Loans Held for Investment (Tables)

3 Months Ended

Sep. 30, 2022

Loans Held for Investment

Schedule of loans held for investment

	September 30,		June 30,
(In Thousands)	2022		2022
Mortgage loans:
Single-family	$	429,575	$	378,234
Multi-family		468,031		464,676
Commercial real estate		89,339		90,429
Construction		3,151		3,216
Other		118		123
Commercial business loans		1,117		1,206
Consumer loans		70		86
Total loans held for investment, gross		991,401		937,970
Advance payments of escrows		20		47
Deferred loan costs, net		8,159		7,539
Allowance for loan losses		(5,638)		(5,564)
Total loans held for investment, net	$	993,942	$	939,992

Schedule of loans held for investment, contractual repricing

	Adjustable Rate
			After		After		After
		Within	One Year		3 Years		5 Years
(In Thousands)	One Year		Through 3 Years		Through 5 Years		Through 10 Years		Fixed Rate		Total
Mortgage loans:
Single-family	$	51,772	$	22,388	$	37,305	$	211,503	$	106,607	$	429,575
Multi-family		134,344		132,184		146,691		54,651		161		468,031
Commercial real estate		44,631		20,582		22,803		—		1,323		89,339
Construction		1,803		—		—		—		1,348		3,151
Other		—		—		—		—		118		118
Commercial business loans		1,049		—		—		—		68		1,117
Consumer loans		70		—		—		—		—		70
Total loans held for investment, gross	$	233,669	$	175,154	$	206,799	$	266,154	$	109,625	$	991,401

Schedule of gross loans held for investment by loan types and risk category

	September 30, 2022
					Commercial				Other		Commercial
(In Thousands)	Single-family		Multi-family		Real Estate		Construction		Mortgage		Business		Consumer		Total
Pass	$	428,527	$	468,031	$	89,339	$	3,151	$	118	$	1,117	$	70	$	990,353
Special Mention		—		—		—		—		—		—		—		—
Substandard		1,048		—		—		—		—		—		—		1,048
Total loans held for investment, gross	$	429,575	$	468,031	$	89,339	$	3,151	$	118	$	1,117	$	70	$	991,401

	June 30, 2022
					Commercial					Other	Commercial
(In Thousands)	Single-family		Multi-family		Real Estate		Construction			Mortgage	Business		Consumer		Total
Pass	$	376,502	$	464,676	$	90,429	$	3,216	$	123	$	1,206	$	86	$	936,238
Special Mention		224		—		—		—		—		—		—		224
Substandard		1,508		—		—		—		—		—		—		1,508
Total loans held for investment, gross	$	378,234	$	464,676	$	90,429	$	3,216	$	123	$	1,206	$	86	$	937,970

Schedule of allowance for loan losses and recorded investment

	Quarter Ended September 30, 2022
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	1,383		$	3,282		$	816		$	23		$	3		$	52		$	5		$	5,564
Provision (recovery) for loan losses		63			23			(10)			(1)			—			(4)			(1)			70
Recoveries		4			—			—			—			—			—			—			4
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,450		$	3,305		$	806		$	22		$	3		$	48		$	4		$	5,638
Allowance for loan losses:
Individually evaluated for impairment	$	38		$	—		$	—		$	—		$	—		$	—		$	—		$	38
Collectively evaluated for impairment		1,412			3,305			806			22			3			48			4			5,600
Allowance for loan losses, end of period	$	1,450		$	3,305		$	806		$	22		$	3		$	48		$	4		$	5,638
Loans held for investment:
Individually evaluated for impairment	$	819		$	—		$	—		$	—		$	—		$	—		$	—		$	819
Collectively evaluated for impairment		428,756			468,031			89,339			3,151			118			1,117			70			990,582
Total loans held for investment, gross	$	429,575		$	468,031		$	89,339		$	3,151		$	118		$	1,117		$	70		$	991,401
Allowance for loan losses as a percentage of gross loans held for investment		0.34	%		0.71	%		0.90	%		0.70	%		2.54	%		4.30	%		5.71	%		0.57	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.00)	%		—	%		—	%		—	%		—	%		—	%		—	%		(0.00)	%

	Quarter Ended September 30, 2021
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction				Other		Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	2,000		$	4,485		$	1,006		$	51		$	3		$	36		$	6		$	7,587
(Recovery) provision for loan losses		(338)			40			(39)			(2)			—			1			(1)			(339)
Recoveries		165			—			—			—			—			—			—			165
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,827		$	4,525		$	967		$	49		$	3		$	37		$	5		$	7,413
Allowance for loan losses:
Individually evaluated for impairment	$	260		$	—		$	—		$	—		$	—		$	—		$	—		$	260
Collectively evaluated for impairment		1,567			4,525			967			49			3			37			5			7,153
Allowance for loan losses, end of period	$	1,827		$	4,525		$	967		$	49		$	3		$	37		$	5		$	7,413
Loans held for investment:
Individually evaluated for impairment	$	5,894		$	—		$	—		$	—		$	—		$	—		$	—		$	5,894
Collectively evaluated for impairment		269,076			489,550			91,779			2,574			137			865			84			854,065
Total loans held for investment, gross	$	274,970		$	489,550		$	91,779		$	2,574		$	137		$	865		$	84		$	859,959
Allowance for loan losses as a percentage of gross loans held for investment		0.66	%		0.92	%		1.05	%		1.90	%		2.19	%		4.28	%		5.95	%		0.86	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.25)	%		—	%		—	%		—	%		—	%		—	%		—	%		(0.08)	%

Schedule of allowance for loan losses

The following table is provided to disclose additional details for the periods indicated on the Corporation’s allowance for loan losses:

	For the Quarter Ended
	September 30,
(Dollars in Thousands)	2022			2021
Allowance at beginning of period	$	5,564		$	7,587
Provision (recovery) for loan losses		70			(339)
Recoveries:
Mortgage loans:
Single-family		4			165
Total recoveries		4			165
Charge-offs:
Consumer loans		—			—
Total charge-offs		—			—
Net recoveries (charge-offs)		4			165
Balance at end of period	$	5,638		$	7,413
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period		0.57	%		0.86	%
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized)		(0.00)	%		(0.08)	%
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period		537.98	%		102.11	%

Schedule of recorded investment in non-performing loans

	At September 30, 2022
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	988	$	—	$	988	$	(84)	$	904
Without a related allowance(2)		89		(29)		60		—		60
Total single-family loans		1,077		(29)		1,048		(84)		964
Total non-performing loans	$	1,077	$	(29)	$	1,048	$	(84)	$	964

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

	At June 30, 2022
	Unpaid		Related						Net
	Principal		Charge-offs		Recorded				Recorded
(In Thousands)	Balance		Related		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	993	$	—	$	993	$	(85)	$	908
Without a related allowance(2)		548		(33)		515		—		515
Total single-family loans		1,541		(33)		1,508		(85)		1,423
Total non-performing loans	$	1,541	$	(33)	$	1,508	$	(85)	$	1,423

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

Schedule of past due status of gross loans held for investment, net of fair value adjustments

	September 30, 2022
			30-89 Days Past				Total Loans Held for
(In Thousands)	Current		Due		Non-Accrual(1)		Investment, Gross
Mortgage loans:
Single-family	$	428,527	$	—	$	1,048	$	429,575
Multi-family		468,031		—		—		468,031
Commercial real estate		89,339		—		—		89,339
Construction		3,151		—		—		3,151
Other		118		—		—		118
Commercial business loans		1,117		—		—		1,117
Consumer loans		69		1		—		70
Total loans held for investment, gross	$	990,352	$	1	$	1,048	$	991,401

(1) All loans 90 days or greater past due are placed on non-accrual status.

	June 30, 2022
			30-89 Days Past				Total Loans Held for
(In Thousands)	Current		Due		Non-Accrual(1)		Investment, Gross
Mortgage loans:
Single-family	$	376,726	$	—	$	1,508	$	378,234
Multi-family		464,676		—		—		464,676
Commercial real estate		90,429		—		—		90,429
Construction		3,216		—		—		3,216
Other		123		—		—		123
Commercial business loans		1,206		—		—		1,206
Consumer loans		83		3		—		86
Total loans held for investment, gross	$	936,459	$	3	$	1,508	$	937,970

(1) All loans 90 days or greater past due are placed on non-accrual status.

Schedule of troubled debt restructurings by nonaccrual versus accrual status

	At		At
(In Thousands)	September 30, 2022		June 30, 2022
Restructured loans on non-accrual status:
Mortgage loans:
Single-family	$	721	$	722
Total		721		722
Restructured loans on accrual status:
Mortgage loans:
Single-family		1,906		3,748
Total		1,906		3,748
Total restructured loans	$	2,627	$	4,470

Schedule of recorded investment in restructured loans

	At September 30, 2022
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	759	$	—	$	759	$	(38)	$	721
Without a related allowance(2)		1,906		—		1,906		—		1,906
Total single-family		2,665		—		2,665		(38)		2,627
Total restructured loans	$	2,665	$	—	$	2,665	$	(38)	$	2,627

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

	At June 30, 2022
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	760	$	—	$	760	$	(38)	$	722
Without a related allowance(2)		3,748		—		3,748		—		3,748
Total single-family		4,508		—		4,508		(38)		4,470
Total restructured loans	$	4,508	$	—	$	4,508	$	(38)	$	4,470

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

Schedule of Nonperforming Loans on Interest Income

		Quarter Ended September 30,
	2022				2021
		Average	Interest		Average		Interest
		Recorded	Income		Recorded		Income
(In Thousands)		Investment	Recognized		Investment		Recognized
Without related allowances:
Mortgage loans:
Single-family	$	127	$	—	$	817	$	140
		127		—		817		140
With related allowances:
Mortgage loans:
Single-family		991		5		5,827		47
Multi-family		—		—		1,114		15
		991		5		6,941		62
Total	$	1,118	$	5	$	7,758	$	202