Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Sep. 04, 2020 | Dec. 31, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2020 | ||
Entity Registrant Name | WVS FINANCIAL CORP | ||
Entity Central Index Key | 0000910679 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,902,690 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 23,300 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Incorporation, State or Country Code | PA | ||
Entity File Number | 0-22444 | ||
Document Annual Report | true | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
ASSETS | ||
Cash and due from banks | $ 2,488 | $ 1,849 |
Interest-earning demand deposits | 12 | 2,530 |
Total cash and cash equivalents | 2,500 | 4,379 |
Certificates of deposit | 1,840 | 1,843 |
Investment securities available for sale (amortized cost of $148,271 and $132,673) | 147,639 | 132,780 |
Investment securities held to maturity (fair value of $3,622 and $4,080) | 3,495 | 3,995 |
Mortgage-backed securities held to maturity (fair value of $96,649 and $108,708) | 97,106 | 108,331 |
Net loans receivable (allowance for loan losses of $618 and $548) | 91,032 | 90,588 |
Accrued interest receivable | 744 | 1,219 |
Federal Home Loan Bank stock, at cost | 6,564 | 7,010 |
Premises and equipment (net) | 574 | 346 |
Bank owned life insurance | 4,907 | 4,789 |
Deferred tax assets (net) | 548 | 368 |
Other assets | 152 | 170 |
TOTAL ASSETS | 357,101 | 355,818 |
LIABILITIES | ||
Deposits | 151,335 | 146,435 |
Federal Home Loan Bank advances: short-term | 59,159 | 70,828 |
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 |
Total Federal Home Loan Bank advances | 159,159 | 170,828 |
Other short-term borrowings | 7,000 | |
Accrued interest payable | 487 | 823 |
Other liabilities | 2,207 | 1,683 |
TOTAL LIABILITIES | 320,188 | 319,769 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, no par value; 5,000,000 shares authorized; none outstanding | ||
Common stock, par value $0.01; 10,000,000 shares authorized; 3,805,636 shares issued | 38 | 38 |
Additional paid-in capital | 21,577 | 21,550 |
Treasury stock (1,898,932 and 1,862,520 shares at cost) | (28,775) | (28,269) |
Retained earnings - substantially restricted | 46,590 | 44,807 |
Accumulated other comprehensive (loss) income | (556) | 15 |
Unallocated Employee Stock Ownership Plan ("ESOP") shares | (1,961) | (2,092) |
TOTAL STOCKHOLDERS' EQUITY | 36,913 | 36,049 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 357,101 | $ 355,818 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
ASSETS | ||
Investment securities available-for-sale, amortized cost | $ 148,271 | $ 132,673 |
Investment securities held-to-maturity, fair value | 3,622 | 4,080 |
Mortgage-backed securities held-to-maturity, fair value | 96,649 | 108,708 |
Net loans receivable, allowance for loan losses | $ 618 | $ 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 outstanding | 0 | 0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares issued | 3,805,636 | 3,805,636 |
Treasury stock, shares at cost | 1,898,932 | 1,862,520 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
INTEREST AND DIVIDEND INCOME | |||
Loans, including fees | $ 3,460 | $ 3,342 | $ 2,983 |
Investment securities | 3,803 | 4,447 | 3,036 |
Mortgage-backed securities | 2,714 | 3,745 | 3,130 |
Certificates of deposit | 47 | 22 | 72 |
Interest-earning demand deposits | 3 | 12 | 10 |
Federal Home Loan Bank stock | 458 | 486 | 439 |
Total interest and dividend income | 10,485 | 12,054 | 9,670 |
INTEREST EXPENSE | |||
Deposits | 859 | 856 | 406 |
Federal Home Loan Bank advances - short-term | 913 | 1,996 | 2,675 |
Federal Home Loan Bank advances - long-term - variable rate | 1,618 | 1,676 | 11 |
Federal Home Loan Bank advances - long-term - fixed rate | 458 | 344 | 32 |
Other short-term borrowings | 6 | ||
Total interest expense | 3,854 | 4,872 | 3,124 |
NET INTEREST INCOME | 6,631 | 7,182 | 6,546 |
PROVISION FOR LOAN LOSSES | 70 | 80 | 50 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,561 | 7,102 | 6,496 |
NONINTEREST INCOME | |||
Service charges on deposits | 104 | 114 | 126 |
Earnings on bank owned life insurance | 118 | 121 | 126 |
Investment securities gains (losses) | 40 | (2) | 2 |
Other than temporary impairment losses | (88) | 120 | 86 |
Portion of loss recognized in other comprehensive income | (148) | (100) | |
Net impairment losses recognized in earnings | (88) | (28) | (14) |
ATM fee income | 149 | 166 | 180 |
Other | 39 | 44 | 50 |
Total noninterest income | 362 | 415 | 470 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 2,295 | 2,422 | 2,274 |
Occupancy and equipment | 243 | 262 | 310 |
Data processing | 220 | 230 | 220 |
Correspondent bank charges | 35 | 33 | 40 |
Federal deposit insurance premium | 13 | 97 | 108 |
ATM network expense | 82 | 106 | 106 |
Other | 675 | 640 | 655 |
Total noninterest expense | 3,563 | 3,790 | 3,713 |
INCOME BEFORE INCOME TAXES | 3,360 | 3,727 | 3,253 |
INCOME TAX EXPENSE | 870 | 932 | 1,128 |
NET INCOME | $ 2,490 | $ 2,795 | $ 2,125 |
EARNINGS PER SHARE: | |||
Basic | $ 1.41 | $ 1.57 | $ 1.16 |
Diluted | $ 1.41 | $ 1.57 | $ 1.16 |
AVERAGE SHARES OUTSTANDING: | |||
Basic | 1,768,201 | 1,780,527 | 1,826,893 |
Diluted | 1,768,201 | 1,780,581 | 1,827,260 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,490 | $ 2,795 | $ 2,125 |
Investment securities available for sale not other-than-temporarily impaired: | |||
Gains (losses) arising during the year | (698) | 119 | (80) |
LESS: Income tax effect | (146) | (26) | (4) |
Net gains (losses) | (552) | 93 | (76) |
(Gains) losses recognized in earnings | (40) | 2 | (2) |
LESS: Income tax effect | (8) | ||
Net gains recognized in earnings | (32) | 2 | (2) |
Unrealized holding gains (losses) on investment securities available for sale not other-than-temporarily impaired, net of tax | (584) | 95 | (78) |
Investment securities held to maturity other-than-temporarily impaired: | |||
Total losses | (88) | 120 | 86 |
Losses recognized in earnings | 88 | 28 | 14 |
Gains recognized in comprehensive income | 148 | 100 | |
LESS: Income tax effect | (31) | (27) | |
Net gains (losses) recognized in comprehensive income after income tax effect | 117 | 73 | |
Accretion of other comprehensive gain (loss) on other-than-temporarily impaired securities held to maturity | 16 | (12) | 28 |
LESS: Income tax effect | (3) | (3) | (8) |
Unrealized holding gains (losses) on other-than-temporarily impaired securities held to maturity, net of tax | 13 | (9) | 20 |
Other comprehensive (loss) income | (571) | 203 | 15 |
COMPREHENSIVE INCOME | $ 1,919 | $ 2,998 | $ 2,140 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings - Substantially Restricted [Member] | Accumulated Other Comprehensive Gain (loss) [Member] | Unallocated ESOP Shares [Member] | Total |
Balance at Jun. 30, 2017 | $ 38 | $ 21,485 | $ (27,264) | $ 41,344 | $ (188) | $ (2,372) | $ 33,043 |
Reclassification due to change in federal income tax rate | 15 | (15) | |||||
Net Income | 2,125 | 2,125 | |||||
Other comprehensive income | 15 | 15 | |||||
Purchase of treasury stock | (622) | (622) | |||||
Increase in unallocated ESOP shares | (32) | (32) | |||||
Amortization of unallocated ESOP shares | 31 | 146 | 177 | ||||
Cash dividends declared | (689) | (689) | |||||
Balance at Jun. 30, 2018 | 38 | 21,516 | (27,886) | 42,795 | (188) | (2,258) | 34,017 |
Net Income | 2,795 | 2,795 | |||||
Other comprehensive income | 203 | 203 | |||||
Purchase of treasury stock | (383) | (383) | |||||
Amortization of unallocated ESOP shares | 34 | 166 | 200 | ||||
Cash dividends declared | (783) | (783) | |||||
Balance at Jun. 30, 2019 | 38 | 21,550 | (28,269) | 44,807 | 15 | (2,092) | 36,049 |
Net Income | 2,490 | 2,490 | |||||
Other comprehensive income | (571) | (571) | |||||
Purchase of treasury stock | (506) | (506) | |||||
Amortization of unallocated ESOP shares | 27 | 131 | 158 | ||||
Cash dividends declared | (707) | (707) | |||||
Balance at Jun. 30, 2020 | $ 38 | $ 21,577 | $ (28,775) | $ 46,590 | $ (556) | $ (1,961) | $ 36,913 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share | $ 0.40 | $ 0.44 | $ 0.32 |
Purchase of treasury stock, shares | 36,412 | 26,397 | 38,631 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | |||
Net income | $ 2,490 | $ 2,795 | $ 2,125 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 70 | 80 | 50 |
Depreciation | 38 | 47 | 78 |
Investment securities (gains) losses | (40) | 2 | (2) |
Net impairment loss recognized in earnings | 88 | 28 | 14 |
Amortization of discounts, premiums, and deferred loan fees, net | 21 | 142 | 581 |
Amortization of unallocated ESOP shares | 158 | 200 | 177 |
Deferred income taxes | (28) | (9) | 65 |
Increase (decrease) in accrued taxes | 196 | (54) | 27 |
Earnings on bank owned life insurance | (118) | (121) | (126) |
Increase in accrued employee benefits | 176 | 184 | 178 |
Decrease (increase) in accrued interest receivable | 475 | 6 | (19) |
(Decrease) increase in accrued interest payable | (336) | 443 | 133 |
Increase in deferred director compensation payable | 77 | 72 | 59 |
Decrease in cash items in process of collection | 1,230 | ||
Other, net | 92 | (41) | 3 |
Net cash provided by operating activities | 3,359 | 3,774 | 4,573 |
Available for sale: | |||
Purchase of investment securities | (54,675) | (42,498) | (64,664) |
Proceeds from repayments of investment securities | 28,867 | 37,074 | 42,331 |
Proceeds from sales of investment securities | 10,121 | 1,364 | 1,257 |
Held to maturity: | |||
Proceeds from repayments of investment securities | 500 | 2,180 | 2,483 |
Proceeds from repayments of mortgage-backed securities | 11,172 | 7,649 | 13,599 |
Purchases of certificates of deposit | (2,830) | (1,842) | (348) |
Maturities/redemptions of certificates of deposit | 2,833 | 349 | 10,373 |
Purchases of loans | (9,141) | (11,497) | (11,127) |
Net decrease in net loans receivable | 8,717 | 5,564 | 3,921 |
Purchase of Federal Home Loan Bank Stock | (6,743) | (8,684) | (6,691) |
Redemption of Federal Home Loan Bank stock | 7,189 | 8,835 | 6,592 |
Acquisition of premises and equipment | (266) | (1) | (16) |
Net cash used for investing activities | (4,256) | (1,507) | (2,290) |
FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 4,900 | 1,412 | (266) |
Repayments of Federal Home Loan Bank long-term advances | (16,109) | ||
Proceeds from Federal Home Loan Bank long-term advances | 100,000 | ||
Net (decrease) increase in Federal Home Loan Bank short-term advances | (11,669) | (100,575) | 15,604 |
Net proceeds from other short-term borrowings | 7,000 | ||
Increase in unallocated ESOP shares | (32) | ||
Purchase of treasury stock | (506) | (383) | (622) |
Cash dividends paid | (707) | (783) | (689) |
Net cash used for financing activities | (982) | (329) | (2,114) |
(Decrease) increase in cash and cash equivalents | (1,879) | 1,938 | 169 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 4,379 | 2,441 | 2,272 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 2,500 | 4,379 | 2,441 |
Cash paid during the year for: | |||
Interest | 4,190 | 4,429 | 2,991 |
Taxes | 666 | 970 | 1,003 |
Non-cash items: | |||
Educational Improvement Tax Credits | $ 45 | $ 45 | $ 50 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization WVS Financial Corp. (“WVS” or the “Company”) is a Pennsylvania-chartered unitary bank holding company which owns 100 percent of the common stock of West View Savings Bank (“West View” or the “Savings Bank”). The operating results of the Company depend primarily upon the operating results of the Savings Bank and, to a lesser extent, income from interest-earning assets such as investment securities. West View is a Pennsylvania-chartered, FDIC-insured stock savings bank conducting business from six offices in the North Hills suburbs of Pittsburgh. The Savings Bank’s principal sources of revenue originate from its portfolio of residential real estate and commercial mortgage loans as well as income from investment and mortgage-backed securities. The Company is supervised by the Board of Governors of the Federal Reserve System, while the Savings Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities . Basis of Presentation The consolidated financial statements include the accounts of WVS and its wholly owned subsidiary, West View. All intercompany transactions have been eliminated in consolidation. The accounting and reporting policies of WVS and West View conform to U.S. generally accepted accounting principles. The Company’s fiscal year-end In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and revenues and expenses for that period. Actual results could differ significantly from those estimates. The coronavirus (COVID-19) sheltering-in-place COVID-19 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by the President of the United States. Certain provisions within the CARES Act encourage financial institutions to practice prudent efforts to work with borrowers impacted by COVID-19. Under these provisions, loan modifications deemed to be COVID-19 related would not be considered a troubled debt restructuring (TDR) if the loan was not more than 30 days past due as of December 31, 2019 and the deferral was executed between March 1, 2020 and the earlier of 60 days after the date of termination of the COVID-19 national emergency or December 31, 2020. The banking regulators issued similar guidance, which also clarified that a COVID-19 related modification should not be considered a TDR if the borrower was current on payments at the time the underlying loan modification program was implemented and if the modification is considered to be short-term. As of June 30, 2020, the number of loans in deferral totaled 15 with an aggregate balance of $5.8 million and an aggregate appraised value of $9.6 million. Substantially all of these deferrals were generally 90 days in duration, with full collection of taxes and insurance, partial to full collection of interest, and no or partial collection of principal during the deferral period. As of March 31, 2020 through June 30, 2020 all of these loans were current. Investment and Mortgage-Backed Securities Investment and mortgage-backed securities are classified at the time of purchase as securities held to maturity or securities available for sale based on management’s ability and intent. Investment and mortgage-backed securities acquired with the ability and intent to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount, which are computed using the level-yield method and recognized as adjustments of interest income. Amortization rates for mortgage-backed securities are periodically adjusted to reflect changes in the prepayment speeds of the underlying mortgages. Certain other investment securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale Common stock of the Federal Home Loan Bank (the “FHLB”) represents ownership in an institution which is wholly owned by other financial institutions. This equity security is accounted for at cost and reported separately on the accompanying Consolidated Balance Sheet. Management systematically evaluates investment securities for other-than-temporary declines in fair value on at least a quarterly basis. This analysis requires management to consider various factors, which include: (1) duration and magnitude of the decline in value; (2) the credit rating of the issuer or issuers; (3) structure of the security; and (4) the Company’s intent to sell the security or whether it’s more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. The Company retains an independent third party to assist it in the determination of fair values for its private-label collateralized mortgage obligations (“CMOs”). This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures. The valuation does not represent the actual terms or prices at which any party could purchase the securities. There is currently no active secondary market for private-label CMOs and there can be no assurance that any secondary market for private-label CMOs will develop. The Company believes that the private-label CMO portfolio had five other than temporary impairments at June 30, 2020. 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. Net Loans Receivable Net loans receivable are reported at their principal amount, net of the allowance for loan losses and deferred loan fees. Interest on mortgage, consumer, and commercial loans is recognized on the accrual method. The Company’s general policy is to stop accruing interest on loans when, based upon relevant factors, the collection of principal or interest is doubtful, regardless of the contractual status. Interest received on nonaccrual loans is recorded as income or applied against principal according to management’s judgment as to the collectability of such principal. Loan origination and commitment fees, and all incremental direct loan origination costs, are deferred and recognized over the contractual remaining lives of the related loans on a level-yield basis. Allowance for Loan Losses The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. Impaired loans are commercial and commercial real estate loans for which it is probable the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. The Company individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. The definition of “impaired loans” is not the same as the definition of “nonaccrual loans,” although the two categories overlap. The Company may choose to place a loan on nonaccrual status due to payment delinquency or uncertain collectability, while not classifying the loan as impaired if the loan is not a commercial or commercial real estate loan. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of impaired loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans on one-to-four case-by-case Real Estate Owned Real estate owned acquired through foreclosure is carried at the lower of cost or fair value minus estimated costs to sell. Costs relating to development and improvement of the property are capitalized, whereas costs of holding such real estate are expensed as incurred. Premises and Equipment Land is carried at cost, while premises and equipment are stated at cost, less accumulated depreciation. Depreciation is principally computed on the straight-line method over the estimated useful lives of the related assets, which range from 3 to 25 years for furniture and equipment and 7 to 50 years for building premises. Leasehold improvements are amortized over the shorter of their estimated useful lives or their respective lease terms, which range from 5 to 40 years. Expenditures for maintenance and repairs are charged against income as incurred. Costs of major additions and improvements are capitalized. Income Taxes Deferred tax assets and liabilities are computed based on the difference between the financial statement and the income tax basis of assets and liabilities using the enacted marginal tax rates. Deferred income taxes or benefits are based on the changes in the deferred tax asset or liability from period to period. The Company files a consolidated federal income tax return. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which such items are expected to be realized or settled. As changes in tax rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Earnings Per Share The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share are calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income available to common stockholders, adjusted for the effects of any dilutive securities, by the weighted-average number of common shares outstanding, adjusted for the effects of any dilutive securities. Comprehensive Income The Company is required to present comprehensive income and its components in a full set of general-purpose financial statements for all periods presented. Other comprehensive income is composed exclusively of net unrealized holding gains (losses) on its available-for-sale non-credit held-to-maturity Cash Flow Information Cash and cash equivalents include cash and due from banks and interest-earning demand deposits with original maturities of 90 days or less. Cash flow from loans, deposits, and short-term borrowings are reported net. Reclassification of Comparative Figures Certain comparative amounts for prior years have been reclassified to conform to current-year presentations. Such reclassifications did not affect net income or stockholders’ equity. 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 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC one-time one-time 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 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. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC 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 Topic 815, Derivatives and Hedging 2017-12, Topic 825, Financial Instruments 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC one-year 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 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC 2016-13. In November 2019, the FASB issued ASU 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), Compensation – Stock Compensation 505-50, Equity – Equity-Based Payments to Non -Employees 2018-07, 2018-07, 2018-07. In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (Goodwill) one-year In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses 2019-10. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) step-up year-to-date In February 2020, the FASB issued ASU 2020-02, Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, In March 2020, the FASB issued ASU 2020-03 , Codification Improvements to Financial Instruments. Financial Instruments 2019-04 2016-01. 2016-13 2016-13. 2016-13. 2016-13 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 one-time held-to-maturity In March 2020, in accordance with provisions in the CARES Act, the Corporation has elected not to apply the guidance in ASC 310-40 COVID-19 COVID-19 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | 2. REVENUE RECOGNITION Effective July 1, 2018, the Company adopted Accounting Standards Update ASU 2014-09, Revenue from contracts with Customers – Topic 606, |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE The following table sets forth the computation of the weighted-average common shares used to calculate basic and diluted earnings per share. 2020 2019 2018 Weighted-average common shares issued 3,805,636 3,805,636 3,805,636 Average treasury stock shares (1,874,720 ) (1,852,450 ) (1,798,021 ) Average unallocated ESOP shares (162,715 ) (172,659 ) (180,722 ) Weighted-average common shares and common stock equivalents used to calculate basic earnings per share 1,768,201 1,780,527 1,826,893 Additional common stock equivalents (stock options) used to calculate diluted earnings per share — 54 367 Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 1,768,201 1,780,581 1,827,260 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. The unallocated shares controlled by the ESOP are not considered in the weighted average shares outstanding until the shares are committed for allocation to an employee’s individual account. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 4. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and fair values of investments are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2020 AVAILABLE FOR SALE Corporate debt securities $ 109,739 $ 163 $ (774 ) $ 109,128 Foreign debt securities 1 32,561 42 (63 ) 32,540 Commercial paper 5,971 — — 5,971 Total $ 148,271 $ 205 $ (837 ) $ 147,639 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2020 HELD TO MATURITY Obligations of states and political subdivisions $ 3,495 $ 127 $ — $ 3,622 Total $ 3,495 $ 127 $ — $ 3,622 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2019 AVAILABLE FOR SALE Corporate debt securities $ 104,760 $ 355 $ (207 ) $ 104,908 Foreign debt securities 1 26,583 35 (75 ) 26,543 Commercial paper — — — — Obligations of states and political subdivisions 1,330 — (1 ) 1,329 Total $ 132,673 $ 390 $ (283 ) $ 132,780 1 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2019 HELD TO MATURITY Obligations of states and political subdivisions $ 3,995 $ 85 $ — $ 4,080 Total $ 3,995 $ 85 $ — $ 4,080 Proceeds from sales of investments during the fiscal year 2020 were $10.1 million and the Company recorded gross realized investment gains of $40 thousand during this same period. During fiscal year 2019, the Company recorded gross realized investment securities losses of $2 thousand and received proceeds from sales of investment securities of $1.4 million. During fiscal year 2018, the Company recorded gross realized investment securities gains of $2 thousand and received proceeds from sales of investment securities of $1.3 million. The amortized cost and fair values of investment securities at June 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities. Due in Due after Due after one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 35,408 $ 112,863 $ — $ — $ 148,271 Fair value 35,212 112,427 — — 147,639 Weighted average yield 1.61 % 1.55 % — % — % 1.56 % HELD TO MATURITY Amortized cost $ 750 $ 2,745 $ — $ — $ 3,495 Fair value 756 2,866 — — 3,622 Weighted average yield 2.84 % 3.34 % — % — % 3.23 % At June 30, 2020, investment securities with amortized costs of $3.5 million and $57.5 million, and fair values of $3.6 million and $57.4 million, were pledged to secure borrowings with the Federal Home Loan Bank of Pittsburgh (“FHLB”) and the Federal Reserve Bank of Cleveland, respectively. At June 30, 2019, investment securities with amortized costs of $3.5 million and fair values of $3.6 million were pledged to secure borrowings with the FHLB. |
MORTGAGE-BACKED SECURITIES
MORTGAGE-BACKED SECURITIES | 12 Months Ended |
Jun. 30, 2020 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
MORTGAGE-BACKED SECURITIES | 5. MORTGAGE-BACKED SECURITIES Mortgage-backed securities (“MBS”) include mortgage pass-through certificates (“PCs”) and collateralized mortgage obligations (“CMOs”). With a pass-through security, investors own an undivided interest in the pool of mortgages that collateralize the PCs. Principal and interest are passed through to the investor as they are generated by the mortgages underlying the pool. PCs and CMOs may be insured or guaranteed by Freddie Mac (“FHLMC”), Fannie Mae (“FNMA”), and the Government National Mortgage Association (“GNMA”). CMOs may also be privately issued with varying degrees of credit enhancements. A CMO reallocates mortgage pool cash flow to a series of bonds with varying stated maturities, estimated average lives, coupon rates, and prepayment characteristics. The Company’s CMO portfolio is comprised of two segments: CMOs backed by U.S. Government Agencies (“Agency CMOs”) and CMOs backed by single-family whole loans not guaranteed by a U.S. Government Agency (“Private-Label CMOs”). At June 30, 2020, the Company’s Agency CMOs totaled $96.5 million as compared to $107.4 million at June 30, 2019. The Company’s private-label CMOs totaled $618 thousand at June 30, 2020 as compared to $883 thousand at June 30, 2019. The $11.2 million decrease in the CMO segment of our portfolio was due to repayments on the U.S. Government agency CMO portfolio totaling $11.0 million, and $192 thousand in repayments on the private-label CMOs. At June 30, 2020, the Company’s entire MBS portfolio, including CMOs, 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 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 tranches, the actual maturities of the Company’s MBS are expected to be substantially less than the scheduled maturities. The Company retains an independent third party to assist it in the determination of a fair value for three of its private-label CMOs. This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures The Company believes that the data and assumptions used to determine the fair values are reasonable. The fair value calculations reflect relevant facts and market conditions. Events and conditions occurring after the valuation date could have a material effect on the private-label CMO segment’s fair value. The amortized cost, unrealized gains and losses, and fair values of mortgage-backed securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Value 2020 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 96,488 $ 486 $ (932 ) $ 96,042 Private-label 618 3 (14 ) 607 Total $ 97,106 $ 489 $ (946 ) $ 96,649 Gross Gross Amortized Unrealized Unrealized Fair Value 2019 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 107,448 $ 954 $ (570 ) $ 107,832 Private-label 883 5 (12 ) 876 Total $ 108,331 $ 959 $ (582 ) $ 108,708 The amortized cost and fair value of mortgage-backed securities at June 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Due in Due after Due after one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ — $ 91 $ — $ 97,015 $ 97,106 Fair value — 92 — 96,557 96,649 Weighted average yield 1.62 % 1.22 % 1.22 % At June 30, 2020, mortgage-backed securities with amortized costs of $96.5 million and fair values of $96.0 million were pledged to secure public deposits and borrowings with the FHLB. Of the securities pledged, $10.0 million of fair value was excess collateral. Excess collateral is maintained to support future borrowings and may be withdrawn by the Company at any time. At June 30, 2019, mortgage-backed securities with an amortized cost of $107.4 million and fair values of $107.8 million, were pledged to secure borrowings with the FHLB and public deposits. Of the securities pledged, $2.4 million of fair value was excess collateral. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended |
Jun. 30, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 6. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following tables present the changes in accumulated other comprehensive (loss) income by component for the three years ended June 30, 2020, 2019, and 2018. Unrealized Gains and Losses on Available- for-sale Unrealized Gains and Losses on Held-to- Total (Dollars in Thousands – net of tax) Balance – June 30, 2017 $ 44 $ (232 ) $ (188 ) Other comprehensive income (loss) before reclassifications (76 ) 82 6 Amounts reclassified from accumulated other comprehensive (loss) income (2 ) 11 9 Net current-period other comprehensive (loss) income (78 ) 93 15 Reclassification for the change in corporate tax rate 24 (39 ) (15 ) Balance – June 30, 2018 (10 ) (178 ) (188 ) Other comprehensive income, before reclassifications 93 117 210 Amounts reclassified from accumulated other comprehensive income (loss) 2 (9 ) (7 ) Net current-period other comprehensive income 95 108 203 Balance – June 30, 2019 85 (70 ) 15 Other comprehensive loss, before reclassifications (552 ) — (552 ) Amounts reclassified from accumulated other comprehensive (loss) income (32 ) 13 (19 ) Net current-period other comprehensive (loss) income (584 ) 13 (571 ) Balance – June 30, 2020 $ (499 ) $ (57 ) $ (556 ) The following table presents the amounts reclassified out of accumulated other comprehensive (loss) income. Amount Reclassified from Accumulated Other 2 Details About Accumulated Other 2020 2019 2018 Affected Line Item in the Statement Where Net Income is Presented (Dollars in Thousands) Unrealized gains and losses on available-for-sale $ 40 $ (2 ) $ 2 Investment securities gains (losses) Other than temporary impairment losses on held to maturity securities (16 ) 11 (14 ) Net impairment losses recognized in earnings Tax effect (5 ) (2 ) 3 Income tax expense Total reclassifications for the period $ 19 $ 7 $ (9 ) 2 Amounts in parenthesis indicate expenses and other amounts indicate income. |
UNREALIZED LOSSES ON SECURITIES
UNREALIZED LOSSES ON SECURITIES | 12 Months Ended |
Jun. 30, 2020 | |
Debt and Equity Securities, Gain (Loss) [Abstract] | |
UNREALIZED LOSSES ON SECURITIES | 7. UNREALIZED LOSSES ON SECURITIES The following tables show the Company’s gross unrealized losses and fair value, aggregated by category and length of time that the individual securities have been in a continuous unrealized loss position, at June 30, 2020 and 2019. June 30, 2020 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) Corporate debt securities $ 50,115 $ (509 ) $ 8,550 $ (265 ) $ 58,665 $ (774 ) Foreign debt securities 3 13,970 (63 ) — — 13,970 (63 ) Collateralized mortgage obligations 13,782 (348 ) 26,919 (598 ) 40,701 (946 ) Total $ 77,867 $ (920 ) $ 35,469 $ (863 ) $ 113,336 $ (1,783 ) 3 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. June 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) Corporate debt securities $ 11,728 $ (86 ) $ 17,077 $ (121 ) $ 28,805 $ (207 ) Foreign debt securities 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: Agency 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 security’s entire amortized cost basis (even if the entity does not intend to sell the security). In addition, impairment is considered to be other than temporary if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis of the security (any such shortfall is referred to as a credit loss). The Company evaluates outstanding available-for-sale held-to-maturity The following table presents a roll-forward of the credit loss component of the amortized cost of mortgage-backed securities that we have written down for OTTI and the credit component of the loss that is recognized in earnings. OTTI recognized in earnings for credit impaired mortgage-backed securities is presented as additions in two components based upon whether the current period is the first time the mortgage-backed security was credit-impaired (initial credit impairment) or is not the first time the mortgage-backed security was credit impaired (subsequent credit impairments). The credit loss component is reduced if we sell, intend to sell or believe that we will be required to sell previously credit-impaired mortgage-backed securities. Additionally, the credit loss component is reduced if we receive cash flows in excess of what we expected to receive over the remaining life of the credit impaired mortgage-backed securities, the security matures or is fully written down. 4 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. Changes in the credit loss component of credit impaired mortgage-backed securities were as follows for the twelve month periods ended June 30, 2020 and 2019: Twelve Months Ended June 30, 2020 2019 (Dollars in Thousands) Beginning balance $ 248 $ 239 Initial credit impairment — — Subsequent credit impairment 88 28 Reductions for amounts recognized — — Reductions for securities sold — — Reduction for actual realized losses (25 ) (19 ) Reduction for increase in cash flows — — Ending balance $ 311 $ 248 During the twelve months ended June 30, 2020, the Company recorded a subsequent credit impairment charge of $88 thousand, and no non-credit In the case of its private-label residential CMOs that exhibit adverse risk characteristics, the Company employs models to determine the cash flows that it is likely to collect from the securities. These models consider borrower characteristics and the particular attributes of the loans underlying the securities, in conjunction with assumptions about future changes in home prices and interest rates, to predict the likelihood a loan will default and the impact on default frequency, loss severity and remaining credit enhancement. A significant input to these models is the forecast of future housing price changes for the relevant states and metropolitan statistical areas, which are based upon an assessment of the various housing markets. In general, since the ultimate receipt of contractual payments on these securities will depend upon the credit and prepayment performance of the underlying loans and, if needed, the credit enhancements for the senior securities owned by the Company, the Company uses these models to assess whether the credit enhancement associated with each security is sufficient to protect against likely losses of principal and interest on the underlying mortgage loans. The development of the modeling assumptions requires significant judgment. In conjunction with our adoption of ASC Topic 820 effective June 30, 2009, the Company retained an independent third party to assist it with assessing its investments within the private-label CMO portfolio. The independent third party utilized certain assumptions for producing the cash flow analyses used in the OTTI assessment. Key assumptions would include interest rates, expected market participant spreads and discount rates, housing prices, projected future delinquency levels and assumed loss rates on any liquidated collateral. The Company reviewed the independent third party’s assumptions used in the June 30, 2020 OTTI process. Based on the results of this review, the Company deemed the independent third party’s assumptions to be reasonable and adopted them. However, different assumptions could produce materially different results, which could impact the Company’s conclusions as to whether an impairment is considered other-than-temporary and the magnitude of the credit loss. The Company had three private-label CMOs with OTTI at June 30, 2020. If the Company intends to sell an impaired debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, the impairment is other-than-temporary and is recognized currently in earnings in an amount equal to the entire difference between fair value and amortized cost. The Company does not anticipate selling its private-label CMOs, nor does Management believe that the Company will be required to sell these securities before recovery of this amortized cost basis. In instances in which the Company determines that a credit loss exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the OTTI is separated into (1) the amount of the total impairment related to the credit loss and (2) the amount of the total impairment related to all other factors (i.e., the noncredit portion). The amount of the total OTTI related to the credit loss is recognized in earnings and the amount of the total OTTI related to all other factors is recognized in accumulated other comprehensive loss. The total OTTI is presented in the Consolidated Statement of Income with an offset for the amount of the total OTTI that is recognized in accumulated other comprehensive loss. Absent the intent or requirement to sell a security, if a credit loss does not exist, any impairment is considered to be temporary. Regardless of whether an OTTI is recognized in its entirety in earnings or if the credit portion is recognized in earnings and the noncredit portion is recognized in other comprehensive income (loss), the estimation of fair values has a significant impact on the amount(s) of any impairment that is recorded. The noncredit portion of any OTTI losses on securities classified as available-for-sale In periods subsequent to the recognition of an OTTI loss, the other-than-temporarily impaired debt security is accounted for as if it had been purchased on the measurement date of the OTTI at an amount equal to the previous amortized cost basis less the credit-related OTTI recognized in earnings. For debt securities for which credit-related OTTI is recognized in earnings, the difference between the new cost basis and the cash flows expected to be collected is accreted into interest income over the remaining life of the security in a prospective manner based on the amount and timing of future estimated cash flows. The Company had investments in 69 positions that were temporarily impaired at June 30, 2020. Based on its analysis, management has concluded that three private-label CMOs were other-than-temporarily impaired, while the remaining securities portfolio has experienced unrealized losses and a decrease in fair value due to interest rate volatility, illiquidity in the marketplace, or credit deterioration in the U.S. mortgage markets. |
NET LOANS RECEIVABLE
NET LOANS RECEIVABLE | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
NET LOANS RECEIVABLE | 8. NET LOANS RECEIVABLE The Company’s primary business activity is with customers located within its local market area of Northern Allegheny and Southern Butler counties within the state of Pennsylvania. The Company has concentrated its lending efforts by granting residential and construction mortgage loans to customers throughout its immediate trade area. The Company also selectively funds and participates in commercial and residential mortgage loans outside of its immediate trade area, provided such loans meet the Company’s credit policy guidelines. At June 30, 2020 and 2019, the Company had approximately $2.3 million and $3.6 million, respectively, of outstanding loans for land development and construction in the local trade area. Although the Company had a diversified loan portfolio at June 30, 2020 and 2019, loans outstanding to individuals and businesses are dependent upon the local economic conditions in its immediate trade area. Certain officers, directors, and their associates were customers of, and had transactions with, the Company in the ordinary course of business. There were no loans to those directors, executive officers, or their associates during the fiscal years ended June 30, 2020 and 2019. The following table summarizes the primary segments of the loan portfolio as of June 30, 2020 and June 30, 2019. June 30, 2020 June 30, 2019 Total Individually Collectively Total Individually Collectively (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 78,077 $ — $ 78,077 $ 76,789 $ — $ 76,789 Construction 1,868 — 1,868 2,907 — 2,907 Land acquisition & 446 — 446 694 — 694 Multi-family dwellings 3,755 — 3,755 3,123 — 3,123 Commercial 4,132 — 4,132 3,727 — 3,727 Consumer Loans Home equity 1,137 — 1,137 906 — 906 Home equity lines of 1,729 — 1,729 1,953 — 1,953 Other 79 — 79 112 — 112 Commercial Loans 5 11 — 11 418 — 418 $ 91,234 $ — $ 91,234 $ 90,629 $ — $ 90,629 Less: Deferred loan costs 416 507 Allowance for loan losses (618 ) (548 ) Total $ 91,032 $ 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. At June 30, 2020 and 2019, there were no loans considered to be impaired. 5 Not secured by real estate. Total nonaccrual loans as of June 30, 2020 and June 30, 2019 and the related interest income recognized during the fiscal years ended June 30, 2020 and June 30, 2019 are as follows: June 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 Average nonaccrual loans: 1 – 4 family dwellings $ 47 $ 231 Construction — — Land acquisition & development — — Commercial real estate — — Home equity lines of credit — — Total $ 47 $ 231 Income that would have been recognized $ — $ 15 Interest income recognized $ — $ 15 Interest income foregone $ — $ — The Company’s loan portfolio may include troubled debt restructurings (TDRs), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. Under the provisions of the CARES Act, as of June 30, 2020, the Company had granted 15 loan modification requests with an aggregate balance of $5.8 million, or 6.0% of loans outstanding and an aggregate appraised value of approximately $9.6 million. The characteristics of these modifications are considered short-term and do not result in a reclassification of these loans to TDR status. Substantially all of these modification requests provide for full collection of taxes and insurance, partial to full collection of interest and no, partial or full collection of principal during the deferral period. During fiscal 2020 and 2019, there were no loans modified and considered a trouble debt restructuring. At June 30, 2020 and 2019, there were no previously modified TDRs in default. When the Company modifies a loan, management evaluates any possible impairment based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, instead of discounted cash flows. If management determines that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized by segment or class of loan, as applicable, through an allowance estimate or a charge-off The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance account. Subsequent recoveries, if any, are credited to the allowance. The allowance is maintained at a level believed adequate by management to absorb estimated potential loan losses. Management’s determination of the adequacy of the allowance is based on periodic evaluations of the loan portfolio considering past experience, current economic conditions, composition of the loan portfolio and other relevant factors. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant change. Effective December 13, 2006, the FDIC, in conjunction with the other federal banking agencies adopted a Revised Interagency Policy Statement on the Allowance for Loan and Lease Losses (“ALLL”). The revised policy statement revised and replaced the banking agencies’ 1993 policy statement on the ALLL. The revised policy statement provides that an institution must maintain an ALLL at a level that is appropriate to cover estimated credit losses on individually evaluated loans determined to be impaired, as well as estimated credit losses inherent in the remainder of the loan and lease portfolio. The banking agencies also revised the policy to ensure consistency with generally accepted accounting principles (“GAAP”). The revised policy statement updates the previous guidance that describes the responsibilities of the board of directors, management, and bank examiners regarding the ALLL, factors to be considered in the estimation of the ALLL, and the objectives and elements of an effective loan review system. Federal regulations require that each insured savings institution classify its assets on a regular basis. In addition, in connection with examinations of insured institutions, federal examiners have authority to identify problem assets and, if appropriate, classify them. There are three classifications for problem assets: “substandard”, “doubtful” and “loss”. Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. An asset classified as loss is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. Another category designated “asset watch” is also utilized by the Bank for assets which do not currently expose an insured institution to a sufficient degree of risk to warrant classification as substandard, doubtful or loss. Assets classified as substandard or doubtful require the institution to establish general allowances for loan losses. If an asset or portion thereof is classified as loss, the insured institution must either establish specific allowances for loan losses in the amount of 100% of the portion of the asset classified loss, or charge-off The Company’s general policy is to internally classify its assets on a regular basis and establish prudent general valuation allowances that are adequate to absorb losses that have not been identified but that are inherent in the loan portfolio. The Company maintains general valuation allowances that it believes are adequate to absorb losses in its loan portfolio that are not clearly attributable to specific loans. The Company’s general valuation allowances are within the following general ranges: (1) 0% to 5% of assets subject to special mention; (2) 5.00% to 100% of assets classified substandard; and (3) 50% to 100% of assets classified doubtful. Any loan classified as loss is charged-off. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2020 and 2019: Current 30 –59 60 – 89 90 Days + Accruing 90 Days + Non-accrual Total Total Loans (Dollars in Thousands) June 30, 2020 First mortgage loans: 1 – 4 family dwellings $ 78,077 $ — $ — $ — $ — $ — $ 78,077 Construction 1,868 — — — — — 1,868 Land acquisition & development 446 — — — — — 446 Multi-family dwellings 3,755 — — — — — 3,755 Commercial 4,132 — — — — — 4,132 Consumer Loans Home equity 1,137 — — — — — 1,137 Home equity lines of credit 1,729 — — — — — 1,729 Other 79 — — — — — 79 Commercial Loans 5 11 — — — — — 11 $ 91,234 $ — $ — $ — $ — $ — 91,234 Deferred loan costs 416 Allowance for loan losses (618 ) Net Loans Receivable $ 91,032 5 Not secured by real estate. 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 5 418 — — — — — 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 fiscal years ended June 30, 2020 and 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. 5 Not secured by real estate. The primary credit quality indicator used by management in the 1 – 4 family and consumer loan portfolios is the performance status of the loans. Payment activity is reviewed by Management on a monthly basis to determine how loans are performing. Loans are considered to be non-performing The following tables present the Company’s internally classified construction, land acquisition and development, multi-family residential, commercial real estate and commercial (not secured by real estate) loans at June 30, 2020 and 2019. June 30, 2020 Construction Land Multi- Commercial Commercial 5 (Dollars in Thousands) Pass $ 1,868 $ 446 $ 3,755 $ 4,132 $ 11 Special Mention — — — — — Substandard — — — — — Doubtful — — — — — Ending Balance $ 1,868 $ 446 $ 3,755 $ 4,132 $ 11 June 30, 2019 Construction Land Multi- Commercial Commercial 5 (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 5 The following table presents performing and non-performing June 30, 2020 1–4 Family Consumer (Dollars in Thousands) Performing $ 78,077 $ 2,945 Non-performing — — Total $ 78,077 $ 2,945 June 30, 2019 1–4 Family Consumer (Dollars in Thousands) Performing $ 76,564 $ 2,971 Non-performing 225 — Total $ 76,789 $ 2,971 |
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Jun. 30, 2020 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | 9. ALLOWANCE FOR LOAN LOSSES The Company determines its allowance for loan losses in accordance with generally accepted accounting principles. The Company uses a systematic methodology as required by Financial Reporting Release No. 28 and the various Federal Financial Institutions Examination Council guidelines. The Company also endeavors to adhere to SEC Staff Accounting Bulletin No. 102 in connection with loan loss allowance methodology and documentation issues. Our methodology used to determine the allocated portion of the allowance is as follows. For groups of homogenous loans, we apply a loss rate to the groups’ aggregate balance. Our group loss rate reflects our historical loss experience. We may adjust these group rates to compensate for changes in environmental factors; but our adjustments have not been frequent due to a relatively stable charge-off The Company had no unallocated loss allowance balance at June 30, 2020 and 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 is a summary of the changes in the allowance for loan losses: 2020 2019 2018 (Dollars in Thousands) Balance, July 1 $ 548 $ 468 $ 418 Add: Provision for loan losses 70 80 50 Less: Loans charged off — — — Balance, June 30 $ 618 $ 548 $ 468 The following tables summarize the primary segments of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2020, June 30, 2019 and June 30, 2018. Activity in the allowance is presented for the fiscal years ended June 30, 2020, 2019 and 2018. As of June 30, 2020 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial 5 Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 44 (8 ) (4 ) 9 29 2 (2 ) 70 Ending ALLL Balance at June 30, 2020 $ 449 $ 38 $ 6 $ 26 $ 66 $ 32 $ 1 $ 618 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 449 38 6 26 66 32 1 618 $ 449 $ 38 $ 6 $ 26 $ 66 $ 32 $ 1 $ 618 As of June 30, 2019 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial 5 Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 49 22 10 (1 ) 2 (1 ) (1 ) 80 Ending ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 405 46 10 17 37 30 3 548 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 5 Not secured by real estate. As of June 30, 2018 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial 5 Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2017 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 51 (6 ) (5 ) (2 ) 15 (3 ) — 50 Ending ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 356 24 — 18 35 31 4 468 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 During the fiscal year ended June 30, 2020, the significant changes to the ALLL were a $44 thousand increase associated with the 1-4 COVID-19 During the fiscal year ended June 30, 2019, the ALLL associated with the 1-4 1-4 During the fiscal year ended June 30, 2018, the ALLL associated with the 1-4 During the fiscal years ended June 30, 2020, 2019 and 2018, respectively, the Company increased its ALLL reserve factors for the following loan segments: Loan Segment 06/30/2020 Factor 06/30/2019 Factor 6/30/2018 Factor 1-4 0.575 % 0.500 % 0.460 % 1-4 0.825 % 0.750 % 0.750 % Land Acquisition & Dev 1.250 % 1.000 % 1.000 % Multi-family 0.700 % 0.550 % 0.550 % Commercial Real Estate 1.500 % 1.000 % 1.000 % Consumer 1.100 % 1.000 % 1.000 % Commercial 5 6.000 % 5.000 % 5.000 % 5 Not secured by real estate. |
FEDERAL HOME LOAN BANK STOCK
FEDERAL HOME LOAN BANK STOCK | 12 Months Ended |
Jun. 30, 2020 | |
FEDERAL HOME LOAN BANK (FHLB) STOCK [Abstract] | |
FEDERAL HOME LOAN BANK STOCK | 10. FEDERAL HOME LOAN BANK STOCK We are a member of the Federal Home Loan Bank of Pittsburgh. The FHLB requires members to purchase and hold a specified minimum level of FHLB stock based upon their level of borrowings, collateral balances and participation in other programs offered by the FHLB. Stock in the FHLB is non-marketable At June 30, 2020 and 2019, our FHLB stock totaled $6.6 million and $7.0 million, respectively, as shown on the consolidated balance sheets. We account for the stock in accordance with ASC 325, which requires the investment to be carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. Due to the continued improvement of the FHLBÂ’s financial performance and stability over the past several years, combined with regular quarterly dividends in 2020 and 2019, we believe our holdings in FHLB stock are ultimately recoverable at par value and, therefore, determined that the stock was not other-than-temporarily impaired. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 11. PREMISES AND EQUIPMENT Major classifications of premises and equipment are summarized as follows: 2020 2019 (Dollars in Thousands) Land and improvements $ 246 $ 246 Buildings and improvements 2,219 2,165 Furniture, fixtures, and equipment 1,397 1,218 3,862 3,629 Less accumulated depreciation 3,288 3,283 Total $ 574 $ 346 Depreciation charged to operations was $38 thousand, $47 thousand, and $78 thousand for the years ended June 30, 2020, 2019, and 2018, respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
DEPOSITS | 12. DEPOSITS Deposit accounts are summarized as follows: 2020 2019 Amount Percent of Portfolio Amount Percent of Portfolio (Dollars in Thousands) Non-interest $ 22,657 15.0 % $ 19,770 13.5 % Interest-earning checking 25,075 16.6 23,541 16.1 Savings accounts 44,541 29.4 43,740 29.9 Money market accounts 21,743 14.4 19,958 13.6 Savings certificates 35,063 23.2 37,361 25.5 Advance payments by borrowers for taxes and insurance 2,256 1.5 2,065 1.4 Total $ 151,335 100.0 % $ 146,435 100.0 % The maturities of savings certificates at June 30, 2020, are summarized as follows: (Dollars in Thousands) Within one year $ 31,273 Beyond one year but within two years 1,828 Beyond two years but within three years 836 Beyond three years but within four years 603 Beyond four years but within five years 294 Beyond five years 229 Total $ 35,063 There were two retail savings certificates with a balance over $250 thousand or more on June 30, 2020. At June 30, 2020 and 2019, the Savings Bank had brokered CDs totaling $9.9 million and $10.5 million, respectively. |
FEDERAL HOME LOAN BANK (FHLB) A
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 12 Months Ended |
Jun. 30, 2020 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
FEDERAL HOME LOAN BANK (FHLB) ADVANCES | 13. FEDERAL HOME LOAN BANK (FHLB) ADVANCES The following table presents contractual maturities of FHLB long-term advances as of June 30, 2020. Maturity range Weighted- average Stated interest rate range June 30, June 30, Description from to interest rate 6 from to 2020 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 1.00 % 0.31 % 1.49 % 85,000 85,000 Total $ 100,000 $ 100,000 Maturities of FHLB long-term advances at June 30, 2020, are summarized as follows: Maturing During Fiscal Year Ended June 30: Amount Weighted-Average (Dollars in Thousands) 2021 65,000 0.96 % 2022 30,000 1.75 % 2023 5,000 3.09 % 2024 — — 2025 — — 2026 and thereafter — — Total $ 100,000 1.30 % The Company also utilized revolving and short-term FHLB advances. Short-term FHLB advances generally mature within 90 days, while revolving FHLB advances may be repaid by the Company without penalty. The following table presents information regarding such advances as of June 30, 2020 and June 30, 2019: June 30, 2020 June 30, 2019 (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 59,159 $ 70,828 Average balance 58,146 81,556 Maximum month-end 68,030 161,289 Average interest rate 1.57 % 2.45 % Weighted-average rate at period end 0.39 % 2.46 % 6 As of June 30, 2020 At June 30, 2020, the Company had remaining borrowing capacity with the FHLB of approximately $4.9 million. The FHLB advances are secured by the Company’s FHLB stock, loans, mortgage-backed and investment securities. FHLB advances are subject to substantial prepayment penalties. |
OTHER SHORT-TERM BORROWINGS
OTHER SHORT-TERM BORROWINGS | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
OTHER SHORT-TERM BORROWINGS | 14. OTHER SHORT-TERM BORROWINGS The Company also utilized other short-term borrowings comprised of Federal Reserve Bank of Cleveland (FRB) discount window borrowings. FRBC discount window borrowings mature within 90 days and may be repaid prior to maturity without penalty, in whole or in part, plus accrued interest. The following table presents information regarding the FRBC borrowings as of June 30, 2020 and June 30, 2019: FRB Discount Window Borrowings: June 30, 2020 June 30, 2019 (Dollars in Thousands) Ending balance $ 7,000 $ — Average balance 2,592 — Maximum month-end 24,800 — Average interest rate 0.25 % - % Weighted-average rate at period end 0.25 % - % |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 15. COMMITMENTS AND CONTINGENT LIABILITIES Loan Commitments In the normal course of business, there are various commitments that are not reflected in the CompanyÂ’s financial statements. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheet. The CompanyÂ’s exposure to credit loss in the event of nonperformance by the other parties to the financial instruments is represented by the contractual amounts as disclosed. Losses, if any, are charged to the allowance for losses on off-balance off-balance Loan commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheet. The same credit policies are used in making commitments and conditional obligations as for on-balance Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the loan agreement. These commitments are composed primarily of the undisbursed portion of construction and land development loans (Note 8), residential, commercial real estate, and consumer loan originations. The exposure to loss under these commitments is limited by subjecting them to credit approval and monitoring procedures. Substantially all commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of the loan funding. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for loan losses. Litigation The Company is involved with various legal actions arising in the ordinary course of business. Management believes the outcome of these matters will have no material effect on the consolidated operations or financial condition of WVS. |
REGULATORY CAPITAL
REGULATORY CAPITAL | 12 Months Ended |
Jun. 30, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
REGULATORY CAPITAL | 16. REGULATORY CAPITAL Federal regulations require the Savings Bank to maintain minimum amounts of capital. Specifically, the Savings Bank is required to maintain certain minimum dollar amounts and ratios of Total and Tier I Capital to Risk-Weighted Assets and of Tier I Capital to Average Total Assets. In addition to the capital requirements, the Federal Deposit Insurance Corporation Improvement Act (“FDICIA”) established five capital categories ranging from well capitalized to critically undercapitalized. Should any institution fail to meet the requirements to be considered adequately capitalized, it would become subject to a series of increasingly restrictive regulatory actions. In July of 2013 the respective U.S. federal banking agencies issued final rules implementing Basel III and the Dodd-Frank Act capital requirements were fully-phased in on a global basis as of January 1, 2019. The new regulations establish a new tangible common equity capital requirement, increase the minimum requirement for the current Tier 1 risk-weighted asset (“RWA”) ratio, phase out certain kinds of intangibles treated as capital and certain types of instruments and change the risk weightings of certain assets used to determine required capital ratios. Provisions of the Dodd-Frank Act generally require these capital rules to apply to bank holding companies and their subsidiaries. The new common equity Tier 1 capital component requires capital of the highest quality – predominantly composed of retained earnings and common stock instruments. For community banks, such as West View Savings Bank, a common equity Tier 1 capital ratio of 4.5% became effective on January 1, 2015. The new capital rules also increased the current minimum Tier 1 capital ratio from 4.0% to 6.0% beginning on January 1, 2015. In addition, in order to make capital distributions and pay discretionary bonuses to executive officers without restriction, an institution must also maintain greater than 2.5% in common equity attributable to a capital conservation buffer which was phased in from January 1, 2016 to January 1, 2019. The new rules also increase the risk weights for several categories of assets, including an increase from 100% to 150% for certain acquisition, development and construction loans and more than 90-day Bank holding companies are generally subject to statutory capital requirements, which were implemented by certain of the new capital regulations described above that became effective on January 1, 2015. However, the Small Banking Holding Company Policy Statement exempts certain small bank holding companies like the Company from those requirements provided that they meet certain conditions. As of June 30, 2020 and 2019, the FDIC categorized the Savings Bank as well capitalized under the regulatory framework for prompt corrective action. To be classified as a well capitalized financial institution, Common Equity Tier 1 Capital, Tier 1 Risk-Based, Total Risk-Based, and Tier 1 Leverage Capital Ratios must be at least 6.5 percent, 8 percent, 10 percent, and 5 percent, respectively. The Company’s and Savings Bank’s actual capital ratios for fiscal 2020 are presented in the following table, which show that the Company and Savings Bank met all regulatory capital requirements. June 30, 2020 WVS West View Savings Bank Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 37,469 18.55 % $ 32,508 16.19 % To Be Well Capitalized 13,127 6.50 13,055 6.50 For Capital Adequacy Purposes 9,088 4.50 9,038 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 37,469 18.55 % $ 32,508 16.19 % To Be Well Capitalized 16,157 8.00 16,068 8.00 For Capital Adequacy Purposes 12,118 6.00 12,051 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 38,140 18.88 % $ 33,179 16.52 % To Be Well Capitalized 20,196 10.00 20,085 10.00 For Capital Adequacy Purposes 16,157 8.00 16,068 8.00 Tier I Capital (to Average Total Assets) Actual $ 37,469 10.16 % $ 32,508 8.89 % To Be Well Capitalized 18,442 5.00 18,277 5.00 For Capital Adequacy Purposes 14,754 4.00 14,622 4.00 The Company’s and Savings Bank’s actual capital ratios for fiscal 2019 are presented in the following table, which show that the Company and Savings Bank met all regulatory capital requirements. June 30, 2019 WVS West View Savings Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 12,282 6.50 12,271 6.50 For Capital Adequacy Purposes 8,503 4.50 8,496 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 15,116 8.00 15,103 8.00 For Capital Adequacy Purposes 11,337 6.00 11,327 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 36,615 19.38 % $ 32,885 17.42 % To Be Well Capitalized 18,895 10.00 18,879 10.00 For Capital Adequacy Purposes 15,116 8.00 15,103 8.00 Tier I Capital (to Average Total Assets) Actual $ 36,035 10.20 % $ 32,305 9.15 % To Be Well Capitalized 17,663 5.00 17,656 5.00 For Capital Adequacy Purposes 14,130 4.00 14,124 4.00 |
STOCK BENEFIT PLANS
STOCK BENEFIT PLANS | 12 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BENEFIT PLANS | 17. STOCK BENEFIT PLANS Employee Stock Ownership Plan (“ESOP”) WVS maintains an ESOP for the benefit of officers and Savings Bank employees who have met certain eligibility requirements related to age and length of service. Compensation expense for the ESOP was $107 thousand, $226 thousand, and $104 thousand for the years ended June 30, 2020, 2019, and 2018, respectively. Total ESOP shares as of June 30, 2020 and 2019 were 309,447 and 316,922, respectively. The following table presents the components of the ESOP shares as of June 30, 2020 and 2019. 2020 2019 Allocated shares 148,537 146,163 Unallocated shares 160,910 170,759 Total ESOP shares 309,447 316,922 Fair value of unallocated ESOP shares $ 2,124,012 $ 2,988,283 The purchase of shares of the Company’s stock by the ESOP is funded by three term loans, and contributions from the Company, through the Savings Bank. Unreleased ESOP shares collateralize the loans payable and the cost of these shares is recorded as a contra-equity account in stockholders’ equity of the Company. The ESOP’s term loans bear a weighted-average interest rate of 4.75%, which rate is subject to adjustment based on annual changes in the prime rate and will mature on March 31, 2035, 2037 and 2038, respectively. Shares are released as payments are made by the ESOP on the loans. The ESOP’s sources of repayment on the loans can include dividends, if any, on the unallocated stock held by the ESOP and discretionary contributions from the Savings Bank to the ESOP and other earnings. Compensation is recognized under the shares released method and compensation expense is equal to the fair value of the shares committed to be released, and unallocated ESOP shares are excluded from outstanding shares for the purpose of computing EPS. |
DIRECTOR, OFFICER, AND EMPLOYEE
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS | 12 Months Ended |
Jun. 30, 2020 | |
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS [Abstract] | |
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS | 18. DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS Profit Sharing Plan The Company maintains a non-contributory Directors’ Deferred Compensation Plan The Company maintains a deferred compensation plan (the “Plan”) for directors who elect to defer all or a portion of their directors’ fees. Deferred fees are paid to the participants in installments commencing in the year following the year the individual is no longer a member of the Board of Directors. The Plan allows for the deferred amounts to be paid in shares of common stock at the prevailing market price on the date of distribution. For fiscal years ended June 30, 2020, 2019, and 2018, 1,731 shares were held by the Plan. Amounts deferred are included in other noninterest expense and totaled $39 thousand, $31 thousand, and $29 thousand for the fiscal years 2020, 2019, and 2018, respectively. The aggregate liability for the deferred compensation arrangement at June 30, 2020 and 2019, was $416 thousand and $339 thousand, respectively, and is included in with “other liabilities” in the Consolidated Balance Sheet. Bank-Owned Life Insurance (“BOLI”) The Company has purchased single premium BOLI policies on certain executives. The policies are recorded at their cash surrender values. Increases in cash surrender values are included in noninterest income in the accompanying Consolidated Statement of Income. The Company recorded $118 thousand, $121 thousand and $126 thousand of income in fiscal 2020, 2019, and 2018, respectively, and the policies’ cash surrender values totaling $4.9 million and $4.8 million at June 30, 2020 and 2019, respectively, are reflected as an asset on the Consolidated Balance Sheet. Executive Life Insurance The Company has split dollar life insurance arrangements (“Split Dollar Life Insurance Agreements”) with certain executives. This plan provides each executive a specified death benefit should the executive die while in the Company’s employ. The Company owns the policies and all cash values thereunder. Upon death of the covered employee, the agreed-upon amount of death proceeds from the policies will be paid directly to the insured’s beneficiary. As of June 30, 2020, the policies had total death benefits of $10.9 million of which $2.5 million would have been paid to the executive’s beneficiaries and the remaining $8.4 million would have been paid to the Company. A portion of the death benefit coverage may continue to the Company’s CEO in the event of a change in control or other termination of his employment. In the event the other executives terminate employment with the Company, their split dollar interests in the policies cease. The Company accrued a benefit expense of $47 thousand, $58 thousand, and $56 thousand in fiscal 2020, 2019, and 2018, respectively, for the split dollar benefit. Supplemental Executive Retirement Plan (“SERP”) On September 1, 2013, the Company entered into a supplemental executive retirement plan (SERP) agreement with the CEO. The plan was targeted to provide him with an annual retirement benefit commencing at age 65. The Company accrued expenses of $129 thousand, $126 thousand, and $122 thousand for fiscal years 2020, 2019, and 2018, respectively, in connection with the SERP. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 19. INCOME TAXES The provision for income taxes consists of: 2020 2019 2018 (Dollars in Thousands) Currently payable: Federal $ 667 $ 680 $ 877 State 231 261 186 898 941 1,063 Deferred (28 ) (9 ) (68 ) Change in corporate tax rate — — 133 Total $ 870 $ 932 $ 1,128 In addition to income taxes applicable to income before taxes in the Consolidated Statement of Income, the following income tax amounts were recorded to stockholders’ equity during the years ended June 30: 2020 2019 2018 (Dollars in Thousands) Net unrealized (gain) loss on securities available for sale $ 146 $ (26 ) $ (4 ) Net non-credit 3 (3 ) 8 Net loss recorded to stockholders’ equity $ 149 $ (29 ) $ 4 The following temporary differences gave rise to the net deferred tax assets at June 30: 2020 2019 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 132 $ 118 Deferred compensation 93 77 Retirement Plan 170 143 Reserve for off-balance 11 7 OTTI other impairment 15 18 OTTI credit impairment 51 37 Net unrealized loss on securities available for sale 133 — Other 90 115 Total gross deferred tax assets 695 515 Deferred tax liabilities: Net unrealized gain on securities available for sale — 22 Deferred origination fees, net 147 125 Total gross deferred tax liabilities 147 147 Net deferred tax assets $ 548 $ 368 No valuation allowance was established at June 30, 2020 and 2019, in view of the Company’s ability to carryback to taxes paid in previous years, future anticipated taxable income, which is evidenced by the Company’s earnings potential, and deferred tax liabilities at June 30, 2020 and 2019. The Tax Cut and Jobs Act, enacted on December 22, 2017, lowered the federal corporate income tax rate from 34% to 21% effective January 1, 2018. As a result, the carrying value of net deferred tax assets was reduced, which increased income tax expense by $133 thousand. The Company and its subsidiary file a consolidated federal income tax return. Prior to 1996, the Savings Bank was permitted under the Internal Revenue Code to establish a tax reserve for bad debts, and to make annual additions within specified limitations which may have been deducted in arriving at its taxable income. Subsequent to 1995, the Savings Bank’s bad debt deduction may be computed using an amount based on its actual loss experience (the “experience method”). U.S. generally accepted accounting principles prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not more-likely-than-not more-likely-than-not There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statement of Income. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2017. The following is a reconciliation between the actual provision for income taxes and the amount of income taxes which would have been provided at federal statutory rates for the years ended June 30: 2020 2019 2018 % of % of % of Pretax Pretax Pretax Amount Income Amount Income Amount Income (Dollars in Thousands) Provision at statutory rate $ 706 21.0 % $ 782 21.0 % $ 894 27.5 % Impact of change in Federal corporate tax rate — — — — 133 4.1 State income tax, net of federal tax benefit 183 5.4 206 5.5 146 4.5 Tax exempt income — — (6 ) (0.2 ) (7 ) (0.2 ) Bank Owned Life Insurance (25 ) (0.7 ) (26 ) (0.7 ) (34 ) (1.0 ) Other, net 6 0.2 (24 ) (0.6 ) (4 ) (0.1 ) Actual tax expense and effective rate $ 870 25.9 % $ 932 25.0 % $ 1,128 34.8 % The Savings Bank is subject to the Pennsylvania Mutual Thrift Institutions Tax, which is calculated at 11.5 percent of earnings. Prior to the enactment of the Small Business Job Protection Act, the Company accumulated approximately $3.9 million of retained earnings, which represent allocations of income to bad debt deductions for tax purposes only. Since there is no amount that represents the accumulated bad debt reserves subsequent to 1987, no provision for federal income tax has been made for such amount. If any portion of this amount is used other than to absorb loan losses (which is not anticipated), the amount will be subject to federal income tax at the current corporate rate. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Jun. 30, 2020 | |
REGULATORY MATTERS [Abstract] | |
REGULATORY MATTERS | 20. REGULATORY MATTERS Cash and Due From Banks The Federal Reserve requires the Savings Bank to maintain certain reserve balances. The required reserves are computed by applying prescribed ratios to the Savings BankÂ’s average deposit transaction account balances. In response to the COVID-19 Loans Federal law prohibits the Company from borrowing from the Savings Bank unless the loans are secured by specific obligations. Further, such secured loans are limited in amount to 10 percent of the Savings BankÂ’s capital surplus. Dividend Restrictions The Savings Bank is subject to the Pennsylvania Banking Code, which restricts the availability of surplus for dividend purposes. At June 30, 2020, surplus funds of $3.4 million were not available for dividends from the Savings Bank to the Company. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 21. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. GAAP established a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way Assets Measured at Fair Value on a Recurring Basis Investment Securities Available-for-Sale Fair values for securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. The Company has no Level I or Level III investment securities. Level II investment securities were primarily comprised of investment-grade corporate bonds and U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. The following tables present the assets reported on a recurring basis on the Consolidated Balance Sheet at their fair value as of June 30, 2020 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. June 30, 2020 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ — $ 109,128 $ — $ 109,128 Foreign debt securities 7 — 32,540 — 32,540 Commercial paper — 5,971 — 5,971 $ — $ 147,639 $ — $ 147,639 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 7 — 26,543 — 26,543 Obligations of states and political subdivisions — 1,329 — 1,329 $ — $ 132,780 $ — $ 132,780 7 U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Jun. 30, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 22. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of the Company’s financial instruments not measured at fair value on a recurring basis are as follows: June 30, 2020 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,500 $ 2,500 $ 2,500 $ — $ — Certificates of deposit 1,840 1,840 1,840 — — Investment securities – held to maturity 3,495 3,622 — 3,622 — Mortgage-backed securities – held to maturity: Agency 96,488 96,042 — 96,042 — Private-label 618 607 — — 607 Net loans receivable 91,032 98,700 — — 98,700 Accrued interest receivable 744 744 744 — — FHLB stock 6,564 6,564 6,564 — — Bank owned life insurance 4,907 4,907 4,907 — — FINANCIAL LIABILITIES Deposits: Non-interest $ 22,657 $ 22,657 $ 22,657 $ — $ — Interest-earning checking 25,075 25,075 25,075 — — Savings accounts 44,541 44,541 44,541 — — Money market accounts 21,743 21,743 21,743 — — Certificates of deposit 35,063 35,237 — — 35,237 Advance payments by borrowers for taxes and insurance 2,256 2,256 2,256 — — FHLB advances – fixed rate 15,000 14,818 — — 14,818 FHLB advances – variable rate 85,000 85,000 85,000 — — FHLB short-term advances 59,159 59,159 59,159 — — Other short-term advances 7,000 7,000 7,000 — — Accrued interest payable 487 487 487 — — June 30, 2019 Carrying Fair Value 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. |
PARENT COMPANY
PARENT COMPANY | 12 Months Ended |
Jun. 30, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY | 23. PARENT COMPANY Condensed financial information of WVS Financial Corp. is as follows: CONDENSED BALANCE SHEET June 30, 2020 2019 (Dollars in Thousands) ASSETS Interest-earning deposits with subsidiary bank $ 2,676 $ 2,566 Certificates of deposit 993 497 Investment securities available for sale 992 — Investment in subsidiary bank 31,952 32,320 Other assets 702 722 TOTAL ASSETS $ 37,315 $ 36,105 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 402 $ 56 Stockholders’ equity 36,913 36,049 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 37,315 $ 36,105 CONDENSED STATEMENT OF INCOME Year Ended June 30, 2020 2019 2018 (Dollars in Thousands) INCOME Interest on loans $ 111 $ 109 $ 94 Interest on certificates of deposit 24 — — Interest on investment securities available for sale 12 — — Dividend from subsidiary 2,275 2,450 1,600 Interest-earning deposits with subsidiary bank 2 3 2 Total income 2,424 2,562 1,696 OTHER OPERATING EXPENSE 134 129 127 Income before equity in undistributed earnings of subsidiary 2,290 2,433 1,569 Equity in undistributed earnings of subsidiary 204 329 540 Income before income taxes 2,494 2,762 2,109 Income tax expense (benefit) 4 (33 ) (16 ) NET INCOME $ 2,490 $ 2,795 $ 2,125 Year Ended June 30, 2020 2019 2018 (Dollars in Thousands) OPERATING ACTIVITIES Net income $ 2,490 $ 2,795 $ 2,125 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (204 ) (329 ) (540 ) Amortization of unallocated ESOP shares 158 200 177 Other, net 339 (541 ) (34 ) Net cash provided by operating activities 2,783 2,125 1,728 INVESTING ACTIVITIES Available for sale: Purchases of investment securities available for sale (4,928 ) (497 ) — Proceeds from repayments of investment securities available for sale 3,948 — — Purchase of certificates of deposit (2,234 ) — — Maturities/redemptions of certificates of deposit 1,738 — — Net cash used for investing activities (1,476 ) (497 ) — FINANCING ACTIVITIES Cash dividends paid (707 ) (783 ) (689 ) Purchase of treasury stock (506 ) (383 ) (622 ) Increase in unallocated ESOP shares — — (32 ) Net cash used for financing activities (1,213 ) (1,166 ) (1,343 ) Increase in cash and cash equivalents 94 462 385 CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 2,566 2,104 1,719 CASH AND CASH EQUIVALENTS END OF YEAR $ 2,660 $ 2,566 $ 2,104 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | 24. SELECTED QUARTERLY FINANCIAL DATA (unaudited) Three Months Ended September December March June 2019 2019 2020 2020 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,987 $ 2,771 $ 2,640 $ 2,087 Total interest expense 1,184 1,110 990 570 Net interest income 1,803 1,661 1,650 1,517 Provision for loan losses (10 ) (8 ) (7 ) 95 Net interest income after provision for loan losses 1,813 1,669 1,657 1,422 Total noninterest income 110 122 70 60 Total noninterest expense 847 870 884 962 Income before income taxes 1,076 921 843 520 Income taxes 283 194 218 175 Net income $ 793 $ 727 $ 625 $ 345 Per share data: Net income Basic $ 0.45 $ 0.41 $ 0.35 $ 0.20 Diluted 0.45 0.41 0.35 0.20 Average shares outstanding Basic 1,775,561 1,771,457 1,771,722 1,753,946 Diluted 1,775,561 1,771,457 1,771,722 1,753,946 Three Months Ended September December March June 2018 2018 2019 2019 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,832 $ 2,943 $ 3,158 $ 3,121 Total interest expense 1,032 1,208 1,326 1,306 Net interest income 1,800 1,735 1,832 1,815 Provision for loan losses 19 14 10 37 Net interest income after provision for loan losses 1,781 1,721 1,822 1,778 Total noninterest income 110 110 87 108 Total noninterest expense 901 954 897 1,038 Income before income taxes 990 877 1,012 848 Income taxes 242 192 265 233 Net income $ 748 $ 685 $ 747 $ 615 Per share data: Net income Basic $ 0.42 $ 0.38 $ 0.42 $ 0.35 Diluted 0.42 0.38 0.42 0.35 Average shares outstanding Basic 1,793,055 1,782,091 1,772,165 1,774,553 Diluted 1,793,272 1,782,091 1,772,165 1,774,553 COMMON STOCK MARKET PRICE AND DIVIDEND INFORMATION WVS Financial Corp.’s common stock is traded on the Nasdaq Global Market SM The following table sets forth the high and low market prices of a share of common stock, and cash dividends declared per share, for the periods indicated. Market Price Cash Dividends Quarter Ended High Low Declared June 2020 $ 14.30 $ 13.00 $ 0.10 March 2020 17.06 13.06 0.10 December 2019 16.30 15.26 0.10 September 2019 17.77 15.12 0.10 June 2019 $ 17.81 $ 17.00 $ 0.18 March 2019 18.44 14.51 0.10 December 2018 16.50 12.25 0.08 September 2018 16.55 15.85 0.08 There were seven Nasdaq Market Makers in the Company’s common stock as of June 30, 2020: VIRTU Americas LLC; Citadel Securities LLC; Bofa Securities; UBS Securities LLC; Two Sigma Securities LLC; Citadel Derivatives Group LLC and Latour Trading LLC. According to the records of the Company’s transfer agent, there were approximately 387 shareholders of record at August 21, 2020. This does not include any persons or entities who hold their stock in nominee or “street name” through various brokerage firms. Dividends are subject to determination and declaration by the Board of Directors, which takes into account the Company’s financial condition, statutory and regulatory restrictions, general economic condition and other factors. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization | Organization WVS Financial Corp. (“WVS” or the “Company”) is a Pennsylvania-chartered unitary bank holding company which owns 100 percent of the common stock of West View Savings Bank (“West View” or the “Savings Bank”). The operating results of the Company depend primarily upon the operating results of the Savings Bank and, to a lesser extent, income from interest-earning assets such as investment securities. West View is a Pennsylvania-chartered, FDIC-insured stock savings bank conducting business from six offices in the North Hills suburbs of Pittsburgh. The Savings Bank’s principal sources of revenue originate from its portfolio of residential real estate and commercial mortgage loans as well as income from investment and mortgage-backed securities. The Company is supervised by the Board of Governors of the Federal Reserve System, while the Savings Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities . |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of WVS and its wholly owned subsidiary, West View. All intercompany transactions have been eliminated in consolidation. The accounting and reporting policies of WVS and West View conform to U.S. generally accepted accounting principles. The CompanyÂ’s fiscal year-end In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and revenues and expenses for that period. Actual results could differ significantly from those estimates. The coronavirus (COVID-19) sheltering-in-place COVID-19 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by the President of the United States. Certain provisions within the CARES Act encourage financial institutions to practice prudent efforts to work with borrowers impacted by COVID-19. COVID-19 COVID-19 COVID-19 |
Investment and Mortgage-Backed Securities | Investment and Mortgage-Backed Securities Investment and mortgage-backed securities are classified at the time of purchase as securities held to maturity or securities available for sale based on management’s ability and intent. Investment and mortgage-backed securities acquired with the ability and intent to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount, which are computed using the level-yield method and recognized as adjustments of interest income. Amortization rates for mortgage-backed securities are periodically adjusted to reflect changes in the prepayment speeds of the underlying mortgages. Certain other investment securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale Common stock of the Federal Home Loan Bank (the “FHLB”) represents ownership in an institution which is wholly owned by other financial institutions. This equity security is accounted for at cost and reported separately on the accompanying Consolidated Balance Sheet. Management systematically evaluates investment securities for other-than-temporary declines in fair value on at least a quarterly basis. This analysis requires management to consider various factors, which include: (1) duration and magnitude of the decline in value; (2) the credit rating of the issuer or issuers; (3) structure of the security; and (4) the Company’s intent to sell the security or whether it’s more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. The Company retains an independent third party to assist it in the determination of fair values for its private-label collateralized mortgage obligations (“CMOs”). This valuation is meant to be a “Level Three” valuation as defined by ASC Topic 820, Fair Value Measurements and Disclosures. The valuation does not represent the actual terms or prices at which any party could purchase the securities. There is currently no active secondary market for private-label CMOs and there can be no assurance that any secondary market for private-label CMOs will develop. The Company believes that the private-label CMO portfolio had five other than temporary impairments at June 30, 2020. 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. |
Net Loans Receivable | Net Loans Receivable Net loans receivable are reported at their principal amount, net of the allowance for loan losses and deferred loan fees. Interest on mortgage, consumer, and commercial loans is recognized on the accrual method. The CompanyÂ’s general policy is to stop accruing interest on loans when, based upon relevant factors, the collection of principal or interest is doubtful, regardless of the contractual status. Interest received on nonaccrual loans is recorded as income or applied against principal according to managementÂ’s judgment as to the collectability of such principal. Loan origination and commitment fees, and all incremental direct loan origination costs, are deferred and recognized over the contractual remaining lives of the related loans on a level-yield basis. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. Impaired loans are commercial and commercial real estate loans for which it is probable the Company will not be able to collect all amounts due according to the contractual terms of the loan agreement. The Company individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. The definition of “impaired loans” is not the same as the definition of “nonaccrual loans,” although the two categories overlap. The Company may choose to place a loan on nonaccrual status due to payment delinquency or uncertain collectability, while not classifying the loan as impaired if the loan is not a commercial or commercial real estate loan. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of impaired loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans on one-to-four case-by-case |
Real Estate Owned | Real Estate Owned Real estate owned acquired through foreclosure is carried at the lower of cost or fair value minus estimated costs to sell. Costs relating to development and improvement of the property are capitalized, whereas costs of holding such real estate are expensed as incurred. |
Premises and Equipment | Premises and Equipment Land is carried at cost, while premises and equipment are stated at cost, less accumulated depreciation. Depreciation is principally computed on the straight-line method over the estimated useful lives of the related assets, which range from 3 to 25 years for furniture and equipment and 7 to 50 years for building premises. Leasehold improvements are amortized over the shorter of their estimated useful lives or their respective lease terms, which range from 5 to 40 years. Expenditures for maintenance and repairs are charged against income as incurred. Costs of major additions and improvements are capitalized. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are computed based on the difference between the financial statement and the income tax basis of assets and liabilities using the enacted marginal tax rates. Deferred income taxes or benefits are based on the changes in the deferred tax asset or liability from period to period. The Company files a consolidated federal income tax return. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which such items are expected to be realized or settled. As changes in tax rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. |
Earnings Per Share | Earnings Per Share The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share are calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income available to common stockholders, adjusted for the effects of any dilutive securities, by the weighted-average number of common shares outstanding, adjusted for the effects of any dilutive securities. |
Comprehensive Income | Comprehensive Income The Company is required to present comprehensive income and its components in a full set of general-purpose financial statements for all periods presented. Other comprehensive income is composed exclusively of net unrealized holding gains (losses) on its available-for-sale non-credit held-to-maturity |
Cash Flow Information | Cash Flow Information Cash and cash equivalents include cash and due from banks and interest-earning demand deposits with original maturities of 90 days or less. Cash flow from loans, deposits, and short-term borrowings are reported net. |
Reclassification of Comparative Figures | Reclassification of Comparative Figures Certain comparative amounts for prior years have been reclassified to conform to current-year presentations. Such reclassifications did not affect net income or stockholdersÂ’ equity. |
Recent Accounting Pronouncements | 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 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC one-time one-time 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 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. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC 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 Topic 815, Derivatives and Hedging 2017-12, Topic 825, Financial Instruments 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC one-year 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 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC 2016-13. In November 2019, the FASB issued ASU 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606), Compensation – Stock Compensation 505-50, Equity – Equity-Based Payments to Non -Employees 2018-07, 2018-07, 2018-07. In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 non-SEC No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (Goodwill) one-year In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses 2019-10. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) step-up year-to-date In February 2020, the FASB issued ASU 2020-02, Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, In March 2020, the FASB issued ASU 2020-03 , Codification Improvements to Financial Instruments. Financial Instruments 2019-04 2016-01. 2016-13 2016-13. 2016-13. 2016-13 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 one-time held-to-maturity In March 2020, in accordance with provisions in the CARES Act, the Corporation has elected not to apply the guidance in ASC 310-40 COVID-19 COVID-19 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
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. 2020 2019 2018 Weighted-average common shares issued 3,805,636 3,805,636 3,805,636 Average treasury stock shares (1,874,720 ) (1,852,450 ) (1,798,021 ) Average unallocated ESOP shares (162,715 ) (172,659 ) (180,722 ) Weighted-average common shares and common stock equivalents used to calculate basic earnings per share 1,768,201 1,780,527 1,826,893 Additional common stock equivalents (stock options) used to calculate diluted earnings per share — 54 367 Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 1,768,201 1,780,581 1,827,260 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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) 2020 AVAILABLE FOR SALE Corporate debt securities $ 109,739 $ 163 $ (774 ) $ 109,128 Foreign debt securities 1 32,561 42 (63 ) 32,540 Commercial paper 5,971 — — 5,971 Total $ 148,271 $ 205 $ (837 ) $ 147,639 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2020 HELD TO MATURITY Obligations of states and political subdivisions $ 3,495 $ 127 $ — $ 3,622 Total $ 3,495 $ 127 $ — $ 3,622 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 2019 AVAILABLE FOR SALE Corporate debt securities $ 104,760 $ 355 $ (207 ) $ 104,908 Foreign debt securities 1 26,583 35 (75 ) 26,543 Commercial paper — — — — Obligations of states and political subdivisions 1,330 — (1 ) 1,329 Total $ 132,673 $ 390 $ (283 ) $ 132,780 1 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) 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 investment securities at June 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities. Due in Due after Due after one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) AVAILABLE FOR SALE Amortized cost $ 35,408 $ 112,863 $ — $ — $ 148,271 Fair value 35,212 112,427 — — 147,639 Weighted average yield 1.61 % 1.55 % — % — % 1.56 % HELD TO MATURITY Amortized cost $ 750 $ 2,745 $ — $ — $ 3,495 Fair value 756 2,866 — — 3,622 Weighted average yield 2.84 % 3.34 % — % — % 3.23 % |
MORTGAGE-BACKED SECURITIES (Tab
MORTGAGE-BACKED SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
MORTGAGE-BACKED SECURITIES [Abstract] | |
Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities | The amortized cost, unrealized gains and losses, and fair values of mortgage-backed securities are as follows: Gross Gross Amortized Unrealized Unrealized Fair Value 2020 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 96,488 $ 486 $ (932 ) $ 96,042 Private-label 618 3 (14 ) 607 Total $ 97,106 $ 489 $ (946 ) $ 96,649 Gross Gross Amortized Unrealized Unrealized Fair Value 2019 (Dollars in Thousands) HELD TO MATURITY Collateralized mortgage obligations: Agency $ 107,448 $ 954 $ (570 ) $ 107,832 Private-label 883 5 (12 ) 876 Total $ 108,331 $ 959 $ (582 ) $ 108,708 |
Schedule of Mortgage-Backed Securities by Contractual Maturity | The amortized cost and fair value of mortgage-backed securities at June 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Due in Due after Due after one year one through five through Due after or less five years ten years ten years Total (Dollars in Thousands) HELD TO MATURITY Amortized cost $ — $ 91 $ — $ 97,015 $ 97,106 Fair value — 92 — 96,557 96,649 Weighted average yield 1.62 % 1.22 % 1.22 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive (loss) income by component for the three years ended June 30, 2020, 2019, and 2018. Unrealized Gains and Losses on Available- for-sale Unrealized Gains and Losses on Held-to- Total (Dollars in Thousands – net of tax) Balance – June 30, 2017 $ 44 $ (232 ) $ (188 ) Other comprehensive income (loss) before reclassifications (76 ) 82 6 Amounts reclassified from accumulated other comprehensive (loss) income (2 ) 11 9 Net current-period other comprehensive (loss) income (78 ) 93 15 Reclassification for the change in corporate tax rate 24 (39 ) (15 ) Balance – June 30, 2018 (10 ) (178 ) (188 ) Other comprehensive income, before reclassifications 93 117 210 Amounts reclassified from accumulated other comprehensive income (loss) 2 (9 ) (7 ) Net current-period other comprehensive income 95 108 203 Balance – June 30, 2019 85 (70 ) 15 Other comprehensive loss, before reclassifications (552 ) — (552 ) Amounts reclassified from accumulated other comprehensive (loss) income (32 ) 13 (19 ) Net current-period other comprehensive (loss) income (584 ) 13 (571 ) Balance – June 30, 2020 $ (499 ) $ (57 ) $ (556 ) |
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Loss | The following table presents the amounts reclassified out of accumulated other comprehensive (loss) income. Amount Reclassified from Accumulated Other 2 Details About Accumulated Other 2020 2019 2018 Affected Line Item in the Statement Where Net Income is Presented (Dollars in Thousands) Unrealized gains and losses on available-for-sale $ 40 $ (2 ) $ 2 Investment securities gains (losses) Other than temporary impairment losses on held to maturity securities (16 ) 11 (14 ) Net impairment losses recognized in earnings Tax effect (5 ) (2 ) 3 Income tax expense Total reclassifications for the period $ 19 $ 7 $ (9 ) 2 Amounts in parenthesis indicate expenses and other amounts indicate income. |
UNREALIZED LOSSES ON SECURITI_2
UNREALIZED LOSSES ON SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Debt and Equity Securities, Gain (Loss) [Abstract] | |
Schedule of Gross Unrealized Losses and Fair Value | The following tables show the Company’s gross unrealized losses and fair value, aggregated by category and length of time that the individual securities have been in a continuous unrealized loss position, at June 30, 2020 and 2019. June 30, 2020 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) Corporate debt securities $ 50,115 $ (509 ) $ 8,550 $ (265 ) $ 58,665 $ (774 ) Foreign debt securities 3 13,970 (63 ) — — 13,970 (63 ) Collateralized mortgage obligations 13,782 (348 ) 26,919 (598 ) 40,701 (946 ) Total $ 77,867 $ (920 ) $ 35,469 $ (863 ) $ 113,336 $ (1,783 ) 3 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. June 30, 2019 Less Than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Dollars in Thousands) Corporate debt securities $ 11,728 $ (86 ) $ 17,077 $ (121 ) $ 28,805 $ (207 ) Foreign debt securities 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: Agency 24,368 (182 ) 18,614 (400 ) 42,982 (582 ) Total $ 38,100 $ (270 ) $ 42,719 $ (595 ) $ 80,819 $ (865 ) 4 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. |
Schedule of Changes in the Credit Loss | Changes in the credit loss component of credit impaired mortgage-backed securities were as follows for the twelve month periods ended June 30, 2020 and 2019: Twelve Months Ended June 30, 2020 2019 (Dollars in Thousands) Beginning balance $ 248 $ 239 Initial credit impairment — — Subsequent credit impairment 88 28 Reductions for amounts recognized — — Reductions for securities sold — — Reduction for actual realized losses (25 ) (19 ) Reduction for increase in cash flows — — Ending balance $ 311 $ 248 |
NET LOANS RECEIVABLE (Tables)
NET LOANS RECEIVABLE (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Primary Segments of Loan Portfolio | The following table summarizes the primary segments of the loan portfolio as of June 30, 2020 and June 30, 2019. June 30, 2020 June 30, 2019 Total Individually Collectively Total Individually Collectively (Dollars in Thousands) First mortgage loans: 1 – 4 family dwellings $ 78,077 $ — $ 78,077 $ 76,789 $ — $ 76,789 Construction 1,868 — 1,868 2,907 — 2,907 Land acquisition & 446 — 446 694 — 694 Multi-family dwellings 3,755 — 3,755 3,123 — 3,123 Commercial 4,132 — 4,132 3,727 — 3,727 Consumer Loans Home equity 1,137 — 1,137 906 — 906 Home equity lines of 1,729 — 1,729 1,953 — 1,953 Other 79 — 79 112 — 112 Commercial Loans 5 11 — 11 418 — 418 $ 91,234 $ — $ 91,234 $ 90,629 $ — $ 90,629 Less: Deferred loan costs 416 507 Allowance for loan losses (618 ) (548 ) Total $ 91,032 $ 90,588 5 Not secured by real estate. |
Schedule of Nonaccrual Loans | Total nonaccrual loans as of June 30, 2020 and June 30, 2019 and the related interest income recognized during the fiscal years ended June 30, 2020 and June 30, 2019 are as follows: June 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 Average nonaccrual loans: 1 – 4 family dwellings $ 47 $ 231 Construction — — Land acquisition & development — — Commercial real estate — — Home equity lines of credit — — Total $ 47 $ 231 Income that would have been recognized $ — $ 15 Interest income recognized $ — $ 15 Interest income foregone $ — $ — |
Schedule of Loans by Aging Categories | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2020 and 2019: Current 30 –59 60 – 89 90 Days + Accruing 90 Days + Non-accrual Total Total Loans (Dollars in Thousands) June 30, 2020 First mortgage loans: 1 – 4 family dwellings $ 78,077 $ — $ — $ — $ — $ — $ 78,077 Construction 1,868 — — — — — 1,868 Land acquisition & development 446 — — — — — 446 Multi-family dwellings 3,755 — — — — — 3,755 Commercial 4,132 — — — — — 4,132 Consumer Loans Home equity 1,137 — — — — — 1,137 Home equity lines of credit 1,729 — — — — — 1,729 Other 79 — — — — — 79 Commercial Loans 5 11 — — — — — 11 $ 91,234 $ — $ — $ — $ — $ — 91,234 Deferred loan costs 416 Allowance for loan losses (618 ) Net Loans Receivable $ 91,032 5 Not secured by real estate. 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 5 418 — — — — — 418 $ 90,404 $ — $ — $ — $ 225 $ 225 90,629 Deferred loan costs 507 Allowance for loan losses (548 ) Net Loans Receivable $ 90,588 5 Not secured by real estate. |
Schedule of Loans by Internal Classification | The following tables present the Company’s internally classified construction, land acquisition and development, multi-family residential, commercial real estate and commercial (not secured by real estate) loans at June 30, 2020 and 2019. June 30, 2020 Construction Land Multi- Commercial Commercial 5 (Dollars in Thousands) Pass $ 1,868 $ 446 $ 3,755 $ 4,132 $ 11 Special Mention — — — — — Substandard — — — — — Doubtful — — — — — Ending Balance $ 1,868 $ 446 $ 3,755 $ 4,132 $ 11 June 30, 2019 Construction Land Multi- Commercial Commercial 5 (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 5 |
Schedule of Performing and Non-Performing Loans | The following table presents performing and non-performing June 30, 2020 1–4 Family Consumer (Dollars in Thousands) Performing $ 78,077 $ 2,945 Non-performing — — Total $ 78,077 $ 2,945 June 30, 2019 1–4 Family Consumer (Dollars in Thousands) Performing $ 76,564 $ 2,971 Non-performing 225 — Total $ 76,789 $ 2,971 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Schedule of Changes in the Allowance for Loan Losses | The following is a summary of the changes in the allowance for loan losses: 2020 2019 2018 (Dollars in Thousands) Balance, July 1 $ 548 $ 468 $ 418 Add: Provision for loan losses 70 80 50 Less: Loans charged off — — — Balance, June 30 $ 618 $ 548 $ 468 |
Schedule of Primary Segments of Allowance for Loan Losses | The following tables summarize the primary segments of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2020, June 30, 2019 and June 30, 2018. Activity in the allowance is presented for the fiscal years ended June 30, 2020, 2019 and 2018. As of June 30, 2020 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial 5 Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 44 (8 ) (4 ) 9 29 2 (2 ) 70 Ending ALLL Balance at June 30, 2020 $ 449 $ 38 $ 6 $ 26 $ 66 $ 32 $ 1 $ 618 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 449 38 6 26 66 32 1 618 $ 449 $ 38 $ 6 $ 26 $ 66 $ 32 $ 1 $ 618 As of June 30, 2019 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial 5 Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 49 22 10 (1 ) 2 (1 ) (1 ) 80 Ending ALLL Balance at June 30, 2019 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 405 46 10 17 37 30 3 548 $ 405 $ 46 $ 10 $ 17 $ 37 $ 30 $ 3 $ 548 5 Not secured by real estate. As of June 30, 2018 First Mortgage Loans 1 – 4 Construction Land Multi- Commercial Consumer Commercial 5 Total (Dollars in Thousands) Beginning ALLL Balance at June 30, 2017 $ 305 $ 30 $ 5 $ 20 $ 20 $ 34 $ 4 $ 418 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provisions 51 (6 ) (5 ) (2 ) 15 (3 ) — 50 Ending ALLL Balance at June 30, 2018 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 356 24 — 18 35 31 4 468 $ 356 $ 24 $ — $ 18 $ 35 $ 31 $ 4 $ 468 |
Schedule of Reserve Factors | During the fiscal years ended June 30, 2020, 2019 and 2018, respectively, the Company increased its ALLL reserve factors for the following loan segments: Loan Segment 06/30/2020 Factor 06/30/2019 Factor 6/30/2018 Factor 1-4 0.575 % 0.500 % 0.460 % 1-4 0.825 % 0.750 % 0.750 % Land Acquisition & Dev 1.250 % 1.000 % 1.000 % Multi-family 0.700 % 0.550 % 0.550 % Commercial Real Estate 1.500 % 1.000 % 1.000 % Consumer 1.100 % 1.000 % 1.000 % Commercial 5 6.000 % 5.000 % 5.000 % 5 Not secured by real estate. |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Major classifications of premises and equipment are summarized as follows: 2020 2019 (Dollars in Thousands) Land and improvements $ 246 $ 246 Buildings and improvements 2,219 2,165 Furniture, fixtures, and equipment 1,397 1,218 3,862 3,629 Less accumulated depreciation 3,288 3,283 Total $ 574 $ 346 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Schedule of Retail Deposit Accounts | Deposit accounts are summarized as follows: 2020 2019 Amount Percent of Portfolio Amount Percent of Portfolio (Dollars in Thousands) Non-interest $ 22,657 15.0 % $ 19,770 13.5 % Interest-earning checking 25,075 16.6 23,541 16.1 Savings accounts 44,541 29.4 43,740 29.9 Money market accounts 21,743 14.4 19,958 13.6 Savings certificates 35,063 23.2 37,361 25.5 Advance payments by borrowers for taxes and insurance 2,256 1.5 2,065 1.4 Total $ 151,335 100.0 % $ 146,435 100.0 % |
Schedule of Maturities of Retail and Wholesale Savings Certificates | The maturities of savings certificates at June 30, 2020, are summarized as follows: (Dollars in Thousands) Within one year $ 31,273 Beyond one year but within two years 1,828 Beyond two years but within three years 836 Beyond three years but within four years 603 Beyond four years but within five years 294 Beyond five years 229 Total $ 35,063 |
FEDERAL HOME LOAN BANK (FHLB)_2
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract] | |
Schedule of Contractual Maturities of Federal Home Loan Bank Long-Term Advances | The following table presents contractual maturities of FHLB long-term advances as of June 30, 2020. Maturity range Weighted- average Stated interest rate range June 30, June 30, Description from to interest rate 6 from to 2020 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 1.00 % 0.31 % 1.49 % 85,000 85,000 Total $ 100,000 $ 100,000 6 As of June 30, 2020 |
Maturities of Federal Home Loan Bank Long-Term Advances | Maturities of FHLB long-term advances at June 30, 2020, are summarized as follows: Maturing During Fiscal Year Ended June 30: Amount Weighted-Average (Dollars in Thousands) 2021 65,000 0.96 % 2022 30,000 1.75 % 2023 5,000 3.09 % 2024 — — 2025 — — 2026 and thereafter — — Total $ 100,000 1.30 % |
Schedule of Federal Home Loan Bank Short-Term Advances | The following table presents information regarding such advances as of June 30, 2020 and June 30, 2019: June 30, 2020 June 30, 2019 (Dollars in Thousands) FHLB revolving and short-term advances: Ending balance $ 59,159 $ 70,828 Average balance 58,146 81,556 Maximum month-end 68,030 161,289 Average interest rate 1.57 % 2.45 % Weighted-average rate at period end 0.39 % 2.46 % |
OTHER SHORT-TERM BORROWINGS (Ta
OTHER SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of FRBC Borrowings | The following table presents information regarding the FRBC borrowings as of June 30, 2020 and June 30, 2019: FRB Discount Window Borrowings: June 30, 2020 June 30, 2019 (Dollars in Thousands) Ending balance $ 7,000 $ — Average balance 2,592 — Maximum month-end 24,800 — Average interest rate 0.25 % - % Weighted-average rate at period end 0.25 % - % |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The CompanyÂ’s and Savings BankÂ’s actual capital ratios for fiscal 2020 are presented in the following table, which show that the Company and Savings Bank met all regulatory capital requirements. June 30, 2020 WVS West View Savings Bank Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 37,469 18.55 % $ 32,508 16.19 % To Be Well Capitalized 13,127 6.50 13,055 6.50 For Capital Adequacy Purposes 9,088 4.50 9,038 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 37,469 18.55 % $ 32,508 16.19 % To Be Well Capitalized 16,157 8.00 16,068 8.00 For Capital Adequacy Purposes 12,118 6.00 12,051 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 38,140 18.88 % $ 33,179 16.52 % To Be Well Capitalized 20,196 10.00 20,085 10.00 For Capital Adequacy Purposes 16,157 8.00 16,068 8.00 Tier I Capital (to Average Total Assets) Actual $ 37,469 10.16 % $ 32,508 8.89 % To Be Well Capitalized 18,442 5.00 18,277 5.00 For Capital Adequacy Purposes 14,754 4.00 14,622 4.00 The CompanyÂ’s and Savings BankÂ’s actual capital ratios for fiscal 2019 are presented in the following table, which show that the Company and Savings Bank met all regulatory capital requirements. June 30, 2019 WVS West View Savings Amount Ratio Amount Ratio (Dollars in Thousands) Common Equity Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 12,282 6.50 12,271 6.50 For Capital Adequacy Purposes 8,503 4.50 8,496 4.50 Tier I Capital (to Risk-Weighted Assets) Actual $ 36,035 19.07 % $ 32,305 17.11 % To Be Well Capitalized 15,116 8.00 15,103 8.00 For Capital Adequacy Purposes 11,337 6.00 11,327 6.00 Total Capital (to Risk-Weighted Assets) Actual $ 36,615 19.38 % $ 32,885 17.42 % To Be Well Capitalized 18,895 10.00 18,879 10.00 For Capital Adequacy Purposes 15,116 8.00 15,103 8.00 Tier I Capital (to Average Total Assets) Actual $ 36,035 10.20 % $ 32,305 9.15 % To Be Well Capitalized 17,663 5.00 17,656 5.00 For Capital Adequacy Purposes 14,130 4.00 14,124 4.00 |
STOCK BENEFIT PLANS (Tables)
STOCK BENEFIT PLANS (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of ESOP Shares | The following table presents the components of the ESOP shares as of June 30, 2020 and 2019. 2020 2019 Allocated shares 148,537 146,163 Unallocated shares 160,910 170,759 Total ESOP shares 309,447 316,922 Fair value of unallocated ESOP shares $ 2,124,012 $ 2,988,283 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of: 2020 2019 2018 (Dollars in Thousands) Currently payable: Federal $ 667 $ 680 $ 877 State 231 261 186 898 941 1,063 Deferred (28 ) (9 ) (68 ) Change in corporate tax rate — — 133 Total $ 870 $ 932 $ 1,128 |
Schedule of Income Tax Amounts Recorded to Stockholders' Equity | In addition to income taxes applicable to income before taxes in the Consolidated Statement of Income, the following income tax amounts were recorded to stockholdersÂ’ equity during the years ended June 30: 2020 2019 2018 (Dollars in Thousands) Net unrealized (gain) loss on securities available for sale $ 146 $ (26 ) $ (4 ) Net non-credit 3 (3 ) 8 Net loss recorded to stockholdersÂ’ equity $ 149 $ (29 ) $ 4 |
Schedule of Deferred Tax Assets and Liabilities | The following temporary differences gave rise to the net deferred tax assets at June 30: 2020 2019 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 132 $ 118 Deferred compensation 93 77 Retirement Plan 170 143 Reserve for off-balance 11 7 OTTI other impairment 15 18 OTTI credit impairment 51 37 Net unrealized loss on securities available for sale 133 — Other 90 115 Total gross deferred tax assets 695 515 Deferred tax liabilities: Net unrealized gain on securities available for sale — 22 Deferred origination fees, net 147 125 Total gross deferred tax liabilities 147 147 Net deferred tax assets $ 548 $ 368 |
Schedule of Reconciliation of Income Taxes | The following is a reconciliation between the actual provision for income taxes and the amount of income taxes which would have been provided at federal statutory rates for the years ended June 30: 2020 2019 2018 % of % of % of Pretax Pretax Pretax Amount Income Amount Income Amount Income (Dollars in Thousands) Provision at statutory rate $ 706 21.0 % $ 782 21.0 % $ 894 27.5 % Impact of change in Federal corporate tax rate — — — — 133 4.1 State income tax, net of federal tax benefit 183 5.4 206 5.5 146 4.5 Tax exempt income — — (6 ) (0.2 ) (7 ) (0.2 ) Bank Owned Life Insurance (25 ) (0.7 ) (26 ) (0.7 ) (34 ) (1.0 ) Other, net 6 0.2 (24 ) (0.6 ) (4 ) (0.1 ) Actual tax expense and effective rate $ 870 25.9 % $ 932 25.0 % $ 1,128 34.8 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | The following tables present the assets reported on a recurring basis on the Consolidated Balance Sheet at their fair value as of June 30, 2020 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. June 30, 2020 Level I Level II Level III Total (Dollars in Thousands) Assets measured on a recurring basis: Investment securities – available for sale: Corporate securities $ — $ 109,128 $ — $ 109,128 Foreign debt securities 7 — 32,540 — 32,540 Commercial paper — 5,971 — 5,971 $ — $ 147,639 $ — $ 147,639 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 7 — 26,543 — 26,543 Obligations of states and political subdivisions — 1,329 — 1,329 $ — $ 132,780 $ — $ 132,780 7 U.S. dollar-denominated investment-grade corporate bonds of large foreign issuers. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The estimated fair value of the Company’s financial instruments not measured at fair value on a recurring basis are as follows: June 30, 2020 Carrying Fair Level I Level II Level III (Dollars in Thousands) FINANCIAL ASSETS Cash and cash equivalents $ 2,500 $ 2,500 $ 2,500 $ — $ — Certificates of deposit 1,840 1,840 1,840 — — Investment securities – held to maturity 3,495 3,622 — 3,622 — Mortgage-backed securities – held to maturity: Agency 96,488 96,042 — 96,042 — Private-label 618 607 — — 607 Net loans receivable 91,032 98,700 — — 98,700 Accrued interest receivable 744 744 744 — — FHLB stock 6,564 6,564 6,564 — — Bank owned life insurance 4,907 4,907 4,907 — — FINANCIAL LIABILITIES Deposits: Non-interest $ 22,657 $ 22,657 $ 22,657 $ — $ — Interest-earning checking 25,075 25,075 25,075 — — Savings accounts 44,541 44,541 44,541 — — Money market accounts 21,743 21,743 21,743 — — Certificates of deposit 35,063 35,237 — — 35,237 Advance payments by borrowers for taxes and insurance 2,256 2,256 2,256 — — FHLB advances – fixed rate 15,000 14,818 — — 14,818 FHLB advances – variable rate 85,000 85,000 85,000 — — FHLB short-term advances 59,159 59,159 59,159 — — Other short-term advances 7,000 7,000 7,000 — — Accrued interest payable 487 487 487 — — June 30, 2019 Carrying Fair Value 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 — — |
PARENT COMPANY (Tables)
PARENT COMPANY (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed financial information of WVS Financial Corp. is as follows: CONDENSED BALANCE SHEET June 30, 2020 2019 (Dollars in Thousands) ASSETS Interest-earning deposits with subsidiary bank $ 2,676 $ 2,566 Certificates of deposit 993 497 Investment securities available for sale 992 — Investment in subsidiary bank 31,952 32,320 Other assets 702 722 TOTAL ASSETS $ 37,315 $ 36,105 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 402 $ 56 Stockholders’ equity 36,913 36,049 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 37,315 $ 36,105 |
Condensed Statement of Income | CONDENSED STATEMENT OF INCOME Year Ended June 30, 2020 2019 2018 (Dollars in Thousands) INCOME Interest on loans $ 111 $ 109 $ 94 Interest on certificates of deposit 24 — — Interest on investment securities available for sale 12 — — Dividend from subsidiary 2,275 2,450 1,600 Interest-earning deposits with subsidiary bank 2 3 2 Total income 2,424 2,562 1,696 OTHER OPERATING EXPENSE 134 129 127 Income before equity in undistributed earnings of subsidiary 2,290 2,433 1,569 Equity in undistributed earnings of subsidiary 204 329 540 Income before income taxes 2,494 2,762 2,109 Income tax expense (benefit) 4 (33 ) (16 ) NET INCOME $ 2,490 $ 2,795 $ 2,125 |
Condensed Statement of Cash Flows | Year Ended June 30, 2020 2019 2018 (Dollars in Thousands) OPERATING ACTIVITIES Net income $ 2,490 $ 2,795 $ 2,125 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (204 ) (329 ) (540 ) Amortization of unallocated ESOP shares 158 200 177 Other, net 339 (541 ) (34 ) Net cash provided by operating activities 2,783 2,125 1,728 INVESTING ACTIVITIES Available for sale: Purchases of investment securities available for sale (4,928 ) (497 ) — Proceeds from repayments of investment securities available for sale 3,948 — — Purchase of certificates of deposit (2,234 ) — — Maturities/redemptions of certificates of deposit 1,738 — — Net cash used for investing activities (1,476 ) (497 ) — FINANCING ACTIVITIES Cash dividends paid (707 ) (783 ) (689 ) Purchase of treasury stock (506 ) (383 ) (622 ) Increase in unallocated ESOP shares — — (32 ) Net cash used for financing activities (1,213 ) (1,166 ) (1,343 ) Increase in cash and cash equivalents 94 462 385 CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 2,566 2,104 1,719 CASH AND CASH EQUIVALENTS END OF YEAR $ 2,660 $ 2,566 $ 2,104 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Three Months Ended September December March June 2019 2019 2020 2020 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,987 $ 2,771 $ 2,640 $ 2,087 Total interest expense 1,184 1,110 990 570 Net interest income 1,803 1,661 1,650 1,517 Provision for loan losses (10 ) (8 ) (7 ) 95 Net interest income after provision for loan losses 1,813 1,669 1,657 1,422 Total noninterest income 110 122 70 60 Total noninterest expense 847 870 884 962 Income before income taxes 1,076 921 843 520 Income taxes 283 194 218 175 Net income $ 793 $ 727 $ 625 $ 345 Per share data: Net income Basic $ 0.45 $ 0.41 $ 0.35 $ 0.20 Diluted 0.45 0.41 0.35 0.20 Average shares outstanding Basic 1,775,561 1,771,457 1,771,722 1,753,946 Diluted 1,775,561 1,771,457 1,771,722 1,753,946 Three Months Ended September December March June 2018 2018 2019 2019 (Dollars in Thousands, except per share data) Total interest and dividend income $ 2,832 $ 2,943 $ 3,158 $ 3,121 Total interest expense 1,032 1,208 1,326 1,306 Net interest income 1,800 1,735 1,832 1,815 Provision for loan losses 19 14 10 37 Net interest income after provision for loan losses 1,781 1,721 1,822 1,778 Total noninterest income 110 110 87 108 Total noninterest expense 901 954 897 1,038 Income before income taxes 990 877 1,012 848 Income taxes 242 192 265 233 Net income $ 748 $ 685 $ 747 $ 615 Per share data: Net income Basic $ 0.42 $ 0.38 $ 0.42 $ 0.35 Diluted 0.42 0.38 0.42 0.35 Average shares outstanding Basic 1,793,055 1,782,091 1,772,165 1,774,553 Diluted 1,793,272 1,782,091 1,772,165 1,774,553 |
Schedule of Quarterly Common Stock Market Price and Dividend Information | The following table sets forth the high and low market prices of a share of common stock, and cash dividends declared per share, for the periods indicated. Market Price Cash Dividends Quarter Ended High Low Declared June 2020 $ 14.30 $ 13.00 $ 0.10 March 2020 17.06 13.06 0.10 December 2019 16.30 15.26 0.10 September 2019 17.77 15.12 0.10 June 2019 $ 17.81 $ 17.00 $ 0.18 March 2019 18.44 14.51 0.10 December 2018 16.50 12.25 0.08 September 2018 16.55 15.85 0.08 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Furniture and Equipment [Member] | Minimum [Member] | |
Noncontrolling Interest [Line Items] | |
Premises and equipment, useful life | 3 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Noncontrolling Interest [Line Items] | |
Premises and equipment, useful life | 25 years |
Building Premises [Member] | Minimum [Member] | |
Noncontrolling Interest [Line Items] | |
Premises and equipment, useful life | 7 years |
Building Premises [Member] | Maximum [Member] | |
Noncontrolling Interest [Line Items] | |
Premises and equipment, useful life | 50 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Noncontrolling Interest [Line Items] | |
Premises and equipment, useful life | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Noncontrolling Interest [Line Items] | |
Premises and equipment, useful life | 40 years |
COVID-19 [Member] | |
Noncontrolling Interest [Line Items] | |
Aggregate balance | $ 5,800 |
Aggregate appraised value | $ 9,600 |
West View Savings Bank [Member] | |
Noncontrolling Interest [Line Items] | |
Interest in subsidiary | 100.00% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
EARNINGS PER SHARE [Abstract] | |||||||||||
Weighted-average common shares issued | 3,805,636 | 3,805,636 | 3,805,636 | ||||||||
Average treasury stock shares | (1,874,720) | (1,852,450) | (1,798,021) | ||||||||
Average unallocated ESOP shares | (162,715) | (172,659) | (180,722) | ||||||||
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share | 1,753,946 | 1,771,722 | 1,771,457 | 1,775,561 | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,055 | 1,768,201 | 1,780,527 | 1,826,893 |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 54 | 367 | |||||||||
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share | 1,753,946 | 1,771,722 | 1,771,457 | 1,775,561 | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,272 | 1,768,201 | 1,780,581 | 1,827,260 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Realized investment security gains | $ 40 | $ 2 | $ 2 |
Proceeds from investment securities | 10,100 | 1,400 | $ 1,300 |
Federal Home Loan Bank of Pittsburgh ("FHLB") [Member] | |||
Investment securities pledged, amortized cost | 3,500 | 3,500 | |
Investment securities pledged, fair value | 3,600 | $ 3,600 | |
Federal Reserve Bank of Cleveland [Member] | |||
Investment securities pledged, amortized cost | 57,500 | ||
Investment securities pledged, fair value | $ 57,400 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Values of Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
AVAILABLE FOR SALE | |||
Amortized Cost | $ 148,271 | $ 132,673 | |
Gross Unrealized Gains | 205 | 390 | |
Gross Unrealized Losses | (837) | (283) | |
Fair Value | 147,639 | 132,780 | |
HELD TO MATURITY | |||
Amortized Cost | 3,495 | 3,995 | |
Gross Unrealized Gains | 127 | 85 | |
Gross Unrealized Losses | |||
Total | 3,622 | 4,080 | |
Corporate Debt Securities [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | 109,739 | 104,760 | |
Gross Unrealized Gains | 163 | 355 | |
Gross Unrealized Losses | (774) | (207) | |
Fair Value | 109,128 | 104,908 | |
Foreign Debt Securities [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | [1] | 32,561 | 26,583 |
Gross Unrealized Gains | [1] | 42 | 35 |
Gross Unrealized Losses | [1] | (63) | (75) |
Fair Value | [1] | 32,540 | 26,543 |
Commercial Paper [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | 5,971 | ||
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Fair Value | 5,971 | ||
Obligations of States and Political Subdivisions [Member] | |||
AVAILABLE FOR SALE | |||
Amortized Cost | 1,330 | ||
Gross Unrealized Gains | |||
Gross Unrealized Losses | (1) | ||
Fair Value | 1,329 | ||
HELD TO MATURITY | |||
Amortized Cost | 3,495 | 3,995 | |
Gross Unrealized Gains | 127 | 85 | |
Gross Unrealized Losses | |||
Total | $ 3,622 | $ 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 | Jun. 30, 2020 | Jun. 30, 2019 |
AVAILABLE FOR SALE, Amortized cost | ||
Due in one year or less | $ 35,408 | |
Due after one through five years | 112,863 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 148,271 | |
AVAILABLE FOR SALE, Fair value | ||
Due in one year or less | 35,212 | |
Due after one through five years | 112,427 | |
Due after five through ten years | ||
Due after ten years | ||
Total | $ 147,639 | |
AVAILABLE FOR SALE, Weighted average yield | ||
Due in one year or less | 1.61% | |
Due after three through five years | 1.55% | |
Due after five through ten years | ||
Due after ten years | ||
Total | 1.56% | |
HELD TO MATURITY, Amortized cost | ||
Due in one year or less | $ 750 | |
Due after three through five years | 2,745 | |
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 | 756 | |
Due after one through five years | 2,866 | |
Due after five through ten years | ||
Due after ten years | ||
Total | $ 3,622 | $ 4,080 |
HELD TO MATURITY, Weighted average yield | ||
Due in one year or less | 2.84% | |
Due after three through five years | 3.34% | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3.23% |
MORTGAGE-BACKED SECURITIES (Nar
MORTGAGE-BACKED SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | $ 3,495 | $ 3,995 |
Mortgage-backed securities pledged as collateral | 96,500 | 107,400 |
Mortgage-backed securities pledged as collateral, fair value | 96,000 | 107,800 |
Mortgage-backed securities pledged as collateral, excess fair value | 10,000 | 2,400 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | 96,488 | 107,488 |
Repayments of mortgage-backed securities | 11,000 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | 618 | 883 |
Repayments of mortgage-backed securities | 192 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities - held to maturity | 97,106 | $ 108,331 |
Decrease in mortgage-backed securities | 11,200 | |
Additional credit impairment charge on its private-label CMO portfolio | $ 88 |
MORTGAGE-BACKED SECURITIES (Sch
MORTGAGE-BACKED SECURITIES (Schedule of Amortized Cost and Fair Values of Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
HELD TO MATURITY | ||
Amortized Cost | $ 3,495 | $ 3,995 |
Gross Unrealized Gains | 127 | 85 |
Gross Unrealized Losses | ||
Total | 3,622 | 4,080 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
HELD TO MATURITY | ||
Amortized Cost | 96,488 | 107,488 |
Gross Unrealized Gains | 486 | 954 |
Gross Unrealized Losses | (932) | (570) |
Total | 96,042 | 107,832 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
HELD TO MATURITY | ||
Amortized Cost | 618 | 883 |
Gross Unrealized Gains | 3 | 5 |
Gross Unrealized Losses | (14) | (12) |
Total | 607 | 876 |
Collateralized Mortgage Obligations [Member] | ||
HELD TO MATURITY | ||
Amortized Cost | 97,106 | 108,331 |
Gross Unrealized Gains | 489 | 959 |
Gross Unrealized Losses | (946) | (582) |
Total | $ 96,649 | $ 108,708 |
MORTGAGE-BACKED SECURITIES (S_2
MORTGAGE-BACKED SECURITIES (Schedule of Mortgage-Backed Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Amortized cost | ||
Due in one year or less | $ 750 | |
Due after five through ten years | ||
Due after ten years | ||
Total | 3,495 | $ 3,995 |
Fair value | ||
Due in one year or less | 756 | |
Due after one through five years | 2,866 | |
Due after five through ten years | ||
Due after ten years | ||
Total | $ 3,622 | 4,080 |
HELD TO MATURITY, Weighted average yield | ||
Due in one year or less | 2.84% | |
Collateralized Mortgage Obligations [Member] | ||
Amortized cost | ||
Due in one year or less | ||
Due after one through five years | 91 | |
Due after five through ten years | ||
Due after ten years | 97,015 | |
Total | 97,106 | 108,331 |
Fair value | ||
Due in one year or less | ||
Due after one through five years | 92 | |
Due after five through ten years | ||
Due after ten years | 96,557 | |
Total | $ 96,649 | $ 108,708 |
HELD TO MATURITY, Weighted average yield | ||
Due in one year or less | ||
Due after one through five years | 1.62% | |
Due after ten years | 1.22% | |
Total | 1.22% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 15 | $ (188) | $ (188) |
Other comprehensive income (loss) before reclassifications | (552) | 210 | 6 |
Amounts reclassified from accumulated other comprehensive (loss) income | (19) | (7) | 9 |
Net current-period other comprehensive (loss) income | (571) | 203 | 15 |
Reclassification for the change in corporate tax rate | (15) | ||
Balance | (556) | 15 | (188) |
Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 85 | (10) | 44 |
Other comprehensive income (loss) before reclassifications | (552) | 93 | (76) |
Amounts reclassified from accumulated other comprehensive (loss) income | (32) | 2 | (2) |
Net current-period other comprehensive (loss) income | (584) | 95 | (78) |
Reclassification for the change in corporate tax rate | 24 | ||
Balance | (499) | 85 | (10) |
Held-to-maturity Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (70) | (178) | (232) |
Other comprehensive income (loss) before reclassifications | 117 | 82 | |
Amounts reclassified from accumulated other comprehensive (loss) income | 13 | (9) | 11 |
Net current-period other comprehensive (loss) income | 13 | 108 | 93 |
Reclassification for the change in corporate tax rate | (39) | ||
Balance | $ (57) | $ (70) | $ (178) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Investment Security Gains [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | $ 40 | $ (2) | $ 2 |
Net Impairment Losses Recognized in Earnings [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | (16) | 11 | (14) |
Income Tax Expense Benefit [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | (5) | (2) | 3 |
Net Of Tax [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains and losses on available-for-sale securities | [1] | $ 19 | $ 7 | $ (9) |
[1] | Amounts in parenthesis indicate expenses and other amounts indicate income. |
UNREALIZED LOSSES ON SECURITI_3
UNREALIZED LOSSES ON SECURITIES (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Schedule of Investment Securities [Line Items] | |||
Credit impairment charge unrealized holding loss to accumulated other comprehensive income | $ 88 | ||
Net accretion | 16 | ||
LESS: Income tax effect | $ (3) | $ (3) | $ (8) |
Number of positions that are impaired | 69 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Schedule of Investment Securities [Line Items] | |||
Number of positions that are impaired | 3 |
UNREALIZED LOSSES ON SECURITI_4
UNREALIZED LOSSES ON SECURITIES (Schedule of Gross Unrealized Losses and Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Less Than Twelve Months | |||
Fair Value | $ 77,867 | $ 38,100 | |
Gross Unrealized Losses | (920) | (270) | |
Twelve Months or Greater | |||
Fair Value | 35,469 | 42,719 | |
Gross Unrealized Losses | (863) | (595) | |
Total | |||
Fair Value | 113,336 | 80,819 | |
Gross Unrealized Losses | (1,783) | (865) | |
Corporate Debt Securities [Member] | |||
Less Than Twelve Months | |||
Fair Value | 50,115 | 11,728 | |
Gross Unrealized Losses | (509) | (86) | |
Twelve Months or Greater | |||
Fair Value | 8,550 | 17,077 | |
Gross Unrealized Losses | (265) | (121) | |
Total | |||
Fair Value | 58,665 | 28,805 | |
Gross Unrealized Losses | (774) | (207) | |
Foreign Debt Securities [Member] | |||
Less Than Twelve Months | |||
Fair Value | [1] | 13,970 | 2,004 |
Gross Unrealized Losses | [1] | (63) | (2) |
Twelve Months or Greater | |||
Fair Value | [1] | 5,699 | |
Gross Unrealized Losses | [1] | (73) | |
Total | |||
Fair Value | [1] | 13,970 | 7,703 |
Gross Unrealized Losses | [1] | (63) | (75) |
Obligations of States and Political Subdivisions [Member] | |||
Less Than Twelve Months | |||
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) | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Less Than Twelve Months | |||
Fair Value | 13,782 | 24,368 | |
Gross Unrealized Losses | (348) | (182) | |
Twelve Months or Greater | |||
Fair Value | 26,919 | 18,614 | |
Gross Unrealized Losses | (598) | (400) | |
Total | |||
Fair Value | 40,701 | 42,982 | |
Gross Unrealized Losses | $ (946) | $ (582) | |
[1] | U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers. |
UNREALIZED LOSSES ON SECURITI_5
UNREALIZED LOSSES ON SECURITIES (Schedule of Changes in the Credit Loss) (Details) - Held-to-maturity Securities [Member] - Collateralized Mortgage Obligations [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Changes in the credit loss component of credit impaired mortgage-backed securities: | ||
Beginning balance | $ 248 | $ 239 |
Initial credit impairment | ||
Subsequent credit impairment | 88 | 28 |
Reductions for amounts recognized in earnings due to intent or requirement to sell | ||
Reductions for securities sold | ||
Reduction for actual realized losses | (25) | (19) |
Reduction for increase in cash flows expected to be collected | ||
Ending balance | $ 311 | $ 248 |
NET LOANS RECEIVABLE (Narrative
NET LOANS RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum amount of receivable to disclose | $ 0 | $ 0 |
Loans within Trade Area [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 2,300 | $ 3,600 |
NET LOANS RECEIVABLE (Schedule
NET LOANS RECEIVABLE (Schedule of Primary Segments of Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | $ 91,234 | $ 90,629 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 91,234 | 90,629 | |
Deferred loan fees | 416 | 507 | |
Allowance for loan losses | (618) | (548) | |
Net Loans Receivable | 91,032 | 90,588 | |
First Mortgage Loans One To Four Family Dwellings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 78,077 | 76,789 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 78,077 | 76,789 | |
First Mortgage Loans Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,868 | 2,907 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 1,868 | 2,907 | |
First Mortgage Loans Land Acquisition And Development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 446 | 694 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 446 | 694 | |
First Mortgage Loans Multifamily Dwellings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 3,755 | 3,123 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 3,755 | 3,123 | |
First Mortgage Loans Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 4,132 | 3,727 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 4,132 | 3,727 | |
Consumer Loans Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,137 | 906 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 1,137 | 906 | |
Consumer Loans Home Equity Lines Of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,729 | 1,953 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 1,729 | 1,953 | |
Consumer Loans Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 79 | 112 | |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 79 | 112 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | [1] | 11 | 418 |
Individually evaluated for impairment | |||
Collectively evaluated for impairment | $ 11 | $ 418 | |
[1] | Not secured by real estate. |
NET LOANS RECEIVABLE (Schedul_2
NET LOANS RECEIVABLE (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | $ 225 | |
Average nonaccrual loans | 47 | 231 |
Interest income that would have been recognized | 15 | |
Interest income recognized | 15 | |
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 | 47 | 231 |
First Mortgage Loans Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | ||
Average nonaccrual loans | ||
First Mortgage Loans Land Acquisition And Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | ||
Average nonaccrual loans | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | ||
Average nonaccrual loans | ||
Consumer Loans Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Principal outstanding on nonaccrual loans | ||
Average nonaccrual loans |
NET LOANS RECEIVABLE (Schedul_3
NET LOANS RECEIVABLE (Schedule of Loan Portfolio by Aging Categories) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Past Due [Line Items] | |||
Current | $ 91,234 | $ 90,404 | |
90 Days + Past Due Non-accrual | 225 | ||
Total Past Due | 225 | ||
Total Loans | 91,234 | 90,629 | |
Deferred loan fees | 416 | 507 | |
Allowance for loan losses | (618) | (548) | |
Net Loans Receivable | 91,032 | 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 | 78,077 | 76,564 | |
90 Days + Past Due Non-accrual | 225 | ||
Total Past Due | 225 | ||
Total Loans | 78,077 | 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 | 1,868 | 2,907 | |
90 Days + Past Due Non-accrual | |||
Total Past Due | |||
Total Loans | 1,868 | 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 | 446 | 694 | |
90 Days + Past Due Non-accrual | |||
Total Past Due | |||
Total Loans | 446 | 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 | 3,755 | 3,123 | |
90 Days + Past Due Non-accrual | |||
Total Past Due | |||
Total Loans | 3,755 | 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 | 4,132 | 3,727 | |
90 Days + Past Due Non-accrual | |||
Total Past Due | |||
Total Loans | 4,132 | 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 | 1,137 | 906 | |
90 Days + Past Due Non-accrual | |||
Total Past Due | |||
Total Loans | 1,137 | 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 | 1,729 | 1,953 | |
90 Days + Past Due Non-accrual | |||
Total Past Due | |||
Total Loans | 1,729 | 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 | 79 | 112 | |
90 Days + Past Due Non-accrual | |||
Total Past Due | |||
Total Loans | 79 | 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 | [1] | 11 | 418 |
90 Days + Past Due Non-accrual | [1] | ||
Total Past Due | [1] | ||
Total Loans | [1] | 11 | 418 |
Commercial Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | [1] | ||
Commercial Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | [1] | ||
Commercial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | [1] | ||
[1] | Not secured by real estate. |
NET LOANS RECEIVABLE (Schedul_4
NET LOANS RECEIVABLE (Schedule of Loans by Internal Classification) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
First Mortgage Loans Construction [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | $ 1,868 | $ 2,907 | |
First Mortgage Loans Construction [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | 1,868 | 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 | [1] | ||
First Mortgage Loans Land Acquisition And Development [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | 446 | 694 | |
First Mortgage Loans Land Acquisition And Development [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | 446 | 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 | 3,755 | 3,123 | |
First Mortgage Loans Multifamily Dwellings [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | 3,755 | 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 | 4,132 | 3,727 | |
First Mortgage Loans Commercial [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | 4,132 | 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 | [1] | 11 | 418 |
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | [1] | 11 | 418 |
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | [1] | ||
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | [1] | ||
Commercial Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans receivable | |||
[1] | Not secured by real estate. |
NET LOANS RECEIVABLE (Schedul_5
NET LOANS RECEIVABLE (Schedule of Performing and Non-Performing Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 78,077 | $ 76,789 |
Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,945 | 2,971 |
Performing Financing Receivable [Member] | First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 78,077 | 76,564 |
Performing Financing Receivable [Member] | Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,945 | 2,971 |
Nonperforming Financing Receivable [Member] | First Mortgage Loans One To Four Family Dwellings [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 225 | |
Nonperforming Financing Receivable [Member] | Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable |
ALLOWANCE FOR LOAN LOSSES (Narr
ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Summary of the changes in the allowance for loan losses: | |||
Provisions | $ 70 | $ 80 | $ 50 |
One To Four Family First Mortgage Loan Receivable Allowance [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | 44 | 49 | 51 |
Construction First Mortgage Loan Receivable Allowance [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | (8) | 22 | (6) |
Land Acquisition And Development First Mortgage Loan Receivable Allowance [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | (4) | 10 | (5) |
Commercial Real Estate Portfolio Segment [Member] | |||
Summary of the changes in the allowance for loan losses: | |||
Provisions | $ 29 | $ 2 | $ 15 |
ALLOWANCE FOR LOAN LOSSES (Sche
ALLOWANCE FOR LOAN LOSSES (Schedule of Changes in the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Summary of the changes in the allowance for loan losses: | |||
ALLL balance at July 1 | $ 548 | $ 468 | $ 418 |
Provision for loan losses | 70 | 80 | 50 |
Loans charged off | |||
ALLL balance at June 30 | $ 618 | $ 548 | $ 468 |
ALLOWANCE FOR LOAN LOSSES (Sc_2
ALLOWANCE FOR LOAN LOSSES (Schedule of Primary Segments of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | $ 548 | $ 468 | $ 418 | ||||
Charge-offs | |||||||
Recoveries | |||||||
Provisions | 70 | 80 | 50 | ||||
ALLL balance at June 30 | 618 | 548 | 468 | ||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 618 | 548 | 468 | ||||
Total ALLL balance | 618 | 548 | 418 | 618 | 548 | 468 | |
One To Four Family First Mortgage Loan Receivable Allowance [Member] | |||||||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | 405 | 356 | 305 | ||||
Charge-offs | |||||||
Recoveries | |||||||
Provisions | 44 | 49 | 51 | ||||
ALLL balance at June 30 | 449 | 405 | 356 | ||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 449 | 405 | 356 | ||||
Total ALLL balance | 449 | 405 | 305 | 449 | 405 | 356 | |
Construction First Mortgage Loan Receivable Allowance [Member] | |||||||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | 46 | 24 | 30 | ||||
Charge-offs | |||||||
Recoveries | |||||||
Provisions | (8) | 22 | (6) | ||||
ALLL balance at June 30 | 38 | 46 | 24 | ||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 38 | 46 | 24 | ||||
Total ALLL balance | 38 | 46 | 30 | 38 | 46 | 24 | |
Land Acquisition And Development First Mortgage Loan Receivable Allowance [Member] | |||||||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | 10 | 5 | |||||
Charge-offs | |||||||
Recoveries | |||||||
Provisions | (4) | 10 | (5) | ||||
ALLL balance at June 30 | 6 | 10 | |||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 6 | 10 | |||||
Total ALLL balance | 6 | 10 | 5 | 6 | 10 | ||
Multi Family First Mortgage Loan Receivable Allowance [Member] | |||||||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | 17 | 18 | 20 | ||||
Charge-offs | |||||||
Recoveries | |||||||
Provisions | 9 | (1) | (2) | ||||
ALLL balance at June 30 | 26 | 17 | 18 | ||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 26 | 17 | 18 | ||||
Total ALLL balance | 26 | 17 | 20 | 26 | 17 | 18 | |
Commercial Real Estate Portfolio Segment [Member] | |||||||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | 37 | 35 | 20 | ||||
Charge-offs | |||||||
Recoveries | |||||||
Provisions | 29 | 2 | 15 | ||||
ALLL balance at June 30 | 66 | 37 | 35 | ||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 66 | 37 | 35 | ||||
Total ALLL balance | 66 | 37 | 20 | 66 | 37 | 35 | |
Consumer Loans [Member] | |||||||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | 30 | 31 | 34 | ||||
Charge-offs | |||||||
Recoveries | |||||||
Provisions | 2 | (1) | (3) | ||||
ALLL balance at June 30 | 32 | 30 | 31 | ||||
Individually evaluated for impairment | |||||||
Collectively evaluated for impairment | 32 | 30 | 31 | ||||
Total ALLL balance | 32 | 30 | 34 | 32 | 30 | 31 | |
Commercial Portfolio Segment [Member] | |||||||
Summary of the changes in the allowance for loan losses: | |||||||
ALLL balance at July 1 | [1] | 3 | 4 | 4 | |||
Charge-offs | [1] | ||||||
Recoveries | [1] | ||||||
Provisions | [1] | (2) | (1) | ||||
ALLL balance at June 30 | [1] | 1 | 3 | 4 | |||
Individually evaluated for impairment | [1] | ||||||
Collectively evaluated for impairment | [1] | 1 | 3 | 4 | |||
Total ALLL balance | [1] | $ 1 | $ 3 | $ 4 | $ 1 | $ 3 | $ 4 |
[1] | Not secured by real estate. |
ALLOWANCE FOR LOAN LOSSES (Sc_3
ALLOWANCE FOR LOAN LOSSES (Schedule of Reserve Factors) (Details) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
One To Four Family Permanent First Mortgage Loan Receivable Allowance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reserve factor | 0.575% | 0.50% | 0.46% | |
One To Four Family Construction First Mortgage Loan Receivable Allowance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reserve factor | 0.825% | 0.75% | 0.75% | |
Land Acquisition And Development First Mortgage Loan Receivable Allowance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reserve factor | 1.25% | 1.00% | 1.00% | |
Multi Family First Mortgage Loan Receivable Allowance [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reserve factor | 0.70% | 0.55% | 0.55% | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reserve factor | 1.50% | 1.00% | 1.00% | |
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reserve factor | 1.10% | 1.00% | 1.00% | |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Reserve factor | [1] | 6.00% | 5.00% | 5.00% |
[1] | Not secured by real estate. |
FEDERAL HOME LOAN BANK STOCK (D
FEDERAL HOME LOAN BANK STOCK (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
FEDERAL HOME LOAN BANK (FHLB) STOCK [Abstract] | ||
Federal Home Loan Bank stock, at cost | $ 6,564 | $ 7,010 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 3,862 | $ 3,629 | |
Less accumulated depreciation | 3,288 | 3,283 | |
Premises and equipment, total | 574 | 346 | |
Depreciation | 38 | 47 | $ 78 |
Land and Land Improvements [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 246 | 246 | |
Building and Building Improvements [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 2,219 | 2,165 | |
Furniture and Equipment [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 1,397 | $ 1,218 |
DEPOSITS (Narrative) (Details)
DEPOSITS (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
DEPOSITS [Abstract] | ||||
Savings certificates | $ 2,500 | $ 4,379 | $ 2,441 | $ 2,272 |
Brokered CDs | 9,900 | $ 10,500 | ||
Certificates of Deposit [Member] | ||||
DEPOSITS [Abstract] | ||||
Savings certificates | $ 250 |
DEPOSITS (Schedule of Retail De
DEPOSITS (Schedule of Retail Deposit Accounts) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Amount | ||
Non-interest-earning checking | $ 22,657 | $ 19,770 |
Interest-earning checking | 25,075 | 23,541 |
Savings accounts | 44,541 | 43,740 |
Money market accounts | 21,743 | 19,958 |
Savings certificates | 35,063 | 37,361 |
Advance payments by borrowers for taxes and insurance | 2,256 | 2,065 |
Total | $ 151,335 | $ 146,435 |
Percent of Portfolio | ||
Non-interest-earning checking | 15.00% | 13.50% |
Interest-earning checking | 16.60% | 16.10% |
Savings accounts | 29.40% | 29.90% |
Money market accounts | 14.40% | 13.60% |
Savings certificates | 23.20% | 25.50% |
Advance payments by borrowers for taxes and insurance | 1.50% | 1.40% |
Total | 100.00% | 100.00% |
DEPOSITS (Schedule of Maturitie
DEPOSITS (Schedule of Maturities of Retail and Wholesale Savings Certificates) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Maturities of retail and wholesale savings certificates | |
Within one year | $ 31,273 |
Beyond one year but within two years | 1,828 |
Beyond two years but within three years | 836 |
Beyond three years but within four years | 603 |
Beyond four years but within five years | 294 |
Beyond five years | 229 |
Total | $ 35,063 |
FEDERAL HOME LOAN BANK (FHLB)_3
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances: long-term | $ 15,000 | $ 15,000 |
Fixed [Member] | ||
Debt Instrument [Line Items] | ||
Maturity range, minimum | Oct. 1, 2020 | |
Maturity range, maximum | Oct. 3, 2022 | |
Federal Home Loan Bank advances: long-term | $ 15,000 | 15,000 |
Fixed [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.95% | |
Fixed [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.09% | |
Fixed [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% | |
Adjustable Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity range, minimum | Oct. 1, 2020 | |
Maturity range, maximum | Oct. 1, 2021 | |
Federal Home Loan Bank advances: long-term | $ 85,000 | 85,000 |
Adjustable Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.31% | |
Adjustable Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.49% | |
Adjustable Debt [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.00% | |
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 | 1.30% |
FEDERAL HOME LOAN BANK (FHLB)_4
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Maturities of Federal Home Loan Bank Long-Term Advances) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Amount | ||
Total | $ 15,000 | $ 15,000 |
Federal Home Loan Bank Advances [Member] | ||
Amount | ||
2021 | 65,000 | |
2022 | 30,000 | |
2023 | 5,000 | |
2024 | ||
2025 | ||
2026 and thereafter | ||
Total | $ 100,000 | $ 100,000 |
Federal Home Loan Bank Advances [Member] | Weighted Average [Member] | ||
Weighted-Average Interest Rate | ||
2021 | 0.96% | |
2022 | 1.75% | |
2023 | 3.09% | |
2024 | ||
2025 | ||
2026 and thereafter | ||
Interest rate | 1.30% |
FEDERAL HOME LOAN BANK (FHLB)_5
FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Schedule of Federal Home Loan Bank Short-Term Advances) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
FEDERAL HOME LOAN BANK ADVANCES [Abstract] | ||
Ending balance | $ 59,159 | $ 70,828 |
Average balance | 58,146 | 81,556 |
Maximum month-end balance | $ 68,030 | $ 161,289 |
Average interest rate | 1.57% | 2.45% |
Weighted-average rate at period end | 0.39% | 2.46% |
Remaining borrowing capacity | $ 4,900 |
OTHER SHORT-TERM BORROWINGS (Sc
OTHER SHORT-TERM BORROWINGS (Schedule of FRBC Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Disclosure [Abstract] | ||
Ending balance | $ 7,000 | |
Average balance | 2,592 | |
Maximum month-end balance | $ 24,800 | |
Average interest rate | 0.25% | |
Weighted-average rate at period end | 0.25% |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments, off-balance sheet risk | $ 13,700 | $ 9,700 |
REGULATORY CAPITAL (Narrative)
REGULATORY CAPITAL (Narrative) (Details) | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 02, 2017 | Jan. 02, 2016 | Dec. 31, 2015 |
West View Savings Bank [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 8.00% | 8.00% | |||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 6.00% | |||
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes ratio | 4.00% | 4.00% | |||
Risk weight percentage | 150.00% | 100.00% | |||
Capital conservation buffer | 2.50% | ||||
West View Savings Bank [Member] | Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 4.00% | |||
Common Stock [Member] | Minimum [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.50% | ||||
Common Stock [Member] | West View Savings Bank [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 4.50% | 4.50% |
REGULATORY CAPITAL (Schedule of
REGULATORY CAPITAL (Schedule of Compliance with Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Parent Company [Member] | ||
Total Capital (to Risk-Weighted Assets) | ||
Total Capital (to Risk-Weighted Assets) - Actual | $ 38,140 | $ 36,615 |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 20,196 | 18,895 |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 16,157 | $ 15,116 |
Total Capital (to Risk-Weighted Assets) - Actual ratio | 18.88% | 19.38% |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 10.00% | 10.00% |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 37,469 | $ 36,035 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 16,157 | 15,116 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 12,118 | $ 11,337 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 18.55% | 19.07% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 6.00% |
Tier I Capital (to Average Total Assets) | ||
Tier I Capital (to Average Total Assets) - Actual | $ 37,469 | $ 36,035 |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized | 18,442 | 17,663 |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes | $ 14,754 | $ 14,130 |
Tier I Capital (to Average Total Assets) - Actual ratio | 10.16% | 10.20% |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized ratio | 5.00% | 5.00% |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes ratio | 4.00% | 4.00% |
Parent Company [Member] | Common Stock [Member] | ||
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 37,469 | $ 36,035 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 13,127 | 12,282 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 9,088 | $ 8,503 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 18.55% | 19.07% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 6.50% | 6.50% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 4.50% | 4.50% |
West View Savings Bank [Member] | ||
Total Capital (to Risk-Weighted Assets) | ||
Total Capital (to Risk-Weighted Assets) - Actual | $ 33,179 | $ 32,885 |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 20,085 | 18,879 |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 16,068 | $ 15,103 |
Total Capital (to Risk-Weighted Assets) - Actual ratio | 16.52% | 17.42% |
Total Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 10.00% | 10.00% |
Total Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 32,508 | $ 32,305 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 16,068 | 15,103 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 12,051 | $ 11,327 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 16.19% | 17.11% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 8.00% | 8.00% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 6.00% | 6.00% |
Tier I Capital (to Average Total Assets) | ||
Tier I Capital (to Average Total Assets) - Actual | $ 32,508 | $ 32,305 |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized | 18,277 | 17,656 |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes | $ 14,622 | $ 14,124 |
Tier I Capital (to Average Total Assets) - Actual ratio | 8.89% | 9.15% |
Tier I Capital (to Average Total Assets) - To Be Well Capitalized ratio | 5.00% | 5.00% |
Tier I Capital (to Average Total Assets) - For Capital Adequacy Purposes ratio | 4.00% | 4.00% |
West View Savings Bank [Member] | Common Stock [Member] | ||
Tier I Capital (to Risk-Weighted Assets) | ||
Tier I Capital (to Risk-Weighted Assets) - Actual | $ 32,508 | $ 32,305 |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized | 13,055 | 12,271 |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes | $ 9,038 | $ 8,496 |
Tier I Capital (to Risk-Weighted Assets) - Actual ratio | 16.19% | 17.11% |
Tier I Capital (to Risk-Weighted Assets) - To Be Well Capitalized ratio | 6.50% | 6.50% |
Tier I Capital (to Risk-Weighted Assets) - For Capital Adequacy Purposes ratio | 4.50% | 4.50% |
STOCK BENEFIT PLANS (Narrative)
STOCK BENEFIT PLANS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock ownership plan, compensation expense | $ 107 | $ 226 | $ 104 |
Employee stock ownership plan, number of shares | 309,447 | 316,922 | |
Employee Stock Ownership Plan Term Loan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average interest rate | 4.75% | ||
Maturity date | Mar. 31, 2035 | ||
Employee Stock Ownership Plan Term Loan One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average interest rate | 4.75% | ||
Maturity date | Mar. 31, 2037 | ||
Employee Stock Ownership Plan Term Loan Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average interest rate | 4.75% | ||
Maturity date | Mar. 31, 2038 |
STOCK BENEFIT PLANS (Schedule o
STOCK BENEFIT PLANS (Schedule of ESOP Shares) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Payment Arrangement [Abstract] | ||
Allocated shares | 148,537 | 146,163 |
Unallocated shares | 160,910 | 170,759 |
Total ESOP shares | 309,447 | 316,922 |
Fair value of unallocated ESOP shares | $ 2,124,012 | $ 2,988,283 |
DIRECTOR, OFFICER, AND EMPLOY_2
DIRECTOR, OFFICER, AND EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of shares held under the Directors' deferred compensation plan | 1,731 | 1,731 | 1,731 |
Deferred compensation expense | $ 39 | $ 31 | $ 29 |
Deferred compensation liability | 416 | 339 | |
Earnings on bank owned life insurance | 118 | 121 | 126 |
Bank owned life insurance | 4,907 | 4,789 | |
Death benefits | 10,900 | ||
Current portion of asset retirement obligation | 129 | 126 | 122 |
Paid To Beneficiaries [Member] | |||
Death benefits | 2,500 | ||
Paid To Company [Member] | |||
Death benefits | 8,500 | ||
Executive Life Insurance [Member] | |||
Current portion of asset retirement obligation | $ 47 | $ 58 | $ 56 |
INCOME TAXES (Schedule of Provi
INCOME TAXES (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Currently payable: | |||||||||||
Federal | $ 667 | $ 680 | $ 877 | ||||||||
State | 231 | 261 | 186 | ||||||||
Current income taxes, total | 898 | 941 | 1,063 | ||||||||
Deferred | (28) | (9) | (68) | ||||||||
Change in corporate tax rate | 133 | ||||||||||
Total | $ 175 | $ 218 | $ 194 | $ 283 | $ 233 | $ 265 | $ 192 | $ 242 | $ 870 | $ 932 | $ 1,128 |
INCOME TAXES (Schedule of Incom
INCOME TAXES (Schedule of Income Tax Amounts Recorded to Stockholders' Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Net unrealized (gain) loss on securities available for sale | $ 146 | $ (26) | $ (4) |
Net non-credit gain on securities with OTTI | 3 | (3) | 8 |
Net loss recorded to stockholders' equity | $ 149 | $ (29) | $ 4 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 132 | $ 118 |
Deferred compensation | 93 | 77 |
Retirement Plan | 170 | 143 |
Reserve for off-balance sheet commitments | 11 | 7 |
OTTI other impairment | 15 | 18 |
OTTI credit impairment | 51 | 37 |
Net unrealized loss on securities available for sale | 133 | |
Other | 90 | 115 |
Total gross deferred tax assets | 695 | 515 |
Deferred tax liabilities: | ||
Net unrealized gain on securities available for sale | 22 | |
Deferred origination fees, net | 147 | 125 |
Total gross deferred tax liabilities | 147 | 147 |
Net deferred tax assets | $ 548 | $ 368 |
INCOME TAXES (Schedule of Recon
INCOME TAXES (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Amount | |||||||||||
Provision at statutory rate | $ 706 | $ 782 | $ 894 | ||||||||
Impact of change in Federal corporate tax rate | 133 | ||||||||||
State income tax, net of federal tax benefit | 183 | 206 | 146 | ||||||||
Tax exempt income | (6) | (7) | |||||||||
Bank Owned Life Insurance | (25) | (26) | (34) | ||||||||
Other, net | 6 | (24) | (4) | ||||||||
Total | $ 175 | $ 218 | $ 194 | $ 283 | $ 233 | $ 265 | $ 192 | $ 242 | $ 870 | $ 932 | $ 1,128 |
% of Pretax Income | |||||||||||
Provision at statutory rate | 21.00% | 21.00% | 27.50% | ||||||||
Impact of change in Federal corporate tax rate | 4.10% | ||||||||||
State income tax, net of federal tax benefit | 5.40% | 5.50% | 4.50% | ||||||||
Tax exempt income | (0.20%) | (0.20%) | |||||||||
Bank Owned Life Insurance | (0.70%) | (0.70%) | (1.00%) | ||||||||
Other, net | 0.20% | (0.60%) | (0.10%) | ||||||||
Actual tax expense and effective rate | 25.90% | 25.00% | 34.80% | ||||||||
Pennsylvania Mutual Thrift Institutions Tax Percentage | 11.50% | 11.50% | |||||||||
Allocations of income to bad debt deductions | $ 3,900 | $ 3,900 |
REGULATORY MATTERS (Details)
REGULATORY MATTERS (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
REGULATORY MATTERS [Abstract] | ||
Net reserve requirement | $ 0 | $ 735 |
The maximum percentage of the Savings Bank's capital surplus allowed for secured loan borrowings | 10.00% | |
Surplus funds not available for dividend purposes | $ 3,400 |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured at Fair Value on a Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | $ 147,639 | $ 132,780 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | 147,639 | 132,780 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | ||
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | 109,128 | 104,908 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | 109,128 | 104,908 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | ||
Foreign Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | 32,540 | 26,543 |
Foreign Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | ||
Foreign Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | 32,540 | 26,543 |
Foreign Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | ||
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | 5,971 | 1,329 |
Obligations of States and Political Subdivisions [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | ||
Obligations of States and Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis | 5,971 | 1,329 |
Obligations of States and Political Subdivisions [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured on a recurring basis |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
FINANCIAL ASSETS | ||||
Cash and cash equivalents | $ 2,500 | $ 4,379 | $ 2,441 | $ 2,272 |
Certificates of deposit | 1,840 | 1,843 | ||
Investment securities - held to maturity | 3,495 | 3,995 | ||
Mortgage-backed securities - held to maturity | 97,106 | 108,331 | ||
Net loans receivable | 91,032 | 90,588 | ||
Accrued interest receivable | 744 | 1,219 | ||
FHLB stock | 6,564 | 7,010 | ||
Bank owned life insurance | 4,907 | 4,789 | ||
Deposits | ||||
Savings accounts | 44,541 | 43,740 | ||
Money market accounts | 21,743 | 19,958 | ||
Certificates of deposit | 35,063 | |||
FHLB advances - fixed rate | 15,000 | 15,000 | ||
FHLB advances - variable rate | 85,000 | 85,000 | ||
FHLB short-term advances | 59,159 | 70,828 | ||
Other short-term advances | 7,000 | |||
Accrued interest payable | 487 | 823 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Investment securities - held to maturity | 96,488 | 107,488 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Investment securities - held to maturity | 618 | 883 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 2,500 | 4,379 | ||
Certificates of deposit | 1,840 | 1,843 | ||
Investment securities - held to maturity | ||||
Net loans receivable | ||||
Accrued interest receivable | 744 | 1,219 | ||
FHLB stock | 6,564 | 7,010 | ||
Bank owned life insurance | 4,907 | 4,789 | ||
Deposits | ||||
Non-interest-bearing accounts | 22,657 | 19,770 | ||
Interest-earning checking | 25,075 | 23,541 | ||
Savings accounts | 44,541 | 43,740 | ||
Money market accounts | 21,743 | 19,958 | ||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | 2,256 | 2,065 | ||
FHLB advances - fixed rate | ||||
FHLB advances - variable rate | 85,000 | 85,000 | ||
FHLB short-term advances | 59,159 | 70,828 | ||
Other short-term advances | 7,000 | |||
Accrued interest payable | 487 | 823 | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment securities - held to maturity | 3,622 | 4,080 | ||
Net loans receivable | ||||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest-bearing accounts | ||||
Interest-earning checking | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | ||||
Advance payments by borrowers for taxes and insurance | ||||
FHLB advances - fixed rate | ||||
FHLB advances - variable rate | ||||
FHLB short-term advances | ||||
Other short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 96,042 | 107,832 | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment securities - held to maturity | ||||
Net loans receivable | 98,700 | 92,062 | ||
Accrued interest receivable | ||||
FHLB stock | ||||
Bank owned life insurance | ||||
Deposits | ||||
Non-interest-bearing accounts | ||||
Interest-earning checking | ||||
Savings accounts | ||||
Money market accounts | ||||
Certificates of deposit | 35,237 | 37,359 | ||
Advance payments by borrowers for taxes and insurance | ||||
FHLB advances - fixed rate | 14,818 | 14,323 | ||
FHLB advances - variable rate | ||||
FHLB short-term advances | ||||
Other short-term advances | ||||
Accrued interest payable | ||||
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | ||||
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 607 | 876 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 2,500 | 4,379 | ||
Certificates of deposit | 1,840 | 1,843 | ||
Investment securities - held to maturity | 3,495 | 3,995 | ||
Net loans receivable | 91,032 | 90,588 | ||
Accrued interest receivable | 744 | 1,219 | ||
FHLB stock | 6,564 | 7,010 | ||
Bank owned life insurance | 4,907 | 4,789 | ||
Deposits | ||||
Non-interest-bearing accounts | 22,657 | 19,770 | ||
Interest-earning checking | 25,075 | 23,541 | ||
Savings accounts | 44,541 | 43,740 | ||
Money market accounts | 21,743 | 19,958 | ||
Certificates of deposit | 35,063 | 37,361 | ||
Advance payments by borrowers for taxes and insurance | 2,256 | 2,065 | ||
FHLB advances - fixed rate | 15,000 | 15,000 | ||
FHLB advances - variable rate | 85,000 | 85,000 | ||
FHLB short-term advances | 59,159 | 70,828 | ||
Other short-term advances | 7,000 | |||
Accrued interest payable | 487 | 823 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 96,488 | 107,448 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 618 | 883 | ||
Portion at Fair Value, Fair Value Disclosure [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents | 2,500 | 4,379 | ||
Certificates of deposit | 1,840 | 1,843 | ||
Investment securities - held to maturity | 3,622 | 4,080 | ||
Net loans receivable | 98,700 | 92,062 | ||
Accrued interest receivable | 744 | 1,219 | ||
FHLB stock | 6,564 | 7,010 | ||
Bank owned life insurance | 4,907 | 4,789 | ||
Deposits | ||||
Non-interest-bearing accounts | 22,657 | 19,770 | ||
Interest-earning checking | 25,075 | 23,541 | ||
Savings accounts | 44,541 | 43,740 | ||
Money market accounts | 21,743 | 19,958 | ||
Certificates of deposit | 35,237 | 37,359 | ||
Advance payments by borrowers for taxes and insurance | 2,256 | 2,065 | ||
FHLB advances - fixed rate | 14,818 | 14,323 | ||
FHLB advances - variable rate | 85,000 | 85,000 | ||
FHLB short-term advances | 59,159 | 70,828 | ||
Other short-term advances | 7,000 | |||
Accrued interest payable | 487 | 823 | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | 96,042 | 107,832 | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
FINANCIAL ASSETS | ||||
Mortgage-backed securities - held to maturity | $ 607 | $ 876 |
PARENT COMPANY (Condensed Balan
PARENT COMPANY (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
ASSETS | ||||
Interest-earning deposits with subsidiary bank | $ 12 | $ 2,530 | ||
Certificates of deposit | 1,840 | 1,843 | ||
Investment securities available for sale | 147,639 | 132,780 | ||
Other assets | 152 | 170 | ||
TOTAL ASSETS | 357,101 | 355,818 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other Liabilities | 2,207 | 1,683 | ||
Stockholders' equity | 36,913 | 36,049 | $ 34,017 | $ 33,043 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 357,101 | 355,818 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Interest-earning deposits with subsidiary bank | 2,676 | 2,566 | ||
Certificates of deposit | 993 | 497 | ||
Investment securities available for sale | 992 | |||
Investment in subsidiary bank | 31,952 | 32,320 | ||
Other assets | 702 | 722 | ||
TOTAL ASSETS | 37,315 | 36,105 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other Liabilities | 402 | 56 | ||
Stockholders' equity | 36,913 | 36,049 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 37,315 | $ 36,105 |
PARENT COMPANY (Condensed State
PARENT COMPANY (Condensed Statement of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
INCOME | |||||||||||
Interest on loans | $ 3,460 | $ 3,342 | $ 2,983 | ||||||||
Total income | $ 2,087 | $ 2,640 | $ 2,771 | $ 2,987 | $ 3,121 | $ 3,158 | $ 2,943 | $ 2,832 | 10,485 | 12,054 | 9,670 |
OTHER OPERATING EXPENSE | 962 | 884 | 870 | 847 | 1,038 | 897 | 954 | 901 | 3,563 | 3,790 | 3,713 |
Income before income taxes | 520 | 843 | 921 | 1,076 | 848 | 1,012 | 877 | 990 | 3,360 | 3,727 | 3,253 |
Income tax benefit | 175 | 218 | 194 | 283 | 233 | 265 | 192 | 242 | 870 | 932 | 1,128 |
NET INCOME | $ 345 | $ 625 | $ 727 | $ 793 | $ 615 | $ 747 | $ 685 | $ 748 | 2,490 | 2,795 | 2,125 |
Parent Company [Member] | |||||||||||
INCOME | |||||||||||
Interest on loans | 111 | 109 | 94 | ||||||||
Interest on certificates of deposit | 24 | ||||||||||
Interest on investment securities available for sale | 12 | ||||||||||
Dividend from subsidiary | 2,275 | 2,450 | 1,600 | ||||||||
Interest-earning deposits with subsidiary bank | 2 | 3 | 2 | ||||||||
Total income | 2,424 | 2,562 | 1,696 | ||||||||
OTHER OPERATING EXPENSE | 134 | 129 | 127 | ||||||||
Income before equity in undistributed earnings of subsidiary | 2,290 | 2,433 | 1,569 | ||||||||
Equity in undistributed earnings of subsidiary | 204 | 329 | 540 | ||||||||
Income before income taxes | 2,494 | 2,762 | 2,109 | ||||||||
Income tax benefit | 4 | (33) | (16) | ||||||||
NET INCOME | $ 2,490 | $ 2,795 | $ 2,125 |
PARENT COMPANY (Condensed Sta_2
PARENT COMPANY (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | |||||||||||
Net income | $ 345 | $ 625 | $ 727 | $ 793 | $ 615 | $ 747 | $ 685 | $ 748 | $ 2,490 | $ 2,795 | $ 2,125 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization of unallocated ESOP shares | 158 | 200 | 177 | ||||||||
Other, net | 92 | (41) | 3 | ||||||||
Net cash provided by operating activities | 3,359 | 3,774 | 4,573 | ||||||||
Available-for-sale: | |||||||||||
Purchases of investment securities available for sale | (54,675) | (42,498) | (64,664) | ||||||||
Proceeds from repayments of investment securities available for sale | 10,121 | 1,364 | 1,257 | ||||||||
Net cash used for investing activities | (4,256) | (1,507) | (2,290) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Cash dividends paid | (707) | (783) | (689) | ||||||||
Increase in Unallocated ESOP shares | (32) | ||||||||||
Net cash provided by financing activities | (982) | (329) | (2,114) | ||||||||
Increase (decrease) in cash and cash equivalents | (1,879) | 1,938 | 169 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 4,379 | 2,441 | 4,379 | 2,441 | 2,272 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 2,500 | 4,379 | 2,500 | 4,379 | 2,441 | ||||||
Parent Company [Member] | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 2,490 | 2,795 | 2,125 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiary | (204) | (329) | (540) | ||||||||
Amortization of unallocated ESOP shares | 158 | 200 | 177 | ||||||||
Other, net | 339 | (541) | (34) | ||||||||
Net cash provided by operating activities | 2,783 | 2,125 | 1,728 | ||||||||
Available-for-sale: | |||||||||||
Purchases of investment securities available for sale | (4,928) | (497) | |||||||||
Proceeds from repayments of investment securities available for sale | 3,948 | ||||||||||
Purchase of certificates of deposit | (2,234) | ||||||||||
Maturities/redemptions of certificates of deposit | 1,738 | ||||||||||
Net cash used for investing activities | (1,476) | (497) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Cash dividends paid | (707) | (783) | (689) | ||||||||
Purchase of treasury stock | (506) | (383) | (622) | ||||||||
Increase in Unallocated ESOP shares | (32) | ||||||||||
Net cash provided by financing activities | (1,213) | (1,166) | (1,343) | ||||||||
Increase (decrease) in cash and cash equivalents | 94 | 462 | 385 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 2,566 | $ 2,104 | 2,566 | 2,104 | 1,719 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 2,660 | $ 2,566 | $ 2,660 | $ 2,566 | $ 2,104 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest and dividend income | $ 2,087 | $ 2,640 | $ 2,771 | $ 2,987 | $ 3,121 | $ 3,158 | $ 2,943 | $ 2,832 | $ 10,485 | $ 12,054 | $ 9,670 |
Total interest expense | 570 | 990 | 1,110 | 1,184 | 1,306 | 1,326 | 1,208 | 1,032 | 3,854 | 4,872 | 3,124 |
Net interest income | 1,517 | 1,650 | 1,661 | 1,803 | 1,815 | 1,832 | 1,735 | 1,800 | 6,631 | 7,182 | 6,546 |
Provision for loan losses | 95 | (7) | (8) | (10) | 37 | 10 | 14 | 19 | 70 | 80 | 50 |
Net interest income after provision for loan losses | 1,422 | 1,657 | 1,669 | 1,813 | 1,778 | 1,822 | 1,721 | 1,781 | 6,561 | 7,102 | 6,496 |
Total noninterest income | 60 | 70 | 122 | 110 | 108 | 87 | 110 | 110 | 362 | 415 | 470 |
Total noninterest expense | 962 | 884 | 870 | 847 | 1,038 | 897 | 954 | 901 | 3,563 | 3,790 | 3,713 |
Income before income taxes | 520 | 843 | 921 | 1,076 | 848 | 1,012 | 877 | 990 | 3,360 | 3,727 | 3,253 |
Income taxes | 175 | 218 | 194 | 283 | 233 | 265 | 192 | 242 | 870 | 932 | 1,128 |
Net income | $ 345 | $ 625 | $ 727 | $ 793 | $ 615 | $ 747 | $ 685 | $ 748 | $ 2,490 | $ 2,795 | $ 2,125 |
Earnings Per Share [Abstract] | |||||||||||
Basic | $ 0.20 | $ 0.35 | $ 0.41 | $ 0.45 | $ 0.35 | $ 0.42 | $ 0.38 | $ 0.42 | $ 1.41 | $ 1.57 | $ 1.16 |
Diluted | $ 0.20 | $ 0.35 | $ 0.41 | $ 0.45 | $ 0.35 | $ 0.42 | $ 0.38 | $ 0.42 | $ 1.41 | $ 1.57 | $ 1.16 |
Average shares outstanding | |||||||||||
Basic | 1,753,946 | 1,771,722 | 1,771,457 | 1,775,561 | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,055 | 1,768,201 | 1,780,527 | 1,826,893 |
Diluted | 1,753,946 | 1,771,722 | 1,771,457 | 1,775,561 | 1,774,553 | 1,772,165 | 1,782,091 | 1,793,272 | 1,768,201 | 1,780,581 | 1,827,260 |
SELECTED QUARTERLY FINANCIAL _4
SELECTED QUARTERLY FINANCIAL DATA (Common Stock Market Price and Dividend Information) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Market price, high | $ 14.30 | $ 17.06 | $ 16.30 | $ 17.77 | $ 17.81 | $ 18.44 | $ 16.50 | $ 16.55 | |||
Market price, low | 13 | 13.06 | 15.26 | 15.12 | 17 | 14.51 | 12.25 | 15.85 | |||
Cash dividends declared, per share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.18 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.40 | $ 0.44 | $ 0.32 |