Loans Receivable (Tables)
|
12 Months Ended |
Jun. 30, 2021 |
|---|
| Receivables [Abstract] |
|
| Summary of Loans Receivable |
Loans receivable are summarized as follows (in thousands):
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
Mortgage loans: |
|
|
|
|
|
|
|
|
Residential |
$ |
224,305 |
|
|
$ |
255,382 |
|
|
Commercial |
|
826,624 |
|
|
|
807,106 |
|
|
Construction |
|
10,151 |
|
|
|
11,053 |
|
|
Net deferred loan origination costs |
|
196 |
|
|
|
739 |
|
|
Total mortgages |
|
1,061,276 |
|
|
|
1,074,280 |
|
|
Commercial and consumer loans: |
|
|
|
|
|
|
|
|
Commercial loans (1) |
|
150,658 |
|
|
|
164,257 |
|
|
Home equity lines of credit |
|
25,439 |
|
|
|
29,838 |
|
|
Consumer and overdrafts |
|
345 |
|
|
|
481 |
|
|
Net deferred loan origination (fees) costs |
|
(386 |
) |
|
|
730 |
|
|
Total commercial and consumer loans |
|
176,056 |
|
|
|
195,306 |
|
|
Total loans receivable |
|
1,237,332 |
|
|
|
1,269,586 |
|
|
Allowance for loan losses |
|
(7,881 |
) |
|
|
(8,639 |
) |
|
Loans receivable, net |
$ |
1,229,451 |
|
|
$ |
1,260,947 |
|
|
|
|
|
|
|
|
|
|
(1) Includes PPP loans of $37.0 million and $49.6 million as of June 30, 2021 and 2020, respectively. No allowance for loan loss was established for these loans as they are fully guaranteed by the Small Business Administration.
|
| Summary of Activity in Allowance for Loan Losses by Portfolio Segment |
The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended June 30, 2021 and 2020 (in thousands):
|
|
For the year ended June 30, 2021 |
|
|
|
Beginning
Allowance |
|
|
Provision (Benefit) |
|
|
Charge-offs |
|
|
Recoveries |
|
|
Ending
Allowance |
|
|
Residential mortgages |
$ |
373 |
|
|
$ |
(53 |
) |
|
$ |
- |
|
|
$ |
17 |
|
|
$ |
337 |
|
|
Commercial mortgages |
|
6,913 |
|
|
|
(478 |
) |
|
|
- |
|
|
|
- |
|
|
|
6,435 |
|
|
Construction |
|
165 |
|
|
|
(63 |
) |
|
|
- |
|
|
|
- |
|
|
|
102 |
|
|
Commercial loans |
|
1,124 |
|
|
|
(90 |
) |
|
|
(258 |
) |
|
|
172 |
|
|
|
948 |
|
|
Home equity lines of credit |
|
60 |
|
|
|
(14 |
) |
|
|
- |
|
|
|
8 |
|
|
|
54 |
|
|
Consumer and overdrafts |
|
4 |
|
|
|
25 |
|
|
|
(27 |
) |
|
|
3 |
|
|
|
5 |
|
|
Total |
$ |
8,639 |
|
|
$ |
(673 |
) |
|
$ |
(285 |
) |
|
$ |
200 |
|
|
$ |
7,881 |
|
|
|
For the year ended June 30, 2020 |
|
|
|
Beginning
Allowance |
|
|
Provision (Benefit) |
|
|
Charge-offs |
|
|
Recoveries |
|
|
Ending
Allowance |
|
|
Residential mortgages |
$ |
446 |
|
|
$ |
(51 |
) |
|
$ |
(31 |
) |
|
$ |
9 |
|
|
$ |
373 |
|
|
Commercial mortgages |
|
3,853 |
|
|
|
2,935 |
|
|
|
- |
|
|
|
125 |
|
|
|
6,913 |
|
|
Construction |
|
159 |
|
|
|
6 |
|
|
|
- |
|
|
|
- |
|
|
|
165 |
|
|
Commercial loans |
|
1,130 |
|
|
|
155 |
|
|
|
(181 |
) |
|
|
20 |
|
|
|
1,124 |
|
|
Home equity lines of credit |
|
65 |
|
|
|
(17 |
) |
|
|
- |
|
|
|
12 |
|
|
|
60 |
|
|
Consumer and overdrafts |
|
11 |
|
|
|
36 |
|
|
|
(51 |
) |
|
|
8 |
|
|
|
4 |
|
|
Total |
$ |
5,664 |
|
|
$ |
3,064 |
|
|
$ |
(263 |
) |
|
$ |
174 |
|
|
$ |
8,639 |
|
|
| Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method |
The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method as of June 30, 2021 and 2020 (in thousands):
|
|
|
June 30, 2021 |
|
|
|
|
Loans |
|
|
Allowance for loan losses |
|
|
|
|
Individually
Evaluated for
Impairment |
|
|
Collectively
Evaluated for
Impairment |
|
|
Acquired With
Deteriorated
Credit Quality |
|
|
Total |
|
|
Individually
Evaluated for
Impairment |
|
|
Collectively
Evaluated for
Impairment |
|
|
Acquired With
Deteriorated
Credit Quality |
|
|
Total |
|
|
Residential mortgages |
|
$ |
2,356 |
|
|
$ |
221,229 |
|
|
$ |
720 |
|
|
$ |
224,305 |
|
|
$ |
113 |
|
|
$ |
224 |
|
|
$ |
- |
|
|
$ |
337 |
|
|
Commercial mortgages |
|
|
3,582 |
|
|
|
822,154 |
|
|
|
888 |
|
|
|
826,624 |
|
|
|
- |
|
|
|
6,435 |
|
|
|
- |
|
|
|
6,435 |
|
|
Construction |
|
|
- |
|
|
|
10,151 |
|
|
|
- |
|
|
|
10,151 |
|
|
|
- |
|
|
|
102 |
|
|
|
- |
|
|
|
102 |
|
|
Commercial loans |
|
|
1,707 |
|
|
|
148,951 |
|
|
|
- |
|
|
|
150,658 |
|
|
|
- |
|
|
|
948 |
|
|
|
- |
|
|
|
948 |
|
|
Home equity lines of credit |
|
|
414 |
|
|
|
24,902 |
|
|
|
123 |
|
|
|
25,439 |
|
|
|
8 |
|
|
|
46 |
|
|
|
- |
|
|
|
54 |
|
|
Consumer and overdrafts |
|
|
- |
|
|
|
345 |
|
|
|
- |
|
|
|
345 |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
5 |
|
|
Total |
|
$ |
8,059 |
|
|
$ |
1,227,732 |
|
|
$ |
1,731 |
|
|
$ |
1,237,522 |
|
|
$ |
121 |
|
|
$ |
7,760 |
|
|
$ |
- |
|
|
$ |
7,881 |
|
|
|
|
June 30, 2020 |
|
|
|
|
Loans |
|
|
Allowance for loan losses |
|
|
|
|
Individually
Evaluated for
Impairment |
|
|
Collectively
Evaluated for
Impairment |
|
|
Acquired With
Deteriorated
Credit Quality |
|
|
Total |
|
|
Individually
Evaluated for
Impairment |
|
|
Collectively
Evaluated for
Impairment |
|
|
Acquired With
Deteriorated
Credit Quality |
|
|
Total |
|
|
Residential mortgages |
|
$ |
2,448 |
|
|
$ |
252,195 |
|
|
$ |
739 |
|
|
$ |
255,382 |
|
|
$ |
118 |
|
|
$ |
255 |
|
|
$ |
- |
|
|
$ |
373 |
|
|
Commercial mortgages |
|
|
- |
|
|
|
806,224 |
|
|
|
882 |
|
|
|
807,106 |
|
|
|
- |
|
|
|
6,913 |
|
|
|
- |
|
|
|
6,913 |
|
|
Construction |
|
|
- |
|
|
|
11,053 |
|
|
|
- |
|
|
|
11,053 |
|
|
|
- |
|
|
|
165 |
|
|
|
- |
|
|
|
165 |
|
|
Commercial loans |
|
|
1,921 |
|
|
|
162,336 |
|
|
|
- |
|
|
|
164,257 |
|
|
|
1 |
|
|
|
1,123 |
|
|
|
- |
|
|
|
1,124 |
|
|
Home equity lines of credit |
|
|
350 |
|
|
|
29,349 |
|
|
|
139 |
|
|
|
29,838 |
|
|
|
4 |
|
|
|
56 |
|
|
|
- |
|
|
|
60 |
|
|
Consumer and overdrafts |
|
|
- |
|
|
|
481 |
|
|
|
- |
|
|
|
481 |
|
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
|
4 |
|
|
Total |
|
$ |
4,719 |
|
|
$ |
1,261,638 |
|
|
$ |
1,760 |
|
|
$ |
1,268,117 |
|
|
$ |
123 |
|
|
$ |
8,516 |
|
|
$ |
- |
|
|
$ |
8,639 |
|
|
| Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Class of Loans |
The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by class of loans as of and for the years ended June 30, 2021 and 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
Unpaid
Principal
Balance |
|
|
Recorded Investment |
|
|
Allowance for loan losses |
|
|
Unpaid
Principal
Balance |
|
|
Recorded Investment |
|
|
Allowance for loan losses |
|
|
With no related allowance recorded: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
$ |
2,044 |
|
|
$ |
1,931 |
|
|
$ |
- |
|
|
$ |
2,123 |
|
|
$ |
2,013 |
|
|
$ |
- |
|
|
Commercial mortgages |
|
3,582 |
|
|
|
3,582 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Commercial loans |
|
1,878 |
|
|
|
1,707 |
|
|
|
- |
|
|
|
2,067 |
|
|
|
1,897 |
|
|
|
- |
|
|
Home equity lines of credit |
|
358 |
|
|
|
381 |
|
|
|
- |
|
|
|
326 |
|
|
|
339 |
|
|
|
- |
|
|
With an allowance recorded: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
363 |
|
|
|
425 |
|
|
|
113 |
|
|
|
372 |
|
|
|
435 |
|
|
|
118 |
|
|
Commercial loans |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24 |
|
|
|
24 |
|
|
|
1 |
|
|
Home equity lines of credit |
|
33 |
|
|
|
33 |
|
|
|
8 |
|
|
|
11 |
|
|
|
11 |
|
|
|
4 |
|
|
Total |
$ |
8,258 |
|
|
$ |
8,059 |
|
|
$ |
121 |
|
|
$ |
4,923 |
|
|
$ |
4,719 |
|
|
$ |
123 |
|
|
| Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Class of Loans |
|
|
|
For the year ended |
|
|
For the year ended |
|
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
Average
Recorded Investment |
|
|
Interest
Income
Recognized |
|
|
Average
Recorded Investment |
|
|
Interest
Income
Recognized |
|
|
With no related allowance recorded: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
$ |
1,930 |
|
|
$ |
38 |
|
|
$ |
2,149 |
|
|
$ |
48 |
|
|
Commercial mortgages |
|
|
1,194 |
|
|
|
30 |
|
|
|
728 |
|
|
|
149 |
|
|
Commercial loans |
|
|
1,769 |
|
|
|
191 |
|
|
|
2,163 |
|
|
|
205 |
|
|
Home equity lines of credit |
|
|
384 |
|
|
|
1 |
|
|
|
468 |
|
|
|
15 |
|
|
With an allowance recorded: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
430 |
|
|
|
14 |
|
|
|
375 |
|
|
|
14 |
|
|
Commercial loans |
|
|
- |
|
|
|
- |
|
|
|
38 |
|
|
|
2 |
|
|
Home equity lines of credit |
|
|
26 |
|
|
|
- |
|
|
|
85 |
|
|
|
7 |
|
|
Total |
|
$ |
5,733 |
|
|
$ |
274 |
|
|
$ |
6,006 |
|
|
$ |
440 |
|
|
| Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Class of Loans |
The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days still on accrual status, by class of loans as of June 30, 2021 and 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Loans Past Due Over 90 Days |
|
|
|
|
Nonaccrual |
|
|
and Still Accruing |
|
|
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Residential mortgages |
|
$ |
1,391 |
|
|
$ |
1,457 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Commercial mortgages |
|
|
3,582 |
|
|
|
- |
|
|
|
411 |
|
|
|
- |
|
|
Home equity lines of credit |
|
|
381 |
|
|
|
338 |
|
|
|
- |
|
|
|
- |
|
|
Total |
|
$ |
5,354 |
|
|
$ |
1,795 |
|
|
$ |
411 |
|
|
$ |
- |
|
|
| Aging of Recorded Investment in Past Due Loans by Class of Loans |
The following tables present the aging of the recorded investment in past due loans by class of loans as of June 30, 2021 and 2020 (in thousands):
|
|
|
June 30, 2021 |
|
|
|
|
30-59 |
|
|
60-89 |
|
|
90 Days or |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days Past |
|
|
Days Past |
|
|
More Past |
|
|
Total Past |
|
|
|
|
|
|
|
|
|
|
|
|
Due |
|
|
Due |
|
|
Due |
|
|
Due |
|
|
Current (1) |
|
|
Total |
|
|
Residential mortgages |
|
$ |
198 |
|
|
$ |
126 |
|
|
$ |
948 |
|
|
$ |
1,272 |
|
|
$ |
223,033 |
|
|
$ |
224,305 |
|
|
Commercial mortgages |
|
|
453 |
|
|
|
- |
|
|
|
411 |
|
|
|
864 |
|
|
|
825,760 |
|
|
|
826,624 |
|
|
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,151 |
|
|
|
10,151 |
|
|
Commercial loans |
|
|
69 |
|
|
|
76 |
|
|
|
- |
|
|
|
145 |
|
|
|
150,513 |
|
|
|
150,658 |
|
|
Home equity lines of credit |
|
|
- |
|
|
|
19 |
|
|
|
381 |
|
|
|
400 |
|
|
|
25,039 |
|
|
|
25,439 |
|
|
Consumer and overdrafts |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
345 |
|
|
|
345 |
|
|
Total |
|
$ |
720 |
|
|
$ |
221 |
|
|
$ |
1,740 |
|
|
$ |
2,681 |
|
|
$ |
1,234,841 |
|
|
$ |
1,237,522 |
|
|
|
|
June 30, 2020 |
|
|
|
|
30-59 |
|
|
60-89 |
|
|
90 Days or |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days Past |
|
|
Days Past |
|
|
More Past |
|
|
Total Past |
|
|
|
|
|
|
|
|
|
|
|
|
Due |
|
|
Due |
|
|
Due |
|
|
Due |
|
|
Current (1) |
|
|
Total |
|
|
Residential mortgages |
|
$ |
495 |
|
|
$ |
10 |
|
|
$ |
806 |
|
|
$ |
1,311 |
|
|
$ |
254,071 |
|
|
$ |
255,382 |
|
|
Commercial mortgages |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
807,106 |
|
|
|
807,106 |
|
|
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,053 |
|
|
|
11,053 |
|
|
Commercial loans |
|
|
76 |
|
|
|
- |
|
|
|
- |
|
|
|
76 |
|
|
|
164,181 |
|
|
|
164,257 |
|
|
Home equity lines of credit |
|
|
44 |
|
|
|
- |
|
|
|
338 |
|
|
|
382 |
|
|
|
29,456 |
|
|
|
29,838 |
|
|
Consumer and overdrafts |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
481 |
|
|
|
481 |
|
|
Total |
|
$ |
615 |
|
|
$ |
10 |
|
|
$ |
1,144 |
|
|
$ |
1,769 |
|
|
$ |
1,266,348 |
|
|
$ |
1,268,117 |
|
|
|
(1). |
As of June 30, 2021 and 2020, loans on COVID-19-related payment deferrals are considered current. |
|
| Summary of Risk Category of Loans by Class of Loans |
Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands):
|
|
|
June 30, 2021 |
|
|
|
|
Pass |
|
|
Special
Mention |
|
|
Substandard |
|
|
Total |
|
|
Residential mortgages |
|
$ |
219,901 |
|
|
$ |
2,480 |
|
|
$ |
1,924 |
|
|
$ |
224,305 |
|
|
Commercial mortgages |
|
|
809,660 |
|
|
|
1,615 |
|
|
|
15,349 |
|
|
|
826,624 |
|
|
Construction |
|
|
9,038 |
|
|
|
1,113 |
|
|
|
- |
|
|
|
10,151 |
|
|
Commercial loans |
|
|
146,275 |
|
|
|
491 |
|
|
|
3,892 |
|
|
|
150,658 |
|
|
Home equity lines of credit |
|
|
24,400 |
|
|
|
602 |
|
|
|
437 |
|
|
|
25,439 |
|
|
Consumer and overdrafts |
|
|
345 |
|
|
|
- |
|
|
|
- |
|
|
|
345 |
|
|
Total |
|
$ |
1,209,619 |
|
|
$ |
6,301 |
|
|
$ |
21,602 |
|
|
$ |
1,237,522 |
|
|
|
|
June 30, 2020 |
|
|
|
|
Pass |
|
|
Special
Mention |
|
|
Substandard |
|
|
Total |
|
|
Residential mortgages |
|
$ |
252,604 |
|
|
$ |
687 |
|
|
$ |
2,091 |
|
|
$ |
255,382 |
|
|
Commercial mortgages |
|
|
803,048 |
|
|
|
3,176 |
|
|
|
882 |
|
|
|
807,106 |
|
|
Construction |
|
|
11,053 |
|
|
|
- |
|
|
|
- |
|
|
|
11,053 |
|
|
Commercial loans |
|
|
160,137 |
|
|
|
201 |
|
|
|
3,919 |
|
|
|
164,257 |
|
|
Home equity lines of credit |
|
|
28,894 |
|
|
|
498 |
|
|
|
446 |
|
|
|
29,838 |
|
|
Consumer and overdrafts |
|
|
481 |
|
|
|
- |
|
|
|
- |
|
|
|
481 |
|
|
Total |
|
$ |
1,256,217 |
|
|
$ |
4,562 |
|
|
$ |
7,338 |
|
|
$ |
1,268,117 |
|
|
| Schedule of Carrying Amount of Purchased Credit Impaired Loans |
The carrying amount of those loans is as follows (in thousands):
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
Residential mortgages |
$ |
720 |
|
|
$ |
739 |
|
|
Commercial mortgages |
|
888 |
|
|
|
882 |
|
|
Home equity lines of credit |
|
123 |
|
|
|
139 |
|
|
Carrying amount, net of allowance of $0 |
$ |
1,731 |
|
|
$ |
1,760 |
|
|
| Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans |
Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands):
|
|
Year ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
Beginning balance |
$ |
156 |
|
|
$ |
192 |
|
|
New loans acquired |
|
- |
|
|
|
- |
|
|
Accretion income |
|
(26 |
) |
|
|
(36 |
) |
|
Reclassification from non-accretable difference |
|
- |
|
|
|
- |
|
|
Disposals |
|
- |
|
|
|
- |
|
|
Ending balance |
$ |
130 |
|
|
$ |
156 |
|
|