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Loans and Allowance for Credit Losses on Loans (Tables)

9 Months Ended

Mar. 31, 2025

Loans and Allowance for Credit Losses on Loans [Abstract]

Loan segments at March 31, 2025 and June 30, 2024 are summarized as follows:


(In thousands)		March 31, 2025			June 30, 2024
Residential real estate	$	419,609		$	417,589
Commercial real estate		1,048,572			936,640
Home equity		32,380			29,166
Consumer		4,496			4,771
Commercial		114,321			111,307
Total gross loans(1)(2)		1,619,378			1,499,473
Allowance for credit losses on loans		(21,196	)		(19,244	)
Loans receivable, net	$	1,598,182		$	1,480,229

(1)

Loan balances include net deferred fees/costs of ($217,000) and ($42,000) at March 31, 2025 and June 30, 2024, respectively.

(2)

Loan balances exclude accrued interest receivable of $7.2 million and $6.2 million at March 31, 2025 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 March 31, 2025:


(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	$	2,995	$	505	$	1,093	$	4,593	$	415,016	$	419,609	$	2,169
Commercial real estate		4,086		-		315		4,401		1,044,171		1,048,572		584
Home equity		224		-		-		224		32,156		32,380		31
Consumer		20		5		-		25		4,471		4,496		-
Commercial loans		110		13		77		200		114,121		114,321		141
Total gross loans	$	7,435	$	523	$	1,485	$	9,443	$	1,609,935	$	1,619,378	$	2,925

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 March 31, 2025
(In thousands)		Residential real estate		Commercial real estate		Home equity		Consumer			Commercial			Total
Balance at December 31, 2024	$	4,531	$	12,933	$	234	$	414		$	2,079		$	20,191
Charge-offs		-		-		-		(93	)		(44	)		(137	)
Recoveries		-		1		-		31			9			41
Provision		65		865		6		53			112			1,101
Balance at March 31, 2025	$	4,596	$	13,799	$	240	$	405		$	2,156		$	21,196


	Activity for the three months ended March 31, 2024
(In thousands)		Residential real estate		Commercial real estate			Home equity		Consumer			Commercial			Total
Balance at December 31, 2023	$	4,010	$	12,523		$	192	$	486		$	3,098		$	20,309
Charge-offs		-		-			-		(117	)		(143	)		(260	)
Recoveries		-		1			-		46			9			56
Provision		128		(28	)		7		87			83			277
Balance at March 31, 2024	$	4,138	$	12,496		$	199	$	502		$	3,047		$	20,382


	Activity for the nine months ended March 31, 2025
(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	)		(293	)		(57	)		(412	)
Recoveries		2			3			-			75			27			107
Provision		401			1,583			41			123			109			2,257
Balance at March 31, 2025	$	4,596		$	13,799		$	240		$	405		$	2,156		$	21,196


	Activity for the nine months ended March 31, 2024
(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		-		-			-		(393	)		(156	)		(549	)
Recoveries		-		2			-		100			27			129
Provision		162		544			36		326			(146	)		922
Balance at March 31, 2024	$	4,138	$	12,496		$	199	$	502		$	3,047		$	20,382

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 nine months ended March 31, 2025:


	At March 31, 2025
	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		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Residential real estate
By payment activity status:
Performing	$	31,481	$	57,075	$	60,544	$	86,760	$	73,429	$	108,151	$	-	$	-	$	417,440
Non-performing		-		-		-		58		-		2,111		-		-		2,169
Total residential real estate		31,481		57,075		60,544		86,818		73,429		110,262		-		-		419,609
Current period gross charge-offs		-		-		-		-		44		-		-		-		44

Commercial real estate
By internally assigned grade:
Pass		164,656		118,404		184,471		231,874		120,144		189,181		3,709		5,060		1,017,499
Special mention		-		-		507		662		271		4,517		-		-		5,957
Substandard		-		323		9,147		-		369		15,066		-		211		25,116
Total commercial real estate		164,656		118,727		194,125		232,536		120,784		208,764		3,709		5,271		1,048,572
Current period gross charge-offs		-		-		-		-		-		5		-		-		5

Home equity
By payment activity status:
Performing		1,924		4,998		2,501		269		350		872		21,340		95		32,349
Non-performing		-		-		-		-		-		-		31		-		31
Total home equity		1,924		4,998		2,501		269		350		872		21,371		95		32,380
Current period gross charge-offs		-		-		-		-		-		-		13		-		13

Consumer
By payment activity status:
Performing		1,435		1,514		824		422		173		60		68		-		4,496
Non-performing		-		-		-		-		-		-		-		-		-
Total Consumer		1,435		1,514		824		422		173		60		68		-		4,496
Current period gross charge-offs		242		41		-		9		1		-		-		-		293

Commercial
By internally assigned grade:
Pass		9,051		11,458		8,838		5,606		13,175		16,252		41,532		116		106,028
Special mention		-		-		-		59		-		119		145		188		511
Substandard		-		-		-		6,498		31		617		636		-		7,782
Total Commercial	$	9,051	$	11,458	$	8,838	$	12,163	$	13,206	$	16,988	$	42,313	$	304	$	114,321
Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	38	$	19	$	-	$	57

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		Revolving loans amortized cost basis		Revolving loans converted to term		Total
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 months ended March 31, 2025
	Term extension				Term extension and interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	299	0.03	%	$	-	-	%
Total	$	299			$	-


	For the three months ended March 31, 2024
	Term extension				Term extension and interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	3,948	0.43	%	$	130	0.01	%
Total	$	3,948			$	130


	For the nine months ended March 31, 2025
	Term extension				Interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	299	0.03	%	$	2,545	0.24	%
Total	$	299			$	2,545


	For the nine months ended March 31, 2024
	Term extension				Term extension and interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	3,948	0.43	%	$	130	0.01	%
Total	$	3,948			$	130

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 months ended March 31, 2025
Loan type	Term extension	Interest rate reduction
Commercial real estate	12 month term extension	-


	For the three months ended March 31, 2024
Loan type	Term extension	Interest rate reduction

Commercial real estate	Added a weighted-average 9 months to the life of the loan	Interest rates were reduced by an average of 1.75%


	For the nine months ended March 31, 2025
Loan type	Term extension	Interest rate reduction
Commercial real estate	12 month term extension	Interest rates were reduced by an average of 1.45%


	For the nine months ended March 31, 2024
Loan type	Term extension	Interest rate reduction
Commercial real estate	Added a weighted-average 9 months to the life of the loan	Interest rates were reduced by an average of 1.75%

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 March 31, 2025
(In thousands)		Current		30-59 days past due		60-89 days past due		90 days or more past due		Total
Commercial real estate	$	6,606	$	299	$	-	$	-	$	6,905
Consumer		-		16		-		-		16
Total	$	6,606	$	315	$	-	$	-	$	6,921