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Loans (Tables)
 12 Months Ended
Jun. 30, 2021
Loans [Abstract]  
Major Loan Segments and Classes
Loan segments and classes at June 30, 2021 and 2020 are summarized as follows:

  
At June 30,
 
(In thousands)
 
2021
  
2020
 
Residential real estate:
      
   Residential real estate
 
$
325,167
  
$
279,332
 
   Residential construction and land
  
10,185
   
11,847
 
   Multi-family
  
41,951
   
25,104
 
Commercial real estate:
        
   Commercial real estate
  
472,887
   
381,415
 
   Commercial construction
  
62,763
   
74,920
 
Consumer loan:
        
   Home equity
  
18,285
   
22,106
 
   Consumer installment
  
4,942
   
4,817
 
Commercial loans
  
172,228
   
213,119
 
Total gross loans
  
1,108,408
   
1,012,660
 
Allowance for loan losses
  
(19,668
)
  
(16,391
)
Deferred (fees) and costs
  
(2,793
)
  
(2,747
)
Loans receivable, net
 
$
1,085,947
  
$
993,522
 
Loan Balances by Internal Credit Quality Indicator
Loan balances by internal credit quality indicator as of June 30, 2021 are shown below.

(In thousands)
 
Performing
  
Special Mention
  
Substandard
  
Total
 
Residential real estate
 
$
321,826
  
$
88
  
$
3,253
  
$
325,167
 
Residential construction and land
  
10,185
   
-
   
-
   
10,185
 
Multi-family
  
41,589
   
-
   
362
   
41,951
 
Commercial real estate
  
441,004
   
9,690
   
22,193
   
472,887
 
Commercial construction
  
55,819
   
5,944
   
1,000
   
62,763
 
Home equity
  
17,727
   
-
   
558
   
18,285
 
Consumer installment
  
4,942
   
-
   
-
   
4,942
 
Commercial loans
  
165,649
   
963
   
5,616
   
172,228
 
Total gross loans
 
$
1,058,741
  
$
16,685
  
$
32,982
  
$
1,108,408
 

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

(In thousands)
 
Performing
  
Special Mention
  
Substandard
  
Total
 
Residential real estate
 
$
275,599
  
$
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
  
4,817
   
-
   
-
   
4,817
 
Commercial loans
  
210,081
   
2,675
   
363
   
213,119
 
Total gross loans
 
$
979,874
  
$
25,479
  
$
7,307
  
$
1,012,660
 
Loans Modified as Troubled Debt Restructuring
The table below detail loans that have been modified as a troubled debt restructuring during the year ended June 30, 2021.

(Dollars in thousands)
 
Number of Contracts
  
Pre-Modification Outstanding Recorded Investment
  
Post-Modification Outstanding Recorded Investment
  
Current
Outstanding Recorded Investment
 
For the year ended June 30, 2021
            
Commercial loans
  
5
  
$
3,001
  
$
2,903
  
$
2,896
 
Commercial real estate
  
3
   
1,325
   
1,287
   
1,284
 
Residential
  
1
   
70
   
70
   
69
 
Loans that Have Payments Deferred
The following table details loans that have payments deferred as of June 30, 2021.

 
Full Payment Deferral
 
Principal Payment Deferral
 
Total Deferral
 
(Dollars in thousands)
Balance
  
Number
of Loans
 
Balance
  
Number
of Loans
 
Balance
  
Number
of Loans
 
                
Commercial real estate
  
6,119
   
3
   
1,346
   
3
   
7,465
   
6
 
Commercial loans
  
572
   
2
   
-
   
-
   
572
   
2
 
Total
 
$
6,691
   
5
  
$
1,346
   
3
  
$
8,037
   
8
 
Delinquent and/or Nonaccrual Loans by Past Due Status
The following table sets forth information regarding delinquent and/or nonaccrual loans as of June 30, 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
 
$
-
  
$
630
  
$
650
  
$
1,280
  
$
$
   
323,887
  
$
325,167
  
$
1,324
 
Residential construction and land
  
-
   
-
   
-
   
-
       
10,185
   
10,185
   
-
 
Multi-family
  
-
   
-
   
-
   
-
       
41,951
   
41,951
   
-
 
Commercial real estate
  
-
   
5,266
   
123
   
5,389
       
467,498
   
472,887
   
444
 
Commercial construction
  
-
   
-
   
-
   
-
       
62,763
   
62,763
   
-
 
Home equity
  
33
   
40
   
224
   
297
       
17,988
   
18,285
   
237
 
Consumer installment
  
26
   
13
   
-
   
39
       
4,903
   
4,942
   
-
 
Commercial loans
  
-
   
230
   
117
   
347
       
171,881
   
172,228
   
296
 
Total gross loans
 
$
59
  
$
6,179
  
$
1,114
  
$
7,352
  
$
$
   
1,101,056
  
$
1,108,408
  
$
2,301
 

The following table sets forth information regarding delinquent and/or nonaccrual loans as of 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:

(In thousands)
 
2021
  
2020
 
Interest income that would have been recorded if loans had been performing in accordance with original terms
 
$
188
  
$
296
 
Interest income that was recorded on nonaccrual loans
  
134
   
193
 
Impaired Loans by Loan Portfolio Class
The tables below detail additional information on impaired loans at the date or periods indicated:

  
As of June 30, 2021
  
For the year ended June 30, 2021
 
(In thousands)
 
Recorded Investment
  
Unpaid Principal
  
Related Allowance
  
Average Recorded Investment
  
Interest Income Recognized
 
With no related allowance recorded:
          
Residential real estate
 
$
370
  
$
370
  
$
-
  
$
387
  
$
14
 
Multi-family
  
-
   
-
   
-
   
30
   
-
 
Commercial real estate
  
281
   
281
   
-
   
313
   
4
 
Home equity
  
224
   
224
   
-
   
186
   
-
 
Commercial loans
  
95
   
95
   
-
   
148
   
8
 
Impaired loans with no allowance
  
970
   
970
   
-
   
1,064
   
26
 
                     
With an allowance recorded:
                    
Residential real estate
  
723
   
723
   
103
   
971
   
32
 
Multi-family
  
-
   
-
   
-
   
-
   
-
 
Commercial real estate
  
945
   
945
   
58
   
236
   
4
 
Commercial construction
  
102
   
102
   
1
   
102
   
-
 
Home equity
  
321
   
321
   
73
   
366
   
18
 
Commercial Loans
  
3,234
   
3,234
   
156
   
1,121
   
135
 
Impaired loans with allowance
  
5,325
   
5,325
   
391
   
2,796
   
189
 
                     
Total impaired:
                    
Residential real estate
  
1,093
   
1,093
   
103
   
1,358
   
46
 
Multi-family
  
-
   
-
   
-
   
30
   
-
 
Commercial real estate
  
1,226
   
1,226
   
58
   
549
   
8
 
Commercial construction
  
102
   
102
   
1
   
102
   
-
 
Home equity
  
545
   
545
   
73
   
552
   
18
 
Commercial loans
  
3,329
   
3,329
   
156
   
1,269
   
143
 
Total impaired loans
 
$
6,295
  
$
6,295
  
$
391
  
$
3,860
  
$
215
 


  
As of June 30, 2020
  
For the year ended June 30, 2020
 
(In thousands)
 
Recorded Investment
  
Unpaid Principal
  
Related Allowance
  
Average Recorded Investment
  
Interest Income Recognized
 
With no related allowance recorded:
          
Residential real estate
 
$
868
  
$
868
  
$
-
  
$
719
  
$
70
 
Multi-family
  
123
   
123
   
-
   
42
   
-
 
Commercial real estate
  
344
   
344
   
-
   
499
   
14
 
Home equity
  
128
   
128
   
-
   
168
   
-
 
Commercial loans
  
145
   
145
   
-
   
137
   
1
 
Impaired loans with no allowance
  
1,608
   
1,608
   
-
   
1,565
   
85
 
                     
With an allowance recorded:
                    
Residential real estate
  
995
   
995
   
127
   
1,184
   
47
 
Multi-family
  
-
   
-
   
-
   
54
   
1
 
Commercial real estate
  
-
   
-
   
-
   
26
   
3
 
Commercial construction
  
102
   
102
   
15
   
102
   
-
 
Home equity
  
431
   
431
   
73
   
418
   
24
 
Commercial Loans
  
134
   
134
   
13
   
147
   
9
 
Impaired loans with allowance
  
1,662
   
1,662
   
228
   
1,931
   
84
 
                     
Total impaired loans:
                    
Residential real estate
  
1,863
   
1,863
   
127
   
1,903
   
117
 
Multi-family
  
123
   
123
   
-
   
96
   
1
 
Commercial real estate
  
344
   
344
   
-
   
525
   
17
 
Commercial construction
  
102
   
102
   
15
   
102
   
-
 
Home equity
  
559
   
559
   
73
   
586
   
24
 
Commercial loans
  
279
   
279
   
13
   
284
   
10
 
Total impaired loans
 
$
3,270
  
$
3,270
  
$
228
  
$
3,496
  
$
169
 
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 class during and at the periods indicated.  The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations.

 
Activity for the year ended June 30, 2021
 
(In thousands)
 
Balance June 30, 2020
  
Charge-offs
  
Recoveries
  
Provision
  
Balance June 30, 2021
 
Residential real estate
 
$
2,091
  
$
26
  
$
13
  
$
(66
)
 
$
2,012
 
Residential construction and land
  
141
   
-
   
-
   
(35
)
  
106
 
Multi-family
  
176
   
-
   
-
   
10
   
186
 
Commercial real estate
  
8,634
   
-
   
-
   
4,415
   
13,049
 
Commercial construction
  
2,053
   
-
   
-
   
(518
)
  
1,535
 
Home equity
  
295
   
-
   
-
   
(130
)
  
165
 
Consumer installment
  
197
   
309
   
124
   
255
   
267
 
Commercial loans
  
2,804
   
500
   
1
   
43
   
2,348
 
Total
 
$
16,391
  
$
835
  
$
138
  
$
3,974
  
$
19,668
 
                     
                     
 
Activity for the year ended June 30, 2020
 
(In thousands)
 
Balance June 30, 2019
  
Charge-offs
  
Recoveries
  
Provision
  
Balance June 30, 2020
 
Residential real estate
 
$
2,026
  
$
102
  
$
16
  
$
151
  
$
2,091
 
Residential construction and land
  
87
   
-
   
-
   
54
   
141
 
Multi-family
  
180
   
-
   
-
   
(4
)
  
176
 
Commercial real estate
  
7,110
   
-
   
-
   
1,524
   
8,634
 
Commercial construction
  
872
   
-
   
-
   
1,181
   
2,053
 
Home equity
  
314
   
-
   
-
   
(19
)
  
295
 
Consumer installment
  
250
   
459
   
130
   
276
   
197
 
Commercial loans
  
2,361
   
335
   
36
   
742
   
2,804
 
Total
 
$
13,200
  
$
896
  
$
182
  
$
3,905
  
$
16,391
 

  
Allowance for Loan Losses
  
Loans Receivable
 
  
Ending Balance June 30, 2021
Impairment Analysis
  
Ending Balance June 30, 2021 Impairment Analysis
 
(In thousands)
 
Individually Evaluated
  
Collectively Evaluated
  
Individually Evaluated
  
Collectively Evaluated
 
Residential real estate
 
$
103
  
$
1,909
  
$
1,093
  
$
324,074
 
Residential construction and land
  
-
   
106
   
-
   
10,185
 
Multi-family
  
-
   
186
   
-
   
41,951
 
Commercial real estate
  
58
   
12,991
   
1,226
   
471,661
 
Commercial construction
  
1
   
1,534
   
102
   
62,661
 
Home equity
  
73
   
92
   
545
   
17,740
 
Consumer installment
  
-
   
267
   
-
   
4,942
 
Commercial loans
  
156
   
2,192
   
3,329
   
168,899
 
Total
 
$
391
  
$
19,277
  
$
6,295
  
$
1,102,113
 

  
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 as of June 30, 2021 and 2020:

(in thousands)
 
2021
  
2020
 
Residential real estate
 
$
64
  
$
-
 
Total foreclosed real estate
 
$
64
  
$
-