Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2019 | Nov. 08, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Entity Registrant Name | WVS FINANCIAL CORP | |
Entity Central Index Key | 0000910679 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,935,641 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEET (UNA
CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Assets | ||
Cash and due from banks | $ 2,383 | $ 1,849 |
Interest-earning demand deposits | 4,930 | 2,530 |
Total cash and cash equivalents | 7,313 | 4,379 |
Certificates of deposit | 2,587 | 1,843 |
Investment securities available-for-sale (amortized cost of $134,586 and $132,673) | 134,750 | 132,780 |
Investment securities held-to-maturity (fair value of $3,589 and $4,080) | 3,495 | 3,995 |
Mortgage-backed securities held-to-maturity (fair value of $106,441 and $108,708) | 106,316 | 108,331 |
Net loans receivable (allowance for loan losses of $538 and $548) | 90,333 | 90,588 |
Accrued interest receivable | 1,180 | 1,219 |
Federal Home Loan Bank (FHLB) stock, at cost | 6,627 | 7,010 |
Premises and equipment, net | 355 | 346 |
Bank owned life insurance | 4,819 | 4,789 |
Deferred tax assets (net) | 364 | 368 |
Other assets | 434 | 170 |
TOTAL ASSETS | 358,573 | 355,818 |
Deposits | ||
Non-interest-bearing accounts | 31,847 | 19,770 |
Interest-earning checking | 21,801 | 23,541 |
Savings accounts | 42,478 | 43,740 |
Money market accounts | 20,496 | 19,958 |
Certificates of deposit | 42,020 | 37,361 |
Advance payments by borrowers for taxes and insurance | 982 | 2,065 |
Total deposits | 159,624 | 146,435 |
Federal Home Loan Bank advances: long-term - fixed rate | 15,000 | 15,000 |
Federal Home Loan Bank advances: long-term - variable rate | 85,000 | 85,000 |
Federal Home Loan Bank advances: short-term | 59,554 | 70,828 |
Accrued interest payable | 797 | 823 |
Other liabilities | 1,960 | 1,683 |
TOTAL LIABILITIES | 321,935 | 319,769 |
Stockholders' equity: | ||
Preferred stock: 5,000,000 shares, no par value per share, authorized; none issued | ||
Common stock: 10,000,000 shares, $.01 par value per share, authorized; 3,805,636 shares issued; | 38 | 38 |
Additional paid-in capital | 21,560 | 21,550 |
Treasury stock: 1,869,995 and 1,862,520 shares at cost, respectively | (28,382) | (28,269) |
Retained earnings, substantially restricted | 45,423 | 44,807 |
Accumulated other comprehensive income | 63 | 15 |
Unallocated Employee Stock Ownership Plan ("ESOP") shares | (2,064) | (2,092) |
TOTAL STOCKHOLDERS' EQUITY | 36,638 | 36,049 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 358,573 | $ 355,818 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Assets | ||
Investment securities available-for-sale, amortized cost | $ 134,586 | $ 132,673 |
Investment securities held-to-maturity, fair value | 3,589 | 4,080 |
Mortgage-backed securities held-to-maturity, fair value | 106,441 | 108,708 |
Net loans receivable, allowance for loan losses | $ 538 | $ 548 |
Stockholders' equity: | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, no par value per share | $ 0 | $ 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares issued | 3,805,636 | 3,805,636 |
Treasury stock, shares at cost | 1,869,995 | 1,862,520 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST AND DIVIDEND INCOME: | ||
Loans, including fees | $ 883 | $ 804 |
Investment securities | 1,081 | 1,022 |
Mortgage-backed securities | 885 | 889 |
Certificates of deposit | 15 | 2 |
Interest-earning demand deposits | 1 | 3 |
FHLB Stock | 122 | 112 |
Total interest and dividend income | 2,987 | 2,832 |
INTEREST EXPENSE: | ||
Deposits | 250 | 123 |
Federal Home Loan Bank advances - long-term - fixed rate | 114 | |
Federal Home Loan Bank advances - long-term - variable rate | 518 | |
Federal Home Loan Bank advances - short-term | 302 | 909 |
Total interest expense | 1,184 | 1,032 |
NET INTEREST INCOME | 1,803 | 1,800 |
PROVISION FOR LOAN LOSSES | (10) | 19 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,813 | 1,781 |
NON-INTEREST INCOME: | ||
Service charges on deposits | 29 | 29 |
Earnings on Bank Owned Life Insurance | 30 | 31 |
Investment securities losses | (2) | |
Other than temporary impairment ("OTTI") losses | ||
Portion of loss (gain) recognized in other comprehensive income (before taxes) | ||
Net impairment loss recognized in earnings | (1) | |
ATM fee income | 42 | 42 |
Other | 10 | 10 |
Total non-interest income | 110 | 110 |
NON-INTEREST EXPENSE: | ||
Salaries and employee benefits | 545 | 556 |
Occupancy and equipment | 63 | 68 |
Data processing | 57 | 58 |
Correspondent bank service charges | 9 | 7 |
Federal deposit insurance premium | (23) | 28 |
ATM network expense | 23 | 37 |
Other | 173 | 147 |
Total non-interest expense | 847 | 901 |
INCOME BEFORE INCOME TAXES | 1,076 | 990 |
INCOME TAX EXPENSE | 283 | 242 |
NET INCOME | $ 793 | $ 748 |
EARNINGS PER SHARE: | ||
Basic | $ 0.45 | $ 0.42 |
Diluted | $ 0.45 | $ 0.42 |
AVERAGE SHARES OUTSTANDING: | ||
Basic | 1,775,561 | 1,793,055 |
Diluted | 1,775,561 | 1,793,272 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 793 | $ 748 |
Investment securities available for sale not other-than-temporarily impaired: | ||
Gains arising during the year | 57 | 122 |
Less: Income tax effect | (13) | (26) |
Net gains (losses) | 44 | 96 |
Losses recognized in earnings | 2 | |
Less: Income tax effect | ||
Net gains recognized in earnings | 2 | |
Unrealized holding gains on investment securities available for sale not other-than-temporarily impaired, net of tax | 44 | 98 |
Investment securities held to maturity other-than-temporarily impaired: | ||
Total losses | ||
Losses recognized in earnings | 1 | |
Gains (losses) recognized in comprehensive income | ||
Income tax effect | ||
Total gains (losses) recognized in comprehensive income after income tax effect | 1 | |
Accretion of other comprehensive loss on other-than- temporarily impaired securities held to maturity | 4 | (39) |
Less: Income tax effect | (1) | 8 |
Unrealized holdings (losses) gains on securities, net | 3 | (31) |
Unrealized holding gains (losses) on other-than-temporarily impaired securities held to maturity, net of tax | 3 | (31) |
Other comprehensive income | 48 | 67 |
COMPREHENSIVE INCOME | $ 841 | $ 815 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings - Substantially Restricted [Member] | Accumulated Other Comprehensive Loss [Member] | Unallocated ESOP Shares [Member] | Total |
Balance at Jun. 30, 2018 | $ 38 | $ 21,516 | $ (27,886) | $ 42,795 | $ (188) | $ (2,258) | $ 34,017 |
Net income | 748 | 748 | |||||
Other comprehensive income | 67 | 67 | |||||
Purchase of treasury stock | (32) | (32) | |||||
Amortization of unallocated ESOP Shares | 9 | 39 | 48 | ||||
Cash dividends declared | (143) | (143) | |||||
Balance at Sep. 30, 2018 | 38 | 21,525 | (27,918) | 43,400 | (121) | (2,219) | 34,705 |
Balance at Jun. 30, 2019 | 38 | 21,550 | (28,269) | 44,807 | 15 | (2,092) | 36,049 |
Net income | 793 | 793 | |||||
Other comprehensive income | 48 | 48 | |||||
Purchase of treasury stock | (113) | (113) | |||||
Amortization of unallocated ESOP Shares | 10 | 28 | 38 | ||||
Cash dividends declared | (177) | (177) | |||||
Balance at Sep. 30, 2019 | $ 38 | $ 21,560 | $ (28,382) | $ 45,423 | $ 63 | $ (2,064) | $ 36,638 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Purchase of treasury stock, shares | 7,475 | 2,000 |
Cash dividends declared, per share | $ 0.10 | $ 0.08 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 793 | $ 748 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for loan losses | (10) | 19 |
Depreciation | 6 | 15 |
Net impairment loss recognized in earnings | 1 | |
Amortization of discounts, premiums and deferred loan fees | 24 | 70 |
Amortization of unallocated ESOP shares | 38 | 48 |
Deferred income taxes | (9) | (17) |
Increase in accrued income taxes | 94 | 67 |
Earnings on bank owned life insurance | (30) | (31) |
Decrease (increase) in accrued interest receivable | 39 | (15) |
(Decrease) increase in accrued interest payable | (26) | 11 |
Increase in deferred director compensation payable | 12 | 11 |
Other, net | (95) | (23) |
Net cash provided by operating activities | 837 | 903 |
Available-for-sale: | ||
Purchases of investment securities | (1,965) | (15,364) |
Proceeds from sale of investments | 1,364 | |
Proceeds from repayments of investment securities | 14,450 | |
Held-to-maturity: | ||
Proceeds from repayments of investment securities | 500 | 1,125 |
Proceeds from repayments of mortgage-backed securities | 2,024 | 4,861 |
Purchases of certificates of deposit | (1,092) | (100) |
Maturities/redemptions of certificates of deposit | 349 | 100 |
Purchase of loans | (2,377) | (2,382) |
Net decrease in net loans receivable | 2,665 | 1,246 |
Purchase of FHLB stock | (2,525) | (1,793) |
Redemption of FHLB stock | 2,908 | 2,351 |
Acquisition of premises and equipment | (15) | |
Net cash provided by investing activities | 472 | 5,858 |
FINANCING ACTIVITIES | ||
Net increase in transaction and savings accounts | 9,613 | 10,599 |
Net increase (decrease) in certificates of deposit | 4,659 | (1,699) |
Net decrease in advance payments by borrowers for taxes and insurance | (1,083) | (1,091) |
Net decrease in FHLB short-term advances | (11,274) | (10,919) |
Purchase of treasury stock | (113) | (32) |
Cash dividends paid | (177) | (143) |
Net cash provided by (used for) financing activities | 1,625 | (3,285) |
Increase in cash and cash equivalents | 2,934 | 3,476 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 4,379 | 2,441 |
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 7,313 | 5,917 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 1,210 | 1,021 |
Income taxes | $ 198 | $ 193 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Sep. 30, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q |
RECENTLY ADOPTED ACCOUNTING PRO
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | 2. Recently Adopted Accounting Pronouncements Accounting Standards Update (“ASU”) 2016-02, Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13”), 2016-13 Financial Instruments – Credit Losses mid-November. We one-time one-time In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits (Topic 715-20). one-percentage-point In November, 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, 2016-13 non-PBEs 2016-13 (non-PBEs) 326-20. Leases 2018-19 2016-13, 2018-19. Financial Instruments – Credit Losses mid-November. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, Topic 326, Financial Instruments – Credit Losses Financial Instruments – Credit Losses mid-November. Topic 815, Derivatives and Hedging for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. For entities that have adopted the amendments in Update 2017-12, Topic 825, Financial Instruments In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326 825-10.3. instrument-by-instrument available-for-sale held-to-maturity 2016-13. 2016-13, 2016-13. 2016-13, 2019-05 2016-13 Financial Instruments – Credit Losses mid-November. In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, 33-10231 33-10442, No. 33-10532, Disclosure Update and Simplification 33-10231 33-10442, Investment Company Reporting Modernization |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | 3. REVENUE RECOGNITION Effective July 1, 2018, the Company adopted Accounting Standards Update ASU 2014-09, Revenue from contracts with Customers – Topic 606, |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Sep. 30, 2019 | |
EARNINGS PER SHARE: | |
EARNINGS PER SHARE | 4. EARNINGS PER SHARE The following table sets forth the computation of the weighted-average common shares used to calculate basic and diluted earnings per share. Three Months Ended September 30, 2019 2018 Weighted average common shares issued 3,805,636 3,805,636 Average treasury stock shares (1,863,414 ) (1,836,884 ) Average unallocated ESOP shares (166,661 ) (175,697 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 1,775,561 1,793,055 Additional common stock equivalents (stock options) used to calculate diluted earnings per share - 217 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 1,775,561 1,793,272 There are no convertible securities that would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statement of Income is used. As of September 30, 2019, all outstanding options had expired. At September 30, 2018 there were 77,019 options outstanding with an exercise price of $16.20 which were dilutive for the three month period. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | 5. STOCK BASED COMPENSATION The Company previously maintained the 2008 Stock Incentive Plan (the “Plan”), which was approved by shareholders in October 2008, permitted the grant of stock options or restricted shares to its directors and employees for up to 152,000 shares (up to 38,000 restricted shares may be issued). Option awards were generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vested over five years of continuous service and had ten-year During the three months ended September 30, 2019 and 2018, the Company recorded no compensation expense related to our share-based compensation awards. As of September 30, 2019, there was no unrecognized compensation cost related to unvested share-based compensation awards granted in fiscal 2009. There were no stock options exercised or issued during the three months ended September 30, 2019 and 2018. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 6. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and fair values of investments are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) September 30, 2019 AVAILABLE FOR SALE Corporate debt securities $ 106,682 $ 351 $ (206 ) $ 106,827 Foreign debt securities 1 26,574 68 (49 ) 26,593 Obligations of states and political subdivisions 1,330 - - 1,330 Total $ 134,586 $ 419 $ (255 ) $ 134,750 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) September 30, 2019 HELD TO MATURITY Obligations of states and political subdivisions $ 3,495 $ 94 $ - $ 3,589 Total $ 3,495 $ 94 $ - $ 3,589 1 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) June 30, 2019 AVAILABLE FOR SALE Corporate debt securities $ 104,760 $ 355 $ (207 ) $ 104,908 Foreign debt securities² 26,583 35 (75 ) 26,543 Obligations of states and political subdivisions 1,330 - (1 ) 1,329 Total $ 132,673 $ 390 $ (283 ) $ 132,780 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) June 30, 2019 HELD TO MATURITY Obligations of states and political subdivisions $ 3,995 $ 85 $ - $ 4,080 Total $ 3,995 $ 85 $ - $ 4,080 There were no sales of investment securities for the three months ended September 30, 2019. Proceeds from sales of investments during the quarter ended September 30, 2018 were $1.4 million and the Company recorded gross realized investment security losses of $2 thousand during this same period. ²U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. The amortized cost and fair values of debt securities at September 30, 2019, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities. Due in Due after Due after Due after Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 15,433 $ 118,513 $ 640 $ - $ 134,586 Fair value 15,406 118,704 640 - 134,750 HELD TO MATURITY Amortized cost $ - $ 3,495 $ - $ - $ 3,495 Fair value - 3,589 - - 3,589 At September 30, 2019 investment securities with amortized costs of $3.5 million and fair values of $3.6 million were pledged to secure borrowings with the Federal Home Loan Bank (FHLB) of Pittsburgh. |
MORTGAGE-BACKED SECURITIES
MORTGAGE-BACKED SECURITIES | 3 Months Ended |
Sep. 30, 2019 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
MORTGAGE-BACKED SECURITIES | 7. MORTGAGE-BACKED SECURITIES Mortgage-backed securities (“MBS”) include mortgage pass-through certificates (“PCs”) and collateralized mortgage obligations (“CMOs”). With a pass-through security, investors own an undivided interest in the pool of mortgages that collateralize the PCs. Principal and interest is passed through to the investor as it is generated by the mortgages underlying the pool. PCs and CMOs may be insured or guaranteed by Freddie Mac (“FHLMC”), Fannie Mae (“FNMA”) and the Government National Mortgage Association (“GNMA”). CMOs may also be privately issued with varying degrees of credit enhancements. A CMO reallocates mortgage pool cash flow to a series of bonds (called traunches) with varying stated maturities, estimated average lives, coupon rates and prepayment characteristics. The Company’s CMO portfolio is comprised of two segments: CMOs backed by U.S. Government Agencies (“Agency CMOs”) and CMOs backed by single-family whole loans not guaranteed by a U.S. Government Agency (“Private-Label CMOs”). At September 30, 2019, the Company’s Agency CMOs totaled $105.5 million as compared to $107.4 million at June 30, 2019. The Company’s Private-Label CMOs totaled $837 thousand at September 30, 2019 as compared to $883 thousand at June 30, 2019. The $1.9 million decrease in the Agency CMO segment of our MBS portfolio was due to repayments on our Agency CMOs which totaled $1.9 million. During the three months ended September 30, 2019, the Company received principal payments totaling $49 thousand on its Private-Label CMOs. At September 30, 2019 and June 30, 2019, all of the Company’s MBS portfolio was comprised of adjustable or floating rate investments. All of the Company’s floating rate MBS adjust monthly based upon changes in the one month London Interbank Offered Rate (“LIBOR”). The Company has no investment in multi-family or commercial real estate based MBS. Due to prepayments of the underlying loans, and the prepayment characteristics of the CMO traunches, the actual maturities of the Company’s MBS are expected to be substantially less than the scheduled maturities. The Company retains an independent third party to assist it in the determination of a fair value for its three private-label CMOs. This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures The Company believes that the data and assumptions used to determine the fair values are reasonable. The fair value calculations reflect relevant facts and market conditions. Events and conditions occurring after the valuation date could have a material effect on the Private-Label CMO segment’s fair value. The following table sets forth information with respect to the Company’s Private-Label CMO portfolio as of September 30, 2019. At the time of purchase, all of our Private-Label CMOs were rated in the highest investment category by at least two ratings agencies. At September 30, 2019 Rating Book Fair ³ Life to Date Cusip # Security Description S&P Moody’s Fitch (in thousands) 126694CP1 CWHL SER 21 A11 N/A Caa2 D $ 483 $ 480 $ 214 126694KF4 CWHL SER 24 A15 NR N/A D 91 92 49 126694KF4 CWHL SER 24 A15 NR N/A D 183 185 97 126694MP0 CWHL SER 26 1A5 NR N/A D 80 86 41 $ 837 $ 843 $ 401 ³Fair value estimate provided by the Company’s independent third party valuation consultant. The amortized cost and fair values of the Company’s mortgage-backed securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) September 30, 2019 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 105,479 $ 831 $ (712 ) $ 105,598 Private-label 837 9 (3 ) 843 Total $ 106,316 $ 840 $ (715 ) $ 106,441 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) June 30, 2019 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 107,448 $ 954 $ (570 ) $ 107,832 Private-label 883 5 (12 ) 876 Total $ 108,331 $ 959 $ (582 ) $ 108,708 The amortized cost and fair value of the Company’s mortgage-backed securities at September 30, 2019, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Due in Due after Due after Due after Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ - $ 125 $ - $ 106,191 $ 106,316 Fair value - 127 - 106,314 106,441 At September 30, 2019, mortgage-backed securities with amortized costs of $105.4 million and fair values of $105.6 million were pledged to secure public deposits and borrowings with the FHLB. Of the securities pledged, $17.7 million of fair value was excess collateral. At June 30, 2019, mortgage-backed securities with an amortized cost of $107.4 million and fair values of $107.8 million, were pledged to secure public deposits and borrowings with the FHLB. Of the securities pledged, $2.4 million of fair value was excess collateral. Excess collateral is maintained to support future borrowings and may be withdrawn by the Company at any time. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Sep. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 8. ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present the changes in accumulated other comprehensive loss by component, for the three months ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – June 30, 2019 $ 84 $ (69 ) $ 15 Other comprehensive income before reclassifications 44 3 47 Amounts reclassified from accumulated other comprehensive income (loss) 1 - 1 Net current-period other comprehensive income 45 3 48 Ending Balance – September 30, 2019 $ 129 $ (66 ) $ 63 Three Months Ended September 30, 2018 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – June 30, 2018 $ (10) $ (178) $ (188) Other comprehensive income (loss) before reclassifications 96 (31 ) 65 Amounts reclassified from accumulated other comprehensive income (loss) 2 - 2 Net current-period other comprehensive income (loss) 98 (31 ) 67 Ending Balance – September 30, 2018 $ 88 $ (209 ) $ (121 ) |
UNREALIZED LOSSES ON SECURITIES
UNREALIZED LOSSES ON SECURITIES | 3 Months Ended |
Sep. 30, 2019 | |
Debt and Equity Securities, Gain (Loss) [Abstract] | |
UNREALIZED LOSSES ON SECURITIES | 9. UNREALIZED LOSSES ON SECURITIES The following tables show the CompanyÂ’s gross unrealized losses and fair value, aggregated by category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2019 and June 30, 2019. September 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 12,042 $ (22 ) $ 19,493 $ (184 ) $ 31,535 $ (206 ) Foreign debt securities 4 - - 3,191 (49 ) 3,191 (49 ) Obligations of states and political subdivisions - - - - - - Collateralized mortgage obligations 20,544 (276 ) 22,100 (439 ) 42,644 (715 ) Total $ 32,586 $ (298 ) $ 44,784 $ (672 ) $ 77,370 $ (970 ) June 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 11,728 $ (86 ) $ 17,077 $ (121 ) $ 28,805 $ (207 ) Foreign debt securities 4 2,004 (2 ) 5,699 (73 ) 7,703 (75 ) Obligations of states and political subdivisions - - 1,329 (1 ) 1,329 (1 ) Collateralized mortgage obligations 24,368 (182 ) 18,614 (400 ) 42,982 (582 ) Total $ 38,100 $ (270 ) $ 42,719 $ (595 ) $ 80,819 $ (865 ) For debt securities, impairment is considered to be other than temporary if an entity (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its amortized cost basis, or (3) does not expect to recover the securityÂ’s entire amortized cost basis (even if the entity does not intend to sell the security). In addition, impairment is considered to be other than temporary if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis of the security (any such shortfall is referred to as a credit loss). The Company evaluates outstanding available-for-sale held-to-maturity 4 The following table presents a roll-forward of the credit loss component of the amortized cost of mortgage-backed securities that we have written down for OTTI and the credit component of the loss that is recognized in earnings. OTTI recognized in earnings for credit impaired mortgage-backed securities is presented as additions in two components based upon whether the current period is the first time the mortgage-backed security was credit-impaired (initial credit impairment) or is not the first time the mortgage-backed security was credit impaired (subsequent credit impairments). The credit loss component is reduced if we sell, intend to sell or believe that we will be required to sell previously credit-impaired mortgage-backed securities. Additionally, the credit loss component is reduced if we receive cash flows in excess of what we expected to receive over the remaining life of the credit impaired mortgage-backed securities, the security matures or is fully written down. Three Months Ended September 30, 2019 2018 (Dollars in Thousands) Beginning balance $ 248 $ 239 Initial credit impairment - - Subsequent credit impairment 1 - Reductions for amounts recognized in earnings due to intent or requirement to sell - - Reductions for securities sold - - Reduction for actual realized losses (10 ) (3 ) Reduction for increase in cash flows expected to be collected - - Ending Balance $ 239 $ 236 During the three months ended September 30, 2019, the Company recorded a $1 thousand subsequent credit impairment charge and no non-credit In the case of its Private-Label residential CMOs that exhibit adverse risk characteristics, the Company employs models to determine the cash flows that it is likely to collect from the securities. These models consider borrower characteristics and the particular attributes of the loans underlying the securities, in conjunction with assumptions about future changes in home prices and interest rates, to predict the likelihood a loan will default and the impact on default frequency, loss severity and remaining credit enhancement. A significant input to these models is the forecast of future housing price changes for the relevant states and metropolitan statistical areas, which are based upon an assessment of the various housing markets. In general, since the ultimate receipt of contractual payments on these securities will depend upon the credit and prepayment performance of the underlying loans and, if needed, the credit enhancements for the senior securities owned by the Company, the Company uses these models to assess whether the credit enhancement associated with each security is sufficient to protect against likely losses of principal and interest on the underlying mortgage loans. The development of the modeling assumptions requires significant judgment. In conjunction with our adoption of ASC Topic 820 effective June 30, 2009, the Company retained an independent third party to assist it with assessing its investments within the Private-Label CMO portfolio. The independent third party utilized certain assumptions for producing the cash flow analyses used in the OTTI assessment. Key assumptions would include interest rates, expected market participant spreads and discount rates, housing prices, projected future delinquency levels and assumed loss rates on any liquidated collateral. The Company reviewed the independent third partyÂ’s assumptions used in the September 30, 2019 OTTI process. Based on the results of this review, the Company deemed the independent third partyÂ’s assumptions to be reasonable and adopted them. However, different assumptions could produce materially different results, which could impact the CompanyÂ’s conclusions as to whether an impairment is considered other-than-temporary and the magnitude of the credit loss. If the Company intends to sell an impaired debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, the impairment is other-than-temporary and is recognized currently in earnings in an amount equal to the entire difference between fair value and amortized cost. The Company does not anticipate selling its private-label CMO portfolio, nor does Management believe that the Company will be required to sell these securities before recovery of this amortized cost basis. In instances in which the Company determines that a credit loss exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the OTTI is separated into (1) the amount of the total impairment related to the credit loss and (2) the amount of the total impairment related to all other factors (i.e., the noncredit portion). The amount of the total OTTI related to the credit loss is recognized in earnings and the amount of the total OTTI related to all other factors is recognized in accumulated other comprehensive loss. The total OTTI is presented in the Consolidated Statement of Income with an offset for the amount of the total OTTI that is recognized in accumulated other comprehensive loss. Absent the intent or requirement to sell a security, if a credit loss does not exist, any impairment is considered to be temporary. Regardless of whether an OTTI is recognized in its entirety in earnings or if the credit portion is recognized in earnings and the noncredit portion is recognized in other comprehensive income (loss), the estimation of fair values has a significant impact on the amount(s) of any impairment that is recorded. The noncredit portion of any OTTI losses on securities classified as available-for-sale In periods subsequent to the recognition of an OTTI loss, the other-than-temporarily impaired debt security is accounted for as if it had been purchased on the measurement date of the OTTI at an amount equal to the previous amortized cost basis less the credit-related OTTI recognized in earnings. For debt securities for which credit-related OTTI is recognized in earnings, the difference between the new cost basis and the cash flows expected to be collected is accreted into interest income over the remaining life of the security in a prospective manner based on the amount and timing of future estimated cash flows. The Company had investments in 46 positions that were temporarily impaired at September 30, 2019. Based on its analysis, management has concluded that three Private-Label CMOs are other-than-temporarily impaired, while the remaining securities portfolio has experienced unrealized losses and a decrease in fair value due to interest rate volatility, illiquidity in the marketplace, or credit deterioration in the U.S. mortgage markets. |
LOANS AND RELATED ALLOWANCE FOR
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES | 3 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES | 10. LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES The following table summarizes the primary segments of the loan portfolio as of September 30, 2019 and June 30, 2019. September 30, 2019 June 30, 2019 Total Loans Individually evaluated Collectively Total Loans Individually evaluated Collectively for impairment (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 77,959 $ - $ 77,959 $ 76,789 $ - $ 76,789 Construction 1,276 - 1,276 2,907 - 2,907 Land acquisition & development 441 - 441 694 - 694 Multi-family dwellings 3,047 - 3,047 3,123 - 3,123 Commercial 4,195 - 4,195 3,727 - 3,727 Consumer Loans Home equity 1,016 - 1,016 906 - 906 Home equity lines of credit 1,948 - 1,948 1,953 - 1,953 Other 115 - 115 112 - 112 Commercial Loans 378 - 378 418 - 418 $ 90,375 $ - $ 90,375 $ 90,629 $ - $ 90,629 Plus: Deferred loan costs 496 507 Allowance for loan losses (538 ) (548 ) Total $ 90,333 $ 90,588 Impaired loans are loans for which it is probable the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. The following loan categories are collectively evaluated for impairment. First mortgage loans: 1 – 4 family dwellings and all consumer loan categories (home equity, home equity lines of credit, and other). The following loan categories are individually evaluated for impairment. First mortgage loans: construction, land acquisition and development, multi-family dwellings, and commercial. The Company evaluates commercial loans not secured by real property individually for impairment. The definition of “impaired loans” is not the same as the definition of “nonaccrual loans,” although the two categories overlap. The Company may choose to place a loan on nonaccrual status due to payment delinquency or uncertain collectability, while not classifying the loan as impaired if the loan is not a commercial or commercial real estate loan. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of impaired loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Loans that experience insignificant payment delays, which are defined as 90 days or less, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case As of September 30, 2019 and June 30, 2019, there were no loans considered to be impaired. Total nonaccrual loans as of September 30, 2019 and June 30, 2019 and the related interest income recognized for the three months ended September 30, 2019 and September 30, 2018 are as follows: September 30, June 30, (Dollars in Thousands) Principal outstanding 1 – 4 family dwellings $ - $ 225 Construction - - Land acquisition & development - - Commercial real estate - - Home equity lines of credit - - Total $ - $ 225 During the quarter ended September 30, 2019, the Company’s one non-performing Three Months Ended September 30, September 30, (Dollars in Thousands) Average nonaccrual loans 1 – 4 family dwellings $ 185 $ 234 Construction - - Land acquisition & development - - Commercial real estate - - Home equity lines of credit - - Total $ 185 $ 234 Income that would have been recognized $ 2 $ 3 Interest income recognized $ 2 $ 3 Interest income foregone $ - $ - The Company’s loan portfolio may also include troubled debt restructurings (“TDRs”), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. During the three months ended September 30, 2019 and 2018, there were no troubled debt restructurings, and no troubled debt restructurings that subsequently defaulted. When the Company modifies a loan, management evaluates any possible impairment based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, instead of discounted cash flows. If management determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized by segment or class of loan, as applicable, through an allowance estimate or a charge-off The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance account. Subsequent recoveries, if any, are credited to the allowance. The allowance is maintained at a level believed adequate by management to absorb estimated potential loan losses. Management’s determination of the adequacy of the allowance is based on periodic evaluations of the loan portfolio considering past experience, current economic conditions, composition of the loan portfolio and other relevant factors. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant change. Effective December 13, 2006, the Federal Deposit Insurance Corporation (“FDIC”), in conjunction with the other federal banking agencies adopted a Revised Interagency Policy Statement on the Allowance for Loan and Lease Losses (“ALLL”). The revised policy statement revised and replaced the banking agencies’ 1993 policy statement on the ALLL. The revised policy statement provides that an institution must maintain an ALLL at a level that is appropriate to cover estimated credit losses on individually evaluated loans determined to be impaired, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. The banking agencies also revised the policy to ensure consistency with generally accepted accounting principles (“GAAP”). The revised policy statement updates the previous guidance that describes the responsibilities of the board of directors, management, and bank examiners regarding the ALLL, factors to be considered in the estimation of the ALLL, and the objectives and elements of an effective loan review system. Federal regulations require that each insured savings institution classify its assets on a regular basis. In addition, in connection with examinations of insured institutions, federal examiners have authority to identify problem assets and, if appropriate, classify them. There are three classifications for problem assets: “substandard”, “doubtful” and “loss”. Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. An asset classified as loss is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. Another category designated “asset watch” is also utilized by the Bank for assets which do not currently expose an insured institution to a sufficient degree of risk to warrant classification as substandard, doubtful or loss. Assets classified as substandard or doubtful require the institution to establish general allowances for loan losses. If an asset or portion thereof is classified as loss, the insured institution must either establish specific allowances for loan losses in the amount of 100% of the portion of the asset classified loss, or charge-off The Company’s general policy is to internally classify its assets on a regular basis and establish prudent general valuation allowances that are adequate to absorb losses that have not been identified but that are inherent in the loan portfolio. The Company maintains general valuation allowances that it believes are adequate to absorb losses in its loan portfolio that are not clearly attributable to specific loans. The Company’s general valuation allowances are within the following general ranges: (1) 0% to 5% of assets subject to special mention; (2) 1.00% to 100% of assets classified substandard; and (3) 50% to 100% of assets classified doubtful. Any loan classified as loss is charged-off. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of September 30, 2019 and June 30, 2019: Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Non-accrual Total Total Loans (Dollars in Thousands) September 30, 2019 First mortgage loans: 1 – 4 family dwellings $ 77,959 $ - $ - $ - $ - $ - $ 77,959 Construction 1,276 - - - - - 1,276 Land acquisition & development 441 - - - - - 441 Multi-family dwellings 3,047 - - - - - 3,047 Commercial 4,195 - - - - - 4,195 Consumer Loans: Home equity 1,016 - - - - - 1,016 Home equity lines of credit 1,948 - - - - - 1,948 Other 115 - - - - - 115 Commercial Loans 378 - - - - - 378 $ 90,375 $ - $ - $ - $ - $ - 90,375 Deferred loan costs 496 Allowance for loan losses (538 ) Net Loans Receivable $ 90,333 Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Non-accrual Total Total Loans (Dollars in Thousands) June 30, 2019 First mortgage loans: 1 – 4 family dwellings $ 76,564 $ - $ - $ - $ 225 $ 225 $ 76,789 Construction 2,907 - - - - - 2,907 Land acquisition & development 694 - - - - - 694 Multi-family dwellings 3,123 - - - - - 3,123 Commercial 3,727 - - - - - 3,727 Consumer Loans Home equity 906 - - - - - 906 Home equity lines of credit 1,953 - - - - - 1,953 Other 112 - - - - - 112 Commercial Loans 418 - - - - - 418 $ 90,404 $ - $ - $ - $ 225 $ 225 90,629 Deferred loan costs 507 Allowance for loan losses (548 ) Net Loans Receivable $ 90,588 Credit quality information The following tables represent credit exposure by internally assigned grades for the periods ended September 30, 2019 and June 30, 2019. The grading system analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or not at all. The Company’s internal credit risk grading system is based on experiences with similarly graded loans. The Company’s internally assigned grades are as follows: Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected. Substandard – loans that have a well-defined weakness based on objective evidence and can be characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard loan. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances. Loss – loans classified as loss are considered uncollectible, or of such value that continuance as a loan is not warranted. The primary credit quality indicator used by management in the 1 – 4 family and consumer loan portfolios is the performance status of the loans. Payment activity is reviewed by Management on a monthly basis to determine how loans are performing. Loans are considered to be non-performing The following tables present the Company’s internally classified construction, land acquisition and development, multi-family residential, commercial real estate and commercial (not secured by real estate) loans at September 30, 2019 and June 30, 2019. September 30, 2019 Construction Land Acquisition & Development Multi- family Residential Commercial Estate Commercial (Dollars in Thousands) Pass $ 1,276 $ 441 $ 3,047 $ 4,195 $ 378 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 1,276 $ 441 $ 3,047 $ 4,195 $ 378 June 30, 2019 Construction Land Acquisition & Development Loans Multi-family Residential Commercial Estate Commercial (Dollars in Thousands) Pass $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 The following table presents performing and non-performing September 30, 2019 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 77,959 $ 3,079 Non-performing - - Total $ 77,959 $ 3,079 June 30, 2019 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 76,564 $ 2,971 Non-performing 225 - Total $ 76,789 $ 2,971 The Company determines its allowance for loan losses in accordance with generally accepted accounting principles. The Company uses a systematic methodology as required by Financial Reporting Release No. 28 and the various Federal Financial Institutions Examination Council guidelines. The Company also endeavors to adhere to SEC Staff Accounting Bulletin No. 102 in connection with loan loss allowance methodology and documentation issues. Our methodology used to determine the allocated portion of the allowance is as follows. For groups of homogenous loans, we apply a loss rate to the groups’ aggregate balance. Our group loss rate reflects our historical loss experience. We may adjust these group rates to compensate for changes in environmental factors; but our adjustments have not been frequent due to a relatively stable charge-off The Company had no unallocated loss allowance balance at September 30, 2019. The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. The following tables summarize the primary segments of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2019 and 2018. Activity in the allowance is presented for the three months ended September 30, 2019 and 2018. As of September 30, 2019 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 7 (17 ) (4 ) - 5 - (1 ) (10 ) Ending ALLL Balance at September 30, 2019 $ 412 $ 29 $ 6 $ 17 $ 42 $ 30 $ 2 $ 538 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 412 29 6 17 42 30 2 538 $ 412 $ 29 $ 6 $ 17 $ 42 $ 30 $ 2 $ 538 As of September 30, 2018 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2018 $ 356 $ 24 $ - $ 18 $ 35 $ 31 $ 4 $ 468 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 7 5 10 - (3 ) 1 (1 ) 19 Ending ALLL Balance at September 30, 2018 $ 363 $ 29 $ 10 $ 18 $ 32 $ 32 $ 3 $ 487 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 363 29 10 18 32 32 3 487 $ 363 $ 29 $ 10 $ 18 $ 32 $ 32 $ 3 $ 487 During the quarter ended September 30, 2019, the ALLL decreased $10 thousand primarily due to lower levels of construction and land acquisition and development loans. During the three months ended September 30, 2018 the Company’s ALLL increased by $19 thousand. This increase in the ALLL was primarily attributable to increases in the ALLL associated with the following segments: land acquisition and development, 1 – 4 family and construction. These increases were $10 thousand, $7 thousand and $5 thousand, respectively. Changes to the ALLL within a particular loan segment during the quarter ended September 30, 2018, were primarily due to changes in associated loan balances. |
FEDERAL HOME LOAN BANK (FHLB) A
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 3 Months Ended |
Sep. 30, 2019 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 11. FEDERAL HOME LOAN BANK (FHLB) ADVANCES The following table presents contractual maturities of FHLB long-term advances as of September 30, 2019. Weighted- Stated interest Maturity range average rate range September 30, June 30, Description from to interest rate 5 from to 2019 2019 (Dollars in Thousands) Fixed 10/01/20 10/03/22 3.03% 2.95% 3.09% $ 15,000 $ 15,000 Adjustable 10/01/20 10/01/21 2.31% 2.18% 2.38% 85,000 85,000 Total $ 100,000 $ 100,000 5 of September 30, 2019 Maturities of FHLB long-term advances at September 30, 2019, are summarized as follows: Maturing During Fiscal Year Ended June 30: Amount Weighted- (Dollars in Thousands) 2020 $ - - 2021 65,000 2.33% 2022 30,000 2.49% 2023 5,000 3.09% 2024 - - 2025 and thereafter - - Total $ 100,000 2.41% The Company also utilized revolving and short-term FHLB advances. Short-term FHLB advances generally mature within 90 days, while revolving FHLB advances may be repaid by the Company without penalty. The following table presents information regarding such advances as of September 30, 2019 and June 30, 2019: September 30, June 30, (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 59,554 $ 70,828 Average balance 49,054 81,556 Maximum month-end 59,554 161,289 Average interest rate 2.46 % 2.45 % Weighted-average rate 2.08 % 2.46 % At September 30, 2019, the Company had remaining borrowing capacity with the FHLB of approximately $12.2 million. The FHLB advances are secured by the CompanyÂ’s FHLB stock, loans, and mortgage-backed and investment securities held in safekeeping at the FHLB. FHLB advances are subject to substantial prepayment penalties. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 12. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. GAAP established a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way Assets Measured at Fair Value on a Recurring Basis Investment Securities Available-for-Sale Fair values for securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. The Company has no Level I or Level III investment securities. Level II investment securities were primarily comprised of investment-grade corporate bonds and U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. The following tables present the assets reported on a recurring basis on the Consolidated Balance Sheet at their fair value as of September 30, 2019 and June 30, 2019, by level within the fair value hierarchy. As required by GAAP, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. September 30, 2019 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ - $ 106,827 $ - $ 106,827 Foreign debt securities 6 - 26,593 - 26,593 Obligations of states and political subdivisions - 1,330 - 1,330 $ - $ 134,750 $ - $ 134,750 June 30, 2019 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ - $ 104,908 $ - $ 104,908 Foreign debt securities 6 - 26,543 - 26,543 Obligations of states and political subdivisions - 1,329 - 1,329 $ - $ 132,780 $ - $ 132,780 6 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Sep. 30, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 13. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts and estimated fair values are as follows: September 30, 2019 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 7,313 $ 7,313 $ 7,313 $ - $ - Certificates of deposit 2,587 2,587 2,587 - - Investment securities – held to maturity 3,495 3,589 - 3,589 - Mortgage-backed securities – held to maturity: Agency 105,479 105,598 - 105,598 - Private-label 837 843 - - 843 Net loans receivable 90,333 93,794 - - 93,794 Accrued interest receivable 1,180 1,180 1,180 - - FHLB stock 6,627 6,627 6,627 - - Bank owned life insurance 4,819 4,819 4,819 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 31,847 $ 31,847 $ 31,847 $ - $ - Interest-earning checking 21,801 21,801 21,801 - - Savings accounts 42,478 42,478 42,478 - - Money market accounts 20,496 20,496 20,496 - - Certificates of deposit 42,020 42,059 - - 42,059 Advance payments by borrowers for taxes and insurance 982 982 982 - - FHLB advances – fixed rate 15,000 14,735 - - 14,735 FHLB advances – variable rate 85,000 85,000 85,000 FHLB short-term advances 59,554 59,554 59,554 - - Accrued interest payable 797 797 797 - - June 30, 2019 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 4,379 $ 4,379 $ 4,379 $ - $ - Certificates of deposit 1,843 1,843 1,843 - - Investment securities – held to maturity 3,995 4,080 - 4,080 - Mortgage-backed securities – held to maturity: Agency 107,448 107,832 - 107,832 - Private-label 883 876 - - 876 Net loans receivable 90,588 92,062 - - 92,062 Accrued interest receivable 1,219 1,219 1,219 - - FHLB stock 7,010 7,010 7,010 - - Bank owned life insurance 4,789 4,789 4,789 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 19,770 $ 19,770 $ 19,770 $ - $ - Interest-earning checking 23,541 23,541 23,541 - - Savings accounts 43,740 43,740 43,740 - - Money market accounts 19,958 19,958 19,958 - - Certificates of deposit 37,361 37,359 - - 37,359 Advance payments by borrowers for taxes and insurance 2,065 2,065 2,065 - - FHLB advances – fixed rate 15,000 14,323 - - 14,323 FHLB advances – variable rate 85,000 85,000 85,000 - - FHLB short-term advances 70,828 70,828 70,828 - - Accrued interest payable 823 823 823 - - All financial instruments included in the above tables, with the exception of net loans receivable, certificates of deposit liabilities, and FHLB advances – fixed rate, are carried at cost, which approximates the fair value of the instruments. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
EARNINGS PER SHARE: | |
Schedule of Basic and Diluted Earnings Per Share | The following table sets forth the computation of the weighted-average common shares used to calculate basic and diluted earnings per share. Three Months Ended September 30, 2019 2018 Weighted average common shares issued 3,805,636 3,805,636 Average treasury stock shares (1,863,414 ) (1,836,884 ) Average unallocated ESOP shares (166,661 ) (175,697 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 1,775,561 1,793,055 Additional common stock equivalents (stock options) used to calculate diluted earnings per share - 217 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 1,775,561 1,793,272 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investments | The amortized cost, gross unrealized gains and losses, and fair values of investments are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) September 30, 2019 AVAILABLE FOR SALE Corporate debt securities $ 106,682 $ 351 $ (206 ) $ 106,827 Foreign debt securities 1 26,574 68 (49 ) 26,593 Obligations of states and political subdivisions 1,330 - - 1,330 Total $ 134,586 $ 419 $ (255 ) $ 134,750 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) September 30, 2019 HELD TO MATURITY Obligations of states and political subdivisions $ 3,495 $ 94 $ - $ 3,589 Total $ 3,495 $ 94 $ - $ 3,589 1 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) June 30, 2019 AVAILABLE FOR SALE Corporate debt securities $ 104,760 $ 355 $ (207 ) $ 104,908 Foreign debt securities² 26,583 35 (75 ) 26,543 Obligations of states and political subdivisions 1,330 - (1 ) 1,329 Total $ 132,673 $ 390 $ (283 ) $ 132,780 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) June 30, 2019 HELD TO MATURITY Obligations of states and political subdivisions $ 3,995 $ 85 $ - $ 4,080 Total $ 3,995 $ 85 $ - $ 4,080 |
Schedule of Investments by Contractual Maturity | The amortized cost and fair values of debt securities at September 30, 2019, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities. Due in Due after Due after Due after Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 15,433 $ 118,513 $ 640 $ - $ 134,586 Fair value 15,406 118,704 640 - 134,750 HELD TO MATURITY Amortized cost $ - $ 3,495 $ - $ - $ 3,495 Fair value - 3,589 - - 3,589 |
MORTGAGE-BACKED SECURITIES (Tab
MORTGAGE-BACKED SECURITIES (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
Schedule of Information Relating To Private Label CMO Portfolio | The following table sets forth information with respect to the Company’s Private-Label CMO portfolio as of September 30, 2019. At the time of purchase, all of our Private-Label CMOs were rated in the highest investment category by at least two ratings agencies. At September 30, 2019 Rating Book Fair ³ Life to Date Cusip # Security Description S&P Moody’s Fitch (in thousands) 126694CP1 CWHL SER 21 A11 N/A Caa2 D $ 483 $ 480 $ 214 126694KF4 CWHL SER 24 A15 NR N/A D 91 92 49 126694KF4 CWHL SER 24 A15 NR N/A D 183 185 97 126694MP0 CWHL SER 26 1A5 NR N/A D 80 86 41 $ 837 $ 843 $ 401 |
Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities | The amortized cost and fair values of the CompanyÂ’s mortgage-backed securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) September 30, 2019 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 105,479 $ 831 $ (712 ) $ 105,598 Private-label 837 9 (3 ) 843 Total $ 106,316 $ 840 $ (715 ) $ 106,441 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) June 30, 2019 HELD TO MATURITY Collateralized mortgage obligations: Agency $ 107,448 $ 954 $ (570 ) $ 107,832 Private-label 883 5 (12 ) 876 Total $ 108,331 $ 959 $ (582 ) $ 108,708 |
Schedule of Mortgage-Backed Securities by Contractual Maturity | The amortized cost and fair value of the CompanyÂ’s mortgage-backed securities at September 30, 2019, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Due in Due after Due after Due after Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ - $ 125 $ - $ 106,191 $ 106,316 Fair value - 127 - 106,314 106,441 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive loss | The following tables present the changes in accumulated other comprehensive loss by component, for the three months ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – June 30, 2019 $ 84 $ (69 ) $ 15 Other comprehensive income before reclassifications 44 3 47 Amounts reclassified from accumulated other comprehensive income (loss) 1 - 1 Net current-period other comprehensive income 45 3 48 Ending Balance – September 30, 2019 $ 129 $ (66 ) $ 63 Three Months Ended September 30, 2018 (Dollars in Thousands – net of tax) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Total Beginning Balance – June 30, 2018 $ (10) $ (178) $ (188) Other comprehensive income (loss) before reclassifications 96 (31 ) 65 Amounts reclassified from accumulated other comprehensive income (loss) 2 - 2 Net current-period other comprehensive income (loss) 98 (31 ) 67 Ending Balance – September 30, 2018 $ 88 $ (209 ) $ (121 ) |
UNREALIZED LOSSES ON SECURITI_2
UNREALIZED LOSSES ON SECURITIES (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Debt and Equity Securities, Gain (Loss) [Abstract] | |
Schedule of Gross Unrealized Losses and Fair Value | The following tables show the CompanyÂ’s gross unrealized losses and fair value, aggregated by category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2019 and June 30, 2019. September 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 12,042 $ (22 ) $ 19,493 $ (184 ) $ 31,535 $ (206 ) Foreign debt securities 4 - - 3,191 (49 ) 3,191 (49 ) Obligations of states and political subdivisions - - - - - - Collateralized mortgage obligations 20,544 (276 ) 22,100 (439 ) 42,644 (715 ) Total $ 32,586 $ (298 ) $ 44,784 $ (672 ) $ 77,370 $ (970 ) June 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Fair Gross Fair Gross Fair Gross (Dollars in Thousands) Corporate debt securities $ 11,728 $ (86 ) $ 17,077 $ (121 ) $ 28,805 $ (207 ) Foreign debt securities 4 2,004 (2 ) 5,699 (73 ) 7,703 (75 ) Obligations of states and political subdivisions - - 1,329 (1 ) 1,329 (1 ) Collateralized mortgage obligations 24,368 (182 ) 18,614 (400 ) 42,982 (582 ) Total $ 38,100 $ (270 ) $ 42,719 $ (595 ) $ 80,819 $ (865 ) |
Schedule of Changes in the Credit Loss | The following table presents a roll-forward of the credit loss component of the amortized cost of mortgage-backed securities that we have written down for OTTI and the credit component of the loss that is recognized in earnings. OTTI recognized in earnings for credit impaired mortgage-backed securities is presented as additions in two components based upon whether the current period is the first time the mortgage-backed security was credit-impaired (initial credit impairment) or is not the first time the mortgage-backed security was credit impaired (subsequent credit impairments). The credit loss component is reduced if we sell, intend to sell or believe that we will be required to sell previously credit-impaired mortgage-backed securities. Additionally, the credit loss component is reduced if we receive cash flows in excess of what we expected to receive over the remaining life of the credit impaired mortgage-backed securities, the security matures or is fully written down. Three Months Ended September 30, 2019 2018 (Dollars in Thousands) Beginning balance $ 248 $ 239 Initial credit impairment - - Subsequent credit impairment 1 - Reductions for amounts recognized in earnings due to intent or requirement to sell - - Reductions for securities sold - - Reduction for actual realized losses (10 ) (3 ) Reduction for increase in cash flows expected to be collected - - Ending Balance $ 239 $ 236 |
LOANS AND RELATED ALLOWANCE F_2
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Primary Segments of Loan Portfolio | The following table summarizes the primary segments of the loan portfolio as of September 30, 2019 and June 30, 2019. September 30, 2019 June 30, 2019 Total Loans Individually evaluated Collectively Total Loans Individually evaluated Collectively for impairment (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 77,959 $ - $ 77,959 $ 76,789 $ - $ 76,789 Construction 1,276 - 1,276 2,907 - 2,907 Land acquisition & development 441 - 441 694 - 694 Multi-family dwellings 3,047 - 3,047 3,123 - 3,123 Commercial 4,195 - 4,195 3,727 - 3,727 Consumer Loans Home equity 1,016 - 1,016 906 - 906 Home equity lines of credit 1,948 - 1,948 1,953 - 1,953 Other 115 - 115 112 - 112 Commercial Loans 378 - 378 418 - 418 $ 90,375 $ - $ 90,375 $ 90,629 $ - $ 90,629 Plus: Deferred loan costs 496 507 Allowance for loan losses (538 ) (548 ) Total $ 90,333 $ 90,588 |
Schedule of Nonaccrual Loans | Total nonaccrual loans as of September 30, 2019 and June 30, 2019 and the related interest income recognized for the three months ended September 30, 2019 and September 30, 2018 are as follows: September 30, June 30, (Dollars in Thousands) Principal outstanding 1 – 4 family dwellings $ - $ 225 Construction - - Land acquisition & development - - Commercial real estate - - Home equity lines of credit - - Total $ - $ 225 During the quarter ended September 30, 2019, the Company’s one non-performing Three Months Ended September 30, September 30, (Dollars in Thousands) Average nonaccrual loans 1 – 4 family dwellings $ 185 $ 234 Construction - - Land acquisition & development - - Commercial real estate - - Home equity lines of credit - - Total $ 185 $ 234 Income that would have been recognized $ 2 $ 3 Interest income recognized $ 2 $ 3 Interest income foregone $ - $ - |
Schedule of Loan Portfolio by Aging Categories | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of September 30, 2019 and June 30, 2019: Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Non-accrual Total Total Loans (Dollars in Thousands) September 30, 2019 First mortgage loans: 1 – 4 family dwellings $ 77,959 $ - $ - $ - $ - $ - $ 77,959 Construction 1,276 - - - - - 1,276 Land acquisition & development 441 - - - - - 441 Multi-family dwellings 3,047 - - - - - 3,047 Commercial 4,195 - - - - - 4,195 Consumer Loans: Home equity 1,016 - - - - - 1,016 Home equity lines of credit 1,948 - - - - - 1,948 Other 115 - - - - - 115 Commercial Loans 378 - - - - - 378 $ 90,375 $ - $ - $ - $ - $ - 90,375 Deferred loan costs 496 Allowance for loan losses (538 ) Net Loans Receivable $ 90,333 Current 30 – 59 60 – 89 90 Days + Accruing 90 Days + Non-accrual Total Total Loans (Dollars in Thousands) June 30, 2019 First mortgage loans: 1 – 4 family dwellings $ 76,564 $ - $ - $ - $ 225 $ 225 $ 76,789 Construction 2,907 - - - - - 2,907 Land acquisition & development 694 - - - - - 694 Multi-family dwellings 3,123 - - - - - 3,123 Commercial 3,727 - - - - - 3,727 Consumer Loans Home equity 906 - - - - - 906 Home equity lines of credit 1,953 - - - - - 1,953 Other 112 - - - - - 112 Commercial Loans 418 - - - - - 418 $ 90,404 $ - $ - $ - $ 225 $ 225 90,629 Deferred loan costs 507 Allowance for loan losses (548 ) Net Loans Receivable $ 90,588 |
Schedule of Loans by Internal Classification | The following tables present the CompanyÂ’s internally classified construction, land acquisition and development, multi-family residential, commercial real estate and commercial (not secured by real estate) loans at September 30, 2019 and June 30, 2019. September 30, 2019 Construction Land Acquisition & Development Multi- family Residential Commercial Estate Commercial (Dollars in Thousands) Pass $ 1,276 $ 441 $ 3,047 $ 4,195 $ 378 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 1,276 $ 441 $ 3,047 $ 4,195 $ 378 June 30, 2019 Construction Land Acquisition & Development Loans Multi-family Residential Commercial Estate Commercial (Dollars in Thousands) Pass $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 Special Mention - - - - - Substandard - - - - - Doubtful - - - - - Ending Balance $ 2,907 $ 694 $ 3,123 $ 3,727 $ 418 |
Schedule of Performing and Non-Performing Loans | The following table presents performing and non-performing September 30, 2019 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 77,959 $ 3,079 Non-performing - - Total $ 77,959 $ 3,079 June 30, 2019 1 – 4 Family Consumer (Dollars in Thousands) Performing $ 76,564 $ 2,971 Non-performing 225 - Total $ 76,789 $ 2,971 |
Schedule of Primary Segments of Allowance for Loan Losses | The following tables summarize the primary segments of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2019 and 2018. Activity in the allowance is presented for the three months ended September 30, 2019 and 2018. As of September 30, 2019 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 7 (17 ) (4 ) - 5 - (1 ) (10 ) Ending ALLL Balance at September 30, 2019 $ 412 $ 29 $ 6 $ 17 $ 42 $ 30 $ 2 $ 538 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 412 29 6 17 42 30 2 538 $ 412 $ 29 $ 6 $ 17 $ 42 $ 30 $ 2 $ 538 As of September 30, 2018 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2018 $ 356 $ 24 $ - $ 18 $ 35 $ 31 $ 4 $ 468 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provisions 7 5 10 - (3 ) 1 (1 ) 19 Ending ALLL Balance at September 30, 2018 $ 363 $ 29 $ 10 $ 18 $ 32 $ 32 $ 3 $ 487 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 363 29 10 18 32 32 3 487 $ 363 $ 29 $ 10 $ 18 $ 32 $ 32 $ 3 $ 487 |
FEDERAL HOME LOAN BANK (FHLB)_2
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
Schedule of Contractual Maturities of Federal Home Loan Bank Long-Term Advances | The following table presents contractual maturities of FHLB long-term advances as of September 30, 2019. Weighted- Stated interest Maturity range average rate range September 30, June 30, Description from to interest rate 5 from to 2019 2019 (Dollars in Thousands) Fixed 10/01/20 10/03/22 3.03% 2.95% 3.09% $ 15,000 $ 15,000 Adjustable 10/01/20 10/01/21 2.31% 2.18% 2.38% 85,000 85,000 Total $ 100,000 $ 100,000 |
Maturities of Federal Home Loan Bank Long-Term Advances | Maturities of FHLB long-term advances at September 30, 2019, are summarized as follows: Maturing During Fiscal Year Ended June 30: Amount Weighted- (Dollars in Thousands) 2020 $ - - 2021 65,000 2.33% 2022 30,000 2.49% 2023 5,000 3.09% 2024 - - 2025 and thereafter - - Total $ 100,000 2.41% |
Schedule of Federal Home Loan Bank Short-Term Advances | The Company also utilized revolving and short-term FHLB advances. Short-term FHLB advances generally mature within 90 days, while revolving FHLB advances may be repaid by the Company without penalty. The following table presents information regarding such advances as of September 30, 2019 and June 30, 2019: September 30, June 30, (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 59,554 $ 70,828 Average balance 49,054 81,556 Maximum month-end 59,554 161,289 Average interest rate 2.46 % 2.45 % Weighted-average rate 2.08 % 2.46 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | The following tables present the assets reported on a recurring basis on the Consolidated Balance Sheet at their fair value as of September 30, 2019 and June 30, 2019, by level within the fair value hierarchy. As required by GAAP, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. September 30, 2019 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ - $ 106,827 $ - $ 106,827 Foreign debt securities 6 - 26,593 - 26,593 Obligations of states and political subdivisions - 1,330 - 1,330 $ - $ 134,750 $ - $ 134,750 June 30, 2019 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ - $ 104,908 $ - $ 104,908 Foreign debt securities 6 - 26,543 - 26,543 Obligations of states and political subdivisions - 1,329 - 1,329 $ - $ 132,780 $ - $ 132,780 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and estimated fair values are as follows: September 30, 2019 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 7,313 $ 7,313 $ 7,313 $ - $ - Certificates of deposit 2,587 2,587 2,587 - - Investment securities – held to maturity 3,495 3,589 - 3,589 - Mortgage-backed securities – held to maturity: Agency 105,479 105,598 - 105,598 - Private-label 837 843 - - 843 Net loans receivable 90,333 93,794 - - 93,794 Accrued interest receivable 1,180 1,180 1,180 - - FHLB stock 6,627 6,627 6,627 - - Bank owned life insurance 4,819 4,819 4,819 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 31,847 $ 31,847 $ 31,847 $ - $ - Interest-earning checking 21,801 21,801 21,801 - - Savings accounts 42,478 42,478 42,478 - - Money market accounts 20,496 20,496 20,496 - - Certificates of deposit 42,020 42,059 - - 42,059 Advance payments by borrowers for taxes and insurance 982 982 982 - - FHLB advances – fixed rate 15,000 14,735 - - 14,735 FHLB advances – variable rate 85,000 85,000 85,000 FHLB short-term advances 59,554 59,554 59,554 - - Accrued interest payable 797 797 797 - - June 30, 2019 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 4,379 $ 4,379 $ 4,379 $ - $ - Certificates of deposit 1,843 1,843 1,843 - - Investment securities – held to maturity 3,995 4,080 - 4,080 - Mortgage-backed securities – held to maturity: Agency 107,448 107,832 - 107,832 - Private-label 883 876 - - 876 Net loans receivable 90,588 92,062 - - 92,062 Accrued interest receivable 1,219 1,219 1,219 - - FHLB stock 7,010 7,010 7,010 - - Bank owned life insurance 4,789 4,789 4,789 - - FINANCIAL LIABILITIES Deposits: Non-interest $ 19,770 $ 19,770 $ 19,770 $ - $ - Interest-earning checking 23,541 23,541 23,541 - - Savings accounts 43,740 43,740 43,740 - - Money market accounts 19,958 19,958 19,958 - - Certificates of deposit 37,361 37,359 - - 37,359 Advance payments by borrowers for taxes and insurance 2,065 2,065 2,065 - - FHLB advances – fixed rate 15,000 14,323 - - 14,323 FHLB advances – variable rate 85,000 85,000 85,000 - - FHLB short-term advances 70,828 70,828 70,828 - - Accrued interest payable 823 823 823 - - |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings per Share) (Details) - shares | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
EARNINGS PER SHARE: | ||
Weighted average common shares issued | 3,805,636 | 3,805,636 |
Average treasury stock shares | (1,863,414) | (1,836,884) |
Average unallocated ESOP shares | (166,661) | (175,697) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 1,775,561 | 1,793,055 |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 217 | |
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 1,775,561 | 1,793,272 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - Employee Stock Option [Member] | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities | shares | 77,019 |
Exercise price | $ / shares | $ 16.20 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Number of options and restricted shares authorized for issuance under the 2008 Stock Incentive Plan | 152,000 | |
Number of restricted shares authorized for issuance under the 2008 Incentive Plan | 38,000 | |
Vesting period for plan | 5 years | |
Contractual term | 10 years | |
Share-based compensation |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Values of Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
AVAILABLE FOR SALE | |||
Amortized Cost | $ 134,586 | $ 132,673 | |
Gross Unrealized Gains | 419 | 390 | |
Gross Unrealized Losses | (255) | (283) | |
Fair Value | 134,750 | 132,780 | |
HELD TO MATURITY | |||
Amortized Cost | 3,495 | 3,995 | |
Gross Unrealized Gains | 94 | 85 | |
Gross Unrealized Losses | |||
Fair Value | 3,589 | 4,080 | |
Corporate Debt Securities [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | 106,682 | 104,760 | |
Gross Unrealized Gains | 351 | 355 | |
Gross Unrealized Losses | (206) | (207) | |
Fair Value | 106,827 | 104,908 | |
Foreign Debt Securities [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | [1] | 26,574 | 26,583 |
Gross Unrealized Gains | [1] | 68 | 35 |
Gross Unrealized Losses | [1] | (49) | (75) |
Fair Value | [1] | 26,593 | 26,543 |
Obligations of States and Political Subdivisions [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | 1,330 | 1,330 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | (1) | ||
Fair Value | 1,330 | 1,329 | |
HELD TO MATURITY | |||
Amortized Cost | 3,495 | 3,995 | |
Gross Unrealized Gains | 94 | 85 | |
Gross Unrealized Losses | |||
Fair Value | $ 3,589 | $ 4,080 | |
[1] | U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
INVESTMENT SECURITIES (Schedu_2
INVESTMENT SECURITIES (Schedule of Investments by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
AVAILABLE FOR SALE, Amortized cost | ||
Due in one year or less | $ 15,433 | |
Due after one through five years | 118,513 | |
Due after five through ten years | 640 | |
Due after ten years | ||
Total | 134,586 | |
AVAILABLE FOR SALE, Fair value | ||
Due in one year or less | 15,406 | |
Due after one through five years | 118,704 | |
Due after five through ten years | 640 | |
Due after ten years | ||
Total | 134,750 | |
HELD TO MATURITY, Amortized cost | ||
Due in one year or less | ||
Due after one through five years | 3,495 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3,495 | $ 3,995 |
HELD TO MATURITY, Fair value | ||
Due in one year or less | ||
Due after one through five years | 3,589 | |
Due after five through ten years | ||
Due after ten years | ||
Total | $ 3,589 | $ 4,080 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Investment securities losses | $ 2 | |
Sale of investment securities | $ 1,400 | |
Pledged for FHLB [Member] | ||
Investment securities pledged as collateral | 3,500 | |
Investment securities pledged as collateral, fair value | $ 3,600 |
MORTGAGE-BACKED SECURITIES (Nar
MORTGAGE-BACKED SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | $ 3,495 | $ 3,995 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | 106,316 | 108,331 |
Decrease in mortgage-backed securities | 1,900 | |
Mortgage-backed securities pledged as collateral | 105,500 | 107,400 |
Mortgage-backed securities pledged as collateral, fair value | 105,600 | 107,800 |
Mortgage-backed securities pledged as collateral, excess collateral | 17,700 | 2,400 |
Additional credit impairment charge on its private-label CMO portfolio | 1 | |
Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | 105,479 | 107,448 |
Decrease in mortgage-backed securities | 1,900 | |
Private-label [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | 837 | $ 883 |
Proceeds from repayments mortgage-backed securities | $ 49 |
MORTGAGE-BACKED SECURITIES (Sch
MORTGAGE-BACKED SECURITIES (Schedule of Information Relating To Private Label CMO Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | |||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment securities - held to maturity | $ 3,495 | $ 3,995 | ||
Investment securities held-to-maturity, fair value | 3,589 | 4,080 | ||
Private-label [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment securities - held to maturity | 837 | 883 | ||
Investment securities held-to-maturity, fair value | 843 | [1] | $ 876 | |
Life to date impairment recorded in earnings | $ 401 | |||
Private-label [Member] | Cusip No. 126694CP1 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
S&P Rating | N/A | |||
Moody's Rating | Caa2 | |||
Fitch Rating | D | |||
Investment securities - held to maturity | $ 483 | |||
Investment securities held-to-maturity, fair value | [1] | 480 | ||
Life to date impairment recorded in earnings | $ 214 | |||
Private-label [Member] | Cusip No. 126694KF4 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
S&P Rating | NR | |||
Moody's Rating | N/A | |||
Fitch Rating | D | |||
Investment securities - held to maturity | $ 91 | |||
Investment securities held-to-maturity, fair value | [1] | 92 | ||
Life to date impairment recorded in earnings | $ 49 | |||
Private-label [Member] | Cusip No. 126694KF4 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
S&P Rating | NR | |||
Moody's Rating | N/A | |||
Fitch Rating | D | |||
Investment securities - held to maturity | $ 183 | |||
Investment securities held-to-maturity, fair value | [1] | 185 | ||
Life to date impairment recorded in earnings | $ 97 | |||
Private-label [Member] | Cusip No. 126694MP0 [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
S&P Rating | NR | |||
Moody's Rating | N/A | |||
Fitch Rating | D | |||
Investment securities - held to maturity | $ 80 | |||
Investment securities held-to-maturity, fair value | [1] | 86 | ||
Life to date impairment recorded in earnings | $ 41 | |||
[1] | Fair value estimate provided by the Company's independent third party valuation consultant. |
MORTGAGE-BACKED SECURITIES (S_2
MORTGAGE-BACKED SECURITIES (Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $ 3,495 | $ 3,995 | |
Gross Unrealized Gains | 94 | 85 | |
Gross Unrealized Losses | |||
Fair Value | 3,589 | 4,080 | |
Agency [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 105,479 | 107,448 | |
Gross Unrealized Gains | 831 | 954 | |
Gross Unrealized Losses | (712) | (570) | |
Fair Value | 105,598 | 107,832 | |
Private-label [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 837 | 883 | |
Gross Unrealized Gains | 9 | 5 | |
Gross Unrealized Losses | (3) | (12) | |
Fair Value | 843 | [1] | 876 |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 106,316 | 108,331 | |
Gross Unrealized Gains | 840 | 959 | |
Gross Unrealized Losses | (715) | (582) | |
Fair Value | $ 106,441 | $ 108,708 | |
[1] | Fair value estimate provided by the Company's independent third party valuation consultant. |
MORTGAGE-BACKED SECURITIES (S_3
MORTGAGE-BACKED SECURITIES (Schedule of Mortgage-Backed Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Amortized cost | ||
Due in one year or less | ||
Due after one through five years | 3,495 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3,495 | $ 3,995 |
Fair value | ||
Due in one year or less | ||
Due after one through five years | 3,589 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3,589 | 4,080 |
Collateralized Mortgage Obligations [Member] | ||
Amortized cost | ||
Due in one year or less | ||
Due after one through five years | 125 | |
Due after five through ten years | ||
Due after ten years | 106,191 | |
Total | 106,316 | 108,331 |
Fair value | ||
Due in one year or less | ||
Due after one through five years | 127 | |
Due after five through ten years | ||
Due after ten years | 106,314 | |
Total | $ 106,441 | $ 108,708 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 15 | $ (188) |
Other comprehensive income before reclassifications | 47 | 65 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1 | 2 |
Net current-period other comprehensive income | 48 | 67 |
Ending Balance | 63 | (121) |
Unrealized Gains and Losses on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 84 | (10) |
Other comprehensive income before reclassifications | 44 | 96 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1 | 2 |
Net current-period other comprehensive income | 45 | 98 |
Ending Balance | 129 | 88 |
Unrealized Gains and Losses on Held-to-Maturity Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (69) | (178) |
Other comprehensive income before reclassifications | 3 | (31) |
Amounts reclassified from accumulated other comprehensive income (loss) | ||
Net current-period other comprehensive income | 3 | (31) |
Ending Balance | $ (66) | $ (209) |
UNREALIZED LOSSES ON SECURITI_3
UNREALIZED LOSSES ON SECURITIES (Schedule of Gross Unrealized Losses and Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
Schedule of Investment Securities [Line Items] | |||
Fair Value | $ 32,586 | $ 38,100 | |
Gross Unrealized Losses | (298) | (270) | |
Twelve Months or Greater | |||
Fair Value | 44,784 | 42,719 | |
Gross Unrealized Losses | (672) | (595) | |
Total | |||
Fair Value | 77,370 | 80,819 | |
Gross Unrealized Losses | (970) | (865) | |
Corporate Debt Securities [Member] | |||
Schedule of Investment Securities [Line Items] | |||
Fair Value | 12,042 | 11,728 | |
Gross Unrealized Losses | (22) | (86) | |
Twelve Months or Greater | |||
Fair Value | 19,493 | 17,077 | |
Gross Unrealized Losses | (184) | (121) | |
Total | |||
Fair Value | 31,535 | 28,805 | |
Gross Unrealized Losses | (206) | (207) | |
Foreign Debt Securities [Member] | |||
Schedule of Investment Securities [Line Items] | |||
Fair Value | [1] | 2,004 | |
Gross Unrealized Losses | [1] | (2) | |
Twelve Months or Greater | |||
Fair Value | [1] | 3,191 | 5,699 |
Gross Unrealized Losses | [1] | (49) | (73) |
Total | |||
Fair Value | [1] | 3,191 | 7,703 |
Gross Unrealized Losses | [1] | (49) | (75) |
Obligations of states and political subdivisions [Member] | |||
Schedule of Investment Securities [Line Items] | |||
Fair Value | |||
Gross Unrealized Losses | |||
Twelve Months or Greater | |||
Fair Value | 1,329 | ||
Gross Unrealized Losses | (1) | ||
Total | |||
Fair Value | 1,329 | ||
Gross Unrealized Losses | (1) | ||
Collateralized Mortgage Obligations [Member] | |||
Schedule of Investment Securities [Line Items] | |||
Fair Value | 20,544 | 24,368 | |
Gross Unrealized Losses | (276) | (182) | |
Twelve Months or Greater | |||
Fair Value | 22,100 | 18,614 | |
Gross Unrealized Losses | (439) | (400) | |
Total | |||
Fair Value | 42,644 | 42,982 | |
Gross Unrealized Losses | $ (715) | $ (582) | |
[1] | U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
UNREALIZED LOSSES ON SECURITI_4
UNREALIZED LOSSES ON SECURITIES (Schedule of Changes in the Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Changes in the credit loss component of credit impaired mortgage-backed securities: | ||
Beginning balance | $ 248 | $ 239 |
Initial credit impairment | ||
Subsequent credit impairment | 1 | |
Reductions for amounts recognized in earnings due to intent or requirement to sell | ||
Reductions for securities sold | ||
Reduction for actual realized losses | (10) | (3) |
Reduction for increase in cash flows expected to be collected | ||
Ending balance | $ 239 | $ 236 |
UNREALIZED LOSSES ON SECURITI_5
UNREALIZED LOSSES ON SECURITIES (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Schedule of Investment Securities [Line Items] | ||
Credit impairment charge unrealized holding loss to accumulated other comprehensive income | $ 1 | |
Net accretion | 4 | (31) |
Less: Income tax effect | $ 1 | $ (8) |
Private-label [Member] | ||
Schedule of Investment Securities [Line Items] | ||
Number of positions that are impaired | 46 |
LOANS AND RELATED ALLOWANCE F_3
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Primary Segments of Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 90,375 | $ 90,629 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 90,375 | 90,629 |
Plus: Deferred loan costs | 496 | 507 |
Allowance for loan losses | (538) | (548) |
Net Loans Receivable | 90,333 | 90,588 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 77,959 | 76,789 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 77,959 | 76,789 |
First Mortgage Loans Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,276 | 2,907 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 1,276 | 2,907 |
First Mortgage Loans Land Acquisition And Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 441 | 694 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 441 | 694 |
First Mortgage Loans Multifamily Dwellings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,047 | 3,123 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 3,047 | 3,123 |
First Mortgage Loans Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,195 | 3,727 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 4,195 | 3,727 |
Consumer Loans Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,016 | 906 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 1,016 | 906 |
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,948 | 1,953 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 1,948 | 1,953 |
Consumer Loans Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 115 | 112 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 115 | 112 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 378 | 418 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 378 | $ 418 |
LOANS AND RELATED ALLOWANCE F_4
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Principal outstanding on nonaccrual loans | $ 225 | ||
Average nonaccrual loans | 185 | $ 234 | |
Income that would have been recognized | 2 | 3 | |
Interest income recognized | 2 | 3 | |
Interest income foregone | |||
First Mortgage Loans One To Four Family Dwellings [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Principal outstanding on nonaccrual loans | 225 | ||
Average nonaccrual loans | 185 | 234 | |
First Mortgage Loans Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Principal outstanding on nonaccrual loans | |||
Average nonaccrual loans | |||
First Mortgage Loans Land Acquisition And Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Principal outstanding on nonaccrual loans | |||
Average nonaccrual loans | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Principal outstanding on nonaccrual loans | |||
Average nonaccrual loans | |||
Consumer Loans Home Equity Lines Of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Principal outstanding on nonaccrual loans | |||
Average nonaccrual loans |
LOANS AND RELATED ALLOWANCE F_5
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Loan Portfolio by Aging Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 90,375 | $ 90,404 |
90 Days + Past Due Non-accrual | 225 | |
Total Past Due | 225 | |
Total Loans | 90,375 | 90,629 |
Deferred loan fees | 496 | 507 |
Allowance for loan losses | (538) | (548) |
Net Loans Receivable | 90,333 | 90,588 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 77,959 | 76,564 |
90 Days + Past Due Non-accrual | 225 | |
Total Past Due | 225 | |
Total Loans | 77,959 | 76,789 |
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans One To Four Family Dwellings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,276 | 2,907 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 1,276 | 2,907 |
First Mortgage Loans Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 441 | 694 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 441 | 694 |
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Land Acquisition And Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 3,047 | 3,123 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 3,047 | 3,123 |
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Multifamily Dwellings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 4,195 | 3,727 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 4,195 | 3,727 |
First Mortgage Loans Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
First Mortgage Loans Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,016 | 906 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 1,016 | 906 |
Consumer Loans Home Equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,948 | 1,953 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 1,948 | 1,953 |
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Home Equity Lines Of Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 115 | 112 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 115 | 112 |
Consumer Loans Other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Consumer Loans Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 378 | 418 |
90 Days + Past Due Non-accrual | ||
Total Past Due | ||
Total Loans | 378 | 418 |
Commercial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
Commercial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due |
LOANS AND RELATED ALLOWANCE F_6
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Loans by Internal Classification) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 1,276 | $ 2,907 |
First Mortgage Loans Construction [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,276 | 2,907 |
First Mortgage Loans Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Construction [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 441 | 694 |
First Mortgage Loans Land Acquisition And Development [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 441 | 694 |
First Mortgage Loans Land Acquisition And Development [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Land Acquisition And Development [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,047 | 3,123 |
First Mortgage Loans Multifamily Dwellings [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,047 | 3,123 |
First Mortgage Loans Multifamily Dwellings [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Multifamily Dwellings [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 4,195 | 3,727 |
First Mortgage Loans Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 4,195 | 3,727 |
First Mortgage Loans Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
First Mortgage Loans Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 378 | 418 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 378 | 418 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | ||
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable |
LOANS AND RELATED ALLOWANCE F_7
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Performing and Non-Performing Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 77,959 | $ 76,789 |
First Mortgage Loans One To Four Family Dwellings [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 77,959 | 76,564 |
First Mortgage Loans One To Four Family Dwellings [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 225 | |
Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,079 | 2,971 |
Consumer Loan [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,079 | 2,971 |
Consumer Loan [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable |
LOANS AND RELATED ALLOWANCE F_8
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Primary Segments of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | $ 548 | $ 468 |
Charge-offs | ||
Recoveries | ||
Provisions | (10) | 19 |
ALLL Balance, Ending | 538 | 487 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 538 | 487 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | 405 | 356 |
Charge-offs | ||
Recoveries | ||
Provisions | 7 | 7 |
ALLL Balance, Ending | 412 | 363 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 412 | 363 |
First Mortgage Loans Construction [Member] | ||
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | 46 | 24 |
Charge-offs | ||
Recoveries | ||
Provisions | (17) | 5 |
ALLL Balance, Ending | 29 | 29 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 29 | 29 |
First Mortgage Loans Land Acquisition And Development [Member] | ||
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | 10 | |
Charge-offs | ||
Recoveries | ||
Provisions | (4) | 10 |
ALLL Balance, Ending | 6 | 10 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 6 | 10 |
First Mortgage Loans Multifamily Dwellings [Member] | ||
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | 17 | 18 |
Charge-offs | ||
Recoveries | ||
Provisions | ||
ALLL Balance, Ending | 17 | 18 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 17 | 18 |
First Mortgage Loans Commercial [Member] | ||
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | 37 | 35 |
Charge-offs | ||
Recoveries | ||
Provisions | 5 | (3) |
ALLL Balance, Ending | 42 | 32 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 42 | 32 |
Consumer Loans [Member] | ||
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | 30 | 31 |
Charge-offs | ||
Recoveries | ||
Provisions | 1 | |
ALLL Balance, Ending | 30 | 32 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 30 | 32 |
Commercial Loans [Member] | ||
Summary of the changes in the allowance for loan losses: | ||
ALLL Balance, Beginning | 3 | 4 |
Charge-offs | ||
Recoveries | ||
Provisions | (1) | (1) |
ALLL Balance, Ending | 2 | 3 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 2 | $ 3 |
LOANS AND RELATED ALLOWANCE F_9
LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of increased ALL reserve factors) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Increase (decrease) in allowance for credit losses | $ 19 | |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Increase (decrease) in allowance for credit losses | 7 | |
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Increase (decrease) in allowance for credit losses | $ (10) | 5 |
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Increase (decrease) in allowance for credit losses | $ (10) | $ 10 |
FEDERAL HOME LOAN BANK (FHLB)_3
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Contractual Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances: long-term | $ 15,000 | $ 15,000 |
Fixed Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity range, minimum | Oct. 1, 2020 | |
Maturity range, maximum | Oct. 3, 2022 | |
Federal Home Loan Bank advances: long-term | $ 15,000 | 15,000 |
Fixed Debt [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% | |
Fixed Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.95% | |
Fixed Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.09% | |
Adjustable Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity range, minimum | Oct. 1, 2020 | |
Maturity range, maximum | Oct. 1, 2021 | |
Federal Home Loan Bank advances: long-term | $ 85,000 | 85,000 |
Adjustable Debt [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.31% | |
Adjustable Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.18% | |
Adjustable Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.38% | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances: long-term | $ 100,000 | $ 100,000 |
Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.41% |
FEDERAL HOME LOAN BANK (FHLB)_4
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Amount | ||
Total | $ 15,000 | $ 15,000 |
Federal Home Loan Bank Advances [Member] | ||
Amount | ||
2020 | ||
2021 | 65,000 | |
2022 | 30,000 | |
2023 | 5,000 | |
2024 | ||
2025 and thereafter | ||
Total | $ 100,000 | $ 100,000 |
Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | ||
Weighted-Average Interest Rate | ||
2020 | ||
2021 | 2.33% | |
2022 | 2.49% | |
2023 | 3.09% | |
2024 | ||
2025 and thereafter | ||
Interest rate | 2.41% |
FEDERAL HOME LOAN BANK (FHLB)_5
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Federal Home Loan Bank Short-Term Advances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Jun. 30, 2019 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Remaining borrowing capacity | $ 12,200 | |
FHLB revolving and short-term advances: | ||
Ending balance | 59,554 | $ 70,828 |
Average balance | 49,054 | 81,556 |
Maximum month-end balance | $ 59,554 | $ 161,289 |
Average interest rate | 2.46% | 2.45% |
Weighted-average rate | 2.08% | 2.46% |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured at Fair Value on a Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | $ 134,750 | $ 132,780 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 106,827 | 104,908 | |
Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | 26,593 | 26,543 |
Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 1,330 | 1,329 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 1 [Member] | Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | ||
Fair Value, Inputs, Level 1 [Member] | Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 134,750 | 132,780 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 106,827 | 104,908 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | 26,593 | 26,543 |
Fair Value, Inputs, Level 2 [Member] | Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | 1,330 | 1,329 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
Fair Value, Inputs, Level 3 [Member] | Foreign Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | [1] | ||
Fair Value, Inputs, Level 3 [Member] | Obligations (Other Than Securities and Leases) of States and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured on a recurring basis | |||
[1] | U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 |
FINANCIAL ASSETS | ||||
Cash and cash equivalents | $ 7,313 | $ 4,379 | $ 5,917 | $ 2,441 |
Certificates of deposit | 2,587 | 1,843 | ||
Investment securities - available for sale | 134,750 | 132,780 | ||
Investment securities - held to maturity | 3,495 | 3,995 | ||
Mortgage-backed securities - held to maturity | 106,316 | 108,331 | ||
Net loans receivable | 90,333 | 90,588 | ||
Accrued interest receivable | 1,180 | 1,219 | ||
FHLB stock | 6,627 | 7,010 | ||
Bank owned life insurance | 4,819 | 4,789 | ||
Deposits | ||||
Non-interest bearing deposits | 31,847 | 19,770 | ||
Interest-earning checking | 21,801 | 23,541 | ||
Savings accounts | 42,478 | 43,740 | ||
Money market accounts | 20,496 | 19,958 | ||
FHLB long-term advances - fixed rate | 15,000 | 15,000 | ||
FHLB short-term advances | 59,554 | 70,828 | ||
Accrued interest payable | 797 | 823 | ||
Agency [Member] | ||||
FINANCIAL ASSETS | ||||
Investment securities - held to maturity | 105,479 | 107,448 | ||
Private-label [Member] | ||||
FINANCIAL ASSETS | ||||
Investment securities - held to maturity | 837 | 883 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 7,313 | 4,379 | ||
Certificates of deposit | 2,587 | 1,843 | ||
Investment securities - held to maturity | ||||
Net loans receivable | ||||
Accrued interest receivable | 1,180 | 1,219 | ||
FHLB stock | 6,627 | 7,010 | ||
Bank owned life insurance | 4,819 | 4,789 | ||
Deposits | ||||
Non-interest bearing deposits | 31,847 | 19,770 | ||
Interest-earning checking | 21,801 | 23,541 | ||
Savings accounts | 42,478 | 43,740 | ||
Money market accounts | 20,496 | 19,958 | ||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | 982 | 2,065 | ||
FHLB long-term advances - fixed rate | ||||
FHLB long-term advances - variable rate | 85,000 | 85,000 | ||
FHLB short-term advances | 59,554 | 70,828 | ||
Accrued interest payable | 797 | 823 | ||
Fair Value, Inputs, Level 1 [Member] | Agency [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 1 [Member] | Private-label [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment securities - held to maturity | 3,589 | 4,080 | ||
Net loans receivable | ||||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest bearing deposits | ||||
Interest-earning checking | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | ||||
FHLB long-term advances - fixed rate | ||||
FHLB long-term advances - variable rate | ||||
FHLB short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 2 [Member] | Agency [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 105,598 | 107,832 | ||
Fair Value, Inputs, Level 2 [Member] | Private-label [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment securities - held to maturity | ||||
Net loans receivable | 93,794 | 92,062 | ||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest bearing deposits | ||||
Interest-earning checking | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | 42,059 | 37,359 | ||
Advance payments by borrowers for taxes and insurance | ||||
FHLB long-term advances - fixed rate | 14,735 | 14,323 | ||
FHLB long-term advances - variable rate | ||||
FHLB short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 3 [Member] | Agency [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | Private-label [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 843 | 876 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 7,313 | 4,379 | ||
Certificates of deposit | 2,587 | 1,843 | ||
Investment securities - held to maturity | 3,495 | 3,995 | ||
Net loans receivable | 90,333 | 90,588 | ||
Accrued interest receivable | 1,180 | 1,219 | ||
FHLB stock | 6,627 | 7,010 | ||
Bank owned life insurance | 4,819 | 4,789 | ||
Deposits | ||||
Non-interest bearing deposits | 31,847 | 19,770 | ||
Interest-earning checking | 21,801 | 23,541 | ||
Savings accounts | 42,478 | 43,740 | ||
Money market accounts | 20,496 | 19,958 | ||
Certificates of deposit | 42,020 | 37,361 | ||
Advance payments by borrowers for taxes and insurance | 982 | 2,065 | ||
FHLB long-term advances - fixed rate | 15,000 | 15,000 | ||
FHLB long-term advances - variable rate | 85,000 | 85,000 | ||
FHLB short-term advances | 59,554 | 70,828 | ||
Accrued interest payable | 797 | 823 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Agency [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 105,479 | 107,448 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Private-label [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 837 | 883 | ||
Estimate of Fair Value Measurement [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 7,313 | 4,379 | ||
Certificates of deposit | 2,587 | 1,843 | ||
Investment securities - held to maturity | 3,589 | 4,080 | ||
Net loans receivable | 93,794 | 92,062 | ||
Accrued interest receivable | 1,180 | 1,219 | ||
FHLB stock | 6,627 | 7,010 | ||
Bank owned life insurance | 4,819 | 4,789 | ||
Deposits | ||||
Non-interest bearing deposits | 31,847 | 19,770 | ||
Interest-earning checking | 21,801 | 23,541 | ||
Savings accounts | 42,478 | 43,740 | ||
Money market accounts | 20,496 | 19,958 | ||
Certificates of deposit | 42,059 | 37,359 | ||
Advance payments by borrowers for taxes and insurance | 982 | 2,065 | ||
FHLB long-term advances - fixed rate | 14,735 | 14,323 | ||
FHLB long-term advances - variable rate | 85,000 | 85,000 | ||
FHLB short-term advances | 59,554 | 70,828 | ||
Accrued interest payable | 797 | 823 | ||
Estimate of Fair Value Measurement [Member] | Agency [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 105,598 | 107,832 | ||
Estimate of Fair Value Measurement [Member] | Private-label [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | $ 843 | $ 876 |