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Loans and Allowance for Loan Losses (Tables)
 6 Months Ended
Dec. 31, 2021
Loans and Allowance for Loan Losses [Abstract]  
Major Loan Segments and Classes
Loan segments and classes at December 31, 2021 and June 30, 2021 are summarized as follows:

(In thousands)
  
December 31, 2021
    
June 30, 2021
  
Residential real estate:
            
Residential real estate
  
$
334,385
    
$
325,167
  
Residential construction and land
    
13,884
      
10,185
  
Multi-family
    
44,450
      
41,951
  
Commercial real estate:
                
Commercial real estate
    
534,244
      
472,887
  
Commercial construction
    
75,417
      
62,763
  
Consumer loan:
                
Home equity
    
18,803
      
18,285
  
Consumer installment
    
4,669
      
4,942
  
Commercial loans
    
119,344
      
172,228
  
Total gross loans
    
1,145,196
      
1,108,408
  
Allowance for loan losses
    
(21,684
)
    
(19,668
)
Unearned origination fees and costs, net
    
(547
)
    
(2,793
)
Loans receivable, net
  
$
1,122,965
    
$
1,085,947
  
Loan Balances by Internal Credit Quality Indicator
Loan balances by internal credit quality indicator at December 31, 2021 are shown below.

(In thousands)
  
Performing
    
Special Mention
    
Substandard
    
Total
  
Residential real estate
  
$
331,056
    
$
32
    
$
3,297
    
$
334,385
  
Residential construction and land
    
13,884
      
-
      
-
      
13,884
  
Multi-family
    
44,355
      
95
      
-
      
44,450
  
Commercial real estate
    
497,947
      
6,801
      
29,496
      
534,244
  
Commercial construction
    
74,817
      
-
      
600
      
75,417
  
Home equity
    
18,344
      
-
      
459
      
18,803
  
Consumer installment
    
4,669
      
-
      
-
      
4,669
  
Commercial loans
    
112,743
      
1,142
      
5,459
      
119,344
  
Total gross loans
  
$
1,097,815
    
$
8,070
    
$
39,311
    
$
1,145,196
  

Loan balances by internal credit quality indicator at 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
  
Delinquent and/or Nonaccrual Loans by Past Due Status
The following table sets forth information regarding delinquent and/or nonaccrual loans at December 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
  
$
2,984
    
$
1,112
    
$
2,202
    
$
6,298
    
$
328,087
    
$
334,385
    
$
2,916
  
Residential construction and land
    
-
      
3
      
-
      
3
      
13,881
      
13,884
      
-
  
Multi-family
    
-
      
-
      
-
      
-
      
44,450
      
44,450
      
-
  
Commercial real estate
    
2,838
      
450
      
206
      
3,494
      
530,750
      
534,244
      
257
  
Commercial construction
    
-
      
-
      
-
      
-
      
75,417
      
75,417
      
-
  
Home equity
    
119
      
-
      
180
      
299
      
18,504
      
18,803
      
191
  
Consumer installment
    
45
      
12
      
-
      
57
      
4,612
      
4,669
      
-
  
Commercial loans
    
172
      
217
      
451
      
840
      
118,504
      
119,344
      
511
  
Total gross loans
  
$
6,158
    
$
1,794
    
$
3,039
    
$
10,991
    
$
1,134,205
    
$
1,145,196
    
$
3,875
  

The following table sets forth information regarding delinquent and/or nonaccrual loans at 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
  
Impaired Loans by Loan Portfolio Class
The tables below detail additional information on impaired loans at the date or periods indicated:


  
At December 31, 2021
    
For the three months ended
December 31, 2021
    
For the six months ended
December 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
  
$
904
    
$
904
    
$
-
    
$
664
    
$
10
    
$
442
    
$
10
  
Commercial real estate
    
73
      
73
      
-
      
539
      
5
      
492
      
8
  
Home equity
    
128
      
128
      
-
      
128
      
-
      
128
      
-
  
Commercial loans
    
328
      
328
      
-
      
180
      
2
      
139
      
2
  
Impaired loans with no allowance
    
1,433
      
1,433
      
-
      
1,511
      
17
      
1,201
      
20
  
                                                         
With an allowance recorded:
                                                        
Residential real estate
    
2,227
      
2,227
      
630
      
1,958
      
28
      
1,338
      
33
  
Commercial real estate
    
938
      
938
      
89
      
612
      
8
      
696
      
18
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
      
102
      
-
  
Home equity
    
321
      
321
      
45
      
321
      
3
      
321
      
6
  
Commercial loans
    
3,262
      
3,262
      
337
      
3,484
      
47
      
3,356
      
87
  
Impaired loans with allowance
    
6,850
      
6,850
      
1,102
      
6,477
      
86
      
5,813
      
144
  
                                                         
Total impaired:
                                                        
Residential real estate
    
3,131
      
3,131
      
630
      
2,622
      
38
      
1,780
      
43
  
Commercial real estate
    
1,011
      
1,011
      
89
      
1,151
      
13
      
1,188
      
26
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
      
102
      
-
  
Home equity
    
449
      
449
      
45
      
449
      
3
      
449
      
6
  
Commercial loans
    
3,590
      
3,590
      
337
      
3,664
      
49
      
3,495
      
89
  
Total impaired loans
  
$
8,283
    
$
8,283
    
$
1,102
    
$
7,988
    
$
103
    
$
7,014
    
$
164
  



 
At June 30, 2021
    
For the three months ended
December 31, 2020
    
For the six months ended
December 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
  
$
370
    
$
370
    
$
-
    
$
392
    
$
3
    
$
397
    
$
8
  
Multi-family
    
-
      
-
      
-
      
-
      
-
      
61
      
-
  
Commercial real estate
    
281
      
281
      
-
      
321
      
1
      
328
      
2
  
Home equity
    
224
      
224
      
-
      
162
      
-
      
145
      
-
  
Commercial loans
    
95
      
95
      
-
      
111
      
8
      
194
      
8
  
Impaired loans with no allowance
    
970
      
970
      
-
      
986
      
12
      
1,125
      
18
  
                                                         
With an allowance recorded:
                                                        
Residential real estate
    
723
      
723
      
103
      
1,064
      
12
      
1,225
      
17
  
Commercial real estate
    
945
      
945
      
58
      
-
      
-
      
-
      
-
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
      
102
      
-
  
Home equity
    
321
      
321
      
73
      
391
      
4
      
410
      
8
  
Commercial loans
    
3,234
      
3,234
      
156
      
16
      
1
      
8
      
1
  
Impaired loans with allowance
    
5,325
      
5,325
      
391
      
1,573
      
17
      
1,745
      
26
  
                                                         
Total impaired:
                                                        
Residential real estate
    
1,093
      
1,093
      
103
      
1,456
      
15
      
1,622
      
25
  
Multi-family
    
-
      
-
      
-
      
-
      
-
      
61
      
-
  
Commercial real estate
    
1,226
      
1,226
      
58
      
321
      
1
      
328
      
2
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
      
102
      
-
  
Home equity
    
545
      
545
      
73
      
553
      
4
      
555
      
8
  
Commercial loans
    
3,329
      
3,329
      
156
      
127
      
9
      
202
      
9
  
Total impaired loans
  
$
6,295
      
6,295
      
391
    
$
2,559
      
29
      
2,870
      
44
  
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 December 31, 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
    
-
      
-
      
99
      
1
      
99
      
1
  
Residential
    
-
      
-
      
165
      
1
      
165
      
1
  
Total
  
$
-
      
-
    
$
264
      
2
    
$
264
      
2
  

The following table details loans that have payments deferred at 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
  
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 three months ended December 31, 2021
  
(In thousands)
  
Balance at
September 30,
2021
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
December 31, 2021
  
Residential real estate
  
$
1,997
    
$
-
    
$
7
    
$
(23
)
  
$
1,981
  
Residential construction and land
    
120
      
-
      
-
      
(5
)
    
115
  
Multi-family
    
100
      
-
      
-
      
(24
)
    
76
  
Commercial real estate
    
14,298
      
-
      
-
      
1,318
      
15,616
  
Commercial construction
    
1,198
      
-
      
-
      
52
      
1,250
  
Home equity
    
140
      
-
      
-
      
(51
)
    
89
  
Consumer installment
    
290
      
107
      
20
      
77
      
280
  
Commercial loans
    
2,350
      
10
      
1
      
(64
)
    
2,277
  
Total
  
$
20,493
    
$
117
    
$
28
    
$
1,280
    
$
21,684
  


 
Activity for the six months ended December 31, 2021
  
(In thousands)
  
Balance at
June 30, 2021
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
December 31, 2021
  
Residential real estate
  
$
2,012
    
$
-
    
$
7
    
$
(38
)
  
$
1,981
  
Residential construction and land
    
106
      
-
      
-
      
9
      
115
  
Multi-family
    
186
      
-
      
-
      
(110
)
    
76
  
Commercial real estate
    
13,049
      
-
      
-
      
2,567
      
15,616
  
Commercial construction
    
1,535
      
-
      
-
      
(285
)
    
1,250
  
Home equity
    
165
      
-
      
-
      
(76
)
    
89
  
Consumer installment
    
267
      
211
      
57
      
167
      
280
  
Commercial loans
    
2,348
      
107
      
2
      
34
      
2,277
  
Total
  
$
19,668
    
$
318
    
$
66
    
$
2,268
    
$
21,684
  

   
Allowance for Loan Losses
    
Loans Receivable
  
   
Ending Balance At December 31, 2021
Impairment Analysis
    
Ending Balance At December 31, 2021
Impairment Analysis
  
(In thousands)
  
Individually
Evaluated
    
Collectively
Evaluated
    
Individually
Evaluated
    
Collectively
Evaluated
  
Residential real estate
  
$
630
    
$
1,351
    
$
3,131
    
$
331,254
  
Residential construction and land
    
-
      
115
      
-
      
13,884
  
Multi-family
    
-
      
76
      
-
      
44,450
  
Commercial real estate
    
89
      
15,527
      
1,011
      
533,233
  
Commercial construction
    
1
      
1,249
      
102
      
75,315
  
Home equity
    
45
      
44
      
449
      
18,354
  
Consumer installment
    
-
      
280
      
-
      
4,669
  
Commercial loans
    
337
      
1,940
      
3,590
      
115,754
  
Total
  
$
1,102
    
$
20,582
    
$
8,283
    
$
1,136,913
  

   
Activity for the three months ended December 31, 2020
  
(In thousands)
  
Balance at September 30,
2020
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
December 31, 2020
  
Residential real estate
  
$
1,463
    
$
26
    
$
4
    
$
557
    
$
1,998
  
Residential construction and land
    
118
      
-
      
-
      
(28
)
    
90
  
Multi-family
    
180
      
-
      
-
      
96
      
276
  
Commercial real estate
    
9,384
      
-
      
-
      
823
      
10,207
  
Commercial construction
    
1,961
      
-
      
-
      
(114
)
    
1,847
  
Home equity
    
272
      
-
      
-
      
(7
)
    
265
  
Consumer installment
    
350
      
85
      
19
      
(28
)
    
256
  
Commercial loans
    
3,868
      
500
      
-
      
(37
)
    
3,331
  
Total
  
$
17,596
    
$
611
    
$
23
    
$
1,262
    
$
18,270
  

   
Activity for the six months ended December 31, 2020
  
(In thousands)
  
Balance at
June 30, 2020
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
December 31, 2020
  
Residential real estate
  
$
2,091
    
$
26
    
$
7
    
$
(74
)
  
$
1,998
  
Residential construction and land
    
141
      
-
      
-
      
(51
)
    
90
  
Multi-family
    
176
      
-
      
-
      
100
      
276
  
Commercial real estate
    
8,634
      
-
      
-
      
1,573
      
10,207
  
Commercial construction
    
2,053
      
-
      
-
      
(206
)
    
1,847
  
Home equity
    
295
      
-
      
-
      
(30
)
    
265
  
Consumer installment
    
197
      
146
      
39
      
166
      
256
  
Commercial loans
    
2,804
      
500
      
-
      
1,027
      
3,331
  
Total
  
$
16,391
    
$
672
    
$
46
    
$
2,505
    
$
18,270
  

   
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
  
Foreclosed Real Estate The following table sets forth information regarding FRE at December 31, 2021 and June 30, 2021:

(in thousands)
  
December 31, 2021
    
June 30, 2021
  
Residential real estate
  
$
-
    
$
64
  
Total foreclosed real estate
  
$
-
    
$
64