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Loans and Allowance for Credit Losses on Loans (Tables)
 6 Months Ended
Dec. 31, 2024
Loans and Allowance for Credit Losses on Loans [Abstract]  
Major Loan Segments and Classes Loan segments at December 31, 2024 and June 30, 2024 are summarized as follows:
(In thousands)
 December 31, 2024   June 30, 2024 
Residential real estate
 
$
418,968
  
$
417,589
 
Commercial real estate
  
983,072
   
936,640
 
Home equity
  
31,780
   
29,166
 
Consumer
  
4,672
   
4,771
 
Commercial
  
112,908
   
111,307
 
Total gross loans(1)(2)
  
1,551,400
   
1,499,473
 
Allowance for credit losses on loans
  
(20,191
)
  
(19,244
)
Loans receivable, net
 
$
1,531,209
  
$
1,480,229
 
(1)
Loan balances include net deferred fees/costs of ($188,000) and ($42,000) at December 31, 2024 and June 30, 2024, respectively.
(2)
Loan balances exclude accrued interest receivable of $6.9 million and $6.2 million at December 31, 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 December 31, 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
 
$
2,289
  
$
983
  
$
1,920
  
$
5,192
  
$
413,776
  
$
418,968
  
$
2,937
 
Commercial real estate
  
110
   
-
   
658
   
768
   
982,304
   
983,072
   
936
 
Home equity
  
51
   
-
   
33
   
84
   
31,696
   
31,780
   
34
 
Consumer
  
1
   
26
   
-
   
27
   
4,645
   
4,672
   
-
 
Commercial loans
  
32
   
68
   
148
   
248
   
112,660
   
112,908
   
148
 
Total gross loans
 
$
2,483
  
$
1,077
  
$
2,759
  
$
6,319
  
$
1,545,081
  
$
1,551,400
  
$
4,055
 
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 December 31, 2024
 
(In thousands)
 
Residential
real estate
  
Commercial
real estate
  
Home equity
  
Consumer
  
Commercial
  
Total
 
Balance at September 30, 2024
 
$
4,475
  
$
12,648
  
$
232
  
$
454
  
$
1,972
  
$
19,781
 
Charge-offs
  
-
   
-
   
-
   
(123
)
  
(7
)
  
(130
)
Recoveries
  
-
   
1
   
-
   
25
   
9
   
35
 
Provision
  
56
   
284
   
2
   
58
   
105
   
505
 
Balance at December 31, 2024
 
$
4,531
  
$
12,933
  
$
234
  
$
414
  
$
2,079
  
$
20,191
 
  
Activity for the three months ended December 31, 2023
 
(In thousands)
 
Residential
real estate
  
Commercial
real estate
  
Home equity
  
Consumer
  
Commercial
  
Total
 
Balance at September 30, 2023
 
$
3,869
  
$
12,356
  
$
188
  
$
490
  
$
3,346
  
$
20,249
 
Charge-offs
  
-
   
-
   
-
   
(154
)
  
(6
)
  
(160
)
Recoveries
  
-
   
-
   
-
   
28
   
9
   
37
 
Provision
  
141
   
167
   
4
   
122
   
(251
)
  
183
 
Balance at December 31, 2023
 
$
4,010
  
$
12,523
  
$
192
  
$
486
  
$
3,098
  
$
20,309
 
  
Activity for the six months ended December 31, 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
)
  
(200
)
  
(13
)
  
(275
)
Recoveries
  
2
   
2
   
-
   
44
   
18
   
66
 
Provision
  
336
   
718
   
35
   
70
   
(3
)
  
1,156
 
Balance at December 31, 2024
 
$
4,531
  
$
12,933
  
$
234
  
$
414
  
$
2,079
  
$
20,191
 
 
  
Activity for the six months ended December 31, 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
  
-
   
-
   
-
   
(276
)
  
(13
)
  
(289
)
Recoveries
  
-
   
1
   
-
   
54
   
18
   
73
 
Provision
  
34
   
572
   
29
   
239
   
(229
)
  
645
 
Balance at December 31, 2023
 
$
4,010
  
$
12,523
  
$
192
  
$
486
  
$
3,098
  
$
20,309
 
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 six months ended December 31, 2024:
  
At December 31, 2024
 
  
Term loans amortized cost basis by origination year
  
Revolving
loans
amortized
cost basis
  
Revolving
loans
converted
to term
  
Total
 
(In thousands)
 
2025
  
2024
  
2023
  
2022
  
2021
  
Prior
 
Residential real estate
                        
By payment activity status:
                           
Performing
 
$
20,573
  
$
56,299
  
$
61,329
  
$
88,973
  
$
75,098
  
$
113,759
  
$
-
  
$
-
  
$
416,031
 
Non-performing
  
-
   
-
   
-
   
60
   
-
   
2,877
   
-
   
-
   
2,937
 
Total residential real estate
  
20,573
   
56,299
   
61,329
   
89,033
   
75,098
   
116,636
   
-
   
-
   
418,968
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
44
   
-
   
-
   
-
   
44
 
                                     
Commercial real estate
                                    
By internally assigned grade:
                                    
Pass
  
76,133
   
116,089
   
188,886
   
238,533
   
122,362
   
196,346
   
3,675
   
2,464
   
944,488
 
Special mention
  
-
   
-
   
7,985
   
667
   
279
   
5,947
   
-
   
-
   
14,878
 
Substandard
  
-
   
325
   
2,654
   
3,450
   
158
   
17,119
   
-
   
-
   
23,706
 
Total commercial real estate
  
76,133
   
116,414
   
199,525
   
242,650
   
122,799
   
219,412
   
3,675
   
2,464
   
983,072
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
5
   
-
   
-
   
5
 
                                     
Home equity
                                    
By payment activity status:
                                    
Performing
  
1,649
   
5,394
   
2,652
   
282
   
376
   
1,013
   
20,380
   
-
   
31,746
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
2
   
32
   
-
   
34
 
Total home equity
  
1,649
   
5,394
   
2,652
   
282
   
376
   
1,015
   
20,412
   
-
   
31,780
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
13
   
-
   
13
 
                                     
Consumer
                                    
By payment activity status:
                                    
Performing
  
1,139
   
1,697
   
947
   
503
   
215
   
83
   
88
   
-
   
4,672
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
Total Consumer
  
1,139
   
1,697
   
947
   
503
   
215
   
83
   
88
   
-
   
4,672
 
Current period gross charge-offs
  
158
   
36
   
-
   
5
   
1
   
-
   
-
   
-
   
200
 
                                     
Commercial
                                    
By internally assigned grade:
                                    
Pass
  
6,059
   
11,766
   
8,921
   
5,995
   
13,607
   
17,314
   
39,596
   
-
   
103,258
 
Special mention
  
-
   
-
   
-
   
5,504
   
-
   
147
   
421
   
192
   
6,264
 
Substandard
  
-
   
-
   
-
   
1,687
   
32
   
649
   
1,018
   
-
   
3,386
 
Total Commercial
 
$
6,059
  
$
11,766
  
$
8,921
  
$
13,186
  
$
13,639
  
$
18,110
  
$
41,035
  
$
192
  
$
112,908
 
Current period gross charge-offs
 
$
-
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
  
$
13
  
$
-
  
$
13
 
 
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
 
  
Term loans amortized cost basis by origination year
  
Revolving
loans
amortized
cost basis
  
Revolving
loans
converted
to term
  
Total
 
(In thousands)
 
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 by type of Concession Granted The following tables present the amortized cost basis of the loans modified to borrowers experiencing financial difficulty by type of concession granted:
  
For the three and six months ended
December 31, 2024
 
  
Interest rate reduction
 
(Dollars in thousands)
 
Amortized cost
  
Percentage of total
class
 
Commercial real estate
 
$
2,569
   
0.26
%
Total
 
$
2,569
     
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:
  
For the three and six months ended
December 31, 2024
       
Loan type
  
Interest rate reduction
Commercial real estate
  
Interest rates were reduced by an average of 1.45%
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 December 31, 2024
 
(In thousands)
 
Current
  
30-59 days
past due
  
60-89 days
past due
  
90 days
or more past
due
  
Total
 
Commercial real estate
 
$
6,645
  
$
-
  
$
-
  
$
-
  
$
6,645
 
Consumer
  
-
   
-
   
18
   
-
   
18
 
Total
 
$
6,645
  
$
-
  
$
18
  
$
-
  
$
6,663