NET LOANS RECEIVABLE (Tables)

6 Months Ended

Dec. 31, 2024

NET LOANS RECEIVABLE

Schedule of net loans receivable

A summary of net loans receivable is as follows (dollars in thousands):

			June 30,
	December 31, 2024		2024		2023
Commercial:
Real estate	$	414,835	$	406,201	$	411,165
Commercial and industrial		108,474		101,207		97,307
Construction		130,959		118,373		92,714
Total commercial		654,268		625,781		601,186
Residential mortgages		689,569		633,779		463,196
Home equity loans and lines		94,928		92,765		85,477
Consumer		17,564		13,545		16,779
		1,456,329		1,365,870		1,166,638
Allowance for credit losses		(21,754)		(21,801)		(22,469)
Net loans receivable	$	1,434,575	$	1,344,069	$	1,144,169

Schedule of activity in allowance for credit losses by portfolio segment

The following table presents the activity in the allowance for credit losses by portfolio segment (dollars in thousands):

	For the Six Months Ended December 31, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	12,504	$	(540)	$	(111)	$	214	$	12,067
Residential mortgages		7,706		269		(45)		—		7,930
Home equity loans and lines of credit		1,244		(59)		—		—		1,185
Consumer		347		305		(100)		20		572
Allowance for credit losses - loans		21,801		(25)		(256)		234		21,754
Allowance for credit losses - off-balance sheet credit exposures		1,899		291		—		—		2,190
Total	$	23,700	$	266	$	(256)	$	234	$	23,944

	For the Six Months Ended December 31, 2023
			Cumulative Effect
	Beginning		Adjustment for the								Ending
	Balance		Adoption of ASU 2016-13		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	14,288	$	(1,307)	$	(5)	$	(345)	$	43	$	12,674
Residential mortgages		6,222		(670)		1,418		—		—		6,970
Home equity loans and lines of credit		1,470		(265)		145		(12)		1		1,339
Consumer		489		(69)		17		(69)		11		379
Allowance for credit losses - loans		22,469		(2,311)		1,575		(426)		55		21,362
Allowance for credit losses - off-balance sheet credit exposures		—		1,624		57		—		—		1,681
Total	$	22,469	$	(687)	$	1,632	$	(426)	$	55	$	23,043

	For the Fiscal Year Ended June 30, 2024
			Cumulative Effect
	Beginning		Adjustment for the								Ending
	Balance		Adoption of ASU 2016-13		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	14,288	$	(1,307)	$	(205)	$	(345)	$	73	$	12,504
Residential mortgages		6,222		(670)		2,272		(118)		—		7,706
Home equity loans and lines of credit		1,470		(265)		48		(12)		3		1,244
Consumer		489		(69)		48		(135)		14		347
Allowance for credit losses - loans		22,469		(2,311)		2,163		(610)		90		21,801
Allowance for credit losses - off-balance sheet credit exposures		—		1,624		275		—		—		1,899
Total	$	22,469	$	(687)	$	2,438	$	(610)	$	90	$	23,700

	For the Fiscal Year Ended June 30, 2023
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	17,818	$	(3,567)	$	(41)	$	78	$	14,288
Residential mortgages		2,899		3,283		(26)		66		6,222
Home equity loans and lines of credit		1,388		76		(8)		14		1,470
Consumer		419		208		(158)		20		489
Total	$	22,524	$	—	$	(233)	$	178	$	22,469

Schedule of balance in allowance for loan losses and recorded investment

	For the Fiscal Year Ended June 30, 2023
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	17,818	$	(3,567)	$	(41)	$	78	$	14,288
Residential mortgages		2,899		3,283		(26)		66		6,222
Home equity loans and lines of credit		1,388		76		(8)		14		1,470
Consumer		419		208		(158)		20		489
Total	$	22,524	$	—	$	(233)	$	178	$	22,469

Schedule of impaired loans by class

The following table presents information related to impaired loans by class, as determined in accordance with ASC 310, prior to the adoption of ASU 2016-13 (dollars in thousands):

							For the Fiscal Year Ended
	June 30, 2023						June 30, 2023
	Unpaid				Allowance for		Average		Interest
	Principal		Recorded		Loan Losses		Recorded		Income
	Balance		Investment		Allocated		Investment		Recognized
With no related allowance recorded:
Commercial:
Real estate	$	10,241	$	10,213	$	—	$	10,538	$	133
Commercial and industrial		—		—		—		—		—
Construction		—		—		—		—		—
Subtotal		10,241		10,213		—		10,538		133
With an allowance recorded:
Commercial:
Real estate		681		681		142		699		35
Commercial and industrial		650		650		650		575		—
Construction		—		—		—		—		—
Subtotal		1,331		1,331		792		1,274		35
Total	$	11,572	$	11,544	$	792	$	11,812	$	168

Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual

The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans (dollars in thousands):

	December 31, 2024
			Nonaccrual		Past Due
			Loans With		90 Days
			No Related		Still on		Recognized
	Nonaccrual		Allowance		Accrual		Interest Income
Commercial:
Real estate	$	—	$	—	$	1	$	—
Commercial and industrial		10		—		—		—
Construction		—		—		—		—
Residential mortgages		4,127		1,541		—		—
Home equity loans and lines		1,109		—		—		—
Consumer		—		—		—		—
	$	5,246	$	1,541	$	1	$	—

	June 30, 2024
			Nonaccrual		Past Due
			Loans With		90 Days
			No Related		Still on		Recognized
	Nonaccrual		Allowance		Accrual		Interest Income
Commercial:
Real estate	$	3,180	$	3,180	$	4	$	—
Commercial and industrial		9		—		—		—
Construction		—		—		—		—
Residential mortgages		4,208		1,625		—		—
Home equity loans and lines		1,648		—		—		—
Consumer		—		—		—		—
	$	9,045	$	4,805	$	4	$	—

	June 30, 2023
			Past Due
			90 Days
			Still on
	Nonaccrual		Accrual
Commercial:
Real estate	$	8,025	$	174
Commercial and industrial		650		—
Construction		—		3,237
Residential mortgages		4,000		120
Home equity loans and lines		1,560		—
Consumer		—		—
	$	14,235	$	3,531

Schedule of loans considered collateral dependent

The following table presents the amortized cost basis of collateral-dependent loans by class of loans (dollars in thousands):

	December 31, 2024
	Amortized Cost		Collateral Type
Commercial:
Real estate	$	—
Commercial and industrial		—
Construction		—
Residential mortgages		1,541	Residential real estate property
Home equity loans and lines		—
Consumer		—
	$	1,541

	June 30, 2024
	Amortized Cost		Collateral Type
Commercial:
Real estate	$	3,844	Commercial real estate property
Commercial and industrial		9	Business assets
Construction		—
Residential mortgages		1,625	Residential real estate property
Home equity loans and lines		—
Consumer		—
	$	5,478

Schedule of aging of recorded investment

The following table presents the aging of the recorded investment in loans by class of loans (dollars in thousands):

	December 31, 2024
	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Commercial:
Real estate	$	6,734	$	—	$	1	$	6,735	$	408,100	$	414,835
Commercial and industrial		5		—		—		5		108,469		108,474
Construction		—		—		—		—		130,959		130,959
Residential mortgages		—		888		1,515		2,403		687,166		689,569
Home equity loans and lines		1,198		67		567		1,832		93,096		94,928
Consumer		7		6		—		13		17,551		17,564
Total	$	7,944	$	961	$	2,083	$	10,988	$	1,445,341	$	1,456,329

	June 30, 2024
	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Commercial:
Real estate	$	2	$	3	$	4	$	9	$	406,192	$	406,201
Commercial and industrial		15		—		—		15		101,192		101,207
Construction		—		—		—		—		118,373		118,373
Residential mortgages		872		481		794		2,147		631,632		633,779
Home equity loans and lines		722		78		654		1,454		91,311		92,765
Consumer		14		8		—		22		13,523		13,545
Total	$	1,625	$	570	$	1,452	$	3,647	$	1,362,223	$	1,365,870

	June 30, 2023
	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Commercial:
Real estate	$	4,798	$	—	$	4,458	$	9,256	$	401,909	$	411,165
Commercial and industrial		678		100		352		1,130		96,177		97,307
Construction		—		—		3,237		3,237		89,477		92,714
Residential mortgages		1,257		1,327		762		3,346		459,850		463,196
Home equity loans and lines		1,340		64		540		1,944		83,533		85,477
Consumer		18		22		—		40		16,739		16,779
Total	$	8,091	$	1,513	$	9,349	$	18,953	$	1,147,685	$	1,166,638

Schedule of loans by risk category

The following table presents loans summarized by segment and class, and the risk category (dollars in thousands):

													Revolving		Revolving
		Term Loans Amortized Cost Basis by Origination Year											Loans		Loans
		2024											Amortized		Converted
December 31, 2024	Transition Period		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total
Commercial real estate
Risk Rating
Pass	$	11,873	$	33,387	$	46,482	$	54,961	$	22,212	$	223,547	$	531	$	—	$	392,993
Special mention		—		—		—		—		—		4,918		—		—		4,918
Substandard		—		—		—		2,198		—		13,634		1,092		—		16,924
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	11,873	$	33,387	$	46,482	$	57,159	$	22,212	$	242,099	$	1,623	$	—	$	414,835
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial
Risk Rating
Pass	$	11,089	$	13,794	$	5,472	$	4,377	$	2,459	$	9,354	$	59,342	$	—	$	105,887
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		15		—		2,304		151		—		2,470
Doubtful		—		—		—		—		—		117		—		—		117
Total commercial and industrial	$	11,089	$	13,794	$	5,472	$	4,392	$	2,459	$	11,775	$	59,493	$	—	$	108,474
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	21	$	66	$	24	$	—	$	111
Commercial construction
Risk Rating
Pass	$	19,210	$	51,227	$	8,814	$	31,700	$	17,582	$	1,489	$	937	$	—	$	130,959
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial construction	$	19,210	$	51,227	$	8,814	$	31,700	$	17,582	$	1,489	$	937	$	—	$	130,959
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential mortgages
Performing	$	71,164	$	187,372	$	198,502	$	41,117	$	54,754	$	132,419	$	114	$	—	$	685,442
Non-performing		—		—		1,140		516		—		2,471		—		—		4,127
Total residential mortgages	$	71,164	$	187,372	$	199,642	$	41,633	$	54,754	$	134,890	$	114	$	—	$	689,569
Current period gross charge-offs	$	—	$	—	$	41	$	—	$	—	$	4	$	—	$	—	$	45
Home equity loans and lines of credit
Performing	$	2,465	$	6,219	$	5,949		8,955	$	3,209	$	13,561	$	53,192	$	269	$	93,819
Non-performing		—		—		—		95		—		194		820		—		1,109
Total home equity loans and lines of credit	$	2,465	$	6,219	$	5,949	$	9,050	$	3,209	$	13,755	$	54,012	$	269	$	94,928
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer
Performing	$	1,226	$	5,249	$	556	$	73	$	45	$	3,222	$	7,193	$	—	$	17,564
Non-performing		—		—		—		—		—		—		—		—		—
Total consumer	$	1,226	$	5,249	$	556	$	73	$	45	$	3,222	$	7,193	$	—	$	17,564
Current period gross charge-offs	$	46	$	15	$	7	$	3	$	—	$	29	$	—	$	—	$	100

													Revolving		Revolving
													Loans		Loans
		Term Loans Amortized Cost Basis by Origination Year											Amortized		Converted
June 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
Commercial real estate
Risk Rating
Pass	$	29,592	$	47,818	$	43,324	$	23,191	$	67,757	$	168,333	$	679	$	—	$	380,694
Special mention		—		—		2,234		—		—		8,003		1,090		—		11,327
Substandard		—		—		—		—		756		13,424		—		—		14,180
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	29,592	$	47,818	$	45,558	$	23,191	$	68,513	$	189,760	$	1,769	$	—	$	406,201
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial
Risk Rating
Pass	$	13,945	$	6,381	$	4,868	$	3,066	$	4,127	$	6,259	$	56,628	$	—	$	95,274
Special mention		—		—		1,118		—		1,250		221		750		—		3,339
Substandard		—		—		17		—		53		2,350		141		—		2,561
Doubtful		—		—		—		—		—		24		9		—		33
Total commercial and industrial	$	13,945	$	6,381	$	6,003	$	3,066	$	5,430	$	8,854	$	57,528	$	—	$	101,207
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	345	$	—	$	—	$	345
Commercial construction
Risk Rating
Pass	$	38,626	$	9,589	$	45,073	$	19,740	$	—	$	3,794	$	1,551	$	—	$	118,373
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial construction	$	38,626	$	9,589	$	45,073	$	19,740	$	—	$	3,794	$	1,551	$	—	$	118,373
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential mortgages
Performing	$	180,784	$	206,815	$	42,279	$	56,059	$	33,286	$	110,234	$	114	$	—	$	629,571
Non-performing		—		962		540		—		581		2,125		—		—		4,208
Total residential mortgages	$	180,784	$	207,777	$	42,819	$	56,059	$	33,867	$	112,359	$	114	$	—	$	633,779
Current period gross charge-offs	$	—	$	—	$	112	$	—	$	—	$	6	$	—	$	—	$	118
Home equity loans and lines of credit
Performing	$	6,308	$	6,525	$	9,475		3,454	$	1,369	$	13,375	$	50,611	$	—	$	91,117
Non-performing		—		—		99		—		—		643		906		—		1,648
Total home equity loans and lines of credit	$	6,308	$	6,525	$	9,574	$	3,454	$	1,369	$	14,018	$	51,517	$	—	$	92,765
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	12
Consumer
Performing	$	1,517	$	1,533	$	100	$	67	$	6	$	3,272	$	7,050	$	—	$	13,545
Non-performing		—		—		—		—		—		—		—		—		—
Total consumer	$	1,517	$	1,533	$	100	$	67	$	6	$	3,272	$	7,050	$	—	$	13,545
Current period gross charge-offs	$	100	$	6	$	23	$	4	$	1	$	1	$	—	$	—	$	135

Commercial

NET LOANS RECEIVABLE

Schedule of loans by risk category

The following table presents commercial loans summarized by class of loans and the risk category (dollars in thousands):

	June 30, 2023
			Special
	Pass		Mention		Substandard		Doubtful		Total
Commercial
Real estate	$	352,874	$	1,977	$	56,196	$	118	$	411,165
Commercial and industrial		89,245		1,614		6,448		—		97,307
Construction		91,805		—		909		—		92,714
	$	533,924	$	3,591	$	63,553	$	118	$	601,186