Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) | |
(Address of Principal Executive Offices) |
Zip Code |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Item 1. |
Financial Statements |
September 30, 2021 |
June 30, 2021 |
|||||||
Assets |
(Unaudited |
) |
||||||
Cash and due from banks |
$ | $ | ||||||
Interest-bearing demand deposits |
||||||||
Cash and cash equivalents |
||||||||
Interest-bearing time deposits in banks |
||||||||
Available-for-sale |
||||||||
Loans, net of allowance for loan losses of $ |
||||||||
Premises and equipment, net of accumulated depreciation of $ |
||||||||
Federal Home Loan Bank stock, at cost |
||||||||
Foreclosed assets held for sale, net |
||||||||
Accrued interest receivable |
||||||||
Bank-owned life insurance |
||||||||
Mortgage servicing rights |
||||||||
Deferred income taxes |
||||||||
Other |
||||||||
Total assets |
$ | $ | ||||||
Liabilities and Equity |
||||||||
Liabilities |
||||||||
Deposits |
||||||||
Demand |
$ | $ | ||||||
Savings, NOW and money market |
||||||||
Certificates of deposit |
||||||||
Brokered certificates of deposit |
||||||||
Total deposits |
||||||||
Repurchase agreements |
||||||||
Federal Home Loan Bank advances |
||||||||
Line of credit and other borrowings |
||||||||
Advances from borrowers for taxes and insurance |
||||||||
Accrued post-retirement benefit obligation |
||||||||
Accrued interest payable |
||||||||
Other |
||||||||
Total liabilities |
||||||||
Commitments and Contingencies |
||||||||
Stockholders’ Equity |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Unearned ESOP shares, at cost, |
( |
) | ( |
) | ||||
Retained earnings |
||||||||
Accumulated other comprehensive income, net of tax |
||||||||
Total stockholders’ equity |
||||||||
Total liabilities and stockholders’ equity |
$ | $ | ||||||
Three Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Interest and Dividend Income |
||||||||
Interest and fees on loans |
$ | $ | ||||||
Securities: |
||||||||
Taxable |
||||||||
Tax-exempt |
||||||||
Federal Home Loan Bank dividends |
||||||||
Deposits with other financial institutions |
||||||||
Total interest and dividend income |
||||||||
Interest Expense |
||||||||
Deposits |
||||||||
Federal Home Loan Bank advances and repurchase agreements |
||||||||
Line of credit and other borrowings |
||||||||
Total interest expense |
||||||||
Net Interest Income |
||||||||
Provision (Credit) for Loan Losses |
( |
) | ||||||
Net Interest Income After Provision for Loan Losses |
||||||||
Noninterest Income |
||||||||
Customer service fees |
||||||||
Other service charges and fees |
||||||||
Insurance commissions |
||||||||
Brokerage commissions |
||||||||
Net realized gains on sales of available-for-sale |
||||||||
Mortgage banking income, net |
||||||||
Gain on sale of loans |
||||||||
Bank-owned life insurance income, net |
||||||||
Other |
||||||||
Total noninterest income |
||||||||
Noninterest Expense |
||||||||
Compensation and benefits |
||||||||
Office occupancy |
||||||||
Equipment |
||||||||
Federal deposit insurance |
||||||||
Stationary, printing and office |
||||||||
Advertising |
||||||||
Professional services |
||||||||
Supervisory examinations |
||||||||
Audit and accounting services |
||||||||
Organizational dues and subscriptions |
||||||||
Insurance bond premiums |
||||||||
Telephone and postage |
||||||||
Loss (gain) on foreclosed assets, net |
( |
) | ||||||
Other |
||||||||
Total noninterest expense |
||||||||
Income Before Income Tax |
||||||||
Provision for Income Tax |
||||||||
Net Income |
$ | $ | ||||||
Earnings Per Share: |
||||||||
Basic |
$ | $ | ||||||
Diluted |
$ | $ | ||||||
Dividends declared per common share |
$ | $ |
Three Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Net Income |
$ | $ | ||||||
Other Comprehensive Income (Loss) |
||||||||
Unrealized appreciation (depreciation) on available-for-sale $( |
( |
) | ||||||
Less: reclassification adjustment for realized gains included in net income, net of taxes of $ |
||||||||
( |
) | |||||||
Postretirement health plan amortization of transition obligation and prior service cost and change in net loss, net of taxes of $( |
( |
) | ||||||
Other comprehensive income (loss), net of tax |
( |
) | ||||||
Comprehensive Income |
$ | $ | ||||||
Common Stock |
Additional Paid-In Capital |
Unearned ESOP Shares |
Retained Earnings |
Accumulated Other Comprehensive Income |
Total |
|||||||||||||||||||
For the three months ended September 30, 2021 |
||||||||||||||||||||||||
Balance, July 1, 2021 |
$ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Dividends on common stock, $ |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
Stock options exercised |
— | — | — | — | ||||||||||||||||||||
Stock equity plan |
— | — | — | — | ||||||||||||||||||||
ESOP shares earned, |
— | — | — | |||||||||||||||||||||
Balance, September 30, 2021 |
$ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||
For the three months ended September 30, 2020 |
||||||||||||||||||||||||
Balance, July 1, 2020 |
$ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Other comprehensive income |
— | — | — | — | ||||||||||||||||||||
Dividends on common stock, $ |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
Stock equity plan |
— | — | — | — | ||||||||||||||||||||
ESOP shares earned, |
— | — | — | |||||||||||||||||||||
Balance, September 30, 2020 |
$ | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||
Three Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Operating Activities |
||||||||
Net income |
$ | $ | ||||||
Items not requiring (providing) cash |
||||||||
Depreciation |
||||||||
Provision (credit) for loan losses |
( |
) | ||||||
Amortization of premiums and discounts on securities |
||||||||
Deferred income taxes |
( |
) | ||||||
Net realized gains on loan sales |
( |
) | ( |
) | ||||
Net realized gains on sales of available-for-sale |
( |
) | ||||||
Loss (gain) on foreclosed assets held for sale |
( |
) | ||||||
Bank-owned life insurance income, net |
( |
) | ( |
) | ||||
Originations of loans held for sale |
( |
) | ( |
) | ||||
Proceeds from sales of loans held for sale |
||||||||
ESOP compensation expense |
||||||||
Stock equity plan expense |
||||||||
Changes in |
||||||||
Accrued interest receivable |
( |
) | ||||||
Other assets |
( |
) | ||||||
Accrued interest payable |
( |
) | ( |
) | ||||
Post-retirement benefit obligation |
||||||||
Other liabilities |
( |
) | ( |
) | ||||
Net cash provided by operating activities |
||||||||
Investing Activities |
||||||||
Purchases of available-for-sale |
( |
) | ( |
) | ||||
Proceeds from the sales of available-for-sale |
||||||||
Proceeds from maturities and pay downs of available-for-sale |
||||||||
Net change in loans |
( |
) | ||||||
Purchase of premises and equipment |
( |
) | ( |
) | ||||
Proceeds from the sale of foreclosed assets |
||||||||
Purchase of Federal Home Loan Bank stock |
( |
) | ||||||
Proceeds from settlement of bank-owned life insurance death claim |
||||||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Financing Activities |
||||||||
Net decrease in demand deposits, money market, NOW and savings accounts |
( |
) | ( |
) | ||||
Net increase (decrease) in certificates of deposit, including brokered certificates |
( |
) | ||||||
Net increase (decrease) in advances from borrowers for taxes and insurance |
( |
) | ||||||
Proceeds from Federal Home Loan Bank advances |
||||||||
Repayments of Federal Home Loan Bank advances |
( |
) | ||||||
Net increase in repurchase agreements |
||||||||
Net cash used in financing activities |
( |
) | ( |
) | ||||
Net Decrease in Cash and Cash Equivalents |
( |
) | ( |
) | ||||
Cash and Cash Equivalents, Beginning of Period |
||||||||
Cash and Cash Equivalents, End of Period |
$ | $ | ||||||
Supplemental Cash Flows Information |
||||||||
Interest paid |
$ | $ | ||||||
Income taxes paid (net of refunds) |
$ | $ | ||||||
Dividends payable |
$ | $ | ||||||
Foreclosed assets acquired in settlement of loans |
$ | $ |
• | Customer Service Fees - The Company generates revenue from fees charged for deposit account maintenance, overdrafts, wire transfers, and check fees. The revenue related to deposit fees is recognized at the time the performance obligation is satisfied. |
• | Insurance Commissions - The Company’s insurance agency, Iroquois Insurance Agency, receives commissions on premiums of new and renewed business policies. Iroquois Insurance Agency records commission revenue on direct bill policies as the cash is received. For agency bill policies, Iroquois Insurance Agency retains its commission portion of the customer premium payment and remits the balance to the carrier. In both cases, the carrier holds the performance obligation. |
• | Brokerage Commissions - The primary brokerage revenue is recorded at the beginning of each quarter through billing to customers based on the account asset size on the last day of the previous quarter. If a withdrawal of funds takes place, a prorated refund may occur; this is reflected within the same quarter as the original billing occurred. All performance obligations are met within the same quarter that the revenue is recorded. |
• | Other - The Company generates revenue through service charges from the use of its ATM machines and interchange income from the use of Company issued credit and debit cards. The revenue is recognized at the time the service is used, and the performance obligation is satisfied. |
September 30, 2021 | June 30, 2021 | |||||||
Allocated shares |
||||||||
Shares committed for release |
||||||||
Unearned shares |
||||||||
Total ESOP shares |
||||||||
Fair value of unearned ESOP shares (1) |
$ | $ | ||||||
(1) | Based on closing price of $ |
Options |
Weighted-Average Exercise Price/Share |
Weighted-Average Remaining Contractual Life (in years) |
Aggregate Intrinsic Value |
|||||||||||||
Outstanding, June 30, 2021 |
$ | |
||||||||||||||
Granted |
||||||||||||||||
Exercised |
||||||||||||||||
Forfeited |
||||||||||||||||
Outstanding, September 30, 2021 |
$ | $ | (1) | |||||||||||||
Exercisable, September 30, 2021 |
$ | $ | |
(1) | ||||||||||||
(1) | Based on closing price of $ |
Shares |
Weighted-Average Grant-Date Fair Value |
|||||||
Balance, June 30, 2021 |
$ | |
||||||
Granted |
||||||||
Forfeited |
||||||||
Earned and issued |
||||||||
Balance, September 30, 2021 |
$ | |||||||
Three Months Ended September 30, 2021 |
Three Months Ended September 30, 2020 |
|||||||
Net income |
$ | $ | ||||||
|
|
|
|
|||||
Basic weighted average shares outstanding |
||||||||
Less: Average unallocated ESOP shares |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Basic average shares outstanding |
||||||||
|
|
|
|
|||||
Diluted effect of restricted stock awards and stock options |
||||||||
|
|
|
|
|||||
Diluted average shares outstanding |
||||||||
|
|
|
|
|||||
Basic earnings per common share |
$ | $ | ||||||
|
|
|
|
|||||
Diluted earnings per common share |
$ | $ | ||||||
|
|
|
|
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
Available-for-sale |
||||||||||||||||
September 30, 2021: |
||||||||||||||||
U.S. Treasury |
$ | $ | $ | — | $ | |||||||||||
U.S. Government and federal agency |
— | |||||||||||||||
Mortgage-backed: |
||||||||||||||||
GSE residential |
( |
) | ||||||||||||||
Small Business Administration |
( |
) | ||||||||||||||
State and political subdivisions |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | ( |
) | $ | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
June 30, 2021: |
||||||||||||||||
U.S. Treasury |
$ | $ | $ | — | $ | |||||||||||
U.S. Government and federal agency |
— | |||||||||||||||
Mortgage-backed: |
||||||||||||||||
GSE residential |
( |
) | ||||||||||||||
Small Business Administration |
( |
) | ||||||||||||||
State and political subdivisions |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | ( |
) | $ | |||||||||||
|
|
|
|
|
|
|
|
Available-for-sale Securities |
||||||||
Amortized Cost |
Fair Value |
|||||||
Within one year |
$ | $ | ||||||
One to five years |
||||||||
Five to ten years |
||||||||
After ten years |
||||||||
|
|
|
|
|||||
Mortgage-backed securities |
||||||||
|
|
|
|
|||||
Totals |
$ | $ | ||||||
|
|
|
|
Less Than 12 Months |
12 Months or More |
Total |
||||||||||||||||||||||
Description of Securities |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
||||||||||||||||||
September 30, 2021: |
||||||||||||||||||||||||
Mortgage-backed: |
||||||||||||||||||||||||
GSE residential |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Small Business Administration |
( |
) | ( |
) | ||||||||||||||||||||
Total temporarily impaired securities |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
June 30, 2021: |
||||||||||||||||||||||||
Mortgage-backed: |
||||||||||||||||||||||||
GSE residential |
$ | ( |
) | ( |
) | ( |
) | |||||||||||||||||
Small Business Administration |
( |
) | ( |
) | ||||||||||||||||||||
Total temporarily impaired securities |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
Classes of loans include: |
September 30, 2021 |
June 30, 2021 |
||||||
Real estate loans: |
||||||||
One- to four-family, including home equity loans |
$ | $ | ||||||
Multi-family |
||||||||
Commercial |
||||||||
Home equity lines of credit |
||||||||
Construction |
||||||||
Commercial |
||||||||
Consumer |
||||||||
Total loans |
||||||||
Less: |
||||||||
Unearned fees and discounts, net |
||||||||
Allowance for loan losses |
||||||||
Loans, net |
$ | $ | ||||||
Three Months Ended September 30, 2021 Real Estate Loans |
||||||||||||||||
One- to Four- Family |
Multi-Family |
Commercial |
Home Equity Lines of Credit |
|||||||||||||
Allowance for loan losses: |
||||||||||||||||
Balance, beginning of period |
$ | $ | $ | $ | ||||||||||||
Provision charged to expense |
( |
) | ( |
) | ||||||||||||
Losses charged off |
||||||||||||||||
Recoveries |
||||||||||||||||
Balance, end of period |
$ | $ | $ | $ | ||||||||||||
Ending balance: individually evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Ending balance: collectively evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Loans: |
||||||||||||||||
Ending balance |
$ | $ | $ | $ | ||||||||||||
Ending balance: individually evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Ending balance: collectively evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Three Months Ended September 30, 2021 (Continued) |
||||||||||||||||
Construction |
Commercial |
Consumer |
Total |
|||||||||||||
Allowance for loan losses: |
||||||||||||||||
Balance, beginning of period |
$ |
$ |
$ |
$ |
||||||||||||
Provision charged to expense |
( |
) |
( |
) | ||||||||||||
Losses charged off |
( |
) |
( |
) | ||||||||||||
Recoveries |
||||||||||||||||
Balance, end of period |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Loans: |
||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Year Ended June 30, 2021 Real Estate Loans |
||||||||||||||||
One- to Four-Family |
Multi-Family |
Commercial |
Home Equity Lines of Credit |
|||||||||||||
Allowance for loan losses: |
||||||||||||||||
Balance, beginning of year |
$ |
$ |
$ |
$ |
||||||||||||
Provision charged to expense |
( |
) |
( |
) | ||||||||||||
Losses charged off |
( |
) |
||||||||||||||
Recoveries |
||||||||||||||||
Balance, end of year |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Loans: |
||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Year Ended June 30, 2021 (Continued) |
||||||||||||||||
Construction |
Commercial |
Consumer |
Total |
|||||||||||||
Allowance for loan losses: |
||||||||||||||||
Balance, beginning of year |
$ | $ | $ | $ | ||||||||||||
Provision charged to expense |
||||||||||||||||
Losses charged off |
( |
) | ( |
) | ( |
) | ||||||||||
Recoveries |
||||||||||||||||
Balance, end of year |
$ | $ | $ | $ | ||||||||||||
Ending balance: individually evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Ending balance: collectively evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Loans: |
||||||||||||||||
Ending balance |
$ | $ | $ | $ | ||||||||||||
Ending balance: individually evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Ending balance: collectively evaluated for impairment |
$ | $ | $ | $ | ||||||||||||
Three Months Ended September 30, 2020 Real Estate Loans |
||||||||||||||||
One- to Four-Family |
Multi-Family |
Commercial |
Home Equity Lines of Credit |
|||||||||||||
Allowance for loan losses: |
||||||||||||||||
Balance, beginning of year |
$ |
$ |
$ |
$ |
||||||||||||
Provision charged to expense |
( |
) | ||||||||||||||
Losses charged off |
( |
) |
||||||||||||||
Recoveries |
||||||||||||||||
Balance, end of year |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Loans: |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended September 30, 2020 (Continued) |
||||||||||||||||
Construction |
Commercial |
Consumer |
Total |
|||||||||||||
Allowance for loan losses: |
||||||||||||||||
Balance, beginning of year |
$ |
$ |
$ |
$ |
||||||||||||
Provision charged to expense |
( |
) |
||||||||||||||
Losses charged off |
( |
) |
( |
) |
( |
) | ||||||||||
Recoveries |
||||||||||||||||
Balance, end of year |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Loans: |
||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Ending balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
||||||||||||
Real Estate Loans |
||||||||||||||||||||||||||||||||
One- to Four- Family |
Multi-Family |
Commercial |
Home Equity Lines of Credit |
Construction |
Commercial |
Consumer |
Total |
|||||||||||||||||||||||||
September 30, 2021 : |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Watch |
— | — | — | — | ||||||||||||||||||||||||||||
Substandard |
— | — | — | |||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Real Estate Loans |
||||||||||||||||||||||||||||||||
One- to Four- Family |
Multi-Family |
Commercial |
Home Equity Lines of Credit |
Construction |
Commercial |
Consumer |
Total |
|||||||||||||||||||||||||
June 30, 2021: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Watch |
— | — | — | — | ||||||||||||||||||||||||||||
Substandard |
— | — | — | |||||||||||||||||||||||||||||
Doubtful |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
30-59 Days Past Due |
60-89 Days Past Due |
Greater Than 90 Days |
Total Past Due |
Current |
Total Loans Receivable |
Total Loans > 90 Days & Accruing |
||||||||||||||||||||||
September 30, 2021: |
||||||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||||||
One- to four-family |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
— |
||||||||||||||||||||
Multi-family |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Commercial |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Home equity lines of credit |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Construction |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Commercial |
— |
— |
— |
|||||||||||||||||||||||||
Consumer |
— |
— |
— |
|||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
30-59 Days Past Due |
60-89 Days Past Due |
Greater Than 90 Days |
Total Past Due |
Current |
Total Loans Receivable |
Total Loans > 90 Days & Accruing |
||||||||||||||||||||||
June 30, 2021: |
||||||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||||||
One- to four-family |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Multi-family |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Commercial |
— |
— |
— |
|||||||||||||||||||||||||
Home equity lines of credit |
— |
— |
— |
|||||||||||||||||||||||||
Construction |
— |
— |
— |
— |
— |
|||||||||||||||||||||||
Commercial |
— |
— |
— |
|||||||||||||||||||||||||
Consumer |
— |
— |
— |
|||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Three Months Ended September 30, 2021 |
||||||||||||||||||||||||
Recorded Balance |
Unpaid Principal Balance |
Specific Allowance |
Average Investment in Impaired Loans |
Interest Income Recognized |
Interest on Cash Basis |
|||||||||||||||||||
September 30, 2021: |
||||||||||||||||||||||||
Loans without a specific valuation allowance |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
$ | $ | $ | — | $ | $ | $ | |||||||||||||||||
Multi-family |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Home equity line of credit |
— | — | — | — | — | — | ||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | |||||||||||||||||||||||
Consumer |
— | — | — | — | ||||||||||||||||||||
Loans with a specific allowance |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
— | — | — | — | — | — | ||||||||||||||||||
Multi-family |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Home equity line of credit |
— | — | — | — | — | — | ||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Consumer |
— | — | — | — | — | — | ||||||||||||||||||
Total: |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
— | |||||||||||||||||||||||
Multi-family |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Home equity line of credit |
— | — | — | — | — | — | ||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | |||||||||||||||||||||||
Consumer |
— | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended June 30, 2021 |
||||||||||||||||||||||||
Recorded Balance |
Unpaid Principal Balance |
Specific Allowance |
Average Investment in Impaired Loans |
Interest Income Recognized |
Interest on Cash Basis |
|||||||||||||||||||
June 30, 2021: |
||||||||||||||||||||||||
Loans without a specific valuation allowance |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
$ | $ | $ | — | $ | $ | $ | |||||||||||||||||
Multi-family |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | |||||||||||||||||||||
Home equity line of credit |
— | |||||||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | |||||||||||||||||||||||
Consumer |
— | |||||||||||||||||||||||
Loans with a specific allowance |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Multi-family |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Home equity line of credit |
— | — | — | — | — | — | ||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Consumer |
||||||||||||||||||||||||
Total: |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
||||||||||||||||||||||||
Multi-family |
$ | $ | $ | — | $ | $ | $ | |||||||||||||||||
Commercial |
||||||||||||||||||||||||
Home equity line of credit |
— | |||||||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | |||||||||||||||||||||||
Consumer |
||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2020 |
||||||||||||||||||||||||
Recorded Balance |
Unpaid Principal Balance |
Specific Allowance |
Average Investment in Impaired Loans |
Interest Income Recognized |
Interest on Cash Basis |
|||||||||||||||||||
September 30, 2020: |
||||||||||||||||||||||||
Loans without a specific valuation allowance |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
$ | $ | $ | — | $ | $ | $ | |||||||||||||||||
Multi-family |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | |||||||||||||||||||||
Home equity line of credit |
— | |||||||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | |||||||||||||||||||||||
Consumer |
— | |||||||||||||||||||||||
Loans with a specific allowance |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
||||||||||||||||||||||||
Multi-family |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Home equity line of credit |
— | — | — | — | — | — | ||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | — | — | — | — | — | ||||||||||||||||||
Consumer |
||||||||||||||||||||||||
Total: |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
One- to four-family |
||||||||||||||||||||||||
Multi-family |
— | |||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||
Home equity line of credit |
— | |||||||||||||||||||||||
Construction |
— | — | — | — | — | — | ||||||||||||||||||
Commercial |
— | |||||||||||||||||||||||
Consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
June 30, 2021 |
|||||||
Mortgages on real estate: |
||||||||
One- to four-family |
$ | $ | ||||||
Multi-family |
— | — | ||||||
Commercial |
— | |||||||
Home equity lines of credit |
||||||||
Construction loans |
— | — | ||||||
Commercial business loans |
||||||||
Consumer loans |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
September 30, 2021 |
June 30, 2021 |
|||||||
Real estate loans |
||||||||
One- to four-family |
$ | $ | ||||||
Multi-family |
— | — | ||||||
Commercial |
— | |||||||
Home equity lines of credit |
||||||||
|
|
|
|
|||||
Total real estate loans |
||||||||
|
|
|
|
|||||
Construction loans |
— | — | ||||||
Commercial business loans |
||||||||
Consumer loans |
— | |||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
Unrealized Gains and Losses on Available-for-Sale Securities |
Defined Benefit Pension Items |
Total |
||||||||||
September 30, 2021: |
||||||||||||
Beginning balance |
$ | $ | ( |
) | $ | |||||||
Other comprehensive loss before reclassification |
( |
) | — | ( |
) | |||||||
Amounts reclassified from accumulated other comprehensive income |
— | |||||||||||
Net current period other comprehensive loss |
— | ( |
) | ( |
) | |||||||
Ending balance |
$ | $ | ( |
) | $ | |||||||
September 30, 2020: |
||||||||||||
Beginning balance |
$ | $ | ( |
) | $ | |||||||
Other comprehensive income before reclassification |
— | |||||||||||
Amounts reclassified from accumulated other comprehensive income |
( |
) | — | ( |
) | |||||||
Net current period other comprehensive income |
— | |||||||||||
Ending balance |
$ | $ | ( |
) | $ | |||||||
Amounts Reclassified from AOCI |
||||||||||
2021 |
2020 |
Affected Line Item in the Condensed Consolidated Statements of Income | ||||||||
Realized gains on available-for-sale |
$ | $ | Net realized gains on sale of available-for- sale securities | |||||||
Amortization of defined benefit pension items: |
||||||||||
Actuarial losses |
$ | ( |
) | $ | Components are included in computation of net periodic pension cost | |||||
Total reclassified amount before tax |
$ | ( |
) | $ | ||||||
Tax expense |
$ | ( |
) | $ | Provision for Income Tax | |||||
Total reclassification out of AOCI |
$ | ( |
) | $ | Net Income | |||||
Three Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Computed at the statutory rate |
$ | $ | ||||||
Decrease resulting from |
||||||||
Tax exempt interest |
( |
) | ( |
) | ||||
Cash surrender value of life insurance |
( |
) | ( |
) | ||||
State income taxes |
||||||||
Other |
||||||||
Actual expense |
$ | $ | ||||||
Level 1 | Quoted prices in active markets for identical assets |
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets |
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets |
Fair Value Measurements Using |
||||||||||||||||
Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
September 30, 2021: |
||||||||||||||||
Available-for-sale |
||||||||||||||||
U.S. Treasury |
$ | $ | — | $ | $ | — | ||||||||||
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |
— | — | ||||||||||||||
Mortgage-backed: GSE residential |
— | — | ||||||||||||||
Small Business Administration |
— | — | ||||||||||||||
State and political subdivisions |
— | — | ||||||||||||||
Mortgage servicing rights |
— |
Fair Value Measurements Using |
||||||||||||||||
Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
June 30, 2021: |
||||||||||||||||
Available-for-sale |
||||||||||||||||
U.S. Treasury |
$ | $ | — | $ | $ | — | ||||||||||
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |
— | — | ||||||||||||||
Mortgage-backed: GSE residential |
— | — | ||||||||||||||
Small Business Administration |
— | — | ||||||||||||||
State and political subdivisions |
— | — | ||||||||||||||
Mortgage servicing rights |
— |
Mortgage Servicing Rights |
||||
Balance, July 1, 2021 |
$ | |||
Total realized and unrealized gains and losses included in net income |
( |
) | ||
Servicing rights that result from asset transfers |
||||
Payments received and loans refinanced |
( |
) | ||
Balance, September 30, 2021 |
$ | |||
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date |
$ | ( |
) | |
Fair Value Measurements Using |
||||||||||||||||
Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
September 30, 2021: |
||||||||||||||||
Foreclosed assets |
$ | $ | $ | $ | ||||||||||||
June 30, 2021: |
||||||||||||||||
Foreclosed assets |
$ | $ | — | $ | — | $ |
Three Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Foreclosed and repossessed assets held for sale |
$ | $ | ( |
) |
Fair Value at September 30, 2021 |
Valuation Technique |
Unobservable Inputs |
Range (Weighted Average) | |||||||
Mortgage servicing rights |
$ | Discounted cash flow |
Discount rate |
% - % ( %) | ||||||
Constant prepayment rate |
% - % ( %) | |||||||||
Probability of default |
% - % %) |
Fair Value at June 30, 2021 |
Valuation Technique |
Unobservable Inputs |
Range (Weighted Average) | |||||||
Mortgage servicing rights |
$ | Discounted cash flow | Discount rate | % - % ( %) | ||||||
Constant prepayment rate | % - % ( %) | |||||||||
Probability of default | % - % ( %) | |||||||||
Foreclosed assets |
Market comparable properties | Comparability adjustments (%) | % ( %) |
Carrying Amount |
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
September 30, 2021: |
||||||||||||||||
Financial assets |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | — | $ | — | ||||||||||
Interest-bearing time deposits in banks |
— | — | ||||||||||||||
Loans, net of allowance for loan losses |
— | — | ||||||||||||||
Federal Home Loan Bank stock |
— | — | ||||||||||||||
Accrued interest receivable |
— | — | ||||||||||||||
Financial liabilities |
||||||||||||||||
Deposits |
— | |||||||||||||||
Repurchase agreements |
— | — | ||||||||||||||
Federal Home Loan Bank advances |
— | — | ||||||||||||||
Lines of credit |
— | — | ||||||||||||||
Advances from borrowers for taxes and insurance |
— | — | ||||||||||||||
Accrued interest payable |
— | — | ||||||||||||||
Unrecognized financial instruments (net of contract amount) |
||||||||||||||||
Commitments to originate loans |
Fair Value Measurements Using |
||||||||||||||||
Carrying Amount |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
June 30, 2021: |
||||||||||||||||
Financial assets |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | — | $ | — | ||||||||||
Interest-bearing time deposits in banks |
— | — | ||||||||||||||
Loans, net of allowance for loan losses |
— | — | ||||||||||||||
Federal Home Loan Bank stock |
— | — | ||||||||||||||
Accrued interest receivable |
— | — | ||||||||||||||
Financial liabilities |
||||||||||||||||
Deposits |
— | |||||||||||||||
Repurchase agreements |
— | — | ||||||||||||||
Federal Home Loan Bank advances |
— | — | ||||||||||||||
Lines of credit |
— | — | ||||||||||||||
Advances from borrowers for taxes and insurance |
— | — | ||||||||||||||
Accrued interest payable |
— | — | ||||||||||||||
Unrecognized financial instruments (net of contract amount) |
||||||||||||||||
Commitments to originate loans |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | loans that we evaluate individually for impairment under ASC 310-10, “Receivables;” and |
• | groups of loans with similar risk characteristics that we evaluate collectively for impairment under ASC 450-20, “Loss Contingencies.” |
Three Months Ended September 30, 2021 |
Year Ended June 30, 2021 |
|||||||
Allowance to non-performing loans |
19029.41 | % | 4341.45 | % | ||||
Allowance to total loans outstanding at the end of the period |
1.26 | % | 1.27 | % | ||||
Allowance to total loans outstanding, excluding PPP loans, at end of period |
1.30 | %1.21% | 1.32 | % | ||||
Net charge-offs (recoveries) to average total loans outstanding during the period, annualized |
0.01 | % | 0.09 | % | ||||
Total non-performing loans to total loans |
0.01 | % | 0.03 | % | ||||
Total non-performing assets to total assets |
0.03 | % | 0.05 | % |
Three months ended September 30, |
||||||||
2021 |
2020 |
|||||||
Balance, beginning of period |
$ | 6,599 | $ | 6,234 | ||||
Loans charged off: |
||||||||
Real estate loans: |
||||||||
One- to four-family |
— | (15 | ) | |||||
Multi-family |
— | — | ||||||
Commercial |
— | — | ||||||
HELOC |
— | — | ||||||
Construction |
— | — | ||||||
Commercial business |
— | (29 | ) | |||||
Consumer |
(10 | ) | (13 | ) | ||||
|
|
|
|
|||||
Gross charged off loans |
(10 | ) | (57 | ) | ||||
|
|
|
|
|||||
Recoveries of loans previously charged off: |
||||||||
Real estate loans: |
||||||||
One- to four-family |
1 | — | ||||||
Multi-family |
— | — | ||||||
Commercial |
— | — | ||||||
HELOC |
— | — | ||||||
Construction |
— | — | ||||||
Commercial business |
5 | 9 | ||||||
Consumer |
2 | 5 | ||||||
|
|
|
|
|||||
Gross recoveries of charged off loans |
8 | 14 | ||||||
|
|
|
|
|||||
Net charge-offs |
(2 | ) | (43 | ) | ||||
|
|
|
|
|||||
Provision charged to expense |
(127 | ) | 315 | |||||
|
|
|
|
|||||
Balance, end of period |
$ | 6,470 | $ | 6,506 | ||||
|
|
|
|
Portfolio segment |
September 30, 2021 Net charge-offs – 12 quarter weighted historical |
June 30, 2021 Net charge-offs – 12 quarter weighted historical |
||||||
Real Estate: |
||||||||
One- to four-family |
0.01 | % | 0.01 | % | ||||
Multi-family |
0.00 | % | 0.00 | % | ||||
Commercial |
0.00 | % | 0.00 | % | ||||
HELOC |
0.03 | % | 0.03 | % | ||||
Construction |
0.00 | % | 0.00 | % | ||||
Commercial business |
0.26 | % | 0.26 | % | ||||
Consumer |
0.02 | % | 0.04 | % | ||||
Entire portfolio total |
0.06 | % | 0.06 | % |
Portfolio segment |
Qualitative factor applied at September 30, 2021 |
Qualitative factor applied at June 30, 2021 |
||||||
Real Estate: |
||||||||
One- to four-family |
0.82 | % | 0.82 | % | ||||
Multi-family |
1.61 | % | 1.60 | % | ||||
Commercial |
1.19 | % | 1.20 | % | ||||
HELOC |
0.97 | % | 0.98 | % | ||||
Construction |
1.03 | % | 1.02 | % | ||||
Commercial business* |
1.85 | % | 1.80 | % | ||||
Consumer |
0.73 | % | 0.71 | % | ||||
Entire portfolio total* |
1.24 | % | 1.26 | % |
* |
At September 30, 2021 and June 30, 2021, $14.3 million and $20.6 million, respectively, in PPP loans with no associated allowance, were excluded from the calculation of qualitative factors since they are guaranteed by the SBA. |
September 30, 2021 |
June 30, 2021 |
|||||||
(Dollars in thousands) |
||||||||
Commitments to fund loans |
$ | 12,691 | $ | 19,137 | ||||
Lines of credit |
106,744 | 103,972 |
September 30, 2021 |
June 30, 2021 |
Minimum to Be Well |
||||||||||
Actual |
Actual |
Capitalized |
||||||||||
Community Bank Leverage Ratio |
10.6 | % | 10.5 | % | 8.5 | % |
For the Three Months Ended September 30, |
||||||||||||||||||||||||
2021 |
2020 |
|||||||||||||||||||||||
Average Balance |
Interest Income/ Expense |
Yield/Cost |
Average Balance |
Interest Income/ Expense |
Yield/Cost |
|||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||
Loans |
$ | 519,567 | 5,283 | 4.07 | % | $ | 519,692 | 5,353 | 4.12 | % | ||||||||||||||
Securities: |
||||||||||||||||||||||||
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |
18,181 | 85 | 1.87 | % | 11,079 | 69 | 2.49 | % | ||||||||||||||||
Mortgage-backed: GSE residential |
168,786 | 819 | 1.94 | % | 141,151 | 771 | 2.18 | % | ||||||||||||||||
State and political subdivisions |
1,251 | 9 | 2.88 | % | 1,449 | 11 | 3.04 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total securities |
188,218 | 913 | 1.94 | % | 153,679 | 851 | 2.22 | % | ||||||||||||||||
Other |
30,043 | 55 | 0.73 | % | 24,904 | 61 | 0.98 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-earning assets |
737,828 | 6,251 | 3.39 | % | 698,275 | 6,265 | 3.59 | % | ||||||||||||||||
Non-interest earning assets |
30,862 | 33,754 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total assets |
$ | 768,690 | $ | 732,029 | ||||||||||||||||||||
|
|
|
|
For the Three Months Ended September 30, |
||||||||||||||||||||||||
2021 |
2020 |
|||||||||||||||||||||||
Average Balance |
Interest Income/ Expense |
Yield/Cost |
Average Balance |
Interest Income/ Expense |
Yield/Cost |
|||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||
Liabilities and Stockholders’ Equity |
||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||
Interest-bearing checking or NOW |
$ | 110,301 | 40 | 0.15 | % | $ | 77,903 | 36 | 0.18 | % | ||||||||||||||
Savings accounts |
66,078 | 28 | 0.17 | % | 51,883 | 27 | 0.21 | % | ||||||||||||||||
Money market accounts |
146,954 | 128 | 0.35 | % | 125,760 | 127 | 0.40 | % | ||||||||||||||||
Certificates of deposit |
262,213 | 367 | 0.56 | % | 289,005 | 1,045 | 1.45 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-bearing deposits |
585,546 | 563 | 0.38 | % | 544,551 | 1,235 | 0.91 | % | ||||||||||||||||
Borrowings and repurchase agreements |
34,370 | 116 | 1.35 | % | 45,231 | 142 | 1.26 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-bearing liabilities |
619,916 | 679 | 0.44 | % | 589,782 | 1,377 | 0.93 | % | ||||||||||||||||
Noninterest-bearing liabilities |
51,844 | 48,282 | ||||||||||||||||||||||
Other Noninterest-bearing liabilities |
10,000 | 10,293 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities |
681,760 | 648,357 | ||||||||||||||||||||||
Stockholders’ equity |
86,930 | 83,672 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities and stockholders’ equity |
$ | 768,690 | $ | 732,029 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest income |
$ | 5,572 | $ | 4,888 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Interest rate spread (1) |
2.95 | % | 2.66 | % | ||||||||||||||||||||
Net interest margin (2) |
3.02 | % | 2.80 | % | ||||||||||||||||||||
Net interest-earning assets (3) |
$ | 117,912 | $ | 108,493 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities |
119 | % | 118 | % |
(1) | Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
(2) | Net interest margin represents net interest income divided by average total interest-earning assets. |
(3) | Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities. |
(4) | Tax exempt income is not recorded on a tax equivalent basis. |
Three Months Ended September 30, 2021 vs. 2020 |
||||||||||||
Increase (Decrease) Due to |
Total Increase (Decrease) |
|||||||||||
Volume |
Rate |
|||||||||||
Interest-earning assets: |
||||||||||||
Loans |
$ | (1 | ) | $ | (69 | ) | $ | (70 | ) | |||
Securities |
591 | (529 | ) | 62 | ||||||||
Other |
53 | (59 | ) | (6 | ) | |||||||
|
|
|
|
|
|
|||||||
Total interest-earning assets |
$ | 643 | $ | (657 | ) | $ | (14 | ) | ||||
|
|
|
|
|
|
|||||||
Interest-bearing liabilities: |
||||||||||||
Interest-bearing checking or NOW |
$ | 36 | $ | (32 | ) | $ | 4 | |||||
Savings accounts |
25 | (24 | ) | 1 | ||||||||
Certificates of deposit |
(89 | ) | (589 | ) | (678 | ) | ||||||
Money market accounts |
73 | (72 | ) | 1 | ||||||||
|
|
|
|
|
|
|||||||
Total interest-bearing deposits |
45 | (717 | ) | (672 | ) | |||||||
Federal Home Loan Bank advances |
(83 | ) | 57 | (26 | ) | |||||||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities |
$ | (38 | ) | $ | (660 | ) | $ | (698 | ) | |||
|
|
|
|
|
|
|||||||
Change in net interest income |
$ | 681 | $ | 3 | $ | 684 | ||||||
|
|
|
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
Item 4. |
Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | |
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Consolidated Balance Sheets as of September 30 and June 30, 2021, (ii) the Condensed Consolidated Statements of Income for the three months ended September 30, 2021 and 2020, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended September 30, 2021 and 2020, (iv) the Condensed Consolidated Statements of Stockholders’ Equity for the three months ended September 30, 2021 and 2020, (v) the Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2021 and 2020, and (vi) the notes to the Condensed Consolidated Financial Statements. |
* | This information is furnished and not filed for purposes of Section 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934. |
IF BANCORP, INC. | ||
Date: November 10, 2021 | /s/ Walter H. Hasselbring III | |
Walter H. Hasselbring III | ||
President and Chief Executive Officer | ||
Date: November 10, 2021 | /s/ Pamela J. Verkler | |
Pamela J. Verkler | ||
Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) |