Parent Company Financial Information

12 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

The Company’s principal asset is its investment in its subsidiary, the Bank. The following tables present condensed financial information of the Company:

Condensed balance sheet



	June 30, 2020		June 30, 2019
Assets:
Cash and equivalents	$	3,888	$	8,481
Certificates of deposit in other banks	—		746
Total loans	—		1,243
Allowance for loan losses	—		(4		)
Net loans	—		1,239
REO	143		621
Investment in bank subsidiary	396,667		389,926
ESOP loan receivable	6,918		7,412
Other assets	731		510
Total Assets	$	408,347	$	408,935
Liabilities and Stockholders’ Equity:
Other liabilities	84		39
Stockholders’ Equity	408,263		408,896
Total Liabilities and Stockholders’ Equity	$	408,347	$	408,935

Condensed statement of income



	June 30, 2020			June 30, 2019			June 30, 2018
Income:
Interest income	$	217		$	329		$	456
Other income	1			54			44
Equity earnings in Bank subsidiary	23,522			27,287			8,427
Total income	23,740			27,670			8,927
Expense:
Management fee expense	399			407			385
REO expense	5			11			34
Loss on sale and impairment of REO	249			114			158
Recovery of loan losses	(4		)	(259		)	(131		)
Other expense	258			251			246
Total expense	907			524			692
Income Before Income Taxes	22,833			27,146			8,235
Income Tax Expense	50			—			—
Net Income	$	22,783		$	27,146		$	8,235

Condensed statement of cash flows



	June 30, 2020			June 30, 2019			June 30, 2018
Operating Activities:
Net income	$	22,783		$	27,146		$	8,235
Adjustments to reconcile net income to net cash provided by operating activities:
Recovery of loan losses	(4		)	(259		)	(131		)
Loss on sale and impairment of REO	249			114			158
Decrease (increase) in other assets	(221		)	52			291
Equity in undistributed income of Bank	(23,522		)	(27,287		)	(8,427		)
ESOP compensation expense	1,195			1,422			1,367
Restricted stock and stock option expense	1,822			1,601			3,027
Decrease (increase) in other liabilities	45			—			(48		)
Net cash provided by operating activities	2,347			2,789			4,472
Investing Activities:
Maturities of certificates of deposit in other banks	746			248			6,217
Repayment of loans	1,243			2,796			1,514
Increase in investment in Bank subsidiary	(1,380		)	(1,556		)	(1,367		)
Dividend from subsidiary	19,445			13,454			—
ESOP principal payments received	494			484			472
Proceeds from sale of REO	229			70			499
Net cash provided by investing activities	20,777			15,496			7,335
Financing Activities:
Common stock repurchased	(24,484		)	(30,638		)	—
Cash dividends paid	(4,552		)	(3,176		)	—
Retired stock	(222		)	(205		)	(494		)
Exercised stock options	1,541			1,173			651
Net cash provided by (used in) financing activities	(27,717		)	(32,846		)	157
Net Increase (Decrease) in Cash and Cash Equivalents	(4,593		)	(14,561		)	11,964
Cash and Cash Equivalents at Beginning of Period	8,481			23,042			11,078
Cash and Cash Equivalents at End of Period	$	3,888		$	8,481		$	23,042