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Loans (Tables)
 12 Months Ended
Jun. 30, 2023
Loans [Abstract]  
Major Loan Segments and Classes
Loan segments and classes at June 30, 2023 and 2022 are summarized as follows:
   
At June 30,
  
(In thousands)
  
2023
    
2022
  
Residential real estate:
            
Residential real estate
  
$
372,443
    
$
360,824
  
Residential construction and land
    
19,072
      
15,298
  
Multi-family
    
66,496
      
63,822
  
Commercial real estate:
                
Commercial real estate
    
693,436
      
595,635
  
Commercial construction
    
121,958
      
83,748
  
Consumer loan:
                
Home equity
    
22,752
      
17,877
  
Consumer installment
    
4,612
      
4,512
  
Commercial loans
    
108,022
      
110,271
  
Total gross loans
    
1,408,791
      
1,251,987
  
Allowance for loan losses
    
(21,212
)
    
(22,761
)
Deferred cost and fees, net
    
75
   
129
Loans receivable, net
  
$
1,387,654
    
$
1,229,355
  
Loan Balances by Internal Credit Quality Indicator
Loan balances by internal credit quality indicator as of June 30, 2023 are shown below.

(In thousands)
  
Performing
    
Special Mention
    
Substandard
    
Total
  
Residential real estate
  
$
366,403
    
$
2,305
    
$
3,735
    
$
372,443
  
Residential construction and land
    
19,072
      
-
      
-
      
19,072
  
Multi-family
    
66,410
      
86
      
-
      
66,496
  
Commercial real estate
    
665,548
      
11,671
      
16,217
      
693,436
  
Commercial construction
    
121,958
      
-
      
-
      
121,958
  
Home equity
    
22,698
      
-
      
54
      
22,752
  
Consumer installment
    
4,530
      
-
      
82
      
4,612
  
Commercial loans
    
100,225
      
2,352
      
5,445
      
108,022
  
Total gross loans
  
$
1,366,844
    
$
16,414
    
$
25,533
    
$
1,408,791
  

Loan balances by internal credit quality indicator as of 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
  
Loans Modified as Troubled Debt Restructuring
The table below details loans that have been modified as a troubled debt restructuring during the year ended June 30, 2023.

(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, 2023
                        
Residential real estate
    
2
    
$
778
    
$
778
    
$
778
  
Commercial real estate
    
3
     $
1,428
     $
1,480
     $
1,470
  
Commercial loans
    
1
     $
379
     $
379
     $
-
  
                                 
For the year ended June 30, 2022
                                
Consumer Installment
      1
     $
5     $
5     $
5  
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, 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
  
$
-
    
$
504
    
$
1,604
    
$
2,108
    
$
370,335
    
$
372,443
    
$
2,747
  
Residential construction and land
    
-
      
-
      
-
      
-
      
19,072
      
19,072
      
-
  
Multi-family
    
-
      
-
      
-
      
-
      
66,496
      
66,496
      
-
  
Commercial real estate
    
-
      
235
      
652
      
887
      
692,549
      
693,436
      
1,318
  
Commercial construction
    
-
      
-
      
-
      
-
      
121,958
      
121,958
      
-
  
Home equity
    
48
      
-
      
13
      
61
      
22,691
      
22,752
      
54
  
Consumer installment
    
63
      
1
      
63
      
127
      
4,485
      
4,612
      
63
  
Commercial loans
    
-
      
-
      
19
      
19
      
108,003
      
108,022
      
1,276
  
Total gross loans
  
$
111
    
$
740
    
$
2,351
    
$
3,202
    
$
1,405,589
    
$
1,408,791
    
$
5,458
  

The following table sets forth information regarding delinquent and/or nonaccrual loans as of 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:
 
   
As of June 30, 2023
    
For the year ended June 30, 2023
  
(In thousands)
  
Recorded
Investment
    
Unpaid Principal
    
Related Allowance
    
Average Recorded
Investment
    
Interest Income
Recognized
  
With no related allowance recorded:
                    
Residential real estate
  
$
1,020
    
$
1,020
    
$
-
    
$
876
    
$
5
  
Commercial real estate
    
1,518
      
1,518
      
-
      
678
      
48
  
Home equity
    
-
      
-
      
-
      
75
      
-
  
Consumer installment
     -
       -
       -
       3
       1
  
Commercial loans
    
334
      
334
      
-
      
340
      
16
  
Impaired loans with no allowance
    
2,872
      
2,872
      
-
      
1,972
      
70
  
                                         
With an allowance recorded:
                                        
Residential real estate
    
2,086
      
2,086
      
597
      
2,241
      
19
  
Commercial real estate
    
3,777
      
3,777
      
245
      
3,666
      
197
  
Home equity
    
-
      
-
      
-
      
80
      
4
  
Commercial Loans
    
1,572
      
1,572
      
1,171
      
2,252
      
37
  
Impaired loans with allowance
    
7,435
      
7,435
      
2,013
      
8,239
      
257
  
                                         
Total impaired:
                                        
Residential real estate
    
3,106
      
3,106
      
597
      
3,117
      
24
  
Commercial real estate
    
5,295
      
5,295
      
245
      
4,344
      
245
  
Home equity
    
-
      
-
      
-
      
155
      
4
  
Consumer installment
     -
       -
       -
       3
       1
  
Commercial loans
    
1,906
      
1,906
      
1,171
      
2,592
      
53
  
Total impaired loans
  
$
10,307
    
$
10,307
    
$
2,013
    
$
10,211
    
$
327
  

   
As of June 30, 2022
    
For the year ended June 30, 2022
  
(In thousands)
  
Recorded
Investment
    
Unpaid Principal
    
Related Allowance
    
Average Recorded
Investment
    
Interest Income
Recognized
  
With no related allowance recorded:
                    
Residential real estate
  
$
990
    
$
990
    
$
-
    
$
669
    
$
17
  
Commercial real estate
    
67
      
67
      
-
      
281
      
9
  
Home equity
    
128
      
128
      
-
      
128
      
-
  
Consumer installment
    5       5       -       2       1  
Commercial loans
    
346
      
346
      
-
      
158
      
6
  
Impaired loans with no allowance
    
1,536
      
1,536
      
-
      
1,238
      
33
  
                                         
With an allowance recorded:
                                        
Residential real estate
    
1,953
      
1,953
      
588
      
1,713
      
53
  
Commercial real estate
    
3,698
      
3,698
      
1,118
      
1,740
      
120
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
  
Home equity
    
320
      
320
      
44
      
320
      
14
  
Commercial Loans
    
3,162
      
3,162
      
596
      
3,360
      
138
  
Impaired loans with allowance
    
9,235
      
9,235
      
2,347
      
7,235
      
325
  
                                         
Total impaired:
                                        
Residential real estate
    
2,943
      
2,943
      
588
      
2,382
      
70
  
Commercial real estate
    
3,765
      
3,765
      
1,118
      
2,021
      
129
  
Commercial construction
    
102
      
102
      
1
      
102
      
-
  
Home equity
    
448
      
448
      
44
      
448
      
14
  
Consumer installment     5       5       -       2       1  
Commercial loans
    
3,508
      
3,508
      
596
      
3,518
      
144
  
Total impaired loans
  
$
10,771
    
$
10,771
    
$
2,347
    
$
8,473
    
$
358
  
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, 2023
  
(In thousands)
  
Balance June 30,
2022
    
Charge-offs
    
Recoveries
    
Provision
    
Balance June 30,
2023
  
Residential real estate
  
$
2,373
    
$
-
    
$
6
    
$
234
    
$
2,613
  
Residential construction and land
    
141
      
-
      
-
      
40
      
181
  
Multi-family
    
119
      
-
      
-
      
78
      
197
  
Commercial real estate
    
16,221
      
9
      
4
      
(3,196
)
    
13,020
  
Commercial construction
    
1,114
      
-
      
-
      
508
      
1,622
  
Home equity
    
89
      
-
      
-
      
(43
)
    
46
  
Consumer installment
    
349
      
535
      
141
      
377
      
332
  
Commercial loans
    
2,355
      
120
      
35
      
931
      
3,201
  
Total
  
$
22,761
    
$
664
    
$
186
    
$
(1,071
)
  
$
21,212
  

   
Activity for the year ended June 30, 2022
  
(In thousands)
  
Balance June 30,
2021
    
Charge-offs
    
Recoveries
    
Provision
    
Balance June 30,
2022
  
Residential real estate
  
$
2,012
    
$
27
    
$
13
    
$
375
    
$
2,373
  
Residential construction and land
    
106
      
-
      
-
      
35
      
141
  
Multi-family
    
186
      
-
      
-
      
(67
)
    
119
  
Commercial real estate
    
13,049
      
-
      
-
      
3,172
      
16,221
  
Commercial construction
    
1,535
      
-
      
-
      
(421
)
    
1,114
  
Home equity
    
165
      
-
      
-
      
(76
)
    
89
  
Consumer installment
    
267
      
454
      
115
      
421
      
349
  
Commercial loans
    
2,348
      
112
      
280
      
(161
)
    
2,355
  
Total
  
$
19,668
    
$
593
    
$
408
    
$
3,278
    
$
22,761
  

   
Allowance for Loan Losses
    
Loans Receivable
  
   
Ending Balance June 30, 2023
Impairment Analysis
    
Ending Balance June 30, 2023
Impairment Analysis
  
(In thousands)
  
Individually
Evaluated
    
Collectively
Evaluated
    
Individually
Evaluated
    
Collectively
Evaluated
  
Residential real estate
  
$
597
    
$
2,016
    
$
3,106
    
$
369,337
  
Residential construction and land
    
-
      
181
      
-
      
19,072
  
Multi-family
    
-
      
197
      
-
      
66,496
  
Commercial real estate
    
245
      
12,775
      
5,295
      
688,141
  
Commercial construction
    
-
      
1,622
      
-
      
121,958
  
Home equity
    
-
      
46
      
-
      
22,752
  
Consumer installment
    
-
      
332
      
-
      
4,612
  
Commercial loans
    
1,171
      
2,030
      
1,906
      
106,116
  
Total
  
$
2,013
    
$
19,199
    
$
10,307
    
$
1,398,484
  

   
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 as of June 30, 2023 and 2022:

(In thousands)
  
2023
    
2022
  
Residential real estate
  
$
-
    
$
68
  
Commercial loans
     302       -  
Total foreclosed real estate
  
$
302
    
$
68