
Gross Unrealized Gains | 85 | 13 | |
Gross Unrealized Losses | (69) | ||
Total | 4,080 | 6,125 | |
Corporate Debt Securities [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | 104,760 | 104,316 | |
Gross Unrealized Gains | 355 | 204 | |
Gross Unrealized Losses | (207) | (181) | |
Fair Value | 104,908 | 104,339 | |
HELD TO MATURITY | |||
Amortized Cost | 1,061 | ||
Gross Unrealized Gains | 13 | ||
Gross Unrealized Losses | |||
Total | 1,074 | ||
Foreign Debt Securities [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | [1] | 26,583 | 22,878 |
Gross Unrealized Gains | [1] | 35 | 11 |
Gross Unrealized Losses | [1] | (75) | (38) |
Fair Value | [1] | 26,543 | 22,851 |
Obligations of States and Political Subdivisions [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | 1,330 | 1,630 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | (1) | (9) | |
Fair Value | 1,329 | 1,621 | |
HELD TO MATURITY | |||
Amortized Cost | 3,995 | 4,495 | |
Gross Unrealized Gains | 85 | ||
Gross Unrealized Losses | (68) | ||
Total | $ 4,080 | 4,427 | |
U.S. Government Agency Securities [Member] | |||
HELD TO MATURITY | |||
Amortized Cost | 625 | ||
Gross Unrealized Gains | |||
Gross Unrealized Losses | (1) | ||
Total | $ 624 | ||
[1] | U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. |
INVESTMENT SECURITIES (Schedu_2
INVESTMENT SECURITIES (Schedule of Investments by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
AVAILABLE FOR SALE, Amortized cost | ||
Due in one year or less | $ 6,964 | |
Due after one through five years | 125,709 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 132,673 | |
AVAILABLE FOR SALE, Fair value | ||
Due in one year or less | 6,976 | |
Due after one through five years | 125,804 | |
Due after five through ten years | ||
Due after ten years | ||
Total | $ 132,780 | |
AVAILABLE FOR SALE, Weighted average yield | ||
Due in one year or less | 2.93% | |
Due after three through five years | 3.33% | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3.31% | |
HELD TO MATURITY, Amortized cost | ||
Due in one year or less | $ 500 | |
Due after three through five years | 3,495 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3,995 | $ 6,181 |
HELD TO MATURITY, Fair value | ||
Due in one year or less | 500 | |
Due after one through five years | 3,580 | |
Due after five through ten years | ||
Due after ten years | ||
Total | $ 4,080 | $ 6,125 |
HELD TO MATURITY, Weighted average yield | ||
Due in one year or less | 2.65% | |
Due after three through five years | 3.23% | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3.16% |
MORTGAGE-BACKED SECURITIES (Nar
MORTGAGE-BACKED SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities - held to maturity | $ 3,995 | $ 6,181 | |
Purchases of mortgage-backed securities | $ 21,954 | ||
Accretion of other comprehensive loss on other- than-temporarily impaired securities held to maturity | (12) | 28 | $ 127 |
Mortgage-backed securities pledged as collateral | 107,400 | 114,900 | |
Mortgage-backed securities pledged as collateral, fair value | 107,800 | 115,700 | |
Mortgage-backed securities pledged as collateral, excess fair value | 2,400 | 2,500 | |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities - held to maturity | 108,331 | 115,857 | |
Decrease in mortgage-backed securities | 7,500 | ||
Additional credit impairment charge on its private-label CMO portfolio | 28 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities - held to maturity | 107,448 | 114,899 | |
Repayments of mortgage-backed securities | 7,500 | ||
Purchases of mortgage-backed securities | 12 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities - held to maturity | 883 | $ 958 | |
Repayments of mortgage-backed securities | $ 185 |
MORTGAGE-BACKED SECURITIES (Sch
MORTGAGE-BACKED SECURITIES (Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
HELD TO MATURITY | ||
Amortized Cost | $ 3,995 | $ 6,181 |
Gross Unrealized Gains | 85 | 13 |
Gross Unrealized Losses | (69) | |
Total | 4,080 | 6,125 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
HELD TO MATURITY | ||
Amortized Cost | 107,448 | 114,899 |
Gross Unrealized Gains | 954 | 1,260 |
Gross Unrealized Losses | (570) | (426) |
Total | 107,832 | 115,733 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
HELD TO MATURITY | ||
Amortized Cost | 883 | 958 |
Gross Unrealized Gains | 5 | 153 |
Gross Unrealized Losses | (12) | |
Total | 876 | 1,111 |
Collateralized Mortgage Obligations [Member] | ||
HELD TO MATURITY | ||
Amortized Cost | 108,331 | 115,857 |
Gross Unrealized Gains | 959 | 1,413 |
Gross Unrealized Losses | (582) | (426) |
Total | $ 108,708 | $ 116,844 |
MORTGAGE-BACKED SECURITIES (S_2
MORTGAGE-BACKED SECURITIES (Schedule of Mortgage-Backed Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Amortized cost | ||
Due in one year or less | $ 500 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3,995 | $ 6,181 |
Fair value | ||
Due in one year or less | 500 | |
Due after one through five years | 3,580 | |
Due after five through ten years | ||
Due after ten years | ||
Total | $ 4,080 | 6,125 |
HELD TO MATURITY, Weighted average yield | ||
Due in one year or less | 2.65% | |
Collateralized Mortgage Obligations [Member] | ||
Amortized cost | ||
Due in one year or less | ||
Due after one through five years | 137 | |
Due after five through ten years | ||
Due after ten years | 108,194 | |
Total | 108,331 | 115,857 |
Fair value | ||
Due in one year or less | ||
Due after one through five years | 139 | |
Due after five through ten years | ||
Due after ten years | 108,194 | |
Total | $ 108,708 | $ 116,844 |
HELD TO MATURITY, Weighted average yield | ||
Due in one year or less | ||
Due after one through five years | 3.85% | |
Due after ten years | 3.47% | |
Total | 3.47% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ (188) | $ (188) | $ (238) |
Other comprehensive income (loss) before reclassifications | 210 | 6 | 50 |
Amounts reclassified from accumulated other comprehensive income (loss) | (7) | 9 | |
Net current-period other comprehensive income (loss) | 203 | 15 | 50 |
Reclassification for the change in corporate tax | (15) | ||
Balance | 15 | (188) | (188) |
Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (10) | 44 | 78 |
Other comprehensive income (loss) before reclassifications | 93 | (76) | (34) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | (2) | |
Net current-period other comprehensive income (loss) | 95 | (78) | (34) |
Reclassification for the change in corporate tax | 24 | ||
Balance | 85 | (10) | 44 |
Held-to-maturity Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (178) | (232) | (316) |
Other comprehensive income (loss) before reclassifications | 117 | 82 | 84 |
Amounts reclassified from accumulated other comprehensive income (loss) | (9) | 11 | |
Net current-period other comprehensive income (loss) | 108 | 93 | 84 |
Reclassification for the change in corporate tax | (39) | ||
Balance | $ 70 | $ (178) | $ (232) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Investment Security Gains [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | $ (2) | $ 2 | |
Net Impairment Losses Recognized in Earnings [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | 11 | (14) | |
Income Tax Expense Benefit [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | 2 | 3 | |
Net Of Tax [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | $ 7 | $ (9) | |
[1] | Amounts in parenthesis indicate expenses and other amounts indicate income. |
UNREALIZED LOSSES ON SECURITI_3
UNREALIZED LOSSES ON SECURITIES (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Schedule of Investment Securities [Line Items] | |||
Credit impairment charge unrealized holding loss to accumulated other comprehensive income | $ 28 | ||
Net accretion | 12 | ||
LESS: Income tax effect | $ (3) | $ (8) | $ (43) |
Number of positions that are impaired | 48 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Investment Securities [Line Items] | |||
Number of positions that are impaired | 3 |
UNREALIZED LOSSES ON SECURITI_4
UNREALIZED LOSSES ON SECURITIES (Schedule of Gross Unrealized Losses and Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Less Than Twelve Months | |||
Fair Value | $ 38,100 | $ 83,747 | |
Gross Unrealized Losses | (270) | (297) | |
Twelve Months or Greater | |||
Fair Value | 42,719 | 24,452 | |
Gross Unrealized Losses | (595) | (426) | |
Total | |||
Fair Value | 80,819 | 108,199 | |
Gross Unrealized Losses | (865) | (723) | |
Corporate Debt Securities [Member] | |||
Less Than Twelve Months | |||
Fair Value | 11,728 | 56,714 | |
Gross Unrealized Losses | (86) | (169) | |
Twelve Months or Greater | |||
Fair Value | 17,077 | 3,028 | |
Gross Unrealized Losses | (121) | (12) | |
Total | |||
Fair Value | 28,805 | 59,742 | |
Gross Unrealized Losses | (207) | (181) | |
Foreign Debt Securities [Member] | |||
Less Than Twelve Months | |||
Fair Value | [1] | 2,004 | 13,761 |
Gross Unrealized Losses | [1] | (2) | (38) |
Twelve Months or Greater | |||
Fair Value | [1] | 5,699 | |
Gross Unrealized Losses | [1] | (73) | |
Total | |||
Fair Value | [1] | 7,703 | 13,761 |
Gross Unrealized Losses | [1] | (75) | (38) |
Obligations of States and Political Subdivisions [Member] | |||
Less Than Twelve Months | |||
Fair Value | 5,048 | ||
Gross Unrealized Losses | (77) | ||
Twelve Months or Greater | |||
Fair Value | 1,329 | ||
Gross Unrealized Losses | (1) | ||
Total | |||
Fair Value | 1,329 | 5,048 | |
Gross Unrealized Losses | (1) | (77) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Less Than Twelve Months | |||
Fair Value | 24,368 | 7,600 | |
Gross Unrealized Losses | (182) | (12) | |
Twelve Months or Greater | |||
Fair Value | 18,614 | 21,424 | |
Gross Unrealized Losses | (400) | (414) | |
Total | |||
Fair Value | 42,982 | 29,024 | |
Gross Unrealized Losses | $ (582) | (426) | |
U.S. Government Agency Securities [Member] | |||
Less Than Twelve Months | |||
Fair Value | 624 | ||
Gross Unrealized Losses | (1) | ||
Twelve Months or Greater | |||
Fair Value | |||
Gross Unrealized Losses | |||
Total | |||
Fair Value | 624 | ||
Gross Unrealized Losses | $ (1) | ||
[1] | U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. |
UNREALIZED LOSSES ON SECURITI_5
UNREALIZED LOSSES ON SECURITIES (Schedule of Changes in the Credit Loss) (Details) - Held-to-maturity Securities [Member] - Collateralized Mortgage Obligations [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Changes in the credit loss component of credit impaired mortgage-backed securities: | ||
Beginning balance | $ 239 | $ 259 |
Initial credit impairment | ||
Subsequent credit impairment | 28 | 14 |
Reductions for amounts recognized in earnings due to intent or requirement to sell | ||
Reductions for securities sold | ||
Reduction for actual realized losses | (19) | (34) |
Reduction for increase in cash flows expected to be collected | ||
Ending balance | $ 248 | $ 239 |
NET LOANS RECEIVABLE (Narrative
NET LOANS RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum amount of receivable to disclose | $ 0 | $ 0 |
Loans within Trade Area [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 3,600 | $ 1,800 |
NET LOANS RECEIVABLE (Schedule
NET LOANS RECEIVABLE (Schedule of Primary Segments of Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 90,629 | $ 84,674 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 90,629 | 84,674 |
Deferred loan fees | 507 | 469 |
Allowance for loan losses | (548) | (468) |
Net Loans Receivable | 90,588 | 84,675 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 76,789 | 72,237 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 76,789 | 72,237 |
First Mortgage Loans Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,907 | 1,769 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 2,907 | 1,769 |
First Mortgage Loans Land Acquisition And Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 694 | |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 694 | |
First Mortgage Loans Multifamily Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,123 | 3,390 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 3,123 | 3,390 |
First Mortgage Loans Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,727 | 3,482 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 3,727 | 3,482 |
Consumer Loans Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 906 | 861 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 906 | 861 |
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,953 | 2,177 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 1,953 | 2,177 |
Consumer Loans Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 112 | 125 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 112 | 125 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 418 | 633 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 418 | $ 633 |
NET LOANS RECEIVABLE (Schedul_2
NET LOANS RECEIVABLE (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | $ 225 | $ 235 |
Average nonaccrual loans | 231 | 242 |
Interest income that would have been recognized | 15 | 15 |
Interest income recognized | 15 | 21 |
Interest income foregone | ||
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | 225 | 235 |
Average nonaccrual loans | 231 | 242 |
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 | ||
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | ||
Average nonaccrual loans |
NET LOANS RECEIVABLE (Schedul_3
NET LOANS RECEIVABLE (Schedule of Loan Portfolio by Aging Categories) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 90,404 | $ 84,439 |
90 Days + Past Due Non-accrual | 225 | 235 |
Total Past Due | 225 | 235 |
Total Loans | 90,629 | 84,674 |
Deferred loan fees | 507 | 469 |
Allowance for loan losses | (548) | (468) |
Net Loans Receivable | 90,588 | 84,675 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 76,564 | 72,002 |
90 Days + Past Due Non-accrual | 225 | 235 |
Total Past Due | 225 | 235 |
Total Loans | 76,789 | 72,237 |
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, 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, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,907 | 1,769 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 2,907 | 1,769 |
First Mortgage Loans Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, 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, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 694 | |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 694 | |
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, 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, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 3,123 | 3,390 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 3,123 | 3,390 |
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, 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, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 3,127 | 3,482 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 3,727 | 3,482 |
First Mortgage Loans Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, 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, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 906 | 861 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 906 | 861 |
Consumer Loans Home Equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, 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, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,953 | 2,177 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 1,953 | 2,177 |
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, 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, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 112 | 125 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 112 | 125 |
Consumer Loans Other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 418 | 633 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 418 | 633 |
Commercial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due |
NET LOANS RECEIVABLE (Schedul_4
NET LOANS RECEIVABLE (Schedule of Loans by Internal Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 2,907 | $ 1,769 |
First Mortgage Loans Construction [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,907 | 1,769 |
First Mortgage Loans Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Construction [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 694 | |
First Mortgage Loans Land Acquisition And Development [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 694 | |
First Mortgage Loans Land Acquisition And Development [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,123 | 3,390 |
First Mortgage Loans Multifamily Dwellings [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,123 | 3,390 |
First Mortgage Loans Multifamily Dwellings [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,727 | 3,482 |
First Mortgage Loans Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,727 | 3,482 |
First Mortgage Loans Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 418 | 633 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 418 | 633 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable |
NET LOANS RECEIVABLE (Schedul_5
NET LOANS RECEIVABLE (Schedule of Performing and Non-Performing Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 76,789 | $ 72,237 |
Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,971 | 3,163 |
Performing Financing Receivable [Member] | First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 76,564 | 72,002 |
Performing Financing Receivable [Member] | Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,971 | 3,163 |
Nonperforming Financing Receivable [Member] | First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 225 | 235 |
Nonperforming Financing Receivable [Member] | Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable |
ALLOWANCE FOR LOAN LOSSES (Narr
ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Summary of the changes in the allowance for loan losses: | |||
Provisions | $ 80 | $ 50 | $ 58 |
One To Four Family First Mortgage Loan Receivable Allowance [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | 49 | 51 | 83 |
Construction First Mortgage Loan Receivable Allowance [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | 22 | (6) | (27) |
Land Acquisition And Development First Mortgage Loan Receivable Allowance [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | 10 | (5) | (2) |
Commercial Real Estate Portfolio Segment [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | $ 2 | $ 15 | $ 4 |
ALLOWANCE FOR LOAN LOSSES (Sche
ALLOWANCE FOR LOAN LOSSES (Schedule of Changes in the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Summary of the changes in the allowance for loan losses: | |||
ALLL balance at July 1 | $ 468 | $ 418 | $ 360 |
Provision for loan losses | 80 | 50 | 58 |
Loans charged off | |||
ALLL balance at June 30 | $ 548 | $ 468 | $ 418 |
ALLOWANCE FOR LOAN LOSSES (Sc_2
ALLOWANCE FOR LOAN LOSSES (Schedule of Primary Segments of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | $ 468 | $ 418 | $ 360 | |||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | 80 | 50 | 58 | |||
ALLL balance at June 30 | 548 | 468 | 418 | |||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 548 | 468 | 418 | |||
Total ALLL balance | 468 | 468 | 360 | 548 | 468 | 418 |
One To Four Family First Mortgage Loan Receivable Allowance [Member] | ||||||
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | 356 | 305 | 222 | |||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | 49 | 51 | 83 | |||
ALLL balance at June 30 | 405 | 356 | 305 | |||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 405 | 356 | 305 | |||
Total ALLL balance | 356 | 356 | 222 | 405 | 356 | 305 |
Construction First Mortgage Loan Receivable Allowance [Member] | ||||||
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | 24 | 30 | 57 | |||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | 22 | (6) | (27) | |||
ALLL balance at June 30 | 46 | 24 | 30 | |||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 46 | 24 | 30 | |||
Total ALLL balance | 24 | 24 | 57 | 46 | 24 | 30 |
Land Acquisition And Development First Mortgage Loan Receivable Allowance [Member] | ||||||
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | 5 | 7 | ||||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | 10 | (5) | (2) | |||
ALLL balance at June 30 | 10 | 5 | ||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 10 | 5 | ||||
Total ALLL balance | 7 | 10 | 5 | |||
Multi Family First Mortgage Loan Receivable Allowance [Member] | ||||||
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | 18 | 20 | 22 | |||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | (1) | (2) | (2) | |||
ALLL balance at June 30 | 17 | 18 | 20 | |||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 17 | 18 | 20 | |||
Total ALLL balance | 18 | 18 | 22 | 17 | 18 | 20 |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | 35 | 20 | 16 | |||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | 2 | 15 | 4 | |||
ALLL balance at June 30 | 37 | 35 | 20 | |||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 37 | 35 | 20 | |||
Total ALLL balance | 35 | 35 | 16 | 37 | 35 | 20 |
Consumer Loans [Member] | ||||||
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | 31 | 34 | 29 | |||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | (1) | (3) | 5 | |||
ALLL balance at June 30 | 30 | 31 | 34 | |||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 30 | 31 | 34 | |||
Total ALLL balance | 31 | 31 | 29 | 30 | 31 | 34 |
Commercial Portfolio Segment [Member] | ||||||
Summary of the changes in the allowance for loan losses: | ||||||
ALLL balance at July 1 | 4 | 4 | 7 | |||
Charge-offs | ||||||
Recoveries | ||||||
Provisions | (1) | (3) | ||||
ALLL balance at June 30 | 3 | 4 | 4 | |||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 3 | 4 | 4 | |||
Total ALLL balance | $ 4 | $ 4 | $ 7 | $ 3 | $ 4 | $ 4 |
ALLOWANCE FOR LOAN LOSSES (Sc_3
ALLOWANCE FOR LOAN LOSSES (Schedule of Reserve Factors) (Details) | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
One To Four Family First Mortgage Loan Receivable Allowance [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Reserve factor | 0.50% | 0.46% | 0.43% |
FEDERAL HOME LOAN BANK STOCK (D
FEDERAL HOME LOAN BANK STOCK (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
FEDERAL HOME LOAN BANK (FHLB) STOCK [Abstract] | ||
Federal Home Loan Bank stock, at cost | $ 7,010 | $ 7,161 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 3,629 | $ 3,628 | |
Less accumulated depreciation | 3,283 | 3,236 | |
Premises and equipment, total | 346 | 392 | |
Depreciation | 47 | 78 | $ 97 |
Land and Land Improvements [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 246 | 246 | |
Building and Building Improvements [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 2,165 | 2,165 | |
Furniture and Equipment [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 1,218 | $ 1,217 |
DEPOSITS (Narrative) (Details)
DEPOSITS (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
DEPOSITS [Abstract] | ||||
Savings certificates | $ 4,379 | $ 2,441 | $ 2,272 | $ 2,343 |
Brokered CDs | 10,500 | $ 9,300 | ||
Certificates of Deposit [Member] | ||||
DEPOSITS [Abstract] | ||||
Savings certificates | $ 250 |
DEPOSITS (Schedule of Retail De
DEPOSITS (Schedule of Retail Deposit Accounts) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Amount | ||
Non-interest-earning checking | $ 19,770 | $ 18,436 |
Interest-earning checking | 23,541 | 24,459 |
Savings accounts | 43,740 | 44,727 |
Money market accounts | 19,958 | 21,087 |
Savings certificates | 37,361 | 34,376 |
Advance payments by borrowers for taxes and insurance | 2,065 | 1,938 |
Total | $ 146,435 | $ 145,023 |
Percent of Portfolio | ||
Non-interest-earning checking | 13.50% | 12.70% |
Interest-earning checking | 16.10% | 16.90% |
Savings accounts | 29.90% | 30.80% |
Money market accounts | 13.60% | 14.60% |
Savings certificates | 25.50% | 23.70% |
Advance payments by borrowers for taxes and insurance | 1.40% | 1.30% |
Total | 100.00% | 100.00% |
DEPOSITS (Schedule of Maturitie
DEPOSITS (Schedule of Maturities of Retail and Wholesale Savings Certificates) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Maturities of retail and wholesale savings certificates | |
Within one year | $ 29,962 |
Beyond one year but within two years | 5,635 |
Beyond two years but within three years | 910 |
Beyond three years but within four years | 187 |
Beyond four years but within five years | 451 |
Beyond five years | 216 |
Total | $ 37,361 |
FEDERAL HOME LOAN BANK (FHLB)_3
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances: long-term | $ 15,000 | |
Fixed [Member] | ||
Debt Instrument [Line Items] | ||
Maturity range, minimum | Oct. 1, 2020 | |
Maturity range, maximum | Oct. 3, 2022 | |
Federal Home Loan Bank advances: long-term | $ 15,000 | |
Fixed [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.95% | |
Fixed [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.09% | |
Fixed [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% | |
Adjustable Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity range, minimum | Oct. 1, 2020 | |
Maturity range, maximum | Oct. 1, 2021 | |
Federal Home Loan Bank advances: long-term | $ 85,000 | |
Adjustable Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.54% | |
Adjustable Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.65% | |
Adjustable Debt [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.61% | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances: long-term | $ 100,000 | |
Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.67% |
FEDERAL HOME LOAN BANK (FHLB)_4
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Amount | ||
Total | $ 15,000 | |
Federal Home Loan Bank Advances [Member] | ||
Amount | ||
2020 | ||
2021 | 65,000 | |
2022 | 30,000 | |
2023 | 5,000 | |
2024 | ||
2025 and thereafter | ||
Total | $ 100,000 | |
Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | ||
Weighted-Average Interest Rate | ||
2020 | ||
2021 | 2.63% | |
2022 | 2.72% | |
2023 | 3.09% | |
2024 | ||
2025 and thereafter | ||
Interest rate | 2.67% |
FEDERAL HOME LOAN BANK (FHLB)_5
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Federal Home Loan Bank Short-Term Advances) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
FEDERAL HOME LOAN BANK ADVANCES [Abstract] | ||
Ending balance | $ 70,828 | $ 171,403 |
Average balance during the year | 81,556 | 167,306 |
Maximum month-end balance during the year | $ 161,289 | $ 179,791 |
Average interest rate during the year | 2.45% | 1.60% |
Weighted-average rate at year-end | 2.46% | 2.12% |
Remaining borrowing capacity | $ 2,400 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments, off-balance sheet risk | $ 9,700 | $ 9,400 |
REGULATORY CAPITAL (Narrative)
REGULATORY CAPITAL (Narrative) (Details) | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 02, 2017 | Jan. 02, 2016 | Dec. 31, 2015 |
West View Savings Bank [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 8.00% | 8.00% | |||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 6.00% | |||
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes ratio | 4.00% | 4.00% | |||
Risk weight percentage | 150.00% | 100.00% | |||
Capital conservation buffer | 2.50% | ||||
West View Savings Bank [Member] | Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 4.00% | |||
Common Stock [Member] | Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.50% | ||||
Common Stock [Member] | West View Savings Bank [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 4.50% | 4.50% |
REGULATORY CAPITAL (Schedule of
REGULATORY CAPITAL (Schedule of Compliance with Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Parent Company [Member] | ||
Total Capital (to Risk-Weighted Assets) | ||
Total Capital (to Risk-Weighted Assets) - Actual | $ 36,615 | $ 34,712 |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 18,895 | 18,815 |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 15,116 | $ 15,052 |
Total Capital (to Risk-Weighted Assets) - Actual ratio | 19.38% | 18.45% |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 10.00% | 10.00% |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 36,035 | $ 34,205 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 15,116 | 15,052 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 11,337 | $ 11,289 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 19.07% | 18.18% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 6.00% |
Tier I Capital (to Average Total Assets) | ||
Tier I Capital (to Average Total Assets) - Actual | $ 36,035 | $ 34,205 |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized | 17,663 | 17,718 |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes | $ 14,130 | $ 14,174 |
Tier I Capital (to Average Total Assets) - Actual ratio | 10.20% | 9.65% |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized ratio | 5.00% | 5.00% |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes ratio | 4.00% | 4.00% |
Parent Company [Member] | Common Stock [Member] | ||
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 36,035 | $ 34,205 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 12,282 | 12,229 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 8,503 | $ 8,467 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 19.07% | 18.18% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 6.50% | 6.50% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 4.50% | 4.50% |
West View Savings Bank [Member] | ||
Total Capital (to Risk-Weighted Assets) | ||
Total Capital (to Risk-Weighted Assets) - Actual | $ 32,885 | $ 32,483 |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 18,879 | 18,803 |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 15,103 | $ 15,042 |
Total Capital (to Risk-Weighted Assets) - Actual ratio | 17.42% | 17.28% |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 10.00% | 10.00% |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 32,305 | $ 31,976 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 15,103 | 15,042 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 11,327 | $ 11,281 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 17.11% | 17.01% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 6.00% |
Tier I Capital (to Average Total Assets) | ||
Tier I Capital (to Average Total Assets) - Actual | $ 32,305 | $ 31,976 |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized | 17,656 | 17,712 |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes | $ 14,124 | $ 14,170 |
Tier I Capital (to Average Total Assets) - Actual ratio | 9.15% | 9.03% |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized ratio | 5.00% | 5.00% |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes ratio | 4.00% | 4.00% |
West View Savings Bank [Member] | Common Stock [Member] | ||
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 32,305 | $ 31,976 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 12,271 | 12,222 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 8,496 | $ 8,461 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 17.11% | 17.01% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 6.50% | 6.50% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 4.50% | 4.50% |
STOCK BENEFIT PLANS (Narrative)
STOCK BENEFIT PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding, weighted-average exercise price | $ 16.20 | $ 16.20 | $ 16.20 | |
Employee stock ownership plan, compensation expense | $ 226 | $ 104 | $ 125 | |
Employee stock ownership plan, number of shares | 316,922 | 332,264 | ||
Employee Stock Ownership Plan Term Loan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average interest rate | 5.25% | |||
Maturity date | Mar. 31, 2035 | |||
Employee Stock Ownership Plan Term Loan One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average interest rate | 5.25% | |||
Maturity date | Mar. 31, 2037 | |||
Employee Stock Ownership Plan Term Loan Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average interest rate | 5.25% | |||
Maturity date | Mar. 31, 2038 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding, shares | 77,019 | 77,019 | 77,019 | 77,019 |
Maximum stock options or restricted shares authorized | 152,000 | |||
Contractual term | 10 years | |||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding, shares | 37,500 | 37,500 | 37,500 | 37,500 |
Stock options outstanding, weighted-average exercise price | $ 16.20 | $ 16.20 | $ 16.20 | |
Stock options outstanding, weighted-average remaining contractual life, years | 2 months 30 days | 1 year 2 months 30 days |
STOCK BENEFIT PLANS (Schedule o
STOCK BENEFIT PLANS (Schedule of Information Related to Outstanding Options) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Exercise Price, Outstanding | $ 16.20 | $ 16.20 | $ 16.20 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Beginning of Period | 77,019 | 77,019 | 77,019 |
Granted | |||
Exercised | |||
Forfeited | |||
Outstanding, End of Period | 77,019 | 77,019 | 77,019 |
Exercisable at year-end | |||
Available for future grant | |||
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Beginning of Period | 37,500 | 37,500 | 37,500 |
Granted | |||
Exercised | |||
Forfeited | |||
Outstanding, End of Period | 37,500 | 37,500 | 37,500 |
Exercisable at year-end | |||
Available for future grant | |||
Weighted-Average Exercise Price, Outstanding | $ 16.20 | $ 16.20 | $ 16.20 |
STOCK BENEFIT PLANS (Schedule_2
STOCK BENEFIT PLANS (Schedule of ESOP Shares) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Share-based Payment Arrangement [Abstract] | ||
Allocated shares | 146,163 | 153,178 |
Unallocated shares | 170,759 | 179,086 |
Total ESOP shares | 316,922 | 332,264 |
Fair value of ESOP shares | $ 2,988,283 | $ 2,963,873 |
DIRECTOR, OFFICER, AND EMPLOY_2
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Number of shares held under the Directors' deferred compensation plan | 1,731 | 1,731 | 1,731 |
Deferred compensation expense | $ 31 | $ 29 | $ 28 |
Deferred compensation liability | 339 | 267 | |
Earnings on bank owned life insurance | 121 | 126 | 131 |
Bank owned life insurance | 4,789 | 4,668 | |
Death benefits | 10,900 | ||
Current portion of asset retirement obligation | 126 | 122 | 118 |
Paid To Beneficiaries [Member] | |||
Death benefits | 2,400 | ||
Paid To Company [Member] | |||
Death benefits | 8,500 | ||
Executive Life Insurance [Member] | |||
Current portion of asset retirement obligation | $ 58 | $ 56 | $ 32 |
INCOME TAXES (Schedule of Provi
INCOME TAXES (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Currently payable: | |||||||||||
Federal | $ 680 | $ 877 | $ 801 | ||||||||
State | 261 | 186 | 105 | ||||||||
Current income taxes, total | 941 | 1,063 | 906 | ||||||||
Deferred | (9) | (68) | (58) | ||||||||
Change in corporate tax rate | 133 | ||||||||||
Total | $ 233 | $ 265 | $ 192 | $ 242 | $ 243 | $ 233 | $ 355 | $ 297 | $ 932 | $ 1,128 | $ 848 |
INCOME TAXES (Schedule of Incom
INCOME TAXES (Schedule of Income Tax Amounts Recorded to Stockholders' Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net unrealized (gain) loss on securities available for sale | $ (26) | $ 4 | $ 17 |
Net non-credit gain on securities with OTTI | (3) | (8) | (44) |
Net loss recorded to stockholders' equity | $ (29) | $ (4) | $ (27) |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 118 | $ 101 |
Deferred compensation | 77 | 62 |
Retirement Plan | 143 | 117 |
Reserve for off-balance sheet commitments | 7 | 8 |
OTTI other impairment | 18 | 47 |
OTTI credit impairment | 37 | 36 |
Net unrealized loss on securities available for sale | 3 | |
Other | 115 | 110 |
Total gross deferred tax assets | 515 | 484 |
Deferred tax liabilities: | ||
Net unrealized gain on securities available for sale | 22 | |
Deferred origination fees, net | 125 | 124 |
Depreciation reserve | 1 | |
Total gross deferred tax liabilities | 147 | 125 |
Net deferred tax assets | $ 368 | $ 359 |
INCOME TAXES (Schedule of Recon
INCOME TAXES (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amount | |||||||||||
Provision at statutory rate | $ 782 | $ 894 | $ 845 | ||||||||
Impact of change in Federal corporate tax rate | 133 | ||||||||||
State income tax, net of federal tax benefit | 206 | 146 | 69 | ||||||||
Tax exempt income | (6) | (7) | (5) | ||||||||
Bank Owned Life Insurance | (26) | (34) | (45) | ||||||||
Other, net | (24) | (4) | (16) | ||||||||
Total | $ 233 | $ 265 | $ 192 | $ 242 | $ 243 | $ 233 | $ 355 | $ 297 | $ 932 | $ 1,128 | $ 848 |
% of Pretax Income | |||||||||||
Provision at statutory rate | 21.00% | 27.50% | 34.00% | ||||||||
Impact of change in Federal corporate tax rate | 4.10% | ||||||||||
State income tax, net of federal tax benefit | 5.50% | 4.50% | 2.80% | ||||||||
Tax exempt income | (0.20%) | (0.20%) | (0.20%) | ||||||||
Bank Owned Life Insurance | (0.70%) | (1.00%) | (1.80%) | ||||||||
Other, net | (0.60%) | (0.10%) | (0.70%) | ||||||||
Actual tax expense and effective rate | 25.00% | 34.80% | 34.10% | ||||||||
Pennsylvania Mutual Thrift Institutions Tax Percentage | 11.50% | 11.50% | |||||||||
Allocations of income to bad debt deductions | $ 3,900 | $ 3,900 |
REGULATORY MATTERS (Details)
REGULATORY MATTERS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
REGULATORY MATTERS [Abstract] | ||
Net reserve requirement | $ 735 | $ 801 |
The maximum percentage of the Savings Bank's capital surplus allowed for secured loan borrowings | 10.00% | |
Surplus funds not available for dividend purposes | $ 3,400 |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured at Fair Value on a Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | $ 132,780 | $ 128,811 | |
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 | |||
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 | 132,780 | 128,811 | |
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 | |||
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 104,908 | 104,339 | |
Corporate Debt Securities [Member] | 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 | |||
Corporate Debt Securities [Member] | 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 | 104,908 | 104,339 | |
Corporate Debt Securities [Member] | 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 | |||
Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | 26,543 | 22,851 |
Foreign Debt Securities [Member] | 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 | [1] | ||
Foreign Debt Securities [Member] | 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 | [1] | 26,543 | 22,851 |
Foreign Debt Securities [Member] | 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 | [1] | ||
Obligations 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 | 1,329 | 1,621 | |
Obligations of States and Political Subdivisions [Member] | 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 | |||
Obligations of States and Political Subdivisions [Member] | 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 | 1,329 | 1,621 | |
Obligations of States and Political Subdivisions [Member] | 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 | |||
[1] | U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
FINANCIAL ASSETS | ||||
Cash and cash equivalents | $ 4,379 | $ 2,441 | $ 2,272 | $ 2,343 |
Certificates of deposit | 1,843 | 350 | ||
Investment securities - available for sale | 132,780 | 128,811 | ||
Investment securities - held to maturity | 3,995 | 6,181 | ||
Mortgage-backed securities - held to maturity | 108,331 | 115,857 | ||
Net loans receivable | 90,588 | 84,675 | ||
Accrued interest receivable | 1,219 | 1,225 | ||
FHLB stock | 7,010 | 7,161 | ||
Bank owned life insurance | 4,789 | 4,668 | ||
Deposits | ||||
Savings accounts | 43,740 | 44,727 | ||
Money market accounts | 19,958 | 21,087 | ||
Certificates of deposit | 37,361 | |||
FHLB advances - fixed rate | 15,000 | |||
FHLB advances - variable rate | 85,000 | |||
FHLB short-term advances | 70,828 | 171,403 | ||
Accrued interest payable | 823 | 380 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Investment securities - held to maturity | 107,448 | 114,899 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Investment securities - held to maturity | 883 | 958 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 4,379 | 2,441 | ||
Certificates of deposit | 1,843 | 350 | ||
Investment securities - held to maturity | ||||
Net loans receivable | ||||
Accrued interest receivable | 1,219 | 1,225 | ||
FHLB stock | 7,010 | 7,161 | ||
Bank owned life insurance | 4,789 | 4,668 | ||
Deposits | ||||
Non-interest-bearing accounts | 19,770 | 18,436 | ||
Interest-earning checking | 23,541 | 24,459 | ||
Savings accounts | 43,740 | 44,727 | ||
Money market accounts | 19,958 | 21,087 | ||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | 2,065 | 1,938 | ||
FHLB advances - fixed rate | ||||
FHLB advances - variable rate | 85,000 | |||
FHLB short-term advances | 70,828 | 171,403 | ||
Accrued interest payable | 823 | 380 | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment securities - held to maturity | 4,080 | 6,125 | ||
Net loans receivable | ||||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest-bearing accounts | ||||
Interest-earning checking | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | ||||
FHLB advances - fixed rate | ||||
FHLB advances - variable rate | ||||
FHLB short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 107,832 | 115,733 | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment securities - held to maturity | ||||
Net loans receivable | 92,062 | 84,319 | ||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest-bearing accounts | ||||
Interest-earning checking | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | 37,359 | 34,053 | ||
Advance payments by borrowers for taxes and insurance | ||||
FHLB advances - fixed rate | 14,323 | |||
FHLB advances - variable rate | ||||
FHLB short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 876 | 1,111 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 4,379 | 2,441 | ||
Certificates of deposit | 1,843 | 350 | ||
Investment securities - held to maturity | 3,995 | 6,181 | ||
Net loans receivable | 90,588 | 84,675 | ||
Accrued interest receivable | 1,219 | 1,225 | ||
FHLB stock | 7,010 | 7,161 | ||
Bank owned life insurance | 4,789 | 4,668 | ||
Deposits | ||||
Non-interest-bearing accounts | 19,770 | 18,436 | ||
Interest-earning checking | 23,541 | 24,459 | ||
Savings accounts | 43,740 | 44,727 | ||
Money market accounts | 19,958 | 21,087 | ||
Certificates of deposit | 37,361 | 34,376 | ||
Advance payments by borrowers for taxes and insurance | 2,065 | 1,938 | ||
FHLB advances - fixed rate | 15,000 | |||
FHLB advances - variable rate | 85,000 | |||
FHLB short-term advances | 70,828 | 171,403 | ||
Accrued interest payable | 823 | 380 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 107,448 | 114,899 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 883 | 958 | ||
Portion at Fair Value, Fair Value Disclosure [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 4,379 | 2,441 | ||
Certificates of deposit | 1,843 | 350 | ||
Investment securities - held to maturity | 4,080 | 6,125 | ||
Net loans receivable | 92,062 | 84,319 | ||
Accrued interest receivable | 1,219 | 1,225 | ||
FHLB stock | 7,010 | 7,161 | ||
Bank owned life insurance | 4,789 | 4,668 | ||
Deposits | ||||
Non-interest-bearing accounts | 19,770 | 18,436 | ||
Interest-earning checking | 23,541 | 24,459 | ||
Savings accounts | 43,740 | 44,727 | ||
Money market accounts | 19,958 | 21,087 | ||
Certificates of deposit | 37,359 | 34,053 | ||
Advance payments by borrowers for taxes and insurance | 2,065 | 1,938 | ||
FHLB advances - fixed rate | 14,323 | |||
FHLB advances - variable rate | 85,000 | |||
FHLB short-term advances | 70,828 | 171,403 | ||
Accrued interest payable | 823 | 380 | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 107,832 | 115,733 | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | $ 876 | $ 1,111 |
PARENT COMPANY (Condensed Balan
PARENT COMPANY (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
ASSETS | ||||
Interest-earning deposits with subsidiary bank | $ 2,530 | $ 342 | ||
Certificates of deposit | 1,843 | 350 | ||
Other assets | 170 | 168 | ||
TOTAL ASSETS | 355,818 | 352,288 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other Liabilities | 1,683 | 1,465 | ||
Stockholders' equity | 36,049 | 34,017 | $ 33,043 | $ 33,085 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 355,818 | 352,288 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Interest-earning deposits with subsidiary bank | 2,566 | 2,104 | ||
Certificates of deposit | 497 | |||
Investment in subsidiary bank | 32,320 | 31,788 | ||
Other assets | 722 | 178 | ||
TOTAL ASSETS | 36,105 | 34,070 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other Liabilities | 56 | 53 | ||
Stockholders' equity | 36,049 | 34,017 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 36,105 | $ 34,070 |
PARENT COMPANY (Condensed State
PARENT COMPANY (Condensed Statement of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
INCOME | |||||||||||
Interest on loans | $ 3,342 | $ 2,983 | $ 2,721 | ||||||||
Total income | $ 3,121 | $ 3,158 | $ 2,943 | $ 2,832 | $ 2,696 | $ 2,482 | $ 2,267 | $ 2,225 | 12,054 | 9,670 | 7,646 |
OTHER OPERATING EXPENSE | 1,038 | 897 | 954 | 901 | 957 | 907 | 957 | 892 | 3,790 | 3,713 | 3,739 |
Income before income taxes | 848 | 1,012 | 877 | 990 | 836 | 867 | 751 | 799 | 3,727 | 3,253 | 2,485 |
Income tax benefit | 233 | 265 | 192 | 242 | 243 | 233 | 355 | 297 | 932 | 1,128 | 848 |
NET INCOME | $ 615 | $ 747 | $ 685 | $ 748 | $ 593 | $ 634 | $ 396 | $ 502 | 2,795 | 2,125 | 1,637 |
Parent Company [Member] | |||||||||||
INCOME | |||||||||||
Interest on loans | 109 | 94 | 55 | ||||||||
Dividend from subsidiary | 2,450 | 1,600 | 1,300 | ||||||||
Interest-earning deposits with subsidiary bank | 3 | 2 | 2 | ||||||||
Total income | 2,562 | 1,696 | 1,357 | ||||||||
OTHER OPERATING EXPENSE | 129 | 127 | 121 | ||||||||
Income before equity in undistributed earnings of subsidiary | 2,433 | 1,569 | 1,236 | ||||||||
Equity in undistributed earnings of subsidiary | 329 | 540 | 344 | ||||||||
Income before income taxes | 2,762 | 2,109 | 1,580 | ||||||||
Income tax benefit | (33) | (16) | (57) | ||||||||
NET INCOME | $ 2,795 | $ 2,125 | $ 1,637 |
PARENT COMPANY (Condensed Sta_2
PARENT COMPANY (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATING ACTIVITIES | |||||||||||
Net income | $ 615 | $ 747 | $ 685 | $ 748 | $ 593 | $ 634 | $ 396 | $ 502 | $ 2,795 | $ 2,125 | $ 1,637 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization of unallocated ESOP shares | 200 | 177 | 221 | ||||||||
Other, net | 89 | 208 | 82 | ||||||||
Net cash provided by operating activities | 3,774 | 4,573 | 2,898 | ||||||||
Available-for-sale: | |||||||||||
Purchases of investments | (42,498) | (64,664) | (99,794) | ||||||||
Net cash used for investing activities | (1,507) | (2,290) | (16,807) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Cash dividends paid | (783) | (689) | (482) | ||||||||
Increase in Unallocated ESOP shares | (32) | (1,109) | |||||||||
Net cash provided by financing activities | (329) | (2,114) | 13,838 | ||||||||
Increase (decrease) in cash and cash equivalents | 1,938 | 169 | (71) | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 2,441 | 2,272 | 2,441 | 2,272 | 2,343 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 4,379 | 2,441 | 4,379 | 2,441 | 2,272 | ||||||
Parent Company [Member] | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 2,795 | 2,125 | 1,637 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiary | (329) | (540) | (344) | ||||||||
Amortization of unallocated ESOP shares | 200 | 177 | 321 | ||||||||
Other, net | (541) | (34) | (11) | ||||||||
Net cash provided by operating activities | 2,125 | 1,728 | 1,503 | ||||||||
Available-for-sale: | |||||||||||
Purchases of investments | (497) | ||||||||||
Net cash used for investing activities | (497) | ||||||||||
FINANCING ACTIVITIES | |||||||||||
Cash dividends paid | (783) | (689) | (482) | ||||||||
Purchase of treasury stock | (383) | (622) | (359) | ||||||||
Increase in Unallocated ESOP shares | (32) | (1,104) | |||||||||
Net cash provided by financing activities | (1,166) | (1,343) | (1,945) | ||||||||
Increase (decrease) in cash and cash equivalents | 462 | 385 | (442) | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 2,104 | $ 1,719 | 2,104 | 1,719 | 2,161 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 2,566 | $ 2,104 | $ 2,566 | $ 2,104 | $ 1,719 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest and dividend income | $ 3,121 | $ 3,158 | $ 2,943 | $ 2,832 | $ 2,696 | $ 2,482 | $ 2,267 | $ 2,225 | $ 12,054 | $ 9,670 | $ 7,646 |
Total interest expense | 1,306 | 1,326 | 1,208 | 1,032 | 985 | 818 | 677 | 644 | 4,872 | 3,124 | 1,854 |
Net interest income | 1,815 | 1,832 | 1,735 | 1,800 | 1,711 | 1,664 | 1,590 | 1,581 | 7,182 | 6,546 | 5,792 |
Provision for loan losses | 37 | 10 | 14 | 19 | 29 | 10 | 6 | 5 | 80 | 50 | 58 |
Net interest income after provision for loan losses | 1,778 | 1,822 | 1,721 | 1,781 | 1,682 | 1,654 | 1,584 | 1,576 | 7,102 | 6,496 | 5,734 |
Total noninterest income | 108 | 87 | 110 | 110 | 111 | 120 | 124 | 115 | 415 | 470 | 490 |
Total noninterest expense | 1,038 | 897 | 954 | 901 | 957 | 907 | 957 | 892 | 3,790 | 3,713 | 3,739 |
Income before income taxes | 848 | 1,012 | 877 | 990 | 836 | 867 | 751 | 799 | 3,727 | 3,253 | 2,485 |
Income taxes | 233 | 265 | 192 | 242 | 243 | 233 | 355 | 297 | 932 | 1,128 | 848 |
Net income | $ 615 | $ 747 | $ 685 | $ 748 | $ 593 | $ 634 | $ 396 | $ 502 | $ 2,795 | $ 2,125 | $ 1,637 |
Per share data: | |||||||||||
Basic | $ 0.35 | $ 0.42 | $ 0.38 | $ 0.42 | $ 0.31 | $ 0.35 | $ 0.22 | $ 0.28 | $ 1.57 | $ 1.16 | $ 0.87 |
Diluted | $ 0.35 | $ 0.42 | $ 0.38 | $ 0.42 | $ 0.31 | $ 0.35 | $ 0.22 | $ 0.28 | $ 1.57 | $ 1.16 | $ 0.87 |
Average shares outstanding | |||||||||||
Basic | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,055 | 1,827,870 | 1,828,283 | 1,826,580 | 1,824,878 | 1,780,527 | 1,826,893 | 1,873,790 |
Diluted | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,272 | 1,827,870 | 1,829,750 | 1,826,580 | 1,824,878 | 1,780,581 | 1,827,260 | 1,873,790 |
SELECTED QUARTERLY FINANCIAL _4
SELECTED QUARTERLY FINANCIAL DATA (Common Stock Market Price and Dividend Information) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Market price, high | $ 17.81 | $ 18.44 | $ 16.50 | $ 16.55 | $ 16.72 | $ 18.05 | $ 16.60 | $ 16.85 | |||
Market price, low | 17 | 14.51 | 12.25 | 15.85 | 15.60 | 15.40 | 14.76 | 15.39 | |||
Cash dividends declared, per share | $ 0.18 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.12 | $ 0.08 | $ 0.06 | $ 0.06 | $ 0.44 | $ 0.32 | $ 0.24 |