| Maryland State or other jurisdiction of incorporation or organization | | | 6036 (Primary Standard Industrial Classification Code Number) | | | (IRS Employer Identification No.) | |
| Gary R. Bronstein, Esq. Stephen F. Donahoe, Esq. Kilpatrick Townsend & Stockton LLP 607 14th Street, NW, Suite 900 Washington, DC 20005 (202) 508-5800 | | | P. Ross Bevan, Esq. Silver, Freedman, Taff & Tiernan LLP 3299 K Street, NW, Suite 100 Washington, DC 20007 (202) 295-4500 | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☐ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
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Title of each class of securities to be registered | | | | Amount to be registered | | | | Proposed maximum offering price per unit | | | | Proposed maximum aggregate offering price(1) | | | | Amount of registration fee | | | | | Amount to be registered | | | | Proposed maximum offering price per unit | | | | Proposed maximum aggregate offering price(1) | | | | Amount of registration fee | |
Common Stock, $0.01 par value | | | | 15,208,616 | | | | $10.00 | | | | $152,086,160 | | | | $16,593 | | | | | 15,170,754 | | | | $10.00 | | | | $151,707,540 | | | | $16,551(2) | |
Participation interests | | | | (2) | | | | $10.00 | | | | (3) | | | | (3) | | | | | (3) | | | | $10.00 | | | | (4) | | | | (4) | |
| | Minimum | | Midpoint | | Maximum | | | Minimum | | Midpoint | | Maximum | | ||||||||||||||||||||||||
Number of shares | | | | 9,350,000 | | | | | 11,000,000 | | | | | 12,650,000 | | | | | | 9,350,000 | | | | | 11,000,000 | | | | | 12,650,000 | | | ||||||
Gross offering proceeds | | | $ | 93,500,000 | | | | $ | 110,000,000 | | | | $ | 126,500,000 | | | | | $ | 93,500,000 | | | | $ | 110,000,000 | | | | $ | 126,500,000 | | | ||||||
Estimated offering expenses, excluding selling agent and underwriters’ commissions | | | $ | 1,400,000 | | | | $ | 1,400,000 | | | | $ | 1,400,000 | | | | | $ | 1,400,000 | | | | $ | 1,400,000 | | | | $ | 1,400,000 | | | ||||||
Selling agent and underwriters’ commissions(1) | | | $ | 847,180 | | | | $ | 998,980 | | | | $ | 1,150,780 | | | | | $ | 847,000 | | | | $ | 998,800 | | | | $ | 1,150,600 | | | ||||||
Estimated net proceeds | | | $ | 91,252,820 | | | | $ | 107,601,020 | | | | $ | 123,949,220 | | | | | $ | 91,253,000 | | | | $ | 107,601,200 | | | | $ | 123,949,400 | | | ||||||
Estimated net proceeds per share | | | $ | 9.76 | | | | $ | 9.78 | | | | $ | 9.80 | | | | | $ | 9.76 | | | | $ | 9.78 | | | | $ | 9.80 | | |
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Annexes: | | | | | | | |
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | |
Company Name and Ticker Symbol | | | Exchange | | | Headquarters | | | Total Assets | | ||||||
| | | | | | | | | | | | (in millions) | | |||
Prudential Bancorp, Inc. (PBIP) | | | | | Nasdaq | | | | Philadelphia, Pennsylvania | | | | $ | 1,188(1) | | |
Elmira Savings Bank (ESBK) | | | | | Nasdaq | | | | Elmira, New York | | | | | 674 | | |
HMN Financial, Inc. (HMNF) | | | | | Nasdaq | | | | Rochester, Minnesota | | | | | 898 | | |
Home Federal Bancorp, Inc. of Louisiana (HFBL) | | | | | Nasdaq | | | | Shreveport, Louisiana | | | | | 542 | | |
HV Bancorp, Inc. (HVBC) | | | | | Nasdaq | | | | Doylestown, Pennsylvania | | | | | 425(1) | | |
IF Bancorp, Inc. (IROQ) | | | | | Nasdaq | | | | Watseka, Illinois | | | | | 726 | | |
Randolph Bancorp, Inc. (RNDB) | | | | | Nasdaq | | | | Stoughton, Massachusetts | | | | | 723 | | |
Severn Bancorp, Inc. (SVBI) | | | | | Nasdaq | | | | Annapolis, Maryland | | | | | 940 | | |
WVS Financial Corp. (WVFC) | | | | | Nasdaq | | | | Pittsburgh, Pennsylvania | | | | | 332 | | |
Company Name and Ticker Symbol | | | Exchange | | | Headquarters | | | Total Assets | | ||||||
| | | | | | | | | | | | (in millions) | | |||
Prudential Bancorp, Inc. (PBIP) | | | | | Nasdaq | | | | Philadelphia, Pennsylvania | | | | $ | 1,188 | | |
Elmira Savings Bank (ESBK) | | | | | Nasdaq | | | | Elmira, New York | | | | | 676 | | |
HMN Financial, Inc. (HMNF) | | | | | Nasdaq | | | | Rochester, Minnesota | | | | | 863 | | |
Home Federal Bancorp, Inc. of Louisiana (HFBL) | | | | | Nasdaq | | | | Shreveport, Louisiana | | | | | 518 | | |
HV Bancorp, Inc. (HVBC) | | | | | Nasdaq | | | | Doylestown, Pennsylvania | | | | | 425 | | |
IF Bancorp, Inc. (IROQ) | | | | | Nasdaq | | | | Watseka, Illinois | | | | | 736 | | |
Randolph Bancorp, Inc. (RNDB) | | | | | Nasdaq | | | | Stoughton, Massachusetts | | | | | 724 | | |
Severn Bancorp, Inc. (SVBI) | | | | | Nasdaq | | | | Annapolis, Maryland | | | | | 924 | | |
Standard AVB Financial Corp. (STND) | | | | | Nasdaq | | | | Monroeville, Pennsylvania | | | | | 1,061 | | |
WVS Financial Corp. (WVFC) | | | | | Nasdaq | | | | Pittsburgh, Pennsylvania | | | | | 357 | | |
| | Price to Core Earnings Multiple(1) | | Price to Book Value Ratio | | Price to Tangible Book Value Ratio | | | Price to Core Earnings Multiple(1) | | Price to Book Value Ratio | | Price to Tangible Book Value Ratio | | ||||||||||||||||||||||||
William Penn Bancorporation (pro forma): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Minimum | | | | 57.14x | | | | | 62.34% | | | | | 64.52% | | | | | | 61.13x | | | | | 61.96% | | | | | 64.06% | | | ||||||
Midpoint | | | | 75.00x | | | | | 67.93% | | | | | 70.13% | | | | | | 81.04x | | | | | 67.52% | | | | | 69.64% | | | ||||||
Maximum | | | | 97.54x | | | | | 72.78% | | | | | 74.96% | | | | | | 106.73x | | | | | 72.31% | | | | | 74.40% | | | ||||||
Peer group companies as of September 2, 2020: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Peer group companies as of November 4, 2020: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Average | | | | 11.04x | | | | | 69.28% | | | | | 72.84% | | | | | | 11.49x | | | | | 74.76% | | | | | 77.15% | | | ||||||
Median | | | | 11.29x | | | | | 69.65% | | | | | 72.74% | | | | | | 11.82x | | | | | 72.90% | | | | | 77.73% | | |
| | Shares to be Sold in the Offering | | Shares to be Exchanged for Existing Shares of William Penn Bancorp | | | Total Shares of Common Stock to be Outstanding | | Exchange Ratio | | Equivalent per Share Value(1) | | Shares to be Received for 100 Existing Shares(2) | | | Shares to be Sold in the Offering | | Shares to be Exchanged for Existing Shares of William Penn Bancorp | | | Total Shares of Common Stock to be Outstanding | | Exchange Ratio | | Equivalent per Share Value(1) | | Shares to be Received for 100 Existing Shares(2) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Percent | | Amount | | Percent | | | Amount | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | | | | 9,350,000 | | | | | 83.2% | | | | | 1,891,151 | | | | | 16.8% | | | | | 11,241,151 | | | | | 2.4301 | | | | $ | 24.30 | | | | | 243 | | | | | | 9,350,000 | | | | | 83.4% | | | | | 1,863,166 | | | | | 16.6% | | | | | 11,213,166 | | | | | 2.3941 | | | | $ | 23.94 | | | | | 239 | | | ||||||||||||||||
Midpoint | | | | 11,000,000 | | | | | 83.2 | | | | | 2,224,884 | | | | | 16.8 | | | | | 13,224,884 | | | | | 2.8589 | | | | | 28.59 | | | | | 285 | | | | | | 11,000,000 | | | | | 83.4 | | | | | 2,191,960 | | | | | 16.6 | | | | | 13,191,960 | | | | | 2.8166 | | | | | 28.17 | | | | | 281 | | | ||||||||||||||||
Maximum | | | | 12,650,000 | | | | | 83.2 | | | | | 2,558,616 | | | | | 16.8 | | | | | 15,208,616 | | | | | 3.2877 | | | | | 32.88 | | | | | 328 | | | | | | 12,650,000 | | | | | 83.4 | | | | | 2,520,754 | | | | | 16.6 | | | | | 15,170,754 | | | | | 3.2391 | | | | | 32.39 | | | | | 323 | | |
| | | 9,350,000 Shares at $10.00 per Share | | | 12,650,000 Shares at $10.00 per Share | | ||||||
| | | (In thousands) | | |||||||||
Offering proceeds | | | | $ | 93,500 | | | | | $ | 126,500 | | |
Less: offering expenses | | | | | 2,247 | | | | | | 2,551 | | |
Net offering proceeds | | | | | 91,253 | | | | | | 123,949 | | |
Less: | | | | | | | | | | | | | |
Proceeds contributed to William Penn Bank | | | | | 45,626 | | | | | | 61,975 | | |
Proceeds used for loan to employee stock ownership plan | | | | | 7,480 | | | | | | 10,120 | | |
Proceeds remaining for William Penn Bancorporation | | | | $ | 38,147 | | | | | $ | 51,854 | | |
| | Number of Shares to be Granted or Purchased | | | Dilution Resulting From the Issuance of Shares for Stock Benefit Plans | | Total Estimated Value At Maximum of Offering Range | | | Number of Shares to be Granted or Purchased | | | Dilution Resulting From the Issuance of Shares for Stock Benefit Plans | | Total Estimated Value At Maximum of Offering Range | | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | At Maximum of Offering Range | | As a Percentage of Common Stock to be Issued in the Offering(3) | | | At Maximum of Offering Range | | As a Percentage of Common Stock to be Issued in the Offering(3) | | ||||||||||||||||||||||||||||||||||||||||
Employee stock ownership plan(1) | | | | 1,012,000 | | | | | 8.0% | | | | | 0.00% | | | | $ | 10,120 | | | | | | 1,012,000 | | | | | 8.0% | | | | | 0.00% | | | | $ | 10,120 | | | ||||||||
Restricted stock awards(1) | | | | 506,000 | | | | | 4.0 | | | | | 3.22 | | | | | 5,060 | | | | | | 506,000 | | | | | 4.0 | | | | | 3.23 | | | | | 5,060 | | | ||||||||
Stock options(2) | | | | 1,265,000 | | | | | 10.0 | | | | | 7.68 | | | | | 3,782 | | | | | | 1,265,000 | | | | | 10.0 | | | | | 7.70 | | | | | 3,833 | | | ||||||||
Total | | | | 2,783,000 | | | | | 22.0% | | | | | 10.43% | | | | $ | 18,962 | | | | | | 2,783,000 | | | | | 22.0% | | | | | 10.45% | | | | $ | 19,013 | | |
| | Eligible Participants | | Number of Shares at Maximum of Offering Range | | Estimated Value of Shares | | Percentage of Shares Outstanding After the Conversion and Offering | | | Eligible Participants | | Number of Shares at Maximum of Offering Range | | Estimated Value of Shares | | Percentage of Shares Outstanding After the Conversion and Offering | | ||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | | (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan: | | | | Employees | | | | | | | | | | | | | | | | | | | | | Employees | | | | | | | | | | | | | | | | | | ||||||||
Shares purchased in 2008 offering(1) | | | | | | | | | 287,292(2) | | | | $ | 874 | | | | | 1.89% | | | | | | | | | | | 283,046(2) | | | | $ | 2,830 | | | | | 1.87% | | | ||||||||
Shares to be purchased in this offering | | | | | | | | | 1,012,000 | | | | | 10,120 | | | | | 6.65 | | | | | | | | | | | 1,012,000 | | | | | 10,120 | | | | | 6.67 | | | ||||||||
Total | | | | | | | | | 1,299,292 | | | | $ | 10,994 | | | | | 8.54% | | | | | | | | | | | 1,295,046 | | | | $ | 12,950 | | | | | 8.54% | | |
| | | At June 30, | | |||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 736,452 | | | | | $ | 415,829 | | | | | $ | 301,109 | | | | | $ | 315,997 | | | | | $ | 314,074 | | |
Total cash and cash equivalents | | | | | 82,915 | | | | | | 26,168 | | | | | | 16,128 | | | | | | 13,252 | | | | | | 11,234 | | |
Interest-bearing time deposits | | | | | 2,300 | | | | | | 8,486 | | | | | | 32,422 | | | | | | 45,400 | | | | | | 45,645 | | |
Investment securities available-for-sale | | | | | 89,998 | | | | | | 20,660 | | | | | | 1,816 | | | | | | 2,910 | | | | | | 4,076 | | |
Investment securities held-to-maturity | | | | | — | | | | | | 1,906 | | | | | | 3,147 | | | | | | 4,226 | | | | | | 4,938 | | |
Loans receivable, net | | | | | 508,605 | | | | | | 326,017 | | | | | | 233,389 | | | | | | 234,865 | | | | | | 231,911 | | |
Deposits | | | | | 559,848 | | | | | | 281,206 | | | | | | 180,657 | | | | | | 182,199 | | | | | | 177,300 | | |
Federal Home Loan Bank advances | | | | | 64,892 | | | | | | 50,000 | | | | | | 51,500 | | | | | | 65,500 | | | | | | 70,500 | | |
Stockholders’ equity | | | | | 96,365 | | | | | | 76,630 | | | | | | 61,895 | | | | | | 61,604 | | | | | | 59,903 | | |
Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income | | | | $ | 19,817 | | | | | $ | 17,821 | | | | | $ | 12,175 | | | | | $ | 11,950 | | | | | $ | 12,435 | | |
Interest expense | | | | | 5,018 | | | | | | 3,591 | | | | | | 3,182 | | | | | | 3,448 | | | | | | 3,524 | | |
Net interest income | | | | | 14,799 | | | | | | 14,230 | | | | | | 8,993 | | | | | | 8,502 | | | | | | 8,911 | | |
Provision (credit) for loan losses | | | | | 626 | | | | | | 88 | | | | | | (120) | | | | | | 15 | | | | | | 5 | | |
Net interest income after provision for loan losses | | | | | 14,173 | | | | | | 14,142 | | | | | | 9,113 | | | | | | 8,487 | | | | | | 8,906 | | |
Non-interest income | | | | | 2,160 | | | | | | 1,127 | | | | | | 641 | | | | | | 511 | | | | | | 493 | | |
Non-interest expense | | | | | 15,392 | | | | | | 10,453 | | | | | | 6,283 | | | | | | 5,109 | | | | | | 5,722 | | |
Income before income taxes | | | | | 941 | | | | | | 4,816 | | | | | | 3,471 | | | | | | 3,889 | | | | | | 3,677 | | |
Income tax (benefit) expense | | | | | (387) | | | | | | 1,060 | | | | | | 2,007 | | | | | | 1,325 | | | | | | 1,246 | | |
Net income | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
|
| | | At September 30, | | | At June 30, | | ||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | ||||||||||||||||||
Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 731,553 | | | | | $ | 736,452 | | | | | $ | 415,829 | | | | | $ | 301,109 | | | | | $ | 315,997 | | | | | $ | 314,074 | | |
Total cash and cash equivalents | | | | | 56,082 | | | | | | 82,915 | | | | | | 26,168 | | | | | | 16,128 | | | | | | 13,252 | | | | | | 11,234 | | |
Interest-bearing time deposits | | | | | 2,300 | | | | | | 2,300 | | | | | | 8,486 | | | | | | 32,422 | | | | | | 45,400 | | | | | | 45,645 | | |
Investment securities available-for-sale | | | | | 123,597 | | | | | | 89,998 | | | | | | 20,660 | | | | | | 1,816 | | | | | | 2,910 | | | | | | 4,076 | | |
Investment securities held-to-maturity | | | | | — | | | | | | — | | | | | | 1,906 | | | | | | 3,147 | | | | | | 4,226 | | | | | | 4,938 | | |
Loans receivable, net | | | | | 497,630 | | | | | | 508,605 | | | | | | 326,017 | | | | | | 233,389 | | | | | | 234,865 | | | | | | 231,911 | | |
Deposits | | | | | 581,493 | | | | | | 559,848 | | | | | | 281,206 | | | | | | 180,657 | | | | | | 182,199 | | | | | | 177,300 | | |
Federal Home Loan Bank advances | | | | | 41,000 | | | | | | 64,892 | | | | | | 50,000 | | | | | | 51,500 | | | | | | 65,500 | | | | | | 70,500 | | |
Stockholders’ equity | | | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | | | | | 61,895 | | | | | | 61,604 | | | | | | 59,903 | | |
| | | For the Three Months Ended September 30, | | | For the Years Ended June 30, | | ||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income | | | | $ | 6,657 | | | | | $ | 4,576 | | | | | $ | 19,817 | | | | | $ | 17,821 | | | | | $ | 12,175 | | | | | $ | 11,950 | | | | | $ | 12,435 | | |
Interest expense | | | | | 1,440 | | | | | | 1,203 | | | | | | 5,018 | | | | | | 3,591 | | | | | | 3,182 | | | | | | 3,448 | | | | | | 3,524 | | |
Net interest income | | | | | 5,217 | | | | | | 3,373 | | | | | | 14,799 | | | | | | 14,230 | | | | | | 8,993 | | | | | | 8,502 | | | | | | 8,911 | | |
Provision (credit) for loan losses | | | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | | | | | (120) | | | | | | 15 | | | | | | 5 | | |
Net interest income after provision for loan losses | | | | | 5,151 | | | | | | 3,373 | | | | | | 14,173 | | | | | | 14,142 | | | | | | 9,113 | | | | | | 8,487 | | | | | | 8,906 | | |
Non-interest income | | | | | 400 | | | | | | 347 | | | | | | 2,160 | | | | | | 1,127 | | | | | | 641 | | | | | | 511 | | | | | | 493 | | |
Non-interest expense | | | | | 4,735 | | | | | | 2,646 | | | | | | 15,392 | | | | | | 10,453 | | | | | | 6,283 | | | | | | 5,109 | | | | | | 5,722 | | |
Income before income taxes | | | | | 816 | | | | | | 1,074 | | | | | | 941 | | | | | | 4,816 | | | | | | 3,471 | | | | | | 3,889 | | | | | | 3,677 | | |
Income tax expense (benefit) | | | | | 146 | | | | | | 220 | | | | | | (387) | | | | | | 1,060 | | | | | | 2,007 | | | | | | 1,325 | | | | | | 1,246 | | |
Net income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average common shares outstanding – basic | | | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Average common shares outstanding – diluted | | | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Earnings per share – basic | | | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Earnings per share – diluted | | | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Dividends per share | | | | $ | 0.42 | | | | | $ | 0.50 | | | | | $ | 0.50 | | | | | $ | 0.32 | | | | | $ | 0.31 | | | | | $ | 0.28 | | | | | $ | 0.27 | | |
| | | At June 30, | | |||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Average common shares outstanding – basic | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Average common shares outstanding – diluted | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Earnings per share – basic | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Earnings per share – diluted | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Dividends per share | | | | $ | 0.50 | | | | | $ | 0.32 | | | | | $ | 0.31 | | | | | $ | 0.28 | | | | | $ | 0.27 | | |
| | | At or For the Year Ended June 30, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | | | 0.27% | | | | | | 0.92% | | | | | | 0.48% | | | | | | 0.81% | | | | | | 0.77% | | |
Return on average assets (excluding merger charges and gain on bargain purchase)(1) | | | | | 0.79 | | | | | | 1.11 | | | | | | 0.60 | | | | | | 0.81 | | | | | | 0.77 | | |
Return on average equity | | | | | 1.64 | | | | | | 5.01 | | | | | | 2.39 | | | | | | 4.22 | | | | | | 4.08 | | |
Return on average equity (excluding merger charges and gain on bargain purchase)(2) | | | | | 4.78 | | | | | | 6.08 | | | | | | 3.00 | | | | | | 4.22 | | | | | | 4.08 | | |
Interest rate spread(3) | | | | | 3.10 | | | | | | 3.57 | | | | | | 2.84 | | | | | | 2.62 | | | | | | 2.72 | | |
Net interest margin(4) | | | | | 3.30 | | | | | | 3.76 | | | | | | 3.08 | | | | | | 2.85 | | | | | | 2.95 | | |
Non-interest expense to average assets | | | | | 3.13 | | | | | | 2.55 | | | | | | 2.05 | | | | | | 1.62 | | | | | | 1.81 | | |
Efficiency ratio(5) | | | | | 90.76 | | | | | | 68.07 | | | | | | 65.22 | | | | | | 56.68 | | | | | | 60.85 | | |
Efficiency ratio (excluding merger charges and gain on bargain purchase)(6) | | | | | 74.62 | | | | | | 62.88 | | | | | | 61.32 | | | | | | 56.68 | | | | | | 60.85 | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | 117.92 | | | | | | 120.23 | | | | | | 121.88 | | | | | | 120.36 | | | | | | 120.33 | | |
Average equity to average assets | | | | | 16.52 | | | | | | 18.31 | | | | | | 19.95 | | | | | | 19.28 | | | | | | 18.81 | | |
Capital Ratios(7): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | N/A | | | | | | 25.82% | | | | | | 33.69% | | | | | | 30.76% | | | | | | 30.70% | | |
Tier 1 capital (to risk-weighted assets) | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Common equity Tier 1 capital (to risk-weighted assets) | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Tier 1 leverage capital (to adjusted total assets) | | | | | 13.67 | | | | | | 16.94 | | | | | | 20.00 | | | | | | 18.72 | | | | | | 18.18 | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as a percent of total loans | | | | | 0.68% | | | | | | 0.96% | | | | | | 1.29% | | | | | | 1.35% | | | | | | 1.33% | | |
Allowance for loan losses as a percent of non-performing loans | | | | | 107.88 | | | | | | 161.18 | | | | | | 75.76 | | | | | | 58.33 | | | | | | 81.61 | | |
Net charge-offs (recoveries) to average outstanding loans during the period | | | | | 0.09 | | | | | | 0.01 | | | | | | 0.02 | | | | | | (0.02) | | | | | | 0.15 | | |
Non-performing loans as a percent of total loans(8) | | | | | 0.64 | | | | | | 0.60 | | | | | | 1.75 | | | | | | 2.38 | | | | | | 1.69 | | |
Non-performing assets as a percent of total assets(8) | | | | | 0.46 | | | | | | 0.48 | | | | | | 1.42 | | | | | | 1.81 | | | | | | 1.51 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of full-service branch offices | | | | | 12 | | | | | | 6 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | |
| | | At or for the Three Months Ended September 30, | | | At or For the Year Ended June 30, | | ||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Return on average assets | | | | | 0.36% | | | | | | 0.82% | | | | | | 0.27% | | | | | | 0.92% | | | | | | 0.48% | | | | | | 0.81% | | | | | | 0.77% | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)(1) | | | | | 0.45 | | | | | | 0.82 | | | | | | 0.79 | | | | | | 1.11 | | | | | | 0.60 | | | | | | 0.81 | | | | | | 0.77 | | |
Return on average equity | | | | | 2.80 | | | | | | 4.52 | | | | | | 1.64 | | | | | | 5.01 | | | | | | 2.39 | | | | | | 4.22 | | | | | | 4.08 | | |
Return on average equity (excluding merger charges, gain on bargain purchase and prepayment penalties)(2) | | | | | 3.47 | | | | | | 4.52 | | | | | | 4.78 | | | | | | 6.08 | | | | | | 3.00 | | | | | | 4.22 | | | | | | 4.08 | | |
Interest rate spread(3) | | | | | 2.96 | | | | | | 3.27 | | | | | | 3.10 | | | | | | 3.57 | | | | | | 2.84 | | | | | | 2.62 | | | | | | 2.72 | | |
Net interest margin(4) | | | | | 3.11 | | | | | | 3.52 | | | | | | 3.30 | | | | | | 3.76 | | | | | | 3.08 | | | | | | 2.85 | | | | | | 2.95 | | |
Non-interest expense to average assets | | | | | 2.57 | | | | | | 2.53 | | | | | | 3.13 | | | | | | 2.55 | | | | | | 2.05 | | | | | | 1.62 | | | | | | 1.81 | | |
Efficiency ratio(5) | | | | | 77.30 | | | | | | 71.13 | | | | | | 90.76 | | | | | | 68.07 | | | | | | 65.22 | | | | | | 56.68 | | | | | | 60.85 | | |
Efficiency ratio (excluding merger charges, gain on bargain purchase and prepayment penalties)(6) | | | | | 81.43 | | | | | | 71.13 | | | | | | 74.62 | | | | | | 62.88 | | | | | | 61.32 | | | | | | 56.68 | | | | | | 60.85 | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | 115.97 | | | | | | 119.27 | | | | | | 117.92 | | | | | | 120.23 | | | | | | 121.88 | | | | | | 120.36 | | | | | | 120.33 | | |
Average equity to average assets | | | | | 13.02 | | | | | | 18.10 | | | | | | 16.52 | | | | | | 18.31 | | | | | | 19.95 | | | | | | 19.28 | | | | | | 18.81 | | |
Capital Ratios(7): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets) | | | | | N/A | | | | | | 25.65 | | | | | | N/A | | | | | | 25.82% | | | | | | 33.69% | | | | | | 30.76% | | | | | | 30.70% | | |
Tier 1 capital (to risk-weighted assets) | | | | | N/A | | | | | | 24.52 | | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Common equity Tier 1 capital (to risk-weighted assets) | | | | | N/A | | | | | | 24.52 | | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Tier 1 leverage capital (to adjusted total assets) | | | | | 11.92 | | | | | | 16.59 | | | | | | 13.67 | | | | | | 16.94 | | | | | | 20.00 | | | | | | 18.72 | | | | | | 18.18 | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as a percent of total loans | | | | | 0.71% | | | | | | 0.97% | | | | | | 0.68% | | | | | | 0.96% | | | | | | 1.29% | | | | | | 1.35% | | | | | | 1.33% | | |
Allowance for loan losses as a percent of non-performing loans | | | | | 75.08 | | | | | | 156.08 | | | | | | 107.88 | | | | | | 161.18 | | | | | | 75.76 | | | | | | 58.33 | | | | | | 81.61 | | |
Net charge-offs (recoveries) to average outstanding loans during the period | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.09 | | | | | | 0.01 | | | | | | 0.02 | | | | | | (0.02) | | | | | | 0.15 | | |
Non-performing loans as a percent of total loans(8) | | | | | 0.95 | | | | | | 0.63 | | | | | | 0.64 | | | | | | 0.60 | | | | | | 1.75 | | | | | | 2.38 | | | | | | 1.69 | | |
Non-performing assets as a percent of total assets(8) | | | | | 0.67 | | | | | | 0.52 | | | | | | 0.46 | | | | | | 0.48 | | | | | | 1.42 | | | | | | 1.81 | | | | | | 1.51 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of full-service branch offices | | | | | 12 | | | | | | 6 | | | | | | 12 | | | | | | 6 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | |
| | | For the Year Ended June 30, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net income | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average assets | | | | $ | 490,981 | | | | | $ | 409,142 | | | | | $ | 307,132 | | | | | $ | 315,036 | | | | | $ | 316,681 | | |
Return on average assets (excluding merger charges and gain on bargain purchase) | | | | | 0.79% | | | | | | 1.11% | | | | | | 0.60% | | | | | | 0.81% | | | | | | 0.77% | | |
| | | For the Year Ended June 30, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Net income | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average equity | | | | $ | 81,122 | | | | | $ | 74,912 | | | | | $ | 61,269 | | | | | $ | 60,754 | | | | | $ | 59,576 | | |
Return on average equity (excluding merger charges and gain on bargain purchase) | | | | | 4.78% | | | | | | 6.08% | | | | | | 3.00% | | | | | | 4.22% | | | | | | 4.08% | | |
| | | For the Year Ended June 30, | | |||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
Non-interest expense | | | | $ | 15,392 | | | | | $ | 10,453 | | | | | $ | 6,283 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Adjusted non-interest expense. | | | | $ | 12,098 | | | | | $ | 9,657 | | | | | $ | 5,908 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Net interest income | | | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 8,993 | | | | | $ | 8,502 | | | | | $ | 8,911 | | |
Non-interest income | | | | $ | 2,160 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on bargain purchase | | | | | 746 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted non-interest income | | | | $ | 1,414 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Efficiency ratio (excluding merger charges and gain on bargain purchase) | | | | | 74.62% | | | | | | 62.88% | | | | | | 61.32% | | | | | | 56.68% | | | | | | 60.85% | | |
| | | For the Three Months Ended September 30, | | | For the Year Ended June 30, | | ||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Net income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges | | | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase | | | | | — | | | | | | — | | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Prepayment penalties | | | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income | | | | $ | 831 | | | | | $ | 854 | | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average assets | | | | $ | 735,846 | | | | | $ | 417,769 | | | | | $ | 490,981 | | | | | $ | 409,142 | | | | | $ | 307,132 | | | | | $ | 315,036 | | | | | $ | 316,681 | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties) | | | | | 0.45% | | | | | | 0.82% | | | | | | 0.79% | | | | | | 1.11% | | | | | | 0.60% | | | | | | 0.81% | | | | | | 0.77% | | |
| | | For the Three Months Ended September 30, | | | For the Year Ended June 30, | | ||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Net income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges | | | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase | | | | | — | | | | | | — | | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Prepayment penalties | | | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income | | | | $ | 831 | | | | | $ | 854 | | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average stockholders’ equity | | | | $ | 95,821 | | | | | $ | 75,622 | | | | | $ | 81,122 | | | | | $ | 74,912 | | | | | $ | 61,269 | | | | | $ | 60,754 | | | | | $ | 59,576 | | |
Return on average equity (excluding merger charges, gain on bargain purchase and prepayment penalties) | | | | | 3.47% | | | | | | 4.52% | | | | | | 4.78% | | | | | | 6.08% | | | | | | 3.00% | | | | | | 4.22% | | | | | | 4.08% | | |
| | | For the Three Months Ended September 30, | | | For the Year Ended June 30, | | ||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Non-interest expense | | | | $ | 4,735 | | | | | $ | 2,646 | | | | | $ | 15,392 | | | | | $ | 10,453 | | | | | $ | 6,283 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges | | | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Prepayment penalties | | | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted non-interest expense | | | | $ | 4,574 | | | | | $ | 2,646 | | | | | $ | 12,098 | | | | | $ | 9,657 | | | | | $ | 5,908 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Net interest income | | | | $ | 5,217 | | | | | $ | 3,373 | | | | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 8,993 | | | | | $ | 8,502 | | | | | $ | 8,911 | | |
Non-interest income | | | | $ | 400 | | | | | $ | 347 | | | | | $ | 2,160 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on bargain purchase | | | | | — | | | | | | — | | | | | | 746 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted non-interest income | | | | $ | 400 | | | | | $ | 347 | | | | | $ | 1,414 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Efficiency ratio (excluding merger charges, gain on bargain purchase and prepayment penalties) | | | | | 77.30% | | | | | | 71.13% | | | | | | 74.62% | | | | | | 62.88% | | | | | | 61.32% | | | | | | 56.68% | | | | | | 60.85% | | |
| | | Minimum of Offering Range | | | Midpoint of Offering Range | | | Maximum of Offering Range | | |||||||||||||||||||||||||||
| | | 9,350,000 Shares at $10.00 per Share | | | Percent of Net Proceeds | | | 11,000,000 Shares at $10.00 per Share | | | Percent of Net Proceeds | | | 12,650,000 Shares at $10.00 per Share | | | Percent of Net Proceeds | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Offering proceeds | | | | $ | 93,500 | | | | | | | | | | | $ | 110,000 | | | | | | | | | | | $ | 126,500 | | | | | | | | |
Less: offering expenses | | | | | 2,247 | | | | | | | | | | | | 2,399 | | | | | | | | | | | | 2,551 | | | | | | | | |
Net offering proceeds | | | | | 91,253 | | | | | | 100.0% | | | | | | 107,601 | | | | | | 100.0% | | | | | | 123,949 | | | | | | 100.0% | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds contributed to William Penn Bank | | | | | 45,626 | | | | | | 50.0 | | | | | | 53,801 | | | | | | 50.0 | | | | | | 61,975 | | | | | | 50.0 | | |
Proceeds used for loan to employee stock ownership plan | | | | | 7,480 | | | | | | 8.2 | | | | | | 8,800 | | | | | | 8.2 | | | | | | 10,120 | | | | | | 8.2 | | |
Proceeds remaining for William Penn Bancorporation | | | | $ | 38,147 | | | | | | 41.8% | | | | | $ | 45,000 | | | | | | 41.8% | | | | | $ | 51,854 | | | | | | 41.8% | | |
| | At June 30, 2020 | | Minimum of Offering Range 9,350,000 Shares at $10.00 per Share | | Midpoint of Offering Range 11,000,000 Shares at $10.00 per Share | | Maximum of Offering Range 12,650,000 Shares at $10.00 per Share | | | At September 30, 2020 | | Minimum of Offering Range 9,350,000 Shares at $10.00 per Share | | Midpoint of Offering Range 11,000,000 Shares at $10.00 per Share | | Maximum of Offering Range 12,650,000 Shares at $10.00 per Share | | ||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | | (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||
Deposits(1) | | | $ | 559,848 | | | | $ | 559,848 | | | | $ | 559,848 | | | | $ | 559,848 | | | | | $ | 581,493 | | | | $ | 581,493 | | | | $ | 581,493 | | | | $ | 581,493 | | | ||||||||
Borrowed funds | | | �� | 64,892 | | | | | 64,892 | | | | | 64,892 | | | | | 64,892 | | | | | | 41,000 | | | | | 41,000 | | | | | 41,000 | | | | | 41,000 | | | ||||||||
Total deposits and borrowed funds | | | $ | 624,740 | | | | $ | 624,740 | | | | $ | 624,740 | | | | $ | 624,740 | | | | | $ | 622,493 | | | | $ | 622,493 | | | | $ | 622,493 | | | | $ | 622,493 | | | ||||||||
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Preferred Stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
50,000,000 shares, $0.01 par value per share authorized; none issued or outstanding | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||
Common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
150,000,000 shares, $0.01 par value per share, authorized; specified number of shares assumed to be issued and outstanding (2) | | | | 467 | | | | | 112 | | | | | 132 | | | | | 152 | | | | | | 467 | | | | | 112 | | | | | 132 | | | | | 152 | | | ||||||||
Additional paid-in capital | | | | 42,932 | | | | | 130,830 | | | | | 147,158 | | | | | 163,486 | | | | | | 42,932 | | | | | 130,830 | | | | | 147,158 | | | | | 163,486 | | | ||||||||
William Penn, MHC capital consolidation | | | | — | | | | | 3,903 | | | | | 3,903 | | | | | 3,903 | | | | | | — | | | | | 5,473 | | | | | 5,473 | | | | | 5,473 | | | ||||||||
Retained earnings(3) | | | | 56,600 | | | | | 56,600 | | | | | 56,600 | | | | | 56,600 | | | | | | 55,384 | | | | | 55,384 | | | | | 55,384 | | | | | 55,384 | | | ||||||||
Accumulated other comprehensive income | | | | 76 | | | | | 76 | | | | | 76 | | | | | 76 | | | | | | 433 | | | | | 433 | | | | | 433 | | | | | 433 | | | ||||||||
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Treasury stock | | | | (3,710) | | | | | — | | | | | — | | | | | — | | | | | | (3,710) | | | | | — | | | | | — | | | | | — | | | ||||||||
Common stock to be acquired by employee stock ownership plan (4) | | | | — | | | | | (7,480) | | | | | (8,800) | | | | | (10,120) | | | | | | — | | | | | (7,480) | | | | | (8,800) | | | | | (10,120) | | | ||||||||
Common stock to be acquired by new equity incentive plan (5) | | | | — | | | | | (3,740) | | | | | (4,400) | | | | | (5,060) | | | | | | — | | | | | (3,740) | | | | | (4,400) | | | | | (5,060) | | | ||||||||
Total stockholders’ equity | | | $ | 96,365 | | | | $ | 180,301 | | | | $ | 194,669 | | | | $ | 209,037 | | | | | $ | 95,506 | | | | $ | 181,012 | | | | $ | 195,380 | | | | $ | 209,748 | | | ||||||||
Total stockholders’ equity as a percentage of total assets | | | | 13.09% | | | | | 21.98% | | | | | 23.32% | | | | | 24.62% | | | | | | 13.06% | | | | | 22.15% | | | | | 23.50% | | | | | 24.80% | | | ||||||||
Tangible equity as a percentage of tangible assets | | | | 12.37% | | | | | 21.40% | | | | | 22.76% | | | | | 24.08% | | | | | | 12.34% | | | | | 21.58% | | | | | 22.94% | | | | | 24.26% | | |
| | | William Penn Bank Historical at June 30, 2020 | | | Pro Forma at June 30, 2020, Based Upon the Sale in the Offering of | | | | William Penn Bank Historical at September 30, 2020 | | | Pro Forma at September 30, 2020, Based Upon the Sale in the Offering of | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 9,350,000 Shares | | 11,000,000 Shares | | 12,650,000 Shares | | | 9,350,000 Shares | | 11,000,000 Shares | | 12,650,000 Shares | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Percent of Assets | | Amount | | Percent of Assets | | Amount | | Percent of Assets | | Amount | | Percent of Assets | | | Amount | | Percent of Assets | | Amount | | Percent of Assets | | Amount | | Percent of Assets | | Amount | | Percent of Assets | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | | (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | | | $ | 93,401 | | | | | 12.68% | | | | $ | 127,807 | | | | | 16.34% | | | | $ | 134,002 | | | | | 16.95% | | | | $ | 140,196 | | | | | 17.55% | | | | | $ | 94,465 | | | | | 12.92% | | | | $ | 128,871 | | | | | 16.59% | | | | $ | 135,066 | | | | | 17.21% | | | | $ | 141,260 | | | | | 17.81% | | | ||||||||||||||||
Tier 1 leverage capital(1)(2) | | | $ | 86,822 | | | | | 13.67% | | | | $ | 121,228 | | | | | 17.81% | | | | | 127,423 | | | | | 18.50% | | | | $ | 133,617 | | | | | 19.17% | | | | | $ | 86,956 | | | | | 11.92% | | | | $ | 121,362 | | | | | 15.66% | | | | | 127,557 | | | | | 16.29% | | | | $ | 133,751 | | | | | 16.90% | | | ||||||||||||||||
Tier 1 leverage requirement | | | | 31,746 | | | | | 5.00 | | | | | 34,027 | | | | | 5.00 | | | | | 34,436 | | | | | 5.00 | | | | | 34,845 | | | | | 5.00 | | | | | | 36,465 | | | | | 5.00 | | | | | 38,746 | | | | | 5.00 | | | | | 39,155 | | | | | 5.00 | | | | | 39,564 | | | | | 5.00 | | | ||||||||||||||||
Excess | | | $ | 55,076 | | | | | 8.67% | | | | $ | 87,201 | | | | | 12.81% | | | | $ | 92,987 | | | | | 13.50% | | | | $ | 98,772 | | | | | 14.17% | | | | | $ | 50,491 | | | | | 6.92% | | | | $ | 82,616 | | | | | 10.66% | | | | $ | 88,402 | | | | | 11.29% | | | | $ | 94,187 | | | | | 11.90% | | | ||||||||||||||||
Tier 1 risk-based capital(1)(2) | | | $ | 86,822 | | | | | 19.19% | | | | $ | 121,228 | | | | | 26.26% | | | | $ | 127,423 | | | | | 27.51% | | | | $ | 133,617 | | | | | 28.74% | | | | | $ | 86,956 | | | | | 19.30% | | | | $ | 121,362 | | | | | 26.40% | | | | $ | 127,557 | | | | | 27.65% | | | | $ | 133,751 | | | | | 28.89% | | | ||||||||||||||||
Tier 1 risk-based requirement | | | | 36,197 | | | | | 8.00 | | | | | 36,297 | | | | | 8.00 | | | | | 37,058 | | | | | 8.00 | | | | | 37,189 | | | | | 8.00 | | | | | | 36,044 | | | | | 8.00 | | | | | 36,774 | | | | | 8.00 | | | | | 36,905 | | | | | 8.00 | | | | | 37,036 | | | | | 8.00 | | | ||||||||||||||||
Excess | | | $ | 50,625 | | | | | 11.19% | | | | $ | 84,301 | | | | | 18.26% | | | | $ | 90,365 | | | | | 19.51% | | | | $ | 96,428 | | | | | 20.74% | | | | | $ | 50,912 | | | | | 11.30% | | | | $ | 84,588 | | | | | 18.40% | | | | $ | 90,652 | | | | | 19.65% | | | | $ | 96,715 | | | | | 20.89% | | | ||||||||||||||||
Total risk-based capital(1)(2) | | | $ | 90,341 | | | | | 19.97% | | | | $ | 124,747 | | | | | 27.03% | | | | $ | 130,942 | | | | | 28.27% | | | | $ | 137,136 | | | | | 29.50% | | | | | $ | 90,541 | | | | | 20.10% | | | | $ | 124,947 | | | | | 27.18% | | | | $ | 131,142 | | | | | 28.43% | | | | $ | 137,336 | | | | | 29.67% | | | ||||||||||||||||
Total risk-based requirement | | | | 45,247 | | | | | 10.00 | | | | | 46,159 | | | | | 10.00 | | | | | 46,323 | | | | | 10.00 | | | | | 46,486 | | | | | 10.00 | | | | | | 45,056 | | | | | 10.00 | | | | | 45,968 | | | | | 10.00 | | | | | 46,132 | | | | | 10.00 | | | | | 46,295 | | | | | 10.00 | | | ||||||||||||||||
Excess | | | $ | 45,094 | | | | | 9.97% | | | | $ | 78,588 | | | | | 17.03% | | | | $ | 84,619 | | | | | 18.27% | | | | $ | 90,650 | | | | | 19.50% | | | | | $ | 45,485 | | | | | 10.10% | | | | $ | 78,979 | | | | | 17.18% | | | | $ | 85,010 | | | | | 18.43% | | | | $ | 91,041 | | | | | 19.67% | | | ||||||||||||||||
Common equity tier 1 risk-based capital (1)(2) | | | $ | 86,822 | | | | | 19.19% | | | | $ | 121,228 | | | | | 26.26% | | | | $ | 127,423 | | | | | 27.51% | | | | $ | 133,617 | | | | | 28.74% | | | | | $ | 86,956 | | | | | 19.30% | | | | $ | 121,362 | | | | | 26.40% | | | | $ | 127,557 | | | | | 27.65% | | | | $ | 133,751 | | | | | 28.89% | | | ||||||||||||||||
Common equity tier 1 risk-based requirement | | | | 29,410 | | | | | 6.50 | | | | | 30,003 | | | | | 6.50 | | | | | 30,110 | | | | | 6.50 | | | | | 30,216 | | | | | 6.50 | | | | | | 29,286 | | | | | 6.50 | | | | | 29,879 | | | | | 6.50 | | | | | 29,985 | | | | | 6.50 | | | | | 30,092 | | | | | 6.50 | | | ||||||||||||||||
Excess | | | $ | 57,412 | | | | | 12.69% | | | | $ | 91,225 | | | | | 19.76% | | | | $ | 97,313 | | | | | 21.01% | | | | $ | 103,401 | | | | | 22.24% | | | | | $ | 57,670 | | | | | 12.80% | | | | $ | 91,483 | | | | | 19.90% | | | | $ | 97,572 | | | | | 21.15% | | | | $ | 103,659 | | | | | 22.39% | | | ||||||||||||||||
Reconciliation of capital infused into William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Net proceeds | | | | | | | | | | | | | $ | 45,626 | | | | | | | | | $ | 53,801 | | | | | | | | | $ | 61,975 | | | | | | | | | | | | | | | | | | | | $ | 45,626 | | | | | | | | | $ | 53,801 | | | | | | | | | $ | 61,975 | | | | | | | | ||||||||||||||||
Less: Common stock acquired by new equity incentive plan | | | | | | | | | | | | | | (3,740) | | | | | | | | | | (4,400) | | | | | | | | | | (5,060) | | | | | | | | | | | | | | | | | | | | | (3,740) | | | | | | | | | | (4,400) | | | | | | | | | | (5,060) | | | | | | | | ||||||||||||||||
Less: Common stock acquired by employee stock ownership plan | | | | | | | | | | | | | | (7,480) | | | | | | | | | | (8,800) | | | | | | | | | | (10,120) | | | | | | | | | | | | | | | | | | | | | (7,480) | | | | | | | | | | (8,800) | | | | | | | | | | (10,120) | | | | | | | | ||||||||||||||||
Pro forma increase | | | | | | | | | | | | | $ | 34,406 | | | | | | | | | $ | 40,601 | | | | | | | | | $ | 46,795 | | | | | | | | | | | | | | | | | | | | $ | 34,406 | | | | | | | | | $ | 40,601 | | | | | | | | | $ | 46,795 | | | | | | | | |
| | | At or for the Year Ended June 30, 2020 Based upon the Sale at $10.00 Per Share of | | |||||||||||||||
| | | 9,350,000 Shares | | | 11,000,000 Shares | | | 12,650,000 Shares | | |||||||||
| | | (Dollars in thousands, except per share amounts) | | |||||||||||||||
Gross proceeds of offering | | | | $ | 93,500 | | | | | $ | 110,000 | | | | | $ | 126,500 | | |
Expenses | | | | | 2,247 | | | | | | 2,399 | | | | | | 2,551 | | |
Estimated net proceeds | | | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Common stock purchased by employee stock ownership plan | | | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock purchased by stock-based benefit plans | | | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Estimated net proceeds, as adjusted | | | | $ | 80,033 | | | | | $ | 94,401 | | | | | $ | 108,769 | | |
For the Year Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Consolidated net earnings: | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 1,328 | | | | | $ | 1,328 | | | | | $ | 1,328 | | |
Income on adjusted net proceeds | | | | | 180 | | | | | | 212 | | | | | | 245 | | |
Income on mutual holding company asset contribution | | | | | 9 | | | | | | 9 | | | | | | 9 | | |
Employee stock ownership plan(1) | | | | | (232) | | | | | | (273) | | | | | | (314) | | |
Stock awards(2) | | | | | (580) | | | | | | (682) | | | | | | (784) | | |
Stock options(3) | | | | | (528) | | | | | | (621) | | | | | | (714) | | |
Pro forma net income | | | | $ | 177 | | | | | $ | (26) | | | | | | (230) | | |
Earnings per share(4): | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 0.13 | | | | | $ | 0.11 | | | | | $ | 0.09 | | |
Income on adjusted net proceeds | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Employee stock ownership plan(1) | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | |
Stock awards(2) | | | | | (0.06) | | | | | | (0.06) | | | | | | (0.06) | | |
Stock options(3) | | | | | (0.05) | | | | | | (0.05) | | | | | | (0.05) | | |
Pro forma earnings per share(4) | | | | $ | 0.02 | | | | | $ | — | | | | | $ | (0.02) | | |
Offering price to pro forma net earnings per share | | | | | 500.00x | | | | | | NM | | | | | | NM | | |
Number of shares used in earnings per share calculations | | | | | 10,523,071 | | | | | | 12,380,084 | | | | | | 14,237,096 | | |
| | At or for the Year Ended June 30, 2020 Based upon the Sale at $10.00 Per Share of | | | At or for the Three Months Ended September 30, 2020 Based upon the Sale at $10.00 Per Share of | | ||||||||||||||||||||||||||||||||
| | 9,350,000 Shares | | 11,000,000 Shares | | 12,650,000 Shares | | | 9,350,000 Shares | | 11,000,000 Shares | | 12,650,000 Shares | | ||||||||||||||||||||||||
| | (Dollars in thousands, except per share amounts) | | | (Dollars in thousands, except per share amounts) | | ||||||||||||||||||||||||||||||||
At June 30, 2020 | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Gross proceeds of offering | | | $ | 93,500 | | | | $ | 110,000 | | | | $ | 126,500 | | | ||||||||||||||||||||||
Expenses | | | | 2,247 | | | | | 2,399 | | | | | 2,551 | | | ||||||||||||||||||||||
Estimated net proceeds | | | | 91,253 | | | | | 107,601 | | | | | 123,949 | | | ||||||||||||||||||||||
Common stock purchased by employee stock ownership plan | | | | (7,480) | | | | | (8,800) | | | | | (10,120) | | | ||||||||||||||||||||||
Common stock purchased by stock-based benefit plans | | | | (3,740) | | | | | (4,400) | | | | | (5,060) | | | ||||||||||||||||||||||
Estimated net proceeds, as adjusted | | | $ | 80,033 | | | | $ | 94,401 | | | | $ | 108,769 | | | ||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Consolidated net earnings: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Historical | | | $ | 670 | | | | $ | 670 | | | | $ | 670 | | | ||||||||||||||||||||||
Income on adjusted net proceeds | | | | 43 | | | | | 51 | | | | | 59 | | | ||||||||||||||||||||||
Income on mutual holding company asset contribution | | | | 3 | | | | | 3 | | | | | 3 | | | ||||||||||||||||||||||
Employee stock ownership plan(1) | | | | (58) | | | | | (68) | | | | | (78) | | | ||||||||||||||||||||||
Stock awards(2) | | | | (145) | | | | | (171) | | | | | (196) | | | ||||||||||||||||||||||
Stock options(3) | | | | (134) | | | | | (157) | | | | | (181) | | | ||||||||||||||||||||||
Pro forma net income | | | $ | 380 | | | | $ | 328 | | | | $ | 277 | | | ||||||||||||||||||||||
Earnings per share(4): | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Historical | | | $ | 0.07 | | | | $ | 0.06 | | | | $ | 0.05 | | | ||||||||||||||||||||||
Income on adjusted net proceeds | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Employee stock ownership plan(1) | | | | (0.01) | | | | | (0.01) | | | | | (0.01) | | | ||||||||||||||||||||||
Stock awards(2) | | | | (0.01) | | | | | (0.01) | | | | | (0.01) | | | ||||||||||||||||||||||
Stock options(3) | | | | (0.01) | | | | | (0.01) | | | | | (0.01) | | | ||||||||||||||||||||||
Pro forma earnings per share(4) | | | $ | 0.04 | | | | $ | 0.03 | | | | $ | 0.02 | | | ||||||||||||||||||||||
Offering price to pro forma net earnings per share | | | | 62.50x | | | | | 83.33x | | | | | 125.00x | | | ||||||||||||||||||||||
Number of shares used in earnings per share calculations | | | | 10,472,646 | | | | | 12,320,760 | | | | | 14,168,874 | | | ||||||||||||||||||||||
At September 30, 2020 | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Historical | | | $ | 96,365 | | | | $ | 96,365 | | | | $ | 96,365 | | | | | $ | 95,506 | | | | $ | 95,506 | | | | $ | 95,506 | | | ||||||
Estimated net proceeds | | | | 91,253 | | | | | 107,601 | | | | | 123,949 | | | | | | 91,253 | | | | | 107,601 | | | | | 123,949 | | | ||||||
Mutual holding company capital contribution | | | | 3,903 | | | | | 3,903 | | | | | 3,903 | | | | | | 5,473 | | | | | 5,473 | | | | | 5,473 | | | ||||||
Common stock acquired by employee stock ownership plan (1) | | | | (7,480) | | | | | (8,800) | | | | | (10,120) | | | | | | (7,480) | | | | | (8,800) | | | | | (10,120) | | | ||||||
Stock awards(2) | | | | (3,740) | | | | | (4,400) | | | | | (5,060) | | | | | | (3,740) | | | | | (4,400) | | | | | (5,060) | | | ||||||
Pro forma stockholders’ equity | | | $ | 180,301 | | | | $ | 194,669 | | | | $ | 209,037 | | | | | $ | 181,012 | | | | $ | 195,380 | | | | $ | 209,748 | | | ||||||
Intangible assets | | | | (6,050) | | | | | (6,050) | | | | | (6,050) | | | | | | (5,986) | | | | | (5,986) | | | | | (5,986) | | | ||||||
Pro forma tangible stockholders’ equity | | | $ | 174,251 | | | | $ | 188,619 | | | | $ | 202,987 | | | | | $ | 175,026 | | | | $ | 189,394 | | | | $ | 203,762 | | | ||||||
Stockholders’ equity per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Historical | | | $ | 8.57 | | | | $ | 7.28 | | | | $ | 6.33 | | | | | $ | 8.51 | | | | $ | 7.24 | | | | $ | 6.30 | | | ||||||
Estimated net proceeds | | | | 8.12 | | | | | 8.14 | | | | | 8.15 | | | | | | 8.14 | | | | | 8.16 | | | | | 8.17 | | | ||||||
Equity increase from the mutual holding company | | | | 0.35 | | | | | 0.30 | | | | | 0.26 | | | | | | 0.49 | | | | | 0.41 | | | | | 0.36 | | | ||||||
Common stock acquired by employee stock ownership plan (1) | | | | (0.67) | | | | | (0.67) | | | | | (0.67) | | | | | | (0.67) | | | | | (0.67) | | | | | (0.67) | | | ||||||
Common stock acquired by stock-based benefit plans(2) | | | | (0.33) | | | | | (0.33) | | | | | (0.33) | | | | | | (0.33) | | | | | (0.33) | | | | | (0.33) | | | ||||||
Pro forma stockholders’ equity per share(5) | | | $ | 16.04 | | | | $ | 14.72 | | | | $ | 13.74 | | | | | $ | 16.14 | | | | $ | 14.81 | | | | $ | 13.83 | | | ||||||
Intangible assets | | | | (0.54) | | | | | (0.46) | | | | | (0.40) | | | | | | (0.53) | | | | | (0.45) | | | | | (0.39) | | | ||||||
Pro forma tangible stockholders’ equity per share(5) | | | $ | 15.50 | | | | $ | 14.26 | | | | $ | 13.34 | | | | | $ | 15.61 | | | | $ | 14.36 | | | | $ | 13.44 | | | ||||||
Pro forma price to book value | | | | 62.34% | | | | | 67.93% | | | | | 72.78% | | | | | | 61.96% | | | | | 67.52% | | | | | 72.31% | | | ||||||
Pro forma price to tangible book value | | | | 64.52% | | | | | 70.13% | | | | | 74.96% | | | | | | 64.06% | | | | | 69.64% | | | | | 74.40% | | | ||||||
Number of shares outstanding for pro forma book value per share calculations | | | | 11,241,151 | | | | | 13,224,884 | | | | | 15,208,616 | | | | | | 11,213,166 | | | | | 13,191,960 | | | | | 15,170,754 | | |
| | | At or for the Year Ended June 30, 2020 Based upon the Sale at $10.00 Per Share of | | |||||||||||||||
| | | 9,350,000 Shares | | | 11,000,000 Shares | | | 12,650,000 Shares | | |||||||||
| | | (Dollars in thousands, except per share amounts) | | |||||||||||||||
Gross proceeds of offering | | | | $ | 93,500 | | | | | $ | 110,000 | | | | | $ | 126,500 | | |
Expenses | | | | | 2,247 | | | | | | 2,399 | | | | | | 2,551 | | |
Estimated net proceeds | | | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Common stock purchased by employee stock ownership plan | | | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock purchased by stock-based benefit plans | | | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Estimated net proceeds, as adjusted | | | | $ | 80,033 | | | | | $ | 94,401 | | | | | $ | 108,769 | | |
For the Year Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Consolidated net earnings: | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 1,328 | | | | | $ | 1,328 | | | | | $ | 1,328 | | |
Income on adjusted net proceeds | | | | | 174 | | | | | | 205 | | | | | | 236 | | |
Income on mutual holding company asset contribution | | | | | 8 | | | | | | 8 | | | | | | 8 | | |
Employee stock ownership plan(1) | | | | | (232) | | | | | | (273) | | | | | | (314) | | |
Stock awards(2) | | | | | (580) | | | | | | (682) | | | | | | (784) | | |
Stock options(3) | | | | | (535) | | | | | | (629) | | | | | | (723) | | |
Pro forma net income | | | | $ | 163 | | | | | $ | (43) | | | | | | (249) | | |
Earnings per share(4): | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 0.13 | | | | | $ | 0.11 | | | | | $ | 0.09 | | |
Income on adjusted net proceeds | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Employee stock ownership plan(1) | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | |
Stock awards(2) | | | | | (0.06) | | | | | | (0.06) | | | | | | (0.06) | | |
Stock options(3) | | | | | (0.05) | | | | | | (0.05) | | | | | | (0.05) | | |
Pro forma earnings per share(4) | | | | $ | 0.02 | | | | | $ | — | | | | | $ | (0.02) | | |
Offering price to pro forma net earnings per share | | | | | 500.00x | | | | | | NM | | | | | | NM | | |
Number of shares used in earnings per share calculations | | | | | 10,495,086 | | | | | | 12,347,160 | | | | | | 14,199,234 | | |
At June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 96,365 | | | | | $ | 96,365 | | | | | $ | 96,365 | | |
Estimated net proceeds | | | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Mutual holding company capital contribution | | | | | 3,903 | | | | | | 3,903 | | | | | | 3,903 | | |
Common stock acquired by employee stock ownership plan(1) | | | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Stock awards(2) | | | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Pro forma stockholders’ equity | | | | $ | 180,301 | | | | | $ | 194,669 | | | | | $ | 209,037 | | |
Intangible assets | | | | | (6,050) | | | | | | (6,050) | | | | | | (6,050) | | |
Pro forma tangible stockholders’ equity | | | | $ | 174,251 | | | | | $ | 188,619 | | | | | $ | 202,987 | | |
Stockholders’ equity per share: | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 8.59 | | | | | $ | 7.30 | | | | | $ | 6.35 | | |
Estimated net proceeds | | | | | 8.14 | | | | | | 8.16 | | | | | | 8.17 | | |
Equity increase from the mutual holding company | | | | | 0.35 | | | | | | 0.30 | | | | | | 0.26 | | |
Common stock acquired by employee stock ownership plan(1) | | | | | (0.67) | | | | | | (0.67) | | | | | | (0.67) | | |
Common stock acquired by stock-based benefit plans(2) | | | | | (0.33) | | | | | | (0.33) | | | | | | (0.33) | | |
Pro forma stockholders’ equity per share(5) | | | | $ | 16.08 | | | | | $ | 14.76 | | | | | $ | 13.78 | | |
Intangible assets | | | | | (0.54) | | | | | | (0.46) | | | | | | (0.40) | | |
Pro forma tangible stockholders’ equity per share(5) | | | | $ | 15.54 | | | | | $ | 14.30 | | | | | $ | 13.38 | | |
Pro forma price to book value | | | | | 62.19% | | | | | | 67.75% | | | | | | 72.57% | | |
Pro forma price to tangible book value | | | | | 64.35% | | | | | | 69.93% | | | | | | 74.74% | | |
Number of shares outstanding for pro forma book value per share calculations | | | | | 11,213,166 | | | | | | 13,191,960 | | | | | | 15,170,754 | | |
| | | At June 30, | | |||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 51,570 | | | | | $ | 51,738 | | | | | $ | 3,609 | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | — | | |
U.S. agency collateralized mortgage obligations | | | | | 3,215 | | | | | | 3,215 | | | | | | 5,634 | | | | | | 5,767 | | | | | | — | | | | | | — | | |
U.S. government agency securities | | | | | 6,226 | | | | | | 6,155 | | | | | | 10,865 | | | | | | 10,912 | | | | | | — | | | | | | — | | |
U.S. treasury securities | | | | | 1,000 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Private label collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | 264 | | | | | | 303 | | | | | | 1,539 | | | | | | 1,816 | | |
Municipal bonds | | | | | 10,485 | | | | | | 10,508 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate bonds | | | | | 17,399 | | | | | | 17,382 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total securities available-for-sale | | | | | 89,895 | | | | | | 89,998 | | | | | | 20,372 | | | | | | 20,660 | | | | | | 1,539 | | | | | | 1,816 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | 1,500 | | | | | | 1,522 | | | | | | 2,336 | | | | | | 2,305 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | 206 | | | | | | 214 | | | | | | 611 | | | | | | 634 | | |
Municipal bonds | | | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | | | | | 100 | | | | | | 100 | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | 100 | | | | | | 101 | | | | | | 100 | | | | | | 102 | | |
Total securities held-to-maturity | | | | | — | | | | | | — | | | | | | 1,906 | | | | | | 1,937 | | | | | | 3,147 | | | | | | 3,141 | | |
Total investment securities | | | | $ | 89,895 | | | | | $ | 89,998 | | | | | $ | 22,278 | | | | | $ | 22,597 | | | | | $ | 4,686 | | | | | $ | 4,957 | | |
|
| | | One Year or Less | | | More than One Year to Five Years | | | More than Five Years to Ten Years | | | More than Ten Years | | | Total | | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 (Dollars in thousands) | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | ||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 51,738 | | | | | | 2.80% | | | | | $ | 51,738 | | | | | | 2.80% | | |
U.S. agency collateralized mortgage obligations | | | | | 5 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | 1,124 | | | | | | 3.26 | | | | | | 2,086 | | | | | | 3.47 | | | | | | 3,215 | | | | | | 3.39 | | |
U.S. government agency securities | | | | | — | | | | | | — | | | | | | 132 | | | | | | 4.61 | | | | | | — | | | | | | — | | | | | | 6,023 | | | | | | 3.96 | | | | | | 6,155 | | | | | | 3.97 | | |
Municipal bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 463 | | | | | | 5.56 | | | | | | 10,045 | | | | | | 3.01 | | | | | | 10,508 | | | | | | 3.12 | | |
Corporate bonds | | | | | 1,888 | | | | | | 1.79 | | | | | | 9,479 | | | | | | 5.35 | | | | | | 6,015 | | | | | | 5.04 | | | | | | — | | | | | | — | | | | | | 17,382 | | | | | | 4.86 | | |
U.S. treasuries securities | | | | | 1,000 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 0.09 | | |
Total investment securities | | | | $ | 2,893 | | | | | | 1.20% | | | | | $ | 9,611 | | | | | | 5.34% | | | | | $ | 7,602 | | | | | | 4.81% | | | | | $ | 69,892 | | | | | | 2.95% | | | | | $ | 89,998 | | | | | | 3.31% | | |
|
| | | At June 30, | | | | |||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | | | | | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | | ||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
One- to four-family | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.98% | | | | | ||||
Home equity and HELOCs | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | | | | ||||
Residential construction | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | | | | ||||
Total residential real estate loans | | | | | 408,768 | | | | | | 79.00 | | | | | | 261,820 | | | | | | 78.46 | | | | | ||||
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Multi-family | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | | | | ||||
Commercial non-residential | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | | | | ||||
Commercial construction and land | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | | | | ||||
Total commercial real estate loans | | | | | 98,361 | | | | | | 19.01 | | | | | | 69,023 | | | | | | 20.68 | | | | | ||||
Commercial loans | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | | | | ||||
Consumer loans | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.23 | | | | | ||||
Total loans | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | | | | ||||
Loans in process | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | | | | | | | | | ||||
Unearned loan origination fees | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | | | | ||||
Allowance for loan losses | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | | | | ||||
Loans, net | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | | | | ||||
|
| | | At June 30, | | |||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family | | | | $ | 170,322 | | | | | | 70.00% | | | | | $ | 166,219 | | | | | | 67.82% | | | | | $ | 162,395 | | | | | | 66.26% | | |
Home equity and HELOCS | | | | | 21,158 | | | | | | 8.70 | | | | | | 22,938 | | | | | | 9.36 | | | | | | 24,799 | | | | | | 10.12 | | |
Residential construction | | | | | 11,831 | | | | | | 4.86 | | | | | | 8,836 | | | | | | 3.61 | | | | | | 12,050 | | | | | | 4.92 | | |
Total residential real estate loans | | | | | 203,311 | | | | | | 83.56 | | | | | | 197,993 | | | | | | 80.79 | | | | | | 199,244 | | | | | | 81.30 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | 12,061 | | | | | | 4.96 | | | | | | 12,076 | | | | | | 4.93 | | | | | | 12,539 | | | | | | 5.12 | | |
Commercial non-residential | | | | | 23,759 | | | | | | 9.76 | | | | | | 24,820 | | | | | | 10.13 | | | | | | 26,744 | | | | | | 10.91 | | |
Commercial construction and land | | | | | 3,131 | | | | | | 1.29 | | | | | | 9,120 | | | | | | 3.72 | | | | | | 5,319 | | | | | | 2.17 | | |
Total commercial real estate loans | | | | | 38,951 | | | | | | 16.01 | | | | | | 46,016 | | | | | | 18.78 | | | | | | 44,602 | | | | | | 18.20 | | |
Commercial loans | | | | | 196 | | | | | | 0.08 | | | | | | 129 | | | | | | 0.05 | | | | | | 51 | | | | | | 0.02 | | |
Consumer loans | | | | | 859 | | | | | | 0.35 | | | | | | 947 | | | | | | 0.38 | | | | | | 1,183 | | | | | | 0.48 | | |
Total loans | | | | | 243,317 | | | | | | 100.00% | | | | | | 245,085 | | | | | | 100.00% | | | | | | 245,080 | | | | | | 100.00% | | |
Loans in process | | | | | (5,716) | | | | | | | | | | | | (5,879) | | | | | | | | | | | | (8,896) | | | | | | | | |
Unearned loan origination fees | | | | | (1,074) | | | | | | | | | | | | (1,038) | | | | | | | | | | | | (1,025) | | | | | | | | |
Allowance for loan losses | | | | | (3,138) | | | | | | | | | | | | (3,303) | | | | | | | | | | | | (3,248) | | | | | | | | |
Loans, net | | | | $ | 233,389 | | | | | | | | | | | $ | 234,865 | | | | | | | | | | | $ | 231,911 | | | | | | | | |
|
June 30, 2020 (Dollars in thousands) | | | One- to Four-Family | | | Home Equity and HELOCs | | | Residential Construction | | | Multi- Family | | | Commercial Non- Residential | | | Commercial Construction and Land | | | Commercial | | | Consumer | | | Total Loans | | |||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less | | | | $ | 4,080 | | | | | $ | 1,137 | | | | | $ | 7,773 | | | | | $ | 1,817 | | | | | $ | 5,466 | | | | | $ | 747 | | | | | $ | 934 | | | | | $ | 786 | | | | | $ | 22,740 | | |
More than 1 – 5 years | | | | | 18,510 | | | | | | 5,314 | | | | | | 8,026 | | | | | | 1,734 | | | | | | 8,564 | | | | | | 5,943 | | | | | | 4,069 | | | | | | 1,169 | | | | | | 53,329 | | |
More than 5 – 10 years | | | | | 53,274 | | | | | | 10,063 | | | | | | — | | | | | | 2,755 | | | | | | 12,696 | | | | | | — | | | | | | 1,435 | | | | | | 333 | | | | | | 80,556 | | |
More than 10 years | | | | | 270,051 | | | | | | 30,540 | | | | | | — | | | | | | 8,658 | | | | | | 49,981 | | | | | | — | | | | | | — | | | | | | 1,612 | | | | | | 360,842 | | |
Total | | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | 517,467 | �� | |
|
(Dollars in thousands) | | | Fixed Rates | | | Floating or Adjustable Rates | | | Total | | |||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family | | | | $ | 223,615 | | | | | $ | 118,220 | | | | | $ | 341,835 | | |
Home equity and HELOCs | | | | | 18,513 | | | | | | 27,404 | | | | | | 45,917 | | |
Residential construction | | | | | 5,497 | | | | | | 2,529 | | | | | | 8,026 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | 5,493 | | | | | | 7,654 | | | | | | 13,147 | | |
Commercial non-residential | | | | | 23,163 | | | | | | 48,078 | | | | | | 71,241 | | |
Commercial construction and land | | | | | 4,231 | | | | | | 1,712 | | | | | | 5,943 | | |
Commercial loans | | | | | 5,072 | | | | | | 432 | | | | | | 5,504 | | |
Consumer loans | | | | | 1,606 | | | | | | 1,508 | | | | | | 3,114 | | |
Total | | | | $ | 287,190 | | | | | $ | 207,537 | | | | | $ | 494,727 | | |
| | | At June 30, | | |||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent of Total Deposits | | | Amount | | | Percent of Total Deposits | | | Amount | | | Percent of Total Deposits | | ||||||||||||||||||
Checking accounts | | | | $ | 142,223 | | | | | | 25.40% | | | | | $ | 67,547 | | | | | | 24.02% | | | | | $ | 28,278 | | | | | | 15.66% | | |
Money market accounts | | | | | 129,048 | | | | | | 23.05 | | | | | | 67,648 | | | | | | 24.06 | | | | | | 50,010 | | | | | | 27.68 | | |
Savings and club accounts | | | | | 94,097 | | | | | | 16.81 | | | | | | 33,172 | | | | | | 11.79 | | | | | | 18,542 | | | | | | 10.26 | | |
Certificates of deposit | | | | | 194,480 | | | | | | 34.74 | | | | | | 112,839 | | | | | | 40.13 | | | | | | 83,827 | | | | | | 46.40 | | |
Total | | | | $ | 559,848 | | | | | | 100.00% | | | | | $ | 281,206 | | | | | | 100.00% | | | | | $ | 180,657 | | | | | | 100.00% | | |
June 30, 2020 (Dollars in thousands) | | | Certificates of Deposit | | |||
Maturity Period: | | | | | | | |
Three months or less | | | | $ | 10,243 | | |
Over three through six months | | | | | 16,396 | | |
Over six through twelve months | | | | | 25,260 | | |
Over twelve months | | | | | 32,878 | | |
Total | | | | $ | 84,777 | | |
| | | Year Ended June 30, | | |||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2018 | | |||||||||
Beginning balance | | | | $ | 281,206 | | | | | $ | 180,657 | | | | | $ | 182,199 | | |
Deposits acquired from Audubon Savings Bank | | | | | — | | | | | | 107,180 | | | | | | — | | |
Deposits acquired from Washington Savings Bank | | | | | 135,546 | | | | | | — | | | | | | — | | |
Deposits acquired from Fidelity Savings and Loan Association of Bucks County | | | | | 66,409 | | | | | | — | | | | | | — | | |
Increase (decrease) before interest credited | | | | | 72,924 | | | | | | (8,937) | | | | | | (3,028) | | |
Interest credited | | | | | 3,763 | | | | | | 2,306 | | | | | | 1,486 | | |
Net increase (decrease) in deposits | | | | | 278,642 | | | | | | 100,549 | | | | | | (1,542) | | |
Ending balance | | | | $ | 559,848 | | | | | $ | 281,206 | | | | | $ | 180,657 | | |
|
| | | June 30, | | |||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2018 | | |||||||||
Less than 0.50% | | | | $ | 6,535 | | | | | $ | — | | | | | $ | — | | |
0.50% to 0.99% | | | | | 13,598 | | | | | | 9,453 | | | | | | 16,021 | | |
1.00% to 1.49% | | | | | 33,320 | | | | | | 26,761 | | | | | | 24,587 | | |
1.50% to 1.99% | | | | | 55,299 | | | | | | 19,673 | | | | | | 19,708 | | |
2.00% to 2.99% | | | | | 77,850 | | | | | | 54,777 | | | | | | 23,511 | | |
3.00% and greater | | | | | 7,878 | | | | | | 2,175 | | | | | | — | | |
Ending balance | | | | $ | 194,480 | | | | | $ | 112,839 | | | | | $ | 83,827 | | |
| | | Period to Maturity | | | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | One Year or Less | | | More than One Year to Two Years | | | More than Two Years to Three Years | | | More than Three Years to Four Years | | | More than Four Years | | | Total | | | Percent of Total Certificate Accounts | | |||||||||||||||||||||
Less than 0.50% | | | | $ | 6,418 | | | | | $ | 117 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,535 | | | | | | 3.36% | | |
0.50% to 0.99% | | | | | 11,374 | | | | | | 2,168 | | | | | | 56 | | | | | | — | | | | | | — | | | | | | 13,598 | | | | | | 6.99 | | |
1.00% to 1.49% | | | | | 24,513 | | | | | | 5,200 | | | | | | 2,524 | | | | | | 423 | | | | | | 660 | | | | | | 33,320 | | | | | | 17.13 | | |
1.50% to 1.99% | | | | | 27,882 | | | | | | 14,997 | | | | | | 4,321 | | | | | | 2,881 | | | | | | 5,218 | | | | | | 55,299 | | | | | | 28.43 | | |
2.00% to 2.99% | | | | | 42,465 | | | | | | 13,731 | | | | | | 10,118 | | | | | | 5,546 | | | | | | 5,990 | | | | | | 77,850 | | | | | | 40.03 | | |
3.00% and greater | | | | | 944 | | | | | | 860 | | | | | | 1,066 | | | | | | 4,576 | | | | | | 432 | | | | | | 7,878 | | | | | | 4.06 | | |
Total | | | | $ | 113,596 | | | | | $ | 37,073 | | | | | $ | 18,085 | | | | | $ | 13,426 | | | | | $ | 12,300 | | | | | $ | 194,480 | | | | | | 100.00% | | |
| | | Year Ended June 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Average Balance | | | Percent | | | Weighted Average Cost | | | Average Balance | | | Percent | | | Weighted Average Cost | | | Average Balance | | | Percent | | | Weighted Average Cost | | |||||||||||||||||||||||||||
Non-interest bearing checking accounts | | | | $ | 20,311 | | | | | | 5.93% | | | | | | —% | | | | | $ | 11,901 | | | | | | 4.29% | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | | —% | | |
Interest-bearing checking accounts | | | | | 63,389 | | | | | | 18.52 | | | | | | 0.13 | | | | | | 56,605 | | | | | | 20.38 | | | | | | 0.09 | | | | | | 27,577 | | | | | | 15.14 | | | | | | 0.06 | | |
Money market deposit accounts | | | | | 88,965 | | | | | | 25.99 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 23.18 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 26.35 | | | | | | 0.44 | | |
Savings and club accounts | | | | | 42,044 | | | | | | 12.28 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 14.17 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 11.77 | | | | | | 0.15 | | |
Certificates of deposit | | | | | 127,553 | | | | | | 37.28 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 37.98 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 46.74 | | | | | | 1.44 | | |
Total | | | | $ | 342,262 | | | | | | 100.00% | | | | | | 1.05% | | | | | $ | 277,687 | | | | | | 100.00% | | | | | | 0.83% | | | | | $ | 182,159 | | | | | | 100.00% | | | | | | 0.82% | | |
|
| | | At or For the Year Ended June 30, | | |||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2018 | | |||||||||
Maximum amount outstanding at any month-end during period: | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances | | | | $ | 65,922 | | | | | $ | 51,500 | | | | | $ | 65,500 | | |
Average outstanding balance during period: | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances | | | | $ | 58,401 | | | | | $ | 48,772 | | | | | $ | 57,503 | | |
Weighted average interest rate during period: | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances | | | | | 2.42% | | | | | | 2.65% | | | | | | 2.95% | | |
Balance outstanding at end of period: | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances | | | | $ | 64,892 | | | | | $ | 50,000 | | | | | $ | 51,500 | | |
Weighted average interest rate at end of period: | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances | | | | | 2.53% | | | | | | 2.58% | | | | | | 2.71% | | |
| | | Year Ended June 30, | | |||||||||||||||||||||
| | | | | | | | | | | | | | | Change Fiscal 2020/2019 | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | $ | | | % | | ||||||||||||
Net interest income | | | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 569 | | | | | | 4.00% | | |
Provision for loan losses | | | | | 626 | | | | | | 88 | | | | | | 538 | | | | | | 611.36 | | |
Non-interest income | | | | | 2,160 | | | | | | 1,127 | | | | | | 1,033 | | | | | | 91.66 | | |
Non-interest expenses | | | | | 15,392 | | | | | | 10,453 | | | | | | 4,939 | | | | | | 47.25 | | |
Income tax (benefit) expense | | | | | (387) | | | | | | 1,060 | | | | | | (1,447) | | | | | | (136.51) | | |
Net income | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | (2,428) | | | | | | (64.64)% | | |
Return on average assets | | | | | 0.27% | | | | | | 0.92% | | | | | | | | | | | | | | |
Return on average assets (excluding merger charges and gain on bargain purchase)(1) | | | | | 0.79 | | | | | | 1.11 | | | | | | | | | | | | | | |
Return on average equity | | | | | 1.64 | | | | | | 5.01 | | | | | | | | | | | | | | |
Return on average equity (excluding merger charges and gain on bargain purchase)(1) | | | | | 4.78 | | | | | | 6.08 | | | | | | | | | | | | | | |
| | | Year Ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Service fees | | | | $ | 569 | | | | | $ | 483 | | |
Realized losses on sale of real estate owned, net | | | | | — | | | | | | (30) | | |
Gain on sale of loans | | | | | — | | | | | | 12 | | |
Gain on sale of securities | | | | | 238 | | | | | | 140 | | |
Earnings on bank-owned life insurance | | | | | 347 | | | | | | 327 | | |
Gain on bargain purchase | | | | | 746 | | | | | | — | | |
Other | | | | | 260 | | | | | | 195 | | |
Total | | | | $ | 2,160 | | | | | $ | 1,127 | | |
| | | Year Ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Salaries and employee benefits | | | | $ | 6,855 | | | | | $ | 6,438 | | |
Occupancy and equipment | | | | | 1,784 | | | | | | 1,096 | | |
Data processing | | | | | 1,155 | | | | | | 692 | | |
Professional fees | | | | | 451 | | | | | | 277 | | |
Merger-related expenses | | | | | 3,294 | | | | | | 796 | | |
Amortization of intangible assets | | | | | 242 | | | | | | 260 | | |
Other | | | | | 1,611 | | | | | | 894 | | |
Total | | | | $ | 15,392 | | | | | $ | 10,453 | | |
| | | At September 30, | | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ��� | | | | | | ||||||||||
Mortgage-backed securities | | | | $ | 66,379 | | | | | $ | 66,400 | | | | | $ | 51,570 | | | | | $ | 51,738 | | | | | $ | 3,609 | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | — | | |
U.S. agency collateralized mortgage obligations | | | | | 2,377 | | | | | | 2,378 | | | | | | 3,215 | | | | | | 3,215 | | | | | | 5,634 | | | | | | 5,767 | | | | | | — | | | | | | — | | |
U.S. government agency securities | | | | | 11,658 | | | | | | 11,547 | | | | | | 6,226 | | | | | | 6,155 | | | | | | 10,865 | | | | | | 10,912 | | | | | | — | | | | | | — | | |
U.S. treasury securities | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Private label collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 264 | | | | | | 303 | | | | | | 1,539 | | | | | | 1,816 | | |
Municipal bonds | | | | | 24,878 | | | | | | 25,128 | | | | | | 10,485 | | | | | | 10,508 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate bonds | | | | | 17,750 | | | | | | 18,144 | | | | | | 17,399 | | | | | | 17,382 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total securities available-for-sale | | | | | 123,042 | | | | | | 123,597 | | | | | | 89,895 | | | | | | 89,998 | | | | | | 20,372 | | | | | | 20,660 | | | | | | 1,539 | | | | | | 1,816 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,500 | | | | | | 1,522 | | | | | | 2,336 | | | | | | 2,305 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 206 | | | | | | 214 | | | | | | 611 | | | | | | 634 | | |
Municipal bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | | | | | 100 | | | | | | 100 | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 101 | | | | | | 100 | | | | | | 102 | | |
Total securities held-to-maturity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,906 | | | | | | 1,937 | | | | | | 3,147 | | | | | | 3,141 | | |
Total investment securities | | | | $ | 123,042 | | | | | $ | 123,597 | | | | | $ | 89,895 | | | | | $ | 89,998 | | | | | $ | 22,278 | | | | | $ | 22,597 | | | | | $ | 4,686 | | | | | $ | 4,957 | | |
| | | One Year or Less | | | More than One Year to Five Years | | | More than Five Years to Ten Years | | | More than Ten Years | | | Total | | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 (Dollars in thousands) | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | ||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 66,400 | | | | | | 2.64% | | | | | $ | 66,400 | | | | | | 2.64% | | |
U.S. agency collateralized mortgage obligations | | | | | 5 | | | | | | 0.68 | | | | | | — | | | | | | — | | | | | | 1,095 | | | | | | 3.26 | | | | | | 1,278 | | | | | | 3.37 | | | | | | 2,378 | | | | | | 3.31 | | |
U.S. government agency securities | | | | | — | | | | | | — | | | | | | 105 | | | | | | 4.40 | | | | | | 3,839 | | | | | | 2.87 | | | | | | 7,603 | | | | | | 2.89 | | | | | | 11,547 | | | | | | 2.90 | | |
Municipal bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 458 | | | | | | 5.56 | | | | | | 24,670 | | | | | | 2.44 | | | | | | 25,128 | | | | | | 2.50 | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | 11,977 | | | | | | 5.13 | | | | | | 6,167 | | | | | | 5.04 | | | | | | — | | | | | | — | | | | | | 18,144 | | | | | | 5.10 | | |
Total investment securities | | | | $ | 5 | | | | | | 0.68% | | | | | $ | 12,082 | | | | | | 5.13% | | | | | $ | 11,559 | | | | | | 4.20% | | | | | $ | 99,951 | | | | | | 2.62% | | | | | $ | 123,597 | | | | | | 3.02% | | |
|
| | | One Year or Less | | | More than One Year to Five Years | | | More than Five Years to Ten Years | | | More than Ten Years | | | Total | | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 (Dollars in thousands) | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | | Carrying Value | | | Weighted Average Yield | | ||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 51,738 | | | | | | 2.80% | | | | | $ | 51,738 | | | | | | 2.80% | | |
U.S. agency collateralized mortgage obligations | | | | | 5 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | 1,124 | | | | | | 3.26 | | | | | | 2,086 | | | | | | 3.47 | | | | | | 3,215 | | | | | | 3.39 | | |
U.S. government agency securities | | | | | — | | | | | | — | | | | | | 132 | | | | | | 4.61 | | | | | | — | | | | | | — | | | | | | 6,023 | | | | | | 3.96 | | | | | | 6,155 | | | | | | 3.97 | | |
Municipal bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 463 | | | | | | 5.56 | | | | | | 10,045 | | | | | | 3.01 | | | | | | 10,508 | | | | | | 3.12 | | |
Corporate bonds | | | | | 1,888 | | | | | | 1.79 | | | | | | 9,479 | | | | | | 5.35 | | | | | | 6,015 | | | | | | 5.04 | | | | | | — | | | | | | — | | | | | | 17,382 | | | | | | 4.86 | | |
U.S. treasuries securities | | | | | 1,000 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 0.09 | | |
Total investment securities | | | | $ | 2,893 | | | | | | 1.20% | | | | | $ | 9,611 | | | | | | 5.34% | | | | | $ | 7,602 | | | | | | 4.81% | | | | | $ | 69,892 | | | | | | 2.95% | | | | | $ | 89,998 | | | | | | 3.31% | | |
|
| | | At September 30, | | | At June 30, | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2020 | | | 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
One- to four-family | | | | $ | 335,200 | | | | | | 66.29% | | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.98% | | |
Home equity and HELOCs | | | | | 45,364 | | | | | | 8.97 | | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | |
Residential construction | | | | | 13,665 | | | | | | 2.70 | | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | |
Total residential real estate loans | | | | | 394,229 | | | | | | 77.96 | | | | | | 408,768 | | | | | | 79.00 | | | | | | 261,820 | | | | | | 78.46 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Multi-family | | | | | 14,477 | | | | | | 2.86 | | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | |
Commercial non-residential | | | | | 79,969 | | | | | | 15.81 | | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | |
Commercial construction and land | | | | | 7,358 | | | | | | 1.46 | | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | |
Total commercial real estate loans | | | | | 101,804 | | | | | | 20.13 | | | | | | 98,361 | | | | | | 19.01 | | | | | | 69,023 | | | | | | 20.68 | | |
Commercial loans | | | | | 5,958 | | | | | | 1.18 | | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | |
Consumer loans | | | | | 3,670 | | | | | | 0.73 | | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.23 | | |
Total loans | | | | | 505,661 | | | | | | 100.00% | | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | |
Loans in process | | | | | (3,916) | | | | | | | | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | | | | | | |
Unearned loan origination fees | | | | | (530) | | | | | | | | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | |
Allowance for loan losses | | | | | (3,585) | | | | | | | | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | |
Loans, net | | | | $ | 497,630 | | | | | | | | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | |
|
| | | At June 30, | | |||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family | | | | $ | 170,322 | | | | | | 70.00% | | | | | $ | 166,219 | | | | | | 67.82% | | | | | $ | 162,395 | | | | | | 66.26% | | |
Home equity and HELOCS | | | | | 21,158 | | | | | | 8.70 | | | | | | 22,938 | | | | | | 9.36 | | | | | | 24,799 | | | | | | 10.12 | | |
Residential construction | | | | | 11,831 | | | | | | 4.86 | | | | | | 8,836 | | | | | | 3.61 | | | | | | 12,050 | | | | | | 4.92 | | |
Total residential real estate loans | | | | | 203,311 | | | | | | 83.56 | | | | | | 197,993 | | | | | | 80.79 | | | | | | 199,244 | | | | | | 81.30 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | 12,061 | | | | | | 4.96 | | | | | | 12,076 | | | | | | 4.93 | | | | | | 12,539 | | | | | | 5.12 | | |
Commercial non-residential | | | | | 23,759 | | | | | | 9.76 | | | | | | 24,820 | | | | | | 10.13 | | | | | | 26,744 | | | | | | 10.91 | | |
Commercial construction and land | | | | | 3,131 | | | | | | 1.29 | | | | | | 9,120 | | | | | | 3.72 | | | | | | 5,319 | | | | | | 2.17 | | |
Total commercial real estate loans | | | | | 38,951 | | | | | | 16.01 | | | | | | 46,016 | | | | | | 18.78 | | | | | | 44,602 | | | | | | 18.20 | | |
Commercial loans | | | | | 196 | | | | | | 0.08 | | | | | | 129 | | | | | | 0.05 | | | | | | 51 | | | | | | 0.02 | | |
Consumer loans | | | | | 859 | | | | | | 0.35 | | | | | | 947 | | | | | | 0.38 | | | | | | 1,183 | | | | | | 0.48 | | |
Total loans | | | | | 243,317 | | | | | | 100.00% | | | | | | 245,085 | | | | | | 100.00% | | | | | | 245,080 | | | | | | 100.00% | | |
Loans in process | | | | | (5,716) | | | | | | | | | | | | (5,879) | | | | | | | | | | | | (8,896) | | | | | | | | |
Unearned loan origination fees | | | | | (1,074) | | | | | | | | | | | | (1,038) | | | | | | | | | | | | (1,025) | | | | | | | | |
Allowance for loan losses | | | | | (3,138) | | | | | | | | | | | | (3,303) | | | | | | | | | | | | (3,248) | | | | | | | | |
Loans, net | | | | $ | 233,389 | | | | | | | | | | | $ | 234,865 | | | | | | | | | | | $ | 231,911 | | | | | | | | |
September 30, 2020 (Dollars in thousands) | | | One- to Four-Family | | | Home Equity and HELOCs | | | Residential Construction | | | Multi- Family | | | Commercial Non- Residential | | | Commercial Construction and Land | | | Commercial | | | Consumer | | | Total Loans | | |||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less | | | | $ | 976 | | | | | $ | 3,603 | | | | | $ | 8,305 | | | | | $ | 1,251 | | | | | $ | 2,203 | | | | | $ | 1,295 | | | | | $ | 617 | | | | | $ | 732 | | | | | $ | 18,982 | | |
More than 1 – 5 years | | | | | 16,764 | | | | | | 5,319 | | | | | | 5,360 | | | | | | 1,410 | | | | | | 8,497 | | | | | | 6,063 | | | | | | 2,964 | | | | | | 1,117 | | | | | | 47,494 | | |
More than 5 – 10 years | | | | | 50,953 | | | | | | 9,394 | | | | | | — | | | | | | 2,909 | | | | | | 11,882 | | | | | | — | | | | | | 2,377 | | | | | | 77 | | | | | | 77,592 | | |
More than 10 years | | | | | 266,507 | | | | | | 27,048 | | | | | | — | | | | | | 8,907 | | | | | | 57,387 | | | | | | — | | | | | | — | | | | | | 1,744 | | | | | | 361,593 | | |
Total | | | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
|
June 30, 2020 (Dollars in thousands) | | | One- to Four-Family | | | Home Equity and HELOCs | | | Residential Construction | | | Multi- Family | | | Commercial Non- Residential | | | Commercial Construction and Land | | | Commercial | | | Consumer | | | Total Loans | | |||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less | | | | $ | 4,080 | | | | | $ | 1,137 | | | | | $ | 7,773 | | | | | $ | 1,817 | | | | | $ | 5,466 | | | | | $ | 747 | | | | | $ | 934 | | | | | $ | 786 | | | | | $ | 22,740 | | |
More than 1 – 5 years | | | | | 18,510 | | | | | | 5,314 | | | | | | 8,026 | | | | | | 1,734 | | | | | | 8,564 | | | | | | 5,943 | | | | | | 4,069 | | | | | | 1,169 | | | | | | 53,329 | | |
More than 5 – 10 years | | | | | 53,274 | | | | | | 10,063 | | | | | | — | | | | | | 2,755 | | | | | | 12,696 | | | | | | — | | | | | | 1,435 | | | | | | 333 | | | | | | 80,556 | | |
More than 10 years | | | | | 270,051 | | | | | | 30,540 | | | | | | — | | | | | | 8,658 | | | | | | 49,981 | | | | | | — | | | | | | — | | | | | | 1,612 | | | | | | 360,842 | | |
Total | | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | 517,467 | | |
|
| | | Due After September 30, 2021 | | |||||||||||||||
At September 30, 2020 (Dollars in thousands) | | | Fixed Rates | | | Floating or Adjustable Rates | | | Total | | |||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family | | | | $ | 212,050 | | | | | $ | 122,174 | | | | | $ | 334,224 | | |
Home equity and HELOCs | | | | | 17,125 | | | | | | 24,636 | | | | | | 41,761 | | |
Residential construction | | | | | 3,461 | | | | | | 1,899 | | | | | | 5,360 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | 4,261 | | | | | | 8,965 | | | | | | 13,226 | | |
Commercial non-residential | | | | | 30,086 | | | | | | 47,680 | | | | | | 77,766 | | |
Commercial construction and land | | | | | 3,841 | | | | | | 2,222 | | | | | | 6,063 | | |
Commercial loans | | | | | 4,919 | | | | | | 422 | | | | | | 5,341 | | |
Consumer loans | | | | | 1,321 | | | | | | 1,617 | | | | | | 2,938 | | |
Total | | | | $ | 277,064 | | | | | $ | 209,615 | | | | | $ | 486,679 | | |
|
| | | Due After June 30, 2021 | | |||||||||||||||
At June 30, 2020 (Dollars in thousands) | | | Fixed Rates | | | Floating or Adjustable Rates | | | Total | | |||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family | | | | $ | 223,615 | | | | | $ | 118,220 | | | | | $ | 341,835 | | |
Home equity and HELOCs | | | | | 18,513 | | | | | | 27,404 | | | | | | 45,917 | | |
Residential construction | | | | | 5,497 | | | | | | 2,529 | | | | | | 8,026 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | 5,493 | | | | | | 7,654 | | | | | | 13,147 | | |
Commercial non-residential | | | | | 23,163 | | | | | | 48,078 | | | | | | 71,241 | | |
Commercial construction and land | | | | | 4,231 | | | | | | 1,712 | | | | | | 5,943 | | |
| | | Due After June 30, 2021 | | |||||||||||||||
At June 30, 2020 (Dollars in thousands) | | | Fixed Rates | | | Floating or Adjustable Rates | | | Total | | |||||||||
Commercial loans | | | | | 5,072 | | | | | | 432 | | | | | | 5,504 | | |
Consumer loans | | | | | 1,606 | | | | | | 1,508 | | | | | | 3,114 | | |
Total | | | | $ | 287,190 | | | | | $ | 207,537 | | | | | $ | 494,727 | | |
|
| | | At September 30, | | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent of Total Deposits | | | Amount | | | Percent of Total Deposits | | | Amount | | | Percent of Total Deposits | | | Amount | | | Percent of Total Deposits | | ||||||||||||||||||||||||
Checking accounts | | | | $ | 140,146 | | | | | | 24.10% | | | | | $ | 142,223 | | | | | | 25.40% | | | | | $ | 67,547 | | | | | | 24.02% | | | | | $ | 28,278 | | | | | | 15.66% | | |
Money market accounts | | | | | 140,891 | | | | | | 24.23 | | | | | | 129,048 | | | | | | 23.05 | | | | | | 67,648 | | | | | | 24.06 | | | | | | 50,010 | | | | | | 27.68 | | |
Savings and club accounts | | | | | 95,070 | | | | | | 16.35 | | | | | | 94,097 | | | | | | 16.81 | | | | | | 33,172 | | | | | | 11.79 | | | | | | 18,542 | | | | | | 10.26 | | |
Certificates of deposit | | | | | 205,386 | | | | | | 35.32 | | | | | | 194,480 | | | | | | 34.74 | | | | | | 112,839 | | | | | | 40.13 | | | | | | 83,827 | | | | | | 46.40 | | |
Total | | | | $ | 581,493 | | | | | | 100.00% | | | | | $ | 559,848 | | | | | | 100.00% | | | | | $ | 281,206 | | | | | | 100.00% | | | | | $ | 180,657 | | | | | | 100.00% | | |
September 30, 2020 (Dollars in thousands) | | | Certificates of Deposit | | |||
Maturity Period: | | | | | | | |
Three months or less | | | | $ | 18,236 | | |
Over three through six months | | | | | 29,371 | | |
Over six through twelve months | | | | | 16,858 | | |
Over twelve months | | | | | 30,850 | | |
Total | | | | $ | 95,315 | | |
|
June 30, 2020 (Dollars in thousands) | | | Certificates of Deposit | | |||
Maturity Period: | | | | | | | |
Three months or less | | | | $ | 10,243 | | |
Over three through six months | | | | | 16,396 | | |
Over six through twelve months | | | | | 25,260 | | |
Over twelve months | | | | | 32,878 | | |
Total | | | | $ | 84,777 | | |
|
| | | Three Months Ended September 30, 2020 | | | Year Ended June 30, | | ||||||||||||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Beginning balance | | | | $ | 559,848 | | | | | $ | 281,206 | | | | | $ | 281,206 | | | | | $ | 180,657 | | | | | $ | 182,199 | | |
Deposits acquired from Audubon Savings Bank | | | | | — | | | | | | — | | | | | | — | | | | | | 107,180 | | | | | | — | | |
Deposits acquired from Washington Savings Bank | | | | | — | | | | | | — | | | | | | 135,546 | | | | | | — | | | | | | — | | |
Deposits acquired from Fidelity Savings and Loan Association of Bucks County | | | | | — | | | | | | — | | | | | | 66,409 | | | | | | — | | | | | | — | | |
Increase (decrease) before interest credited | | | | | 20,361 | | | | | | 4,288 | | | | | | 72,924 | | | | | | (8,937) | | | | | | (3,028) | | |
Interest credited | | | | | 1,284 | | | | | | 877 | | | | | | 3,763 | | | | | | 2,306 | | | | | | 1,486 | | |
Net increase (decrease) in deposits | | | | | 21,645 | | | | | | 5,165 | | | | | | 278,642 | | | | | | 100,549 | | | | | | (1,542) | | |
Ending balance | | | | $ | 581,493 | | | | | $ | 286,371 | | | | | $ | 559,848 | | | | | $ | 281,206 | | | | | $ | 180,657 | | |
| | | September 30, | | | June 30, | | ||||||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||
Less than 0.50% | | | | $ | 5,058 | | | | | $ | 6,535 | | | | | $ | — | | | | | $ | — | | |
0.50% to 0.99% | | | | | 22,208 | | | | | | 13,598 | | | | | | 9,453 | | | | | | 16,021 | | |
1.00% to 1.49% | | | | | 52,193 | | | | | | 33,320 | | | | | | 26,761 | | | | | | 24,587 | | |
1.50% to 1.99% | | | | | 49,667 | | | | | | 55,299 | | | | | | 19,673 | | | | | | 19,708 | | |
2.00% to 2.99% | | | | | 68,349 | | | | | | 77,850 | | | | | | 54,777 | | | | | | 23,511 | | |
3.00% and greater | | | | | 7,911 | | | | | | 7,878 | | | | | | 2,175 | | | | | | — | | |
Ending balance | | | | $ | 205,386 | | | | | $ | 194,480 | | | | | $ | 112,839 | | | | | $ | 83,827 | | |
| | | Period to Maturity | | | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 (Dollars in thousands) | | | One Year or Less | | | More than One Year to Two Years | | | More than Two Years to Three Years | | | More than Three Years to Four Years | | | More than Four Years | | | Total | | | Percent of Total Certificate Accounts | | |||||||||||||||||||||
Less than 0.50% | | | | $ | 5,049 | | | | | $ | 9 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,058 | | | | | | 2.47% | | |
0.50% to 0.99% | | | | | 15,451 | | | | | | 6,706 | | | | | | 51 | | | | | | — | | | | | | — | | | | | | 22,208 | | | | | | 10.81 | | |
1.00% to 1.49% | | | | | 41,482 | | | | | | 4,364 | | | | | | 3,819 | | | | | | 558 | | | | | | 1,970 | | | | | | 52,193 | | | | | | 25.41 | | |
1.50% to 1.99% | | | | | 30,978 | | | | | | 7,709 | | | | | | 4,060 | | | | | | 2,224 | | | | | | 4,696 | | | | | | 49,667 | | | | | | 24.18 | | |
2.00% to 2.99% | | | | | 34,643 | | | | | | 15,594 | | | | | | 8,094 | | | | | | 4,848 | | | | | | 5,170 | | | | | | 68,349 | | | | | | 33.28 | | |
3.00% and greater | | | | | 972 | | | | | | 1,243 | | | | | | 721 | | | | | | 4,540 | | | | | | 435 | | | | | | 7,911 | | | | | | 3.85 | | |
Total | | | | $ | 128,575 | | | | | $ | 35,625 | | | | | $ | 16,745 | | | | | $ | 12,170 | | | | | $ | 12,271 | | | | | $ | 205,386 | | | | | | 100.00% | | |
|
| | | Period to Maturity | | | ||||||||||||||||||||||||||||||||||||||
June 30, 2020 (Dollars in thousands) | | | One Year or Less | | | More than One Year to Two Years | | | More than Two Years to Three Years | | | More than Three Years to Four Years | | | More than Four Years | | | Total | | | Percent of Total Certificate Accounts | | |||||||||||||||||||||
Less than 0.50% | | | | $ | 6,418 | | | | | $ | 117 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,535 | | | | | | 3.36% | | |
0.50% to 0.99% | | | | | 11,374 | | | | | | 2,168 | | | | | | 56 | | | | | | — | | | | | | — | | | | | | 13,598 | | | | | | 6.99 | | |
1.00% to 1.49% | | | | | 24,513 | | | | | | 5,200 | | | | | | 2,524 | | | | | | 423 | | | | | | 660 | | | | | | 33,320 | | | | | | 17.13 | | |
1.50% to 1.99% | | | | | 27,882 | | | | | | 14,997 | | | | | | 4,321 | | | | | | 2,881 | | | | | | 5,218 | | | | | | 55,299 | | | | | | 28.43 | | |
2.00% to 2.99% | | | | | 42,465 | | | | | | 13,731 | | | | | | 10,118 | | | | | | 5,546 | | | | | | 5,990 | | | | | | 77,850 | | | | | | 40.03 | | |
3.00% and greater | | | | | 944 | | | | | | 860 | | | | | | 1,066 | | | | | | 4,576 | | | | | | 432 | | | | | | 7,878 | | | | | | 4.06 | | |
Total | | | | $ | 113,596 | | | | | $ | 37,073 | | | | | $ | 18,085 | | | | | $ | 13,426 | | | | | $ | 12,300 | | | | | $ | 194,480 | | | | | | 100.00% | | |
| | | At September 30, | | | Year Ended June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Average Balance | | | Percent | | | Weighted Average Cost | | | Average Balance | | | Percent | | | Weighted Average Cost | | | Average Balance | | | Percent | | | Weighted Average Cost | | | Average Balance | | | Percent | | | Weighted Average Cost | | ||||||||||||||||||||||||||||||||||||
Non-interest bearing checking accounts | | | | $ | 41,145 | | | | | | 7.19% | | | | | | —% | | | | | $ | 20,311 | | | | | | 5.93% | | | | | | —% | | | | | $ | 11,901 | | | | | | 4.29% | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | | —% | | |
Interest-bearing checking accounts | | | | | 101,272 | | | | | | 17.69 | | | | | | 0.20 | | | | | | 63,389 | | | | | | 18.52 | | | | | | 0.13 | | | | | | 56,605 | | | | | | 20.38 | | | | | | 0.09 | | | | | | 27,577 | | | | | | 15.14 | | | | | | 0.06 | | |
Money market deposit accounts | | | | | 136,543 | | | | | | 23.85 | | | | | | 0.96 | | | | | | 88,965 | | | | | | 25.99 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 23.18 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 26.35 | | | | | | 0.44 | | |
Savings and club accounts | | | | | 94,586 | | | | | | 16.52 | | | | | | 0.18 | | | | | | 42,044 | | | | | | 12.28 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 14.17 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 11.77 | | | | | | 0.15 | | |
Certificates of deposit | | | | | 198,933 | | | | | | 34.75 | | | | | | 1.33 | | | | | | 127,553 | | | | | | 37.28 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 37.98 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 46.74 | | | | | | 1.44 | | |
Total | | | | $ | 572,479 | | | | | | 100.00% | | | | | | 0.76% | | | | | $ | 342,262 | | | | | | 100.00% | | | | | | 1.05% | | | | | $ | 277,687 | | | | | | 100.00% | | | | | | 0.83% | | | | | $ | 182,159 | | | | | | 100.00% | | | | | | 0.82% | | |
|
| | | At or For the Three Months Ended September 30, | | | At or For the Year Ended June 30, | | ||||||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||
Maximum amount outstanding at any month-end during period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances | | | | $ | 64,854 | | | | | $ | 65,922 | | | | | $ | 51,500 | | | | | $ | 65,500 | | |
Average outstanding balance during period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances | | | | $ | 52,608 | | | | | $ | 58,401 | | | | | $ | 48,772 | | | | | $ | 57,503 | | |
Weighted average interest rate during period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances | | | | | 2.73% | | | | | | 2.42% | | | | | | 2.65% | | | | | | 2.95% | | |
Balance outstanding at end of period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances | | | | $ | 41,000 | | | | | $ | 64,892 | | | | | $ | 50,000 | | | | | $ | 51,500 | | |
Weighted average interest rate at end of period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances | | | | | 2.55% | | | | | | 2.53% | | | | | | 2.58% | | | | | | 2.71% | | |
| | | Three Months Ended September 30, | | |||||||||||||||||||||
| | | | | | | | | | | | | | | Change Fiscal 2020/2019 | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | $ | | | % | | ||||||||||||
Net interest income | | | | $ | 5,217 | | | | | $ | 3,373 | | | | | $ | 1,844 | | | | | | 54.67% | | |
Provision for loan losses | | | | | 66 | | | | | | — | | | | | | 66 | | | | | | 100.00 | | |
Non-interest income | | | | | 400 | | | | | | 347 | | | | | | 53 | | | | | | 15.27 | | |
Non-interest expenses | | | | | 4,735 | | | | | | 2,646 | | | | | | 2,089 | | | | | | 78.95 | | |
Income tax expense | | | | | 146 | | | | | | 220 | | | | | | (74) | | | | | | (33.64) | | |
Net income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | (184) | | | | | | (21.55)% | | |
Return on average assets | | | | | 0.36% | | | | | | 0.82% | | | | | | | | | | | | | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)(1) | | | | | 0.45 | | | | | | 0.82 | | | | | | | | | | | | | | |
Return on average equity | | | | | 2.80 | | | | | | 4.52 | | | | | | | | | | | | | | |
Return on average equity (excluding merger charges, gain on bargain purchase and prepayment penalties)(1) | | | | | 3.47 | | | | | | 4.52 | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Service fees | | | | $ | 183 | | | | | $ | 139 | | |
Gain on sale of securities | | | | | — | | | | | | 93 | | |
Earnings on bank-owned life insurance | | | | | 112 | | | | | | 83 | | |
Gain on sale of premises and equipment | | | | | 15 | | | | | | — | | |
Other | | | | | 90 | | | | | | 32 | | |
Total | | | | $ | 400 | | | | | $ | 347 | | |
| | | Three Months Ended September 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Salaries and employee benefits | | | | $ | 2,554 | | | | | $ | 1,571 | | |
Occupancy and equipment | | | | | 759 | | | | | | 295 | | |
Data processing | | | | | 422 | | | | | | 304 | | |
Professional fees | | | | | 188 | | | | | | 102 | | |
Amortization of intangible assets | | | | | 64 | | | | | | 59 | | |
Prepayment penalties. | | | | | 161 | | | | | | — | | |
Other | | | | | 587 | | | | | | 315 | | |
Total | | | | $ | 4,735 | | | | | $ | 2,646 | | |
| | | Year Ended June 30, | | |||||||||||||||||||||
| | | | | | | | | | | | | | | Change Fiscal 2020/2019 | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | $ | | | % | | ||||||||||||
Net interest income | | | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 569 | | | | | | 4.00% | | |
Provision for loan losses | | | | | 626 | | | | | | 88 | | | | | | 538 | | | | | | 611.36 | | |
Non-interest income | | | | | 2,160 | | | | | | 1,127 | | | | | | 1,033 | | | | | | 91.66 | | |
Non-interest expenses | | | | | 15,392 | | | | | | 10,453 | | | | | | 4,939 | | | | | | 47.25 | | |
Income tax (benefit) expense | | | | | (387) | | | | | | 1,060 | | | | | | (1,447) | | | | | | (136.51) | | |
Net income | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | (2,428) | | | | | | (64.64)% | | |
Return on average assets | | | | | 0.27% | | | | | | 0.92% | | | | | | | | | | | | | | |
Return on average assets (excluding merger charges and gain on bargain purchase)(1) | | | | | 0.79 | | | | | | 1.11 | | | | | | | | | | | | | | |
Return on average equity | | | | | 1.64 | | | | | | 5.01 | | | | | | | | | | | | | | |
Return on average equity (excluding merger charges and gain on bargain purchase)(1) | | | | | 4.78 | | | | | | 6.08 | | | | | | | | | | | | | | |
| | | Year Ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Service fees | | | | $ | 569 | | | | | $ | 483 | | |
Realized losses on sale of real estate owned, net | | | | | — | | | | | | (30) | | |
Gain on sale of loans | | | | | — | | | | | | 12 | | |
Gain on sale of securities | | | | | 238 | | | | | | 140 | | |
Earnings on bank-owned life insurance | | | | | 347 | | | | | | 327 | | |
Gain on bargain purchase | | | | | 746 | | | | | | — | | |
Other | | | | | 260 | | | | | | 195 | | |
Total | | | | $ | 2,160 | | | | | $ | 1,127 | | |
| | | Year Ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Salaries and employee benefits | | | | $ | 6,855 | | | | | $ | 6,438 | | |
Occupancy and equipment | | | | | 1,784 | | | | | | 1,096 | | |
Data processing | | | | | 1,155 | | | | | | 692 | | |
Professional fees | | | | | 451 | | | | | | 277 | | |
Merger-related expenses | | | | | 3,294 | | | | | | 796 | | |
Amortization of intangible assets | | | | | 242 | | | | | | 260 | | |
Other | | | | | 1,611 | | | | | | 894 | | |
Total | | | | $ | 15,392 | | | | | $ | 10,453 | | |
| | | Year Ended June 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | |||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Loans(1) | | | | $ | 366,372 | | | | | $ | 17,914 | | | | | | 4.89% | | | | | $ | 330,102 | | | | | $ | 16,595 | | | | | | 5.03% | | | | | $ | 237,950 | | | | | $ | 10,992 | | | | | | 4.62% | | |
Investment securities(2) | | | | | 56,755 | | | | | | 1,557 | | | | | | 2.74 | | | | | | 17,181 | | | | | | 415 | | | | | | 2.42 | | | | | | 8,569 | | | | | | 317 | | | | | | 3.70 | | |
Other interest-earning assets | | | | | 25,373 | | | | | | 346 | | | | | | 1.36 | | | | | | 30,899 | | | | | | 811 | | | | | | 2.62 | | | | | | 45,585 | | | | | | 866 | | | | | | 1.90 | | |
Total interest-earning assets | | | | | 448,500 | | | | | | 19,817 | | | | | | 4.42 | | | | | | 378,182 | | | | | | 17,821 | | | | | | 4.71 | | | | | | 292,104 | | | | | | 12,175 | | | | | | 4.17 | | |
Non-interest-earning assets | | | | | 42,481 | | | | | | | | | | | | | | | | | | 30,960 | | | | | | | | | | | | | | | | | | 15,028 | | | | | | | | | | | | | | |
Total assets | | | | $ | 490,981 | | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts | | | | $ | 63,389 | | | | | | 82 | | | | | | 0.13% | | | | | $ | 56,605 | | | | | | 53 | | | | | | 0.09% | | | | | $ | 27,577 | | | | | | 16 | | | | | | 0.06% | | |
Money market deposit accounts | | | | | 88,965 | | | | | | 1,136 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 524 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 209 | | | | | | 0.44 | | |
Savings and club accounts | | | | | 42,044 | | | | | | 67 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 48 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 33 | | | | | | 0.15 | | |
Certificates of deposit | | | | | 127,553 | | | | | | 2,319 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 1,672 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 1,228 | | | | | | 1.44 | | |
Total interest-bearing deposits | | | | | 321,951 | | | | | | 3,604 | | | | | | 1.12 | | | | | | 265,786 | | | | | | 2,297 | | | | | | 0.86 | | | | | | 182,159 | | | | | | 1,486 | | | | | | 0.82 | | |
FHLB advances | | | | | 58,401 | | | | | | 1,414 | | | | | | 2.42 | | | | | | 48,772 | | | | | | 1,294 | | | | | | 2.65 | | | | | | 57,503 | | | | | | 1,696 | | | | | | 2.95 | | |
|
| | Year Ended June 30, | | | Three Months Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2020 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Average Balance | | Interest and Dividends | | Yield/ Cost | | Average Balance | | Interest and Dividends | | Yield/ Cost | | Average Balance | | Interest and Dividends | | Yield/ Cost | | | Average Balance | | Interest and Dividends | | Yield/ Cost | | Average Balance | | Interest and Dividends | | Yield/ Cost | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(1) | | | $ | 504,463 | | | | $ | 5,893 | | | | | 4.67% | | | | $ | 329,964 | | | | $ | 4,151 | | | | | 5.03% | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(2) | | | | 109,663 | | | | | 653 | | | | | 2.53 | | | | | 30,828 | | | | | 273 | | | | | 3.54 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | | | | 63,051 | | | | | 111 | | | | | 0.70 | | | | | 22,821 | | | | | 152 | | | | | 2.66 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | | | | 677,177 | | | | | 6,657 | | | | | 3.96 | | | | | 383,613 | | | | | 4,576 | | | | | 4.77 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-earning assets | | | | 58,669 | | | | | | | | | | | | | | | 34,156 | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 735,846 | | | | | | | | | | | | | | $ | 417,769 | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts | | | $ | 101,272 | | | | | 51 | | | | | 0.20% | | | | $ | 55,394 | | | | | 16 | | | | | 0.12% | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | | | | 136,543 | | | | | 326 | | | | | 0.96 | | | | | 70,500 | | | | | 287 | | | | | 1.63 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and club accounts | | | | 94,586 | | | | | 43 | | | | | 0.18 | | | | | 32,105 | | | | | 12 | | | | | 0.15 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | | | | 198,933 | | | | | 661 | | | | | 1.33 | | | | | 113,628 | | | | | 558 | | | | | 1.96 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | | | | 531,334 | | | | | 1,081 | | | | | 0.81 | | | | | 271,627 | | | | | 873 | | | | | 1.29 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | | | | 52,608 | | | | | 359 | | | | | 2.73 | | | | | 50,000 | | | | | 330 | | | | | 2.64 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | | | | 380,352 | | | | | 5,018 | | | | | 1.32 | | | | | 314,558 | | | | | 3,591 | | | | | 1.14 | | | | | 239,662 | | | | | 3,182 | | | | | 1.33 | | | | | | 583,942 | | | | | 1,440 | | | | | 0.99 | | | | | 321,627 | | | | | 1,203 | | | | | 1.50 | | | |||||||||||||||
Non-interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | | | | 20,311 | | | | | | | | | | | | | | | 11,901 | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | 41,145 | | | | | | | | | | | | | | | 13,049 | | | | | | | | | | | | | |||||||||||||||
Other non-interest-bearing liabilities | | | | 9,196 | | | | | | | | | | | | | | | 7,771 | | | | | | | | | | | | | | | 6,201 | | | | | | | | | | | | | | | | 14,938 | | | | | | | | | | | | �� | | | | 7,471 | | | | | | | | | | | | | ||||||||||||||
Total liabilities | | | | 409,859 | | | | | | | | | | | | | | | 334,230 | | | | | | | | | | | | | | | 245,863 | | | | | | | | | | | | | | | | 640,025 | | | | | | | | | | | | | | | 342,147 | | | | | | | | | | | | | |||||||||||||||
Total equity | | | | 81,122 | | | | | | | | | | | | | | | 74,912 | | | | | | | | | | | | | | | 61,269 | | | | | | | | | | | | | | | | 95,821 | | | | | | | | | | | | | | | 75,622 | | | | | | | | | | | | | |||||||||||||||
Total liabilities and equity | | | $ | 490,981 | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | | | | $ | 735,846 | | | | | | | | | | | | | | | | $ | 417,769 | | | | | | | | | | | | | | | |||||
Net interest income | | | | | | | | $ | 14,799 | | | | | | | | | | | | | | $ | 14,230 | | | | | | | | | | | | | | $ | 8,993 | | | | | | | | | | | | | | | $ | 5,217 | | | | | | | | | | | | | | $ | 3,373 | | | | | | | | |||||||||||||||
Interest rate spread(3) | | | | | | | | | 3.10% | | | | | | | | | | | | | | | 3.57% | | | | | | | | | | | | | | | 2.84% | | | | | | | | | | | | | | | | 2.96% | | | | | | | | | | | | | | | 3.27% | | | | | | | | |||||||||||||||
Net interest-earning assets(4) | | | $ | 68,148 | | | | | | | | | | | | | | $ | 63,624 | | | | | | | | | | | | | | $ | 52,442 | | | | | | | | | | | | | | | $ | 93,235 | | | | | | | | | | | | | | $ | 61,986 | | | | | | | | | | | | | |||||||||||||||
Net interest margin(5) | | | | | | | | | 3.30% | | | | | | | | | | | | | | | 3.76% | | | | | | | | | | | | | | | 3.08% | | | | | | | | | | | | | | | | 3.11% | | | | | | | | | | | | | | | 3.52% | | | | | | | | |||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | | | | 117.92% | | | | | | | | | | | | | | | 120.23% | | | | | | | | | | | | | | | 121.88% | | | | | | | | | | | | | | | | 115.97% | | | | | | | | | | | | | | | 119.27% | | | | | | | | | | | | |
| | | Year Ended June 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | |||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Loans(1) | | | | $ | 366,372 | | | | | $ | 17,914 | | | | | | 4.89% | | | | | $ | 330,102 | | | | | $ | 16,595 | | | | | | 5.03% | | | | | $ | 237,950 | | | | | $ | 10,992 | | | | | | 4.62% | | |
Investment securities(2) | | | | | 56,755 | | | | | | 1,557 | | | | | | 2.74 | | | | | | 17,181 | | | | | | 415 | | | | | | 2.42 | | | | | | 8,569 | | | | | | 317 | | | | | | 3.70 | | |
Other interest-earning assets | | | | | 25,373 | | | | | | 346 | | | | | | 1.36 | | | | | | 30,899 | | | | | | 811 | | | | | | 2.62 | | | | | | 45,585 | | | | | | 866 | | | | | | 1.90 | | |
Total interest-earning assets | | | | | 448,500 | | | | | | 19,817 | | | | | | 4.42 | | | | | | 378,182 | | | | | | 17,821 | | | | | | 4.71 | | | | | | 292,104 | | | | | | 12,175 | | | | | | 4.17 | | |
Non-interest-earning assets | | | | | 42,481 | | | | | | | | | | | | | | | | | | 30,960 | | | | | | | | | | | | | | | | | | 15,028 | | | | | | | | | | | | | | |
Total assets | | | | $ | 490,981 | | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts | | | | $ | 63,389 | | | | | | 82 | | | | | | 0.13% | | | | | $ | 56,605 | | | | | | 53 | | | | | | 0.09% | | | | | $ | 27,577 | | | | | | 16 | | | | | | 0.06% | | |
Money market deposit accounts | | | | | 88,965 | | | | | | 1,136 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 524 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 209 | | | | | | 0.44 | | |
| | | Year Ended June 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | | Average Balance | | | Interest and Dividends | | | Yield/ Cost | | |||||||||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Savings and club accounts | | | | | 42,044 | | | | | | 67 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 48 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 33 | | | | | | 0.15 | | |
Certificates of deposit | | | | | 127,553 | | | | | | 2,319 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 1,672 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 1,228 | | | | | | 1.44 | | |
Total interest-bearing deposits | | | | | 321,951 | | | | | | 3,604 | | | | | | 1.12 | | | | | | 265,786 | | | | | | 2,297 | | | | | | 0.86 | | | | | | 182,159 | | | | | | 1,486 | | | | | | 0.82 | | |
FHLB advances | | | | | 58,401 | | | | | | 1,414 | | | | | | 2.42 | | | | | | 48,772 | | | | | | 1,294 | | | | | | 2.65 | | | | | | 57,503 | | | | | | 1,696 | | | | | | 2.95 | | |
Total interest-bearing liabilities | | | | | 380,352 | | | | | | 5,018 | | | | | | 1.32 | | | | | | 314,558 | | | | | | 3,591 | | | | | | 1.14 | | | | | | 239,662 | | | | | | 3,182 | | | | | | 1.33 | | |
Non-interest-bearing liabilities: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | | | | | 20,311 | | | | | | | | | | | | | | | | | | 11,901 | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | |
Other non-interest-bearing liabilities | | | | | 9,196 | | | | | | | | | | | | | | | | | | 7,771 | | | | | | | | | | | | | | | | | | 6,201 | | | | | | | | | | | | | | |
Total liabilities | | | | | 409,859 | | | | | | | | | | | | | | | | | | 334,230 | | | | | | | | | | | | | | | | | | 245,863 | | | | | | | | | | | | | | |
Total equity | | | | | 81,122 | | | | | | | | | | | | | | | | | | 74,912 | | | | | | | | | | | | | | | | | | 61,269 | | | | | | | | | | | | | | |
Total liabilities and equity | | | | $ | 490,981 | | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | |
Net interest income | | | | | | | | | | $ | 14,799 | | | | | | | | | | | | | | | | | $ | 14,230 | | | | | | | | | | | | | | | | | $ | 8,993 | | | | | | | | |
Interest rate spread(3) | | | | | | | | | | | 3.10% | | | | | | | | | | | | | | | | | | 3.57% | | | | | | | | | | | | | | | | | | 2.84% | | | | | | | | |
Net interest-earning assets(4) | | | | $ | 68,148 | | | | | | | | | | | | | | | | | $ | 63,624 | | | | | | | | | | | | | | | | | $ | 52,442 | | | | | | | | | | | | | | |
Net interest margin(5) | | | | | | | | | | | 3.30% | | | | | | | | | | | | | | | | | | 3.76% | | | | | | | | | | | | | | | | | | 3.08% | | | | | | | | |
Ratio of interest-earning assets to interest-bearing liabilities | | | | | 117.92% | | | | | | | | | | | | | | | | | | 120.23% | | | | | | | | | | | | | | | | | | 121.88% | | | | | | | | | | | | | | |
| | | Three Months Ended 09/30/2020 Compared to Three Months Ended 09/30/2019 | | | Year Ended 06/30/2020 Compared to Year Ended 06/30/2019 | | | Year Ended 06/30/2019 Compared to Year Ended 06/30/2018 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Increase (Decrease) Due to | | | Increase (Decrease) Due to | | | Increase (Decrease) Due to | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Volume | | | Rate | | | Total | | | Volume | | | Rate | | | Total | | | Volume | | | Rate | | | Total | | |||||||||||||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Loans | | | | $ | 2,057 | | | | | $ | (315) | | | | | $ | 1,742 | | | | | $ | 1,783 | | | | | $ | (464) | | | | | $ | 1,319 | | | | | $ | 4,744 | | | | | $ | 859 | | | | | $ | 5,603 | | |
Investment securities | | | | | 496 | | | | | | (116) | | | | | | 380 | | | | | | 1,094 | | | | | | 48 | | | | | | 1,142 | | | | | | 236 | | | | | | (138) | | | | | | 98 | | |
Other interest-earning assets | | | | | 129 | | | | | | (170) | | | | | | (41) | | | | | | (186) | | | | | | (279) | | | | | | (465) | | | | | | (328) | | | | | | 273 | | | | | | (55) | | |
Total interest-earning assets | | | | | 2,682 | | | | | | (601) | | | | | | 2,081 | | | | | | 2,691 | | | | | | (695) | | | | | | 1,996 | | | | | | 4,652 | | | | | | 994 | | | | | | 5,646 | | |
Interest expense: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts | | | | | 118 | | | | | | (83) | | | | | | 35 | | | | | | 5 | | | | | | 24 | | | | | | 29 | | | | | | 41 | | | | | | (4) | | | | | | 37 | | |
Money market deposit accounts | | | | | 192 | | | | | | (153) | | | | | | 39 | | | | | | (32) | | | | | | 644 | | | | | | 612 | | | | | | 31 | | | | | | 284 | | | | | | 315 | | |
Savings and club accounts | | | | | 29 | | | | | | 2 | | | | | | 31 | | | | | | 3 | | | | | | 15 | | | | | | 18 | | | | | | 23 | | | | | | (8) | | | | | | 15 | | |
Certificates of deposit | | | | | 324 | | | | | | (221) | | | | | | 103 | | | | | | 524 | | | | | | 124 | | | | | | 648 | | | | | | 343 | | | | | | 101 | | | | | | 444 | | |
Total interest-bearing deposits | | | | | 663 | | | | | | (455) | | | | | | 208 | | | | | | 500 | | | | | | 807 | | | | | | 1,307 | | | | | | 438 | | | | | | 373 | | | | | | 811 | | |
FHLB advances | | | | | 19 | | | | | | 10 | | | | | | 29 | | | | | | 240 | | | | | | (120) | | | | | | 120 | | | | | | (183) | | | | | | (219) | | | | | | (402) | | |
Total interest-bearing liabilities | | | | | 682 | | | | | | (445) | | | | | | 237 | | | | | | 740 | | | | | | 687 | | | | | | 1,427 | | | | | | 255 | | | | | | 154 | | | | | | 409 | | |
Net change in net interest income | | | | $ | 2,000 | | | | | $ | (156) | | | | | $ | 1,844 | | | | | $ | 1,951 | | | | | $ | (1,382) | | | | | $ | 569 | | | | | $ | 4,397 | | | | | $ | 840 | | | | | $ | 5,237 | | |
|
| | | Year Ended 06/30/2020 Compared to Year Ended 06/30/2019 | | | Year Ended 06/30/2019 Compared to Year Ended 06/30/2018 | | ||||||||||||||||||||||||||||||
| | | Increase (Decrease) Due to | | | Increase (Decrease) Due to | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Volume | | | Rate | | | Total | | | Volume | | | Rate | | | Total | | ||||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans | | | | $ | 1,783 | | | | | $ | (464) | | | | | $ | 1,319 | | | | | $ | 4,744 | | | | | $ | 859 | | | | | $ | 5,603 | | |
Investment securities | | | | | 1,094 | | | | | | 48 | | | | | | 1,142 | | | | | | 236 | | | | | | (138) | | | | | | 98 | | |
Other interest-earning assets | | | | | (186) | | | | | | (279) | | | | | | (465) | | | | | | (328) | | | | | | 273 | | | | | | (55) | | |
Total interest-earning assets | | | | | 2,691 | | | | | | (695) | | | | | | 1,996 | | | | | | 4,652 | | | | | | 994 | | | | | | 5,646 | | |
Interest expense: | | | | | | | | ||||||||||||||||||||||||||||||
Interest-bearing accounts | | | | | 5 | | | | | | 24 | | | | | | 29 | | | | | | 41 | | | | | | (4) | | | | | | 37 | | |
Money market deposit accounts | | | | | (32) | | | | | | 644 | | | | | | 612 | | | | | | 31 | | | | | | 284 | | | | | | 315 | | |
Savings and club accounts | | | | | 3 | | | | | | 15 | | | | | | 18 | | | | | | 23 | | | | | | (8) | | | | | | 15 | | |
Certificates of deposits | | | | | 524 | | | | | | 124 | | | | | | 648 | | | | | | 343 | | | | | | 101 | | | | | | 444 | | |
Total interest-bearing deposits | | | | | 500 | | | | | | 807 | | | | | | 1,307 | | | | | | 438 | | | | | | 373 | | | | | | 811 | | |
FHLB advances | | | | | 240 | | | | | | (120) | | | | | | 120 | | | | | | (183) | | | | | | (219) | | | | | | (402) | | |
Total interest-bearing liabilities | | | | | 740 | | | | | | 687 | | | | | | 1,427 | | | | | | 255 | | | | | | 154 | | | | | | 409 | | |
Net change in net interest income | | | | $ | 1,951 | | | | | $ | (1,382) | | | | | $ | 569 | | | | | $ | 4,397 | | | | | $ | 840 | | | | | $ | 5,237 | | |
| | At June 30, | | | At September 30, | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | | 2020 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
One- to four-family | | | $ | 2,353 | | | | $ | 1,270 | | | | $ | 1,100 | | | | $ | 2,559 | | | | $ | 969 | | | | | $ | 3,284 | | | | $ | 2,353 | | | | $ | 1,270 | | | | $ | 1,100 | | | | $ | 2,559 | | | | $ | 969 | | | |||||||||||
Home equity and HELOCs | | | | 384 | | | | | 385 | | | | | 41 | | | | | 103 | | | | | 10 | | | | | | 473 | | | | | 384 | | | | | 385 | | | | | 41 | | | | | 103 | | | | | 10 | | | |||||||||||
Residential construction | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||
Total residential real estate loans | | | | 2,737 | | | | | 1,655 | | | | | 1,141 | | | | | 2,662 | | | | | 979 | | | | | | 3,757 | | | | | 2,737 | | | | | 1,655 | | | | | 1,141 | | | | | 2,662 | | | | | 979 | | | |||||||||||
Commercial real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | 185 | | | | | 189 | | | | | — | | | | | — | | | | | — | | | | | | 184 | | | | | 185 | | | | | 189 | | | | | — | | | | | — | | | | | — | | | |||||||||||
Commercial non-residential | | | | 135 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 689 | | | | | 135 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||
Commercial construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||
Total commercial real estate loans | | | | 320 | | | | | 189 | | | | | — | | | | | — | | | | | — | | | | | | 873 | | | | | 320 | | | | | 189 | | | | | — | | | | | — | | | | | — | | | |||||||||||
Commercial loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans | | | | 115 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | | | | 3,172 | | | | | 1,844 | | | | | 1,141 | | | | | 2,662 | | | | | 979 | | | ||||||||||||||||||||||||||||||||||||||||||
Accruing loans past due 90 days or more: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | | | | — | | | | | 7 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
Home equity and HELOCs | | | | 90 | | | | | 140 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
Residential construction | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
Total residential real estate loans | | | | 90 | | | | | 147 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||
Commercial non-residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | At June 30, | | | At September 30, | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | | 2020 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Consumer loans | | | | 145 | | | | | 115 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Total non-accrual loans | | | | 4,775 | | | | | 3,172 | | | | | 1,844 | | | | | 1,141 | | | | | 2,662 | | | | | 979 | | | |||||||||||||||||||||||||||||||||||||
Accruing loans past due 90 days or more: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | | | | — | | | | | — | | | | | 7 | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Home equity and HELOCs | | | | — | | | | | 90 | | | | | 140 | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Residential construction | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Total residential real estate loans | | | | — | | | | | 90 | | | | | 147 | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Commercial real estate loans: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Commercial non-residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||
Commercial construction and land | | | | — | | | | | — | | | | | 3,001 | | | | | 3,001 | | | | | 3,001 | | | | | | — | | | | | — | | | | | — | | | | | 3,001 | | | | | 3,001 | | | | | 3,001 | | | |||||||||||
Total commercial real estate loans | | | | — | | | | | — | | | | | 3,001 | | | | | 3,001 | | | | | 3,001 | | | | | | — | | | | | — | | | | | — | | | | | 3,001 | | | | | 3,001 | | | | | 3,001 | | | |||||||||||
Commercial loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||
Consumer loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||
Total accruing loans past due 90 days or more | | | | 90 | | | | | 147 | | | | | 3,001 | | | | | 3,001 | | | | | 3,001 | | | | | | — | | | | | 90 | | | | | 147 | | | | | 3,001 | | | | | 3,001 | | | | | 3,001 | | | |||||||||||
Total non-performing loans | | | | 3,262 | | | | | 1,991 | | | | | 4,142 | | | | | 5,663 | | | | | 3,980 | | | | | | 4,775 | | | | | 3,262 | | | | | 1,991 | | | | | 4,142 | | | | | 5,663 | | | | | 3,980 | | | |||||||||||
Real estate owned | | | | 100 | | | | | — | | | | | 135 | | | | | 69 | | | | | 755 | | | | | | 100 | | | | | 100 | | | | | — | | | | | 135 | | | | | 69 | | | | | 755 | | | |||||||||||
Total non-performing assets | | | $ | 3,362 | | | | $ | 1,991 | | | | $ | 4,277 | | | | $ | 5,732 | | | | $ | 4,735 | | | | | $ | 4,875 | | | | $ | 3,362 | | | | $ | 1,991 | | | | $ | 4,277 | | | | $ | 5,732 | | | | $ | 4,735 | | | |||||||||||
Total non-performing loans to total loans | | | | 0.64% | | | | | 0.60% | | | | | 1.75% | | | | | 2.38% | | | | | 1.69% | | | | | | 0.95% | | | | | 0.64% | | | | | 0.60% | | | | | 1.75% | | | | | 2.38% | | | | | 1.69% | | | |||||||||||
Total non-performing assets to total assets | | | | 0.46 | | | | | 0.48 | | | | | 1.42 | | | | | 1.81 | | | | | 1.51 | | | | | | 0.67% | | | | | 0.46 | | | | | 0.48 | | | | | 1.42 | | | | | 1.81 | | | | | 1.51 | | | |||||||||||
|
| | At June 30, | | | At September 30, | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2020 | | 2019 | | | 2020 | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Days Past Due | | Days Past Due | | | Days Past Due | | Days Past Due | | Days Past Due | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | 30-59 | | 60-89 | | 90 or more | | 30-59 | | 60-89 | | 90 or more | | | 30-59 | | 60-89 | | 90 or more | | 30-59 | | 60-89 | | 90 or more | | 30-59 | | 60-89 | | 90 or more | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
One- to four-family | | | $ | 235 | | | | $ | 1,020 | | | | $ | 1,477 | | | | $ | — | | | | $ | 807 | | | | $ | 1,038 | | | | | $ | 2,011 | | | | $ | 203 | | | | $ | 1,541 | | | | $ | 235 | | | | $ | 1,020 | | | | $ | 1,477 | | | | $ | — | | | | $ | 807 | | | | $ | 1,038 | | | |||||||||||||||
Home equity and HELOCs | | | | 126 | | | | | 101 | | | | | 181 | | | | | 246 | | | | | 59 | | | | | 315 | | | | | | 492 | | | | | — | | | | | 181 | | | | | 126 | | | | | 101 | | | | | 181 | | | | | 246 | | | | | 59 | | | | | 315 | | | |||||||||||||||
Residential construction | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | 515 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | 465 | | | | | 185 | | | | | — | | | | | 394 | | | | | 189 | | | | | | — | | | | | — | | | | | 184 | | | | | — | | | | | 465 | | | | | 185 | | | | | — | | | | | 394 | | | | | 189 | | | |||||||||||||||
Commercial non-residential | | | | 100 | | | | | 507 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 505 | | | | | 54 | | | | | — | | | | | 100 | | | | | 507 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||
Commercial construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||
Commercial loans. | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||
Consumer loans | | | | 3 | | | | | 21 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 123 | | | | | 20 | | | | | 30 | | | | | 3 | | | | | 21 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||
Total | | | $ | 464 | | | | $ | 2,114 | | | | $ | 1,843 | | | | $ | 246 | | | | $ | 1,260 | | | | $ | 1,542 | | | | | $ | 3,131 | | | | $ | 792 | | | | $ | 1,936 | | | | $ | 464 | | | | $ | 2,114 | | | | $ | 1,843 | | | | $ | 246 | | | | $ | 1,260 | | | | $ | 1,542 | | | |
| | | At June 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Days Past Due | | | Days Past Due | | | Days Past Due | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | 30-59 | | | 60-89 | | | 90 or more | | | 30-59 | | | 60-89 | | | 90 or more | | | 30-59 | | | 60-89 | | | 90 or more | | |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | | | | $ | 647 | | | | | $ | 21 | | | | | $ | 1,100 | | | | | $ | 945 | | | | | $ | 368 | | | | | $ | 2,559 | | | | | $ | 2,073 | | | | | $ | 912 | | | | | $ | 969 | | |
Home equity and second Mortgages | | | | | 87 | | | | | | 89 | | | | | | 41 | | | | | | 89 | | | | | | — | | | | | | 103 | | | | | | 79 | | | | | | 89 | | | | | | 10 | | |
Residential construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | — | | | | | | — | | | | | | 3,001 | | |
Commercial loans.. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 734 | | | | | $ | 110 | | | | | $ | 4,142 | | | | | $ | 1,034 | | | | | $ | 368 | | | | | $ | 5,663 | | | | | $ | 2,152 | | | | | $ | 1,001 | | | | | $ | 3,980 | | |
|
| | At June 30, | | | At September 30, | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | | 2020 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||
Classified loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Substandard | | | $ | 3,354 | | | | $ | 2,653 | | | | $ | 7,467 | | | | $ | 9,578 | | | | $ | 8,008 | | | | | $ | 4,275 | | | | $ | 3,354 | | | | $ | 2,653 | | | | $ | 7,467 | | | | $ | 9,578 | | | | $ | 8,008 | | | |||||||||||
Doubtful | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||
Loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||
Total classified loans | | | | 3,354 | | | | | 2,653 | | | | | 7,467 | | | | | 9,578 | | | | | 8,008 | | | | | | 4,275 | | | | | 3,354 | | | | | 2,653 | | | | | 7,467 | | | | | 9,578 | | | | | 8,008 | | | |||||||||||
Special mention | | | | 1,310 | | | | | 1,138 | | | | | 413 | | | | | 438 | | | | | 459 | | | | | | 1,791 | | | | | 1,310 | | | | | 1,138 | | | | | 413 | | | | | 438 | | | | | 459 | | | |||||||||||
Total criticized loans(1) | | | $ | 4,664 | | | | $ | 3,791 | | | | $ | 7,880 | | | | $ | 10,016 | | | | $ | 8,467 | | | | | $ | 6,066 | | | | $ | 4,664 | | | | $ | 3,791 | | | | $ | 7,880 | | | | $ | 10,016 | | | | $ | 8,467 | | |
| | At June 30, | | | At September 30, | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2020 | | 2019 | | | 2020 | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | | | $ | 1,483 | | | | | 42.14% | | | | | 0.43% | | | | $ | 1,501 | | | | | 46.78% | | | | | 0.68% | | | | | $ | 1,590 | | | | | 44.35% | | | | | 0.47% | | | | $ | 1,483 | | | | | 42.14% | | | | | 0.43% | | | | $ | 1,501 | | | | | 46.78% | | | | | 0.68% | | | |||||||||||||||
Home equity and HELOCs | | | | 166 | | | | | 4.72 | | | | | 0.35 | | | | | 122 | | | | | 3.80 | | | | | 0.38 | | | | | | 150 | | | | | 4.18 | | | | | 0.33 | | | | | 166 | | | | | 4.72 | | | | | 0.35 | | | | | 122 | | | | | 3.80 | | | | | 0.38 | | | |||||||||||||||
Residential construction | | | | 526 | | | | | 14.95 | | | | | 3.33 | | | | | 321 | | | | | 10.00 | | | | | 3.30 | | | | | | 461 | | | | | 12.86 | | | | | 3.37 | | | | | 526 | | | | | 14.95 | | | | | 3.33 | | | | | 321 | | | | | 10.00 | | | | | 3.30 | | | |||||||||||||||
Commercial real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | 123 | | | | | 3.50 | | | | | 0.82 | | | | | 71 | | | | | 2.21 | | | | | 0.64 | | | | | | 121 | | | | | 3.38 | | | | | 0.84 | | | | | 123 | | | | | 3.50 | | | | | 0.82 | | | | | 71 | | | | | 2.21 | | | | | 0.64 | | | |||||||||||||||
Commercial non-residential | | | | 727 | | | | | 20.66 | | | | | 0.95 | | | | | 708 | | | | | 22.07 | | | | | 1.32 | | | | | | 780 | | | | | 21.76 | | | | | 0.98 | | | | | 727 | | | | | 20.66 | | | | | 0.95 | | | | | 708 | | | | | 22.07 | | | | | 1.32 | | | |||||||||||||||
Commercial construction and land | | | | 396 | | | | | 11.25 | | | | | 5.92 | | | | | 121 | | | | | 3.77 | | | | | 2.73 | | | | | | 436 | | | | | 12.16 | | | | | 5.93 | | | | | 396 | | | | | 11.25 | | | | | 5.92 | | | | | 121 | | | | | 3.77 | | | | | 2.73 | | | |||||||||||||||
Commercial loans | | | | 83 | | | | | 2.36 | | | | | 1.29 | | | | | 95 | | | | | 2.96 | | | | | 4.53 | | | | | | 32 | | | | | 0.89 | | | | | 0.54 | | | | | 83 | | | | | 2.36 | | | | | 1.29 | | | | | 95 | | | | | 2.96 | | | | | 4.53 | | | |||||||||||||||
Consumer loans | | | | 15 | | | | | 0.42 | | | | | 0.38 | | | | | 3 | | | | | .09 | | | | | 0.40 | | | | | | 15 | | | | | 0.42 | | | | | — | | | | | 15 | | | | | 0.42 | | | | | 0.38 | | | | | 3 | | | | | .09 | | | | | 0.40 | | | |||||||||||||||
Total general and allocated allowance | | | | 3,519 | | | | | 100.00 | | | | | 0.68 | | | | | 2,942 | | | | | 91.68 | | | | | 0.88 | | | | | $ | 3,585 | | | | | 100.00 | | | | | 0.71 | | | | | 3,519 | | | | | 100.00 | | | | | 0.68 | | | | | 2,942 | | | | | 91.68 | | | | | 0.88 | | | |||||||||||||||
Unallocated | | | | — | | | | | — | | | | | — | | | | | 267 | | | | | 8.32 | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 267 | | | | | 8.32 | | | | | — | | | |||||||||||||||
Total allowance for loan losses | | | $ | 3,519 | | | | | 100.00% | | | | | 0.68% | | | | $ | 3,209 | | | | | 100.00% | | | | | 0.96% | | | | | $ | 3,585 | | | | | 100.00% | | | | | 0.71% | | | | $ | 3,519 | | | | | 100.00% | | | | | 0.68% | | | | $ | 3,209 | | | | | 100.00% | | | | | 0.96% | | | |
| | At June 30, | | | At June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | Amount | | % of Allowance Amount to Total Allowance | | % of Allowance to Loans in Category | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | | | $ | 1,478 | | | | | 47.10% | | | | | 0.87% | | | | $ | 1,857 | | | | | 56.22% | | | | | 1.12% | | | | $ | 1,658 | | | | | 51.06% | | | | | 1.02% | | | | | $ | 1,478 | | | | | 47.10% | | | | | 0.87% | | | | $ | 1,857 | | | | | 56.22% | | | | | 1.12% | | | | $ | 1,658 | | | | | 51.06% | | | | | 1.02% | | | ||||||||||||||||||
Home equity and HELOCs | | | | 58 | | | | | 1.84 | | | | | 0.27 | | | | | 66 | | | | | 2.00 | | | | | 0.29 | | | | | 88 | | | | | 2.71 | | | | | 0.35 | | | | | | 58 | | | | | 1.84 | | | | | 0.27 | | | | | 66 | | | | | 2.00 | | | | | 0.29 | | | | | 88 | | | | | 2.71 | | | | | 0.35 | | | ||||||||||||||||||
Residential construction | | | | 191 | | | | | 6.09 | | | | | 1.61 | | | | | 93 | | | | | 2.82 | | | | | 1.05 | | | | | 133 | | | | | 4.09 | | | | | 1.10 | | | | | | 191 | | | | | 6.09 | | | | | 1.61 | | | | | 93 | | | | | 2.82 | | | | | 1.05 | | | | | 133 | | | | | 4.09 | | | | | 1.10 | | | ||||||||||||||||||
Commercial real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | 116 | | | | | 3.70 | | | | | 0.96 | | | | | 8 | | | | | 0.24 | | | | | 0.07 | | | | | 111 | | | | | 3.42 | | | | | 0.89 | | | | | | 116 | | | | | 3.70 | | | | | 0.96 | | | | | 8 | | | | | 0.24 | | | | | 0.07 | | | | | 111 | | | | | 3.42 | | | | | 0.89 | | | ||||||||||||||||||
Commercial non-residential | | | | 388 | | | | | 12.36 | | | | | 1.63 | | | | | 439 | | | | | 13.29 | | | | | 1.77 | | | | | 577 | | | | | 17.76 | | | | | 2.16 | | | | | | 388 | | | | | 12.36 | | | | | 1.63 | | | | | 439 | | | | | 13.29 | | | | | 1.77 | | | | | 577 | | | | | 17.76 | | | | | 2.16 | | | ||||||||||||||||||
Commercial construction and land (1) | | | | 903 | | | | | 28.78 | | | | | 28.84 | | | | | 837 | | | | | 25.34 | | | | | 9.18 | | | | | 679 | | | | | 20.90 | | | | | 12.77 | | | | | | 903 | | | | | 28.78 | | | | | 28.84 | | | | | 837 | | | | | 25.34 | | | | | 9.18 | | | | | 679 | | | | | 20.90 | | | | | 12.77 | | | ||||||||||||||||||
Commercial loans | | | | 4 | | | | | 0.13 | | | | | 2.04 | | | | | 3 | | | | | 0.09 | | | | | 2.33 | | | | | 2 | | | | | 0.06 | | | | | 3.92 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total general and allocated allowance | | | | 3,138 | | | | | 100.00 | | | | | 1.29 | | | | | 3,303 | | | | | 100.00 | | | | | 1.35 | | | | | 3,248 | | | | | 100.00 | | | | | 1.33 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | | | $ | 3,138 | | | | | 100.00% | | | | | 1.29% | | | | $ | 3,303 | | | | | 100.00% | | | | | 1.35% | | | | $ | 3,248 | | | | | 100.00% | | | | | 1.33% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| | | At June 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | % of Allowance Amount to Total Allowance | | | % of Allowance to Loans in Category | | | Amount | | | % of Allowance Amount to Total Allowance | | | % of Allowance to Loans in Category | | | Amount | | | % of Allowance Amount to Total Allowance | | | % of Allowance to Loans in Category | | |||||||||||||||||||||||||||
Commercial loans | | | | | 4 | | | | | | 0.13 | | | | | | 2.04 | | | | | | 3 | | | | | | 0.09 | | | | | | 2.33 | | | | | | 2 | | | | | | 0.06 | | | | | | 3.92 | | |
Consumer loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total general and allocated allowance | | | | | 3,138 | | | | | | 100.00 | | | | | | 1.29 | | | | | | 3,303 | | | | | | 100.00 | | | | | | 1.35 | | | | | | 3,248 | | | | | | 100.00 | | | | | | 1.33 | | |
Unallocated | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total allowance for loan losses | | | | $ | 3,138 | | | | | | 100.00% | | | | | | 1.29% | | | | | $ | 3,303 | | | | | | 100.00% | | | | | | 1.35% | | | | | $ | 3,248 | | | | | | 100.00% | | | | | | 1.33% | | |
|
| | At or For the Year Ended June 30, | | | Three Months Ended September 30, | | At or For the Year Ended June 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance at beginning of period | | | $ | 3,209 | | | | $ | 3,138 | | | | $ | 3,303 | | | | $ | 3,248 | | | | $ | 3,606 | | | | | $ | 3,519 | | | | $ | 3,209 | | | | $ | 3,209 | | | | $ | 3,138 | | | | $ | 3,303 | | | | $ | 3,248 | | | | $ | 3,606 | | | ||||||||||||
Provision (recovery) for loan losses | | | | 626 | | | | | 88 | | | | | (120) | | | | | 15 | | | | | 5 | | | | | | 66 | | | | | — | | | | | 626 | | | | | 88 | | | | | (120) | | | | | 15 | | | | | 5 | | | ||||||||||||
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
One- to four-family | | | | (260) | | | | | (21) | | | | | (82) | | | | | (56) | | | | | (384) | | | | | | — | | | | | — | | | | | (260) | | | | | (21) | | | | | (82) | | | | | (56) | | | | | (384) | | | ||||||||||||
Home equity and HELOCs | | | | (6) | | | | | — | | | | | — | | | �� | | — | | | | | — | | | | | | — | | | | | — | | | | | (6) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Residential construction | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Total residential real estate loans | | | | (266) | | | | | (21) | | | | | (82) | | | | | (56) | | | | | (384) | | | | | | — | | | | | — | | | | | (266) | | | | | (21) | | | | | (82) | | | | | (56) | | | | | (384) | | | ||||||||||||
Commercial real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Commercial non-residential | | | | (35) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | (35) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Commercial construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Total commercial real estate loans. | | | | (35) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | (35) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Commercial loans | | | | (3) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | (3) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Consumer loans | | | | (12) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | (12) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Total charge-offs | | | | (316) | | | | | (21) | | | | | (82) | | | | | (56) | | | | | (384) | | | | | | — | | | | | — | | | | | (316) | | | | | (21) | | | | | (82) | | | | | (56) | | | | | (384) | | | ||||||||||||
Recoveries: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | | | | — | | | | | 4 | | | | | 31 | | | | | 36 | | | | | 14 | | | | | | — | | | | | — | | | | | — | | | | | 4 | | | | | 31 | | | | | 36 | | | | | 14 | | | ||||||||||||
Home equity and HELOCs | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Residential construction | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Total residential real estate loans | | | | — | | | | | 4 | | | | | 31 | | | | | 36 | | | | | 14 | | | | | | — | | | | | — | | | | | — | | | | | 4 | | | | | 31 | | | | | 36 | | | | | 14 | | | ||||||||||||
Commercial real estate loans: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | 6 | | | | | — | | | | | 7 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6 | | | | | — | | | | | 7 | | | ||||||||||||
Commercial non-residential | | | | — | | | | | — | | | | | — | | | | | 60 | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 60 | | | | | — | | | ||||||||||||
Commercial construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Total commercial real estate loans. | | | | — | | | | | — | | | | | 6 | | | | | 60 | | | | | 7 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6 | | | | | 60 | | | | | 7 | | | ||||||||||||
Commercial loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Consumer loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Total recoveries | | | | — | | | | | 4 | | | | | 37 | | | | | 96 | | | | | 21 | | | | | | — | | | | | — | | | | | — | | | | | 4 | | | | | 37 | | | | | 96 | | | | | 21 | | | ||||||||||||
Net (charge-offs) recoveries | | | | (316) | | | | | (17) | | | | | (45) | | | | | 40 | | | | | (363) | | | | | | — | | | | | — | | | | | (316) | | | | | (17) | | | | | (45) | | | | | 40 | | | | | (363) | | | ||||||||||||
Allowance at end of period | | | $ | 3,519 | | | | $ | 3,209 | | | | $ | 3,138 | | | | $ | 3,303 | | | | $ | 3,248 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans(1) | | | $ | 512,124 | | | | $ | 329,226 | | | | $ | 236,527 | | | | $ | 238,168 | | | | $ | 235,159 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Average loans outstanding | | | | 366,961 | | | | | 330,102 | | | | | 237,950 | | | | | 237,060 | | | | | 243,116 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of allowance to non- performing loans | | | | 107.88% | | | | | 161.18% | | | | | 75.76% | | | | | 58.33% | | | | | 81.61% | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of allowance to total loans | | | | 0.68% | | | | | 0.96% | | | | | 1.29% | | | | | 1.35% | | | | | 1.33% | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of net charge-offs (recoveries) to average loans | | | | 0.09% | | | | | 0.01% | | | | | 0.02% | | | | | (0.02)% | | | | | 0.15% | | |
| | | Three Months Ended September 30, | | | At or For the Year Ended June 30, | | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||
Allowance at end of period | | | | $ | 3,585 | | | | | $ | 3,209 | | | | | $ | 3,519 | | | | | $ | 3,209 | | | | | $ | 3,138 | | | | | $ | 3,303 | | | | | $ | 3,248 | | |
Total loans(1) | | | | $ | 501,215 | | | | | $ | 329,224 | | | | | $ | 512,124 | | | | | $ | 329,226 | | | | | $ | 236,527 | | | | | $ | 238,168 | | | | | $ | 235,159 | | |
Average loans outstanding | | | | | 504,463 | | | | | | 329,964 | | | | | | 366,961 | | | | | | 330,102 | | | | | | 237,950 | | | | | | 237,060 | | | | | | 243,116 | | |
Ratio of allowance to non- performing loans | | | | | 75.08% | | | | | | 156.08% | | | | | | 107.88% | | | | | | 161.18% | | | | | | 75.76% | | | | | | 58.33% | | | | | | 81.61% | | |
Ratio of allowance to total loans | | | | | 0.71% | | | | | | 0.97% | | | | | | 0.68% | | | | | | 0.96% | | | | | | 1.29% | | | | | | 1.35% | | | | | | 1.33% | | |
Ratio of net charge-offs (recoveries) to average loans | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.09% | | | | | | 0.01% | | | | | | 0.02% | | | | | | (0.02)% | | | | | | 0.15% | | |
| | Twelve Month Net Interest Income | | Net Portfolio Value | | | | | Twelve Month Net Interest Income | | Net Portfolio Value | | | | ||||||||||||||||||||||||||||||
Change in Interest Rates (Basis Points) | | Percent of Change | | Estimated NPV | | Percent of Change | | | | Percent of Change | | Estimated NPV | | Percent of Change | | | ||||||||||||||||||||||||||||
+200 | | | | (1.38)% | | | | $ | 125,172 | | | | | (4.16)% | | | | | | | (6.63)% | | | | $ | 124,778 | | | | | (6.35)% | | | | ||||||||||
+100 | | | | (0.61) | | | | | 127,658 | | | | | (2.25) | | | | | | | (3.21) | | | | | 128,512 | | | | | (3.55) | | | | ||||||||||
0 | | | | — | | | | | 130,600 | | | | | — | | | | | | | — | | | | | 133,239 | | | | | — | | | | ||||||||||
-50 | | | | 1.05 | | | | | 120,470 | | | | | (7.76) | | | | | | | 1.29 | | | | | 123,513 | | | | | (7.30) | | | |
| | | | | | | | | Payments due by period | | | | | | | | | | | | | | |||||||||||||||||||||
(Dollars in thousands) | | | Total | | | Less than One Year | | | One to Three Years | | | Three to Five Years | | | More Than Five Years | | | | | | |||||||||||||||||||||||
Borrowed funds | | | | $ | 64,892 | | | | | $ | 15,086 | | | | | $ | 23,165 | | | | | $ | 25,050 | | | | | $ | 1,591 | | | | | | | ||||||||
Commitments to fund loans | | | | | 18,602 | | | | | | 18,602 | | | | | | — | | | | | | — | | | | | | — | | | | | | | ||||||||
Unused lines of credit | | | | | 52,432 | | | | | | 8,662 | | | | | �� | 7,293 | | | | | | 1,909 | | | | | | 34,568 | | | | | | | ||||||||
Operating lease obligations | | | | | 1,881 | | | | | | 247 | | | | | | 510 | | | | | | 511 | | | | | | 613 | | | | | | | ||||||||
Total | | | | $ | 137,807 | | | | | $ | 42,597 | | | | | $ | 30,968 | | | | | $ | 27,470 | | | | | $ | 36,772 | | | | | | |
| | | | | | | | | Payments due by period | | |||||||||||||||||||||
September 30, 2020 (Dollars in thousands) | | | Total | | | Less than One Year | | | One to Three Years | | | Three to Five Years | | | More Than Five Years | | |||||||||||||||
Borrowed funds | | | | $ | 41,000 | | | | | $ | — | | | | | $ | 20,000 | | | | | $ | 21,000 | | | | | $ | — | | |
Commitments to fund loans | | | | | 18,192 | | | | | | 18,192 | | | | | | — | | | | | | — | | | | | | — | | |
Unused lines of credit | | | | | 62,717 | | | | | | 26,772 | | | | | | 2,119 | | | | | | 1,198 | | | | | | 32,628 | | |
Standby letters of credit | | | | | 1,000 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | |
Operating lease obligations | | | | | 1,820 | | | | | | 248 | | | | | | 514 | | | | | | 471 | | | | | | 587 | | |
Total | | | | $ | 124,729 | | | | | $ | 46,212 | | | | | $ | 22,633 | | | | | $ | 22,669 | | | | | $ | 33,215 | | |
|
| | | | | | | | | Payments due by period | | |||||||||||||||||||||
June 30, 2020 (Dollars in thousands) | | | Total | | | Less than One Year | | | One to Three Years | | | Three to Five Years | | | More Than Five Years | | |||||||||||||||
Borrowed funds | | | | $ | 64,892 | | | | | $ | 15,086 | | | | | $ | 23,165 | | | | | $ | 25,050 | | | | | $ | 1,591 | | |
Commitments to fund loans | | | | | 18,602 | | | | | | 18,602 | | | | | | — | | | | | | — | | | | | | — | | |
Unused lines of credit | | | | | 52,432 | | | | | | 8,662 | | | | | | 7,293 | | | | | | 1,909 | | | | | | 34,568 | | |
Operating lease obligations | | | | | 1,881 | | | | | | 247 | | | | | | 510 | | | | | | 511 | | | | | | 613 | | |
Total | | | | $ | 137,807 | | | | | $ | 42,597 | | | | | $ | 30,968 | | | | | $ | 27,470 | | | | | $ | 36,772 | | |
|
Name | | | Position | |
Kenneth J. Stephon | | | President and Chief Executive Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Jill M. Ross | | | Executive Vice President and Chief Retail and Commercial Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Gregory S. Garcia | | | Executive Vice President and Chief Operating Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Jonathan T. Logan | | | Senior Vice President and Chief Financial Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Director | | Audit Committee | | Compensation Committee | | Nominating and Corporate Governance Committee | | Risk Committee | | | Audit Committee | | Compensation Committee | | Nominating and Corporate Governance Committee | | Risk Committee | | ||||||||
Craig Burton | | X | | | | X | | | | | X | | | | X | | | | ||||||||
D. Michael Carmody, Jr. | | X | | | | X | | | | | X | | | | X | | | | ||||||||
Charles Corcoran | | | | | | | | X | | | | | | | | | X | | ||||||||
Glenn Davis | | | | X | | X | | | | | | | X | | X | | | | ||||||||
William J. Feeney | | | | X | | X | | | | | | | X | | X | | | | ||||||||
Christopher M. Molden | | | | X | | X | | | | | | | X | | X | | | | ||||||||
William C. Niemczura | | | | | | X | | X | | | | | | | X | | X | | ||||||||
William B.K. Parry, Jr. | | | | | | | | X | | | | | | | | | X | | ||||||||
Terry L. Sager | | | | | | | | X | | | | | | | | | X | | ||||||||
Vincent P. Sarubbi. | | X | | | | | | | | |||||||||||||||||
Kenneth J. Stephon. | | | | | | | | | | |||||||||||||||||
Vincent P. Sarubbi | | X | | | | | | | | |||||||||||||||||
Kenneth J. Stephon | | | | | | | | | | |||||||||||||||||
Number of Meetings in Fiscal 2020 | | 4 | | 1 | | 1 | | N/A | | | 4 | | 1 | | 1 | | N/A | |
Name | | Fees Earned or Paid in Cash | | Total | | | Fees Earned or Paid in Cash | | Total | | ||||||||||||||||
Craig Burton | | | $ | 43,620 | | | | $ | 43,620 | | | | | $ | 43,620 | | | | $ | 43,620 | | | ||||
D. Michael Carmody, Jr. | | | | 43,620 | | | | | 43,620 | | | | | | 43,620 | | | | | 43,620 | | | ||||
Charles Corcoran | | | | 43,620 | | | | | 43,620 | | | | | | 43,620 | | | | | 43,620 | | | ||||
Glenn Davis | | | | 43,620 | | | | | 43,620 | | | | | | 43,620 | | | | | 43,620 | | | ||||
William J. Feeney | | | | 48,120 | | | | | 48,120 | | | | | | 48,120 | | | | | 48,120 | | | ||||
Christopher M. Molden(1) | | | | 5,470 | | | | | 5,470 | | | | | | 5,470 | | | | | 5,470 | | | ||||
William C. Niemczura(1) | | | | 5,470 | | | | | 5,470 | | | | | | 5,470 | | | | | 5,470 | | | ||||
William B.K. Parry, Jr. | | | | 43,620 | | | | | 43,620 | | | | | | 43,620 | | | | | 43,620 | | | ||||
Terry L. Sager | | | | 41,220 | | | | | 41,220 | | | | | | 41,220 | | | | | 41,220 | | | ||||
Vincent P. Sarubbi. | | | | 43,620 | | | | | 43,620 | | | |||||||||||||||
Vincent P. Sarubbi | | | | 43,620 | | | | | 43,620 | | |
Name and Principal Position | | Year | | Salary | | Bonus(1) | | Non-Equity Incentive Plan Compensation(2) | | All Other Compensation(3) | | Total ($) | | | Year | | Salary | | Bonus(1) | | Non-Equity Incentive Plan Compensation(2) | | All Other Compensation(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Kenneth J. Stephon President and Chief Executive Officer | | | | 2020 | | | | $ | 368,319 | | | | $ | 1,250 | | | | $ | 123,187 | | | | $ | 55,343 | | | | $ | 548,099 | | | | | | 2020 | | | | $ | 368,319 | | | | $ | 1,250 | | | | $ | 123,187 | | | | $ | 55,343 | | | | $ | 548,099 | | | ||||||||||||
Jill M. Ross Executive Vice President and Chief Retail and Commercial Officer | | | | 2020 | | | | | 182,560 | | | | | 36,250 | | | | | 65,312 | | | | | 34,229 | | | | | 318,351 | | | | | | 2020 | | | | | 182,560 | | | | | 36,250 | | | | | 65,312 | | | | | 34,229 | | | | | 318,351 | | | ||||||||||||
Gregory S. Garcia Executive Vice President and Chief Operating Officer | | | | 2020 | | | | | 189,735 | | | | | 1,250 | | | | | 53,437 | | | | | 32,566 | | | | | 276,988 | | | | | | 2020 | | | | | 189,735 | | | | | 1,250 | | | | | 53,437 | | | | | 32,556 | | | | | 276,978 | | |
| | | Mr. Stephon | | | Ms. Ross | | | Mr. Garcia | | |||||||||
Health insurance premiums | | | | $ | 19,909 | | | | | $ | 19,909 | | | | | $ | 19,909 | | |
Employer contributions to 401(k) Plan | | | | | 17,329 | | | | | | 14,320 | | | | | | 12,647 | | |
Employee stock ownership plan | | | | | 18,105 | | | | | | — | | | | | | — | | |
| | | Date of Corporate Approval | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | | | | Date of Corporate Approval | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | | |||||||||||||||||||||||||||||||
Name | | Threshold | | Target | | Maximum | | | Threshold | | Target | | Maximum | | |||||||||||||||||||||||||||||||||
Kenneth J. Stephon | | | | June 19,2019 | | | | $ | 54,750 | | | | $ | 109,500 | | | | $ | 164,250 | | | | June 19, 2019 | | | $ | 54,750 | | | | $ | 109,500 | | | | $ | 164,250 | | | ||||||||
Jill M. Ross | | | | June 19,2019 | | | | | 23,750 | | | | | 47,500 | | | | | 71,250 | | | | June 19, 2019 | | | | 23,750 | | | | | 47,500 | | | | | 71,250 | | | ||||||||
Gregory S. Garcia | | | | June 19,2019 | | | | | 23,750 | | | | | 47,500 | | | | | 71,250 | | | | June 19, 2019 | | | | 23,750 | | | | | 47,500 | | | | | 71,250 | | |
Name and Address | | | Number of Shares Beneficially Owned | | | Percent of Common Stock Outstanding(1) | | ||||||
William Penn, MHC | | | | | 3,711,114 | | | | | | 82.7% | | |
10 Canal Street, Suite 104 Bristol, Pennsylvania 19007 | | | | ||||||||||
Tyndall Capital Partners LP | | | | | 342,817 | | | | | | 7.6% | | |
Jeffrey Halis 150 East 58th Street, 14th Floor New York, New York 10155 | | | |
Name | | | Number of Shares Beneficially Owned | | ||||||
Directors: | | | | | | | | |||
Craig Burton | | | | | 4,800 | | | |||
D. Michael Carmody, Jr. | | | | | 100 | | | |||
Charles Corcoran | | | | | 15,043 | | | |||
Glenn Davis | | | | | 5,000 | | | |||
William J. Feeney | | | | | 14,000 | | | |||
Christopher M. Molden | | | | | 200 | | | |||
William C. Niemczura | | | | | 350 | | | |||
William B.K. Parry, Jr. | | | | | 13,500 | | | |||
Terry L. Sager | | | | | 13,057 | | | |||
Vincent P. Sarubbi | | | | | 100 | | | |||
Kenneth J. Stephon | | | | | 964 | | | |||
Executive Officers Who Are Not Directors: | | | | | | | | |||
Jill M. Ross | | | | | — | | | |||
Gregory S. Garcia | | | | | — | | | |||
Jonathan T. Logan | | | | | — | | | |||
All Directors and Executive Officers as a Group (14 persons) | | | | | 67,114 | | |
| | | Number of Shares Received in Exchange for Shares of William Penn Bancorp(1) | | | Proposed Purchases of Stock in the Offering | | Total Common Stock to be Held | | | | Number of Shares Received in Exchange for Shares of William Penn Bancorp(1) | | | Proposed Purchases of Stock in the Offering | | Total Common Stock to be Held | | ||||||||||||||||||||||||||||||||||||||
Name of Beneficial Owner | | Number of Shares | | Dollar Amount | | Number of Shares(1) | | Percentage of Total Outstanding(2) | | | Number of Shares | | Dollar Amount | | Number of Shares(1) | | Percentage of Total Outstanding(2) | | ||||||||||||||||||||||||||||||||||||||
Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Craig Burton | | | | | | 5,000 | | | | $ | 50,000 | | | | | | | | | | | | | 13,519 | | | | | 5,000 | | | | $ | 50,000 | | | | | 18,519 | | | | | * | | | ||||||||||
D. Michael Carmody, Jr. | | | | | | 12,500 | | | | | 125,000 | | | | | | | | | | | | | 281 | | | | | 12,500 | | | | | 125,000 | | | | | 12,781 | | | | | * | | | ||||||||||
Charles Corcoran | | | | | | — | | | | | — | | | | | | | | | | | | | 42,370 | | | | | — | | | | | — | | | | | 42,370 | | | | | * | | | ||||||||||
Glenn Davis | | | | | | 10,000 | | | | | 100,000 | | | | | | | | | | | | | 14,083 | | | | | 10,000 | | | | | 100,000 | | | | | 24,083 | | | | | * | | | ||||||||||
William J. Feeney | | | | | | 10,000 | | | | | 100,000 | | | | | | | | | | | | | 39,432 | | | | | 10,000 | | | | | 100,000 | | | | | 49,432 | | | | | * | | | ||||||||||
Christopher M. Molden | | | | | | 10,000 | | | | | 100,000 | | | | | | | | | | | | | 563 | | | | | 10,000 | | | | | 100,000 | | | | | 10,563 | | | | | * | | | ||||||||||
William C. Niemczura | | | | | | 10,000 | | | | | 100,000 | | | | | | | | | | | | | 985 | | | | | 10,000 | | | | | 100,000 | | | | | 10,985 | | | | | * | | | ||||||||||
William B.K. Parry, Jr. | | | | | | 2,500 | | | | | 25,000 | | | | | | | | | | | | | 38,024 | | | | | 2,500 | | | | | 25,000 | | | | | 40,524 | | | | | * | | | ||||||||||
Terry L. Sager | | | | | | 10,000 | | | | | 100,000 | | | | | | | | | | | | | 36,776 | | | | | 10,000 | | | | | 100,000 | | | | | 46,776 | | | | | * | | | ||||||||||
Vincent P. Sarubbi | | | | | | 15,000 | | | | | 150,000 | | | | | | | | | | | | | 281 | | | | | 15,000 | | | | | 150,000 | | | | | 15,281 | | | | | * | | | ||||||||||
Kenneth J. Stephon | | | | | | 30,000 | | | | | 300,000 | | | | | | | | | | | | | 2,715 | | | | | 30,000 | | | | | 300,000 | | | | | 32,715 | | | | | * | | | ||||||||||
Executive Officers Who are Not Also Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Jill M. Ross | | | | | | 10,000 | | | | | 100,000 | | | | | | | | | | | | | — | | | | | 10,000 | | | | | 100,000 | | | | | 10,000 | | | | | * | | | ||||||||||
Gregory S. Garcia | | | | | | 5,000 | | | | | 50,000 | | | | | | | | | | | | | — | | | | | 5,000 | | | | | 50,000 | | | | | 5,000 | | | | | * | | | ||||||||||
Jonathan T. Logan | | | | | | 200 | | | | | 2,000 | | | | | | | | | | | | | — | | | | | 2,000 | | | | | 20,000 | | | | | 2,000 | | | | | * | | | ||||||||||
All Directors and Executive Officers as a Group (14 persons) | | | | | | | | | | | | | | | | | | % | | | | | | 189,029 | | | | | 132,000 | | | | $ | 1,320,000 | | | | | 321,029 | | | | | 2.43% | | |
| | Shares to be Sold in This Offering | | Shares of William Penn Bancorporation to be Issued for Shares of William Penn Bancorp | | | Total Shares of Common Stock to be Issued in Exchange and Offering | | Exchange Ratio | | Equivalent Value of Shares Based Upon Offering Price(1) | | Shares to be Received for 100 Existing Shares(2) | | | Shares to be Sold in This Offering | | Shares of William Penn Bancorporation to be Issued for Shares of William Penn Bancorp | | | Total Shares of Common Stock to be Issued in Exchange and Offering | | Exchange Ratio | | Equivalent Value of Shares Based Upon Offering Price(1) | | Shares to be Received for 100 Existing Shares(2) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Percent | | Amount | | Percent | | | Amount | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | | | | 9,350,000 | | | | | 83.2% | | | | | 1,891,151 | | | | | 16.8% | | | | | 11,241,151 | | | | | 2.4301 | | | | $ | 24.30 | | | | | 243 | | | | | | 9,350,000 | | | | | 83.4% | | | | | 1,863,166 | | | | | 16.6% | | | | | 11,213,166 | | | | | 2.3941 | | | | $ | 23.94 | | | | | 239 | | | ||||||||||||||||
Midpoint | | | | 11,000,000 | | | | | 83.2 | | | | | 2,224,884 | | | | | 16.8 | | | | | 13,224,884 | | | | | 2.8589 | | | | | 28.59 | | | | | 285 | | | | | | 11,000,000 | | | | | 83.4 | | | | | 2,191,960 | | | | | 16.6 | | | | | 13,191,960 | | | | | 2.8166 | | | | | 28.17 | | | | | 281 | | | ||||||||||||||||
Maximum | | | | 12,650,000 | | | | | 83.2 | | | | | 2,558,616 | | | | | 16.8 | | | | | 15,208,616 | | | | | 3.2877 | | | | | 32.88 | | | | | 328 | | | | | | 12,650,000 | | | | | 83.4 | | | | | 2,520,754 | | | | | 16.6 | | | | | 15,170,754 | | | | | 3.2391 | | | | | 32.39 | | | | | 323 | | |
Company Name and Ticker Symbol | | | Exchange | | | Headquarters | | | Total Assets | | |||
| | | | | | | | | (in millions) | | |||
Prudential Bancorp, Inc. (PBIP) | | | Nasdaq | | | Philadelphia, Pennsylvania | | | | $ | 1,188(1) | | |
Elmira Savings Bank (ESBK) | | | Nasdaq | | | Elmira, New York | | | | | 674 | | |
HMN Financial, Inc. (HMNF) | | | Nasdaq | | | Rochester, Minnesota | | | | | 898 | | |
Home Federal Bancorp, Inc. of Louisiana (HFBL) | | | Nasdaq | | | Shreveport, Louisiana | | | | | 542 | | |
HV Bancorp, Inc. (HVBC) | | | Nasdaq | | | Doylestown, Pennsylvania | | | | | 425(1) | | |
IF Bancorp, Inc. (IROQ) | | | Nasdaq | | | Watseka, Illinois | | | | | 726 | | |
Randolph Bancorp, Inc. (RNDB) | | | Nasdaq | | | Stoughton, Massachusetts | | | | | 723 | | |
Severn Bancorp, Inc. (SVBI) | | | Nasdaq | | | Annapolis, Maryland | | | | | 940 | | |
WVS Financial Corp. (WVFC) | | | Nasdaq | | | Pittsburgh, Pennsylvania | | | | | 332 | | |
Company Name and Ticker Symbol | | | Exchange | | | Headquarters | | | Total Assets | | |||
| | | | | | | | | (in millions) | | |||
Prudential Bancorp, Inc. (PBIP) | | | Nasdaq | | | Philadelphia, Pennsylvania | | | | $ | 1,188 | | |
Elmira Savings Bank (ESBK) | | | Nasdaq | | | Elmira, New York | | | | | 676 | | |
HMN Financial, Inc. (HMNF) | | | Nasdaq | | | Rochester, Minnesota | | | | | 863 | | |
Home Federal Bancorp, Inc. of Louisiana (HFBL) | | | Nasdaq | | | Shreveport, Louisiana | | | | | 518 | | |
HV Bancorp, Inc. (HVBC) | | | Nasdaq | | | Doylestown, Pennsylvania | | | | | 425 | | |
IF Bancorp, Inc. (IROQ) | | | Nasdaq | | | Watseka, Illinois | | | | | 736 | | |
Randolph Bancorp, Inc. (RNDB) | | | Nasdaq | | | Stoughton, Massachusetts | | | | | 724 | | |
Severn Bancorp, Inc. (SVBI) | | | Nasdaq | | | Annapolis, Maryland | | | | | 924 | | |
Standard AVB Financial Corp. (STND) | | | Nasdaq | | | Monroeville, Pennsylvania | | | | | 1,061 | | |
WVS Financial Corp. (WVFC) | | | Nasdaq | | | Pittsburgh, Pennsylvania | | | | | 357 | | |
| | Price to Core Earnings Multiple(1) | | Price to Book Value Ratio | | Price to Tangible Book Value Ratio | | | Price to Core Earnings Multiple(1) | | Price to Book Value Ratio | | Price to Tangible Book Value Ratio | | ||||||||||||||||||||||||
William Penn Bancorporation (pro forma): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Minimum | | | | 57.14x | | | | | 62.34% | | | | | 64.52% | | | | | | 61.13x | | | | | 61.96% | | | | | 64.06% | | | ||||||
Midpoint | | | | 75.00x | | | | | 67.93% | | | | | 70.13% | | | | | | 81.04x | | | | | 67.52% | | | | | 69.64% | | | ||||||
Maximum | | | | 97.54x | | | | | 72.78% | | | | | 74.96% | | | | | | 106.73x | | | | | 72.31% | | | | | 74.40% | | | ||||||
Peer group companies as of September 2, 2020: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Peer group companies as of November 4, 2020: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Average | | | | 11.04x | | | | | 69.28% | | | | | 72.84% | | | | | | 11.49x | | | | | 74.76% | | | | | 77.15% | | | ||||||
Median | | | | 11.29x | | | | | 69.65% | | | | | 72.74% | | | | | | 11.82x | | | | | 72.90% | | | | | 77.73% | | |
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| | September 30, 2020 | | June 30, 2020 | | June 30, 2019 | | |||||||||||||||||||||||||
| | June 30, 2020 | | June 30, 2019 | | | (unaudited) | | | | | | | | | | | | ||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | ||||||||||||||
Cash and due from banks | | | $ | 21,385 | | | | $ | 8,260 | | | | | $ | 11,336 | | | | $ | 21,385 | | | | $ | 8,260 | | | |||||
Interest bearing deposits with other banks | | | | 56,755 | | | | | 17,908 | | | | | | 34,539 | | | | | 56,755 | | | | | 17,908 | | | |||||
Federal funds sold | | | | 4,775 | | | | | — | | | | | | 10,207 | | | | | 4,775 | | | | | — | | | |||||
Total cash and cash equivalents | | | | 82,915 | | | | | 26,168 | | | | | | 56,082 | | | | | 82,915 | | | | | 26,168 | | | |||||
Interest-bearing time deposits | | | | 2,300 | | | | | 8,486 | | | | | | 2,300 | | | | | 2,300 | | | | | 8,486 | | | |||||
Securities available for sale | | | | 89,998 | | | | | 20,660 | | | | | | 123,597 | | | | | 89,998 | | | | | 20,660 | | | |||||
Securities held to maturity, fair value of $0 and $1,937, respectively | | | | — | | | | | 1,906 | | | |||||||||||||||||||||
Loans receivable, net of allowance for loan losses of $3,519 and $3,209, respectively | | | | 508,605 | | | | | 326,017 | | | |||||||||||||||||||||
Securities held to maturity, fair value of $0, $0, and $1,937, respectively | | | | — | | | | | — | | | | | 1,906 | | | ||||||||||||||||
Loans receivable, net of allowance for loan losses of $3,585 (unaudited), $3,519 and $3,209, respectively | | | | 497,630 | | | | | 508,605 | | | | | 326,017 | | | ||||||||||||||||
Premises and equipment, net | | | | 16,733 | | | | | 8,406 | | | | | | 13,924 | | | | | 16,733 | | | | | 8,406 | | | |||||
Regulatory stock, at cost | | | | 4,200 | | | | | 2,785 | | | | | | 3,219 | | | | | 4,200 | | | | | 2,785 | | | |||||
Deferred income taxes | | | | 4,817 | | | | | 2,111 | | | | | | 4,448 | | | | | 4,817 | | | | | 2,111 | | | |||||
Bank-owned life insurance | | | | 14,758 | | | | | 11,203 | | | | | | 14,870 | | | | | 14,758 | | | | | 11,203 | | | |||||
Goodwill | | | | 4,858 | | | | | 4,858 | | | | | | 4,858 | | | | | 4,858 | | | | | 4,858 | | | |||||
Intangible assets | | | | 1,192 | | | | | 1,172 | | | | | | 1,128 | | | | | 1,192 | | | | | 1,172 | | | |||||
Accrued interest receivable and other assets | | | | 6,076 | | | | | 2,057 | | | | | | 9,497 | | | | | 6,076 | | | | | 2,057 | | | |||||
TOTAL ASSETS | | | $ | 736,452 | | | | $ | 415,829 | | | | | $ | 731,553 | | | | $ | 736,452 | | | | $ | 415,829 | | | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | ||||||||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | ||||||||||||||
Deposits | | | $ | 559,848 | | | | $ | 281,206 | | | | | $ | 581,493 | | | | $ | 559,848 | | | | $ | 281,206 | | | |||||
Advances from Federal Home Loan Bank | | | | 64,892 | | | | | 50,000 | | | | | | 41,000 | | | | | 64,892 | | | | | 50,000 | | | |||||
Advances from borrowers for taxes and insurance | | | | 4,536 | | | | | 3,814 | | | | | | 2,910 | | | | | 4,536 | | | | | 3,814 | | | |||||
Accrued interest payable and other liabilities | | | | 10,811 | | | | | 4,179 | | | | | | 10,644 | | | | | 10,811 | | | | | 4,179 | | | |||||
TOTAL LIABILITIES | | | | 640,087 | | | | | 339,199 | | | | | | 636,047 | | | | | 640,087 | | | | | 339,199 | | | |||||
Commitments and contingencies | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | |||||
STOCKHOLDERS’ EQUITY | | | | | ||||||||||||||||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | |||||
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at June 30, 2020 and 2019, respectively. | | | | 467 | | | | | 416 | | | |||||||||||||||||||||
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 (unaudited) and June 30, 2020 and at June 30, 2019, respectively. | | | | 467 | | | | | 467 | | | | | 416 | | | ||||||||||||||||
Additional paid-in capital | | | | 42,932 | | | | | 22,441 | | | | | | 42,932 | | | | | 42,932 | | | | | 22,441 | | | |||||
Treasury Stock, 177,959 shares at cost at June 30, 2020 and 2019 | | | | (3,710) | | | | | (3,710) | | | |||||||||||||||||||||
Treasury Stock, 177,959 shares at cost at September 30, 2020 (unaudited), June 30, 2020 and June 30, 2019, respectively. | | | | (3,710) | | | | | (3,710) | | | | | (3,710) | | | ||||||||||||||||
Retained earnings | | | | 56,600 | | | | | 57,255 | | | | | | 55,384 | | | | | 56,600 | | | | | 57,255 | | | |||||
Accumulated other comprehensive income | | | | 76 | | | | | 228 | | | | | | 433 | | | | | 76 | | | | | 228 | | | |||||
TOTAL WILLIAM PENN BANCORP, INC. STOCKHOLDERS’ EQUITY | | | | 96,365 | | | | | 76,630 | | | | | | 95,506 | | | | | 96,365 | | | | | 76,630 | | | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | $ | 736,452 | | | | $ | 415,829 | | | | | $ | 731,553 | | | | $ | 736,452 | | | | $ | 415,829 | | |
| | Three Months Ended September 30, | | Year Ended June 30, | | |||||||||||||||||||||||||||||||||
| | Year ended June 30, | | | 2020 | | 2019 | | 2020 | | 2019 | | ||||||||||||||||||||||||||
| | 2020 | | 2019 | | | (unaudited) | | (unaudited) | | | | | | | | | | | | ||||||||||||||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Loans receivable, including fees | | | $ | 17,914 | | | | $ | 16,595 | | | | | $ | 5,893 | | | | $ | 4,151 | | | | $ | 17,914 | | | | $ | 16,595 | | | ||||||
Securities | | | | 1,557 | | | | | 415 | | | | | | 653 | | | | | 273 | | | | | 1,557 | | | | | 415 | | | ||||||
Other | | | | 346 | | | | | 811 | | | | | | 111 | | | | | 152 | | | | | 346 | | | | | 811 | | | ||||||
Total Interest Income | | | | 19,817 | | | | | 17,821 | | | | | | 6,657 | | | | | 4,576 | | | | | 19,817 | | | | | 17,821 | | | ||||||
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Deposits | | | | 3,604 | | | | | 2,297 | | | | | | 1,081 | | | | | 873 | | | | | 3,604 | | | | | 2,297 | | | ||||||
Borrowings | | | | 1,414 | | | | | 1,294 | | | | | | 359 | | | | | 330 | | | | | 1,414 | | | | | 1,294 | | | ||||||
Total Interest Expense | | | | 5,018 | | | | | 3,591 | | | | | | 1,440 | | | | | 1,203 | | | | | 5,018 | | | | | 3,591 | | | ||||||
Net Interest Income | | | | 14,799 | | | | | 14,230 | | | | | | 5,217 | | | | | 3,373 | | | | | 14,799 | | | | | 14,230 | | | ||||||
Provision For Loan Losses | | | | 626 | | | | | 88 | | | | | | 66 | | | | | — | | | | | 626 | | | | | 88 | | | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | | | 14,173 | | | | | 14,142 | | | | | | 5,151 | | | | | 3,373 | | | | | 14,173 | | | | | 14,142 | | | ||||||
OTHER INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Service fees | | | | 569 | | | | | 483 | | | | | | 183 | | | | | 139 | | | | | 569 | | | | | 483 | | | ||||||
Realized losses on sale of REO, net | | | | — | | | | | (30) | | | | | | — | | | | | — | | | | | — | | | | | (30) | | | ||||||
Gain on sale of loans | | | | — | | | | | 12 | | | | | | — | | | | | — | | | | | — | | | | | 12 | | | ||||||
Gain on sale of securities | | | | 238 | | | | | 140 | | | | | | — | | | | | 93 | | | | | 238 | | | | | 140 | | | ||||||
Earnings on bank-owned life insurance | | | | 347 | | | | | 327 | | | | | | 112 | | | | | 83 | | | | | 347 | | | | | 327 | | | ||||||
Gain on bargain purchase | | | | 746 | | | | | — | | | | | | — | | | | | — | | | | | 746 | | | | | — | | | ||||||
Gain on sale of premises and equipment | | | | 15 | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
Other | | | | 260 | | | | | 195 | | | | | | 90 | | | | | 32 | | | | | 260 | | | | | 195 | | | ||||||
Total Other Income | | | | 2,160 | | | | | 1,127 | | | | | | 400 | | | | | 347 | | | | | 2,160 | | | | | 1,127 | | | ||||||
OTHER EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Salaries and employee benefits | | | | 6,855 | | | | | 6,438 | | | | | | 2,554 | | | | | 1,571 | | | | | 6,855 | | | | | 6,438 | | | ||||||
Occupancy and equipment | | | | 1,784 | | | | | 1,096 | | | | | | 759 | | | | | 295 | | | | | 1,784 | | | | | 1,096 | | | ||||||
Data processing | | | | 1,155 | | | | | 692 | | | | | | 422 | | | | | 304 | | | | | 1,155 | | | | | 692 | | | ||||||
Professional fees | | | | 451 | | | | | 277 | | | | | | 188 | | | | | 102 | | | | | 451 | | | | | 277 | | | ||||||
Merger related expenses | | | | 3,294 | | | | | 796 | | | | | | — | | | | | — | | | | | 3,294 | | | | | 796 | | | ||||||
Amortization on intangible assets | | | | 242 | | | | | 260 | | | | | | 64 | | | | | 59 | | | | | 242 | | | | | 260 | | | ||||||
Prepayment penalties | | | | 161 | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
Other | | | | 1,611 | | | | | 894 | | | | | | 587 | | | | | 315 | | | | | 1,611 | | | | | 894 | | | ||||||
Total Other Expense | | | | 15,392 | | | | | 10,453 | | | | | | 4,735 | | | | | 2,646 | | | | | 15,392 | | | | | 10,453 | | | ||||||
Income Before Income Taxes | | | | 941 | | | | | 4,816 | | | | | | 816 | | | | | 1,074 | | | | | 941 | | | | | 4,816 | | | ||||||
Income Tax (Benefit) Expense | | | | (387) | | | | | 1,060 | | | |||||||||||||||||||||||||||
Income Tax Expense (Benefit) | | | | 146 | | | | | 220 | | | | | (387) | | | | | 1,060 | | | |||||||||||||||||
NET INCOME | | | $ | 1,328 | | | | $ | 3,756 | | | | | $ | 670 | | | | $ | 854 | | | | $ | 1,328 | | | | $ | 3,756 | | | ||||||
Basic and diluted earnings per share | | | $ | 0.33 | | | | $ | 0.94 | | | | | $ | 0.15 | | | | $ | 0.21 | | | | $ | 0.33 | | | | $ | 0.94 | | |
| | Three Months Ended September, | | Year Ended June, | | |||||||||||||||||||||||||||||||||
| | Year Ended June, | | | 2020 | | 2019 | | 2020 | | 2019 | | ||||||||||||||||||||||||||
| | 2020 | | 2019 | | | (unaudited) | | (unaudited) | | | | | | | | | | | | ||||||||||||||||||
Net income | | | $ | 1,328 | | | | $ | 3,756 | | | | | $ | 670 | | | | $ | 854 | | | | $ | 1,328 | | | | $ | 3,756 | | | ||||||
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Changes in net unrealized gain (loss) on securities available for sale | | | | 46 | | | | | 151 | | | | | | 460 | | | | | (148) | | | | | 46 | | | | | 151 | | | ||||||
Tax effect | | | | (10) | | | | | (31) | | | | | | (103) | | | | | 30 | | | | | (10) | | | | | (31) | | | ||||||
Reclassification adjustment for gain recognizd in net income | | | | (238) | | | | | (140) | | | | | | — | | | | | (93) | | | | | (238) | | | | | (140) | | | ||||||
Tax effect | | | | 50 | | | | | 29 | | | | | | — | | | | | 21 | | | | | 50 | | | | | 29 | | | ||||||
Other comprehensive income (loss), net of tax | | | | (152) | | | | | 9 | | | | | | 357 | | | | | (190) | | | | | (152) | | | | | 9 | | | ||||||
Comprehensive income | | | $ | 1,176 | | | | $ | 3,765 | | | | | $ | 1,027 | | | | $ | 664 | | | | $ | 1,176 | | | | $ | 3,765 | | |
| | | Number of Shares | | | Common Stock | | | Additional Paid-in capital | | | Treasury Stock | | | Retained Earnings | | | Accumulated Other Comprehensive Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||
Balance, June 30, 2018 | | | | | 3,463,059 | | | | | $ | 364 | | | | | $ | 10,243 | | | | | $ | (3,710) | | | | | $ | 54,779 | | | | | $ | 219 | | | | | $ | 61,895 | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,756 | | | | | | | | | | | | 3,756 | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9 | | | | | | 9 | | |
Dividend paid ($0.32 per share) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,280) | | | | | | | | | | | | (1,280) | | |
Merger with Audubon Savings Bank | | | | | 517,095 | | | | | | 52 | | | | | | 12,198 | | | | | | | | | | | | | | | | | | | | | | | | 12,250 | | |
Balance, June 30, 2019 | | | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 57,255 | | | | | $ | 228 | | | | | $ | 76,630 | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,328 | | | | | | | | | | | | 1,328 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (152) | | | | | | (152) | | |
Dividend paid ($0.50 per share) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,983) | | | | | | | | | | | | (1,983) | | |
Merger with Fidelity Savings and Loan Association | | | | | 255,325 | | | | | | 26 | | | | | | 11,351 | | | | | | | | | | | | | | | | | | | | | | | | 11,377 | | |
Merger with Washington Savings Bank | | | | | 253,866 | | | | | | 25 | | | | | | 9,140 | | | | | | | | | | | | | | | | | | | | | | | | 9,165 | | |
Balance, June 30, 2020 | | | | | 4,489,345 | | | | | $ | 467 | | | | | $ | 42,932 | | | | | $ | (3,710) | | | | | $ | 56,600 | | | | | $ | 76 | | | | | $ | 96,365 | | |
|
| | | Number of Shares | | | Common Stock | | | Additional Paid-in capital | | | Treasury Stock | | | Retained Earnings | | | Accumulated Other Comprehensive Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||
Balance, June 30, 2018 | | | | | 3,463,059 | | | | | $ | 364 | | | | | $ | 10,243 | | | | | $ | (3,710) | | | | | $ | 54,779 | | | | | $ | 219 | | | | | $ | 61,895 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,756 | | | | | | — | | | | | | 3,756 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 9 | | |
Dividend paid ($0.32 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,280) | | | | | | — | | | | | | (1,280) | | |
Merger with Audubon Savings Bank | | | | | 517,095 | | | | | | 52 | | | | | | 12,198 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,250 | | |
Balance, June 30, 2019 | | | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 57,255 | | | | | $ | 228 | | | | | $ | 76,630 | | |
Net income (unaudited) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 854 | | | | | | — | | | | | | 854 | | |
Other comprehensive loss (unaudited) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (190) | | | | | | (190) | | |
Dividend paid ($0.50 per share) (unaudited) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,983) | | | | | | — | | | | | | (1,983) | | |
Balance, September 30, 2019 | | | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 56,126 | | | | | $ | 38 | | | | | $ | 75,311 | | |
|
| | | Number of Shares | | | Common Stock | | | Additional Paid-in capital | | | Treasury Stock | | | Retained Earnings | | | Accumulated Other Comprehensive Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||
Balance, June 30, 2019 | | | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 57,255 | | | | | $ | 228 | | | | | $ | 76,630 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,328 | | | | | | — | | | | | | 1,328 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (152) | | | | | | (152) | | |
Dividend paid ($0.50 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,983) | | | | | | — | | | | | | (1,983) | | |
Merger with Fidelity Savings and Loan Association | | | | | 255,325 | | | | | | 26 | | | | | | 11,351 | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,377 | | |
Merger with Washington Savings Bank | | | | | 253,866 | | | | | | 25 | | | | | | 9,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,165 | | |
Balance, June 30, 2020 | | | | | 4,489,345 | | | | | $ | 467 | | | | | $ | 42,932 | | | | | $ | (3,710) | | | | | $ | 56,600 | | | | | $ | 76 | | | | | $ | 96,365 | | |
Net income (unaudited) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 670 | | | | | | — | | | | | | 670 | | |
Other comprehensive income (unaudited) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 357 | | | | | | 357 | | |
Dividend paid ($0.42 per share) (unaudited) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,886) | | | | | | — | | | | | | (1,886) | | |
Balance, September 30, 2020 | | | | | 4,489,345 | | | | | $ | 467 | | | | | $ | 42,932 | | | | | $ | (3,710) | | | | | $ | 55,384 | | | | | $ | 433 | | | | | $ | 95,506 | | |
| | Three Months Ended September 30, | | Year ended June 30, | | |||||||||||||||||||||||||||||||||
| | Year ended June 30, | | | 2020 | | 2019 | | 2020 | | 2019 | | ||||||||||||||||||||||||||
| | 2020 | | 2019 | | | (unaudited) | | (unaudited) | | | | | | | | | | | | ||||||||||||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net income | | | $ | 1,328 | | | | $ | 3,756 | | | | | $ | 670 | | | | $ | 854 | | | | $ | 1,328 | | | | $ | 3,756 | | | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Provision for loan losses | | | | 626 | | | | | 88 | | | | | | 66 | | | | | — | | | | | 626 | | | | | 88 | | | ||||||
Depreciation expense | | | | 582 | | | | | 408 | | | | | | 309 | | | | | 98 | | | | | 582 | | | | | 408 | | | ||||||
Other accretion, net | | | | (545) | | | | | (265) | | | | | | (966) | | | | | (171) | | | | | (545) | | | | | (265) | | | ||||||
Deferred income taxes | | | | 51 | | | | | (544) | | | | | | 270 | | | | | 243 | | | | | 51 | | | | | (544) | | | ||||||
Impact of tax law change | | | | (408) | | | | | — | | | | | | — | | | | | — | | | | | (408) | | | | | — | | | ||||||
Proceeds from gain on sale of loans | | | | — | | | | | 604 | | | | | | — | | | | | — | | | | | — | | | | | 604 | | | ||||||
Origination of loans sold | | | | — | | | | | (592) | | | | | | — | | | | | — | | | | | — | | | | | (592) | | | ||||||
Gain on sale of loans | | | | — | | | | | (12) | | | | | | — | | | | | — | | | | | — | | | | | (12) | | | ||||||
Gain on sale of premises and equipment | | | | (15) | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
Gain on bargain purchase | | | | (746) | | | | | — | | | | | | — | | | | | — | | | | | (746) | | | | | — | | | ||||||
Loss on sale of other real estate owned | | | | — | | | | | 30 | | | | | | — | | | | | — | | | | | — | | | | | 30 | | | ||||||
Amortization of core deposit intangibles | | | | 242 | | | | | 260 | | | | | | 64 | | | | | 59 | | | | | 242 | | | | | 260 | | | ||||||
Gain on sale of securities | | | | (238) | | | | | (140) | | | | | | — | | | | | (93) | | | | | (238) | | | | | (140) | | | ||||||
Earnings on bank-owned life insurance | | | | (347) | | | | | (327) | | | | | | (112) | | | | | (83) | | | | | (347) | | | | | (327) | | | ||||||
Other, net | | | | (395) | | | | | (511) | | | | | | (1,225) | | | | | (39) | | | | | (395) | | | | | (511) | | | ||||||
Net Cash Provided by Operating Activities | | | | 150 | | | | | 2,755 | | | |||||||||||||||||||||||||||
Cash Flows from Investing Activities | | | | | | | | | | | | |||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | |||||||||||||||||||||||||||
Net Cash (Used) Provided by Operating Activities | | | | (939) | | | | | 868 | | | | | 150 | | | | | 2,755 | | | |||||||||||||||||
Cash Flows from Investing Activities Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Purchases | | | | (98,928) | | | | | (20,907) | | | | | | (42,523) | | | | | (22,037) | | | | | (98,928) | | | | | (20,907) | | | ||||||
Maturities, calls and principal paydowns | | | | 19,439 | | | | | 1,198 | | | | | | 9,099 | | | | | 3,398 | | | | | 19,439 | | | | | 1,198 | | | ||||||
Proceeds from sale of securities | | | | 13,575 | | | | | 40,383 | | | | | | — | | | | | 4,309 | | | | | 13,575 | | | | | 40,383 | | | ||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Maturities, calls and principal paydowns | | | | 268 | | | | | 1,252 | | | | | | — | | | | | — | | | | | 268 | | | | | 1,252 | | | ||||||
Net increase in loans receivable | | | | (4,960) | | | | | (5,834) | | | |||||||||||||||||||||||||||
Net decrease (increase) in loans receivable | | | | 11,272 | | | | | (406) | | | | | (4,960) | | | | | (5,834) | | | |||||||||||||||||
Interest bearing time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Purchases | | | | (1,500) | | | | | (1,499) | | | | | | — | | | | | — | | | | | (1,500) | | | | | (1,499) | | | ||||||
Maturities & principal paydowns | | | | 7,986 | | | | | 25,435 | | | | | | — | | | | | 1,999 | | | | | 7,986 | | | | | 25,435 | | | ||||||
Regulatory stock | | | | | | | | | | | | |||||||||||||||||||||||||||
Purchases | | | | — | | | | | (983) | | | |||||||||||||||||||||||||||
Redemptions | | | | 133 | | | | | 2,535 | | | |||||||||||||||||||||||||||
Regulatory stock purchases | | | | — | | | | | — | | | | | — | | | | | (983) | | | |||||||||||||||||
Regulatory stock redemptions | | | | 981 | | | | | 7 | | | | | 133 | | | | | 2,535 | | | |||||||||||||||||
Proceeds from sale of other real estate owned | | | | — | | | | | 250 | | | | | | — | | | | | — | | | | | — | | | | | 250 | | | ||||||
Purchases of premises and equipment, net | | | | (1,814) | | | | | (247) | | | | | | (302) | | | | | (709) | | | | | (1,814) | | | | | (247) | | | ||||||
Proceeds from the sale of premises and equipment | | | | 8 | | | | | — | | | | | | 425 | | | | | — | | | | | 8 | | | | | — | | | ||||||
Acquisition(s), net of cash acquired | | | | 48,848 | | | | | 6,693 | | | |||||||||||||||||||||||||||
Acquisitions, net of cash acquired | | | | — | | | | | — | | | | | 48,848 | | | | | 6,693 | | | |||||||||||||||||
Net Cash (Used) Provided by Investing Activities | | | | (16,945) | | | | | 48,276 | | | | | | (21,048) | | | | | (13,439) | | | | | (16,945) | | | | | 48,276 | | | ||||||
Cash Flows from Financing Activities | | | | | | | | | | | | |||||||||||||||||||||||||||
Net increase (decrease) in deposits | | | | 77,117 | | | | | (6,631) | | | |||||||||||||||||||||||||||
Cash Flows from Financing Activities Net increase (decrease) in deposits | | | | 21,863 | | | | | 5,169 | | | | | 77,117 | | | | | (6,631) | | | |||||||||||||||||
Proceeds from Federal Home Loan Bank advances | | | | 12,000 | | | | | 19,000 | | | | | | — | | | | | — | | | | | 12,000 | | | | | 19,000 | | | ||||||
Repayment of Federal Home Loan Bank advances | | | | (14,031) | | | | | (52,880) | | | | | | (23,197) | | | | | — | | | | | (14,031) | | | | | (52,880) | | | ||||||
Increase in advances from borrowers for taxes and insurance | | | | 439 | | | | | 800 | | | |||||||||||||||||||||||||||
Increase (decrease) in advances from borrowers for taxes and insurance | | | | (1,626) | | | | | (1,781) | | | | | 439 | | | | | 800 | | | |||||||||||||||||
Cash dividends | | | | (1,983) | | | | | (1,280) | | | | | | (1,886) | | | | | (1,983) | | | | | (1,983) | | | | | (1,280) | | | ||||||
Net Cash Provided (Used) for Financing Activities | | | | 73,542 | | | | | (40,991) | | | |||||||||||||||||||||||||||
Net Increase in Cash and Cash Equivalents | | | | 56,747 | | | | | 10,040 | | | |||||||||||||||||||||||||||
Cash and Cash Equivalents-Beginning | | | | 26,168 | | | | | 16,128 | | | |||||||||||||||||||||||||||
Cash and Cash Equivalents-Ending | | | $ | 82,915 | | | | $ | 26,168 | | | |||||||||||||||||||||||||||
Net Cash (Used) Provided for Financing Activities | | | | (4,846) | | | | | 1,405 | | | | | 73,542 | | | | | (40,991) | | | |||||||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | | | | (26,833) | | | | | (11,166) | | | | | 56,747 | | | | | 10,040 | | | |||||||||||||||||
Cash and Cash Equivalents – Beginning | | | | 82,915 | | | | | 26,168 | | | | | 26,168 | | | | | 16,128 | | | |||||||||||||||||
Cash and Cash Equivalents – Ending | | | $ | 56,082 | | | | $ | 15,002 | | | | $ | 82,915 | | | | $ | 26,168 | | | |||||||||||||||||
Supplementary Cash Flows Information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest paid | | | $ | 5,157 | | | | $ | 3,610 | | | | | $ | 1,513 | | | | $ | 1,205 | | | | $ | 5,157 | | | | $ | 3,610 | | | ||||||
Income taxes paid | | | | 12 | | | | | 12 | | | | | | 25 | | | | | 12 | | | | | 12 | | | | | 12 | | | ||||||
Transfers from loans to other real estate owned | | | | — | | | | | 178 | | | | | | — | | | | | — | | | | | — | | | | | 178 | | | ||||||
Transfers of securities from held to maturity to available for sale | | | | 1,637 | | | | | — | | | | | | — | | | | | — | | | | | 1,637 | | | | | — | | | ||||||
Operating lease right-of-use asset recorded | | | | 1,789 | | | | | — | | | | | | — | | | | | — | | | | | 1,789 | | | | | — | | | ||||||
Operating lease liabilities recorded | | | | 1,771 | | | | | — | | | | | | — | | | | | — | | | | | 1,771 | | | | | — | | | ||||||
Acquisition of noncash assets and liabilities | | | | | | | | | | | | |||||||||||||||||||||||||||
Premises transferred to held for sale | | | | 2,392 | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
Acquisition of noncash assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Assets acquired | | | | 244,854 | | | | | 149,149 | | | | | | — | | | | | — | | | | | 244,854 | | | | | 149,149 | | | ||||||
Liabilities assumed | | | | 223,566 | | | | | 141,757 | | | | | | — | | | | | — | | | | | 223,566 | | | | | 141,757 | | |
| | | Years | |
Office buildings and improvements | | | 5 – 33 | |
Furniture, fixtures, and equipment | | | 5 – 10 | |
Automobiles | | | 4 | |
| | Year ended June 30, | | | Three months ended September 30, | | Year ended June 30, | | ||||||||||||||||||||||||||||||
(Dollars in thousands, except share and per share amounts) | | 2020 | | 2019 | | |||||||||||||||||||||||||||||||||
| | 2020 | | 2019 | | 2020 | | 2019 | | |||||||||||||||||||||||||||||
Weighted-average common shares outstanding | | | | 4,242,978 | | | | | 4,156,696 | | | | | | 4,667,304 | | | | | 4,158,113 | | | | | 4,242,978 | | | | | 4,156,696 | | | ||||||
Average treasury stock shares | | | | (177,959) | | | | | (177,959) | | | | | | (177,959) | | | | | (177,959) | | | | | (177,959) | | | | | (177,959) | | | ||||||
Average unearned ESOP shares | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||
Weighted-average common shares and common stock equivalents used to calculate basic and diluted earnings per share | | | | 4,065,019 | | | | | 3,978,737 | | | | | | 4,489,345 | | | | | 3,980,154 | | | | | 4,065,019 | | | | | 3,978,737 | | | ||||||
Net Income | | | $ | 1,328 | | | | $ | 3,756 | | | | | $ | 670 | | | | $ | 854 | | | | $ | 1,328 | | | | $ | 3,756 | | | ||||||
Basic and diluted earnings per share | | | $ | 0.33 | | | | $ | 0.94 | | | | | $ | 0.15 | | | | $ | 0.21 | | | | $ | 0.33 | | | | $ | 0.94 | | |
(Dollars in thousands) | | | | | | | | | | | | | |
Fair Value of Equity | | | | | | | | | | $ | 11,377 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions | | | | $ | 26,867 | | | | | | | | |
Interest-bearing time deposits | | | | | 462 | | | | | | | | |
Loans receivable, net | | | | | 55,949 | | | | | | | | |
Premises and equipment | | | | | 747 | | | | | | | | |
Regulatory stock | | | | | 334 | | | | | | | | |
Deferred income taxes | | | | | 564 | | | | | | | | |
Other real estate owned | | | | | 100 | | | | | | | | |
Core deposit intangible | | | | | 65 | | | | | | | | |
Accrued interest receivable | | | | | 209 | | | | | | | | |
Other assets | | | | | 272 | | | | | | | | |
Total assets | | | | $ | 85,569 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits | | | | $ | (66,409) | | | | | | | | |
Advances from Federal Home Loan Bank | | | | | (5,688) | | | | | | | | |
Accrued interest payable | | | | | (5) | | | | | | | | |
Other liabilities | | | | | (1,477) | | | | | | | | |
Total liabilities | | | | $ | (73,579) | | | | | | | | |
Net assets acquired | | | | | | | | | | | 11,990 | | |
Gain on Bargain Purchase | | | | | | | | | | $ | (613) | | |
(Dollars in thousands) | | | | | | | | | | | | | ||
Contractually required principal and interest at acquisition | | | $ | 619 | | | | | $ | 619 | | | ||
Contractual cash flows not expected to be collected (nonaccretable difference) | | | | 431 | | | | | | 431 | | | ||
Expected cash flows at acquisition | | | | 188 | | | | | | 188 | | | ||
Interest component of expected cash flows (accretable discount) | | | | 27 | | | | | | 27 | | | ||
Fair value of acquired loans accounted for under FASB ASC 310-30 | | | $ | 161 | | | | | $ | 161 | | | ||
|
(Dollars in thousands) | | | | | | | |
Contractually required principal at acquisition | | | | $ | 56,785 | | |
Contractual cash flows not expected to be collected (credit mark) | | | | | 1,240 | | |
Expected cash flows at acquisition | | | | | 55,545 | | |
Interest rate premium mark | | | | | 243 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30 | | | | $ | 55,788 | | |
(Dollars in thousands) | | Fidelity May 1, 2020 to June 30, 2020 | | | Fidelity May 1, 2020 to June 30, 2020 | | ||||||||
Net interest income | | | $ | 313 | | | | | $ | 313 | | | ||
Non-interest income | | | | 17 | | | | | | 17 | | | ||
Non-interest expense | | | | (331) | | | | | | (331) | | | ||
Pre-tax income | | | $ | (1) | | | | | $ | (1) | | | ||
Income tax expense | | | | — | | | | | | — | | | ||
Net income | | | $ | (1) | | | | | $ | (1) | | |
| | Pro Forma for the Year Ended | | | Pro Forma for the Year Ended | | ||||||||||||||||||||
(Dollars in thousands) | | June 30, 2020 | | June 30, 2019 | | | June 30, 2020 | | June 30, 2019 | | ||||||||||||||||
Net interest income | | | $ | 17,352 | | | | $ | 17,478 | | | | | $ | 17,352 | | | | $ | 17,478 | | | ||||
Provision for loan losses | | | | (695) | | | | | (105) | | | | | | (695) | | | | | (105) | | | ||||
Non-interest income | | | | 1,672 | | | | | 1,915 | | | | | | 1,672 | | | | | 1,915 | | | ||||
Non-interest expense | | | | (16,005) | | | | | (14,819) | | | |||||||||||||||
Pre-tax income | | | $ | 2,324 | | | | $ | 4,469 | | | |||||||||||||||
Income tax expense | | | | 488 | | | | | 938 | | | |||||||||||||||
Net income | | | $ | 1,836 | | | | $ | 3,531 | | | |||||||||||||||
Earnings per share basic and diluted | | | $ | 0.41 | | | | $ | 0.79 | | |
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Non-interest expense | | | | | (16,005) | | | | | | (14,819) | | |
Pre-tax income | | | | $ | 2,324 | | | | | $ | 4,469 | | |
Income tax expense | | | | | 488 | | | | | | 938 | | |
Net income | | | | $ | 1,836 | | | | | $ | 3,531 | | |
Earnings per share basic and diluted | | | | $ | 0.41 | | | | | $ | 0.79 | | |
(Dollars in thousands) | | | | | | | | | | | | | |
Fair Value of Equity | | | | | | | | | | $ | 9,165 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions | | | | $ | 21,981 | | | | | | | | |
Securities available for sale | | | | | 1,996 | | | | | | | | |
Interest-bearing time deposits | | | | | 100 | | | | | | | | |
Loans receivable, net | | | | | 121,520 | | | | | | | | |
Premises and equipment | | | | | 6,356 | | | | | | | | |
Regulatory stock | | | | | 1,214 | | | | | | | | |
Deferred income taxes | | | | | 2,154 | | | | | | | | |
Bank-owned life insurance | | | | | 3,208 | | | | | | | | |
Core deposit intangible | | | | | 197 | | | | | | | | |
Accrued interest receivable | | | | | 413 | | | | | | | | |
Other assets | | | | | 146 | | | | | | | | |
Total assets | | | | $ | 159,285 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits | | | | $ | (135,546) | | | | | | | | |
Advances from Federal Home Loan Bank | | | | | (11,281) | | | | | | | | |
Accrued interest payable | | | | | (145) | | | | | | | | |
Other liabilities | | | | | (3,015) | | | | | | | | |
Total liabilities | | | | $ | (149,987) | | | | | | | | |
Net assets acquired | | | | | | | | | | | 9,298 | | |
Gain on Bargain Purchase | | | | | | | | | | $ | (133) | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal and interest at acquisition | | | | $ | 420 | | |
Contractual cash flows not expected to be collected (nonaccretable difference) | | | | | 230 | | |
Expected cash flows at acquisition | | | | | 190 | | |
Interest component of expected cash flows (accretable discount) | | | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30 | | | | $ | 163 | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal at acquisition | | | | $ | 125,491 | | |
Contractual cash flows not expected to be collected (credit mark) | | | | | 2,440 | | |
Expected cash flows at acquisition | | | | | 123,051 | | |
Interest rate discount mark | | | | | 1,694 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30 | | | | $ | 121,357 | | |
(Dollars in thousands) | | Washington May 1, 2020 to June 30, 2020 | | | Washington May 1, 2020 to June 30, 2020 | | ||||||||
Net interest income | | | $ | 591 | | | | | $ | 591 | | | ||
Non-interest income | | | | 67 | | | | | | 67 | | | ||
Non-interest expense | | | | (628) | | | | | | (628) | | | ||
Pre-tax income | | | $ | 30 | | | ||||||||
Income tax expense | | | | (6) | | | ||||||||
Net income | | | $ | 24 | | | ||||||||
| |
(Dollars in thousands) | | | Washington May 1, 2020 to June 30, 2020 | | |||
Pre-tax income | | | | $ | 30 | | |
Income tax expense | | | | | (6) | | |
Net income | | | | $ | 24 | | |
|
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Net interest income | | | | $ | 19,112 | | | | | $ | 20,149 | | |
Provision for loan losses | | | | | (752) | | | | | | (196) | | |
Non-interest income | | | | | 2,409 | | | | | | 1,715 | | |
Non-interest expense | | | | | (17,392) | | | | | | (18,223) | | |
Pre-tax income | | | | $ | 3,377 | | | | | $ | 3,445 | | |
Income tax expense | | | | | 709 | | | | | | 723 | | |
Net income | | | | $ | 2,668 | | | | | $ | 2,722 | | |
Earnings per share basic and diluted | | | | $ | 0.59 | | | | | $ | 0.61 | | |
| | | Core deposit intangible | | |||
2020 | | | | $ | 234 | | |
2021 | | | | | 208 | | |
2022 | | | | | 182 | | |
2023 | | | | | 156 | | |
2024 | | | | | 130 | | |
Thereafter | | | | | 262 | | |
| | | | $ | 1,172 | | |
| Consideration paid | | | | | | | | | | $ | 12,250 | | |
| Assets acquired: | | | | | | | | | | | | | |
| Cash and due from financial institutions | | | | $ | 6,693 | | | | | | | | |
| Securities available for sale | | | | | 39,113 | | | | | | | | |
| Loans receivable, net | | | | | 86,840 | | | | | | | | |
| Premises and equipment | | | | | 6,056 | | | | | | | | |
| Regulatory stock | | | | | 1,610 | | | | | | | | |
| Deferred income taxes | | | | | 1,256 | | | | | | | | |
| Bank-owned life insurance | | | | | 4,944 | | | | | | | | |
| Core deposit intangible | | | | | 1,432 | | | | | | | | |
| Accrued interest receivable | | | | | 522 | | | | | | | | |
| Other assets | | | | | 683 | | | | | | | | |
| Total assets | | | | | 149,149 | | | | | | | | |
| Liabilities assumed: | | | | | | | | | | | | | |
| Deposits | | | | $ | (107,180) | | | | | | | | |
| Advances from Federal Home Loan Bank | | | | | (32,380) | | | | | | | | |
| Accrued interest payable | | | | | (81) | | | | | | | | |
| Other liabilities | | | | | (2,116) | | | | | | | | |
| Total liabilities | | | | | (141,757) | | | | | | | | |
| Net assets acquired | | | | | | | | | | | 7,392 | | |
| Goodwill resulting from ASB merger | | | | | | | | | | $ | 4,858 | | |
(Dollars in thousands) | | | | | | | |
Accumulated Other Comprehensive Income(1) | | | Gains (Losses) on Securities Available for Sale | | |||
Balance at June 30, 2019 | | | | $ | 228 | | |
Other comprehensive income before reclassifications | | | | | (118) | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (72) | | |
Period change | | | | | (190) | | |
Balance at September 30, 2019 | | | | $ | 38 | | |
Balance at June 30, 2020 | | | | $ | 76 | | |
Other comprehensive income before reclassifications | | | | | 357 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | — | | |
Period change | | | | | 357 | | |
Balance at September 30, 2020 | | | | $ | 433 | | |
(Dollars in thousands) | | | | | | | |
Accumulated Other Comprehensive Income(1) | | | Unrealized Gains (Losses) on Securities Available for Sale | | |||
Balance at June 30, 2018 | | | | $ | 219 | | |
Other comprehensive income before reclassifications | | | | | 120 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (111) | | |
Period change | | | | | 9 | | |
Balance at June 30, 2019 | | | | $ | 228 | | |
Other comprehensive income before reclassifications | | | | | 36 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (188) | | |
Period change | | | | | (152) | | |
Balance at June 30, 2020 | | | | $ | 76 | | |
(Dollars in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Details about Accumulated Other Comprehensive Income Components | | | Amounts Reclassified from Other Comprehensive Income(1) | | | Affected Line Item in the Consolidated Statements of Income | | | | Amounts Reclassified from Other Comprehensive Income(1) | | | Affected Line Item in the Consolidated Statements of Income | | ||||||||||||||||||
| 2020 | | 2019 | | | Three Months Ended September 30, 2020 | | Three Months Ended September 30, 2019 | | |||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net securities gains reclassified into net income | | | $ | 238 | | | | $ | 140 | | | Gain on sale of securities | | | | $ | — | | | | $ | 93 | | | Gain on sale of securities | | ||||||
Related income tax expense | | | | (50) | | | | | (29) | | | Income tax expense | | | | $ | — | | | | $ | (21) | | | Income tax expense | | ||||||
| | | $ | 188 | | | | $ | 111 | | | | | | | $ | — | | | | $ | 72 | | | | |
(Dollars in thousands) | | | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components | | | Amounts Reclassified from Other Comprehensive Income(1) | | | Affected Line Item in the Consolidated Statements of Income | | |||||||||
| Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income | | | | $ | 238 | | | | | $ | 140 | | | | Gain on sale of securities | |
Related income tax expense | | | | | (50) | | | | | | (29) | | | | Income tax expense | |
| | | | $ | 188 | | | | | $ | 111 | | | | | |
| | Year ended June 30, | | |||||||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | | As of September 30, 2020 | | As of June 30, 2020 | | As of June 30, 2019 | | ||||||||||||||||||||
Due in one year or less | | | $ | 1,050 | | | | $ | 7,986 | | | | | $ | 1,050 | | | | $ | 1,050 | | | | $ | 7,986 | | | |||||
Due after one year through five years | | | | 1,250 | | | | | 500 | | | | | | 1,250 | | | | | 1,250 | | | | | 500 | | | |||||
| | | $ | 2,300 | | | | $ | 8,486 | | | | | $ | 2,300 | | | | $ | 2,300 | | | | $ | 8,486 | | |
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 51,570 | | | | | $ | 272 | | | | | $ | (104) | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations | | | | | 3,215 | | | | | | 33 | | | | | | (33) | | | | | | 3,215 | | |
U.S. government agency securities | | | | | 6,226 | | | | | | 2 | | | | | | (73) | | | | | | 6,155 | | |
U.S. treasury securitites | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Municipal bonds | | | | | 10,485 | | | | | | 33 | | | | | | (10) | | | | | | 10,508 | | |
Corporate bonds | | | | | 17,399 | | | | | | 60 | | | | | | (77) | | | | | | 17,382 | | |
Total Available For Sale | | | | $ | 89,895 | | | | | $ | 400 | | | | | $ | (297) | | | | | $ | 89,998 | | |
|
| | | September 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 66,379 | | | | | $ | 270 | | | | | $ | (249) | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations | | | | | 2,377 | | | | | | 30 | | | | | | (29) | | | | | | 2,378 | | |
U.S. government agency securities | | | | | 11,658 | | | | | | 3 | | | | | | (114) | | | | | | 11,547 | | |
Municipal bonds | | | | | 24,878 | | | | | | 323 | | | | | | (73) | | | | | | 25,128 | | |
Corporate bonds | | | | | 17,750 | | | | | | 394 | | | | | | — | | | | | | 18,144 | | |
Total Available For Sale | | | | $ | 123,042 | | | | | $ | 1,020 | | | | | $ | (465) | | | | | $ | 123,597 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 51,570 | | | | | $ | 272 | | | | | $ | (104) | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations | | | | | 3,215 | | | | | | 33 | | | | | | (33) | | | | | | 3,215 | | |
U.S. government agency securities | | | | | 6,226 | | | | | | 2 | | | | | | (73) | | | | | | 6,155 | | |
U.S. treasury securitites | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Municipal bonds | | | | | 10,485 | | | | | | 33 | | | | | | (10) | | | | | | 10,508 | | |
Corporate bonds | | | | | 17,399 | | | | | | 60 | | | | | | (77) | | | | | | 17,382 | | |
Total Available For Sale | | | | $ | 89,895 | | | | | $ | 400 | | | | | $ | (297) | | | | | $ | 89,998 | | |
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 3,609 | | | | | $ | 69 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations | | | | | 5,634 | | | | | | 138 | | | | | | (5) | | | | | | 5,767 | | |
U.S. government agency securities | | | | | 10,865 | | | | | | 68 | | | | | | (21) | | | | | | 10,912 | | |
Private label collateralized mortgage obligations | | | | | 264 | | | | | | 39 | | | | | | — | | | | | | 303 | | |
Total Available For Sale | | | | $ | 20,372 | | | | | $ | 314 | | | | | $ | (26) | | | | | $ | 20,660 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 1,500 | | | | | $ | 37 | | | | | $ | (15) | | | | | $ | 1,522 | | |
U.S. agency collateralized mortgage obligations | | | | | 206 | | | | | | 8 | | | | | | — | | | | | | 214 | | |
Municipal bonds | | | | | 100 | | | | | | — | | | | | | — | | | | | | 100 | | |
Corporate bonds | | | | | 100 | | | | | | 1 | | | | | | — | | | | | | 101 | | |
Total Held to Maturity | | | | $ | 1,906 | | | | | $ | 46 | | | | | $ | — | | | | | $ | 1,937 | | |
| | June 30, 2020 | | | September 30, 2020 | | June 30, 2020 | | ||||||||||||||||||||||||||||||
| | Available for Sale | | | Available For Sale | | Available For Sale | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | Amortized Cost | | Fair Value | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | ||||||||||||||||||||||||
Due in one year or less | | | $ | 2,904 | | | | $ | 2,893 | | | | | $ | 5 | | | | $ | 5 | | | | $ | 2,904 | | | | $ | 2,893 | | | ||||||
Due after one year through five years | | | | 9,632 | | | | | 9,611 | | | | | | 11,855 | | | | | 12,082 | | | | | 9,632 | | | | | 9,611 | | | ||||||
Due after five years through ten years | | | | 7,606 | | | | | 7,602 | | | | | | 11,443 | | | | | 11,559 | | | | | 7,606 | | | | | 7,602 | | | ||||||
Due after ten years | | | | 69,753 | | | | | 69,892 | | | | | | 99,739 | | | | | 99,951 | | | | | 69,753 | | | | | 69,892 | | | ||||||
| | | $ | 89,895 | | | | $ | 89,998 | | | | | $ | 123,042 | | | | $ | 123,597 | | | | $ | 89,895 | | | | $ | 89,998 | | |
| | | September 30, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 34,544 | | | | | $ | 242 | | | | | $ | 264 | | | | | $ | 7 | | | | | $ | 34,808 | | | | | $ | 249 | | |
U.S. agency collateralized mortgage obligations | | | | | 722 | | | | | | 7 | | | | | | 1,122 | | | | | | 22 | | | | | | 1,844 | | | | | | 29 | | |
U.S. government agency securities | | | | | 11,399 | | | | | | 114 | | | | | | — | | | | | | — | | | | | | 11,399 | | | | | | 114 | | |
Municipal bonds | | | | | 8,757 | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 8,757 | | | | | | 73 | | |
Total Temporarily Impaired Securities | | | | $ | 55,422 | | | | | $ | 436 | | | | | $ | 1,386 | | | | | $ | 29 | | | | | $ | 56,808 | | | | | $ | 465 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 22,082 | | | | | $ | 104 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,082 | | | | | $ | 104 | | |
U.S. agency collateralized mortgage obligations | | | | | 1,513 | | | | | | 14 | | | | | | 1,129 | | | | | | 19 | | | | | | 2,642 | | | | | | 33 | | |
U.S. government agency securities | | | | | 4,922 | | | | | | 49 | | | | | | 914 | | | | | | 24 | | | | | | 5,836 | | | | | | 73 | | |
Municipal bonds | | | | | 3,694 | | | | | | 10 | | | | | | — | | | | | | — | | | | | | 3,694 | | | | | | 10 | | |
Corporate bonds | | | | | 5,222 | | | | | | 77 | | | | | | — | | | | | | — | | | | | | 5,222 | | | | | | 77 | | |
Total Temporarily Impaired Securities | | | | $ | 37,433 | | | | | $ | 254 | | | | | $ | 2,043 | | | | | $ | 43 | | | | | $ | 39,476 | | | | | $ | 297 | | |
|
| | June 30, 2019 | | | June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | 12 Months or More | | | Total Fair Value | | Total Unrealized Losses | | | | Less than 12 Months | | 12 Months or More | | | Total Fair Value | | Total Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
U.S. agency collateralized mortgage obligations | | | $ | 1,237 | | | | $ | 5 | | | | $ | — | | | | $ | — | | | | $ | 1,237 | | | | $ | 5 | | | | | $ | 1,237 | | | | $ | 5 | | | | $ | — | | | | $ | — | | | | $ | 1,237 | | | | $ | 5 | | | ||||||||||||
U.S. government agency securities | | | | 2,524 | | | | | 21 | | | | | — | | | | | — | | | | | 2,524 | | | | | 21 | | | | | | 2,524 | | | | | 21 | | | | | — | | | | | — | | | | | 2,524 | | | | | 21 | | | ||||||||||||
| | | | 3,761 | | | | | 26 | | | | | — | | | | | — | | | | | 3,761 | | | | | 26 | | | | | | 3,761 | | | | | 26 | | | | | — | | | | | — | | | | | 3,761 | | | | | 26 | | | ||||||||||||
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Mortgage-backed securities | | | | — | | | | | — | | | | | 716 | | | | | 15 | | | | | 716 | | | | | 15 | | | | | | — | | | | | — | | | | | 716 | | | | | 15 | | | | | 716 | | | | | 15 | | | ||||||||||||
| | | | — | | | | | — | | | | | 716 | | | | | 15 | | | | | 716 | | | | | 15 | | | | | | — | | | | | — | | | | | 716 | | | | | 15 | | | | | 716 | | | | | 15 | | | ||||||||||||
Total Temporarily Impaired Securities | | | $ | 3,761 | | | | $ | 26 | | | | $ | 716 | | | | $ | 15 | | | | $ | 4,477 | | | | $ | 41 | | | | | $ | 3,761 | | | | $ | 26 | | | | $ | 716 | | | | $ | 15 | | | | $ | 4,477 | | | | $ | 41 | | |
| | June 30, 2020 | | June 30, 2019 | | | September 30, 2020 | | June 30, 2020 | | June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Amount | | Percent | | Amount | | Percent | | | Amount | | Percent | | Amount | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
1 – 4 family | | | $ | 345,915 | | | | | 66.85% | | | | $ | 220,176 | | | | | 65.98% | | | | | $ | 335,200 | | | | | 66.29% | | | | $ | 345,915 | | | | | 66.85% | | | | $ | 220,176 | | | | | 65.99% | | | ||||||||||
Home equity and HELOCs | | | | 47,054 | | | | | 9.10 | | | | | 31,905 | | | | | 9.56 | | | | | | 45,364 | | | | | 8.97 | | | | | 47,054 | | | | | 9.10 | | | | | 31,905 | | | | | 9.56 | | | ||||||||||
Construction-residential | | | | 15,799 | | | | | 3.05 | | | | | 9,739 | | | | | 2.92 | | | |||||||||||||||||||||||||||||||||||||||||
Construction -residential | | | | 13,665 | | | | | 2.70 | | | | | 15,799 | | | | | 3.05 | | | | | 9,739 | | | | | 2.92 | | | |||||||||||||||||||||||||||||||
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Multi-family (five or more) | | | | 14,964 | | | | | 2.89 | | | | | 11,028 | | | | | 3.30 | | | | | | 14,477 | | | | | 2.86 | | | | | 14,964 | | | | | 2.89 | | | | | 11,028 | | | | | 3.30 | | | ||||||||||
Commercial non-residential | | | | 76,707 | | | | | 14.83 | | | | | 53,557 | | | | | 16.05 | | | | | | 79,969 | | | | | 15.81 | | | | | 76,707 | | | | | 14.83 | | | | | 53,557 | | | | | 16.05 | | | ||||||||||
Construction and land | | | | 6,690 | | | | | 1.29 | | | | | 4,438 | | | | | 1.33 | | | | | | 7,358 | | | | | 1.46 | | | | | 6,690 | | | | | 1.29 | | | | | 4,438 | | | | | 1.33 | | | ||||||||||
Commercial | | | | 6,438 | | | | | 1.24 | | | | | 2,099 | | | | | 0.63 | | | | | | 5,958 | | | | | 1.18 | | | | | 6,438 | | | | | 1.24 | | | | | 2,099 | | | | | 0.63 | | | ||||||||||
Consumer Loans | | | | 3,900 | | | | | 0.75 | | | | | 741 | | | | | 0.22 | | | | | | 3,670 | | | | | 0.73 | | | | | 3,900 | | | | | 0.75 | | | | | 741 | | | | | 0.22 | | | ||||||||||
Total Loans | | | | 517,467 | | | | | 100.00% | | | | | 333,683 | | | | | 100.00% | | | | | | 505,661 | | | | | 100.00% | | | | | 517,467 | | | | | 100.00% | | | | | 333,683 | | | | | 100.00% | | | ||||||||||
Loans in process | | | | (4,895) | | | | | | | | | | (3,669) | | | | | | | | | | | (3,916) | | | | | | | | | | (4,895) | | | | | | | | | | (3,669) | | | ��� | | | | | | |||||||||
Unearned loan origination fees | | | | (448) | | | | | | | | | | (788) | | | | | | | | | | | (530) | | | | | | | | | | (448) | | | | | | | | | | (788) | | | | | | | | ||||||||||
Allowance for loan losses | | | | (3,519) | | | | | | | | | | (3,209) | | | | | | | | | | | (3,585) | | | | | | | | | | (3,519) | | | | | | | | | | (3,209) | | | | | | | | ||||||||||
Net Loans | | | $ | 508,605 | | | | | | | | | $ | 326,017 | | | | | | | | | | $ | 497,630 | | | | | | | | | $ | 508,605 | | | | | | | | | $ | 326,017 | | | | | | | |
June 30, 2020 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs | | | | | (260) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | (3) | | | | | | (12) | | | | | | — | | | | | | (316) | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 242 | | | | | | 50 | | | | | | 205 | | | | | | 52 | | | | | | 54 | | | | | | 275 | | | | | | (9) | | | | | | 24 | | | | | | (267) | | | | | | 626 | | |
Ending Balance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,483 | | | | | | 166 | | | | | | 526 | | | | | | 123 | | | | | | 727 | | | | | | 396 | | | | | | 83 | | | | | | 15 | | | | | | — | | | | | | 3,519 | | |
Total allowance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 973 | | | | | $ | 628 | | | | | $ | — | | | | | $ | 185 | | | | | $ | 585 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,371 | | |
Collectively evaluated for impairment | | | | | 189,055 | | | | | | 15,677 | | | | | | 9,218 | | | | | | 9,267 | | | | | | 45,214 | | | | | | 6,690 | | | | | | 4,150 | | | | | | 713 | | | | | | — | | | | | | 279,984 | | |
Acquired non-credit impaired loans(1) | | | | | 155,588 | | | | | | 30,727 | | | | | | 6,581 | | | | | | 5,512 | | | | | | 30,908 | | | | | | — | | | | | | 2,288 | | | | | | 3,187 | | | | | | — | | | | | | 234,791 | | |
Acquired credit impaired loans(2) | | | | | 299 | | | | | | 22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 321 | | |
Total portfolio | | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | — | | | | | $ | 517,467 | | |
|
September 30, 2020 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Total | | |||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | 3,519 | | |
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 107 | | | | | | (16) | | | | | | (65) | | | | | | (2) | | | | | | 53 | | | | | | 40 | | | | | | (51) | | | | | | — | | | | | | 66 | | |
Ending Balance | | | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,590 | | | | | | 150 | | | | | | 461 | | | | | | 121 | | | | | | 780 | | | | | | 436 | | | | | | 32 | | | | | | 15 | | | | | | 3,585 | | |
Total allowance | | | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 950 | | | | | $ | 680 | | | | | $ | — | | | | | $ | 184 | | | | | $ | 574 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,388 | | |
Collectively evaluated for impairment | | | | | 193,714 | | | | | | 13,591 | | | | | | 8,015 | | | | | | 8,750 | | | | | | 50,205 | | | | | | 7,358 | | | | | | 4,070 | | | | | | 584 | | | | | | 286,287 | | |
Acquired non-credit impaired loans(1) | | | | | 140,231 | | | | | | 31,070 | | | | | | 5,650 | | | | | | 5,543 | | | | | | 29,190 | | | | | | — | | | | | | 1,888 | | | | | | 3,086 | | | | | | 216,658 | | |
Acquired credit impaired loans(2) | | | | | 305 | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 328 | | |
Total portfolio | | | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
September 30, 2019 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 371 | | | | | | 15 | | | | | | (118) | | | | | | 42 | | | | | | (264) | | | | | | (29) | | | | | | (55) | | | | | | 12 | | | | | | 26 | | | | | | — | | |
Ending Balance | | | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,872 | | | | | | 137 | | | | | | 203 | | | | | | 113 | | | | | | 444 | | | | | | 92 | | | | | | 40 | | | | | | 15 | | | | | | 293 | | | | | | 3,209 | | |
Total allowance | | | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 1,495 | | | | | $ | 638 | | | | | $ | — | | | | | $ | 187 | | | | | $ | 652 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,972 | | |
Collectively evaluated for impairment | | | | | 178,747 | | | | | | 21,468 | | | | | | 6,782 | | | | | | 10,571 | | | | | | 31,875 | | | | | | 4,076 | | | | | | 1,787 | | | | | | 679 | | | | | | — | | | | | | 255,985 | | |
Acquired non-credit impaired loans(1) | | | | | 37,684 | | | | | | 9,727 | | | | | | — | | | | | | 6 | | | | | | 23,785 | | | | | | — | | | | | | 343 | | | | | | 6 | | | | | | — | | | | | | 71,551 | | |
Total portfolio | | | | $ | 217,926 | | | | | $ | 31,833 | | | | | $ | 6,782 | | | | | $ | 10,764 | | | | | $ | 56,312 | | | | | $ | 4,076 | | | | | $ | 2,130 | | | | | $ | 685 | | | | | $ | — | | | | | $ | 330,508 | | |
June 30, 2019 | | Residential real estate: | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | | Residential real estate: | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | 1 – 4 family | | Home Equity and HELOCs | | Construction- residential | | Multi-family (five or more) | | Commercial non-residential | | Construction and Land | | Commercial | | Consumer | | Unallocated | | Total | | | 1 – 4 family | | Home Equity and HELOCs | | Construction- residential | | Multi-family (five or more) | | Commercial non-residential | | Construction and Land | | Commercial | | Consumer | | Unallocated | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Beginning balance | | | $ | 1,478 | | | | $ | 58 | | | | $ | 191 | | | | $ | 116 | | | | $ | 388 | | | | $ | 903 | | | | $ | 4 | | | | $ | — | | | | $ | — | | | | $ | 3,138 | | | | | $ | 1,501 | | | | $ | 122 | | | | $ | 321 | | | | $ | 71 | | | | $ | 708 | | | | $ | 121 | | | | $ | 95 | | | | $ | 3 | | | | $ | 267 | | | | $ | 3,209 | | | ||||||||||||||||||||
Charge-offs | | | | (21) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (21) | | | | | | (260) | | | | | (6) | | | | | — | | | | | — | | | | | (35) | | | | | — | | | | | (3) | | | | | (12) | | | | | — | | | | | (316) | | | ||||||||||||||||||||
Recoveries | | | | 4 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Provision | | | | 40 | | | | | 64 | | | | | 130 | | | | | (45) | | | | | 320 | | | | | (782) | | | | | 91 | | | | | 3 | | | | | 267 | | | | | 88 | | | | | | 242 | | | | | 50 | | | | | 205 | | | | | 52 | | | | | 54 | | | | | 275 | | | | | (9) | | | | | 24 | | | | | (267) | | | | | 626 | | | ||||||||||||||||||||
Ending Balance | | | $ | 1,501 | | | | $ | 122 | | | | $ | 321 | | | | $ | 71 | | | | $ | 708 | | | | $ | 121 | | | | $ | 95 | | | | $ | 3 | | | | $ | 267 | | | | $ | 3,209 | | | | | $ | 1,483 | | | | $ | 166 | | | | $ | 526 | | | | $ | 123 | | | | $ | 727 | | | | $ | 396 | | | | $ | 83 | | | | $ | 15 | | | | $ | — | | | | $ | 3,519 | | | ||||||||||||||||||||
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Individually evaluated for impairment | | | $ | 58 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 58 | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||
Collectively evaluated for impairment | | | | 1,443 | | | | | 122 | | | | | 321 | | | | | 71 | | | | | 708 | | | | | 121 | | | | | 95 | | | | | 3 | | | | | 267 | | | | | 3,151 | | | | | | 1,483 | | | | | 166 | | | | | 526 | | | | | 123 | | | | | 727 | | | | | 396 | | | | | 83 | | | | | 15 | | | | | — | | | | | 3,519 | | | ||||||||||||||||||||
Total allowance | | | $ | 1,501 | | | | $ | 122 | | | | $ | 321 | | | | $ | 71 | | | | $ | 708 | | | | $ | 121 | | | | $ | 95 | | | | $ | 3 | | | | $ | 267 | | | | $ | 3,209 | | | | | $ | 1,483 | | | | $ | 166 | | | | $ | 526 | | | | $ | 123 | | | | $ | 727 | | | | $ | 396 | | | | $ | 83 | | | | $ | 15 | | | | $ | — | | | | $ | 3,519 | | | ||||||||||||||||||||
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Individually evaluated for impairment | | | $ | 2,557 | | | | $ | 1,185 | | | | $ | — | | | | $ | — | | | | $ | 662 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 4,404 | | | | | $ | 973 | | | | $ | 628 | | | | $ | — | | | | $ | 185 | | | | $ | 585 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 2,371 | | | ||||||||||||||||||||
Collectively evaluated for impairment | | | | 180,310 | | | | | 20,858 | | | | | 9,739 | | | | | 10,533 | | | | | 28,572 | | | | | 2,888 | | | | | 1,728 | | | | | 735 | | | | | — | | | | | 255,363 | | | | | | 189,055 | | | | | 15,677 | | | | | 9,218 | | | | | 9,267 | | | | | 45,214 | | | | | 6,690 | | | | | 4,150 | | | | | 713 | | | | | — | | | | | 279,984 | | | ||||||||||||||||||||
Acquired non-credit impaired loans (1) | | | | 37,309 | | | | | 9,862 | | | | | — | | | | | 495 | | | | | 24,323 | | | | | 1,550 | | | | | 371 | | | | | 6 | | | | | — | | | | | 73,916 | | | | | | 155,588 | | | | | 30,727 | | | | | 6,581 | | | | | 5,512 | | | | | 30,908 | | | | | — | | | | | 2,288 | | | | | 3,187 | | | | | — | | | | | 234,791 | | | ||||||||||||||||||||
Acquired credit impaired loans (2) | | | | 299 | | | | | 22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 321 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio | | | $ | 220,176 | | | | $ | 31,905 | | | | $ | 9,739 | | | | $ | 11,028 | | | | $ | 53,557 | | | | $ | 4,438 | | | | $ | 2,099 | | | | $ | 741 | | | | $ | — | | | | $ | 333,683 | | | | | $ | 345,915 | | | | $ | 47,054 | | | | $ | 15,799 | | | | $ | 14,964 | | | | $ | 76,707 | | | | $ | 6,690 | | | | $ | 6,438 | | | | $ | 3,900 | | | | $ | — | | | | $ | 517,467 | | | ||||||||||||||||||||
|
June 30, 2019 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,478 | | | | | $ | 58 | | | | | $ | 191 | | | | | $ | 116 | | | | | $ | 388 | | | | | $ | 903 | | | | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,138 | | |
Charge-offs | | | | | (21) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21) | | |
Recoveries | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | |
Provision | | | | | 40 | | | | | | 64 | | | | | | 130 | | | | | | (45) | | | | | | 320 | | | | | | (782) | | | | | | 91 | | | | | | 3 | | | | | | 267 | | | | | | 88 | | |
Ending Balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 58 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 58 | | |
Collectively evaluated for impairment | | | | | 1,443 | | | | | | 122 | | | | | | 321 | | | | | | 71 | | | | | | 708 | | | | | | 121 | | | | | | 95 | | | | | | 3 | | | | | | 267 | | | | | | 3,151 | | |
Total allowance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 2,557 | | | | | $ | 1,185 | | | | | $ | — | | | | | $ | — | | | | | $ | 662 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,404 | | |
Collectively evaluated for impairment | | | | | 180,310 | | | | | | 20,858 | | | | | | 9,739 | | | | | | 10,533 | | | | | | 28,572 | | | | | | 2,888 | | | | | | 1,728 | | | | | | 735 | | | | | | — | | | | | | 255,363 | | |
Acquired non-credit impaired loans(1) | | | | | 37,309 | | | | | | 9,862 | | | | | | — | | | | | | 495 | | | | | | 24,323 | | | | | | 1,550 | | | | | | 371 | | | | | | 6 | | | | | | — | | | | | | 73,916 | | |
Total portfolio | | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 741 | | | | | $ | — | | | | | $ | 333,683 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 13,498 | | | | | $ | 78,804 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 104,852 | | |
Special Mention | | | | | 795 | | | | | | 976 | | | | | | — | | | | | | — | | | | | | 1,771 | | |
Substandard | | | | | 184 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | 373 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 106,996 | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 13,976 | | | | | $ | 75,973 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 103,077 | | |
Special Mention | | | | | 803 | | | | | | 507 | | | | | | — | | | | | | — | | | | | | 1,310 | | |
Substandard | | | | | 185 | | | | | | 227 | | | | | | — | | | | | | — | | | | | | 412 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 104,799 | | |
|
June 30, 2019 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 10,445 | | | | | $ | 52,151 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 69,133 | | |
Special Mention | | | | | 394 | | | | | | 744 | | | | | | — | | | | | | — | | | | | | 1,138 | | |
Substandard | | | | | 189 | | | | | | 662 | | | | | | — | | | | | | — | | | | | | 851 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 71,122 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 332,682 | | | | | $ | 44,891 | | | | | $ | 13,665 | | | | | $ | 3,525 | | | | | $ | 394,763 | | |
Non-performing | | | | | 3,284 | | | | | | 473 | | | | | | — | | | | | | 145 | | | | | | 3,902 | | |
| | | | $ | 335,966 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 3,670 | | | | | $ | 398,665 | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 343,562 | | | | | $ | 46,580 | | | | | $ | 15,799 | | | | | $ | 3,785 | | | | | $ | 409,726 | | |
Non-performing | | | | | 2,353 | | | | | | 474 | | | | | | — | | | | | | 115 | | | | | | 2,942 | | |
| | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 3,900 | | | | | $ | 412,668 | | |
|
June 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 343,562 | | | | | $ | 46,580 | | | | | $ | 15,799 | | | | | $ | 3,785 | | | | | $ | 409,726 | | |
Non-performing | | | | | 2,353 | | | | | | 474 | | | | | | — | | | | | | 115 | | | | | | 2,942 | | |
| | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 3,900 | | | | | $ | 412,668 | | |
|
June 30, 2019 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 218,899 | | | | | $ | 31,380 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 260,759 | | |
Non-performing | | | | | 1,277 | | | | | | 525 | | | | | | — | | | | | | — | | | | | | 1,802 | | |
| | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 262,561 | | |
June 30, 2019 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 218,899 | | | | | $ | 31,380 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 260,759 | | |
Non-performing | | | | | 1,277 | | | | | | 525 | | | | | | — | | | | | | — | | | | | | 1,802 | | |
| | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 262,561 | | |
(Dollars in thousands) | | June 30, 2020 | | | September 30, 2020 | | June 30, 2020 | | ||||||||||||
Outstanding principal balance | | | $ | 773 | | | | | $ | 773 | | | | $ | 773 | | | |||
Carrying amount | | | | 321 | | | | | | 328 | | | | | 321 | | |
(Dollars in thousands) | | Accretable Discount | | | Accretable Discount | | ||||||||
Balance, May 1, 2020 | | | $ | 57 | | | | | $ | 57 | | | ||
Accretion | | | | (4) | | | | | | (4) | | | ||
Balance, June 30, 2020 | | | $ | 53 | | | | | $ | 53 | | | ||
Accretion | | | | (7) | | | ||||||||
Balance, September 30, 2020 | | | $ | 46 | | |
| | | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2020 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | 2,732 | | | | | $ | 299 | | | | | $ | 342,884 | | | | | $ | 345,915 | | | | | $ | — | | | | | $ | 2,353 | | |
Home equity and HELOCs | | | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 408 | | | | | | 22 | | | | | | 46,624 | | | | | | 47,054 | | | | | | 90 | | | | | | 384 | | |
Construction – residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,799 | | | | | | 15,799 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | 465 | | | | | | 185 | | | | | | 650 | | | | | | — | | | | | | 14,314 | | | | | | 14,964 | | | | | | — | | | | | | 185 | | |
Commercial non-residential | | | | | 100 | | | | | | 507 | | | | | | — | | | | | | 607 | | | | | | — | | | | | | 76,100 | | | | | | 76,707 | | | | | | — | | | | | | 135 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,690 | | | | | | 6,690 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,438 | | | | | | 6,438 | | | | | | — | | | | | | — | | |
Consumer | | | | | 3 | | | | | | 21 | | | | | | — | | | | | | 24 | | | | | | — | | | | | | 3,876 | | | | | | 3,900 | | | | | | — | | | | | | 115 | | |
Total | | | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 4,421 | | | | | $ | 321 | | | | | $ | 512,724 | | | | | $ | 517,467 | | | | | $ | 90 | | | | | $ | 3,172 | | |
|
| | | Aged Analysis of Past Due and Non-accrual Loans As of September 30, 2020 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
1 – 4 family | | | | $ | 2,011 | | | | | $ | 203 | | | | | $ | 1,541 | | | | | $ | 3,755 | | | | | $ | 305 | | | | | $ | 331,906 | | | | | $ | 335,966 | | | | | $ | — | | | | | $ | 3,284 | | |
Home equity and HELOCs | | | | | 492 | | | | | | — | | | | | | 181 | | | | | | 673 | | | | | | 23 | | | | | | 44,668 | | | | | | 45,364 | | | | | | — | | | | | | 473 | | |
Construction – residential | | | | | — | | | | | | 515 | | | | | | — | | | | | | 515 | | | | | | — | | | | | | 13,150 | | | | | | 13,665 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | — | | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 14,293 | | | | | | 14,477 | | | | | | — | | | | | | 184 | | |
Commercial non-residential | | | | | 505 | | | | | | 54 | | | | | | — | | | | | | 559 | | | | | | — | | | | | | 79,410 | | | | | | 79,969 | | | | | | — | | | | | | 689 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,592 | | | | | | 6,592 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,958 | | | | | | 5,958 | | | | | | — | | | | | | — | | |
Consumer | | | | | 123 | | | | | | 20 | | | | | | 30 | | | | | | 173 | | | | | | — | | | | | | 3,497 | | | | | | 3,670 | | | | | | — | | | | | | 145 | | |
Total | | | | $ | 3,131 | | | | | $ | 792 | | | | | $ | 1,936 | | | | | $ | 5,859 | | | | | $ | 328 | | | | | $ | 499,474 | | | | | $ | 505,661 | | | | | $ | — | | | | | $ | 4,775 | | |
|
| | | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2020 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | 2,732 | | | | | $ | 299 | | | | | $ | 342,884 | | | | | $ | 345,915 | | | | | $ | — | | | | | $ | 2,353 | | |
Home equity and HELOCs | | | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 408 | | | | | | 22 | | | | | | 46,624 | | | | | | 47,054 | | | | | | 90 | | | | | | 384 | | |
Construction – residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,799 | | | | | | 15,799 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | 465 | | | | | | 185 | | | | | | 650 | | | | | | — | | | | | | 14,314 | | | | | | 14,964 | | | | | | — | | | | | | 185 | | |
Commercial non-residential | | | | | 100 | | | | | | 507 | | | | | | — | | | | | | 607 | | | | | | — | | | | | | 76,100 | | | | | | 76,707 | | | | | | — | | | | | | 135 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,690 | | | | | | 6,690 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,438 | | | | | | 6,438 | | | | | | — | | | | | | — | | |
Consumer | | | | | 3 | | | | | | 21 | | | | | | — | | | | | | 24 | | | | | | — | | | | | | 3,876 | | | | | | 3,900 | | | | | | — | | | | | | 115 | | |
Total | | | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 4,421 | | | | | $ | 321 | | | | | $ | 512,724 | | | | | $ | 517,467 | | | | | $ | 90 | | | | | $ | 3,172 | | |
|
| | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2019 | | | Recorded Investment > 90 Days and Accruing | | Recorded Investment Loans on Non-Accrual | | | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2019 | | | Recorded Investment > 90 Days and Accruing | | Recorded Investment Loans on Non-Accrual | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days Or Greater | | Total Past Due | | Acquired Credit Impaired | | Current | | Total Loans Receivable | | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days Or Greater | | Total Past Due | | Acquired Credit Impaired | | Current | | Total Loans Receivable | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
1 – 4 family | | | $ | — | | | | $ | 807 | | | | $ | 1,038 | | | | $ | 1,845 | | | | $ | — | | | | $ | 218,331 | | | | $ | 220,176 | | | | $ | 7 | | | | $ | 1,270 | | | | | $ | — | | | | $ | 807 | | | | $ | 1,038 | | | | $ | 1,845 | | | | $ | — | | | | $ | 218,331 | | | | $ | 220,176 | | | | $ | 7 | | | | $ | 1,270 | | | ||||||||||||||||||
Home equity and HELOCs | | | | 246 | | | | | 59 | | | | | 315 | | | | | 620 | | | | | — | | | | | 31,285 | | | | | 31,905 | | | | | 140 | | | | | 385 | | | | | | 246 | | | | | 59 | | | | | 315 | | | | | 620 | | | | | — | | | | | 31,285 | | | | | 31,905 | | | | | 140 | | | | | 385 | | | ||||||||||||||||||
Construction – residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,739 | | | | | 9,739 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,739 | | | | | 9,739 | | | | | — | | | | | — | | | ||||||||||||||||||
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Multi-family | | | | — | | | | | 394 | | | | | 189 | | | | | 583 | | | | | — | | | | | 10,445 | | | | | 11,028 | | | | | — | | | | | 189 | | | | | | — | | | | | 394 | | | | | 189 | | | | | 583 | | | | | — | | | | | 10,445 | | | | | 11,028 | | | | | — | | | | | 189 | | | ||||||||||||||||||
Commercial non-residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 53,557 | | | | | 53,557 | | | | | — | | | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 53,557 | | | | | 53,557 | | | | | — | | | | | — | | | ||||||||||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,438 | | | | | 4,438 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,438 | | | | | 4,438 | | | | | — | | | | | — | | | ||||||||||||||||||
Commercial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,099 | | | | | 2,099 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,099 | | | | | 2,099 | | | | | — | | | | | — | | | ||||||||||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 741 | | | | | 741 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 741 | | | | | 741 | | | | | — | | | | | — | | | ||||||||||||||||||
Total | | | $ | 246 | | | | $ | 1,260 | | | | $ | 1,542 | | | | $ | 3,048 | | | | $ | — | | | | $ | 330,635 | | | | $ | 333,683 | | | | $ | 147 | | | | $ | 1,844 | | | | | $ | 246 | | | | $ | 1,260 | | | | $ | 1,542 | | | | $ | 3,048 | | | | $ | — | | | | $ | 330,635 | | | | $ | 333,683 | | | | $ | 147 | | | | $ | 1,844 | | | ||||||||||||||||||
|
June 30, 2020 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
1 – 4 Family residential real Estate | | | $ | 973 | | | | $ | 973 | | | | $ | — | | | | $ | 1,451 | | | | $ | 45 | | | | | $ | 950 | | | | $ | 950 | | | | $ | — | | | | $ | 962 | | | | $ | 7 | | | ||||||||||
Home equity and HELOCs | | | | 628 | | | | | 634 | | | | | — | | | | | 906 | | | | | 37 | | | | | | 680 | | | | | 686 | | | | | — | | | | | 654 | | | | | 5 | | | ||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Multi-family | | | | 185 | | | | | 185 | | | | | — | | | | | 139 | | | | | — | | | | | | 184 | | | | | 184 | | | | | — | | | | | 185 | | | | | — | | | ||||||||||
Commercial non-residential | | | | 585 | | | | | 620 | | | | | — | | | | | 624 | | | | | 38 | | | | | | 574 | | | | | 609 | | | | | — | | | | | 580 | | | | | 9 | | | ||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Commecial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
1 – 4 Family | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Home equity and HELOCs | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Commercial non-residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Commecial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
June 30, 2020 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
1 – 4 Family | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 67 | | | | $ | 4 | | | ||||||||||||||||||||||||||||||||||||
Home equity and HELOCs | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Commercial non-residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Commecial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
1 – 4 Family | | | $ | 973 | | | | $ | 973 | | | | $ | — | | | | $ | 1,518 | | | | $ | 49 | | | | | $ | 950 | | | | $ | 950 | | | | $ | — | | | | $ | 962 | | | | $ | 7 | | | ||||||||||
Home equity and HELOCs | | | | 628 | | | | | 634 | | | | | — | | | | | 906 | | | | | 37 | | | | | | 680 | | | | | 686 | | | | | — | | | | | 654 | | | | | 5 | | | ||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Multi-family | | | | 185 | | | | | 185 | | | | | — | | | | | 139 | | | | | — | | | | | | 184 | | | | | 184 | | | | | — | | | | | 185 | | | | | — | | | ||||||||||
Commercial non-residential | | | | 585 | | | | | 620 | | | | | — | | | | | 624 | | | | | 38 | | | | | | 574 | | | | | 609 | | | | | — | | | | | 580 | | | | | 9 | | | ||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Commecial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
September 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 1,946 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential | | | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 81 | | | | | $ | — | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 2,027 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential | | | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,451 | | | | | $ | 45 | | |
Home equity and HELOCs | | | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential | | | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 67 | | | | | $ | 4 | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,518 | | | | | $ | 49 | | |
Home equity and HELOCs | | | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential | | | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019 | June 30, 2019 | | June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
1 – 4 Family residential real Estate | | | $ | 2,396 | | | | $ | 2,396 | | | | $ | — | | | | $ | 1,927 | | | | $ | 73 | | | | | $ | 2,396 | | | | $ | 2,396 | | | | $ | — | | | | $ | 1,927 | | | | $ | 73 | | | ||||||||||
Home equity and HELOCs | | | | 1,185 | | | | | 1,185 | | | | | — | | | | | 859 | | | | | 47 | | | | | | 1,185 | | | | | 1,185 | | | | | — | | | | | 859 | | | | | 47 | | | ||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Commercial non-residential | | | | 662 | | | | | 662 | | | | | — | | | | | 682 | | | | | 42 | | | | | | 662 | | | | | 662 | | | | | — | | | | | 682 | | | | | 42 | | | ||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | 2,251 | | | | | 169 | | | | | | — | | | | | — | | | | | — | | | | | 2,251 | | | | | 169 | | | ||||||||||
Commecial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
1 – 4 Family | | | $ | 161 | | | | $ | 161 | | | | $ | 58 | | | | $ | 165 | | | | $ | 11 | | | | | $ | 161 | | | | $ | 161 | | | | $ | 58 | | | | $ | 165 | | | | $ | 11 | | | ||||||||||
Home equity and HELOCs | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
June 30, 2019 | June 30, 2019 | | June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | | Recorded Investment | | Unpaid Principal Balance | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized | | ||||||||||||||||||||||||||||||||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Commercial non-residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Commecial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
1 – 4 Family | | | $ | 2,557 | | | | $ | 2,557 | | | | $ | 58 | | | | $ | 2,092 | | | | $ | 84 | | | | | $ | 2,557 | | | | $ | 2,557 | | | | $ | 58 | | | | $ | 2,092 | | | | $ | 84 | | | ||||||||||
Home equity and HELOCs | | | | 1,185 | | | | | 1,185 | | | | | — | | | | | 859 | | | | | 47 | | | | | | 1,185 | | | | | 1,185 | | | | | — | | | | | 859 | | | | | 47 | | | ||||||||||
Construction Residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Multi-family | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Commercial non-residential | | | | 662 | | | | | 662 | | | | | — | | | | | 682 | | | | | 42 | | | | | | 662 | | | | | 662 | | | | | — | | | | | 682 | | | | | 42 | | | ||||||||||
Construction and land | | | | — | | | | | — | | | | | — | | | | | 2,251 | | | | | 169 | | | | | | — | | | | | — | | | | | — | | | | | 2,251 | | | | | 169 | | | ||||||||||
Commecial | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | For the year ended June 30, 2019 | | | For the year ended June 30, 2019 | | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Number of Contracts | | Pre-Modification Outstanding Recorded Investment | | Post-Modification Outstanding Recorded Investment | | | Number of Contracts | | Pre-Modification Outstanding Recorded Investment | | Post-Modification Outstanding Recorded Investment | | ||||||||||||||||||||||||
Commercial non-residential | | | | 2 | | | | $ | 232 | | | | $ | 232 | | | | | | 2 | | | | $ | 232 | | | | $ | 232 | | | ||||||
Total | | | | 2 | | | | $ | 232 | | | | $ | 232 | | | | | | 2 | | | | $ | 232 | | | | $ | 232 | | |
(Dollars in thousands) | | September 30, 2020 | | June 30, 2020 | | June 30, 2019 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | June 30, 2020 | | June 30, 2019 | | | Amount | | % of Total | | Amount | | % of Total | | Amount | | % of Total | | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Amount | | % of Total | | Amount | | % of Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | | | $ | 4 | | | | | 0.2% | | | | $ | 20 | | | | | 1.5% | | | | | $ | 6 | | | | | 0.2% | | | | $ | 4 | | | | | 0.2% | | | | $ | 20 | | | | | 1.5% | | | ||||||||||
Investment securities | | | | 352 | | | | | 13.8% | | | | | 101 | | | | | 7.8% | | | | | | 776 | | | | | 26.6% | | | | | 352 | | | | | 13.8% | | | | | 101 | | | | | 7.8% | | | ||||||||||
Loans | | | | 2,184 | | | | | 86.0% | | | | | 1,181 | | | | | 90.7% | | | | | | 2,134 | | | | | 73.2% | | | | | 2,184 | | | | | 86.0% | | | | | 1,181 | | | | | 90.7% | | | ||||||||||
Total accrued interest receivable | | | $ | 2,540 | | | | | 100.0% | | | | $ | 1,302 | | | | | 100.0% | | | |||||||||||||||||||||||||||||||||||||||||
Total Accrued Interest Receivable | | | $ | 2,916 | | | | | 100.00% | | | | $ | 2,540 | | | | | 100.00% | | | | $ | 1,302 | | | | | 100.00% | | |
| | June 30, | | | September 30, | | June 30, | | ||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | | 2020 | | 2020 | | 2019 | | ||||||||||||||||||||
Land | | | $ | 4,144 | | | | $ | 2,471 | | | | | $ | 2,753 | | | | $ | 4,144 | | | | $ | 2,471 | | | |||||
Office buildings and improvements | | | | 14,493 | | | | | 8,198 | | | | | | 12,759 | | | | | 14,493 | | | | | 8,198 | | | |||||
Furniture, fixtures and equipment | | | | 1,918 | | | | | 978 | | | | | | 2,282 | | | | | 1,918 | | | | | 978 | | | |||||
Automobiles | | | | 50 | | | | | 57 | | | | | | 50 | | | | | 50 | | | | | 57 | | | |||||
| | | | 20,605 | | | | | 11,704 | | | | | | 17,844 | | | | | 20,605 | | | | | 11,704 | | | |||||
Accumulated depreciation | | | | (3,872) | | | | | (3,298) | | | | | | (3,920) | | | | | (3,872) | | | | | (3,298) | | | |||||
| | | $ | 16,733 | | | | $ | 8,406 | | | | | $ | 13,924 | | | | $ | 16,733 | | | | $ | 8,406 | | |
(Dollars in thousands) | | | Goodwill | | | Core Deposit Intangibles | | ||||||
Balance, July 1, 2018 | | | | $ | — | | | | | $ | — | | |
Adjustments: | | | | | | | | | | | | | |
Additions | | | | | 4,858 | | | | | | 1,432 | | |
Amortization | | | | | — | | | | | | (260) | | |
Balance, June 30, 2019 | | | | $ | 4,858 | | | | | $ | 1,172 | | |
|
(Dollars in thousands) | | Goodwill | | Core Deposit Intangibles | | | Goodwill | | Core Deposit Intangibles | | ||||||||||||||||
Balance, July 1, 2019 | | | $ | 4,858 | | | | $ | 1,172 | | | | | $ | 4,858 | | | | $ | 1,172 | | | ||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | ||||
Additions | | | | — | | | | | 262 | | | | | | — | | | | | 262 | | | ||||
Amortization | | | | — | | | | | (242) | | | | | | — | | | | | (242) | | | ||||
Balance, June 30, 2020 | | | $ | 4,858 | | | | $ | 1,192 | | | | | $ | 4,858 | | | | $ | 1,192 | | | ||||
Adjustments: | | | | | | | | | | | | |||||||||||||||
Additions | | | | — | | | | | — | | | |||||||||||||||
Amortization | | | | — | | | | | (64) | | | |||||||||||||||
Balance, September 30, 2020 | | | $ | 4,858 | | | | $ | 1,128 | | |
| | | June 30, 2020 | | | June 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | | Gross | | | Accumulated Amortization | | | Net | | ||||||||||||||||||
Core deposit intangibles | | | | $ | 1,694 | | | | | $ | (502) | | | | | $ | 1,192 | | | | | $ | 1,432 | | | | | $ | (260) | | | | | $ | 1,172 | | |
| | | September 30, 2020 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,694 | | | | | $ | (566) | | | | | $ | 1,128 | | |
| | | June 30, 2020 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,694 | | | | | $ | (502) | | | | | $ | 1,192 | | |
| | | June 30, 2019 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,432 | | | | | $ | (260) | | | | | $ | 1,172 | | |
(Dollars in thousands) June 30 Fiscal Year End | | Expense | | |||||||||||||||||
(Dollars in thousands) | | | ||||||||||||||||||
Twelve months ended: | | September 30, 2020 Expense | | June 30, 2020 Expense | | |||||||||||||||
2021 | | | $ | 255 | | | | | $ | 248 | | | | $ | 255 | | | |||
2022 | | | | 224 | | | | | | 217 | | | | | 224 | | | |||
2023 | | | | 194 | | | | | | 186 | | | | | 194 | | | |||
2024 | | | | 163 | | | | | | 155 | | | | | 163 | | | |||
2025 | | | | 132 | | | | | | 124 | | | | | 132 | | | |||
2026 and thereafter | | | | 224 | | | | | | 198 | | | | | 224 | | | |||
| | | $ | 1,192 | | | | | $ | 1,128 | | | | $ | 1,192 | | |
| | June 30, 2020 | | June 30, 2019 | | | September 30, 2020 | | June 30, 2020 | | June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Amount | | Weighted Average Rate | | Amount | | Weighted Average Rate | | | Amount | | Weighted Average Rate | | Amount | | Weighted Average Rate | | Amount | | Weighted Average Rate | | ||||||||||||||||||||||||||||||||||||||||
Checking accounts | | | $ | 142,223 | | | | | 0.13% | | | | $ | 67,547 | | | | | 0.09% | | | | | $ | 140,146 | | | | | 0.07% | | | | $ | 142,223 | | | | | 0.13% | | | | $ | 67,547 | | | | | 0.09% | | | ||||||||||
Money market accounts | | | | 129,048 | | | | | 0.94 | | | | | 67,648 | | | | | 1.68 | | | | | | 140,891 | | | | | 0.62 | | | | | 129,048 | | | | | 0.94 | | | | | 67,648 | | | | | 1.68 | | | ||||||||||
Savings and club accounts | | | | 94,097 | | | | | 0.19 | | | | | 33,172 | | | | | 0.16 | | | | | | 95,070 | | | | | 0.10 | | | | | 94,097 | | | | | 0.19 | | | | | 33,172 | | | | | 0.16 | | | ||||||||||
Certificates of deposit | | | | 194,480 | | | | | 1.86 | | | | | 112,839 | | | | | 1.90 | | | | | | 205,386 | | | | | 1.71 | | | | | 194,480 | | | | | 1.86 | | | | | 112,839 | | | | | 1.90 | | | ||||||||||
| | | $ | 559,848 | | | | | 0.93% | | | | $ | 281,206 | | | | | 1.21% | | | | | $ | 581,493 | | | | | 0.79% | | | | $ | 559,848 | | | | | 0.93% | | | | $ | 281,206 | | | | | 1.21% | | |
(In thousands) | | June 30, 2020 | | | September 30, 2020 | | June 30, 2020 | | ||||||||||||
Fiscal year ending June 30: | | | | | | | ||||||||||||||
Twelve months ending: | | | | | | | | | | | | |||||||||
2021 | | | $ | 113,596 | | | | | $ | 128,575 | | | | $ | 113,596 | | | |||
2022 | | | | 37,073 | | | | | | 35,625 | | | | | 37,073 | | | |||
2023 | | | | 18,085 | | | | | | 16,745 | | | | | 18,085 | | | |||
2024 | | | | 13,426 | | | | | | 12,170 | | | | | 13,426 | | | |||
2025 | | | | 10,668 | | | | | | 10,592 | | | | | 10,668 | | | |||
Thereafter | | | | 1,632 | | | | | | 1,679 | | | | | 1,632 | | | |||
| | | $ | 194,480 | | | | | $ | 205,386 | | | | $ | 194,480 | | |
(Dollars in thousands) | | June 30, 2020 | | June 30, 2019 | | | September 30, 2020 | | June 30, 2020 | | June 30, 2019 | | ||||||||||||||||||||
FHLB advances: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Convertible | | | $ | 20,000 | | | | $ | 20,000 | | | | | $ | 20,000 | | | | $ | 20,000 | | | | $ | 20,000 | | | |||||
Fixed | | | | 21,767 | | | | | 11,000 | | | | | | 14,000 | | | | | 21,767 | | | | | 11,000 | | | |||||
Mid-term | | | | 23,125 | | | | | 19,000 | | | | | | 7,000 | | | | | 23,215 | | | | | 19,000 | | | |||||
Total FHLB advances | | | $ | 64,892 | | | | $ | 50,000 | | | | | $ | 41,000 | | | | $ | 64,982 | | | | $ | 50,000 | | |
(Dollars in thousands) | | June 30, 2020 | | |||||||||||||||||||||||||||||||||||
Fiscal year ending June 30: | | Amount | | Weighted Average Rate | | |||||||||||||||||||||||||||||||||
| | September 30, 2020 | | June 30, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) Twelve months ending: | | Amount | | Weighted Average Rate | | Amount | | Weighted Average Rate | | |||||||||||||||||||||||||||||
2021 | | | $ | 15,086 | | | | | 2.40% | | | | | $ | — | | | | | —% | | | | $ | 15,086 | | | | | 2.40% | | | ||||||
2022 | | | | 9,092 | | | | | 2.17% | | | | | | 7,000 | | | | | 2.03% | | | | | 9,092 | | | | | 2.17% | | | ||||||
2023 | | | | 14,073 | | | | | 2.75% | | | | | | 13,000 | | | | | 2.74% | | | | | 14,073 | | | | | 2.75% | | | ||||||
2024 | | | | 9,158 | | | | | 2.13% | | | | | | 7,000 | | | | | 2.00% | | | | | 9,158 | | | | | 2.13% | | | ||||||
2025 | | | | 15,892 | | | | | 2.85% | | | | | | 14,000 | | | | | 2.92% | | | | | 15,892 | | | | | 2.85% | | | ||||||
Thereafter | | | | 1,591 | | | | | 2.83% | | | | | | — | | | | | —% | | | | | 1,591 | | | | | 2.83% | | | ||||||
| | | $ | 64,892 | | | | | 2.53% | | | |||||||||||||||||||||||||||
Total FHLB advances | | | $ | 41,000 | | | | | 2.55% | | | | $ | 64,892 | | | | | 2.53% | | |
| | | Year ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Federal: | | | | | | | | | | | | | |
Current | | | | $ | (448) | | | | | $ | 1,594 | | |
Deferred | | | | | 51 | | | | | | (544) | | |
| | | | | (397) | | | | | | 1,050 | | |
State, current | | | | | 10 | | | | | | 10 | | |
| | | | $ | (387) | | | | | $ | 1,060 | | |
|
| | | Three months ended September 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Federal: | | | | | | | | | | | | | |
Current | | | | $ | (139) | | | | | $ | (38) | | |
Deferred | | | | | 268 | | | | | | 243 | | |
| | | | | 129 | | | | | | 205 | | |
State, current | | | | | 15 | | | | | | 15 | | |
| | | | $ | 144 | | | | | $ | 220 | | |
|
| | | Year ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Federal: | | | | | | | | | | | | | |
Current | | | | $ | (448) | | | | | $ | 1,594 | | |
Deferred | | | | | 51 | | | | | | (544) | | |
| | | | | (397) | | | | | | 1,050 | | |
State, current | | | | | 10 | | | | | | 10 | | |
| | | | $ | (387) | | | | | $ | 1,060 | | |
| | | Three months ended September 30, | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | % of Pretax Income | | | Amount | | | % of Pretax Income | | ||||||||||||
Federal income tax at statutory rate | | | | $ | 171 | | | | | | 21.0% | | | | | $ | 226 | | | | | | 21.0% | | |
State tax, net of federal benefit | | | | | 12 | | | | | | 1.5 | | | | | | 12 | | | | | | 1.1 | | |
Bank owned-life insurance | | | | | (24) | | | | | | (2.9) | | | | | | (17) | | | | | | (1.6) | | |
Other | | | | | (13) | | | | | | (1.7) | | | | | | (1) | | | | | | — | | |
| | | | $ | 146 | | | | | | 17.9% | | | | | $ | 220 | | | | | | 20.5% | | |
|
| | | Year ended June 30, | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | % of Pretax Income | | | Amount | | | % of Pretax Income | | ||||||||||||
Federal income tax at statutory rate | | | | $ | 198 | | | | | | 21.0% | | | | | $ | 1,011 | | | | | | 21.0% | | |
State tax, net of federal benefit | | | | | 7 | | | | | | 0.7 | | | | | | 8 | | | | | | 0.2 | | |
Bank owned-life insurance | | | | | (74) | | | | | | (7.9) | | | | | | (69) | | | | | | (1.4) | | |
Gain on bargain purchase | | | | | (157) | | | | | | (16.7) | | | | | | — | | | | | | — | | |
Non-deductible merger expenses | | | | | 71 | | | | | | 7.5 | | | | | | — | | | | | | — | | |
Impact of tax law change | | | | | (408) | | | | | | (43.3) | | | | | | — | | | | | | — | | |
Other | | | | | (24) | | | | | | (2.4) | | | | | | 110 | | | | | | 2.2 | | |
| | | | $ | (387) | | | | | | (41.1)% | | | | | $ | 1,060 | | | | | | 22.0% | | |
| | June 30, | | | September 30, | | June 30, | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | | 2020 | | 2019 | | 2020 | | 2019 | | ||||||||||||||||||||||||
Deferred tax assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Loan origination fees | | | $ | 100 | | | | $ | 186 | | | | | $ | 119 | | | | $ | 171 | | | | $ | 100 | | | | $ | 186 | | | ||||||
Allowance for loan losses | | | | 788 | | | | | 757 | | | | | | 803 | | | | | 705 | | | | | 788 | | | | | 757 | | | ||||||
Deferred director’s fees | | | | 289 | | | | | 303 | | | | | | 288 | | | | | 289 | | | | | 289 | | | | | 303 | | | ||||||
Deferred compensation | | | | 525 | | | | | 475 | | | | | | 531 | | | | | 411 | | | | | 525 | | | | | 475 | | | ||||||
Deferred pension | | | | 613 | | | | | — | | | | | | 613 | | | | | — | | | | | 613 | | | | | — | | | ||||||
Purchase accounting adjustments | | | | 1,552 | | | | | — | | | | | | 1,292 | | | | | — | | | | | 1,552 | | | | | — | | | ||||||
NOL carry forward | | | | 1,090 | | | | | 453 | | | | | | 1,090 | | | | | 453 | | | | | 1,090 | | | | | 453 | | | ||||||
Other | | | | — | | | | | 60 | | | | | | 51 | | | | | 11 | | | | | — | | | | | 60 | | | ||||||
Total Deferred Tax Assets | | | | 4,957 | | | | | 2,234 | | | | | | 4,787 | | | | | 2,040 | | | | | 4,957 | | | | | 2,234 | | | ||||||
Deferred tax liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net unrealized gain on securities | | | | (21) | | | | | (60) | | | | | | (123) | | | | | (10) | | | | | (21) | | | | | (60) | | | ||||||
Premises and equipment | | | | (114) | | | | | (63) | | | | | | (180) | | | | | (63) | | | | | (114) | | | | | (63) | | | ||||||
Other | | | | (5) | | | | | — | | | | | | (36) | | | | | (49) | | | | | (5) | | | | | — | | | ||||||
Total Deferred Tax Liabilities | | | | (140) | | | | | (123) | | | | | | (339) | | | | | (122) | | | | | (140) | | | | | (123) | | | ||||||
Net Deferred Tax Asset | | | $ | 4,817 | | | | $ | 2,111 | | | | | $ | 4,448 | | | | $ | 1,918 | | | | $ | 4,817 | | | | $ | 2,111 | | |
| | June 30, | | | September 30, | | June 30, | | ||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | | 2020 | | 2020 | | 2019 | | ||||||||||||||||||||
Commitments to extend credit | | | $ | 18,602 | | | | $ | 10,952 | | | | | $ | 18,192 | | | | $ | 18,602 | | | | $ | 10,952 | | | |||||
Unfunded commitments under lines of credit | | | | 52,432 | | | | | 27,981 | | | | | | 62,717 | | | | | 52,432 | | | | | 27,981 | | | |||||
Standby letters of credit | | | | 1,000 | | | | | — | | | | | — | | |
As of June 30, 2020 (Dollars in thousands except for ratios) | | | Actual | | | | | | | | | For Capital Adequacy Purposes | | | | | | | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||||||||||||||
| Amount | | | Ratio | | | | | | | | | Amount | | | | | | | | | Ratio | | | | | | | | | Amount | | | | | | | | | Ratio | | ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Tier 1 leverage | | | | $ | 86,822 | | | | | | 13.67% | | | | | | > | | | | | $ | 25,397 | | | | | | > | | | | | | 4.00% | | | | | | > | | | | | $ | 31,746 | | | | | | > | | | | | | 5.00% | | |
As of September 30, 2020 (Dollars in thousands except for ratios) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage | | | | $ | 86,956 | | | | | | 11.92% | | | | | >$ | 29,172 | | | | | | >4.00% | | | | | >$ | 36,465 | | | | | | >5.00% | | |
As of June 30, 2020 (Dollars in thousands except for ratios) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage | | | | $ | 86,822 | | | | | | 13.67% | | | | | >$ | 25,397 | | | | | | >4.00% | | | | | >$ | 31,746 | | | | | | >5.00% | | |
| | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
As of June 30, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total risk-based capital | | | | $ | 71,558 | | | | | | 25.8% | | | | | $ | >22,172 | | | | | | >8.0% | | | | | $ | >27,715 | | | | | | >10.0% | | |
Common Equity Tier 1 Capital | | | | | 68,437 | | | | | | 24.7 | | | | | | >12,477 | | | | | | >4.5 | | | | | | >18,022 | | | | | | >6.5 | | |
Core capital (to risk-weighted assets) | | | | | 68,437 | | | | | | 24.7 | | | | | | >16,636 | | | | | | >6.0 | | | | | | >22,181 | | | | | | >8.0 | | |
Core capital (to adjusted total assets) | | | | | 68,437 | | | | | | 16.9 | | | | | | >16,162 | | | | | | >4.0 | | | | | | >20,203 | | | | | | >5.0 | | |
As of June 30, 2019: (Dollars in thousands) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
Total risk-based capital | | | | $ | 71,558 | | | | | | 25.8% | | | | | $ | >22,172 | | | | | | >8.0% | | | | | $ | >27,715 | | | | | | >10.0% | | |
Common Equity Tier 1 Capital | | | | | 68,437 | | | | | | 24.7 | | | | | | >12,477 | | | | | | >4.5 | | | | | | >18,022 | | | | | | >6.5 | | |
Core capital (to risk-weighted assets) | | | | | 68,437 | | | | | | 24.7 | | | | | | >16,636 | | | | | | >6.0 | | | | | | >22,181 | | | | | | >8.0 | | |
Core capital (to adjusted total assets) | | | | | 68,437 | | | | | | 16.9 | | | | | | >16,162 | | | | | | >4.0 | | | | | | >20,203 | | | | | | >5.0 | | |
| | June 30, 2020 | | | September 30, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Level I | | Level II | | Level III | | Total | | | Level I | | Level II | | Level III | | Total | | ||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Mortgage-backed securities | | | $ | — | | | | $ | 51,738 | | | | $ | — | | | | $ | 51,738 | | | | | $ | — | | | | $ | 66,400 | | | | $ | — | | | | $ | 66,400 | | | ||||||||
U.S. agency collateralized mortgage obligations | | | | — | | | | | 3,215 | | | | | — | | | | | 3,215 | | | | | | — | | | | | 2,378 | | | | | — | | | | | 2,378 | | | ||||||||
U.S. government agency securities | | | | — | | | | | 6,155 | | | | | — | | | | | 6,155 | | | | | | — | | | | | 11,547 | | | | | — | | | | | 11,547 | | | ||||||||
U.S. treasury securities | | | | — | | | | | 1,000 | | | | | — | | | | | 1,000 | | | |||||||||||||||||||||||||||||
Municipal bonds | | | | — | | | | | 10,508 | | | | | — | | | | | 10,508 | | | | | | — | | | | | 25,128 | | | | | — | | | | | 25,128 | | | ||||||||
Corporate bonds | | | | — | | | | | 17,382 | | | | | — | | | | | 17,382 | | | | | | — | | | | | 18,144 | | | | | — | | | | | 18,144 | | | ||||||||
Total Assets | | | $ | — | | | | $ | 89,998 | | | | $ | — | | | | $ | 89,998 | | | | | $ | — | | | | $ | 123,597 | | | | $ | — | | | | $ | 123,597 | | | |
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 51,738 | | | | | $ | — | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 3,215 | | | | | | — | | | | | | 3,215 | | |
U.S. government agency securities | | | | | — | | | | | | 6,155 | | | | | | — | | | | | | 6,155 | | |
U.S. treasury securities | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | 1,000 | | |
Municipal bonds | | | | | — | | | | | | 10,508 | | | | | | — | | | | | | 10,508 | | |
Corporate bonds | | | | | — | | | | | | 17,382 | | | | | | — | | | | | | 17,382 | | |
Total Assets | | | | $ | — | | | | | $ | 89,998 | | | | | $ | — | | | | | $ | 89,998 | | |
|
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 5,767 | | | | | | — | | | | | | 5,767 | | |
U.S. government agency securities | | | | | — | | | | | | 10,912 | | | | | | — | | | | | | 10,912 | | |
Private label collateralized mortgage obligations | | | | | — | | | | | | 303 | | | | | | — | | | | | | 303 | | |
Total Assets | | | | $ | — | | | | | $ | 20,660 | | | | | $ | — | | | | | $ | 20,660 | | |
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
Other real estate owned | | | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 290 | | | | | $ | 290 | | |
|
| | June 30, 2019 | | | June 30, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Level I | | Level II | | Level III | | Total | | | Level I | | Level II | | Level III | | Total | | ||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Impaired loans | | | $ | — | | | | $ | — | | | | $ | 4,346 | | | | $ | 4,346 | | | | | $ | — | | | | $ | — | | | | $ | 4,346 | | | | $ | 4,346 | | | ||||||||
Other real estate owned | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| | | $ | — | | | | $ | — | | | | $ | 4,346 | | | | $ | 4,346 | | | | | $ | — | | | | $ | — | | | | $ | 4,346 | | | | $ | 4,346 | | | ||||||||
|
| | | Quantative Information about Level 3 Fair Value Measurements | | ||||||||||||
(Dollars in thousands) | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range | | |||
June 30, 2020 | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 190 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0 – 28% | |
Foreclosed real estate owned | | | | $ | 100 | | | | Appraisal of collateral(1)(3) | | | Liquidation expenses(2) | | | 0% | |
| | Quantative Information about Level 3 Fair Value Measurements | | | Quantative Information about Level 3 Fair Value Measurements | | ||||||||||||||||||||||||||
(Dollars in thousands) | | Fair Value Estimate | | Valuation Techniques | | Unobservable Input | | Range | | | Fair Value Estimate | | Valuation Techniques | | Unobservable Input | | Range | | ||||||||||||||
June 30, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Impaired loans | | | $ | 4,346 | | | Appraisal of collateral(1) | | Appraisal adjustments(2) | | 0 – 25% | | | | $ | 4,346 | | | Appraisal of collateral(1) | | Appraisal adjustments(2) | | 0 – 25% | | ||||||||
Foreclosed real estate owned | | | $ | — | | | Appraisal of collateral(1)(3) | | Liquidation expenses(2) | | 0% | | | | $ | — | | | Appraisal of collateral(1)(3) | | Liquidation expenses(2) | | 0% | |
| | Fair Value Measurements at June 30, 2020 | | | Fair Value Measurements at September 30, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | Carrying Amount | | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | | Carrying Amount | | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||||||||||||||||||||||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash and due from banks | | | $ | 82,915 | | | | $ | 82,915 | | | | $ | 82,915 | | | | $ | — | | | | $ | — | | | | | $ | 56,082 | | | | $ | 56,082 | | | | $ | 56,082 | | | | $ | — | | | | $ | — | | | ||||||||||
Interest bearing time deposits | | | | 2,300 | | | | | 2,300 | | | | | 2,300 | | | | | — | | | | | — | | | | | | 2,300 | | | | | 2,300 | | | | | 2,300 | | | | | — | | | | | — | | | ||||||||||
Loans receivable, net | | | | 508,605 | | | | | 541,779 | | | | | — | | | | | — | | | | | 541,779 | | | | | | 497,630 | | | | | 527,508 | | | | | — | | | | | — | | | | | 527,508 | | | ||||||||||
Regulatory stock | | | | 4,200 | | | | | 4,200 | | | | | 4,200 | | | | | — | | | | | — | | | | | | 3,219 | | | | | 3,219 | | | | | 3,219 | | | | | — | | | | | — | | | ||||||||||
Bank-owned life insurance | | | | 14,758 | | | | | 14,758 | | | | | 14,758 | | | | | — | | | | | — | | | | | | 14,870 | | | | | 14,870 | | | | | 14,870 | | | | | — | | | | | — | | | ||||||||||
Accrued interest receivable | | | | 2,540 | | | | | 2,540 | | | | | 2,540 | | | | | — | | | | | — | | | | | | 2,916 | | | | | 2,916 | | | | | 2,916 | | | | | — | | | | | — | | | ||||||||||
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Checking accounts | | | | 140,146 | | | | | 140,146 | | | | | 140,146 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Money market accounts | | | | 140,891 | | | | | 140,891 | | | | | 140,891 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Savings and club accounts | | | | 95,070 | | | | | 95,070 | | | | | 95,070 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Certificates of deposit | | | | 205,386 | | | | | 208,373 | | | | | — | | | | | — | | | | | 208,373 | | | ||||||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | | | | 41,000 | | | | | 42,574 | | | | | — | | | | | — | | | | | 42,574 | | | ||||||||||||||||||||||||||||||||||||
Advances from borrowers for taxes and insurance | | | | 2,910 | | | | | 2,910 | | | | | 2,910 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | | | | 175 | | | | | 175 | | | | | 175 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Off-balance sheet financial instruments | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | | Fair Value Measurements at June 30, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 142,223 | | | | | | 142,223 | | | | | | 142,223 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 129,048 | | | | | | 129,048 | | | | | | 129,048 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 94,097 | | | | | | 94,097 | | | | | | 94,097 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 194,480 | | | | | | 198,268 | | | | | | — | | | | | | — | | | | | | 198,268 | | |
Advances from Federal Home Loan Bank | | | | | 64,892 | | | | | | 67,520 | | | | | | — | | | | | | — | | | | | | 67,520 | | |
Advances from borrowers for taxes and insurance | | | | | 4,536 | | | | | | 4,536 | | | | | | 4,536 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 246 | | | | | | 246 | | | | | | 246 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 8,486 | | | | | | 8,486 | | | | | | 8,486 | | | | | | — | | | | | | — | | |
Securities held to maturity | | | | | 1,906 | | | | | | 1,937 | | | | | | — | | | | | | 1,937 | | | | | | — | | |
Loans receivable, net | | | | | 326,017 | | | | | | 330,060 | | | | | | — | | | | | | — | | | | | | 330,060 | | |
Regulatory stock | | | | | 2,785 | | | | | | 2,785 | | | | | | 2,785 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 11,203 | | | | | | 11,203 | | | | | | 11,203 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 1,340 | | | | | | 1,340 | | | | | | 1,340 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 67,547 | | | | | | 67,547 | | | | | | 67,547 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 67,648 | | | | | | 67,648 | | | | | | 67,648 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 33,172 | | | | | | 33,172 | | | | | | 33,172 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 112,839 | | | | | | 112,245 | | | | | | — | | | | | | — | | | | | | 112,245 | | |
Advances from Federal Home | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan Bank | | | | | 50,000 | | | | | | 50,651 | | | | | | — | | | | | | — | | | | | | 50,651 | | |
Advances from borrowers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
for taxes and insurance | | | | | 3,814 | | | | | | 3,814 | | | | | | 3,814 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 171 | | | | | | 171 | | | | | | 171 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net | | | | | 508,605 | | | | | | 541,779 | | | | | | — | | | | | | — | | | | | | 541,779 | | |
Regulatory stock | | | | | 4,200 | | | | | | 4,200 | | | | | | 4,200 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 14,758 | | | | | | 14,758 | | | | | | 14,758 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 2,540 | | | | | | 2,540 | | | | | | 2,540 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 142,223 | | | | | | 142,223 | | | | | | 142,223 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 129,048 | | | | | | 129,048 | | | | | | 129,048 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 94,097 | | | | | | 94,097 | | | | | | 94,097 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 194,480 | | | | | | 198,268 | | | | | | — | | | | | | — | | | | | | 198,268 | | |
Advances from Federal Home Loan Bank | | | | | 64,892 | | | | | | 67,520 | | | | | | — | | | | | | — | | | | | | 67,520 | | |
Advances from borrowers for taxes and insurance | | | | | 4,536 | | | | | | 4,536 | | | | | | 4,536 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 246 | | | | | | 246 | | | | | | 246 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 8,486 | | | | | | 8,486 | | | | | | 8,486 | | | | | | — | | | | | | — | | |
Securities held to maturity | | | | | 1,906 | | | | | | 1,937 | | | | | | — | | | | | | 1,937 | | | | | | — | | |
Loans receivable, net | | | | | 326,017 | | | | | | 330,060 | | | | | | — | | | | | | — | | | | | | 330,060 | | |
Regulatory stock | | | | | 2,785 | | | | | | 2,785 | | | | | | 2,785 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 11,203 | | | | | | 11,203 | | | | | | 11,203 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 1,340 | | | | | | 1,340 | | | | | | 1,340 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 67,547 | | | | | | 67,547 | | | | | | 67,547 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 67,648 | | | | | | 67,648 | | | | | | 67,648 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 33,172 | | | | | | 33,172 | | | | | | 33,172 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 112,839 | | | | | | 112,245 | | | �� | | | — | | | | | | — | | | | | | 112,245 | | |
Advances from Federal Home Loan Bank | | | | | 50,000 | | | | | | 50,651 | | | | | | — | | | | | | — | | | | | | 50,651 | | |
Advances from borrowers for taxes and insurance | | | | | 3,814 | | | | | | 3,814 | | | | | | 3,814 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 171 | | | | | | 171 | | | | | | 171 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
(in thousands) | | | | | | September 30, 2020 | | |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets | | | Other assets | | | | $ | 1,589 | | |
Total Right-of-Use Assets | | | | | | | $ | 1,589 | | |
|
(in thousands) | | | | | | September 30, 2020 | | |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities | | | Other liabilities | | | | $ | 1,585 | | |
Total Lease Liabilities | | | | | | | $ | 1,585 | | |
|
(in thousands) | | | | | | June 30, 2020 | | |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets | | | Other assets | | | | $ | 1,663 | | |
Total Right-of-Use Assets | | | | | | | $ | 1,663 | | |
|
(in thousands) | | | | | | June 30, 2020 | | |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities | | | Other liabilities | | | | $ | 1,638 | | |
Total Lease Liabilities | | | | | | | $ | 1,638 | | |
| | | September 30, 2020 | |
Weighted average remaining lease term | | | | |
Operating leases | | | 11.8 years | |
Weighted average discount rate | | | | |
Operating leases | | | 2.20% | |
| | | June 30, 2020 | |
Weighted average remaining lease term | | | | |
Operating leases | | | 11.9 years | |
Weighted average discount rate | | | | |
Operating leases | | | 2.19% | |
| | September 30, 2020 | | June 30, 2020 | | |||||||||||||||
(in thousands) | | Operating Leases | | | Operating Leases | | Operating Leases | | ||||||||||||
Twelve months ended: | | | | | | | | | | | | | | | | | | |||
June 30, 2021 | | | $ | 247 | | | ||||||||||||||
June 30, 2022 | | | | 252 | | | ||||||||||||||
June 30, 2023 | | | | 258 | | | ||||||||||||||
June 30, 2024 | | | | 265 | | | ||||||||||||||
June 30, 2025 | | | | 246 | | | ||||||||||||||
2021 | | | $ | 248 | | | | $ | 247 | | | |||||||||
2022 | | | | 254 | | | | | 252 | | | |||||||||
2023 | | | | 260 | | | | | 258 | | | |||||||||
2024 | | | | 260 | | | | | 265 | | | |||||||||
2025 | | | | 211 | | | | | 246 | | | |||||||||
Thereafter | | | | 613 | | | | | | 587 | | | | | 613 | | | |||
Total future minimum lease payments | | | $ | 1,881 | | | | | $ | 1,820 | | | | $ | 1,881 | | | |||
Amounts representing interest | | | | (243) | | | | | | (235) | | | | | (243) | | | |||
Present value of net future minimum lease payments | | | $ | 1,638 | | | | | $ | 1,585 | | | | $ | 1,638 | | |
| | June 30, | | | | September 30, 2020 | | | June 30, | | ||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||||||||
Beginning Balance | | | $ | 147 | | | | $ | 117 | | | | | $ | 587 | | | | $ | 147 | | | | $ | 117 | | | |||||
New loans | | | | 505 | | | | | — | | | |||||||||||||||||||||
New loans and funding of existing lines of credit | | | | 277 | | | | | 505 | | | | | — | | | ||||||||||||||||
Loans to newly appointed directors | | | | 103 | | | | | 104 | | | | | | — | | | | | 103 | | | | | 104 | | | |||||
Repayments | | | | (168) | | | | | (74) | | | | | | (35) | | | | | (168) | | | | | (74) | | | |||||
Ending balance | | | $ | 587 | | | | $ | 147 | | | | | $ | 829 | | | | $ | 587 | | | | $ | 147 | | |
| | | June 30, 2020 | | | June 30, 2019 | | ||||||
ASSETS | | | | | | | | | | | | | |
Cash on deposit at the Bank | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Investment in the Bank | | | | | 93,401 | | | | | | 75,142 | | |
Other assets | | | | | 103 | | | | | | 48 | | |
TOTAL ASSETS | | | | $ | 96,365 | | | | | $ | 76,630 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | |
Accrued and other liabilities | | | | $ | — | | | | | $ | — | | |
TOTAL LIABILITIES | | | | | — | | | | | | — | | |
Commitments and contingencies | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at June 30, 2020 and 2019, respectively. | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at June 30, 2020 and 2019 | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income | | | | | 76 | | | | | | 228 | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 96,365 | | | | | $ | 76,630 | | |
|
| | | September 30, | | | June 30, | | | June 30, | | |||||||||
| | | 2020 | | | 2020 | | | 2019 | | |||||||||
| | | (unaudited) | | | | | | | | | | | | | | |||
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash on deposit at the Bank | | | | $ | 694 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Investment in the Bank | | | | | 94,465 | | | | | | 93,401 | | | | | | 75,142 | | |
Other assets | | | | | 347 | | | | | | 103 | | | | | | 48 | | |
TOTAL ASSETS | | | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Accrued and other liabilities | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
TOTAL LIABILITIES | | | | | — | | | | | | — | | | | | | — | | |
Commitments and contingencies | | | | | — | | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued | | | | | — | | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 and June 30, 2020 and at June 30, 2019, respectively. | | | | | 467 | | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital | | | | | 42,932 | | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at September 30, 2020, June 30, 2020, and June 30, 2019, respectively. | | | | | (3,710) | | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings | | | | | 55,384 | | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income | | | | | 433 | | | | | | 76 | | | | | | 228 | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
| | Three months ended September 30, | | Year ended June 30, | | |||||||||||||||||||||||||||||||||
| | Year ended June 30, | | | 2020 | | 2019 | | 2020 | | 2019 | | ||||||||||||||||||||||||||
| | 2020 | | 2019 | | | (unaudited) | | (unaudited) | | | | | | | | | | | | ||||||||||||||||||
INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest on interest-bearing deposits with the Bank | | | $ | 8 | | | �� | $ | 14 | | | | | $ | — | | | | $ | 5 | | | | $ | 8 | | | | $ | 14 | | | ||||||
Total Income | | | | 8 | | | | | 14 | | | | | | — | | | | | 5 | | | | | 8 | | | | | 14 | | | ||||||
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Professional fees | | | | 50 | | | | | — | | | | | | 44 | | | | | 15 | | | | | 50 | | | | | — | | | ||||||
Merger relates expenses | | | | 532 | | | | | — | | | | | | — | | | | | — | | | | | 532 | | | | | — | | | ||||||
Other expenses | | | | 12 | | | | | 82 | | | | | | 3 | | | | | — | | | | | 12 | | | | | 82 | | | ||||||
Total Expenses | | | | 594 | | | | | 82 | | | | | | 47 | | | | | 15 | | | | | 594 | | | | | 82 | | | ||||||
Income before income tax benefit and equity in undistributed net income of affiliates | | | | (586) | | | | | (68) | | | | | | (47) | | | | | (10) | | | | | (586) | | | | | (68) | | | ||||||
Income Tax Benefit | | | | (51) | | | | | (14) | | | | | | (10) | | | | | (2) | | | | | (51) | | | | | (14) | | | ||||||
Equity in undistributed net income of the Bank | | | | 1,863 | | | | | 3,810 | | | | | | 707 | | | | | 862 | | | | | 1,863 | | | | | 3,810 | | | ||||||
NET INCOME | | | $ | 1,328 | | | | $ | 3,756 | | | | | $ | 670 | | | | $ | 854 | | | | $ | 1,328 | | | | $ | 3,756 | | | ||||||
Comprehensive income | | | $ | 1,176 | | | | $ | 3,765 | | | | | $ | 1,027 | | | | $ | 664 | | | | $ | 1,176 | | | | $ | 3,765 | | |
| | | Year ended June 30, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Equity in undistributed net earnings of subsidiaries | | | | | (1,863) | | | | | | (3,810) | | |
Dividend from the Bank | | | | | 4,000 | | | | | | 2,000 | | |
Change in other assets | | | | | (61) | | | | | | (8) | | |
Net Cash Provided by (Used for) Operating Activities | | | | | 3,404 | | | | | | 1,938 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Cash dividends | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) for Financing Activities | | | | | (1,983) | | | | | | (1,280) | | |
Net Increase in Cash and Cash Equivalents | | | | | 1,421 | | | | | | 658 | | |
Cash and Cash Equivalents-Beginning | | | | | 1,440 | | | | | | 782 | | |
Cash and Cash Equivalents-Ending | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Income taxes paid | | | | $ | — | | | | | $ | — | | |
| | | Three months ended September 30, | | | Year ended June 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
| | | (unaudited) | | | (unaudited) | | | | | | | | | | | | | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity in undistributed net earnings of subsidiaries | | | | | (707) | | | | | | (862) | | | | | | (1,863) | | | | | | (3,810) | | |
Dividend from the Bank | | | | | — | | | | | | 1,000 | | | | | | 4,000 | | | | | | 2,000 | | |
Change in other assets | | | | | (244) | | | | | | (9) | | | | | | (61) | | | | | | (8) | | |
Net Cash Provided by (Used for) Operating Activities | | | | | (281) | | | | | | 983 | | | | | | 3,404 | | | | | | 1,938 | | |
Cash Flows from Financing Activities Cash dividends | | | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) for Financing Activities | | | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net (Decrease) Increase in Cash and Cash Equivalents | | | | | (2,167) | | | | | | (1,000) | | | | | | 1,421 | | | | | | 658 | | |
Cash and Cash Equivalents – Beginning | | | | | 2,861 | | | | | | 1,440 | | | | | | 1,440 | | | | | | 782 | | |
Cash and Cash Equivalents – Ending | | | | $ | 694 | | | | | $ | 440 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Supplementary Cash Flows Information | | | | | | ||||||||||||||||||||
Income taxes paid | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Consolidated Financial Statements for the Nine Months Ended March 31, 2020 and 2019 (Unaudited) | | | | | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-6 – A- | | |
| | | March 31, 2020 | | | June 30, 2019 | | ||||||
| | | (unaudited) | | |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 1,084,862 | | | | | $ | 980,252 | | |
Interest bearing demand deposits | | | | | 4,681,286 | | | | | | 2,842,634 | | |
Federal funds sold | | | | | 19,296,000 | | | | | | 18,590,000 | | |
Cash and cash equivalents | | | | | 25,062,148 | | | | | | 22,412,886 | | |
Interest bearing time deposits | | | | | 676,743 | | | | | | 665,924 | | |
Investment securities available-for-sale, at fair value | | | | | 470,757 | | | | | | 577,904 | | |
Investment securities held-to-maturity (fair value March 31, 2020 $3,043; June 30, 2019 $8,782) | | | | | 2,894 | | | | | | 8,512 | | |
Loans receivable, net of allowance for loan losses of $431,534 at March 31, 2020 and $469,381 at June 30, 2019 | | | | | 57,492,060 | | | | | | 62,041,187 | | |
Accrued interest receivable | | | | | 178,288 | | | | | | 205,469 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | 191,100 | | |
Restricted stock, at cost | | | | | 334,600 | | | | | | 300,200 | | |
Premises and equipment, net | | | | | 175,356 | | | | | | 191,419 | | |
Prepaid expenses and other assets | | | | | 211,262 | | | | | | 199,775 | | |
Deferred income taxes, net | | | | | 344,852 | | | | | | 354,115 | | |
Total Assets | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | $ | 64,937,797 | | | | | $ | 68,060,437 | | |
Advances from Federal Home Loan Bank of Pittsburgh | | | | | 5,270,593 | | | | | | 4,408,422 | | |
Advances from borrowers for taxes and insurance | | | | | 411,146 | | | | | | 404,175 | | |
Accrued interest payable | | | | | 22,888 | | | | | | 18,887 | | |
Other liabilities | | | | | 1,512,895 | | | | | | 1,557,399 | | |
Total Liabilities | | | | | 72,155,319 | | | | | | 74,449,320 | | |
Equity | | | | | | | | | | | | | |
Surplus | | | | | 951,782 | | | | | | 951,782 | | |
Retained earnings | | | | | 12,955,589 | | | | | | 12,586,445 | | |
Accumulated other comprehensive loss | | | | | (1,013,630) | | | | | | (839,056) | | |
Total Equity | | | | | 12,893,741 | | | | | | 12,699,171 | | |
Total Liabilities and Equity | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
9 Months Ended March 31, | | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
| | (unaudited) | | | (unaudited) | | ||||||||||||||||||||
Interest Income | | | | | | | | | | | | | | | | | | | | | | | ||||
Loans receivable, including fees: | | | | | | | | | | | | | | | | | | | | | | | ||||
First mortgage loans | | | $ | 1,700,192 | | | | $ | 1,686,200 | | | | | $ | 1,700,192 | | | | $ | 1,686,200 | | | ||||
Consumer and other loans | | | | 517,525 | | | | | 517,782 | | | | | | 517,525 | | | | | 517,782 | | | ||||
Mortgage-backed securities | | | | 14,126 | | | | | 18,971 | | | | | | 14,126 | | | | | 18,971 | | | ||||
Other | | | | 303,309 | | | | | 392,252 | | | | | | 303,309 | | | | | 392,252 | | | ||||
Total Interest Income | | | | 2,535,152 | | | | | 2,615,205 | | | | | | 2,535,152 | | | | | 2,615,205 | | | ||||
Interest Expense | | | | | | | | | | | | | | | | | | | | | | | ||||
Deposits | | | | 458,491 | | | | | 433,893 | | | | | | 458,491 | | | | | 433,893 | | | ||||
Federal Home Loan Bank advances | | | | 106,934 | | | | | 73,400 | | | | | | 106,934 | | | | | 73,400 | | | ||||
Total Interest Expense | | | | 565,425 | | | | | 507,293 | | | | | | 565,425 | | | | | 507,293 | | | ||||
Net interest income | | | | 1,969,727 | | | | | 2,107,912 | | | | | | 1,969,727 | | | | | 2,107,912 | | | ||||
Provision (Credit) for Loan Losses | | | | (49,308) | | | | | 2,686 | | | | | | (49,308) | | | | | 2,686 | | | ||||
Net interest income after provision (credit) for loan losses | | | | 2,019,035 | | | | | 2,105,226 | | | | | | 2,019,035 | | | | | 2,105,226 | | | ||||
Non-Interest Income | | | | | | | | | | | | | | | | | | | | | | | ||||
Service charges and fees | | | | 115,189 | | | | | 122,242 | | | | | | 115,189 | | | | | 122,242 | | | ||||
Net loss on sale of foreclosed real estate | | | | (2,701) | | | | | (11,470) | | | |||||||||||||||
Net loss on foreclosed real estate | | | | (2,701) | | | | | (11,470) | | | |||||||||||||||
Other | | | | 203 | | | | | 916 | | | | | | 203 | | | | | 916 | | | ||||
Total Non-Interest Income | | | | 112,691 | | | | | 111,688 | | | | | | 112,691 | | | | | 111,688 | | | ||||
Non-Interest Expenses | | | | | | | | | | | | | | | | | | | | | | | ||||
Compensation and employee benefits | | | | 784,881 | | | | | 1,152,696 | | | | | | 784,881 | | | | | 1,152,696 | | | ||||
Occupancy and equipment | | | | 136,426 | | | | | 150,944 | | | | | | 136,426 | | | | | 150,944 | | | ||||
Foreclosed real estate expenses | | | | 14,903 | | | | | 4,209 | | | | | | 14,903 | | | | | 4,209 | | | ||||
Federal deposit insurance premiums | | | | (30) | | | | | 18,116 | | | | | | (30) | | | | | 18,116 | | | ||||
Data processing | | | | 123,221 | | | | | 122,882 | | | | | | 123,221 | | | | | 122,882 | | | ||||
Other | | | | 547,265 | | | | | 437,193 | | | | | | 547,265 | | | | | 437,193 | | | ||||
Total Non-Interest Expenses | | | | 1,606,666 | | | | | 1,886,040 | | | | | | 1,606,666 | | | | | 1,886,040 | | | ||||
Income before income taxes | | | | 525,060 | | | | | 330,874 | | | | | | 525,060 | | | | | 330,874 | | | ||||
Income Tax Expense | | | | 155,916 | | | | | 122,952 | | | | | | 155,916 | | | | | 122,952 | | | ||||
Net Income | | | $ | 369,144 | | | | $ | 207,922 | | | | | $ | 369,144 | | | | $ | 207,922 | | |
| | | Years | |
Office buildings and improvements | | | 5 – 33 | |
Furniture, fixtures, and equipment | | | 5 – 10 | |
Automobiles | | | 4 | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Other Comprehensive Loss | | | | | | | | | | | | | |
Unrealized gain (loss) on securities available-for-sale, net of taxes of $518 and $(384), respectively | | | | | 1,947 | | | | | | (1,443) | | |
Unfunded post-retirement obligations: | | | | | | | | | | | | | |
Increase in minimum pension liability, net of taxes of $(55,146) and $(33,076), respectively | | | | | (207,454) | | | | | | (124,427) | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $8,223 and $7,448, respectively(1) | | | | | 30,933 | | | | | | 28,017 | | |
Other comprehensive loss on unfunded post-retirement obligations | | | | | (176,521) | | | | | | (96,410) | | |
Total Other Comprehensive Loss | | | | | (174,574) | | | | | | (97,853) | | |
Comprehensive Income | | | | $ | 194,570 | | | | | $ | 110,069 | | |
| | | Three months ended September 30, | | | Year ended June 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
Weighted-average common shares outstanding | | | | | 4,667,304 | | | | | | 4,158,113 | | | | | | 4,242,978 | | | | | | 4,156,696 | | |
Average treasury stock shares | | | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | |
Average unearned ESOP shares | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weighted-average common shares and common stock equivalents used to calculate basic and diluted earnings per share | | | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | |
Net Income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Basic and diluted earnings per share | | | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | |
(Dollars in thousands) | | | | | | | | | | | | | |
Fair Value of Equity | | | | | | | | | | $ | 11,377 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions | | | | $ | 26,867 | | | | | | | | |
Interest-bearing time deposits | | | | | 462 | | | | | | | | |
Loans receivable, net | | | | | 55,949 | | | | | | | | |
Premises and equipment | | | | | 747 | | | | | | | | |
Regulatory stock | | | | | 334 | | | | | | | | |
Deferred income taxes | | | | | 564 | | | | | | | | |
Other real estate owned | | | | | 100 | | | | | | | | |
Core deposit intangible | | | | | 65 | | | | | | | | |
Accrued interest receivable | | | | | 209 | | | | | | | | |
Other assets | | | | | 272 | | | | | | | | |
Total assets | | | | $ | 85,569 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits | | | | $ | (66,409) | | | | | | | | |
Advances from Federal Home Loan Bank | | | | | (5,688) | | | | | | | | |
Accrued interest payable | | | | | (5) | | | | | | | | |
Other liabilities | | | | | (1,477) | | | | | | | | |
Total liabilities | | | | $ | (73,579) | | | | | | | | |
Net assets acquired | | | | | | | | | | | 11,990 | | |
Gain on Bargain Purchase | | | | | | | | | | $ | (613) | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal and interest at acquisition | | | | $ | 619 | | |
Contractual cash flows not expected to be collected (nonaccretable difference) | | | | | 431 | | |
Expected cash flows at acquisition | | | | | 188 | | |
Interest component of expected cash flows (accretable discount) | | | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30 | | | | $ | 161 | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal at acquisition | | | | $ | 56,785 | | |
Contractual cash flows not expected to be collected (credit mark) | | | | | 1,240 | | |
Expected cash flows at acquisition | | | | | 55,545 | | |
Interest rate premium mark | | | | | 243 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30 | | | | $ | 55,788 | | |
(Dollars in thousands) | | | Fidelity May 1, 2020 to June 30, 2020 | | |||
Net interest income | | | | $ | 313 | | |
Non-interest income | | | | | 17 | | |
Non-interest expense | | | | | (331) | | |
Pre-tax income | | | | $ | (1) | | |
Income tax expense | | | | | — | | |
Net income | | | | $ | (1) | | |
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Net interest income | | | | $ | 17,352 | | | | | $ | 17,478 | | |
Provision for loan losses | | | | | (695) | | | | | | (105) | | |
Non-interest income | | | | | 1,672 | | | | | | 1,915 | | |
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Non-interest expense | | | | | (16,005) | | | | | | (14,819) | | |
Pre-tax income | | | | $ | 2,324 | | | | | $ | 4,469 | | |
Income tax expense | | | | | 488 | | | | | | 938 | | |
Net income | | | | $ | 1,836 | | | | | $ | 3,531 | | |
Earnings per share basic and diluted | | | | $ | 0.41 | | | | | $ | 0.79 | | |
(Dollars in thousands) | | | | | | | | | | | | | |
Fair Value of Equity | | | | | | | | | | $ | 9,165 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions | | | | $ | 21,981 | | | | | | | | |
Securities available for sale | | | | | 1,996 | | | | | | | | |
Interest-bearing time deposits | | | | | 100 | | | | | | | | |
Loans receivable, net | | | | | 121,520 | | | | | | | | |
Premises and equipment | | | | | 6,356 | | | | | | | | |
Regulatory stock | | | | | 1,214 | | | | | | | | |
Deferred income taxes | | | | | 2,154 | | | | | | | | |
Bank-owned life insurance | | | | | 3,208 | | | | | | | | |
Core deposit intangible | | | | | 197 | | | | | | | | |
Accrued interest receivable | | | | | 413 | | | | | | | | |
Other assets | | | | | 146 | | | | | | | | |
Total assets | | | | $ | 159,285 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits | | | | $ | (135,546) | | | | | | | | |
Advances from Federal Home Loan Bank | | | | | (11,281) | | | | | | | | |
Accrued interest payable | | | | | (145) | | | | | | | | |
Other liabilities | | | | | (3,015) | | | | | | | | |
Total liabilities | | | | $ | (149,987) | | | | | | | | |
Net assets acquired | | | | | | | | | | | 9,298 | | |
Gain on Bargain Purchase | | | | | | | | | | $ | (133) | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal and interest at acquisition | | | | $ | 420 | | |
Contractual cash flows not expected to be collected (nonaccretable difference) | | | | | 230 | | |
Expected cash flows at acquisition | | | | | 190 | | |
Interest component of expected cash flows (accretable discount) | | | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30 | | | | $ | 163 | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal at acquisition | | | | $ | 125,491 | | |
Contractual cash flows not expected to be collected (credit mark) | | | | | 2,440 | | |
Expected cash flows at acquisition | | | | | 123,051 | | |
Interest rate discount mark | | | | | 1,694 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30 | | | | $ | 121,357 | | |
(Dollars in thousands) | | | Washington May 1, 2020 to June 30, 2020 | | |||
Net interest income | | | | $ | 591 | | |
Non-interest income | | | | | 67 | | |
Non-interest expense | | | | | (628) | | |
|
(Dollars in thousands) | | | Washington May 1, 2020 to June 30, 2020 | | |||
Pre-tax income | | | | $ | 30 | | |
Income tax expense | | | | | (6) | | |
Net income | | | | $ | 24 | | |
|
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Net interest income | | | | $ | 19,112 | | | | | $ | 20,149 | | |
Provision for loan losses | | | | | (752) | | | | | | (196) | | |
Non-interest income | | | | | 2,409 | | | | | | 1,715 | | |
Non-interest expense | | | | | (17,392) | | | | | | (18,223) | | |
Pre-tax income | | | | $ | 3,377 | | | | | $ | 3,445 | | |
Income tax expense | | | | | 709 | | | | | | 723 | | |
Net income | | | | $ | 2,668 | | | | | $ | 2,722 | | |
Earnings per share basic and diluted | | | | $ | 0.59 | | | | | $ | 0.61 | | |
| | | Core deposit intangible | | |||
2020 | | | | $ | 234 | | |
2021 | | | | | 208 | | |
2022 | | | | | 182 | | |
2023 | | | | | 156 | | |
2024 | | | | | 130 | | |
Thereafter | | | | | 262 | | |
| | | | $ | 1,172 | | |
| Consideration paid | | | | | | | | | | $ | 12,250 | | |
| Assets acquired: | | | | | | | | | | | | | |
| Cash and due from financial institutions | | | | $ | 6,693 | | | | | | | | |
| Securities available for sale | | | | | 39,113 | | | | | | | | |
| Loans receivable, net | | | | | 86,840 | | | | | | | | |
| Premises and equipment | | | | | 6,056 | | | | | | | | |
| Regulatory stock | | | | | 1,610 | | | | | | | | |
| Deferred income taxes | | | | | 1,256 | | | | | | | | |
| Bank-owned life insurance | | | | | 4,944 | | | | | | | | |
| Core deposit intangible | | | | | 1,432 | | | | | | | | |
| Accrued interest receivable | | | | | 522 | | | | | | | | |
| Other assets | | | | | 683 | | | | | | | | |
| Total assets | | | | | 149,149 | | | | | | | | |
| Liabilities assumed: | | | | | | | | | | | | | |
| Deposits | | | | $ | (107,180) | | | | | | | | |
| Advances from Federal Home Loan Bank | | | | | (32,380) | | | | | | | | |
| Accrued interest payable | | | | | (81) | | | | | | | | |
| Other liabilities | | | | | (2,116) | | | | | | | | |
| Total liabilities | | | | | (141,757) | | | | | | | | |
| Net assets acquired | | | | | | | | | | | 7,392 | | |
| Goodwill resulting from ASB merger | | | | | | | | | | $ | 4,858 | | |
(Dollars in thousands) | | | | | | | |
Accumulated Other Comprehensive Income(1) | | | Gains (Losses) on Securities Available for Sale | | |||
Balance at June 30, 2019 | | | | $ | 228 | | |
Other comprehensive income before reclassifications | | | | | (118) | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (72) | | |
Period change | | | | | (190) | | |
Balance at September 30, 2019 | | | | $ | 38 | | |
Balance at June 30, 2020 | | | | $ | 76 | | |
Other comprehensive income before reclassifications | | | | | 357 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | — | | |
Period change | | | | | 357 | | |
Balance at September 30, 2020 | | | | $ | 433 | | |
(Dollars in thousands) | | | | | | | |
Accumulated Other Comprehensive Income(1) | | | Unrealized Gains (Losses) on Securities Available for Sale | | |||
Balance at June 30, 2018 | | | | $ | 219 | | |
Other comprehensive income before reclassifications | | | | | 120 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (111) | | |
Period change | | | | | 9 | | |
Balance at June 30, 2019 | | | | $ | 228 | | |
Other comprehensive income before reclassifications | | | | | 36 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (188) | | |
Period change | | | | | (152) | | |
Balance at June 30, 2020 | | | | $ | 76 | | |
(Dollars in thousands) | | | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components | | | Amounts Reclassified from Other Comprehensive Income(1) | | | Affected Line Item in the Consolidated Statements of Income | | |||||||||
| Three Months Ended September 30, 2020 | | | Three Months Ended September 30, 2019 | | |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income | | | | $ | — | | | | | $ | 93 | | | | Gain on sale of securities | |
Related income tax expense | | | | $ | — | | | | | $ | (21) | | | | Income tax expense | |
| | | | $ | — | | | | | $ | 72 | | | | | |
(Dollars in thousands) | | | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components | | | Amounts Reclassified from Other Comprehensive Income(1) | | | Affected Line Item in the Consolidated Statements of Income | | |||||||||
| Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income | | | | $ | 238 | | | | | $ | 140 | | | | Gain on sale of securities | |
Related income tax expense | | | | | (50) | | | | | | (29) | | | | Income tax expense | |
| | | | $ | 188 | | | | | $ | 111 | | | | | |
(Dollars in thousands) | | | As of September 30, 2020 | | | As of June 30, 2020 | | | As of June 30, 2019 | | |||||||||
Due in one year or less | | | | $ | 1,050 | | | | | $ | 1,050 | | | | | $ | 7,986 | | |
Due after one year through five years | | | | | 1,250 | | | | | | 1,250 | | | | | | 500 | | |
| | | | $ | 2,300 | | | | | $ | 2,300 | | | | | $ | 8,486 | | |
| | | September 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 66,379 | | | | | $ | 270 | | | | | $ | (249) | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations | | | | | 2,377 | | | | | | 30 | | | | | | (29) | | | | | | 2,378 | | |
U.S. government agency securities | | | | | 11,658 | | | | | | 3 | | | | | | (114) | | | | | | 11,547 | | |
Municipal bonds | | | | | 24,878 | | | | | | 323 | | | | | | (73) | | | | | | 25,128 | | |
Corporate bonds | | | | | 17,750 | | | | | | 394 | | | | | | — | | | | | | 18,144 | | |
Total Available For Sale | | | | $ | 123,042 | | | | | $ | 1,020 | | | | | $ | (465) | | | | | $ | 123,597 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 51,570 | | | | | $ | 272 | | | | | $ | (104) | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations | | | | | 3,215 | | | | | | 33 | | | | | | (33) | | | | | | 3,215 | | |
U.S. government agency securities | | | | | 6,226 | | | | | | 2 | | | | | | (73) | | | | | | 6,155 | | |
U.S. treasury securitites | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Municipal bonds | | | | | 10,485 | | | | | | 33 | | | | | | (10) | | | | | | 10,508 | | |
Corporate bonds | | | | | 17,399 | | | | | | 60 | | | | | | (77) | | | | | | 17,382 | | |
Total Available For Sale | | | | $ | 89,895 | | | | | $ | 400 | | | | | $ | (297) | | | | | $ | 89,998 | | |
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 3,609 | | | | | $ | 69 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations | | | | | 5,634 | | | | | | 138 | | | | | | (5) | | | | | | 5,767 | | |
U.S. government agency securities | | | | | 10,865 | | | | | | 68 | | | | | | (21) | | | | | | 10,912 | | |
Private label collateralized mortgage obligations | | | | | 264 | | | | | | 39 | | | | | | — | | | | | | 303 | | |
Total Available For Sale | | | | $ | 20,372 | | | | | $ | 314 | | | | | $ | (26) | | | | | $ | 20,660 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 1,500 | | | | | $ | 37 | | | | | $ | (15) | | | | | $ | 1,522 | | |
U.S. agency collateralized mortgage obligations | | | | | 206 | | | | | | 8 | | | | | | — | | | | | | 214 | | |
Municipal bonds | | | | | 100 | | | | | | — | | | | | | — | | | | | | 100 | | |
Corporate bonds | | | | | 100 | | | | | | 1 | | | | | | — | | | | | | 101 | | |
Total Held to Maturity | | | | $ | 1,906 | | | | | $ | 46 | | | | | $ | — | | | | | $ | 1,937 | | |
| | | September 30, 2020 | | | June 30, 2020 | | ||||||||||||||||||
| | | Available For Sale | | | Available For Sale | | ||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Due in one year or less | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 2,904 | | | | | $ | 2,893 | | |
Due after one year through five years | | | | | 11,855 | | | | | | 12,082 | | | | | | 9,632 | | | | | | 9,611 | | |
Due after five years through ten years | | | | | 11,443 | | | | | | 11,559 | | | | | | 7,606 | | | | | | 7,602 | | |
Due after ten years | | | | | 99,739 | | | | | | 99,951 | | | | | | 69,753 | | | | | | 69,892 | | |
| | | | $ | 123,042 | | | | | $ | 123,597 | | | | | $ | 89,895 | | | | | $ | 89,998 | | |
| | | September 30, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 34,544 | | | | | $ | 242 | | | | | $ | 264 | | | | | $ | 7 | | | | | $ | 34,808 | | | | | $ | 249 | | |
U.S. agency collateralized mortgage obligations | | | | | 722 | | | | | | 7 | | | | | | 1,122 | | | | | | 22 | | | | | | 1,844 | | | | | | 29 | | |
U.S. government agency securities | | | | | 11,399 | | | | | | 114 | | | | | | — | | | | | | — | | | | | | 11,399 | | | | | | 114 | | |
Municipal bonds | | | | | 8,757 | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 8,757 | | | | | | 73 | | |
Total Temporarily Impaired Securities | | | | $ | 55,422 | | | | | $ | 436 | | | | | $ | 1,386 | | | | | $ | 29 | | | | | $ | 56,808 | | | | | $ | 465 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 22,082 | | | | | $ | 104 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,082 | | | | | $ | 104 | | |
U.S. agency collateralized mortgage obligations | | | | | 1,513 | | | | | | 14 | | | | | | 1,129 | | | | | | 19 | | | | | | 2,642 | | | | | | 33 | | |
U.S. government agency securities | | | | | 4,922 | | | | | | 49 | | | | | | 914 | | | | | | 24 | | | | | | 5,836 | | | | | | 73 | | |
Municipal bonds | | | | | 3,694 | | | | | | 10 | | | | | | — | | | | | | — | | | | | | 3,694 | | | | | | 10 | | |
Corporate bonds | | | | | 5,222 | | | | | | 77 | | | | | | — | | | | | | — | | | | | | 5,222 | | | | | | 77 | | |
Total Temporarily Impaired Securities | | | | $ | 37,433 | | | | | $ | 254 | | | | | $ | 2,043 | | | | | $ | 43 | | | | | $ | 39,476 | | | | | $ | 297 | | |
|
| | | June 30, 2019 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. agency collateralized mortgage obligations | | | | $ | 1,237 | | | | | $ | 5 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,237 | | | | | $ | 5 | | |
U.S. government agency securities | | | | | 2,524 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | 2,524 | | | | | | 21 | | |
| | | | | 3,761 | | | | | | 26 | | | | | | — | | | | | | — | | | | | | 3,761 | | | | | | 26 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
| | | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
Total Temporarily Impaired Securities | | | | $ | 3,761 | | | | | $ | 26 | | | | | $ | 716 | | | | | $ | 15 | | | | | $ | 4,477 | | | | | $ | 41 | | |
| | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | 335,200 | | | | | | 66.29% | | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.99% | | |
Home equity and HELOCs | | | | | 45,364 | | | | | | 8.97 | | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | |
Construction -residential | | | | | 13,665 | | | | | | 2.70 | | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family (five or more) | | | | | 14,477 | | | | | | 2.86 | | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | |
Commercial non-residential | | | | | 79,969 | | | | | | 15.81 | | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | |
Construction and land | | | | | 7,358 | | | | | | 1.46 | | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | |
Commercial | | | | | 5,958 | | | | | | 1.18 | | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | |
Consumer Loans | | | | | 3,670 | | | | | | 0.73 | | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.22 | | |
Total Loans | | | | | 505,661 | | | | | | 100.00% | | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | |
Loans in process | | | | | (3,916) | | | | | | | | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | ��� | | | | | |
Unearned loan origination fees | | | | | (530) | | | | | | | | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | |
Allowance for loan losses | | | | | (3,585) | | | | | | | | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | |
Net Loans | | | | $ | 497,630 | | | | | | | | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | |
September 30, 2020 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Total | | |||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | 3,519 | | |
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 107 | | | | | | (16) | | | | | | (65) | | | | | | (2) | | | | | | 53 | | | | | | 40 | | | | | | (51) | | | | | | — | | | | | | 66 | | |
Ending Balance | | | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,590 | | | | | | 150 | | | | | | 461 | | | | | | 121 | | | | | | 780 | | | | | | 436 | | | | | | 32 | | | | | | 15 | | | | | | 3,585 | | |
Total allowance | | | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 950 | | | | | $ | 680 | | | | | $ | — | | | | | $ | 184 | | | | | $ | 574 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,388 | | |
Collectively evaluated for impairment | | | | | 193,714 | | | | | | 13,591 | | | | | | 8,015 | | | | | | 8,750 | | | | | | 50,205 | | | | | | 7,358 | | | | | | 4,070 | | | | | | 584 | | | | | | 286,287 | | |
Acquired non-credit impaired loans(1) | | | | | 140,231 | | | | | | 31,070 | | | | | | 5,650 | | | | | | 5,543 | | | | | | 29,190 | | | | | | — | | | | | | 1,888 | | | | | | 3,086 | | | | | | 216,658 | | |
Acquired credit impaired loans(2) | | | | | 305 | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 328 | | |
Total portfolio | | | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
September 30, 2019 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 371 | | | | | | 15 | | | | | | (118) | | | | | | 42 | | | | | | (264) | | | | | | (29) | | | | | | (55) | | | | | | 12 | | | | | | 26 | | | | | | — | | |
Ending Balance | | | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,872 | | | | | | 137 | | | | | | 203 | | | | | | 113 | | | | | | 444 | | | | | | 92 | | | | | | 40 | | | | | | 15 | | | | | | 293 | | | | | | 3,209 | | |
Total allowance | | | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 1,495 | | | | | $ | 638 | | | | | $ | — | | | | | $ | 187 | | | | | $ | 652 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,972 | | |
Collectively evaluated for impairment | | | | | 178,747 | | | | | | 21,468 | | | | | | 6,782 | | | | | | 10,571 | | | | | | 31,875 | | | | | | 4,076 | | | | | | 1,787 | | | | | | 679 | | | | | | — | | | | | | 255,985 | | |
Acquired non-credit impaired loans(1) | | | | | 37,684 | | | | | | 9,727 | | | | | | — | | | | | | 6 | | | | | | 23,785 | | | | | | — | | | | | | 343 | | | | | | 6 | | | | | | — | | | | | | 71,551 | | |
Total portfolio | | | | $ | 217,926 | | | | | $ | 31,833 | | | | | $ | 6,782 | | | | | $ | 10,764 | | | | | $ | 56,312 | | | | | $ | 4,076 | | | | | $ | 2,130 | | | | | $ | 685 | | | | | $ | — | | | | | $ | 330,508 | | |
June 30, 2020 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs | | | | | (260) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | (3) | | | | | | (12) | | | | | | — | | | | | | (316) | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 242 | | | | | | 50 | | | | | | 205 | | | | | | 52 | | | | | | 54 | | | | | | 275 | | | | | | (9) | | | | | | 24 | | | | | | (267) | | | | | | 626 | | |
Ending Balance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,483 | | | | | | 166 | | | | | | 526 | | | | | | 123 | | | | | | 727 | | | | | | 396 | | | | | | 83 | | | | | | 15 | | | | | | — | | | | | | 3,519 | | |
Total allowance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 973 | | | | | $ | 628 | | | | | $ | — | | | | | $ | 185 | | | | | $ | 585 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,371 | | |
Collectively evaluated for impairment | | | | | 189,055 | | | | | | 15,677 | | | | | | 9,218 | | | | | | 9,267 | | | | | | 45,214 | | | | | | 6,690 | | | | | | 4,150 | | | | | | 713 | | | | | | — | | | | | | 279,984 | | |
Acquired non-credit impaired loans(1) | | | | | 155,588 | | | | | | 30,727 | | | | | | 6,581 | | | | | | 5,512 | | | | | | 30,908 | | | | | | — | | | | | | 2,288 | | | | | | 3,187 | | | | | | — | | | | | | 234,791 | | |
Acquired credit impaired loans (2) | | | | | 299 | | | | | | 22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 321 | | |
Total portfolio | | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | — | | | | | $ | 517,467 | | |
June 30, 2019 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,478 | | | | | $ | 58 | | | | | $ | 191 | | | | | $ | 116 | | | | | $ | 388 | | | | | $ | 903 | | | | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,138 | | |
Charge-offs | | | | | (21) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21) | | |
Recoveries | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | |
Provision | | | | | 40 | | | | | | 64 | | | | | | 130 | | | | | | (45) | | | | | | 320 | | | | | | (782) | | | | | | 91 | | | | | | 3 | | | | | | 267 | | | | | | 88 | | |
Ending Balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 58 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 58 | | |
Collectively evaluated for impairment | | | | | 1,443 | | | | | | 122 | | | | | | 321 | | | | | | 71 | | | | | | 708 | | | | | | 121 | | | | | | 95 | | | | | | 3 | | | | | | 267 | | | | | | 3,151 | | |
Total allowance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 2,557 | | | | | $ | 1,185 | | | | | $ | — | | | | | $ | — | | | | | $ | 662 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,404 | | |
Collectively evaluated for impairment | | | | | 180,310 | | | | | | 20,858 | | | | | | 9,739 | | | | | | 10,533 | | | | | | 28,572 | | | | | | 2,888 | | | | | | 1,728 | | | | | | 735 | | | | | | — | | | | | | 255,363 | | |
Acquired non-credit impaired loans(1) | | | | | 37,309 | | | | | | 9,862 | | | | | | — | | | | | | 495 | | | | | | 24,323 | | | | | | 1,550 | | | | | | 371 | | | | | | 6 | | | | | | — | | | | | | 73,916 | | |
Total portfolio | | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 741 | | | | | $ | — | | | | | $ | 333,683 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 13,498 | | | | | $ | 78,804 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 104,852 | | |
Special Mention | | | | | 795 | | | | | | 976 | | | | | | — | | | | | | — | | | | | | 1,771 | | |
Substandard | | | | | 184 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | 373 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 106,996 | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 13,976 | | | | | $ | 75,973 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 103,077 | | |
Special Mention | | | | | 803 | | | | | | 507 | | | | | | — | | | | | | — | | | | | | 1,310 | | |
Substandard | | | | | 185 | | | | | | 227 | | | | | | — | | | | | | — | | | | | | 412 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 104,799 | | |
|
June 30, 2019 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 10,445 | | | | | $ | 52,151 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 69,133 | | |
Special Mention | | | | | 394 | | | | | | 744 | | | | | | — | | | | | | — | | | | | | 1,138 | | |
Substandard | | | | | 189 | | | | | | 662 | | | | | | — | | | | | | — | | | | | | 851 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 71,122 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 332,682 | | | | | $ | 44,891 | | | | | $ | 13,665 | | | | | $ | 3,525 | | | | | $ | 394,763 | | |
Non-performing | | | | | 3,284 | | | | | | 473 | | | | | | — | | | | | | 145 | | | | | | 3,902 | | |
| | | | $ | 335,966 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 3,670 | | | | | $ | 398,665 | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 343,562 | | | | | $ | 46,580 | | | | | $ | 15,799 | | | | | $ | 3,785 | | | | | $ | 409,726 | | |
Non-performing | | | | | 2,353 | | | | | | 474 | | | | | | — | | | | | | 115 | | | | | | 2,942 | | |
| | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 3,900 | | | | | $ | 412,668 | | |
|
June 30, 2019 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 218,899 | | | | | $ | 31,380 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 260,759 | | |
Non-performing | | | | | 1,277 | | | | | | 525 | | | | | | — | | | | | | — | | | | | | 1,802 | | |
| | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 262,561 | | |
(Dollars in thousands) | | | September 30, 2020 | | | June 30, 2020 | | ||||||
Outstanding principal balance | | | | $ | 773 | | | | | $ | 773 | | |
Carrying amount | | | | | 328 | | | | | | 321 | | |
(Dollars in thousands) | | | Accretable Discount | | |||
Balance, May 1, 2020 | | | | $ | 57 | | |
Accretion | | | | | (4) | | |
Balance, June 30, 2020 | | | | $ | 53 | | |
Accretion | | | | | (7) | | |
Balance, September 30, 2020 | | | | $ | 46 | | |
| | | Aged Analysis of Past Due and Non-accrual Loans As of September 30, 2020 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
1 – 4 family | | | | $ | 2,011 | | | | | $ | 203 | | | | | $ | 1,541 | | | | | $ | 3,755 | | | | | $ | 305 | | | | | $ | 331,906 | | | | | $ | 335,966 | | | | | $ | — | | | | | $ | 3,284 | | |
Home equity and HELOCs | | | | | 492 | | | | | | — | | | | | | 181 | | | | | | 673 | | | | | | 23 | | | | | | 44,668 | | | | | | 45,364 | | | | | | — | | | | | | 473 | | |
Construction – residential | | | | | — | | | | | | 515 | | | | | | — | | | | | | 515 | | | | | | — | | | | | | 13,150 | | | | | | 13,665 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | — | | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 14,293 | | | | | | 14,477 | | | | | | — | | | | | | 184 | | |
Commercial non-residential | | | | | 505 | | | | | | 54 | | | | | | — | | | | | | 559 | | | | | | — | | | | | | 79,410 | | | | | | 79,969 | | | | | | — | | | | | | 689 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,592 | | | | | | 6,592 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,958 | | | | | | 5,958 | | | | | | — | | | | | | — | | |
Consumer | | | | | 123 | | | | | | 20 | | | | | | 30 | | | | | | 173 | | | | | | — | | | | | | 3,497 | | | | | | 3,670 | | | | | | — | | | | | | 145 | | |
Total | | | | $ | 3,131 | | | | | $ | 792 | | | | | $ | 1,936 | | | | | $ | 5,859 | | | | | $ | 328 | | | | | $ | 499,474 | | | | | $ | 505,661 | | | | | $ | — | | | | | $ | 4,775 | | |
|
| | | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2020 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | 2,732 | | | | | $ | 299 | | | | | $ | 342,884 | | | | | $ | 345,915 | | | | | $ | — | | | | | $ | 2,353 | | |
Home equity and HELOCs | | | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 408 | | | | | | 22 | | | | | | 46,624 | | | | | | 47,054 | | | | | | 90 | | | | | | 384 | | |
Construction – residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,799 | | | | | | 15,799 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | 465 | | | | | | 185 | | | | | | 650 | | | | | | — | | | | | | 14,314 | | | | | | 14,964 | | | | | | — | | | | | | 185 | | |
Commercial non-residential | | | | | 100 | | | | | | 507 | | | | | | — | | | | | | 607 | | | | | | — | | | | | | 76,100 | | | | | | 76,707 | | | | | | — | | | | | | 135 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,690 | | | | | | 6,690 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,438 | | | | | | 6,438 | | | | | | — | | | | | | — | | |
Consumer | | | | | 3 | | | | | | 21 | | | | | | — | | | | | | 24 | | | | | | — | | | | | | 3,876 | | | | | | 3,900 | | | | | | — | | | | | | 115 | | |
Total | | | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 4,421 | | | | | $ | 321 | | | | | $ | 512,724 | | | | | $ | 517,467 | | | | | $ | 90 | | | | | $ | 3,172 | | |
|
| | | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2019 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | — | | | | | $ | 807 | | | | | $ | 1,038 | | | | | $ | 1,845 | | | | | $ | — | | | | | $ | 218,331 | | | | | $ | 220,176 | | | | | $ | 7 | | | | | $ | 1,270 | | |
Home equity and HELOCs | | | | | 246 | | | | | | 59 | | | | | | 315 | | | | | | 620 | | | | | | — | | | | | | 31,285 | | | | | | 31,905 | | | | | | 140 | | | | | | 385 | | |
Construction – residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,739 | | | | | | 9,739 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | 394 | | | | | | 189 | | | | | | 583 | | | | | | — | | | | | | 10,445 | | | | | | 11,028 | | | | | | — | | | | | | 189 | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 53,557 | | | | | | 53,557 | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,438 | | | | | | 4,438 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,099 | | | | | | 2,099 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 741 | | | | | | 741 | | | | | | — | | | | | | — | | |
Total | | | | $ | 246 | | | | | $ | 1,260 | | | | | $ | 1,542 | | | | | $ | 3,048 | | | | | $ | — | | | | | $ | 330,635 | | | | | $ | 333,683 | | | | | $ | 147 | | | | | $ | 1,844 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs | | | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential | | | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs | | | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential | | | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 1,946 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential | | | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 81 | | | | | $ | — | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 2,027 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential | | | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,451 | | | | | $ | 45 | | |
Home equity and HELOCs | | | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential | | | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 67 | | | | | $ | 4 | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,518 | | | | | $ | 49 | | |
Home equity and HELOCs | | | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential | | | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 2,396 | | | | | $ | 2,396 | | | | | $ | — | | | | | $ | 1,927 | | | | | $ | 73 | | |
Home equity and HELOCs | | | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 161 | | | | | $ | 161 | | | | | $ | 58 | | | | | $ | 165 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 2,557 | | | | | $ | 2,557 | | | | | $ | 58 | | | | | $ | 2,092 | | | | | $ | 84 | | |
Home equity and HELOCs | | | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | For the year ended June 30, 2019 | | |||||||||||||||
(Dollars in thousands) | | | Number of Contracts | | | Pre-Modification Outstanding Recorded Investment | | | Post-Modification Outstanding Recorded Investment | | |||||||||
Commercial non-residential | | | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
Total | | | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
(Dollars in thousands) | | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||||||||||||||||||||
| | | Amount | | | % of Total | | | Amount | | | % of Total | | | Amount | | | % of Total | | ||||||||||||||||||
Interest-bearing deposits | | | | $ | 6 | | | | | | 0.2% | | | | | $ | 4 | | | | | | 0.2% | | | | | $ | 20 | | | | | | 1.5% | | |
Investment securities | | | | | 776 | | | | | | 26.6% | | | | | | 352 | | | | | | 13.8% | | | | | | 101 | | | | | | 7.8% | | |
Loans | | | | | 2,134 | | | | | | 73.2% | | | | | | 2,184 | | | | | | 86.0% | | | | | | 1,181 | | | | | | 90.7% | | |
Total Accrued Interest Receivable | | | | $ | 2,916 | | | | | | 100.00% | | | | | $ | 2,540 | | | | | | 100.00% | | | | | $ | 1,302 | | | | | | 100.00% | | |
| | | September 30, | | | June 30, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2020 | | | 2019 | | |||||||||
Land | | | | $ | 2,753 | | | | | $ | 4,144 | | | | | $ | 2,471 | | |
Office buildings and improvements | | | | | 12,759 | | | | | | 14,493 | | | | | | 8,198 | | |
Furniture, fixtures and equipment | | | | | 2,282 | | | | | | 1,918 | | | | | | 978 | | |
Automobiles | | | | | 50 | | | | | | 50 | | | | | | 57 | | |
| | | | | 17,844 | | | | | | 20,605 | | | | | | 11,704 | | |
Accumulated depreciation | | | | | (3,920) | | | | | | (3,872) | | | | | | (3,298) | | |
| | | | $ | 13,924 | | | | | $ | 16,733 | | | | | $ | 8,406 | | |
(Dollars in thousands) | | | Goodwill | | | Core Deposit Intangibles | | ||||||
Balance, July 1, 2018 | | | | $ | — | | | | | $ | — | | |
Adjustments: | | | | | | | | | | | | | |
Additions | | | | | 4,858 | | | | | | 1,432 | | |
Amortization | | | | | — | | | | | | (260) | | |
Balance, June 30, 2019 | | | | $ | 4,858 | | | | | $ | 1,172 | | |
|
(Dollars in thousands) | | | Goodwill | | | Core Deposit Intangibles | | ||||||
Balance, July 1, 2019 | | | | $ | 4,858 | | | | | $ | 1,172 | | |
Adjustments: | | | | | | | | | | | | | |
Additions | | | | | — | | | | | | 262 | | |
Amortization | | | | | — | | | | | | (242) | | |
Balance, June 30, 2020 | | | | $ | 4,858 | | | | | $ | 1,192 | | |
Adjustments: | | | | | | | | | | | | | |
Additions | | | | | — | | | | | | — | | |
Amortization | | | | | — | | | | | | (64) | | |
Balance, September 30, 2020 | | | | $ | 4,858 | | | | | $ | 1,128 | | |
| | | September 30, 2020 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,694 | | | | | $ | (566) | | | | | $ | 1,128 | | |
| | | June 30, 2020 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,694 | | | | | $ | (502) | | | | | $ | 1,192 | | |
| | | June 30, 2019 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,432 | | | | | $ | (260) | | | | | $ | 1,172 | | |
(Dollars in thousands) | | | | ||||||||||
Twelve months ended: | | | September 30, 2020 Expense | | | June 30, 2020 Expense | | ||||||
2021 | | | | $ | 248 | | | | | $ | 255 | | |
2022 | | | | | 217 | | | | | | 224 | | |
2023 | | | | | 186 | | | | | | 194 | | |
2024 | | | | | 155 | | | | | | 163 | | |
2025 | | | | | 124 | | | | | | 132 | | |
2026 and thereafter | | | | | 198 | | | | | | 224 | | |
| | | | $ | 1,128 | | | | | $ | 1,192 | | |
| | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Weighted Average Rate | | | Amount | | | Weighted Average Rate | | | Amount | | | Weighted Average Rate | | ||||||||||||||||||
Checking accounts | | | | $ | 140,146 | | | | | | 0.07% | | | | | $ | 142,223 | | | | | | 0.13% | | | | | $ | 67,547 | | | | | | 0.09% | | |
Money market accounts | | | | | 140,891 | | | | | | 0.62 | | | | | | 129,048 | | | | | | 0.94 | | | | | | 67,648 | | | | | | 1.68 | | |
Savings and club accounts | | | | | 95,070 | | | | | | 0.10 | | | | | | 94,097 | | | | | | 0.19 | | | | | | 33,172 | | | | | | 0.16 | | |
Certificates of deposit | | | | | 205,386 | | | | | | 1.71 | | | | | | 194,480 | | | | | | 1.86 | | | | | | 112,839 | | | | | | 1.90 | | |
| | | | $ | 581,493 | | | | | | 0.79% | | | | | $ | 559,848 | | | | | | 0.93% | | | | | $ | 281,206 | | | | | | 1.21% | | |
(In thousands) | | | September 30, 2020 | | | June 30, 2020 | | ||||||
Twelve months ending: | | | | | | | | | | | | | |
2021 | | | | $ | 128,575 | | | | | $ | 113,596 | | |
2022 | | | | | 35,625 | | | | | | 37,073 | | |
2023 | | | | | 16,745 | | | | | | 18,085 | | |
2024 | | | | | 12,170 | | | | | | 13,426 | | |
2025 | | | | | 10,592 | | | | | | 10,668 | | |
Thereafter | | | | | 1,679 | | | | | | 1,632 | | |
| | | | $ | 205,386 | | | | | $ | 194,480 | | |
(Dollars in thousands) | | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||
FHLB advances: | | | | | | | | | | | | | | | | | | | |
Convertible | | | | $ | 20,000 | | | | | $ | 20,000 | | | | | $ | 20,000 | | |
Fixed | | | | | 14,000 | | | | | | 21,767 | | | | | | 11,000 | | |
Mid-term | | | | | 7,000 | | | | | | 23,215 | | | | | | 19,000 | | |
Total FHLB advances | | | | $ | 41,000 | | | | | $ | 64,982 | | | | | $ | 50,000 | | |
| | | September 30, 2020 | | | June 30, 2020 | | ||||||||||||||||||
(Dollars in thousands) Twelve months ending: | | | Amount | | | Weighted Average Rate | | | Amount | | | Weighted Average Rate | | ||||||||||||
2021 | | | | $ | — | | | | | | —% | | | | | $ | 15,086 | | | | | | 2.40% | | |
2022 | | | | | 7,000 | | | | | | 2.03% | | | | | | 9,092 | | | | | | 2.17% | | |
2023 | | | | | 13,000 | | | | | | 2.74% | | | | | | 14,073 | | | | | | 2.75% | | |
2024 | | | | | 7,000 | | | | | | 2.00% | | | | | | 9,158 | | | | | | 2.13% | | |
2025 | | | | | 14,000 | | | | | | 2.92% | | | | | | 15,892 | | | | | | 2.85% | | |
Thereafter | | | | | — | | | | | | —% | | | | | | 1,591 | | | | | | 2.83% | | |
Total FHLB advances | | | | $ | 41,000 | | | | | | 2.55% | | | | | $ | 64,892 | | | | | | 2.53% | | |
| | | Three months ended September 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Federal: | | | | | | | | | | | | | |
Current | | | | $ | (139) | | | | | $ | (38) | | |
Deferred | | | | | 268 | | | | | | 243 | | |
| | | | | 129 | | | | | | 205 | | |
State, current | | | | | 15 | | | | | | 15 | | |
| | | | $ | 144 | | | | | $ | 220 | | |
|
| | | Year ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Federal: | | | | | | | | | | | | | |
Current | | | | $ | (448) | | | | | $ | 1,594 | | |
Deferred | | | | | 51 | | | | | | (544) | | |
| | | | | (397) | | | | | | 1,050 | | |
State, current | | | | | 10 | | | | | | 10 | | |
| | | | $ | (387) | | | | | $ | 1,060 | | |
| | | Three months ended September 30, | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | % of Pretax Income | | | Amount | | | % of Pretax Income | | ||||||||||||
Federal income tax at statutory rate | | | | $ | 171 | | | | | | 21.0% | | | | | $ | 226 | | | | | | 21.0% | | |
State tax, net of federal benefit | | | | | 12 | | | | | | 1.5 | | | | | | 12 | | | | | | 1.1 | | |
Bank owned-life insurance | | | | | (24) | | | | | | (2.9) | | | | | | (17) | | | | | | (1.6) | | |
Other | | | | | (13) | | | | | | (1.7) | | | | | | (1) | | | | | | — | | |
| | | | $ | 146 | | | | | | 17.9% | | | | | $ | 220 | | | | | | 20.5% | | |
|
| | | Year ended June 30, | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | % of Pretax Income | | | Amount | | | % of Pretax Income | | ||||||||||||
Federal income tax at statutory rate | | | | $ | 198 | | | | | | 21.0% | | | | | $ | 1,011 | | | | | | 21.0% | | |
State tax, net of federal benefit | | | | | 7 | | | | | | 0.7 | | | | | | 8 | | | | | | 0.2 | | |
Bank owned-life insurance | | | | | (74) | | | | | | (7.9) | | | | | | (69) | | | | | | (1.4) | | |
Gain on bargain purchase | | | | | (157) | | | | | | (16.7) | | | | | | — | | | | | | — | | |
Non-deductible merger expenses | | | | | 71 | | | | | | 7.5 | | | | | | — | | | | | | — | | |
Impact of tax law change | | | | | (408) | | | | | | (43.3) | | | | | | — | | | | | | — | | |
Other | | | | | (24) | | | | | | (2.4) | | | | | | 110 | | | | | | 2.2 | | |
| | | | $ | (387) | | | | | | (41.1)% | | | | | $ | 1,060 | | | | | | 22.0% | | |
| | | September 30, | | | June 30, | | ||||||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
Deferred tax assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan origination fees | | | | $ | 119 | | | | | $ | 171 | | | | | $ | 100 | | | | | $ | 186 | | |
Allowance for loan losses | | | | | 803 | | | | | | 705 | | | | | | 788 | | | | | | 757 | | |
Deferred director’s fees | | | | | 288 | | | | | | 289 | | | | | | 289 | | | | | | 303 | | |
Deferred compensation | | | | | 531 | | | | | | 411 | | | | | | 525 | | | | | | 475 | | |
Deferred pension | | | | | 613 | | | | | | — | | | | | | 613 | | | | | | — | | |
Purchase accounting adjustments | | | | | 1,292 | | | | | | — | | | | | | 1,552 | | | | | | — | | |
NOL carry forward | | | | | 1,090 | | | | | | 453 | | | | | | 1,090 | | | | | | 453 | | |
Other | | | | | 51 | | | | | | 11 | | | | | | — | | | | | | 60 | | |
Total Deferred Tax Assets | | | | | 4,787 | | | | | | 2,040 | | | | | | 4,957 | | | | | | 2,234 | | |
Deferred tax liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gain on securities | | | | | (123) | | | | | | (10) | | | | | | (21) | | | | | | (60) | | |
Premises and equipment | | | | | (180) | | | | | | (63) | | | | | | (114) | | | | | | (63) | | |
Other | | | | | (36) | | | | | | (49) | | | | | | (5) | | | | | | — | | |
Total Deferred Tax Liabilities | | | | | (339) | | | | | | (122) | | | | | | (140) | | | | | | (123) | | |
Net Deferred Tax Asset | | | | $ | 4,448 | | | | | $ | 1,918 | | | | | $ | 4,817 | | | | | $ | 2,111 | | |
| | | September 30, | | | June 30, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2020 | | | 2019 | | |||||||||
Commitments to extend credit | | | | $ | 18,192 | | | | | $ | 18,602 | | | | | $ | 10,952 | | |
Unfunded commitments under lines of credit | | | | | 62,717 | | | | | | 52,432 | | | | | | 27,981 | | |
Standby letters of credit | | | | | 1,000 | | | | | | — | | | | | | — | | |
As of September 30, 2020 (Dollars in thousands except for ratios) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage | | | | $ | 86,956 | | | | | | 11.92% | | | | | >$ | 29,172 | | | | | | >4.00% | | | | | >$ | 36,465 | | | | | | >5.00% | | |
As of June 30, 2020 (Dollars in thousands except for ratios) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage | | | | $ | 86,822 | | | | | | 13.67% | | | | | >$ | 25,397 | | | | | | >4.00% | | | | | >$ | 31,746 | | | | | | >5.00% | | |
As of June 30, 2019: (Dollars in thousands) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
Total risk-based capital | | | | $ | 71,558 | | | | | | 25.8% | | | | | $ | >22,172 | | | | | | >8.0% | | | | | $ | >27,715 | | | | | | >10.0% | | |
Common Equity Tier 1 Capital | | | | | 68,437 | | | | | | 24.7 | | | | | | >12,477 | | | | | | >4.5 | | | | | | >18,022 | | | | | | >6.5 | | |
Core capital (to risk-weighted assets) | | | | | 68,437 | | | | | | 24.7 | | | | | | >16,636 | | | | | | >6.0 | | | | | | >22,181 | | | | | | >8.0 | | |
Core capital (to adjusted total assets) | | | | | 68,437 | | | | | | 16.9 | | | | | | >16,162 | | | | | | >4.0 | | | | | | >20,203 | | | | | | >5.0 | | |
| | | September 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | ||||||||||||||||||||
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 66,400 | | | | | $ | — | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 2,378 | | | | | | — | | | | | | 2,378 | | |
U.S. government agency securities | | | | | — | | | | | | 11,547 | | | | | | — | | | | | | 11,547 | | |
Municipal bonds | | | | | — | | | | | | 25,128 | | | | | | — | | | | | | 25,128 | | |
Corporate bonds | | | | | — | | | | | | 18,144 | | | | | | — | | | | | | 18,144 | | |
Total Assets | | | | $ | — | | | | | $ | 123,597 | | | | | $ | — | | | | | $ | 123,597 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 51,738 | | | | | $ | — | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 3,215 | | | | | | — | | | | | | 3,215 | | |
U.S. government agency securities | | | | | — | | | | | | 6,155 | | | | | | — | | | | | | 6,155 | | |
U.S. treasury securities | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | 1,000 | | |
Municipal bonds | | | | | — | | | | | | 10,508 | | | | | | — | | | | | | 10,508 | | |
Corporate bonds | | | | | — | | | | | | 17,382 | | | | | | — | | | | | | 17,382 | | |
Total Assets | | | | $ | — | | | | | $ | 89,998 | | | | | $ | — | | | | | $ | 89,998 | | |
|
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 5,767 | | | | | | — | | | | | | 5,767 | | |
U.S. government agency securities | | | | | — | | | | | | 10,912 | | | | | | — | | | | | | 10,912 | | |
Private label collateralized mortgage obligations | | | | | — | | | | | | 303 | | | | | | — | | | | | | 303 | | |
Total Assets | | | | $ | — | | | | | $ | 20,660 | | | | | $ | — | | | | | $ | 20,660 | | |
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
Other real estate owned | | | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 290 | | | | | $ | 290 | | |
|
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
Other real estate owned | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
| | | Quantative Information about Level 3 Fair Value Measurements | | ||||||||||||
(Dollars in thousands) | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range | | |||
June 30, 2020 | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 190 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0 – 28% | |
Foreclosed real estate owned | | | | $ | 100 | | | | Appraisal of collateral(1)(3) | | | Liquidation expenses(2) | | | 0% | |
| | | Quantative Information about Level 3 Fair Value Measurements | | ||||||||||||
(Dollars in thousands) | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range | | |||
June 30, 2019 | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 4,346 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0 – 25% | |
Foreclosed real estate owned | | | | $ | — | | | | Appraisal of collateral(1)(3) | | | Liquidation expenses(2) | | | 0% | |
| | | Fair Value Measurements at September 30, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net | | | | | 497,630 | | | | | | 527,508 | | | | | | — | | | | | | — | | | | | | 527,508 | | |
Regulatory stock | | | | | 3,219 | | | | | | 3,219 | | | | | | 3,219 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 14,870 | | | | | | 14,870 | | | | | | 14,870 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 2,916 | | | | | | 2,916 | | | | | | 2,916 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 140,146 | | | | | | 140,146 | | | | | | 140,146 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 140,891 | | | | | | 140,891 | | | | | | 140,891 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 95,070 | | | | | | 95,070 | | | | | | 95,070 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 205,386 | | | | | | 208,373 | | | | | | — | | | | | | — | | | | | | 208,373 | | |
Advances from Federal Home Loan Bank | | | | | 41,000 | | | | | | 42,574 | | | | | | — | | | | | | — | | | | | | 42,574 | | |
Advances from borrowers for taxes and insurance | | | | | 2,910 | | | | | | 2,910 | | | | | | 2,910 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 175 | | | | | | 175 | | | | | | 175 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net | | | | | 508,605 | | | | | | 541,779 | | | | | | — | | | | | | — | | | | | | 541,779 | | |
Regulatory stock | | | | | 4,200 | | | | | | 4,200 | | | | | | 4,200 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 14,758 | | | | | | 14,758 | | | | | | 14,758 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 2,540 | | | | | | 2,540 | | | | | | 2,540 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 142,223 | | | | | | 142,223 | | | | | | 142,223 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 129,048 | | | | | | 129,048 | | | | | | 129,048 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 94,097 | | | | | | 94,097 | | | | | | 94,097 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 194,480 | | | | | | 198,268 | | | | | | — | | | | | | — | | | | | | 198,268 | | |
Advances from Federal Home Loan Bank | | | | | 64,892 | | | | | | 67,520 | | | | | | — | | | | | | — | | | | | | 67,520 | | |
Advances from borrowers for taxes and insurance | | | | | 4,536 | | | | | | 4,536 | | | | | | 4,536 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 246 | | | | | | 246 | | | | | | 246 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 8,486 | | | | | | 8,486 | | | | | | 8,486 | | | | | | — | | | | | | — | | |
Securities held to maturity | | | | | 1,906 | | | | | | 1,937 | | | | | | — | | | | | | 1,937 | | | | | | — | | |
Loans receivable, net | | | | | 326,017 | | | | | | 330,060 | | | | | | — | | | | | | — | | | | | | 330,060 | | |
Regulatory stock | | | | | 2,785 | | | | | | 2,785 | | | | | | 2,785 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 11,203 | | | | | | 11,203 | | | | | | 11,203 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 1,340 | | | | | | 1,340 | | | | | | 1,340 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 67,547 | | | | | | 67,547 | | | | | | 67,547 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 67,648 | | | | | | 67,648 | | | | | | 67,648 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 33,172 | | | | | | 33,172 | | | | | | 33,172 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 112,839 | | | | | | 112,245 | | | �� | | | — | | | | | | — | | | | | | 112,245 | | |
Advances from Federal Home Loan Bank | | | | | 50,000 | | | | | | 50,651 | | | | | | — | | | | | | — | | | | | | 50,651 | | |
Advances from borrowers for taxes and insurance | | | | | 3,814 | | | | | | 3,814 | | | | | | 3,814 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 171 | | | | | | 171 | | | | | | 171 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
(in thousands) | | | | | | September 30, 2020 | | |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets | | | Other assets | | | | $ | 1,589 | | |
Total Right-of-Use Assets | | | | | | | $ | 1,589 | | |
|
(in thousands) | | | | | | September 30, 2020 | | |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities | | | Other liabilities | | | | $ | 1,585 | | |
Total Lease Liabilities | | | | | | | $ | 1,585 | | |
|
(in thousands) | | | | | | June 30, 2020 | | |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets | | | Other assets | | | | $ | 1,663 | | |
Total Right-of-Use Assets | | | | | | | $ | 1,663 | | |
|
(in thousands) | | | | | | June 30, 2020 | | |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities | | | Other liabilities | | | | $ | 1,638 | | |
Total Lease Liabilities | | | | | | | $ | 1,638 | | |
| | | September 30, 2020 | |
Weighted average remaining lease term | | | | |
Operating leases | | | 11.8 years | |
Weighted average discount rate | | | | |
Operating leases | | | 2.20% | |
| | | June 30, 2020 | |
Weighted average remaining lease term | | | | |
Operating leases | | | 11.9 years | |
Weighted average discount rate | | | | |
Operating leases | | | 2.19% | |
| | | September 30, 2020 | | | June 30, 2020 | | ||||||
(in thousands) | | | Operating Leases | | | Operating Leases | | ||||||
Twelve months ended: | | | | | | | | | | | | | |
2021 | | | | $ | 248 | | | | | $ | 247 | | |
2022 | | | | | 254 | | | | | | 252 | | |
2023 | | | | | 260 | | | | | | 258 | | |
2024 | | | | | 260 | | | | | | 265 | | |
2025 | | | | | 211 | | | | | | 246 | | |
Thereafter | | | | | 587 | | | | | | 613 | | |
Total future minimum lease payments | | | | $ | 1,820 | | | | | $ | 1,881 | | |
Amounts representing interest | | | | | (235) | | | | | | (243) | | |
Present value of net future minimum lease payments | | | | $ | 1,585 | | | | | $ | 1,638 | | |
| | | September 30, 2020 | | | June 30, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||||||||
Beginning Balance | | | | $ | 587 | | | | | $ | 147 | | | | | $ | 117 | | |
New loans and funding of existing lines of credit | | | | | 277 | | | | | | 505 | | | | | | — | | |
Loans to newly appointed directors | | | | | — | | | | | | 103 | | | | | | 104 | | |
Repayments | | | | | (35) | | | | | | (168) | | | | | | (74) | | |
Ending balance | | | | $ | 829 | | | | | $ | 587 | | | | | $ | 147 | | |
| | | September 30, | | | June 30, | | | June 30, | | |||||||||
| | | 2020 | | | 2020 | | | 2019 | | |||||||||
| | | (unaudited) | | | | | | | | | | | | | | |||
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash on deposit at the Bank | | | | $ | 694 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Investment in the Bank | | | | | 94,465 | | | | | | 93,401 | | | | | | 75,142 | | |
Other assets | | | | | 347 | | | | | | 103 | | | | | | 48 | | |
TOTAL ASSETS | | | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Accrued and other liabilities | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
TOTAL LIABILITIES | | | | | — | | | | | | — | | | | | | — | | |
Commitments and contingencies | | | | | — | | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued | | | | | — | | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 and June 30, 2020 and at June 30, 2019, respectively. | | | | | 467 | | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital | | | | | 42,932 | | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at September 30, 2020, June 30, 2020, and June 30, 2019, respectively. | | | | | (3,710) | | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings | | | | | 55,384 | | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income | | | | | 433 | | | | | | 76 | | | | | | 228 | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
| | | Three months ended September 30, | | | Year ended June 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
| | | (unaudited) | | | (unaudited) | | | | | | | | | | | | | | ||||||
INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on interest-bearing deposits with the Bank | | | | $ | — | | | | | $ | 5 | | | | | $ | 8 | | | | | $ | 14 | | |
Total Income | | | | | — | | | | | | 5 | | | | | | 8 | | | | | | 14 | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Professional fees | | | | | 44 | | | | | | 15 | | | | | | 50 | | | | | | — | | |
Merger relates expenses | | | | | — | | | | | | — | | | | | | 532 | | | | | | — | | |
Other expenses | | | | | 3 | | | | | | — | | | | | | 12 | | | | | | 82 | | |
Total Expenses | | | | | 47 | | | | | | 15 | | | | | | 594 | | | | | | 82 | | |
Income before income tax benefit and equity in undistributed net income of affiliates | | | | | (47) | | | | | | (10) | | | | | | (586) | | | | | | (68) | | |
Income Tax Benefit | | | | | (10) | | | | | | (2) | | | | | | (51) | | | | | | (14) | | |
Equity in undistributed net income of the Bank | | | | | 707 | | | | | | 862 | | | | | | 1,863 | | | | | | 3,810 | | |
NET INCOME | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Comprehensive income | | | | $ | 1,027 | | | | | $ | 664 | | | | | $ | 1,176 | | | | | $ | 3,765 | | |
| | | Three months ended September 30, | | | Year ended June 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
| | | (unaudited) | | | (unaudited) | | | | | | | | | | | | | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity in undistributed net earnings of subsidiaries | | | | | (707) | | | | | | (862) | | | | | | (1,863) | | | | | | (3,810) | | |
Dividend from the Bank | | | | | — | | | | | | 1,000 | | | | | | 4,000 | | | | | | 2,000 | | |
Change in other assets | | | | | (244) | | | | | | (9) | | | | | | (61) | | | | | | (8) | | |
Net Cash Provided by (Used for) Operating Activities | | | | | (281) | | | | | | 983 | | | | | | 3,404 | | | | | | 1,938 | | |
Cash Flows from Financing Activities Cash dividends | | | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) for Financing Activities | | | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net (Decrease) Increase in Cash and Cash Equivalents | | | | | (2,167) | | | | | | (1,000) | | | | | | 1,421 | | | | | | 658 | | |
Cash and Cash Equivalents – Beginning | | | | | 2,861 | | | | | | 1,440 | | | | | | 1,440 | | | | | | 782 | | |
Cash and Cash Equivalents – Ending | | | | $ | 694 | | | | | $ | 440 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Supplementary Cash Flows Information | | | | | | ||||||||||||||||||||
Income taxes paid | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Consolidated Financial Statements for the Nine Months Ended March 31, 2020 and 2019 (Unaudited) | | | | | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-6 – A-24 | | |
| | | March 31, 2020 | | | June 30, 2019 | | ||||||
| | | (unaudited) | | |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 1,084,862 | | | | | $ | 980,252 | | |
Interest bearing demand deposits | | | | | 4,681,286 | | | | | | 2,842,634 | | |
Federal funds sold | | | | | 19,296,000 | | | | | | 18,590,000 | | |
Cash and cash equivalents | | | | | 25,062,148 | | | | | | 22,412,886 | | |
Interest bearing time deposits | | | | | 676,743 | | | | | | 665,924 | | |
Investment securities available-for-sale, at fair value | | | | | 470,757 | | | | | | 577,904 | | |
Investment securities held-to-maturity (fair value March 31, 2020 $3,043; June 30, 2019 $8,782) | | | | | 2,894 | | | | | | 8,512 | | |
Loans receivable, net of allowance for loan losses of $431,534 at March 31, 2020 and $469,381 at June 30, 2019 | | | | | 57,492,060 | | | | | | 62,041,187 | | |
Accrued interest receivable | | | | | 178,288 | | | | | | 205,469 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | 191,100 | | |
Restricted stock, at cost | | | | | 334,600 | | | | | | 300,200 | | |
Premises and equipment, net | | | | | 175,356 | | | | | | 191,419 | | |
Prepaid expenses and other assets | | | | | 211,262 | | | | | | 199,775 | | |
Deferred income taxes, net | | | | | 344,852 | | | | | | 354,115 | | |
Total Assets | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | $ | 64,937,797 | | | | | $ | 68,060,437 | | |
Advances from Federal Home Loan Bank of Pittsburgh | | | | | 5,270,593 | | | | | | 4,408,422 | | |
Advances from borrowers for taxes and insurance | | | | | 411,146 | | | | | | 404,175 | | |
Accrued interest payable | | | | | 22,888 | | | | | | 18,887 | | |
Other liabilities | | | | | 1,512,895 | | | | | | 1,557,399 | | |
Total Liabilities | | | | | 72,155,319 | | | | | | 74,449,320 | | |
Equity | | | | | | | | | | | | | |
Surplus | | | | | 951,782 | | | | | | 951,782 | | |
Retained earnings | | | | | 12,955,589 | | | | | | 12,586,445 | | |
Accumulated other comprehensive loss | | | | | (1,013,630) | | | | | | (839,056) | | |
Total Equity | | | | | 12,893,741 | | | | | | 12,699,171 | | |
Total Liabilities and Equity | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2018 | | | | $ | 951,782 | | | | | $ | 12,282,043 | | | | | $ | (709,717) | | | | | $ | 12,524,108 | | |
Net income | | | | | — | | | | | | 207,922 | | | | | | — | | | | | | 207,922 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (97,853) | | | | | | (97,853) | | |
Balance, March 31, 2019 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,489,965 | | | | | $ | (807,570) | | | | | $ | 12,634,177 | | |
|
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2019 | | | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Net income | | | | | — | | | | | | 369,144 | | | | | | — | | | | | | 369,144 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (174,574) | | | | | | (174,574) | | |
Balance, March 31, 2020 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,955,589 | | | | | $ | (1,013,630) | | | | | $ | 12,893,741 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees: | | | | | | | | | | | | | |
First mortgage loans | | | | $ | 1,700,192 | | | | | $ | 1,686,200 | | |
Consumer and other loans | | | | | 517,525 | | | | | | 517,782 | | |
Mortgage-backed securities | | | | | 14,126 | | | | | | 18,971 | | |
Other | | | | | 303,309 | | | | | | 392,252 | | |
Total Interest Income | | | | | 2,535,152 | | | | | | 2,615,205 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 458,491 | | | | | | 433,893 | | |
Federal Home Loan Bank advances | | | | | 106,934 | | | | | | 73,400 | | |
Total Interest Expense | | | | | 565,425 | | | | | | 507,293 | | |
Net interest income | | | | | 1,969,727 | | | | | | 2,107,912 | | |
Provision (Credit) for Loan Losses | | | | | (49,308) | | | | | | 2,686 | | |
Net interest income after provision (credit) for loan losses | | | | | 2,019,035 | | | | | | 2,105,226 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees | | | | | 115,189 | | | | | | 122,242 | | |
Net loss on foreclosed real estate | | | | | (2,701) | | | | | | (11,470) | | |
Other | | | | | 203 | | | | | | 916 | | |
Total Non-Interest Income | | | | | 112,691 | | | | | | 111,688 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 784,881 | | | | | | 1,152,696 | | |
Occupancy and equipment | | | | | 136,426 | | | | | | 150,944 | | |
Foreclosed real estate expenses | | | | | 14,903 | | | | | | 4,209 | | |
Federal deposit insurance premiums | | | | | (30) | | | | | | 18,116 | | |
Data processing | | | | | 123,221 | | | | | | 122,882 | | |
Other | | | | | 547,265 | | | | | | 437,193 | | |
Total Non-Interest Expenses | | | | | 1,606,666 | | | | | | 1,886,040 | | |
Income before income taxes | | | | | 525,060 | | | | | | 330,874 | | |
Income Tax Expense | | | | | 155,916 | | | | | | 122,952 | | |
Net Income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for depreciation | | | | | 29,734 | | | | | | 33,552 | | |
(Credit) provision for loan losses | | | | | (49,308) | | | | | | 2,686 | | |
Net amortization of securities premiums and discounts | | | | | 544 | | | | | | 802 | | |
Deferred income taxes | | | | | 55,668 | | | | | | (9,098) | | |
Net loss on sale of foreclosed real estate | | | | | 2,701 | | | | | | 11,470 | | |
Decrease (increase) in assets: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | 27,181 | | | | | | (9,077) | | |
Prepaid expenses and other assets | | | | | (11,487) | | | | | | 3,655 | | |
Increase (decrease) in liabilities: | | | | | | | | | | | | | |
Accrued interest payable | | | | | 4,001 | | | | | | 7,104 | | |
Pension liability | | | | | (279,719) | | | | | | 125,783 | | |
Other liabilities | | | | | 11,771 | | | | | | (72,638) | | |
Net Cash Provided by Operating Activities | | | | | 160,230 | | | | | | 302,162 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net purchases of interest-bearing time deposits | | | | | (10,819) | | | | | | (1,592) | | |
Net decrease (increase) in loans receivable | | | | | 4,598,435 | | | | | | (1,577,027) | | |
Investment securities available-for-sale: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 190,073 | | | | | | 156,538 | | |
Investment securities held-to-maturity: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 5,613 | | | | | | 16,736 | | |
Proceeds from sale of premises and equipment | | | | | — | | | | | | 850 | | |
Purchase of premises and equipment | | | | | (13,671) | | | | | | (18,993) | | |
Proceeds from sale of foreclosed real estate | | | | | 88,299 | | | | | | 31,909 | | |
Net increase in restricted stock | | | | | (34,400) | | | | | | (66,000) | | |
Net Cash Provided by (Used in) Investing Activities | | | | | 4,742,530 | | | | | | (1,457,579) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits | | | | | (3,122,640) | | | | | | (827,155) | | |
Proceeds from long-term debt | | | | | 1,000,000 | | | | | | 1,770,000 | | |
Repayment of long-term debt | | | | | (137,829) | | | | | | (121,086) | | |
Net increase in advances from borrowers for taxes and insurance | | | | | 6,971 | | | | | | 5,613 | | |
Net Cash Provided by (Used in) Financing Activities | | | | | (2,253,498) | | | | | | 827,372 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 2,649,262 | | | | | | (328,045) | | |
Cash and Cash Equivalents, Beginning | | | | | 22,412,886 | | | | | | 23,932,579 | | |
Cash and Cash Equivalents, Ending | | | | $ | 25,062,148 | | | | | $ | 23,604,534 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 561,424 | | | | | $ | 500,189 | | |
Income taxes paid | | | | $ | 52,000 | | | | | $ | 115,000 | | |
| | | Years | |
Office buildings and improvements | | | 5 – 33 | |
Furniture, fixtures, and equipment | | | 5 – 10 | |
Automobiles | | | 4 | |
| | | Three months ended September 30, | | | Year ended June 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
Weighted-average common shares outstanding | | | | | 4,667,304 | | | | | | 4,158,113 | | | | | | 4,242,978 | | | | | | 4,156,696 | | |
Average treasury stock shares | | | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | |
Average unearned ESOP shares | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weighted-average common shares and common stock equivalents used to calculate basic and diluted earnings per share | | | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | |
Net Income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Basic and diluted earnings per share | | | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | |
(Dollars in thousands) | | | | | | | | | | | | | |
Fair Value of Equity | | | | | | | | | | $ | 11,377 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions | | | | $ | 26,867 | | | | | | | | |
Interest-bearing time deposits | | | | | 462 | | | | | | | | |
Loans receivable, net | | | | | 55,949 | | | | | | | | |
Premises and equipment | | | | | 747 | | | | | | | | |
Regulatory stock | | | | | 334 | | | | | | | | |
Deferred income taxes | | | | | 564 | | | | | | | | |
Other real estate owned | | | | | 100 | | | | | | | | |
Core deposit intangible | | | | | 65 | | | | | | | | |
Accrued interest receivable | | | | | 209 | | | | | | | | |
Other assets | | | | | 272 | | | | | | | | |
Total assets | | | | $ | 85,569 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits | | | | $ | (66,409) | | | | | | | | |
Advances from Federal Home Loan Bank | | | | | (5,688) | | | | | | | | |
Accrued interest payable | | | | | (5) | | | | | | | | |
Other liabilities | | | | | (1,477) | | | | | | | | |
Total liabilities | | | | $ | (73,579) | | | | | | | | |
Net assets acquired | | | | | | | | | | | 11,990 | | |
Gain on Bargain Purchase | | | | | | | | | | $ | (613) | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal and interest at acquisition | | | | $ | 619 | | |
Contractual cash flows not expected to be collected (nonaccretable difference) | | | | | 431 | | |
Expected cash flows at acquisition | | | | | 188 | | |
Interest component of expected cash flows (accretable discount) | | | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30 | | | | $ | 161 | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal at acquisition | | | | $ | 56,785 | | |
Contractual cash flows not expected to be collected (credit mark) | | | | | 1,240 | | |
Expected cash flows at acquisition | | | | | 55,545 | | |
Interest rate premium mark | | | | | 243 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30 | | | | $ | 55,788 | | |
(Dollars in thousands) | | | Fidelity May 1, 2020 to June 30, 2020 | | |||
Net interest income | | | | $ | 313 | | |
Non-interest income | | | | | 17 | | |
Non-interest expense | | | | | (331) | | |
Pre-tax income | | | | $ | (1) | | |
Income tax expense | | | | | — | | |
Net income | | | | $ | (1) | | |
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Net interest income | | | | $ | 17,352 | | | | | $ | 17,478 | | |
Provision for loan losses | | | | | (695) | | | | | | (105) | | |
Non-interest income | | | | | 1,672 | | | | | | 1,915 | | |
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Non-interest expense | | | | | (16,005) | | | | | | (14,819) | | |
Pre-tax income | | | | $ | 2,324 | | | | | $ | 4,469 | | |
Income tax expense | | | | | 488 | | | | | | 938 | | |
Net income | | | | $ | 1,836 | | | | | $ | 3,531 | | |
Earnings per share basic and diluted | | | | $ | 0.41 | | | | | $ | 0.79 | | |
(Dollars in thousands) | | | | | | | | | | | | | |
Fair Value of Equity | | | | | | | | | | $ | 9,165 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions | | | | $ | 21,981 | | | | | | | | |
Securities available for sale | | | | | 1,996 | | | | | | | | |
Interest-bearing time deposits | | | | | 100 | | | | | | | | |
Loans receivable, net | | | | | 121,520 | | | | | | | | |
Premises and equipment | | | | | 6,356 | | | | | | | | |
Regulatory stock | | | | | 1,214 | | | | | | | | |
Deferred income taxes | | | | | 2,154 | | | | | | | | |
Bank-owned life insurance | | | | | 3,208 | | | | | | | | |
Core deposit intangible | | | | | 197 | | | | | | | | |
Accrued interest receivable | | | | | 413 | | | | | | | | |
Other assets | | | | | 146 | | | | | | | | |
Total assets | | | | $ | 159,285 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits | | | | $ | (135,546) | | | | | | | | |
Advances from Federal Home Loan Bank | | | | | (11,281) | | | | | | | | |
Accrued interest payable | | | | | (145) | | | | | | | | |
Other liabilities | | | | | (3,015) | | | | | | | | |
Total liabilities | | | | $ | (149,987) | | | | | | | | |
Net assets acquired | | | | | | | | | | | 9,298 | | |
Gain on Bargain Purchase | | | | | | | | | | $ | (133) | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal and interest at acquisition | | | | $ | 420 | | |
Contractual cash flows not expected to be collected (nonaccretable difference) | | | | | 230 | | |
Expected cash flows at acquisition | | | | | 190 | | |
Interest component of expected cash flows (accretable discount) | | | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30 | | | | $ | 163 | | |
(Dollars in thousands) | | | | | | | |
Contractually required principal at acquisition | | | | $ | 125,491 | | |
Contractual cash flows not expected to be collected (credit mark) | | | | | 2,440 | | |
Expected cash flows at acquisition | | | | | 123,051 | | |
Interest rate discount mark | | | | | 1,694 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30 | | | | $ | 121,357 | | |
(Dollars in thousands) | | | Washington May 1, 2020 to June 30, 2020 | | |||
Net interest income | | | | $ | 591 | | |
Non-interest income | | | | | 67 | | |
Non-interest expense | | | | | (628) | | |
|
(Dollars in thousands) | | | Washington May 1, 2020 to June 30, 2020 | | |||
Pre-tax income | | | | $ | 30 | | |
Income tax expense | | | | | (6) | | |
Net income | | | | $ | 24 | | |
|
| | | Pro Forma for the Year Ended | | |||||||||
(Dollars in thousands) | | | June 30, 2020 | | | June 30, 2019 | | ||||||
Net interest income | | | | $ | 19,112 | | | | | $ | 20,149 | | |
Provision for loan losses | | | | | (752) | | | | | | (196) | | |
Non-interest income | | | | | 2,409 | | | | | | 1,715 | | |
Non-interest expense | | | | | (17,392) | | | | | | (18,223) | | |
Pre-tax income | | | | $ | 3,377 | | | | | $ | 3,445 | | |
Income tax expense | | | | | 709 | | | | | | 723 | | |
Net income | | | | $ | 2,668 | | | | | $ | 2,722 | | |
Earnings per share basic and diluted | | | | $ | 0.59 | | | | | $ | 0.61 | | |
| | | Core deposit intangible | | |||
2020 | | | | $ | 234 | | |
2021 | | | | | 208 | | |
2022 | | | | | 182 | | |
2023 | | | | | 156 | | |
2024 | | | | | 130 | | |
Thereafter | | | | | 262 | | |
| | | | $ | 1,172 | | |
| Consideration paid | | | | | | | | | | $ | 12,250 | | |
| Assets acquired: | | | | | | | | | | | | | |
| Cash and due from financial institutions | | | | $ | 6,693 | | | | | | | | |
| Securities available for sale | | | | | 39,113 | | | | | | | | |
| Loans receivable, net | | | | | 86,840 | | | | | | | | |
| Premises and equipment | | | | | 6,056 | | | | | | | | |
| Regulatory stock | | | | | 1,610 | | | | | | | | |
| Deferred income taxes | | | | | 1,256 | | | | | | | | |
| Bank-owned life insurance | | | | | 4,944 | | | | | | | | |
| Core deposit intangible | | | | | 1,432 | | | | | | | | |
| Accrued interest receivable | | | | | 522 | | | | | | | | |
| Other assets | | | | | 683 | | | | | | | | |
| Total assets | | | | | 149,149 | | | | | | | | |
| Liabilities assumed: | | | | | | | | | | | | | |
| Deposits | | | | $ | (107,180) | | | | | | | | |
| Advances from Federal Home Loan Bank | | | | | (32,380) | | | | | | | | |
| Accrued interest payable | | | | | (81) | | | | | | | | |
| Other liabilities | | | | | (2,116) | | | | | | | | |
| Total liabilities | | | | | (141,757) | | | | | | | | |
| Net assets acquired | | | | | | | | | | | 7,392 | | |
| Goodwill resulting from ASB merger | | | | | | | | | | $ | 4,858 | | |
(Dollars in thousands) | | | | | | | |
Accumulated Other Comprehensive Income(1) | | | Gains (Losses) on Securities Available for Sale | | |||
Balance at June 30, 2019 | | | | $ | 228 | | |
Other comprehensive income before reclassifications | | | | | (118) | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (72) | | |
Period change | | | | | (190) | | |
Balance at September 30, 2019 | | | | $ | 38 | | |
Balance at June 30, 2020 | | | | $ | 76 | | |
Other comprehensive income before reclassifications | | | | | 357 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | — | | |
Period change | | | | | 357 | | |
Balance at September 30, 2020 | | | | $ | 433 | | |
(Dollars in thousands) | | | | | | | |
Accumulated Other Comprehensive Income(1) | | | Unrealized Gains (Losses) on Securities Available for Sale | | |||
Balance at June 30, 2018 | | | | $ | 219 | | |
Other comprehensive income before reclassifications | | | | | 120 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (111) | | |
Period change | | | | | 9 | | |
Balance at June 30, 2019 | | | | $ | 228 | | |
Other comprehensive income before reclassifications | | | | | 36 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (188) | | |
Period change | | | | | (152) | | |
Balance at June 30, 2020 | | | | $ | 76 | | |
(Dollars in thousands) | | | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components | | | Amounts Reclassified from Other Comprehensive Income(1) | | | Affected Line Item in the Consolidated Statements of Income | | |||||||||
| Three Months Ended September 30, 2020 | | | Three Months Ended September 30, 2019 | | |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income | | | | $ | — | | | | | $ | 93 | | | | Gain on sale of securities | |
Related income tax expense | | | | $ | — | | | | | $ | (21) | | | | Income tax expense | |
| | | | $ | — | | | | | $ | 72 | | | | | |
(Dollars in thousands) | | | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components | | | Amounts Reclassified from Other Comprehensive Income(1) | | | Affected Line Item in the Consolidated Statements of Income | | |||||||||
| Year Ended June 30, 2020 | | | Year Ended June 30, 2019 | | |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income | | | | $ | 238 | | | | | $ | 140 | | | | Gain on sale of securities | |
Related income tax expense | | | | | (50) | | | | | | (29) | | | | Income tax expense | |
| | | | $ | 188 | | | | | $ | 111 | | | | | |
(Dollars in thousands) | | | As of September 30, 2020 | | | As of June 30, 2020 | | | As of June 30, 2019 | | |||||||||
Due in one year or less | | | | $ | 1,050 | | | | | $ | 1,050 | | | | | $ | 7,986 | | |
Due after one year through five years | | | | | 1,250 | | | | | | 1,250 | | | | | | 500 | | |
| | | | $ | 2,300 | | | | | $ | 2,300 | | | | | $ | 8,486 | | |
| | | September 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 66,379 | | | | | $ | 270 | | | | | $ | (249) | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations | | | | | 2,377 | | | | | | 30 | | | | | | (29) | | | | | | 2,378 | | |
U.S. government agency securities | | | | | 11,658 | | | | | | 3 | | | | | | (114) | | | | | | 11,547 | | |
Municipal bonds | | | | | 24,878 | | | | | | 323 | | | | | | (73) | | | | | | 25,128 | | |
Corporate bonds | | | | | 17,750 | | | | | | 394 | | | | | | — | | | | | | 18,144 | | |
Total Available For Sale | | | | $ | 123,042 | | | | | $ | 1,020 | | | | | $ | (465) | | | | | $ | 123,597 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 51,570 | | | | | $ | 272 | | | | | $ | (104) | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations | | | | | 3,215 | | | | | | 33 | | | | | | (33) | | | | | | 3,215 | | |
U.S. government agency securities | | | | | 6,226 | | | | | | 2 | | | | | | (73) | | | | | | 6,155 | | |
U.S. treasury securitites | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Municipal bonds | | | | | 10,485 | | | | | | 33 | | | | | | (10) | | | | | | 10,508 | | |
Corporate bonds | | | | | 17,399 | | | | | | 60 | | | | | | (77) | | | | | | 17,382 | | |
Total Available For Sale | | | | $ | 89,895 | | | | | $ | 400 | | | | | $ | (297) | | | | | $ | 89,998 | | |
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 3,609 | | | | | $ | 69 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations | | | | | 5,634 | | | | | | 138 | | | | | | (5) | | | | | | 5,767 | | |
U.S. government agency securities | | | | | 10,865 | | | | | | 68 | | | | | | (21) | | | | | | 10,912 | | |
Private label collateralized mortgage obligations | | | | | 264 | | | | | | 39 | | | | | | — | | | | | | 303 | | |
Total Available For Sale | | | | $ | 20,372 | | | | | $ | 314 | | | | | $ | (26) | | | | | $ | 20,660 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 1,500 | | | | | $ | 37 | | | | | $ | (15) | | | | | $ | 1,522 | | |
U.S. agency collateralized mortgage obligations | | | | | 206 | | | | | | 8 | | | | | | — | | | | | | 214 | | |
Municipal bonds | | | | | 100 | | | | | | — | | | | | | — | | | | | | 100 | | |
Corporate bonds | | | | | 100 | | | | | | 1 | | | | | | — | | | | | | 101 | | |
Total Held to Maturity | | | | $ | 1,906 | | | | | $ | 46 | | | | | $ | — | | | | | $ | 1,937 | | |
| | | September 30, 2020 | | | June 30, 2020 | | ||||||||||||||||||
| | | Available For Sale | | | Available For Sale | | ||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Due in one year or less | | | | $ | 5 | | | | | $ | 5 | | | | | $ | 2,904 | | | | | $ | 2,893 | | |
Due after one year through five years | | | | | 11,855 | | | | | | 12,082 | | | | | | 9,632 | | | | | | 9,611 | | |
Due after five years through ten years | | | | | 11,443 | | | | | | 11,559 | | | | | | 7,606 | | | | | | 7,602 | | |
Due after ten years | | | | | 99,739 | | | | | | 99,951 | | | | | | 69,753 | | | | | | 69,892 | | |
| | | | $ | 123,042 | | | | | $ | 123,597 | | | | | $ | 89,895 | | | | | $ | 89,998 | | |
| | | September 30, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 34,544 | | | | | $ | 242 | | | | | $ | 264 | | | | | $ | 7 | | | | | $ | 34,808 | | | | | $ | 249 | | |
U.S. agency collateralized mortgage obligations | | | | | 722 | | | | | | 7 | | | | | | 1,122 | | | | | | 22 | | | | | | 1,844 | | | | | | 29 | | |
U.S. government agency securities | | | | | 11,399 | | | | | | 114 | | | | | | — | | | | | | — | | | | | | 11,399 | | | | | | 114 | | |
Municipal bonds | | | | | 8,757 | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 8,757 | | | | | | 73 | | |
Total Temporarily Impaired Securities | | | | $ | 55,422 | | | | | $ | 436 | | | | | $ | 1,386 | | | | | $ | 29 | | | | | $ | 56,808 | | | | | $ | 465 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 22,082 | | | | | $ | 104 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,082 | | | | | $ | 104 | | |
U.S. agency collateralized mortgage obligations | | | | | 1,513 | | | | | | 14 | | | | | | 1,129 | | | | | | 19 | | | | | | 2,642 | | | | | | 33 | | |
U.S. government agency securities | | | | | 4,922 | | | | | | 49 | | | | | | 914 | | | | | | 24 | | | | | | 5,836 | | | | | | 73 | | |
Municipal bonds | | | | | 3,694 | | | | | | 10 | | | | | | — | | | | | | — | | | | | | 3,694 | | | | | | 10 | | |
Corporate bonds | | | | | 5,222 | | | | | | 77 | | | | | | — | | | | | | — | | | | | | 5,222 | | | | | | 77 | | |
Total Temporarily Impaired Securities | | | | $ | 37,433 | | | | | $ | 254 | | | | | $ | 2,043 | | | | | $ | 43 | | | | | $ | 39,476 | | | | | $ | 297 | | |
|
| | | June 30, 2019 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total Fair Value | | | Total Unrealized Losses | | ||||||||||||||||||||||||
| Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. agency collateralized mortgage obligations | | | | $ | 1,237 | | | | | $ | 5 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,237 | | | | | $ | 5 | | |
U.S. government agency securities | | | | | 2,524 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | 2,524 | | | | | | 21 | | |
| | | | | 3,761 | | | | | | 26 | | | | | | — | | | | | | — | | | | | | 3,761 | | | | | | 26 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
| | | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
Total Temporarily Impaired Securities | | | | $ | 3,761 | | | | | $ | 26 | | | | | $ | 716 | | | | | $ | 15 | | | | | $ | 4,477 | | | | | $ | 41 | | |
| | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | 335,200 | | | | | | 66.29% | | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.99% | | |
Home equity and HELOCs | | | | | 45,364 | | | | | | 8.97 | | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | |
Construction -residential | | | | | 13,665 | | | | | | 2.70 | | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family (five or more) | | | | | 14,477 | | | | | | 2.86 | | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | |
Commercial non-residential | | | | | 79,969 | | | | | | 15.81 | | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | |
Construction and land | | | | | 7,358 | | | | | | 1.46 | | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | |
Commercial | | | | | 5,958 | | | | | | 1.18 | | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | |
Consumer Loans | | | | | 3,670 | | | | | | 0.73 | | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.22 | | |
Total Loans | | | | | 505,661 | | | | | | 100.00% | | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | |
Loans in process | | | | | (3,916) | | | | | | | | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | ��� | | | | | |
Unearned loan origination fees | | | | | (530) | | | | | | | | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | |
Allowance for loan losses | | | | | (3,585) | | | | | | | | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | |
Net Loans | | | | $ | 497,630 | | | | | | | | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | |
September 30, 2020 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Total | | |||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | 3,519 | | |
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 107 | | | | | | (16) | | | | | | (65) | | | | | | (2) | | | | | | 53 | | | | | | 40 | | | | | | (51) | | | | | | — | | | | | | 66 | | |
Ending Balance | | | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,590 | | | | | | 150 | | | | | | 461 | | | | | | 121 | | | | | | 780 | | | | | | 436 | | | | | | 32 | | | | | | 15 | | | | | | 3,585 | | |
Total allowance | | | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 950 | | | | | $ | 680 | | | | | $ | — | | | | | $ | 184 | | | | | $ | 574 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,388 | | |
Collectively evaluated for impairment | | | | | 193,714 | | | | | | 13,591 | | | | | | 8,015 | | | | | | 8,750 | | | | | | 50,205 | | | | | | 7,358 | | | | | | 4,070 | | | | | | 584 | | | | | | 286,287 | | |
Acquired non-credit impaired loans(1) | | | | | 140,231 | | | | | | 31,070 | | | | | | 5,650 | | | | | | 5,543 | | | | | | 29,190 | | | | | | — | | | | | | 1,888 | | | | | | 3,086 | | | | | | 216,658 | | |
Acquired credit impaired loans(2) | | | | | 305 | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 328 | | |
Total portfolio | | | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
September 30, 2019 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 371 | | | | | | 15 | | | | | | (118) | | | | | | 42 | | | | | | (264) | | | | | | (29) | | | | | | (55) | | | | | | 12 | | | | | | 26 | | | | | | — | | |
Ending Balance | | | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,872 | | | | | | 137 | | | | | | 203 | | | | | | 113 | | | | | | 444 | | | | | | 92 | | | | | | 40 | | | | | | 15 | | | | | | 293 | | | | | | 3,209 | | |
Total allowance | | | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 1,495 | | | | | $ | 638 | | | | | $ | — | | | | | $ | 187 | | | | | $ | 652 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,972 | | |
Collectively evaluated for impairment | | | | | 178,747 | | | | | | 21,468 | | | | | | 6,782 | | | | | | 10,571 | | | | | | 31,875 | | | | | | 4,076 | | | | | | 1,787 | | | | | | 679 | | | | | | — | | | | | | 255,985 | | |
Acquired non-credit impaired loans(1) | | | | | 37,684 | | | | | | 9,727 | | | | | | — | | | | | | 6 | | | | | | 23,785 | | | | | | — | | | | | | 343 | | | | | | 6 | | | | | | — | | | | | | 71,551 | | |
Total portfolio | | | | $ | 217,926 | | | | | $ | 31,833 | | | | | $ | 6,782 | | | | | $ | 10,764 | | | | | $ | 56,312 | | | | | $ | 4,076 | | | | | $ | 2,130 | | | | | $ | 685 | | | | | $ | — | | | | | $ | 330,508 | | |
June 30, 2020 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs | | | | | (260) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | (3) | | | | | | (12) | | | | | | — | | | | | | (316) | | |
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision | | | | | 242 | | | | | | 50 | | | | | | 205 | | | | | | 52 | | | | | | 54 | | | | | | 275 | | | | | | (9) | | | | | | 24 | | | | | | (267) | | | | | | 626 | | |
Ending Balance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 1,483 | | | | | | 166 | | | | | | 526 | | | | | | 123 | | | | | | 727 | | | | | | 396 | | | | | | 83 | | | | | | 15 | | | | | | — | | | | | | 3,519 | | |
Total allowance | | | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 973 | | | | | $ | 628 | | | | | $ | — | | | | | $ | 185 | | | | | $ | 585 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,371 | | |
Collectively evaluated for impairment | | | | | 189,055 | | | | | | 15,677 | | | | | | 9,218 | | | | | | 9,267 | | | | | | 45,214 | | | | | | 6,690 | | | | | | 4,150 | | | | | | 713 | | | | | | — | | | | | | 279,984 | | |
Acquired non-credit impaired loans(1) | | | | | 155,588 | | | | | | 30,727 | | | | | | 6,581 | | | | | | 5,512 | | | | | | 30,908 | | | | | | — | | | | | | 2,288 | | | | | | 3,187 | | | | | | — | | | | | | 234,791 | | |
Acquired credit impaired loans (2) | | | | | 299 | | | | | | 22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 321 | | |
Total portfolio | | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | — | | | | | $ | 517,467 | | |
June 30, 2019 | | | Residential real estate: | | | Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 1 – 4 family | | | Home Equity and HELOCs | | | Construction- residential | | | Multi-family (five or more) | | | Commercial non-residential | | | Construction and Land | | | Commercial | | | Consumer | | | Unallocated | | | Total | | ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 1,478 | | | | | $ | 58 | | | | | $ | 191 | | | | | $ | 116 | | | | | $ | 388 | | | | | $ | 903 | | | | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,138 | | |
Charge-offs | | | | | (21) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21) | | |
Recoveries | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | |
Provision | | | | | 40 | | | | | | 64 | | | | | | 130 | | | | | | (45) | | | | | | 320 | | | | | | (782) | | | | | | 91 | | | | | | 3 | | | | | | 267 | | | | | | 88 | | |
Ending Balance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 58 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 58 | | |
Collectively evaluated for impairment | | | | | 1,443 | | | | | | 122 | | | | | | 321 | | | | | | 71 | | | | | | 708 | | | | | | 121 | | | | | | 95 | | | | | | 3 | | | | | | 267 | | | | | | 3,151 | | |
Total allowance | | | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 2,557 | | | | | $ | 1,185 | | | | | $ | — | | | | | $ | — | | | | | $ | 662 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,404 | | |
Collectively evaluated for impairment | | | | | 180,310 | | | | | | 20,858 | | | | | | 9,739 | | | | | | 10,533 | | | | | | 28,572 | | | | | | 2,888 | | | | | | 1,728 | | | | | | 735 | | | | | | — | | | | | | 255,363 | | |
Acquired non-credit impaired loans(1) | | | | | 37,309 | | | | | | 9,862 | | | | | | — | | | | | | 495 | | | | | | 24,323 | | | | | | 1,550 | | | | | | 371 | | | | | | 6 | | | | | | — | | | | | | 73,916 | | |
Total portfolio | | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 741 | | | | | $ | — | | | | | $ | 333,683 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 13,498 | | | | | $ | 78,804 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 104,852 | | |
Special Mention | | | | | 795 | | | | | | 976 | | | | | | — | | | | | | — | | | | | | 1,771 | | |
Substandard | | | | | 184 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | 373 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 106,996 | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 13,976 | | | | | $ | 75,973 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 103,077 | | |
Special Mention | | | | | 803 | | | | | | 507 | | | | | | — | | | | | | — | | | | | | 1,310 | | |
Substandard | | | | | 185 | | | | | | 227 | | | | | | — | | | | | | — | | | | | | 412 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 104,799 | | |
|
June 30, 2019 | | ||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | Multi-family | | | Non-residential | | | Construction and land | | | Commercial | | | Total | | |||||||||||||||
Pass | | | | $ | 10,445 | | | | | $ | 52,151 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 69,133 | | |
Special Mention | | | | | 394 | | | | | | 744 | | | | | | — | | | | | | — | | | | | | 1,138 | | |
Substandard | | | | | 189 | | | | | | 662 | | | | | | — | | | | | | — | | | | | | 851 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 71,122 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 332,682 | | | | | $ | 44,891 | | | | | $ | 13,665 | | | | | $ | 3,525 | | | | | $ | 394,763 | | |
Non-performing | | | | | 3,284 | | | | | | 473 | | | | | | — | | | | | | 145 | | | | | | 3,902 | | |
| | | | $ | 335,966 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 3,670 | | | | | $ | 398,665 | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 343,562 | | | | | $ | 46,580 | | | | | $ | 15,799 | | | | | $ | 3,785 | | | | | $ | 409,726 | | |
Non-performing | | | | | 2,353 | | | | | | 474 | | | | | | — | | | | | | 115 | | | | | | 2,942 | | |
| | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 3,900 | | | | | $ | 412,668 | | |
|
June 30, 2019 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | | | | | | | | | | | | |||||||||||||||
| | | 1 – 4 family | | | Home equity & HELOCs | | | Construction | | | Consumer | | | Total | | |||||||||||||||
Performing | | | | $ | 218,899 | | | | | $ | 31,380 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 260,759 | | |
Non-performing | | | | | 1,277 | | | | | | 525 | | | | | | — | | | | | | — | | | | | | 1,802 | | |
| | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 262,561 | | |
(Dollars in thousands) | | | September 30, 2020 | | | June 30, 2020 | | ||||||
Outstanding principal balance | | | | $ | 773 | | | | | $ | 773 | | |
Carrying amount | | | | | 328 | | | | | | 321 | | |
(Dollars in thousands) | | | Accretable Discount | | |||
Balance, May 1, 2020 | | | | $ | 57 | | |
Accretion | | | | | (4) | | |
Balance, June 30, 2020 | | | | $ | 53 | | |
Accretion | | | | | (7) | | |
Balance, September 30, 2020 | | | | $ | 46 | | |
| | | Aged Analysis of Past Due and Non-accrual Loans As of September 30, 2020 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
1 – 4 family | | | | $ | 2,011 | | | | | $ | 203 | | | | | $ | 1,541 | | | | | $ | 3,755 | | | | | $ | 305 | | | | | $ | 331,906 | | | | | $ | 335,966 | | | | | $ | — | | | | | $ | 3,284 | | |
Home equity and HELOCs | | | | | 492 | | | | | | — | | | | | | 181 | | | | | | 673 | | | | | | 23 | | | | | | 44,668 | | | | | | 45,364 | | | | | | — | | | | | | 473 | | |
Construction – residential | | | | | — | | | | | | 515 | | | | | | — | | | | | | 515 | | | | | | — | | | | | | 13,150 | | | | | | 13,665 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | — | | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 14,293 | | | | | | 14,477 | | | | | | — | | | | | | 184 | | |
Commercial non-residential | | | | | 505 | | | | | | 54 | | | | | | — | | | | | | 559 | | | | | | — | | | | | | 79,410 | | | | | | 79,969 | | | | | | — | | | | | | 689 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,592 | | | | | | 6,592 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,958 | | | | | | 5,958 | | | | | | — | | | | | | — | | |
Consumer | | | | | 123 | | | | | | 20 | | | | | | 30 | | | | | | 173 | | | | | | — | | | | | | 3,497 | | | | | | 3,670 | | | | | | — | | | | | | 145 | | |
Total | | | | $ | 3,131 | | | | | $ | 792 | | | | | $ | 1,936 | | | | | $ | 5,859 | | | | | $ | 328 | | | | | $ | 499,474 | | | | | $ | 505,661 | | | | | $ | — | | | | | $ | 4,775 | | |
|
| | | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2020 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | 2,732 | | | | | $ | 299 | | | | | $ | 342,884 | | | | | $ | 345,915 | | | | | $ | — | | | | | $ | 2,353 | | |
Home equity and HELOCs | | | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 408 | | | | | | 22 | | | | | | 46,624 | | | | | | 47,054 | | | | | | 90 | | | | | | 384 | | |
Construction – residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,799 | | | | | | 15,799 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | 465 | | | | | | 185 | | | | | | 650 | | | | | | — | | | | | | 14,314 | | | | | | 14,964 | | | | | | — | | | | | | 185 | | |
Commercial non-residential | | | | | 100 | | | | | | 507 | | | | | | — | | | | | | 607 | | | | | | — | | | | | | 76,100 | | | | | | 76,707 | | | | | | — | | | | | | 135 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,690 | | | | | | 6,690 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,438 | | | | | | 6,438 | | | | | | — | | | | | | — | | |
Consumer | | | | | 3 | | | | | | 21 | | | | | | — | | | | | | 24 | | | | | | — | | | | | | 3,876 | | | | | | 3,900 | | | | | | — | | | | | | 115 | | |
Total | | | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 4,421 | | | | | $ | 321 | | | | | $ | 512,724 | | | | | $ | 517,467 | | | | | $ | 90 | | | | | $ | 3,172 | | |
|
| | | Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2019 | | | Recorded Investment > 90 Days and Accruing | | | Recorded Investment Loans on Non-Accrual | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Or Greater | | | Total Past Due | | | Acquired Credit Impaired | | | Current | | | Total Loans Receivable | | |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family | | | | $ | — | | | | | $ | 807 | | | | | $ | 1,038 | | | | | $ | 1,845 | | | | | $ | — | | | | | $ | 218,331 | | | | | $ | 220,176 | | | | | $ | 7 | | | | | $ | 1,270 | | |
Home equity and HELOCs | | | | | 246 | | | | | | 59 | | | | | | 315 | | | | | | 620 | | | | | | — | | | | | | 31,285 | | | | | | 31,905 | | | | | | 140 | | | | | | 385 | | |
Construction – residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,739 | | | | | | 9,739 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | | | — | | | | | | 394 | | | | | | 189 | | | | | | 583 | | | | | | — | | | | | | 10,445 | | | | | | 11,028 | | | | | | — | | | | | | 189 | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 53,557 | | | | | | 53,557 | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,438 | | | | | | 4,438 | | | | | | — | | | | | | — | | |
Commercial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,099 | | | | | | 2,099 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 741 | | | | | | 741 | | | | | | — | | | | | | — | | |
Total | | | | $ | 246 | | | | | $ | 1,260 | | | | | $ | 1,542 | | | | | $ | 3,048 | | | | | $ | — | | | | | $ | 330,635 | | | | | $ | 333,683 | | | | | $ | 147 | | | | | $ | 1,844 | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs | | | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential | | | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs | | | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential | | | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 1,946 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential | | | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 81 | | | | | $ | — | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 2,027 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential | | | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,451 | | | | | $ | 45 | | |
Home equity and HELOCs | | | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential | | | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 67 | | | | | $ | 4 | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,518 | | | | | $ | 49 | | |
Home equity and HELOCs | | | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential | | | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate | | | | $ | 2,396 | | | | | $ | 2,396 | | | | | $ | — | | | | | $ | 1,927 | | | | | $ | 73 | | |
Home equity and HELOCs | | | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 161 | | | | | $ | 161 | | | | | $ | 58 | | | | | $ | 165 | | | | | $ | 11 | | |
Home equity and HELOCs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family | | | | $ | 2,557 | | | | | $ | 2,557 | | | | | $ | 58 | | | | | $ | 2,092 | | | | | $ | 84 | | |
Home equity and HELOCs | | | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential | | | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | For the year ended June 30, 2019 | | |||||||||||||||
(Dollars in thousands) | | | Number of Contracts | | | Pre-Modification Outstanding Recorded Investment | | | Post-Modification Outstanding Recorded Investment | | |||||||||
Commercial non-residential | | | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
Total | | | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
(Dollars in thousands) | | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||||||||||||||||||||
| | | Amount | | | % of Total | | | Amount | | | % of Total | | | Amount | | | % of Total | | ||||||||||||||||||
Interest-bearing deposits | | | | $ | 6 | | | | | | 0.2% | | | | | $ | 4 | | | | | | 0.2% | | | | | $ | 20 | | | | | | 1.5% | | |
Investment securities | | | | | 776 | | | | | | 26.6% | | | | | | 352 | | | | | | 13.8% | | | | | | 101 | | | | | | 7.8% | | |
Loans | | | | | 2,134 | | | | | | 73.2% | | | | | | 2,184 | | | | | | 86.0% | | | | | | 1,181 | | | | | | 90.7% | | |
Total Accrued Interest Receivable | | | | $ | 2,916 | | | | | | 100.00% | | | | | $ | 2,540 | | | | | | 100.00% | | | | | $ | 1,302 | | | | | | 100.00% | | |
| | | September 30, | | | June 30, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2020 | | | 2019 | | |||||||||
Land | | | | $ | 2,753 | | | | | $ | 4,144 | | | | | $ | 2,471 | | |
Office buildings and improvements | | | | | 12,759 | | | | | | 14,493 | | | | | | 8,198 | | |
Furniture, fixtures and equipment | | | | | 2,282 | | | | | | 1,918 | | | | | | 978 | | |
Automobiles | | | | | 50 | | | | | | 50 | | | | | | 57 | | |
| | | | | 17,844 | | | | | | 20,605 | | | | | | 11,704 | | |
Accumulated depreciation | | | | | (3,920) | | | | | | (3,872) | | | | | | (3,298) | | |
| | | | $ | 13,924 | | | | | $ | 16,733 | | | | | $ | 8,406 | | |
(Dollars in thousands) | | | Goodwill | | | Core Deposit Intangibles | | ||||||
Balance, July 1, 2018 | | | | $ | — | | | | | $ | — | | |
Adjustments: | | | | | | | | | | | | | |
Additions | | | | | 4,858 | | | | | | 1,432 | | |
Amortization | | | | | — | | | | | | (260) | | |
Balance, June 30, 2019 | | | | $ | 4,858 | | | | | $ | 1,172 | | |
|
(Dollars in thousands) | | | Goodwill | | | Core Deposit Intangibles | | ||||||
Balance, July 1, 2019 | | | | $ | 4,858 | | | | | $ | 1,172 | | |
Adjustments: | | | | | | | | | | | | | |
Additions | | | | | — | | | | | | 262 | | |
Amortization | | | | | — | | | | | | (242) | | |
Balance, June 30, 2020 | | | | $ | 4,858 | | | | | $ | 1,192 | | |
Adjustments: | | | | | | | | | | | | | |
Additions | | | | | — | | | | | | — | | |
Amortization | | | | | — | | | | | | (64) | | |
Balance, September 30, 2020 | | | | $ | 4,858 | | | | | $ | 1,128 | | |
| | | September 30, 2020 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,694 | | | | | $ | (566) | | | | | $ | 1,128 | | |
| | | June 30, 2020 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,694 | | | | | $ | (502) | | | | | $ | 1,192 | | |
| | | June 30, 2019 | | |||||||||||||||
(Dollars in thousands) | | | Gross | | | Accumulated Amortization | | | Net | | |||||||||
Core deposit intangibles | | | | $ | 1,432 | | | | | $ | (260) | | | | | $ | 1,172 | | |
(Dollars in thousands) | | | | ||||||||||
Twelve months ended: | | | September 30, 2020 Expense | | | June 30, 2020 Expense | | ||||||
2021 | | | | $ | 248 | | | | | $ | 255 | | |
2022 | | | | | 217 | | | | | | 224 | | |
2023 | | | | | 186 | | | | | | 194 | | |
2024 | | | | | 155 | | | | | | 163 | | |
2025 | | | | | 124 | | | | | | 132 | | |
2026 and thereafter | | | | | 198 | | | | | | 224 | | |
| | | | $ | 1,128 | | | | | $ | 1,192 | | |
| | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Weighted Average Rate | | | Amount | | | Weighted Average Rate | | | Amount | | | Weighted Average Rate | | ||||||||||||||||||
Checking accounts | | | | $ | 140,146 | | | | | | 0.07% | | | | | $ | 142,223 | | | | | | 0.13% | | | | | $ | 67,547 | | | | | | 0.09% | | |
Money market accounts | | | | | 140,891 | | | | | | 0.62 | | | | | | 129,048 | | | | | | 0.94 | | | | | | 67,648 | | | | | | 1.68 | | |
Savings and club accounts | | | | | 95,070 | | | | | | 0.10 | | | | | | 94,097 | | | | | | 0.19 | | | | | | 33,172 | | | | | | 0.16 | | |
Certificates of deposit | | | | | 205,386 | | | | | | 1.71 | | | | | | 194,480 | | | | | | 1.86 | | | | | | 112,839 | | | | | | 1.90 | | |
| | | | $ | 581,493 | | | | | | 0.79% | | | | | $ | 559,848 | | | | | | 0.93% | | | | | $ | 281,206 | | | | | | 1.21% | | |
(In thousands) | | | September 30, 2020 | | | June 30, 2020 | | ||||||
Twelve months ending: | | | | | | | | | | | | | |
2021 | | | | $ | 128,575 | | | | | $ | 113,596 | | |
2022 | | | | | 35,625 | | | | | | 37,073 | | |
2023 | | | | | 16,745 | | | | | | 18,085 | | |
2024 | | | | | 12,170 | | | | | | 13,426 | | |
2025 | | | | | 10,592 | | | | | | 10,668 | | |
Thereafter | | | | | 1,679 | | | | | | 1,632 | | |
| | | | $ | 205,386 | | | | | $ | 194,480 | | |
(Dollars in thousands) | | | September 30, 2020 | | | June 30, 2020 | | | June 30, 2019 | | |||||||||
FHLB advances: | | | | | | | | | | | | | | | | | | | |
Convertible | | | | $ | 20,000 | | | | | $ | 20,000 | | | | | $ | 20,000 | | |
Fixed | | | | | 14,000 | | | | | | 21,767 | | | | | | 11,000 | | |
Mid-term | | | | | 7,000 | | | | | | 23,215 | | | | | | 19,000 | | |
Total FHLB advances | | | | $ | 41,000 | | | | | $ | 64,982 | | | | | $ | 50,000 | | |
| | | September 30, 2020 | | | June 30, 2020 | | ||||||||||||||||||
(Dollars in thousands) Twelve months ending: | | | Amount | | | Weighted Average Rate | | | Amount | | | Weighted Average Rate | | ||||||||||||
2021 | | | | $ | — | | | | | | —% | | | | | $ | 15,086 | | | | | | 2.40% | | |
2022 | | | | | 7,000 | | | | | | 2.03% | | | | | | 9,092 | | | | | | 2.17% | | |
2023 | | | | | 13,000 | | | | | | 2.74% | | | | | | 14,073 | | | | | | 2.75% | | |
2024 | | | | | 7,000 | | | | | | 2.00% | | | | | | 9,158 | | | | | | 2.13% | | |
2025 | | | | | 14,000 | | | | | | 2.92% | | | | | | 15,892 | | | | | | 2.85% | | |
Thereafter | | | | | — | | | | | | —% | | | | | | 1,591 | | | | | | 2.83% | | |
Total FHLB advances | | | | $ | 41,000 | | | | | | 2.55% | | | | | $ | 64,892 | | | | | | 2.53% | | |
| | | Three months ended September 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Federal: | | | | | | | | | | | | | |
Current | | | | $ | (139) | | | | | $ | (38) | | |
Deferred | | | | | 268 | | | | | | 243 | | |
| | | | | 129 | | | | | | 205 | | |
State, current | | | | | 15 | | | | | | 15 | | |
| | | | $ | 144 | | | | | $ | 220 | | |
|
| | | Year ended June 30, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Federal: | | | | | | | | | | | | | |
Current | | | | $ | (448) | | | | | $ | 1,594 | | |
Deferred | | | | | 51 | | | | | | (544) | | |
| | | | | (397) | | | | | | 1,050 | | |
State, current | | | | | 10 | | | | | | 10 | | |
| | | | $ | (387) | | | | | $ | 1,060 | | |
| | | Three months ended September 30, | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | % of Pretax Income | | | Amount | | | % of Pretax Income | | ||||||||||||
Federal income tax at statutory rate | | | | $ | 171 | | | | | | 21.0% | | | | | $ | 226 | | | | | | 21.0% | | |
State tax, net of federal benefit | | | | | 12 | | | | | | 1.5 | | | | | | 12 | | | | | | 1.1 | | |
Bank owned-life insurance | | | | | (24) | | | | | | (2.9) | | | | | | (17) | | | | | | (1.6) | | |
Other | | | | | (13) | | | | | | (1.7) | | | | | | (1) | | | | | | — | | |
| | | | $ | 146 | | | | | | 17.9% | | | | | $ | 220 | | | | | | 20.5% | | |
|
| | | Year ended June 30, | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | % of Pretax Income | | | Amount | | | % of Pretax Income | | ||||||||||||
Federal income tax at statutory rate | | | | $ | 198 | | | | | | 21.0% | | | | | $ | 1,011 | | | | | | 21.0% | | |
State tax, net of federal benefit | | | | | 7 | | | | | | 0.7 | | | | | | 8 | | | | | | 0.2 | | |
Bank owned-life insurance | | | | | (74) | | | | | | (7.9) | | | | | | (69) | | | | | | (1.4) | | |
Gain on bargain purchase | | | | | (157) | | | | | | (16.7) | | | | | | — | | | | | | — | | |
Non-deductible merger expenses | | | | | 71 | | | | | | 7.5 | | | | | | — | | | | | | — | | |
Impact of tax law change | | | | | (408) | | | | | | (43.3) | | | | | | — | | | | | | — | | |
Other | | | | | (24) | | | | | | (2.4) | | | | | | 110 | | | | | | 2.2 | | |
| | | | $ | (387) | | | | | | (41.1)% | | | | | $ | 1,060 | | | | | | 22.0% | | |
| | | September 30, | | | June 30, | | ||||||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
Deferred tax assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan origination fees | | | | $ | 119 | | | | | $ | 171 | | | | | $ | 100 | | | | | $ | 186 | | |
Allowance for loan losses | | | | | 803 | | | | | | 705 | | | | | | 788 | | | | | | 757 | | |
Deferred director’s fees | | | | | 288 | | | | | | 289 | | | | | | 289 | | | | | | 303 | | |
Deferred compensation | | | | | 531 | | | | | | 411 | | | | | | 525 | | | | | | 475 | | |
Deferred pension | | | | | 613 | | | | | | — | | | | | | 613 | | | | | | — | | |
Purchase accounting adjustments | | | | | 1,292 | | | | | | — | | | | | | 1,552 | | | | | | — | | |
NOL carry forward | | | | | 1,090 | | | | | | 453 | | | | | | 1,090 | | | | | | 453 | | |
Other | | | | | 51 | | | | | | 11 | | | | | | — | | | | | | 60 | | |
Total Deferred Tax Assets | | | | | 4,787 | | | | | | 2,040 | | | | | | 4,957 | | | | | | 2,234 | | |
Deferred tax liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gain on securities | | | | | (123) | | | | | | (10) | | | | | | (21) | | | | | | (60) | | |
Premises and equipment | | | | | (180) | | | | | | (63) | | | | | | (114) | | | | | | (63) | | |
Other | | | | | (36) | | | | | | (49) | | | | | | (5) | | | | | | — | | |
Total Deferred Tax Liabilities | | | | | (339) | | | | | | (122) | | | | | | (140) | | | | | | (123) | | |
Net Deferred Tax Asset | | | | $ | 4,448 | | | | | $ | 1,918 | | | | | $ | 4,817 | | | | | $ | 2,111 | | |
| | | September 30, | | | June 30, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2020 | | | 2019 | | |||||||||
Commitments to extend credit | | | | $ | 18,192 | | | | | $ | 18,602 | | | | | $ | 10,952 | | |
Unfunded commitments under lines of credit | | | | | 62,717 | | | | | | 52,432 | | | | | | 27,981 | | |
Standby letters of credit | | | | | 1,000 | | | | | | — | | | | | | — | | |
As of September 30, 2020 (Dollars in thousands except for ratios) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage | | | | $ | 86,956 | | | | | | 11.92% | | | | | >$ | 29,172 | | | | | | >4.00% | | | | | >$ | 36,465 | | | | | | >5.00% | | |
As of June 30, 2020 (Dollars in thousands except for ratios) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage | | | | $ | 86,822 | | | | | | 13.67% | | | | | >$ | 25,397 | | | | | | >4.00% | | | | | >$ | 31,746 | | | | | | >5.00% | | |
As of June 30, 2019: (Dollars in thousands) | | | Actual | | | For Capital Adequacy Purposes | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||
Total risk-based capital | | | | $ | 71,558 | | | | | | 25.8% | | | | | $ | >22,172 | | | | | | >8.0% | | | | | $ | >27,715 | | | | | | >10.0% | | |
Common Equity Tier 1 Capital | | | | | 68,437 | | | | | | 24.7 | | | | | | >12,477 | | | | | | >4.5 | | | | | | >18,022 | | | | | | >6.5 | | |
Core capital (to risk-weighted assets) | | | | | 68,437 | | | | | | 24.7 | | | | | | >16,636 | | | | | | >6.0 | | | | | | >22,181 | | | | | | >8.0 | | |
Core capital (to adjusted total assets) | | | | | 68,437 | | | | | | 16.9 | | | | | | >16,162 | | | | | | >4.0 | | | | | | >20,203 | | | | | | >5.0 | | |
| | | September 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | ||||||||||||||||||||
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 66,400 | | | | | $ | — | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 2,378 | | | | | | — | | | | | | 2,378 | | |
U.S. government agency securities | | | | | — | | | | | | 11,547 | | | | | | — | | | | | | 11,547 | | |
Municipal bonds | | | | | — | | | | | | 25,128 | | | | | | — | | | | | | 25,128 | | |
Corporate bonds | | | | | — | | | | | | 18,144 | | | | | | — | | | | | | 18,144 | | |
Total Assets | | | | $ | — | | | | | $ | 123,597 | | | | | $ | — | | | | | $ | 123,597 | | |
|
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 51,738 | | | | | $ | — | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 3,215 | | | | | | — | | | | | | 3,215 | | |
U.S. government agency securities | | | | | — | | | | | | 6,155 | | | | | | — | | | | | | 6,155 | | |
U.S. treasury securities | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | 1,000 | | |
Municipal bonds | | | | | — | | | | | | 10,508 | | | | | | — | | | | | | 10,508 | | |
Corporate bonds | | | | | — | | | | | | 17,382 | | | | | | — | | | | | | 17,382 | | |
Total Assets | | | | $ | — | | | | | $ | 89,998 | | | | | $ | — | | | | | $ | 89,998 | | |
|
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations | | | | | — | | | | | | 5,767 | | | | | | — | | | | | | 5,767 | | |
U.S. government agency securities | | | | | — | | | | | | 10,912 | | | | | | — | | | | | | 10,912 | | |
Private label collateralized mortgage obligations | | | | | — | | | | | | 303 | | | | | | — | | | | | | 303 | | |
Total Assets | | | | $ | — | | | | | $ | 20,660 | | | | | $ | — | | | | | $ | 20,660 | | |
| | | June 30, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
Other real estate owned | | | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 290 | | | | | $ | 290 | | |
|
| | | June 30, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
Other real estate owned | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
| | | Quantative Information about Level 3 Fair Value Measurements | | ||||||||||||
(Dollars in thousands) | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range | | |||
June 30, 2020 | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 190 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0 – 28% | |
Foreclosed real estate owned | | | | $ | 100 | | | | Appraisal of collateral(1)(3) | | | Liquidation expenses(2) | | | 0% | |
| | | Quantative Information about Level 3 Fair Value Measurements | | ||||||||||||
(Dollars in thousands) | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range | | |||
June 30, 2019 | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 4,346 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0 – 25% | |
Foreclosed real estate owned | | | | $ | — | | | | Appraisal of collateral(1)(3) | | | Liquidation expenses(2) | | | 0% | |
| | | Fair Value Measurements at September 30, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net | | | | | 497,630 | | | | | | 527,508 | | | | | | — | | | | | | — | | | | | | 527,508 | | |
Regulatory stock | | | | | 3,219 | | | | | | 3,219 | | | | | | 3,219 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 14,870 | | | | | | 14,870 | | | | | | 14,870 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 2,916 | | | | | | 2,916 | | | | | | 2,916 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 140,146 | | | | | | 140,146 | | | | | | 140,146 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 140,891 | | | | | | 140,891 | | | | | | 140,891 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 95,070 | | | | | | 95,070 | | | | | | 95,070 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 205,386 | | | | | | 208,373 | | | | | | — | | | | | | — | | | | | | 208,373 | | |
Advances from Federal Home Loan Bank | | | | | 41,000 | | | | | | 42,574 | | | | | | — | | | | | | — | | | | | | 42,574 | | |
Advances from borrowers for taxes and insurance | | | | | 2,910 | | | | | | 2,910 | | | | | | 2,910 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 175 | | | | | | 175 | | | | | | 175 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net | | | | | 508,605 | | | | | | 541,779 | | | | | | — | | | | | | — | | | | | | 541,779 | | |
Regulatory stock | | | | | 4,200 | | | | | | 4,200 | | | | | | 4,200 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 14,758 | | | | | | 14,758 | | | | | | 14,758 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 2,540 | | | | | | 2,540 | | | | | | 2,540 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 142,223 | | | | | | 142,223 | | | | | | 142,223 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 129,048 | | | | | | 129,048 | | | | | | 129,048 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 94,097 | | | | | | 94,097 | | | | | | 94,097 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 194,480 | | | | | | 198,268 | | | | | | — | | | | | | — | | | | | | 198,268 | | |
Advances from Federal Home Loan Bank | | | | | 64,892 | | | | | | 67,520 | | | | | | — | | | | | | — | | | | | | 67,520 | | |
Advances from borrowers for taxes and insurance | | | | | 4,536 | | | | | | 4,536 | | | | | | 4,536 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 246 | | | | | | 246 | | | | | | 246 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits | | | | | 8,486 | | | | | | 8,486 | | | | | | 8,486 | | | | | | — | | | | | | — | | |
Securities held to maturity | | | | | 1,906 | | | | | | 1,937 | | | | | | — | | | | | | 1,937 | | | | | | — | | |
Loans receivable, net | | | | | 326,017 | | | | | | 330,060 | | | | | | — | | | | | | — | | | | | | 330,060 | | |
Regulatory stock | | | | | 2,785 | | | | | | 2,785 | | | | | | 2,785 | | | | | | — | | | | | | — | | |
Bank-owned life insurance | | | | | 11,203 | | | | | | 11,203 | | | | | | 11,203 | | | | | | — | | | | | | — | | |
Accrued interest receivable | | | | | 1,340 | | | | | | 1,340 | | | | | | 1,340 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | | 67,547 | | | | | | 67,547 | | | | | | 67,547 | | | | | | — | | | | | | — | | |
Money market accounts | | | | | 67,648 | | | | | | 67,648 | | | | | | 67,648 | | | | | | — | | | | | | — | | |
Savings and club accounts | | | | | 33,172 | | | | | | 33,172 | | | | | | 33,172 | | | | | | — | | | | | | — | | |
Certificates of deposit | | | | | 112,839 | | | | | | 112,245 | | | �� | | | — | | | | | | — | | | | | | 112,245 | | |
Advances from Federal Home Loan Bank | | | | | 50,000 | | | | | | 50,651 | | | | | | — | | | | | | — | | | | | | 50,651 | | |
Advances from borrowers for taxes and insurance | | | | | 3,814 | | | | | | 3,814 | | | | | | 3,814 | | | | | | — | | | | | | — | | |
Accrued interest payable | | | | | 171 | | | | | | 171 | | | | | | 171 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
(in thousands) | | | | | | September 30, 2020 | | |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets | | | Other assets | | | | $ | 1,589 | | |
Total Right-of-Use Assets | | | | | | | $ | 1,589 | | |
|
(in thousands) | | | | | | September 30, 2020 | | |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities | | | Other liabilities | | | | $ | 1,585 | | |
Total Lease Liabilities | | | | | | | $ | 1,585 | | |
|
(in thousands) | | | | | | June 30, 2020 | | |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets | | | Other assets | | | | $ | 1,663 | | |
Total Right-of-Use Assets | | | | | | | $ | 1,663 | | |
|
(in thousands) | | | | | | June 30, 2020 | | |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities | | | Other liabilities | | | | $ | 1,638 | | |
Total Lease Liabilities | | | | | | | $ | 1,638 | | |
| | | September 30, 2020 | |
Weighted average remaining lease term | | | | |
Operating leases | | | 11.8 years | |
Weighted average discount rate | | | | |
Operating leases | | | 2.20% | |
| | | June 30, 2020 | |
Weighted average remaining lease term | | | | |
Operating leases | | | 11.9 years | |
Weighted average discount rate | | | | |
Operating leases | | | 2.19% | |
| | | September 30, 2020 | | | June 30, 2020 | | ||||||
(in thousands) | | | Operating Leases | | | Operating Leases | | ||||||
Twelve months ended: | | | | | | | | | | | | | |
2021 | | | | $ | 248 | | | | | $ | 247 | | |
2022 | | | | | 254 | | | | | | 252 | | |
2023 | | | | | 260 | | | | | | 258 | | |
2024 | | | | | 260 | | | | | | 265 | | |
2025 | | | | | 211 | | | | | | 246 | | |
Thereafter | | | | | 587 | | | | | | 613 | | |
Total future minimum lease payments | | | | $ | 1,820 | | | | | $ | 1,881 | | |
Amounts representing interest | | | | | (235) | | | | | | (243) | | |
Present value of net future minimum lease payments | | | | $ | 1,585 | | | | | $ | 1,638 | | |
| | | September 30, 2020 | | | June 30, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||||||||
Beginning Balance | | | | $ | 587 | | | | | $ | 147 | | | | | $ | 117 | | |
New loans and funding of existing lines of credit | | | | | 277 | | | | | | 505 | | | | | | — | | |
Loans to newly appointed directors | | | | | — | | | | | | 103 | | | | | | 104 | | |
Repayments | | | | | (35) | | | | | | (168) | | | | | | (74) | | |
Ending balance | | | | $ | 829 | | | | | $ | 587 | | | | | $ | 147 | | |
| | | September 30, | | | June 30, | | | June 30, | | |||||||||
| | | 2020 | | | 2020 | | | 2019 | | |||||||||
| | | (unaudited) | | | | | | | | | | | | | | |||
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash on deposit at the Bank | | | | $ | 694 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Investment in the Bank | | | | | 94,465 | | | | | | 93,401 | | | | | | 75,142 | | |
Other assets | | | | | 347 | | | | | | 103 | | | | | | 48 | | |
TOTAL ASSETS | | | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Accrued and other liabilities | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
TOTAL LIABILITIES | | | | | — | | | | | | — | | | | | | — | | |
Commitments and contingencies | | | | | — | | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued | | | | | — | | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 and June 30, 2020 and at June 30, 2019, respectively. | | | | | 467 | | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital | | | | | 42,932 | | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at September 30, 2020, June 30, 2020, and June 30, 2019, respectively. | | | | | (3,710) | | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings | | | | | 55,384 | | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income | | | | | 433 | | | | | | 76 | | | | | | 228 | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
| | | Three months ended September 30, | | | Year ended June 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
| | | (unaudited) | | | (unaudited) | | | | | | | | | | | | | | ||||||
INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on interest-bearing deposits with the Bank | | | | $ | — | | | | | $ | 5 | | | | | $ | 8 | | | | | $ | 14 | | |
Total Income | | | | | — | | | | | | 5 | | | | | | 8 | | | | | | 14 | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Professional fees | | | | | 44 | | | | | | 15 | | | | | | 50 | | | | | | — | | |
Merger relates expenses | | | | | — | | | | | | — | | | | | | 532 | | | | | | — | | |
Other expenses | | | | | 3 | | | | | | — | | | | | | 12 | | | | | | 82 | | |
Total Expenses | | | | | 47 | | | | | | 15 | | | | | | 594 | | | | | | 82 | | |
Income before income tax benefit and equity in undistributed net income of affiliates | | | | | (47) | | | | | | (10) | | | | | | (586) | | | | | | (68) | | |
Income Tax Benefit | | | | | (10) | | | | | | (2) | | | | | | (51) | | | | | | (14) | | |
Equity in undistributed net income of the Bank | | | | | 707 | | | | | | 862 | | | | | | 1,863 | | | | | | 3,810 | | |
NET INCOME | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Comprehensive income | | | | $ | 1,027 | | | | | $ | 664 | | | | | $ | 1,176 | | | | | $ | 3,765 | | |
| | | Three months ended September 30, | | | Year ended June 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
| | | (unaudited) | | | (unaudited) | | | | | | | | | | | | | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity in undistributed net earnings of subsidiaries | | | | | (707) | | | | | | (862) | | | | | | (1,863) | | | | | | (3,810) | | |
Dividend from the Bank | | | | | — | | | | | | 1,000 | | | | | | 4,000 | | | | | | 2,000 | | |
Change in other assets | | | | | (244) | | | | | | (9) | | | | | | (61) | | | | | | (8) | | |
Net Cash Provided by (Used for) Operating Activities | | | | | (281) | | | | | | 983 | | | | | | 3,404 | | | | | | 1,938 | | |
Cash Flows from Financing Activities Cash dividends | | | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) for Financing Activities | | | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net (Decrease) Increase in Cash and Cash Equivalents | | | | | (2,167) | | | | | | (1,000) | | | | | | 1,421 | | | | | | 658 | | |
Cash and Cash Equivalents – Beginning | | | | | 2,861 | | | | | | 1,440 | | | | | | 1,440 | | | | | | 782 | | |
Cash and Cash Equivalents – Ending | | | | $ | 694 | | | | | $ | 440 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Supplementary Cash Flows Information | | | | | | ||||||||||||||||||||
Income taxes paid | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Consolidated Financial Statements for the Nine Months Ended March 31, 2020 and 2019 (Unaudited) | | | | | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-6 – A-24 | | |
| | | March 31, 2020 | | | June 30, 2019 | | ||||||
| | | (unaudited) | | |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 1,084,862 | | | | | $ | 980,252 | | |
Interest bearing demand deposits | | | | | 4,681,286 | | | | | | 2,842,634 | | |
Federal funds sold | | | | | 19,296,000 | | | | | | 18,590,000 | | |
Cash and cash equivalents | | | | | 25,062,148 | | | | | | 22,412,886 | | |
Interest bearing time deposits | | | | | 676,743 | | | | | | 665,924 | | |
Investment securities available-for-sale, at fair value | | | | | 470,757 | | | | | | 577,904 | | |
Investment securities held-to-maturity (fair value March 31, 2020 $3,043; June 30, 2019 $8,782) | | | | | 2,894 | | | | | | 8,512 | | |
Loans receivable, net of allowance for loan losses of $431,534 at March 31, 2020 and $469,381 at June 30, 2019 | | | | | 57,492,060 | | | | | | 62,041,187 | | |
Accrued interest receivable | | | | | 178,288 | | | | | | 205,469 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | 191,100 | | |
Restricted stock, at cost | | | | | 334,600 | | | | | | 300,200 | | |
Premises and equipment, net | | | | | 175,356 | | | | | | 191,419 | | |
Prepaid expenses and other assets | | | | | 211,262 | | | | | | 199,775 | | |
Deferred income taxes, net | | | | | 344,852 | | | | | | 354,115 | | |
Total Assets | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | $ | 64,937,797 | | | | | $ | 68,060,437 | | |
Advances from Federal Home Loan Bank of Pittsburgh | | | | | 5,270,593 | | | | | | 4,408,422 | | |
Advances from borrowers for taxes and insurance | | | | | 411,146 | | | | | | 404,175 | | |
Accrued interest payable | | | | | 22,888 | | | | | | 18,887 | | |
Other liabilities | | | | | 1,512,895 | | | | | | 1,557,399 | | |
Total Liabilities | | | | | 72,155,319 | | | | | | 74,449,320 | | |
Equity | | | | | | | | | | | | | |
Surplus | | | | | 951,782 | | | | | | 951,782 | | |
Retained earnings | | | | | 12,955,589 | | | | | | 12,586,445 | | |
Accumulated other comprehensive loss | | | | | (1,013,630) | | | | | | (839,056) | | |
Total Equity | | | | | 12,893,741 | | | | | | 12,699,171 | | |
Total Liabilities and Equity | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees: | | | | | | | | | | | | | |
First mortgage loans | | | | $ | 1,700,192 | | | | | $ | 1,686,200 | | |
Consumer and other loans | | | | | 517,525 | | | | | | 517,782 | | |
Mortgage-backed securities | | | | | 14,126 | | | | | | 18,971 | | |
Other | | | | | 303,309 | | | | | | 392,252 | | |
Total Interest Income | | | | | 2,535,152 | | | | | | 2,615,205 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 458,491 | | | | | | 433,893 | | |
Federal Home Loan Bank advances | | | | | 106,934 | | | | | | 73,400 | | |
Total Interest Expense | | | | | 565,425 | | | | | | 507,293 | | |
Net interest income | | | | | 1,969,727 | | | | | | 2,107,912 | | |
Provision (Credit) for Loan Losses | | | | | (49,308) | | | | | | 2,686 | | |
Net interest income after provision (credit) for loan losses | | | | | 2,019,035 | | | | | | 2,105,226 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees | | | | | 115,189 | | | | | | 122,242 | | |
Net loss on foreclosed real estate | | | | | (2,701) | | | | | | (11,470) | | |
Other | | | | | 203 | | | | | | 916 | | |
Total Non-Interest Income | | | | | 112,691 | | | | | | 111,688 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 784,881 | | | | | | 1,152,696 | | |
Occupancy and equipment | | | | | 136,426 | | | | | | 150,944 | | |
Foreclosed real estate expenses | | | | | 14,903 | | | | | | 4,209 | | |
Federal deposit insurance premiums | | | | | (30) | | | | | | 18,116 | | |
Data processing | | | | | 123,221 | | | | | | 122,882 | | |
Other | | | | | 547,265 | | | | | | 437,193 | | |
Total Non-Interest Expenses | | | | | 1,606,666 | | | | | | 1,886,040 | | |
Income before income taxes | | | | | 525,060 | | | | | | 330,874 | | |
Income Tax Expense | | | | | 155,916 | | | | | | 122,952 | | |
Net Income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Other Comprehensive Loss | | | | | | | | | | | | | |
Unrealized gain (loss) on securities available-for-sale, net of taxes of $518 and $(384), respectively | | | | | 1,947 | | | | | | (1,443) | | |
Unfunded post-retirement obligations: | | | | | | | | | | | | | |
Increase in minimum pension liability, net of taxes of $(55,146) and $(33,076), respectively | | | | | (207,454) | | | | | | (124,427) | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $8,223 and $7,448, respectively(1) | | | | | 30,933 | | | | | | 28,017 | | |
Other comprehensive loss on unfunded post-retirement obligations | | | | | (176,521) | | | | | | (96,410) | | |
Total Other Comprehensive Loss | | | | | (174,574) | | | | | | (97,853) | | |
Comprehensive Income | | | | $ | 194,570 | | | | | $ | 110,069 | | |
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2018 | | | | $ | 951,782 | | | | | $ | 12,282,043 | | | | | $ | (709,717) | | | | | $ | 12,524,108 | | |
Net income | | | | | — | | | | | | 207,922 | | | | | | — | | | | | | 207,922 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (97,853) | | | | | | (97,853) | | |
Balance, March 31, 2019 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,489,965 | | | | | $ | (807,570) | | | | | $ | 12,634,177 | | |
|
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2019 | | | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Net income | | | | | — | | | | | | 369,144 | | | | | | — | | | | | | 369,144 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (174,574) | | | | | | (174,574) | | |
Balance, March 31, 2020 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,955,589 | | | | | $ | (1,013,630) | | | | | $ | 12,893,741 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for depreciation | | | | | 29,734 | | | | | | 33,552 | | |
(Credit) provision for loan losses | | | | | (49,308) | | | | | | 2,686 | | |
Net amortization of securities premiums and discounts | | | | | 544 | | | | | | 802 | | |
Deferred income taxes | | | | | 55,668 | | | | | | (9,098) | | |
Net loss on foreclosed real estate | | | | | 2,701 | | | | | | 11,470 | | |
Decrease (increase) in assets: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | 27,181 | | | | | | (9,077) | | |
Prepaid expenses and other assets | | | | | (11,487) | | | | | | 3,655 | | |
Increase (decrease) in liabilities: | | | | | | | | | | | | | |
Accrued interest payable | | | | | 4,001 | | | | | | 7,104 | | |
Other liabilities | | | | | (267,948) | | | | | | 53,145 | | |
Net Cash Provided by Operating Activities | | | | | 160,230 | | | | | | 302,162 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net purchases of interest-bearing time deposits | | | | | (10,819) | | | | | | (1,592) | | |
Net decrease (increase) in loans receivable | | | | | 4,598,435 | | | | | | (1,577,027) | | |
Investment securities available-for-sale: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 190,073 | | | | | | 156,538 | | |
Investment securities held-to-maturity: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 5,613 | | | | | | 16,736 | | |
Proceeds from sale of premises and equipment | | | | | — | | | | | | 850 | | |
Purchase of premises and equipment | | | | | (13,671) | | | | | | (18,993) | | |
Proceeds from sale of foreclosed real estate | | | | | 88,299 | | | | | | 31,909 | | |
Net increase in restricted stock | | | | | (34,400) | | | | | | (66,000) | | |
Net Cash Provided by (Used in) Investing Activities | | | | | 4,742,530 | | | | | | (1,457,579) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits | | | | | (3,122,640) | | | | | | (827,155) | | |
Proceeds from long-term debt | | | | | 1,000,000 | | | | | | 1,770,000 | | |
Repayment of long-term debt | | | | | (137,829) | | | | | | (121,086) | | |
Net increase in advances from borrowers for taxes and insurance | | | | | 6,971 | | | | | | 5,613 | | |
Net Cash Provided by (Used in) Financing Activities | | | | | (2,253,498) | | | | | | 827,372 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 2,649,262 | | | | | | (328,045) | | |
Cash and Cash Equivalents, Beginning | | | | | 22,412,886 | | | | | | 23,932,579 | | |
Cash and Cash Equivalents, Ending | | | | $ | 25,062,148 | | | | | $ | 23,604,534 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 561,424 | | | | | $ | 500,189 | | |
Income taxes paid | | | | $ | 52,000 | | | | | $ | 115,000 | | |
March 31, 2020 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
| | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
| | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
|
June 30, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
March 31, 2020 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 452,176 | | | | | | 470,757 | | | | | | 2,894 | | | | | | 3,043 | | |
| | | | $ | 452,176 | | | | | $ | 470,757 | | | | | $ | 2,894 | | | | | $ | 3,043 | | |
|
June 30, 2019 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 561,788 | | | | | | 577,904 | | | | | | 8,512 | | | | | | 8,782 | | |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
| | | 2020 | | | 2019 | | ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied | | | | $ | 23,232,841 | | | | | $ | 22,754,109 | | |
One-to-four family residences – non-owner occupied | | | | | 15,447,295 | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,244,175 | | | | | | 3,611,107 | | |
| | | | | 41,924,311 | | | | | | 44,986,881 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage | | | | | 16,004,808 | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 142,948 | | | | | | 179,626 | | |
| | | | | 16,147,756 | | | | | | 17,698,692 | | |
Total Loans Receivable | | | | | 58,072,067 | | | | | | 62,685,573 | | |
Unearned loan origination fees, net | | | | | (148,473) | | | | | | (175,005) | | |
Allowance for loan losses | | | | | (431,534) | | | | | | (469,381) | | |
Loans Receivable, Net | | | | $ | 57,492,060 | | | | | $ | 62,041,187 | | |
|
| | | 2020 | | | 2019 | | ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied | | | | $ | 23,232,841 | | | | | $ | 22,754,109 | | |
One-to-four family residences – non-owner occupied | | | | | 15,447,295 | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,244,175 | | | | | | 3,611,107 | | |
| | | | | 41,924,311 | | | | | | 44,986,881 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage | | | | | 16,004,808 | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 142,948 | | | | | | 179,626 | | |
| | | | | 16,147,756 | | | | | | 17,698,692 | | |
Total Loans Receivable | | | | | 58,072,067 | | | | | | 62,685,573 | | |
Unearned loan origination fees, net | | | | | (148,473) | | | | | | (175,005) | | |
Allowance for loan losses | | | | | (431,534) | | | | | | (469,381) | | |
Loans Receivable, Net | | | | $ | 57,492,060 | | | | | $ | 62,041,187 | | |
March 31, 2020 | | | Allowance for Loan Losses | | | | Allowance for Loan Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance | | Charge-offs | | Recoveries | | Provisions (Credits) | | Ending Balance | | Ending Balance: Individually Evaluated for Impairment | | Ending Balance: Collectively Evaluated for Impairment | | | Beginning Balance | | Charge-offs | | Recoveries | | Provisions (Credits) | | Ending Balance | | Ending Balance: Individually Evaluated for Impairment | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Owner occupied | | | $ | 88,324 | | | | $ | — | | | | $ | — | | | | $ | 1,167 | | | | $ | 89,491 | | | | $ | — | | | | $ | 89,491 | | | | | $ | 88,324 | | | | $ | — | | | | $ | — | | | | $ | 1,167 | | | | $ | 89,491 | | | | $ | — | | | | $ | 89,491 | | | ||||||||||||||
Non-owner occupied | | | | 223,609 | | | | | — | | | | | 12,957 | | | | | (40,198) | | | | | 196,368 | | | | | 55,843 | | | | | 140,525 | | | | | | 223,609 | | | | | — | | | | | 12,957 | | | | | (40,198) | | | | | 196,368 | | | | | 55,843 | | | | | 140,525 | | | ||||||||||||||
Secured by other properties | | | | 84,138 | | | | | — | | | | | — | | | | | (3,466) | | | | | 80,672 | | | | | 49,919 | | | | | 30,753 | | | | | | 84,138 | | | | | — | | | | | — | | | | | (3,466) | | | | | 80,672 | | | | | 49,919 | | | | | 30,753 | | | ||||||||||||||
Home equity and second mortgage | | | | 67,696 | | | | | — | | | | | — | | | | | (8,200) | | | | | 59,496 | | | | | — | | | | | 59,496 | | | | | | 67,696 | | | | | — | | | | | — | | | | | (8,200) | | | | | 59,496 | | | | | — | | | | | 59,496 | | | ||||||||||||||
Savings account loans and other | | | | 5,614 | | | | | (1,937) | | | | | 441 | | | | | 1,389 | | | | | 5,507 | | | | | — | | | | | 5,507 | | | | | | 5,614 | | | | | (1,937) | | | | | 441 | | | | | 1,389 | | | | | 5,507 | | | | | — | | | | | 5,507 | | | ||||||||||||||
| | | $ | 469,381 | | | | $ | (1,937) | | | | $ | 13,398 | | | | $ | (49,308) | | | | $ | 431,534 | | | | $ | 105,762 | | | | $ | 325,772 | | | | | $ | 469,381 | | | | $ | (1,937) | | | | $ | 13,398 | | | | $ | (49,308) | | | | $ | 431,534 | | | | $ | 105,762 | | | | $ | 325,772 | | |
March 31, 2019 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,362) | | | | | $ | 105,828 | | | | | $ | — | | | | | $ | 105,828 | | |
Non-owner occupied | | | | | 200,983 | | | | | | — | | | | | | — | | | | | | 14,325 | | | | | | 215,308 | | | | | | 44,382 | | | | | | 170,926 | | |
Secured by other properties | | | | | 90,936 | | | | | | — | | | | | | — | | | | | | (8,575) | | | | | | 82,361 | | | | | | 49,919 | | | | | | 32,442 | | |
Home equity and second mortgage | | | | | 78,499 | | | | | | — | | | | | | — | | | | | | (953) | | | | | | 77,546 | | | | | | — | | | | | | 77,546 | | |
Savings account loans and other | | | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | 251 | | | | | | 7,689 | | | | | | — | | | | | | 7,689 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | 2,686 | | | | | $ | 488,732 | | | | | $ | 94,301 | | | | | $ | 394,431 | | |
|
March 31, 2019 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,362) | | | | | $ | 105,828 | | | | | $ | — | | | | | $ | 105,828 | | |
Non-owner occupied | | | | | 200,983 | | | | | | — | | | | | | — | | | | | | 14,325 | | | | | | 215,308 | | | | | | 44,382 | | | | | | 170,926 | | |
Secured by other properties | | | | | 90,936 | | | | | | — | | | | | | — | | | | | | (8,575) | | | | | | 82,361 | | | | | | 49,919 | | | | | | 32,442 | | |
Home equity and second mortgage | | | | | 78,499 | | | | | | — | | | | | | — | | | | | | (953) | | | | | | 77,546 | | | | | | — | | | | | | 77,546 | | |
Savings account loans and other | | | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | 251 | | | | | | 7,689 | | | | | | — | | | | | | 7,689 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | 2,686 | | | | | $ | 488,732 | | | | | $ | 94,301 | | | | | $ | 394,431 | | |
|
March 31, 2020 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 23,232,841 | | | | | $ | 273,158 | | | | | $ | 22,959,683 | | |
Non-owner occupied | | | | | 15,447,295 | | | | | | 513,746 | | | | | | 14,933,549 | | |
Secured by other properties | | | | | 3,244,175 | | | | | | 308,400 | | | | | | 2,935,775 | | |
Home equity and second mortgage | | | | | 16,004,808 | | | | | | 57,650 | | | | | | 15,947,158 | | |
Savings account loans and other | | | | | 142,948 | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 58,072,067 | | | | | $ | 1,152,954 | | | | | $ | 56,919,113 | | |
|
June 30, 2019 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied | | | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties | | | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage | | | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other | | | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
March 31, 2020 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 23,232,841 | | | | | $ | 273,158 | | | | | $ | 22,959,683 | | |
Non-owner occupied | | | | | 15,447,295 | | | | | | 513,746 | | | | | | 14,933,549 | | |
Secured by other properties | | | | | 3,244,175 | | | | | | 308,400 | | | | | | 2,935,775 | | |
Home equity and second mortgage | | | | | 16,004,808 | | | | | | 57,650 | | | | | | 15,947,158 | | |
Savings account loans and other | | | | | 142,948 | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 58,072,067 | | | | | $ | 1,152,954 | | | | | $ | 56,919,113 | | |
|
June 30, 2019 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied | | | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties | | | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage | | | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other | | | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
March 31, 2020 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 87,756 | | | | | | 87,756 | | | | | | — | | | | | | 103,750 | | | | | | 3,220 | | |
Secured by other properties | | | | | 134,820 | | | | | | 134,820 | | | | | | — | | | | | | 142,219 | | | | | | 12,079 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 425,990 | | | | | | — | | |
Secured by other properties | | | | | 173,580 | | | | | | 173,580 | | | | | | 49,919 | | | | | | 175,011 | | | | | | 7,495 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 513,746 | | | | | | 513,746 | | | | | | 55,843 | | | | | | 529,740 | | | | | | 3,220 | | |
Secured by other properties | | | | | 308,400 | | | | | | 308,400 | | | | | | 49,919 | | | | | | 317,230 | | | | | | 19,574 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
March 31, 2020 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 87,756 | | | | | | 87,756 | | | | | | — | | | | | | 103,750 | | | | | | 3,220 | | |
Secured by other properties | | | | | 134,820 | | | | | | 134,820 | | | | | | — | | | | | | 142,219 | | | | | | 12,079 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 425,990 | | | | | | — | | |
Secured by other properties | | | | | 173,580 | | | | | | 173,580 | | | | | | 49,919 | | | | | | 175,011 | | | | | | 7,495 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 513,746 | | | | | | 513,746 | | | | | | 55,843 | | | | | | 529,740 | | | | | | 3,220 | | |
Secured by other properties | | | | | 308,400 | | | | | | 308,400 | | | | | | 49,919 | | | | | | 317,230 | | | | | | 19,574 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
Secured by other properties | | | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties | | | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties | | | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
Secured by other properties | | | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties | | | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties | | | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
March 31, 2020 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,959,683 | | | | | $ | — | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,232,841 | | |
Non-owner occupied | | | | | 13,713,466 | | | | | | 1,220,083 | | | | | | 513,746 | | | | | | — | | | | | | — | | | | | | 15,447,295 | | |
Secured by other properties | | | | | 2,671,514 | | | | | | 437,841 | | | | | | 134,820 | | | | | | — | | | | | | — | | | | | | 3,244,175 | | |
Home equity and second mortgage | | | | | 15,947,158 | | | | | | — | | | | | | 57,650 | | | | | | — | | | | | | — | | | | | | 16,004,808 | | |
Savings account loans and other | | | | | 139,246 | | | | | | — | | | | | | 3,702 | | | | | | — | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 55,431,067 | | | | | $ | 1,657,924 | | | | | $ | 983,076 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,072,067 | | |
March 31, 2020 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,959,683 | | | | | $ | — | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,232,841 | | |
Non-owner occupied | | | | | 13,713,466 | | | | | | 1,220,083 | | | | | | 513,746 | | | | | | — | | | | | | — | | | | | | 15,447,295 | | |
Secured by other properties | | | | | 2,671,514 | | | | | | 437,841 | | | | | | 134,820 | | | | | | — | | | | | | — | | | | | | 3,244,175 | | |
Home equity and second mortgage | | | | | 15,947,158 | | | | | | — | | | | | | 57,650 | | | | | | — | | | | | | — | | | | | | 16,004,808 | | |
Savings account loans and other | | | | | 139,246 | | | | | | — | | | | | | 3,702 | | | | | | — | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 55,431,067 | | | | | $ | 1,657,924 | | | | | $ | 983,076 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,072,067 | | |
|
June 30, 2019 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied | | | | | 16,706,762 | | | | | | 1,401,017 | | | | | | 513,886 | | | | | | — | | | | | | — | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,003,645 | | | | | | 457,844 | | | | | | 149,618 | | | | | | — | | | | | | — | | | | | | 3,611,107 | | |
Home equity and second mortgage | | | | | 17,447,187 | | | | | | — | | | | | | 71,879 | | | | | | — | | | | | | — | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 174,814 | | | | | | — | | | | | | 4,812 | | | | | | — | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
March 31, 2020 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 98,841 | | | | | $ | — | | | | | $ | — | | | | | $ | 98,841 | | | | | $ | 23,134,000 | | | | | $ | 23,232,841 | | | | | $ | — | | |
Non-owner occupied | | | | | — | | | | | | — | | | | | | 513,746 | | | | | | 513,746 | | | | | | 14,933,549 | | | | | | 15,447,295 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,244,175 | | | | | | 3,244,175 | | | | | | — | | |
Home equity and second mortgage | | | | | 75,239 | | | | | | 87 | | | | | | — | | | | | | 75,326 | | | | | | 15,929,482 | | | | | | 16,004,808 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 142,948 | | | | | | 142,948 | | | | | | — | | |
| | | | $ | 174,080 | | | | | $ | 168,780 | | | | | $ | 513,746 | | | | | $ | 687,913 | | | | | $ | 57,384,154 | | | | | $ | 58,072,067 | | | | | $ | — | | |
|
June 30, 2019 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied | | | | | 134,350 | | | | | | — | | | | | | 513,886 | | | | | | 648,236 | | | | | | 17,973,429 | | | | | | 18,621,665 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | 149,618 | | | | | | — | | | | | | 149,618 | | | | | | 3,461,489 | | | | | | 3,611,107 | | | | | | — | | |
Home equity and second mortgage | | | | | 22,462 | | | | | | 19,162 | | | | | | — | | | | | | 41,624 | | | | | | 17,477,442 | | | | | | 17,519,066 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,626 | | | | | | 179,626 | | | | | | — | | |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
| | | 2020 | | | 2019 | | ||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 281,984 | | |
Non-owner occupied | | | | | 513,746 | | | | | | 513,886 | | |
Secured by other properties | | | | | 134,820 | | | | | | 149,618 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 71,879 | | |
Savings account loans and other | | | | | — | | | | | | — | | |
| | | | $ | 979,374 | | | | | $ | 1,017,367 | | |
| | | Estimated Useful Lives | | | 2020 | | | 2019 | | ||||||
Buildings and improvements | | | 3 to 35 years | | | | $ | 968,615 | | | | | $ | 968,615 | | |
Furniture, fixtures and equipment | | | 1 to 15 years | | | | | 776,523 | | | | | | 771,383 | | |
| | | | | | | | 1,745,138 | | | | | | 1,739,998 | | |
Accumulated depreciation | | | | | | | | (1,602,432) | | | | | | (1,581,229) | | |
| | | | | | | | 142,706 | | | | | | 158,769 | | |
Land | | | | | | | | 32,650 | | | | | | 32,650 | | |
| | | | | | | $ | 175,356 | | | | | $ | 191,419 | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
| | | Weighted Average Rate at March 31, 2020 | | | Amount | | | Percent | | | Weighted Average Rate at June 30, 2019 | | | Amount | | | Percent | | ||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business checking | | | | | | | | | | $ | 378,482 | | | | | | 0.58% | | | | | | | | | | | $ | 437,231 | | | | | | 0.64% | | |
Non-interest checking | | | | | | | | | | | 3,041,670 | | | | | | 4.68 | | | | | | | | | | | | 3,486,425 | | | | | | 5.12 | | |
NOW | | | | | | | | | | | 14,791,328 | | | | | | 22.78 | | | | | | | | | | | | 16,810,886 | | | | | | 24.70 | | |
Money market | | | | | | | | | | | 3,140,120 | | | | | | 4.84 | | | | | | | | | | | | 3,526,512 | | | | | | 5.18 | | |
Savings | | | | | | | | | | | 17,372,403 | | | | | | 26.75 | | | | | | | | | | | | 17,749,181 | | | | | | 26.08 | | |
| | | | | 0.40% | | | | | | 38,724,003 | | | | | | 59.63 | | | | | | 0.41% | | | | | | 42,010,235 | | | | | | 61.72 | | |
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificates of deposit | | | | | 1.69% | | | | | | 26,213,794 | | | | | | 40.37 | | | | | | 1.63% | | | | | | 26,050,202 | | | | | | 38.28 | | |
| | | | | 0.92% | | | | | $ | 64,937,797 | | | | | | 100.00% | | | | | | 0.88% | | | | | $ | 68,060,437 | | | | | | 100.00% | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 2,207,456 | | |
2021 | | | | | 9,253,409 | | |
2022 | | | | | 7,745,799 | | |
2023 | | | | | 2,961,297 | | |
2024 | | | | | 2,551,586 | | |
2025 | | | | | 1,179,402 | | |
Thereafter | | | | | 314,845 | | |
| | | | $ | 26,213,794 | | |
| | | 2020 | | | 2019 | | ||||||
Money market accounts | | | | $ | 18,052 | | | | | $ | 20,213 | | |
NOW accounts | | | | | 68,808 | | | | | | 78,539 | | |
Savings accounts | | | | | 39,085 | | | | | | 40,272 | | |
Certificates of deposit | | | | | 332,546 | | | | | | 294,869 | | |
| | | | $ | 458,491 | | | | | $ | 433,893 | | |
| | | 2020 | | | 2019 | | ||||||
Correspondent Bank charges | | | | $ | 13,583 | | | | | $ | 13,565 | | |
Professional fees | | | | | 236,572 | | | | | | 121,277 | | |
Advertising | | | | | 37,115 | | | | | | 38,793 | | |
Insurance/surety bond premiums | | | | | 18,195 | | | | | | 18,137 | | |
Supplies | | | | | 20,507 | | | | | | 20,570 | | |
Supervisory Exams | | | | | 9,877 | | | | | | 12,633 | | |
ATM costs | | | | | 55,747 | | | | | | 51,539 | | |
VISA debit cards | | | | | 23,060 | | | | | | 24,007 | | |
Telephone, data line, and internet charges | | | | | 75,828 | | | | | | 64,889 | | |
Postage | | | | | 12,654 | | | | | | 12,295 | | |
Dues and subscriptions | | | | | 12,574 | | | | | | 11,114 | | |
DDA/NOW account costs | | | | | 5,547 | | | | | | 9,394 | | |
Loan processing costs | | | | | 6,557 | | | | | | 7,532 | | |
Telephone banking | | | | | 7,041 | | | | | | 7,377 | | |
Courier services | | | | | 8,386 | | | | | | 7,938 | | |
Meals and entertainment | | | | | 3,665 | | | | | | 9,206 | | |
Provision for other credit losses | | | | | (7,934) | | | | | | (2,448) | | |
Other | | | | | 8,291 | | | | | | 9,375 | | |
| | | | $ | 547,265 | | | | | $ | 437,193 | | |
|
| | | 2020 | | | 2019 | | ||||||
Correspondent Bank charges | | | | $ | 13,583 | | | | | $ | 13,565 | | |
Professional fees | | | | | 236,572 | | | | | | 121,277 | | |
Advertising | | | | | 37,115 | | | | | | 38,793 | | |
Insurance/surety bond premiums | | | | | 18,195 | | | | | | 18,137 | | |
Supplies | | | | | 20,507 | | | | | | 20,570 | | |
Supervisory Exams | | | | | 9,877 | | | | | | 12,633 | | |
ATM costs | | | | | 55,747 | | | | | | 51,539 | | |
| | | 2020 | | | 2019 | | ||||||
VISA debit cards | | | | | 23,060 | | | | | | 24,007 | | |
Telephone, data line, and internet charges | | | | | 75,828 | | | | | | 64,889 | | |
Postage | | | | | 12,654 | | | | | | 12,295 | | |
Dues and subscriptions | | | | | 12,574 | | | | | | 11,114 | | |
DDA/NOW account costs | | | | | 5,547 | | | | | | 9,394 | | |
Loan processing costs | | | | | 6,557 | | | | | | 7,532 | | |
Telephone banking | | | | | 7,041 | | | | | | 7,377 | | |
Courier services | | | | | 8,386 | | | | | | 7,938 | | |
Meals and entertainment | | | | | 3,665 | | | | | | 9,206 | | |
Provision for other credit losses | | | | | (7,934) | | | | | | (2,448) | | |
Other | | | | | 8,291 | | | | | | 9,375 | | |
| | | | $ | 547,265 | | | | | $ | 437,193 | | |
|
| | | 2020 | | | 2019 | | ||||||
Current, federal | | | | $ | 56,591 | | | | | $ | 96,181 | | |
Deferred, federal | | | | | 55,668 | | | | | | (9,098) | | |
Total federal income tax expense | | | | | 112,259 | | | | | | 87,083 | | |
Current, state | | | | | 43,657 | | | | | | 35,869 | | |
Deferred, state | | | | | — | | | | | | — | | |
Total state income tax expense | | | | | 43,657 | | | | | | 35,869 | | |
Total Income Tax Expense | | | | $ | 155,916 | | | | | $ | 122,952 | | |
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Impairment of securities available-for-sale | | | $ | 24,731 | | | | $ | 24,731 | | | | | $ | 24,731 | | | | $ | 24,731 | | | ||||
Allowance for loan losses | | | | 90,622 | | | | | 98,570 | | | | | | 90,622 | | | | | 98,570 | | | ||||
Other comprehensive loss, pension | | | | 273,348 | | | | | 226,425 | | | | | | 273,348 | | | | | 226,425 | | | ||||
Executive retirement plan | | | | 2,284 | | | | | 2,520 | | | | | | 2,284 | | | | | 2,520 | | | ||||
Other | | | | 41,241 | | | | | 30,147 | | | | | | 41,241 | | | | | 30,147 | | | ||||
| | | | 432,226 | | | | | 382,393 | | | | | | 432,226 | | | | | 382,393 | | | ||||
Valuation allowance | | | | (24,731) | | | | | (24,731) | | | | | | (24,731) | | | | | (24,731) | | | ||||
Total assets, net | | | | 407,495 | | | | | 357,662 | | | | | | 407,495 | | | | | 357,662 | | | ||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Basis of premises and equipment | | | | — | | | | | (163) | | | | | | — | | | | | (163) | | | ||||
Unrealized gains on securities available-for-sale | | | | (3,902) | | | | | (3,384) | | | | | | (3,902) | | | | | (3,384) | | | ||||
Other | | | | (58,741) | | | | | — | | | | | | (58,741) | | | | | — | | | ||||
Total liabilities | | | | (62,643) | | | | | (3,547) | | | | | | (62,643) | | | | | (3,547) | | | ||||
Net Deferred Tax Assets | | | $ | 344,852 | | | | $ | 354,115 | | | | | $ | 344,852 | | | | $ | 354,115 | | | ||||
| |
| | | 2020 | | | 2019 | | ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Beginning of year | | | | $ | 2,623,485 | | | | | $ | 2,493,426 | | |
Service cost | | | | | 111,274 | | | | | | 106,724 | | |
Interest cost | | | | | 67,946 | | | | | | 104,606 | | |
Assumption changes | | | | | 216,456 | | | | | | 243,899 | | |
Actual loss | | | | | 26,445 | | | | | | 42,336 | | |
Curtailments/Settlements | | | | | (353,416) | | | | | | (300,539) | | |
Benefits paid | | | | | (55,441) | | | | | | (66,967) | | |
End of year | | | | | 2,636,749 | | | | | | 2,623,485 | | |
Changes in fair value of plan assets: | | | | | | | | | | | | | |
Beginning of year | | | | | 1,379,626 | | | | | | 1,613,931 | | |
Actual return on plan assets | | | | | 24,980 | | | | | | 33,201 | | |
Employer contributions | | | | | 100,000 | | | | | | 100,000 | | |
Settlements | | | | | — | | | | | | (300,539) | | |
Benefits paid | | | | | (55,441) | | | | | | (66,967) | | |
End of year | | | | | 1,449,165 | | | | | | 1,379,626 | | |
Unfunded Status at End of Year | | | | $ | (1,187,584) | | | | | $ | (1,243,859) | | |
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities | | | | $ | (1,187,584) | | | | | $ | (1,243,859) | | |
Accumulated other comprehensive loss (pre-tax basis) | | | | | 1,301,657 | | | | | | 1,078,213 | | |
Net Amount Recognized | | | | $ | 114,073 | | | | | $ | (165,646) | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss | | | | $ | 1,301,657 | | | | | $ | 1,078,213 | | |
| | | | $ | 1,301,657 | | | | | $ | 1,078,213 | | |
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
Service cost, benefit earned during the period | | | $ | 111,274 | | | | $ | 80,043 | | | | | $ | 111,274 | | | | $ | 80,043 | | | ||||
Interest cost on projected benefit obligation | | | | 67,946 | | | | | 78,455 | | | | | | 67,946 | | | | | 78,455 | | | ||||
Expected return on plan assets | | | | (44,679) | | | | | (52,152) | | | | | | (44,679) | | | | | (52,152) | | | ||||
Recognized prior service credit | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Recognized net actuarial loss | | | | 39,156 | | | | | 35,465 | | | |||||||||||||||
CurtaiIment/Settlement (gain)/loss | | | | (353,416) | | | | | 83,972 | | | |||||||||||||||
Net Pension Costs | | | $ | (179,719) | | | | $ | 225,783 | | |
| | | 2020 | | | 2019 | | ||||||
Recognized net actuarial loss | | | | | 39,156 | | | | | | 35,465 | | |
CurtaiIment/Settlement (gain)/loss | | | | | (353,416) | | | | | | 111,962 | | |
Net Pension Costs | | | | $ | (179,719) | | | | | $ | 253,773 | | |
|
March 31, 2020 | | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||||||||||||||||||||||||||||||
Certificates of deposit | | | $ | 1,449,165 | | | | $ | | | | $ | 1,449,165 | | | | $ | | | | | $ | 1,449,165 | | | | $ | — | | | | $ | 1,449,165 | | | | $ | — | | | ||||||||||
| | | $ | 1,449,165 | | | | $ | | | | $ | 1,449,165 | | | | $ | | | | | $ | 1,449,165 | | | | $ | — | | | | $ | 1,449,165 | | | | $ | — | | | |
June 30, 2019 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 171,384 | | |
2021 | | | | | 2,473,000 | | |
Thereafter | | | | | — | | |
| | | | $ | 2,644,384 | | |
Due | | | Initial Conversion Date | | | Strike Rate | | | Current Interest Rate | | | 2020 | | | 2019 | | |||||||||||||||
April 2023 | | | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | | $ | 1,000,000 | | | | | $ | 1,000,000 | | |
January 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
July 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.00071 | | | | | | 1,000,000 | | | | | | — | | |
January 2025 | | | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | | | 778,628 | | | | | | 815,873 | | |
October 2025 | | | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | | | 712,628 | | | | | | 743,339 | | |
October 2027 | | | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | | | 779,406 | | | | | | 849,210 | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 5,270,593 | | | | | $ | 4,408,422 | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 46,561 | | |
2021 | | | | | 189,386 | | |
2022 | | | | | 194,520 | | |
2023 | | | | | 1,199,797 | | |
2024 | | | | | 1,205,221 | | |
2025 | | | | | 1,705,598 | | |
Thereafter | | | | | 729,510 | | |
| | | | $ | 5,270,593 | | |
|
Years ending June 30, | | | | | | | |
2020 | | | | $ | 46,561 | | |
2021 | | | | | 189,386 | | |
2022 | | | | | 194,520 | | |
2023 | | | | | 1,199,797 | | |
2024 | | | | | 1,205,221 | | |
2025 | | | | | 1,705,598 | | |
Thereafter | | | | | 729,510 | | |
| | | | $ | 5,270,593 | | |
March 31, 2020 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,338,905 | | | | | | 33.9% | | | | | $ | 4,438,643≥ | | | | | | ≥10.500% | | | | | $ | 4,227,279≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,907,371 | | | | | | 32.9% | | | | | | 3,583,187≥ | | | | | | ≥8.500% | | | | | | 3,381,823≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,907,371 | | | | | | 32.9% | | | | | | 2,959,095≥ | | | | | | ≥7.000% | | | | | | 2,747,731≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,907,371 | | | | | | 15.8% | | | | | | 3,518,978≥ | | | | | | ≥4.000% | | | | | | 4,398,722≥ | | | | | | ≥5.0% | | |
|
June 30, 2019 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,538,227 | | | | | | 15.39% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
|
June 30, 2019 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,538,227 | | | | | | 15.39% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
|
| | | Fixed Rate | | | Variable Rate | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
First or second mortgage loans | | | | $ | 806,000 | | | | | $ | 494,400 | | | | | $ | — | | | | | $ | 110,000 | | |
Unused lines of credit | | | | | 558,571 | | | | | | 899,813 | | | | | | 1,781,087 | | | | | | 1,753,230 | | |
Undisbursed amounts on construction loans | | | | | 1,227,979 | | | | | | 3,135,942 | | | | | | — | | | | | | — | | |
| | | | $ | 2,592,550 | | | | | $ | 4,530,155 | | | | | $ | 1,781,087 | | | | | $ | 1,863,230 | | |
March 31, 2020 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
| | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
|
June 30, 2019 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
March 31, 2020 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
Foreclosed real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
March 31, 2020 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
Foreclosed real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
|
June 30, 2019 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 496,669 | | | | | $ | — | | | | | $ | — | | | | | $ | 496,669 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | — | | | | | | — | | | | | | 100,100 | | |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
March 31, 2020 | | | Quantitative Information about Level 3 Fair Value Measurements | | ||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | |||
Impaired loans | | | | $ | 493,808 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
Foreclosed real estate | | | | $ | — | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
|
June 30, 2019 | | | Quantitative Information about Level 3 Fair Value Measurements | | ||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | |||
Impaired loans | | | | $ | 496,669 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
Foreclosed real estate | | | | $ | 100,100 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
| | | Unrealized Gains (Losses) on Available-For-Sale Securities | | | Unfunded Post Retirement Obligations | | | Total | | |||||||||
Balance, July 1, 2018 | | | | $ | 13,048 | | | | | | (722,765) | | | | | | (709,717) | | |
Unrealized losses on available for sale securities | | | | | (1,443) | | | | | | — | | | | | | (1,443) | | |
Increase in minimum pension liability | | | | | — | | | | | | (124,427) | | | | | | (124,427) | | |
Amounts reclassified from accumulated other comprehensive loss to net income | | | | | — | | | | | | 28,017 | | | | | | 28,017 | | |
Net current-period other comprehensive loss | | | | | (1,443) | | | | | | (96,410) | | | | | | (97,853) | | |
Balance, March 31, 2019 | | | | $ | 11,605 | | | | | $ | (819,175) | | | | | $ | (807,570) | | |
|
| | Unrealized Gains (Losses) on Available-For-Sale Securities | | Unfunded Post Retirement Obligations | | Total | | | Unrealized Gains (Losses) on Available-For-Sale Securities | | Unfunded Post Retirement Obligations | | Total | | ||||||||||||||||||||||||
Balance, July 1, 2019 | | | $ | 12,732 | | | | $ | (851,788) | | | | $ | (839,056) | | | | | $ | 12,732 | | | | $ | (851,788) | | | | $ | (839,056) | | | ||||||
Unrealized gains on available for sale securities | | | | 1,947 | | | | | — | | | | | 1,947 | | | | | | 1,947 | | | | | — | | | | | 1,947 | | | ||||||
Increase in minimum pension liability | | | | — | | | | | (207,454) | | | | | (207,454) | | | | | | — | | | | | (207,454) | | | | | (207,454) | | | ||||||
Amounts reclassified from accumulated other comprehensive loss to net income | | | | — | | | | | 30,933 | | | | | 30,933 | | | | | | — | | | | | 30,933 | | | | | 30,933 | | | ||||||
Net current-period other comprehensive income (loss) | | | | 1,947 | | | | | (176,521) | | | | | (174,574) | | | | | | 1,947 | | | | | (176,521) | | | | | (174,574) | | | ||||||
Balance, March 31, 2020 | | | $ | 14,679 | | | | $ | (1,028,309) | | | | $ | (1,013,630) | | | | | $ | 14,679 | | | | $ | (1,028,309) | | | | $ | (1,013,630) | | |
| | | | | | | ||
| Financial Statements for the Years Ended June 30, 2019 and 2018 | | | | | | | |
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| | | Tel: 215-564-1900 Fax: 215-564-3940 www.bdo.com | | | Ten Penn Center 1801 Market Street, Suite 1700 Philadelphia, PA 19103 | |
June 30, | | 2019 | | 2018 | | | 2019 | | 2018 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and due from banks | | | $ | 980,252 | | | | $ | 627,334 | | | | | $ | 980,252 | | | | $ | 627,334 | | | ||||
Interest bearing demand deposits | | | | 2,842,634 | | | | | 2,495,245 | | | | | | 2,842,634 | | | | | 2,495,245 | | | ||||
Federal funds sold | | | | 18,590,000 | | | | | 20,810,000 | | | | | | 18,590,000 | | | | | 20,810,000 | | | ||||
Cash and cash equivalents | | | | 22,412,886 | | | | | 23,932,579 | | | | | | 22,412,886 | | | | | 23,932,579 | | | ||||
Interest bearing time deposits | | | | 665,924 | | | | | 943,368 | | | | | | 665,924 | | | | | 943,368 | | | ||||
Investment securities available-for-sale, at fair value | | | | 577,904 | | | | | 774,131 | | | | | | 577,904 | | | | | 774,131 | | | ||||
Investment securities held-to-maturity (fair value 2019 $8,782; 2018 $29,696) | | | | 8,512 | | | | | 29,283 | | | | | | 8,512 | | | | | 29,283 | | | ||||
Loans receivable, net of allowance for loan losses of $469,381 at June 30, 2019 and $487,181 at June 30, 2018 | | | | 62,041,187 | | | | | 60,549,606 | | | | | | 62,041,187 | | | | | 60,549,606 | | | ||||
Accrued interest receivable | | | | 205,469 | | | | | 198,741 | | | | | | 205,469 | | | | | 198,741 | | | ||||
Foreclosed real estate | | | | 191,100 | | | | | 264,509 | | | | | | 191,100 | | | | | 264,509 | | | ||||
Restricted stock, at cost | | | | 300,200 | | | | | 238,200 | | | | | | 300,200 | | | | | 238,200 | | | ||||
Premises and equipment, net | | | | 191,419 | | | | | 217,259 | | | | | | 191,419 | | | | | 217,259 | | | ||||
Prepaid expenses and other assets | | | | 199,775 | | | | | 249,106 | | | | | | 199,775 | | | | | 249,106 | | | ||||
Deferred income taxes, net | | | | 354,115 | | | | | 304,052 | | | | | | 354,115 | | | | | 304,052 | | | ||||
Total Assets | | | $ | 87,148,491 | | | | $ | 87,700,834 | | | | | $ | 87,148,491 | | | | $ | 87,700,834 | | | ||||
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | ||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Deposits | | | $ | 68,060,437 | | | | $ | 70,720,933 | | | | | $ | 68,060,437 | | | | $ | 70,720,933 | | | ||||
Advances from Federal Home Loan Bank of Pittsburgh | | | | 4,408,422 | | | | | 2,804,840 | | | | | | 4,408,422 | | | | | 2,804,840 | | | ||||
Advances from borrowers for taxes and insurance | | | | 404,175 | | | | | 392,878 | | | | | | 404,175 | | | | | 392,878 | | | ||||
Accrued interest payable | | | | 18,887 | | | | | 12,835 | | | | | | 18,887 | | | | | 12,835 | | | ||||
Other liabilities | | | | 1,557,399 | | | | | 1,245,240 | | | | | | 1,557,399 | | | | | 1,245,240 | | | ||||
Total Liabilities | | | | 74,449,320 | | | | | 75,176,726 | | | | | | 74,449,320 | | | | | 75,176,726 | | | ||||
Equity | | | | | | | | | | | | | | | | | | | | | | | ||||
Surplus | | | | 951,782 | | | | | 951,782 | | | | | | 951,782 | | | | | 951,782 | | | ||||
Retained earnings | | | | 12,586,445 | | | | | 12,282,043 | | | | | | 12,586,445 | | | | | 12,282,043 | | | ||||
Accumulated other comprehensive loss | | | | (839,056) | | | | | (709,717) | | | | | | (839,056) | | | | | (709,717) | | | ||||
Total Equity | | | | 12,699,171 | | | | | 12,524,108 | | | | | | 12,699,171 | | | | | 12,524,108 | | | ||||
Total Liabilities and Equity | | | $ | 87,148,491 | | | | $ | 87,700,834 | | | | | $ | 87,148,491 | | | | $ | 87,700,834 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees: | | | | | | | | | | | | | |
First mortgage loans | | | | $ | 2,258,344 | | | | | $ | 2,338,288 | | |
Consumer and other loans | | | | | 694,750 | | | | | | 678,872 | | |
Investment securities | | | | | — | | | | | | 35,153 | | |
Mortgage-backed securities | | | | | 24,733 | | | | | | 33,122 | | |
Other | | | | | 535,113 | | | | | | 296,889 | | |
Total Interest Income | | | | | 3,512,940 | | | | | | 3,382,324 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 584,220 | | | | | | 560,021 | | |
Federal Home Loan Bank advances | | | | | 104,716 | | | | | | 31,839 | | |
Total Interest Expense | | | | | 688,936 | | | | | | 591,860 | | |
Net interest income | | | | | 2,824,004 | | | | | | 2,790,464 | | |
Provision (Credit) for Loan Losses | | | | | (16,665) | | | | | | (13,875) | | |
Net interest income after provision (credit) for loan losses | | | | | 2,840,669 | | | | | | 2,804,339 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees | | | | | 164,279 | | | | | | 177,492 | | |
Net loss on sale of investment securities | | | | | — | | | | | | (117,767) | | |
Net gain (loss) on sale of foreclosed real estate | | | | | 9,555 | | | | | | (36,351) | | |
Other | | | | | 953 | | | | | | 2,718 | | |
Total Non-Interest Income | | | | | 174,787 | | | | | | 26,092 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 1,542,738 | | | | | | 1,373,090 | | |
Occupancy and equipment | | | | | 200,104 | | | | | | 193,718 | | |
Foreclosed real estate expenses | | | | | 58,886 | | | | | | 52,286 | | |
Federal deposit insurance premiums | | | | | 23,918 | | | | | | 26,184 | | |
Data processing | | | | | 163,728 | | | | | | 164,262 | | |
Other | | | | | 593,668 | | | | | | 574,553 | | |
Total Non-Interest Expenses | | | | | 2,583,042 | | | | | | 2,384,093 | | |
Income before income taxes | | | | | 432,414 | | | | | | 446,338 | | |
Income Tax Expense | | | | | 128,012 | | | | | | 398,247 | | |
Net Income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Years Ended June 30, | | 2019 | | 2018 | | | 2019 | | 2018 | | ||||||||||||||||
Comprehensive Income | | | | | | | | | | | | | | | | | | | | | | | ||||
Net income | | | $ | 304,402 | | | | $ | 48,091 | | | | | $ | 304,402 | | | | $ | 48,091 | | | ||||
Other Comprehensive Income | | | | | | | | | | | | |||||||||||||||
Other Comprehensive (Loss) Income | | | | | | | | | | | | |||||||||||||||
Unrealized loss on securities available-for-sale, net of taxes of $(84) and $(18,887), respectively | | | | (316) | | | | | (49,323) | | | | | | (316) | | | | | (49,323) | | | ||||
Reclassification adjustment for loss on sale of available- for-sale securities, net of taxes of $0 and $24,731, respectively | | | | — | | | | | 93,036 | | | | | | — | | | | | 93,036 | | | ||||
Net unrealized (losses) gains on securities available-for- sale | | | | (316) | | | | | 43,713 | | | | | | (316) | | | | | 43,713 | | | ||||
Unfunded post-retirement obligations: | | | | | | | | | | | | | | | | | | | | | | | ||||
Decrease (Increase) in minimum pension liability, net of taxes of $(44,227) and $15,333, respectively | | | | (166,379) | | | | | 35,694 | | | | | | (166,379) | | | | | 35,694 | | | ||||
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $9,930 and $14,906, respectively (1) | | | | 37,356 | | | | | 39,296 | | | | | | 37,356 | | | | | 39,296 | | | ||||
Other comprehensive income on unfunded post- retirement obligations | | | | (129,023) | | | | | 74,990 | | | | | | (129,023) | | | | | 74,990 | | | ||||
Total Other Comprehensive (Loss) Income | | | | (129,339) | | | | | 118,703 | | | | | | (129,339) | | | | | 118,703 | | | ||||
Comprehensive Income | | | $ | 175,063 | | | | $ | 166,794 | | | | | $ | 175,063 | | | | $ | 166,794 | | |
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2017 | | | | $ | 951,782 | | | | | $ | 12,100,619 | | | | | $ | (695,087) | | | | | $ | 12,357,314 | | |
Net income | | | | | — | | | | | | 48,091 | | | | | | — | | | | | | 48,091 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | 118,703 | | | | | | 118,703 | | |
Reclassification of other comprehensive income to retained earnings of ‘stranded tax effects’ in accordance with ASU 2018-02 | | | | | — | | | | | | 133,333 | | | | | | (133,333) | | | | | | — | | |
Balance, June 30, 2018 | | | | | 951,782 | | | | | | 12,282,043 | | | | | | (709,717) | | | | | | 12,524,108 | | |
Net income | | | | | — | | | | | | 304,402 | | | | | | — | | | | | | 304,402 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (129,339) | | | | | | (129,339) | | |
Balance, June 30, 2019 | | | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for depreciation | | | | | 44,209 | | | | | | 48,337 | | |
(Credit) Provision for loan losses | | | | | (16,665) | | | | | | (13,875) | | |
Write-down of foreclosed real estate | | | | | 51,055 | | | | | | — | | |
Net amortization of securities premiums and discounts | | | | | (997) | | | | | | (635) | | |
Deferred income taxes | | | | | (15,681) | | | | | | 259,811 | | |
Net (gain) loss on sale of foreclosed real estate | | | | | (9,555) | | | | | | 36,351 | | |
Net loss on sale of investment securities | | | | | — | | | | | | 117,767 | | |
Decrease in assets: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | (6,728) | | | | | | 623 | | |
Prepaid expenses and other assets | | | | | 49,331 | | | | | | 53,818 | | |
Net loss on disposal of premises and equipment | | | | | 88 | | | | | | 49 | | |
Increase (decrease) in liabilities: | | | | | | | | | | | | | |
Accrued interest payable | | | | | 6,052 | | | | | | 4,336 | | |
Other liabilities | | | | | 148,838 | | | | | | 88,840 | | |
Net Cash Provided by Operating Activities | | | | | 554,349 | | | | | | 643,513 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net redemptions/(purchases) of interest-bearing time deposits | | | | | 277,444 | | | | | | (2,995) | | |
Investment securities available-for-sale: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 196,743 | | | | | | 2,369,645 | | |
Proceeds from sales | | | | | — | | | | | | 1,882,233 | | |
Investment securities held-to-maturity: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 20,852 | | | | | | 1,036,608 | | |
Net decrease (increase) in loans receivable | | | | | (1,474,916) | | | | | | 751,400 | | |
Purchase of premises and equipment | | | | | (18,457) | | | | | | (18,417) | | |
Proceeds from sale of foreclosed real estate | | | | | 31,909 | | | | | | 155,694 | | |
Net increase in restricted stock | | | | | (62,000) | | | | | | (114,500) | | |
Net Cash (Used In) Provided by Investing Activities | | | | | (1,028,425) | | | | | | 6,059,668 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits | | | | | (2,660,496) | | | | | | (5,687,378) | | |
Proceeds from long-term debt | | | | | 1,770,000 | | | | | | 2,884,300 | | |
Repayment of long-term debt | | | | | (166,418) | | | | | | (79,460) | | |
Net increase (decrease) in advances from borrowers for taxes and insurance | | | | | 11,297 | | | | | | (1,826) | | |
Net Cash Used in Financing Activities | | | | | (1,045,617) | | | | | | (2,884,364) | | |
Net increase (decrease) in cash and cash equivalents | | | | | (1,519,693) | | | | | | 3,818,817 | | |
Cash and Cash Equivalents, Beginning | | | | | 23,932,579 | | | | | | 20,113,762 | | |
Cash and Cash Equivalents, Ending | | | | $ | 22,412,886 | | | | | $ | 23,932,579 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 682,884 | | | | | $ | 587,524 | | |
Income taxes paid | | | | $ | 135,000 | | | | | $ | 156,500 | | |
Supplementary Schedule of Non-Cash Investing and Financing Activities | | | | | | | | | | | | | |
Foreclosed real estate acquired in settlement of loans receivable | | | | $ | — | | | | | $ | 305,399 | | |
| Consolidated Financial Statements for the Nine Months Ended March 31, 2020 and 2019 (Unaudited) | | | | | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-6 – A-24 | | |
| | | March 31, 2020 | | | June 30, 2019 | | ||||||
| | | (unaudited) | | |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 1,084,862 | | | | | $ | 980,252 | | |
Interest bearing demand deposits | | | | | 4,681,286 | | | | | | 2,842,634 | | |
Federal funds sold | | | | | 19,296,000 | | | | | | 18,590,000 | | |
Cash and cash equivalents | | | | | 25,062,148 | | | | | | 22,412,886 | | |
Interest bearing time deposits | | | | | 676,743 | | | | | | 665,924 | | |
Investment securities available-for-sale, at fair value | | | | | 470,757 | | | | | | 577,904 | | |
Investment securities held-to-maturity (fair value March 31, 2020 $3,043; June 30, 2019 $8,782) | | | | | 2,894 | | | | | | 8,512 | | |
Loans receivable, net of allowance for loan losses of $431,534 at March 31, 2020 and $469,381 at June 30, 2019 | | | | | 57,492,060 | | | | | | 62,041,187 | | |
Accrued interest receivable | | | | | 178,288 | | | | | | 205,469 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | 191,100 | | |
Restricted stock, at cost | | | | | 334,600 | | | | | | 300,200 | | |
Premises and equipment, net | | | | | 175,356 | | | | | | 191,419 | | |
Prepaid expenses and other assets | | | | | 211,262 | | | | | | 199,775 | | |
Deferred income taxes, net | | | | | 344,852 | | | | | | 354,115 | | |
Total Assets | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | $ | 64,937,797 | | | | | $ | 68,060,437 | | |
Advances from Federal Home Loan Bank of Pittsburgh | | | | | 5,270,593 | | | | | | 4,408,422 | | |
Advances from borrowers for taxes and insurance | | | | | 411,146 | | | | | | 404,175 | | |
Accrued interest payable | | | | | 22,888 | | | | | | 18,887 | | |
Other liabilities | | | | | 1,512,895 | | | | | | 1,557,399 | | |
Total Liabilities | | | | | 72,155,319 | | | | | | 74,449,320 | | |
Equity | | | | | | | | | | | | | |
Surplus | | | | | 951,782 | | | | | | 951,782 | | |
Retained earnings | | | | | 12,955,589 | | | | | | 12,586,445 | | |
Accumulated other comprehensive loss | | | | | (1,013,630) | | | | | | (839,056) | | |
Total Equity | | | | | 12,893,741 | | | | | | 12,699,171 | | |
Total Liabilities and Equity | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees: | | | | | | | | | | | | | |
First mortgage loans | | | | $ | 1,700,192 | | | | | $ | 1,686,200 | | |
Consumer and other loans | | | | | 517,525 | | | | | | 517,782 | | |
Mortgage-backed securities | | | | | 14,126 | | | | | | 18,971 | | |
Other | | | | | 303,309 | | | | | | 392,252 | | |
Total Interest Income | | | | | 2,535,152 | | | | | | 2,615,205 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 458,491 | | | | | | 433,893 | | |
Federal Home Loan Bank advances | | | | | 106,934 | | | | | | 73,400 | | |
Total Interest Expense | | | | | 565,425 | | | | | | 507,293 | | |
Net interest income | | | | | 1,969,727 | | | | | | 2,107,912 | | |
Provision (Credit) for Loan Losses | | | | | (49,308) | | | | | | 2,686 | | |
Net interest income after provision (credit) for loan losses | | | | | 2,019,035 | | | | | | 2,105,226 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees | | | | | 115,189 | | | | | | 122,242 | | |
Net loss on foreclosed real estate | | | | | (2,701) | | | | | | (11,470) | | |
Other | | | | | 203 | | | | | | 916 | | |
Total Non-Interest Income | | | | | 112,691 | | | | | | 111,688 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 784,881 | | | | | | 1,152,696 | | |
Occupancy and equipment | | | | | 136,426 | | | | | | 150,944 | | |
Foreclosed real estate expenses | | | | | 14,903 | | | | | | 4,209 | | |
Federal deposit insurance premiums | | | | | (30) | | | | | | 18,116 | | |
Data processing | | | | | 123,221 | | | | | | 122,882 | | |
Other | | | | | 547,265 | | | | | | 437,193 | | |
Total Non-Interest Expenses | | | | | 1,606,666 | | | | | | 1,886,040 | | |
Income before income taxes | | | | | 525,060 | | | | | | 330,874 | | |
Income Tax Expense | | | | | 155,916 | | | | | | 122,952 | | |
Net Income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Other Comprehensive Loss | | | | | | | | | | | | | |
Unrealized gain (loss) on securities available-for-sale, net of taxes of $518 and $(384), respectively | | | | | 1,947 | | | | | | (1,443) | | |
Unfunded post-retirement obligations: | | | | | | | | | | | | | |
Increase in minimum pension liability, net of taxes of $(55,146) and $(33,076), respectively | | | | | (207,454) | | | | | | (124,427) | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $8,223 and $7,448, respectively(1) | | | | | 30,933 | | | | | | 28,017 | | |
Other comprehensive loss on unfunded post-retirement obligations | | | | | (176,521) | | | | | | (96,410) | | |
Total Other Comprehensive Loss | | | | | (174,574) | | | | | | (97,853) | | |
Comprehensive Income | | | | $ | 194,570 | | | | | $ | 110,069 | | |
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2018 | | | | $ | 951,782 | | | | | $ | 12,282,043 | | | | | $ | (709,717) | | | | | $ | 12,524,108 | | |
Net income | | | | | — | | | | | | 207,922 | | | | | | — | | | | | | 207,922 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (97,853) | | | | | | (97,853) | | |
Balance, March 31, 2019 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,489,965 | | | | | $ | (807,570) | | | | | $ | 12,634,177 | | |
|
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2019 | | | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Net income | | | | | — | | | | | | 369,144 | | | | | | — | | | | | | 369,144 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (174,574) | | | | | | (174,574) | | |
Balance, March 31, 2020 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,955,589 | | | | | $ | (1,013,630) | | | | | $ | 12,893,741 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for depreciation | | | | | 29,734 | | | | | | 33,552 | | |
(Credit) provision for loan losses | | | | | (49,308) | | | | | | 2,686 | | |
Net amortization of securities premiums and discounts | | | | | 544 | | | | | | 802 | | |
Deferred income taxes | | | | | 55,668 | | | | | | (9,098) | | |
Net loss on foreclosed real estate | | | | | 2,701 | | | | | | 11,470 | | |
Decrease (increase) in assets: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | 27,181 | | | | | | (9,077) | | |
Prepaid expenses and other assets | | | | | (11,487) | | | | | | 3,655 | | |
Increase (decrease) in liabilities: | | | | | | | | | | | | | |
Accrued interest payable | | | | | 4,001 | | | | | | 7,104 | | |
Other liabilities | | | | | (267,948) | | | | | | 53,145 | | |
Net Cash Provided by Operating Activities | | | | | 160,230 | | | | | | 302,162 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net purchases of interest-bearing time deposits | | | | | (10,819) | | | | | | (1,592) | | |
Net decrease (increase) in loans receivable | | | | | 4,598,435 | | | | | | (1,577,027) | | |
Investment securities available-for-sale: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 190,073 | | | | | | 156,538 | | |
Investment securities held-to-maturity: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 5,613 | | | | | | 16,736 | | |
Proceeds from sale of premises and equipment | | | | | — | | | | | | 850 | | |
Purchase of premises and equipment | | | | | (13,671) | | | | | | (18,993) | | |
Proceeds from sale of foreclosed real estate | | | | | 88,299 | | | | | | 31,909 | | |
Net increase in restricted stock | | | | | (34,400) | | | | | | (66,000) | | |
Net Cash Provided by (Used in) Investing Activities | | | | | 4,742,530 | | | | | | (1,457,579) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits | | | | | (3,122,640) | | | | | | (827,155) | | |
Proceeds from long-term debt | | | | | 1,000,000 | | | | | | 1,770,000 | | |
Repayment of long-term debt | | | | | (137,829) | | | | | | (121,086) | | |
Net increase in advances from borrowers for taxes and insurance | | | | | 6,971 | | | | | | 5,613 | | |
Net Cash Provided by (Used in) Financing Activities | | | | | (2,253,498) | | | | | | 827,372 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 2,649,262 | | | | | | (328,045) | | |
Cash and Cash Equivalents, Beginning | | | | | 22,412,886 | | | | | | 23,932,579 | | |
Cash and Cash Equivalents, Ending | | | | $ | 25,062,148 | | | | | $ | 23,604,534 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 561,424 | | | | | $ | 500,189 | | |
Income taxes paid | | | | $ | 52,000 | | | | | $ | 115,000 | | |
June 30, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
|
June 30, 2018 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
| | | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
| | | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
June 30, 2018 | | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
March 31, 2020 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
| | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
| | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
|
June 30, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
March 31, 2020 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 452,176 | | | | | | 470,757 | | | | | | 2,894 | | | | | | 3,043 | | |
| | | | $ | 452,176 | | | | | $ | 470,757 | | | | | $ | 2,894 | | | | | $ | 3,043 | | |
|
June 30, 2019 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 561,788 | | | | | | 577,904 | | | | | | 8,512 | | | | | | 8,782 | | |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
|
June 30, 2018 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 757,615 | | | | | | 774,131 | | | | | | 29,283 | | | | | | 29,696 | | |
| | | | $ | 757,615 | | | | | $ | 774,131 | | | | | $ | 29,283 | | | | | $ | 29,696 | | |
June 30, 2019 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 561,788 | | | | | | 577,904 | | | | | | 8,512 | | | | | | 8,782 | | |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
First mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | ||||
One-to-four family residences – owner occupied | | | $ | 22,754,109 | | | | $ | 21,205,105 | | | | | $ | 23,232,841 | | | | $ | 22,754,109 | | | ||||
One-to-four family residences – non-owner occupied | | | | 18,621,665 | | | | | 18,485,241 | | | | | | 15,447,295 | | | | | 18,621,665 | | | ||||
Secured by other properties | | | | 3,611,107 | | | | | 4,798,757 | | | | | | 3,244,175 | | | | | 3,611,107 | | | ||||
| | | | 44,986,881 | | | | | 44,489,103 | | | | | | 41,924,311 | | | | | 44,986,881 | | | ||||
Consumer and other loans: | | | | | | | | | | | | | | | | | | | | | | | ||||
Home equity and second mortgage | | | | 17,519,066 | | | | | 16,553,808 | | | | | | 16,004,808 | | | | | 17,519,066 | | | ||||
Savings account loans and other | | | | 179,626 | | | | | 134,938 | | | | | | 142,948 | | | | | 179,626 | | | ||||
| | | | 17,698,692 | | | | | 16,688,746 | | | | | | 16,147,756 | | | | | 17,698,692 | | | ||||
Total Loans Receivable | | | | 62,685,573 | | | | | 61,177,849 | | | | | | 58,072,067 | | | | | 62,685,573 | | | ||||
Unearned loan origination fees, net | | | | (175,005) | | | | | (141,062) | | | | | | (148,473) | | | | | (175,005) | | | ||||
Allowance for loan losses | | | | (469,381) | | | | | (487,181) | | | | | | (431,534) | | | | | (469,381) | | | ||||
Loans Receivable, Net | | | $ | 62,041,187 | | | | $ | 60,549,606 | | | | | $ | 57,492,060 | | | | $ | 62,041,187 | | | ||||
|
March 31, 2020 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 88,324 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,167 | | | | | $ | 89,491 | | | | | $ | — | | | | | $ | 89,491 | | |
Non-owner occupied | | | | | 223,609 | | | | | | — | | | | | | 12,957 | | | | | | (40,198) | | | | | | 196,368 | | | | | | 55,843 | | | | | | 140,525 | | |
Secured by other properties | | | | | 84,138 | | | | | | — | | | | | | — | | | | | | (3,466) | | | | | | 80,672 | | | | | | 49,919 | | | | | | 30,753 | | |
Home equity and second mortgage | | | | | 67,696 | | | | | | — | | | | | | — | | | | | | (8,200) | | | | | | 59,496 | | | | | | — | | | | | | 59,496 | | |
Savings account loans and other | | | | | 5,614 | | | | | | (1,937) | | | | | | 441 | | | | | | 1,389 | | | | | | 5,507 | | | | | | — | | | | | | 5,507 | | |
| | | | $ | 469,381 | | | | | $ | (1,937) | | | | | $ | 13,398 | | | | | $ | (49,308) | | | | | $ | 431,534 | | | | | $ | 105,762 | | | | | $ | 325,772 | | |
June 30, 2019 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| | | Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (19,866) | | | | | $ | 88,324 | | | | | $ | — | | | | | $ | 88,324 | | |
Non-owner occupied | | | | | 200,983 | | | | | | — | | | | | | — | | | | | | 22,626 | | | | | | 223,609 | | | | | | 55,843 | | | | | | 167,766 | | |
Secured by other properties | | | | | 90,936 | | | | | | — | | | | | | — | | | | | | (6,798) | | | | | | 84,138 | | | | | | 49,919 | | | | | | 34,219 | | |
Home equity and second mortgage | | | | | 78,499 | | | | | | — | | | | | | — | | | | | | (10,803) | | | | | | 67,696 | | | | | | — | | | | | | 67,696 | | |
Savings account loans and other | | | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | (1,824) | | | | | | 5,614 | | | | | | — | | | | | | 5,614 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | (16,665) | | | | | $ | 469,381 | | | | | $ | 105,762 | | | | | $ | 363,619 | | |
|
June 30, 2018 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| | | Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 93,365 | | | | | $ | — | | | | | $ | — | | | | | $ | 14,825 | | | | | $ | 108,190 | | | | | $ | — | | | | | $ | 108,190 | | |
Non-owner occupied | | | | | 271,216 | | | | | | (59,833) | | | | | | — | | | | | | (10,400) | | | | | | 200,983 | | | | | | 42,911 | | | | | | 158,072 | | |
Secured by other properties | | | | | 109,285 | | | | | | — | | | | | | — | | | | | | (18,349) | | | | | | 90,936 | | | | | | 49,919 | | | | | | 41,017 | | |
Home equity and second mortgage | | | | | 83,581 | | | | | | — | | | | | | — | | | | | | (5,082) | | | | | | 78,499 | | | | | | — | | | | | | 78,499 | | |
Savings account loans and other | | | | | 7,927 | | | | | | (4,625) | | | | | | 140 | | | | | | 5,131 | | | | | | 8,573 | | | | | | — | | | | | | 8,573 | | |
| | | | $ | 565,374 | | | | | $ | (64,458) | | | | | $ | 140 | | | | | $ | (13,875) | | | | | $ | 487,181 | | | | | $ | 92,830 | | | | | $ | 394,351 | | |
|
March 31, 2019 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,362) | | | | | $ | 105,828 | | | | | $ | — | | | | | $ | 105,828 | | |
Non-owner occupied | | | | | 200,983 | | | | | | — | | | | | | — | | | | | | 14,325 | | | | | | 215,308 | | | | | | 44,382 | | | | | | 170,926 | | |
Secured by other properties | | | | | 90,936 | | | | | | — | | | | | | — | | | | | | (8,575) | | | | | | 82,361 | | | | | | 49,919 | | | | | | 32,442 | | |
Home equity and second mortgage | | | | | 78,499 | | | | | | — | | | | | | — | | | | | | (953) | | | | | | 77,546 | | | | | | — | | | | | | 77,546 | | |
Savings account loans and other | | | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | 251 | | | | | | 7,689 | | | | | | — | | | | | | 7,689 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | 2,686 | | | | | $ | 488,732 | | | | | $ | 94,301 | | | | | $ | 394,431 | | |
|
March 31, 2020 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 23,232,841 | | | | | $ | 273,158 | | | | | $ | 22,959,683 | | |
Non-owner occupied | | | | | 15,447,295 | | | | | | 513,746 | | | | | | 14,933,549 | | |
Secured by other properties | | | | | 3,244,175 | | | | | | 308,400 | | | | | | 2,935,775 | | |
Home equity and second mortgage | | | | | 16,004,808 | | | | | | 57,650 | | | | | | 15,947,158 | | |
Savings account loans and other | | | | | 142,948 | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 58,072,067 | | | | | $ | 1,152,954 | | | | | $ | 56,919,113 | | |
|
June 30, 2019 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied | | | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties | | | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage | | | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other | | | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
June 30, 2019 | | | Loans Receivable | | |||||||||||||||
| | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied | | | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties | | | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage | | | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other | | | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
June 30, 2018 | | | Loans Receivable | | |||||||||||||||
| | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 21,205,105 | | | | | $ | 150,387 | | | | | $ | 21,054,718 | | |
Non-owner occupied | | | | | 18,485,241 | | | | | | 550,668 | | | | | | 17,934,573 | | |
Secured by other properties | | | | | 4,798,757 | | | | | | 343,569 | | | | | | 4,455,188 | | |
Home equity and second mortgage | | | | | 16,553,808 | | | | | | 55,931 | | | | | | 16,497,877 | | |
Savings account loans and other | | | | | 134,938 | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 61,177,849 | | | | | $ | 1,100,555 | | | | | $ | 60,077,294 | | |
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
Secured by other properties | | | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
March 31, 2020 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 87,756 | | | | | | 87,756 | | | | | | — | | | | | | 103,750 | | | | | | 3,220 | | |
Secured by other properties | | | | | 134,820 | | | | | | 134,820 | | | | | | — | | | | | | 142,219 | | | | | | 12,079 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 425,990 | | | | | | — | | |
Secured by other properties | | | | | 173,580 | | | | | | 173,580 | | | | | | 49,919 | | | | | | 175,011 | | | | | | 7,495 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 513,746 | | | | | | 513,746 | | | | | | 55,843 | | | | | | 529,740 | | | | | | 3,220 | | |
Secured by other properties | | | | | 308,400 | | | | | | 308,400 | | | | | | 49,919 | | | | | | 317,230 | | | | | | 19,574 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
Secured by other properties | | | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties | | | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties | | | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties | | | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties | | | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2018 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied | | | | | 235,408 | | | | | | 267,365 | | | | | | — | | | | | | 343,512 | | | | | | 12,602 | | |
Secured by other properties | | | | | 163,254 | | | | | | 163,254 | | | | | | — | | | | | | 168,569 | | | | | | 11,764 | | |
Home equity and second mortgage | | | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other | | | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 315,260 | | | | | | 315,260 | | | | | | 42,911 | | | | | | 318,908 | | | | | | 14,371 | | |
Secured by other properties | | | | | 180,315 | | | | | | 180,315 | | | | | | 49,919 | | | | | | 182,158 | | | | | | 9,931 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied | | | | | 550,668 | | | | | | 582,625 | | | | | | 42,911 | | | | | | 662,420 | | | | | | 26,973 | | |
Secured by other properties | | | | | 343,569 | | | | | | 343,569 | | | | | | 49,919 | | | | | | 350,727 | | | | | | 21,695 | | |
Home equity and second mortgage | | | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other | | | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
June 30, 2019 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied | | | | | 16,706,762 | | | | | | 1,401,017 | | | | | | 513,886 | | | | | | — | | | | | | — | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,003,645 | | | | | | 457,844 | | | | | | 149,618 | | | | | | — | | | | | | — | | | | | | 3,611,107 | | |
Home equity and second mortgage | | | | | 17,447,187 | | | | | | — | | | | | | 71,879 | | | | | | — | | | | | | — | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 174,814 | | | | | | — | | | | | | 4,812 | | | | | | — | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
|
June 30, 2018 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 21,054,718 | | | | | $ | — | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,205,105 | | |
Non-owner occupied | | | | | 18,485,241 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | |
Secured by other properties | | | | | 4,635,503 | | | | | | — | | | | | | 163,254 | | | | | | — | | | | | | — | | | | | | 4,798,757 | | |
Home equity and second mortgage | | | | | 16,497,877 | | | | | | — | | | | | | 55,931 | | | | | | — | | | | | | — | | | | | | 16,553,808 | | |
Savings account loans and other | | | | | 134,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 60,808,277 | | | | | $ | — | | | | | $ | 369,572 | | | | | $ | — | | | | | $ | — | | | | | $ | 61,177,849 | | |
March 31, 2020 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,959,683 | | | | | $ | — | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,232,841 | | |
Non-owner occupied | | | | | 13,713,466 | | | | | | 1,220,083 | | | | | | 513,746 | | | | | | — | | | | | | — | | | | | | 15,447,295 | | |
Secured by other properties | | | | | 2,671,514 | | | | | | 437,841 | | | | | | 134,820 | | | | | | — | | | | | | — | | | | | | 3,244,175 | | |
Home equity and second mortgage | | | | | 15,947,158 | | | | | | — | | | | | | 57,650 | | | | | | — | | | | | | — | | | | | | 16,004,808 | | |
Savings account loans and other | | | | | 139,246 | | | | | | — | | | | | | 3,702 | | | | | | — | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 55,431,067 | | | | | $ | 1,657,924 | | | | | $ | 983,076 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,072,067 | | |
|
June 30, 2019 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied | | | | | 16,706,762 | | | | | | 1,401,017 | | | | | | 513,886 | | | | | | — | | | | | | — | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,003,645 | | | | | | 457,844 | | | | | | 149,618 | | | | | | — | | | | | | — | | | | | | 3,611,107 | | |
Home equity and second mortgage | | | | | 17,447,187 | | | | | | — | | | | | | 71,879 | | | | | | — | | | | | | — | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 174,814 | | | | | | — | | | | | | 4,812 | | | | | | — | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
June 30, 2019 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied | | | | | 134,350 | | | | | | — | | | | | | 513,886 | | | | | | 648,236 | | | | | | 17,973,429 | | | | | | 18,621,665 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | 149,618 | | | | | | — | | | | | | 149,618 | | | | | | 3,461,489 | | | | | | 3,611,107 | | | | | | — | | |
Home equity and second mortgage | | | | | 22,462 | | | | | | 19,162 | | | | | | — | | | | | | 41,624 | | | | | | 17,477,442 | | | | | | 17,519,066 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,626 | | | | | | 179,626 | | | | | | — | | |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
March 31, 2020 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 98,841 | | | | | $ | — | | | | | $ | — | | | | | $ | 98,841 | | | | | $ | 23,134,000 | | | | | $ | 23,232,841 | | | | | $ | — | | |
Non-owner occupied | | | | | — | | | | | | — | | | | | | 513,746 | | | | | | 513,746 | | | | | | 14,933,549 | | | | | | 15,447,295 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,244,175 | | | | | | 3,244,175 | | | | | | — | | |
Home equity and second mortgage | | | | | 75,239 | | | | | | 87 | | | | | | — | | | | | | 75,326 | | | | | | 15,929,482 | | | | | | 16,004,808 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 142,948 | | | | | | 142,948 | | | | | | — | | |
| | | | $ | 174,080 | | | | | $ | 168,780 | | | | | $ | 513,746 | | | | | $ | 687,913 | | | | | $ | 57,384,154 | | | | | $ | 58,072,067 | | | | | $ | — | | |
|
June 30, 2019 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied | | | | | 134,350 | | | | | | — | | | | | | 513,886 | | | | | | 648,236 | | | | | | 17,973,429 | | | | | | 18,621,665 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | 149,618 | | | | | | — | | | | | | 149,618 | | | | | | 3,461,489 | | | | | | 3,611,107 | | | | | | — | | |
Home equity and second mortgage | | | | | 22,462 | | | | | | 19,162 | | | | | | — | | | | | | 41,624 | | | | | | 17,477,442 | | | | | | 17,519,066 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,626 | | | | | | 179,626 | | | | | | — | | |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
June 30, 2018 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 145,939 | | | | | $ | 68,862 | | | | | $ | 150,387 | | | | | $ | 365,188 | | | | | $ | 20,839,917 | | | | | $ | 21,205,105 | | | | | $ | — | | |
Non-owner occupied | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | | | | | 18,485,241 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | 163,254 | | | | | | — | | | | | | 163,254 | | | | | | 4,635,503 | | | | | | 4,798,757 | | | | | | — | | |
Home equity and second mortgage | | | | | — | | | | | | 67,860 | | | | | | 55,931 | | | | | | 123,791 | | | | | | 16,430,017 | | | | | | 16,553,808 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | | | | | 134,938 | | | | | | — | | |
| | | | $ | 145,939 | | | | | $ | 299,976 | | | | | $ | 206,318 | | | | | $ | 652,233 | | | | | $ | 60,525,616 | | | | | $ | 61,177,849 | | | | | $ | — | | |
|
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | ||||
Owner occupied | | | $ | 281,984 | | | | $ | 150,387 | | | | | $ | 273,158 | | | | $ | 281,984 | | | ||||
Non-owner occupied | | | | 513,886 | | | | | — | | | | | | 513,746 | | | | | 513,886 | | | ||||
Secured by other properties | | | | 149,618 | | | | | 163,254 | | | | | | 134,820 | | | | | 149,618 | | | ||||
Home equity and second mortgage | | | | 71,879 | | | | | 55,931 | | | | | | 57,650 | | | | | 71,879 | | | ||||
Savings account loans and other | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
| | | $ | 1,017,367 | | | | $ | 369,572 | | | | | $ | 979,374 | | | | $ | 1,017,367 | | |
| | | Estimated Useful Lives | | | 2020 | | | 2019 | | ||||||
Buildings and improvements | | | 3 to 35 years | | | | $ | 968,615 | | | | | $ | 968,615 | | |
Furniture, fixtures and equipment | | | 1 to 15 years | | | | | 776,523 | | | | | | 771,383 | | |
| | | | | | | | 1,745,138 | | | | | | 1,739,998 | | |
Accumulated depreciation | | | | | | | | (1,602,432) | | | | | | (1,581,229) | | |
| | | | | | | | 142,706 | | | | | | 158,769 | | |
Land | | | | | | | | 32,650 | | | | | | 32,650 | | |
| | | | | | | $ | 175,356 | | | | | $ | 191,419 | | |
| | | Estimated Useful Lives | | | 2019 | | | 2018 | | ||||||
Buildings and improvements | | | 3 to 35 years | | | | $ | 968,615 | | | | | $ | 968,615 | | |
Furniture, fixtures and equipment | | | 1 to 15 years | | | | | 771,383 | | | | | | 769,310 | | |
| | | | | | | | 1,739,998 | | | | | | 1,737,925 | | |
Accumulated depreciation | | | | | | | | (1,581,229) | | | | | | (1,553,316) | | |
| | | | | | | | 158,769 | | | | | | 184,609 | | |
Land | | | | | | | | 32,650 | | | | | | 32,650 | | |
| | | | | | | $ | 191,419 | | | | | $ | 217,259 | | |
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Weighted Average Rate at June 30, 2019 | | Amount | | Percent | | Weighted Average Rate at June 30, 2017 | | Amount | | Percent | | | Weighted Average Rate at March 31, 2020 | | Amount | | Percent | | Weighted Average Rate at June 30, 2019 | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Business checking | | | | | | | | $ | 437,231 | | | | | 0.64% | | | | | | | | | $ | 322,715 | | | | | 0.46% | | | | | | | | | | $ | 378,482 | | | | | 0.58% | | | | | | | | | $ | 437,231 | | | | | 0.64% | | | ||||||||||||
Non-interest checking | | | | | | | | | 3,486,425 | | | | | 5.12 | | | | | | | | | | 2,738,631 | | | | | 3.87 | | | | | | | | | | | 3,041,670 | | | | | 4.68 | | | | | | | | | | 3,486,425 | | | | | 5.12 | | | ||||||||||||
NOW | | | | | | | | | 16,810,886 | | | | | 24.70 | | | | | | | | | | 18,753,514 | | | | | 26.52 | | | | | | | | | | | 14,791,328 | | | | | 22.78 | | | | | | | | | | 16,810,886 | | | | | 24.70 | | | ||||||||||||
Money market | | | | | | | | | 3,526,512 | | | | | 5.18 | | | | | | | | | | 4,092,473 | | | | | 5.79 | | | | | | | | | | | 3,140,120 | | | | | 4.84 | | | | | | | | | | 3,526,512 | | | | | 5.18 | | | ||||||||||||
Savings | | | | | | | | | 17,749,181 | | | | | 26.08 | | | | | | | | | | 18,118,590 | | | | | 25.62 | | | | | | | | | | | 17,372,403 | | | | | 26.75 | | | | | | | | | | 17,749,181 | | | | | 26.08 | | | ||||||||||||
| | | | 0.41% | | | | | 42,010,235 | | | | | 61.72 | | | | | 0.43% | | | | | 44,025,923 | | | | | 62.26 | | | | | | 0.40% | | | | | 38,724,003 | | | | | 59.63 | | | | | 0.41% | | | | | 42,010,235 | | | | | 61.72 | | | ||||||||||||
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Certificates of deposit | | | | 1.63% | | | | | 26,050,202 | | | | | 38.28 | | | | | 1.27% | | | | | 26,695,010 | | | | | 37.74 | | | | | | 1.69% | | | | | 26,213,794 | | | | | 40.37 | | | | | 1.63% | | | | | 26,050,202 | | | | | 38.28 | | | ||||||||||||
| | | | 0.88% | | | | $ | 68,060,437 | | | | | 100.00% | | | | | 0.75% | | | | $ | 70,720,933 | | | | | 100.00% | | | | | | 0.92% | | | | $ | 64,937,797 | | | | | 100.00% | | | | | 0.88% | | | | $ | 68,060,437 | | | | | 100.00% | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 2,207,456 | | |
2021 | | | | | 9,253,409 | | |
2022 | | | | | 7,745,799 | | |
2023 | | | | | 2,961,297 | | |
2024 | | | | | 2,551,586 | | |
2025 | | | | | 1,179,402 | | |
Thereafter | | | | | 314,845 | | |
| | | | $ | 26,213,794 | | |
| | | 2020 | | | 2019 | | ||||||
Money market accounts | | | | $ | 18,052 | | | | | $ | 20,213 | | |
NOW accounts | | | | | 68,808 | | | | | | 78,539 | | |
Savings accounts | | | | | 39,085 | | | | | | 40,272 | | |
Certificates of deposit | | | | | 332,546 | | | | | | 294,869 | | |
| | | | $ | 458,491 | | | | | $ | 433,893 | | |
| | | 2020 | | | 2019 | | ||||||
Correspondent Bank charges | | | | $ | 13,583 | | | | | $ | 13,565 | | |
Professional fees | | | | | 236,572 | | | | | | 121,277 | | |
Advertising | | | | | 37,115 | | | | | | 38,793 | | |
Insurance/surety bond premiums | | | | | 18,195 | | | | | | 18,137 | | |
Supplies | | | | | 20,507 | | | | | | 20,570 | | |
Supervisory Exams | | | | | 9,877 | | | | | | 12,633 | | |
ATM costs | | | | | 55,747 | | | | | | 51,539 | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 9,549,030 | | |
2021 | | | | | 3,505,427 | | |
2022 | | | | | 6,225,297 | | |
2023 | | | | | 2,959,540 | | |
2024 | | | | | 2,602,855 | | |
Thereafter | | | | | 1,208,053 | | |
| | | | $ | 26,050,202 | | |
| | | 2019 | | | 2018 | | ||||||
Money market accounts | | | | $ | 26,160 | | | | | $ | 26,411 | | |
NOW accounts | | | | | 103,195 | | | | | | 122,866 | | |
Savings accounts | | | | | 53,711 | | | | | | 53,314 | | |
Certificates of deposit | | | | | 401,154 | | | | | | 357,430 | | |
| | | | $ | 584,220 | | | | | $ | 560,021 | | |
| | | 2019 | | | 2018 | | ||||||
Correspondent Bank charges | | | | $ | 18,239 | | | | | $ | 25,571 | | |
Professional fees | | | | | 160,974 | | | | | | 161,499 | | |
Advertising | | | | | 53,178 | | | | | | 49,085 | | |
Insurance/surety bond premiums | | | | | 24,144 | | | | | | 24,318 | | |
Supplies | | | | | 16,212 | | | | | | 27,798 | | |
Supervisory Exams | | | | | 27,350 | | | | | | 17,548 | | |
ATM costs | | | | | 69,847 | | | | | | 67,045 | | |
VISA debit cards | | | | | 30,839 | | | | | | 30,215 | | |
Telephone, data line, and internet charges | | | | | 84,891 | | | | | | 81,399 | | |
Postage | | | | | 16,993 | | | | | | 19,869 | | |
Dues and subscriptions | | | | | 15,426 | | | | | | 13,917 | | |
DDA/NOW account costs | | | | | 12,230 | | | | | | 12,211 | | |
Loan processing costs | | | | | 11,230 | | | | | | 6,778 | | |
Telephone banking | | | | | 9,716 | | | | | | 9,991 | | |
Courier services | | | | | 10,618 | | | | | | 10,090 | | |
Meals and entertainment | | | | | 10,496 | | | | | | 6,104 | | |
Provision for other credit losses | | | | | 8,048 | | | | | | (2,566) | | |
Other | | | | | 13,237 | | | | | | 13,681 | | |
| | | | $ | 593,668 | | | | | $ | 574,553 | | |
|
| | | 2020 | | | 2019 | | ||||||
VISA debit cards | | | | | 23,060 | | | | | | 24,007 | | |
Telephone, data line, and internet charges | | | | | 75,828 | | | | | | 64,889 | | |
Postage | | | | | 12,654 | | | | | | 12,295 | | |
Dues and subscriptions | | | | | 12,574 | | | | | | 11,114 | | |
DDA/NOW account costs | | | | | 5,547 | | | | | | 9,394 | | |
Loan processing costs | | | | | 6,557 | | | | | | 7,532 | | |
Telephone banking | | | | | 7,041 | | | | | | 7,377 | | |
Courier services | | | | | 8,386 | | | | | | 7,938 | | |
Meals and entertainment | | | | | 3,665 | | | | | | 9,206 | | |
Provision for other credit losses | | | | | (7,934) | | | | | | (2,448) | | |
Other | | | | | 8,291 | | | | | | 9,375 | | |
| | | | $ | 547,265 | | | | | $ | 437,193 | | |
|
| | | 2019 | | | 2018 | | ||||||
Current, federal | | | | $ | 106,386 | | | | | $ | 123,144 | | |
Deferred, federal | | | | | (15,681) | | | | | | 240,386 | | |
Total federal income tax expense | | | | | 90,705 | | | | | | 363,530 | | |
Current, state | | | | | 37,307 | | | | | | 15,292 | | |
Deferred, state | | | | | — | | | | | | 19,425 | | |
Total state income tax expense | | | | | 37,307 | | | | | | 34,717 | | |
Total Income Tax Expense | | | | $ | 128,012 | | | | | $ | 398,247 | | |
| | | 2020 | | | 2019 | | ||||||
Current, federal | | | | $ | 56,591 | | | | | $ | 96,181 | | |
Deferred, federal | | | | | 55,668 | | | | | | (9,098) | | |
Total federal income tax expense | | | | | 112,259 | | | | | | 87,083 | | |
Current, state | | | | | 43,657 | | | | | | 35,869 | | |
Deferred, state | | | | | — | | | | | | — | | |
Total state income tax expense | | | | | 43,657 | | | | | | 35,869 | | |
Total Income Tax Expense | | | | $ | 155,916 | | | | | $ | 122,952 | | |
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Impairment of securities available-for-sale | | | $ | 24,731 | | | | $ | 24,731 | | | | | $ | 24,731 | | | | $ | 24,731 | | | ||||
Allowance for loan losses | | | | 98,570 | | | | | 102,308 | | | | | | 90,622 | | | | | 98,570 | | | ||||
Other comprehensive loss, pension | | | | 226,425 | | | | | 192,128 | | | | | | 273,348 | | | | | 226,425 | | | ||||
Executive retirement plan | | | | 2,520 | | | | | 2,835 | | | | | | 2,284 | | | | | 2,520 | | | ||||
Other | | | | 30,147 | | | | | 10,646 | | | | | | 41,241 | | | | | 30,147 | | | ||||
| | | | 382,393 | | | | | 332,648 | | | | | | 432,226 | | | | | 382,393 | | | ||||
Valuation allowance | | | | (24,731) | | | | | (24,731) | | | | | | (24,731) | | | | | (24,731) | | | ||||
Total assets, net | | | | 357,662 | | | | | 307,917 | | | | | | 407,495 | | | | | 357,662 | | | ||||
Liabilities | | | | | | | | | | | | |||||||||||||||
Basis of premises and equipment | | | | — | | | | | (163) | | | |||||||||||||||
Unrealized gains on securities available-for-sale | | | | (3,902) | | | | | (3,384) | | | |||||||||||||||
Other | | | | (58,741) | | | | | — | | | |||||||||||||||
Total liabilities | | | | (62,643) | | | | | (3,547) | | | |||||||||||||||
Net Deferred Tax Assets | | | $ | 344,852 | | | | $ | 354,115 | | | |
| | | 2019 | | | 2018 | | ||||||
Liabilities | | | | | | | | | | | | | |
Basis of premises and equipment | | | | | (163) | | | | | | (396) | | |
Unrealized gains on securities available-for-sale | | | | | (3,384) | | | | | | (3,469) | | |
Total liabilities | | | | | (3,547) | | | | | | (3,865) | | |
Net Deferred Tax Assets | | | | $ | 354,115 | | | | | $ | 304,052 | | |
|
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Changes in benefit obligation: | | | | | | | | | | | | | | | | | | | | | | | ||||
Beginning of year | | | $ | 2,493,426 | | | | $ | 2,448,837 | | | | | $ | 2,623,485 | | | | $ | 2,493,426 | | | ||||
Service cost | | | | 106,724 | | | | | 101,462 | | | | | | 111,274 | | | | | 106,724 | | | ||||
Interest cost | | | | 104,606 | | | | | 95,069 | | | | | | 67,946 | | | | | 104,606 | | | ||||
Assumption changes | | | | 243,899 | | | | | (113,561) | | | | | | 216,456 | | | | | 243,899 | | | ||||
Actual loss | | | | 42,336 | | | | | 28,586 | | | | | | 26,445 | | | | | 42,336 | | | ||||
Curtailments/Settlements | | | | (353,416) | | | | | (300,539) | | | |||||||||||||||
Benefits paid | | | | (367,506) | | | | | (66,967) | | | | | | (55,441) | | | | | (66,967) | | | ||||
End of year | | | | 2,623,485 | | | | | 2,493,426 | | | | | | 2,636,749 | | | | | 2,623,485 | | | ||||
Changes in fair value of plan assets: | | | | | | | | | | | | | | | | | | | | | | | ||||
Beginning of year | | | | 1,613,931 | | | | | 1,449,918 | | | | | | 1,379,626 | | | | | 1,613,931 | | | ||||
Actual return on plan assets | | | | 33,201 | | | | | 30,980 | | | | | | 24,980 | | | | | 33,201 | | | ||||
Employer contributions | | | | 100,000 | | | | | 200,000 | | | | | | 100,000 | | | | | 100,000 | | | ||||
Settlements | | | | — | | | | | (300,539) | | | |||||||||||||||
Benefits paid | | | | (367,506) | | | | | (66,967) | | | | | | (55,441) | | | | | (66,967) | | | ||||
End of year | | | | 1,379,626 | | | | | 1,613,931 | | | | | | 1,449,165 | | | | | 1,379,626 | | | ||||
Unfunded Status at End of Year | | | $ | (1,243,859) | | | | $ | (879,495) | | | | | $ | (1,187,584) | | | | $ | (1,243,859) | | | ||||
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | |||||||||||||||
Other liabilities | | | $ | (1,187,584) | | | | $ | (1,243,859) | | | |||||||||||||||
Accumulated other comprehensive loss (pre-tax basis) | | | | 1,301,657 | | | | | 1,078,213 | | | |||||||||||||||
Net Amount Recognized | | | $ | 114,073 | | | | $ | (165,646) | | | |||||||||||||||
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | |||||||||||||||
Unrecognized actuarial loss | | | $ | 1,301,657 | | | | $ | 1,078,213 | | | |||||||||||||||
| | | | $ | 1,301,657 | | | | $ | 1,078,213 | | |
| | | 2020 | | | 2019 | | ||||||
Service cost, benefit earned during the period | | | | $ | 111,274 | | | | | $ | 80,043 | | |
Interest cost on projected benefit obligation | | | | | 67,946 | | | | | | 78,455 | | |
Expected return on plan assets | | | | | (44,679) | | | | | | (52,152) | | |
Recognized prior service credit | | | | | — | | | | | | — | | |
| | | 2019 | | | 2018 | | ||||||
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities | | | | $ | (1,243,859) | | | | | $ | (879,495) | | |
Accumulated other comprehensive loss (pre-tax basis) | | | | | 1,078,213 | | | | | | 914,893 | | |
Net Amount Recognized | | | | $ | (165,646) | | | | | $ | 35,398 | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss | | | | $ | 1,078,213 | | | | | $ | 914,893 | | |
| | | | $ | 1,078,213 | | | | | $ | 914,893 | | |
|
| | | 2019 | | | 2018 | | ||||||
Service cost, benefit earned during the period | | | | $ | 106,724 | | | | | $ | 101,462 | | |
Interest cost on projected benefit obligation | | | | | 104,606 | | | | | | 95,069 | | |
Expected return on plan assets | | | | | (69,534) | | | | | | (64,928) | | |
Recognized prior service credit | | | | | — | | | | | | (1,946) | | |
Recognized net actuarial loss | | | | | 47,286 | | | | | | 56,148 | | |
Settlement loss | | | | | 111,962 | | | | | | — | | |
Net Pension Costs | | | | $ | 301,044 | | | | | $ | 185,805 | | |
| | | 2020 | | | 2019 | | ||||||
Recognized net actuarial loss | | | | | 39,156 | | | | | | 35,465 | | |
CurtaiIment/Settlement (gain)/loss | | | | | (353,416) | | | | | | 111,962 | | |
Net Pension Costs | | | | $ | (179,719) | | | | | $ | 253,773 | | |
|
June 30, 2017 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
|
June 30, 2018 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
| | | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
March 31, 2020 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,449,165 | | | | | $ | — | | | | | $ | 1,449,165 | | | | | $ | — | | |
| | | | $ | 1,449,165 | | | | | $ | — | | | | | $ | 1,449,165 | | | | | $ | — | | |
|
June 30, 2019 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
Years ending June 30, | | | | | | | | | | | | | ||
2020 | | | $ | 100,600 | | | | | $ | 171,384 | | | ||
2021 | | | | 119,400 | | | | | | 2,473,000 | | | ||
2022 | | | | 118,000 | | | ||||||||
2023 | | | | 116,600 | | | ||||||||
2024 | | | | 136,500 | | | ||||||||
Thereafter | | | | 921,000 | | | | | | — | | | ||
| | | $ | 1,512,100 | | | | | $ | 2,644,384 | | |
Due | | | Initial Conversion Date | | | Strike Rate | | | Current Interest Rate | | | 2019 | | | 2018 | | |||||||||||||||
April 2023 | | | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | | $ | 1,000,000 | | | | | $ | 1,000,000 | | |
January 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | | | 1,000,000 | | | | | | — | | |
January 2025 | | | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | | | 815,873 | | | | | | 864,449 | | |
October 2025 | | | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | | | 743,339 | | | | | | — | | |
October 2027 | | | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | | | 849,210 | | | | | | 940,391 | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 4,408,422 | | | | | $ | 2,804,840 | | |
|
Due | | | Initial Conversion Date | | | Strike Rate | | | Current Interest Rate | | | 2020 | | | 2019 | | |||||||||||||||
April 2023 | | | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | | $ | 1,000,000 | | | | | $ | 1,000,000 | | |
January 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
July 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.00071 | | | | | | 1,000,000 | | | | | | — | | |
January 2025 | | | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | | | 778,628 | | | | | | 815,873 | | |
October 2025 | | | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | | | 712,628 | | | | | | 743,339 | | |
October 2027 | | | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | | | 779,406 | | | | | | 849,210 | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 5,270,593 | | | | | $ | 4,408,422 | | |
Years ending June 30, | | | | | | | | | | | | | ||
2020 | | | $ | 184,390 | | | | | $ | 46,561 | | | ||
2021 | | | | 189,386 | | | | | | 189,386 | | | ||
2022 | | | | 194,520 | | | | | | 194,520 | | | ||
2023 | | | | 1,199,797 | | | | | | 1,199,797 | | | ||
2024 | | | | 1,205,221 | | | | | | 1,205,221 | | | ||
2025 | | | | 1,705,598 | | | ||||||||
Thereafter | | | | 1,435,108 | | | | | | 729,510 | | | ||
| | | $ | 4,408,422 | | | | | $ | 5,270,593 | | |
June 30, 2019 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,538,227 | | | | | | 15.3% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
March 31, 2020 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,338,905 | | | | | | 33.9% | | | | | $ | 4,438,643≥ | | | | | | ≥10.500% | | | | | $ | 4,227,279≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,907,371 | | | | | | 32.9% | | | | | | 3,583,187≥ | | | | | | ≥8.500% | | | | | | 3,381,823≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,907,371 | | | | | | 32.9% | | | | | | 2,959,095≥ | | | | | | ≥7.000% | | | | | | 2,747,731≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,907,371 | | | | | | 15.8% | | | | | | 3,518,978≥ | | | | | | ≥4.000% | | | | | | 4,398,722≥ | | | | | | ≥5.0% | | |
|
June 30, 2018 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 13,721,006 | | | | | | 31.1% | | | | | $ | 4,354,194≥ | | | | | | ≥9.875% | | | | | $ | 4,409,310≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,233,825 | | | | | | 30.0% | | | | | | 3,472,332≥ | | | | | | ≥7.875% | | | | | | 3,527,448≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,233,825 | | | | | | 30.0% | | | | | | 2,810,935≥ | | | | | | ≥6.375% | | | | | | 2,866,052≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,233,825 | | | | | | 14.9% | | | | | | 3,553,932≥ | | | | | | ≥4.000% | | | | | | 4,442,416≥ | | | | | | ≥5.0% | | |
June 30, 2019 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,538,227 | | | | | | 15.39% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
|
| | Fixed Rate | | Variable Rate | | | Fixed Rate | | Variable Rate | | ||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||
First or second mortgage loans | | | $ | 494,400 | | | | $ | 195,000 | | | | $ | 110,000 | | | | $ | — | | | | | $ | 806,000 | | | | $ | 494,400 | | | | $ | — | | | | $ | 110,000 | | | ||||||||
Unused lines of credit | | | | 899,813 | | | | | 1,208,739 | | | | | 1,753,230 | | | | | 1,684,883 | | | | | | 558,571 | | | | | 899,813 | | | | | 1,781,087 | | | | | 1,753,230 | | | ||||||||
Undisbursed amounts on construction loans | | | | 3,135,942 | | | | | 1,839,679 | | | | | — | | | | | 10,500 | | | | | | 1,227,979 | | | | | 3,135,942 | | | | | — | | | | | — | | | ||||||||
| | | $ | 4,530,155 | | | | $ | 3,243,418 | | | | $ | 1,863,230 | | | | $ | 1,695,383 | | | | | $ | 2,592,550 | | | | $ | 4,530,155 | | | | $ | 1,781,087 | | | | $ | 1,863,230 | | |
June 30, 2019 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
|
June 30, 2018 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
| | | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
March 31, 2020 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
| | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
|
June 30, 2019 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
March 31, 2020 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
Foreclosed real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
|
June 30, 2019 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 496,669 | | | | | $ | — | | | | | $ | — | | | | | $ | 496,669 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | — | | | | | | — | | | | | | 100,100 | | |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
March 31, 2020 | | | Quantitative Information about Level 3 Fair Value Measurements | | ||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | |||
Impaired loans | | | | $ | 493,808 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
Foreclosed real estate | | | | $ | — | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
|
June 30, 2019 | | | Quantitative Information about Level 3 Fair Value Measurements | | ||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | |||
Impaired loans | | | | $ | 496,669 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
Foreclosed real estate | | | | $ | 100,100 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
| | | Unrealized Gains (Losses) on Available-For-Sale Securities | | | Unfunded Post Retirement Obligations | | | Total | | |||||||||
Balance, July 1, 2018 | | | | $ | 13,048 | | | | | | (722,765) | | | | | | (709,717) | | |
Unrealized losses on available for sale securities | | | | | (1,443) | | | | | | — | | | | | | (1,443) | | |
Increase in minimum pension liability | | | | | — | | | | | | (124,427) | | | | | | (124,427) | | |
Amounts reclassified from accumulated other comprehensive loss to net income | | | | | — | | | | | | 28,017 | | | | | | 28,017 | | |
Net current-period other comprehensive loss | | | | | (1,443) | | | | | | (96,410) | | | | | | (97,853) | | |
Balance, March 31, 2019 | | | | $ | 11,605 | | | | | $ | (819,175) | | | | | $ | (807,570) | | |
|
| | | Unrealized Gains (Losses) on Available-For-Sale Securities | | | Unfunded Post Retirement Obligations | | | Total | | |||||||||
Balance, July 1, 2019 | | | | $ | 12,732 | | | | | $ | (851,788) | | | | | $ | (839,056) | | |
Unrealized gains on available for sale securities | | | | | 1,947 | | | | | | — | | | | | | 1,947 | | |
Increase in minimum pension liability | | | | | — | | | | | | (207,454) | | | | | | (207,454) | | |
Amounts reclassified from accumulated other comprehensive loss to net income | | | | | — | | | | | | 30,933 | | | | | | 30,933 | | |
Net current-period other comprehensive income (loss) | | | | | 1,947 | | | | | | (176,521) | | | | | | (174,574) | | |
Balance, March 31, 2020 | | | | $ | 14,679 | | | | | $ | (1,028,309) | | | | | $ | (1,013,630) | | |
| | | | | A-26 – A-26 | | | |
| Financial Statements for the Years Ended June 30, 2019 and 2018 | | | | | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-32 – A-52 | | |
| | | Tel: 215-564-1900 Fax: 215-564-3940 www.bdo.com | | | Ten Penn Center 1801 Market Street, Suite 1700 Philadelphia, PA 19103 | |
June 30, | | | 2019 | | | 2018 | | ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 980,252 | | | | | $ | 627,334 | | |
Interest bearing demand deposits | | | | | 2,842,634 | | | | | | 2,495,245 | | |
Federal funds sold | | | | | 18,590,000 | | | | | | 20,810,000 | | |
Cash and cash equivalents | | | | | 22,412,886 | | | | | | 23,932,579 | | |
Interest bearing time deposits | | | | | 665,924 | | | | | | 943,368 | | |
Investment securities available-for-sale, at fair value | | | | | 577,904 | | | | | | 774,131 | | |
Investment securities held-to-maturity (fair value 2019 $8,782; 2018 $29,696) | | | | | 8,512 | | | | | | 29,283 | | |
Loans receivable, net of allowance for loan losses of $469,381 at June 30, 2019 and $487,181 at June 30, 2018 | | | | | 62,041,187 | | | | | | 60,549,606 | | |
Accrued interest receivable | | | | | 205,469 | | | | | | 198,741 | | |
Foreclosed real estate | | | | | 191,100 | | | | | | 264,509 | | |
Restricted stock, at cost | | | | | 300,200 | | | | | | 238,200 | | |
Premises and equipment, net | | | | | 191,419 | | | | | | 217,259 | | |
Prepaid expenses and other assets | | | | | 199,775 | | | | | | 249,106 | | |
Deferred income taxes, net | | | | | 354,115 | | | | | | 304,052 | | |
Total Assets | | | | $ | 87,148,491 | | | | | $ | 87,700,834 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | $ | 68,060,437 | | | | | $ | 70,720,933 | | |
Advances from Federal Home Loan Bank of Pittsburgh | | | | | 4,408,422 | | | | | | 2,804,840 | | |
Advances from borrowers for taxes and insurance | | | | | 404,175 | | | | | | 392,878 | | |
Accrued interest payable | | | | | 18,887 | | | | | | 12,835 | | |
Other liabilities | | | | | 1,557,399 | | | | | | 1,245,240 | | |
Total Liabilities | | | | | 74,449,320 | | | | | | 75,176,726 | | |
Equity | | | | | | | | | | | | | |
Surplus | | | | | 951,782 | | | | | | 951,782 | | |
Retained earnings | | | | | 12,586,445 | | | | | | 12,282,043 | | |
Accumulated other comprehensive loss | | | | | (839,056) | | | | | | (709,717) | | |
Total Equity | | | | | 12,699,171 | | | | | | 12,524,108 | | |
Total Liabilities and Equity | | | | $ | 87,148,491 | | | | | $ | 87,700,834 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees: | | | | | | | | | | | | | |
First mortgage loans | | | | $ | 2,258,344 | | | | | $ | 2,338,288 | | |
Consumer and other loans | | | | | 694,750 | | | | | | 678,872 | | |
Investment securities | | | | | — | | | | | | 35,153 | | |
Mortgage-backed securities | | | | | 24,733 | | | | | | 33,122 | | |
Other | | | | | 535,113 | | | | | | 296,889 | | |
Total Interest Income | | | | | 3,512,940 | | | | | | 3,382,324 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 584,220 | | | | | | 560,021 | | |
Federal Home Loan Bank advances | | | | | 104,716 | | | | | | 31,839 | | |
Total Interest Expense | | | | | 688,936 | | | | | | 591,860 | | |
Net interest income | | | | | 2,824,004 | | | | | | 2,790,464 | | |
Provision (Credit) for Loan Losses | | | | | (16,665) | | | | | | (13,875) | | |
Net interest income after provision (credit) for loan losses | | | | | 2,840,669 | | | | | | 2,804,339 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees | | | | | 164,279 | | | | | | 177,492 | | |
Net loss on sale of investment securities | | | | | — | | | | | | (117,767) | | |
Net gain (loss) on sale of foreclosed real estate | | | | | 9,555 | | | | | | (36,351) | | |
Other | | | | | 953 | | | | | | 2,718 | | |
Total Non-Interest Income | | | | | 174,787 | | | | | | 26,092 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 1,542,738 | | | | | | 1,373,090 | | |
Occupancy and equipment | | | | | 200,104 | | | | | | 193,718 | | |
Foreclosed real estate expenses | | | | | 58,886 | | | | | | 52,286 | | |
Federal deposit insurance premiums | | | | | 23,918 | | | | | | 26,184 | | |
Data processing | | | | | 163,728 | | | | | | 164,262 | | |
Other | | | | | 593,668 | | | | | | 574,553 | | |
Total Non-Interest Expenses | | | | | 2,583,042 | | | | | | 2,384,093 | | |
Income before income taxes | | | | | 432,414 | | | | | | 446,338 | | |
Income Tax Expense | | | | | 128,012 | | | | | | 398,247 | | |
Net Income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Other Comprehensive (Loss) Income | | | | | | | | | | | | | |
Unrealized loss on securities available-for-sale, net of taxes of $(84) and $(18,887), respectively | | | | | (316) | | | | | | (49,323) | | |
Reclassification adjustment for loss on sale of available- for-sale securities, net of taxes of $0 and $24,731, respectively | | | | | — | | | | | | 93,036 | | |
Net unrealized (losses) gains on securities available-for- sale | | | | | (316) | | | | | | 43,713 | | |
Unfunded post-retirement obligations: | | | | | | | | | | | | | |
Decrease (Increase) in minimum pension liability, net of taxes of $(44,227) and $15,333, respectively | | | | | (166,379) | | | | | | 35,694 | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $9,930 and $14,906, respectively(1) | | | | | 37,356 | | | | | | 39,296 | | |
Other comprehensive income on unfunded post- retirement obligations | | | | | (129,023) | | | | | | 74,990 | | |
Total Other Comprehensive (Loss) Income | | | | | (129,339) | | | | | | 118,703 | | |
Comprehensive Income | | | | $ | 175,063 | | | | | $ | 166,794 | | |
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2017 | | | | $ | 951,782 | | | | | $ | 12,100,619 | | | | | $ | (695,087) | | | | | $ | 12,357,314 | | |
Net income | | | | | — | | | | | | 48,091 | | | | | | — | | | | | | 48,091 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | 118,703 | | | | | | 118,703 | | |
Reclassification of other comprehensive income to retained earnings of ‘stranded tax effects’ in accordance with ASU 2018-02 | | | | | — | | | | | | 133,333 | | | | | | (133,333) | | | | | | — | | |
Balance, June 30, 2018 | | | | | 951,782 | | | | | | 12,282,043 | | | | | | (709,717) | | | | | | 12,524,108 | | |
Net income | | | | | — | | | | | | 304,402 | | | | | | — | | | | | | 304,402 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (129,339) | | | | | | (129,339) | | |
Balance, June 30, 2019 | | | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for depreciation | | | | | 44,209 | | | | | | 48,337 | | |
(Credit) Provision for loan losses | | | | | (16,665) | | | | | | (13,875) | | |
Write-down of foreclosed real estate | | | | | 51,055 | | | | | | — | | |
Net amortization of securities premiums and discounts | | | | | (997) | | | | | | (635) | | |
Deferred income taxes | | | | | (15,681) | | | | | | 259,811 | | |
Net (gain) loss on sale of foreclosed real estate | | | | | (9,555) | | | | | | 36,351 | | |
Net loss on sale of investment securities | | | | | — | | | | | | 117,767 | | |
Decrease in assets: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | (6,728) | | | | | | 623 | | |
Prepaid expenses and other assets | | | | | 49,331 | | | | | | 53,818 | | |
Net loss on disposal of premises and equipment | | | | | 88 | | | | | | 49 | | |
Increase (decrease) in liabilities: | | | | | | | | | | | | | |
Accrued interest payable | | | | | 6,052 | | | | | | 4,336 | | |
Other liabilities | | | | | 148,838 | | | | | | 88,840 | | |
Net Cash Provided by Operating Activities | | | | | 554,349 | | | | | | 643,513 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net redemptions/(purchases) of interest-bearing time deposits | | | | | 277,444 | | | | | | (2,995) | | |
Investment securities available-for-sale: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 196,743 | | | | | | 2,369,645 | | |
Proceeds from sales | | | | | — | | | | | | 1,882,233 | | |
Investment securities held-to-maturity: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 20,852 | | | | | | 1,036,608 | | |
Net decrease (increase) in loans receivable | | | | | (1,474,916) | | | | | | 751,400 | | |
Purchase of premises and equipment | | | | | (18,457) | | | | | | (18,417) | | |
Proceeds from sale of foreclosed real estate | | | | | 31,909 | | | | | | 155,694 | | |
Net increase in restricted stock | | | | | (62,000) | | | | | | (114,500) | | |
Net Cash (Used In) Provided by Investing Activities | | | | | (1,028,425) | | | | | | 6,059,668 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits | | | | | (2,660,496) | | | | | | (5,687,378) | | |
Proceeds from long-term debt | | | | | 1,770,000 | | | | | | 2,884,300 | | |
Repayment of long-term debt | | | | | (166,418) | | | | | | (79,460) | | |
Net increase (decrease) in advances from borrowers for taxes and insurance | | | | | 11,297 | | | | | | (1,826) | | |
Net Cash Used in Financing Activities | | | | | (1,045,617) | | | | | | (2,884,364) | | |
Net increase (decrease) in cash and cash equivalents | | | | | (1,519,693) | | | | | | 3,818,817 | | |
Cash and Cash Equivalents, Beginning | | | | | 23,932,579 | | | | | | 20,113,762 | | |
Cash and Cash Equivalents, Ending | | | | $ | 22,412,886 | | | | | $ | 23,932,579 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 682,884 | | | | | $ | 587,524 | | |
Income taxes paid | | | | $ | 135,000 | | | | | $ | 156,500 | | |
Supplementary Schedule of Non-Cash Investing and Financing Activities | | | | | | | | | | | | | |
Foreclosed real estate acquired in settlement of loans receivable | | | | $ | — | | | | | $ | 305,399 | | |
| Consolidated Financial Statements for the Nine Months Ended March 31, 2020 and 2019 (Unaudited) | | | | | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-6 – A-24 | | |
| | | March 31, 2020 | | | June 30, 2019 | | ||||||
| | | (unaudited) | | |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 1,084,862 | | | | | $ | 980,252 | | |
Interest bearing demand deposits | | | | | 4,681,286 | | | | | | 2,842,634 | | |
Federal funds sold | | | | | 19,296,000 | | | | | | 18,590,000 | | |
Cash and cash equivalents | | | | | 25,062,148 | | | | | | 22,412,886 | | |
Interest bearing time deposits | | | | | 676,743 | | | | | | 665,924 | | |
Investment securities available-for-sale, at fair value | | | | | 470,757 | | | | | | 577,904 | | |
Investment securities held-to-maturity (fair value March 31, 2020 $3,043; June 30, 2019 $8,782) | | | | | 2,894 | | | | | | 8,512 | | |
Loans receivable, net of allowance for loan losses of $431,534 at March 31, 2020 and $469,381 at June 30, 2019 | | | | | 57,492,060 | | | | | | 62,041,187 | | |
Accrued interest receivable | | | | | 178,288 | | | | | | 205,469 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | 191,100 | | |
Restricted stock, at cost | | | | | 334,600 | | | | | | 300,200 | | |
Premises and equipment, net | | | | | 175,356 | | | | | | 191,419 | | |
Prepaid expenses and other assets | | | | | 211,262 | | | | | | 199,775 | | |
Deferred income taxes, net | | | | | 344,852 | | | | | | 354,115 | | |
Total Assets | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | $ | 64,937,797 | | | | | $ | 68,060,437 | | |
Advances from Federal Home Loan Bank of Pittsburgh | | | | | 5,270,593 | | | | | | 4,408,422 | | |
Advances from borrowers for taxes and insurance | | | | | 411,146 | | | | | | 404,175 | | |
Accrued interest payable | | | | | 22,888 | | | | | | 18,887 | | |
Other liabilities | | | | | 1,512,895 | | | | | | 1,557,399 | | |
Total Liabilities | | | | | 72,155,319 | | | | | | 74,449,320 | | |
Equity | | | | | | | | | | | | | |
Surplus | | | | | 951,782 | | | | | | 951,782 | | |
Retained earnings | | | | | 12,955,589 | | | | | | 12,586,445 | | |
Accumulated other comprehensive loss | | | | | (1,013,630) | | | | | | (839,056) | | |
Total Equity | | | | | 12,893,741 | | | | | | 12,699,171 | | |
Total Liabilities and Equity | | | | $ | 85,049,060 | | | | | $ | 87,148,491 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees: | | | | | | | | | | | | | |
First mortgage loans | | | | $ | 1,700,192 | | | | | $ | 1,686,200 | | |
Consumer and other loans | | | | | 517,525 | | | | | | 517,782 | | |
Mortgage-backed securities | | | | | 14,126 | | | | | | 18,971 | | |
Other | | | | | 303,309 | | | | | | 392,252 | | |
Total Interest Income | | | | | 2,535,152 | | | | | | 2,615,205 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 458,491 | | | | | | 433,893 | | |
Federal Home Loan Bank advances | | | | | 106,934 | | | | | | 73,400 | | |
Total Interest Expense | | | | | 565,425 | | | | | | 507,293 | | |
Net interest income | | | | | 1,969,727 | | | | | | 2,107,912 | | |
Provision (Credit) for Loan Losses | | | | | (49,308) | | | | | | 2,686 | | |
Net interest income after provision (credit) for loan losses | | | | | 2,019,035 | | | | | | 2,105,226 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees | | | | | 115,189 | | | | | | 122,242 | | |
Net loss on foreclosed real estate | | | | | (2,701) | | | | | | (11,470) | | |
Other | | | | | 203 | | | | | | 916 | | |
Total Non-Interest Income | | | | | 112,691 | | | | | | 111,688 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 784,881 | | | | | | 1,152,696 | | |
Occupancy and equipment | | | | | 136,426 | | | | | | 150,944 | | |
Foreclosed real estate expenses | | | | | 14,903 | | | | | | 4,209 | | |
Federal deposit insurance premiums | | | | | (30) | | | | | | 18,116 | | |
Data processing | | | | | 123,221 | | | | | | 122,882 | | |
Other | | | | | 547,265 | | | | | | 437,193 | | |
Total Non-Interest Expenses | | | | | 1,606,666 | | | | | | 1,886,040 | | |
Income before income taxes | | | | | 525,060 | | | | | | 330,874 | | |
Income Tax Expense | | | | | 155,916 | | | | | | 122,952 | | |
Net Income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Other Comprehensive Loss | | | | | | | | | | | | | |
Unrealized gain (loss) on securities available-for-sale, net of taxes of $518 and $(384), respectively | | | | | 1,947 | | | | | | (1,443) | | |
Unfunded post-retirement obligations: | | | | | | | | | | | | | |
Increase in minimum pension liability, net of taxes of $(55,146) and $(33,076), respectively | | | | | (207,454) | | | | | | (124,427) | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $8,223 and $7,448, respectively(1) | | | | | 30,933 | | | | | | 28,017 | | |
Other comprehensive loss on unfunded post-retirement obligations | | | | | (176,521) | | | | | | (96,410) | | |
Total Other Comprehensive Loss | | | | | (174,574) | | | | | | (97,853) | | |
Comprehensive Income | | | | $ | 194,570 | | | | | $ | 110,069 | | |
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2018 | | | | $ | 951,782 | | | | | $ | 12,282,043 | | | | | $ | (709,717) | | | | | $ | 12,524,108 | | |
Net income | | | | | — | | | | | | 207,922 | | | | | | — | | | | | | 207,922 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (97,853) | | | | | | (97,853) | | |
Balance, March 31, 2019 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,489,965 | | | | | $ | (807,570) | | | | | $ | 12,634,177 | | |
|
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2019 | | | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Net income | | | | | — | | | | | | 369,144 | | | | | | — | | | | | | 369,144 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (174,574) | | | | | | (174,574) | | |
Balance, March 31, 2020 (unaudited) | | | | $ | 951,782 | | | | | $ | 12,955,589 | | | | | $ | (1,013,630) | | | | | $ | 12,893,741 | | |
9 Months Ended March 31, | | | 2020 | | | 2019 | | ||||||
| | | (unaudited) | | |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 369,144 | | | | | $ | 207,922 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for depreciation | | | | | 29,734 | | | | | | 33,552 | | |
(Credit) provision for loan losses | | | | | (49,308) | | | | | | 2,686 | | |
Net amortization of securities premiums and discounts | | | | | 544 | | | | | | 802 | | |
Deferred income taxes | | | | | 55,668 | | | | | | (9,098) | | |
Net loss on foreclosed real estate | | | | | 2,701 | | | | | | 11,470 | | |
Decrease (increase) in assets: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | 27,181 | | | | | | (9,077) | | |
Prepaid expenses and other assets | | | | | (11,487) | | | | | | 3,655 | | |
Increase (decrease) in liabilities: | | | | | | | | | | | | | |
Accrued interest payable | | | | | 4,001 | | | | | | 7,104 | | |
Other liabilities | | | | | (267,948) | | | | | | 53,145 | | |
Net Cash Provided by Operating Activities | | | | | 160,230 | | | | | | 302,162 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net purchases of interest-bearing time deposits | | | | | (10,819) | | | | | | (1,592) | | |
Net decrease (increase) in loans receivable | | | | | 4,598,435 | | | | | | (1,577,027) | | |
Investment securities available-for-sale: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 190,073 | | | | | | 156,538 | | |
Investment securities held-to-maturity: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 5,613 | | | | | | 16,736 | | |
Proceeds from sale of premises and equipment | | | | | — | | | | | | 850 | | |
Purchase of premises and equipment | | | | | (13,671) | | | | | | (18,993) | | |
Proceeds from sale of foreclosed real estate | | | | | 88,299 | | | | | | 31,909 | | |
Net increase in restricted stock | | | | | (34,400) | | | | | | (66,000) | | |
Net Cash Provided by (Used in) Investing Activities | | | | | 4,742,530 | | | | | | (1,457,579) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits | | | | | (3,122,640) | | | | | | (827,155) | | |
Proceeds from long-term debt | | | | | 1,000,000 | | | | | | 1,770,000 | | |
Repayment of long-term debt | | | | | (137,829) | | | | | | (121,086) | | |
Net increase in advances from borrowers for taxes and insurance | | | | | 6,971 | | | | | | 5,613 | | |
Net Cash Provided by (Used in) Financing Activities | | | | | (2,253,498) | | | | | | 827,372 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 2,649,262 | | | | | | (328,045) | | |
Cash and Cash Equivalents, Beginning | | | | | 22,412,886 | | | | | | 23,932,579 | | |
Cash and Cash Equivalents, Ending | | | | $ | 25,062,148 | | | | | $ | 23,604,534 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 561,424 | | | | | $ | 500,189 | | |
Income taxes paid | | | | $ | 52,000 | | | | | $ | 115,000 | | |
March 31, 2020 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
| | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
| | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
|
June 30, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
March 31, 2020 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 452,176 | | | | | | 470,757 | | | | | | 2,894 | | | | | | 3,043 | | |
| | | | $ | 452,176 | | | | | $ | 470,757 | | | | | $ | 2,894 | | | | | $ | 3,043 | | |
|
June 30, 2019 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 561,788 | | | | | | 577,904 | | | | | | 8,512 | | | | | | 8,782 | | |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
| | | 2020 | | | 2019 | | ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied | | | | $ | 23,232,841 | | | | | $ | 22,754,109 | | |
One-to-four family residences – non-owner occupied | | | | | 15,447,295 | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,244,175 | | | | | | 3,611,107 | | |
| | | | | 41,924,311 | | | | | | 44,986,881 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage | | | | | 16,004,808 | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 142,948 | | | | | | 179,626 | | |
| | | | | 16,147,756 | | | | | | 17,698,692 | | |
Total Loans Receivable | | | | | 58,072,067 | | | | | | 62,685,573 | | |
Unearned loan origination fees, net | | | | | (148,473) | | | | | | (175,005) | | |
Allowance for loan losses | | | | | (431,534) | | | | | | (469,381) | | |
Loans Receivable, Net | | | | $ | 57,492,060 | | | | | $ | 62,041,187 | | |
March 31, 2020 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 88,324 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,167 | | | | | $ | 89,491 | | | | | $ | — | | | | | $ | 89,491 | | |
Non-owner occupied | | | | | 223,609 | | | | | | — | | | | | | 12,957 | | | | | | (40,198) | | | | | | 196,368 | | | | | | 55,843 | | | | | | 140,525 | | |
Secured by other properties | | | | | 84,138 | | | | | | — | | | | | | — | | | | | | (3,466) | | | | | | 80,672 | | | | | | 49,919 | | | | | | 30,753 | | |
Home equity and second mortgage | | | | | 67,696 | | | | | | — | | | | | | — | | | | | | (8,200) | | | | | | 59,496 | | | | | | — | | | | | | 59,496 | | |
Savings account loans and other | | | | | 5,614 | | | | | | (1,937) | | | | | | 441 | | | | | | 1,389 | | | | | | 5,507 | | | | | | — | | | | | | 5,507 | | |
| | | | $ | 469,381 | | | | | $ | (1,937) | | | | | $ | 13,398 | | | | | $ | (49,308) | | | | | $ | 431,534 | | | | | $ | 105,762 | | | | | $ | 325,772 | | |
March 31, 2019 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,362) | | | | | $ | 105,828 | | | | | $ | — | | | | | $ | 105,828 | | |
Non-owner occupied | | | | | 200,983 | | | | | | — | | | | | | — | | | | | | 14,325 | | | | | | 215,308 | | | | | | 44,382 | | | | | | 170,926 | | |
Secured by other properties | | | | | 90,936 | | | | | | — | | | | | | — | | | | | | (8,575) | | | | | | 82,361 | | | | | | 49,919 | | | | | | 32,442 | | |
Home equity and second mortgage | | | | | 78,499 | | | | | | — | | | | | | — | | | | | | (953) | | | | | | 77,546 | | | | | | — | | | | | | 77,546 | | |
Savings account loans and other | | | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | 251 | | | | | | 7,689 | | | | | | — | | | | | | 7,689 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | 2,686 | | | | | $ | 488,732 | | | | | $ | 94,301 | | | | | $ | 394,431 | | |
|
March 31, 2020 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 23,232,841 | | | | | $ | 273,158 | | | | | $ | 22,959,683 | | |
Non-owner occupied | | | | | 15,447,295 | | | | | | 513,746 | | | | | | 14,933,549 | | |
Secured by other properties | | | | | 3,244,175 | | | | | | 308,400 | | | | | | 2,935,775 | | |
Home equity and second mortgage | | | | | 16,004,808 | | | | | | 57,650 | | | | | | 15,947,158 | | |
Savings account loans and other | | | | | 142,948 | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 58,072,067 | | | | | $ | 1,152,954 | | | | | $ | 56,919,113 | | |
|
June 30, 2019 | | | Loans Receivable | | |||||||||||||||
| Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied | | | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties | | | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage | | | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other | | | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
March 31, 2020 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 87,756 | | | | | | 87,756 | | | | | | — | | | | | | 103,750 | | | | | | 3,220 | | |
Secured by other properties | | | | | 134,820 | | | | | | 134,820 | | | | | | — | | | | | | 142,219 | | | | | | 12,079 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 425,990 | | | | | | — | | |
Secured by other properties | | | | | 173,580 | | | | | | 173,580 | | | | | | 49,919 | | | | | | 175,011 | | | | | | 7,495 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied | | | | | 513,746 | | | | | | 513,746 | | | | | | 55,843 | | | | | | 529,740 | | | | | | 3,220 | | |
Secured by other properties | | | | | 308,400 | | | | | | 308,400 | | | | | | 49,919 | | | | | | 317,230 | | | | | | 19,574 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 57,650 | | | | | | — | | | | | | 64,764 | | | | | | 569 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
Secured by other properties | | | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties | | | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties | | | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
March 31, 2020 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,959,683 | | | | | $ | — | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,232,841 | | |
Non-owner occupied | | | | | 13,713,466 | | | | | | 1,220,083 | | | | | | 513,746 | | | | | | — | | | | | | — | | | | | | 15,447,295 | | |
Secured by other properties | | | | | 2,671,514 | | | | | | 437,841 | | | | | | 134,820 | | | | | | — | | | | | | — | | | | | | 3,244,175 | | |
Home equity and second mortgage | | | | | 15,947,158 | | | | | | — | | | | | | 57,650 | | | | | | — | | | | | | — | | | | | | 16,004,808 | | |
Savings account loans and other | | | | | 139,246 | | | | | | — | | | | | | 3,702 | | | | | | — | | | | | | — | | | | | | 142,948 | | |
| | | | $ | 55,431,067 | | | | | $ | 1,657,924 | | | | | $ | 983,076 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,072,067 | | |
|
June 30, 2019 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied | | | | | 16,706,762 | | | | | | 1,401,017 | | | | | | 513,886 | | | | | | — | | | | | | — | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,003,645 | | | | | | 457,844 | | | | | | 149,618 | | | | | | — | | | | | | — | | | | | | 3,611,107 | | |
Home equity and second mortgage | | | | | 17,447,187 | | | | | | — | | | | | | 71,879 | | | | | | — | | | | | | — | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 174,814 | | | | | | — | | | | | | 4,812 | | | | | | — | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
March 31, 2020 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 98,841 | | | | | $ | — | | | | | $ | — | | | | | $ | 98,841 | | | | | $ | 23,134,000 | | | | | $ | 23,232,841 | | | | | $ | — | | |
Non-owner occupied | | | | | — | | | | | | — | | | | | | 513,746 | | | | | | 513,746 | | | | | | 14,933,549 | | | | | | 15,447,295 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,244,175 | | | | | | 3,244,175 | | | | | | — | | |
Home equity and second mortgage | | | | | 75,239 | | | | | | 87 | | | | | | — | | | | | | 75,326 | | | | | | 15,929,482 | | | | | | 16,004,808 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 142,948 | | | | | | 142,948 | | | | | | — | | |
| | | | $ | 174,080 | | | | | $ | 168,780 | | | | | $ | 513,746 | | | | | $ | 687,913 | | | | | $ | 57,384,154 | | | | | $ | 58,072,067 | | | | | $ | — | | |
|
June 30, 2019 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied | | | | | 134,350 | | | | | | — | | | | | | 513,886 | | | | | | 648,236 | | | | | | 17,973,429 | | | | | | 18,621,665 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | 149,618 | | | | | | — | | | | | | 149,618 | | | | | | 3,461,489 | | | | | | 3,611,107 | | | | | | — | | |
Home equity and second mortgage | | | | | 22,462 | | | | | | 19,162 | | | | | | — | | | | | | 41,624 | | | | | | 17,477,442 | | | | | | 17,519,066 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,626 | | | | | | 179,626 | | | | | | — | | |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
| | | 2020 | | | 2019 | | ||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | |
Owner occupied | | | | $ | 273,158 | | | | | $ | 281,984 | | |
Non-owner occupied | | | | | 513,746 | | | | | | 513,886 | | |
Secured by other properties | | | | | 134,820 | | | | | | 149,618 | | |
Home equity and second mortgage | | | | | 57,650 | | | | | | 71,879 | | |
Savings account loans and other | | | | | — | | | | | | — | | |
| | | | $ | 979,374 | | | | | $ | 1,017,367 | | |
| | | Estimated Useful Lives | | | 2020 | | | 2019 | | ||||||
Buildings and improvements | | | 3 to 35 years | | | | $ | 968,615 | | | | | $ | 968,615 | | |
Furniture, fixtures and equipment | | | 1 to 15 years | | | | | 776,523 | | | | | | 771,383 | | |
| | | | | | | | 1,745,138 | | | | | | 1,739,998 | | |
Accumulated depreciation | | | | | | | | (1,602,432) | | | | | | (1,581,229) | | |
| | | | | | | | 142,706 | | | | | | 158,769 | | |
Land | | | | | | | | 32,650 | | | | | | 32,650 | | |
| | | | | | | $ | 175,356 | | | | | $ | 191,419 | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
| | | Weighted Average Rate at March 31, 2020 | | | Amount | | | Percent | | | Weighted Average Rate at June 30, 2019 | | | Amount | | | Percent | | ||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business checking | | | | | | | | | | $ | 378,482 | | | | | | 0.58% | | | | | | | | | | | $ | 437,231 | | | | | | 0.64% | | |
Non-interest checking | | | | | | | | | | | 3,041,670 | | | | | | 4.68 | | | | | | | | | | | | 3,486,425 | | | | | | 5.12 | | |
NOW | | | | | | | | | | | 14,791,328 | | | | | | 22.78 | | | | | | | | | | | | 16,810,886 | | | | | | 24.70 | | |
Money market | | | | | | | | | | | 3,140,120 | | | | | | 4.84 | | | | | | | | | | | | 3,526,512 | | | | | | 5.18 | | |
Savings | | | | | | | | | | | 17,372,403 | | | | | | 26.75 | | | | | | | | | | | | 17,749,181 | | | | | | 26.08 | | |
| | | | | 0.40% | | | | | | 38,724,003 | | | | | | 59.63 | | | | | | 0.41% | | | | | | 42,010,235 | | | | | | 61.72 | | |
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificates of deposit | | | | | 1.69% | | | | | | 26,213,794 | | | | | | 40.37 | | | | | | 1.63% | | | | | | 26,050,202 | | | | | | 38.28 | | |
| | | | | 0.92% | | | | | $ | 64,937,797 | | | | | | 100.00% | | | | | | 0.88% | | | | | $ | 68,060,437 | | | | | | 100.00% | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 2,207,456 | | |
2021 | | | | | 9,253,409 | | |
2022 | | | | | 7,745,799 | | |
2023 | | | | | 2,961,297 | | |
2024 | | | | | 2,551,586 | | |
2025 | | | | | 1,179,402 | | |
Thereafter | | | | | 314,845 | | |
| | | | $ | 26,213,794 | | |
| | | 2020 | | | 2019 | | ||||||
Money market accounts | | | | $ | 18,052 | | | | | $ | 20,213 | | |
NOW accounts | | | | | 68,808 | | | | | | 78,539 | | |
Savings accounts | | | | | 39,085 | | | | | | 40,272 | | |
Certificates of deposit | | | | | 332,546 | | | | | | 294,869 | | |
| | | | $ | 458,491 | | | | | $ | 433,893 | | |
| | | 2020 | | | 2019 | | ||||||
Correspondent Bank charges | | | | $ | 13,583 | | | | | $ | 13,565 | | |
Professional fees | | | | | 236,572 | | | | | | 121,277 | | |
Advertising | | | | | 37,115 | | | | | | 38,793 | | |
Insurance/surety bond premiums | | | | | 18,195 | | | | | | 18,137 | | |
Supplies | | | | | 20,507 | | | | | | 20,570 | | |
Supervisory Exams | | | | | 9,877 | | | | | | 12,633 | | |
ATM costs | | | | | 55,747 | | | | | | 51,539 | | |
| | | 2020 | | | 2019 | | ||||||
VISA debit cards | | | | | 23,060 | | | | | | 24,007 | | |
Telephone, data line, and internet charges | | | | | 75,828 | | | | | | 64,889 | | |
Postage | | | | | 12,654 | | | | | | 12,295 | | |
Dues and subscriptions | | | | | 12,574 | | | | | | 11,114 | | |
DDA/NOW account costs | | | | | 5,547 | | | | | | 9,394 | | |
Loan processing costs | | | | | 6,557 | | | | | | 7,532 | | |
Telephone banking | | | | | 7,041 | | | | | | 7,377 | | |
Courier services | | | | | 8,386 | | | | | | 7,938 | | |
Meals and entertainment | | | | | 3,665 | | | | | | 9,206 | | |
Provision for other credit losses | | | | | (7,934) | | | | | | (2,448) | | |
Other | | | | | 8,291 | | | | | | 9,375 | | |
| | | | $ | 547,265 | | | | | $ | 437,193 | | |
|
| | | 2020 | | | 2019 | | ||||||
Current, federal | | | | $ | 56,591 | | | | | $ | 96,181 | | |
Deferred, federal | | | | | 55,668 | | | | | | (9,098) | | |
Total federal income tax expense | | | | | 112,259 | | | | | | 87,083 | | |
Current, state | | | | | 43,657 | | | | | | 35,869 | | |
Deferred, state | | | | | — | | | | | | — | | |
Total state income tax expense | | | | | 43,657 | | | | | | 35,869 | | |
Total Income Tax Expense | | | | $ | 155,916 | | | | | $ | 122,952 | | |
| | | 2020 | | | 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Impairment of securities available-for-sale | | | | $ | 24,731 | | | | | $ | 24,731 | | |
Allowance for loan losses | | | | | 90,622 | | | | | | 98,570 | | |
Other comprehensive loss, pension | | | | | 273,348 | | | | | | 226,425 | | |
Executive retirement plan | | | | | 2,284 | | | | | | 2,520 | | |
Other | | | | | 41,241 | | | | | | 30,147 | | |
| | | | | 432,226 | | | | | | 382,393 | | |
Valuation allowance | | | | | (24,731) | | | | | | (24,731) | | |
Total assets, net | | | | | 407,495 | | | | | | 357,662 | | |
Liabilities | | | | | | | | | | | | | |
Basis of premises and equipment | | | | | — | | | | | | (163) | | |
Unrealized gains on securities available-for-sale | | | | | (3,902) | | | | | | (3,384) | | |
Other | | | | | (58,741) | | | | | | — | | |
Total liabilities | | | | | (62,643) | | | | | | (3,547) | | |
Net Deferred Tax Assets | | | | $ | 344,852 | | | | | $ | 354,115 | | |
|
| | | 2020 | | | 2019 | | ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Beginning of year | | | | $ | 2,623,485 | | | | | $ | 2,493,426 | | |
Service cost | | | | | 111,274 | | | | | | 106,724 | | |
Interest cost | | | | | 67,946 | | | | | | 104,606 | | |
Assumption changes | | | | | 216,456 | | | | | | 243,899 | | |
Actual loss | | | | | 26,445 | | | | | | 42,336 | | |
Curtailments/Settlements | | | | | (353,416) | | | | | | (300,539) | | |
Benefits paid | | | | | (55,441) | | | | | | (66,967) | | |
End of year | | | | | 2,636,749 | | | | | | 2,623,485 | | |
Changes in fair value of plan assets: | | | | | | | | | | | | | |
Beginning of year | | | | | 1,379,626 | | | | | | 1,613,931 | | |
Actual return on plan assets | | | | | 24,980 | | | | | | 33,201 | | |
Employer contributions | | | | | 100,000 | | | | | | 100,000 | | |
Settlements | | | | | — | | | | | | (300,539) | | |
Benefits paid | | | | | (55,441) | | | | | | (66,967) | | |
End of year | | | | | 1,449,165 | | | | | | 1,379,626 | | |
Unfunded Status at End of Year | | | | $ | (1,187,584) | | | | | $ | (1,243,859) | | |
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities | | | | $ | (1,187,584) | | | | | $ | (1,243,859) | | |
Accumulated other comprehensive loss (pre-tax basis) | | | | | 1,301,657 | | | | | | 1,078,213 | | |
Net Amount Recognized | | | | $ | 114,073 | | | | | $ | (165,646) | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss | | | | $ | 1,301,657 | | | | | $ | 1,078,213 | | |
| | | | $ | 1,301,657 | | | | | $ | 1,078,213 | | |
| | | 2020 | | | 2019 | | ||||||
Service cost, benefit earned during the period | | | | $ | 111,274 | | | | | $ | 80,043 | | |
Interest cost on projected benefit obligation | | | | | 67,946 | | | | | | 78,455 | | |
Expected return on plan assets | | | | | (44,679) | | | | | | (52,152) | | |
Recognized prior service credit | | | | | — | | | | | | — | | |
| | | 2020 | | | 2019 | | ||||||
Recognized net actuarial loss | | | | | 39,156 | | | | | | 35,465 | | |
CurtaiIment/Settlement (gain)/loss | | | | | (353,416) | | | | | | 111,962 | | |
Net Pension Costs | | | | $ | (179,719) | | | | | $ | 253,773 | | |
|
March 31, 2020 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,449,165 | | | | | $ | — | | | | | $ | 1,449,165 | | | | | $ | — | | |
| | | | $ | 1,449,165 | | | | | $ | — | | | | | $ | 1,449,165 | | | | | $ | — | | |
|
June 30, 2019 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 171,384 | | |
2021 | | | | | 2,473,000 | | |
Thereafter | | | | | — | | |
| | | | $ | 2,644,384 | | |
Due | | | Initial Conversion Date | | | Strike Rate | | | Current Interest Rate | | | 2020 | | | 2019 | | |||||||||||||||
April 2023 | | | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | | $ | 1,000,000 | | | | | $ | 1,000,000 | | |
January 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | | | 1,000,000 | | | | | | 1,000,000 | | |
July 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.00071 | | | | | | 1,000,000 | | | | | | — | | |
January 2025 | | | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | | | 778,628 | | | | | | 815,873 | | |
October 2025 | | | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | | | 712,628 | | | | | | 743,339 | | |
October 2027 | | | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | | | 779,406 | | | | | | 849,210 | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 5,270,593 | | | | | $ | 4,408,422 | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 46,561 | | |
2021 | | | | | 189,386 | | |
2022 | | | | | 194,520 | | |
2023 | | | | | 1,199,797 | | |
2024 | | | | | 1,205,221 | | |
2025 | | | | | 1,705,598 | | |
Thereafter | | | | | 729,510 | | |
| | | | $ | 5,270,593 | | |
March 31, 2020 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,338,905 | | | | | | 33.9% | | | | | $ | 4,438,643≥ | | | | | | ≥10.500% | | | | | $ | 4,227,279≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,907,371 | | | | | | 32.9% | | | | | | 3,583,187≥ | | | | | | ≥8.500% | | | | | | 3,381,823≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,907,371 | | | | | | 32.9% | | | | | | 2,959,095≥ | | | | | | ≥7.000% | | | | | | 2,747,731≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,907,371 | | | | | | 15.8% | | | | | | 3,518,978≥ | | | | | | ≥4.000% | | | | | | 4,398,722≥ | | | | | | ≥5.0% | | |
|
June 30, 2019 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,538,227 | | | | | | 15.39% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
|
| | | Fixed Rate | | | Variable Rate | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
First or second mortgage loans | | | | $ | 806,000 | | | | | $ | 494,400 | | | | | $ | — | | | | | $ | 110,000 | | |
Unused lines of credit | | | | | 558,571 | | | | | | 899,813 | | | | | | 1,781,087 | | | | | | 1,753,230 | | |
Undisbursed amounts on construction loans | | | | | 1,227,979 | | | | | | 3,135,942 | | | | | | — | | | | | | — | | |
| | | | $ | 2,592,550 | | | | | $ | 4,530,155 | | | | | $ | 1,781,087 | | | | | $ | 1,863,230 | | |
March 31, 2020 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
| | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
|
June 30, 2019 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
March 31, 2020 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
Foreclosed real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
|
June 30, 2019 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 496,669 | | | | | $ | — | | | | | $ | — | | | | | $ | 496,669 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | — | | | | | | — | | | | | | 100,100 | | |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
March 31, 2020 | | | Quantitative Information about Level 3 Fair Value Measurements | | ||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | |||
Impaired loans | | | | $ | 493,808 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
Foreclosed real estate | | | | $ | — | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
|
June 30, 2019 | | | Quantitative Information about Level 3 Fair Value Measurements | | ||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | |||
Impaired loans | | | | $ | 496,669 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
Foreclosed real estate | | | | $ | 100,100 | | | | Appraisal of collateral | | | Costs to sell | | | 9.0% (9.0)% | |
| | | Unrealized Gains (Losses) on Available-For-Sale Securities | | | Unfunded Post Retirement Obligations | | | Total | | |||||||||
Balance, July 1, 2018 | | | | $ | 13,048 | | | | | | (722,765) | | | | | | (709,717) | | |
Unrealized losses on available for sale securities | | | | | (1,443) | | | | | | — | | | | | | (1,443) | | |
Increase in minimum pension liability | | | | | — | | | | | | (124,427) | | | | | | (124,427) | | |
Amounts reclassified from accumulated other comprehensive loss to net income | | | | | — | | | | | | 28,017 | | | | | | 28,017 | | |
Net current-period other comprehensive loss | | | | | (1,443) | | | | | | (96,410) | | | | | | (97,853) | | |
Balance, March 31, 2019 | | | | $ | 11,605 | | | | | $ | (819,175) | | | | | $ | (807,570) | | |
|
| | | Unrealized Gains (Losses) on Available-For-Sale Securities | | | Unfunded Post Retirement Obligations | | | Total | | |||||||||
Balance, July 1, 2019 | | | | $ | 12,732 | | | | | $ | (851,788) | | | | | $ | (839,056) | | |
Unrealized gains on available for sale securities | | | | | 1,947 | | | | | | — | | | | | | 1,947 | | |
Increase in minimum pension liability | | | | | — | | | | | | (207,454) | | | | | | (207,454) | | |
Amounts reclassified from accumulated other comprehensive loss to net income | | | | | — | | | | | | 30,933 | | | | | | 30,933 | | |
Net current-period other comprehensive income (loss) | | | | | 1,947 | | | | | | (176,521) | | | | | | (174,574) | | |
Balance, March 31, 2020 | | | | $ | 14,679 | | | | | $ | (1,028,309) | | | | | $ | (1,013,630) | | |
| | | | | A-26 – A-26 | | | |
| Financial Statements for the Years Ended June 30, 2019 and 2018 | | | | | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-32 – A-52 | | |
| | | Tel: 215-564-1900 Fax: 215-564-3940 www.bdo.com | | | Ten Penn Center 1801 Market Street, Suite 1700 Philadelphia, PA 19103 | |
June 30, | | | 2019 | | | 2018 | | ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 980,252 | | | | | $ | 627,334 | | |
Interest bearing demand deposits | | | | | 2,842,634 | | | | | | 2,495,245 | | |
Federal funds sold | | | | | 18,590,000 | | | | | | 20,810,000 | | |
Cash and cash equivalents | | | | | 22,412,886 | | | | | | 23,932,579 | | |
Interest bearing time deposits | | | | | 665,924 | | | | | | 943,368 | | |
Investment securities available-for-sale, at fair value | | | | | 577,904 | | | | | | 774,131 | | |
Investment securities held-to-maturity (fair value 2019 $8,782; 2018 $29,696) | | | | | 8,512 | | | | | | 29,283 | | |
Loans receivable, net of allowance for loan losses of $469,381 at June 30, 2019 and $487,181 at June 30, 2018 | | | | | 62,041,187 | | | | | | 60,549,606 | | |
Accrued interest receivable | | | | | 205,469 | | | | | | 198,741 | | |
Foreclosed real estate | | | | | 191,100 | | | | | | 264,509 | | |
Restricted stock, at cost | | | | | 300,200 | | | | | | 238,200 | | |
Premises and equipment, net | | | | | 191,419 | | | | | | 217,259 | | |
Prepaid expenses and other assets | | | | | 199,775 | | | | | | 249,106 | | |
Deferred income taxes, net | | | | | 354,115 | | | | | | 304,052 | | |
Total Assets | | | | $ | 87,148,491 | | | | | $ | 87,700,834 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | $ | 68,060,437 | | | | | $ | 70,720,933 | | |
Advances from Federal Home Loan Bank of Pittsburgh | | | | | 4,408,422 | | | | | | 2,804,840 | | |
Advances from borrowers for taxes and insurance | | | | | 404,175 | | | | | | 392,878 | | |
Accrued interest payable | | | | | 18,887 | | | | | | 12,835 | | |
Other liabilities | | | | | 1,557,399 | | | | | | 1,245,240 | | |
Total Liabilities | | | | | 74,449,320 | | | | | | 75,176,726 | | |
Equity | | | | | | | | | | | | | |
Surplus | | | | | 951,782 | | | | | | 951,782 | | |
Retained earnings | | | | | 12,586,445 | | | | | | 12,282,043 | | |
Accumulated other comprehensive loss | | | | | (839,056) | | | | | | (709,717) | | |
Total Equity | | | | | 12,699,171 | | | | | | 12,524,108 | | |
Total Liabilities and Equity | | | | $ | 87,148,491 | | | | | $ | 87,700,834 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees: | | | | | | | | | | | | | |
First mortgage loans | | | | $ | 2,258,344 | | | | | $ | 2,338,288 | | |
Consumer and other loans | | | | | 694,750 | | | | | | 678,872 | | |
Investment securities | | | | | — | | | | | | 35,153 | | |
Mortgage-backed securities | | | | | 24,733 | | | | | | 33,122 | | |
Other | | | | | 535,113 | | | | | | 296,889 | | |
Total Interest Income | | | | | 3,512,940 | | | | | | 3,382,324 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits | | | | | 584,220 | | | | | | 560,021 | | |
Federal Home Loan Bank advances | | | | | 104,716 | | | | | | 31,839 | | |
Total Interest Expense | | | | | 688,936 | | | | | | 591,860 | | |
Net interest income | | | | | 2,824,004 | | | | | | 2,790,464 | | |
Provision (Credit) for Loan Losses | | | | | (16,665) | | | | | | (13,875) | | |
Net interest income after provision (credit) for loan losses | | | | | 2,840,669 | | | | | | 2,804,339 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees | | | | | 164,279 | | | | | | 177,492 | | |
Net loss on sale of investment securities | | | | | — | | | | | | (117,767) | | |
Net gain (loss) on sale of foreclosed real estate | | | | | 9,555 | | | | | | (36,351) | | |
Other | | | | | 953 | | | | | | 2,718 | | |
Total Non-Interest Income | | | | | 174,787 | | | | | | 26,092 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 1,542,738 | | | | | | 1,373,090 | | |
Occupancy and equipment | | | | | 200,104 | | | | | | 193,718 | | |
Foreclosed real estate expenses | | | | | 58,886 | | | | | | 52,286 | | |
Federal deposit insurance premiums | | | | | 23,918 | | | | | | 26,184 | | |
Data processing | | | | | 163,728 | | | | | | 164,262 | | |
Other | | | | | 593,668 | | | | | | 574,553 | | |
Total Non-Interest Expenses | | | | | 2,583,042 | | | | | | 2,384,093 | | |
Income before income taxes | | | | | 432,414 | | | | | | 446,338 | | |
Income Tax Expense | | | | | 128,012 | | | | | | 398,247 | | |
Net Income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Other Comprehensive (Loss) Income | | | | | | | | | | | | | |
Unrealized loss on securities available-for-sale, net of taxes of $(84) and $(18,887), respectively | | | | | (316) | | | | | | (49,323) | | |
Reclassification adjustment for loss on sale of available- for-sale securities, net of taxes of $0 and $24,731, respectively | | | | | — | | | | | | 93,036 | | |
Net unrealized (losses) gains on securities available-for- sale | | | | | (316) | | | | | | 43,713 | | |
Unfunded post-retirement obligations: | | | | | | | | | | | | | |
Decrease (Increase) in minimum pension liability, net of taxes of $(44,227) and $15,333, respectively | | | | | (166,379) | | | | | | 35,694 | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $9,930 and $14,906, respectively(1) | | | | | 37,356 | | | | | | 39,296 | | |
Other comprehensive income on unfunded post- retirement obligations | | | | | (129,023) | | | | | | 74,990 | | |
Total Other Comprehensive (Loss) Income | | | | | (129,339) | | | | | | 118,703 | | |
Comprehensive Income | | | | $ | 175,063 | | | | | $ | 166,794 | | |
| | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total | | ||||||||||||
Balance, July 1, 2017 | | | | $ | 951,782 | | | | | $ | 12,100,619 | | | | | $ | (695,087) | | | | | $ | 12,357,314 | | |
Net income | | | | | — | | | | | | 48,091 | | | | | | — | | | | | | 48,091 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | 118,703 | | | | | | 118,703 | | |
Reclassification of other comprehensive income to retained earnings of ‘stranded tax effects’ in accordance with ASU 2018-02 | | | | | — | | | | | | 133,333 | | | | | | (133,333) | | | | | | — | | |
Balance, June 30, 2018 | | | | | 951,782 | | | | | | 12,282,043 | | | | | | (709,717) | | | | | | 12,524,108 | | |
Net income | | | | | — | | | | | | 304,402 | | | | | | — | | | | | | 304,402 | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (129,339) | | | | | | (129,339) | | |
Balance, June 30, 2019 | | | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Years Ended June 30, | | | 2019 | | | 2018 | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income | | | | $ | 304,402 | | | | | $ | 48,091 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for depreciation | | | | | 44,209 | | | | | | 48,337 | | |
(Credit) Provision for loan losses | | | | | (16,665) | | | | | | (13,875) | | |
Write-down of foreclosed real estate | | | | | 51,055 | | | | | | — | | |
Net amortization of securities premiums and discounts | | | | | (997) | | | | | | (635) | | |
Deferred income taxes | | | | | (15,681) | | | | | | 259,811 | | |
Net (gain) loss on sale of foreclosed real estate | | | | | (9,555) | | | | | | 36,351 | | |
Net loss on sale of investment securities | | | | | — | | | | | | 117,767 | | |
Decrease in assets: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | (6,728) | | | | | | 623 | | |
Prepaid expenses and other assets | | | | | 49,331 | | | | | | 53,818 | | |
Net loss on disposal of premises and equipment | | | | | 88 | | | | | | 49 | | |
Increase (decrease) in liabilities: | | | | | | | | | | | | | |
Accrued interest payable | | | | | 6,052 | | | | | | 4,336 | | |
Other liabilities | | | | | 148,838 | | | | | | 88,840 | | |
Net Cash Provided by Operating Activities | | | | | 554,349 | | | | | | 643,513 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net redemptions/(purchases) of interest-bearing time deposits | | | | | 277,444 | | | | | | (2,995) | | |
Investment securities available-for-sale: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 196,743 | | | | | | 2,369,645 | | |
Proceeds from sales | | | | | — | | | | | | 1,882,233 | | |
Investment securities held-to-maturity: | | | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments | | | | | 20,852 | | | | | | 1,036,608 | | |
Net decrease (increase) in loans receivable | | | | | (1,474,916) | | | | | | 751,400 | | |
Purchase of premises and equipment | | | | | (18,457) | | | | | | (18,417) | | |
Proceeds from sale of foreclosed real estate | | | | | 31,909 | | | | | | 155,694 | | |
Net increase in restricted stock | | | | | (62,000) | | | | | | (114,500) | | |
Net Cash (Used In) Provided by Investing Activities | | | | | (1,028,425) | | | | | | 6,059,668 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits | | | | | (2,660,496) | | | | | | (5,687,378) | | |
Proceeds from long-term debt | | | | | 1,770,000 | | | | | | 2,884,300 | | |
Repayment of long-term debt | | | | | (166,418) | | | | | | (79,460) | | |
Net increase (decrease) in advances from borrowers for taxes and insurance | | | | | 11,297 | | | | | | (1,826) | | |
Net Cash Used in Financing Activities | | | | | (1,045,617) | | | | | | (2,884,364) | | |
Net increase (decrease) in cash and cash equivalents | | | | | (1,519,693) | | | | | | 3,818,817 | | |
Cash and Cash Equivalents, Beginning | | | | | 23,932,579 | | | | | | 20,113,762 | | |
Cash and Cash Equivalents, Ending | | | | $ | 22,412,886 | | | | | $ | 23,932,579 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid | | | | $ | 682,884 | | | | | $ | 587,524 | | |
Income taxes paid | | | | $ | 135,000 | | | | | $ | 156,500 | | |
Supplementary Schedule of Non-Cash Investing and Financing Activities | | | | | | | | | | | | | |
Foreclosed real estate acquired in settlement of loans receivable | | | | $ | — | | | | | $ | 305,399 | | |
June 30, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
|
June 30, 2018 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
| | | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs | | | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
| | | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
June 30, 2019 | | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Securities held-to- maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
June 30, 2018 | | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
June 30, 2019 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 561,788 | | | | | | 577,904 | | | | | | 8,512 | | | | | | 8,782 | | |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
|
June 30, 2018 | | | Available-for-Sale | | | Held-to-Maturity | | ||||||||||||||||||
| | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities | | | | | 757,615 | | | | | | 774,131 | | | | | | 29,283 | | | | | | 29,696 | | |
| | | | $ | 757,615 | | | | | $ | 774,131 | | | | | $ | 29,283 | | | | | $ | 29,696 | | |
| | | 2019 | | | 2018 | | ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied | | | | $ | 22,754,109 | | | | | $ | 21,205,105 | | |
One-to-four family residences – non-owner occupied | | | | | 18,621,665 | | | | | | 18,485,241 | | |
Secured by other properties | | | | | 3,611,107 | | | | | | 4,798,757 | | |
| | | | | 44,986,881 | | | | | | 44,489,103 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage | | | | | 17,519,066 | | | | | | 16,553,808 | | |
Savings account loans and other | | | | | 179,626 | | | | | | 134,938 | | |
| | | | | 17,698,692 | | | | | | 16,688,746 | | |
Total Loans Receivable | | | | | 62,685,573 | | | | | | 61,177,849 | | |
Unearned loan origination fees, net | | | | | (175,005) | | | | | | (141,062) | | |
Allowance for loan losses | | | | | (469,381) | | | | | | (487,181) | | |
Loans Receivable, Net | | | | $ | 62,041,187 | | | | | $ | 60,549,606 | | |
June 30, 2019 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| | | Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (19,866) | | | | | $ | 88,324 | | | | | $ | — | | | | | $ | 88,324 | | |
Non-owner occupied | | | | | 200,983 | | | | | | — | | | | | | — | | | | | | 22,626 | | | | | | 223,609 | | | | | | 55,843 | | | | | | 167,766 | | |
Secured by other properties | | | | | 90,936 | | | | | | — | | | | | | — | | | | | | (6,798) | | | | | | 84,138 | | | | | | 49,919 | | | | | | 34,219 | | |
Home equity and second mortgage | | | | | 78,499 | | | | | | — | | | | | | — | | | | | | (10,803) | | | | | | 67,696 | | | | | | — | | | | | | 67,696 | | |
Savings account loans and other | | | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | (1,824) | | | | | | 5,614 | | | | | | — | | | | | | 5,614 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | (16,665) | | | | | $ | 469,381 | | | | | $ | 105,762 | | | | | $ | 363,619 | | |
|
June 30, 2018 | | | Allowance for Loan Losses | | |||||||||||||||||||||||||||||||||||||||
| | | Beginning Balance | | | Charge-offs | | | Recoveries | | | Provisions (Credits) | | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 93,365 | | | | | $ | — | | | | | $ | — | | | | | $ | 14,825 | | | | | $ | 108,190 | | | | | $ | — | | | | | $ | 108,190 | | |
Non-owner occupied | | | | | 271,216 | | | | | | (59,833) | | | | | | — | | | | | | (10,400) | | | | | | 200,983 | | | | | | 42,911 | | | | | | 158,072 | | |
Secured by other properties | | | | | 109,285 | | | | | | — | | | | | | — | | | | | | (18,349) | | | | | | 90,936 | | | | | | 49,919 | | | | | | 41,017 | | |
Home equity and second mortgage | | | | | 83,581 | | | | | | — | | | | | | — | | | | | | (5,082) | | | | | | 78,499 | | | | | | — | | | | | | 78,499 | | |
Savings account loans and other | | | | | 7,927 | | | | | | (4,625) | | | | | | 140 | | | | | | 5,131 | | | | | | 8,573 | | | | | | — | | | | | | 8,573 | | |
| | | | $ | 565,374 | | | | | $ | (64,458) | | | | | $ | 140 | | | | | $ | (13,875) | | | | | $ | 487,181 | | | | | $ | 92,830 | | | | | $ | 394,351 | | |
|
June 30, 2019 | | | Loans Receivable | | |||||||||||||||
| | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied | | | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties | | | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage | | | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other | | | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
June 30, 2018 | | | Loans Receivable | | |||||||||||||||
| | | Ending Balance | | | Ending Balance: Individually Evaluated for Impairment | | | Ending Balance: Collectively Evaluated for Impairment | | |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 21,205,105 | | | | | $ | 150,387 | | | | | $ | 21,054,718 | | |
Non-owner occupied | | | | | 18,485,241 | | | | | | 550,668 | | | | | | 17,934,573 | | |
Secured by other properties | | | | | 4,798,757 | | | | | | 343,569 | | | | | | 4,455,188 | | |
Home equity and second mortgage | | | | | 16,553,808 | | | | | | 55,931 | | | | | | 16,497,877 | | |
Savings account loans and other | | | | | 134,938 | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 61,177,849 | | | | | $ | 1,100,555 | | | | | $ | 60,077,294 | | |
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
June 30, 2019 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
Secured by other properties | | | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties | | | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied | | | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties | | | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other | | | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2018 | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied | | | | | 235,408 | | | | | | 267,365 | | | | | | — | | | | | | 343,512 | | | | | | 12,602 | | |
Secured by other properties | | | | | 163,254 | | | | | | 163,254 | | | | | | — | | | | | | 168,569 | | | | | | 11,764 | | |
Home equity and second mortgage | | | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other | | | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied | | | | | 315,260 | | | | | | 315,260 | | | | | | 42,911 | | | | | | 318,908 | | | | | | 14,371 | | |
Secured by other properties | | | | | 180,315 | | | | | | 180,315 | | | | | | 49,919 | | | | | | 182,158 | | | | | | 9,931 | | |
Home equity and second mortgage | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied | | | | | 550,668 | | | | | | 582,625 | | | | | | 42,911 | | | | | | 662,420 | | | | | | 26,973 | | |
Secured by other properties | | | | | 343,569 | | | | | | 343,569 | | | | | | 49,919 | | | | | | 350,727 | | | | | | 21,695 | | |
Home equity and second mortgage | | | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other | | | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
June 30, 2019 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied | | | | | 16,706,762 | | | | | | 1,401,017 | | | | | | 513,886 | | | | | | — | | | | | | — | | | | | | 18,621,665 | | |
Secured by other properties | | | | | 3,003,645 | | | | | | 457,844 | | | | | | 149,618 | | | | | | — | | | | | | — | | | | | | 3,611,107 | | |
Home equity and second mortgage | | | | | 17,447,187 | | | | | | — | | | | | | 71,879 | | | | | | — | | | | | | — | | | | | | 17,519,066 | | |
Savings account loans and other | | | | | 174,814 | | | | | | — | | | | | | 4,812 | | | | | | — | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
|
June 30, 2018 | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 21,054,718 | | | | | $ | — | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,205,105 | | |
Non-owner occupied | | | | | 18,485,241 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | |
Secured by other properties | | | | | 4,635,503 | | | | | | — | | | | | | 163,254 | | | | | | — | | | | | | — | | | | | | 4,798,757 | | |
Home equity and second mortgage | | | | | 16,497,877 | | | | | | — | | | | | | 55,931 | | | | | | — | | | | | | — | | | | | | 16,553,808 | | |
Savings account loans and other | | | | | 134,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 60,808,277 | | | | | $ | — | | | | | $ | 369,572 | | | | | $ | — | | | | | $ | — | | | | | $ | 61,177,849 | | |
June 30, 2019 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied | | | | | 134,350 | | | | | | — | | | | | | 513,886 | | | | | | 648,236 | | | | | | 17,973,429 | | | | | | 18,621,665 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | 149,618 | | | | | | — | | | | | | 149,618 | | | | | | 3,461,489 | | | | | | 3,611,107 | | | | | | — | | |
Home equity and second mortgage | | | | | 22,462 | | | | | | 19,162 | | | | | | — | | | | | | 41,624 | | | | | | 17,477,442 | | | | | | 17,519,066 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,626 | | | | | | 179,626 | | | | | | — | | |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
June 30, 2018 | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans Receivables | | | Loans Receivable >90 Days and Accruing | | |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | | | $ | 145,939 | | | | | $ | 68,862 | | | | | $ | 150,387 | | | | | $ | 365,188 | | | | | $ | 20,839,917 | | | | | $ | 21,205,105 | | | | | $ | — | | |
Non-owner occupied | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | | | | | 18,485,241 | | | | | | — | | |
Secured by other properties | | | | | — | | | | | | 163,254 | | | | | | — | | | | | | 163,254 | | | | | | 4,635,503 | | | | | | 4,798,757 | | | | | | — | | |
Home equity and second mortgage | | | | | — | | | | | | 67,860 | | | | | | 55,931 | | | | | | 123,791 | | | | | | 16,430,017 | | | | | | 16,553,808 | | | | | | — | | |
Savings account loans and other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | | | | | 134,938 | | | | | | — | | |
| | | | $ | 145,939 | | | | | $ | 299,976 | | | | | $ | 206,318 | | | | | $ | 652,233 | | | | | $ | 60,525,616 | | | | | $ | 61,177,849 | | | | | $ | — | | |
|
| | | 2019 | | | 2018 | | ||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | |
Owner occupied | | | | $ | 281,984 | | | | | $ | 150,387 | | |
Non-owner occupied | | | | | 513,886 | | | | | | — | | |
Secured by other properties | | | | | 149,618 | | | | | | 163,254 | | |
Home equity and second mortgage | | | | | 71,879 | | | | | | 55,931 | | |
Savings account loans and other | | | | | — | | | | | | — | | |
| | | | $ | 1,017,367 | | | | | $ | 369,572 | | |
| | | Estimated Useful Lives | | | 2019 | | | 2018 | | ||||||
Buildings and improvements | | | 3 to 35 years | | | | $ | 968,615 | | | | | $ | 968,615 | | |
Furniture, fixtures and equipment | | | 1 to 15 years | | | | | 771,383 | | | | | | 769,310 | | |
| | | | | | | | 1,739,998 | | | | | | 1,737,925 | | |
Accumulated depreciation | | | | | | | | (1,581,229) | | | | | | (1,553,316) | | |
| | | | | | | | 158,769 | | | | | | 184,609 | | |
Land | | | | | | | | 32,650 | | | | | | 32,650 | | |
| | | | | | | $ | 191,419 | | | | | $ | 217,259 | | |
| | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||
| | | Weighted Average Rate at June 30, 2019 | | | Amount | | | Percent | | | Weighted Average Rate at June 30, 2017 | | | Amount | | | Percent | | ||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business checking | | | | | | | | | | $ | 437,231 | | | | | | 0.64% | | | | | | | | | | | $ | 322,715 | | | | | | 0.46% | | |
Non-interest checking | | | | | | | | | | | 3,486,425 | | | | | | 5.12 | | | | | | | | | | | | 2,738,631 | | | | | | 3.87 | | |
NOW | | | | | | | | | | | 16,810,886 | | | | | | 24.70 | | | | | | | | | | | | 18,753,514 | | | | | | 26.52 | | |
Money market | | | | | | | | | | | 3,526,512 | | | | | | 5.18 | | | | | | | | | | | | 4,092,473 | | | | | | 5.79 | | |
Savings | | | | | | | | | | | 17,749,181 | | | | | | 26.08 | | | | | | | | | | | | 18,118,590 | | | | | | 25.62 | | |
| | | | | 0.41% | | | | | | 42,010,235 | | | | | | 61.72 | | | | | | 0.43% | | | | | | 44,025,923 | | | | | | 62.26 | | |
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificates of deposit | | | | | 1.63% | | | | | | 26,050,202 | | | | | | 38.28 | | | | | | 1.27% | | | | | | 26,695,010 | | | | | | 37.74 | | |
| | | | | 0.88% | | | | | $ | 68,060,437 | | | | | | 100.00% | | | | | | 0.75% | | | | | $ | 70,720,933 | | | | | | 100.00% | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 9,549,030 | | |
2021 | | | | | 3,505,427 | | |
2022 | | | | | 6,225,297 | | |
2023 | | | | | 2,959,540 | | |
2024 | | | | | 2,602,855 | | |
Thereafter | | | | | 1,208,053 | | |
| | | | $ | 26,050,202 | | |
| | | 2019 | | | 2018 | | ||||||
Money market accounts | | | | $ | 26,160 | | | | | $ | 26,411 | | |
NOW accounts | | | | | 103,195 | | | | | | 122,866 | | |
Savings accounts | | | | | 53,711 | | | | | | 53,314 | | |
Certificates of deposit | | | | | 401,154 | | | | | | 357,430 | | |
| | | | $ | 584,220 | | | | | $ | 560,021 | | |
| | | 2019 | | | 2018 | | ||||||
Correspondent Bank charges | | | | $ | 18,239 | | | | | $ | 25,571 | | |
Professional fees | | | | | 160,974 | | | | | | 161,499 | | |
Advertising | | | | | 53,178 | | | | | | 49,085 | | |
Insurance/surety bond premiums | | | | | 24,144 | | | | | | 24,318 | | |
Supplies | | | | | 16,212 | | | | | | 27,798 | | |
Supervisory Exams | | | | | 27,350 | | | | | | 17,548 | | |
ATM costs | | | | | 69,847 | | | | | | 67,045 | | |
VISA debit cards | | | | | 30,839 | | | | | | 30,215 | | |
| | | 2019 | | | 2018 | | ||||||
Telephone, data line, and internet charges | | | | | 84,891 | | | | | | 81,399 | | |
Postage | | | | | 16,993 | | | | | | 19,869 | | |
Dues and subscriptions | | | | | 15,426 | | | | | | 13,917 | | |
DDA/NOW account costs | | | | | 12,230 | | | | | | 12,211 | | |
Loan processing costs | | | | | 11,230 | | | | | | 6,778 | | |
Telephone banking | | | | | 9,716 | | | | | | 9,991 | | |
Courier services | | | | | 10,618 | | | | | | 10,090 | | |
Meals and entertainment | | | | | 10,496 | | | | | | 6,104 | | |
Provision for other credit losses | | | | | 8,048 | | | | | | (2,566) | | |
Other | | | | | 13,237 | | | | | | 13,681 | | |
| | | | $ | 593,668 | | | | | $ | 574,553 | | |
|
| | | 2019 | | | 2018 | | ||||||
Current, federal | | | | $ | 106,386 | | | | | $ | 123,144 | | |
Deferred, federal | | | | | (15,681) | | | | | | 240,386 | | |
Total federal income tax expense | | | | | 90,705 | | | | | | 363,530 | | |
Current, state | | | | | 37,307 | | | | | | 15,292 | | |
Deferred, state | | | | | — | | | | | | 19,425 | | |
Total state income tax expense | | | | | 37,307 | | | | | | 34,717 | | |
Total Income Tax Expense | | | | $ | 128,012 | | | | | $ | 398,247 | | |
| | | 2019 | | | 2018 | | ||||||
Assets | | | | | | | | | | | | | |
Impairment of securities available-for-sale | | | | $ | 24,731 | | | | | $ | 24,731 | | |
Allowance for loan losses | | | | | 98,570 | | | | | | 102,308 | | |
Other comprehensive loss, pension | | | | | 226,425 | | | | | | 192,128 | | |
Executive retirement plan | | | | | 2,520 | | | | | | 2,835 | | |
Other | | | | | 30,147 | | | | | | 10,646 | | |
| | | | | 382,393 | | | | | | 332,648 | | |
Valuation allowance | | | | | (24,731) | | | | | | (24,731) | | |
Total assets, net | | | | | 357,662 | | | | | | 307,917 | | |
|
| | | 2019 | | | 2018 | | ||||||
Liabilities | | | | | | | | | | | | | |
Basis of premises and equipment | | | | | (163) | | | | | | (396) | | |
Unrealized gains on securities available-for-sale | | | | | (3,384) | | | | | | (3,469) | | |
Total liabilities | | | | | (3,547) | | | | | | (3,865) | | |
Net Deferred Tax Assets | | | | $ | 354,115 | | | | | $ | 304,052 | | |
|
| | | 2019 | | | 2018 | | ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Beginning of year | | | | $ | 2,493,426 | | | | | $ | 2,448,837 | | |
Service cost | | | | | 106,724 | | | | | | 101,462 | | |
Interest cost | | | | | 104,606 | | | | | | 95,069 | | |
Assumption changes | | | | | 243,899 | | | | | | (113,561) | | |
Actual loss | | | | | 42,336 | | | | | | 28,586 | | |
Benefits paid | | | | | (367,506) | | | | | | (66,967) | | |
End of year | | | | | 2,623,485 | | | | | | 2,493,426 | | |
Changes in fair value of plan assets: | | | | | | | | | | | | | |
Beginning of year | | | | | 1,613,931 | | | | | | 1,449,918 | | |
Actual return on plan assets | | | | | 33,201 | | | | | | 30,980 | | |
Employer contributions | | | | | 100,000 | | | | | | 200,000 | | |
Benefits paid | | | | | (367,506) | | | | | | (66,967) | | |
End of year | | | | | 1,379,626 | | | | | | 1,613,931 | | |
Unfunded Status at End of Year | | | | $ | (1,243,859) | | | | | $ | (879,495) | | |
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities | | | | $ | (1,243,859) | | | | | $ | (879,495) | | |
Accumulated other comprehensive loss (pre-tax basis) | | | | | 1,078,213 | | | | | | 914,893 | | |
Net Amount Recognized | | | | $ | (165,646) | | | | | $ | 35,398 | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss | | | | $ | 1,078,213 | | | | | $ | 914,893 | | |
| | | | $ | 1,078,213 | | | | | $ | 914,893 | | |
| | | 2019 | | | 2018 | | ||||||
Service cost, benefit earned during the period | | | | $ | 106,724 | | | | | $ | 101,462 | | |
Interest cost on projected benefit obligation | | | | | 104,606 | | | | | | 95,069 | | |
Expected return on plan assets | | | | | (69,534) | | | | | | (64,928) | | |
Recognized prior service credit | | | | | — | | | | | | (1,946) | | |
Recognized net actuarial loss | | | | | 47,286 | | | | | | 56,148 | | |
Settlement loss | | | | | 111,962 | | | | | | — | | |
Net Pension Costs | | | | $ | 301,044 | | | | | $ | 185,805 | | |
June 30, 2017 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
|
June 30, 2018 | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Certificates of deposit | | | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
| | | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 100,600 | | |
2021 | | | | | 119,400 | | |
2022 | | | | | 118,000 | | |
2023 | | | | | 116,600 | | |
2024 | | | | | 136,500 | | |
Thereafter | | | | | 921,000 | | |
| | | | $ | 1,512,100 | | |
Due | | | Initial Conversion Date | | | Strike Rate | | | Current Interest Rate | | | 2019 | | | 2018 | | |||||||||||||||
April 2023 | | | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | | $ | 1,000,000 | | | | | $ | 1,000,000 | | |
January 2024 | | | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | | | 1,000,000 | | | | | | — | | |
January 2025 | | | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | | | 815,873 | | | | | | 864,449 | | |
October 2025 | | | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | | | 743,339 | | | | | | — | | |
October 2027 | | | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | | | 849,210 | | | | | | 940,391 | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 4,408,422 | | | | | $ | 2,804,840 | | |
Years ending June 30, | | | | | | | |
2020 | | | | $ | 184,390 | | |
2021 | | | | | 189,386 | | |
2022 | | | | | 194,520 | | |
2023 | | | | | 1,199,797 | | |
2024 | | | | | 1,205,221 | | |
Thereafter | | | | | 1,435,108 | | |
| | | | $ | 4,408,422 | | |
June 30, 2019 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,538,227 | | | | | | 15.3% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
June 30, 2018 | | | Actual | | | For Capital Adequacy Purposes* | | | To be Well Capitalized under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | | | | $ | 13,721,006 | | | | | | 31.1% | | | | | $ | 4,354,194≥ | | | | | | ≥9.875% | | | | | $ | 4,409,310≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets) | | | | | 13,233,825 | | | | | | 30.0% | | | | | | 3,472,332≥ | | | | | | ≥7.875% | | | | | | 3,527,448≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets) | | | | | 13,233,825 | | | | | | 30.0% | | | | | | 2,810,935≥ | | | | | | ≥6.375% | | | | | | 2,866,052≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible assets) | | | | | 13,233,825 | | | | | | 14.9% | | | | | | 3,553,932≥ | | | | | | ≥4.000% | | | | | | 4,442,416≥ | | | | | | ≥5.0% | | |
| | | Fixed Rate | | | Variable Rate | | ||||||||||||||||||
| | | 2019 | | | 2018 | | | 2019 | | | 2018 | | ||||||||||||
First or second mortgage loans | | | | $ | 494,400 | | | | | $ | 195,000 | | | | | $ | 110,000 | | | | | $ | — | | |
Unused lines of credit | | | | | 899,813 | | | | | | 1,208,739 | | | | | | 1,753,230 | | | | | | 1,684,883 | | |
Undisbursed amounts on construction loans | | | | | 3,135,942 | | | | | | 1,839,679 | | | | | | — | | | | | | 10,500 | | |
| | | | $ | 4,530,155 | | | | | $ | 3,243,418 | | | | | $ | 1,863,230 | | | | | $ | 1,695,383 | | |
June 30, 2019 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
|
June 30, 2018 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs) | | | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
| | | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
June 30, 2019 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 496,669 | | | | | $ | — | | | | | $ | — | | | | | $ | 496,669 | | |
Foreclosed real estate | | | | | 100,100 | | | | | | — | | | | | | — | | | | | | 100,100 | | |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
|
June 30, 2018 | | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 402,745 | | | | | $ | — | | | | | $ | — | | | | | $ | 402,745 | | |
Foreclosed real estate | | | | | 113,354 | | | | | | — | | | | | | — | | | | | | 113,354 | | |
| | | | $ | 516,099 | | | | | $ | — | | | | | $ | — | | | | | $ | 516,099 | | |
June 30, 2019 | | | Quantitative Information about Level 3 Fair Value Measurements | | |||||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | ||||||
Impaired loans | | | | $ | 496,669 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
Foreclosed real estate | | | | $ | 100,100 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
June 30, 2018 | | | Quantitative Information about Level 3 Fair Value Measurements | | |||||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | ||||||
Impaired loans | | | | $ | 402,745 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
Foreclosed real estate | | | | $ | 113,354 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
June 30, 2019 | | | Quantitative Information about Level 3 Fair Value Measurements | | |||||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | ||||||
Impaired loans | | | | $ | 496,669 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
Foreclosed real estate | | | | $ | 100,100 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
June 30, 2018 | | | Quantitative Information about Level 3 Fair Value Measurements | | |||||||||||||||
| | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Inputs | | | Estimated Range (Weighted Average) | | ||||||
Impaired loans | | | | $ | 402,745 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
Foreclosed real estate | | | | $ | 113,354 | | | | Appraisal of collateral | | | Costs to sell | | | | | 9.0% (9.0)% | | |
| | Unrealized Gains (Losses) on Available- For-Sale Securities | | Unfunded Post Retirement Obligations | | Total | | | Unrealized Gains (Losses) on Available- For-Sale Securities | | Unfunded Post Retirement Obligations | | Total | | ||||||||||||||||||||||||
Balance, July 1, 2017 | | | $ | (21,806) | | | | $ | (673,281) | | | | $ | (695,087) | | | | | $ | (21,806) | | | | $ | (673,281) | | | | $ | (695,087) | | | ||||||
Unrealized losses on available for sale securities | | | | (49,323) | | | | | — | | | | | (49,323) | | | | | | (49,323) | | | | | — | | | | | (49,323) | | | ||||||
Decrease in minimum pension liability | | | | — | | | | | 35,694 | | | | | 35,694 | | | | | | — | | | | | 35,694 | | | | | 35,694 | | | ||||||
Amounts reclassified from accumulated other comprehensive loss to net income | | | | 93,036 | | | | | 39,296 | | | | | 132,332 | | | | | | 93,036 | | | | | 39,296 | | | | | 132,332 | | | ||||||
Net current-period other comprehensive income | | | | 43,713 | | | | | 74,990 | | | | | 118,703 | | | | | | 43,713 | | | | | 74,990 | | | | | 118,703 | | | ||||||
Amounts reclassified from accumulated other comprehensive loss to retained earnings | | | | (8,859) | | | | | (124,474) | | | | | (133,333) | | | | | | (8,859) | | | | | (124,474) | | | | | (133,333) | | | ||||||
Balance, June 30, 2018 | | | | 13,048 | | | | | (722,765) | | | | | (709,717) | | | | | | 13,048 | | | | | (722,765) | | | | | (709,717) | | | ||||||
Unrealized losses on available for sale securities | | | | (316) | | | | | — | | | | | (316) | | | | | | (316) | | | | | — | | | | | (316) | | | ||||||
Decrease in minimum pension liability | | | | — | | | | | (166,379) | | | | | (166,379) | | | ||||||||||||||||||||||
Increase in minimum pension liability | | | | — | | | | | (166,379) | | | | | (166,379) | | | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | | | | — | | | | | 37,356 | | | | | 37,356 | | | | | | — | | | | | 37,356 | | | | | 37,356 | | | ||||||
Net current-period other comprehensive (loss) | | | | (316) | | | | | (129,023) | | | | | (129,339) | | | | | | (316) | | | | | (129,023) | | | | | (129,339) | | | ||||||
Balance, June 30, 2019 | | | $ | 12,732 | | | | $ | (851,788) | | | | $ | (839,056) | | | | | $ | 12,732 | | | | $ | (851,788) | | | | $ | (839,056) | | |
| | | Page Number | | |||
| | | | B-1 | | | |
Financial Statements | | | | | | | |
| | | | B-2 | | | |
| | | | B-3 | | | |
| | | | B-4 | | | |
| | | | B-5 | | | |
| | | | B-6 | | | |
| | | | B-7 – B- | | |
| | | March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
ASSETS | | | | ||||||||||
Cash and amounts due from other institutions | | | | $ | 3,056,532 | | | | | $ | 2,048,669 | | |
Interest-bearing deposits with other institutions | | | | | 15,234,031 | | | | | | 6,576,740 | | |
Cash and cash equivalents | | | | | 18,290,563 | | | | | | 8,625,409 | | |
Certificates of deposit | | | | | 100,000 | | | | | | 100,000 | | |
Equity securities | | | | | 30,425 | | | | | | 57,187 | | |
Investment securities held to maturity (fair value of $2,494,946) | | | | | — | | | | | | 2,500,000 | | |
Investment securities available for sale | | | | | 1,992,916 | | | | | | 1,000,773 | | |
Mortgage-backed securities held to maturity (fair value of $491,635 and $661,492) | | | | | 478,678 | | | | | | 650,156 | | |
Loans (net of allowance for loan losses of $740,397 and $678,410) | | | | | 127,439,835 | | | | | | 139,826,664 | | |
Accrued interest receivable | | | | | 446,848 | | | | | | 640,401 | | |
Regulatory stock | | | | | 1,225,000 | | | | | | 1,597,600 | | |
Premises and equipment, net | | | | | 4,694,700 | | | | | | 4,957,676 | | |
Bank-owned life insurance | | | | | 3,201,865 | | | | | | 3,122,918 | | |
Other assets | | | | | 961,540 | | | | | | 910,126 | | |
TOTAL ASSETS | | | | $ | 158,862,370 | | | | | $ | 163,988,910 | | |
LIABILITIES | | | | | | | | | | | | | |
Deposits | | | | $ | 133,606,269 | | | | | $ | 130,486,497 | | |
Short-term advances from Federal Home Loan Bank | | | | | — | | | | | | 11,000,000 | | |
Long-term advances from Federal Home Loan Bank | | | | | 11,000,000 | | | | | | 8,000,000 | | |
Accrued interest payable | | | | | 45,456 | | | | | | 71,142 | | |
Advance payments by borrowers for taxes and insurance | | | | | 266,009 | | | | | | 255,434 | | |
Other liabilities | | | | | 628,278 | | | | | | 732,486 | | |
TOTAL LIABILITIES | | | | | 145,546,012 | | | | | | 150,545,559 | | |
NET WORTH | | | | | | | | | | | | | |
Retained earnings | | | | | 13,310,534 | | | | | | 13,415,778 | | |
Accumulated other comprehensive income | | | | | 5,824 | | | | | | 27,573 | | |
TOTAL NET WORTH | | | | | 13,316,358 | | | | | | 13,443,351 | | |
TOTAL LIABILITIES AND NET WORTH | | | | $ | 158,862,370 | | | | | $ | 163,988,910 | | |
| | | Year Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
INTEREST AND DIVIDEND INCOME | | | | ||||||||||
Interest and fees on loans | | | | $ | 5,618,902 | | | | | $ | 5,836,044 | | |
Interest on mortgage-backed securities | | | | | 19,929 | | | | | | 20,622 | | |
Interest and dividends on investments | | | | | 198,461 | | | | | | 195,654 | | |
Interest-bearing deposits with other institutions | | | | | 209,882 | | | | | | 110,432 | | |
Total interest and dividend income | | | | | 6,047,174 | | | | | | 6,162,752 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Deposits | | | | | 1,357,495 | | | | | | 1,243,938 | | |
Short-term advances from Federal Home Loan Bank | | | | | 134,751 | | | | | | 214,210 | | |
Long-term advances from Federal Home Loan Bank | | | | | 312,192 | | | | | | 179,626 | | |
Total interest expense | | | | | 1,804,438 | | | | | | 1,637,774 | | |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | | | | | 4,242,736 | | | | | | 4,524,978 | | |
Provision for loan losses | | | | | 126,000 | | | | | | 108,000 | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | | | | 4,116,736 | | | | | | 4,416,978 | | |
NONINTEREST INCOME | | | | ||||||||||
Service charges on deposit accounts | | | | | 75,588 | | | | | | 80,076 | | |
(Loss) gain on sale of loans, net | | | | | (2,648) | | | | | | 1,887 | | |
Earnings on bank-owned life insurance | | | | | 78,947 | | | | | | 79,342 | | |
Rental income | | | | | 172,670 | | | | | | 167,589 | | |
Other income | | | | | 124,608 | | | | | | 126,149 | | |
Total noninterest income | | | | | 449,165 | | | | | | 455,043 | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | |
Salaries and employee benefits expenses | | | | | 1,982,421 | | | | | | 2,632,301 | | |
Occupancy expenses | | | | | 699,924 | | | | | | 761,981 | | |
Furniture and equipment expenses | | | | | 184,082 | | | | | | 197,828 | | |
Insurance and bond premiums | | | | | 83,236 | | | | | | 105,498 | | |
Data processing expenses | | | | | 473,942 | | | | | | 473,230 | | |
Professional fees | | | | | 189,817 | | | | | | 179,003 | | |
Federal deposit insurance | | | | | 72,384 | | | | | | 98,670 | | |
Correspondent service charges | | | | | 128,973 | | | | | | 118,972 | | |
Gain on sale of other real estate owned | | | | | — | | | | | | (51,115) | | |
Other expenses | | | | | 875,499 | | | | | | 1,082,817 | | |
Total noninterest expense | | | | | 4,690,278 | | | | | | 5,599,185 | | |
LOSS BEFORE INCOME TAX BENEFIT | | | | | (124,377) | | | | | | (727,164) | | |
Income tax benefit | | | | | (19,133) | | | | | | (22,958) | | |
NET LOSS | | | | $ | (105,244) | | | | | $ | (704,206) | | |
| | | Year Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Net loss | | | | $ | (105,244) | | | | | $ | (704,206) | | |
Other comprehensive (loss) income : | | | | | | | | | | | | | |
Unrealized holding (losses) gains on securities | | | | | (27,535) | | | | | | 20,402 | | |
Tax effect | | | | | 5,786 | | | | | | (1,639) | | |
Other comprehensive (loss) income, net of tax | | | | | (21,749) | | | | | | 18,763 | | |
Comprehensive loss | | | | $ | (126,993) | | | | | $ | (685,443) | | |
| | | Retained Earnings | | | Accumulated Other Comprehensive Income | | | Total Net Worth | | |||||||||
Balance, March 31, 2018 | | | | $ | 14,119,984 | | | | | $ | 8,810 | | | | | $ | 14,128,794 | | |
Net loss | | | | | (704,206) | | | | | | — | | | | | | (704,206) | | |
Other comprehensive income | | | | | — | | | | | | 18,763 | | | | | | 18,763 | | |
Balance, March 31, 2019 | | | | | 13,415,778 | | | | | | 27,573 | | | | | | 13,443,351 | | |
Net loss | | | | | (105,244) | | | | | | — | | | | | | (105,244) | | |
Other comprehensive loss | | | | | — | | | | | | (21,749) | | | | | | (21,749) | | |
Balance, March 31, 2020 | | | | $ | 13,310,534 | | | | | $ | 5,824 | | | | | $ | 13,316,358 | | |
| | | Year Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss | | | | $ | (105,244) | | | | | $ | (704,206) | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation | | | | | 462,518 | | | | | | 489,137 | | |
Provision for loan losses | | | | | 126,000 | | | | | | 108,000 | | |
Net accretion of securities premiums and discounts and loan fees | | | | | (8,390) | | | | | | (1,286) | | |
Earnings on bank-owned life insurance | | | | | (78,947) | | | | | | (79,342) | | |
Gain on sale of other real estate owned | | | | | — | | | | | | (51,115) | | |
Loss (gain) on sale of loans, net | | | | | 2,648 | | | | | | (1,887) | | |
Mortgage loans originated for sale | | | | | (462,370) | | | | | | (308,789) | | |
Proceeds from the sale of mortgage loans originated for sale | | | | | 459,722 | | | | | | 310,676 | | |
Decrease in accrued interest receivable | | | | | 193,553 | | | | | | 23,727 | | |
(Decrease) increase in accrued interest payable | | | | | (25,686) | | | | | | 37,095 | | |
Deferred income taxes | | | | | (1,092) | | | | | | (39,397) | | |
Increase in supplemental retirement plan | | | | | 22,868 | | | | | | 226,278 | | |
Other, net | | | | | (171,612) | | | | | | 125,368 | | |
Net cash provided by operating activities | | | | | 413,968 | | | | | | 134,259 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of: | | | | | | | | | | | | | |
Investment securities held to maturity | | | | | (500,000) | | | | | | — | | |
Investment securities available for sale | | | | | (1,985,143) | | | | | | (1,000,000) | | |
Proceeds from: | | | | | | | | | | | | | |
Calls and maturities of investment securities held to maturity | | | | | 3,000,000 | | | | | | — | | |
Calls and maturities of investment securities available for sale | | | | | 1,000,000 | | | | | | 2,000,000 | | |
Principal collected on: | | | | | | | | | | | | | |
Mortgage-backed securities held to maturity | | | | | 171,625 | | | | | | 188,009 | | |
Net decrease (increase) in loans | | | | | 12,261,299 | | | | | | (7,030,286) | | |
Purchases of premises and equipment | | | | | (199,542) | | | | | | (101,773) | | |
Purchase of regulatory stock | | | | | (37,600) | | | | | | (1,120,800) | | |
Redemption of regulatory stock | | | | | 410,200 | | | | | | 845,800 | | |
Proceeds from sale of real estate owned | | | | | — | | | | | | 176,226 | | |
Net cash provided by (used for) investing activities | | | | | 14,120,839 | | | | | | (6,042,824) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase in passbook, NOW, MMDA, and club accounts | | | | | 5,460,558 | | | | | | 959,511 | | |
Net decrease in certificates of deposit | | | | | (2,340,786) | | | | | | (4,455,591) | | |
Increase in advances from borrowers for taxes and insurance | | | | | 10,575 | | | | | | 29,728 | | |
Net (decrease) increase in short-term Federal Home Loan Bank advances | | | | | (11,000,000) | | | | | | 4,000,000 | | |
Repayment of long-term Federal Home Loan Bank advances | | | | | (1,000,000) | | | | | | (2,000,000) | | |
Proceeds from long-term Federal Home Loan Bank advances | | | | | 4,000,000 | | | | | | 6,000,000 | | |
Net cash (used for) provided by financing activities | | | | | (4,869,653) | | | | | | 4,533,648 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 9,665,154 | | | | | | (1,374,917) | | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | | | | | 8,625,409 | | | | | | 10,000,326 | | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | | | | $ | 18,290,563 | | | | | $ | 8,625,409 | | |
SUPPLEMENTAL DISCLOSURES | | | | | | | | | | | | | |
Cash paid during the year for: | | | | | | | | | | | | | |
Interest | | | | $ | 1,830,124 | | | | | $ | 1,600,679 | | |
Income taxes | | | | | — | | | | | | 156,500 | | |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
Less than 1 year | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
Total | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years | | | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Total | | | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years | | | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Total | | | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates | | | | $ | 449,323 | | | | | $ | 12,938 | | | | | $ | — | | | | | $ | 462,261 | | |
Freddie Mac pass-through certificates | | | | | 29,355 | | | | | | 136 | | | | | | (117) | | | | | | 29,374 | | |
Total | | | | $ | 478,678 | | | | | $ | 13,074 | | | | | $ | (117) | | | | | $ | 491,635 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates | | | | $ | 603,907 | | | | | $ | 11,674 | | | | | $ | — | | | | | $ | 615,581 | | |
Fannie Mae pass-through certificates | | | | | 134 | | | | | | — | | | | | | — | | | | | | 134 | | |
Freddie Mac pass-through certificates | | | | | 46,115 | | | | | | 139 | | | | | | (477) | | | | | | 45,777 | | |
Total | | | | $ | 650,156 | | | | | $ | 11,813 | | | | | $ | (477) | | | | | $ | 661,492 | | |
| | | Held to Maturity | | |||||||||
| | | Amortized Cost | | | Fair Value | | ||||||
Due in 1 year or less | | | | $ | 216 | | | | | $ | 218 | | |
Due in 1 years to 5 years | | | | | 24,661 | | | | | | 25,111 | | |
Due in 5 years to 10 years | | | | | 54,167 | | | | | | 55,732 | | |
Due after 10 years | | | | | 399,634 | | | | | | 410,574 | | |
Total | | | | $ | 478,678 | | | | | $ | 491,635 | | |
| | | 2020 | | |||||||||||||||||||||||||||||||||
| | | Less Than Twelve Months | | | Twelve Months or Greater | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Freddie Mac pass-through certificates | | | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
|
| | | 2019 | | |||||||||||||||||||||||||||||||||
| | | Less Than Twelve Months | | | Twelve Months or Greater | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | — | | | | | $ | — | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | |
Freddie Mac pass-through certificates | | | | | — | | | | | | — | | | | | | 37,425 | | | | | | (477) | | | | | | 37,425 | | | | | | (477) | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | |
| | | 2020 | | | 2019 | | ||||||
Mortgage loans (one-to-four family residential) | | | | $ | 108,078,400 | | | | | $ | 118,964,944 | | |
Commercial loans | | | | | 14,222,968 | | | | | | 14,740,664 | | |
Automobile loans | | | | | 1,284,670 | | | | | | 1,429,456 | | |
Unsecured loans | | | | | 2,348,794 | | | | | | 2,697,476 | | |
Deposit loans | | | | | 18,093 | | | | | | 20,343 | | |
Other | | | | | 2,078,837 | | | | | | 2,465,813 | | |
Total | | | | | 128,031,762 | | | | | | 140,318,696 | | |
Less: | | | | | | | | | | | | | |
Allowance for loan losses | | | | | 740,397 | | | | | | 678,410 | | |
Deferred loan fees, net | | | | | (148,470) | | | | | | (186,378) | | |
Total | | | | $ | 127,439,835 | | | | | $ | 139,826,664 | | |
| | | Beginning Balance | | | Additions | | | Amount Collected | | | Ending Balance | | ||||||||||||
2020 | | | | $ | 546,017 | | | | | $ | — | | | | | $ | (105,285) | | | | | $ | 440,732 | | |
2019 | | | | $ | 963,878 | | | | | $ | 5,949 | | | | | $ | (423,810) | | | | | $ | 546,017 | | |
| | | Mortgage Loans | | | Commercial Loans | | | Automobile Loans | | | Unsecured Loans | | | Deposit Loans | | | Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||
Balance, March 31, 2018 | | | | $ | 468,344 | | | | | $ | 118,416 | | | | | $ | 5,426 | | | | | $ | 30,730 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,472 | | | | | $ | 646,388 | | |
Add provisions charged to operations | | | | | (34,649) | | | | | | 10,534 | | | | | | 3,151 | | | | | | (15,504) | | | | | | — | | | | | | 150,798 | | | | | | (6,330) | | | | | | 108,000 | | |
Add recoveries | | | | | 809 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 809 | | |
Less loans charged off | | | | | (8,783) | | | | | | — | | | | | | — | | | | | | (11,387) | | | | | | — | | | | | | (56,617) | | | | | | — | | | | | | (76,787) | | |
Balance, March 31, 2019 | | | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Add provisions charged to operations | | | | | (39,030) | | | | | | 18,205 | | | | | | (1,044) | | | | | | 2,371 | | | | | | — | | | | | | 85,220 | | | | | | 60,278 | | | | | | 126,000 | | |
Add recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Less loans charged off | | | | | (45,954) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,059) | | | | | | — | | | | | | (64,013) | | |
Balance, March 31, 2020 | | | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial Loans | | | Automobile Loans | | | Unsecured Loans | | | Deposit Loans | | | Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 340,737 | | | | | | 147,155 | | | | | | 7,533 | | | | | | 6,210 | | | | | | — | | | | | | 161,342 | | | | | | 77,420 | | | | | | 740,397 | | |
Total | | | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 108,078,400 | | | | | | 14,222,968 | | | | | | 1,284,670 | | | | | | 2,348,794 | | | | | | 18,093 | | | | | | 2,078,837 | | | | | | | | | | | | 128,031,762 | | |
Total | | | | $ | 108,078,400 | | | | | $ | 14,222,968 | | | | | $ | 1,284,670 | | | | | $ | 2,348,794 | | | | | $ | 18,093 | | | | | $ | 2,078,837 | | | | | | | | | | | $ | 128,031,762 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial Loans | | | Automobile Loans | | | Unsecured Loans | | | Deposit Loans | | | Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 425,721 | | | | | | 128,950 | | | | | | 8,577 | | | | | | 3,839 | | | | | | — | | | | | | 94,181 | | | | | | 17,142 | | | | | | 678,410 | | |
Total | | | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 118,964,944 | | | | | | 14,740,664 | | | | | | 1,429,456 | | | | | | 2,697,476 | | | | | | 20,343 | | | | | | 2,465,813 | | | | | | | | | | | | 140,318,696 | | |
Total | | | | $ | 118,964,944 | | | | | $ | 14,740,664 | | | | | $ | 1,429,456 | | | | | $ | 2,697,476 | | | | | $ | 20,343 | | | | | $ | 2,465,813 | | | | | | | | | | | $ | 140,318,696 | | |
|
| | | March 31, 2020 | | |||||||||||||||
| | | Performing | | | Nonperforming | | | Total | | |||||||||
Mortgage loans | | | | $ | 107,565,754 | | | | | $ | 512,646 | | | | | $ | 108,078,400 | | |
Commercial loans | | | | | 14,222,968 | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans | | | | | 1,284,670 | | | | | | — | | | | | | 1,284,670 | | |
Unsecured loans | | | | | 2,348,794 | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans | | | | | 18,093 | | | | | | — | | | | | | 18,093 | | |
Other loans | | | | | 1,995,790 | | | | | | 83,047 | | | | | | 2,078,837 | | |
Total | | | | $ | 127,436,069 | | | | | $ | 595,693 | | | | | $ | 128,031,762 | | |
|
| | | March 31, 2019 | | |||||||||||||||
| | | Performing | | | Nonperforming | | | Total | | |||||||||
Mortgage loans | | | | $ | 118,848,998 | | | | | $ | 115,946 | | | | | $ | 118,964,944 | | |
Commercial loans | | | | | 14,740,664 | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans | | | | | 1,429,456 | | | | | | — | | | | | | 1,429,456 | | |
Unsecured loans | | | | | 2,697,476 | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans | | | | | 20,343 | | | | | | — | | | | | | 20,343 | | |
Other loans | | | | | 2,454,344 | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total | | | | $ | 140,191,281 | | | | | $ | 127,415 | | | | | $ | 140,318,696 | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 31-60 Days Past Due | | | 61 – 90 Days Past Due | | | Greater Than 90 Days Past Due | | | Greater Than 90 Days Past Due and Still Accruing | | | Total Past Due | | | Total Loans | | |||||||||||||||||||||
Mortgage loans | | | | $ | 107,198,317 | | | | | $ | 37,448 | | | | | $ | 329,989 | | | | | $ | 512,646 | | | | | $ | — | | | | | $ | 880,083 | | | | | $ | 108,078,400 | | |
Commercial loans | | | | | 14,222,968 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans | | | | | 1,270,744 | | | | | | 13,926 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,926 | | | | | | 1,284,670 | | |
Unsecured loans | | | | | 2,348,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans | | | | | 18,093 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,093 | | |
Other loans | | | | | 1,950,623 | | | | | | 26,932 | | | | | | 32,180 | | | | | | 69,102 | | | | | | — | | | | | | 128,214 | | | | | | 2,078,837 | | |
Total | | | | $ | 127,009,539 | | | | | $ | 78,306 | | | | | $ | 362,169 | | | | | $ | 581,748 | | | | | $ | — | | | | | $ | 1,022,223 | | | | | $ | 128,031,762 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 31-60 Days Past Due | | | 61-90 Days Past Due | | | Greater Than 90 Days Past Due | | | Greater Than 90 Days Past Due and Still Accruing | | | Total Past Due | | | Total Loans | | |||||||||||||||||||||
Mortgage loans | | | | $ | 118,631,673 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 115,946 | | | | | $ | — | | | | | $ | 333,271 | | | | | $ | 118,964,944 | | |
Commercial loans | | | | | 14,740,664 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans | | | | | 1,429,456 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,429,456 | | |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
Less than 1 year | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
Total | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 31-60 Days Past Due | | | 61-90 Days Past Due | | | Greater Than 90 Days Past Due | | | Greater Than 90 Days Past Due and Still Accruing | | | Total Past Due | | | Total Loans | | |||||||||||||||||||||
Unsecured loans | | | | | 2,697,476 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans | | | | | 20,343 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,343 | | |
Other loans | | | | | 2,454,344 | | | | | | — | | | | | | — | | | | | | 11,469 | | | | | | — | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total | | | | $ | 139,973,956 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 127,415 | | | | | $ | — | | | | | $ | 344,740 | | | | | $ | 140,318,696 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years | | | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Total | | | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years | | | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Total | | | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates | | | | $ | 449,323 | | | | | $ | 12,938 | | | | | $ | — | | | | | $ | 462,261 | | |
Freddie Mac pass-through certificates | | | | | 29,355 | | | | | | 136 | | | | | | (117) | | | | | | 29,374 | | |
Total | | | | $ | 478,678 | | | | | $ | 13,074 | | | | | $ | (117) | | | | | $ | 491,635 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates | | | | $ | 603,907 | | | | | $ | 11,674 | | | | | $ | — | | | | | $ | 615,581 | | |
Fannie Mae pass-through certificates | | | | | 134 | | | | | | — | | | | | | — | | | | | | 134 | | |
Freddie Mac pass-through certificates | | | | | 46,115 | | | | | | 139 | | | | | | (477) | | | | | | 45,777 | | |
Total | | | | $ | 650,156 | | | | | $ | 11,813 | | | | | $ | (477) | | | | | $ | 661,492 | | |
| | | Held to Maturity | | |||||||||
| | | Amortized Cost | | | Fair Value | | ||||||
Due in 1 year or less | | | | $ | 216 | | | | | $ | 218 | | |
Due in 1 years to 5 years | | | | | 24,661 | | | | | | 25,111 | | |
Due in 5 years to 10 years | | | | | 54,167 | | | | | | 55,732 | | |
Due after 10 years | | | | | 399,634 | | | | | | 410,574 | | |
Total | | | | $ | 478,678 | | | | | $ | 491,635 | | |
| | | 2020 | | |||||||||||||||||||||||||||||||||
| | | Less Than Twelve Months | | | Twelve Months or Greater | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Freddie Mac pass-through certificates | | | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
|
| | | 2019 | | |||||||||||||||||||||||||||||||||
| | | Less Than Twelve Months | | | Twelve Months or Greater | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | — | | | | | $ | — | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | |
Freddie Mac pass-through certificates | | | | | — | | | | | | — | | | | | | 37,425 | | | | | | (477) | | | | | | 37,425 | | | | | | (477) | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | |
| | | 2020 | | | 2019 | | ||||||
Mortgage loans (one-to-four family residential) | | | | $ | 108,078,400 | | | | | $ | 118,964,944 | | |
Commercial loans | | | | | 14,222,968 | | | | | | 14,740,664 | | |
Automobile loans | | | | | 1,284,670 | | | | | | 1,429,456 | | |
Unsecured loans | | | | | 2,348,794 | | | | | | 2,697,476 | | |
Deposit loans | | | | | 18,093 | | | | | | 20,343 | | |
Other | | | | | 2,078,837 | | | | | | 2,465,813 | | |
Total | | | | | 128,031,762 | | | | | | 140,318,696 | | |
Less: | | | | | | | | | | | | | |
Allowance for loan losses | | | | | 740,397 | | | | | | 678,410 | | |
Deferred loan fees, net | | | | | (148,470) | | | | | | (186,378) | | |
Total | | | | $ | 127,439,835 | | | | | $ | 139,826,664 | | |
| | | Beginning Balance | | | Additions | | | Amount Collected | | | Ending Balance | | ||||||||||||
2020 | | | | $ | 546,017 | | | | | $ | — | | | | | $ | (105,285) | | | | | $ | 440,732 | | |
2019 | | | | $ | 963,878 | | | | | $ | 5,949 | | | | | $ | (423,810) | | | | | $ | 546,017 | | |
| | | Mortgage Loans | | | Commercial Loans | | | Automobile Loans | | | Unsecured Loans | | | Deposit Loans | | | Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||
Balance, March 31, 2018 | | | | $ | 468,344 | | | | | $ | 118,416 | | | | | $ | 5,426 | | | | | $ | 30,730 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,472 | | | | | $ | 646,388 | | |
Add provisions charged to operations | | | | | (34,649) | | | | | | 10,534 | | | | | | 3,151 | | | | | | (15,504) | | | | | | — | | | | | | 150,798 | | | | | | (6,330) | | | | | | 108,000 | | |
Add recoveries | | | | | 809 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 809 | | |
Less loans charged off | | | | | (8,783) | | | | | | — | | | | | | — | | | | | | (11,387) | | | | | | — | | | | | | (56,617) | | | | | | — | | | | | | (76,787) | | |
Balance, March 31, 2019 | | | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Add provisions charged to operations | | | | | (39,030) | | | | | | 18,205 | | | | | | (1,044) | | | | | | 2,371 | | | | | | — | | | | | | 85,220 | | | | | | 60,278 | | | | | | 126,000 | | |
Add recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Less loans charged off | | | | | (45,954) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,059) | | | | | | — | | | | | | (64,013) | | |
Balance, March 31, 2020 | | | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
Less than 1 year | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
Total | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years | | | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Total | | | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years | | | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Total | | | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates | | | | $ | 449,323 | | | | | $ | 12,938 | | | | | $ | — | | | | | $ | 462,261 | | |
Freddie Mac pass-through certificates | | | | | 29,355 | | | | | | 136 | | | | | | (117) | | | | | | 29,374 | | |
Total | | | | $ | 478,678 | | | | | $ | 13,074 | | | | | $ | (117) | | | | | $ | 491,635 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates | | | | $ | 603,907 | | | | | $ | 11,674 | | | | | $ | — | | | | | $ | 615,581 | | |
Fannie Mae pass-through certificates | | | | | 134 | | | | | | — | | | | | | — | | | | | | 134 | | |
Freddie Mac pass-through certificates | | | | | 46,115 | | | | | | 139 | | | | | | (477) | | | | | | 45,777 | | |
Total | | | | $ | 650,156 | | | | | $ | 11,813 | | | | | $ | (477) | | | | | $ | 661,492 | | |
| | | Held to Maturity | | |||||||||
| | | Amortized Cost | | | Fair Value | | ||||||
Due in 1 year or less | | | | $ | 216 | | | | | $ | 218 | | |
Due in 1 years to 5 years | | | | | 24,661 | | | | | | 25,111 | | |
Due in 5 years to 10 years | | | | | 54,167 | | | | | | 55,732 | | |
Due after 10 years | | | | | 399,634 | | | | | | 410,574 | | |
Total | | | | $ | 478,678 | | | | | $ | 491,635 | | |
| | | 2020 | | |||||||||||||||||||||||||||||||||
| | | Less Than Twelve Months | | | Twelve Months or Greater | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Freddie Mac pass-through certificates | | | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
|
| | | 2019 | | |||||||||||||||||||||||||||||||||
| | | Less Than Twelve Months | | | Twelve Months or Greater | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | — | | | | | $ | — | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | |
Freddie Mac pass-through certificates | | | | | — | | | | | | — | | | | | | 37,425 | | | | | | (477) | | | | | | 37,425 | | | | | | (477) | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | |
| | | 2020 | | | 2019 | | ||||||
Mortgage loans (one-to-four family residential) | | | | $ | 108,078,400 | | | | | $ | 118,964,944 | | |
Commercial loans | | | | | 14,222,968 | | | | | | 14,740,664 | | |
Automobile loans | | | | | 1,284,670 | | | | | | 1,429,456 | | |
Unsecured loans | | | | | 2,348,794 | | | | | | 2,697,476 | | |
Deposit loans | | | | | 18,093 | | | | | | 20,343 | | |
Other | | | | | 2,078,837 | | | | | | 2,465,813 | | |
Total | | | | | 128,031,762 | | | | | | 140,318,696 | | |
Less: | | | | | | | | | | | | | |
Allowance for loan losses | | | | | 740,397 | | | | | | 678,410 | | |
Deferred loan fees, net | | | | | (148,470) | | | | | | (186,378) | | |
Total | | | | $ | 127,439,835 | | | | | $ | 139,826,664 | | |
| | | Beginning Balance | | | Additions | | | Amount Collected | | | Ending Balance | | ||||||||||||
2020 | | | | $ | 546,017 | | | | | $ | — | | | | | $ | (105,285) | | | | | $ | 440,732 | | |
2019 | | | | $ | 963,878 | | | | | $ | 5,949 | | | | | $ | (423,810) | | | | | $ | 546,017 | | |
| | | Mortgage Loans | | | Commercial Loans | | | Automobile Loans | | | Unsecured Loans | | | Deposit Loans | | | Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||
Balance, March 31, 2018 | | | | $ | 468,344 | | | | | $ | 118,416 | | | | | $ | 5,426 | | | | | $ | 30,730 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,472 | | | | | $ | 646,388 | | |
Add provisions charged to operations | | | | | (34,649) | | | | | | 10,534 | | | | | | 3,151 | | | | | | (15,504) | | | | | | — | | | | | | 150,798 | | | | | | (6,330) | | | | | | 108,000 | | |
Add recoveries | | | | | 809 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 809 | | |
Less loans charged off | | | | | (8,783) | | | | | | — | | | | | | — | | | | | | (11,387) | | | | | | — | | | | | | (56,617) | | | | | | — | | | | | | (76,787) | | |
Balance, March 31, 2019 | | | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Add provisions charged to operations | | | | | (39,030) | | | | | | 18,205 | | | | | | (1,044) | | | | | | 2,371 | | | | | | — | | | | | | 85,220 | | | | | | 60,278 | | | | | | 126,000 | | |
Add recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Less loans charged off | | | | | (45,954) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,059) | | | | | | — | | | | | | (64,013) | | |
Balance, March 31, 2020 | | | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial Loans | | | Automobile Loans | | | Unsecured Loans | | | Deposit Loans | | | Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 340,737 | | | | | | 147,155 | | | | | | 7,533 | | | | | | 6,210 | | | | | | — | | | | | | 161,342 | | | | | | 77,420 | | | | | | 740,397 | | |
Total | | | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 108,078,400 | | | | | | 14,222,968 | | | | | | 1,284,670 | | | | | | 2,348,794 | | | | | | 18,093 | | | | | | 2,078,837 | | | | | | | | | | | | 128,031,762 | | |
Total | | | | $ | 108,078,400 | | | | | $ | 14,222,968 | | | | | $ | 1,284,670 | | | | | $ | 2,348,794 | | | | | $ | 18,093 | | | | | $ | 2,078,837 | | | | | | | | | | | $ | 128,031,762 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Mortgage Loans | | | Commercial Loans | | | Automobile Loans | | | Unsecured Loans | | | Deposit Loans | | | Other Loans | | | Unallocated | | | Total | | ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 425,721 | | | | | | 128,950 | | | | | | 8,577 | | | | | | 3,839 | | | | | | — | | | | | | 94,181 | | | | | | 17,142 | | | | | | 678,410 | | |
Total | | | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment | | | | | 118,964,944 | | | | | | 14,740,664 | | | | | | 1,429,456 | | | | | | 2,697,476 | | | | | | 20,343 | | | | | | 2,465,813 | | | | | | | | | | | | 140,318,696 | | |
Total | | | | $ | 118,964,944 | | | | | $ | 14,740,664 | | | | | $ | 1,429,456 | | | | | $ | 2,697,476 | | | | | $ | 20,343 | | | | | $ | 2,465,813 | | | | | | | | | | | $ | 140,318,696 | | |
| | | March 31, 2020 | | |||||||||||||||
| | | Performing | | | Nonperforming | | | Total | | |||||||||
Mortgage loans | | | | $ | 107,565,754 | | | | | $ | 512,646 | | | | | $ | 108,078,400 | | |
Commercial loans | | | | | 14,222,968 | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans | | | | | 1,284,670 | | | | | | — | | | | | | 1,284,670 | | |
Unsecured loans | | | | | 2,348,794 | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans | | | | | 18,093 | | | | | | — | | | | | | 18,093 | | |
Other loans | | | | | 1,995,790 | | | | | | 83,047 | | | | | | 2,078,837 | | |
Total | | | | $ | 127,436,069 | | | | | $ | 595,693 | | | | | $ | 128,031,762 | | |
|
| | | March 31, 2019 | | |||||||||||||||
| | | Performing | | | Nonperforming | | | Total | | |||||||||
Mortgage loans | | | | $ | 118,848,998 | | | | | $ | 115,946 | | | | | $ | 118,964,944 | | |
Commercial loans | | | | | 14,740,664 | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans | | | | | 1,429,456 | | | | | | — | | | | | | 1,429,456 | | |
Unsecured loans | | | | | 2,697,476 | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans | | | | | 20,343 | | | | | | — | | | | | | 20,343 | | |
Other loans | | | | | 2,454,344 | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total | | | | $ | 140,191,281 | | | | | $ | 127,415 | | | | | $ | 140,318,696 | | |
|
| | | March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 31-60 Days Past Due | | | 61 – 90 Days Past Due | | | Greater Than 90 Days Past Due | | | Greater Than 90 Days Past Due and Still Accruing | | | Total Past Due | | | Total Loans | | |||||||||||||||||||||
Mortgage loans | | | | $ | 107,198,317 | | | | | $ | 37,448 | | | | | $ | 329,989 | | | | | $ | 512,646 | | | | | $ | — | | | | | $ | 880,083 | | | | | $ | 108,078,400 | | |
Commercial loans | | | | | 14,222,968 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans | | | | | 1,270,744 | | | | | | 13,926 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,926 | | | | | | 1,284,670 | | |
Unsecured loans | | | | | 2,348,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans | | | | | 18,093 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,093 | | |
Other loans | | | | | 1,950,623 | | | | | | 26,932 | | | | | | 32,180 | | | | | | 69,102 | | | | | | — | | | | | | 128,214 | | | | | | 2,078,837 | | |
Total | | | | $ | 127,009,539 | | | | | $ | 78,306 | | | | | $ | 362,169 | | | | | $ | 581,748 | | | | | $ | — | | | | | $ | 1,022,223 | | | | | $ | 128,031,762 | | |
|
| | | March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 31-60 Days Past Due | | | 61-90 Days Past Due | | | Greater Than 90 Days Past Due | | | Greater Than 90 Days Past Due and Still Accruing | | | Total Past Due | | | Total Loans | | |||||||||||||||||||||
Mortgage loans | | | | $ | 118,631,673 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 115,946 | | | | | $ | — | | | | | $ | 333,271 | | | | | $ | 118,964,944 | | |
Commercial loans | | | | | 14,740,664 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans | | | | | 1,429,456 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,429,456 | | |
Unsecured loans | | | | | 2,697,476 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans | | | | | 20,343 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,343 | | |
Other loans | | | | | 2,454,344 | | | | | | — | | | | | | — | | | | | | 11,469 | | | | | | — | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total | | | | $ | 139,973,956 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 127,415 | | | | | $ | — | | | | | $ | 344,740 | | | | | $ | 140,318,696 | | |
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
Mortgage loans | | | $ | 512,646 | | | | $ | 115,946 | | | | | $ | 512,646 | | | | $ | 115,946 | | | ||||
Commercial loans | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Automobile loans | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Unsecured loans | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Deposit loans | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Other loans | | | | 83,047 | | | | | 11,469 | | | | | | 83,047 | | | | | 11,469 | | | ||||
Total | | | $ | 595,693 | | | | $ | 127,415 | | | | | $ | 595,693 | | | | $ | 127,415 | | | ||||
| |
| | | 2020 | | | 2019 | | ||||||
Investments and interest-bearing deposits | | | | $ | 24,242 | | | | | $ | 36,410 | | |
Mortgage-backed securities | | | | | 617 | | | | | | 893 | | |
Loans receivable | | | | | 421,989 | | | | | | 603,098 | | |
Total | | | | $ | 446,848 | | | | | $ | 640,401 | | |
| | | 2020 | | | 2019 | | ||||||
Land | | | | $ | 827,914 | | | | | $ | 827,914 | | |
Buildings | | | | | 10,646,249 | | | | | | 10,575,694 | | |
Furniture and equipment | | | | | 1,956,037 | | | | | | 1,827,050 | | |
| | | | | 13,430,200 | | | | | | 13,230,658 | | |
Less accumulated depreciation | | | | | 8,735,500 | | | | | | 8,272,982 | | |
Total | | | | $ | 4,694,700 | | | | | $ | 4,957,676 | | |
| | | 2020 | | |||||||||||||||
| | | Weighted- Average Rate | | | Amount | | | Percent | | |||||||||
Passbook | | | | | 0.15% | | | | | $ | 25,573,031 | | | | | | 19.1% | | |
NOW and MMDA | | | | | 0.39 | | | | | | 49,860,088 | | | | | | 37.3 | | |
Club | | | | | 0.15 | | | | | | 65,939 | | | | | | 0.1 | | |
Certificates | | | | | 2.12 | | | | | | 58,107,211 | | | | | | 43.5 | | |
Total | | | | | 1.10% | | | | | $ | 133,606,269 | | | | | | 100.0% | | |
|
| | | 2019 | | |||||||||||||||
| | | Weighted- Average Rate | | | Amount | | | Percent | | |||||||||
Passbook | | | | | 0.15% | | | | | $ | 26,961,705 | | | | | | 20.7% | | |
NOW and MMDA | | | | | 0.15 | | | | | | 43,012,987 | | | | | | 33.0 | | |
Club | | | | | 0.15 | | | | | | 63,808 | | | | | | 0.1 | | |
Certificates | | | | | 2.07 | | | | | | 60,447,997 | | | | | | 46.2 | | |
Total | | | | | 1.04% | | | | | $ | 130,486,497 | | | | | | 100.0% | | |
|
| | | 2019 | | |||||||||||||||
| | | Weighted- Average Rate | | | Amount | | | Percent | | |||||||||
Passbook | | | | | 0.15% | | | | | $ | 26,961,705 | | | | | | 20.7% | | |
NOW and MMDA | | | | | 0.15 | | | | | | 43,012,987 | | | | | | 33.0 | | |
Club | | | | | 0.15 | | | | | | 63,808 | | | | | | 0.1 | | |
Certificates | | | | | 2.07 | | | | | | 60,447,997 | | | | | | 46.2 | | |
Total | | | | | 1.04% | | | | | $ | 130,486,497 | | | | | | 100.0% | | |
| | | 2020 | | |||
Within one year | | | | $ | 24,853,753 | | |
Beyond one year but within two years | | | | | 12,696,109 | | |
Beyond two years but within three years | | | | | 10,437,896 | | |
Beyond three years but within four years | | | | | 6,360,505 | | |
Beyond four years but within five years | | | | | 3,758,948 | | |
Total | | | | $ | 58,107,211 | | |
| | | 2020 | | | 2019 | | ||||||
Passbook, NOW and MMDA | | | | $ | 102,621 | | | | | $ | 102,525 | | |
Certificates | | | | | 1,254,874 | | | | | | 1,141,413 | | |
Total | | | | $ | 1,357,495 | | | | | $ | 1,243,938 | | |
| | | 2020 | | | 2019 | | ||||||
Short-term FHLB advances: | | | | | | | | | | | | | |
Average balance outstanding | | | | $ | 4,778,082 | | | | | $ | 8,139,726 | | |
Maximum amount outstanding at any month-end during the period | | | | | 9,000,000 | | | | | | 11,000,000 | | |
Balance outstanding at end of period | | | | | — | | | | | | 11,000,000 | | |
Average interest rate during the period | | | | | 2.82% | | | | | | 2.63% | | |
Weighted-average interest rate at end of period | | | | | —% | | | | | | 2.74% | | |
| | | Maturity Range | | | Weighted-Average | | | Interest Rate Range | | | | | | | | | | | | | | |||||||||||||||
Description | | | From | | | To | | | Rate | | | From | | | To | | | 2020 | | | 2019 | | |||||||||||||||
Mid Term Repo Fixed Rate | | | May 21, 2020 | | | May 23, 2022 | | | | | 2.59% | | | | | | 2.34% | | | | | | 2.87% | | | | | $ | 9,000,000 | | | | | $ | 7,000,000 | | |
Fixed Rate | | | June 13, 2022 | | | May 21, 2024 | | | | | 2.55% | | | | | | 2.38% | | | | | | 3.02% | | | | | | 2,000,000 | | | | | | 1,000,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 11,000,000 | | | | | $ | 8,000,000 | | |
Years Ending March 31, | | | Amount | | |||
2021 | | | | $ | 5,000,000 | | |
2022 | | | | | 3,000,000 | | |
2023 | | | | | 2,000,000 | | |
2024 | | | | | 1,000,000 | | |
Total | | | | $ | 11,000,000 | | |
| | | 2020 | | | 2019 | | ||||||
Current | | | | $ | (18,041) | | | | | $ | 16,439 | | |
Deferred | | | | | (1,092) | | | | | | (39,397) | | |
Total | | | | $ | (19,133) | | | | | $ | (22,958) | | |
|
| | | 2020 | | | 2019 | | ||||||
Current | | | | $ | (18,041) | | | | | $ | 16,439 | | |
Deferred | | | | | (1,092) | | | | | | (39,397) | | |
Total | | | | $ | (19,133) | | | | | $ | (22,958) | | |
| | | 2020 | | | 2019 | | ||||||
Deferred tax assets: | | | | ||||||||||
Accrued retirement | | | | $ | 78,613 | | | | | $ | 72,287 | | |
Allowance for loan losses | | | | | 155,483 | | | | | | 142,466 | | |
Premises and equipment | | | | | 255,903 | | | | | | 250,682 | | |
Federal net operating loss carryforward | | | | | 98,596 | | | | | | 127,328 | | |
Other | | | | | 21,310 | | | | | | 44,948 | | |
Total gross deferred tax assets before valuation allowance | | | | | 609,905 | | | | | | 637,711 | | |
Valuation allowance | | | | | (98,596) | | | | | | (127,328) | | |
Total gross deferred tax assets | | | | | 511,309 | | | | | | 510,383 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Deferred loan fees | | | | | (1,257) | | | | | | (1,423) | | |
Unrealized gain on available-for-sale debt securities and equity securities | | | | | — | | | | | | (7,096) | | |
Total gross deferred tax liabilities | | | | | (1,257) | | | | | | (8,519) | | |
Net deferred tax asset | | | | $ | 510,052 | | | | | $ | 501,864 | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||
| | | Amount | | | % of Pretax Income | | | Amount | | | % of Pretax Income | | ||||||||||||
Provision of statutory rate | | | | $ | (26,119) | | | | | | (21.0)% | | | | | $ | (152,705) | | | | | | (21.0)% | | |
State income tax, net of federal tax benefit | | | | | 2,336 | | | | | | 1.9 | | | | | | 38,800 | | | | | | 4.2 | | |
Earnings on bank-owned life insurance | | | | | (16,579) | | | | | | (13.3) | | | | | | (16,662) | | | | | | (2.3) | | |
Merger expenses | | | | | 43,255 | | | | | | 34.8 | | | | | | — | | | | | | — | | |
Adjustment in valuation allowance | | | | | (28,991) | | | | | | (23.3) | | | | | | 127,328 | | | | | | 17.5 | | |
Other, net | | | | | 6,965 | | | | | | 5.6 | | | | | | (19,719) | | | | | | (2.7) | | |
Actual tax expense and effective rate | | | | $ | (19,133) | | | | | | (15.3)% | | | | | $ | (22,958) | | | | | | (4.3)% | | |
| 2021 | | | | $ | 27,723 | | |
| 2022 | | | | | 27,696 | | |
| 2023 | | | | | 27,668 | | |
| 2024 | | | | | 27,640 | | |
| 2025 | | | | | — | | |
| 2026 and thereafter | | | | | — | | |
| Total | | | | $ | 110,727 | | |
| | | 2020 | | | 2019 | | ||||||
Total net worth | | | | $ | 13,316,358 | | | | | $ | 13,443,351 | | |
Deduction due to insufficient amounts of additional Tier 1 and Tier 2 capital to cover deductions | | | | | — | | | | | | — | | |
Disallowed deferred tax assets | | | | | (510,052) | | | | | | (482,962) | | |
Accumulated other comprehensive income | | | | | (5,824) | | | | | | (27,573) | | |
Tier 1, core, and common equity Tier 1 capital | | | | | 12,800,482 | | | | | | 12,932,816 | | |
Allowance for loan losses and off-balance-sheet commitments | | | | | 770,504 | | | | | | 708,517 | | |
Unrealized gain on equity securities | | | | | 6,256 | | | | | | 33,791 | | |
Total risk-based capital | | | | $ | 13,577,242 | | | | | $ | 13,675,124 | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||
Total capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 13,577,242 | | | | | | 12.6% | | | | | $ | 13,675,124 | | | | | | 12.4% | | |
For capital adequacy purposes | | | | | 8,592,560 | | | | | | 8.0 | | | | | | 8,836,000 | | | | | | 8.0 | | |
To be well capitalized | | | | | 10,740,700 | | | | | | 10.0 | | | | | | 11,045,000 | | | | | | 10.0 | | |
Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to risk-weighted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 12,800,482 | | | | | | 11.9% | | | | | $ | 12,932,816 | | | | | | 11.7% | | |
For capital adequacy purposes | | | | | 6,444,420 | | | | | | 6.0 | | | | | | 6,627,000 | | | | | | 6.0 | | |
To be well capitalized | | | | | 8,592,560 | | | | | | 8.0 | | | | | | 8,836,000 | | | | | | 8.0 | | |
Core capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to adjusted assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 12,800,482 | | | | | | 7.9% | | | | | $ | 12,932,816 | | | | | | 8.2% | | |
For capital adequacy purposes | | | | | 6,448,158 | | | | | | 4.0 | | | | | | 6,343,717 | | | | | | 4.0 | | |
To be well capitalized | | | | | 8,060,197 | | | | | | 5.0 | | | | | | 7,929,647 | | | | | | 5.0 | | |
Common equity Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to average assets) | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 12,800,482 | | | | | | 11.9% | | | | | $ | 12,932,816 | | | | | | 11.7% | | |
For capital adequacy purposes | | | | | 4,833,315 | | | | | | 4.5 | | | | | | 4,970,250 | | | | | | 4.5 | | |
To be well capitalized | | | | | 6,981,455 | | | | | | 6.5 | | | | | | 7,179,250 | | | | | | 6.5 | | |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | — | | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | 1,992,916 | | |
Freddie Mac common stock | | | | | 15,684 | | | | | | — | | | | | | — | | | | | | 15,684 | | |
Other stock | | | | | 14,741 | | | | | | — | | | | | | — | | | | | | 14,741 | | |
| | | March 31, 2019 | | |||||||||||||||||||||
| | | Level I | | | Level II | | | Level III | | | Total | | ||||||||||||
Assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | — | | | | | $ | 1,000,773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Freddie Mac common stock | | | | | 30,184 | | | | | | — | | | | | | — | | | | | | 30,184 | | |
Other stock | | | | | 27,003 | | | | | | — | | | | | | — | | | | | | 27,003 | | |
Accumulated Other Comprehensive Income(1) | | | Unrealized Gains (Losses) on Securities Available for Sale | | |||
Balance at March 31, 2018 | | | | $ | 8,810 | | |
Other comprehensive income before reclassifications | | | | | 18,763 | | |
Amounts reclassified from accumulated other comprehensive income | | | | | — | | |
Period change | | | | | 18,763 | | |
|
Accumulated Other Comprehensive Income(1) | | Unrealized Gains (Losses) on Securities Available for Sale | | | Unrealized Gains (Losses) on Securities Available for Sale | | ||||||||
Balance at March 31, 2018 | | | $ | 8,810 | | | ||||||||
Other comprehensive income before reclassifications | | | | 18,763 | | | ||||||||
Amounts reclassified from accumulated other comprehensive income | | | | — | | | ||||||||
Period change | | | | 18,763 | | | ||||||||
Balance at March 31, 2019 | | | $ | 27,573 | | | | | $ | 27,573 | | | ||
Other comprehensive loss before reclassifications | | | | (21,749) | | | | | | (21,749) | | | ||
Amounts reclassified from accumulated other comprehensive income | | | | — | | | | | | — | | | ||
Period change | | | | (21,749) | | | | | | (21,749) | | | ||
Balance at March 31, 2020 | | | $ | 5,824 | | | | | $ | 5,824 | | | ||
|
| | Year Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pro Forma Combined Year Ended June 30, 2020 | | | | Year Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pro Forma Combined Year Ended June 30, 2020 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | As reported | | Pro Forma Adjustments | | | | | | | | | | | | | | | | | | | As reported | | Pro Forma Adjustments | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | William Penn | | Fidelity(1) | | Washington(2) | | Fidelity | | | | | | | Washington | | | | | | | William Penn | | | | | | | | | | | | | William Penn | | Fidelity(1) | | Washington(2) | | Fidelity | | | | | | | Washington | | | | | | | William Penn | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Loans receivable, including fees | | | $ | 17,914 | | | | $ | 2,436 | | | | $ | 5,639 | | | | $ | 156 | | | | | (a) | | | | $ | 559 | | | | | (b) | | | | $ | — | | | | | | | | | $ | 26,704 | | | | | | | | | | $ | 17,914 | | | | $ | 2,436 | | | | $ | 5,619 | | | | $ | 156 | | | | | (a) | | | | $ | 559 | | | | | (b) | | | | $ | — | | | | | | | | | $ | 26,684 | | | | | | | | ||||||||||||||||||||||
Securities | | | | 1,557 | | | | | 15 | | | | | 198 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 1,770 | | | | | | | | | | | 1,557 | | | | | 15 | | | | | 218 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 1,790 | | | | | | | | ||||||||||||||||||||||
Other | | | | 346 | | | | | 305 | | | | | 210 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 861 | | | | | | | | | | | 346 | | | | | 305 | | | | | 210 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 861 | | | | | | | | ||||||||||||||||||||||
Total Interest Income | | | | 19,817 | | | | | 2,756 | | | | | 6,047 | | | | | 156 | | | | | | | | | | 559 | | | | | | | | | | — | | | | | | | | | | 29,335 | | | | | | | | | | | 19,817 | | | | | 2,756 | | | | | 6,047 | | | | | 156 | | | | | | | | | | 559 | | | | | | | | | | — | | | | | | | | | | 29,335 | | | | | | | | ||||||||||||||||||||||
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Deposits | | | | 3,604 | | | | | 508 | | | | | 1,357 | | | | | (157) | | | | | (c) | | | | | (468) | | | | | (c) | | | | | — | | | | | | | | | | 4,844 | | | | | | | | | | | 3,604 | | | | | 508 | | | | | 1,357 | | | | | (157) | | | | | (c) | | | | | (468) | | | | | (c) | | | | | — | | | | | | | | | | 4,844 | | | | | | | | ||||||||||||||||||||||
Borrowings | | | | 1,414 | | | | | 119 | | | | | 447 | | | | | (84) | | | | | (d) | | | | | (130) | | | | | (d) | | | | | — | | | | | | | | | | 1,766 | | | | | | | | | | | 1,414 | | | | | 119 | | | | | 447 | | | | | (84) | | | | | (d) | | | | | (130) | | | | | (d) | | | | | — | | | | | | | | | | 1,766 | | | | | | | | ||||||||||||||||||||||
Total Interest Expense | | | | 5,018 | | | | | 627 | | | | | 1,804 | | | | | (241) | | | | | | | | | | (598) | | | | | | | | | | — | | | | | | | | | | 6,610 | | | | | | | | | | | 5,018 | | | | | 627 | | | | | 1,804 | | | | | (241) | | | | | | | | | | (598) | | | | | | | | | | — | | | | | | | | | | 6,610 | | | | | | | | ||||||||||||||||||||||
Net Interest Income | | | | 14,799 | | | | | 2,129 | | | | | 4,243 | | | | | 397 | | | | | | | | | | 1,157 | | | | | | | | | | — | | | | | | | | | | 22,725 | | | | | | | | | | | 14,799 | | | | | 2,129 | | | | | 4,243 | | | | | 397 | | | | | | | | | | 1,157 | | | | | | | | | | — | | | | | | | | | | 22,725 | | | | | | | | ||||||||||||||||||||||
Provision (Benefit) For Loan Losses | | | | 626 | | | | | (49) | | | | | 126 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 703 | | | | | | | | | | | 626 | | | | | (49) | | | | | 126 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 703 | | | | | | | | ||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | | | 14,173 | | | | | 2,178 | | | | | 4,117 | | | | | 397 | | | | | | | | | | 1,157 | | | | | | | | | | — | | | | | | | | | | 22,022 | | | | | | | | | | | 14,173 | | | | | 2,178 | | | | | 4,117 | | | | | 397 | | | | | | | | | | 1,157 | | | | | | | | | | — | | | | | | | | | | 22,022 | | | | | | | | ||||||||||||||||||||||
OTHER INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Service fees | | | | 569 | | | | | 127 | | | | | 73 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 769 | | | | | | | | | | | 569 | | | | | 127 | | | | | 76 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 772 | | | | | | | | ||||||||||||||||||||||
Gain on sale of securities | | | | 238 | | | | | 1 | | | | | — | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 239 | | | | | | | | | | | 238 | | | | | 1 | | | | | — | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 239 | | | | | | | | ||||||||||||||||||||||
Earnings on bank-owned life insurance | | | | 347 | | | | | — | | | | | 79 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 426 | | | | | | | | | | | 347 | | | | | — | | | | | 79 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 426 | | | | | | | | ||||||||||||||||||||||
Gain on bargain purchase | | | | 746 | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | | | | | | (746) | | | | | (e) | | | | | — | | | | | | | | | | | 746 | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | | | | | | (746) | | | | | (e) | | | | | — | | | | | | | | ||||||||||||||||||||||
Other | | | | 260 | | | | | (2) | | | | | 297 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 555 | | | | | | | | | | | 260 | | | | | (2) | | | | | 294 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 552 | | | | | | | | ||||||||||||||||||||||
Total Other Income | | | | 2,160 | | | | | 126 | | | | | 449 | | | | | — | | | | | | | | | | — | | | | | | | | | | (746) | | | | | | | | | | 1,989 | | | | | | | | | | | 2,160 | | | | | 126 | | | | | 449 | | | | | — | | | | | | | | | | — | | | | | | | | | | (746) | | | | | | | | | | 1,989 | | | | | | | | ||||||||||||||||||||||
OTHER EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Salaries and employee benefits | | | | 6,855 | | | | | 882 | | | | | 1,982 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 9,719 | | | | | | | | | | | 6,855 | | | | | 882 | | | | | 1,982 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 9,719 | | | | | | | | ||||||||||||||||||||||
Occupancy and equipment | | | | 1,784 | | | | | 192 | | | | | 884 | | | | | 9 | | | | | (f) | | | | | 22 | | | | | (f) | | | | | — | | | | | | | | | | 2,891 | | | | | | | | | | | 1,784 | | | | | 192 | | | | | 884 | | | | | 9 | | | | | (f) | | | | | 22 | | | | | (f) | | | | | — | | | | | | | | | | 2,891 | | | | | | | | ||||||||||||||||||||||
Data processing | | | | 1,155 | | | | | 137 | | | | | 474 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 1,766 | | | | | | | | | | | 1,155 | | | | | 137 | | | | | 474 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 1,766 | | | | | | | | ||||||||||||||||||||||
Professional fees | | | | 451 | | | | | 167 | | | | | 190 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 7808 | | | | | | | | | | | 451 | | | | | 167 | | | | | 190 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 7808 | | | | | | | | ||||||||||||||||||||||
Merger related expenses | | | | 3,294 | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | | | | | | (3,294) | | | | | (e) | | | | | — | | | | | | | | | | | 3,294 | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | | | | | | (3,294) | | | | | (e) | | | | | — | | | | | | | | ||||||||||||||||||||||
Amortization on intangible assets | | | | 242 | | | | | — | | | | | — | | | | | 10 | | | | | (g) | | | | | 27 | | | | | (g) | | | | | — | | | | | | | | | | 279 | | | | | | | | | | | 242 | | | | | — | | | | | — | | | | | 10 | | | | | (g) | | | | | 27 | | | | | (g) | | | | | — | | | | | | | | | | 279 | | | | | | | | ||||||||||||||||||||||
Other | | | | 1,611 | | | | | 540 | | | | | 1,160 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 3,311 | | | | | | | | | | | 1,611 | | | | | 540 | | | | | 1,160 | | | | | — | | | | | | | | | | — | | | | | | | | | | — | | | | | | | | | | 3,311 | | | | | | | | ||||||||||||||||||||||
Total Other Expense | | | | 15,392 | | | | | 1,918 | | | | | 4,690 | | | | | 19 | | | | | | | | | | 49 | | | | | | | | | | (3,294) | | | | | | | | | | 18,774 | | | | | | | | | | | 15,392 | | | | | 1,918 | | | | | 4,690 | | | | | 19 | | | | | | | | | | 49 | | | | | | | | | | (3,294) | | | | | | | | | | 18,774 | | | | | | | | ||||||||||||||||||||||
Income (Loss) Before Income Taxes | | | | 941 | | | | | 386 | | | | | (124) | | | | | 378 | | | | | | | | | | 1,108 | | | | | | | | | | 2,548 | | | | | | | | | | 5,237 | | | | | | | | | | | 941 | | | | | 386 | | | | | (124) | | | | | 378 | | | | | | | | | | 1,108 | | | | | | | | | | 2,548 | | | | | | | | | | 5,237 | | | | | | | | ||||||||||||||||||||||
Income Tax Expense (Benefit) | | | | (387) | | | | | 116 | | | | | (19) | | | | | 85 | | | | | (h) | | | | | 249 | | | | | (h) | | | | | 741 | | | | | (h) | | | | | 786 | | | | | | | | | | | (387) | | | | | 116 | | | | | (19) | | | | | 85 | | | | | (h) | | | | | 249 | | | | | (h) | | | | | 741 | | | | | (h) | | | | | 786 | | | | | | | | ||||||||||||||||||||||
NET INCOME (LOSS) | | | $ | 1,328 | | | | $ | 270 | | | | $ | (105) | | | | $ | 293 | | | | | | | | | $ | 859 | | | | | | | | | $ | 1,807 | | | | | | | | | $ | 4,452 | | | | | | | | | | $ | 1,328 | | | | $ | 270 | | | | $ | (105) | | | | $ | 293 | | | | | | | | | $ | 859 | | | | | | | | | $ | 1,807 | | | | | | | | | $ | 4,452 | | | | | | | | ||||||||||||||||||||||
Pro Forma Combined Per Share Data (Common Stock) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Basic and diluted earnings per share | | | $ | 0.30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.99 | | | | | (i) | | | | | $ | 0.30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.98 | | | | | (i) | | | ||||||||||||||||||||||
Dividends declared per share | | | | 0.50 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.50 | | | | | | | | | | | 0.50 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.50 | | | | | | | | ||||||||||||||||||||||
Book value | | | | 21.47 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22.16 | | | | | (j) | | | | | | 21.47 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22.15 | | | | | (j) | | | ||||||||||||||||||||||
Tangible book value | | | | 20.10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20.80 | | | | | (j) | | | | | | 20.10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20.79 | | | | | (j) | | | ||||||||||||||||||||||
Weighted average shares outstanding (basic and diluted) | | | | 4,489,345 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,489,345 | | | | | (i) | | | | | | 4,489,345 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,489,345 | | | | | (i) | | |
| | William Penn | | Pro Forma with Fidelity and Washington | | | William Penn | | Pro Forma with Fidelity and Washington | | ||||||||||||||||
(Dollars in thousands, except per share data) | | (audited) | | (unaudited) | | | (audited) | | (unaudited) | | ||||||||||||||||
Tangible common equity | | | | | | | | | | | | | | | | | | | | | | | ||||
Total common stockholders’ equity | | | $ | 96,365 | | | | $ | 99,489 | | | | | $ | 96,365 | | | | $ | 99,489 | | | ||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | ||||
Accumulated other comprehensive income | | | | (76) | | | | | (76) | | | | | | (76) | | | | | (76) | | | ||||
Goodwill | | | | (4,858) | | | | | (4,858) | | | | | | (4,858) | | | | | (4,858) | | | ||||
Other intangible assets | | | | (1,192) | | | | | (1,155) | | | | | | (1,192) | | | | | (1,155) | | | ||||
Tangible common equity | | | $ | 90,239 | | | | $ | 93,400 | | | | | $ | 90,239 | | | | $ | 93,400 | | | ||||
Common shares outstanding | | | | 4,489,345 | | | | | 4,489,345 | | | | | | 4,489,345 | | | | | 4,489,345 | | | ||||
Book value per common share | | | $ | 21.47 | | | | $ | 22.16 | | | | | $ | 21.47 | | | | $ | 22.15 | | | ||||
Tangible book value per common share | | | | 20.10 | | | | | 20.80 | | | | | | 20.10 | | | | | 20.79 | | |
| | | Page | |
Questions and Answers | | | | |
Summary | | | | |
Risk Factors | | | | |
A Warning About Forward-Looking Statements | | | | |
Selected Financial and Other Data | | | | |
Non-GAAP Financial Information | | | | |
Special Meeting of William Penn Bancorp Stockholders | | | | |
Proposal 1 – Approval of the Plan of Conversion | | | | |
Proposals 2 and 3 – Informational Proposals Related to the Articles of Incorporation of William Penn Bancorporation | | | | |
Proposal 4 – Adjournment of the Special Meeting | | | | |
Use of Proceeds | | | | |
Our Dividend Policy | | | | |
Market for the Common Stock | | | | |
Capitalization | | | | |
Regulatory Capital Compliance | | | | |
Pro Forma Data | | | | |
Our Business | | | | |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | |
Our Management | | | | |
Stock Ownership | | | | |
Subscriptions by Executive Officers and Directors | | | | |
Regulation and Supervision | | | | |
Federal and State Taxation | | | | |
Rights of Dissenting Stockholders | | | | |
Comparison of Stockholders’ Rights | | | | |
Description of William Penn Bancorporation Capital Stock | | | | |
Transfer Agent and Registrar | | | | |
Registration Requirements | | | | |
Legal and Tax Opinions | | | | |
Experts | | | | |
Submission of Business Proposals and Stockholder Nominations | | | | |
Stockholder Communications | | | | |
Where You Can Find More Information | | | | |
Index to Financial Statements of William Penn Bancorp | | | | |
Annexes: | | | ||
Annex A: Consolidated Financial Statements of Fidelity Savings and Loan Association of Bucks County | | | | |
Annex B: Consolidated Financial Statements of Washington Savings Bank | | | | |
Annex C: Pro Forma Financial Information | | | | |
Annex D: Dissenter and Appraisal Rights | | | | |
| | | Page | |
Questions and Answers | | | | |
Summary | | | | |
Risk Factors | | | | |
A Warning About Forward-Looking Statements | | | | |
Selected Financial and Other Data | | | | |
Non-GAAP Financial Information | | | | |
Special Meeting of William Penn Bancorp Stockholders | | | | |
Proposal 1 – Approval of the Plan of Conversion | | | | |
Proposals 2 and 3 – Informational Proposals Related to the Articles of Incorporation of William Penn Bancorporation | | | | |
Proposal 4 – Adjournment of the Special Meeting | | | | |
Use of Proceeds | | | | |
Our Dividend Policy | | | | |
Market for the Common Stock | | | | |
Capitalization | | | | |
Regulatory Capital Compliance | | | | |
Pro Forma Data | | | | |
Our Business | | | | |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | |
Our Management | | | | |
Stock Ownership | | | | |
Subscriptions by Executive Officers and Directors | | | | |
Regulation and Supervision | | | | |
Federal and State Taxation | | | | |
Rights of Dissenting Stockholders | | | | |
Comparison of Stockholders’ Rights | | | | |
Description of William Penn Bancorporation Capital Stock | | | | |
Transfer Agent and Registrar | | | | |
Registration Requirements | | | | |
Legal and Tax Opinions | | | | |
Experts | | | | |
Submission of Business Proposals and Stockholder Nominations | | | | |
Stockholder Communications | | | | |
Where You Can Find More Information | | | | |
Index to Financial Statements of William Penn Bancorp | | | | |
Annexes: | | | ||
Annex A: Consolidated Financial Statements of Fidelity Savings and Loan Association of Bucks County | | | | |
Annex B: Consolidated Financial Statements of Washington Savings Bank | | | | |
Annex C: Pro Forma Financial Information | | | | |
Annex D: Dissenter and Appraisal Rights | | | | |
| | | Page | |
Questions and Answers | | | | |
Summary | | | | |
Risk Factors | | | | |
A Warning About Forward-Looking Statements | | | | |
Selected Financial and Other Data | | | | |
Non-GAAP Financial Information | | | | |
Special Meeting of William Penn Bancorp Stockholders | | | | |
Proposal 1 – Approval of the Plan of Conversion | | | | |
Proposals 2 and 3 – Informational Proposals Related to the Articles of Incorporation of William Penn Bancorporation | | | | |
Proposal 4 – Adjournment of the Special Meeting | | | | |
Use of Proceeds | | | | |
Our Dividend Policy | | | | |
Market for the Common Stock | | | | |
Capitalization | | | | |
Regulatory Capital Compliance | | | | |
Pro Forma Data | | | | |
Our Business | | | | |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | |
Our Management | | | | |
Stock Ownership | | | | |
Subscriptions by Executive Officers and Directors | | | | |
Regulation and Supervision | | | | |
Federal and State Taxation | | | | |
Rights of Dissenting Stockholders | | | | |
Comparison of Stockholders’ Rights | | | | |
Description of William Penn Bancorporation Capital Stock | | | | |
Transfer Agent and Registrar | | | | |
Registration Requirements | | | | |
Legal and Tax Opinions | | | | |
Experts | | | | |
Submission of Business Proposals and Stockholder Nominations | | | | |
Stockholder Communications | | | | |
Where You Can Find More Information | | | | |
Index to Financial Statements of William Penn Bancorp | | | | |
Annexes: | | | ||
Annex A: Consolidated Financial Statements of Fidelity Savings and Loan Association of Bucks County | | | | |
Annex B: Consolidated Financial Statements of Washington Savings Bank | | | | |
Annex C: Pro Forma Financial Information | | | | |
Annex D: Dissenter and Appraisal Rights | | | | |
| | William Penn Bancorp Historical | | Pro Forma | | Exchange Ratio | | Per Equivalent William Penn Bancorporation Share | | | William Penn Bancorp Historical | | Pro Forma | | Exchange Ratio | | Per Equivalent William Penn Bancorporation Share | | ||||||||||||||||||||||||||||||||
Book value per share at June 30, 2020: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Book value per share at September 30, 2020: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Sale of 9,350,000 shares | | | $ | 21.47 | | | | $ | 16.04 | | | | | 2.4301x | | | | $ | 38.98 | | | | | $ | 21.27 | | | | $ | 16.14 | | | | | 2.3941x | | | | $ | 38.64 | | | ||||||||
Sale of 11,000,000 shares | | | | 21.47 | | | | | 16.04 | | | | | 2.8589 | | | | | 42.08 | | | | | | 21.27 | | | | | 14.81 | | | | | 2.8166 | | | | | 41.71 | | | ||||||||
Sale of 12,650,000 shares | | | | 21.47 | | | | | 16.04 | | | | | 3.2877 | | | | | 45.17 | | | | | | 21.27 | | | | | 13.83 | | | | | 3.2391 | | | | | 44.80 | | | ||||||||
Earnings per share for the year ended June 30, 2020: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Earnings per share for the three months ended September 30, 2020: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Sale of 9,350,000 shares | | | $ | 0.33 | | | | $ | 0.02 | | | | | 2.4301 | | | | $ | 0.05 | | | | | $ | 0.15 | | | | $ | 0.04 | | | | | 2.3941 | | | | $ | 0.10 | | | ||||||||
Sale of 11,000,000 shares | | | | 0.33 | | | | | 0.00 | | | | | 2.8589 | | | | | 0.00 | | | | | | 0.15 | | | | | 0.03 | | | | | 2.8166 | | | | | 0.08 | | | ||||||||
Sale of 12,650,000 shares | | | | 0.33 | | | | | (0.02) | | | | | 3.2877 | | | | | (0.05) | | | | | | 0.15 | | | | | 0.02 | | | | | 3.2391 | | | | | 0.06 | | | ||||||||
Price per share(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Sale of 9,350,000 shares | | | $ | 32.25 | | | | $ | 10.00 | | | | | 2.4301 | | | | $ | 24.30 | | | | | $ | 32.25 | | | | $ | 10.00 | | | | | 2.3941 | | | | $ | 23.94 | | | ||||||||
Sale of 11,000,000 shares | | | | 32.25 | | | | | 10.00 | | | | | 2.8589 | | | | | 28.59 | | | | | | 32.25 | | | | | 10.00 | | | | | 2.8166 | | | | | 28.17 | | | ||||||||
Sale of 12,650,000 shares | | | | 32.25 | | | | | 10.00 | | | | | 3.2877 | | | | | 32.88 | | | | | | 32.25 | | | | | 10.00 | | | | | 3.2391 | | | | | 32.39 | | |
| | | | | S-1 | | | |
| | | | | S-1 | | | |
| | | | | S-1 | | | |
| | | | | S-2 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| Performance History and Description of Funds | | | | | | | |
| | | | | S-9 | | | |
| | | | | S-9 | | | |
| | | | | S-9 | | | |
| | | | | S-9 | | | |
| | | | | S-9 | | | |
| | | | | S-10 | | | |
| | | | | S-10 | | | |
| | | | | S-11 | | | |
| | | | | S-11 | | | |
| | | | | S-11 | | |
| | | As of June 30th | | |||||||||||||||
Investment Options | | | 2017 | | | 2018 | | | 2019 | | |||||||||
Diamond Hill Small Cap Fund | | | | | 13.3% | | | | | | 9.2% | | | | | | .-5.5% | | |
Dodge & Cox International Stock Fund | | | | | 30.3% | | | | | | 0.5% | | | | | | -0.3% | | |
Fidelity Balanced Fund | | | | | 13.5% | | | | | | 10.8% | | | | | | 6.6% | | |
Fidelity Contra Fund | | | | | 22.1% | | | | | | 23.9% | | | | | | 7.9% | | |
Fidelity Freedom 2045 Fund | | | | | 19.0% | | | | | | 10.8% | | | | | | 3.9% | | |
Fidelity Freedom 2035 Fund | | | | | 19.0% | | | | | | 10.8% | | | | | | 4.1% | | |
Fidelity Freedom 2025 Fund | | | | | 14.0% | | | | | | 7.9% | | | | | | 5.0% | | |
Fidelity Freedom 2015 Fund | | | | | 11.6% | | | | | | 6.5% | | | | | | 5.2% | | |
Emerald Growth Fund | | | | | 28.3% | | | | | | 22.1% | | | | | | 2.5% | | |
Fidelity Select Materials Fund | | | | | 20.9% | | | | | | 9.5% | | | | | | -10.2% | | |
Fidelity Select Health Care Fund | | | | | 16.6% | | | | | | 15.9% | | | | | | 7.3% | | |
Fidelity Worldwide Fund | | | | | 16.2% | | | | | | 19.9% | | | | | | 7.2% | | |
Fidelity 500 Index Fund | | | | | N/A | | | | | | 14.2% | | | | | | 10.4% | | |
Janus Henderson Mid Cap Value Fund | | | | | 17.0% | | | | | | 7.3% | | | | | | 4.2% | | |
Loomis Sayles Bond Fund | | | | | 8.1% | | | | | | 0.9% | | | | | | 5.6% | | |
MFS Mid Cap Value Fund | | | | | 15.5% | | | | | | 7.2% | | | | | | 5.5% | | |
Voya Mid Cap Opportunities Fund I | | | | | 16.3% | | | | | | 14.0% | | | | | | 8.0% | | |
PIMCO Total Returns Fund | | | | | 1.8% | | | | | | 4.8% | | | | | | 7.3% | | |
Vanguard International Growth Fund | | | | | N/A | | | | | | N/A | | | | | | -0.5% | | |
William Penn Bancorp Stock Fund | | | | | 13.1% | | | | | | | | | | | | 21.7% | | |
William Penn Bank CD Fund | | | | | 2.4% | | | | | | | | | | | | 2.6% | | |
AMG Yacktman Fund | | | | | 12.7% | | | | | | 12.5% | | | | | | 10.6% | | |
Name of Plan Participant: | |
| Signature of Participant | | | Date | |
| By: | | | Date | |
| SEC filing fee(1) | | | $ | 16,593 | | | SEC filing fee(1) | | | $ | 16,551 | | | ||
| FINRA filing fee(1) | | | | 23,312 | | | FINRA filing fee(1) | | | | 23,312 | | | ||
| Nasdaq fees and expenses | | | | 50,000 | | | Nasdaq fees and expenses | | | | 50,000 | | | ||
| EDGAR, printing, postage and mailing | | | | 250,000 | | | EDGAR, printing, postage and mailing | | | | 250,000 | | | ||
| Legal fees and expenses | | | | 625,000 | | | Legal fees and expenses | | | | 625,000 | | | ||
| Accounting fees and expenses | | | | 100,000 | | | Accounting fees and expenses | | | | 100,000 | | | ||
| Appraiser’s fees and expenses | | | | 115,000 | | | Appraiser’s fees and expenses | | | | 115,000 | | | ||
| Marketing firm expenses (including legal fees)(2) | | | | 140,000 | | | Marketing firm expenses (including legal fees)(2) | | | | 140,000 | | | ||
| Business plan fees and expenses | | | | 45,000 | | | Business plan fees and expenses | | | | 45,000 | | | ||
| Transfer agent and registrar fees and expenses | | | | 15,000 | | | Transfer agent and registrar fees and expenses | | | | 15,000 | | | ||
| Proxy solicitor fees and expenses | | | | 10,000 | | | Proxy solicitor fees and expenses | | | | 10,000 | | | ||
| Miscellaneous | | | | 10,095 | | | Miscellaneous | | | | 10,137 | | | ||
| TOTAL | | | $ | 1,400,000 | | | TOTAL | | | $ | 1,400,000 | | |
| | ||||||||||
| | | | | | ||||||
Consent of RP Financial, LC. | | | Filed herewith | | |||||||
| | | 24.0 | | | | Power of Attorney | | | Previously Filed | |
| | | 99.1 | | | | Appraisal RP Financial, LC. | | | Filed herewith | |
| | | 99.2 | | | | Draft of Marketing Materials | | | | |
| | | 99.3 | | | | Draft of Subscription Order Form and Instructions | | | | |
| | | 99.4 | | | | Form of Proxy for William Penn Bancorp, Inc. Special Meeting of Shareholders | | | |
| Name | | | Title | | | Date | |
| /s/ Kenneth J. Stephon Kenneth J. Stephon | | | President and Chief Executive Officer and Director (principal executive officer) | | | | |
| /s/ Jonathan T. Logan Jonathan T. Logan | | | Senior Vice President and Chief Financial Officer (principal financial and accounting officer) | | | | |
| William J. Feeney | | | Chairman of the Board of Directors | | | | |
| Craig Burton | | | Director | | | | |
| D. Michael Carmody, Jr. | | | Director | | | | |
| Charles Corcoran | | | Director | | | | |
| Glenn Davis | | | Director | | | | |
| * Christopher M. Molden | | | Director | | | | |
| * William C. Niemczura | | | Director | | | | |
| * William B.K. Parry, Jr. | | | Director | | | | |
| * Terry L Sager | | | Director | | | | |
| * Vincent P. Sarubbi | | | Director | | | | |
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By: /s/ Attorney-in-Fact | | | | | | |||
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