XML 40 R29.htm IDEA: XBRL DOCUMENT v3.23.1
Loans and Allowance for Loan Losses (Tables)
 9 Months Ended
Mar. 31, 2023
Loans and Allowance for Loan Losses [Abstract]  
Major Loan Segments and Classes
Loan segments and classes at March 31, 2023 and June 30, 2022 are summarized as follows:

(In thousands)
  
March 31, 2023
    
June 30, 2022
  
Residential real estate:
            
Residential real estate
  
$
374,840
    
$
360,824
  
Residential construction and land
    
17,567
      
15,298
  
Multi-family
    
67,251
      
63,822
  
Commercial real estate:
                
Commercial real estate
    
702,768
      
595,635
  
Commercial construction
    
108,854
      
83,748
  
Consumer loan:
                
Home equity
    
21,011
      
17,877
  
Consumer installment
    
4,411
      
4,512
  
Commercial loans
    
112,745
      
110,271
  
Total gross loans
    
1,409,447
      
1,251,987
  
Allowance for loan losses
    
(21,155
)
    
(22,761
)
Deferred fees and cost, net
    
29
   
129
Loans receivable, net
  
$
1,388,321
    
$
1,229,355
  
Loan Balances by Internal Credit Quality Indicator
Loan balances by internal credit quality indicator at March 31, 2023 are shown below.

(In thousands)
  
Performing
    
Special
Mention
    
Substandard
    
Total
  
Residential real estate
  
$
369,272
    
$
1,826
    
$
3,742
    
$
374,840
  
Residential construction and land
    
17,567
      
-
      
-
      
17,567
  
Multi-family
    
67,163
      
88
      
-
      
67,251
  
Commercial real estate
    
677,929
      
8,642
      
16,197
      
702,768
  
Commercial construction
    
108,854
      
-
      
-
      
108,854
  
Home equity
    
20,956
      
-
      
55
      
21,011
  
Consumer installment
    
4,386
      
-
      
25
      
4,411
  
Commercial loans
    
106,722
      
289
      
5,734
      
112,745
  
Total gross loans
  
$
1,372,849
    
$
10,845
    
$
25,753
    
$
1,409,447
  

Loan balances by internal credit quality indicator at June 30, 2022 are shown below.

(In thousands)
  
Performing
    
Special
Mention
    
Substandard
    
Total
  
Residential real estate
  
$
355,474
    
$
28
    
$
5,322
    
$
360,824
  
Residential construction and land
    
15,297
      
-
      
1
      
15,298
  
Multi-family
    
63,730
      
92
      
-
      
63,822
  
Commercial real estate
    
555,451
      
13,777
      
26,407
      
595,635
  
Commercial construction
    
83,748
      
-
      
-
      
83,748
  
Home equity
    
17,369
      
-
      
508
      
17,877
  
Consumer installment
    
4,500
      
-
      
12
      
4,512
  
Commercial loans
    
104,364
      
996
      
4,911
      
110,271
  
Total gross loans
  
$
1,199,933
    
$
14,893
    
$
37,161
    
$
1,251,987
  
Delinquent and/or Nonaccrual Loans by Past Due Status
The following table sets forth information regarding delinquent and/or nonaccrual loans at March 31, 2023:

(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
  
$
2,608
    
$
140
    
$
687
    
$
3,435
    
$
371,405
    
$
374,840
    
$
2,650
  
Residential construction and land
    
-
      
-
      
-
      
-
      
17,567
      
17,567
      
-
  
Multi-family
    
-
      
-
      
-
      
-
      
67,251
      
67,251
      
-
  
Commercial real estate
    
1,517
      
-
      
20
      
1,537
      
701,231
      
702,768
      
709
  
Commercial construction
    
-
      
-
      
-
      
-
      
108,854
      
108,854
      
-
  
Home equity
    
66
      
-
      
13
      
79
      
20,932
      
21,011
      
55
  
Consumer installment
    
64
      
44
      
-
      
108
      
4,303
      
4,411
      
-
  
Commercial loans
    
1,406
      
-
      
19
      
1,425
      
111,320
      
112,745
      
1,278
  
Total gross loans
  
$
5,661
    
$
184
    
$
739
    
$
6,584
    
$
1,402,863
    
$
1,409,447
    
$
4,692
  

The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2022:

(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
  
$
66
    
$
1,676
    
$
592
    
$
2,334
    
$
358,490
    
$
360,824
    
$
2,948
  
Residential construction and land
    
-
      
1
      
-
      
1
      
15,297
      
15,298
      
1
  
Multi-family
    
-
      
-
      
-
      
-
      
63,822
      
63,822
      
-
  
Commercial real estate
    
-
      
385
      
1,147
      
1,532
      
594,103
      
595,635
      
1,269
  
Commercial construction
    
-
      
-
      
-
      
-
      
83,748
      
83,748
      
-
  
Home equity
    
3
      
-
      
179
      
182
      
17,695
      
17,877
      
188
  
Consumer installment
    
22
      
17
      
-
      
39
      
4,473
      
4,512
      
7
  
Commercial loans
    
-
      
28
      
19
      
47
      
110,224
      
110,271
      
1,904
  
Total gross loans
  
$
91
    
$
2,107
    
$
1,937
    
$
4,135
    
$
1,247,852
    
$
1,251,987
    
$
6,317
  
Impaired Loans by Loan Portfolio Class
The tables below detail additional information on impaired loans at the date or periods indicated:


  
At March 31, 2023
    
For the three months ended
March 31, 2023
    
For the nine months ended
March 31, 2023
  
(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
  
$
768
    
$
768
    
$
-
    
$
775
    
$
-
    
$
895
    
$
2
  
Commercial real estate
    
1,528
      
1,528
      
-
      
755
      
17
      
369
      
25
  
Home equity
    
-
      
-
      
-
      
43
      
-
      
100
      
-
  
Consumer installment
     4       4       -       4       -       4       1  
Commercial loans
    
337
      
337
      
-
      
338
      
4
      
341
      
12
  
Impaired loans with no allowance
    
2,637
      
2,637
      
-
      
1,915
      
21
      
1,709
      
40
  
                                                         
With an allowance recorded:
                                                        
Residential real estate
    
2,415
      
2,415
      
595
      
2,421
      
7
      
2,221
      
14
  
Commercial real estate
    
3,168
      
3,168
      
459
      
3,851
      
48
      
3,696
      
121
  
Home equity
    
-
      
-
      
-
      
-
      
-
      
107
      
4
  
Commercial loans
    
1,578
      
1,578
      
764
      
1,839
      
5
      
2,479
      
32
  
Impaired loans with allowance
    
7,161
      
7,161
      
1,818
      
8,111
      
60
      
8,503
      
171
  
                                                         
Total impaired:
                                                        
Residential real estate
    
3,183
      
3,183
      
595
      
3,196
      
7
      
3,116
      
16
  
Commercial real estate
    
4,696
      
4,696
      
459
      
4,606
      
65
      
4,065
      
146
  
Home equity
    
-
      
-
      
-
      
43
      
-
      
207
      
4
  
Consumer installment
     4       4       -       4       -       4       1  
Commercial loans
    
1,915
      
1,915
      
764
      
2,177
      
9
      
2,820
      
44
  
Total impaired loans
  
$
9,798
    
$
9,798
    
$
1,818
    
$
10,026
    
$
81
    
$
10,212
    
$
211
  


 
At June 30, 2022
    
For the three months ended
March 31, 2022
    
For the nine months ended
March 31, 2022
  
(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
  
$
990
    
$
990
    
$
-
    
$
846
    
$
3
    
$
577
    
$
13
  
Commercial real estate
    
67
      
67
      
-
      
71
      
1
      
351
      
9
  
Home equity
    
128
      
128
      
-
      
128
      
-
      
128
      
-
  
Consumer Installment
     5       5       -       2       1       1       1  
Commercial loans
    
346
      
346
      
-
      
224
      
3
      
168
      
5
  
Impaired loans with no allowance
    
1,536
      
1,536
      
-
      
1,271
      
8
      
1,225
      
28
  
                                                         
With an allowance recorded:
                                                        
Residential real estate
    
1,953
      
1,953
      
588
      
2,159
      
10
      
1,612
      
43
  
Commercial real estate
    
3,698
      
3,698
      
1,118
      
1,864
      
75
      
1,085
      
93
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
      
102
      
-
  
Home equity
    
320
      
320
      
44
      
320
      
4
      
321
      
10
  
Commercial loans
    
3,162
      
3,162
      
596
      
3,336
      
29
      
3,349
      
116
  
Impaired loans with allowance
    
9,235
      
9,235
      
2,347
      
7,781
      
118
      
6,469
      
262
  
                                                         
Total impaired:
                                                        
Residential real estate
    
2,943
      
2,943
      
588
      
3,005
      
13
      
2,189
      
56
  
Commercial real estate
    
3,765
      
3,765
      
1,118
      
1,935
      
76
      
1,436
      
102
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
      
102
      
-
  
Home equity
    
448
      
448
      
44
      
448
      
4
      
449
      
10
  
Consumer Installment     5       5       -       2       1       1       1  
Commercial loans
    
3,508
      
3,508
      
596
      
3,560
      
32
      
3,517
      
121
  
Total impaired loans
  
$
10,771
    
$
10,771
    
$
2,347
    
$
9,052
    
$
126
    
$
7,694
    
$
290
  
Loans Modified as Troubled Debt Restructuring
The table below details loans that have been modified as a troubled debt restructuring during the periods indicated.

(Dollars in thousands)
  
Number of
Contracts
    
Pre-Modification
Outstanding
Recorded
Investment
    
Post-
Modification
Outstanding
Recorded
Investment
    
Current
outstanding
Recorded
Investment
  
For the nine months ended March 31, 2023
                        
Residential real estate
    
2
    
$
778
    
$
778
     $ 778  
Commercial real estate
    
3
     $
1,428
     $
1,481
     $ 1,476  
Commercial loans
   
1
     $
379
     $
379
     $ -  
                                 
For the year ended June 30, 2022                                
Consumer Installment     1     $ 5     $
 5     $
 5  
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 March 31, 2023
  
(In thousands)
  
Balance at
December 31, 2022
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
March 31, 2023
  
Residential real estate
  
$
2,492
    
$
-
    
$
-
    
$
146
    
$
2,638
  
Residential construction and land
    
193
      
-
      
-
      
(21
)
    
172
  
Multi-family
    
167
      
-
      
-
      
32
      
199
  
Commercial real estate
    
15,450
      
9
      
-
      
(1,869
)
    
13,572
  
Commercial construction
    
1,100
      
-
      
-
      
380
      
1,480
  
Home equity
    
38
      
-
      
-
      
11
      
49
  
Consumer installment
    
284
      
117
      
27
      
51
      
245
  
Commercial loans
    
2,565
      
103
      
12
      
326
      
2,800
  
Total
  
$
22,289
    
$
229
    
$
39
    
$
(944
)
  
$
21,155
  


 
Activity for the nine months ended March 31, 2023
  
(In thousands)
  
Balance at
June 30, 2022
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
March 31, 2023
  
Residential real estate
  
$
2,373
    
$
-
    
$
5
    
$
260
    
$
2,638
  
Residential construction and land
    
141
      
-
      
-
      
31
      
172
  
Multi-family
    
119
      
-
      
-
      
80
      
199
  
Commercial real estate
    
16,221
      
9
      
-
      
(2,640
)
    
13,572
  
Commercial construction
    
1,114
      
-
      
-
      
366
   
1,480
  
Home equity
    
89
      
-
      
-
      
(40
)
    
49
  
Consumer installment
    
349
      
421
      
102
      
215
      
245
  
Commercial loans
    
2,355
      
114
      
30
      
529
      
2,800
  
Total
  
$
22,761
    
$
544
    
$
137
    
$
(1,199
)
  
$
21,155
  

   
Allowance for Loan Losses
    
Loans Receivable
  
   
Ending Balance At March 31, 2023
Impairment Analysis
    
Ending Balance At March 31, 2023
Impairment Analysis
  
(In thousands)
  
Individually
Evaluated
    
Collectively
Evaluated
    
Individually
Evaluated
    
Collectively
Evaluated
  
Residential real estate
  
$
595
    
$
2,043
    
$
3,183
    
$
371,657
  
Residential construction and land
    
-
      
172
      
-
      
17,567
  
Multi-family
    
-
      
199
      
-
      
67,251
  
Commercial real estate
    
459
      
13,113
      
4,696
      
698,072
  
Commercial construction
    
-
      
1,480
      
-
      
108,854
  
Home equity
    
-
      
49
      
-
      
21,011
  
Consumer installment
    
-
      
245
      
4
      
4,407
  
Commercial loans
    
764
      
2,036
      
1,915
      
110,830
  
Total
  
$
1,818
    
$
19,337
    
$
9,798
    
$
1,399,649
  

   
Activity for the three months ended March 31, 2022
  
(In thousands)
  
Balance at
December 31, 2021
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
March 31, 2022
  
Residential real estate
  
$
1,981
    
$
-
    
$
3
    
$
22
    
$
2,006
  
Residential construction and land
    
115
      
-
      
-
      
2
      
117
  
Multi-family
    
76
      
-
      
-
      
10
      
86
  
Commercial real estate
    
15,616
      
-
      
-
      
276
      
15,892
  
Commercial construction
    
1,250
      
-
      
-
      
(121
)
    
1,129
  
Home equity
    
89
      
-
      
-
      
(2
)
    
87
  
Consumer installment
    
280
      
144
      
32
      
95
      
263
  
Commercial loans
    
2,277
      
-
      
1
      
(119
)
    
2,159
  
Total
  
$
21,684
    
$
144
    
$
36
    
$
163
    
$
21,739
  

   
Activity for the nine months ended March 31, 2022
  
(In thousands)
  
Balance at
June 30, 2021
    
Charge-offs
    
Recoveries
    
Provision
    
Balance at
March 31, 2022
  
Residential real estate
  
$
2,012
    
$
-
    
$
10
    
$
(16
)
  
$
2,006
  
Residential construction and land
    
106
      
-
      
-
      
11
      
117
  
Multi-family
    
186
      
-
      
-
      
(100
)
    
86
  
Commercial real estate
    
13,049
      
-
      
-
      
2,843
      
15,892
  
Commercial construction
    
1,535
      
-
      
-
      
(406
)
    
1,129
  
Home equity
    
165
      
-
      
-
      
(78
)
    
87
  
Consumer installment
    
267
      
355
      
89
      
262
      
263
  
Commercial loans
    
2,348
      
107
      
3
      
(85
)
    
2,159
  
Total
  
$
19,668
    
$
462
    
$
102
    
$
2,431
    
$
21,739
  

   
Allowance for Loan Losses
    
Loans Receivable
  
   
Ending Balance June 30, 2022
Impairment Analysis
    
Ending Balance June 30, 2022
Impairment Analysis
  
(In thousands)
  
Individually
Evaluated
    
Collectively
Evaluated
    
Individually
Evaluated
    
Collectively
Evaluated
  
Residential real estate
  
$
588
    
$
1,785
    
$
2,943
    
$
357,881
  
Residential construction and land
    
-
      
141
      
-
      
15,298
  
Multi-family
    
-
      
119
      
-
      
63,822
  
Commercial real estate
    
1,118
      
15,103
      
3,765
      
591,870
  
Commercial construction
    
1
      
1,113
      
102
      
83,646
  
Home equity
    
44
      
45
      
448
      
17,429
  
Consumer installment
    
-
      
349
      
5
      
4,507
  
Commercial loans
    
596
      
1,759
      
3,508
      
106,763
  
Total
  
$
2,347
    
$
20,414
    
$
10,771
    
$
1,241,216
  
Foreclosed Real Estate The following table sets forth information regarding FRE at:

(in thousands)
  
March 31, 2023
    
June 30, 2022
  
Residential real estate
  
$
-
    
$
68
  
Commercial real estate     160       -  
Commercial loans     302       -  
Total foreclosed real estate
  
$
462
    
$
68