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Loans and Allowance for Loan Losses (Tables)
 9 Months Ended
Mar. 31, 2021
Loans and Allowance for Loan Losses [Abstract]  
Major Loan Segments and Classes
Loan segments and classes at March 31, 2021 and June 30, 2020 are summarized as follows:
(In thousands)
 
March 31, 2021
  
June 30, 2020
 
Residential real estate:
      
Residential real estate
 
$
305,267
  
$
279,332
 
Residential construction and land
  
8,467
   
11,847
 
Multi-family
  
37,470
   
25,104
 
Commercial real estate:
        
Commercial real estate
  
454,792
   
381,415
 
Commercial construction
  
66,913
   
74,920
 
Consumer loan:
        
Home equity
  
18,957
   
22,106
 
Consumer installment
  
4,499
   
4,817
 
Commercial loans
  
194,515
   
213,119
 
Total gross loans
  
1,090,880
   
1,012,660
 
Allowance for loan losses
  
(19,668
)
  
(16,391
)
Unearned origination fees and costs, net
  
(2,714
)
  
(2,747
)
Loans receivable, net
 
$
1,068,498
  
$
993,522
 
Loan Balances by Internal Credit Quality Indicator
Loan balances by internal credit quality indicator at March 31, 2021 are shown below.

(In thousands)
 
Performing
  
Watch
  
Special Mention
  
Substandard
  
Total
 
Residential real estate
 
$
301,919
  
$
495
  
$
81
  
$
2,772
  
$
305,267
 
Residential construction and land
  
8,467
   
-
   
-
   
-
   
8,467
 
Multi-family
  
35,493
   
-
   
1,613
   
364
   
37,470
 
Commercial real estate
  
426,657
   
-
   
17,918
   
10,217
   
454,792
 
Commercial construction
  
63,913
   
-
   
2,000
   
1,000
   
66,913
 
Home equity
  
18,393
   
-
   
-
   
564
   
18,957
 
Consumer installment
  
4,499
   
-
   
-
   
-
   
4,499
 
Commercial loans
  
188,016
   
-
   
2,572
   
3,927
   
194,515
 
Total gross loans
 
$
1,047,357
  
$
495
  
$
24,184
  
$
18,844
  
$
1,090,880
 

Loan balances by internal credit quality indicator at June 30, 2020 are shown below.

(In thousands)
 
Performing
  
Watch
  
Special Mention
  
Substandard
  
Total
 
Residential real estate
 
$
274,973
  
$
626
  
$
996
  
$
2,737
  
$
279,332
 
Residential construction and land
  
11,847
   
-
   
-
   
-
   
11,847
 
Multi-family
  
23,336
   
-
   
1,645
   
123
   
25,104
 
Commercial real estate
  
364,884
   
-
   
13,189
   
3,342
   
381,415
 
Commercial construction
  
67,844
   
-
   
6,974
   
102
   
74,920
 
Home equity
  
21,466
   
-
   
-
   
640
   
22,106
 
Consumer installment
  
4,792
   
25
   
-
   
-
   
4,817
 
Commercial loans
  
210,031
   
50
   
2,675
   
363
   
213,119
 
Total gross loans
 
$
979,173
  
$
701
  
$
25,479
  
$
7,307
  
$
1,012,660
 
Delinquent and/or Nonaccrual Loans by Past Due Status
The following table sets forth information regarding delinquent and/or nonaccrual loans at March 31, 2021:


(In thousands)
 
30-59 days
past due
  
60-89
days past
 due
  
90 days or
 more past
due
  
Total past
due
  
Current
  
Total Loans
  
Loans on
Non-accrual
 
Residential real estate
 
$
2,078
  
$
306
  
$
453
  
$
2,837
  
$
302,430
  
$
305,267
  
$
1,582
 
Residential construction and land
  
-
   
-
   
-
   
-
   
8,467
   
8,467
   
-
 
Multi-family
  
-
   
-
   
-
   
-
   
37,470
   
37,470
   
-
 
Commercial real estate
  
5,012
   
127
   
345
   
5,484
   
449,308
   
454,792
   
529
 
Commercial construction
  
-
   
-
   
-
   
-
   
66,913
   
66,913
   
-
 
Home equity
  
14
   
101
   
128
   
243
   
18,714
   
18,957
   
243
 
Consumer installment
  
25
   
-
   
-
   
25
   
4,474
   
4,499
   
-
 
Commercial loans
  
991
   
117
   
118
   
1,226
   
193,289
   
194,515
   
312
 
Total gross loans
 
$
8,120
  
$
651
  
$
1,044
  
$
9,815
  
$
1,081,065
  
$
1,090,880
  
$
2,666
 

The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2020:

(In thousands)
 
30-59 days
 past due
  
60-89
days past
due
  
90 days
or more past
 due
  
Total past
due
  
Current
  
Total Loans
  
Loans on
Non-accrual
 
Residential real estate
 
$
871
  
$
345
  
$
1,691
  
$
2,907
  
$
276,425
  
$
279,332
  
$
2,513
 
Residential construction and land
  
-
   
-
   
-
   
-
   
11,847
   
11,847
   
-
 
Multi-family
  
-
   
-
   
151
   
151
   
24,953
   
25,104
   
151
 
Commercial real estate
  
393
   
189
   
374
   
956
   
380,459
   
381,415
   
781
 
Commercial construction
  
-
   
-
   
-
   
-
   
74,920
   
74,920
   
-
 
Home equity
  
29
   
-
   
238
   
267
   
21,839
   
22,106
   
319
 
Consumer installment
  
36
   
25
   
-
   
61
   
4,756
   
4,817
   
-
 
Commercial loans
  
48
   
72
   
245
   
365
   
212,754
   
213,119
   
313
 
Total gross loans
 
$
1,377
  
$
631
  
$
2,699
  
$
4,707
  
$
1,007,953
  
$
1,012,660
  
$
4,077
 
Nonaccrual Loans, Interest Income Data
The table below details additional information related to nonaccrual loans for the three and nine months ended March 31:

  
For the three months
ended March 31,
  
For the nine months
ended March 31
 
(In thousands)
 
2021
  
2020
  
2021
  
2020
 
Interest income that would have been recorded if loans had been performing in accordance with original terms
 
$
43
  
$
64
  
$
174
  
$
218
 
Interest income that was recorded on nonaccrual loans
  
36
   
51
   
116
   
143
 
Impaired Loans by Loan Portfolio Class
The tables below detail additional information on impaired loans at the date or periods indicated:

  
At March 31, 2021
  
For the three months ended
March 31, 2021
  
For the nine months ended
March 31, 2021
 
(In thousands)
 
Recorded
Investment
  
Unpaid
Principal
  
Related
Allowance
  
Average
Recorded
Investment
  
Interest
Income
Recognized
  
Average
Recorded
Investment
  
Interest
Income
Recognized
 
With no related allowance recorded:
                
Residential real estate
 
$
378
  
$
378
  
$
-
  
$
381
  
$
1
  
$
392
  
$
11
 
Multi-family
  
-
   
-
   
-
   
-
   
-
   
40
   
-
 
Commercial real estate
  
300
   
300
   
-
   
307
   
-
   
321
   
3
 
Home equity
  
229
   
229
   
-
   
230
   
-
   
173
   
-
 
Commercial loans
  
103
   
103
   
-
   
105
   
-
   
164
   
8
 
Impaired loans with no allowance
  
1,010
   
1,010
   
-
   
1,023
   
1
   
1,090
   
22
 
                             
With an allowance recorded:
                            
Residential real estate
  
730
   
730
   
113
   
710
   
2
   
1,053
   
27
 
Commercial construction
  
102
   
102
   
27
   
102
   
-
   
102
   
-
 
Home equity
  
321
   
321
   
74
   
321
   
2
   
381
   
12
 
Commercial loans
  
1,756
   
1,756
   
73
   
1,235
   
85
   
417
   
110
 
Impaired loans with allowance
  
2,909
   
2,909
   
287
   
2,368
   
89
   
1,953
   
149
 
                             
Total impaired:
                            
Residential real estate
  
1,108
   
1,108
   
113
   
1,091
   
3
   
1445
   
38
 
Multi-family
  
-
   
-
   
-
   
-
   
-
   
40
   
-
 
Commercial real estate
  
300
   
300
   
-
   
307
   
-
   
321
   
3
 
Commercial construction
  
102
   
102
   
27
   
102
   
-
   
102
   
-
 
Home equity
  
550
   
550
   
74
   
551
   
2
   
554
   
12
 
Commercial loans
  
1,859
   
1,859
   
73
   
1,340
   
85
   
581
   
118
 
Total impaired loans
 
$
3,919
  
$
3,919
  
$
287
  
$
3,391
  
$
90
  
$
3,043
  
$
171
 

  
At June 30, 2020
  
For the three months ended
March 31, 2020
  
For the nine months ended
March 31, 2020
 
(In thousands)
 
Recorded
Investment
  
Unpaid
Principal
  
Related
Allowance
  
Average
Recorded
Investment
  
Interest
Income
Recognized
  
Average
Recorded
Investment
  
Interest
Income
Recognized
 
With no related allowance recorded:
 
Residential real estate
 
$
868
  
$
868
  
$
-
  
$
702
   
11
   
645
   
52
 
Multi-family
  
123
   
123
   
-
   
42
   
-
   
14
   
-
 
Commercial real estate
  
344
   
344
   
-
   
362
   
1
   
549
   
13
 
Home equity
  
128
   
128
   
-
   
136
   
-
   
177
   
-
 
Commercial loans
  
145
   
145
   
-
   
163
   
-
   
134
   
1
 
Impaired loans with no allowance
  
1,608
   
1,608
   
-
   
1,405
   
12
   
1,519
   
66
 
                             
With an allowance recorded:
                            
Residential real estate
  
995
   
995
   
127
   
1,176
   
7
   
1,227
   
39
 
Multi-family
  
-
   
-
   
-
   
85
   
-
   
72
   
1
 
Commercial real estate
  
-
   
-
   
-
   
-
   
-
   
35
   
3
 
Commercial construction
  
102
   
102
   
15
   
102
   
-
   
102
   
-
 
Home equity
  
431
   
431
   
73
   
449
   
7
   
414
   
21
 
Commercial loans
  
134
   
134
   
13
   
165
   
5
   
151
   
9
 
Impaired loans with allowance
  
1,662
   
1,662
   
228
   
1,977
   
19
   
2,001
   
73
 
                             
Total impaired:
                            
Residential real estate
  
1,863
   
1,863
   
127
   
1,878
   
18
   
1,872
   
91
 
Multi-family
  
123
   
123
   
-
   
127
   
-
   
86
   
1
 
Commercial real estate
  
344
   
344
   
-
   
362
   
1
   
584
   
16
 
Commercial construction
  
102
   
102
   
15
   
102
   
-
   
102
   
-
 
Home equity
  
559
   
559
   
73
   
585
   
7
   
591
   
21
 
Commercial loans
  
279
   
279
   
13
   
328
   
5
   
285
   
10
 
Total impaired loans
 
$
3,270
  
$
3,270
  
$
228
  
$
3,382
   
31
   
3,520
   
139
 
Loans Modified as Troubled Debt Restructuring
The table below details loans that have been modified as a troubled debt restructuring.

  
Three Months Ended March 31, 2021
  
Nine Months Ended March 31, 2021
 
(Dollars in thousands)
 
Number of
Contracts
  
Pre-Modification Outstanding
Recorded
 Investment
  
Post-Modification
Outstanding
Recorded
Investment
  
Number of
Contracts
  
Pre-Modification Outstanding
 Recorded
Investment
  
Post-Modification Outstanding
Recorded
Investment
 
                   
Commercial loans
  
3
  
$
1,391
  
$
1,391
   
4
  
$
1,415
  
$
1,415
 
Commercial real estates
  
1
  
$
342
  
$
342
   
1
  
$
342
  
$
342
 
Residential real estate
  
1
  
$
70
  
$
70
   
1
  
$
70
  
$
70
 
Activity and Allocation of Allowance for Loan Losses
The following tables set forth the activity and allocation of the allowance for loan losses by loan category during and at the periods indicated. The allowance is allocated to each loan category based on historical loss experience and economic conditions.

  
Activity for the three months ended March 31, 2021
 
(In thousands)
 
Balance at
December 31, 2020
  
Charge-offs
  
Recoveries
  
Provision
  
Balance at
March 31, 2021
 
Residential real estate
 
$
1,998
  
$
-
  
$
3
  
$
(16
)
 
$
1,985
 
Residential construction and land
  
90
   
-
   
-
   
11
   
101
 
Multi-family
  
276
   
-
   
-
   
38
   
314
 
Commercial real estate
  
10,207
   
-
   
-
   
1,572
   
11,779
 
Commercial construction
  
1,847
   
-
   
-
   
94
   
1,941
 
Home equity
  
265
   
-
   
-
   
(64
)
  
201
 
Consumer installment
  
256
   
101
   
62
   
(59
)
  
157
 
Commercial loans
  
3,331
   
-
   
-
   
(141
)
  
3,190
 
Total
 
$
18,270
  
$
101
  
$
65
  
$
1,434
  
$
19,668
 

  
Activity for the nine months ended March 31, 2021
 
(In thousands)
 
Balance at
June 30, 2020
  
Charge-offs
  
Recoveries
  
Provision
  
Balance at
March 31, 2021
 
Residential real estate
 
$
2,091
  
$
26
  
$
10
  
$
(90
)
 
$
1,985
 
Residential construction and land
  
141
   
-
   
-
   
(40
)
  
101
 
Multi-family
  
176
   
-
   
-
   
138
   
314
 
Commercial real estate
  
8,634
   
-
   
-
   
3,145
   
11,779
 
Commercial construction
  
2,053
   
-
   
-
   
(112
)
  
1,941
 
Home equity
  
295
   
-
   
-
   
(94
)
  
201
 
Consumer installment
  
197
   
247
   
101
   
107
   
157
 
Commercial loans
  
2,804
   
500
   
-
   
886
   
3,190
 
Total
 
$
16,391
  
$
773
  
$
111
  
$
3,939
  
$
19,668
 

  
Allowance for Loan Losses
  
Loans Receivable
 
  
Ending Balance At March 31, 2021
Impairment Analysis
  
Ending Balance At March 31, 2021
Impairment Analysis
 
(In thousands)
 
Individually
Evaluated
  
Collectively
Evaluated
  
Individually
Evaluated
  
Collectively Evaluated
 
Residential real estate
 
$
113
  
$
1,872
  
$
1,108
  
$
304,159
 
Residential construction and land
  
-
   
101
   
-
   
8,467
 
Multi-family
  
-
   
314
   
-
   
37,470
 
Commercial real estate
  
-
   
11,779
   
300
   
454,492
 
Commercial construction
  
27
   
1,914
   
102
   
66,811
 
Home equity
  
74
   
127
   
550
   
18,407
 
Consumer installment
  
-
   
157
   
-
   
4,499
 
Commercial loans
  
73
   
3,117
   
1,859
   
192,656
 
Total
 
$
287
  
$
19,381
  
$
3,919
  
$
1,086,961
 

  
Activity for the three months ended March 31, 2020
 
(In thousands)
 
Balance at
December 31, 2019
  
Charge-offs
  
Recoveries
  
Provision
  
Balance at
March 31, 2020
 
Residential real estate
 
$
1,470
  
$
-
  
$
3
  
$
391
  
$
1,864
 
Residential construction and land
  
93
   
-
   
-
   
8
   
101
 
Multi-family
  
147
   
-
   
-
   
6
   
153
 
Commercial real estate
  
7,510
   
-
   
-
   
453
   
7,963
 
Commercial construction
  
1,467
   
-
   
-
   
355
   
1,822
 
Home equity
  
270
   
-
   
-
   
3
   
273
 
Consumer installment
  
366
   
111
   
33
   
12
   
300
 
Commercial loans
  
2,661
   
129
   
-
   
164
   
2,696
 
Unallocated
  
-
   
-
   
-
   
33
   
33
 
Total
 
$
13,984
  
$
240
  
$
36
  
$
1,425
  
$
15,205
 

  
Activity for the nine months ended March 31, 2020
 
(In thousands)
 
Balance at
June 30, 2019
  
Charge-offs
  
Recoveries
  
Provision
  
Balance at
March 31, 2020
 
Residential real estate
 
$
2,026
  
$
101
  
$
13
  
$
(74
)
 
$
1,864
 
Residential construction and land
  
87
   
-
   
-
   
14
   
101
 
Multi-family
  
180
   
-
   
-
   
(27
)
  
153
 
Commercial real estate
  
7,110
   
-
   
-
   
853
   
7,963
 
Commercial construction
  
872
   
-
   
-
   
950
   
1,822
 
Home equity
  
314
   
-
   
-
   
(41
)
  
273
 
Consumer installment
  
250
   
359
   
83
   
326
   
300
 
Commercial loans
  
2,361
   
333
   
36
   
632
   
2,696
 
Unallocated
  
-
   
-
   
-
   
33
   
33
 
Total
 
$
13,200
  
$
793
  
$
132
  
$
2,666
  
$
15,205
 

  
Allowance for Loan Losses
  
Loans Receivable
 
  
Ending Balance June 30, 2020
Impairment Analysis
  
Ending Balance June 30, 2020
Impairment Analysis
 
(In thousands)
 
Individually
Evaluated
  
Collectively
Evaluated
  
Individually
Evaluated
  
Collectively
 Evaluated
 
Residential real estate
 
$
127
  
$
1,964
  
$
1,863
  
$
277,469
 
Residential construction and land
  
-
   
141
   
-
   
11,847
 
Multi-family
  
-
   
176
   
123
   
24,981
 
Commercial real estate
  
-
   
8,634
   
344
   
381,071
 
Commercial construction
  
15
   
2,038
   
102
   
74,818
 
Home equity
  
73
   
222
   
559
   
21,547
 
Consumer installment
  
-
   
197
   
-
   
4,817
 
Commercial loans
  
13
   
2,791
   
279
   
212,840
 
Total
 
$
228
  
$
16,163
  
$
3,270
  
$
1,009,390
 
Foreclosed Real Estate
The following table sets forth information regarding FRE at March 31, 2021 and June 30, 2020:

(in thousands)
 
March 31, 2021
  
June 30, 2020
 
Residential real estate
 
$
160
  
$
-
 
Total foreclosed real estate
 
$
160
  
$
-