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Loans and Allowance for Credit Losses on Loans (Tables)
 3 Months Ended
Sep. 30, 2024
Loans and Allowance for Credit Losses on Loans [Abstract]  
Major Loan Segments and Classes
Loan segments at September 30, 2024 and June 30, 2024 are summarized as follows:

(In thousands)
  
September 30, 2024
     June 30, 2024
  
Residential real estate
  
$
413,810
     $ 417,589  
Commercial real estate
    
951,928
       936,640  
Home equity
    
30,854
       29,166  
Consumer
   
4,836
       4,771  
Commercial
   
99,784
       111,307  
Total gross loans(1)(2)
    
1,501,212
       1,499,473  
Allowance for credit losses on loans
    
(19,781
)
     (19,244 )
Loans receivable, net
  
$
1,481,431
     $
 1,480,229  

(1)
Loan balances include net deferred fees/costs of ($181,000) and ($42,000) at September 30, 2024 and June 30, 2024, respectively.
(2)
Loan balances exclude accrued interest receivable of $6.5 million and $6.2 million at September 30, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.
Delinquent and/or Nonaccrual Loans by Past Due Status

The following table sets forth information regarding delinquent and/or non-accrual loans at September 30, 2024:

(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
  
$
-
    
$
563
    
$
1,232
    
$
1,795
    
$
412,015
    
$
413,810
    
$
2,277
  
Commercial real estate
    
-
      
214
      
947
      
1,161
      
950,767
      
951,928
      
1,233
  
Home equity
    
13
      
32
      
-
      
45
      
30,809
      
30,854
      
35
  
Consumer
    
3
      
31
      
-
      
34
      
4,802
      
4,836
      
-
  
Commercial loans
    
-
      
-
      
102
      
102
      
99,682
      
99,784
      
102
  
Total gross loans
  
$
16
    
$
840
    
$
2,281
    
$
3,137
    
$
1,498,075
    
$
1,501,212
    
$
3,647
  



The following table sets forth information regarding delinquent and/or non-accrual loans at June 30, 2024:


(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
  
$
-
    
$
838
    
$
1,414
    
$
2,252
    
$
415,337
    
$
417,589
    
$
2,518
  
Commercial real estate
    
-
      
-
      
806
      
806
      
935,834
      
936,640
      
1,163
  
Home equity
    
14
      
-
      
47
      
61
      
29,105
      
29,166
      
47
  
Consumer
    
47
      
6
      
-
      
53
      
4,718
      
4,771
      
-
  
Commercial
    
-
      
-
      
-
      
-
      
111,307
      
111,307
      
-
  
Total gross loans
  
$
61
    
$
844
    
$
2,267
    
$
3,172
    
$
1,496,301
    
$
1,499,473
    
$
3,728
  
Activity and Allocation of Allowance for Loan Losses

The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment:



   
Activity for the three months ended September 30, 2024
  
(In thousands)
  
Residential
real estate
    
Commercial
real estate
    
Home equity
    
Consumer
    
Commercial
    
Total
  
Balance at June 30, 2024
  
$
4,237
    
$
12,218
    
$
212
    
$
500
    
$
2,077
    
$
19,244
  
Charge-offs
    
(44
)
    
(5
)
    
(13
)
    
(77
)
    
(6
)
    
(145
)
Recoveries
    
2
      
1
      
-
      
19
      
9
      
31
  
Provision
    
280
      
434
      
33
      
12
      
(108
)
    
651
  
Balance at September 30, 2024
  
$
4,475
    
$
12,648
    
$
232
    
$
454
    
$
1,972
    
$
19,781
  

   
Activity for the three months ended September 30, 2023
  
(In thousands)
  
Residential
real estate
    
Commercial
real estate
    
Home equity
    
Consumer
    
Commercial
    
Total
  
Balance at June 30, 2023
  
$
2,794
    
$
14,839
    
$
46
    
$
332
    
$
3,201
    
$
21,212
  
Adoption of ASU No. 2016-13
    
1,182
      
(2,889
)
    
117
      
137
      
121
      
(1,332
)
Charge-offs
    
-
      
-
      
-
      
(122
)
    
(7
)
    
(129
)
Recoveries
    
-
      
1
      
-
      
26
      
9
      
36
  
Provision
    
317
      
405
      
25
      
117
      
(402
)
    
462
  
Balance at September 30, 2023
  
$
4,293
    
$
12,356
    
$
188
    
$
490
    
$
2,922
    
$
20,249
  
Loan Balances by Internal Credit Quality Indicator
The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of the three months ended September 30, 2024:

   
At September 30, 2024
  
(In thousands)
   Term loans amortized cost basis by origination year
    
Revolving
loans
amortized
cost basis
    
Revolving
loans
converted
to term
    
Total
  
2025
    2024
     2023
     2022
     2021
     Prior
                                                       
Residential real estate
                                                      
By payment activity status:
                                                      
Performing
  
$
7,821
    
$
54,991
    
$
62,158
    
$
90,275
    
$
77,189
    
$
119,100
    
$
-
    
$
-
    
$
411,534
  
Non-performing
    
-
      
-
      
-
      
62
      
-
      
2,214
      
-
      
-
      
2,276
  
Total residential real estate
    
7,821
      
54,991
      
62,158
      
90,337
      
77,189
      
121,314
      
-
      
-
      
413,810
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
44
      
-
      
-
      
-
      
44
  
 
                                                                        
Commercial real estate
                                                                        
By internally assigned grade:
                                                                        
Pass
    
17,506
      
109,278
      
204,488
      
241,493
      
124,624
      
207,190
      
4,625
      
2,265
      
911,469
  
Special mention
    
-
      
-
      
8,318
      
2,446
      
287
      
4,832
      
-
      
-
      
15,883
  
Substandard
    
-
      
327
      
2,011
      
3,475
      
195
      
18,568
      
-
      
-
      
24,576
  
Total commercial real estate
    
17,506
      
109,605
      
214,817
      
247,414
      
125,106
      
230,590
      
4,625
      
2,265
      
951,928
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
5
      
-
      
-
      
5
  
 
                                                                        
Home equity
                                                                        
By payment activity status:
                                                                        
Performing
    
777
      
5,649
      
2,774
      
321
      
401
      
1,230
      
19,666
      
-
      
30,818
  
Non-performing
    
-
      
-
      
-
      
-
      
-
      
3
      
33
      
-
      
36
  
Total home equity
    
777
      
5,649
      
2,774
      
321
      
401
      
1,233
      
19,699
      
-
      
30,854
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
-
      
13
      
-
      
13
  
 
                                                                        
Consumer
                                                                        
By payment activity status:
                                                                        
Performing
    
829
      
1,884
      
1,087
      
613
      
244
      
102
      
77
      
-
      
4,836
  
Non-performing
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total Consumer
    
829
      
1,884
      
1,087
      
613
      
244
      
102
      
77
      
-
      
4,836
  
Current period gross charge-offs
    
71
      
6
      
-
      
-
      
-
      
-
      
-
      
-
      
77
  
 
                                                                        
Commercial
                                                                        
By internally assigned grade:
                                                                        
Pass
    
1,432
      
12,495
      
8,911
      
6,394
      
14,170
      
18,004
      
25,836
      
198
      
87,440
  
Special mention
    
-
      
-
      
-
      
5,762
      
-
      
614
      
1,733
      
-
      
8,109
  
Substandard
    
-
      
-
      
-
      
1,726
      
33
      
753
      
1,723
      
-
      
4,235
  
Total Commercial
  
$
1,432
    
$
12,495
    
$
8,911
    
$
13,882
    
$
14,203
    
$
19,371
    
$
29,292
    
$
198
    
$
99,784
  
Current period gross charge-offs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
6
    
$
-
    
$
6
  

The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of the twelve months ended June 30, 2024:

At June 30, 2024
  
(In thousands)
    Term loans amortized cost basis by origination year      
Revolving
loans
amortized
cost basis
      
Revolving
loans
converted to
term
      
Total
   
2024
    
2023
    
2022
    
2021
    
2020
    
Prior
Residential real estate
                                                      
By payment activity status:
                                                      
     Performing
  
$
55,070
    
$
62,643
    
$
92,995
    
$
79,815
    
$
32,588
    
$
91,936
    
$
-
    
$
24
    
$
415,071
  
     Non-performing
    
-
      
-
      
-
      
185
      
169
      
2,164
      
-
      
-
      
2,518
  
Total residential real estate
    
55,070
      
62,643
      
92,995
      
80,000
      
32,757
      
94,100
      
-
      
24
      
417,589
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
                                                                         
Commercial real estate
                                                                        
By internally assigned grade:
                                                                        
     Pass
    
103,537
      
210,652
      
242,917
      
126,135
      
79,431
      
135,928
      
4,716
      
363
      
903,679
  
     Special mention
    
-
      
1,188
      
2,468
      
295
      
430
      
4,102
      
-
      
-
      
8,483
  
     Substandard
    
329
      
1,680
      
3,493
      
158
      
4,046
      
14,772
      
-
      
-
      
24,478
  
Total commercial real estate
    
103,866
      
213,520
      
248,878
      
126,588
      
83,907
      
154,802
      
4,716
      
363
      
936,640
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
                                                                         
Home equity
                                                                        
By payment activity status:
                                                                        
     Performing
    
5,929
      
2,888
      
336
      
429
      
266
      
1,128
      
18,143
      
-
      
29,119
  
     Non-performing
    
-
      
-
      
-
      
-
      
-
      
-
      
47
      
-
      
47
  
Total home equity
    
5,929
      
2,888
      
336
      
429
      
266
      
1,128
      
18,190
      
-
      
29,166
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
                                                                         
Consumer
                                                                        
By payment activity status:
                                                                        
     Performing
    
2,363
      
1,217
      
689
      
277
      
83
      
65
      
77
      
-
      
4,771
  
     Non-performing
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total Consumer
    
2,363
      
1,217
      
689
      
277
      
83
      
65
      
77
      
-
      
4,771
  
Current period gross charge-offs
    
393
      
22
      
49
      
7
      
1
      
-
      
9
      
-
      
481
  
                                                                         
Commercial
                                                                        
By internally assigned grade:
                                                                        
     Pass
    
12,761
      
8,919
      
12,845
      
14,587
      
4,934
      
15,280
      
32,001
      
636
      
101,963
  
     Special mention
    
-
      
-
      
78
      
-
      
35
      
834
      
3,893
      
-
      
4,840
  
 Substandard
     -       -       1,765       34       165       265       2,275       -       4,504  
Total Commercial
  
$
12,761
    
$
8,919
    
$
14,688
    
$
14,621
    
$
5,134
    
$
16,379
    
$
38,169
    
$
636
    
$
111,307
  
Current period gross charge-offs
  
$
-
    
$
-
    
$
-
    
$
989
    
$
-
    
$
137
    
$
26
    
$
-
    
$
1,152
  
Loans Modified to Borrowers Experiencing Financial Difficulty
The following table depicts the performance of loans that have been modified to borrowers experiencing financial difficulty that were modified in the prior twelve months at amortized cost basis:



   
At September 30, 2024
  
(In thousands)
  
Current
    
30-59 days
past due
    
60-89
days
past due
    
90 days
or more past due
    
Total
  
Commercial real estate
  
$
4,077
    
$
-
    
$
-
    
$
-
    
$
4,077
  
Consumer
    
18
      
-
      
-
      
-
      
18
  
Total
  
$
4,095
    
$
-
    
$
-
    
$
-
    
$
4,095