|
Maryland
State or other jurisdiction of incorporation or organization |
| |
6036
(Primary Standard Industrial Classification Code Number) |
| |
85-3898797
(IRS Employer Identification No.) |
|
|
Gary R. Bronstein, Esq.
Stephen F. Donahoe, Esq. Kilpatrick Townsend & Stockton LLP 607 14th Street, NW, Suite 900 Washington, DC 20005 (202) 508-5800 |
| |
P. Ross Bevan, Esq.
Silver, Freedman, Taff & Tiernan LLP 3299 K Street, NW, Suite 100 Washington, DC 20007 (202) 295-4500 |
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|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☐
|
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Smaller reporting company
☒
|
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| | | |
Emerging growth company
☒
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Title of each class of securities to be registered
|
| | |
Amount to be
registered |
| | |
Proposed
maximum offering price per unit |
| | |
Proposed
maximum aggregate offering price(1) |
| | |
Amount of
registration fee |
|
Common Stock, $0.01 par value
|
| | |
15,170,754
|
| | |
$10.00
|
| | |
$151,707,540
|
| | |
$16,551(2)
|
|
Participation interests
|
| | |
(3)
|
| | |
$10.00
|
| | |
(4)
|
| | |
(4)
|
|
| | |
Minimum
|
| |
Midpoint
|
| |
Maximum
|
| |||||||||
Number of shares
|
| | | | 9,350,000 | | | | | | 11,000,000 | | | | | | 12,650,000 | | |
Gross offering proceeds
|
| | | $ | 93,500,000 | | | | | $ | 110,000,000 | | | | | $ | 126,500,000 | | |
Estimated offering expenses, excluding selling agent and underwriters’ commissions
|
| | | $ | 1,400,000 | | | | | $ | 1,400,000 | | | | | $ | 1,400,000 | | |
Selling agent and underwriters’ commissions(1)
|
| | | $ | 847,000 | | | | | $ | 998,800 | | | | | $ | 1,150,600 | | |
Estimated net proceeds
|
| | | $ | 91,253,000 | | | | | $ | 107,601,200 | | | | | $ | 123,949,400 | | |
Estimated net proceeds per share
|
| | | $ | 9.76 | | | | | $ | 9.78 | | | | | $ | 9.80 | | |
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Annexes: | | | | | | | |
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | |
Company Name and Ticker Symbol
|
| |
Exchange
|
| |
Headquarters
|
| |
Total Assets
|
| ||||||
| | | | | | | | | | | |
(in millions)
|
| |||
Prudential Bancorp, Inc. (PBIP)
|
| | | | Nasdaq | | | | Philadelphia, Pennsylvania | | | | $ | 1,188(1) | | |
Elmira Savings Bank (ESBK)
|
| | | | Nasdaq | | | | Elmira, New York | | | | | 674 | | |
HMN Financial, Inc. (HMNF)
|
| | | | Nasdaq | | | | Rochester, Minnesota | | | | | 898 | | |
Home Federal Bancorp, Inc. of Louisiana (HFBL)
|
| | | | Nasdaq | | | | Shreveport, Louisiana | | | | | 542 | | |
HV Bancorp, Inc. (HVBC)
|
| | | | Nasdaq | | | | Doylestown, Pennsylvania | | | | | 425(1) | | |
IF Bancorp, Inc. (IROQ)
|
| | | | Nasdaq | | | | Watseka, Illinois | | | | | 726 | | |
Randolph Bancorp, Inc. (RNDB)
|
| | | | Nasdaq | | | | Stoughton, Massachusetts | | | | | 723 | | |
Severn Bancorp, Inc. (SVBI)
|
| | | | Nasdaq | | | | Annapolis, Maryland | | | | | 940 | | |
WVS Financial Corp. (WVFC)
|
| | | | Nasdaq | | | | Pittsburgh, Pennsylvania | | | | | 332 | | |
| | |
Price to Core
Earnings Multiple(1) |
| |
Price to Book
Value Ratio |
| |
Price to Tangible
Book Value Ratio |
| |||||||||
William Penn Bancorporation (pro forma): | | | | | | | | | | | | | | | | | | | |
Minimum
|
| | | | 61.13x | | | | | | 61.96% | | | | | | 64.06% | | |
Midpoint
|
| | | | 81.04x | | | | | | 67.52% | | | | | | 69.64% | | |
Maximum
|
| | | | 106.73x | | | | | | 72.31% | | | | | | 74.40% | | |
Peer group companies as of November 4, 2020: | | | | | | | | | | | | | | | | | | | |
Average
|
| | | | 11.49x | | | | | | 74.76% | | | | | | 77.15% | | |
Median
|
| | | | 11.82x | | | | | | 72.90% | | | | | | 77.73% | | |
| | |
Shares to be Sold in the
Offering |
| |
Shares to be Exchanged
for Existing Shares of William Penn Bancorp |
| |
Total Shares
of Common Stock to be Outstanding |
| |
Exchange
Ratio |
| |
Equivalent
per Share Value(1) |
| |
Shares to be
Received for 100 Existing Shares(2) |
| ||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||||||||||||||||||||
Minimum
|
| | | | 9,350,000 | | | | | | 83.4% | | | | | | 1,863,166 | | | | | | 16.6% | | | | | | 11,213,166 | | | | | | 2.3941 | | | | | $ | 23.94 | | | | | | 239 | | |
Midpoint
|
| | | | 11,000,000 | | | | | | 83.4 | | | | | | 2,191,960 | | | | | | 16.6 | | | | | | 13,191,960 | | | | | | 2.8166 | | | | | | 28.17 | | | | | | 281 | | |
Maximum
|
| | | | 12,650,000 | | | | | | 83.4 | | | | | | 2,520,754 | | | | | | 16.6 | | | | | | 15,170,754 | | | | | | 3.2391 | | | | | | 32.39 | | | | | | 323 | | |
| | |
9,350,000
Shares at $10.00 per Share |
| |
12,650,000
Shares at $10.00 per Share |
| ||||||
| | |
(In thousands)
|
| |||||||||
Offering proceeds
|
| | | $ | 93,500 | | | | | $ | 126,500 | | |
Less: offering expenses
|
| | | | 2,247 | | | | | | 2,551 | | |
Net offering proceeds
|
| | | | 91,253 | | | | | | 123,949 | | |
Less: | | | | | | | | | | | | | |
Proceeds contributed to William Penn Bank
|
| | | | 45,626 | | | | | | 61,975 | | |
Proceeds used for loan to employee stock ownership plan
|
| | | | 7,480 | | | | | | 10,120 | | |
Proceeds remaining for William Penn Bancorporation
|
| | | $ | 38,147 | | | | | $ | 51,854 | | |
| | |
Number of Shares to be Granted or Purchased
|
| |
Dilution Resulting
From the Issuance of Shares for Stock Benefit Plans |
| |
Total
Estimated Value At Maximum of Offering Range |
| |||||||||||||||
(Dollars in thousands)
|
| |
At Maximum of
Offering Range |
| |
As a Percentage of
Common Stock to be Issued in the Offering(3) |
| ||||||||||||||||||
Employee stock ownership plan(1)
|
| | | | 1,012,000 | | | | | | 8.0% | | | | | | 0.00% | | | | | $ | 10,120 | | |
Restricted stock awards(1)
|
| | | | 506,000 | | | | | | 4.0 | | | | | | 3.23 | | | | | | 5,060 | | |
Stock options(2)
|
| | | | 1,265,000 | | | | | | 10.0 | | | | | | 7.70 | | | | | | 3,833 | | |
Total
|
| | | | 2,783,000 | | | | | | 22.0% | | | | | | 10.45% | | | | | $ | 19,013 | | |
| | |
Eligible
Participants |
| |
Number of
Shares at Maximum of Offering Range |
| |
Estimated
Value of Shares |
| |
Percentage of
Shares Outstanding After the Conversion and Offering |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Employee Stock Ownership Plan:
|
| | | | Employees | | | | | | | | | | | | | | | | | | | | |
Shares purchased in 2008 offering(1)
|
| | | | | | | | | | 283,046(2) | | | | | $ | 2,830 | | | | | | 1.87% | | |
Shares to be purchased in this offering
|
| | | | | | | | | | 1,012,000 | | | | | | 10,120 | | | | | | 6.67 | | |
Total
|
| | | | | | | | | | 1,295,046 | | | | | $ | 12,950 | | | | | | 8.54% | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 731,553 | | | | | $ | 736,452 | | | | | $ | 415,829 | | | | | $ | 301,109 | | | | | $ | 315,997 | | | | | $ | 314,074 | | |
Total cash and cash equivalents
|
| | | | 56,082 | | | | | | 82,915 | | | | | | 26,168 | | | | | | 16,128 | | | | | | 13,252 | | | | | | 11,234 | | |
Interest-bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 8,486 | | | | | | 32,422 | | | | | | 45,400 | | | | | | 45,645 | | |
Investment securities available-for-sale
|
| | | | 123,597 | | | | | | 89,998 | | | | | | 20,660 | | | | | | 1,816 | | | | | | 2,910 | | | | | | 4,076 | | |
Investment securities held-to-maturity
|
| | | | — | | | | | | — | | | | | | 1,906 | | | | | | 3,147 | | | | | | 4,226 | | | | | | 4,938 | | |
Loans receivable, net
|
| | | | 497,630 | | | | | | 508,605 | | | | | | 326,017 | | | | | | 233,389 | | | | | | 234,865 | | | | | | 231,911 | | |
Deposits
|
| | | | 581,493 | | | | | | 559,848 | | | | | | 281,206 | | | | | | 180,657 | | | | | | 182,199 | | | | | | 177,300 | | |
Federal Home Loan Bank advances
|
| | | | 41,000 | | | | | | 64,892 | | | | | | 50,000 | | | | | | 51,500 | | | | | | 65,500 | | | | | | 70,500 | | |
Stockholders’ equity
|
| | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | | | | | 61,895 | | | | | | 61,604 | | | | | | 59,903 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Years Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 6,657 | | | | | $ | 4,576 | | | | | $ | 19,817 | | | | | $ | 17,821 | | | | | $ | 12,175 | | | | | $ | 11,950 | | | | | $ | 12,435 | | |
Interest expense
|
| | | | 1,440 | | | | | | 1,203 | | | | | | 5,018 | | | | | | 3,591 | | | | | | 3,182 | | | | | | 3,448 | | | | | | 3,524 | | |
Net interest income
|
| | | | 5,217 | | | | | | 3,373 | | | | | | 14,799 | | | | | | 14,230 | | | | | | 8,993 | | | | | | 8,502 | | | | | | 8,911 | | |
Provision (credit) for loan losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | | | | | (120) | | | | | | 15 | | | | | | 5 | | |
Net interest income after provision for
loan losses |
| | | | 5,151 | | | | | | 3,373 | | | | | | 14,173 | | | | | | 14,142 | | | | | | 9,113 | | | | | | 8,487 | | | | | | 8,906 | | |
Non-interest income
|
| | | | 400 | | | | | | 347 | | | | | | 2,160 | | | | | | 1,127 | | | | | | 641 | | | | | | 511 | | | | | | 493 | | |
Non-interest expense
|
| | | | 4,735 | | | | | | 2,646 | | | | | | 15,392 | | | | | | 10,453 | | | | | | 6,283 | | | | | | 5,109 | | | | | | 5,722 | | |
Income before income taxes
|
| | | | 816 | | | | | | 1,074 | | | | | | 941 | | | | | | 4,816 | | | | | | 3,471 | | | | | | 3,889 | | | | | | 3,677 | | |
Income tax expense (benefit)
|
| | | | 146 | | | | | | 220 | | | | | | (387) | | | | | | 1,060 | | | | | | 2,007 | | | | | | 1,325 | | | | | | 1,246 | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average common shares outstanding – basic
|
| | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Average common shares outstanding – diluted
|
| | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Earnings per share – basic
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Earnings per share – diluted
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Dividends per share
|
| | | $ | 0.42 | | | | | $ | 0.50 | | | | | $ | 0.50 | | | | | $ | 0.32 | | | | | $ | 0.31 | | | | | $ | 0.28 | | | | | $ | 0.27 | | |
| | |
At or for the Three Months
Ended September 30, |
| |
At or For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Return on average assets
|
| | | | 0.36% | | | | | | 0.82% | | | | | | 0.27% | | | | | | 0.92% | | | | | | 0.48% | | | | | | 0.81% | | | | | | 0.77% | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)(1)
|
| | | | 0.45 | | | | | | 0.82 | | | | | | 0.79 | | | | | | 1.11 | | | | | | 0.60 | | | | | | 0.81 | | | | | | 0.77 | | |
Return on average equity
|
| | | | 2.80 | | | | | | 4.52 | | | | | | 1.64 | | | | | | 5.01 | | | | | | 2.39 | | | | | | 4.22 | | | | | | 4.08 | | |
Return on average equity (excluding merger charges, gain on
bargain purchase and prepayment penalties)(2) |
| | | | 3.47 | | | | | | 4.52 | | | | | | 4.78 | | | | | | 6.08 | | | | | | 3.00 | | | | | | 4.22 | | | | | | 4.08 | | |
Interest rate spread(3)
|
| | | | 2.96 | | | | | | 3.27 | | | | | | 3.10 | | | | | | 3.57 | | | | | | 2.84 | | | | | | 2.62 | | | | | | 2.72 | | |
Net interest margin(4)
|
| | | | 3.11 | | | | | | 3.52 | | | | | | 3.30 | | | | | | 3.76 | | | | | | 3.08 | | | | | | 2.85 | | | | | | 2.95 | | |
Non-interest expense to average assets
|
| | | | 2.57 | | | | | | 2.53 | | | | | | 3.13 | | | | | | 2.55 | | | | | | 2.05 | | | | | | 1.62 | | | | | | 1.81 | | |
Efficiency ratio(5)
|
| | | | 77.30 | | | | | | 71.13 | | | | | | 90.76 | | | | | | 68.07 | | | | | | 65.22 | | | | | | 56.68 | | | | | | 60.85 | | |
Efficiency ratio (excluding merger charges, gain on bargain purchase and prepayment penalties)(6)
|
| | | | 81.43 | | | | | | 71.13 | | | | | | 74.62 | | | | | | 62.88 | | | | | | 61.32 | | | | | | 56.68 | | | | | | 60.85 | | |
Average interest-earning assets to average interest-bearing liabilities
|
| | | | 115.97 | | | | | | 119.27 | | | | | | 117.92 | | | | | | 120.23 | | | | | | 121.88 | | | | | | 120.36 | | | | | | 120.33 | | |
Average equity to average assets
|
| | | | 13.02 | | | | | | 18.10 | | | | | | 16.52 | | | | | | 18.31 | | | | | | 19.95 | | | | | | 19.28 | | | | | | 18.81 | | |
Capital Ratios(7): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets)
|
| | | | N/A | | | | | | 25.65 | | | | | | N/A | | | | | | 25.82% | | | | | | 33.69% | | | | | | 30.76% | | | | | | 30.70% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | N/A | | | | | | 24.52 | | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Common equity Tier 1 capital (to risk-weighted assets)
|
| | | | N/A | | | | | | 24.52 | | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Tier 1 leverage capital (to adjusted total assets)
|
| | | | 11.92 | | | | | | 16.59 | | | | | | 13.67 | | | | | | 16.94 | | | | | | 20.00 | | | | | | 18.72 | | | | | | 18.18 | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as a percent of total loans
|
| | | | 0.71% | | | | | | 0.97% | | | | | | 0.68% | | | | | | 0.96% | | | | | | 1.29% | | | | | | 1.35% | | | | | | 1.33% | | |
Allowance for loan losses as a percent of non-performing loans
|
| | | | 75.08 | | | | | | 156.08 | | | | | | 107.88 | | | | | | 161.18 | | | | | | 75.76 | | | | | | 58.33 | | | | | | 81.61 | | |
Net charge-offs (recoveries) to average outstanding loans during the period
|
| | | | 0.00 | | | | | | 0.00 | | | | | | 0.09 | | | | | | 0.01 | | | | | | 0.02 | | | | | | (0.02) | | | | | | 0.15 | | |
Non-performing loans as a percent of total loans(8)
|
| | | | 0.95 | | | | | | 0.63 | | | | | | 0.64 | | | | | | 0.60 | | | | | | 1.75 | | | | | | 2.38 | | | | | | 1.69 | | |
Non-performing assets as a percent of total assets(8)
|
| | | | 0.67 | | | | | | 0.52 | | | | | | 0.46 | | | | | | 0.48 | | | | | | 1.42 | | | | | | 1.81 | | | | | | 1.51 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of full-service branch offices
|
| | | | 12 | | | | | | 6 | | | | | | 12 | | | | | | 6 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income
|
| | | $ | 831 | | | | | $ | 854 | | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average assets
|
| | | $ | 735,846 | | | | | $ | 417,769 | | | | | $ | 490,981 | | | | | $ | 409,142 | | | | | $ | 307,132 | | | | | $ | 315,036 | | | | | $ | 316,681 | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)
|
| | | | 0.45% | | | | | | 0.82% | | | | | | 0.79% | | | | | | 1.11% | | | | | | 0.60% | | | | | | 0.81% | | | | | | 0.77% | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income
|
| | | $ | 831 | | | | | $ | 854 | | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average stockholders’ equity
|
| | | $ | 95,821 | | | | | $ | 75,622 | | | | | $ | 81,122 | | | | | $ | 74,912 | | | | | $ | 61,269 | | | | | $ | 60,754 | | | | | $ | 59,576 | | |
Return on average equity (excluding merger charges, gain on bargain purchase and prepayment penalties)
|
| | | | 3.47% | | | | | | 4.52% | | | | | | 4.78% | | | | | | 6.08% | | | | | | 3.00% | | | | | | 4.22% | | | | | | 4.08% | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Non-interest expense
|
| | | $ | 4,735 | | | | | $ | 2,646 | | | | | $ | 15,392 | | | | | $ | 10,453 | | | | | $ | 6,283 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted non-interest expense
|
| | | $ | 4,574 | | | | | $ | 2,646 | | | | | $ | 12,098 | | | | | $ | 9,657 | | | | | $ | 5,908 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Net interest income
|
| | | $ | 5,217 | | | | | $ | 3,373 | | | | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 8,993 | | | | | $ | 8,502 | | | | | $ | 8,911 | | |
Non-interest income
|
| | | $ | 400 | | | | | $ | 347 | | | | | $ | 2,160 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | 746 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted non-interest income
|
| | | $ | 400 | | | | | $ | 347 | | | | | $ | 1,414 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Efficiency ratio (excluding merger charges, gain on bargain purchase and prepayment penalties)
|
| | | | 77.30% | | | | | | 71.13% | | | | | | 74.62% | | | | | | 62.88% | | | | | | 61.32% | | | | | | 56.68% | | | | | | 60.85% | | |
| | |
Minimum of
Offering Range |
| |
Midpoint of
Offering Range |
| |
Maximum of
Offering Range |
| |||||||||||||||||||||||||||
| | |
9,350,000
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| |
11,000,000
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| |
12,650,000
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Offering proceeds
|
| | | $ | 93,500 | | | | | | | | | | | $ | 110,000 | | | | | | | | | | | $ | 126,500 | | | | | | | | |
Less: offering expenses
|
| | | | 2,247 | | | | | | | | | | | | 2,399 | | | | | | | | | | | | 2,551 | | | | | | | | |
Net offering proceeds
|
| | | | 91,253 | | | | | | 100.0% | | | | | | 107,601 | | | | | | 100.0% | | | | | | 123,949 | | | | | | 100.0% | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds contributed to William Penn Bank
|
| | | | 45,626 | | | | | | 50.0 | | | | | | 53,801 | | | | | | 50.0 | | | | | | 61,975 | | | | | | 50.0 | | |
Proceeds used for loan to employee stock ownership plan
|
| | | | 7,480 | | | | | | 8.2 | | | | | | 8,800 | | | | | | 8.2 | | | | | | 10,120 | | | | | | 8.2 | | |
Proceeds remaining for William Penn Bancorporation
|
| | | $ | 38,147 | | | | | | 41.8% | | | | | $ | 45,000 | | | | | | 41.8% | | | | | $ | 51,854 | | | | | | 41.8% | | |
| | |
At
September 30, 2020 |
| |
Minimum of
Offering Range 9,350,000 Shares at $10.00 per Share |
| |
Midpoint of
Offering Range 11,000,000 Shares at $10.00 per Share |
| |
Maximum of
Offering Range 12,650,000 Shares at $10.00 per Share |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Deposits(1) | | | | $ | 581,493 | | | | | $ | 581,493 | | | | | $ | 581,493 | | | | | $ | 581,493 | | |
Borrowed funds
|
| | | | 41,000 | | | | | | 41,000 | | | | | | 41,000 | | | | | | 41,000 | | |
Total deposits and borrowed funds
|
| | | $ | 622,493 | | | | | $ | 622,493 | | | | | $ | 622,493 | | | | | $ | 622,493 | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
50,000,000 shares, $0.01 par value per share authorized; none issued or outstanding
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Common stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
150,000,000 shares, $0.01 par value per share, authorized; specified number of
shares assumed to be issued and outstanding(2) |
| | | | 467 | | | | | | 112 | | | | | | 132 | | | | | | 152 | | |
Additional paid-in capital
|
| | | | 42,932 | | | | | | 130,830 | | | | | | 147,158 | | | | | | 163,486 | | |
William Penn, MHC capital consolidation
|
| | | | — | | | | | | 5,473 | | | | | | 5,473 | | | | | | 5,473 | | |
Retained earnings(3)
|
| | | | 55,384 | | | | | | 55,384 | | | | | | 55,384 | | | | | | 55,384 | | |
Accumulated other comprehensive income
|
| | | | 433 | | | | | | 433 | | | | | | 433 | | | | | | 433 | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
Treasury stock
|
| | | | (3,710) | | | | | | — | | | | | | — | | | | | | — | | |
Common stock to be acquired by employee stock ownership plan(4)
|
| | | | — | | | | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock to be acquired by new equity incentive plan(5)
|
| | | | — | | | | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Total stockholders’ equity
|
| | | $ | 95,506 | | | | | $ | 181,012 | | | | | $ | 195,380 | | | | | $ | 209,748 | | |
Total stockholders’ equity as a percentage of total assets
|
| | | | 13.06% | | | | | | 22.15% | | | | | | 23.50% | | | | | | 24.80% | | |
Tangible equity as a percentage of tangible assets
|
| | | | 12.34% | | | | | | 21.58% | | | | | | 22.94% | | | | | | 24.26% | | |
| | |
William Penn Bank
Historical at September 30, 2020 |
| |
Pro Forma at September 30, 2020,
Based Upon the Sale in the Offering of |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
9,350,000 Shares
|
| |
11,000,000 Shares
|
| |
12,650,000 Shares
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| ||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Equity
|
| | | $ | 94,465 | | | | | | 12.92% | | | | | $ | 128,871 | | | | | | 16.59% | | | | | $ | 135,066 | | | | | | 17.21% | | | | | $ | 141,260 | | | | | | 17.81% | | |
Tier 1 leverage capital(1)(2)
|
| | | $ | 86,956 | | | | | | 11.92% | | | | | $ | 121,362 | | | | | | 15.66% | | | | | | 127,557 | | | | | | 16.29% | | | | | $ | 133,751 | | | | | | 16.90% | | |
Tier 1 leverage requirement
|
| | | | 36,465 | | | | | | 5.00 | | | | | | 38,746 | | | | | | 5.00 | | | | | | 39,155 | | | | | | 5.00 | | | | | | 39,564 | | | | | | 5.00 | | |
Excess
|
| | | $ | 50,491 | | | | | | 6.92% | | | | | $ | 82,616 | | | | | | 10.66% | | | | | $ | 88,402 | | | | | | 11.29% | | | | | $ | 94,187 | | | | | | 11.90% | | |
Tier 1 risk-based capital(1)(2)
|
| | | $ | 86,956 | | | | | | 19.30% | | | | | $ | 121,362 | | | | | | 26.40% | | | | | $ | 127,557 | | | | | | 27.65% | | | | | $ | 133,751 | | | | | | 28.89% | | |
Tier 1 risk-based requirement
|
| | | | 36,044 | | | | | | 8.00 | | | | | | 36,774 | | | | | | 8.00 | | | | | | 36,905 | | | | | | 8.00 | | | | | | 37,036 | | | | | | 8.00 | | |
Excess
|
| | | $ | 50,912 | | | | | | 11.30% | | | | | $ | 84,588 | | | | | | 18.40% | | | | | $ | 90,652 | | | | | | 19.65% | | | | | $ | 96,715 | | | | | | 20.89% | | |
Total risk-based capital(1)(2)
|
| | | $ | 90,541 | | | | | | 20.10% | | | | | $ | 124,947 | | | | | | 27.18% | | | | | $ | 131,142 | | | | | | 28.43% | | | | | $ | 137,336 | | | | | | 29.67% | | |
Total risk-based requirement
|
| | | | 45,056 | | | | | | 10.00 | | | | | | 45,968 | | | | | | 10.00 | | | | | | 46,132 | | | | | | 10.00 | | | | | | 46,295 | | | | | | 10.00 | | |
Excess
|
| | | $ | 45,485 | | | | | | 10.10% | | | | | $ | 78,979 | | | | | | 17.18% | | | | | $ | 85,010 | | | | | | 18.43% | | | | | $ | 91,041 | | | | | | 19.67% | | |
Common equity tier 1 risk-based capital(1)(2)
|
| | | $ | 86,956 | | | | | | 19.30% | | | | | $ | 121,362 | | | | | | 26.40% | | | | | $ | 127,557 | | | | | | 27.65% | | | | | $ | 133,751 | | | | | | 28.89% | | |
Common equity tier 1 risk-based requirement
|
| | | | 29,286 | | | | | | 6.50 | | | | | | 29,879 | | | | | | 6.50 | | | | | | 29,985 | | | | | | 6.50 | | | | | | 30,092 | | | | | | 6.50 | | |
Excess
|
| | | $ | 57,670 | | | | | | 12.80% | | | | | $ | 91,483 | | | | | | 19.90% | | | | | $ | 97,572 | | | | | | 21.15% | | | | | $ | 103,659 | | | | | | 22.39% | | |
Reconciliation of capital infused into William Penn Bank:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds
|
| | | | | | | | | | | | | | | $ | 45,626 | | | | | | | | | | | $ | 53,801 | | | | | | | | | | | $ | 61,975 | | | | | | | | |
Less: Common stock acquired by new equity incentive plan
|
| | | | | | | | | | | | | | | | (3,740) | | | | | | | | | | | | (4,400) | | | | | | | | | | | | (5,060) | | | | | | | | |
Less: Common stock acquired by employee stock ownership plan
|
| | | | | | | | | | | | | | | | (7,480) | | | | | | | | | | | | (8,800) | | | | | | | | | | | | (10,120) | | | | | | | | |
Pro forma increase
|
| | | | | | | | | | | | | | | $ | 34,406 | | | | | | | | | | | $ | 40,601 | | | | | | | | | | | $ | 46,795 | | | | | | | | |
|
| | |
At or for the Three Months Ended September 30, 2020
Based upon the Sale at $10.00 Per Share of |
| |||||||||||||||
| | |
9,350,000
Shares |
| |
11,000,000
Shares |
| |
12,650,000
Shares |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||
Gross proceeds of offering
|
| | | $ | 93,500 | | | | | $ | 110,000 | | | | | $ | 126,500 | | |
Expenses
|
| | | | 2,247 | | | | | | 2,399 | | | | | | 2,551 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Common stock purchased by employee stock ownership plan
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock purchased by stock-based benefit plans
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Estimated net proceeds, as adjusted
|
| | | $ | 80,033 | | | | | $ | 94,401 | | | | | $ | 108,769 | | |
For the Three Months Ended September 30, 2020 | | | | | | | | | | | | | | | | | | | |
Consolidated net earnings: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 670 | | | | | $ | 670 | | | | | $ | 670 | | |
Income on adjusted net proceeds
|
| | | | 43 | | | | | | 51 | | | | | | 59 | | |
Income on mutual holding company asset contribution
|
| | | | 3 | | | | | | 3 | | | | | | 3 | | |
Employee stock ownership plan(1)
|
| | | | (58) | | | | | | (68) | | | | | | (78) | | |
Stock awards(2)
|
| | | | (145) | | | | | | (171) | | | | | | (196) | | |
Stock options(3)
|
| | | | (134) | | | | | | (157) | | | | | | (181) | | |
Pro forma net income
|
| | | $ | 380 | | | | | $ | 328 | | | | | $ | 277 | | |
Earnings per share(4): | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 0.07 | | | | | $ | 0.06 | | | | | $ | 0.05 | | |
Income on adjusted net proceeds
|
| | | | — | | | | | | — | | | | | | — | | |
Employee stock ownership plan(1)
|
| | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | |
Stock awards(2)
|
| | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | |
Stock options(3)
|
| | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | |
Pro forma earnings per share(4)
|
| | | $ | 0.04 | | | | | $ | 0.03 | | | | | $ | 0.02 | | |
Offering price to pro forma net earnings per share
|
| | | | 62.50x | | | | | | 83.33x | | | | | | 125.00x | | |
Number of shares used in earnings per share calculations
|
| | | | 10,472,646 | | | | | | 12,320,760 | | | | | | 14,168,874 | | |
At September 30, 2020 | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 95,506 | | | | | $ | 95,506 | | | | | $ | 95,506 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Mutual holding company capital contribution
|
| | | | 5,473 | | | | | | 5,473 | | | | | | 5,473 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Stock awards(2)
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Pro forma stockholders’ equity
|
| | | $ | 181,012 | | | | | $ | 195,380 | | | | | $ | 209,748 | | |
Intangible assets
|
| | | | (5,986) | | | | | | (5,986) | | | | | | (5,986) | | |
Pro forma tangible stockholders’ equity
|
| | | $ | 175,026 | | | | | $ | 189,394 | | | | | $ | 203,762 | | |
Stockholders’ equity per share: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 8.51 | | | | | $ | 7.24 | | | | | $ | 6.30 | | |
Estimated net proceeds
|
| | | | 8.14 | | | | | | 8.16 | | | | | | 8.17 | | |
Equity increase from the mutual holding company
|
| | | | 0.49 | | | | | | 0.41 | | | | | | 0.36 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (0.67) | | | | | | (0.67) | | | | | | (0.67) | | |
Common stock acquired by stock-based benefit plans(2)
|
| | | | (0.33) | | | | | | (0.33) | | | | | | (0.33) | | |
Pro forma stockholders’ equity per share(5)
|
| | | $ | 16.14 | | | | | $ | 14.81 | | | | | $ | 13.83 | | |
Intangible assets
|
| | | | (0.53) | | | | | | (0.45) | | | | | | (0.39) | | |
Pro forma tangible stockholders’ equity per share(5)
|
| | | $ | 15.61 | | | | | $ | 14.36 | | | | | $ | 13.44 | | |
Pro forma price to book value
|
| | | | 61.96% | | | | | | 67.52% | | | | | | 72.31% | | |
Pro forma price to tangible book value
|
| | | | 64.06% | | | | | | 69.64% | | | | | | 74.40% | | |
Number of shares outstanding for pro forma book value per share calculations
|
| | | | 11,213,166 | | | | | | 13,191,960 | | | | | | 15,170,754 | | |
| | |
At or for the Year Ended June 30, 2020
Based upon the Sale at $10.00 Per Share of |
| |||||||||||||||
| | |
9,350,000
Shares |
| |
11,000,000
Shares |
| |
12,650,000
Shares |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||
Gross proceeds of offering
|
| | | $ | 93,500 | | | | | $ | 110,000 | | | | | $ | 126,500 | | |
Expenses
|
| | | | 2,247 | | | | | | 2,399 | | | | | | 2,551 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Common stock purchased by employee stock ownership plan
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock purchased by stock-based benefit plans
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Estimated net proceeds, as adjusted
|
| | | $ | 80,033 | | | | | $ | 94,401 | | | | | $ | 108,769 | | |
For the Year Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Consolidated net earnings: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 1,328 | | | | | $ | 1,328 | | | | | $ | 1,328 | | |
Income on adjusted net proceeds
|
| | | | 174 | | | | | | 205 | | | | | | 236 | | |
Income on mutual holding company asset contribution
|
| | | | 8 | | | | | | 8 | | | | | | 8 | | |
Employee stock ownership plan(1)
|
| | | | (232) | | | | | | (273) | | | | | | (314) | | |
Stock awards(2)
|
| | | | (580) | | | | | | (682) | | | | | | (784) | | |
Stock options(3)
|
| | | | (535) | | | | | | (629) | | | | | | (723) | | |
Pro forma net income
|
| | | $ | 163 | | | | | $ | (43) | | | | | | (249) | | |
Earnings per share(4): | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 0.13 | | | | | $ | 0.11 | | | | | $ | 0.09 | | |
Income on adjusted net proceeds
|
| | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Employee stock ownership plan(1)
|
| | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | |
Stock awards(2)
|
| | | | (0.06) | | | | | | (0.06) | | | | | | (0.06) | | |
Stock options(3)
|
| | | | (0.05) | | | | | | (0.05) | | | | | | (0.05) | | |
Pro forma earnings per share(4)
|
| | | $ | 0.02 | | | | | $ | — | | | | | $ | (0.02) | | |
Offering price to pro forma net earnings per share
|
| | | | 500.00x | | | | | | NM | | | | | | NM | | |
Number of shares used in earnings per share calculations
|
| | | | 10,495,086 | | | | | | 12,347,160 | | | | | | 14,199,234 | | |
At June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 96,365 | | | | | $ | 96,365 | | | | | $ | 96,365 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Mutual holding company capital contribution
|
| | | | 3,903 | | | | | | 3,903 | | | | | | 3,903 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Stock awards(2)
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Pro forma stockholders’ equity
|
| | | $ | 180,301 | | | | | $ | 194,669 | | | | | $ | 209,037 | | |
Intangible assets
|
| | | | (6,050) | | | | | | (6,050) | | | | | | (6,050) | | |
Pro forma tangible stockholders’ equity
|
| | | $ | 174,251 | | | | | $ | 188,619 | | | | | $ | 202,987 | | |
Stockholders’ equity per share: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 8.59 | | | | | $ | 7.30 | | | | | $ | 6.35 | | |
Estimated net proceeds
|
| | | | 8.14 | | | | | | 8.16 | | | | | | 8.17 | | |
Equity increase from the mutual holding company
|
| | | | 0.35 | | | | | | 0.30 | | | | | | 0.26 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (0.67) | | | | | | (0.67) | | | | | | (0.67) | | |
Common stock acquired by stock-based benefit plans(2)
|
| | | | (0.33) | | | | | | (0.33) | | | | | | (0.33) | | |
Pro forma stockholders’ equity per share(5)
|
| | | $ | 16.08 | | | | | $ | 14.76 | | | | | $ | 13.78 | | |
Intangible assets
|
| | | | (0.54) | | | | | | (0.46) | | | | | | (0.40) | | |
Pro forma tangible stockholders’ equity per share(5)
|
| | | $ | 15.54 | | | | | $ | 14.30 | | | | | $ | 13.38 | | |
Pro forma price to book value
|
| | | | 62.19% | | | | | | 67.75% | | | | | | 72.57% | | |
Pro forma price to tangible book value
|
| | | | 64.35% | | | | | | 69.93% | | | | | | 74.74% | | |
Number of shares outstanding for pro forma book value per share calculations
|
| | | | 11,213,166 | | | | | | 13,191,960 | | | | | | 15,170,754 | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Mortgage-backed securities
|
| | | $ | 66,379 | | | | | $ | 66,400 | | | | | $ | 51,570 | | | | | $ | 51,738 | | | | | $ | 3,609 | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | — | | |
U.S. agency collateralized mortgage obligations
|
| | | | 2,377 | | | | | | 2,378 | | | | | | 3,215 | | | | | | 3,215 | | | | | | 5,634 | | | | | | 5,767 | | | | | | — | | | | | | — | | |
U.S. government agency securities
|
| | | | 11,658 | | | | | | 11,547 | | | | | | 6,226 | | | | | | 6,155 | | | | | | 10,865 | | | | | | 10,912 | | | | | | — | | | | | | — | | |
U.S. treasury securities
|
| | | | — | | | | | | — | | | | | | 1,000 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Private label collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 264 | | | | | | 303 | | | | | | 1,539 | | | | | | 1,816 | | |
Municipal bonds
|
| | | | 24,878 | | | | | | 25,128 | | | | | | 10,485 | | | | | | 10,508 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate bonds
|
| | | | 17,750 | | | | | | 18,144 | | | | | | 17,399 | | | | | | 17,382 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total securities available-for-sale
|
| | | | 123,042 | | | | | | 123,597 | | | | | | 89,895 | | | | | | 89,998 | | | | | | 20,372 | | | | | | 20,660 | | | | | | 1,539 | | | | | | 1,816 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,500 | | | | | | 1,522 | | | | | | 2,336 | | | | | | 2,305 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 206 | | | | | | 214 | | | | | | 611 | | | | | | 634 | | |
Municipal bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | | | | | 100 | | | | | | 100 | | |
Corporate bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 101 | | | | | | 100 | | | | | | 102 | | |
Total securities held-to-maturity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,906 | | | | | | 1,937 | | | | | | 3,147 | | | | | | 3,141 | | |
Total investment securities
|
| | | $ | 123,042 | | | | | $ | 123,597 | | | | | $ | 89,895 | | | | | $ | 89,998 | | | | | $ | 22,278 | | | | | $ | 22,597 | | | | | $ | 4,686 | | | | | $ | 4,957 | | |
|
| | |
One
Year or Less |
| |
More than
One Year to Five Years |
| |
More than
Five Years to Ten Years |
| |
More than
Ten Years |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020
(Dollars in thousands) |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 66,400 | | | | | | 2.64% | | | | | $ | 66,400 | | | | | | 2.64% | | |
U.S. agency collateralized mortgage obligations
|
| | | | 5 | | | | | | 0.68 | | | | | | — | | | | | | — | | | | | | 1,095 | | | | | | 3.26 | | | | | | 1,278 | | | | | | 3.37 | | | | | | 2,378 | | | | | | 3.31 | | |
U.S. government agency securities
|
| | | | — | | | | | | — | | | | | | 105 | | | | | | 4.40 | | | | | | 3,839 | | | | | | 2.87 | | | | | | 7,603 | | | | | | 2.89 | | | | | | 11,547 | | | | | | 2.90 | | |
Municipal bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 458 | | | | | | 5.56 | | | | | | 24,670 | | | | | | 2.44 | | | | | | 25,128 | | | | | | 2.50 | | |
Corporate bonds
|
| | | | — | | | | | | — | | | | | | 11,977 | | | | | | 5.13 | | | | | | 6,167 | | | | | | 5.04 | | | | | | — | | | | | | — | | | | | | 18,144 | | | | | | 5.10 | | |
Total investment securities
|
| | | $ | 5 | | | | | | 0.68% | | | | | $ | 12,082 | | | | | | 5.13% | | | | | $ | 11,559 | | | | | | 4.20% | | | | | $ | 99,951 | | | | | | 2.62% | | | | | $ | 123,597 | | | | | | 3.02% | | |
|
| | |
One
Year or Less |
| |
More than
One Year to Five Years |
| |
More than
Five Years to Ten Years |
| |
More than
Ten Years |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020
(Dollars in thousands) |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 51,738 | | | | | | 2.80% | | | | | $ | 51,738 | | | | | | 2.80% | | |
U.S. agency collateralized mortgage obligations
|
| | | | 5 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | 1,124 | | | | | | 3.26 | | | | | | 2,086 | | | | | | 3.47 | | | | | | 3,215 | | | | | | 3.39 | | |
U.S. government agency securities
|
| | | | — | | | | | | — | | | | | | 132 | | | | | | 4.61 | | | | | | — | | | | | | — | | | | | | 6,023 | | | | | | 3.96 | | | | | | 6,155 | | | | | | 3.97 | | |
Municipal bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 463 | | | | | | 5.56 | | | | | | 10,045 | | | | | | 3.01 | | | | | | 10,508 | | | | | | 3.12 | | |
Corporate bonds
|
| | | | 1,888 | | | | | | 1.79 | | | | | | 9,479 | | | | | | 5.35 | | | | | | 6,015 | | | | | | 5.04 | | | | | | — | | | | | | — | | | | | | 17,382 | | | | | | 4.86 | | |
U.S. treasuries securities
|
| | | | 1,000 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 0.09 | | |
Total investment securities
|
| | | $ | 2,893 | | | | | | 1.20% | | | | | $ | 9,611 | | | | | | 5.34% | | | | | $ | 7,602 | | | | | | 4.81% | | | | | $ | 69,892 | | | | | | 2.95% | | | | | $ | 89,998 | | | | | | 3.31% | | |
|
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
One- to four-family
|
| | | $ | 335,200 | | | | | | 66.29% | | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.98% | | |
Home equity and HELOCs
|
| | | | 45,364 | | | | | | 8.97 | | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | |
Residential construction
|
| | | | 13,665 | | | | | | 2.70 | | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | |
Total residential real estate loans
|
| | | | 394,229 | | | | | | 77.96 | | | | | | 408,768 | | | | | | 79.00 | | | | | | 261,820 | | | | | | 78.46 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Multi-family
|
| | | | 14,477 | | | | | | 2.86 | | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | |
Commercial non-residential
|
| | | | 79,969 | | | | | | 15.81 | | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | |
Commercial construction and land
|
| | | | 7,358 | | | | | | 1.46 | | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | |
Total commercial real estate loans
|
| | | | 101,804 | | | | | | 20.13 | | | | | | 98,361 | | | | | | 19.01 | | | | | | 69,023 | | | | | | 20.68 | | |
Commercial loans
|
| | | | 5,958 | | | | | | 1.18 | | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | |
Consumer loans
|
| | | | 3,670 | | | | | | 0.73 | | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.23 | | |
Total loans
|
| | | | 505,661 | | | | | | 100.00% | | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | |
Loans in process
|
| | | | (3,916) | | | | | | | | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | | | | | | |
Unearned loan origination fees
|
| | | | (530) | | | | | | | | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | |
Allowance for loan losses
|
| | | | (3,585) | | | | | | | | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | |
Loans, net
|
| | | $ | 497,630 | | | | | | | | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | |
|
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 170,322 | | | | | | 70.00% | | | | | $ | 166,219 | | | | | | 67.82% | | | | | $ | 162,395 | | | | | | 66.26% | | |
Home equity and HELOCS
|
| | | | 21,158 | | | | | | 8.70 | | | | | | 22,938 | | | | | | 9.36 | | | | | | 24,799 | | | | | | 10.12 | | |
Residential construction
|
| | | | 11,831 | | | | | | 4.86 | | | | | | 8,836 | | | | | | 3.61 | | | | | | 12,050 | | | | | | 4.92 | | |
Total residential real estate loans
|
| | | | 203,311 | | | | | | 83.56 | | | | | | 197,993 | | | | | | 80.79 | | | | | | 199,244 | | | | | | 81.30 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | 12,061 | | | | | | 4.96 | | | | | | 12,076 | | | | | | 4.93 | | | | | | 12,539 | | | | | | 5.12 | | |
Commercial non-residential
|
| | | | 23,759 | | | | | | 9.76 | | | | | | 24,820 | | | | | | 10.13 | | | | | | 26,744 | | | | | | 10.91 | | |
Commercial construction and land
|
| | | | 3,131 | | | | | | 1.29 | | | | | | 9,120 | | | | | | 3.72 | | | | | | 5,319 | | | | | | 2.17 | | |
Total commercial real estate loans
|
| | | | 38,951 | | | | | | 16.01 | | | | | | 46,016 | | | | | | 18.78 | | | | | | 44,602 | | | | | | 18.20 | | |
Commercial loans
|
| | | | 196 | | | | | | 0.08 | | | | | | 129 | | | | | | 0.05 | | | | | | 51 | | | | | | 0.02 | | |
Consumer loans
|
| | | | 859 | | | | | | 0.35 | | | | | | 947 | | | | | | 0.38 | | | | | | 1,183 | | | | | | 0.48 | | |
Total loans
|
| | | | 243,317 | | | | | | 100.00% | | | | | | 245,085 | | | | | | 100.00% | | | | | | 245,080 | | | | | | 100.00% | | |
Loans in process
|
| | | | (5,716) | | | | | | | | | | | | (5,879) | | | | | | | | | | | | (8,896) | | | | | | | | |
Unearned loan origination fees
|
| | | | (1,074) | | | | | | | | | | | | (1,038) | | | | | | | | | | | | (1,025) | | | | | | | | |
Allowance for loan losses
|
| | | | (3,138) | | | | | | | | | | | | (3,303) | | | | | | | | | | | | (3,248) | | | | | | | | |
Loans, net
|
| | | $ | 233,389 | | | | | | | | | | | $ | 234,865 | | | | | | | | | | | $ | 231,911 | | | | | | | | |
September 30, 2020
(Dollars in thousands) |
| |
One- to
Four-Family |
| |
Home
Equity and HELOCs |
| |
Residential
Construction |
| |
Multi-
Family |
| |
Commercial
Non- Residential |
| |
Commercial
Construction and Land |
| |
Commercial
|
| |
Consumer
|
| |
Total
Loans |
| |||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | $ | 976 | | | | | $ | 3,603 | | | | | $ | 8,305 | | | | | $ | 1,251 | | | | | $ | 2,203 | | | | | $ | 1,295 | | | | | $ | 617 | | | | | $ | 732 | | | | | $ | 18,982 | | |
More than 1 – 5 years
|
| | | | 16,764 | | | | | | 5,319 | | | | | | 5,360 | | | | | | 1,410 | | | | | | 8,497 | | | | | | 6,063 | | | | | | 2,964 | | | | | | 1,117 | | | | | | 47,494 | | |
More than 5 – 10 years
|
| | | | 50,953 | | | | | | 9,394 | | | | | | — | | | | | | 2,909 | | | | | | 11,882 | | | | | | — | | | | | | 2,377 | | | | | | 77 | | | | | | 77,592 | | |
More than 10 years
|
| | | | 266,507 | | | | | | 27,048 | | | | | | — | | | | | | 8,907 | | | | | | 57,387 | | | | | | — | | | | | | — | | | | | | 1,744 | | | | | | 361,593 | | |
Total
|
| | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
|
June 30, 2020
(Dollars in thousands) |
| |
One- to
Four-Family |
| |
Home
Equity and HELOCs |
| |
Residential
Construction |
| |
Multi-
Family |
| |
Commercial
Non- Residential |
| |
Commercial
Construction and Land |
| |
Commercial
|
| |
Consumer
|
| |
Total
Loans |
| |||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | $ | 4,080 | | | | | $ | 1,137 | | | | | $ | 7,773 | | | | | $ | 1,817 | | | | | $ | 5,466 | | | | | $ | 747 | | | | | $ | 934 | | | | | $ | 786 | | | | | $ | 22,740 | | |
More than 1 – 5 years
|
| | | | 18,510 | | | | | | 5,314 | | | | | | 8,026 | | | | | | 1,734 | | | | | | 8,564 | | | | | | 5,943 | | | | | | 4,069 | | | | | | 1,169 | | | | | | 53,329 | | |
More than 5 – 10 years
|
| | | | 53,274 | | | | | | 10,063 | | | | | | — | | | | | | 2,755 | | | | | | 12,696 | | | | | | — | | | | | | 1,435 | | | | | | 333 | | | | | | 80,556 | | |
More than 10 years
|
| | | | 270,051 | | | | | | 30,540 | | | | | | — | | | | | | 8,658 | | | | | | 49,981 | | | | | | — | | | | | | — | | | | | | 1,612 | | | | | | 360,842 | | |
Total
|
| | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | 517,467 | | |
|
| | |
Due After September 30, 2021
|
| |||||||||||||||
At September 30, 2020
(Dollars in thousands) |
| |
Fixed Rates
|
| |
Floating or
Adjustable Rates |
| |
Total
|
| |||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 212,050 | | | | | $ | 122,174 | | | | | $ | 334,224 | | |
Home equity and HELOCs
|
| | | | 17,125 | | | | | | 24,636 | | | | | | 41,761 | | |
Residential construction
|
| | | | 3,461 | | | | | | 1,899 | | | | | | 5,360 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | 4,261 | | | | | | 8,965 | | | | | | 13,226 | | |
Commercial non-residential
|
| | | | 30,086 | | | | | | 47,680 | | | | | | 77,766 | | |
Commercial construction and land
|
| | | | 3,841 | | | | | | 2,222 | | | | | | 6,063 | | |
Commercial loans
|
| | | | 4,919 | | | | | | 422 | | | | | | 5,341 | | |
Consumer loans
|
| | | | 1,321 | | | | | | 1,617 | | | | | | 2,938 | | |
Total
|
| | | $ | 277,064 | | | | | $ | 209,615 | | | | | $ | 486,679 | | |
|
| | |
Due After June 30, 2021
|
| |||||||||||||||
At June 30, 2020
(Dollars in thousands) |
| |
Fixed Rates
|
| |
Floating or
Adjustable Rates |
| |
Total
|
| |||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 223,615 | | | | | $ | 118,220 | | | | | $ | 341,835 | | |
Home equity and HELOCs
|
| | | | 18,513 | | | | | | 27,404 | | | | | | 45,917 | | |
Residential construction
|
| | | | 5,497 | | | | | | 2,529 | | | | | | 8,026 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | 5,493 | | | | | | 7,654 | | | | | | 13,147 | | |
Commercial non-residential
|
| | | | 23,163 | | | | | | 48,078 | | | | | | 71,241 | | |
Commercial construction and land
|
| | | | 4,231 | | | | | | 1,712 | | | | | | 5,943 | | |
| | |
Due After June 30, 2021
|
| |||||||||||||||
At June 30, 2020
(Dollars in thousands) |
| |
Fixed Rates
|
| |
Floating or
Adjustable Rates |
| |
Total
|
| |||||||||
Commercial loans
|
| | | | 5,072 | | | | | | 432 | | | | | | 5,504 | | |
Consumer loans
|
| | | | 1,606 | | | | | | 1,508 | | | | | | 3,114 | | |
Total
|
| | | $ | 287,190 | | | | | $ | 207,537 | | | | | $ | 494,727 | | |
|
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| ||||||||||||||||||||||||
Checking accounts
|
| | | $ | 140,146 | | | | | | 24.10% | | | | | $ | 142,223 | | | | | | 25.40% | | | | | $ | 67,547 | | | | | | 24.02% | | | | | $ | 28,278 | | | | | | 15.66% | | |
Money market accounts
|
| | | | 140,891 | | | | | | 24.23 | | | | | | 129,048 | | | | | | 23.05 | | | | | | 67,648 | | | | | | 24.06 | | | | | | 50,010 | | | | | | 27.68 | | |
Savings and club accounts
|
| | | | 95,070 | | | | | | 16.35 | | | | | | 94,097 | | | | | | 16.81 | | | | | | 33,172 | | | | | | 11.79 | | | | | | 18,542 | | | | | | 10.26 | | |
Certificates of deposit
|
| | | | 205,386 | | | | | | 35.32 | | | | | | 194,480 | | | | | | 34.74 | | | | | | 112,839 | | | | | | 40.13 | | | | | | 83,827 | | | | | | 46.40 | | |
Total
|
| | | $ | 581,493 | | | | | | 100.00% | | | | | $ | 559,848 | | | | | | 100.00% | | | | | $ | 281,206 | | | | | | 100.00% | | | | | $ | 180,657 | | | | | | 100.00% | | |
September 30, 2020
(Dollars in thousands) |
| |
Certificates
of Deposit |
| |||
Maturity Period: | | | | | | | |
Three months or less
|
| | | $ | 18,236 | | |
Over three through six months
|
| | | | 29,371 | | |
Over six through twelve months
|
| | | | 16,858 | | |
Over twelve months
|
| | | | 30,850 | | |
Total
|
| | | $ | 95,315 | | |
|
June 30, 2020
(Dollars in thousands) |
| |
Certificates
of Deposit |
| |||
Maturity Period: | | | | | | | |
Three months or less
|
| | | $ | 10,243 | | |
Over three through six months
|
| | | | 16,396 | | |
Over six through twelve months
|
| | | | 25,260 | | |
Over twelve months
|
| | | | 32,878 | | |
Total
|
| | | $ | 84,777 | | |
|
| | |
Three Months Ended
September 30, 2020 |
| |
Year Ended June 30,
|
| ||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Beginning balance
|
| | | $ | 559,848 | | | | | $ | 281,206 | | | | | $ | 281,206 | | | | | $ | 180,657 | | | | | $ | 182,199 | | |
Deposits acquired from Audubon Savings Bank
|
| | | | — | | | | | | — | | | | | | — | | | | | | 107,180 | | | | | | — | | |
Deposits acquired from Washington Savings Bank
|
| | | | — | | | | | | — | | | | | | 135,546 | | | | | | — | | | | | | — | | |
Deposits acquired from Fidelity Savings and Loan Association of Bucks County
|
| | | | — | | | | | | — | | | | | | 66,409 | | | | | | — | | | | | | — | | |
Increase (decrease) before interest credited
|
| | | | 20,361 | | | | | | 4,288 | | | | | | 72,924 | | | | | | (8,937) | | | | | | (3,028) | | |
Interest credited
|
| | | | 1,284 | | | | | | 877 | | | | | | 3,763 | | | | | | 2,306 | | | | | | 1,486 | | |
Net increase (decrease) in deposits
|
| | | | 21,645 | | | | | | 5,165 | | | | | | 278,642 | | | | | | 100,549 | | | | | | (1,542) | | |
Ending balance
|
| | | $ | 581,493 | | | | | $ | 286,371 | | | | | $ | 559,848 | | | | | $ | 281,206 | | | | | $ | 180,657 | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||
Less than 0.50%
|
| | | $ | 5,058 | | | | | $ | 6,535 | | | | | $ | — | | | | | $ | — | | |
0.50% to 0.99%
|
| | | | 22,208 | | | | | | 13,598 | | | | | | 9,453 | | | | | | 16,021 | | |
1.00% to 1.49%
|
| | | | 52,193 | | | | | | 33,320 | | | | | | 26,761 | | | | | | 24,587 | | |
1.50% to 1.99%
|
| | | | 49,667 | | | | | | 55,299 | | | | | | 19,673 | | | | | | 19,708 | | |
2.00% to 2.99%
|
| | | | 68,349 | | | | | | 77,850 | | | | | | 54,777 | | | | | | 23,511 | | |
3.00% and greater
|
| | | | 7,911 | | | | | | 7,878 | | | | | | 2,175 | | | | | | — | | |
Ending balance
|
| | | $ | 205,386 | | | | | $ | 194,480 | | | | | $ | 112,839 | | | | | $ | 83,827 | | |
| | |
Period to Maturity
|
| | ||||||||||||||||||||||||||||||||||||||
September 30, 2020
(Dollars in thousands) |
| |
One Year
or Less |
| |
More than
One Year to Two Years |
| |
More than
Two Years to Three Years |
| |
More than
Three Years to Four Years |
| |
More than
Four Years |
| |
Total
|
| |
Percent
of Total Certificate Accounts |
| |||||||||||||||||||||
Less than 0.50%
|
| | | $ | 5,049 | | | | | $ | 9 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,058 | | | | | | 2.47% | | |
0.50% to 0.99%
|
| | | | 15,451 | | | | | | 6,706 | | | | | | 51 | | | | | | — | | | | | | — | | | | | | 22,208 | | | | | | 10.81 | | |
1.00% to 1.49%
|
| | | | 41,482 | | | | | | 4,364 | | | | | | 3,819 | | | | | | 558 | | | | | | 1,970 | | | | | | 52,193 | | | | | | 25.41 | | |
1.50% to 1.99%
|
| | | | 30,978 | | | | | | 7,709 | | | | | | 4,060 | | | | | | 2,224 | | | | | | 4,696 | | | | | | 49,667 | | | | | | 24.18 | | |
2.00% to 2.99%
|
| | | | 34,643 | | | | | | 15,594 | | | | | | 8,094 | | | | | | 4,848 | | | | | | 5,170 | | | | | | 68,349 | | | | | | 33.28 | | |
3.00% and greater
|
| | | | 972 | | | | | | 1,243 | | | | | | 721 | | | | | | 4,540 | | | | | | 435 | | | | | | 7,911 | | | | | | 3.85 | | |
Total
|
| | | $ | 128,575 | | | | | $ | 35,625 | | | | | $ | 16,745 | | | | | $ | 12,170 | | | | | $ | 12,271 | | | | | $ | 205,386 | | | | | | 100.00% | | |
|
| | |
Period to Maturity
|
| | ||||||||||||||||||||||||||||||||||||||
June 30, 2020
(Dollars in thousands) |
| |
One Year
or Less |
| |
More than
One Year to Two Years |
| |
More than
Two Years to Three Years |
| |
More than
Three Years to Four Years |
| |
More than
Four Years |
| |
Total
|
| |
Percent
of Total Certificate Accounts |
| |||||||||||||||||||||
Less than 0.50%
|
| | | $ | 6,418 | | | | | $ | 117 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,535 | | | | | | 3.36% | | |
0.50% to 0.99%
|
| | | | 11,374 | | | | | | 2,168 | | | | | | 56 | | | | | | — | | | | | | — | | | | | | 13,598 | | | | | | 6.99 | | |
1.00% to 1.49%
|
| | | | 24,513 | | | | | | 5,200 | | | | | | 2,524 | | | | | | 423 | | | | | | 660 | | | | | | 33,320 | | | | | | 17.13 | | |
1.50% to 1.99%
|
| | | | 27,882 | | | | | | 14,997 | | | | | | 4,321 | | | | | | 2,881 | | | | | | 5,218 | | | | | | 55,299 | | | | | | 28.43 | | |
2.00% to 2.99%
|
| | | | 42,465 | | | | | | 13,731 | | | | | | 10,118 | | | | | | 5,546 | | | | | | 5,990 | | | | | | 77,850 | | | | | | 40.03 | | |
3.00% and greater
|
| | | | 944 | | | | | | 860 | | | | | | 1,066 | | | | | | 4,576 | | | | | | 432 | | | | | | 7,878 | | | | | | 4.06 | | |
Total
|
| | | $ | 113,596 | | | | | $ | 37,073 | | | | | $ | 18,085 | | | | | $ | 13,426 | | | | | $ | 12,300 | | | | | $ | 194,480 | | | | | | 100.00% | | |
| | |
At September 30,
|
| |
Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| ||||||||||||||||||||||||||||||||||||
Non-interest bearing checking
accounts |
| | | $ | 41,145 | | | | | | 7.19% | | | | | | —% | | | | | $ | 20,311 | | | | | | 5.93% | | | | | | —% | | | | | $ | 11,901 | | | | | | 4.29% | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | | —% | | |
Interest-bearing checking accounts
|
| | | | 101,272 | | | | | | 17.69 | | | | | | 0.20 | | | | | | 63,389 | | | | | | 18.52 | | | | | | 0.13 | | | | | | 56,605 | | | | | | 20.38 | | | | | | 0.09 | | | | | | 27,577 | | | | | | 15.14 | | | | | | 0.06 | | |
Money market deposit
accounts |
| | | | 136,543 | | | | | | 23.85 | | | | | | 0.96 | | | | | | 88,965 | | | | | | 25.99 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 23.18 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 26.35 | | | | | | 0.44 | | |
Savings and club accounts
|
| | | | 94,586 | | | | | | 16.52 | | | | | | 0.18 | | | | | | 42,044 | | | | | | 12.28 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 14.17 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 11.77 | | | | | | 0.15 | | |
Certificates of
deposit |
| | | | 198,933 | | | | | | 34.75 | | | | | | 1.33 | | | | | | 127,553 | | | | | | 37.28 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 37.98 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 46.74 | | | | | | 1.44 | | |
Total
|
| | | $ | 572,479 | | | | | | 100.00% | | | | | | 0.76% | | | | | $ | 342,262 | | | | | | 100.00% | | | | | | 1.05% | | | | | $ | 277,687 | | | | | | 100.00% | | | | | | 0.83% | | | | | $ | 182,159 | | | | | | 100.00% | | | | | | 0.82% | | |
|
| | |
At or For the
Three Months Ended September 30, |
| |
At or For the Year Ended
June 30, |
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||
Maximum amount outstanding at any month-end during period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances
|
| | | $ | 64,854 | | | | | $ | 65,922 | | | | | $ | 51,500 | | | | | $ | 65,500 | | |
Average outstanding balance during period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances
|
| | | $ | 52,608 | | | | | $ | 58,401 | | | | | $ | 48,772 | | | | | $ | 57,503 | | |
Weighted average interest rate during period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances
|
| | | | 2.73% | | | | | | 2.42% | | | | | | 2.65% | | | | | | 2.95% | | |
Balance outstanding at end of period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances
|
| | | $ | 41,000 | | | | | $ | 64,892 | | | | | $ | 50,000 | | | | | $ | 51,500 | | |
Weighted average interest rate at end of period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances
|
| | | | 2.55% | | | | | | 2.53% | | | | | | 2.58% | | | | | | 2.71% | | |
| | |
Three Months Ended September 30,
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
Change Fiscal 2020/2019
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Net interest income
|
| | | $ | 5,217 | | | | | $ | 3,373 | | | | | $ | 1,844 | | | | | | 54.67% | | |
Provision for loan losses
|
| | | | 66 | | | | | | — | | | | | | 66 | | | | | | 100.00 | | |
Non-interest income
|
| | | | 400 | | | | | | 347 | | | | | | 53 | | | | | | 15.27 | | |
Non-interest expenses
|
| | | | 4,735 | | | | | | 2,646 | | | | | | 2,089 | | | | | | 78.95 | | |
Income tax expense
|
| | | | 146 | | | | | | 220 | | | | | | (74) | | | | | | (33.64) | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | (184) | | | | | | (21.55)% | | |
Return on average assets
|
| | | | 0.36% | | | | | | 0.82% | | | | | | | | | | | | | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)(1)
|
| | | | 0.45 | | | | | | 0.82 | | | | | | | | | | | | | | |
Return on average equity
|
| | | | 2.80 | | | | | | 4.52 | | | | | | | | | | | | | | |
Return on average equity (excluding merger charges, gain on bargain purchase and prepayment penalties)(1)
|
| | | | 3.47 | | | | | | 4.52 | | | | | | | | | | | | | | |
| | |
Three Months
Ended September 30, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Service fees
|
| | | $ | 183 | | | | | $ | 139 | | |
Gain on sale of securities
|
| | | | — | | | | | | 93 | | |
Earnings on bank-owned life insurance
|
| | | | 112 | | | | | | 83 | | |
Gain on sale of premises and equipment
|
| | | | 15 | | | | | | — | | |
Other
|
| | | | 90 | | | | | | 32 | | |
Total
|
| | | $ | 400 | | | | | $ | 347 | | |
| | |
Three Months
Ended September 30, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Salaries and employee benefits
|
| | | $ | 2,554 | | | | | $ | 1,571 | | |
Occupancy and equipment
|
| | | | 759 | | | | | | 295 | | |
Data processing
|
| | | | 422 | | | | | | 304 | | |
Professional fees
|
| | | | 188 | | | | | | 102 | | |
Amortization of intangible assets
|
| | | | 64 | | | | | | 59 | | |
Prepayment penalties.
|
| | | | 161 | | | | | | — | | |
Other
|
| | | | 587 | | | | | | 315 | | |
Total
|
| | | $ | 4,735 | | | | | $ | 2,646 | | |
| | |
Year Ended June 30,
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
Change Fiscal 2020/2019
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Net interest income
|
| | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 569 | | | | | | 4.00% | | |
Provision for loan losses
|
| | | | 626 | | | | | | 88 | | | | | | 538 | | | | | | 611.36 | | |
Non-interest income
|
| | | | 2,160 | | | | | | 1,127 | | | | | | 1,033 | | | | | | 91.66 | | |
Non-interest expenses
|
| | | | 15,392 | | | | | | 10,453 | | | | | | 4,939 | | | | | | 47.25 | | |
Income tax (benefit) expense
|
| | | | (387) | | | | | | 1,060 | | | | | | (1,447) | | | | | | (136.51) | | |
Net income
|
| | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | (2,428) | | | | | | (64.64)% | | |
Return on average assets
|
| | | | 0.27% | | | | | | 0.92% | | | | | | | | | | | | | | |
Return on average assets (excluding merger charges and gain on bargain purchase)(1)
|
| | | | 0.79 | | | | | | 1.11 | | | | | | | | | | | | | | |
Return on average equity
|
| | | | 1.64 | | | | | | 5.01 | | | | | | | | | | | | | | |
Return on average equity (excluding merger charges and gain on bargain purchase)(1)
|
| | | | 4.78 | | | | | | 6.08 | | | | | | | | | | | | | | |
| | |
Year Ended June 30,
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Service fees
|
| | | $ | 569 | | | | | $ | 483 | | |
Realized losses on sale of real estate owned, net
|
| | | | — | | | | | | (30) | | |
Gain on sale of loans
|
| | | | — | | | | | | 12 | | |
Gain on sale of securities
|
| | | | 238 | | | | | | 140 | | |
Earnings on bank-owned life insurance
|
| | | | 347 | | | | | | 327 | | |
Gain on bargain purchase
|
| | | | 746 | | | | | | — | | |
Other
|
| | | | 260 | | | | | | 195 | | |
Total
|
| | | $ | 2,160 | | | | | $ | 1,127 | | |
| | |
Year Ended June 30,
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Salaries and employee benefits
|
| | | $ | 6,855 | | | | | $ | 6,438 | | |
Occupancy and equipment
|
| | | | 1,784 | | | | | | 1,096 | | |
Data processing
|
| | | | 1,155 | | | | | | 692 | | |
Professional fees
|
| | | | 451 | | | | | | 277 | | |
Merger-related expenses
|
| | | | 3,294 | | | | | | 796 | | |
Amortization of intangible assets
|
| | | | 242 | | | | | | 260 | | |
Other
|
| | | | 1,611 | | | | | | 894 | | |
Total
|
| | | $ | 15,392 | | | | | $ | 10,453 | | |
| | |
Three Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| ||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans(1)
|
| | | $ | 504,463 | | | | | $ | 5,893 | | | | | | 4.67% | | | | | $ | 329,964 | | | | | $ | 4,151 | | | | | | 5.03% | | |
Investment securities(2)
|
| | | | 109,663 | | | | | | 653 | | | | | | 2.53 | | | | | | 30,828 | | | | | | 273 | | | | | | 3.54 | | |
Other interest-earning assets
|
| | | | 63,051 | | | | | | 111 | | | | | | 0.70 | | | | | | 22,821 | | | | | | 152 | | | | | | 2.66 | | |
Total interest-earning assets
|
| | | | 677,177 | | | | | | 6,657 | | | | | | 3.96 | | | | | | 383,613 | | | | | | 4,576 | | | | | | 4.77 | | |
Non-interest-earning assets
|
| | | | 58,669 | | | | | | | | | | | | | | | | | | 34,156 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 735,846 | | | | | | | | | | | | | | | | | $ | 417,769 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing accounts
|
| | | $ | 101,272 | | | | | | 51 | | | | | | 0.20% | | | | | $ | 55,394 | | | | | | 16 | | | | | | 0.12% | | |
Money market deposit accounts
|
| | | | 136,543 | | | | | | 326 | | | | | | 0.96 | | | | | | 70,500 | | | | | | 287 | | | | | | 1.63 | | |
Savings and club accounts
|
| | | | 94,586 | | | | | | 43 | | | | | | 0.18 | | | | | | 32,105 | | | | | | 12 | | | | | | 0.15 | | |
Certificates of deposit
|
| | | | 198,933 | | | | | | 661 | | | | | | 1.33 | | | | | | 113,628 | | | | | | 558 | | | | | | 1.96 | | |
Total interest-bearing deposits
|
| | | | 531,334 | | | | | | 1,081 | | | | | | 0.81 | | | | | | 271,627 | | | | | | 873 | | | | | | 1.29 | | |
FHLB advances
|
| | | | 52,608 | | | | | | 359 | | | | | | 2.73 | | | | | | 50,000 | | | | | | 330 | | | | | | 2.64 | | |
Total interest-bearing liabilities
|
| | | | 583,942 | | | | | | 1,440 | | | | | | 0.99 | | | | | | 321,627 | | | | | | 1,203 | | | | | | 1.50 | | |
Non-interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest-bearing deposits
|
| | | | 41,145 | | | | | | | | | | | | | | | | | | 13,049 | | | | | | | | | | | | | | |
Other non-interest-bearing liabilities
|
| | | | 14,938 | | | | | | | | | | | | | | | | | | 7,471 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 640,025 | | | | | | | | | | | | | | | | | | 342,147 | | | | | | | | | | | | | | |
Total equity
|
| | | | 95,821 | | | | | | | | | | | | | | | | | | 75,622 | | | | | | | | | | | | | | |
Total liabilities and equity
|
| | | $ | 735,846 | | | | | | | | | | | | | | | | | $ | 417,769 | | | | | | | | | | | | | | |
Net interest income
|
| | | | | | | | | $ | 5,217 | | | | | | | | | | | | | | | | | $ | 3,373 | | | | | | | | |
Interest rate spread(3)
|
| | | | | | | | | | 2.96% | | | | | | | | | | | | | | | | | | 3.27% | | | | | | | | |
Net interest-earning assets(4)
|
| | | $ | 93,235 | | | | | | | | | | | | | | | | | $ | 61,986 | | | | | | | | | | | | | | |
Net interest margin(5)
|
| | | | | | | | | | 3.11% | | | | | | | | | | | | | | | | | | 3.52% | | | | | | | | |
Ratio of interest-earning assets to interest-bearing liabilities
|
| | | | 115.97% | | | | | | | | | | | | | | | | | | 119.27% | | | | | | | | | | | | | | |
| | |
Year Ended June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Loans(1)
|
| | | $ | 366,372 | | | | | $ | 17,914 | | | | | | 4.89% | | | | | $ | 330,102 | | | | | $ | 16,595 | | | | | | 5.03% | | | | | $ | 237,950 | | | | | $ | 10,992 | | | | | | 4.62% | | |
Investment securities(2)
|
| | | | 56,755 | | | | | | 1,557 | | | | | | 2.74 | | | | | | 17,181 | | | | | | 415 | | | | | | 2.42 | | | | | | 8,569 | | | | | | 317 | | | | | | 3.70 | | |
Other interest-earning assets
|
| | | | 25,373 | | | | | | 346 | | | | | | 1.36 | | | | | | 30,899 | | | | | | 811 | | | | | | 2.62 | | | | | | 45,585 | | | | | | 866 | | | | | | 1.90 | | |
Total interest-earning
assets |
| | | | 448,500 | | | | | | 19,817 | | | | | | 4.42 | | | | | | 378,182 | | | | | | 17,821 | | | | | | 4.71 | | | | | | 292,104 | | | | | | 12,175 | | | | | | 4.17 | | |
Non-interest-earning assets
|
| | | | 42,481 | | | | | | | | | | | | | | | | | | 30,960 | | | | | | | | | | | | | | | | | | 15,028 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 490,981 | | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts
|
| | | $ | 63,389 | | | | | | 82 | | | | | | 0.13% | | | | | $ | 56,605 | | | | | | 53 | | | | | | 0.09% | | | | | $ | 27,577 | | | | | | 16 | | | | | | 0.06% | | |
Money market deposit accounts
|
| | | | 88,965 | | | | | | 1,136 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 524 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 209 | | | | | | 0.44 | | |
| | |
Year Ended June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |||||||||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Savings and club accounts
|
| | | | 42,044 | | | | | | 67 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 48 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 33 | | | | | | 0.15 | | |
Certificates of deposit
|
| | | | 127,553 | | | | | | 2,319 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 1,672 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 1,228 | | | | | | 1.44 | | |
Total interest-bearing deposits
|
| | | | 321,951 | | | | | | 3,604 | | | | | | 1.12 | | | | | | 265,786 | | | | | | 2,297 | | | | | | 0.86 | | | | | | 182,159 | | | | | | 1,486 | | | | | | 0.82 | | |
FHLB advances
|
| | | | 58,401 | | | | | | 1,414 | | | | | | 2.42 | | | | | | 48,772 | | | | | | 1,294 | | | | | | 2.65 | | | | | | 57,503 | | | | | | 1,696 | | | | | | 2.95 | | |
Total interest-bearing liabilities
|
| | | | 380,352 | | | | | | 5,018 | | | | | | 1.32 | | | | | | 314,558 | | | | | | 3,591 | | | | | | 1.14 | | | | | | 239,662 | | | | | | 3,182 | | | | | | 1.33 | | |
Non-interest-bearing liabilities: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing
deposits |
| | | | 20,311 | | | | | | | | | | | | | | | | | | 11,901 | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | |
Other non-interest-bearing liabilities
|
| | | | 9,196 | | | | | | | | | | | | | | | | | | 7,771 | | | | | | | | | | | | | | | | | | 6,201 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 409,859 | | | | | | | | | | | | | | | | | | 334,230 | | | | | | | | | | | | | | | | | | 245,863 | | | | | | | | | | | | | | |
Total equity
|
| | | | 81,122 | | | | | | | | | | | | | | | | | | 74,912 | | | | | | | | | | | | | | | | | | 61,269 | | | | | | | | | | | | | | |
Total liabilities and
equity |
| | | $ | 490,981 | | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | |
Net interest income
|
| | | | | | | | | $ | 14,799 | | | | | | | | | | | | | | | | | $ | 14,230 | | | | | | | | | | | | | | | | | $ | 8,993 | | | | | | | | |
Interest rate spread(3)
|
| | | | | | | | | | 3.10% | | | | | | | | | | | | | | | | | | 3.57% | | | | | | | | | | | | | | | | | | 2.84% | | | | | | | | |
Net interest-earning assets(4)
|
| | | $ | 68,148 | | | | | | | | | | | | | | | | | $ | 63,624 | | | | | | | | | | | | | | | | | $ | 52,442 | | | | | | | | | | | | | | |
Net interest margin(5)
|
| | | | | | | | | | 3.30% | | | | | | | | | | | | | | | | | | 3.76% | | | | | | | | | | | | | | | | | | 3.08% | | | | | | | | |
Ratio of interest-earning assets to interest-bearing liabilities
|
| | | | 117.92% | | | | | | | | | | | | | | | | | | 120.23% | | | | | | | | | | | | | | | | | | 121.88% | | | | | | | | | | | | | | |
| | |
Three Months Ended 09/30/2020
Compared to Three Months Ended 09/30/2019 |
| |
Year Ended 06/30/2020
Compared to Year Ended 06/30/2019 |
| |
Year Ended 06/30/2019
Compared to Year Ended 06/30/2018 |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Increase (Decrease)
Due to |
| |
Increase (Decrease)
Due to |
| |
Increase (Decrease)
Due to |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| |||||||||||||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Loans
|
| | | $ | 2,057 | | | | | $ | (315) | | | | | $ | 1,742 | | | | | $ | 1,783 | | | | | $ | (464) | | | | | $ | 1,319 | | | | | $ | 4,744 | | | | | $ | 859 | | | | | $ | 5,603 | | |
Investment securities
|
| | | | 496 | | | | | | (116) | | | | | | 380 | | | | | | 1,094 | | | | | | 48 | | | | | | 1,142 | | | | | | 236 | | | | | | (138) | | | | | | 98 | | |
Other interest-earning assets
|
| | | | 129 | | | | | | (170) | | | | | | (41) | | | | | | (186) | | | | | | (279) | | | | | | (465) | | | | | | (328) | | | | | | 273 | | | | | | (55) | | |
Total interest-earning assets
|
| | | | 2,682 | | | | | | (601) | | | | | | 2,081 | | | | | | 2,691 | | | | | | (695) | | | | | | 1,996 | | | | | | 4,652 | | | | | | 994 | | | | | | 5,646 | | |
Interest expense: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts
|
| | | | 118 | | | | | | (83) | | | | | | 35 | | | | | | 5 | | | | | | 24 | | | | | | 29 | | | | | | 41 | | | | | | (4) | | | | | | 37 | | |
Money market deposit accounts
|
| | | | 192 | | | | | | (153) | | | | | | 39 | | | | | | (32) | | | | | | 644 | | | | | | 612 | | | | | | 31 | | | | | | 284 | | | | | | 315 | | |
Savings and club accounts
|
| | | | 29 | | | | | | 2 | | | | | | 31 | | | | | | 3 | | | | | | 15 | | | | | | 18 | | | | | | 23 | | | | | | (8) | | | | | | 15 | | |
Certificates of deposit
|
| | | | 324 | | | | | | (221) | | | | | | 103 | | | | | | 524 | | | | | | 124 | | | | | | 648 | | | | | | 343 | | | | | | 101 | | | | | | 444 | | |
Total interest-bearing deposits
|
| | | | 663 | | | | | | (455) | | | | | | 208 | | | | | | 500 | | | | | | 807 | | | | | | 1,307 | | | | | | 438 | | | | | | 373 | | | | | | 811 | | |
FHLB advances
|
| | | | 19 | | | | | | 10 | | | | | | 29 | | | | | | 240 | | | | | | (120) | | | | | | 120 | | | | | | (183) | | | | | | (219) | | | | | | (402) | | |
Total interest-bearing liabilities
|
| | | | 682 | | | | | | (445) | | | | | | 237 | | | | | | 740 | | | | | | 687 | | | | | | 1,427 | | | | | | 255 | | | | | | 154 | | | | | | 409 | | |
Net change in net interest income
|
| | | $ | 2,000 | | | | | $ | (156) | | | | | $ | 1,844 | | | | | $ | 1,951 | | | | | $ | (1,382) | | | | | $ | 569 | | | | | $ | 4,397 | | | | | $ | 840 | | | | | $ | 5,237 | | |
|
| | |
At
September 30, |
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Non-accrual loans: | | | | | | | | ||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 3,284 | | | | | $ | 2,353 | | | | | $ | 1,270 | | | | | $ | 1,100 | | | | | $ | 2,559 | | | | | $ | 969 | | |
Home equity and HELOCs
|
| | | | 473 | | | | | | 384 | | | | | | 385 | | | | | | 41 | | | | | | 103 | | | | | | 10 | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | 3,757 | | | | | | 2,737 | | | | | | 1,655 | | | | | | 1,141 | | | | | | 2,662 | | | | | | 979 | | |
Commercial real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||
Multi-family
|
| | | | 184 | | | | | | 185 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | 689 | | | | | | 135 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total commercial real estate loans
|
| | | | 873 | | | | | | 320 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
At
September 30, |
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Commercial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 145 | | | | | | 115 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total non-accrual loans
|
| | | | 4,775 | | | | | | 3,172 | | | | | | 1,844 | | | | | | 1,141 | | | | | | 2,662 | | | | | | 979 | | |
Accruing loans past due 90 days or more: | | | | | | | | ||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||
One- to four-family
|
| | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | |
Home equity and HELOCs
|
| | | | — | | | | | | 90 | | | | | | 140 | | | | | | — | | | | | | — | | | | | | — | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | — | | | | | | 90 | | | | | | 147 | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | 3,001 | | | | | | 3,001 | | |
Total commercial real estate loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | 3,001 | | | | | | 3,001 | | |
Commercial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total accruing loans past due 90 days or more
|
| | | | — | | | | | | 90 | | | | | | 147 | | | | | | 3,001 | | | | | | 3,001 | | | | | | 3,001 | | |
Total non-performing loans
|
| | | | 4,775 | | | | | | 3,262 | | | | | | 1,991 | | | | | | 4,142 | | | | | | 5,663 | | | | | | 3,980 | | |
Real estate owned
|
| | | | 100 | | | | | | 100 | | | | | | — | | | | | | 135 | | | | | | 69 | | | | | | 755 | | |
Total non-performing assets
|
| | | $ | 4,875 | | | | | $ | 3,362 | | | | | $ | 1,991 | | | | | $ | 4,277 | | | | | $ | 5,732 | | | | | $ | 4,735 | | |
Total non-performing loans to total loans
|
| | | | 0.95% | | | | | | 0.64% | | | | | | 0.60% | | | | | | 1.75% | | | | | | 2.38% | | | | | | 1.69% | | |
Total non-performing assets to total assets
|
| | | | 0.67% | | | | | | 0.46 | | | | | | 0.48 | | | | | | 1.42 | | | | | | 1.81 | | | | | | 1.51 | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Days Past Due
|
| |
Days Past Due
|
| |
Days Past Due
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
One- to four-family
|
| | | $ | 2,011 | | | | | $ | 203 | | | | | $ | 1,541 | | | | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | — | | | | | $ | 807 | | | | | $ | 1,038 | | |
Home equity and HELOCs
|
| | | | 492 | | | | | | — | | | | | | 181 | | | | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 246 | | | | | | 59 | | | | | | 315 | | |
Residential construction
|
| | | | — | | | | | | 515 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | 184 | | | | | | — | | | | | | 465 | | | | | | 185 | | | | | | — | | | | | | 394 | | | | | | 189 | | |
Commercial non-residential
|
| | | | 505 | | | | | | 54 | | | | | | — | | | | | | 100 | | | | | | 507 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial loans.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 123 | | | | | | 20 | | | | | | 30 | | | | | | 3 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 3,131 | | | | | $ | 792 | | | | | $ | 1,936 | | | | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 246 | | | | | $ | 1,260 | | | | | $ | 1,542 | | |
|
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Days Past Due
|
| |
Days Past Due
|
| |
Days Past Due
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | $ | 647 | | | | | $ | 21 | | | | | $ | 1,100 | | | | | $ | 945 | | | | | $ | 368 | | | | | $ | 2,559 | | | | | $ | 2,073 | | | | | $ | 912 | | | | | $ | 969 | | |
Home equity and second Mortgages
|
| | | | 87 | | | | | | 89 | | | | | | 41 | | | | | | 89 | | | | | | — | | | | | | 103 | | | | | | 79 | | | | | | 89 | | | | | | 10 | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | 3,001 | | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | — | | | | | | — | | | | | | 3,001 | | |
Commercial loans..
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 734 | | | | | $ | 110 | | | | | $ | 4,142 | | | | | $ | 1,034 | | | | | $ | 368 | | | | | $ | 5,663 | | | | | $ | 2,152 | | | | | $ | 1,001 | | | | | $ | 3,980 | | |
|
| | |
At
September 30, |
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Classified loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Substandard
|
| | | $ | 4,275 | | | | | $ | 3,354 | | | | | $ | 2,653 | | | | | $ | 7,467 | | | | | $ | 9,578 | | | | | $ | 8,008 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total classified loans
|
| | | | 4,275 | | | | | | 3,354 | | | | | | 2,653 | | | | | | 7,467 | | | | | | 9,578 | | | | | | 8,008 | | |
Special mention
|
| | | | 1,791 | | | | | | 1,310 | | | | | | 1,138 | | | | | | 413 | | | | | | 438 | | | | | | 459 | | |
Total criticized loans(1)
|
| | | $ | 6,066 | | | | | $ | 4,664 | | | | | $ | 3,791 | | | | | $ | 7,880 | | | | | $ | 10,016 | | | | | $ | 8,467 | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | $ | 1,590 | | | | | | 44.35% | | | | | | 0.47% | | | | | $ | 1,483 | | | | | | 42.14% | | | | | | 0.43% | | | | | $ | 1,501 | | | | | | 46.78% | | | | | | 0.68% | | |
Home equity and HELOCs
|
| | | | 150 | | | | | | 4.18 | | | | | | 0.33 | | | | | | 166 | | | | | | 4.72 | | | | | | 0.35 | | | | | | 122 | | | | | | 3.80 | | | | | | 0.38 | | |
Residential construction
|
| | | | 461 | | | | | | 12.86 | | | | | | 3.37 | | | | | | 526 | | | | | | 14.95 | | | | | | 3.33 | | | | | | 321 | | | | | | 10.00 | | | | | | 3.30 | | |
Commercial real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | 121 | | | | | | 3.38 | | | | | | 0.84 | | | | | | 123 | | | | | | 3.50 | | | | | | 0.82 | | | | | | 71 | | | | | | 2.21 | | | | | | 0.64 | | |
Commercial non-residential
|
| | | | 780 | | | | | | 21.76 | | | | | | 0.98 | | | | | | 727 | | | | | | 20.66 | | | | | | 0.95 | | | | | | 708 | | | | | | 22.07 | | | | | | 1.32 | | |
Commercial construction and land
|
| | | | 436 | | | | | | 12.16 | | | | | | 5.93 | | | | | | 396 | | | | | | 11.25 | | | | | | 5.92 | | | | | | 121 | | | | | | 3.77 | | | | | | 2.73 | | |
Commercial loans
|
| | | | 32 | | | | | | 0.89 | | | | | | 0.54 | | | | | | 83 | | | | | | 2.36 | | | | | | 1.29 | | | | | | 95 | | | | | | 2.96 | | | | | | 4.53 | | |
Consumer loans
|
| | | | 15 | | | | | | 0.42 | | | | | | — | | | | | | 15 | | | | | | 0.42 | | | | | | 0.38 | | | | | | 3 | | | | | | .09 | | | | | | 0.40 | | |
Total general and allocated
allowance |
| | | $ | 3,585 | | | | | | 100.00 | | | | | | 0.71 | | | | | | 3,519 | | | | | | 100.00 | | | | | | 0.68 | | | | | | 2,942 | | | | | | 91.68 | | | | | | 0.88 | | |
Unallocated
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 267 | | | | | | 8.32 | | | | | | — | | |
Total allowance for loan losses
|
| | | $ | 3,585 | | | | | | 100.00% | | | | | | 0.71% | | | | | $ | 3,519 | | | | | | 100.00% | | | | | | 0.68% | | | | | $ | 3,209 | | | | | | 100.00% | | | | | | 0.96% | | |
|
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | $ | 1,478 | | | | | | 47.10% | | | | | | 0.87% | | | | | $ | 1,857 | | | | | | 56.22% | | | | | | 1.12% | | | | | $ | 1,658 | | | | | | 51.06% | | | | | | 1.02% | | |
Home equity and HELOCs
|
| | | | 58 | | | | | | 1.84 | | | | | | 0.27 | | | | | | 66 | | | | | | 2.00 | | | | | | 0.29 | | | | | | 88 | | | | | | 2.71 | | | | | | 0.35 | | |
Residential construction
|
| | | | 191 | | | | | | 6.09 | | | | | | 1.61 | | | | | | 93 | | | | | | 2.82 | | | | | | 1.05 | | | | | | 133 | | | | | | 4.09 | | | | | | 1.10 | | |
Commercial real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | 116 | | | | | | 3.70 | | | | | | 0.96 | | | | | | 8 | | | | | | 0.24 | | | | | | 0.07 | | | | | | 111 | | | | | | 3.42 | | | | | | 0.89 | | |
Commercial non-residential
|
| | | | 388 | | | | | | 12.36 | | | | | | 1.63 | | | | | | 439 | | | | | | 13.29 | | | | | | 1.77 | | | | | | 577 | | | | | | 17.76 | | | | | | 2.16 | | |
Commercial construction and land(1)
|
| | | | 903 | | | | | | 28.78 | | | | | | 28.84 | | | | | | 837 | | | | | | 25.34 | | | | | | 9.18 | | | | | | 679 | | | | | | 20.90 | | | | | | 12.77 | | |
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |||||||||||||||||||||||||||
Commercial loans
|
| | | | 4 | | | | | | 0.13 | | | | | | 2.04 | | | | | | 3 | | | | | | 0.09 | | | | | | 2.33 | | | | | | 2 | | | | | | 0.06 | | | | | | 3.92 | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total general and allocated
allowance |
| | | | 3,138 | | | | | | 100.00 | | | | | | 1.29 | | | | | | 3,303 | | | | | | 100.00 | | | | | | 1.35 | | | | | | 3,248 | | | | | | 100.00 | | | | | | 1.33 | | |
Unallocated
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total allowance for loan losses
|
| | | $ | 3,138 | | | | | | 100.00% | | | | | | 1.29% | | | | | $ | 3,303 | | | | | | 100.00% | | | | | | 1.35% | | | | | $ | 3,248 | | | | | | 100.00% | | | | | | 1.33% | | |
|
| | |
Three Months
Ended September 30, |
| |
At or For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Allowance at beginning of period
|
| | | $ | 3,519 | | | | | $ | 3,209 | | | | | $ | 3,209 | | | | | $ | 3,138 | | | | | $ | 3,303 | | | | | $ | 3,248 | | | | | $ | 3,606 | | |
Provision (recovery) for loan losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | | | | | (120) | | | | | | 15 | | | | | | 5 | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
One- to four-family
|
| | | | — | | | | | | — | | | | | | (260) | | | | | | (21) | | | | | | (82) | | | | | | (56) | | | | | | (384) | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | (6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | — | | | | | | — | | | | | | (266) | | | | | | (21) | | | | | | (82) | | | | | | (56) | | | | | | (384) | | |
Commercial real estate loans: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total commercial real estate loans.
|
| | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial loans
|
| | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | (12) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total charge-offs
|
| | | | — | | | | | | — | | | | | | (316) | | | | | | (21) | | | | | | (82) | | | | | | (56) | | | | | | (384) | | |
Recoveries: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | |||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 31 | | | | | | 36 | | | | | | 14 | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 31 | | | | | | 36 | | | | | | 14 | | |
Commercial real estate loans: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | | | | | 7 | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60 | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total commercial real estate loans.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | 60 | | | | | | 7 | | |
Commercial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 37 | | | | | | 96 | | | | | | 21 | | |
Net (charge-offs) recoveries
|
| | | | — | | | | | | — | | | | | | (316) | | | | | | (17) | | | | | | (45) | | | | | | 40 | | | | | | (363) | | |
| | |
Three Months
Ended September 30, |
| |
At or For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Allowance at end of period
|
| | | $ | 3,585 | | | | | $ | 3,209 | | | | | $ | 3,519 | | | | | $ | 3,209 | | | | | $ | 3,138 | | | | | $ | 3,303 | | | | | $ | 3,248 | | |
Total loans(1)
|
| | | $ | 501,215 | | | | | $ | 329,224 | | | | | $ | 512,124 | | | | | $ | 329,226 | | | | | $ | 236,527 | | | | | $ | 238,168 | | | | | $ | 235,159 | | |
Average loans outstanding
|
| | | | 504,463 | | | | | | 329,964 | | | | | | 366,961 | | | | | | 330,102 | | | | | | 237,950 | | | | | | 237,060 | | | | | | 243,116 | | |
Ratio of allowance to non- performing loans
|
| | | | 75.08% | | | | | | 156.08% | | | | | | 107.88% | | | | | | 161.18% | | | | | | 75.76% | | | | | | 58.33% | | | | | | 81.61% | | |
Ratio of allowance to total loans
|
| | | | 0.71% | | | | | | 0.97% | | | | | | 0.68% | | | | | | 0.96% | | | | | | 1.29% | | | | | | 1.35% | | | | | | 1.33% | | |
Ratio of net charge-offs (recoveries) to average loans
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.09% | | | | | | 0.01% | | | | | | 0.02% | | | | | | (0.02)% | | | | | | 0.15% | | |
| | |
Twelve Month
Net Interest Income |
| |
Net Portfolio Value
|
| | | | ||||||||||||
Change in Interest Rates (Basis Points)
|
| |
Percent
of Change |
| |
Estimated NPV
|
| |
Percent
of Change |
| | |||||||||||
+200
|
| | | | (6.63)% | | | | | $ | 124,778 | | | | | | (6.35)% | | | | ||
+100
|
| | | | (3.21) | | | | | | 128,512 | | | | | | (3.55) | | | | ||
0
|
| | | | — | | | | | | 133,239 | | | | | | — | | | | ||
-50
|
| | | | 1.29 | | | | | | 123,513 | | | | | | (7.30) | | | |
| | | | | | | | |
Payments due
by period |
| |||||||||||||||||||||
September 30, 2020
(Dollars in thousands) |
| |
Total
|
| |
Less than
One Year |
| |
One to
Three Years |
| |
Three to
Five Years |
| |
More Than
Five Years |
| |||||||||||||||
Borrowed funds
|
| | | $ | 41,000 | | | | | $ | — | | | | | $ | 20,000 | | | | | $ | 21,000 | | | | | $ | — | | |
Commitments to fund loans
|
| | | | 18,192 | | | | | | 18,192 | | | | | | — | | | | | | — | | | | | | — | | |
Unused lines of credit
|
| | | | 62,717 | | | | | | 26,772 | | | | | | 2,119 | | | | | | 1,198 | | | | | | 32,628 | | |
Standby letters of credit
|
| | | | 1,000 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | |
Operating lease obligations
|
| | | | 1,820 | | | | | | 248 | | | | | | 514 | | | | | | 471 | | | | | | 587 | | |
Total
|
| | | $ | 124,729 | | | | | $ | 46,212 | | | | | $ | 22,633 | | | | | $ | 22,669 | | | | | $ | 33,215 | | |
|
| | | | | | | | |
Payments due
by period |
| |||||||||||||||||||||
June 30, 2020
(Dollars in thousands) |
| |
Total
|
| |
Less than
One Year |
| |
One to
Three Years |
| |
Three to
Five Years |
| |
More Than
Five Years |
| |||||||||||||||
Borrowed funds
|
| | | $ | 64,892 | | | | | $ | 15,086 | | | | | $ | 23,165 | | | | | $ | 25,050 | | | | | $ | 1,591 | | |
Commitments to fund loans
|
| | | | 18,602 | | | | | | 18,602 | | | | | | — | | | | | | — | | | | | | — | | |
Unused lines of credit
|
| | | | 52,432 | | | | | | 8,662 | | | | | | 7,293 | | | | | | 1,909 | | | | | | 34,568 | | |
Operating lease obligations
|
| | | | 1,881 | | | | | | 247 | | | | | | 510 | | | | | | 511 | | | | | | 613 | | |
Total
|
| | | $ | 137,807 | | | | | $ | 42,597 | | | | | $ | 30,968 | | | | | $ | 27,470 | | | | | $ | 36,772 | | |
|
Name
|
| |
Position
|
|
Kenneth J. Stephon | | | President and Chief Executive Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Jill M. Ross | | | Executive Vice President and Chief Retail and Commercial Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Gregory S. Garcia | | | Executive Vice President and Chief Operating Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Jonathan T. Logan | | | Senior Vice President and Chief Financial Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Director
|
| |
Audit
Committee |
| |
Compensation
Committee |
| |
Nominating and Corporate
Governance Committee |
| |
Risk
Committee |
|
Craig Burton
|
| |
X
|
| | | | |
X
|
| | | |
D. Michael Carmody, Jr.
|
| |
X
|
| | | | |
X
|
| | | |
Charles Corcoran
|
| | | | | | | | | | |
X
|
|
Glenn Davis
|
| | | | |
X
|
| |
X
|
| | | |
William J. Feeney
|
| | | | |
X
|
| |
X
|
| | | |
Christopher M. Molden
|
| | | | |
X
|
| |
X
|
| | | |
William C. Niemczura
|
| | | | | | | |
X
|
| |
X
|
|
William B.K. Parry, Jr.
|
| | | | | | | | | | |
X
|
|
Terry L. Sager
|
| | | | | | | | | | |
X
|
|
Vincent P. Sarubbi
|
| |
X
|
| | | | | | | | | |
Kenneth J. Stephon
|
| | | | | | | | | | | | |
Number of Meetings in Fiscal 2020
|
| |
4
|
| |
1
|
| |
1
|
| |
N/A
|
|
Name
|
| |
Fees Earned or Paid in Cash
|
| |
Total
|
| ||||||
Craig Burton
|
| | | $ | 43,620 | | | | | $ | 43,620 | | |
D. Michael Carmody, Jr.
|
| | | | 43,620 | | | | | | 43,620 | | |
Charles Corcoran
|
| | | | 43,620 | | | | | | 43,620 | | |
Glenn Davis
|
| | | | 43,620 | | | | | | 43,620 | | |
William J. Feeney
|
| | | | 48,120 | | | | | | 48,120 | | |
Christopher M. Molden(1)
|
| | | | 5,470 | | | | | | 5,470 | | |
William C. Niemczura(1)
|
| | | | 5,470 | | | | | | 5,470 | | |
William B.K. Parry, Jr.
|
| | | | 43,620 | | | | | | 43,620 | | |
Terry L. Sager
|
| | | | 41,220 | | | | | | 41,220 | | |
Vincent P. Sarubbi
|
| | | | 43,620 | | | | | | 43,620 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus(1)
|
| |
Non-Equity
Incentive Plan Compensation(2) |
| |
All Other
Compensation(3) |
| |
Total
($) |
| ||||||||||||||||||
Kenneth J. Stephon
President and Chief Executive Officer |
| | | | 2020 | | | | | $ | 368,319 | | | | | $ | 1,250 | | | | | $ | 123,187 | | | | | $ | 55,343 | | | | | $ | 548,099 | | |
Jill M. Ross
Executive Vice President and Chief Retail and Commercial Officer |
| | | | 2020 | | | | | | 182,560 | | | | | | 36,250 | | | | | | 65,312 | | | | | | 34,229 | | | | | | 318,351 | | |
Gregory S. Garcia
Executive Vice President and Chief Operating Officer |
| | | | 2020 | | | | | | 189,735 | | | | | | 1,250 | | | | | | 53,437 | | | | | | 32,556 | | | | | | 276,978 | | |
| | |
Mr. Stephon
|
| |
Ms. Ross
|
| |
Mr. Garcia
|
| |||||||||
Health insurance premiums
|
| | | $ | 19,909 | | | | | $ | 19,909 | | | | | $ | 19,909 | | |
Employer contributions to 401(k) Plan
|
| | | | 17,329 | | | | | | 14,320 | | | | | | 12,647 | | |
Employee stock ownership plan
|
| | | | 18,105 | | | | | | — | | | | | | — | | |
| | |
Date of
Corporate Approval |
| |
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards(1) |
| | ||||||||||||||
Name
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| ||||||||||||
Kenneth J. Stephon
|
| |
June 19, 2019
|
| | | $ | 54,750 | | | | | $ | 109,500 | | | | | $ | 164,250 | | |
Jill M. Ross
|
| |
June 19, 2019
|
| | | | 23,750 | | | | | | 47,500 | | | | | | 71,250 | | |
Gregory S. Garcia
|
| |
June 19, 2019
|
| | | | 23,750 | | | | | | 47,500 | | | | | | 71,250 | | |
Name and Address
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of Common
Stock Outstanding(1) |
| ||||||
William Penn, MHC
|
| | | | 3,711,114 | | | | | | 82.7% | | |
10 Canal Street, Suite 104
Bristol, Pennsylvania 19007 |
| | | ||||||||||
Tyndall Capital Partners LP
|
| | | | 342,817 | | | | | | 7.6% | | |
Jeffrey Halis
150 East 58th Street, 14th Floor New York, New York 10155 |
| | |
Name
|
| |
Number of Shares
Beneficially Owned |
| |||
Directors: | | | | | | | |
Craig Burton
|
| | | | 4,800 | | |
D. Michael Carmody, Jr.
|
| | | | 100 | | |
Charles Corcoran
|
| | | | 15,043 | | |
Glenn Davis
|
| | | | 5,000 | | |
William J. Feeney
|
| | | | 14,000 | | |
Christopher M. Molden
|
| | | | 200 | | |
William C. Niemczura
|
| | | | 350 | | |
William B.K. Parry, Jr.
|
| | | | 13,500 | | |
Terry L. Sager
|
| | | | 13,057 | | |
Vincent P. Sarubbi
|
| | | | 100 | | |
Kenneth J. Stephon
|
| | | | 964 | | |
Executive Officers Who Are Not Directors: | | | | | | | |
Jill M. Ross
|
| | | | — | | |
Gregory S. Garcia
|
| | | | — | | |
Jonathan T. Logan
|
| | | | — | | |
All Directors and Executive Officers as a Group (14 persons)
|
| | | | 67,114 | | |
| | |
Number of
Shares Received in Exchange for Shares of William Penn Bancorp(1) |
| |
Proposed Purchases of
Stock in the Offering |
| |
Total Common Stock
to be Held |
| |||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
of Shares |
| |
Dollar
Amount |
| |
Number
of Shares(1) |
| |
Percentage of
Total Outstanding(2) |
| ||||||||||||||||||
Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Craig Burton
|
| | | | 13,519 | | | | | | 5,000 | | | | | $ | 50,000 | | | | | | 18,519 | | | | | | * | | |
D. Michael Carmody, Jr.
|
| | | | 281 | | | | | | 12,500 | | | | | | 125,000 | | | | | | 12,781 | | | | | | * | | |
Charles Corcoran
|
| | | | 42,370 | | | | | | — | | | | | | — | | | | | | 42,370 | | | | | | * | | |
Glenn Davis
|
| | | | 14,083 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 24,083 | | | | | | * | | |
William J. Feeney
|
| | | | 39,432 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 49,432 | | | | | | * | | |
Christopher M. Molden
|
| | | | 563 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 10,563 | | | | | | * | | |
William C. Niemczura
|
| | | | 985 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 10,985 | | | | | | * | | |
William B.K. Parry, Jr.
|
| | | | 38,024 | | | | | | 2,500 | | | | | | 25,000 | | | | | | 40,524 | | | | | | * | | |
Terry L. Sager
|
| | | | 36,776 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 46,776 | | | | | | * | | |
Vincent P. Sarubbi
|
| | | | 281 | | | | | | 15,000 | | | | | | 150,000 | | | | | | 15,281 | | | | | | * | | |
Kenneth J. Stephon
|
| | | | 2,715 | | | | | | 30,000 | | | | | | 300,000 | | | | | | 32,715 | | | | | | * | | |
Executive Officers Who are Not Also Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jill M. Ross
|
| | | | — | | | | | | 10,000 | | | | | | 100,000 | | | | | | 10,000 | | | | | | * | | |
Gregory S. Garcia
|
| | | | — | | | | | | 5,000 | | | | | | 50,000 | | | | | | 5,000 | | | | | | * | | |
Jonathan T. Logan
|
| | | | — | | | | | | 2,000 | | | | | | 20,000 | | | | | | 2,000 | | | | | | * | | |
All Directors and Executive Officers as a Group (14 persons)
|
| | | | 189,029 | | | | | | 132,000 | | | | | $ | 1,320,000 | | | | | | 321,029 | | | | | | 2.43% | | |
| | |
Shares to be Sold in
This Offering |
| |
Shares of
William Penn Bancorporation to be Issued for Shares of William Penn Bancorp |
| |
Total Shares
of Common Stock to be Issued in Exchange and Offering |
| |
Exchange
Ratio |
| |
Equivalent
Value of Shares Based Upon Offering Price(1) |
| |
Shares to
be Received for 100 Existing Shares(2) |
| ||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||||||||||||||||||||
Minimum
|
| | | | 9,350,000 | | | | | | 83.4% | | | | | | 1,863,166 | | | | | | 16.6% | | | | | | 11,213,166 | | | | | | 2.3941 | | | | | $ | 23.94 | | | | | | 239 | | |
Midpoint
|
| | | | 11,000,000 | | | | | | 83.4 | | | | | | 2,191,960 | | | | | | 16.6 | | | | | | 13,191,960 | | | | | | 2.8166 | | | | | | 28.17 | | | | | | 281 | | |
Maximum
|
| | | | 12,650,000 | | | | | | 83.4 | | | | | | 2,520,754 | | | | | | 16.6 | | | | | | 15,170,754 | | | | | | 3.2391 | | | | | | 32.39 | | | | | | 323 | | |
Company Name and Ticker Symbol
|
| |
Exchange
|
| |
Headquarters
|
| |
Total Assets
|
| |||
| | | | | | | | |
(in millions)
|
| |||
Prudential Bancorp, Inc. (PBIP)
|
| |
Nasdaq
|
| |
Philadelphia, Pennsylvania
|
| | | $ | 1,188(1) | | |
Elmira Savings Bank (ESBK)
|
| |
Nasdaq
|
| | Elmira, New York | | | | | 674 | | |
HMN Financial, Inc. (HMNF)
|
| |
Nasdaq
|
| | Rochester, Minnesota | | | | | 898 | | |
Home Federal Bancorp, Inc. of Louisiana (HFBL)
|
| |
Nasdaq
|
| | Shreveport, Louisiana | | | | | 542 | | |
HV Bancorp, Inc. (HVBC)
|
| |
Nasdaq
|
| |
Doylestown, Pennsylvania
|
| | | | 425(1) | | |
IF Bancorp, Inc. (IROQ)
|
| |
Nasdaq
|
| | Watseka, Illinois | | | | | 726 | | |
Randolph Bancorp, Inc. (RNDB)
|
| |
Nasdaq
|
| |
Stoughton, Massachusetts
|
| | | | 723 | | |
Severn Bancorp, Inc. (SVBI)
|
| |
Nasdaq
|
| | Annapolis, Maryland | | | | | 940 | | |
WVS Financial Corp. (WVFC)
|
| |
Nasdaq
|
| | Pittsburgh, Pennsylvania | | | | | 332 | | |
| | |
Price to Core
Earnings Multiple(1) |
| |
Price to Book
Value Ratio |
| |
Price to Tangible
Book Value Ratio |
| |||||||||
William Penn Bancorporation (pro forma): | | | | | | | | | | | | | | | | | | | |
Minimum
|
| | | | 61.13x | | | | | | 61.96% | | | | | | 64.06% | | |
Midpoint
|
| | | | 81.04x | | | | | | 67.52% | | | | | | 69.64% | | |
Maximum
|
| | | | 106.73x | | | | | | 72.31% | | | | | | 74.40% | | |
Peer group companies as of November 4, 2020: | | | | | | | | | | | | | | | | | | | |
Average
|
| | | | 11.49x | | | | | | 74.76% | | | | | | 77.15% | | |
Median
|
| | | | 11.82x | | | | | | 72.90% | | | | | | 77.73% | | |
| | |
Page
|
| |||
| | | | F-1 | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | |
September 30,
2020 |
| |
June 30,
2020 |
| |
June 30,
2019 |
| |||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | |||
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 11,336 | | | | | $ | 21,385 | | | | | $ | 8,260 | | |
Interest bearing deposits with other banks
|
| | | | 34,539 | | | | | | 56,755 | | | | | | 17,908 | | |
Federal funds sold
|
| | | | 10,207 | | | | | | 4,775 | | | | | | — | | |
Total cash and cash equivalents
|
| | | | 56,082 | | | | | | 82,915 | | | | | | 26,168 | | |
Interest-bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 8,486 | | |
Securities available for sale
|
| | | | 123,597 | | | | | | 89,998 | | | | | | 20,660 | | |
Securities held to maturity, fair value of $0, $0, and $1,937, respectively
|
| | | | — | | | | | | — | | | | | | 1,906 | | |
Loans receivable, net of allowance for loan losses of $3,585 (unaudited), $3,519 and $3,209, respectively
|
| | | | 497,630 | | | | | | 508,605 | | | | | | 326,017 | | |
Premises and equipment, net
|
| | | | 13,924 | | | | | | 16,733 | | | | | | 8,406 | | |
Regulatory stock, at cost
|
| | | | 3,219 | | | | | | 4,200 | | | | | | 2,785 | | |
Deferred income taxes
|
| | | | 4,448 | | | | | | 4,817 | | | | | | 2,111 | | |
Bank-owned life insurance
|
| | | | 14,870 | | | | | | 14,758 | | | | | | 11,203 | | |
Goodwill
|
| | | | 4,858 | | | | | | 4,858 | | | | | | 4,858 | | |
Intangible assets
|
| | | | 1,128 | | | | | | 1,192 | | | | | | 1,172 | | |
Accrued interest receivable and other assets
|
| | | | 9,497 | | | | | | 6,076 | | | | | | 2,057 | | |
TOTAL ASSETS
|
| | | $ | 731,553 | | | | | $ | 736,452 | | | | | $ | 415,829 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | $ | 581,493 | | | | | $ | 559,848 | | | | | $ | 281,206 | | |
Advances from Federal Home Loan Bank
|
| | | | 41,000 | | | | | | 64,892 | | | | | | 50,000 | | |
Advances from borrowers for taxes and insurance
|
| | | | 2,910 | | | | | | 4,536 | | | | | | 3,814 | | |
Accrued interest payable and other liabilities
|
| | | | 10,644 | | | | | | 10,811 | | | | | | 4,179 | | |
TOTAL LIABILITIES
|
| | | | 636,047 | | | | | | 640,087 | | | | | | 339,199 | | |
Commitments and contingencies
|
| | | | — | | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued
|
| | | | — | | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 (unaudited) and June 30, 2020 and at June 30, 2019, respectively.
|
| | | | 467 | | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital
|
| | | | 42,932 | | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at September 30, 2020 (unaudited),
June 30, 2020 and June 30, 2019, respectively. |
| | | | (3,710) | | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings
|
| | | | 55,384 | | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income
|
| | | | 433 | | | | | | 76 | | | | | | 228 | | |
TOTAL WILLIAM PENN BANCORP, INC. STOCKHOLDERS’ EQUITY
|
| | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 731,553 | | | | | $ | 736,452 | | | | | $ | 415,829 | | |
| | |
Three Months Ended September 30,
|
| |
Year Ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable, including fees
|
| | | $ | 5,893 | | | | | $ | 4,151 | | | | | $ | 17,914 | | | | | $ | 16,595 | | |
Securities
|
| | | | 653 | | | | | | 273 | | | | | | 1,557 | | | | | | 415 | | |
Other
|
| | | | 111 | | | | | | 152 | | | | | | 346 | | | | | | 811 | | |
Total Interest Income
|
| | | | 6,657 | | | | | | 4,576 | | | | | | 19,817 | | | | | | 17,821 | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 1,081 | | | | | | 873 | | | | | | 3,604 | | | | | | 2,297 | | |
Borrowings
|
| | | | 359 | | | | | | 330 | | | | | | 1,414 | | | | | | 1,294 | | |
Total Interest Expense
|
| | | | 1,440 | | | | | | 1,203 | | | | | | 5,018 | | | | | | 3,591 | | |
Net Interest Income
|
| | | | 5,217 | | | | | | 3,373 | | | | | | 14,799 | | | | | | 14,230 | | |
Provision For Loan Losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
| | | | 5,151 | | | | | | 3,373 | | | | | | 14,173 | | | | | | 14,142 | | |
OTHER INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Service fees
|
| | | | 183 | | | | | | 139 | | | | | | 569 | | | | | | 483 | | |
Realized losses on sale of REO, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | (30) | | |
Gain on sale of loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12 | | |
Gain on sale of securities
|
| | | | — | | | | | | 93 | | | | | | 238 | | | | | | 140 | | |
Earnings on bank-owned life insurance
|
| | | | 112 | | | | | | 83 | | | | | | 347 | | | | | | 327 | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | 746 | | | | | | — | | |
Gain on sale of premises and equipment
|
| | | | 15 | | | | | | — | | | | | | — | | | | | | — | | |
Other
|
| | | | 90 | | | | | | 32 | | | | | | 260 | | | | | | 195 | | |
Total Other Income
|
| | | | 400 | | | | | | 347 | | | | | | 2,160 | | | | | | 1,127 | | |
OTHER EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 2,554 | | | | | | 1,571 | | | | | | 6,855 | | | | | | 6,438 | | |
Occupancy and equipment
|
| | | | 759 | | | | | | 295 | | | | | | 1,784 | | | | | | 1,096 | | |
Data processing
|
| | | | 422 | | | | | | 304 | | | | | | 1,155 | | | | | | 692 | | |
Professional fees
|
| | | | 188 | | | | | | 102 | | | | | | 451 | | | | | | 277 | | |
Merger related expenses
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | |
Amortization on intangible assets
|
| | | | 64 | | | | | | 59 | | | | | | 242 | | | | | | 260 | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | |
Other
|
| | | | 587 | | | | | | 315 | | | | | | 1,611 | | | | | | 894 | | |
Total Other Expense
|
| | | | 4,735 | | | | | | 2,646 | | | | | | 15,392 | | | | | | 10,453 | | |
Income Before Income Taxes
|
| | | | 816 | | | | | | 1,074 | | | | | | 941 | | | | | | 4,816 | | |
Income Tax Expense (Benefit)
|
| | | | 146 | | | | | | 220 | | | | | | (387) | | | | | | 1,060 | | |
NET INCOME
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Basic and diluted earnings per share
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | |
| | |
Three Months Ended September,
|
| |
Year Ended June,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in net unrealized gain (loss) on securities available for sale
|
| | | | 460 | | | | | | (148) | | | | | | 46 | | | | | | 151 | | |
Tax effect
|
| | | | (103) | | | | | | 30 | | | | | | (10) | | | | | | (31) | | |
Reclassification adjustment for gain recognizd in net income
|
| | | | — | | | | | | (93) | | | | | | (238) | | | | | | (140) | | |
Tax effect
|
| | | | — | | | | | | 21 | | | | | | 50 | | | | | | 29 | | |
Other comprehensive income (loss), net of tax
|
| | | | 357 | | | | | | (190) | | | | | | (152) | | | | | | 9 | | |
Comprehensive income
|
| | | $ | 1,027 | | | | | $ | 664 | | | | | $ | 1,176 | | | | | $ | 3,765 | | |
| | |
Number
of Shares |
| |
Common
Stock |
| |
Additional
Paid-in capital |
| |
Treasury
Stock |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||
Balance, June 30, 2018
|
| | | | 3,463,059 | | | | | $ | 364 | | | | | $ | 10,243 | | | | | $ | (3,710) | | | | | $ | 54,779 | | | | | $ | 219 | | | | | $ | 61,895 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,756 | | | | | | — | | | | | | 3,756 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 9 | | |
Dividend paid ($0.32 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,280) | | | | | | — | | | | | | (1,280) | | |
Merger with Audubon Savings Bank
|
| | | | 517,095 | | | | | | 52 | | | | | | 12,198 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,250 | | |
Balance, June 30, 2019
|
| | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 57,255 | | | | | $ | 228 | | | | | $ | 76,630 | | |
Net income (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 854 | | | | | | — | | | | | | 854 | | |
Other comprehensive loss (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (190) | | | | | | (190) | | |
Dividend paid ($0.50 per share) (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,983) | | | | | | — | | | | | | (1,983) | | |
Balance, September 30, 2019
|
| | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 56,126 | | | | | $ | 38 | | | | | $ | 75,311 | | |
|
| | |
Number
of Shares |
| |
Common Stock
|
| |
Additional
Paid-in capital |
| |
Treasury
Stock |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||
Balance, June 30, 2019
|
| | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 57,255 | | | | | $ | 228 | | | | | $ | 76,630 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,328 | | | | | | — | | | | | | 1,328 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (152) | | | | | | (152) | | |
Dividend paid ($0.50 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,983) | | | | | | — | | | | | | (1,983) | | |
Merger with Fidelity Savings and Loan Association
|
| | | | 255,325 | | | | | | 26 | | | | | | 11,351 | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,377 | | |
Merger with Washington Savings Bank
|
| | | | 253,866 | | | | | | 25 | | | | | | 9,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,165 | | |
Balance, June 30, 2020
|
| | | | 4,489,345 | | | | | $ | 467 | | | | | $ | 42,932 | | | | | $ | (3,710) | | | | | $ | 56,600 | | | | | $ | 76 | | | | | $ | 96,365 | | |
Net income (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 670 | | | | | | — | | | | | | 670 | | |
Other comprehensive income
(unaudited) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 357 | | | | | | 357 | | |
Dividend paid ($0.42 per share) (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,886) | | | | | | — | | | | | | (1,886) | | |
Balance, September 30, 2020
|
| | | | 4,489,345 | | | | | $ | 467 | | | | | $ | 42,932 | | | | | $ | (3,710) | | | | | $ | 55,384 | | | | | $ | 433 | | | | | $ | 95,506 | | |
| | |
Three Months Ended September 30,
|
| |
Year ended
June 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision for loan losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | |
Depreciation expense
|
| | | | 309 | | | | | | 98 | | | | | | 582 | | | | | | 408 | | |
Other accretion, net
|
| | | | (966) | | | | | | (171) | | | | | | (545) | | | | | | (265) | | |
Deferred income taxes
|
| | | | 270 | | | | | | 243 | | | | | | 51 | | | | | | (544) | | |
Impact of tax law change
|
| | | | — | | | | | | — | | | | | | (408) | | | | | | — | | |
Proceeds from gain on sale of loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 604 | | |
Origination of loans sold
|
| | | | — | | | | | | — | | | | | | — | | | | | | (592) | | |
Gain on sale of loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | (12) | | |
Gain on sale of premises and equipment
|
| | | | (15) | | | | | | — | | | | | | — | | | | | | — | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | (746) | | | | | | — | | |
Loss on sale of other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 30 | | |
Amortization of core deposit intangibles
|
| | | | 64 | | | | | | 59 | | | | | | 242 | | | | | | 260 | | |
Gain on sale of securities
|
| | | | — | | | | | | (93) | | | | | | (238) | | | | | | (140) | | |
Earnings on bank-owned life insurance
|
| | | | (112) | | | | | | (83) | | | | | | (347) | | | | | | (327) | | |
Other, net
|
| | | | (1,225) | | | | | | (39) | | | | | | (395) | | | | | | (511) | | |
Net Cash (Used) Provided by Operating Activities
|
| | | | (939) | | | | | | 868 | | | | | | 150 | | | | | | 2,755 | | |
Cash Flows from Investing Activities
Securities available for sale: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Purchases
|
| | | | (42,523) | | | | | | (22,037) | | | | | | (98,928) | | | | | | (20,907) | | |
Maturities, calls and principal paydowns
|
| | | | 9,099 | | | | | | 3,398 | | | | | | 19,439 | | | | | | 1,198 | | |
Proceeds from sale of securities
|
| | | | — | | | | | | 4,309 | | | | | | 13,575 | | | | | | 40,383 | | |
Securities held to maturity:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Maturities, calls and principal paydowns
|
| | | | — | | | | | | — | | | | | | 268 | | | | | | 1,252 | | |
Net decrease (increase) in loans receivable
|
| | | | 11,272 | | | | | | (406) | | | | | | (4,960) | | | | | | (5,834) | | |
Interest bearing time deposits:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Purchases
|
| | | | — | | | | | | — | | | | | | (1,500) | | | | | | (1,499) | | |
Maturities & principal paydowns
|
| | | | — | | | | | | 1,999 | | | | | | 7,986 | | | | | | 25,435 | | |
Regulatory stock purchases
|
| | | | — | | | | | | — | | | | | | — | | | | | | (983) | | |
Regulatory stock redemptions
|
| | | | 981 | | | | | | 7 | | | | | | 133 | | | | | | 2,535 | | |
Proceeds from sale of other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 250 | | |
Purchases of premises and equipment, net
|
| | | | (302) | | | | | | (709) | | | | | | (1,814) | | | | | | (247) | | |
Proceeds from the sale of premises and equipment
|
| | | | 425 | | | | | | — | | | | | | 8 | | | | | | — | | |
Acquisitions, net of cash acquired
|
| | | | — | | | | | | — | | | | | | 48,848 | | | | | | 6,693 | | |
Net Cash (Used) Provided by Investing Activities
|
| | | | (21,048) | | | | | | (13,439) | | | | | | (16,945) | | | | | | 48,276 | | |
Cash Flows from Financing Activities
Net increase (decrease) in deposits |
| | | | 21,863 | | | | | | 5,169 | | | | | | 77,117 | | | | | | (6,631) | | |
Proceeds from Federal Home Loan Bank advances
|
| | | | — | | | | | | — | | | | | | 12,000 | | | | | | 19,000 | | |
Repayment of Federal Home Loan Bank advances
|
| | | | (23,197) | | | | | | — | | | | | | (14,031) | | | | | | (52,880) | | |
Increase (decrease) in advances from borrowers for taxes and insurance
|
| | | | (1,626) | | | | | | (1,781) | | | | | | 439 | | | | | | 800 | | |
Cash dividends
|
| | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) Provided for Financing Activities
|
| | | | (4,846) | | | | | | 1,405 | | | | | | 73,542 | | | | | | (40,991) | | |
Net (Decrease) Increase in Cash and Cash Equivalents
|
| | | | (26,833) | | | | | | (11,166) | | | | | | 56,747 | | | | | | 10,040 | | |
Cash and Cash Equivalents – Beginning
|
| | | | 82,915 | | | | | | 26,168 | | | | | | 26,168 | | | | | | 16,128 | | |
Cash and Cash Equivalents – Ending
|
| | | $ | 56,082 | | | | | $ | 15,002 | | | | | $ | 82,915 | | | | | $ | 26,168 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 1,513 | | | | | $ | 1,205 | | | | | $ | 5,157 | | | | | $ | 3,610 | | |
Income taxes paid
|
| | | | 25 | | | | | | 12 | | | | | | 12 | | | | | | 12 | | |
Transfers from loans to other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 178 | | |
Transfers of securities from held to maturity to available for sale
|
| | | | — | | | | | | — | | | | | | 1,637 | | | | | | — | | |
Operating lease right-of-use asset recorded
|
| | | | — | | | | | | — | | | | | | 1,789 | | | | | | — | | |
Operating lease liabilities recorded
|
| | | | — | | | | | | — | | | | | | 1,771 | | | | | | — | | |
Premises transferred to held for sale
|
| | | | 2,392 | | | | | | — | | | | | | — | | | | | | — | | |
Acquisition of noncash assets and liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Assets acquired
|
| | | | — | | | | | | — | | | | | | 244,854 | | | | | | 149,149 | | |
Liabilities assumed
|
| | | | — | | | | | | — | | | | | | 223,566 | | | | | | 141,757 | | |
| | |
Years
|
|
Office buildings and improvements
|
| |
5 – 33
|
|
Furniture, fixtures, and equipment
|
| |
5 – 10
|
|
Automobiles
|
| |
4
|
|
| | |
Three months ended
September 30, |
| |
Year ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Weighted-average common shares outstanding
|
| | | | 4,667,304 | | | | | | 4,158,113 | | | | | | 4,242,978 | | | | | | 4,156,696 | | |
Average treasury stock shares
|
| | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | |
Average unearned ESOP shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weighted-average common shares and common stock equivalents used to calculate basic and diluted earnings per share
|
| | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | |
Net Income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Basic and diluted earnings per share
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | |
(Dollars in thousands)
|
| | | | | | | | | | | | |
Fair Value of Equity
|
| | | | | | | | | $ | 11,377 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions
|
| | | $ | 26,867 | | | | | | | | |
Interest-bearing time deposits
|
| | | | 462 | | | | | | | | |
Loans receivable, net
|
| | | | 55,949 | | | | | | | | |
Premises and equipment
|
| | | | 747 | | | | | | | | |
Regulatory stock
|
| | | | 334 | | | | | | | | |
Deferred income taxes
|
| | | | 564 | | | | | | | | |
Other real estate owned
|
| | | | 100 | | | | | | | | |
Core deposit intangible
|
| | | | 65 | | | | | | | | |
Accrued interest receivable
|
| | | | 209 | | | | | | | | |
Other assets
|
| | | | 272 | | | | | | | | |
Total assets
|
| | | $ | 85,569 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits
|
| | | $ | (66,409) | | | | | | | | |
Advances from Federal Home Loan Bank
|
| | | | (5,688) | | | | | | | | |
Accrued interest payable
|
| | | | (5) | | | | | | | | |
Other liabilities
|
| | | | (1,477) | | | | | | | | |
Total liabilities
|
| | | $ | (73,579) | | | | | | | | |
Net assets acquired
|
| | | | | | | | | | 11,990 | | |
Gain on Bargain Purchase
|
| | | | | | | | | $ | (613) | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal and interest at acquisition
|
| | | $ | 619 | | |
Contractual cash flows not expected to be collected (nonaccretable difference)
|
| | | | 431 | | |
Expected cash flows at acquisition
|
| | | | 188 | | |
Interest component of expected cash flows (accretable discount)
|
| | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30
|
| | | $ | 161 | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal at acquisition
|
| | | $ | 56,785 | | |
Contractual cash flows not expected to be collected (credit mark)
|
| | | | 1,240 | | |
Expected cash flows at acquisition
|
| | | | 55,545 | | |
Interest rate premium mark
|
| | | | 243 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30
|
| | | $ | 55,788 | | |
(Dollars in thousands)
|
| |
Fidelity May 1, 2020
to June 30, 2020 |
| |||
Net interest income
|
| | | $ | 313 | | |
Non-interest income
|
| | | | 17 | | |
Non-interest expense
|
| | | | (331) | | |
Pre-tax income
|
| | | $ | (1) | | |
Income tax expense
|
| | | | — | | |
Net income
|
| | | $ | (1) | | |
| | |
Pro Forma for the Year Ended
|
| |||||||||
(Dollars in thousands)
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| ||||||
Net interest income
|
| | | $ | 17,352 | | | | | $ | 17,478 | | |
Provision for loan losses
|
| | | | (695) | | | | | | (105) | | |
Non-interest income
|
| | | | 1,672 | | | | | | 1,915 | | |
| | |
Pro Forma for the Year Ended
|
| |||||||||
(Dollars in thousands)
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| ||||||
Non-interest expense
|
| | | | (16,005) | | | | | | (14,819) | | |
Pre-tax income
|
| | | $ | 2,324 | | | | | $ | 4,469 | | |
Income tax expense
|
| | | | 488 | | | | | | 938 | | |
Net income
|
| | | $ | 1,836 | | | | | $ | 3,531 | | |
Earnings per share basic and diluted
|
| | | $ | 0.41 | | | | | $ | 0.79 | | |
(Dollars in thousands)
|
| | | | | | | | | | | | |
Fair Value of Equity
|
| | | | | | | | | $ | 9,165 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions
|
| | | $ | 21,981 | | | | | | | | |
Securities available for sale
|
| | | | 1,996 | | | | | | | | |
Interest-bearing time deposits
|
| | | | 100 | | | | | | | | |
Loans receivable, net
|
| | | | 121,520 | | | | | | | | |
Premises and equipment
|
| | | | 6,356 | | | | | | | | |
Regulatory stock
|
| | | | 1,214 | | | | | | | | |
Deferred income taxes
|
| | | | 2,154 | | | | | | | | |
Bank-owned life insurance
|
| | | | 3,208 | | | | | | | | |
Core deposit intangible
|
| | | | 197 | | | | | | | | |
Accrued interest receivable
|
| | | | 413 | | | | | | | | |
Other assets
|
| | | | 146 | | | | | | | | |
Total assets
|
| | | $ | 159,285 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits
|
| | | $ | (135,546) | | | | | | | | |
Advances from Federal Home Loan Bank
|
| | | | (11,281) | | | | | | | | |
Accrued interest payable
|
| | | | (145) | | | | | | | | |
Other liabilities
|
| | | | (3,015) | | | | | | | | |
Total liabilities
|
| | | $ | (149,987) | | | | | | | | |
Net assets acquired
|
| | | | | | | | | | 9,298 | | |
Gain on Bargain Purchase
|
| | | | | | | | | $ | (133) | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal and interest at acquisition
|
| | | $ | 420 | | |
Contractual cash flows not expected to be collected (nonaccretable difference)
|
| | | | 230 | | |
Expected cash flows at acquisition
|
| | | | 190 | | |
Interest component of expected cash flows (accretable discount)
|
| | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30
|
| | | $ | 163 | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal at acquisition
|
| | | $ | 125,491 | | |
Contractual cash flows not expected to be collected (credit mark)
|
| | | | 2,440 | | |
Expected cash flows at acquisition
|
| | | | 123,051 | | |
Interest rate discount mark
|
| | | | 1,694 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30
|
| | | $ | 121,357 | | |
(Dollars in thousands)
|
| |
Washington May 1, 2020
to June 30, 2020 |
| |||
Net interest income
|
| | | $ | 591 | | |
Non-interest income
|
| | | | 67 | | |
Non-interest expense
|
| | | | (628) | | |
|
(Dollars in thousands)
|
| |
Washington May 1, 2020
to June 30, 2020 |
| |||
Pre-tax income
|
| | | $ | 30 | | |
Income tax expense
|
| | | | (6) | | |
Net income
|
| | | $ | 24 | | |
|
| | |
Pro Forma for the Year Ended
|
| |||||||||
(Dollars in thousands)
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| ||||||
Net interest income
|
| | | $ | 19,112 | | | | | $ | 20,149 | | |
Provision for loan losses
|
| | | | (752) | | | | | | (196) | | |
Non-interest income
|
| | | | 2,409 | | | | | | 1,715 | | |
Non-interest expense
|
| | | | (17,392) | | | | | | (18,223) | | |
Pre-tax income
|
| | | $ | 3,377 | | | | | $ | 3,445 | | |
Income tax expense
|
| | | | 709 | | | | | | 723 | | |
Net income
|
| | | $ | 2,668 | | | | | $ | 2,722 | | |
Earnings per share basic and diluted
|
| | | $ | 0.59 | | | | | $ | 0.61 | | |
| | |
Core deposit
intangible |
| |||
2020
|
| | | $ | 234 | | |
2021
|
| | | | 208 | | |
2022
|
| | | | 182 | | |
2023
|
| | | | 156 | | |
2024
|
| | | | 130 | | |
Thereafter
|
| | | | 262 | | |
| | | | $ | 1,172 | | |
|
Consideration paid
|
| | | | | | | | | $ | 12,250 | | |
| Assets acquired: | | | | | | | | | | | | | |
|
Cash and due from financial institutions
|
| | | $ | 6,693 | | | | | | | | |
|
Securities available for sale
|
| | | | 39,113 | | | | | | | | |
|
Loans receivable, net
|
| | | | 86,840 | | | | | | | | |
|
Premises and equipment
|
| | | | 6,056 | | | | | | | | |
|
Regulatory stock
|
| | | | 1,610 | | | | | | | | |
|
Deferred income taxes
|
| | | | 1,256 | | | | | | | | |
|
Bank-owned life insurance
|
| | | | 4,944 | | | | | | | | |
|
Core deposit intangible
|
| | | | 1,432 | | | | | | | | |
|
Accrued interest receivable
|
| | | | 522 | | | | | | | | |
|
Other assets
|
| | | | 683 | | | | | | | | |
|
Total assets
|
| | | | 149,149 | | | | | | | | |
| Liabilities assumed: | | | | | | | | | | | | | |
|
Deposits
|
| | | $ | (107,180) | | | | | | | | |
|
Advances from Federal Home Loan Bank
|
| | | | (32,380) | | | | | | | | |
|
Accrued interest payable
|
| | | | (81) | | | | | | | | |
|
Other liabilities
|
| | | | (2,116) | | | | | | | | |
|
Total liabilities
|
| | | | (141,757) | | | | | | | | |
|
Net assets acquired
|
| | | | | | | | | | 7,392 | | |
|
Goodwill resulting from ASB merger
|
| | | | | | | | | $ | 4,858 | | |
(Dollars in thousands)
|
| | | | | | |
Accumulated Other Comprehensive Income(1)
|
| |
Gains (Losses)
on Securities Available for Sale |
| |||
Balance at June 30, 2019
|
| | | $ | 228 | | |
Other comprehensive income before reclassifications
|
| | | | (118) | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | (72) | | |
Period change
|
| | | | (190) | | |
Balance at September 30, 2019
|
| | | $ | 38 | | |
Balance at June 30, 2020
|
| | | $ | 76 | | |
Other comprehensive income before reclassifications
|
| | | | 357 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | — | | |
Period change
|
| | | | 357 | | |
Balance at September 30, 2020
|
| | | $ | 433 | | |
(Dollars in thousands)
|
| | | | | | |
Accumulated Other Comprehensive Income(1)
|
| |
Unrealized
Gains (Losses) on Securities Available for Sale |
| |||
Balance at June 30, 2018
|
| | | $ | 219 | | |
Other comprehensive income before reclassifications
|
| | | | 120 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | (111) | | |
Period change
|
| | | | 9 | | |
Balance at June 30, 2019
|
| | | $ | 228 | | |
Other comprehensive income before reclassifications
|
| | | | 36 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | (188) | | |
Period change
|
| | | | (152) | | |
Balance at June 30, 2020
|
| | | $ | 76 | | |
(Dollars in thousands)
|
| | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components
|
| |
Amounts Reclassified from
Other Comprehensive Income(1) |
| |
Affected Line Item in the
Consolidated Statements of Income |
| |||||||||
|
Three Months Ended
September 30, 2020 |
| |
Three Months Ended
September 30, 2019 |
| |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income
|
| | | $ | — | | | | | $ | 93 | | | | Gain on sale of securities | |
Related income tax expense
|
| | | $ | — | | | | | $ | (21) | | | | Income tax expense | |
| | | | $ | — | | | | | $ | 72 | | | | | |
(Dollars in thousands)
|
| | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components
|
| |
Amounts Reclassified from
Other Comprehensive Income(1) |
| |
Affected Line Item in the
Consolidated Statements of Income |
| |||||||||
|
Year Ended
June 30, 2020 |
| |
Year Ended
June 30, 2019 |
| |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income
|
| | | $ | 238 | | | | | $ | 140 | | | | Gain on sale of securities | |
Related income tax expense
|
| | | | (50) | | | | | | (29) | | | | Income tax expense | |
| | | | $ | 188 | | | | | $ | 111 | | | | | |
(Dollars in thousands)
|
| |
As of
September 30, 2020 |
| |
As of
June 30, 2020 |
| |
As of
June 30, 2019 |
| |||||||||
Due in one year or less
|
| | | $ | 1,050 | | | | | $ | 1,050 | | | | | $ | 7,986 | | |
Due after one year through five years
|
| | | | 1,250 | | | | | | 1,250 | | | | | | 500 | | |
| | | | $ | 2,300 | | | | | $ | 2,300 | | | | | $ | 8,486 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 66,379 | | | | | $ | 270 | | | | | $ | (249) | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 2,377 | | | | | | 30 | | | | | | (29) | | | | | | 2,378 | | |
U.S. government agency securities
|
| | | | 11,658 | | | | | | 3 | | | | | | (114) | | | | | | 11,547 | | |
Municipal bonds
|
| | | | 24,878 | | | | | | 323 | | | | | | (73) | | | | | | 25,128 | | |
Corporate bonds
|
| | | | 17,750 | | | | | | 394 | | | | | | — | | | | | | 18,144 | | |
Total Available For Sale
|
| | | $ | 123,042 | | | | | $ | 1,020 | | | | | $ | (465) | | | | | $ | 123,597 | | |
|
| | |
June 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 51,570 | | | | | $ | 272 | | | | | $ | (104) | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 3,215 | | | | | | 33 | | | | | | (33) | | | | | | 3,215 | | |
U.S. government agency securities
|
| | | | 6,226 | | | | | | 2 | | | | | | (73) | | | | | | 6,155 | | |
U.S. treasury securitites
|
| | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Municipal bonds
|
| | | | 10,485 | | | | | | 33 | | | | | | (10) | | | | | | 10,508 | | |
Corporate bonds
|
| | | | 17,399 | | | | | | 60 | | | | | | (77) | | | | | | 17,382 | | |
Total Available For Sale
|
| | | $ | 89,895 | | | | | $ | 400 | | | | | $ | (297) | | | | | $ | 89,998 | | |
| | |
June 30, 2019
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 3,609 | | | | | $ | 69 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 5,634 | | | | | | 138 | | | | | | (5) | | | | | | 5,767 | | |
U.S. government agency securities
|
| | | | 10,865 | | | | | | 68 | | | | | | (21) | | | | | | 10,912 | | |
Private label collateralized mortgage obligations
|
| | | | 264 | | | | | | 39 | | | | | | — | | | | | | 303 | | |
Total Available For Sale
|
| | | $ | 20,372 | | | | | $ | 314 | | | | | $ | (26) | | | | | $ | 20,660 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 1,500 | | | | | $ | 37 | | | | | $ | (15) | | | | | $ | 1,522 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 206 | | | | | | 8 | | | | | | — | | | | | | 214 | | |
Municipal bonds
|
| | | | 100 | | | | | | — | | | | | | — | | | | | | 100 | | |
Corporate bonds
|
| | | | 100 | | | | | | 1 | | | | | | — | | | | | | 101 | | |
Total Held to Maturity
|
| | | $ | 1,906 | | | | | $ | 46 | | | | | $ | — | | | | | $ | 1,937 | | |
| | |
September 30, 2020
|
| |
June 30, 2020
|
| ||||||||||||||||||
| | |
Available For Sale
|
| |
Available For Sale
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
Due in one year or less
|
| | | $ | 5 | | | | | $ | 5 | | | | | $ | 2,904 | | | | | $ | 2,893 | | |
Due after one year through five years
|
| | | | 11,855 | | | | | | 12,082 | | | | | | 9,632 | | | | | | 9,611 | | |
Due after five years through ten years
|
| | | | 11,443 | | | | | | 11,559 | | | | | | 7,606 | | | | | | 7,602 | | |
Due after ten years
|
| | | | 99,739 | | | | | | 99,951 | | | | | | 69,753 | | | | | | 69,892 | | |
| | | | $ | 123,042 | | | | | $ | 123,597 | | | | | $ | 89,895 | | | | | $ | 89,998 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
Fair Value |
| |
Total
Unrealized Losses |
| ||||||||||||||||||||||||
|
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 34,544 | | | | | $ | 242 | | | | | $ | 264 | | | | | $ | 7 | | | | | $ | 34,808 | | | | | $ | 249 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 722 | | | | | | 7 | | | | | | 1,122 | | | | | | 22 | | | | | | 1,844 | | | | | | 29 | | |
U.S. government agency securities
|
| | | | 11,399 | | | | | | 114 | | | | | | — | | | | | | — | | | | | | 11,399 | | | | | | 114 | | |
Municipal bonds
|
| | | | 8,757 | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 8,757 | | | | | | 73 | | |
Total Temporarily Impaired Securities
|
| | |
$
|
55,422
|
| | | |
$
|
436
|
| | | |
$
|
1,386
|
| | | |
$
|
29
|
| | | |
$
|
56,808
|
| | | |
$
|
465
|
| |
|
| | |
June 30, 2020
|
| |||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
Fair Value |
| |
Total
Unrealized Losses |
| ||||||||||||||||||||||||
|
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 22,082 | | | | | $ | 104 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,082 | | | | | $ | 104 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 1,513 | | | | | | 14 | | | | | | 1,129 | | | | | | 19 | | | | | | 2,642 | | | | | | 33 | | |
U.S. government agency securities
|
| | | | 4,922 | | | | | | 49 | | | | | | 914 | | | | | | 24 | | | | | | 5,836 | | | | | | 73 | | |
Municipal bonds
|
| | | | 3,694 | | | | | | 10 | | | | | | — | | | | | | — | | | | | | 3,694 | | | | | | 10 | | |
Corporate bonds
|
| | | | 5,222 | | | | | | 77 | | | | | | — | | | | | | — | | | | | | 5,222 | | | | | | 77 | | |
Total Temporarily Impaired Securities
|
| | |
$
|
37,433
|
| | | |
$
|
254
|
| | | |
$
|
2,043
|
| | | |
$
|
43
|
| | | |
$
|
39,476
|
| | | |
$
|
297
|
| |
|
| | |
June 30, 2019
|
| |||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
Fair Value |
| |
Total
Unrealized Losses |
| ||||||||||||||||||||||||
|
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. agency collateralized mortgage obligations
|
| | | $ | 1,237 | | | | | $ | 5 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,237 | | | | | $ | 5 | | |
U.S. government agency securities
|
| | | | 2,524 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | 2,524 | | | | | | 21 | | |
| | | | | 3,761 | | | | | | 26 | | | | | | — | | | | | | — | | | | | | 3,761 | | | | | | 26 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
| | | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
Total Temporarily Impaired Securities
|
| | |
$
|
3,761
|
| | | |
$
|
26
|
| | | |
$
|
716
|
| | | |
$
|
15
|
| | | |
$
|
4,477
|
| | | |
$
|
41
|
| |
| | |
September 30,
2020 |
| |
June 30,
2020 |
| |
June 30,
2019 |
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family
|
| | | $ | 335,200 | | | | | | 66.29% | | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.99% | | |
Home equity and HELOCs
|
| | | | 45,364 | | | | | | 8.97 | | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | |
Construction -residential
|
| | | | 13,665 | | | | | | 2.70 | | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family (five or more)
|
| | | | 14,477 | | | | | | 2.86 | | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | |
Commercial non-residential
|
| | | | 79,969 | | | | | | 15.81 | | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | |
Construction and land
|
| | | | 7,358 | | | | | | 1.46 | | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | |
Commercial
|
| | | | 5,958 | | | | | | 1.18 | | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | |
Consumer Loans
|
| | | | 3,670 | | | | | | 0.73 | | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.22 | | |
Total Loans
|
| | | | 505,661 | | | | | | 100.00% | | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | |
Loans in process
|
| | | | (3,916) | | | | | | | | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | | | | | | |
Unearned loan origination fees
|
| | | | (530) | | | | | | | | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | |
Allowance for loan losses
|
| | | | (3,585) | | | | | | | | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | |
Net Loans
|
| | | $ | 497,630 | | | | | | | | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | |
September 30, 2020
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | 3,519 | | |
Charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision
|
| | | | 107 | | | | | | (16) | | | | | | (65) | | | | | | (2) | | | | | | 53 | | | | | | 40 | | | | | | (51) | | | | | | — | | | | | | 66 | | |
Ending Balance
|
| | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 1,590 | | | | | | 150 | | | | | | 461 | | | | | | 121 | | | | | | 780 | | | | | | 436 | | | | | | 32 | | | | | | 15 | | | | | | 3,585 | | |
Total allowance
|
| | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 950 | | | | | $ | 680 | | | | | $ | — | | | | | $ | 184 | | | | | $ | 574 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,388 | | |
Collectively evaluated for impairment
|
| | | | 193,714 | | | | | | 13,591 | | | | | | 8,015 | | | | | | 8,750 | | | | | | 50,205 | | | | | | 7,358 | | | | | | 4,070 | | | | | | 584 | | | | | | 286,287 | | |
Acquired non-credit impaired loans(1)
|
| | | | 140,231 | | | | | | 31,070 | | | | | | 5,650 | | | | | | 5,543 | | | | | | 29,190 | | | | | | — | | | | | | 1,888 | | | | | | 3,086 | | | | | | 216,658 | | |
Acquired credit impaired loans(2)
|
| | | | 305 | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 328 | | |
Total portfolio
|
| | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
September 30, 2019
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision
|
| | | | 371 | | | | | | 15 | | | | | | (118) | | | | | | 42 | | | | | | (264) | | | | | | (29) | | | | | | (55) | | | | | | 12 | | | | | | 26 | | | | | | — | | |
Ending Balance
|
| | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 1,872 | | | | | | 137 | | | | | | 203 | | | | | | 113 | | | | | | 444 | | | | | | 92 | | | | | | 40 | | | | | | 15 | | | | | | 293 | | | | | | 3,209 | | |
Total allowance
|
| | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Loans receivable ending balance:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 1,495 | | | | | $ | 638 | | | | | $ | — | | | | | $ | 187 | | | | | $ | 652 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,972 | | |
Collectively evaluated for impairment
|
| | | | 178,747 | | | | | | 21,468 | | | | | | 6,782 | | | | | | 10,571 | | | | | | 31,875 | | | | | | 4,076 | | | | | | 1,787 | | | | | | 679 | | | | | | — | | | | | | 255,985 | | |
Acquired non-credit impaired loans(1)
|
| | | | 37,684 | | | | | | 9,727 | | | | | | — | | | | | | 6 | | | | | | 23,785 | | | | | | — | | | | | | 343 | | | | | | 6 | | | | | | — | | | | | | 71,551 | | |
Total portfolio
|
| | | $ | 217,926 | | | | | $ | 31,833 | | | | | $ | 6,782 | | | | | $ | 10,764 | | | | | $ | 56,312 | | | | | $ | 4,076 | | | | | $ | 2,130 | | | | | $ | 685 | | | | | $ | — | | | | | $ | 330,508 | | |
June 30, 2020
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs
|
| | | | (260) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | (3) | | | | | | (12) | | | | | | — | | | | | | (316) | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision
|
| | | | 242 | | | | | | 50 | | | | | | 205 | | | | | | 52 | | | | | | 54 | | | | | | 275 | | | | | | (9) | | | | | | 24 | | | | | | (267) | | | | | | 626 | | |
Ending Balance
|
| | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 1,483 | | | | | | 166 | | | | | | 526 | | | | | | 123 | | | | | | 727 | | | | | | 396 | | | | | | 83 | | | | | | 15 | | | | | | — | | | | | | 3,519 | | |
Total allowance
|
| | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Loans receivable ending balance:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 973 | | | | | $ | 628 | | | | | $ | — | | | | | $ | 185 | | | | | $ | 585 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,371 | | |
Collectively evaluated for impairment
|
| | | | 189,055 | | | | | | 15,677 | | | | | | 9,218 | | | | | | 9,267 | | | | | | 45,214 | | | | | | 6,690 | | | | | | 4,150 | | | | | | 713 | | | | | | — | | | | | | 279,984 | | |
Acquired non-credit impaired loans(1)
|
| | | | 155,588 | | | | | | 30,727 | | | | | | 6,581 | | | | | | 5,512 | | | | | | 30,908 | | | | | | — | | | | | | 2,288 | | | | | | 3,187 | | | | | | — | | | | | | 234,791 | | |
Acquired credit impaired loans (2)
|
| | | | 299 | | | | | | 22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 321 | | |
Total portfolio
|
| | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | — | | | | | $ | 517,467 | | |
June 30, 2019
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,478 | | | | | $ | 58 | | | | | $ | 191 | | | | | $ | 116 | | | | | $ | 388 | | | | | $ | 903 | | | | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,138 | | |
Charge-offs
|
| | | | (21) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21) | | |
Recoveries
|
| | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | |
Provision
|
| | | | 40 | | | | | | 64 | | | | | | 130 | | | | | | (45) | | | | | | 320 | | | | | | (782) | | | | | | 91 | | | | | | 3 | | | | | | 267 | | | | | | 88 | | |
Ending Balance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 58 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 58 | | |
Collectively evaluated for impairment
|
| | | | 1,443 | | | | | | 122 | | | | | | 321 | | | | | | 71 | | | | | | 708 | | | | | | 121 | | | | | | 95 | | | | | | 3 | | | | | | 267 | | | | | | 3,151 | | |
Total allowance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Loans receivable ending balance:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 2,557 | | | | | $ | 1,185 | | | | | $ | — | | | | | $ | — | | | | | $ | 662 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,404 | | |
Collectively evaluated for impairment
|
| | | | 180,310 | | | | | | 20,858 | | | | | | 9,739 | | | | | | 10,533 | | | | | | 28,572 | | | | | | 2,888 | | | | | | 1,728 | | | | | | 735 | | | | | | — | | | | | | 255,363 | | |
Acquired non-credit impaired loans(1)
|
| | | | 37,309 | | | | | | 9,862 | | | | | | — | | | | | | 495 | | | | | | 24,323 | | | | | | 1,550 | | | | | | 371 | | | | | | 6 | | | | | | — | | | | | | 73,916 | | |
Total portfolio
|
| | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 741 | | | | | $ | — | | | | | $ | 333,683 | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Commercial Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
Multi-family
|
| |
Non-residential
|
| |
Construction
and land |
| |
Commercial
|
| |
Total
|
| |||||||||||||||
Pass
|
| | | $ | 13,498 | | | | | $ | 78,804 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 104,852 | | |
Special Mention
|
| | | | 795 | | | | | | 976 | | | | | | — | | | | | | — | | | | | | 1,771 | | |
Substandard
|
| | | | 184 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | 373 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance
|
| | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 106,996 | | |
June 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Commercial Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
Multi-family
|
| |
Non-residential
|
| |
Construction
and land |
| |
Commercial
|
| |
Total
|
| |||||||||||||||
Pass
|
| | | $ | 13,976 | | | | | $ | 75,973 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 103,077 | | |
Special Mention
|
| | | | 803 | | | | | | 507 | | | | | | — | | | | | | — | | | | | | 1,310 | | |
Substandard
|
| | | | 185 | | | | | | 227 | | | | | | — | | | | | | — | | | | | | 412 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance
|
| | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 104,799 | | |
|
June 30, 2019
|
| ||||||||||||||||||||||||||||||
| | |
Commercial Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
Multi-family
|
| |
Non-residential
|
| |
Construction
and land |
| |
Commercial
|
| |
Total
|
| |||||||||||||||
Pass
|
| | | $ | 10,445 | | | | | $ | 52,151 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 69,133 | | |
Special Mention
|
| | | | 394 | | | | | | 744 | | | | | | — | | | | | | — | | | | | | 1,138 | | |
Substandard
|
| | | | 189 | | | | | | 662 | | | | | | — | | | | | | — | | | | | | 851 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance
|
| | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 71,122 | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Residential Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
1 – 4 family
|
| |
Home equity &
HELOCs |
| |
Construction
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||
Performing
|
| | | $ | 332,682 | | | | | $ | 44,891 | | | | | $ | 13,665 | | | | | $ | 3,525 | | | | | $ | 394,763 | | |
Non-performing
|
| | | | 3,284 | | | | | | 473 | | | | | | — | | | | | | 145 | | | | | | 3,902 | | |
| | | | $ | 335,966 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 3,670 | | | | | $ | 398,665 | | |
June 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Residential Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
1 – 4 family
|
| |
Home equity &
HELOCs |
| |
Construction
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||
Performing
|
| | | $ | 343,562 | | | | | $ | 46,580 | | | | | $ | 15,799 | | | | | $ | 3,785 | | | | | $ | 409,726 | | |
Non-performing
|
| | | | 2,353 | | | | | | 474 | | | | | | — | | | | | | 115 | | | | | | 2,942 | | |
| | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 3,900 | | | | | $ | 412,668 | | |
|
June 30, 2019
|
| ||||||||||||||||||||||||||||||
| | |
Residential Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
1 – 4 family
|
| |
Home equity &
HELOCs |
| |
Construction
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||
Performing
|
| | | $ | 218,899 | | | | | $ | 31,380 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 260,759 | | |
Non-performing
|
| | | | 1,277 | | | | | | 525 | | | | | | — | | | | | | — | | | | | | 1,802 | | |
| | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 262,561 | | |
(Dollars in thousands)
|
| |
September 30,
2020 |
| |
June 30,
2020 |
| ||||||
Outstanding principal balance
|
| | | $ | 773 | | | | | $ | 773 | | |
Carrying amount
|
| | | | 328 | | | | | | 321 | | |
(Dollars in thousands)
|
| |
Accretable
Discount |
| |||
Balance, May 1, 2020
|
| | | $ | 57 | | |
Accretion
|
| | | | (4) | | |
Balance, June 30, 2020
|
| | | $ | 53 | | |
Accretion
|
| | | | (7) | | |
Balance, September 30, 2020
|
| | | $ | 46 | | |
| | |
Aged Analysis of Past Due and Non-accrual Loans
As of September 30, 2020 |
| |
Recorded
Investment > 90 Days and Accruing |
| |
Recorded
Investment Loans on Non-Accrual |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
Or Greater |
| |
Total
Past Due |
| |
Acquired
Credit Impaired |
| |
Current
|
| |
Total Loans
Receivable |
| |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
1 – 4 family
|
| | | $ | 2,011 | | | | | $ | 203 | | | | | $ | 1,541 | | | | | $ | 3,755 | | | | | $ | 305 | | | | | $ | 331,906 | | | | | $ | 335,966 | | | | | $ | — | | | | | $ | 3,284 | | |
Home equity and HELOCs
|
| | | | 492 | | | | | | — | | | | | | 181 | | | | | | 673 | | | | | | 23 | | | | | | 44,668 | | | | | | 45,364 | | | | | | — | | | | | | 473 | | |
Construction – residential
|
| | | | — | | | | | | 515 | | | | | | — | | | | | | 515 | | | | | | — | | | | | | 13,150 | | | | | | 13,665 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 14,293 | | | | | | 14,477 | | | | | | — | | | | | | 184 | | |
Commercial non-residential
|
| | | | 505 | | | | | | 54 | | | | | | — | | | | | | 559 | | | | | | — | | | | | | 79,410 | | | | | | 79,969 | | | | | | — | | | | | | 689 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,592 | | | | | | 6,592 | | | | | | — | | | | | | — | | |
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,958 | | | | | | 5,958 | | | | | | — | | | | | | — | | |
Consumer
|
| | | | 123 | | | | | | 20 | | | | | | 30 | | | | | | 173 | | | | | | — | | | | | | 3,497 | | | | | | 3,670 | | | | | | — | | | | | | 145 | | |
Total
|
| | | $ | 3,131 | | | | | $ | 792 | | | | | $ | 1,936 | | | | | $ | 5,859 | | | | | $ | 328 | | | | | $ | 499,474 | | | | | $ | 505,661 | | | | | $ | — | | | | | $ | 4,775 | | |
|
| | |
Aged Analysis of Past Due and Non-accrual Loans
As of June 30, 2020 |
| |
Recorded
Investment > 90 Days and Accruing |
| |
Recorded
Investment Loans on Non-Accrual |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
Or Greater |
| |
Total Past
Due |
| |
Acquired
Credit Impaired |
| |
Current
|
| |
Total Loans
Receivable |
| |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family
|
| | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | 2,732 | | | | | $ | 299 | | | | | $ | 342,884 | | | | | $ | 345,915 | | | | | $ | — | | | | | $ | 2,353 | | |
Home equity and HELOCs
|
| | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 408 | | | | | | 22 | | | | | | 46,624 | | | | | | 47,054 | | | | | | 90 | | | | | | 384 | | |
Construction – residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,799 | | | | | | 15,799 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | 465 | | | | | | 185 | | | | | | 650 | | | | | | — | | | | | | 14,314 | | | | | | 14,964 | | | | | | — | | | | | | 185 | | |
Commercial non-residential
|
| | | | 100 | | | | | | 507 | | | | | | — | | | | | | 607 | | | | | | — | | | | | | 76,100 | | | | | | 76,707 | | | | | | — | | | | | | 135 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,690 | | | | | | 6,690 | | | | | | — | | | | | | — | | |
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,438 | | | | | | 6,438 | | | | | | — | | | | | | — | | |
Consumer
|
| | | | 3 | | | | | | 21 | | | | | | — | | | | | | 24 | | | | | | — | | | | | | 3,876 | | | | | | 3,900 | | | | | | — | | | | | | 115 | | |
Total
|
| | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 4,421 | | | | | $ | 321 | | | | | $ | 512,724 | | | | | $ | 517,467 | | | | | $ | 90 | | | | | $ | 3,172 | | |
|
| | |
Aged Analysis of Past Due and Non-accrual Loans
As of June 30, 2019 |
| |
Recorded
Investment > 90 Days and Accruing |
| |
Recorded
Investment Loans on Non-Accrual |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
Or Greater |
| |
Total
Past Due |
| |
Acquired
Credit Impaired |
| |
Current
|
| |
Total Loans
Receivable |
| |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family
|
| | | $ | — | | | | | $ | 807 | | | | | $ | 1,038 | | | | | $ | 1,845 | | | | | $ | — | | | | | $ | 218,331 | | | | | $ | 220,176 | | | | | $ | 7 | | | | | $ | 1,270 | | |
Home equity and HELOCs
|
| | | | 246 | | | | | | 59 | | | | | | 315 | | | | | | 620 | | | | | | — | | | | | | 31,285 | | | | | | 31,905 | | | | | | 140 | | | | | | 385 | | |
Construction – residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,739 | | | | | | 9,739 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | 394 | | | | | | 189 | | | | | | 583 | | | | | | — | | | | | | 10,445 | | | | | | 11,028 | | | | | | — | | | | | | 189 | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 53,557 | | | | | | 53,557 | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,438 | | | | | | 4,438 | | | | | | — | | | | | | — | | |
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,099 | | | | | | 2,099 | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 741 | | | | | | 741 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 246 | | | | | $ | 1,260 | | | | | $ | 1,542 | | | | | $ | 3,048 | | | | | $ | — | | | | | $ | 330,635 | | | | | $ | 333,683 | | | | | $ | 147 | | | | | $ | 1,844 | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs
|
| | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential
|
| | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs
|
| | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential
|
| | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 1,946 | | | | | $ | 11 | | |
Home equity and HELOCs
|
| | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential
|
| | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 81 | | | | | $ | — | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 2,027 | | | | | $ | 11 | | |
Home equity and HELOCs
|
| | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential
|
| | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,451 | | | | | $ | 45 | | |
Home equity and HELOCs
|
| | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential
|
| | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 67 | | | | | $ | 4 | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,518 | | | | | $ | 49 | | |
Home equity and HELOCs
|
| | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential
|
| | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 2,396 | | | | | $ | 2,396 | | | | | $ | — | | | | | $ | 1,927 | | | | | $ | 73 | | |
Home equity and HELOCs
|
| | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 161 | | | | | $ | 161 | | | | | $ | 58 | | | | | $ | 165 | | | | | $ | 11 | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 2,557 | | | | | $ | 2,557 | | | | | $ | 58 | | | | | $ | 2,092 | | | | | $ | 84 | | |
Home equity and HELOCs
|
| | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the year ended June 30, 2019
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Number
of Contracts |
| |
Pre-Modification
Outstanding Recorded Investment |
| |
Post-Modification
Outstanding Recorded Investment |
| |||||||||
Commercial non-residential
|
| | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
Total
|
| | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
(Dollars in thousands)
|
| |
September 30, 2020
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
% of Total
|
| |
Amount
|
| |
% of Total
|
| |
Amount
|
| |
% of Total
|
| ||||||||||||||||||
Interest-bearing deposits
|
| | | $ | 6 | | | | | | 0.2% | | | | | $ | 4 | | | | | | 0.2% | | | | | $ | 20 | | | | | | 1.5% | | |
Investment securities
|
| | | | 776 | | | | | | 26.6% | | | | | | 352 | | | | | | 13.8% | | | | | | 101 | | | | | | 7.8% | | |
Loans
|
| | | | 2,134 | | | | | | 73.2% | | | | | | 2,184 | | | | | | 86.0% | | | | | | 1,181 | | | | | | 90.7% | | |
Total Accrued Interest Receivable
|
| | | $ | 2,916 | | | | | | 100.00% | | | | | $ | 2,540 | | | | | | 100.00% | | | | | $ | 1,302 | | | | | | 100.00% | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Land
|
| | | $ | 2,753 | | | | | $ | 4,144 | | | | | $ | 2,471 | | |
Office buildings and improvements
|
| | | | 12,759 | | | | | | 14,493 | | | | | | 8,198 | | |
Furniture, fixtures and equipment
|
| | | | 2,282 | | | | | | 1,918 | | | | | | 978 | | |
Automobiles
|
| | | | 50 | | | | | | 50 | | | | | | 57 | | |
| | | | | 17,844 | | | | | | 20,605 | | | | | | 11,704 | | |
Accumulated depreciation
|
| | | | (3,920) | | | | | | (3,872) | | | | | | (3,298) | | |
| | | | $ | 13,924 | | | | | $ | 16,733 | | | | | $ | 8,406 | | |
(Dollars in thousands)
|
| |
Goodwill
|
| |
Core Deposit
Intangibles |
| ||||||
Balance, July 1, 2018
|
| | | $ | — | | | | | $ | — | | |
Adjustments: | | | | | | | | | | | | | |
Additions
|
| | | | 4,858 | | | | | | 1,432 | | |
Amortization
|
| | | | — | | | | | | (260) | | |
Balance, June 30, 2019
|
| | | $ | 4,858 | | | | | $ | 1,172 | | |
|
(Dollars in thousands)
|
| |
Goodwill
|
| |
Core Deposit
Intangibles |
| ||||||
Balance, July 1, 2019
|
| | | $ | 4,858 | | | | | $ | 1,172 | | |
Adjustments: | | | | | | | | | | | | | |
Additions
|
| | | | — | | | | | | 262 | | |
Amortization
|
| | | | — | | | | | | (242) | | |
Balance, June 30, 2020
|
| | | $ | 4,858 | | | | | $ | 1,192 | | |
Adjustments: | | | | | | | | | | | | | |
Additions
|
| | | | — | | | | | | — | | |
Amortization
|
| | | | — | | | | | | (64) | | |
Balance, September 30, 2020
|
| | | $ | 4,858 | | | | | $ | 1,128 | | |
| | |
September 30, 2020
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Core deposit intangibles
|
| | | $ | 1,694 | | | | | $ | (566) | | | | | $ | 1,128 | | |
| | |
June 30, 2020
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Core deposit intangibles
|
| | | $ | 1,694 | | | | | $ | (502) | | | | | $ | 1,192 | | |
| | |
June 30, 2019
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Core deposit intangibles
|
| | | $ | 1,432 | | | | | $ | (260) | | | | | $ | 1,172 | | |
(Dollars in thousands)
|
| | | ||||||||||
Twelve months ended:
|
| |
September 30,
2020 Expense |
| |
June 30,
2020 Expense |
| ||||||
2021
|
| | | $ | 248 | | | | | $ | 255 | | |
2022
|
| | | | 217 | | | | | | 224 | | |
2023
|
| | | | 186 | | | | | | 194 | | |
2024
|
| | | | 155 | | | | | | 163 | | |
2025
|
| | | | 124 | | | | | | 132 | | |
2026 and thereafter
|
| | | | 198 | | | | | | 224 | | |
| | | | $ | 1,128 | | | | | $ | 1,192 | | |
| | |
September 30, 2020
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Weighted
Average Rate |
| |
Amount
|
| |
Weighted
Average Rate |
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||||||||||||||
Checking accounts
|
| | | $ | 140,146 | | | | | | 0.07% | | | | | $ | 142,223 | | | | | | 0.13% | | | | | $ | 67,547 | | | | | | 0.09% | | |
Money market accounts
|
| | | | 140,891 | | | | | | 0.62 | | | | | | 129,048 | | | | | | 0.94 | | | | | | 67,648 | | | | | | 1.68 | | |
Savings and club accounts
|
| | | | 95,070 | | | | | | 0.10 | | | | | | 94,097 | | | | | | 0.19 | | | | | | 33,172 | | | | | | 0.16 | | |
Certificates of deposit
|
| | | | 205,386 | | | | | | 1.71 | | | | | | 194,480 | | | | | | 1.86 | | | | | | 112,839 | | | | | | 1.90 | | |
| | | | $ | 581,493 | | | | | | 0.79% | | | | | $ | 559,848 | | | | | | 0.93% | | | | | $ | 281,206 | | | | | | 1.21% | | |
(In thousands)
|
| |
September 30,
2020 |
| |
June 30, 2020
|
| ||||||
Twelve months ending: | | | | | | | | | | | | | |
2021
|
| | | $ | 128,575 | | | | | $ | 113,596 | | |
2022
|
| | | | 35,625 | | | | | | 37,073 | | |
2023
|
| | | | 16,745 | | | | | | 18,085 | | |
2024
|
| | | | 12,170 | | | | | | 13,426 | | |
2025
|
| | | | 10,592 | | | | | | 10,668 | | |
Thereafter
|
| | | | 1,679 | | | | | | 1,632 | | |
| | | | $ | 205,386 | | | | | $ | 194,480 | | |
(Dollars in thousands)
|
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
June 30,
2019 |
| |||||||||
FHLB advances: | | | | | | | | | | | | | | | | | | | |
Convertible
|
| | | $ | 20,000 | | | | | $ | 20,000 | | | | | $ | 20,000 | | |
Fixed
|
| | | | 14,000 | | | | | | 21,767 | | | | | | 11,000 | | |
Mid-term
|
| | | | 7,000 | | | | | | 23,215 | | | | | | 19,000 | | |
Total FHLB advances
|
| | | $ | 41,000 | | | | | $ | 64,982 | | | | | $ | 50,000 | | |
| | |
September 30, 2020
|
| |
June 30, 2020
|
| ||||||||||||||||||
(Dollars in thousands)
Twelve months ending: |
| |
Amount
|
| |
Weighted
Average Rate |
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||||||||
2021
|
| | | $ | — | | | | | | —% | | | | | $ | 15,086 | | | | | | 2.40% | | |
2022
|
| | | | 7,000 | | | | | | 2.03% | | | | | | 9,092 | | | | | | 2.17% | | |
2023
|
| | | | 13,000 | | | | | | 2.74% | | | | | | 14,073 | | | | | | 2.75% | | |
2024
|
| | | | 7,000 | | | | | | 2.00% | | | | | | 9,158 | | | | | | 2.13% | | |
2025
|
| | | | 14,000 | | | | | | 2.92% | | | | | | 15,892 | | | | | | 2.85% | | |
Thereafter
|
| | | | — | | | | | | —% | | | | | | 1,591 | | | | | | 2.83% | | |
Total FHLB advances
|
| | | $ | 41,000 | | | | | | 2.55% | | | | | $ | 64,892 | | | | | | 2.53% | | |
| | |
Three months ended
September 30, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Federal: | | | | | | | | | | | | | |
Current
|
| | | $ | (139) | | | | | $ | (38) | | |
Deferred
|
| | | | 268 | | | | | | 243 | | |
| | | | | 129 | | | | | | 205 | | |
State, current
|
| | | | 15 | | | | | | 15 | | |
| | | | $ | 144 | | | | | $ | 220 | | |
|
| | |
Year ended June 30,
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Federal: | | | | | | | | | | | | | |
Current
|
| | | $ | (448) | | | | | $ | 1,594 | | |
Deferred
|
| | | | 51 | | | | | | (544) | | |
| | | | | (397) | | | | | | 1,050 | | |
State, current
|
| | | | 10 | | | | | | 10 | | |
| | | | $ | (387) | | | | | $ | 1,060 | | |
| | |
Three months ended September 30,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Pretax Income |
| |
Amount
|
| |
% of
Pretax Income |
| ||||||||||||
Federal income tax at statutory rate
|
| | | $ | 171 | | | | | | 21.0% | | | | | $ | 226 | | | | | | 21.0% | | |
State tax, net of federal benefit
|
| | | | 12 | | | | | | 1.5 | | | | | | 12 | | | | | | 1.1 | | |
Bank owned-life insurance
|
| | | | (24) | | | | | | (2.9) | | | | | | (17) | | | | | | (1.6) | | |
Other
|
| | | | (13) | | | | | | (1.7) | | | | | | (1) | | | | | | — | | |
| | | | $ | 146 | | | | | | 17.9% | | | | | $ | 220 | | | | | | 20.5% | | |
|
| | |
Year ended June 30,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Pretax Income |
| |
Amount
|
| |
% of
Pretax Income |
| ||||||||||||
Federal income tax at statutory rate
|
| | | $ | 198 | | | | | | 21.0% | | | | | $ | 1,011 | | | | | | 21.0% | | |
State tax, net of federal benefit
|
| | | | 7 | | | | | | 0.7 | | | | | | 8 | | | | | | 0.2 | | |
Bank owned-life insurance
|
| | | | (74) | | | | | | (7.9) | | | | | | (69) | | | | | | (1.4) | | |
Gain on bargain purchase
|
| | | | (157) | | | | | | (16.7) | | | | | | — | | | | | | — | | |
Non-deductible merger expenses
|
| | | | 71 | | | | | | 7.5 | | | | | | — | | | | | | — | | |
Impact of tax law change
|
| | | | (408) | | | | | | (43.3) | | | | | | — | | | | | | — | | |
Other
|
| | | | (24) | | | | | | (2.4) | | | | | | 110 | | | | | | 2.2 | | |
| | | | $ | (387) | | | | | | (41.1)% | | | | | $ | 1,060 | | | | | | 22.0% | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Deferred tax assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan origination fees
|
| | | $ | 119 | | | | | $ | 171 | | | | | $ | 100 | | | | | $ | 186 | | |
Allowance for loan losses
|
| | | | 803 | | | | | | 705 | | | | | | 788 | | | | | | 757 | | |
Deferred director’s fees
|
| | | | 288 | | | | | | 289 | | | | | | 289 | | | | | | 303 | | |
Deferred compensation
|
| | | | 531 | | | | | | 411 | | | | | | 525 | | | | | | 475 | | |
Deferred pension
|
| | | | 613 | | | | | | — | | | | | | 613 | | | | | | — | | |
Purchase accounting adjustments
|
| | | | 1,292 | | | | | | — | | | | | | 1,552 | | | | | | — | | |
NOL carry forward
|
| | | | 1,090 | | | | | | 453 | | | | | | 1,090 | | | | | | 453 | | |
Other
|
| | | | 51 | | | | | | 11 | | | | | | — | | | | | | 60 | | |
Total Deferred Tax Assets
|
| | | | 4,787 | | | | | | 2,040 | | | | | | 4,957 | | | | | | 2,234 | | |
Deferred tax liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gain on securities
|
| | | | (123) | | | | | | (10) | | | | | | (21) | | | | | | (60) | | |
Premises and equipment
|
| | | | (180) | | | | | | (63) | | | | | | (114) | | | | | | (63) | | |
Other
|
| | | | (36) | | | | | | (49) | | | | | | (5) | | | | | | — | | |
Total Deferred Tax Liabilities
|
| | | | (339) | | | | | | (122) | | | | | | (140) | | | | | | (123) | | |
Net Deferred Tax Asset
|
| | | $ | 4,448 | | | | | $ | 1,918 | | | | | $ | 4,817 | | | | | $ | 2,111 | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Commitments to extend credit
|
| | | $ | 18,192 | | | | | $ | 18,602 | | | | | $ | 10,952 | | |
Unfunded commitments under lines of credit
|
| | | | 62,717 | | | | | | 52,432 | | | | | | 27,981 | | |
Standby letters of credit
|
| | | | 1,000 | | | | | | — | | | | | | — | | |
As of September 30, 2020
(Dollars in thousands except for ratios) |
| |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To be Well Capitalized
Under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
|
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage
|
| | | $ | 86,956 | | | | | | 11.92% | | | | | >$ | 29,172 | | | | | | >4.00% | | | | | >$ | 36,465 | | | | | | >5.00% | | |
As of June 30, 2020
(Dollars in thousands except for ratios) |
| |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To be Well Capitalized
Under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
|
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage
|
| | | $ | 86,822 | | | | | | 13.67% | | | | | >$ | 25,397 | | | | | | >4.00% | | | | | >$ | 31,746 | | | | | | >5.00% | | |
As of June 30, 2019:
(Dollars in thousands) |
| |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To be Well Capitalized
under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
|
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||
Total risk-based capital
|
| | | $ | 71,558 | | | | | | 25.8% | | | | | $ | >22,172 | | | | | | >8.0% | | | | | $ | >27,715 | | | | | | >10.0% | | |
Common Equity Tier 1 Capital
|
| | | | 68,437 | | | | | | 24.7 | | | | | | >12,477 | | | | | | >4.5 | | | | | | >18,022 | | | | | | >6.5 | | |
Core capital (to risk-weighted assets)
|
| | | | 68,437 | | | | | | 24.7 | | | | | | >16,636 | | | | | | >6.0 | | | | | | >22,181 | | | | | | >8.0 | | |
Core capital (to adjusted total assets)
|
| | | | 68,437 | | | | | | 16.9 | | | | | | >16,162 | | | | | | >4.0 | | | | | | >20,203 | | | | | | >5.0 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | ||||||||||||||||||||
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | $ | 66,400 | | | | | $ | — | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | 2,378 | | | | | | — | | | | | | 2,378 | | |
U.S. government agency securities
|
| | | | — | | | | | | 11,547 | | | | | | — | | | | | | 11,547 | | |
Municipal bonds
|
| | | | — | | | | | | 25,128 | | | | | | — | | | | | | 25,128 | | |
Corporate bonds
|
| | | | — | | | | | | 18,144 | | | | | | — | | | | | | 18,144 | | |
Total Assets
|
| | | $ | — | | | | | $ | 123,597 | | | | | $ | — | | | | | $ | 123,597 | | |
|
| | |
June 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | $ | 51,738 | | | | | $ | — | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | 3,215 | | | | | | — | | | | | | 3,215 | | |
U.S. government agency securities
|
| | | | — | | | | | | 6,155 | | | | | | — | | | | | | 6,155 | | |
U.S. treasury securities
|
| | | | — | | | | | | 1,000 | | | | | | — | | | | | | 1,000 | | |
Municipal bonds
|
| | | | — | | | | | | 10,508 | | | | | | — | | | | | | 10,508 | | |
Corporate bonds
|
| | | | — | | | | | | 17,382 | | | | | | — | | | | | | 17,382 | | |
Total Assets
|
| | | $ | — | | | | | $ | 89,998 | | | | | $ | — | | | | | $ | 89,998 | | |
|
| | |
June 30, 2019
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | 5,767 | | | | | | — | | | | | | 5,767 | | |
U.S. government agency securities
|
| | | | — | | | | | | 10,912 | | | | | | — | | | | | | 10,912 | | |
Private label collateralized mortgage obligations
|
| | | | — | | | | | | 303 | | | | | | — | | | | | | 303 | | |
Total Assets
|
| | | $ | — | | | | | $ | 20,660 | | | | | $ | — | | | | | $ | 20,660 | | |
| | |
June 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
Other real estate owned
|
| | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 290 | | | | | $ | 290 | | |
|
| | |
June 30, 2019
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
Other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
| | |
Quantative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
(Dollars in thousands)
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
|
| |||
June 30, 2020 | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 190 | | | |
Appraisal of collateral(1)
|
| |
Appraisal adjustments(2)
|
| |
0 – 28%
|
|
Foreclosed real estate owned
|
| | | $ | 100 | | | |
Appraisal of collateral(1)(3)
|
| |
Liquidation expenses(2)
|
| |
0%
|
|
| | |
Quantative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
(Dollars in thousands)
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Input
|
| |
Range
|
| |||
June 30, 2019 | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 4,346 | | | |
Appraisal of collateral(1)
|
| |
Appraisal adjustments(2)
|
| |
0 – 25%
|
|
Foreclosed real estate owned
|
| | | $ | — | | | |
Appraisal of collateral(1)(3)
|
| |
Liquidation expenses(2)
|
| |
0%
|
|
| | |
Fair Value Measurements at September 30, 2020
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net
|
| | | | 497,630 | | | | | | 527,508 | | | | | | — | | | | | | — | | | | | | 527,508 | | |
Regulatory stock
|
| | | | 3,219 | | | | | | 3,219 | | | | | | 3,219 | | | | | | — | | | | | | — | | |
Bank-owned life insurance
|
| | | | 14,870 | | | | | | 14,870 | | | | | | 14,870 | | | | | | — | | | | | | — | | |
Accrued interest receivable
|
| | | | 2,916 | | | | | | 2,916 | | | | | | 2,916 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts
|
| | | | 140,146 | | | | | | 140,146 | | | | | | 140,146 | | | | | | — | | | | | | — | | |
Money market accounts
|
| | | | 140,891 | | | | | | 140,891 | | | | | | 140,891 | | | | | | — | | | | | | — | | |
Savings and club accounts
|
| | | | 95,070 | | | | | | 95,070 | | | | | | 95,070 | | | | | | — | | | | | | — | | |
Certificates of deposit
|
| | | | 205,386 | | | | | | 208,373 | | | | | | — | | | | | | — | | | | | | 208,373 | | |
Advances from Federal Home Loan Bank
|
| | | | 41,000 | | | | | | 42,574 | | | | | | — | | | | | | — | | | | | | 42,574 | | |
Advances from borrowers for taxes and insurance
|
| | | | 2,910 | | | | | | 2,910 | | | | | | 2,910 | | | | | | — | | | | | | — | | |
Accrued interest payable
|
| | | | 175 | | | | | | 175 | | | | | | 175 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Fair Value Measurements at June 30, 2020
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net
|
| | | | 508,605 | | | | | | 541,779 | | | | | | — | | | | | | — | | | | | | 541,779 | | |
Regulatory stock
|
| | | | 4,200 | | | | | | 4,200 | | | | | | 4,200 | | | | | | — | | | | | | — | | |
Bank-owned life insurance
|
| | | | 14,758 | | | | | | 14,758 | | | | | | 14,758 | | | | | | — | | | | | | — | | |
Accrued interest receivable
|
| | | | 2,540 | | | | | | 2,540 | | | | | | 2,540 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts
|
| | | | 142,223 | | | | | | 142,223 | | | | | | 142,223 | | | | | | — | | | | | | — | | |
Money market accounts
|
| | | | 129,048 | | | | | | 129,048 | | | | | | 129,048 | | | | | | — | | | | | | — | | |
Savings and club accounts
|
| | | | 94,097 | | | | | | 94,097 | | | | | | 94,097 | | | | | | — | | | | | | — | | |
Certificates of deposit
|
| | | | 194,480 | | | | | | 198,268 | | | | | | — | | | | | | — | | | | | | 198,268 | | |
Advances from Federal Home Loan Bank
|
| | | | 64,892 | | | | | | 67,520 | | | | | | — | | | | | | — | | | | | | 67,520 | | |
Advances from borrowers for taxes and insurance
|
| | | | 4,536 | | | | | | 4,536 | | | | | | 4,536 | | | | | | — | | | | | | — | | |
Accrued interest payable
|
| | | | 246 | | | | | | 246 | | | | | | 246 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Fair Value Measurements at June 30, 2019
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits
|
| | | | 8,486 | | | | | | 8,486 | | | | | | 8,486 | | | | | | — | | | | | | — | | |
Securities held to maturity
|
| | | | 1,906 | | | | | | 1,937 | | | | | | — | | | | | | 1,937 | | | | | | — | | |
Loans receivable, net
|
| | | | 326,017 | | | | | | 330,060 | | | | | | — | | | | | | — | | | | | | 330,060 | | |
Regulatory stock
|
| | | | 2,785 | | | | | | 2,785 | | | | | | 2,785 | | | | | | — | | | | | | — | | |
Bank-owned life insurance
|
| | | | 11,203 | | | | | | 11,203 | | | | | | 11,203 | | | | | | — | | | | | | — | | |
Accrued interest receivable
|
| | | | 1,340 | | | | | | 1,340 | | | | | | 1,340 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts
|
| | | | 67,547 | | | | | | 67,547 | | | | | | 67,547 | | | | | | — | | | | | | — | | |
Money market accounts
|
| | | | 67,648 | | | | | | 67,648 | | | | | | 67,648 | | | | | | — | | | | | | — | | |
Savings and club accounts
|
| | | | 33,172 | | | | | | 33,172 | | | | | | 33,172 | | | | | | — | | | | | | — | | |
Certificates of deposit
|
| | | | 112,839 | | | | | | 112,245 | | | | | | — | | | | | | — | | | | | | 112,245 | | |
Advances from Federal Home Loan Bank
|
| | | | 50,000 | | | | | | 50,651 | | | | | | — | | | | | | — | | | | | | 50,651 | | |
Advances from borrowers for taxes and insurance
|
| | | | 3,814 | | | | | | 3,814 | | | | | | 3,814 | | | | | | — | | | | | | — | | |
Accrued interest payable
|
| | | | 171 | | | | | | 171 | | | | | | 171 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
(in thousands)
|
| | | | |
September 30, 2020
|
| |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets
|
| | Other assets | | | | $ | 1,589 | | |
Total Right-of-Use Assets
|
| | | | | | $ | 1,589 | | |
|
(in thousands)
|
| | | | |
September 30, 2020
|
| |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities
|
| |
Other liabilities
|
| | | $ | 1,585 | | |
Total Lease Liabilities
|
| | | | | | $ | 1,585 | | |
|
(in thousands)
|
| | | | |
June 30, 2020
|
| |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets
|
| | Other assets | | | | $ | 1,663 | | |
Total Right-of-Use Assets
|
| | | | | | $ | 1,663 | | |
|
(in thousands)
|
| | | | |
June 30, 2020
|
| |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities
|
| |
Other liabilities
|
| | | $ | 1,638 | | |
Total Lease Liabilities
|
| | | | | | $ | 1,638 | | |
| | |
September 30,
2020 |
|
Weighted average remaining lease term | | | | |
Operating leases
|
| |
11.8 years
|
|
Weighted average discount rate | | | | |
Operating leases
|
| |
2.20%
|
|
| | |
June 30,
2020 |
|
Weighted average remaining lease term | | | | |
Operating leases
|
| |
11.9 years
|
|
Weighted average discount rate | | | | |
Operating leases
|
| |
2.19%
|
|
| | |
September 30,
2020 |
| |
June 30,
2020 |
| ||||||
(in thousands)
|
| |
Operating
Leases |
| |
Operating
Leases |
| ||||||
Twelve months ended: | | | | | | | | | | | | | |
2021
|
| | | $ | 248 | | | | | $ | 247 | | |
2022
|
| | | | 254 | | | | | | 252 | | |
2023
|
| | | | 260 | | | | | | 258 | | |
2024
|
| | | | 260 | | | | | | 265 | | |
2025
|
| | | | 211 | | | | | | 246 | | |
Thereafter
|
| | | | 587 | | | | | | 613 | | |
Total future minimum lease payments
|
| | | $ | 1,820 | | | | | $ | 1,881 | | |
Amounts representing interest
|
| | | | (235) | | | | | | (243) | | |
Present value of net future minimum lease payments
|
| | | $ | 1,585 | | | | | $ | 1,638 | | |
| | |
September 30,
2020 |
| |
June 30,
|
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||||||||
Beginning Balance
|
| | | $ | 587 | | | | | $ | 147 | | | | | $ | 117 | | |
New loans and funding of existing lines of credit
|
| | | | 277 | | | | | | 505 | | | | | | — | | |
Loans to newly appointed directors
|
| | | | — | | | | | | 103 | | | | | | 104 | | |
Repayments
|
| | | | (35) | | | | | | (168) | | | | | | (74) | | |
Ending balance
|
| | | $ | 829 | | | | | $ | 587 | | | | | $ | 147 | | |
| | |
September 30,
|
| |
June 30,
|
| |
June 30,
|
| |||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | |||
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash on deposit at the Bank
|
| | | $ | 694 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Investment in the Bank
|
| | | | 94,465 | | | | | | 93,401 | | | | | | 75,142 | | |
Other assets
|
| | | | 347 | | | | | | 103 | | | | | | 48 | | |
TOTAL ASSETS
|
| | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Accrued and other liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
TOTAL LIABILITIES
|
| | | | — | | | | | | — | | | | | | — | | |
Commitments and contingencies
|
| | | | — | | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued
|
| | | | — | | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares
issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 and June 30, 2020 and at June 30, 2019, respectively. |
| | | | 467 | | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital
|
| | | | 42,932 | | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at September 30, 2020, June 30, 2020, and June 30, 2019, respectively.
|
| | | | (3,710) | | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings
|
| | | | 55,384 | | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income
|
| | | | 433 | | | | | | 76 | | | | | | 228 | | |
TOTAL STOCKHOLDERS’ EQUITY
|
| | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
| | |
Three months ended September 30,
|
| |
Year ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on interest-bearing deposits with the Bank
|
| | |
$
|
—
|
| | | | $ | 5 | | | | | $ | 8 | | | | | $ | 14 | | |
Total Income
|
| | | | — | | | | | | 5 | | | | | | 8 | | | | | | 14 | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Professional fees
|
| | | | 44 | | | | | | 15 | | | | | | 50 | | | | | | — | | |
Merger relates expenses
|
| | | | — | | | | | | — | | | | | | 532 | | | | | | — | | |
Other expenses
|
| | | | 3 | | | | | | — | | | | | | 12 | | | | | | 82 | | |
Total Expenses
|
| | | | 47 | | | | | | 15 | | | | | | 594 | | | | | | 82 | | |
Income before income tax benefit and equity in undistributed net income of affiliates
|
| | | | (47) | | | | | | (10) | | | | | | (586) | | | | | | (68) | | |
Income Tax Benefit
|
| | | | (10) | | | | | | (2) | | | | | | (51) | | | | | | (14) | | |
Equity in undistributed net income of the Bank
|
| | | | 707 | | | | | | 862 | | | | | | 1,863 | | | | | | 3,810 | | |
NET INCOME
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Comprehensive income
|
| | | $ | 1,027 | | | | | $ | 664 | | | | | $ | 1,176 | | | | | $ | 3,765 | | |
| | |
Three months ended
September 30, |
| |
Year ended
June 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Equity in undistributed net earnings of subsidiaries
|
| | | | (707) | | | | | | (862) | | | | | | (1,863) | | | | | | (3,810) | | |
Dividend from the Bank
|
| | | | — | | | | | | 1,000 | | | | | | 4,000 | | | | | | 2,000 | | |
Change in other assets
|
| | | | (244) | | | | | | (9) | | | | | | (61) | | | | | | (8) | | |
Net Cash Provided by (Used for) Operating Activities
|
| | | | (281) | | | | | | 983 | | | | | | 3,404 | | | | | | 1,938 | | |
Cash Flows from Financing Activities
Cash dividends |
| | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) for Financing Activities
|
| | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net (Decrease) Increase in Cash and Cash Equivalents
|
| | | | (2,167) | | | | | | (1,000) | | | | | | 1,421 | | | | | | 658 | | |
Cash and Cash Equivalents – Beginning
|
| | | | 2,861 | | | | | | 1,440 | | | | | | 1,440 | | | | | | 782 | | |
Cash and Cash Equivalents – Ending
|
| | | $ | 694 | | | | | $ | 440 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Supplementary Cash Flows Information | | | | | | ||||||||||||||||||||
Income taxes paid
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Consolidated Financial Statements for the Nine Months Ended March 31, 2020 and 2019 (Unaudited) | | | | | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-6 – A-24 | | |
| | |
March 31, 2020
|
| |
June 30, 2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
$
|
1,084,862
|
| | | | $ | 980,252 | | |
Interest bearing demand deposits
|
| | |
|
4,681,286
|
| | | | | 2,842,634 | | |
Federal funds sold
|
| | |
|
19,296,000
|
| | | | | 18,590,000 | | |
Cash and cash equivalents
|
| | |
|
25,062,148
|
| | | | | 22,412,886 | | |
Interest bearing time deposits
|
| | |
|
676,743
|
| | | | | 665,924 | | |
Investment securities available-for-sale, at fair value
|
| | |
|
470,757
|
| | | | | 577,904 | | |
Investment securities held-to-maturity (fair value March 31, 2020 $3,043; June 30, 2019 $8,782)
|
| | |
|
2,894
|
| | | | | 8,512 | | |
Loans receivable, net of allowance for loan losses of $431,534 at March 31, 2020 and $469,381 at June 30, 2019
|
| | |
|
57,492,060
|
| | | | | 62,041,187 | | |
Accrued interest receivable
|
| | |
|
178,288
|
| | | | | 205,469 | | |
Foreclosed real estate
|
| | |
|
100,100
|
| | | | | 191,100 | | |
Restricted stock, at cost
|
| | |
|
334,600
|
| | | | | 300,200 | | |
Premises and equipment, net
|
| | |
|
175,356
|
| | | | | 191,419 | | |
Prepaid expenses and other assets
|
| | |
|
211,262
|
| | | | | 199,775 | | |
Deferred income taxes, net
|
| | |
|
344,852
|
| | | | | 354,115 | | |
Total Assets
|
| | |
$
|
85,049,060
|
| | | | $ | 87,148,491 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits
|
| | |
$
|
64,937,797
|
| | | | $ | 68,060,437 | | |
Advances from Federal Home Loan Bank of Pittsburgh
|
| | |
|
5,270,593
|
| | | | | 4,408,422 | | |
Advances from borrowers for taxes and insurance
|
| | |
|
411,146
|
| | | | | 404,175 | | |
Accrued interest payable
|
| | |
|
22,888
|
| | | | | 18,887 | | |
Other liabilities
|
| | |
|
1,512,895
|
| | | | | 1,557,399 | | |
Total Liabilities
|
| | |
|
72,155,319
|
| | | | | 74,449,320 | | |
Equity | | | | | | | | | | | | | |
Surplus
|
| | |
|
951,782
|
| | | | | 951,782 | | |
Retained earnings
|
| | |
|
12,955,589
|
| | | | | 12,586,445 | | |
Accumulated other comprehensive loss
|
| | |
|
(1,013,630)
|
| | | | | (839,056) | | |
Total Equity
|
| | |
|
12,893,741
|
| | | | | 12,699,171 | | |
Total Liabilities and Equity
|
| | |
$
|
85,049,060
|
| | | | $ | 87,148,491 | | |
9 Months Ended March 31,
|
| |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees:
|
| | | | | | | | | | | | |
First mortgage loans
|
| | |
$
|
1,700,192
|
| | | | $ | 1,686,200 | | |
Consumer and other loans
|
| | |
|
517,525
|
| | | | | 517,782 | | |
Mortgage-backed securities
|
| | |
|
14,126
|
| | | | | 18,971 | | |
Other
|
| | |
|
303,309
|
| | | | | 392,252 | | |
Total Interest Income
|
| | |
|
2,535,152
|
| | | | | 2,615,205 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits
|
| | |
|
458,491
|
| | | | | 433,893 | | |
Federal Home Loan Bank advances
|
| | |
|
106,934
|
| | | | | 73,400 | | |
Total Interest Expense
|
| | |
|
565,425
|
| | | | | 507,293 | | |
Net interest income
|
| | |
|
1,969,727
|
| | | | | 2,107,912 | | |
Provision (Credit) for Loan Losses
|
| | |
|
(49,308)
|
| | | | | 2,686 | | |
Net interest income after provision (credit) for loan losses
|
| | |
|
2,019,035
|
| | | | | 2,105,226 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees
|
| | |
|
115,189
|
| | | | | 122,242 | | |
Net loss on foreclosed real estate
|
| | |
|
(2,701)
|
| | | | | (11,470) | | |
Other
|
| | |
|
203
|
| | | | | 916 | | |
Total Non-Interest Income
|
| | |
|
112,691
|
| | | | | 111,688 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits
|
| | |
|
784,881
|
| | | | | 1,152,696 | | |
Occupancy and equipment
|
| | |
|
136,426
|
| | | | | 150,944 | | |
Foreclosed real estate expenses
|
| | |
|
14,903
|
| | | | | 4,209 | | |
Federal deposit insurance premiums
|
| | |
|
(30)
|
| | | | | 18,116 | | |
Data processing
|
| | |
|
123,221
|
| | | | | 122,882 | | |
Other
|
| | |
|
547,265
|
| | | | | 437,193 | | |
Total Non-Interest Expenses
|
| | |
|
1,606,666
|
| | | | | 1,886,040 | | |
Income before income taxes
|
| | |
|
525,060
|
| | | | | 330,874 | | |
Income Tax Expense
|
| | |
|
155,916
|
| | | | | 122,952 | | |
Net Income
|
| | |
$
|
369,144
|
| | | | $ | 207,922 | | |
9 Months Ended March 31,
|
| |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income
|
| | |
$
|
369,144
|
| | | | $ | 207,922 | | |
Other Comprehensive Loss | | | | | | | | | | | | | |
Unrealized gain (loss) on securities available-for-sale, net of taxes of $518 and $(384), respectively
|
| | |
|
1,947
|
| | | | | (1,443) | | |
Unfunded post-retirement obligations:
|
| | | | | | | | | | | | |
Increase in minimum pension liability, net of taxes of $(55,146) and $(33,076), respectively
|
| | |
|
(207,454)
|
| | | | | (124,427) | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $8,223 and $7,448, respectively(1)
|
| | |
|
30,933
|
| | | | | 28,017 | | |
Other comprehensive loss on unfunded post-retirement obligations
|
| | |
|
(176,521)
|
| | | | | (96,410) | | |
Total Other Comprehensive Loss
|
| | |
|
(174,574)
|
| | | | | (97,853) | | |
Comprehensive Income
|
| | |
$
|
194,570
|
| | | | $ | 110,069 | | |
| | |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||
Balance, July 1, 2018
|
| | | $ | 951,782 | | | | | $ | 12,282,043 | | | | | $ | (709,717) | | | | | $ | 12,524,108 | | |
Net income
|
| | | | — | | | | | | 207,922 | | | | | | — | | | | | | 207,922 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (97,853) | | | | | | (97,853) | | |
Balance, March 31, 2019 (unaudited)
|
| | | $ | 951,782 | | | | | $ | 12,489,965 | | | | | $ | (807,570) | | | | | $ | 12,634,177 | | |
|
| | |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||
Balance, July 1, 2019
|
| | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Net income
|
| | | | — | | | | | | 369,144 | | | | | | — | | | | | | 369,144 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (174,574) | | | | | | (174,574) | | |
Balance, March 31, 2020 (unaudited)
|
| | | $ | 951,782 | | | | | $ | 12,955,589 | | | | | $ | (1,013,630) | | | | | $ | 12,893,741 | | |
9 Months Ended March 31,
|
| |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income
|
| | |
$
|
369,144
|
| | | | $ | 207,922 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Provision for depreciation
|
| | |
|
29,734
|
| | | | | 33,552 | | |
(Credit) provision for loan losses
|
| | |
|
(49,308)
|
| | | | | 2,686 | | |
Net amortization of securities premiums and discounts
|
| | |
|
544
|
| | | | | 802 | | |
Deferred income taxes
|
| | |
|
55,668
|
| | | | | (9,098) | | |
Net loss on foreclosed real estate
|
| | |
|
2,701
|
| | | | | 11,470 | | |
Decrease (increase) in assets:
|
| | | | | | | | | | | | |
Accrued interest receivable
|
| | |
|
27,181
|
| | | | | (9,077) | | |
Prepaid expenses and other assets
|
| | |
|
(11,487)
|
| | | | | 3,655 | | |
Increase (decrease) in liabilities:
|
| | | | | | | | | | | | |
Accrued interest payable
|
| | |
|
4,001
|
| | | | | 7,104 | | |
Other liabilities
|
| | |
|
(267,948)
|
| | | | | 53,145 | | |
Net Cash Provided by Operating Activities
|
| | |
|
160,230
|
| | | | | 302,162 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net purchases of interest-bearing time deposits
|
| | |
|
(10,819)
|
| | | | | (1,592) | | |
Net decrease (increase) in loans receivable
|
| | |
|
4,598,435
|
| | | | | (1,577,027) | | |
Investment securities available-for-sale:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
190,073
|
| | | | | 156,538 | | |
Investment securities held-to-maturity:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
5,613
|
| | | | | 16,736 | | |
Proceeds from sale of premises and equipment
|
| | |
|
—
|
| | | | | 850 | | |
Purchase of premises and equipment
|
| | |
|
(13,671)
|
| | | | | (18,993) | | |
Proceeds from sale of foreclosed real estate
|
| | |
|
88,299
|
| | | | | 31,909 | | |
Net increase in restricted stock
|
| | |
|
(34,400)
|
| | | | | (66,000) | | |
Net Cash Provided by (Used in) Investing Activities
|
| | |
|
4,742,530
|
| | | | | (1,457,579) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits
|
| | |
|
(3,122,640)
|
| | | | | (827,155) | | |
Proceeds from long-term debt
|
| | |
|
1,000,000
|
| | | | | 1,770,000 | | |
Repayment of long-term debt
|
| | |
|
(137,829)
|
| | | | | (121,086) | | |
Net increase in advances from borrowers for taxes and insurance
|
| | |
|
6,971
|
| | | | | 5,613 | | |
Net Cash Provided by (Used in) Financing Activities
|
| | |
|
(2,253,498)
|
| | | | | 827,372 | | |
Net increase (decrease) in cash and cash equivalents
|
| | |
|
2,649,262
|
| | | | | (328,045) | | |
Cash and Cash Equivalents, Beginning
|
| | |
|
22,412,886
|
| | | | | 23,932,579 | | |
Cash and Cash Equivalents, Ending
|
| | |
$
|
25,062,148
|
| | | | $ | 23,604,534 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid
|
| | |
$
|
561,424
|
| | | | $ | 500,189 | | |
Income taxes paid
|
| | |
$
|
52,000
|
| | | | $ | 115,000 | | |
March 31, 2020
|
| |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
452,176
|
| | | |
$
|
18,581
|
| | | |
$
|
—
|
| | | |
$
|
470,757
|
| |
| | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
| | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
|
June 30, 2019
|
| |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
March 31, 2020
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after five years through ten years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after ten years through fifteen years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Mortgage-backed securities
|
| | |
|
452,176
|
| | | |
|
470,757
|
| | | |
|
2,894
|
| | | |
|
3,043
|
| |
| | | | $ | 452,176 | | | | | $ | 470,757 | | | | | $ | 2,894 | | | | | $ | 3,043 | | |
|
June 30, 2019
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities
|
| | | | 561,788 | | | | | | 577,904 | | | | | | 8,512 | | | | | | 8,782 | | |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
| | |
2020
|
| |
2019
|
| ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied
|
| | |
$
|
23,232,841
|
| | | | $ | 22,754,109 | | |
One-to-four family residences – non-owner occupied
|
| | |
|
15,447,295
|
| | | | | 18,621,665 | | |
Secured by other properties
|
| | |
|
3,244,175
|
| | | | | 3,611,107 | | |
| | | |
|
41,924,311
|
| | | | | 44,986,881 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage
|
| | |
|
16,004,808
|
| | | | | 17,519,066 | | |
Savings account loans and other
|
| | |
|
142,948
|
| | | | | 179,626 | | |
| | | |
|
16,147,756
|
| | | | | 17,698,692 | | |
Total Loans Receivable
|
| | |
|
58,072,067
|
| | | | | 62,685,573 | | |
Unearned loan origination fees, net
|
| | |
|
(148,473)
|
| | | | | (175,005) | | |
Allowance for loan losses
|
| | |
|
(431,534)
|
| | | | | (469,381) | | |
Loans Receivable, Net
|
| | |
$
|
57,492,060
|
| | | | $ | 62,041,187 | | |
March 31, 2020
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
|
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 88,324 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,167 | | | | | $ | 89,491 | | | | | $ | — | | | | | $ | 89,491 | | |
Non-owner occupied
|
| | |
|
223,609
|
| | | |
|
—
|
| | | |
|
12,957
|
| | | |
|
(40,198)
|
| | | |
|
196,368
|
| | | |
|
55,843
|
| | | |
|
140,525
|
| |
Secured by other properties
|
| | |
|
84,138
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(3,466)
|
| | | |
|
80,672
|
| | | |
|
49,919
|
| | | |
|
30,753
|
| |
Home equity and second mortgage
|
| | |
|
67,696
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(8,200)
|
| | | |
|
59,496
|
| | | |
|
—
|
| | | |
|
59,496
|
| |
Savings account loans and other
|
| | |
|
5,614
|
| | | |
|
(1,937)
|
| | | |
|
441
|
| | | |
|
1,389
|
| | | |
|
5,507
|
| | | |
|
—
|
| | | |
|
5,507
|
| |
| | | | $ | 469,381 | | | | | $ | (1,937) | | | | | $ | 13,398 | | | | | $ | (49,308) | | | | | $ | 431,534 | | | | | $ | 105,762 | | | | | $ | 325,772 | | |
March 31, 2019
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
|
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,362) | | | | | $ | 105,828 | | | | | $ | — | | | | | $ | 105,828 | | |
Non-owner occupied
|
| | | | 200,983 | | | | | | — | | | | | | — | | | | | | 14,325 | | | | | | 215,308 | | | | | | 44,382 | | | | | | 170,926 | | |
Secured by other properties
|
| | | | 90,936 | | | | | | — | | | | | | — | | | | | | (8,575) | | | | | | 82,361 | | | | | | 49,919 | | | | | | 32,442 | | |
Home equity and second mortgage
|
| | | | 78,499 | | | | | | — | | | | | | — | | | | | | (953) | | | | | | 77,546 | | | | | | — | | | | | | 77,546 | | |
Savings account loans and other
|
| | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | 251 | | | | | | 7,689 | | | | | | — | | | | | | 7,689 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | 2,686 | | | | | $ | 488,732 | | | | | $ | 94,301 | | | | | $ | 394,431 | | |
|
March 31, 2020
|
| |
Loans Receivable
|
| |||||||||||||||
|
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 23,232,841 | | | | |
$
|
273,158
|
| | | |
$
|
22,959,683
|
| |
Non-owner occupied
|
| | |
|
15,447,295
|
| | | |
|
513,746
|
| | | |
|
14,933,549
|
| |
Secured by other properties
|
| | |
|
3,244,175
|
| | | |
|
308,400
|
| | | |
|
2,935,775
|
| |
Home equity and second mortgage
|
| | |
|
16,004,808
|
| | | |
|
57,650
|
| | | |
|
15,947,158
|
| |
Savings account loans and other
|
| | |
|
142,948
|
| | | |
|
—
|
| | | |
|
142,948
|
| |
| | | | $ | 58,072,067 | | | | |
$
|
1,152,954
|
| | | |
$
|
56,919,113
|
| |
|
June 30, 2019
|
| |
Loans Receivable
|
| |||||||||||||||
|
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied
|
| | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties
|
| | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage
|
| | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other
|
| | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
March 31, 2020
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied
|
| | |
|
87,756
|
| | | |
|
87,756
|
| | | |
|
—
|
| | | |
|
103,750
|
| | | |
|
3,220
|
| |
Secured by other properties
|
| | |
|
134,820
|
| | | |
|
134,820
|
| | | |
|
—
|
| | | |
|
142,219
|
| | | |
|
12,079
|
| |
Home equity and second mortgage
|
| | |
|
57,650
|
| | | |
|
57,650
|
| | | |
|
—
|
| | | |
|
64,764
|
| | | |
|
569
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
425,990
|
| | | |
|
425,990
|
| | | |
|
55,843
|
| | | |
|
425,990
|
| | | |
|
—
|
| |
Secured by other properties
|
| | |
|
173,580
|
| | | |
|
173,580
|
| | | |
|
49,919
|
| | | |
|
175,011
|
| | | |
|
7,495
|
| |
Home equity and second mortgage
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied
|
| | |
|
513,746
|
| | | |
|
513,746
|
| | | |
|
55,843
|
| | | |
|
529,740
|
| | | |
|
3,220
|
| |
Secured by other properties
|
| | |
|
308,400
|
| | | |
|
308,400
|
| | | |
|
49,919
|
| | | |
|
317,230
|
| | | |
|
19,574
|
| |
Home equity and second mortgage
|
| | |
|
57,650
|
| | | |
|
57,650
|
| | | |
|
—
|
| | | |
|
64,764
|
| | | |
|
569
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
|
June 30, 2019
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
Secured by other properties
|
| | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage
|
| | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other
|
| | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties
|
| | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties
|
| | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage
|
| | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other
|
| | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
March 31, 2020
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
22,959,683
|
| | | |
$
|
—
|
| | | |
$
|
273,158
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
23,232,841
|
| |
Non-owner occupied
|
| | |
|
13,713,466
|
| | | |
|
1,220,083
|
| | | |
|
513,746
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
15,447,295
|
| |
Secured by other properties
|
| | |
|
2,671,514
|
| | | |
|
437,841
|
| | | |
|
134,820
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
3,244,175
|
| |
Home equity and second mortgage
|
| | |
|
15,947,158
|
| | | |
|
—
|
| | | |
|
57,650
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
16,004,808
|
| |
Savings account loans and other
|
| | |
|
139,246
|
| | | |
|
—
|
| | | |
|
3,702
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
142,948
|
| |
| | | | $ | 55,431,067 | | | | | $ | 1,657,924 | | | | | $ | 983,076 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,072,067 | | |
|
June 30, 2019
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied
|
| | | | 16,706,762 | | | | | | 1,401,017 | | | | | | 513,886 | | | | | | — | | | | | | — | | | | | | 18,621,665 | | |
Secured by other properties
|
| | | | 3,003,645 | | | | | | 457,844 | | | | | | 149,618 | | | | | | — | | | | | | — | | | | | | 3,611,107 | | |
Home equity and second mortgage
|
| | | | 17,447,187 | | | | | | — | | | | | | 71,879 | | | | | | — | | | | | | — | | | | | | 17,519,066 | | |
Savings account loans and other
|
| | | | 174,814 | | | | | | — | | | | | | 4,812 | | | | | | — | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
March 31, 2020
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 98,841 | | | | | $ | — | | | | | $ | — | | | | | $ | 98,841 | | | | | $ | 23,134,000 | | | | | $ | 23,232,841 | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
513,746
|
| | | |
|
513,746
|
| | | |
|
14,933,549
|
| | | |
|
15,447,295
|
| | | |
|
—
|
| |
Secured by other properties
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
3,244,175
|
| | | |
|
3,244,175
|
| | | |
|
—
|
| |
Home equity and second mortgage
|
| | |
|
75,239
|
| | | |
|
87
|
| | | |
|
—
|
| | | |
|
75,326
|
| | | |
|
15,929,482
|
| | | |
|
16,004,808
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
142,948
|
| | | |
|
142,948
|
| | | |
|
—
|
| |
| | | | $ | 174,080 | | | | | $ | 168,780 | | | | | $ | 513,746 | | | | | $ | 687,913 | | | | | $ | 57,384,154 | | | | | $ | 58,072,067 | | | | | $ | — | | |
|
June 30, 2019
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied
|
| | | | 134,350 | | | | | | — | | | | | | 513,886 | | | | | | 648,236 | | | | | | 17,973,429 | | | | | | 18,621,665 | | | | | | — | | |
Secured by other properties
|
| | | | — | | | | | | 149,618 | | | | | | — | | | | | | 149,618 | | | | | | 3,461,489 | | | | | | 3,611,107 | | | | | | — | | |
Home equity and second mortgage
|
| | | | 22,462 | | | | | | 19,162 | | | | | | — | | | | | | 41,624 | | | | | | 17,477,442 | | | | | | 17,519,066 | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,626 | | | | | | 179,626 | | | | | | — | | |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
273,158
|
| | | | $ | 281,984 | | |
Non-owner occupied
|
| | |
|
513,746
|
| | | | | 513,886 | | |
Secured by other properties
|
| | |
|
134,820
|
| | | | | 149,618 | | |
Home equity and second mortgage
|
| | |
|
57,650
|
| | | | | 71,879 | | |
Savings account loans and other
|
| | |
|
—
|
| | | | | — | | |
| | | |
$
|
979,374
|
| | | | $ | 1,017,367 | | |
| | |
Estimated
Useful Lives |
| |
2020
|
| |
2019
|
| ||||||
Buildings and improvements
|
| |
3 to 35 years
|
| | |
$
|
968,615
|
| | | | $ | 968,615 | | |
Furniture, fixtures and equipment
|
| |
1 to 15 years
|
| | |
|
776,523
|
| | | | | 771,383 | | |
| | | | | | |
|
1,745,138
|
| | | | | 1,739,998 | | |
Accumulated depreciation
|
| | | | | |
|
(1,602,432)
|
| | | | | (1,581,229) | | |
| | | | | | |
|
142,706
|
| | | | | 158,769 | | |
Land
|
| | | | | |
|
32,650
|
| | | | | 32,650 | | |
| | | | | | |
$
|
175,356
|
| | | | $ | 191,419 | | |
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
| | |
Weighted
Average Rate at March 31, 2020 |
| |
Amount
|
| |
Percent
|
| |
Weighted
Average Rate at June 30, 2019 |
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business checking
|
| | | | | | | | |
$
|
378,482
|
| | | |
|
0.58%
|
| | | | | | | | | | $ | 437,231 | | | | | | 0.64% | | |
Non-interest checking
|
| | | | | | | | |
|
3,041,670
|
| | | |
|
4.68
|
| | | | | | | | | | | 3,486,425 | | | | | | 5.12 | | |
NOW
|
| | | | | | | | |
|
14,791,328
|
| | | |
|
22.78
|
| | | | | | | | | | | 16,810,886 | | | | | | 24.70 | | |
Money market
|
| | | | | | | | |
|
3,140,120
|
| | | |
|
4.84
|
| | | | | | | | | | | 3,526,512 | | | | | | 5.18 | | |
Savings
|
| | | | | | | | |
|
17,372,403
|
| | | |
|
26.75
|
| | | | | | | | | | | 17,749,181 | | | | | | 26.08 | | |
| | | |
|
0.40%
|
| | | |
|
38,724,003
|
| | | |
|
59.63
|
| | | | | 0.41% | | | | | | 42,010,235 | | | | | | 61.72 | | |
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificates of deposit
|
| | |
|
1.69%
|
| | | |
|
26,213,794
|
| | | |
|
40.37
|
| | | | | 1.63% | | | | | | 26,050,202 | | | | | | 38.28 | | |
| | | |
|
0.92%
|
| | | |
$
|
64,937,797
|
| | | |
|
100.00%
|
| | | | | 0.88% | | | | |
$
|
68,060,437
|
| | | | | 100.00% | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 2,207,456 | | |
2021
|
| | | | 9,253,409 | | |
2022
|
| | | | 7,745,799 | | |
2023
|
| | | | 2,961,297 | | |
2024
|
| | | | 2,551,586 | | |
2025
|
| | | | 1,179,402 | | |
Thereafter
|
| | | | 314,845 | | |
| | | | $ | 26,213,794 | | |
| | |
2020
|
| |
2019
|
| ||||||
Money market accounts
|
| | |
$
|
18,052
|
| | | | $ | 20,213 | | |
NOW accounts
|
| | |
|
68,808
|
| | | | | 78,539 | | |
Savings accounts
|
| | |
|
39,085
|
| | | | | 40,272 | | |
Certificates of deposit
|
| | |
|
332,546
|
| | | | | 294,869 | | |
| | | |
$
|
458,491
|
| | | | $ | 433,893 | | |
| | |
2020
|
| |
2019
|
| ||||||
Correspondent Bank charges
|
| | |
$
|
13,583
|
| | | | $ | 13,565 | | |
Professional fees
|
| | |
|
236,572
|
| | | | | 121,277 | | |
Advertising
|
| | |
|
37,115
|
| | | | | 38,793 | | |
Insurance/surety bond premiums
|
| | |
|
18,195
|
| | | | | 18,137 | | |
Supplies
|
| | |
|
20,507
|
| | | | | 20,570 | | |
Supervisory Exams
|
| | |
|
9,877
|
| | | | | 12,633 | | |
ATM costs
|
| | |
|
55,747
|
| | | | | 51,539 | | |
| | |
2020
|
| |
2019
|
| ||||||
VISA debit cards
|
| | |
|
23,060
|
| | | | | 24,007 | | |
Telephone, data line, and internet charges
|
| | |
|
75,828
|
| | | | | 64,889 | | |
Postage
|
| | |
|
12,654
|
| | | | | 12,295 | | |
Dues and subscriptions
|
| | |
|
12,574
|
| | | | | 11,114 | | |
DDA/NOW account costs
|
| | |
|
5,547
|
| | | | | 9,394 | | |
Loan processing costs
|
| | |
|
6,557
|
| | | | | 7,532 | | |
Telephone banking
|
| | |
|
7,041
|
| | | | | 7,377 | | |
Courier services
|
| | |
|
8,386
|
| | | | | 7,938 | | |
Meals and entertainment
|
| | |
|
3,665
|
| | | | | 9,206 | | |
Provision for other credit losses
|
| | |
|
(7,934)
|
| | | | | (2,448) | | |
Other
|
| | |
|
8,291
|
| | | | | 9,375 | | |
| | | |
$
|
547,265
|
| | | | $ | 437,193 | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Current, federal
|
| | |
$
|
56,591
|
| | | | $ | 96,181 | | |
Deferred, federal
|
| | |
|
55,668
|
| | | | | (9,098) | | |
Total federal income tax expense
|
| | |
|
112,259
|
| | | | | 87,083 | | |
Current, state
|
| | |
|
43,657
|
| | | | | 35,869 | | |
Deferred, state
|
| | |
|
—
|
| | | | | — | | |
Total state income tax expense
|
| | |
|
43,657
|
| | | | | 35,869 | | |
Total Income Tax Expense
|
| | |
$
|
155,916
|
| | | | $ | 122,952 | | |
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Impairment of securities available-for-sale
|
| | |
$
|
24,731
|
| | | | $ | 24,731 | | |
Allowance for loan losses
|
| | |
|
90,622
|
| | | | | 98,570 | | |
Other comprehensive loss, pension
|
| | |
|
273,348
|
| | | | | 226,425 | | |
Executive retirement plan
|
| | |
|
2,284
|
| | | | | 2,520 | | |
Other
|
| | |
|
41,241
|
| | | | | 30,147 | | |
| | | |
|
432,226
|
| | | | | 382,393 | | |
Valuation allowance
|
| | |
|
(24,731)
|
| | | | | (24,731) | | |
Total assets, net
|
| | |
|
407,495
|
| | | | | 357,662 | | |
Liabilities | | | | | | | | | | | | | |
Basis of premises and equipment
|
| | |
|
—
|
| | | | | (163) | | |
Unrealized gains on securities available-for-sale
|
| | |
|
(3,902)
|
| | | | | (3,384) | | |
Other
|
| | |
|
(58,741)
|
| | | | | — | | |
Total liabilities
|
| | |
|
(62,643)
|
| | | | | (3,547) | | |
Net Deferred Tax Assets
|
| | |
$
|
344,852
|
| | | | $ | 354,115 | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Beginning of year
|
| | |
$
|
2,623,485
|
| | | | $ | 2,493,426 | | |
Service cost
|
| | |
|
111,274
|
| | | | | 106,724 | | |
Interest cost
|
| | |
|
67,946
|
| | | | | 104,606 | | |
Assumption changes
|
| | |
|
216,456
|
| | | | | 243,899 | | |
Actual loss
|
| | |
|
26,445
|
| | | | | 42,336 | | |
Curtailments/Settlements
|
| | |
|
(353,416)
|
| | | | | (300,539) | | |
Benefits paid
|
| | |
|
(55,441)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
2,636,749
|
| | | | | 2,623,485 | | |
Changes in fair value of plan assets: | | | | | | | | | | | | | |
Beginning of year
|
| | |
|
1,379,626
|
| | | | | 1,613,931 | | |
Actual return on plan assets
|
| | |
|
24,980
|
| | | | | 33,201 | | |
Employer contributions
|
| | |
|
100,000
|
| | | | | 100,000 | | |
Settlements
|
| | |
|
—
|
| | | | | (300,539) | | |
Benefits paid
|
| | |
|
(55,441)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
1,449,165
|
| | | | | 1,379,626 | | |
Unfunded Status at End of Year
|
| | |
$
|
(1,187,584)
|
| | | | $ | (1,243,859) | | |
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities
|
| | |
$
|
(1,187,584)
|
| | | | $ | (1,243,859) | | |
Accumulated other comprehensive loss (pre-tax basis)
|
| | |
|
1,301,657
|
| | | | | 1,078,213 | | |
Net Amount Recognized
|
| | |
$
|
114,073
|
| | | | $ | (165,646) | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss
|
| | |
$
|
1,301,657
|
| | | | $ | 1,078,213 | | |
| | | |
$
|
1,301,657
|
| | | | $ | 1,078,213 | | |
| | |
2020
|
| |
2019
|
| ||||||
Service cost, benefit earned during the period
|
| | |
$
|
111,274
|
| | | | $ | 80,043 | | |
Interest cost on projected benefit obligation
|
| | |
|
67,946
|
| | | | | 78,455 | | |
Expected return on plan assets
|
| | |
|
(44,679)
|
| | | | | (52,152) | | |
Recognized prior service credit
|
| | |
|
—
|
| | | | | — | | |
| | |
2020
|
| |
2019
|
| ||||||
Recognized net actuarial loss
|
| | |
|
39,156
|
| | | | | 35,465 | | |
CurtaiIment/Settlement (gain)/loss
|
| | |
|
(353,416)
|
| | | | | 111,962 | | |
Net Pension Costs
|
| | |
$
|
(179,719)
|
| | | | $ | 253,773 | | |
|
March 31, 2020
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | |
$
|
1,449,165
|
| | | |
$
|
—
|
| | | |
$
|
1,449,165
|
| | | |
$
|
—
|
| |
| | | | $ | 1,449,165 | | | | | $ | — | | | | | $ | 1,449,165 | | | | | $ | — | | |
|
June 30, 2019
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 171,384 | | |
2021
|
| | | | 2,473,000 | | |
Thereafter
|
| | | | — | | |
| | | | $ | 2,644,384 | | |
Due
|
| |
Initial
Conversion Date |
| |
Strike
Rate |
| |
Current
Interest Rate |
| |
2020
|
| |
2019
|
| |||||||||||||||
April 2023
|
| | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | |
$
|
1,000,000
|
| | | | $ | 1,000,000 | | |
January 2024
|
| | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | |
|
1,000,000
|
| | | | | 1,000,000 | | |
July 2024
|
| | | | N/A | | | | | | N/A | | | | | | 2.00071 | | | | |
|
1,000,000
|
| | | | | — | | |
January 2025
|
| | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | |
|
778,628
|
| | | | | 815,873 | | |
October 2025
|
| | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | |
|
712,628
|
| | | | | 743,339 | | |
October 2027
|
| | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | |
|
779,406
|
| | | | | 849,210 | | |
| | | | | | | | | | | | | | | | | | | | | |
$
|
5,270,593
|
| | | | $ | 4,408,422 | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 46,561 | | |
2021
|
| | | | 189,386 | | |
2022
|
| | | | 194,520 | | |
2023
|
| | | | 1,199,797 | | |
2024
|
| | | | 1,205,221 | | |
2025
|
| | | | 1,705,598 | | |
Thereafter
|
| | | | 729,510 | | |
| | | | $ | 5,270,593 | | |
March 31, 2020
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital
(to risk-weighted assets) |
| | |
$
|
14,338,905
|
| | | |
|
33.9%
|
| | | |
$
|
4,438,643≥
|
| | | |
|
≥10.500%
|
| | | |
$
|
4,227,279≥
|
| | | |
|
≥10.0%
|
| |
Tier 1 capital (to risk-weighted assets)
|
| | |
|
13,907,371
|
| | | |
|
32.9%
|
| | | |
|
3,583,187≥
|
| | | |
|
≥8.500%
|
| | | |
|
3,381,823≥
|
| | | |
|
≥8.0%
|
| |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | |
|
13,907,371
|
| | | |
|
32.9%
|
| | | |
|
2,959,095≥
|
| | | |
|
≥7.000%
|
| | | |
|
2,747,731≥
|
| | | |
|
≥6.5%
|
| |
Tier 1 Leverage Ratio capital
(to average tangible assets) |
| | |
|
13,907,371
|
| | | |
|
15.8%
|
| | | |
|
3,518,978≥
|
| | | |
|
≥4.000%
|
| | | |
|
4,398,722≥
|
| | | |
|
≥5.0%
|
| |
|
June 30, 2019
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital
(to risk-weighted assets) |
| | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital
(to average tangible assets) |
| | | | 13,538,227 | | | | | | 15.39% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
|
| | |
Fixed Rate
|
| |
Variable Rate
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
First or second mortgage loans
|
| | |
$
|
806,000
|
| | | | $ | 494,400 | | | | |
$
|
—
|
| | | | $ | 110,000 | | |
Unused lines of credit
|
| | |
|
558,571
|
| | | | | 899,813 | | | | |
|
1,781,087
|
| | | | | 1,753,230 | | |
Undisbursed amounts on construction loans
|
| | |
|
1,227,979
|
| | | | | 3,135,942 | | | | |
|
—
|
| | | | | — | | |
| | | |
$
|
2,592,550
|
| | | | $ | 4,530,155 | | | | |
$
|
1,781,087
|
| | | | $ | 1,863,230 | | |
March 31, 2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
—
|
| | | |
$
|
470,757
|
| | | |
$
|
—
|
| | | |
$
|
470,757
|
| |
| | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
|
June 30, 2019
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
March 31, 2020
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | |
$
|
493,808
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
493,808
|
| |
Foreclosed real estate
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
| | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
|
June 30, 2019
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | | $ | 496,669 | | | | | $ | — | | | | | $ | — | | | | | $ | 496,669 | | |
Foreclosed real estate
|
| | | | 100,100 | | | | | | — | | | | | | — | | | | | | 100,100 | | |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
March 31, 2020
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| |||
Impaired loans
|
| | |
$
|
493,808
|
| | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
Foreclosed real estate
|
| | |
$
|
—
|
| | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
|
June 30, 2019
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| |||
Impaired loans
|
| | | $ | 496,669 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
Foreclosed real estate
|
| | | $ | 100,100 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
| | |
Unrealized
Gains (Losses) on Available-For-Sale Securities |
| |
Unfunded
Post Retirement Obligations |
| |
Total
|
| |||||||||
Balance, July 1, 2018
|
| | | $ | 13,048 | | | | | | (722,765) | | | | | | (709,717) | | |
Unrealized losses on available for sale securities
|
| | | | (1,443) | | | | | | — | | | | | | (1,443) | | |
Increase in minimum pension liability
|
| | | | — | | | | | | (124,427) | | | | | | (124,427) | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | — | | | | | | 28,017 | | | | | | 28,017 | | |
Net current-period other comprehensive loss
|
| | | | (1,443) | | | | | | (96,410) | | | | | | (97,853) | | |
Balance, March 31, 2019
|
| | | $ | 11,605 | | | | | $ | (819,175) | | | | | $ | (807,570) | | |
|
| | |
Unrealized
Gains (Losses) on Available-For-Sale Securities |
| |
Unfunded
Post Retirement Obligations |
| |
Total
|
| |||||||||
Balance, July 1, 2019
|
| | | $ | 12,732 | | | | | $ | (851,788) | | | | | $ | (839,056) | | |
Unrealized gains on available for sale securities
|
| | | | 1,947 | | | | | | — | | | | | | 1,947 | | |
Increase in minimum pension liability
|
| | | | — | | | | | | (207,454) | | | | | | (207,454) | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | — | | | | | | 30,933 | | | | | | 30,933 | | |
Net current-period other comprehensive income (loss)
|
| | | | 1,947 | | | | | | (176,521) | | | | | | (174,574) | | |
Balance, March 31, 2020
|
| | | $ | 14,679 | | | | | $ | (1,028,309) | | | | | $ | (1,013,630) | | |
| | | | | A-26 – A-26 | | | |
| Financial Statements for the Years Ended June 30, 2019 and 2018 | | | | | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-32 – A-52 | | |
|
|
| |
Tel: 215-564-1900
Fax: 215-564-3940 www.bdo.com |
| |
Ten Penn Center
1801 Market Street, Suite 1700 Philadelphia, PA 19103 |
|
June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
$
|
980,252
|
| | | | $ | 627,334 | | |
Interest bearing demand deposits
|
| | |
|
2,842,634
|
| | | | | 2,495,245 | | |
Federal funds sold
|
| | |
|
18,590,000
|
| | | | | 20,810,000 | | |
Cash and cash equivalents
|
| | |
|
22,412,886
|
| | | | | 23,932,579 | | |
Interest bearing time deposits
|
| | |
|
665,924
|
| | | | | 943,368 | | |
Investment securities available-for-sale, at fair value
|
| | |
|
577,904
|
| | | | | 774,131 | | |
Investment securities held-to-maturity (fair value 2019 $8,782; 2018
$29,696) |
| | |
|
8,512
|
| | | | | 29,283 | | |
Loans receivable, net of allowance for loan losses of $469,381 at June 30, 2019 and $487,181 at June 30, 2018
|
| | |
|
62,041,187
|
| | | | | 60,549,606 | | |
Accrued interest receivable
|
| | |
|
205,469
|
| | | | | 198,741 | | |
Foreclosed real estate
|
| | |
|
191,100
|
| | | | | 264,509 | | |
Restricted stock, at cost
|
| | |
|
300,200
|
| | | | | 238,200 | | |
Premises and equipment, net
|
| | |
|
191,419
|
| | | | | 217,259 | | |
Prepaid expenses and other assets
|
| | |
|
199,775
|
| | | | | 249,106 | | |
Deferred income taxes, net
|
| | |
|
354,115
|
| | | | | 304,052 | | |
Total Assets
|
| | |
$
|
87,148,491
|
| | | | $ | 87,700,834 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits
|
| | |
$
|
68,060,437
|
| | | | $ | 70,720,933 | | |
Advances from Federal Home Loan Bank of Pittsburgh
|
| | |
|
4,408,422
|
| | | | | 2,804,840 | | |
Advances from borrowers for taxes and insurance
|
| | |
|
404,175
|
| | | | | 392,878 | | |
Accrued interest payable
|
| | |
|
18,887
|
| | | | | 12,835 | | |
Other liabilities
|
| | |
|
1,557,399
|
| | | | | 1,245,240 | | |
Total Liabilities
|
| | |
|
74,449,320
|
| | | | | 75,176,726 | | |
Equity | | | | | | | | | | | | | |
Surplus
|
| | |
|
951,782
|
| | | | | 951,782 | | |
Retained earnings
|
| | |
|
12,586,445
|
| | | | | 12,282,043 | | |
Accumulated other comprehensive loss
|
| | |
|
(839,056)
|
| | | | | (709,717) | | |
Total Equity
|
| | |
|
12,699,171
|
| | | | | 12,524,108 | | |
Total Liabilities and Equity
|
| | |
$
|
87,148,491
|
| | | | $ | 87,700,834 | | |
Years Ended June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees:
|
| | | | | | | | | | | | |
First mortgage loans
|
| | |
$
|
2,258,344
|
| | | | $ | 2,338,288 | | |
Consumer and other loans
|
| | |
|
694,750
|
| | | | | 678,872 | | |
Investment securities
|
| | |
|
—
|
| | | | | 35,153 | | |
Mortgage-backed securities
|
| | |
|
24,733
|
| | | | | 33,122 | | |
Other
|
| | |
|
535,113
|
| | | | | 296,889 | | |
Total Interest Income
|
| | |
|
3,512,940
|
| | | | | 3,382,324 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits
|
| | |
|
584,220
|
| | | | | 560,021 | | |
Federal Home Loan Bank advances
|
| | |
|
104,716
|
| | | | | 31,839 | | |
Total Interest Expense
|
| | |
|
688,936
|
| | | | | 591,860 | | |
Net interest income
|
| | |
|
2,824,004
|
| | | | | 2,790,464 | | |
Provision (Credit) for Loan Losses
|
| | |
|
(16,665)
|
| | | | | (13,875) | | |
Net interest income after provision (credit) for loan losses
|
| | |
|
2,840,669
|
| | | | | 2,804,339 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees
|
| | |
|
164,279
|
| | | | | 177,492 | | |
Net loss on sale of investment securities
|
| | |
|
—
|
| | | | | (117,767) | | |
Net gain (loss) on sale of foreclosed real estate
|
| | |
|
9,555
|
| | | | | (36,351) | | |
Other
|
| | |
|
953
|
| | | | | 2,718 | | |
Total Non-Interest Income
|
| | |
|
174,787
|
| | | | | 26,092 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits
|
| | |
|
1,542,738
|
| | | | | 1,373,090 | | |
Occupancy and equipment
|
| | |
|
200,104
|
| | | | | 193,718 | | |
Foreclosed real estate expenses
|
| | |
|
58,886
|
| | | | | 52,286 | | |
Federal deposit insurance premiums
|
| | |
|
23,918
|
| | | | | 26,184 | | |
Data processing
|
| | |
|
163,728
|
| | | | | 164,262 | | |
Other
|
| | |
|
593,668
|
| | | | | 574,553 | | |
Total Non-Interest Expenses
|
| | |
|
2,583,042
|
| | | | | 2,384,093 | | |
Income before income taxes
|
| | |
|
432,414
|
| | | | | 446,338 | | |
Income Tax Expense
|
| | |
|
128,012
|
| | | | | 398,247 | | |
Net Income
|
| | |
$
|
304,402
|
| | | | $ | 48,091 | | |
Years Ended June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income
|
| | |
$
|
304,402
|
| | | | $ | 48,091 | | |
Other Comprehensive (Loss) Income | | | | | | | | | | | | | |
Unrealized loss on securities available-for-sale, net of taxes of $(84) and $(18,887), respectively
|
| | |
|
(316)
|
| | | | | (49,323) | | |
Reclassification adjustment for loss on sale of available- for-sale securities, net of taxes of $0 and $24,731, respectively
|
| | |
|
—
|
| | | | | 93,036 | | |
Net unrealized (losses) gains on securities available-for- sale
|
| | |
|
(316)
|
| | | | | 43,713 | | |
Unfunded post-retirement obligations:
|
| | | | | | | | | | | | |
Decrease (Increase) in minimum pension liability, net of taxes of $(44,227) and $15,333, respectively
|
| | |
|
(166,379)
|
| | | | | 35,694 | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $9,930 and $14,906, respectively(1)
|
| | |
|
37,356
|
| | | | | 39,296 | | |
Other comprehensive income on unfunded post- retirement obligations
|
| | |
|
(129,023)
|
| | | | | 74,990 | | |
Total Other Comprehensive (Loss) Income
|
| | |
|
(129,339)
|
| | | | | 118,703 | | |
Comprehensive Income
|
| | | $ | 175,063 | | | | |
$
|
166,794
|
| |
| | |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||
Balance, July 1, 2017
|
| | | $ | 951,782 | | | | | $ | 12,100,619 | | | | | $ | (695,087) | | | | | $ | 12,357,314 | | |
Net income
|
| | | | — | | | | | | 48,091 | | | | | | — | | | | | | 48,091 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | 118,703 | | | | | | 118,703 | | |
Reclassification of other comprehensive income to retained earnings of ‘stranded tax effects’ in accordance with ASU 2018-02
|
| | | | — | | | | | | 133,333 | | | | | | (133,333) | | | | | | — | | |
Balance, June 30, 2018
|
| | | | 951,782 | | | | | | 12,282,043 | | | | | | (709,717) | | | | | | 12,524,108 | | |
Net income
|
| | | | — | | | | | | 304,402 | | | | | | — | | | | | | 304,402 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (129,339) | | | | | | (129,339) | | |
Balance, June 30, 2019
|
| | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Years Ended June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income
|
| | |
$
|
304,402
|
| | | | $ | 48,091 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Provision for depreciation
|
| | |
|
44,209
|
| | | | | 48,337 | | |
(Credit) Provision for loan losses
|
| | |
|
(16,665)
|
| | | | | (13,875) | | |
Write-down of foreclosed real estate
|
| | |
|
51,055
|
| | | | | — | | |
Net amortization of securities premiums and discounts
|
| | |
|
(997)
|
| | | | | (635) | | |
Deferred income taxes
|
| | |
|
(15,681)
|
| | | | | 259,811 | | |
Net (gain) loss on sale of foreclosed real estate
|
| | |
|
(9,555)
|
| | | | | 36,351 | | |
Net loss on sale of investment securities
|
| | |
|
—
|
| | | | | 117,767 | | |
Decrease in assets:
|
| | | | | | | | | | | | |
Accrued interest receivable
|
| | |
|
(6,728)
|
| | | | | 623 | | |
Prepaid expenses and other assets
|
| | |
|
49,331
|
| | | | | 53,818 | | |
Net loss on disposal of premises and equipment
|
| | |
|
88
|
| | | | | 49 | | |
Increase (decrease) in liabilities:
|
| | | | | | | | | | | | |
Accrued interest payable
|
| | |
|
6,052
|
| | | | | 4,336 | | |
Other liabilities
|
| | |
|
148,838
|
| | | | | 88,840 | | |
Net Cash Provided by Operating Activities
|
| | |
|
554,349
|
| | | | | 643,513 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net redemptions/(purchases) of interest-bearing time deposits
|
| | |
|
277,444
|
| | | | | (2,995) | | |
Investment securities available-for-sale:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
196,743
|
| | | | | 2,369,645 | | |
Proceeds from sales
|
| | |
|
—
|
| | | | | 1,882,233 | | |
Investment securities held-to-maturity:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
20,852
|
| | | | | 1,036,608 | | |
Net decrease (increase) in loans receivable
|
| | |
|
(1,474,916)
|
| | | | | 751,400 | | |
Purchase of premises and equipment
|
| | |
|
(18,457)
|
| | | | | (18,417) | | |
Proceeds from sale of foreclosed real estate
|
| | |
|
31,909
|
| | | | | 155,694 | | |
Net increase in restricted stock
|
| | |
|
(62,000)
|
| | | | | (114,500) | | |
Net Cash (Used In) Provided by Investing Activities
|
| | |
|
(1,028,425)
|
| | | | | 6,059,668 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits
|
| | |
|
(2,660,496)
|
| | | | | (5,687,378) | | |
Proceeds from long-term debt
|
| | |
|
1,770,000
|
| | | | | 2,884,300 | | |
Repayment of long-term debt
|
| | |
|
(166,418)
|
| | | | | (79,460) | | |
Net increase (decrease) in advances from borrowers for taxes and insurance
|
| | |
|
11,297
|
| | | | | (1,826) | | |
Net Cash Used in Financing Activities
|
| | |
|
(1,045,617)
|
| | | | | (2,884,364) | | |
Net increase (decrease) in cash and cash equivalents
|
| | |
|
(1,519,693)
|
| | | | | 3,818,817 | | |
Cash and Cash Equivalents, Beginning
|
| | |
|
23,932,579
|
| | | | | 20,113,762 | | |
Cash and Cash Equivalents, Ending
|
| | |
$
|
22,412,886
|
| | | | $ | 23,932,579 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid
|
| | |
$
|
682,884
|
| | | | $ | 587,524 | | |
Income taxes paid
|
| | |
$
|
135,000
|
| | | | $ | 156,500 | | |
Supplementary Schedule of Non-Cash Investing and Financing Activities | | | | | | | | | | | | | |
Foreclosed real estate acquired in settlement of loans receivable
|
| | |
$
|
—
|
| | | | $ | 305,399 | | |
June 30, 2019
|
| |
Amortized Cost
|
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
561,788
|
| | | |
$
|
16,116
|
| | | |
$
|
—
|
| | | |
$
|
577,904
|
| |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
|
June 30, 2018
|
| |
Amortized Cost
|
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
| | | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
| | | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
June 30, 2019
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| |
Securities held-to- maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
June 30, 2018
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
June 30, 2019
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after five years through ten years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after ten years through fifteen years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Mortgage-backed securities
|
| | |
|
561,788
|
| | | |
|
577,904
|
| | | |
|
8,512
|
| | | |
|
8,782
|
| |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
|
June 30, 2018
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities
|
| | | | 757,615 | | | | | | 774,131 | | | | | | 29,283 | | | | | | 29,696 | | |
| | | | $ | 757,615 | | | | | $ | 774,131 | | | | | $ | 29,283 | | | | | $ | 29,696 | | |
| | |
2019
|
| |
2018
|
| ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied
|
| | |
$
|
22,754,109
|
| | | | $ | 21,205,105 | | |
One-to-four family residences – non-owner occupied
|
| | |
|
18,621,665
|
| | | | | 18,485,241 | | |
Secured by other properties
|
| | |
|
3,611,107
|
| | | | | 4,798,757 | | |
| | | |
|
44,986,881
|
| | | | | 44,489,103 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage
|
| | |
|
17,519,066
|
| | | | | 16,553,808 | | |
Savings account loans and other
|
| | |
|
179,626
|
| | | | | 134,938 | | |
| | | |
|
17,698,692
|
| | | | | 16,688,746 | | |
Total Loans Receivable
|
| | |
|
62,685,573
|
| | | | | 61,177,849 | | |
Unearned loan origination fees, net
|
| | |
|
(175,005)
|
| | | | | (141,062) | | |
Allowance for loan losses
|
| | |
|
(469,381)
|
| | | | | (487,181) | | |
Loans Receivable, Net
|
| | |
$
|
62,041,187
|
| | | | $ | 60,549,606 | | |
June 30, 2019
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (19,866) | | | | | $ | 88,324 | | | | | $ | — | | | | | $ | 88,324 | | |
Non-owner occupied
|
| | |
|
200,983
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
22,626
|
| | | |
|
223,609
|
| | | |
|
55,843
|
| | | |
|
167,766
|
| |
Secured by other
properties |
| | |
|
90,936
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(6,798)
|
| | | |
|
84,138
|
| | | |
|
49,919
|
| | | |
|
34,219
|
| |
Home equity and second mortgage
|
| | |
|
78,499
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(10,803)
|
| | | |
|
67,696
|
| | | |
|
—
|
| | | |
|
67,696
|
| |
Savings account loans and other
|
| | |
|
8,573
|
| | | |
|
(1,477)
|
| | | |
|
342
|
| | | |
|
(1,824)
|
| | | |
|
5,614
|
| | | |
|
—
|
| | | |
|
5,614
|
| |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | (16,665) | | | | | $ | 469,381 | | | | | $ | 105,762 | | | | | $ | 363,619 | | |
|
June 30, 2018
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 93,365 | | | | | $ | — | | | | | $ | — | | | | | $ | 14,825 | | | | | $ | 108,190 | | | | | $ | — | | | | | $ | 108,190 | | |
Non-owner occupied
|
| | | | 271,216 | | | | | | (59,833) | | | | | | — | | | | | | (10,400) | | | | | | 200,983 | | | | | | 42,911 | | | | | | 158,072 | | |
Secured by other
properties |
| | | | 109,285 | | | | | | — | | | | | | — | | | | | | (18,349) | | | | | | 90,936 | | | | | | 49,919 | | | | | | 41,017 | | |
Home equity and second mortgage
|
| | | | 83,581 | | | | | | — | | | | | | — | | | | | | (5,082) | | | | | | 78,499 | | | | | | — | | | | | | 78,499 | | |
Savings account loans and other
|
| | | | 7,927 | | | | | | (4,625) | | | | | | 140 | | | | | | 5,131 | | | | | | 8,573 | | | | | | — | | | | | | 8,573 | | |
| | | | $ | 565,374 | | | | | $ | (64,458) | | | | | $ | 140 | | | | | $ | (13,875) | | | | | $ | 487,181 | | | | | $ | 92,830 | | | | | $ | 394,351 | | |
|
June 30, 2019
|
| |
Loans Receivable
|
| |||||||||||||||
| | |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
22,754,109
|
| | | |
$
|
281,984
|
| | | |
$
|
22,472,125
|
| |
Non-owner occupied
|
| | |
|
18,621,665
|
| | | |
|
545,734
|
| | | |
|
18,075,931
|
| |
Secured by other properties
|
| | |
|
3,611,107
|
| | | |
|
326,059
|
| | | |
|
3,285,048
|
| |
Home equity and second mortgage
|
| | |
|
17,519,066
|
| | | |
|
71,879
|
| | | |
|
17,447,187
|
| |
Savings account loans and other
|
| | |
|
179,626
|
| | | |
|
—
|
| | | |
|
179,626
|
| |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
June 30, 2018
|
| |
Loans Receivable
|
| |||||||||||||||
| | |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 21,205,105 | | | | | $ | 150,387 | | | | | $ | 21,054,718 | | |
Non-owner occupied
|
| | | | 18,485,241 | | | | | | 550,668 | | | | | | 17,934,573 | | |
Secured by other properties
|
| | | | 4,798,757 | | | | | | 343,569 | | | | | | 4,455,188 | | |
Home equity and second mortgage
|
| | | | 16,553,808 | | | | | | 55,931 | | | | | | 16,497,877 | | |
Savings account loans and other
|
| | | | 134,938 | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 61,177,849 | | | | | $ | 1,100,555 | | | | | $ | 60,077,294 | | |
June 30, 2019
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | |
|
119,744
|
| | | |
|
151,701
|
| | | |
|
—
|
| | | |
|
121,019
|
| | | |
|
4,755
|
| |
June 30, 2019
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
Secured by other properties
|
| | |
|
149,618
|
| | | |
|
149,618
|
| | | |
|
—
|
| | | |
|
156,436
|
| | | |
|
13,180
|
| |
Home equity and second mortgage
|
| | |
|
71,879
|
| | | |
|
71,879
|
| | | |
|
—
|
| | | |
|
108,384
|
| | | |
|
2,917
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
425,990
|
| | | |
|
425,990
|
| | | |
|
55,843
|
| | | |
|
427,181
|
| | | |
|
3,061
|
| |
Secured by other properties
|
| | |
|
176,441
|
| | | |
|
176,441
|
| | | |
|
49,919
|
| | | |
|
178,378
|
| | | |
|
9,753
|
| |
Home equity and second mortgage
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | |
|
545,734
|
| | | |
|
577,691
|
| | | |
|
55,843
|
| | | |
|
548,200
|
| | | |
|
7,816
|
| |
Secured by other properties
|
| | |
|
326,059
|
| | | |
|
326,059
|
| | | |
|
49,919
|
| | | |
|
334,814
|
| | | |
|
22,933
|
| |
Home equity and second mortgage
|
| | |
|
71,879
|
| | | |
|
71,879
|
| | | |
|
—
|
| | | |
|
108,384
|
| | | |
|
2,917
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
June 30, 2018
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied
|
| | | | 235,408 | | | | | | 267,365 | | | | | | — | | | | | | 343,512 | | | | | | 12,602 | | |
Secured by other properties
|
| | | | 163,254 | | | | | | 163,254 | | | | | | — | | | | | | 168,569 | | | | | | 11,764 | | |
Home equity and second mortgage
|
| | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other
|
| | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | | | 315,260 | | | | | | 315,260 | | | | | | 42,911 | | | | | | 318,908 | | | | | | 14,371 | | |
Secured by other properties
|
| | | | 180,315 | | | | | | 180,315 | | | | | | 49,919 | | | | | | 182,158 | | | | | | 9,931 | | |
Home equity and second mortgage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied
|
| | | | 550,668 | | | | | | 582,625 | | | | | | 42,911 | | | | | | 662,420 | | | | | | 26,973 | | |
Secured by other properties
|
| | | | 343,569 | | | | | | 343,569 | | | | | | 49,919 | | | | | | 350,727 | | | | | | 21,695 | | |
Home equity and second mortgage
|
| | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other
|
| | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
June 30, 2019
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied
|
| | |
|
16,706,762
|
| | | |
|
1,401,017
|
| | | |
|
513,886
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
18,621,665
|
| |
Secured by other properties
|
| | |
|
3,003,645
|
| | | |
|
457,844
|
| | | |
|
149,618
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
3,611,107
|
| |
Home equity and second mortgage
|
| | |
|
17,447,187
|
| | | |
|
—
|
| | | |
|
71,879
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
17,519,066
|
| |
Savings account loans and other
|
| | |
|
174,814
|
| | | |
|
—
|
| | | |
|
4,812
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
179,626
|
| |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
|
June 30, 2018
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 21,054,718 | | | | | $ | — | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,205,105 | | |
Non-owner occupied
|
| | | | 18,485,241 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | |
Secured by other properties
|
| | | | 4,635,503 | | | | | | — | | | | | | 163,254 | | | | | | — | | | | | | — | | | | | | 4,798,757 | | |
Home equity and second mortgage
|
| | | | 16,497,877 | | | | | | — | | | | | | 55,931 | | | | | | — | | | | | | — | | | | | | 16,553,808 | | |
Savings account loans and other
|
| | | | 134,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 60,808,277 | | | | | $ | — | | | | | $ | 369,572 | | | | | $ | — | | | | | $ | — | | | | | $ | 61,177,849 | | |
June 30, 2019
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
134,350
|
| | | |
|
—
|
| | | |
|
513,886
|
| | | |
|
648,236
|
| | | |
|
17,973,429
|
| | | |
|
18,621,665
|
| | | |
|
—
|
| |
Secured by other properties
|
| | |
|
—
|
| | | |
|
149,618
|
| | | |
|
—
|
| | | |
|
149,618
|
| | | |
|
3,461,489
|
| | | |
|
3,611,107
|
| | | |
|
—
|
| |
Home equity and second mortgage
|
| | |
|
22,462
|
| | | |
|
19,162
|
| | | |
|
—
|
| | | |
|
41,624
|
| | | |
|
17,477,442
|
| | | |
|
17,519,066
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
179,626
|
| | | |
|
179,626
|
| | | |
|
—
|
| |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
June 30, 2018
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 145,939 | | | | | $ | 68,862 | | | | | $ | 150,387 | | | | | $ | 365,188 | | | | | $ | 20,839,917 | | | | | $ | 21,205,105 | | | | | $ | — | | |
Non-owner occupied
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | | | | | 18,485,241 | | | | | | — | | |
Secured by other properties
|
| | | | — | | | | | | 163,254 | | | | | | — | | | | | | 163,254 | | | | | | 4,635,503 | | | | | | 4,798,757 | | | | | | — | | |
Home equity and second mortgage
|
| | | | — | | | | | | 67,860 | | | | | | 55,931 | | | | | | 123,791 | | | | | | 16,430,017 | | | | | | 16,553,808 | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | | | | | 134,938 | | | | | | — | | |
| | | | $ | 145,939 | | | | | $ | 299,976 | | | | | $ | 206,318 | | | | | $ | 652,233 | | | | | $ | 60,525,616 | | | | | $ | 61,177,849 | | | | | $ | — | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
281,984
|
| | | | $ | 150,387 | | |
Non-owner occupied
|
| | |
|
513,886
|
| | | | | — | | |
Secured by other properties
|
| | |
|
149,618
|
| | | | | 163,254 | | |
Home equity and second mortgage
|
| | |
|
71,879
|
| | | | | 55,931 | | |
Savings account loans and other
|
| | |
|
—
|
| | | | | — | | |
| | | |
$
|
1,017,367
|
| | | | $ | 369,572 | | |
| | |
Estimated
Useful Lives |
| |
2019
|
| |
2018
|
| ||||||
Buildings and improvements
|
| |
3 to 35 years
|
| | |
$
|
968,615
|
| | | | $ | 968,615 | | |
Furniture, fixtures and equipment
|
| |
1 to 15 years
|
| | |
|
771,383
|
| | | | | 769,310 | | |
| | | | | | |
|
1,739,998
|
| | | | | 1,737,925 | | |
Accumulated depreciation
|
| | | | | |
|
(1,581,229)
|
| | | | | (1,553,316) | | |
| | | | | | |
|
158,769
|
| | | | | 184,609 | | |
Land
|
| | | | | |
|
32,650
|
| | | | | 32,650 | | |
| | | | | | |
$
|
191,419
|
| | | | $ | 217,259 | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
| | |
Weighted
Average Rate at June 30, 2019 |
| |
Amount
|
| |
Percent
|
| |
Weighted
Average Rate at June 30, 2017 |
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business checking
|
| | | | | | | | |
$
|
437,231
|
| | | |
|
0.64%
|
| | | | | | | | | | $ | 322,715 | | | | | | 0.46% | | |
Non-interest checking
|
| | | | | | | | |
|
3,486,425
|
| | | |
|
5.12
|
| | | | | | | | | | | 2,738,631 | | | | | | 3.87 | | |
NOW
|
| | | | | | | | |
|
16,810,886
|
| | | |
|
24.70
|
| | | | | | | | | | | 18,753,514 | | | | | | 26.52 | | |
Money market
|
| | | | | | | | |
|
3,526,512
|
| | | |
|
5.18
|
| | | | | | | | | | | 4,092,473 | | | | | | 5.79 | | |
Savings
|
| | | | | | | | |
|
17,749,181
|
| | | |
|
26.08
|
| | | | | | | | | | | 18,118,590 | | | | | | 25.62 | | |
| | | |
|
0.41%
|
| | | |
|
42,010,235
|
| | | |
|
61.72
|
| | | | | 0.43% | | | | | | 44,025,923 | | | | | | 62.26 | | |
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificates of deposit
|
| | |
|
1.63%
|
| | | |
|
26,050,202
|
| | | |
|
38.28
|
| | | | | 1.27% | | | | | | 26,695,010 | | | | | | 37.74 | | |
| | | |
|
0.88%
|
| | | |
$
|
68,060,437
|
| | | |
|
100.00%
|
| | | | | 0.75% | | | | | $ | 70,720,933 | | | | | | 100.00% | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 9,549,030 | | |
2021
|
| | | | 3,505,427 | | |
2022
|
| | | | 6,225,297 | | |
2023
|
| | | | 2,959,540 | | |
2024
|
| | | | 2,602,855 | | |
Thereafter
|
| | | | 1,208,053 | | |
| | | | $ | 26,050,202 | | |
| | |
2019
|
| |
2018
|
| ||||||
Money market accounts
|
| | |
$
|
26,160
|
| | | | $ | 26,411 | | |
NOW accounts
|
| | |
|
103,195
|
| | | | | 122,866 | | |
Savings accounts
|
| | |
|
53,711
|
| | | | | 53,314 | | |
Certificates of deposit
|
| | |
|
401,154
|
| | | | | 357,430 | | |
| | | |
$
|
584,220
|
| | | | $ | 560,021 | | |
| | |
2019
|
| |
2018
|
| ||||||
Correspondent Bank charges
|
| | |
$
|
18,239
|
| | | | $ | 25,571 | | |
Professional fees
|
| | |
|
160,974
|
| | | | | 161,499 | | |
Advertising
|
| | |
|
53,178
|
| | | | | 49,085 | | |
Insurance/surety bond premiums
|
| | |
|
24,144
|
| | | | | 24,318 | | |
Supplies
|
| | |
|
16,212
|
| | | | | 27,798 | | |
Supervisory Exams
|
| | |
|
27,350
|
| | | | | 17,548 | | |
ATM costs
|
| | |
|
69,847
|
| | | | | 67,045 | | |
VISA debit cards
|
| | |
|
30,839
|
| | | | | 30,215 | | |
| | |
2019
|
| |
2018
|
| ||||||
Telephone, data line, and internet charges
|
| | |
|
84,891
|
| | | | | 81,399 | | |
Postage
|
| | |
|
16,993
|
| | | | | 19,869 | | |
Dues and subscriptions
|
| | |
|
15,426
|
| | | | | 13,917 | | |
DDA/NOW account costs
|
| | |
|
12,230
|
| | | | | 12,211 | | |
Loan processing costs
|
| | |
|
11,230
|
| | | | | 6,778 | | |
Telephone banking
|
| | |
|
9,716
|
| | | | | 9,991 | | |
Courier services
|
| | |
|
10,618
|
| | | | | 10,090 | | |
Meals and entertainment
|
| | |
|
10,496
|
| | | | | 6,104 | | |
Provision for other credit losses
|
| | |
|
8,048
|
| | | | | (2,566) | | |
Other
|
| | |
|
13,237
|
| | | | | 13,681 | | |
| | | |
$
|
593,668
|
| | | | $ | 574,553 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Current, federal
|
| | |
$
|
106,386
|
| | | | $ | 123,144 | | |
Deferred, federal
|
| | |
|
(15,681)
|
| | | | | 240,386 | | |
Total federal income tax expense
|
| | |
|
90,705
|
| | | | | 363,530 | | |
Current, state
|
| | |
|
37,307
|
| | | | | 15,292 | | |
Deferred, state
|
| | |
|
—
|
| | | | | 19,425 | | |
Total state income tax expense
|
| | |
|
37,307
|
| | | | | 34,717 | | |
Total Income Tax Expense
|
| | |
$
|
128,012
|
| | | | $ | 398,247 | | |
| | |
2019
|
| |
2018
|
| ||||||
Assets | | | | | | | | | | | | | |
Impairment of securities available-for-sale
|
| | |
$
|
24,731
|
| | | | $ | 24,731 | | |
Allowance for loan losses
|
| | |
|
98,570
|
| | | | | 102,308 | | |
Other comprehensive loss, pension
|
| | |
|
226,425
|
| | | | | 192,128 | | |
Executive retirement plan
|
| | |
|
2,520
|
| | | | | 2,835 | | |
Other
|
| | |
|
30,147
|
| | | | | 10,646 | | |
| | | |
|
382,393
|
| | | | | 332,648 | | |
Valuation allowance
|
| | |
|
(24,731)
|
| | | | | (24,731) | | |
Total assets, net
|
| | |
|
357,662
|
| | | | | 307,917 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Liabilities | | | | | | | | | | | | | |
Basis of premises and equipment
|
| | |
|
(163)
|
| | | | | (396) | | |
Unrealized gains on securities available-for-sale
|
| | |
|
(3,384)
|
| | | | | (3,469) | | |
Total liabilities
|
| | |
|
(3,547)
|
| | | | | (3,865) | | |
Net Deferred Tax Assets
|
| | |
$
|
354,115
|
| | | | $ | 304,052 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Beginning of year
|
| | |
$
|
2,493,426
|
| | | | $ | 2,448,837 | | |
Service cost
|
| | |
|
106,724
|
| | | | | 101,462 | | |
Interest cost
|
| | |
|
104,606
|
| | | | | 95,069 | | |
Assumption changes
|
| | |
|
243,899
|
| | | | | (113,561) | | |
Actual loss
|
| | |
|
42,336
|
| | | | | 28,586 | | |
Benefits paid
|
| | |
|
(367,506)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
2,623,485
|
| | | | | 2,493,426 | | |
Changes in fair value of plan assets: | | | | | | | | | | | | | |
Beginning of year
|
| | |
|
1,613,931
|
| | | | | 1,449,918 | | |
Actual return on plan assets
|
| | |
|
33,201
|
| | | | | 30,980 | | |
Employer contributions
|
| | |
|
100,000
|
| | | | | 200,000 | | |
Benefits paid
|
| | |
|
(367,506)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
1,379,626
|
| | | | | 1,613,931 | | |
Unfunded Status at End of Year
|
| | |
$
|
(1,243,859)
|
| | | | $ | (879,495) | | |
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities
|
| | |
$
|
(1,243,859)
|
| | | | $ | (879,495) | | |
Accumulated other comprehensive loss (pre-tax basis)
|
| | |
|
1,078,213
|
| | | | | 914,893 | | |
Net Amount Recognized
|
| | |
$
|
(165,646)
|
| | | | $ | 35,398 | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss
|
| | |
$
|
1,078,213
|
| | | | $ | 914,893 | | |
| | | |
$
|
1,078,213
|
| | | | $ | 914,893 | | |
| | |
2019
|
| |
2018
|
| ||||||
Service cost, benefit earned during the period
|
| | |
$
|
106,724
|
| | | | $ | 101,462 | | |
Interest cost on projected benefit obligation
|
| | |
|
104,606
|
| | | | | 95,069 | | |
Expected return on plan assets
|
| | |
|
(69,534)
|
| | | | | (64,928) | | |
Recognized prior service credit
|
| | |
|
—
|
| | | | | (1,946) | | |
Recognized net actuarial loss
|
| | |
|
47,286
|
| | | | | 56,148 | | |
Settlement loss
|
| | |
|
111,962
|
| | | | | — | | |
Net Pension Costs
|
| | |
$
|
301,044
|
| | | | $ | 185,805 | | |
June 30, 2017
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | |
$
|
1,379,626
|
| | | |
$
|
—
|
| | | |
$
|
1,379,626
|
| | | |
$
|
—
|
| |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
|
June 30, 2018
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
| | | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 100,600 | | |
2021
|
| | | | 119,400 | | |
2022
|
| | | | 118,000 | | |
2023
|
| | | | 116,600 | | |
2024
|
| | | | 136,500 | | |
Thereafter
|
| | | | 921,000 | | |
| | | | $ | 1,512,100 | | |
Due
|
| |
Initial
Conversion Date |
| |
Strike Rate
|
| |
Current
Interest Rate |
| |
2019
|
| |
2018
|
| |||||||||||||||
April 2023
|
| | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | |
$
|
1,000,000
|
| | | | $ | 1,000,000 | | |
January 2024
|
| | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | |
|
1,000,000
|
| | | | | — | | |
January 2025
|
| | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | |
|
815,873
|
| | | | | 864,449 | | |
October 2025
|
| | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | |
|
743,339
|
| | | | | — | | |
October 2027
|
| | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | |
|
849,210
|
| | | | | 940,391 | | |
| | | | | | | | | | | | | | | | | | | | | |
$
|
4,408,422
|
| | | | $ | 2,804,840 | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 184,390 | | |
2021
|
| | | | 189,386 | | |
2022
|
| | | | 194,520 | | |
2023
|
| | | | 1,199,797 | | |
2024
|
| | | | 1,205,221 | | |
Thereafter
|
| | | | 1,435,108 | | |
| | | | $ | 4,408,422 | | |
June 30, 2019
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital (to risk-weighted assets)
|
| | |
$
|
14,007,609
|
| | | |
|
30.4%
|
| | | |
$
|
4,837,352≥
|
| | | | | ≥10.500% | | | | |
$
|
4,607,001≥
|
| | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets)
|
| | |
|
13,538,227
|
| | | |
|
29.4%
|
| | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | |
|
13,538,227
|
| | | |
|
29.4%
|
| | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible
assets) |
| | |
|
13,538,227
|
| | | |
|
15.3%
|
| | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
June 30, 2018
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital (to risk-weighted assets)
|
| | | $ | 13,721,006 | | | | | | 31.1% | | | | | $ | 4,354,194≥ | | | | | | ≥9.875% | | | | | $ | 4,409,310≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | 13,233,825 | | | | | | 30.0% | | | | | | 3,472,332≥ | | | | | | ≥7.875% | | | | | | 3,527,448≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | | | 13,233,825 | | | | | | 30.0% | | | | | | 2,810,935≥ | | | | | | ≥6.375% | | | | | | 2,866,052≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible
assets) |
| | | | 13,233,825 | | | | | | 14.9% | | | | | | 3,553,932≥ | | | | | | ≥4.000% | | | | | | 4,442,416≥ | | | | | | ≥5.0% | | |
| | |
Fixed Rate
|
| |
Variable Rate
|
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
First or second mortgage loans
|
| | |
$
|
494,400
|
| | | | $ | 195,000 | | | | |
$
|
110,000
|
| | | | $ | — | | |
Unused lines of credit
|
| | |
|
899,813
|
| | | | | 1,208,739 | | | | |
|
1,753,230
|
| | | | | 1,684,883 | | |
Undisbursed amounts on construction loans
|
| | |
|
3,135,942
|
| | | | | 1,839,679 | | | | |
|
—
|
| | | | | 10,500 | | |
| | | |
$
|
4,530,155
|
| | | | $ | 3,243,418 | | | | |
$
|
1,863,230
|
| | | | $ | 1,695,383 | | |
June 30, 2019
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
—
|
| | | |
$
|
577,904
|
| | | |
$
|
—
|
| | | |
$
|
577,904
|
| |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
|
June 30, 2018
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
| | | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
June 30, 2019
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | |
$
|
496,669
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
496,669
|
| |
Foreclosed real estate
|
| | |
|
100,100
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
100,100
|
| |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
|
June 30, 2018
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | | $ | 402,745 | | | | | $ | — | | | | | $ | — | | | | | $ | 402,745 | | |
Foreclosed real estate
|
| | | | 113,354 | | | | | | — | | | | | | — | | | | | | 113,354 | | |
| | | | $ | 516,099 | | | | | $ | — | | | | | $ | — | | | | | $ | 516,099 | | |
June 30, 2019
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| ||||||
Impaired loans
|
| | |
$
|
496,669
|
| | |
Appraisal of collateral
|
| |
Costs to sell
|
| | |
|
9.0%
(9.0)% |
| |
Foreclosed real estate
|
| | | $ | 100,100 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| | | |
9.0% (9.0)% |
| |
June 30, 2018
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| ||||||
Impaired loans
|
| | | $ | 402,745 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| | | |
9.0% (9.0)% |
| |
Foreclosed real estate
|
| | | $ | 113,354 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| | | |
9.0% (9.0)% |
| |
| | |
Unrealized
Gains (Losses) on Available- For-Sale Securities |
| |
Unfunded
Post Retirement Obligations |
| |
Total
|
| |||||||||
Balance, July 1, 2017
|
| | | $ | (21,806) | | | | | $ | (673,281) | | | | | $ | (695,087) | | |
Unrealized losses on available for sale securities
|
| | | | (49,323) | | | | | | — | | | | | | (49,323) | | |
Decrease in minimum pension liability
|
| | | | — | | | | | | 35,694 | | | | | | 35,694 | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | 93,036 | | | | | | 39,296 | | | | | | 132,332 | | |
Net current-period other comprehensive income
|
| | | | 43,713 | | | | | | 74,990 | | | | | | 118,703 | | |
Amounts reclassified from accumulated other comprehensive loss to retained earnings
|
| | | | (8,859) | | | | | | (124,474) | | | | | | (133,333) | | |
Balance, June 30, 2018
|
| | | | 13,048 | | | | | | (722,765) | | | | | | (709,717) | | |
Unrealized losses on available for sale securities
|
| | | | (316) | | | | | | — | | | | | | (316) | | |
Increase in minimum pension liability
|
| | | | — | | | | | | (166,379) | | | | | | (166,379) | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | — | | | | | | 37,356 | | | | | | 37,356 | | |
Net current-period other comprehensive (loss)
|
| | | | (316) | | | | | | (129,023) | | | | | | (129,339) | | |
Balance, June 30, 2019
|
| | | $ | 12,732 | | | | | $ | (851,788) | | | | | $ | (839,056) | | |
| | |
Page
Number |
| |||
| | | | B-1 | | | |
Financial Statements | | | | | | | |
| | | | B-2 | | | |
| | | | B-3 | | | |
| | | | B-4 | | | |
| | | | B-5 | | | |
| | | | B-6 | | | |
| | | | B-7 – B-21 | | |
| | |
March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
ASSETS | | | | ||||||||||
Cash and amounts due from other institutions
|
| | | $ | 3,056,532 | | | | | $ | 2,048,669 | | |
Interest-bearing deposits with other institutions
|
| | | | 15,234,031 | | | | | | 6,576,740 | | |
Cash and cash equivalents
|
| | | | 18,290,563 | | | | | | 8,625,409 | | |
Certificates of deposit
|
| | | | 100,000 | | | | | | 100,000 | | |
Equity securities
|
| | | | 30,425 | | | | | | 57,187 | | |
Investment securities held to maturity (fair value of $2,494,946)
|
| | | | — | | | | | | 2,500,000 | | |
Investment securities available for sale
|
| | | | 1,992,916 | | | | | | 1,000,773 | | |
Mortgage-backed securities held to maturity (fair value of $491,635 and $661,492)
|
| | | | 478,678 | | | | | | 650,156 | | |
Loans (net of allowance for loan losses of $740,397 and $678,410)
|
| | | | 127,439,835 | | | | | | 139,826,664 | | |
Accrued interest receivable
|
| | | | 446,848 | | | | | | 640,401 | | |
Regulatory stock
|
| | | | 1,225,000 | | | | | | 1,597,600 | | |
Premises and equipment, net
|
| | | | 4,694,700 | | | | | | 4,957,676 | | |
Bank-owned life insurance
|
| | | | 3,201,865 | | | | | | 3,122,918 | | |
Other assets
|
| | | | 961,540 | | | | | | 910,126 | | |
TOTAL ASSETS
|
| | | $ | 158,862,370 | | | | | $ | 163,988,910 | | |
LIABILITIES | | | | | | | | | | | | | |
Deposits
|
| | | $ | 133,606,269 | | | | | $ | 130,486,497 | | |
Short-term advances from Federal Home Loan Bank
|
| | | | — | | | | | | 11,000,000 | | |
Long-term advances from Federal Home Loan Bank
|
| | | | 11,000,000 | | | | | | 8,000,000 | | |
Accrued interest payable
|
| | | | 45,456 | | | | | | 71,142 | | |
Advance payments by borrowers for taxes and insurance
|
| | | | 266,009 | | | | | | 255,434 | | |
Other liabilities
|
| | | | 628,278 | | | | | | 732,486 | | |
TOTAL LIABILITIES
|
| | | | 145,546,012 | | | | | | 150,545,559 | | |
NET WORTH | | | | | | | | | | | | | |
Retained earnings
|
| | | | 13,310,534 | | | | | | 13,415,778 | | |
Accumulated other comprehensive income
|
| | | | 5,824 | | | | | | 27,573 | | |
TOTAL NET WORTH
|
| | | | 13,316,358 | | | | | | 13,443,351 | | |
TOTAL LIABILITIES AND NET WORTH
|
| | | $ | 158,862,370 | | | | | $ | 163,988,910 | | |
| | |
Year Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
INTEREST AND DIVIDEND INCOME | | | | ||||||||||
Interest and fees on loans
|
| | | $ | 5,618,902 | | | | | $ | 5,836,044 | | |
Interest on mortgage-backed securities
|
| | | | 19,929 | | | | | | 20,622 | | |
Interest and dividends on investments
|
| | | | 198,461 | | | | | | 195,654 | | |
Interest-bearing deposits with other institutions
|
| | | | 209,882 | | | | | | 110,432 | | |
Total interest and dividend income
|
| | | | 6,047,174 | | | | | | 6,162,752 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Deposits
|
| | | | 1,357,495 | | | | | | 1,243,938 | | |
Short-term advances from Federal Home Loan Bank
|
| | | | 134,751 | | | | | | 214,210 | | |
Long-term advances from Federal Home Loan Bank
|
| | | | 312,192 | | | | | | 179,626 | | |
Total interest expense
|
| | | | 1,804,438 | | | | | | 1,637,774 | | |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN
LOSSES |
| | | | 4,242,736 | | | | | | 4,524,978 | | |
Provision for loan losses
|
| | | | 126,000 | | | | | | 108,000 | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
| | | | 4,116,736 | | | | | | 4,416,978 | | |
NONINTEREST INCOME | | | | ||||||||||
Service charges on deposit accounts
|
| | | | 75,588 | | | | | | 80,076 | | |
(Loss) gain on sale of loans, net
|
| | | | (2,648) | | | | | | 1,887 | | |
Earnings on bank-owned life insurance
|
| | | | 78,947 | | | | | | 79,342 | | |
Rental income
|
| | | | 172,670 | | | | | | 167,589 | | |
Other income
|
| | | | 124,608 | | | | | | 126,149 | | |
Total noninterest income
|
| | | | 449,165 | | | | | | 455,043 | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | |
Salaries and employee benefits expenses
|
| | | | 1,982,421 | | | | | | 2,632,301 | | |
Occupancy expenses
|
| | | | 699,924 | | | | | | 761,981 | | |
Furniture and equipment expenses
|
| | | | 184,082 | | | | | | 197,828 | | |
Insurance and bond premiums
|
| | | | 83,236 | | | | | | 105,498 | | |
Data processing expenses
|
| | | | 473,942 | | | | | | 473,230 | | |
Professional fees
|
| | | | 189,817 | | | | | | 179,003 | | |
Federal deposit insurance
|
| | | | 72,384 | | | | | | 98,670 | | |
Correspondent service charges
|
| | | | 128,973 | | | | | | 118,972 | | |
Gain on sale of other real estate owned
|
| | | | — | | | | | | (51,115) | | |
Other expenses
|
| | | | 875,499 | | | | | | 1,082,817 | | |
Total noninterest expense
|
| | | | 4,690,278 | | | | | | 5,599,185 | | |
LOSS BEFORE INCOME TAX BENEFIT
|
| | | | (124,377) | | | | | | (727,164) | | |
Income tax benefit
|
| | | | (19,133) | | | | | | (22,958) | | |
NET LOSS
|
| | | $ | (105,244) | | | | | $ | (704,206) | | |
| | |
Year Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Net loss
|
| | | $ | (105,244) | | | | | $ | (704,206) | | |
Other comprehensive (loss) income : | | | | | | | | | | | | | |
Unrealized holding (losses) gains on securities
|
| | | | (27,535) | | | | | | 20,402 | | |
Tax effect
|
| | | | 5,786 | | | | | | (1,639) | | |
Other comprehensive (loss) income, net of tax
|
| | | | (21,749) | | | | | | 18,763 | | |
Comprehensive loss
|
| | | $ | (126,993) | | | | | $ | (685,443) | | |
| | |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Net Worth |
| |||||||||
Balance, March 31, 2018
|
| | | $ | 14,119,984 | | | | | $ | 8,810 | | | | | $ | 14,128,794 | | |
Net loss
|
| | | | (704,206) | | | | | | — | | | | | | (704,206) | | |
Other comprehensive income
|
| | | | — | | | | | | 18,763 | | | | | | 18,763 | | |
Balance, March 31, 2019
|
| | | | 13,415,778 | | | | | | 27,573 | | | | | | 13,443,351 | | |
Net loss
|
| | | | (105,244) | | | | | | — | | | | | | (105,244) | | |
Other comprehensive loss
|
| | | | — | | | | | | (21,749) | | | | | | (21,749) | | |
Balance, March 31, 2020
|
| | | $ | 13,310,534 | | | | | $ | 5,824 | | | | | $ | 13,316,358 | | |
| | |
Year Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (105,244) | | | | | $ | (704,206) | | |
Adjustments to reconcile net loss to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 462,518 | | | | | | 489,137 | | |
Provision for loan losses
|
| | | | 126,000 | | | | | | 108,000 | | |
Net accretion of securities premiums and discounts and loan fees
|
| | | | (8,390) | | | | | | (1,286) | | |
Earnings on bank-owned life insurance
|
| | | | (78,947) | | | | | | (79,342) | | |
Gain on sale of other real estate owned
|
| | | | — | | | | | | (51,115) | | |
Loss (gain) on sale of loans, net
|
| | | | 2,648 | | | | | | (1,887) | | |
Mortgage loans originated for sale
|
| | | | (462,370) | | | | | | (308,789) | | |
Proceeds from the sale of mortgage loans originated for sale
|
| | | | 459,722 | | | | | | 310,676 | | |
Decrease in accrued interest receivable
|
| | | | 193,553 | | | | | | 23,727 | | |
(Decrease) increase in accrued interest payable
|
| | | | (25,686) | | | | | | 37,095 | | |
Deferred income taxes
|
| | | | (1,092) | | | | | | (39,397) | | |
Increase in supplemental retirement plan
|
| | | | 22,868 | | | | | | 226,278 | | |
Other, net
|
| | | | (171,612) | | | | | | 125,368 | | |
Net cash provided by operating activities
|
| | | | 413,968 | | | | | | 134,259 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of:
|
| | | | | | | | | | | | |
Investment securities held to maturity
|
| | | | (500,000) | | | | | | — | | |
Investment securities available for sale
|
| | | | (1,985,143) | | | | | | (1,000,000) | | |
Proceeds from:
|
| | | | | | | | | | | | |
Calls and maturities of investment securities held to maturity
|
| | | | 3,000,000 | | | | | | — | | |
Calls and maturities of investment securities available for sale
|
| | | | 1,000,000 | | | | | | 2,000,000 | | |
Principal collected on:
|
| | | | | | | | | | | | |
Mortgage-backed securities held to maturity
|
| | | | 171,625 | | | | | | 188,009 | | |
Net decrease (increase) in loans
|
| | | | 12,261,299 | | | | | | (7,030,286) | | |
Purchases of premises and equipment
|
| | | | (199,542) | | | | | | (101,773) | | |
Purchase of regulatory stock
|
| | | | (37,600) | | | | | | (1,120,800) | | |
Redemption of regulatory stock
|
| | | | 410,200 | | | | | | 845,800 | | |
Proceeds from sale of real estate owned
|
| | | | — | | | | | | 176,226 | | |
Net cash provided by (used for) investing activities
|
| | | | 14,120,839 | | | | | | (6,042,824) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase in passbook, NOW, MMDA, and club accounts
|
| | | | 5,460,558 | | | | | | 959,511 | | |
Net decrease in certificates of deposit
|
| | | | (2,340,786) | | | | | | (4,455,591) | | |
Increase in advances from borrowers for taxes and insurance
|
| | | | 10,575 | | | | | | 29,728 | | |
Net (decrease) increase in short-term Federal Home Loan Bank advances
|
| | | | (11,000,000) | | | | | | 4,000,000 | | |
Repayment of long-term Federal Home Loan Bank advances
|
| | | | (1,000,000) | | | | | | (2,000,000) | | |
Proceeds from long-term Federal Home Loan Bank advances
|
| | | | 4,000,000 | | | | | | 6,000,000 | | |
Net cash (used for) provided by financing activities
|
| | | | (4,869,653) | | | | | | 4,533,648 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 9,665,154 | | | | | | (1,374,917) | | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
| | | | 8,625,409 | | | | | | 10,000,326 | | |
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
| | | $ | 18,290,563 | | | | | $ | 8,625,409 | | |
SUPPLEMENTAL DISCLOSURES | | | | | | | | | | | | | |
Cash paid during the year for:
|
| | | | | | | | | | | | |
Interest
|
| | | $ | 1,830,124 | | | | | $ | 1,600,679 | | |
Income taxes
|
| | | | — | | | | | | 156,500 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
Less than 1 year
|
| | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
Total
|
| | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years
|
| | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Total
|
| | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years
|
| | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Total
|
| | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates
|
| | | $ | 449,323 | | | | | $ | 12,938 | | | | | $ | — | | | | | $ | 462,261 | | |
Freddie Mac pass-through certificates
|
| | | | 29,355 | | | | | | 136 | | | | | | (117) | | | | | | 29,374 | | |
Total
|
| | | $ | 478,678 | | | | | $ | 13,074 | | | | | $ | (117) | | | | | $ | 491,635 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates
|
| | | $ | 603,907 | | | | | $ | 11,674 | | | | | $ | — | | | | | $ | 615,581 | | |
Fannie Mae pass-through certificates
|
| | | | 134 | | | | | | — | | | | | | — | | | | | | 134 | | |
Freddie Mac pass-through certificates
|
| | | | 46,115 | | | | | | 139 | | | | | | (477) | | | | | | 45,777 | | |
Total
|
| | | $ | 650,156 | | | | | $ | 11,813 | | | | | $ | (477) | | | | | $ | 661,492 | | |
| | |
Held to Maturity
|
| |||||||||
| | |
Amortized
Cost |
| |
Fair
Value |
| ||||||
Due in 1 year or less
|
| | | $ | 216 | | | | | $ | 218 | | |
Due in 1 years to 5 years
|
| | | | 24,661 | | | | | | 25,111 | | |
Due in 5 years to 10 years
|
| | | | 54,167 | | | | | | 55,732 | | |
Due after 10 years
|
| | | | 399,634 | | | | | | 410,574 | | |
Total
|
| | | $ | 478,678 | | | | | $ | 491,635 | | |
| | |
2020
|
| |||||||||||||||||||||||||||||||||
| | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Freddie Mac pass-through certificates
|
| | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
|
| | |
2019
|
| |||||||||||||||||||||||||||||||||
| | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | |
Freddie Mac pass-through certificates
|
| | | | — | | | | | | — | | | | | | 37,425 | | | | | | (477) | | | | | | 37,425 | | | | | | (477) | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | |
| | |
2020
|
| |
2019
|
| ||||||
Mortgage loans (one-to-four family residential)
|
| | | $ | 108,078,400 | | | | | $ | 118,964,944 | | |
Commercial loans
|
| | | | 14,222,968 | | | | | | 14,740,664 | | |
Automobile loans
|
| | | | 1,284,670 | | | | | | 1,429,456 | | |
Unsecured loans
|
| | | | 2,348,794 | | | | | | 2,697,476 | | |
Deposit loans
|
| | | | 18,093 | | | | | | 20,343 | | |
Other
|
| | | | 2,078,837 | | | | | | 2,465,813 | | |
Total
|
| | | | 128,031,762 | | | | | | 140,318,696 | | |
Less: | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | 740,397 | | | | | | 678,410 | | |
Deferred loan fees, net
|
| | | | (148,470) | | | | | | (186,378) | | |
Total
|
| | | $ | 127,439,835 | | | | | $ | 139,826,664 | | |
| | |
Beginning
Balance |
| |
Additions
|
| |
Amount
Collected |
| |
Ending
Balance |
| ||||||||||||
2020
|
| | | $ | 546,017 | | | | | $ | — | | | | | $ | (105,285) | | | | | $ | 440,732 | | |
2019
|
| | | $ | 963,878 | | | | | $ | 5,949 | | | | | $ | (423,810) | | | | | $ | 546,017 | | |
| | |
Mortgage
Loans |
| |
Commercial
Loans |
| |
Automobile
Loans |
| |
Unsecured
Loans |
| |
Deposit
Loans |
| |
Other
Loans |
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
Balance, March 31, 2018
|
| | | $ | 468,344 | | | | | $ | 118,416 | | | | | $ | 5,426 | | | | | $ | 30,730 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,472 | | | | | $ | 646,388 | | |
Add provisions charged to operations
|
| | | | (34,649) | | | | | | 10,534 | | | | | | 3,151 | | | | | | (15,504) | | | | | | — | | | | | | 150,798 | | | | | | (6,330) | | | | | | 108,000 | | |
Add recoveries
|
| | | | 809 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 809 | | |
Less loans charged off
|
| | | | (8,783) | | | | | | — | | | | | | — | | | | | | (11,387) | | | | | | — | | | | | | (56,617) | | | | | | — | | | | | | (76,787) | | |
Balance, March 31, 2019
|
| | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Add provisions charged to operations
|
| | | | (39,030) | | | | | | 18,205 | | | | | | (1,044) | | | | | | 2,371 | | | | | | — | | | | | | 85,220 | | | | | | 60,278 | | | | | | 126,000 | | |
Add recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Less loans charged off
|
| | | | (45,954) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,059) | | | | | | — | | | | | | (64,013) | | |
Balance, March 31, 2020
|
| | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Mortgage
Loans |
| |
Commercial
Loans |
| |
Automobile
Loans |
| |
Unsecured
Loans |
| |
Deposit
Loans |
| |
Other
Loans |
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 340,737 | | | | | | 147,155 | | | | | | 7,533 | | | | | | 6,210 | | | | | | — | | | | | | 161,342 | | | | | | 77,420 | | | | | | 740,397 | | |
Total
|
| | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 108,078,400 | | | | | | 14,222,968 | | | | | | 1,284,670 | | | | | | 2,348,794 | | | | | | 18,093 | | | | | | 2,078,837 | | | | | | | | | | | | 128,031,762 | | |
Total
|
| | | $ | 108,078,400 | | | | | $ | 14,222,968 | | | | | $ | 1,284,670 | | | | | $ | 2,348,794 | | | | | $ | 18,093 | | | | | $ | 2,078,837 | | | | | | | | | | | $ | 128,031,762 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Mortgage
Loans |
| |
Commercial
Loans |
| |
Automobile
Loans |
| |
Unsecured
Loans |
| |
Deposit
Loans |
| |
Other
Loans |
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 425,721 | | | | | | 128,950 | | | | | | 8,577 | | | | | | 3,839 | | | | | | — | | | | | | 94,181 | | | | | | 17,142 | | | | | | 678,410 | | |
Total
|
| | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 118,964,944 | | | | | | 14,740,664 | | | | | | 1,429,456 | | | | | | 2,697,476 | | | | | | 20,343 | | | | | | 2,465,813 | | | | | | | | | | | | 140,318,696 | | |
Total
|
| | | $ | 118,964,944 | | | | | $ | 14,740,664 | | | | | $ | 1,429,456 | | | | | $ | 2,697,476 | | | | | $ | 20,343 | | | | | $ | 2,465,813 | | | | | | | | | | | $ | 140,318,696 | | |
| | |
March 31, 2020
|
| |||||||||||||||
| | |
Performing
|
| |
Nonperforming
|
| |
Total
|
| |||||||||
Mortgage loans
|
| | | $ | 107,565,754 | | | | | $ | 512,646 | | | | | $ | 108,078,400 | | |
Commercial loans
|
| | | | 14,222,968 | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans
|
| | | | 1,284,670 | | | | | | — | | | | | | 1,284,670 | | |
Unsecured loans
|
| | | | 2,348,794 | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans
|
| | | | 18,093 | | | | | | — | | | | | | 18,093 | | |
Other loans
|
| | | | 1,995,790 | | | | | | 83,047 | | | | | | 2,078,837 | | |
Total
|
| | | $ | 127,436,069 | | | | | $ | 595,693 | | | | | $ | 128,031,762 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||
| | |
Performing
|
| |
Nonperforming
|
| |
Total
|
| |||||||||
Mortgage loans
|
| | | $ | 118,848,998 | | | | | $ | 115,946 | | | | | $ | 118,964,944 | | |
Commercial loans
|
| | | | 14,740,664 | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans
|
| | | | 1,429,456 | | | | | | — | | | | | | 1,429,456 | | |
Unsecured loans
|
| | | | 2,697,476 | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans
|
| | | | 20,343 | | | | | | — | | | | | | 20,343 | | |
Other loans
|
| | | | 2,454,344 | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total
|
| | | $ | 140,191,281 | | | | | $ | 127,415 | | | | | $ | 140,318,696 | | |
|
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
31-60 Days
Past Due |
| |
61 – 90 Days
Past Due |
| |
Greater Than
90 Days Past Due |
| |
Greater Than
90 Days Past Due and Still Accruing |
| |
Total Past Due
|
| |
Total Loans
|
| |||||||||||||||||||||
Mortgage loans
|
| | | $ | 107,198,317 | | | | | $ | 37,448 | | | | | $ | 329,989 | | | | | $ | 512,646 | | | | | $ | — | | | | | $ | 880,083 | | | | | $ | 108,078,400 | | |
Commercial loans
|
| | | | 14,222,968 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans
|
| | | | 1,270,744 | | | | | | 13,926 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,926 | | | | | | 1,284,670 | | |
Unsecured loans
|
| | | | 2,348,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans
|
| | | | 18,093 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,093 | | |
Other loans
|
| | | | 1,950,623 | | | | | | 26,932 | | | | | | 32,180 | | | | | | 69,102 | | | | | | — | | | | | | 128,214 | | | | | | 2,078,837 | | |
Total
|
| | | $ | 127,009,539 | | | | | $ | 78,306 | | | | | $ | 362,169 | | | | | $ | 581,748 | | | | | $ | — | | | | | $ | 1,022,223 | | | | | $ | 128,031,762 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
31-60 Days
Past Due |
| |
61-90 Days
Past Due |
| |
Greater Than 90
Days Past Due |
| |
Greater Than
90 Days Past Due and Still Accruing |
| |
Total Past Due
|
| |
Total Loans
|
| |||||||||||||||||||||
Mortgage loans
|
| | | $ | 118,631,673 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 115,946 | | | | | $ | — | | | | | $ | 333,271 | | | | | $ | 118,964,944 | | |
Commercial loans
|
| | | | 14,740,664 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans
|
| | | | 1,429,456 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,429,456 | | |
Unsecured loans
|
| | | | 2,697,476 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans
|
| | | | 20,343 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,343 | | |
Other loans
|
| | | | 2,454,344 | | | | | | — | | | | | | — | | | | | | 11,469 | | | | | | — | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total
|
| | | $ | 139,973,956 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 127,415 | | | | | $ | — | | | | | $ | 344,740 | | | | | $ | 140,318,696 | | |
| | |
2020
|
| |
2019
|
| ||||||
Mortgage loans
|
| | | $ | 512,646 | | | | | $ | 115,946 | | |
Commercial loans
|
| | | | — | | | | | | — | | |
Automobile loans
|
| | | | — | | | | | | — | | |
Unsecured loans
|
| | | | — | | | | | | — | | |
Deposit loans
|
| | | | — | | | | | | — | | |
Other loans
|
| | | | 83,047 | | | | | | 11,469 | | |
Total
|
| | | $ | 595,693 | | | | | $ | 127,415 | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Investments and interest-bearing deposits
|
| | | $ | 24,242 | | | | | $ | 36,410 | | |
Mortgage-backed securities
|
| | | | 617 | | | | | | 893 | | |
Loans receivable
|
| | | | 421,989 | | | | | | 603,098 | | |
Total
|
| | | $ | 446,848 | | | | | $ | 640,401 | | |
| | |
2020
|
| |
2019
|
| ||||||
Land
|
| | | $ | 827,914 | | | | | $ | 827,914 | | |
Buildings
|
| | | | 10,646,249 | | | | | | 10,575,694 | | |
Furniture and equipment
|
| | | | 1,956,037 | | | | | | 1,827,050 | | |
| | | | | 13,430,200 | | | | | | 13,230,658 | | |
Less accumulated depreciation
|
| | | | 8,735,500 | | | | | | 8,272,982 | | |
Total
|
| | | $ | 4,694,700 | | | | | $ | 4,957,676 | | |
| | |
2020
|
| |||||||||||||||
| | |
Weighted-
Average Rate |
| |
Amount
|
| |
Percent
|
| |||||||||
Passbook
|
| | | | 0.15% | | | | | $ | 25,573,031 | | | | | | 19.1% | | |
NOW and MMDA
|
| | | | 0.39 | | | | | | 49,860,088 | | | | | | 37.3 | | |
Club
|
| | | | 0.15 | | | | | | 65,939 | | | | | | 0.1 | | |
Certificates
|
| | | | 2.12 | | | | | | 58,107,211 | | | | | | 43.5 | | |
Total
|
| | | | 1.10% | | | | | $ | 133,606,269 | | | | | | 100.0% | | |
|
| | |
2019
|
| |||||||||||||||
| | |
Weighted-
Average Rate |
| |
Amount
|
| |
Percent
|
| |||||||||
Passbook
|
| | | | 0.15% | | | | | $ | 26,961,705 | | | | | | 20.7% | | |
NOW and MMDA
|
| | | | 0.15 | | | | | | 43,012,987 | | | | | | 33.0 | | |
Club
|
| | | | 0.15 | | | | | | 63,808 | | | | | | 0.1 | | |
Certificates
|
| | | | 2.07 | | | | | | 60,447,997 | | | | | | 46.2 | | |
Total
|
| | | | 1.04% | | | | | $ | 130,486,497 | | | | | | 100.0% | | |
|
| | |
2020
|
| |||
Within one year
|
| | | $ | 24,853,753 | | |
Beyond one year but within two years
|
| | | | 12,696,109 | | |
Beyond two years but within three years
|
| | | | 10,437,896 | | |
Beyond three years but within four years
|
| | | | 6,360,505 | | |
Beyond four years but within five years
|
| | | | 3,758,948 | | |
Total
|
| | | $ | 58,107,211 | | |
| | |
2020
|
| |
2019
|
| ||||||
Passbook, NOW and MMDA
|
| | | $ | 102,621 | | | | | $ | 102,525 | | |
Certificates
|
| | | | 1,254,874 | | | | | | 1,141,413 | | |
Total
|
| | | $ | 1,357,495 | | | | | $ | 1,243,938 | | |
| | |
2020
|
| |
2019
|
| ||||||
Short-term FHLB advances: | | | | | | | | | | | | | |
Average balance outstanding
|
| | | $ | 4,778,082 | | | | | $ | 8,139,726 | | |
Maximum amount outstanding at any month-end during the period
|
| | | | 9,000,000 | | | | | | 11,000,000 | | |
Balance outstanding at end of period
|
| | | | — | | | | | | 11,000,000 | | |
Average interest rate during the period
|
| | | | 2.82% | | | | | | 2.63% | | |
Weighted-average interest rate at end of period
|
| | | | —% | | | | | | 2.74% | | |
| | |
Maturity Range
|
| |
Weighted-Average
|
| |
Interest Rate Range
|
| | | | | | | | | | | | | |||||||||||||||
Description
|
| |
From
|
| |
To
|
| |
Rate
|
| |
From
|
| |
To
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Mid Term Repo Fixed Rate
|
| |
May 21, 2020
|
| |
May 23, 2022
|
| | | | 2.59% | | | | | | 2.34% | | | | | | 2.87% | | | | | $ | 9,000,000 | | | | | $ | 7,000,000 | | |
Fixed Rate
|
| |
June 13, 2022
|
| |
May 21, 2024
|
| | | | 2.55% | | | | | | 2.38% | | | | | | 3.02% | | | | | | 2,000,000 | | | | | | 1,000,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 11,000,000 | | | | | $ | 8,000,000 | | |
Years Ending
March 31, |
| |
Amount
|
| |||
2021
|
| | | $ | 5,000,000 | | |
2022
|
| | | | 3,000,000 | | |
2023
|
| | | | 2,000,000 | | |
2024
|
| | | | 1,000,000 | | |
Total
|
| | | $ | 11,000,000 | | |
| | |
2020
|
| |
2019
|
| ||||||
Current
|
| | | $ | (18,041) | | | | | $ | 16,439 | | |
Deferred
|
| | | | (1,092) | | | | | | (39,397) | | |
Total
|
| | | $ | (19,133) | | | | | $ | (22,958) | | |
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets: | | | | ||||||||||
Accrued retirement
|
| | | $ | 78,613 | | | | | $ | 72,287 | | |
Allowance for loan losses
|
| | | | 155,483 | | | | | | 142,466 | | |
Premises and equipment
|
| | | | 255,903 | | | | | | 250,682 | | |
Federal net operating loss carryforward
|
| | | | 98,596 | | | | | | 127,328 | | |
Other
|
| | | | 21,310 | | | | | | 44,948 | | |
Total gross deferred tax assets before valuation allowance
|
| | | | 609,905 | | | | | | 637,711 | | |
Valuation allowance
|
| | | | (98,596) | | | | | | (127,328) | | |
Total gross deferred tax assets
|
| | | | 511,309 | | | | | | 510,383 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Deferred loan fees
|
| | | | (1,257) | | | | | | (1,423) | | |
Unrealized gain on available-for-sale debt securities and equity securities
|
| | | | — | | | | | | (7,096) | | |
Total gross deferred tax liabilities
|
| | | | (1,257) | | | | | | (8,519) | | |
Net deferred tax asset
|
| | | $ | 510,052 | | | | | $ | 501,864 | | |
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Amount
|
| |
% of
Pretax Income |
| |
Amount
|
| |
% of
Pretax Income |
| ||||||||||||
Provision of statutory rate
|
| | | $ | (26,119) | | | | | | (21.0)% | | | | | $ | (152,705) | | | | | | (21.0)% | | |
State income tax, net of federal tax benefit
|
| | | | 2,336 | | | | | | 1.9 | | | | | | 38,800 | | | | | | 4.2 | | |
Earnings on bank-owned life insurance
|
| | | | (16,579) | | | | | | (13.3) | | | | | | (16,662) | | | | | | (2.3) | | |
Merger expenses
|
| | | | 43,255 | | | | | | 34.8 | | | | | | — | | | | | | — | | |
Adjustment in valuation allowance
|
| | | | (28,991) | | | | | | (23.3) | | | | | | 127,328 | | | | | | 17.5 | | |
Other, net
|
| | | | 6,965 | | | | | | 5.6 | | | | | | (19,719) | | | | | | (2.7) | | |
Actual tax expense and effective rate
|
| | | $ | (19,133) | | | | | | (15.3)% | | | | | $ | (22,958) | | | | | | (4.3)% | | |
|
2021
|
| | | $ | 27,723 | | |
|
2022
|
| | | | 27,696 | | |
|
2023
|
| | | | 27,668 | | |
|
2024
|
| | | | 27,640 | | |
|
2025
|
| | | | — | | |
|
2026 and thereafter
|
| | | | — | | |
|
Total
|
| | | $ | 110,727 | | |
| | |
2020
|
| |
2019
|
| ||||||
Total net worth
|
| | | $ | 13,316,358 | | | | | $ | 13,443,351 | | |
Deduction due to insufficient amounts of additional Tier 1 and Tier 2 capital to cover deductions
|
| | | | — | | | | | | — | | |
Disallowed deferred tax assets
|
| | | | (510,052) | | | | | | (482,962) | | |
Accumulated other comprehensive income
|
| | | | (5,824) | | | | | | (27,573) | | |
Tier 1, core, and common equity Tier 1 capital
|
| | | | 12,800,482 | | | | | | 12,932,816 | | |
Allowance for loan losses and off-balance-sheet commitments
|
| | | | 770,504 | | | | | | 708,517 | | |
Unrealized gain on equity securities
|
| | | | 6,256 | | | | | | 33,791 | | |
Total risk-based capital
|
| | | $ | 13,577,242 | | | | | $ | 13,675,124 | | |
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
Total capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to risk-weighted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 13,577,242 | | | | | | 12.6% | | | | | $ | 13,675,124 | | | | | | 12.4% | | |
For capital adequacy purposes
|
| | | | 8,592,560 | | | | | | 8.0 | | | | | | 8,836,000 | | | | | | 8.0 | | |
To be well capitalized
|
| | | | 10,740,700 | | | | | | 10.0 | | | | | | 11,045,000 | | | | | | 10.0 | | |
Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to risk-weighted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 12,800,482 | | | | | | 11.9% | | | | | $ | 12,932,816 | | | | | | 11.7% | | |
For capital adequacy purposes
|
| | | | 6,444,420 | | | | | | 6.0 | | | | | | 6,627,000 | | | | | | 6.0 | | |
To be well capitalized
|
| | | | 8,592,560 | | | | | | 8.0 | | | | | | 8,836,000 | | | | | | 8.0 | | |
Core capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to adjusted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 12,800,482 | | | | | | 7.9% | | | | | $ | 12,932,816 | | | | | | 8.2% | | |
For capital adequacy purposes
|
| | | | 6,448,158 | | | | | | 4.0 | | | | | | 6,343,717 | | | | | | 4.0 | | |
To be well capitalized
|
| | | | 8,060,197 | | | | | | 5.0 | | | | | | 7,929,647 | | | | | | 5.0 | | |
Common equity Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to average assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 12,800,482 | | | | | | 11.9% | | | | | $ | 12,932,816 | | | | | | 11.7% | | |
For capital adequacy purposes
|
| | | | 4,833,315 | | | | | | 4.5 | | | | | | 4,970,250 | | | | | | 4.5 | | |
To be well capitalized
|
| | | | 6,981,455 | | | | | | 6.5 | | | | | | 7,179,250 | | | | | | 6.5 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies
|
| | | $ | — | | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | 1,992,916 | | |
Freddie Mac common stock
|
| | | | 15,684 | | | | | | — | | | | | | — | | | | | | 15,684 | | |
Other stock
|
| | | | 14,741 | | | | | | — | | | | | | — | | | | | | 14,741 | | |
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies
|
| | | $ | — | | | | | $ | 1,000,773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Freddie Mac common stock
|
| | | | 30,184 | | | | | | — | | | | | | — | | | | | | 30,184 | | |
Other stock
|
| | | | 27,003 | | | | | | — | | | | | | — | | | | | | 27,003 | | |
Accumulated Other Comprehensive Income(1)
|
| |
Unrealized
Gains (Losses) on Securities Available for Sale |
| |||
Balance at March 31, 2018
|
| | | $ | 8,810 | | |
Other comprehensive income before reclassifications
|
| | | | 18,763 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | — | | |
Period change
|
| | | | 18,763 | | |
Balance at March 31, 2019
|
| | | $ | 27,573 | | |
Other comprehensive loss before reclassifications
|
| | | | (21,749) | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | — | | |
Period change
|
| | | | (21,749) | | |
Balance at March 31, 2020
|
| | | $ | 5,824 | | |
| | |
Year Ended June 30, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro Forma
Combined Year Ended June 30, 2020 |
| | |||||||||||||||||||||||
| | |
As reported
|
| |
Pro Forma Adjustments
|
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
William Penn
|
| |
Fidelity(1)
|
| |
Washington(2)
|
| |
Fidelity
|
| | | | | | | |
Washington
|
| | | | | | | |
William Penn
|
| | | | | | | | | | | | | ||||||||||||||||||||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable, including fees
|
| | | $ | 17,914 | | | | | $ | 2,436 | | | | | $ | 5,619 | | | | | $ | 156 | | | | | | (a) | | | | | $ | 559 | | | | | | (b) | | | | | $ | — | | | | | | | | | | | $ | 26,684 | | | | | | | | |
Securities
|
| | | | 1,557 | | | | | | 15 | | | | | | 218 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,790 | | | | | | | | |
Other
|
| | | | 346 | | | | | | 305 | | | | | | 210 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 861 | | | | | | | | |
Total Interest Income
|
| | | | 19,817 | | | | | | 2,756 | | | | | | 6,047 | | | | | | 156 | | | | | | | | | | | | 559 | | | | | | | | | | | | — | | | | | | | | | | | | 29,335 | | | | | | | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 3,604 | | | | | | 508 | | | | | | 1,357 | | | | | | (157) | | | | | | (c) | | | | | | (468) | | | | | | (c) | | | | | | — | | | | | | | | | | | | 4,844 | | | | | | | | |
Borrowings
|
| | | | 1,414 | | | | | | 119 | | | | | | 447 | | | | | | (84) | | | | | | (d) | | | | | | (130) | | | | | | (d) | | | | | | — | | | | | | | | | | | | 1,766 | | | | | | | | |
Total Interest Expense
|
| | | | 5,018 | | | | | | 627 | | | | | | 1,804 | | | | | | (241) | | | | | | | | | | | | (598) | | | | | | | | | | | | — | | | | | | | | | | | | 6,610 | | | | | | | | |
Net Interest Income
|
| | | | 14,799 | | | | | | 2,129 | | | | | | 4,243 | | | | | | 397 | | | | | | | | | | | | 1,157 | | | | | | | | | | | | — | | | | | | | | | | | | 22,725 | | | | | | | | |
Provision (Benefit) For Loan Losses
|
| | | | 626 | | | | | | (49) | | | | | | 126 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 703 | | | | | | | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
| | | | 14,173 | | | | | | 2,178 | | | | | | 4,117 | | | | | | 397 | | | | | | | | | | | | 1,157 | | | | | | | | | | | | — | | | | | | | | | | | | 22,022 | | | | | | | | |
OTHER INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service fees
|
| | | | 569 | | | | | | 127 | | | | | | 76 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 772 | | | | | | | | |
Gain on sale of securities
|
| | | | 238 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 239 | | | | | | | | |
Earnings on bank-owned life insurance
|
| | | | 347 | | | | | | — | | | | | | 79 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 426 | | | | | | | | |
Gain on bargain purchase
|
| | | | 746 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (746) | | | | | | (e) | | | | | | — | | | | | | | | |
Other
|
| | | | 260 | | | | | | (2) | | | | | | 294 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 552 | | | | | | | | |
Total Other Income
|
| | | | 2,160 | | | | | | 126 | | | | | | 449 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (746) | | | | | | | | | | | | 1,989 | | | | | | | | |
OTHER EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 6,855 | | | | | | 882 | | | | | | 1,982 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 9,719 | | | | | | | | |
Occupancy and equipment
|
| | | | 1,784 | | | | | | 192 | | | | | | 884 | | | | | | 9 | | | | | | (f) | | | | | | 22 | | | | | | (f) | | | | | | — | | | | | | | | | | | | 2,891 | | | | | | | | |
Data processing
|
| | | | 1,155 | | | | | | 137 | | | | | | 474 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,766 | | | | | | | | |
Professional fees
|
| | | | 451 | | | | | | 167 | | | | | | 190 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7808 | | | | | | | | |
Merger related expenses
|
| | | | 3,294 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (3,294) | | | | | | (e) | | | | | | — | | | | | | | | |
Amortization on intangible assets
|
| | | | 242 | | | | | | — | | | | | | — | | | | | | 10 | | | | | | (g) | | | | | | 27 | | | | | | (g) | | | | | | — | | | | | | | | | | | | 279 | | | | | | | | |
Other
|
| | | | 1,611 | | | | | | 540 | | | | | | 1,160 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3,311 | | | | | | | | |
Total Other Expense
|
| | | | 15,392 | | | | | | 1,918 | | | | | | 4,690 | | | | | | 19 | | | | | | | | | | | | 49 | | | | | | | | | | | | (3,294) | | | | | | | | | | | | 18,774 | | | | | | | | |
Income (Loss) Before Income Taxes
|
| | | | 941 | | | | | | 386 | | | | | | (124) | | | | | | 378 | | | | | | | | | | | | 1,108 | | | | | | | | | | | | 2,548 | | | | | | | | | | | | 5,237 | | | | | | | | |
Income Tax Expense (Benefit)
|
| | | | (387) | | | | | | 116 | | | | | | (19) | | | | | | 85 | | | | | | (h) | | | | | | 249 | | | | | | (h) | | | | | | 741 | | | | | | (h) | | | | | | 786 | | | | | | | | |
NET INCOME (LOSS)
|
| | | $ | 1,328 | | | | | $ | 270 | | | | | $ | (105) | | | | | $ | 293 | | | | | | | | | | | $ | 859 | | | | | | | | | | | $ | 1,807 | | | | | | | | | | | $ | 4,452 | | | | | | | | |
Pro Forma Combined Per Share Data (Common Stock)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share
|
| | | $ | 0.30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.98 | | | | | | (i) | | |
Dividends declared per share
|
| | | | 0.50 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.50 | | | | | | | | |
Book value
|
| | | | 21.47 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22.15 | | | | | | (j) | | |
Tangible book value
|
| | | | 20.10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20.79 | | | | | | (j) | | |
Weighted average shares outstanding (basic and diluted)
|
| | | | 4,489,345 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,489,345 | | | | | | (i) | | |
| | |
William Penn
|
| |
Pro Forma with
Fidelity and Washington |
| ||||||
(Dollars in thousands, except per share data)
|
| |
(audited)
|
| |
(unaudited)
|
| ||||||
Tangible common equity | | | | | | | | | | | | | |
Total common stockholders’ equity
|
| | | $ | 96,365 | | | | | $ | 99,489 | | |
Adjustments: | | | | | | | | | | | | | |
Accumulated other comprehensive income
|
| | | | (76) | | | | | | (76) | | |
Goodwill
|
| | | | (4,858) | | | | | | (4,858) | | |
Other intangible assets
|
| | | | (1,192) | | | | | | (1,155) | | |
Tangible common equity
|
| | | $ | 90,239 | | | | | $ | 93,400 | | |
Common shares outstanding
|
| | | | 4,489,345 | | | | | | 4,489,345 | | |
Book value per common share
|
| | | $ | 21.47 | | | | | $ | 22.15 | | |
Tangible book value per common share
|
| | | | 20.10 | | | | | | 20.79 | | |
| | |
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Annexes: | | | |||||
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | |
| | |
Shares to be Sold in the
Offering |
| |
Shares to be Exchanged
for Existing Shares of William Penn Bancorp |
| |
Total Shares
of Common Stock to be Outstanding |
| |
Exchange
Ratio |
| |
Equivalent
per Share Value(1) |
| |
Shares to be
Received for 100 Existing Shares(2) |
| ||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||||||||||||||||||||
Minimum
|
| | | | 9,350,000 | | | | | | 83.4% | | | | | | 1,863,166 | | | | | | 16.6% | | | | | | 11,213,166 | | | | | | 2.3941 | | | | | $ | 23.94 | | | | | | 239 | | |
Midpoint
|
| | | | 11,000,000 | | | | | | 83.4 | | | | | | 2,191,960 | | | | | | 16.6 | | | | | | 13,191,960 | | | | | | 2.8166 | | | | | | 28.17 | | | | | | 281 | | |
Maximum
|
| | | | 12,650,000 | | | | | | 83.4 | | | | | | 2,520,754 | | | | | | 16.6 | | | | | | 15,170,754 | | | | | | 3.2391 | | | | | | 32.39 | | | | | | 323 | | |
| | |
William Penn
Bancorp Historical |
| |
Pro Forma
|
| |
Exchange
Ratio |
| |
Per Equivalent
William Penn Bancorporation Share |
| ||||||||||||
Book value per share at September 30, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sale of 9,350,000 shares
|
| | | $ | 21.27 | | | | | $ | 16.14 | | | | | | 2.3941x | | | | | $ | 38.64 | | |
Sale of 11,000,000 shares
|
| | | | 21.27 | | | | | | 14.81 | | | | | | 2.8166 | | | | | | 41.71 | | |
Sale of 12,650,000 shares
|
| | | | 21.27 | | | | | | 13.83 | | | | | | 3.2391 | | | | | | 44.80 | | |
Earnings per share for the three months ended September 30, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sale of 9,350,000 shares
|
| | | $ | 0.15 | | | | | $ | 0.04 | | | | | | 2.3941 | | | | | $ | 0.10 | | |
Sale of 11,000,000 shares
|
| | | | 0.15 | | | | | | 0.03 | | | | | | 2.8166 | | | | | | 0.08 | | |
Sale of 12,650,000 shares
|
| | | | 0.15 | | | | | | 0.02 | | | | | | 3.2391 | | | | | | 0.06 | | |
Price per share(1): | | | | | | | | | | | | | | | | | | | | | | | | | |
Sale of 9,350,000 shares
|
| | | $ | 32.25 | | | | | $ | 10.00 | | | | | | 2.3941 | | | | | $ | 23.94 | | |
Sale of 11,000,000 shares
|
| | | | 32.25 | | | | | | 10.00 | | | | | | 2.8166 | | | | | | 28.17 | | |
Sale of 12,650,000 shares
|
| | | | 32.25 | | | | | | 10.00 | | | | | | 3.2391 | | | | | | 32.39 | | |
Company Name and Ticker Symbol
|
| |
Exchange
|
| |
Headquarters
|
| |
Total Assets
|
| ||||||
| | | | | | | | | | | |
(in millions)
|
| |||
Prudential Bancorp, Inc. (PBIP)
|
| | | | Nasdaq | | | | Philadelphia, Pennsylvania | | | | $ | 1,188(1) | | |
Elmira Savings Bank (ESBK)
|
| | | | Nasdaq | | | | Elmira, New York | | | | | 674 | | |
HMN Financial, Inc. (HMNF)
|
| | | | Nasdaq | | | | Rochester, Minnesota | | | | | 898 | | |
Home Federal Bancorp, Inc. of Louisiana (HFBL)
|
| | | | Nasdaq | | | | Shreveport, Louisiana | | | | | 542 | | |
HV Bancorp, Inc. (HVBC)
|
| | | | Nasdaq | | | | Doylestown, Pennsylvania | | | | | 425(1) | | |
IF Bancorp, Inc. (IROQ)
|
| | | | Nasdaq | | | | Watseka, Illinois | | | | | 726 | | |
Randolph Bancorp, Inc. (RNDB)
|
| | | | Nasdaq | | | | Stoughton, Massachusetts | | | | | 723 | | |
Severn Bancorp, Inc. (SVBI)
|
| | | | Nasdaq | | | | Annapolis, Maryland | | | | | 940 | | |
WVS Financial Corp. (WVFC)
|
| | | | Nasdaq | | | | Pittsburgh, Pennsylvania | | | | | 332 | | |
| | |
Price to Core
Earnings Multiple(1) |
| |
Price to Book
Value Ratio |
| |
Price to Tangible
Book Value Ratio |
| |||||||||
William Penn Bancorporation (pro forma): | | | | | | | | | | | | | | | | | | | |
Minimum
|
| | | | 61.13x | | | | | | 61.96% | | | | | | 64.06% | | |
Midpoint
|
| | | | 81.04x | | | | | | 67.52% | | | | | | 69.64% | | |
Maximum
|
| | | | 106.73x | | | | | | 72.31% | | | | | | 74.40% | | |
Peer group companies as of November 4, 2020: | | | | | | | | | | | | | | | | | | | |
Average
|
| | | | 11.49x | | | | | | 74.76% | | | | | | 77.15% | | |
Median
|
| | | | 11.82x | | | | | | 72.90% | | | | | | 77.73% | | |
| | |
9,350,000
Shares at $10.00 per Share |
| |
12,650,000
Shares at $10.00 per Share |
| ||||||
| | |
(In thousands)
|
| |||||||||
Offering proceeds
|
| | | $ | 93,500 | | | | | $ | 126,500 | | |
Less: offering expenses
|
| | | | 2,247 | | | | | | 2,551 | | |
Net offering proceeds
|
| | | | 91,253 | | | | | | 123,949 | | |
Less: | | | | | | | | | | | | | |
Proceeds contributed to William Penn Bank
|
| | | | 45,626 | | | | | | 61,975 | | |
Proceeds used for loan to employee stock ownership plan
|
| | | | 7,480 | | | | | | 10,120 | | |
Proceeds remaining for William Penn Bancorporation
|
| | | $ | 38,147 | | | | | $ | 51,854 | | |
| | |
Number of Shares to be Granted or Purchased
|
| |
Dilution Resulting
From the Issuance of Shares for Stock Benefit Plans |
| |
Total
Estimated Value At Maximum of Offering Range |
| |||||||||||||||
(Dollars in thousands)
|
| |
At Maximum of
Offering Range |
| |
As a Percentage of
Common Stock to be Issued in the Offering(3) |
| ||||||||||||||||||
Employee stock ownership plan(1)
|
| | | | 1,012,000 | | | | | | 8.0% | | | | | | 0.00% | | | | | $ | 10,120 | | |
Restricted stock awards(1)
|
| | | | 506,000 | | | | | | 4.0 | | | | | | 3.22 | | | | | | 5,060 | | |
Stock options(2)
|
| | | | 1,265,000 | | | | | | 10.0 | | | | | | 7.68 | | | | | | 3,782 | | |
Total
|
| | | | 2,783,000 | | | | | | 22.0% | | | | | | 10.43% | | | | | $ | 18,962 | | |
| | |
Eligible
Participants |
| |
Number of
Shares at Maximum of Offering Range |
| |
Estimated
Value of Shares |
| |
Percentage of
Shares Outstanding After the Conversion and Offering |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Employee Stock Ownership Plan:
|
| | | | Employees | | | | | | | | | | | | | | | | | | | | |
Shares purchased in 2008 offering(1)
|
| | | | | | | | | | 287,292(2) | | | | | $ | 874 | | | | | | 1.89% | | |
Shares to be purchased in this offering
|
| | | | | | | | | | 1,012,000 | | | | | | 10,120 | | | | | | 6.65 | | |
Total
|
| | | | | | | | | | 1,299,292 | | | | | $ | 10,994 | | | | | | 8.54% | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 731,553 | | | | | $ | 736,452 | | | | | $ | 415,829 | | | | | $ | 301,109 | | | | | $ | 315,997 | | | | | $ | 314,074 | | |
Total cash and cash equivalents
|
| | | | 56,082 | | | | | | 82,915 | | | | | | 26,168 | | | | | | 16,128 | | | | | | 13,252 | | | | | | 11,234 | | |
Interest-bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 8,486 | | | | | | 32,422 | | | | | | 45,400 | | | | | | 45,645 | | |
Investment securities available-for-sale
|
| | | | 123,597 | | | | | | 89,998 | | | | | | 20,660 | | | | | | 1,816 | | | | | | 2,910 | | | | | | 4,076 | | |
Investment securities held-to-maturity
|
| | | | — | | | | | | — | | | | | | 1,906 | | | | | | 3,147 | | | | | | 4,226 | | | | | | 4,938 | | |
Loans receivable, net
|
| | | | 497,630 | | | | | | 508,605 | | | | | | 326,017 | | | | | | 233,389 | | | | | | 234,865 | | | | | | 231,911 | | |
Deposits
|
| | | | 581,493 | | | | | | 559,848 | | | | | | 281,206 | | | | | | 180,657 | | | | | | 182,199 | | | | | | 177,300 | | |
Federal Home Loan Bank advances
|
| | | | 41,000 | | | | | | 64,892 | | | | | | 50,000 | | | | | | 51,500 | | | | | | 65,500 | | | | | | 70,500 | | |
Stockholders’ equity
|
| | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | | | | | 61,895 | | | | | | 61,604 | | | | | | 59,903 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Years Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 6,657 | | | | | $ | 4,576 | | | | | $ | 19,817 | | | | | $ | 17,821 | | | | | $ | 12,175 | | | | | $ | 11,950 | | | | | $ | 12,435 | | |
Interest expense
|
| | | | 1,440 | | | | | | 1,203 | | | | | | 5,018 | | | | | | 3,591 | | | | | | 3,182 | | | | | | 3,448 | | | | | | 3,524 | | |
Net interest income
|
| | | | 5,217 | | | | | | 3,373 | | | | | | 14,799 | | | | | | 14,230 | | | | | | 8,993 | | | | | | 8,502 | | | | | | 8,911 | | |
Provision (credit) for loan losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | | | | | (120) | | | | | | 15 | | | | | | 5 | | |
Net interest income after provision for
loan losses |
| | | | 5,151 | | | | | | 3,373 | | | | | | 14,173 | | | | | | 14,142 | | | | | | 9,113 | | | | | | 8,487 | | | | | | 8,906 | | |
Non-interest income
|
| | | | 400 | | | | | | 347 | | | | | | 2,160 | | | | | | 1,127 | | | | | | 641 | | | | | | 511 | | | | | | 493 | | |
Non-interest expense
|
| | | | 4,735 | | | | | | 2,646 | | | | | | 15,392 | | | | | | 10,453 | | | | | | 6,283 | | | | | | 5,109 | | | | | | 5,722 | | |
Income before income taxes
|
| | | | 816 | | | | | | 1,074 | | | | | | 941 | | | | | | 4,816 | | | | | | 3,471 | | | | | | 3,889 | | | | | | 3,677 | | |
Income tax expense (benefit)
|
| | | | 146 | | | | | | 220 | | | | | | (387) | | | | | | 1,060 | | | | | | 2,007 | | | | | | 1,325 | | | | | | 1,246 | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average common shares outstanding – basic
|
| | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Average common shares outstanding – diluted
|
| | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | | | | | 3,464,257 | | | | | | 3,461,633 | | | | | | 3,482,653 | | |
Earnings per share – basic
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Earnings per share – diluted
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | | | | $ | 0.42 | | | | | $ | 0.74 | | | | | $ | 0.70 | | |
Dividends per share
|
| | | $ | 0.42 | | | | | $ | 0.50 | | | | | $ | 0.50 | | | | | $ | 0.32 | | | | | $ | 0.31 | | | | | $ | 0.28 | | | | | $ | 0.27 | | |
| | |
At or for the Three Months
Ended September 30, |
| |
At or For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Return on average assets
|
| | | | 0.36% | | | | | | 0.82% | | | | | | 0.27% | | | | | | 0.92% | | | | | | 0.48% | | | | | | 0.81% | | | | | | 0.77% | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)(1)
|
| | | | 0.45 | | | | | | 0.82 | | | | | | 0.79 | | | | | | 1.11 | | | | | | 0.60 | | | | | | 0.81 | | | | | | 0.77 | | |
Return on average equity
|
| | | | 2.80 | | | | | | 4.52 | | | | | | 1.64 | | | | | | 5.01 | | | | | | 2.39 | | | | | | 4.22 | | | | | | 4.08 | | |
Return on average equity (excluding merger charges, gain on
bargain purchase and prepayment penalties)(2) |
| | | | 3.47 | | | | | | 4.52 | | | | | | 4.78 | | | | | | 6.08 | | | | | | 3.00 | | | | | | 4.22 | | | | | | 4.08 | | |
Interest rate spread(3)
|
| | | | 2.96 | | | | | | 3.27 | | | | | | 3.10 | | | | | | 3.57 | | | | | | 2.84 | | | | | | 2.62 | | | | | | 2.72 | | |
Net interest margin(4)
|
| | | | 3.11 | | | | | | 3.52 | | | | | | 3.30 | | | | | | 3.76 | | | | | | 3.08 | | | | | | 2.85 | | | | | | 2.95 | | |
Non-interest expense to average assets
|
| | | | 2.57 | | | | | | 2.53 | | | | | | 3.13 | | | | | | 2.55 | | | | | | 2.05 | | | | | | 1.62 | | | | | | 1.81 | | |
Efficiency ratio(5)
|
| | | | 77.30 | | | | | | 71.13 | | | | | | 90.76 | | | | | | 68.07 | | | | | | 65.22 | | | | | | 56.68 | | | | | | 60.85 | | |
Efficiency ratio (excluding merger charges, gain on bargain purchase and prepayment penalties)(6)
|
| | | | 81.43 | | | | | | 71.13 | | | | | | 74.62 | | | | | | 62.88 | | | | | | 61.32 | | | | | | 56.68 | | | | | | 60.85 | | |
Average interest-earning assets to average interest-bearing liabilities
|
| | | | 115.97 | | | | | | 119.27 | | | | | | 117.92 | | | | | | 120.23 | | | | | | 121.88 | | | | | | 120.36 | | | | | | 120.33 | | |
Average equity to average assets
|
| | | | 13.02 | | | | | | 18.10 | | | | | | 16.52 | | | | | | 18.31 | | | | | | 19.95 | | | | | | 19.28 | | | | | | 18.81 | | |
Capital Ratios(7): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets)
|
| | | | N/A | | | | | | 25.65 | | | | | | N/A | | | | | | 25.82% | | | | | | 33.69% | | | | | | 30.76% | | | | | | 30.70% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | N/A | | | | | | 24.52 | | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Common equity Tier 1 capital (to risk-weighted assets)
|
| | | | N/A | | | | | | 24.52 | | | | | | N/A | | | | | | 24.68 | | | | | | 32.49 | | | | | | 29.50 | | | | | | 29.45 | | |
Tier 1 leverage capital (to adjusted total assets)
|
| | | | 11.92 | | | | | | 16.59 | | | | | | 13.67 | | | | | | 16.94 | | | | | | 20.00 | | | | | | 18.72 | | | | | | 18.18 | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as a percent of total loans
|
| | | | 0.71% | | | | | | 0.97% | | | | | | 0.68% | | | | | | 0.96% | | | | | | 1.29% | | | | | | 1.35% | | | | | | 1.33% | | |
Allowance for loan losses as a percent of non-performing loans
|
| | | | 75.08 | | | | | | 156.08 | | | | | | 107.88 | | | | | | 161.18 | | | | | | 75.76 | | | | | | 58.33 | | | | | | 81.61 | | |
Net charge-offs (recoveries) to average outstanding loans during the period
|
| | | | 0.00 | | | | | | 0.00 | | | | | | 0.09 | | | | | | 0.01 | | | | | | 0.02 | | | | | | (0.02) | | | | | | 0.15 | | |
Non-performing loans as a percent of total loans(8)
|
| | | | 0.95 | | | | | | 0.63 | | | | | | 0.64 | | | | | | 0.60 | | | | | | 1.75 | | | | | | 2.38 | | | | | | 1.69 | | |
Non-performing assets as a percent of total assets(8)
|
| | | | 0.67 | | | | | | 0.52 | | | | | | 0.46 | | | | | | 0.48 | | | | | | 1.42 | | | | | | 1.81 | | | | | | 1.51 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of full-service branch offices
|
| | | | 12 | | | | | | 6 | | | | | | 12 | | | | | | 6 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income
|
| | | $ | 831 | | | | | $ | 854 | | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average assets
|
| | | $ | 735,846 | | | | | $ | 417,769 | | | | | $ | 490,981 | | | | | $ | 409,142 | | | | | $ | 307,132 | | | | | $ | 315,036 | | | | | $ | 316,681 | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)
|
| | | | 0.45% | | | | | | 0.82% | | | | | | 0.79% | | | | | | 1.11% | | | | | | 0.60% | | | | | | 0.81% | | | | | | 0.77% | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | 1,464 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | (746) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted net income
|
| | | $ | 831 | | | | | $ | 854 | | | | | $ | 3,876 | | | | | $ | 4,552 | | | | | $ | 1,839 | | | | | $ | 2,564 | | | | | $ | 2,431 | | |
Average stockholders’ equity
|
| | | $ | 95,821 | | | | | $ | 75,622 | | | | | $ | 81,122 | | | | | $ | 74,912 | | | | | $ | 61,269 | | | | | $ | 60,754 | | | | | $ | 59,576 | | |
Return on average equity (excluding merger charges, gain on bargain purchase and prepayment penalties)
|
| | | | 3.47% | | | | | | 4.52% | | | | | | 4.78% | | | | | | 6.08% | | | | | | 3.00% | | | | | | 4.22% | | | | | | 4.08% | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Non-interest expense
|
| | | $ | 4,735 | | | | | $ | 2,646 | | | | | $ | 15,392 | | | | | $ | 10,453 | | | | | $ | 6,283 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger charges
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | | | | | 375 | | | | | | — | | | | | | — | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted non-interest expense
|
| | | $ | 4,574 | | | | | $ | 2,646 | | | | | $ | 12,098 | | | | | $ | 9,657 | | | | | $ | 5,908 | | | | | $ | 5,109 | | | | | $ | 5,722 | | |
Net interest income
|
| | | $ | 5,217 | | | | | $ | 3,373 | | | | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 8,993 | | | | | $ | 8,502 | | | | | $ | 8,911 | | |
Non-interest income
|
| | | $ | 400 | | | | | $ | 347 | | | | | $ | 2,160 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Less adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | 746 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted non-interest income
|
| | | $ | 400 | | | | | $ | 347 | | | | | $ | 1,414 | | | | | $ | 1,127 | | | | | $ | 641 | | | | | $ | 511 | | | | | $ | 493 | | |
Efficiency ratio (excluding merger charges, gain on bargain purchase and prepayment penalties)
|
| | | | 77.30% | | | | | | 71.13% | | | | | | 74.62% | | | | | | 62.88% | | | | | | 61.32% | | | | | | 56.68% | | | | | | 60.85% | | |
| | |
Shares to be Sold in
This Offering |
| |
Shares of
William Penn Bancorporation to be Issued for Shares of William Penn Bancorp |
| |
Total Shares
of Common Stock to be Issued in Exchange and Offering |
| |
Exchange
Ratio |
| |
Equivalent
Value of Shares Based Upon Offering Price(1) |
| |
Shares to
be Received for 100 Existing Shares(2) |
| ||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||||||||||||||||||||
Minimum
|
| | | | 9,350,000 | | | | | | 83.4% | | | | | | 1,863,166 | | | | | | 16.6% | | | | | | 11,213,166 | | | | | | 2.3941 | | | | | $ | 23.94 | | | | | | 239 | | |
Midpoint
|
| | | | 11,000,000 | | | | | | 83.4 | | | | | | 2,191,960 | | | | | | 16.6 | | | | | | 13,191,960 | | | | | | 2.8166 | | | | | | 28.17 | | | | | | 281 | | |
Maximum
|
| | | | 12,650,000 | | | | | | 83.4 | | | | | | 2,520,754 | | | | | | 16.6 | | | | | | 15,170,754 | | | | | | 3.2391 | | | | | | 32.39 | | | | | | 323 | | |
Company Name and Ticker Symbol
|
| |
Exchange
|
| |
Headquarters
|
| |
Total Assets
|
| |||
| | | | | | | | |
(in millions)
|
| |||
Prudential Bancorp, Inc. (PBIP)
|
| |
Nasdaq
|
| |
Philadelphia, Pennsylvania
|
| | | $ | 1,188(1) | | |
Elmira Savings Bank (ESBK)
|
| |
Nasdaq
|
| | Elmira, New York | | | | | 674 | | |
HMN Financial, Inc. (HMNF)
|
| |
Nasdaq
|
| | Rochester, Minnesota | | | | | 898 | | |
Company Name and Ticker Symbol
|
| |
Exchange
|
| |
Headquarters
|
| |
Total Assets
|
| |||
| | | | | | | | |
(in millions)
|
| |||
Home Federal Bancorp, Inc. of Louisiana (HFBL)
|
| |
Nasdaq
|
| | Shreveport, Louisiana | | | | | 542 | | |
HV Bancorp, Inc. (HVBC)
|
| |
Nasdaq
|
| |
Doylestown, Pennsylvania
|
| | | | 425(1) | | |
IF Bancorp, Inc. (IROQ)
|
| |
Nasdaq
|
| | Watseka, Illinois | | | | | 726 | | |
Randolph Bancorp, Inc. (RNDB)
|
| |
Nasdaq
|
| |
Stoughton, Massachusetts
|
| | | | 723 | | |
Severn Bancorp, Inc. (SVBI)
|
| |
Nasdaq
|
| | Annapolis, Maryland | | | | | 940 | | |
WVS Financial Corp. (WVFC)
|
| |
Nasdaq
|
| | Pittsburgh, Pennsylvania | | | | | 332 | | |
| | |
Price to Core
Earnings Multiple(1) |
| |
Price to Book
Value Ratio |
| |
Price to Tangible
Book Value Ratio |
| |||||||||
William Penn Bancorporation (pro forma): | | | | | | | | | | | | | | | | | | | |
Minimum
|
| | | | 61.13x | | | | | | 61.96% | | | | | | 64.06% | | |
Midpoint
|
| | | | 81.04x | | | | | | 67.52% | | | | | | 69.64% | | |
Maximum
|
| | | | 106.73x | | | | | | 72.31% | | | | | | 74.40% | | |
Peer group companies as of November 4, 2020: | | | | | | | | | | | | | | | | | | | |
Average
|
| | | | 11.49x | | | | | | 74.76% | | | | | | 77.15% | | |
Median
|
| | | | 11.82x | | | | | | 72.90% | | | | | | 77.73% | | |
| | |
Minimum of
Offering Range |
| |
Midpoint of
Offering Range |
| |
Maximum of
Offering Range |
| |||||||||||||||||||||||||||
| | |
9,350,000
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| |
11,000,000
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| |
12,650,000
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Offering proceeds
|
| | | $ | 93,500 | | | | | | | | | | | $ | 110,000 | | | | | | | | | | | $ | 126,500 | | | | | | | | |
Less: offering expenses
|
| | | | 2,247 | | | | | | | | | | | | 2,399 | | | | | | | | | | | | 2,551 | | | | | | | | |
Net offering proceeds
|
| | | | 91,253 | | | | | | 100.0% | | | | | | 107,601 | | | | | | 100.0% | | | | | | 123,949 | | | | | | 100.0% | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds contributed to William Penn Bank
|
| | | | 45,626 | | | | | | 50.0 | | | | | | 53,801 | | | | | | 50.0 | | | | | | 61,975 | | | | | | 50.0 | | |
Proceeds used for loan to employee stock ownership plan
|
| | | | 7,480 | | | | | | 8.2 | | | | | | 8,800 | | | | | | 8.2 | | | | | | 10,120 | | | | | | 8.2 | | |
Proceeds remaining for William Penn Bancorporation
|
| | | $ | 38,147 | | | | | | 41.8% | | | | | $ | 45,000 | | | | | | 41.8% | | | | | $ | 51,854 | | | | | | 41.8% | | |
| | |
At
September 30, 2020 |
| |
Minimum of
Offering Range 9,350,000 Shares at $10.00 per Share |
| |
Midpoint of
Offering Range 11,000,000 Shares at $10.00 per Share |
| |
Maximum of
Offering Range 12,650,000 Shares at $10.00 per Share |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Deposits(1) | | | | $ | 581,493 | | | | | $ | 581,493 | | | | | $ | 581,493 | | | | | $ | 581,493 | | |
Borrowed funds
|
| | | | 41,000 | | | | | | 41,000 | | | | | | 41,000 | | | | | | 41,000 | | |
Total deposits and borrowed funds
|
| | | $ | 622,493 | | | | | $ | 622,493 | | | | | $ | 622,493 | | | | | $ | 622,493 | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
50,000,000 shares, $0.01 par value per share authorized; none issued or outstanding
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Common stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
150,000,000 shares, $0.01 par value per share, authorized; specified number of
shares assumed to be issued and outstanding(2) |
| | | | 467 | | | | | | 112 | | | | | | 132 | | | | | | 152 | | |
Additional paid-in capital
|
| | | | 42,932 | | | | | | 130,830 | | | | | | 147,158 | | | | | | 163,486 | | |
William Penn, MHC capital consolidation
|
| | | | — | | | | | | 5,473 | | | | | | 5,473 | | | | | | 5,473 | | |
Retained earnings(3)
|
| | | | 55,384 | | | | | | 55,384 | | | | | | 55,384 | | | | | | 55,384 | | |
Accumulated other comprehensive income
|
| | | | 433 | | | | | | 433 | | | | | | 433 | | | | | | 433 | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
Treasury stock
|
| | | | (3,710) | | | | | | — | | | | | | — | | | | | | — | | |
Common stock to be acquired by employee stock ownership plan(4)
|
| | | | — | | | | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock to be acquired by new equity incentive plan(5)
|
| | | | — | | | | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Total stockholders’ equity
|
| | | $ | 95,506 | | | | | $ | 181,012 | | | | | $ | 195,380 | | | | | $ | 209,748 | | |
Total stockholders’ equity as a percentage of total assets
|
| | | | 13.06% | | | | | | 22.15% | | | | | | 23.50% | | | | | | 24.80% | | |
Tangible equity as a percentage of tangible assets
|
| | | | 12.34% | | | | | | 21.58% | | | | | | 22.94% | | | | | | 24.26% | | |
| | |
William Penn Bank
Historical at September 30, 2020 |
| |
Pro Forma at September 30, 2020,
Based Upon the Sale in the Offering of |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
9,350,000 Shares
|
| |
11,000,000 Shares
|
| |
12,650,000 Shares
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| ||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Equity
|
| | | $ | 94,465 | | | | | | 12.92% | | | | | $ | 128,871 | | | | | | 16.59% | | | | | $ | 135,066 | | | | | | 17.21% | | | | | $ | 141,260 | | | | | | 17.81% | | |
Tier 1 leverage capital(1)(2)
|
| | | $ | 86,956 | | | | | | 11.92% | | | | | $ | 121,362 | | | | | | 15.66% | | | | | | 127,557 | | | | | | 16.29% | | | | | $ | 133,751 | | | | | | 16.90% | | |
Tier 1 leverage requirement
|
| | | | 36,465 | | | | | | 5.00 | | | | | | 38,746 | | | | | | 5.00 | | | | | | 39,155 | | | | | | 5.00 | | | | | | 39,564 | | | | | | 5.00 | | |
Excess
|
| | | $ | 50,491 | | | | | | 6.92% | | | | | $ | 82,616 | | | | | | 10.66% | | | | | $ | 88,402 | | | | | | 11.29% | | | | | $ | 94,187 | | | | | | 11.90% | | |
Tier 1 risk-based capital(1)(2)
|
| | | $ | 86,956 | | | | | | 19.30% | | | | | $ | 121,362 | | | | | | 26.40% | | | | | $ | 127,557 | | | | | | 27.65% | | | | | $ | 133,751 | | | | | | 28.89% | | |
Tier 1 risk-based requirement
|
| | | | 36,044 | | | | | | 8.00 | | | | | | 36,774 | | | | | | 8.00 | | | | | | 36,905 | | | | | | 8.00 | | | | | | 37,036 | | | | | | 8.00 | | |
Excess
|
| | | $ | 50,912 | | | | | | 11.30% | | | | | $ | 84,588 | | | | | | 18.40% | | | | | $ | 90,652 | | | | | | 19.65% | | | | | $ | 96,715 | | | | | | 20.89% | | |
Total risk-based capital(1)(2)
|
| | | $ | 90,541 | | | | | | 20.10% | | | | | $ | 124,947 | | | | | | 27.18% | | | | | $ | 131,142 | | | | | | 28.43% | | | | | $ | 137,336 | | | | | | 29.67% | | |
Total risk-based requirement
|
| | | | 45,056 | | | | | | 10.00 | | | | | | 45,968 | | | | | | 10.00 | | | | | | 46,132 | | | | | | 10.00 | | | | | | 46,295 | | | | | | 10.00 | | |
Excess
|
| | | $ | 45,485 | | | | | | 10.10% | | | | | $ | 78,979 | | | | | | 17.18% | | | | | $ | 85,010 | | | | | | 18.43% | | | | | $ | 91,041 | | | | | | 19.67% | | |
Common equity tier 1 risk-based capital(1)(2)
|
| | | $ | 86,956 | | | | | | 19.30% | | | | | $ | 121,362 | | | | | | 26.40% | | | | | $ | 127,557 | | | | | | 27.65% | | | | | $ | 133,751 | | | | | | 28.89% | | |
Common equity tier 1 risk-based requirement
|
| | | | 29,286 | | | | | | 6.50 | | | | | | 29,879 | | | | | | 6.50 | | | | | | 29,985 | | | | | | 6.50 | | | | | | 30,092 | | | | | | 6.50 | | |
Excess
|
| | | $ | 57,670 | | | | | | 12.80% | | | | | $ | 91,483 | | | | | | 19.90% | | | | | $ | 97,572 | | | | | | 21.15% | | | | | $ | 103,659 | | | | | | 22.39% | | |
Reconciliation of capital infused into William Penn Bank:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds
|
| | | | | | | | | | | | | | | $ | 45,626 | | | | | | | | | | | $ | 53,801 | | | | | | | | | | | $ | 61,975 | | | | | | | | |
Less: Common stock acquired by new equity incentive plan
|
| | | | | | | | | | | | | | | | (3,740) | | | | | | | | | | | | (4,400) | | | | | | | | | | | | (5,060) | | | | | | | | |
Less: Common stock acquired by employee stock ownership plan
|
| | | | | | | | | | | | | | | | (7,480) | | | | | | | | | | | | (8,800) | | | | | | | | | | | | (10,120) | | | | | | | | |
Pro forma increase
|
| | | | | | | | | | | | | | | $ | 34,406 | | | | | | | | | | | $ | 40,601 | | | | | | | | | | | $ | 46,795 | | | | | | | | |
|
| | |
At or for the Three Months Ended September 30, 2020
Based upon the Sale at $10.00 Per Share of |
| |||||||||||||||
| | |
9,350,000
Shares |
| |
11,000,000
Shares |
| |
12,650,000
Shares |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||
Gross proceeds of offering
|
| | | $ | 93,500 | | | | | $ | 110,000 | | | | | $ | 126,500 | | |
Expenses
|
| | | | 2,247 | | | | | | 2,399 | | | | | | 2,551 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Common stock purchased by employee stock ownership plan
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock purchased by stock-based benefit plans
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Estimated net proceeds, as adjusted
|
| | | $ | 80,033 | | | | | $ | 94,401 | | | | | $ | 108,769 | | |
For the Three Months Ended September 30, 2020 | | | | | | | | | | | | | | | | | | | |
Consolidated net earnings: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 670 | | | | | $ | 670 | | | | | $ | 670 | | |
Income on adjusted net proceeds
|
| | | | 43 | | | | | | 51 | | | | | | 59 | | |
Income on mutual holding company asset contribution
|
| | | | 3 | | | | | | 3 | | | | | | 3 | | |
Employee stock ownership plan(1)
|
| | | | (58) | | | | | | (68) | | | | | | (78) | | |
Stock awards(2)
|
| | | | (145) | | | | | | (171) | | | | | | (196) | | |
Stock options(3)
|
| | | | (134) | | | | | | (157) | | | | | | (181) | | |
Pro forma net income
|
| | | $ | 380 | | | | | $ | 328 | | | | | $ | 277 | | |
Earnings per share(4): | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 0.07 | | | | | $ | 0.06 | | | | | $ | 0.05 | | |
Income on adjusted net proceeds
|
| | | | — | | | | | | — | | | | | | — | | |
Employee stock ownership plan(1)
|
| | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | |
Stock awards(2)
|
| | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | |
Stock options(3)
|
| | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | |
Pro forma earnings per share(4)
|
| | | $ | 0.04 | | | | | $ | 0.03 | | | | | $ | 0.02 | | |
Offering price to pro forma net earnings per share
|
| | | | 62.50x | | | | | | 83.33x | | | | | | 125.00x | | |
Number of shares used in earnings per share calculations
|
| | | | 10,472,646 | | | | | | 12,320,760 | | | | | | 14,168,874 | | |
At September 30, 2020 | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 95,506 | | | | | $ | 95,506 | | | | | $ | 95,506 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Mutual holding company capital contribution
|
| | | | 5,473 | | | | | | 5,473 | | | | | | 5,473 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Stock awards(2)
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Pro forma stockholders’ equity
|
| | | $ | 181,012 | | | | | $ | 195,380 | | | | | $ | 209,748 | | |
Intangible assets
|
| | | | (5,986) | | | | | | (5,986) | | | | | | (5,986) | | |
Pro forma tangible stockholders’ equity
|
| | | $ | 175,026 | | | | | $ | 189,394 | | | | | $ | 203,762 | | |
Stockholders’ equity per share: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 8.51 | | | | | $ | 7.24 | | | | | $ | 6.30 | | |
Estimated net proceeds
|
| | | | 8.14 | | | | | | 8.16 | | | | | | 8.17 | | |
Equity increase from the mutual holding company
|
| | | | 0.49 | | | | | | 0.41 | | | | | | 0.36 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (0.67) | | | | | | (0.67) | | | | | | (0.67) | | |
Common stock acquired by stock-based benefit plans(2)
|
| | | | (0.33) | | | | | | (0.33) | | | | | | (0.33) | | |
Pro forma stockholders’ equity per share(5)
|
| | | $ | 16.14 | | | | | $ | 14.81 | | | | | $ | 13.83 | | |
Intangible assets
|
| | | | (0.53) | | | | | | (0.45) | | | | | | (0.39) | | |
Pro forma tangible stockholders’ equity per share(5)
|
| | | $ | 15.61 | | | | | $ | 14.36 | | | | | $ | 13.44 | | |
Pro forma price to book value
|
| | | | 61.96% | | | | | | 67.52% | | | | | | 72.31% | | |
Pro forma price to tangible book value
|
| | | | 64.06% | | | | | | 69.64% | | | | | | 74.40% | | |
Number of shares outstanding for pro forma book value per share calculations
|
| | | | 11,213,166 | | | | | | 13,191,960 | | | | | | 15,170,754 | | |
| | |
At or for the Year Ended June 30, 2020
Based upon the Sale at $10.00 Per Share of |
| |||||||||||||||
| | |
9,350,000
Shares |
| |
11,000,000
Shares |
| |
12,650,000
Shares |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||
Gross proceeds of offering
|
| | | $ | 93,500 | | | | | $ | 110,000 | | | | | $ | 126,500 | | |
Expenses
|
| | | | 2,247 | | | | | | 2,399 | | | | | | 2,551 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Common stock purchased by employee stock ownership plan
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Common stock purchased by stock-based benefit plans
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Estimated net proceeds, as adjusted
|
| | | $ | 80,033 | | | | | $ | 94,401 | | | | | $ | 108,769 | | |
For the Year Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Consolidated net earnings: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 1,328 | | | | | $ | 1,328 | | | | | $ | 1,328 | | |
Income on adjusted net proceeds
|
| | | | 174 | | | | | | 205 | | | | | | 236 | | |
Income on mutual holding company asset contribution
|
| | | | 8 | | | | | | 8 | | | | | | 8 | | |
Employee stock ownership plan(1)
|
| | | | (232) | | | | | | (273) | | | | | | (314) | | |
Stock awards(2)
|
| | | | (580) | | | | | | (682) | | | | | | (784) | | |
Stock options(3)
|
| | | | (535) | | | | | | (629) | | | | | | (723) | | |
Pro forma net income
|
| | | $ | 163 | | | | | $ | (43) | | | | | | (249) | | |
Earnings per share(4): | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 0.13 | | | | | $ | 0.11 | | | | | $ | 0.09 | | |
Income on adjusted net proceeds
|
| | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Employee stock ownership plan(1)
|
| | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | |
Stock awards(2)
|
| | | | (0.06) | | | | | | (0.06) | | | | | | (0.06) | | |
Stock options(3)
|
| | | | (0.05) | | | | | | (0.05) | | | | | | (0.05) | | |
Pro forma earnings per share(4)
|
| | | $ | 0.02 | | | | | $ | — | | | | | $ | (0.02) | | |
Offering price to pro forma net earnings per share
|
| | | | 500.00x | | | | | | NM | | | | | | NM | | |
Number of shares used in earnings per share calculations
|
| | | | 10,495,086 | | | | | | 12,347,160 | | | | | | 14,199,234 | | |
At June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 96,365 | | | | | $ | 96,365 | | | | | $ | 96,365 | | |
Estimated net proceeds
|
| | | | 91,253 | | | | | | 107,601 | | | | | | 123,949 | | |
Mutual holding company capital contribution
|
| | | | 3,903 | | | | | | 3,903 | | | | | | 3,903 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (7,480) | | | | | | (8,800) | | | | | | (10,120) | | |
Stock awards(2)
|
| | | | (3,740) | | | | | | (4,400) | | | | | | (5,060) | | |
Pro forma stockholders’ equity
|
| | | $ | 180,301 | | | | | $ | 194,669 | | | | | $ | 209,037 | | |
Intangible assets
|
| | | | (6,050) | | | | | | (6,050) | | | | | | (6,050) | | |
Pro forma tangible stockholders’ equity
|
| | | $ | 174,251 | | | | | $ | 188,619 | | | | | $ | 202,987 | | |
Stockholders’ equity per share: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 8.59 | | | | | $ | 7.30 | | | | | $ | 6.35 | | |
Estimated net proceeds
|
| | | | 8.14 | | | | | | 8.16 | | | | | | 8.17 | | |
Equity increase from the mutual holding company
|
| | | | 0.35 | | | | | | 0.30 | | | | | | 0.26 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (0.67) | | | | | | (0.67) | | | | | | (0.67) | | |
Common stock acquired by stock-based benefit plans(2)
|
| | | | (0.33) | | | | | | (0.33) | | | | | | (0.33) | | |
Pro forma stockholders’ equity per share(5)
|
| | | $ | 16.08 | | | | | $ | 14.76 | | | | | $ | 13.78 | | |
Intangible assets
|
| | | | (0.54) | | | | | | (0.46) | | | | | | (0.40) | | |
Pro forma tangible stockholders’ equity per share(5)
|
| | | $ | 15.54 | | | | | $ | 14.30 | | | | | $ | 13.38 | | |
Pro forma price to book value
|
| | | | 62.19% | | | | | | 67.75% | | | | | | 72.57% | | |
Pro forma price to tangible book value
|
| | | | 64.35% | | | | | | 69.93% | | | | | | 74.74% | | |
Number of shares outstanding for pro forma book value per share calculations
|
| | | | 11,213,166 | | | | | | 13,191,960 | | | | | | 15,170,754 | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Mortgage-backed securities
|
| | | $ | 66,379 | | | | | $ | 66,400 | | | | | $ | 51,570 | | | | | $ | 51,738 | | | | | $ | 3,609 | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | — | | |
U.S. agency collateralized mortgage obligations
|
| | | | 2,377 | | | | | | 2,378 | | | | | | 3,215 | | | | | | 3,215 | | | | | | 5,634 | | | | | | 5,767 | | | | | | — | | | | | | — | | |
U.S. government agency securities
|
| | | | 11,658 | | | | | | 11,547 | | | | | | 6,226 | | | | | | 6,155 | | | | | | 10,865 | | | | | | 10,912 | | | | | | — | | | | | | — | | |
U.S. treasury securities
|
| | | | — | | | | | | — | | | | | | 1,000 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Private label collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 264 | | | | | | 303 | | | | | | 1,539 | | | | | | 1,816 | | |
Municipal bonds
|
| | | | 24,878 | | | | | | 25,128 | | | | | | 10,485 | | | | | | 10,508 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate bonds
|
| | | | 17,750 | | | | | | 18,144 | | | | | | 17,399 | | | | | | 17,382 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total securities available-for-sale
|
| | | | 123,042 | | | | | | 123,597 | | | | | | 89,895 | | | | | | 89,998 | | | | | | 20,372 | | | | | | 20,660 | | | | | | 1,539 | | | | | | 1,816 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,500 | | | | | | 1,522 | | | | | | 2,336 | | | | | | 2,305 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 206 | | | | | | 214 | | | | | | 611 | | | | | | 634 | | |
Municipal bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | | | | | 100 | | | | | | 100 | | |
Corporate bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 101 | | | | | | 100 | | | | | | 102 | | |
Total securities held-to-maturity
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,906 | | | | | | 1,937 | | | | | | 3,147 | | | | | | 3,141 | | |
Total investment securities
|
| | | $ | 123,042 | | | | | $ | 123,597 | | | | | $ | 89,895 | | | | | $ | 89,998 | | | | | $ | 22,278 | | | | | $ | 22,597 | | | | | $ | 4,686 | | | | | $ | 4,957 | | |
| | |
One
Year or Less |
| |
More than
One Year to Five Years |
| |
More than
Five Years to Ten Years |
| |
More than
Ten Years |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020
(Dollars in thousands) |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 66,400 | | | | | | 2.64% | | | | | $ | 66,400 | | | | | | 2.64% | | |
U.S. agency collateralized mortgage obligations
|
| | | | 5 | | | | | | 0.68 | | | | | | — | | | | | | — | | | | | | 1,095 | | | | | | 3.26 | | | | | | 1,278 | | | | | | 3.37 | | | | | | 2,378 | | | | | | 3.31 | | |
U.S. government agency securities
|
| | | | — | | | | | | — | | | | | | 105 | | | | | | 4.40 | | | | | | 3,839 | | | | | | 2.87 | | | | | | 7,603 | | | | | | 2.89 | | | | | | 11,547 | | | | | | 2.90 | | |
Municipal bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 458 | | | | | | 5.56 | | | | | | 24,670 | | | | | | 2.44 | | | | | | 25,128 | | | | | | 2.50 | | |
Corporate bonds
|
| | | | — | | | | | | — | | | | | | 11,977 | | | | | | 5.13 | | | | | | 6,167 | | | | | | 5.04 | | | | | | — | | | | | | — | | | | | | 18,144 | | | | | | 5.10 | | |
Total investment securities
|
| | | $ | 5 | | | | | | 0.68% | | | | | $ | 12,082 | | | | | | 5.13% | | | | | $ | 11,559 | | | | | | 4.20% | | | | | $ | 99,951 | | | | | | 2.62% | | | | | $ | 123,597 | | | | | | 3.02% | | |
|
| | |
One
Year or Less |
| |
More than
One Year to Five Years |
| |
More than
Five Years to Ten Years |
| |
More than
Ten Years |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020
(Dollars in thousands) |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 51,738 | | | | | | 2.80% | | | | | $ | 51,738 | | | | | | 2.80% | | |
U.S. agency collateralized mortgage obligations
|
| | | | 5 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | 1,124 | | | | | | 3.26 | | | | | | 2,086 | | | | | | 3.47 | | | | | | 3,215 | | | | | | 3.39 | | |
U.S. government agency securities
|
| | | | — | | | | | | — | | | | | | 132 | | | | | | 4.61 | | | | | | — | | | | | | — | | | | | | 6,023 | | | | | | 3.96 | | | | | | 6,155 | | | | | | 3.97 | | |
Municipal bonds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 463 | | | | | | 5.56 | | | | | | 10,045 | | | | | | 3.01 | | | | | | 10,508 | | | | | | 3.12 | | |
Corporate bonds
|
| | | | 1,888 | | | | | | 1.79 | | | | | | 9,479 | | | | | | 5.35 | | | | | | 6,015 | | | | | | 5.04 | | | | | | — | | | | | | — | | | | | | 17,382 | | | | | | 4.86 | | |
U.S. treasuries securities
|
| | | | 1,000 | | | | | | 0.09 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 0.09 | | |
Total investment securities
|
| | | $ | 2,893 | | | | | | 1.20% | | | | | $ | 9,611 | | | | | | 5.34% | | | | | $ | 7,602 | | | | | | 4.81% | | | | | $ | 69,892 | | | | | | 2.95% | | | | | $ | 89,998 | | | | | | 3.31% | | |
|
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
One- to four-family
|
| | | $ | 335,200 | | | | | | 66.29% | | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.98% | | |
Home equity and HELOCs
|
| | | | 45,364 | | | | | | 8.97 | | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | |
Residential construction
|
| | | | 13,665 | | | | | | 2.70 | | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | |
Total residential real estate loans
|
| | | | 394,229 | | | | | | 77.96 | | | | | | 408,768 | | | | | | 79.00 | | | | | | 261,820 | | | | | | 78.46 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Multi-family
|
| | | | 14,477 | | | | | | 2.86 | | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | |
Commercial non-residential
|
| | | | 79,969 | | | | | | 15.81 | | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | |
Commercial construction and land
|
| | | | 7,358 | | | | | | 1.46 | | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | |
Total commercial real estate loans
|
| | | | 101,804 | | | | | | 20.13 | | | | | | 98,361 | | | | | | 19.01 | | | | | | 69,023 | | | | | | 20.68 | | |
Commercial loans
|
| | | | 5,958 | | | | | | 1.18 | | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | |
Consumer loans
|
| | | | 3,670 | | | | | | 0.73 | | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.23 | | |
Total loans
|
| | | | 505,661 | | | | | | 100.00% | | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | |
Loans in process
|
| | | | (3,916) | | | | | | | | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | | | | | | |
Unearned loan origination fees
|
| | | | (530) | | | | | | | | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | |
Allowance for loan losses
|
| | | | (3,585) | | | | | | | | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | |
Loans, net
|
| | | $ | 497,630 | | | | | | | | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | |
|
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 170,322 | | | | | | 70.00% | | | | | $ | 166,219 | | | | | | 67.82% | | | | | $ | 162,395 | | | | | | 66.26% | | |
Home equity and HELOCS
|
| | | | 21,158 | | | | | | 8.70 | | | | | | 22,938 | | | | | | 9.36 | | | | | | 24,799 | | | | | | 10.12 | | |
Residential construction
|
| | | | 11,831 | | | | | | 4.86 | | | | | | 8,836 | | | | | | 3.61 | | | | | | 12,050 | | | | | | 4.92 | | |
Total residential real estate loans
|
| | | | 203,311 | | | | | | 83.56 | | | | | | 197,993 | | | | | | 80.79 | | | | | | 199,244 | | | | | | 81.30 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | 12,061 | | | | | | 4.96 | | | | | | 12,076 | | | | | | 4.93 | | | | | | 12,539 | | | | | | 5.12 | | |
Commercial non-residential
|
| | | | 23,759 | | | | | | 9.76 | | | | | | 24,820 | | | | | | 10.13 | | | | | | 26,744 | | | | | | 10.91 | | |
Commercial construction and land
|
| | | | 3,131 | | | | | | 1.29 | | | | | | 9,120 | | | | | | 3.72 | | | | | | 5,319 | | | | | | 2.17 | | |
Total commercial real estate loans
|
| | | | 38,951 | | | | | | 16.01 | | | | | | 46,016 | | | | | | 18.78 | | | | | | 44,602 | | | | | | 18.20 | | |
Commercial loans
|
| | | | 196 | | | | | | 0.08 | | | | | | 129 | | | | | | 0.05 | | | | | | 51 | | | | | | 0.02 | | |
Consumer loans
|
| | | | 859 | | | | | | 0.35 | | | | | | 947 | | | | | | 0.38 | | | | | | 1,183 | | | | | | 0.48 | | |
Total loans
|
| | | | 243,317 | | | | | | 100.00% | | | | | | 245,085 | | | | | | 100.00% | | | | | | 245,080 | | | | | | 100.00% | | |
Loans in process
|
| | | | (5,716) | | | | | | | | | | | | (5,879) | | | | | | | | | | | | (8,896) | | | | | | | | |
Unearned loan origination fees
|
| | | | (1,074) | | | | | | | | | | | | (1,038) | | | | | | | | | | | | (1,025) | | | | | | | | |
Allowance for loan losses
|
| | | | (3,138) | | | | | | | | | | | | (3,303) | | | | | | | | | | | | (3,248) | | | | | | | | |
Loans, net
|
| | | $ | 233,389 | | | | | | | | | | | $ | 234,865 | | | | | | | | | | | $ | 231,911 | | | | | | | | |
|
September 30, 2020
(Dollars in thousands) |
| |
One- to
Four-Family |
| |
Home
Equity and HELOCs |
| |
Residential
Construction |
| |
Multi-
Family |
| |
Commercial
Non- Residential |
| |
Commercial
Construction and Land |
| |
Commercial
|
| |
Consumer
|
| |
Total
Loans |
| |||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | $ | 976 | | | | | $ | 3,603 | | | | | $ | 8,305 | | | | | $ | 1,251 | | | | | $ | 2,203 | | | | | $ | 1,295 | | | | | $ | 617 | | | | | $ | 732 | | | | | $ | 18,982 | | |
More than 1 – 5 years
|
| | | | 16,764 | | | | | | 5,319 | | | | | | 5,360 | | | | | | 1,410 | | | | | | 8,497 | | | | | | 6,063 | | | | | | 2,964 | | | | | | 1,117 | | | | | | 47,494 | | |
More than 5 – 10 years
|
| | | | 50,953 | | | | | | 9,394 | | | | | | — | | | | | | 2,909 | | | | | | 11,882 | | | | | | — | | | | | | 2,377 | | | | | | 77 | | | | | | 77,592 | | |
More than 10 years
|
| | | | 266,507 | | | | | | 27,048 | | | | | | — | | | | | | 8,907 | | | | | | 57,387 | | | | | | — | | | | | | — | | | | | | 1,744 | | | | | | 361,593 | | |
Total
|
| | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
|
June 30, 2020
(Dollars in thousands) |
| |
One- to
Four-Family |
| |
Home
Equity and HELOCs |
| |
Residential
Construction |
| |
Multi-
Family |
| |
Commercial
Non- Residential |
| |
Commercial
Construction and Land |
| |
Commercial
|
| |
Consumer
|
| |
Total
Loans |
| |||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | $ | 4,080 | | | | | $ | 1,137 | | | | | $ | 7,773 | | | | | $ | 1,817 | | | | | $ | 5,466 | | | | | $ | 747 | | | | | $ | 934 | | | | | $ | 786 | | | | | $ | 22,740 | | |
More than 1 – 5 years
|
| | | | 18,510 | | | | | | 5,314 | | | | | | 8,026 | | | | | | 1,734 | | | | | | 8,564 | | | | | | 5,943 | | | | | | 4,069 | | | | | | 1,169 | | | | | | 53,329 | | |
More than 5 – 10 years
|
| | | | 53,274 | | | | | | 10,063 | | | | | | — | | | | | | 2,755 | | | | | | 12,696 | | | | | | — | | | | | | 1,435 | | | | | | 333 | | | | | | 80,556 | | |
More than 10 years
|
| | | | 270,051 | | | | | | 30,540 | | | | | | — | | | | | | 8,658 | | | | | | 49,981 | | | | | | — | | | | | | — | | | | | | 1,612 | | | | | | 360,842 | | |
Total
|
| | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | 517,467 | | |
|
| | |
Due After September 30, 2021
|
| |||||||||||||||
At September 30, 2020
(Dollars in thousands) |
| |
Fixed Rates
|
| |
Floating or
Adjustable Rates |
| |
Total
|
| |||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 212,050 | | | | | $ | 122,174 | | | | | $ | 334,224 | | |
Home equity and HELOCs
|
| | | | 17,125 | | | | | | 24,636 | | | | | | 41,761 | | |
Residential construction
|
| | | | 3,461 | | | | | | 1,899 | | | | | | 5,360 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | 4,261 | | | | | | 8,965 | | | | | | 13,226 | | |
Commercial non-residential
|
| | | | 30,086 | | | | | | 47,680 | | | | | | 77,766 | | |
Commercial construction and land
|
| | | | 3,841 | | | | | | 2,222 | | | | | | 6,063 | | |
Commercial loans
|
| | | | 4,919 | | | | | | 422 | | | | | | 5,341 | | |
Consumer loans
|
| | | | 1,321 | | | | | | 1,617 | | | | | | 2,938 | | |
Total
|
| | | $ | 277,064 | | | | | $ | 209,615 | | | | | $ | 486,679 | | |
|
| | |
Due After June 30, 2021
|
| |||||||||||||||
At June 30, 2020
(Dollars in thousands) |
| |
Fixed Rates
|
| |
Floating or
Adjustable Rates |
| |
Total
|
| |||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 223,615 | | | | | $ | 118,220 | | | | | $ | 341,835 | | |
Home equity and HELOCs
|
| | | | 18,513 | | | | | | 27,404 | | | | | | 45,917 | | |
Residential construction
|
| | | | 5,497 | | | | | | 2,529 | | | | | | 8,026 | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | 5,493 | | | | | | 7,654 | | | | | | 13,147 | | |
Commercial non-residential
|
| | | | 23,163 | | | | | | 48,078 | | | | | | 71,241 | | |
Commercial construction and land
|
| | | | 4,231 | | | | | | 1,712 | | | | | | 5,943 | | |
| | |
Due After June 30, 2021
|
| |||||||||||||||
At June 30, 2020
(Dollars in thousands) |
| |
Fixed Rates
|
| |
Floating or
Adjustable Rates |
| |
Total
|
| |||||||||
Commercial loans
|
| | | | 5,072 | | | | | | 432 | | | | | | 5,504 | | |
Consumer loans
|
| | | | 1,606 | | | | | | 1,508 | | | | | | 3,114 | | |
Total
|
| | | $ | 287,190 | | | | | $ | 207,537 | | | | | $ | 494,727 | | |
|
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| ||||||||||||||||||||||||
Checking accounts
|
| | | $ | 140,146 | | | | | | 24.10% | | | | | $ | 142,223 | | | | | | 25.40% | | | | | $ | 67,547 | | | | | | 24.02% | | | | | $ | 28,278 | | | | | | 15.66% | | |
Money market accounts
|
| | | | 140,891 | | | | | | 24.23 | | | | | | 129,048 | | | | | | 23.05 | | | | | | 67,648 | | | | | | 24.06 | | | | | | 50,010 | | | | | | 27.68 | | |
Savings and club accounts
|
| | | | 95,070 | | | | | | 16.35 | | | | | | 94,097 | | | | | | 16.81 | | | | | | 33,172 | | | | | | 11.79 | | | | | | 18,542 | | | | | | 10.26 | | |
Certificates of deposit
|
| | | | 205,386 | | | | | | 35.32 | | | | | | 194,480 | | | | | | 34.74 | | | | | | 112,839 | | | | | | 40.13 | | | | | | 83,827 | | | | | | 46.40 | | |
Total
|
| | | $ | 581,493 | | | | | | 100.00% | | | | | $ | 559,848 | | | | | | 100.00% | | | | | $ | 281,206 | | | | | | 100.00% | | | | | $ | 180,657 | | | | | | 100.00% | | |
September 30, 2020
(Dollars in thousands) |
| |
Certificates
of Deposit |
| |||
Maturity Period: | | | | | | | |
Three months or less
|
| | | $ | 18,236 | | |
Over three through six months
|
| | | | 29,371 | | |
Over six through twelve months
|
| | | | 16,858 | | |
Over twelve months
|
| | | | 30,850 | | |
Total
|
| | | $ | 95,315 | | |
|
June 30, 2020
(Dollars in thousands) |
| |
Certificates
of Deposit |
| |||
Maturity Period: | | | | | | | |
Three months or less
|
| | | $ | 10,243 | | |
Over three through six months
|
| | | | 16,396 | | |
Over six through twelve months
|
| | | | 25,260 | | |
Over twelve months
|
| | | | 32,878 | | |
Total
|
| | | $ | 84,777 | | |
|
| | |
Three Months Ended
September 30, 2020 |
| |
Year Ended June 30,
|
| ||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Beginning balance
|
| | | $ | 559,848 | | | | | $ | 281,206 | | | | | $ | 281,206 | | | | | $ | 180,657 | | | | | $ | 182,199 | | |
Deposits acquired from Audubon Savings Bank
|
| | | | — | | | | | | — | | | | | | — | | | | | | 107,180 | | | | | | — | | |
Deposits acquired from Washington Savings Bank
|
| | | | — | | | | | | — | | | | | | 135,546 | | | | | | — | | | | | | — | | |
Deposits acquired from Fidelity Savings and Loan Association of Bucks County
|
| | | | — | | | | | | — | | | | | | 66,409 | | | | | | — | | | | | | — | | |
Increase (decrease) before interest credited
|
| | | | 20,361 | | | | | | 4,288 | | | | | | 72,924 | | | | | | (8,937) | | | | | | (3,028) | | |
Interest credited
|
| | | | 1,284 | | | | | | 877 | | | | | | 3,763 | | | | | | 2,306 | | | | | | 1,486 | | |
Net increase (decrease) in deposits
|
| | | | 21,645 | | | | | | 5,165 | | | | | | 278,642 | | | | | | 100,549 | | | | | | (1,542) | | |
Ending balance
|
| | | $ | 581,493 | | | | | $ | 286,371 | | | | | $ | 559,848 | | | | | $ | 281,206 | | | | | $ | 180,657 | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||
Less than 0.50%
|
| | | $ | 5,058 | | | | | $ | 6,535 | | | | | $ | — | | | | | $ | — | | |
0.50% to 0.99%
|
| | | | 22,208 | | | | | | 13,598 | | | | | | 9,453 | | | | | | 16,021 | | |
1.00% to 1.49%
|
| | | | 52,193 | | | | | | 33,320 | | | | | | 26,761 | | | | | | 24,587 | | |
1.50% to 1.99%
|
| | | | 49,667 | | | | | | 55,299 | | | | | | 19,673 | | | | | | 19,708 | | |
2.00% to 2.99%
|
| | | | 68,349 | | | | | | 77,850 | | | | | | 54,777 | | | | | | 23,511 | | |
3.00% and greater
|
| | | | 7,911 | | | | | | 7,878 | | | | | | 2,175 | | | | | | — | | |
Ending balance
|
| | | $ | 205,386 | | | | | $ | 194,480 | | | | | $ | 112,839 | | | | | $ | 83,827 | | |
| | |
Period to Maturity
|
| | ||||||||||||||||||||||||||||||||||||||
September 30, 2020
(Dollars in thousands) |
| |
One Year
or Less |
| |
More than
One Year to Two Years |
| |
More than
Two Years to Three Years |
| |
More than
Three Years to Four Years |
| |
More than
Four Years |
| |
Total
|
| |
Percent
of Total Certificate Accounts |
| |||||||||||||||||||||
Less than 0.50%
|
| | | $ | 5,049 | | | | | $ | 9 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,058 | | | | | | 2.47% | | |
0.50% to 0.99%
|
| | | | 15,451 | | | | | | 6,706 | | | | | | 51 | | | | | | — | | | | | | — | | | | | | 22,208 | | | | | | 10.81 | | |
1.00% to 1.49%
|
| | | | 41,482 | | | | | | 4,364 | | | | | | 3,819 | | | | | | 558 | | | | | | 1,970 | | | | | | 52,193 | | | | | | 25.41 | | |
1.50% to 1.99%
|
| | | | 30,978 | | | | | | 7,709 | | | | | | 4,060 | | | | | | 2,224 | | | | | | 4,696 | | | | | | 49,667 | | | | | | 24.18 | | |
2.00% to 2.99%
|
| | | | 34,643 | | | | | | 15,594 | | | | | | 8,094 | | | | | | 4,848 | | | | | | 5,170 | | | | | | 68,349 | | | | | | 33.28 | | |
3.00% and greater
|
| | | | 972 | | | | | | 1,243 | | | | | | 721 | | | | | | 4,540 | | | | | | 435 | | | | | | 7,911 | | | | | | 3.85 | | |
Total
|
| | | $ | 128,575 | | | | | $ | 35,625 | | | | | $ | 16,745 | | | | | $ | 12,170 | | | | | $ | 12,271 | | | | | $ | 205,386 | | | | | | 100.00% | | |
|
| | |
Period to Maturity
|
| | ||||||||||||||||||||||||||||||||||||||
June 30, 2020
(Dollars in thousands) |
| |
One Year
or Less |
| |
More than
One Year to Two Years |
| |
More than
Two Years to Three Years |
| |
More than
Three Years to Four Years |
| |
More than
Four Years |
| |
Total
|
| |
Percent
of Total Certificate Accounts |
| |||||||||||||||||||||
Less than 0.50%
|
| | | $ | 6,418 | | | | | $ | 117 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,535 | | | | | | 3.36% | | |
0.50% to 0.99%
|
| | | | 11,374 | | | | | | 2,168 | | | | | | 56 | | | | | | — | | | | | | — | | | | | | 13,598 | | | | | | 6.99 | | |
1.00% to 1.49%
|
| | | | 24,513 | | | | | | 5,200 | | | | | | 2,524 | | | | | | 423 | | | | | | 660 | | | | | | 33,320 | | | | | | 17.13 | | |
1.50% to 1.99%
|
| | | | 27,882 | | | | | | 14,997 | | | | | | 4,321 | | | | | | 2,881 | | | | | | 5,218 | | | | | | 55,299 | | | | | | 28.43 | | |
2.00% to 2.99%
|
| | | | 42,465 | | | | | | 13,731 | | | | | | 10,118 | | | | | | 5,546 | | | | | | 5,990 | | | | | | 77,850 | | | | | | 40.03 | | |
3.00% and greater
|
| | | | 944 | | | | | | 860 | | | | | | 1,066 | | | | | | 4,576 | | | | | | 432 | | | | | | 7,878 | | | | | | 4.06 | | |
Total
|
| | | $ | 113,596 | | | | | $ | 37,073 | | | | | $ | 18,085 | | | | | $ | 13,426 | | | | | $ | 12,300 | | | | | $ | 194,480 | | | | | | 100.00% | | |
| | |
At September 30,
|
| |
Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Cost |
| ||||||||||||||||||||||||||||||||||||
Non-interest bearing checking
accounts |
| | | $ | 41,145 | | | | | | 7.19% | | | | | | —% | | | | | $ | 20,311 | | | | | | 5.93% | | | | | | —% | | | | | $ | 11,901 | | | | | | 4.29% | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | | —% | | |
Interest-bearing checking accounts
|
| | | | 101,272 | | | | | | 17.69 | | | | | | 0.20 | | | | | | 63,389 | | | | | | 18.52 | | | | | | 0.13 | | | | | | 56,605 | | | | | | 20.38 | | | | | | 0.09 | | | | | | 27,577 | | | | | | 15.14 | | | | | | 0.06 | | |
Money market deposit
accounts |
| | | | 136,543 | | | | | | 23.85 | | | | | | 0.96 | | | | | | 88,965 | | | | | | 25.99 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 23.18 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 26.35 | | | | | | 0.44 | | |
Savings and club accounts
|
| | | | 94,586 | | | | | | 16.52 | | | | | | 0.18 | | | | | | 42,044 | | | | | | 12.28 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 14.17 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 11.77 | | | | | | 0.15 | | |
Certificates of
deposit |
| | | | 198,933 | | | | | | 34.75 | | | | | | 1.33 | | | | | | 127,553 | | | | | | 37.28 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 37.98 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 46.74 | | | | | | 1.44 | | |
Total
|
| | | $ | 572,479 | | | | | | 100.00% | | | | | | 0.76% | | | | | $ | 342,262 | | | | | | 100.00% | | | | | | 1.05% | | | | | $ | 277,687 | | | | | | 100.00% | | | | | | 0.83% | | | | | $ | 182,159 | | | | | | 100.00% | | | | | | 0.82% | | |
|
| | |
At or For the
Three Months Ended September 30, |
| |
At or For the Year Ended
June 30, |
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||
Maximum amount outstanding at any month-end during period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances
|
| | | $ | 64,854 | | | | | $ | 65,922 | | | | | $ | 51,500 | | | | | $ | 65,500 | | |
Average outstanding balance during period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Bank advances
|
| | | $ | 52,608 | | | | | $ | 58,401 | | | | | $ | 48,772 | | | | | $ | 57,503 | | |
Weighted average interest rate during period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances
|
| | | | 2.73% | | | | | | 2.42% | | | | | | 2.65% | | | | | | 2.95% | | |
Balance outstanding at end of period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances
|
| | | $ | 41,000 | | | | | $ | 64,892 | | | | | $ | 50,000 | | | | | $ | 51,500 | | |
Weighted average interest rate at end of period: | | | | | | | | | | | | | | | | | | | | | |||||
Federal Home Loan Bank advances
|
| | | | 2.55% | | | | | | 2.53% | | | | | | 2.58% | | | | | | 2.71% | | |
| | |
Three Months Ended September 30,
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
Change Fiscal 2020/2019
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Net interest income
|
| | | $ | 5,217 | | | | | $ | 3,373 | | | | | $ | 1,844 | | | | | | 54.67% | | |
Provision for loan losses
|
| | | | 66 | | | | | | — | | | | | | 66 | | | | | | 100.00 | | |
Non-interest income
|
| | | | 400 | | | | | | 347 | | | | | | 53 | | | | | | 15.27 | | |
Non-interest expenses
|
| | | | 4,735 | | | | | | 2,646 | | | | | | 2,089 | | | | | | 78.95 | | |
Income tax expense
|
| | | | 146 | | | | | | 220 | | | | | | (74) | | | | | | (33.64) | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | (184) | | | | | | (21.55)% | | |
Return on average assets
|
| | | | 0.36% | | | | | | 0.82% | | | | | | | | | | | | | | |
Return on average assets (excluding merger charges, gain on bargain purchase and prepayment penalties)(1)
|
| | | | 0.45 | | | | | | 0.82 | | | | | | | | | | | | | | |
Return on average equity
|
| | | | 2.80 | | | | | | 4.52 | | | | | | | | | | | | | | |
Return on average equity (excluding merger charges, gain on bargain purchase and prepayment penalties)(1)
|
| | | | 3.47 | | | | | | 4.52 | | | | | | | | | | | | | | |
| | |
Three Months
Ended September 30, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Service fees
|
| | | $ | 183 | | | | | $ | 139 | | |
Gain on sale of securities
|
| | | | — | | | | | | 93 | | |
Earnings on bank-owned life insurance
|
| | | | 112 | | | | | | 83 | | |
Gain on sale of premises and equipment
|
| | | | 15 | | | | | | — | | |
Other
|
| | | | 90 | | | | | | 32 | | |
Total
|
| | | $ | 400 | | | | | $ | 347 | | |
| | |
Three Months
Ended September 30, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Salaries and employee benefits
|
| | | $ | 2,554 | | | | | $ | 1,571 | | |
Occupancy and equipment
|
| | | | 759 | | | | | | 295 | | |
Data processing
|
| | | | 422 | | | | | | 304 | | |
Professional fees
|
| | | | 188 | | | | | | 102 | | |
Amortization of intangible assets
|
| | | | 64 | | | | | | 59 | | |
Prepayment penalties.
|
| | | | 161 | | | | | | — | | |
Other
|
| | | | 587 | | | | | | 315 | | |
Total
|
| | | $ | 4,735 | | | | | $ | 2,646 | | |
| | |
Year Ended June 30,
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
Change Fiscal 2020/2019
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Net interest income
|
| | | $ | 14,799 | | | | | $ | 14,230 | | | | | $ | 569 | | | | | | 4.00% | | |
Provision for loan losses
|
| | | | 626 | | | | | | 88 | | | | | | 538 | | | | | | 611.36 | | |
Non-interest income
|
| | | | 2,160 | | | | | | 1,127 | | | | | | 1,033 | | | | | | 91.66 | | |
Non-interest expenses
|
| | | | 15,392 | | | | | | 10,453 | | | | | | 4,939 | | | | | | 47.25 | | |
Income tax (benefit) expense
|
| | | | (387) | | | | | | 1,060 | | | | | | (1,447) | | | | | | (136.51) | | |
Net income
|
| | | $ | 1,328 | | | | | $ | 3,756 | | | | | $ | (2,428) | | | | | | (64.64)% | | |
Return on average assets
|
| | | | 0.27% | | | | | | 0.92% | | | | | | | | | | | | | | |
Return on average assets (excluding merger charges and gain on bargain purchase)(1)
|
| | | | 0.79 | | | | | | 1.11 | | | | | | | | | | | | | | |
Return on average equity
|
| | | | 1.64 | | | | | | 5.01 | | | | | | | | | | | | | | |
Return on average equity (excluding merger charges and gain on bargain purchase)(1)
|
| | | | 4.78 | | | | | | 6.08 | | | | | | | | | | | | | | |
| | |
Year Ended June 30,
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Service fees
|
| | | $ | 569 | | | | | $ | 483 | | |
Realized losses on sale of real estate owned, net
|
| | | | — | | | | | | (30) | | |
Gain on sale of loans
|
| | | | — | | | | | | 12 | | |
Gain on sale of securities
|
| | | | 238 | | | | | | 140 | | |
Earnings on bank-owned life insurance
|
| | | | 347 | | | | | | 327 | | |
Gain on bargain purchase
|
| | | | 746 | | | | | | — | | |
Other
|
| | | | 260 | | | | | | 195 | | |
Total
|
| | | $ | 2,160 | | | | | $ | 1,127 | | |
| | |
Year Ended June 30,
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Salaries and employee benefits
|
| | | $ | 6,855 | | | | | $ | 6,438 | | |
Occupancy and equipment
|
| | | | 1,784 | | | | | | 1,096 | | |
Data processing
|
| | | | 1,155 | | | | | | 692 | | |
Professional fees
|
| | | | 451 | | | | | | 277 | | |
Merger-related expenses
|
| | | | 3,294 | | | | | | 796 | | |
Amortization of intangible assets
|
| | | | 242 | | | | | | 260 | | |
Other
|
| | | | 1,611 | | | | | | 894 | | |
Total
|
| | | $ | 15,392 | | | | | $ | 10,453 | | |
| | |
Three Months Ended September 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| ||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans(1)
|
| | | $ | 504,463 | | | | | $ | 5,893 | | | | | | 4.67% | | | | | $ | 329,964 | | | | | $ | 4,151 | | | | | | 5.03% | | |
Investment securities(2)
|
| | | | 109,663 | | | | | | 653 | | | | | | 2.53 | | | | | | 30,828 | | | | | | 273 | | | | | | 3.54 | | |
Other interest-earning assets
|
| | | | 63,051 | | | | | | 111 | | | | | | 0.70 | | | | | | 22,821 | | | | | | 152 | | | | | | 2.66 | | |
Total interest-earning assets
|
| | | | 677,177 | | | | | | 6,657 | | | | | | 3.96 | | | | | | 383,613 | | | | | | 4,576 | | | | | | 4.77 | | |
Non-interest-earning assets
|
| | | | 58,669 | | | | | | | | | | | | | | | | | | 34,156 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 735,846 | | | | | | | | | | | | | | | | | $ | 417,769 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing accounts
|
| | | $ | 101,272 | | | | | | 51 | | | | | | 0.20% | | | | | $ | 55,394 | | | | | | 16 | | | | | | 0.12% | | |
Money market deposit accounts
|
| | | | 136,543 | | | | | | 326 | | | | | | 0.96 | | | | | | 70,500 | | | | | | 287 | | | | | | 1.63 | | |
Savings and club accounts
|
| | | | 94,586 | | | | | | 43 | | | | | | 0.18 | | | | | | 32,105 | | | | | | 12 | | | | | | 0.15 | | |
Certificates of deposit
|
| | | | 198,933 | | | | | | 661 | | | | | | 1.33 | | | | | | 113,628 | | | | | | 558 | | | | | | 1.96 | | |
Total interest-bearing deposits
|
| | | | 531,334 | | | | | | 1,081 | | | | | | 0.81 | | | | | | 271,627 | | | | | | 873 | | | | | | 1.29 | | |
FHLB advances
|
| | | | 52,608 | | | | | | 359 | | | | | | 2.73 | | | | | | 50,000 | | | | | | 330 | | | | | | 2.64 | | |
Total interest-bearing liabilities
|
| | | | 583,942 | | | | | | 1,440 | | | | | | 0.99 | | | | | | 321,627 | | | | | | 1,203 | | | | | | 1.50 | | |
Non-interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest-bearing deposits
|
| | | | 41,145 | | | | | | | | | | | | | | | | | | 13,049 | | | | | | | | | | | | | | |
Other non-interest-bearing liabilities
|
| | | | 14,938 | | | | | | | | | | | | | | | | | | 7,471 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 640,025 | | | | | | | | | | | | | | | | | | 342,147 | | | | | | | | | | | | | | |
Total equity
|
| | | | 95,821 | | | | | | | | | | | | | | | | | | 75,622 | | | | | | | | | | | | | | |
Total liabilities and equity
|
| | | $ | 735,846 | | | | | | | | | | | | | | | | | $ | 417,769 | | | | | | | | | | | | | | |
Net interest income
|
| | | | | | | | | $ | 5,217 | | | | | | | | | | | | | | | | | $ | 3,373 | | | | | | | | |
Interest rate spread(3)
|
| | | | | | | | | | 2.96% | | | | | | | | | | | | | | | | | | 3.27% | | | | | | | | |
Net interest-earning assets(4)
|
| | | $ | 93,235 | | | | | | | | | | | | | | | | | $ | 61,986 | | | | | | | | | | | | | | |
Net interest margin(5)
|
| | | | | | | | | | 3.11% | | | | | | | | | | | | | | | | | | 3.52% | | | | | | | | |
Ratio of interest-earning assets to interest-bearing liabilities
|
| | | | 115.97% | | | | | | | | | | | | | | | | | | 119.27% | | | | | | | | | | | | | | |
| | |
Year Ended June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Loans(1)
|
| | | $ | 366,372 | | | | | $ | 17,914 | | | | | | 4.89% | | | | | $ | 330,102 | | | | | $ | 16,595 | | | | | | 5.03% | | | | | $ | 237,950 | | | | | $ | 10,992 | | | | | | 4.62% | | |
Investment securities(2)
|
| | | | 56,755 | | | | | | 1,557 | | | | | | 2.74 | | | | | | 17,181 | | | | | | 415 | | | | | | 2.42 | | | | | | 8,569 | | | | | | 317 | | | | | | 3.70 | | |
Other interest-earning assets
|
| | | | 25,373 | | | | | | 346 | | | | | | 1.36 | | | | | | 30,899 | | | | | | 811 | | | | | | 2.62 | | | | | | 45,585 | | | | | | 866 | | | | | | 1.90 | | |
Total interest-earning
assets |
| | | | 448,500 | | | | | | 19,817 | | | | | | 4.42 | | | | | | 378,182 | | | | | | 17,821 | | | | | | 4.71 | | | | | | 292,104 | | | | | | 12,175 | | | | | | 4.17 | | |
Non-interest-earning assets
|
| | | | 42,481 | | | | | | | | | | | | | | | | | | 30,960 | | | | | | | | | | | | | | | | | | 15,028 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 490,981 | | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts
|
| | | $ | 63,389 | | | | | | 82 | | | | | | 0.13% | | | | | $ | 56,605 | | | | | | 53 | | | | | | 0.09% | | | | | $ | 27,577 | | | | | | 16 | | | | | | 0.06% | | |
Money market deposit accounts
|
| | | | 88,965 | | | | | | 1,136 | | | | | | 1.28 | | | | | | 64,363 | | | | | | 524 | | | | | | 0.81 | | | | | | 48,002 | | | | | | 209 | | | | | | 0.44 | | |
| | |
Year Ended June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |||||||||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Savings and club accounts
|
| | | | 42,044 | | | | | | 67 | | | | | | 0.16 | | | | | | 39,354 | | | | | | 48 | | | | | | 0.12 | | | | | | 21,443 | | | | | | 33 | | | | | | 0.15 | | |
Certificates of deposit
|
| | | | 127,553 | | | | | | 2,319 | | | | | | 1.82 | | | | | | 105,464 | | | | | | 1,672 | | | | | | 1.59 | | | | | | 85,137 | | | | | | 1,228 | | | | | | 1.44 | | |
Total interest-bearing deposits
|
| | | | 321,951 | | | | | | 3,604 | | | | | | 1.12 | | | | | | 265,786 | | | | | | 2,297 | | | | | | 0.86 | | | | | | 182,159 | | | | | | 1,486 | | | | | | 0.82 | | |
FHLB advances
|
| | | | 58,401 | | | | | | 1,414 | | | | | | 2.42 | | | | | | 48,772 | | | | | | 1,294 | | | | | | 2.65 | | | | | | 57,503 | | | | | | 1,696 | | | | | | 2.95 | | |
Total interest-bearing liabilities
|
| | | | 380,352 | | | | | | 5,018 | | | | | | 1.32 | | | | | | 314,558 | | | | | | 3,591 | | | | | | 1.14 | | | | | | 239,662 | | | | | | 3,182 | | | | | | 1.33 | | |
Non-interest-bearing liabilities: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing
deposits |
| | | | 20,311 | | | | | | | | | | | | | | | | | | 11,901 | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | |
Other non-interest-bearing liabilities
|
| | | | 9,196 | | | | | | | | | | | | | | | | | | 7,771 | | | | | | | | | | | | | | | | | | 6,201 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 409,859 | | | | | | | | | | | | | | | | | | 334,230 | | | | | | | | | | | | | | | | | | 245,863 | | | | | | | | | | | | | | |
Total equity
|
| | | | 81,122 | | | | | | | | | | | | | | | | | | 74,912 | | | | | | | | | | | | | | | | | | 61,269 | | | | | | | | | | | | | | |
Total liabilities and
equity |
| | | $ | 490,981 | | | | | | | | | | | | | | | | | $ | 409,142 | | | | | | | | | | | | | | | | | $ | 307,132 | | | | | | | | | | | | | | |
Net interest income
|
| | | | | | | | | $ | 14,799 | | | | | | | | | | | | | | | | | $ | 14,230 | | | | | | | | | | | | | | | | | $ | 8,993 | | | | | | | | |
Interest rate spread(3)
|
| | | | | | | | | | 3.10% | | | | | | | | | | | | | | | | | | 3.57% | | | | | | | | | | | | | | | | | | 2.84% | | | | | | | | |
Net interest-earning assets(4)
|
| | | $ | 68,148 | | | | | | | | | | | | | | | | | $ | 63,624 | | | | | | | | | | | | | | | | | $ | 52,442 | | | | | | | | | | | | | | |
Net interest margin(5)
|
| | | | | | | | | | 3.30% | | | | | | | | | | | | | | | | | | 3.76% | | | | | | | | | | | | | | | | | | 3.08% | | | | | | | | |
Ratio of interest-earning assets to interest-bearing liabilities
|
| | | | 117.92% | | | | | | | | | | | | | | | | | | 120.23% | | | | | | | | | | | | | | | | | | 121.88% | | | | | | | | | | | | | | |
| | |
Three Months Ended 09/30/2020
Compared to Three Months Ended 09/30/2019 |
| |
Year Ended 06/30/2020
Compared to Year Ended 06/30/2019 |
| |
Year Ended 06/30/2019
Compared to Year Ended 06/30/2018 |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Increase (Decrease)
Due to |
| |
Increase (Decrease)
Due to |
| |
Increase (Decrease)
Due to |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| |||||||||||||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Loans
|
| | | $ | 2,057 | | | | | $ | (315) | | | | | $ | 1,742 | | | | | $ | 1,783 | | | | | $ | (464) | | | | | $ | 1,319 | | | | | $ | 4,744 | | | | | $ | 859 | | | | | $ | 5,603 | | |
Investment securities
|
| | | | 496 | | | | | | (116) | | | | | | 380 | | | | | | 1,094 | | | | | | 48 | | | | | | 1,142 | | | | | | 236 | | | | | | (138) | | | | | | 98 | | |
Other interest-earning assets
|
| | | | 129 | | | | | | (170) | | | | | | (41) | | | | | | (186) | | | | | | (279) | | | | | | (465) | | | | | | (328) | | | | | | 273 | | | | | | (55) | | |
Total interest-earning assets
|
| | | | 2,682 | | | | | | (601) | | | | | | 2,081 | | | | | | 2,691 | | | | | | (695) | | | | | | 1,996 | | | | | | 4,652 | | | | | | 994 | | | | | | 5,646 | | |
Interest expense: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing accounts
|
| | | | 118 | | | | | | (83) | | | | | | 35 | | | | | | 5 | | | | | | 24 | | | | | | 29 | | | | | | 41 | | | | | | (4) | | | | | | 37 | | |
Money market deposit accounts
|
| | | | 192 | | | | | | (153) | | | | | | 39 | | | | | | (32) | | | | | | 644 | | | | | | 612 | | | | | | 31 | | | | | | 284 | | | | | | 315 | | |
Savings and club accounts
|
| | | | 29 | | | | | | 2 | | | | | | 31 | | | | | | 3 | | | | | | 15 | | | | | | 18 | | | | | | 23 | | | | | | (8) | | | | | | 15 | | |
Certificates of deposit
|
| | | | 324 | | | | | | (221) | | | | | | 103 | | | | | | 524 | | | | | | 124 | | | | | | 648 | | | | | | 343 | | | | | | 101 | | | | | | 444 | | |
Total interest-bearing deposits
|
| | | | 663 | | | | | | (455) | | | | | | 208 | | | | | | 500 | | | | | | 807 | | | | | | 1,307 | | | | | | 438 | | | | | | 373 | | | | | | 811 | | |
FHLB advances
|
| | | | 19 | | | | | | 10 | | | | | | 29 | | | | | | 240 | | | | | | (120) | | | | | | 120 | | | | | | (183) | | | | | | (219) | | | | | | (402) | | |
Total interest-bearing liabilities
|
| | | | 682 | | | | | | (445) | | | | | | 237 | | | | | | 740 | | | | | | 687 | | | | | | 1,427 | | | | | | 255 | | | | | | 154 | | | | | | 409 | | |
Net change in net interest income
|
| | | $ | 2,000 | | | | | $ | (156) | | | | | $ | 1,844 | | | | | $ | 1,951 | | | | | $ | (1,382) | | | | | $ | 569 | | | | | $ | 4,397 | | | | | $ | 840 | | | | | $ | 5,237 | | |
|
| | |
At
September 30, |
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Non-accrual loans: | | | | | | | | ||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 3,284 | | | | | $ | 2,353 | | | | | $ | 1,270 | | | | | $ | 1,100 | | | | | $ | 2,559 | | | | | $ | 969 | | |
Home equity and HELOCs
|
| | | | 473 | | | | | | 384 | | | | | | 385 | | | | | | 41 | | | | | | 103 | | | | | | 10 | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | 3,757 | | | | | | 2,737 | | | | | | 1,655 | | | | | | 1,141 | | | | | | 2,662 | | | | | | 979 | | |
Commercial real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||
Multi-family
|
| | | | 184 | | | | | | 185 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | 689 | | | | | | 135 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total commercial real estate loans
|
| | | | 873 | | | | | | 320 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
At
September 30, |
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Commercial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 145 | | | | | | 115 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total non-accrual loans
|
| | | | 4,775 | | | | | | 3,172 | | | | | | 1,844 | | | | | | 1,141 | | | | | | 2,662 | | | | | | 979 | | |
Accruing loans past due 90 days or more: | | | | | | | | ||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||
One- to four-family
|
| | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | |
Home equity and HELOCs
|
| | | | — | | | | | | 90 | | | | | | 140 | | | | | | — | | | | | | — | | | | | | — | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | — | | | | | | 90 | | | | | | 147 | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate loans: | | | | | | | | ||||||||||||||||||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | 3,001 | | | | | | 3,001 | | |
Total commercial real estate loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | 3,001 | | | | | | 3,001 | | |
Commercial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total accruing loans past due 90 days or more
|
| | | | — | | | | | | 90 | | | | | | 147 | | | | | | 3,001 | | | | | | 3,001 | | | | | | 3,001 | | |
Total non-performing loans
|
| | | | 4,775 | | | | | | 3,262 | | | | | | 1,991 | | | | | | 4,142 | | | | | | 5,663 | | | | | | 3,980 | | |
Real estate owned
|
| | | | 100 | | | | | | 100 | | | | | | — | | | | | | 135 | | | | | | 69 | | | | | | 755 | | |
Total non-performing assets
|
| | | $ | 4,875 | | | | | $ | 3,362 | | | | | $ | 1,991 | | | | | $ | 4,277 | | | | | $ | 5,732 | | | | | $ | 4,735 | | |
Total non-performing loans to total loans
|
| | | | 0.95% | | | | | | 0.64% | | | | | | 0.60% | | | | | | 1.75% | | | | | | 2.38% | | | | | | 1.69% | | |
Total non-performing assets to total assets
|
| | | | 0.67% | | | | | | 0.46 | | | | | | 0.48 | | | | | | 1.42 | | | | | | 1.81 | | | | | | 1.51 | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Days Past Due
|
| |
Days Past Due
|
| |
Days Past Due
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
One- to four-family
|
| | | $ | 2,011 | | | | | $ | 203 | | | | | $ | 1,541 | | | | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | — | | | | | $ | 807 | | | | | $ | 1,038 | | |
Home equity and HELOCs
|
| | | | 492 | | | | | | — | | | | | | 181 | | | | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 246 | | | | | | 59 | | | | | | 315 | | |
Residential construction
|
| | | | — | | | | | | 515 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | 184 | | | | | | — | | | | | | 465 | | | | | | 185 | | | | | | — | | | | | | 394 | | | | | | 189 | | |
Commercial non-residential
|
| | | | 505 | | | | | | 54 | | | | | | — | | | | | | 100 | | | | | | 507 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial loans.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 123 | | | | | | 20 | | | | | | 30 | | | | | | 3 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 3,131 | | | | | $ | 792 | | | | | $ | 1,936 | | | | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 246 | | | | | $ | 1,260 | | | | | $ | 1,542 | | |
|
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Days Past Due
|
| |
Days Past Due
|
| |
Days Past Due
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |
30-59
|
| |
60-89
|
| |
90 or more
|
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | $ | 647 | | | | | $ | 21 | | | | | $ | 1,100 | | | | | $ | 945 | | | | | $ | 368 | | | | | $ | 2,559 | | | | | $ | 2,073 | | | | | $ | 912 | | | | | $ | 969 | | |
Home equity and second Mortgages
|
| | | | 87 | | | | | | 89 | | | | | | 41 | | | | | | 89 | | | | | | — | | | | | | 103 | | | | | | 79 | | | | | | 89 | | | | | | 10 | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | 3,001 | | | | | | — | | | | | | — | | | | | | 3,001 | | | | | | — | | | | | | — | | | | | | 3,001 | | |
Commercial loans..
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 734 | | | | | $ | 110 | | | | | $ | 4,142 | | | | | $ | 1,034 | | | | | $ | 368 | | | | | $ | 5,663 | | | | | $ | 2,152 | | | | | $ | 1,001 | | | | | $ | 3,980 | | |
|
| | |
At
September 30, |
| |
At June 30,
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Classified loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Substandard
|
| | | $ | 4,275 | | | | | $ | 3,354 | | | | | $ | 2,653 | | | | | $ | 7,467 | | | | | $ | 9,578 | | | | | $ | 8,008 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total classified loans
|
| | | | 4,275 | | | | | | 3,354 | | | | | | 2,653 | | | | | | 7,467 | | | | | | 9,578 | | | | | | 8,008 | | |
Special mention
|
| | | | 1,791 | | | | | | 1,310 | | | | | | 1,138 | | | | | | 413 | | | | | | 438 | | | | | | 459 | | |
Total criticized loans(1)
|
| | | $ | 6,066 | | | | | $ | 4,664 | | | | | $ | 3,791 | | | | | $ | 7,880 | | | | | $ | 10,016 | | | | | $ | 8,467 | | |
| | |
At September 30,
|
| |
At June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | $ | 1,590 | | | | | | 44.35% | | | | | | 0.47% | | | | | $ | 1,483 | | | | | | 42.14% | | | | | | 0.43% | | | | | $ | 1,501 | | | | | | 46.78% | | | | | | 0.68% | | |
Home equity and HELOCs
|
| | | | 150 | | | | | | 4.18 | | | | | | 0.33 | | | | | | 166 | | | | | | 4.72 | | | | | | 0.35 | | | | | | 122 | | | | | | 3.80 | | | | | | 0.38 | | |
Residential construction
|
| | | | 461 | | | | | | 12.86 | | | | | | 3.37 | | | | | | 526 | | | | | | 14.95 | | | | | | 3.33 | | | | | | 321 | | | | | | 10.00 | | | | | | 3.30 | | |
Commercial real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | 121 | | | | | | 3.38 | | | | | | 0.84 | | | | | | 123 | | | | | | 3.50 | | | | | | 0.82 | | | | | | 71 | | | | | | 2.21 | | | | | | 0.64 | | |
Commercial non-residential
|
| | | | 780 | | | | | | 21.76 | | | | | | 0.98 | | | | | | 727 | | | | | | 20.66 | | | | | | 0.95 | | | | | | 708 | | | | | | 22.07 | | | | | | 1.32 | | |
Commercial construction and land
|
| | | | 436 | | | | | | 12.16 | | | | | | 5.93 | | | | | | 396 | | | | | | 11.25 | | | | | | 5.92 | | | | | | 121 | | | | | | 3.77 | | | | | | 2.73 | | |
Commercial loans
|
| | | | 32 | | | | | | 0.89 | | | | | | 0.54 | | | | | | 83 | | | | | | 2.36 | | | | | | 1.29 | | | | | | 95 | | | | | | 2.96 | | | | | | 4.53 | | |
Consumer loans
|
| | | | 15 | | | | | | 0.42 | | | | | | — | | | | | | 15 | | | | | | 0.42 | | | | | | 0.38 | | | | | | 3 | | | | | | .09 | | | | | | 0.40 | | |
Total general and allocated
allowance |
| | | $ | 3,585 | | | | | | 100.00 | | | | | | 0.71 | | | | | | 3,519 | | | | | | 100.00 | | | | | | 0.68 | | | | | | 2,942 | | | | | | 91.68 | | | | | | 0.88 | | |
Unallocated
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 267 | | | | | | 8.32 | | | | | | — | | |
Total allowance for loan losses
|
| | | $ | 3,585 | | | | | | 100.00% | | | | | | 0.71% | | | | | $ | 3,519 | | | | | | 100.00% | | | | | | 0.68% | | | | | $ | 3,209 | | | | | | 100.00% | | | | | | 0.96% | | |
|
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | $ | 1,478 | | | | | | 47.10% | | | | | | 0.87% | | | | | $ | 1,857 | | | | | | 56.22% | | | | | | 1.12% | | | | | $ | 1,658 | | | | | | 51.06% | | | | | | 1.02% | | |
Home equity and HELOCs
|
| | | | 58 | | | | | | 1.84 | | | | | | 0.27 | | | | | | 66 | | | | | | 2.00 | | | | | | 0.29 | | | | | | 88 | | | | | | 2.71 | | | | | | 0.35 | | |
Residential construction
|
| | | | 191 | | | | | | 6.09 | | | | | | 1.61 | | | | | | 93 | | | | | | 2.82 | | | | | | 1.05 | | | | | | 133 | | | | | | 4.09 | | | | | | 1.10 | | |
Commercial real estate loans: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | 116 | | | | | | 3.70 | | | | | | 0.96 | | | | | | 8 | | | | | | 0.24 | | | | | | 0.07 | | | | | | 111 | | | | | | 3.42 | | | | | | 0.89 | | |
Commercial non-residential
|
| | | | 388 | | | | | | 12.36 | | | | | | 1.63 | | | | | | 439 | | | | | | 13.29 | | | | | | 1.77 | | | | | | 577 | | | | | | 17.76 | | | | | | 2.16 | | |
Commercial construction and land(1)
|
| | | | 903 | | | | | | 28.78 | | | | | | 28.84 | | | | | | 837 | | | | | | 25.34 | | | | | | 9.18 | | | | | | 679 | | | | | | 20.90 | | | | | | 12.77 | | |
| | |
At June 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of
Allowance to Loans in Category |
| |||||||||||||||||||||||||||
Commercial loans
|
| | | | 4 | | | | | | 0.13 | | | | | | 2.04 | | | | | | 3 | | | | | | 0.09 | | | | | | 2.33 | | | | | | 2 | | | | | | 0.06 | | | | | | 3.92 | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total general and allocated
allowance |
| | | | 3,138 | | | | | | 100.00 | | | | | | 1.29 | | | | | | 3,303 | | | | | | 100.00 | | | | | | 1.35 | | | | | | 3,248 | | | | | | 100.00 | | | | | | 1.33 | | |
Unallocated
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total allowance for loan losses
|
| | | $ | 3,138 | | | | | | 100.00% | | | | | | 1.29% | | | | | $ | 3,303 | | | | | | 100.00% | | | | | | 1.35% | | | | | $ | 3,248 | | | | | | 100.00% | | | | | | 1.33% | | |
|
| | |
Three Months
Ended September 30, |
| |
At or For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Allowance at beginning of period
|
| | | $ | 3,519 | | | | | $ | 3,209 | | | | | $ | 3,209 | | | | | $ | 3,138 | | | | | $ | 3,303 | | | | | $ | 3,248 | | | | | $ | 3,606 | | |
Provision (recovery) for loan losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | | | | | (120) | | | | | | 15 | | | | | | 5 | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
One- to four-family
|
| | | | — | | | | | | — | | | | | | (260) | | | | | | (21) | | | | | | (82) | | | | | | (56) | | | | | | (384) | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | (6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | — | | | | | | — | | | | | | (266) | | | | | | (21) | | | | | | (82) | | | | | | (56) | | | | | | (384) | | |
Commercial real estate loans: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total commercial real estate loans.
|
| | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial loans
|
| | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | (12) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total charge-offs
|
| | | | — | | | | | | — | | | | | | (316) | | | | | | (21) | | | | | | (82) | | | | | | (56) | | | | | | (384) | | |
Recoveries: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | |||||||||||||||||||||||||||||||||||
One- to four-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 31 | | | | | | 36 | | | | | | 14 | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total residential real estate loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 31 | | | | | | 36 | | | | | | 14 | | |
Commercial real estate loans: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | | | | | 7 | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60 | | | | | | — | | |
Commercial construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total commercial real estate loans.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | 60 | | | | | | 7 | | |
Commercial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 37 | | | | | | 96 | | | | | | 21 | | |
Net (charge-offs) recoveries
|
| | | | — | | | | | | — | | | | | | (316) | | | | | | (17) | | | | | | (45) | | | | | | 40 | | | | | | (363) | | |
| | |
Three Months
Ended September 30, |
| |
At or For the Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||
Allowance at end of period
|
| | | $ | 3,585 | | | | | $ | 3,209 | | | | | $ | 3,519 | | | | | $ | 3,209 | | | | | $ | 3,138 | | | | | $ | 3,303 | | | | | $ | 3,248 | | |
Total loans(1)
|
| | | $ | 501,215 | | | | | $ | 329,224 | | | | | $ | 512,124 | | | | | $ | 329,226 | | | | | $ | 236,527 | | | | | $ | 238,168 | | | | | $ | 235,159 | | |
Average loans outstanding
|
| | | | 504,463 | | | | | | 329,964 | | | | | | 366,961 | | | | | | 330,102 | | | | | | 237,950 | | | | | | 237,060 | | | | | | 243,116 | | |
Ratio of allowance to non- performing loans
|
| | | | 75.08% | | | | | | 156.08% | | | | | | 107.88% | | | | | | 161.18% | | | | | | 75.76% | | | | | | 58.33% | | | | | | 81.61% | | |
Ratio of allowance to total loans
|
| | | | 0.71% | | | | | | 0.97% | | | | | | 0.68% | | | | | | 0.96% | | | | | | 1.29% | | | | | | 1.35% | | | | | | 1.33% | | |
Ratio of net charge-offs (recoveries) to average loans
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.09% | | | | | | 0.01% | | | | | | 0.02% | | | | | | (0.02)% | | | | | | 0.15% | | |
| | |
Twelve Month
Net Interest Income |
| |
Net Portfolio Value
|
| | | | ||||||||||||
Change in Interest Rates (Basis Points)
|
| |
Percent
of Change |
| |
Estimated NPV
|
| |
Percent
of Change |
| | |||||||||||
+200
|
| | | | (6.63)% | | | | | $ | 124,778 | | | | | | (6.35)% | | | | ||
+100
|
| | | | (3.21) | | | | | | 128,512 | | | | | | (3.55) | | | | ||
0
|
| | | | — | | | | | | 133,239 | | | | | | — | | | | ||
-50
|
| | | | 1.29 | | | | | | 123,513 | | | | | | (7.30) | | | |
| | | | | | | | |
Payments due
by period |
| |||||||||||||||||||||
September 30, 2020
(Dollars in thousands) |
| |
Total
|
| |
Less than
One Year |
| |
One to
Three Years |
| |
Three to
Five Years |
| |
More Than
Five Years |
| |||||||||||||||
Borrowed funds
|
| | | $ | 41,000 | | | | | $ | — | | | | | $ | 20,000 | | | | | $ | 21,000 | | | | | $ | — | | |
Commitments to fund loans
|
| | | | 18,192 | | | | | | 18,192 | | | | | | — | | | | | | — | | | | | | — | | |
Unused lines of credit
|
| | | | 62,717 | | | | | | 26,772 | | | | | | 2,119 | | | | | | 1,198 | | | | | | 32,628 | | |
Standby letters of credit
|
| | | | 1,000 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | |
Operating lease obligations
|
| | | | 1,820 | | | | | | 248 | | | | | | 514 | | | | | | 471 | | | | | | 587 | | |
Total
|
| | | $ | 124,729 | | | | | $ | 46,212 | | | | | $ | 22,633 | | | | | $ | 22,669 | | | | | $ | 33,215 | | |
|
| | | | | | | | |
Payments due
by period |
| |||||||||||||||||||||
June 30, 2020
(Dollars in thousands) |
| |
Total
|
| |
Less than
One Year |
| |
One to
Three Years |
| |
Three to
Five Years |
| |
More Than
Five Years |
| |||||||||||||||
Borrowed funds
|
| | | $ | 64,892 | | | | | $ | 15,086 | | | | | $ | 23,165 | | | | | $ | 25,050 | | | | | $ | 1,591 | | |
Commitments to fund loans
|
| | | | 18,602 | | | | | | 18,602 | | | | | | — | | | | | | — | | | | | | — | | |
Unused lines of credit
|
| | | | 52,432 | | | | | | 8,662 | | | | | | 7,293 | | | | | | 1,909 | | | | | | 34,568 | | |
Operating lease obligations
|
| | | | 1,881 | | | | | | 247 | | | | | | 510 | | | | | | 511 | | | | | | 613 | | |
Total
|
| | | $ | 137,807 | | | | | $ | 42,597 | | | | | $ | 30,968 | | | | | $ | 27,470 | | | | | $ | 36,772 | | |
|
Name
|
| |
Position
|
|
Kenneth J. Stephon | | | President and Chief Executive Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Jill M. Ross | | | Executive Vice President and Chief Retail and Commercial Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Gregory S. Garcia | | | Executive Vice President and Chief Operating Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Jonathan T. Logan | | | Senior Vice President and Chief Financial Officer of William Penn Bancorporation, William Penn Bancorp, William Penn, MHC and William Penn Bank | |
Director
|
| |
Audit
Committee |
| |
Compensation
Committee |
| |
Nominating and Corporate
Governance Committee |
| |
Risk
Committee |
|
Craig Burton
|
| |
X
|
| | | | |
X
|
| | | |
D. Michael Carmody, Jr.
|
| |
X
|
| | | | |
X
|
| | | |
Charles Corcoran
|
| | | | | | | | | | |
X
|
|
Glenn Davis
|
| | | | |
X
|
| |
X
|
| | | |
William J. Feeney
|
| | | | |
X
|
| |
X
|
| | | |
Christopher M. Molden
|
| | | | |
X
|
| |
X
|
| | | |
William C. Niemczura
|
| | | | | | | |
X
|
| |
X
|
|
William B.K. Parry, Jr.
|
| | | | | | | | | | |
X
|
|
Terry L. Sager
|
| | | | | | | | | | |
X
|
|
Vincent P. Sarubbi
|
| |
X
|
| | | | | | | | | |
Kenneth J. Stephon
|
| | | | | | | | | | | | |
Number of Meetings in Fiscal 2020
|
| |
4
|
| |
1
|
| |
1
|
| |
N/A
|
|
Name
|
| |
Fees Earned or Paid in Cash
|
| |
Total
|
| ||||||
Craig Burton
|
| | | $ | 43,620 | | | | | $ | 43,620 | | |
D. Michael Carmody, Jr.
|
| | | | 43,620 | | | | | | 43,620 | | |
Charles Corcoran
|
| | | | 43,620 | | | | | | 43,620 | | |
Glenn Davis
|
| | | | 43,620 | | | | | | 43,620 | | |
William J. Feeney
|
| | | | 48,120 | | | | | | 48,120 | | |
Christopher M. Molden(1)
|
| | | | 5,470 | | | | | | 5,470 | | |
William C. Niemczura(1)
|
| | | | 5,470 | | | | | | 5,470 | | |
William B.K. Parry, Jr.
|
| | | | 43,620 | | | | | | 43,620 | | |
Terry L. Sager
|
| | | | 41,220 | | | | | | 41,220 | | |
Vincent P. Sarubbi
|
| | | | 43,620 | | | | | | 43,620 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus(1)
|
| |
Non-Equity
Incentive Plan Compensation(2) |
| |
All Other
Compensation(3) |
| |
Total
($) |
| ||||||||||||||||||
Kenneth J. Stephon
President and Chief Executive Officer |
| | | | 2020 | | | | | $ | 368,319 | | | | | $ | 1,250 | | | | | $ | 123,187 | | | | | $ | 55,343 | | | | | $ | 548,099 | | |
Jill M. Ross
Executive Vice President and Chief Retail and Commercial Officer |
| | | | 2020 | | | | | | 182,560 | | | | | | 36,250 | | | | | | 65,312 | | | | | | 34,229 | | | | | | 318,351 | | |
Gregory S. Garcia
Executive Vice President and Chief Operating Officer |
| | | | 2020 | | | | | | 189,735 | | | | | | 1,250 | | | | | | 53,437 | | | | | | 32,556 | | | | | | 276,978 | | |
| | |
Mr. Stephon
|
| |
Ms. Ross
|
| |
Mr. Garcia
|
| |||||||||
Health insurance premiums
|
| | | $ | 19,909 | | | | | $ | 19,909 | | | | | $ | 19,909 | | |
Employer contributions to 401(k) Plan
|
| | | | 17,329 | | | | | | 14,320 | | | | | | 12,647 | | |
Employee stock ownership plan
|
| | | | 18,105 | | | | | | — | | | | | | — | | |
| | |
Date of
Corporate Approval |
| |
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards(1) |
| | ||||||||||||||
Name
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| ||||||||||||
Kenneth J. Stephon
|
| |
June 19, 2019
|
| | | $ | 54,750 | | | | | $ | 109,500 | | | | | $ | 164,250 | | |
Jill M. Ross
|
| |
June 19, 2019
|
| | | | 23,750 | | | | | | 47,500 | | | | | | 71,250 | | |
Gregory S. Garcia
|
| |
June 19, 2019
|
| | | | 23,750 | | | | | | 47,500 | | | | | | 71,250 | | |
Name and Address
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of Common
Stock Outstanding(1) |
| ||||||
William Penn, MHC
|
| | | | 3,711,114 | | | | | | 82.7% | | |
10 Canal Street, Suite 104
Bristol, Pennsylvania 19007 |
| | | ||||||||||
Tyndall Capital Partners LP
|
| | | | 342,817 | | | | | | 7.6% | | |
Jeffrey Halis
150 East 58th Street, 14th Floor New York, New York 10155 |
| | |
Name
|
| |
Number of Shares
Beneficially Owned |
| |||
Directors: | | | | | | | |
Craig Burton
|
| | | | 4,800 | | |
D. Michael Carmody, Jr.
|
| | | | 100 | | |
Charles Corcoran
|
| | | | 15,043 | | |
Glenn Davis
|
| | | | 5,000 | | |
William J. Feeney
|
| | | | 14,000 | | |
Christopher M. Molden
|
| | | | 200 | | |
William C. Niemczura
|
| | | | 350 | | |
William B.K. Parry, Jr.
|
| | | | 13,500 | | |
Terry L. Sager
|
| | | | 13,057 | | |
Vincent P. Sarubbi
|
| | | | 100 | | |
Kenneth J. Stephon
|
| | | | 964 | | |
Executive Officers Who Are Not Directors: | | | | | | | |
Jill M. Ross
|
| | | | — | | |
Gregory S. Garcia
|
| | | | — | | |
Jonathan T. Logan
|
| | | | — | | |
All Directors and Executive Officers as a Group (14 persons)
|
| | | | 67,114 | | |
| | |
Number of
Shares Received in Exchange for Shares of William Penn Bancorp(1) |
| |
Proposed Purchases of
Stock in the Offering |
| |
Total Common Stock
to be Held |
| |||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
of Shares |
| |
Dollar
Amount |
| |
Number
of Shares(1) |
| |
Percentage of
Total Outstanding(2) |
| ||||||||||||||||||
Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Craig Burton
|
| | | | 13,519 | | | | | | 5,000 | | | | | $ | 50,000 | | | | | | 18,519 | | | | | | * | | |
D. Michael Carmody, Jr.
|
| | | | 281 | | | | | | 12,500 | | | | | | 125,000 | | | | | | 12,781 | | | | | | * | | |
Charles Corcoran
|
| | | | 42,370 | | | | | | — | | | | | | — | | | | | | 42,370 | | | | | | * | | |
Glenn Davis
|
| | | | 14,083 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 24,083 | | | | | | * | | |
William J. Feeney
|
| | | | 39,432 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 49,432 | | | | | | * | | |
Christopher M. Molden
|
| | | | 563 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 10,563 | | | | | | * | | |
William C. Niemczura
|
| | | | 985 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 10,985 | | | | | | * | | |
William B.K. Parry, Jr.
|
| | | | 38,024 | | | | | | 2,500 | | | | | | 25,000 | | | | | | 40,524 | | | | | | * | | |
Terry L. Sager
|
| | | | 36,776 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 46,776 | | | | | | * | | |
Vincent P. Sarubbi
|
| | | | 281 | | | | | | 15,000 | | | | | | 150,000 | | | | | | 15,281 | | | | | | * | | |
Kenneth J. Stephon
|
| | | | 2,715 | | | | | | 30,000 | | | | | | 300,000 | | | | | | 32,715 | | | | | | * | | |
Executive Officers Who are Not Also Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jill M. Ross
|
| | | | — | | | | | | 10,000 | | | | | | 100,000 | | | | | | 10,000 | | | | | | * | | |
Gregory S. Garcia
|
| | | | — | | | | | | 5,000 | | | | | | 50,000 | | | | | | 5,000 | | | | | | * | | |
Jonathan T. Logan
|
| | | | — | | | | | | 2,000 | | | | | | 20,000 | | | | | | 2,000 | | | | | | * | | |
All Directors and Executive Officers as a Group (14 persons)
|
| | | | 189,029 | | | | | | 132,000 | | | | | $ | 1,320,000 | | | | | | 321,029 | | | | | | 2.43% | | |
| | |
Page
|
| |||
| | | | F-1 | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | |
September 30,
2020 |
| |
June 30,
2020 |
| |
June 30,
2019 |
| |||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | |||
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 11,336 | | | | | $ | 21,385 | | | | | $ | 8,260 | | |
Interest bearing deposits with other banks
|
| | | | 34,539 | | | | | | 56,755 | | | | | | 17,908 | | |
Federal funds sold
|
| | | | 10,207 | | | | | | 4,775 | | | | | | — | | |
Total cash and cash equivalents
|
| | | | 56,082 | | | | | | 82,915 | | | | | | 26,168 | | |
Interest-bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 8,486 | | |
Securities available for sale
|
| | | | 123,597 | | | | | | 89,998 | | | | | | 20,660 | | |
Securities held to maturity, fair value of $0, $0, and $1,937, respectively
|
| | | | — | | | | | | — | | | | | | 1,906 | | |
Loans receivable, net of allowance for loan losses of $3,585 (unaudited), $3,519 and $3,209, respectively
|
| | | | 497,630 | | | | | | 508,605 | | | | | | 326,017 | | |
Premises and equipment, net
|
| | | | 13,924 | | | | | | 16,733 | | | | | | 8,406 | | |
Regulatory stock, at cost
|
| | | | 3,219 | | | | | | 4,200 | | | | | | 2,785 | | |
Deferred income taxes
|
| | | | 4,448 | | | | | | 4,817 | | | | | | 2,111 | | |
Bank-owned life insurance
|
| | | | 14,870 | | | | | | 14,758 | | | | | | 11,203 | | |
Goodwill
|
| | | | 4,858 | | | | | | 4,858 | | | | | | 4,858 | | |
Intangible assets
|
| | | | 1,128 | | | | | | 1,192 | | | | | | 1,172 | | |
Accrued interest receivable and other assets
|
| | | | 9,497 | | | | | | 6,076 | | | | | | 2,057 | | |
TOTAL ASSETS
|
| | | $ | 731,553 | | | | | $ | 736,452 | | | | | $ | 415,829 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | $ | 581,493 | | | | | $ | 559,848 | | | | | $ | 281,206 | | |
Advances from Federal Home Loan Bank
|
| | | | 41,000 | | | | | | 64,892 | | | | | | 50,000 | | |
Advances from borrowers for taxes and insurance
|
| | | | 2,910 | | | | | | 4,536 | | | | | | 3,814 | | |
Accrued interest payable and other liabilities
|
| | | | 10,644 | | | | | | 10,811 | | | | | | 4,179 | | |
TOTAL LIABILITIES
|
| | | | 636,047 | | | | | | 640,087 | | | | | | 339,199 | | |
Commitments and contingencies
|
| | | | — | | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued
|
| | | | — | | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 (unaudited) and June 30, 2020 and at June 30, 2019, respectively.
|
| | | | 467 | | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital
|
| | | | 42,932 | | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at September 30, 2020 (unaudited),
June 30, 2020 and June 30, 2019, respectively. |
| | | | (3,710) | | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings
|
| | | | 55,384 | | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income
|
| | | | 433 | | | | | | 76 | | | | | | 228 | | |
TOTAL WILLIAM PENN BANCORP, INC. STOCKHOLDERS’ EQUITY
|
| | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 731,553 | | | | | $ | 736,452 | | | | | $ | 415,829 | | |
| | |
Three Months Ended September 30,
|
| |
Year Ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable, including fees
|
| | | $ | 5,893 | | | | | $ | 4,151 | | | | | $ | 17,914 | | | | | $ | 16,595 | | |
Securities
|
| | | | 653 | | | | | | 273 | | | | | | 1,557 | | | | | | 415 | | |
Other
|
| | | | 111 | | | | | | 152 | | | | | | 346 | | | | | | 811 | | |
Total Interest Income
|
| | | | 6,657 | | | | | | 4,576 | | | | | | 19,817 | | | | | | 17,821 | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 1,081 | | | | | | 873 | | | | | | 3,604 | | | | | | 2,297 | | |
Borrowings
|
| | | | 359 | | | | | | 330 | | | | | | 1,414 | | | | | | 1,294 | | |
Total Interest Expense
|
| | | | 1,440 | | | | | | 1,203 | | | | | | 5,018 | | | | | | 3,591 | | |
Net Interest Income
|
| | | | 5,217 | | | | | | 3,373 | | | | | | 14,799 | | | | | | 14,230 | | |
Provision For Loan Losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
| | | | 5,151 | | | | | | 3,373 | | | | | | 14,173 | | | | | | 14,142 | | |
OTHER INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Service fees
|
| | | | 183 | | | | | | 139 | | | | | | 569 | | | | | | 483 | | |
Realized losses on sale of REO, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | (30) | | |
Gain on sale of loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12 | | |
Gain on sale of securities
|
| | | | — | | | | | | 93 | | | | | | 238 | | | | | | 140 | | |
Earnings on bank-owned life insurance
|
| | | | 112 | | | | | | 83 | | | | | | 347 | | | | | | 327 | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | 746 | | | | | | — | | |
Gain on sale of premises and equipment
|
| | | | 15 | | | | | | — | | | | | | — | | | | | | — | | |
Other
|
| | | | 90 | | | | | | 32 | | | | | | 260 | | | | | | 195 | | |
Total Other Income
|
| | | | 400 | | | | | | 347 | | | | | | 2,160 | | | | | | 1,127 | | |
OTHER EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 2,554 | | | | | | 1,571 | | | | | | 6,855 | | | | | | 6,438 | | |
Occupancy and equipment
|
| | | | 759 | | | | | | 295 | | | | | | 1,784 | | | | | | 1,096 | | |
Data processing
|
| | | | 422 | | | | | | 304 | | | | | | 1,155 | | | | | | 692 | | |
Professional fees
|
| | | | 188 | | | | | | 102 | | | | | | 451 | | | | | | 277 | | |
Merger related expenses
|
| | | | — | | | | | | — | | | | | | 3,294 | | | | | | 796 | | |
Amortization on intangible assets
|
| | | | 64 | | | | | | 59 | | | | | | 242 | | | | | | 260 | | |
Prepayment penalties
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | — | | |
Other
|
| | | | 587 | | | | | | 315 | | | | | | 1,611 | | | | | | 894 | | |
Total Other Expense
|
| | | | 4,735 | | | | | | 2,646 | | | | | | 15,392 | | | | | | 10,453 | | |
Income Before Income Taxes
|
| | | | 816 | | | | | | 1,074 | | | | | | 941 | | | | | | 4,816 | | |
Income Tax Expense (Benefit)
|
| | | | 146 | | | | | | 220 | | | | | | (387) | | | | | | 1,060 | | |
NET INCOME
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Basic and diluted earnings per share
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | |
| | |
Three Months Ended September,
|
| |
Year Ended June,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in net unrealized gain (loss) on securities available for sale
|
| | | | 460 | | | | | | (148) | | | | | | 46 | | | | | | 151 | | |
Tax effect
|
| | | | (103) | | | | | | 30 | | | | | | (10) | | | | | | (31) | | |
Reclassification adjustment for gain recognizd in net income
|
| | | | — | | | | | | (93) | | | | | | (238) | | | | | | (140) | | |
Tax effect
|
| | | | — | | | | | | 21 | | | | | | 50 | | | | | | 29 | | |
Other comprehensive income (loss), net of tax
|
| | | | 357 | | | | | | (190) | | | | | | (152) | | | | | | 9 | | |
Comprehensive income
|
| | | $ | 1,027 | | | | | $ | 664 | | | | | $ | 1,176 | | | | | $ | 3,765 | | |
| | |
Number
of Shares |
| |
Common
Stock |
| |
Additional
Paid-in capital |
| |
Treasury
Stock |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||
Balance, June 30, 2018
|
| | | | 3,463,059 | | | | | $ | 364 | | | | | $ | 10,243 | | | | | $ | (3,710) | | | | | $ | 54,779 | | | | | $ | 219 | | | | | $ | 61,895 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,756 | | | | | | — | | | | | | 3,756 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 9 | | |
Dividend paid ($0.32 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,280) | | | | | | — | | | | | | (1,280) | | |
Merger with Audubon Savings Bank
|
| | | | 517,095 | | | | | | 52 | | | | | | 12,198 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,250 | | |
Balance, June 30, 2019
|
| | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 57,255 | | | | | $ | 228 | | | | | $ | 76,630 | | |
Net income (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 854 | | | | | | — | | | | | | 854 | | |
Other comprehensive loss (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (190) | | | | | | (190) | | |
Dividend paid ($0.50 per share) (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,983) | | | | | | — | | | | | | (1,983) | | |
Balance, September 30, 2019
|
| | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 56,126 | | | | | $ | 38 | | | | | $ | 75,311 | | |
|
| | |
Number
of Shares |
| |
Common Stock
|
| |
Additional
Paid-in capital |
| |
Treasury
Stock |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||
Balance, June 30, 2019
|
| | | | 3,980,154 | | | | | $ | 416 | | | | | $ | 22,441 | | | | | $ | (3,710) | | | | | $ | 57,255 | | | | | $ | 228 | | | | | $ | 76,630 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,328 | | | | | | — | | | | | | 1,328 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (152) | | | | | | (152) | | |
Dividend paid ($0.50 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,983) | | | | | | — | | | | | | (1,983) | | |
Merger with Fidelity Savings and Loan Association
|
| | | | 255,325 | | | | | | 26 | | | | | | 11,351 | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,377 | | |
Merger with Washington Savings Bank
|
| | | | 253,866 | | | | | | 25 | | | | | | 9,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,165 | | |
Balance, June 30, 2020
|
| | | | 4,489,345 | | | | | $ | 467 | | | | | $ | 42,932 | | | | | $ | (3,710) | | | | | $ | 56,600 | | | | | $ | 76 | | | | | $ | 96,365 | | |
Net income (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 670 | | | | | | — | | | | | | 670 | | |
Other comprehensive income
(unaudited) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 357 | | | | | | 357 | | |
Dividend paid ($0.42 per share) (unaudited)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,886) | | | | | | — | | | | | | (1,886) | | |
Balance, September 30, 2020
|
| | | | 4,489,345 | | | | | $ | 467 | | | | | $ | 42,932 | | | | | $ | (3,710) | | | | | $ | 55,384 | | | | | $ | 433 | | | | | $ | 95,506 | | |
| | |
Three Months Ended September 30,
|
| |
Year ended
June 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision for loan losses
|
| | | | 66 | | | | | | — | | | | | | 626 | | | | | | 88 | | |
Depreciation expense
|
| | | | 309 | | | | | | 98 | | | | | | 582 | | | | | | 408 | | |
Other accretion, net
|
| | | | (966) | | | | | | (171) | | | | | | (545) | | | | | | (265) | | |
Deferred income taxes
|
| | | | 270 | | | | | | 243 | | | | | | 51 | | | | | | (544) | | |
Impact of tax law change
|
| | | | — | | | | | | — | | | | | | (408) | | | | | | — | | |
Proceeds from gain on sale of loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 604 | | |
Origination of loans sold
|
| | | | — | | | | | | — | | | | | | — | | | | | | (592) | | |
Gain on sale of loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | (12) | | |
Gain on sale of premises and equipment
|
| | | | (15) | | | | | | — | | | | | | — | | | | | | — | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | (746) | | | | | | — | | |
Loss on sale of other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 30 | | |
Amortization of core deposit intangibles
|
| | | | 64 | | | | | | 59 | | | | | | 242 | | | | | | 260 | | |
Gain on sale of securities
|
| | | | — | | | | | | (93) | | | | | | (238) | | | | | | (140) | | |
Earnings on bank-owned life insurance
|
| | | | (112) | | | | | | (83) | | | | | | (347) | | | | | | (327) | | |
Other, net
|
| | | | (1,225) | | | | | | (39) | | | | | | (395) | | | | | | (511) | | |
Net Cash (Used) Provided by Operating Activities
|
| | | | (939) | | | | | | 868 | | | | | | 150 | | | | | | 2,755 | | |
Cash Flows from Investing Activities
Securities available for sale: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Purchases
|
| | | | (42,523) | | | | | | (22,037) | | | | | | (98,928) | | | | | | (20,907) | | |
Maturities, calls and principal paydowns
|
| | | | 9,099 | | | | | | 3,398 | | | | | | 19,439 | | | | | | 1,198 | | |
Proceeds from sale of securities
|
| | | | — | | | | | | 4,309 | | | | | | 13,575 | | | | | | 40,383 | | |
Securities held to maturity:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Maturities, calls and principal paydowns
|
| | | | — | | | | | | — | | | | | | 268 | | | | | | 1,252 | | |
Net decrease (increase) in loans receivable
|
| | | | 11,272 | | | | | | (406) | | | | | | (4,960) | | | | | | (5,834) | | |
Interest bearing time deposits:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Purchases
|
| | | | — | | | | | | — | | | | | | (1,500) | | | | | | (1,499) | | |
Maturities & principal paydowns
|
| | | | — | | | | | | 1,999 | | | | | | 7,986 | | | | | | 25,435 | | |
Regulatory stock purchases
|
| | | | — | | | | | | — | | | | | | — | | | | | | (983) | | |
Regulatory stock redemptions
|
| | | | 981 | | | | | | 7 | | | | | | 133 | | | | | | 2,535 | | |
Proceeds from sale of other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 250 | | |
Purchases of premises and equipment, net
|
| | | | (302) | | | | | | (709) | | | | | | (1,814) | | | | | | (247) | | |
Proceeds from the sale of premises and equipment
|
| | | | 425 | | | | | | — | | | | | | 8 | | | | | | — | | |
Acquisitions, net of cash acquired
|
| | | | — | | | | | | — | | | | | | 48,848 | | | | | | 6,693 | | |
Net Cash (Used) Provided by Investing Activities
|
| | | | (21,048) | | | | | | (13,439) | | | | | | (16,945) | | | | | | 48,276 | | |
Cash Flows from Financing Activities
Net increase (decrease) in deposits |
| | | | 21,863 | | | | | | 5,169 | | | | | | 77,117 | | | | | | (6,631) | | |
Proceeds from Federal Home Loan Bank advances
|
| | | | — | | | | | | — | | | | | | 12,000 | | | | | | 19,000 | | |
Repayment of Federal Home Loan Bank advances
|
| | | | (23,197) | | | | | | — | | | | | | (14,031) | | | | | | (52,880) | | |
Increase (decrease) in advances from borrowers for taxes and insurance
|
| | | | (1,626) | | | | | | (1,781) | | | | | | 439 | | | | | | 800 | | |
Cash dividends
|
| | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) Provided for Financing Activities
|
| | | | (4,846) | | | | | | 1,405 | | | | | | 73,542 | | | | | | (40,991) | | |
Net (Decrease) Increase in Cash and Cash Equivalents
|
| | | | (26,833) | | | | | | (11,166) | | | | | | 56,747 | | | | | | 10,040 | | |
Cash and Cash Equivalents – Beginning
|
| | | | 82,915 | | | | | | 26,168 | | | | | | 26,168 | | | | | | 16,128 | | |
Cash and Cash Equivalents – Ending
|
| | | $ | 56,082 | | | | | $ | 15,002 | | | | | $ | 82,915 | | | | | $ | 26,168 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 1,513 | | | | | $ | 1,205 | | | | | $ | 5,157 | | | | | $ | 3,610 | | |
Income taxes paid
|
| | | | 25 | | | | | | 12 | | | | | | 12 | | | | | | 12 | | |
Transfers from loans to other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 178 | | |
Transfers of securities from held to maturity to available for sale
|
| | | | — | | | | | | — | | | | | | 1,637 | | | | | | — | | |
Operating lease right-of-use asset recorded
|
| | | | — | | | | | | — | | | | | | 1,789 | | | | | | — | | |
Operating lease liabilities recorded
|
| | | | — | | | | | | — | | | | | | 1,771 | | | | | | — | | |
Premises transferred to held for sale
|
| | | | 2,392 | | | | | | — | | | | | | — | | | | | | — | | |
Acquisition of noncash assets and liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Assets acquired
|
| | | | — | | | | | | — | | | | | | 244,854 | | | | | | 149,149 | | |
Liabilities assumed
|
| | | | — | | | | | | — | | | | | | 223,566 | | | | | | 141,757 | | |
| | |
Years
|
|
Office buildings and improvements
|
| |
5 – 33
|
|
Furniture, fixtures, and equipment
|
| |
5 – 10
|
|
Automobiles
|
| |
4
|
|
| | |
Three months ended
September 30, |
| |
Year ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Weighted-average common shares outstanding
|
| | | | 4,667,304 | | | | | | 4,158,113 | | | | | | 4,242,978 | | | | | | 4,156,696 | | |
Average treasury stock shares
|
| | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | | | | | (177,959) | | |
Average unearned ESOP shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weighted-average common shares and common stock equivalents used to calculate basic and diluted earnings per share
|
| | | | 4,489,345 | | | | | | 3,980,154 | | | | | | 4,065,019 | | | | | | 3,978,737 | | |
Net Income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Basic and diluted earnings per share
|
| | | $ | 0.15 | | | | | $ | 0.21 | | | | | $ | 0.33 | | | | | $ | 0.94 | | |
(Dollars in thousands)
|
| | | | | | | | | | | | |
Fair Value of Equity
|
| | | | | | | | | $ | 11,377 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions
|
| | | $ | 26,867 | | | | | | | | |
Interest-bearing time deposits
|
| | | | 462 | | | | | | | | |
Loans receivable, net
|
| | | | 55,949 | | | | | | | | |
Premises and equipment
|
| | | | 747 | | | | | | | | |
Regulatory stock
|
| | | | 334 | | | | | | | | |
Deferred income taxes
|
| | | | 564 | | | | | | | | |
Other real estate owned
|
| | | | 100 | | | | | | | | |
Core deposit intangible
|
| | | | 65 | | | | | | | | |
Accrued interest receivable
|
| | | | 209 | | | | | | | | |
Other assets
|
| | | | 272 | | | | | | | | |
Total assets
|
| | | $ | 85,569 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits
|
| | | $ | (66,409) | | | | | | | | |
Advances from Federal Home Loan Bank
|
| | | | (5,688) | | | | | | | | |
Accrued interest payable
|
| | | | (5) | | | | | | | | |
Other liabilities
|
| | | | (1,477) | | | | | | | | |
Total liabilities
|
| | | $ | (73,579) | | | | | | | | |
Net assets acquired
|
| | | | | | | | | | 11,990 | | |
Gain on Bargain Purchase
|
| | | | | | | | | $ | (613) | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal and interest at acquisition
|
| | | $ | 619 | | |
Contractual cash flows not expected to be collected (nonaccretable difference)
|
| | | | 431 | | |
Expected cash flows at acquisition
|
| | | | 188 | | |
Interest component of expected cash flows (accretable discount)
|
| | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30
|
| | | $ | 161 | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal at acquisition
|
| | | $ | 56,785 | | |
Contractual cash flows not expected to be collected (credit mark)
|
| | | | 1,240 | | |
Expected cash flows at acquisition
|
| | | | 55,545 | | |
Interest rate premium mark
|
| | | | 243 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30
|
| | | $ | 55,788 | | |
(Dollars in thousands)
|
| |
Fidelity May 1, 2020
to June 30, 2020 |
| |||
Net interest income
|
| | | $ | 313 | | |
Non-interest income
|
| | | | 17 | | |
Non-interest expense
|
| | | | (331) | | |
Pre-tax income
|
| | | $ | (1) | | |
Income tax expense
|
| | | | — | | |
Net income
|
| | | $ | (1) | | |
| | |
Pro Forma for the Year Ended
|
| |||||||||
(Dollars in thousands)
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| ||||||
Net interest income
|
| | | $ | 17,352 | | | | | $ | 17,478 | | |
Provision for loan losses
|
| | | | (695) | | | | | | (105) | | |
Non-interest income
|
| | | | 1,672 | | | | | | 1,915 | | |
| | |
Pro Forma for the Year Ended
|
| |||||||||
(Dollars in thousands)
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| ||||||
Non-interest expense
|
| | | | (16,005) | | | | | | (14,819) | | |
Pre-tax income
|
| | | $ | 2,324 | | | | | $ | 4,469 | | |
Income tax expense
|
| | | | 488 | | | | | | 938 | | |
Net income
|
| | | $ | 1,836 | | | | | $ | 3,531 | | |
Earnings per share basic and diluted
|
| | | $ | 0.41 | | | | | $ | 0.79 | | |
(Dollars in thousands)
|
| | | | | | | | | | | | |
Fair Value of Equity
|
| | | | | | | | | $ | 9,165 | | |
Assets acquired: | | | | | | | | | | | | | |
Cash and due from financial institutions
|
| | | $ | 21,981 | | | | | | | | |
Securities available for sale
|
| | | | 1,996 | | | | | | | | |
Interest-bearing time deposits
|
| | | | 100 | | | | | | | | |
Loans receivable, net
|
| | | | 121,520 | | | | | | | | |
Premises and equipment
|
| | | | 6,356 | | | | | | | | |
Regulatory stock
|
| | | | 1,214 | | | | | | | | |
Deferred income taxes
|
| | | | 2,154 | | | | | | | | |
Bank-owned life insurance
|
| | | | 3,208 | | | | | | | | |
Core deposit intangible
|
| | | | 197 | | | | | | | | |
Accrued interest receivable
|
| | | | 413 | | | | | | | | |
Other assets
|
| | | | 146 | | | | | | | | |
Total assets
|
| | | $ | 159,285 | | | | | | | | |
Liabilities assumed: | | | | | | | | | | | | | |
Deposits
|
| | | $ | (135,546) | | | | | | | | |
Advances from Federal Home Loan Bank
|
| | | | (11,281) | | | | | | | | |
Accrued interest payable
|
| | | | (145) | | | | | | | | |
Other liabilities
|
| | | | (3,015) | | | | | | | | |
Total liabilities
|
| | | $ | (149,987) | | | | | | | | |
Net assets acquired
|
| | | | | | | | | | 9,298 | | |
Gain on Bargain Purchase
|
| | | | | | | | | $ | (133) | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal and interest at acquisition
|
| | | $ | 420 | | |
Contractual cash flows not expected to be collected (nonaccretable difference)
|
| | | | 230 | | |
Expected cash flows at acquisition
|
| | | | 190 | | |
Interest component of expected cash flows (accretable discount)
|
| | | | 27 | | |
Fair value of acquired loans accounted for under FASB ASC 310-30
|
| | | $ | 163 | | |
(Dollars in thousands)
|
| | | | | | |
Contractually required principal at acquisition
|
| | | $ | 125,491 | | |
Contractual cash flows not expected to be collected (credit mark)
|
| | | | 2,440 | | |
Expected cash flows at acquisition
|
| | | | 123,051 | | |
Interest rate discount mark
|
| | | | 1,694 | | |
Fair value of acquired loans not accounted for under FASB ASC 310-30
|
| | | $ | 121,357 | | |
(Dollars in thousands)
|
| |
Washington May 1, 2020
to June 30, 2020 |
| |||
Net interest income
|
| | | $ | 591 | | |
Non-interest income
|
| | | | 67 | | |
Non-interest expense
|
| | | | (628) | | |
|
(Dollars in thousands)
|
| |
Washington May 1, 2020
to June 30, 2020 |
| |||
Pre-tax income
|
| | | $ | 30 | | |
Income tax expense
|
| | | | (6) | | |
Net income
|
| | | $ | 24 | | |
|
| | |
Pro Forma for the Year Ended
|
| |||||||||
(Dollars in thousands)
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| ||||||
Net interest income
|
| | | $ | 19,112 | | | | | $ | 20,149 | | |
Provision for loan losses
|
| | | | (752) | | | | | | (196) | | |
Non-interest income
|
| | | | 2,409 | | | | | | 1,715 | | |
Non-interest expense
|
| | | | (17,392) | | | | | | (18,223) | | |
Pre-tax income
|
| | | $ | 3,377 | | | | | $ | 3,445 | | |
Income tax expense
|
| | | | 709 | | | | | | 723 | | |
Net income
|
| | | $ | 2,668 | | | | | $ | 2,722 | | |
Earnings per share basic and diluted
|
| | | $ | 0.59 | | | | | $ | 0.61 | | |
| | |
Core deposit
intangible |
| |||
2020
|
| | | $ | 234 | | |
2021
|
| | | | 208 | | |
2022
|
| | | | 182 | | |
2023
|
| | | | 156 | | |
2024
|
| | | | 130 | | |
Thereafter
|
| | | | 262 | | |
| | | | $ | 1,172 | | |
|
Consideration paid
|
| | | | | | | | | $ | 12,250 | | |
| Assets acquired: | | | | | | | | | | | | | |
|
Cash and due from financial institutions
|
| | | $ | 6,693 | | | | | | | | |
|
Securities available for sale
|
| | | | 39,113 | | | | | | | | |
|
Loans receivable, net
|
| | | | 86,840 | | | | | | | | |
|
Premises and equipment
|
| | | | 6,056 | | | | | | | | |
|
Regulatory stock
|
| | | | 1,610 | | | | | | | | |
|
Deferred income taxes
|
| | | | 1,256 | | | | | | | | |
|
Bank-owned life insurance
|
| | | | 4,944 | | | | | | | | |
|
Core deposit intangible
|
| | | | 1,432 | | | | | | | | |
|
Accrued interest receivable
|
| | | | 522 | | | | | | | | |
|
Other assets
|
| | | | 683 | | | | | | | | |
|
Total assets
|
| | | | 149,149 | | | | | | | | |
| Liabilities assumed: | | | | | | | | | | | | | |
|
Deposits
|
| | | $ | (107,180) | | | | | | | | |
|
Advances from Federal Home Loan Bank
|
| | | | (32,380) | | | | | | | | |
|
Accrued interest payable
|
| | | | (81) | | | | | | | | |
|
Other liabilities
|
| | | | (2,116) | | | | | | | | |
|
Total liabilities
|
| | | | (141,757) | | | | | | | | |
|
Net assets acquired
|
| | | | | | | | | | 7,392 | | |
|
Goodwill resulting from ASB merger
|
| | | | | | | | | $ | 4,858 | | |
(Dollars in thousands)
|
| | | | | | |
Accumulated Other Comprehensive Income(1)
|
| |
Gains (Losses)
on Securities Available for Sale |
| |||
Balance at June 30, 2019
|
| | | $ | 228 | | |
Other comprehensive income before reclassifications
|
| | | | (118) | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | (72) | | |
Period change
|
| | | | (190) | | |
Balance at September 30, 2019
|
| | | $ | 38 | | |
Balance at June 30, 2020
|
| | | $ | 76 | | |
Other comprehensive income before reclassifications
|
| | | | 357 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | — | | |
Period change
|
| | | | 357 | | |
Balance at September 30, 2020
|
| | | $ | 433 | | |
(Dollars in thousands)
|
| | | | | | |
Accumulated Other Comprehensive Income(1)
|
| |
Unrealized
Gains (Losses) on Securities Available for Sale |
| |||
Balance at June 30, 2018
|
| | | $ | 219 | | |
Other comprehensive income before reclassifications
|
| | | | 120 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | (111) | | |
Period change
|
| | | | 9 | | |
Balance at June 30, 2019
|
| | | $ | 228 | | |
Other comprehensive income before reclassifications
|
| | | | 36 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | (188) | | |
Period change
|
| | | | (152) | | |
Balance at June 30, 2020
|
| | | $ | 76 | | |
(Dollars in thousands)
|
| | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components
|
| |
Amounts Reclassified from
Other Comprehensive Income(1) |
| |
Affected Line Item in the
Consolidated Statements of Income |
| |||||||||
|
Three Months Ended
September 30, 2020 |
| |
Three Months Ended
September 30, 2019 |
| |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income
|
| | | $ | — | | | | | $ | 93 | | | | Gain on sale of securities | |
Related income tax expense
|
| | | $ | — | | | | | $ | (21) | | | | Income tax expense | |
| | | | $ | — | | | | | $ | 72 | | | | | |
(Dollars in thousands)
|
| | | | | | | | | | | | | | | |
Details about Accumulated Other Comprehensive Income Components
|
| |
Amounts Reclassified from
Other Comprehensive Income(1) |
| |
Affected Line Item in the
Consolidated Statements of Income |
| |||||||||
|
Year Ended
June 30, 2020 |
| |
Year Ended
June 30, 2019 |
| |||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | |
Net securities gains reclassified into net income
|
| | | $ | 238 | | | | | $ | 140 | | | | Gain on sale of securities | |
Related income tax expense
|
| | | | (50) | | | | | | (29) | | | | Income tax expense | |
| | | | $ | 188 | | | | | $ | 111 | | | | | |
(Dollars in thousands)
|
| |
As of
September 30, 2020 |
| |
As of
June 30, 2020 |
| |
As of
June 30, 2019 |
| |||||||||
Due in one year or less
|
| | | $ | 1,050 | | | | | $ | 1,050 | | | | | $ | 7,986 | | |
Due after one year through five years
|
| | | | 1,250 | | | | | | 1,250 | | | | | | 500 | | |
| | | | $ | 2,300 | | | | | $ | 2,300 | | | | | $ | 8,486 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 66,379 | | | | | $ | 270 | | | | | $ | (249) | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 2,377 | | | | | | 30 | | | | | | (29) | | | | | | 2,378 | | |
U.S. government agency securities
|
| | | | 11,658 | | | | | | 3 | | | | | | (114) | | | | | | 11,547 | | |
Municipal bonds
|
| | | | 24,878 | | | | | | 323 | | | | | | (73) | | | | | | 25,128 | | |
Corporate bonds
|
| | | | 17,750 | | | | | | 394 | | | | | | — | | | | | | 18,144 | | |
Total Available For Sale
|
| | | $ | 123,042 | | | | | $ | 1,020 | | | | | $ | (465) | | | | | $ | 123,597 | | |
|
| | |
June 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 51,570 | | | | | $ | 272 | | | | | $ | (104) | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 3,215 | | | | | | 33 | | | | | | (33) | | | | | | 3,215 | | |
U.S. government agency securities
|
| | | | 6,226 | | | | | | 2 | | | | | | (73) | | | | | | 6,155 | | |
U.S. treasury securitites
|
| | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Municipal bonds
|
| | | | 10,485 | | | | | | 33 | | | | | | (10) | | | | | | 10,508 | | |
Corporate bonds
|
| | | | 17,399 | | | | | | 60 | | | | | | (77) | | | | | | 17,382 | | |
Total Available For Sale
|
| | | $ | 89,895 | | | | | $ | 400 | | | | | $ | (297) | | | | | $ | 89,998 | | |
| | |
June 30, 2019
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 3,609 | | | | | $ | 69 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 5,634 | | | | | | 138 | | | | | | (5) | | | | | | 5,767 | | |
U.S. government agency securities
|
| | | | 10,865 | | | | | | 68 | | | | | | (21) | | | | | | 10,912 | | |
Private label collateralized mortgage obligations
|
| | | | 264 | | | | | | 39 | | | | | | — | | | | | | 303 | | |
Total Available For Sale
|
| | | $ | 20,372 | | | | | $ | 314 | | | | | $ | (26) | | | | | $ | 20,660 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 1,500 | | | | | $ | 37 | | | | | $ | (15) | | | | | $ | 1,522 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 206 | | | | | | 8 | | | | | | — | | | | | | 214 | | |
Municipal bonds
|
| | | | 100 | | | | | | — | | | | | | — | | | | | | 100 | | |
Corporate bonds
|
| | | | 100 | | | | | | 1 | | | | | | — | | | | | | 101 | | |
Total Held to Maturity
|
| | | $ | 1,906 | | | | | $ | 46 | | | | | $ | — | | | | | $ | 1,937 | | |
| | |
September 30, 2020
|
| |
June 30, 2020
|
| ||||||||||||||||||
| | |
Available For Sale
|
| |
Available For Sale
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||
Due in one year or less
|
| | | $ | 5 | | | | | $ | 5 | | | | | $ | 2,904 | | | | | $ | 2,893 | | |
Due after one year through five years
|
| | | | 11,855 | | | | | | 12,082 | | | | | | 9,632 | | | | | | 9,611 | | |
Due after five years through ten years
|
| | | | 11,443 | | | | | | 11,559 | | | | | | 7,606 | | | | | | 7,602 | | |
Due after ten years
|
| | | | 99,739 | | | | | | 99,951 | | | | | | 69,753 | | | | | | 69,892 | | |
| | | | $ | 123,042 | | | | | $ | 123,597 | | | | | $ | 89,895 | | | | | $ | 89,998 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
Fair Value |
| |
Total
Unrealized Losses |
| ||||||||||||||||||||||||
|
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 34,544 | | | | | $ | 242 | | | | | $ | 264 | | | | | $ | 7 | | | | | $ | 34,808 | | | | | $ | 249 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 722 | | | | | | 7 | | | | | | 1,122 | | | | | | 22 | | | | | | 1,844 | | | | | | 29 | | |
U.S. government agency securities
|
| | | | 11,399 | | | | | | 114 | | | | | | — | | | | | | — | | | | | | 11,399 | | | | | | 114 | | |
Municipal bonds
|
| | | | 8,757 | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 8,757 | | | | | | 73 | | |
Total Temporarily Impaired Securities
|
| | |
$
|
55,422
|
| | | |
$
|
436
|
| | | |
$
|
1,386
|
| | | |
$
|
29
|
| | | |
$
|
56,808
|
| | | |
$
|
465
|
| |
|
| | |
June 30, 2020
|
| |||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
Fair Value |
| |
Total
Unrealized Losses |
| ||||||||||||||||||||||||
|
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 22,082 | | | | | $ | 104 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,082 | | | | | $ | 104 | | |
U.S. agency collateralized mortgage obligations
|
| | | | 1,513 | | | | | | 14 | | | | | | 1,129 | | | | | | 19 | | | | | | 2,642 | | | | | | 33 | | |
U.S. government agency securities
|
| | | | 4,922 | | | | | | 49 | | | | | | 914 | | | | | | 24 | | | | | | 5,836 | | | | | | 73 | | |
Municipal bonds
|
| | | | 3,694 | | | | | | 10 | | | | | | — | | | | | | — | | | | | | 3,694 | | | | | | 10 | | |
Corporate bonds
|
| | | | 5,222 | | | | | | 77 | | | | | | — | | | | | | — | | | | | | 5,222 | | | | | | 77 | | |
Total Temporarily Impaired Securities
|
| | |
$
|
37,433
|
| | | |
$
|
254
|
| | | |
$
|
2,043
|
| | | |
$
|
43
|
| | | |
$
|
39,476
|
| | | |
$
|
297
|
| |
|
| | |
June 30, 2019
|
| |||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
Fair Value |
| |
Total
Unrealized Losses |
| ||||||||||||||||||||||||
|
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||||||||||
Available For Sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. agency collateralized mortgage obligations
|
| | | $ | 1,237 | | | | | $ | 5 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,237 | | | | | $ | 5 | | |
U.S. government agency securities
|
| | | | 2,524 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | 2,524 | | | | | | 21 | | |
| | | | | 3,761 | | | | | | 26 | | | | | | — | | | | | | — | | | | | | 3,761 | | | | | | 26 | | |
Held to Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
| | | | | — | | | | | | — | | | | | | 716 | | | | | | 15 | | | | | | 716 | | | | | | 15 | | |
Total Temporarily Impaired Securities
|
| | |
$
|
3,761
|
| | | |
$
|
26
|
| | | |
$
|
716
|
| | | |
$
|
15
|
| | | |
$
|
4,477
|
| | | |
$
|
41
|
| |
| | |
September 30,
2020 |
| |
June 30,
2020 |
| |
June 30,
2019 |
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family
|
| | | $ | 335,200 | | | | | | 66.29% | | | | | $ | 345,915 | | | | | | 66.85% | | | | | $ | 220,176 | | | | | | 65.99% | | |
Home equity and HELOCs
|
| | | | 45,364 | | | | | | 8.97 | | | | | | 47,054 | | | | | | 9.10 | | | | | | 31,905 | | | | | | 9.56 | | |
Construction -residential
|
| | | | 13,665 | | | | | | 2.70 | | | | | | 15,799 | | | | | | 3.05 | | | | | | 9,739 | | | | | | 2.92 | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family (five or more)
|
| | | | 14,477 | | | | | | 2.86 | | | | | | 14,964 | | | | | | 2.89 | | | | | | 11,028 | | | | | | 3.30 | | |
Commercial non-residential
|
| | | | 79,969 | | | | | | 15.81 | | | | | | 76,707 | | | | | | 14.83 | | | | | | 53,557 | | | | | | 16.05 | | |
Construction and land
|
| | | | 7,358 | | | | | | 1.46 | | | | | | 6,690 | | | | | | 1.29 | | | | | | 4,438 | | | | | | 1.33 | | |
Commercial
|
| | | | 5,958 | | | | | | 1.18 | | | | | | 6,438 | | | | | | 1.24 | | | | | | 2,099 | | | | | | 0.63 | | |
Consumer Loans
|
| | | | 3,670 | | | | | | 0.73 | | | | | | 3,900 | | | | | | 0.75 | | | | | | 741 | | | | | | 0.22 | | |
Total Loans
|
| | | | 505,661 | | | | | | 100.00% | | | | | | 517,467 | | | | | | 100.00% | | | | | | 333,683 | | | | | | 100.00% | | |
Loans in process
|
| | | | (3,916) | | | | | | | | | | | | (4,895) | | | | | | | | | | | | (3,669) | | | | | | | | |
Unearned loan origination fees
|
| | | | (530) | | | | | | | | | | | | (448) | | | | | | | | | | | | (788) | | | | | | | | |
Allowance for loan losses
|
| | | | (3,585) | | | | | | | | | | | | (3,519) | | | | | | | | | | | | (3,209) | | | | | | | | |
Net Loans
|
| | | $ | 497,630 | | | | | | | | | | | $ | 508,605 | | | | | | | | | | | $ | 326,017 | | | | | | | | |
September 30, 2020
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | 3,519 | | |
Charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision
|
| | | | 107 | | | | | | (16) | | | | | | (65) | | | | | | (2) | | | | | | 53 | | | | | | 40 | | | | | | (51) | | | | | | — | | | | | | 66 | | |
Ending Balance
|
| | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 1,590 | | | | | | 150 | | | | | | 461 | | | | | | 121 | | | | | | 780 | | | | | | 436 | | | | | | 32 | | | | | | 15 | | | | | | 3,585 | | |
Total allowance
|
| | | $ | 1,590 | | | | | $ | 150 | | | | | $ | 461 | | | | | $ | 121 | | | | | $ | 780 | | | | | $ | 436 | | | | | $ | 32 | | | | | $ | 15 | | | | | $ | 3,585 | | |
Loans receivable ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 950 | | | | | $ | 680 | | | | | $ | — | | | | | $ | 184 | | | | | $ | 574 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,388 | | |
Collectively evaluated for impairment
|
| | | | 193,714 | | | | | | 13,591 | | | | | | 8,015 | | | | | | 8,750 | | | | | | 50,205 | | | | | | 7,358 | | | | | | 4,070 | | | | | | 584 | | | | | | 286,287 | | |
Acquired non-credit impaired loans(1)
|
| | | | 140,231 | | | | | | 31,070 | | | | | | 5,650 | | | | | | 5,543 | | | | | | 29,190 | | | | | | — | | | | | | 1,888 | | | | | | 3,086 | | | | | | 216,658 | | |
Acquired credit impaired loans(2)
|
| | | | 305 | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 328 | | |
Total portfolio
|
| | | $ | 335,200 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 7,358 | | | | | $ | 5,958 | | | | | $ | 3,670 | | | | | $ | 505,661 | | |
September 30, 2019
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision
|
| | | | 371 | | | | | | 15 | | | | | | (118) | | | | | | 42 | | | | | | (264) | | | | | | (29) | | | | | | (55) | | | | | | 12 | | | | | | 26 | | | | | | — | | |
Ending Balance
|
| | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 1,872 | | | | | | 137 | | | | | | 203 | | | | | | 113 | | | | | | 444 | | | | | | 92 | | | | | | 40 | | | | | | 15 | | | | | | 293 | | | | | | 3,209 | | |
Total allowance
|
| | | $ | 1,872 | | | | | $ | 137 | | | | | $ | 203 | | | | | $ | 113 | | | | | $ | 444 | | | | | $ | 92 | | | | | $ | 40 | | | | | $ | 15 | | | | | $ | 293 | | | | | $ | 3,209 | | |
Loans receivable ending balance:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 1,495 | | | | | $ | 638 | | | | | $ | — | | | | | $ | 187 | | | | | $ | 652 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,972 | | |
Collectively evaluated for impairment
|
| | | | 178,747 | | | | | | 21,468 | | | | | | 6,782 | | | | | | 10,571 | | | | | | 31,875 | | | | | | 4,076 | | | | | | 1,787 | | | | | | 679 | | | | | | — | | | | | | 255,985 | | |
Acquired non-credit impaired loans(1)
|
| | | | 37,684 | | | | | | 9,727 | | | | | | — | | | | | | 6 | | | | | | 23,785 | | | | | | — | | | | | | 343 | | | | | | 6 | | | | | | — | | | | | | 71,551 | | |
Total portfolio
|
| | | $ | 217,926 | | | | | $ | 31,833 | | | | | $ | 6,782 | | | | | $ | 10,764 | | | | | $ | 56,312 | | | | | $ | 4,076 | | | | | $ | 2,130 | | | | | $ | 685 | | | | | $ | — | | | | | $ | 330,508 | | |
June 30, 2020
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Charge-offs
|
| | | | (260) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | (3) | | | | | | (12) | | | | | | — | | | | | | (316) | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Provision
|
| | | | 242 | | | | | | 50 | | | | | | 205 | | | | | | 52 | | | | | | 54 | | | | | | 275 | | | | | | (9) | | | | | | 24 | | | | | | (267) | | | | | | 626 | | |
Ending Balance
|
| | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 1,483 | | | | | | 166 | | | | | | 526 | | | | | | 123 | | | | | | 727 | | | | | | 396 | | | | | | 83 | | | | | | 15 | | | | | | — | | | | | | 3,519 | | |
Total allowance
|
| | | $ | 1,483 | | | | | $ | 166 | | | | | $ | 526 | | | | | $ | 123 | | | | | $ | 727 | | | | | $ | 396 | | | | | $ | 83 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 3,519 | | |
Loans receivable ending balance:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 973 | | | | | $ | 628 | | | | | $ | — | | | | | $ | 185 | | | | | $ | 585 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,371 | | |
Collectively evaluated for impairment
|
| | | | 189,055 | | | | | | 15,677 | | | | | | 9,218 | | | | | | 9,267 | | | | | | 45,214 | | | | | | 6,690 | | | | | | 4,150 | | | | | | 713 | | | | | | — | | | | | | 279,984 | | |
Acquired non-credit impaired loans(1)
|
| | | | 155,588 | | | | | | 30,727 | | | | | | 6,581 | | | | | | 5,512 | | | | | | 30,908 | | | | | | — | | | | | | 2,288 | | | | | | 3,187 | | | | | | — | | | | | | 234,791 | | |
Acquired credit impaired loans (2)
|
| | | | 299 | | | | | | 22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 321 | | |
Total portfolio
|
| | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 3,900 | | | | | $ | — | | | | | $ | 517,467 | | |
June 30, 2019
|
| |
Residential real estate:
|
| |
Commercial real estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
1 – 4 family
|
| |
Home Equity
and HELOCs |
| |
Construction-
residential |
| |
Multi-family
(five or more) |
| |
Commercial
non-residential |
| |
Construction
and Land |
| |
Commercial
|
| |
Consumer
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||||||||
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 1,478 | | | | | $ | 58 | | | | | $ | 191 | | | | | $ | 116 | | | | | $ | 388 | | | | | $ | 903 | | | | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,138 | | |
Charge-offs
|
| | | | (21) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21) | | |
Recoveries
|
| | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | |
Provision
|
| | | | 40 | | | | | | 64 | | | | | | 130 | | | | | | (45) | | | | | | 320 | | | | | | (782) | | | | | | 91 | | | | | | 3 | | | | | | 267 | | | | | | 88 | | |
Ending Balance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Allowance ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 58 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 58 | | |
Collectively evaluated for impairment
|
| | | | 1,443 | | | | | | 122 | | | | | | 321 | | | | | | 71 | | | | | | 708 | | | | | | 121 | | | | | | 95 | | | | | | 3 | | | | | | 267 | | | | | | 3,151 | | |
Total allowance
|
| | | $ | 1,501 | | | | | $ | 122 | | | | | $ | 321 | | | | | $ | 71 | | | | | $ | 708 | | | | | $ | 121 | | | | | $ | 95 | | | | | $ | 3 | | | | | $ | 267 | | | | | $ | 3,209 | | |
Loans receivable ending balance:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | 2,557 | | | | | $ | 1,185 | | | | | $ | — | | | | | $ | — | | | | | $ | 662 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,404 | | |
Collectively evaluated for impairment
|
| | | | 180,310 | | | | | | 20,858 | | | | | | 9,739 | | | | | | 10,533 | | | | | | 28,572 | | | | | | 2,888 | | | | | | 1,728 | | | | | | 735 | | | | | | — | | | | | | 255,363 | | |
Acquired non-credit impaired loans(1)
|
| | | | 37,309 | | | | | | 9,862 | | | | | | — | | | | | | 495 | | | | | | 24,323 | | | | | | 1,550 | | | | | | 371 | | | | | | 6 | | | | | | — | | | | | | 73,916 | | |
Total portfolio
|
| | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 741 | | | | | $ | — | | | | | $ | 333,683 | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Commercial Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
Multi-family
|
| |
Non-residential
|
| |
Construction
and land |
| |
Commercial
|
| |
Total
|
| |||||||||||||||
Pass
|
| | | $ | 13,498 | | | | | $ | 78,804 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 104,852 | | |
Special Mention
|
| | | | 795 | | | | | | 976 | | | | | | — | | | | | | — | | | | | | 1,771 | | |
Substandard
|
| | | | 184 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | 373 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance
|
| | | $ | 14,477 | | | | | $ | 79,969 | | | | | $ | 6,592 | | | | | $ | 5,958 | | | | | $ | 106,996 | | |
June 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Commercial Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
Multi-family
|
| |
Non-residential
|
| |
Construction
and land |
| |
Commercial
|
| |
Total
|
| |||||||||||||||
Pass
|
| | | $ | 13,976 | | | | | $ | 75,973 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 103,077 | | |
Special Mention
|
| | | | 803 | | | | | | 507 | | | | | | — | | | | | | — | | | | | | 1,310 | | |
Substandard
|
| | | | 185 | | | | | | 227 | | | | | | — | | | | | | — | | | | | | 412 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance
|
| | | $ | 14,964 | | | | | $ | 76,707 | | | | | $ | 6,690 | | | | | $ | 6,438 | | | | | $ | 104,799 | | |
|
June 30, 2019
|
| ||||||||||||||||||||||||||||||
| | |
Commercial Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
Multi-family
|
| |
Non-residential
|
| |
Construction
and land |
| |
Commercial
|
| |
Total
|
| |||||||||||||||
Pass
|
| | | $ | 10,445 | | | | | $ | 52,151 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 69,133 | | |
Special Mention
|
| | | | 394 | | | | | | 744 | | | | | | — | | | | | | — | | | | | | 1,138 | | |
Substandard
|
| | | | 189 | | | | | | 662 | | | | | | — | | | | | | — | | | | | | 851 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ending Balance
|
| | | $ | 11,028 | | | | | $ | 53,557 | | | | | $ | 4,438 | | | | | $ | 2,099 | | | | | $ | 71,122 | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Residential Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
1 – 4 family
|
| |
Home equity &
HELOCs |
| |
Construction
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||
Performing
|
| | | $ | 332,682 | | | | | $ | 44,891 | | | | | $ | 13,665 | | | | | $ | 3,525 | | | | | $ | 394,763 | | |
Non-performing
|
| | | | 3,284 | | | | | | 473 | | | | | | — | | | | | | 145 | | | | | | 3,902 | | |
| | | | $ | 335,966 | | | | | $ | 45,364 | | | | | $ | 13,665 | | | | | $ | 3,670 | | | | | $ | 398,665 | | |
June 30, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Residential Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
1 – 4 family
|
| |
Home equity &
HELOCs |
| |
Construction
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||
Performing
|
| | | $ | 343,562 | | | | | $ | 46,580 | | | | | $ | 15,799 | | | | | $ | 3,785 | | | | | $ | 409,726 | | |
Non-performing
|
| | | | 2,353 | | | | | | 474 | | | | | | — | | | | | | 115 | | | | | | 2,942 | | |
| | | | $ | 345,915 | | | | | $ | 47,054 | | | | | $ | 15,799 | | | | | $ | 3,900 | | | | | $ | 412,668 | | |
|
June 30, 2019
|
| ||||||||||||||||||||||||||||||
| | |
Residential Real Estate
|
| | | | | | | | | | | | | |||||||||||||||
| | |
1 – 4 family
|
| |
Home equity &
HELOCs |
| |
Construction
|
| |
Consumer
|
| |
Total
|
| |||||||||||||||
Performing
|
| | | $ | 218,899 | | | | | $ | 31,380 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 260,759 | | |
Non-performing
|
| | | | 1,277 | | | | | | 525 | | | | | | — | | | | | | — | | | | | | 1,802 | | |
| | | | $ | 220,176 | | | | | $ | 31,905 | | | | | $ | 9,739 | | | | | $ | 741 | | | | | $ | 262,561 | | |
(Dollars in thousands)
|
| |
September 30,
2020 |
| |
June 30,
2020 |
| ||||||
Outstanding principal balance
|
| | | $ | 773 | | | | | $ | 773 | | |
Carrying amount
|
| | | | 328 | | | | | | 321 | | |
(Dollars in thousands)
|
| |
Accretable
Discount |
| |||
Balance, May 1, 2020
|
| | | $ | 57 | | |
Accretion
|
| | | | (4) | | |
Balance, June 30, 2020
|
| | | $ | 53 | | |
Accretion
|
| | | | (7) | | |
Balance, September 30, 2020
|
| | | $ | 46 | | |
| | |
Aged Analysis of Past Due and Non-accrual Loans
As of September 30, 2020 |
| |
Recorded
Investment > 90 Days and Accruing |
| |
Recorded
Investment Loans on Non-Accrual |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
Or Greater |
| |
Total
Past Due |
| |
Acquired
Credit Impaired |
| |
Current
|
| |
Total Loans
Receivable |
| |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
1 – 4 family
|
| | | $ | 2,011 | | | | | $ | 203 | | | | | $ | 1,541 | | | | | $ | 3,755 | | | | | $ | 305 | | | | | $ | 331,906 | | | | | $ | 335,966 | | | | | $ | — | | | | | $ | 3,284 | | |
Home equity and HELOCs
|
| | | | 492 | | | | | | — | | | | | | 181 | | | | | | 673 | | | | | | 23 | | | | | | 44,668 | | | | | | 45,364 | | | | | | — | | | | | | 473 | | |
Construction – residential
|
| | | | — | | | | | | 515 | | | | | | — | | | | | | 515 | | | | | | — | | | | | | 13,150 | | | | | | 13,665 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | 184 | | | | | | 184 | | | | | | — | | | | | | 14,293 | | | | | | 14,477 | | | | | | — | | | | | | 184 | | |
Commercial non-residential
|
| | | | 505 | | | | | | 54 | | | | | | — | | | | | | 559 | | | | | | — | | | | | | 79,410 | | | | | | 79,969 | | | | | | — | | | | | | 689 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,592 | | | | | | 6,592 | | | | | | — | | | | | | — | | |
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,958 | | | | | | 5,958 | | | | | | — | | | | | | — | | |
Consumer
|
| | | | 123 | | | | | | 20 | | | | | | 30 | | | | | | 173 | | | | | | — | | | | | | 3,497 | | | | | | 3,670 | | | | | | — | | | | | | 145 | | |
Total
|
| | | $ | 3,131 | | | | | $ | 792 | | | | | $ | 1,936 | | | | | $ | 5,859 | | | | | $ | 328 | | | | | $ | 499,474 | | | | | $ | 505,661 | | | | | $ | — | | | | | $ | 4,775 | | |
|
| | |
Aged Analysis of Past Due and Non-accrual Loans
As of June 30, 2020 |
| |
Recorded
Investment > 90 Days and Accruing |
| |
Recorded
Investment Loans on Non-Accrual |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
Or Greater |
| |
Total Past
Due |
| |
Acquired
Credit Impaired |
| |
Current
|
| |
Total Loans
Receivable |
| |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family
|
| | | $ | 235 | | | | | $ | 1,020 | | | | | $ | 1,477 | | | | | $ | 2,732 | | | | | $ | 299 | | | | | $ | 342,884 | | | | | $ | 345,915 | | | | | $ | — | | | | | $ | 2,353 | | |
Home equity and HELOCs
|
| | | | 126 | | | | | | 101 | | | | | | 181 | | | | | | 408 | | | | | | 22 | | | | | | 46,624 | | | | | | 47,054 | | | | | | 90 | | | | | | 384 | | |
Construction – residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,799 | | | | | | 15,799 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | 465 | | | | | | 185 | | | | | | 650 | | | | | | — | | | | | | 14,314 | | | | | | 14,964 | | | | | | — | | | | | | 185 | | |
Commercial non-residential
|
| | | | 100 | | | | | | 507 | | | | | | — | | | | | | 607 | | | | | | — | | | | | | 76,100 | | | | | | 76,707 | | | | | | — | | | | | | 135 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,690 | | | | | | 6,690 | | | | | | — | | | | | | — | | |
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,438 | | | | | | 6,438 | | | | | | — | | | | | | — | | |
Consumer
|
| | | | 3 | | | | | | 21 | | | | | | — | | | | | | 24 | | | | | | — | | | | | | 3,876 | | | | | | 3,900 | | | | | | — | | | | | | 115 | | |
Total
|
| | | $ | 464 | | | | | $ | 2,114 | | | | | $ | 1,843 | | | | | $ | 4,421 | | | | | $ | 321 | | | | | $ | 512,724 | | | | | $ | 517,467 | | | | | $ | 90 | | | | | $ | 3,172 | | |
|
| | |
Aged Analysis of Past Due and Non-accrual Loans
As of June 30, 2019 |
| |
Recorded
Investment > 90 Days and Accruing |
| |
Recorded
Investment Loans on Non-Accrual |
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
90 Days
Or Greater |
| |
Total
Past Due |
| |
Acquired
Credit Impaired |
| |
Current
|
| |
Total Loans
Receivable |
| |||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 family
|
| | | $ | — | | | | | $ | 807 | | | | | $ | 1,038 | | | | | $ | 1,845 | | | | | $ | — | | | | | $ | 218,331 | | | | | $ | 220,176 | | | | | $ | 7 | | | | | $ | 1,270 | | |
Home equity and HELOCs
|
| | | | 246 | | | | | | 59 | | | | | | 315 | | | | | | 620 | | | | | | — | | | | | | 31,285 | | | | | | 31,905 | | | | | | 140 | | | | | | 385 | | |
Construction – residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,739 | | | | | | 9,739 | | | | | | — | | | | | | — | | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family
|
| | | | — | | | | | | 394 | | | | | | 189 | | | | | | 583 | | | | | | — | | | | | | 10,445 | | | | | | 11,028 | | | | | | — | | | | | | 189 | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 53,557 | | | | | | 53,557 | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,438 | | | | | | 4,438 | | | | | | — | | | | | | — | | |
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,099 | | | | | | 2,099 | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 741 | | | | | | 741 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 246 | | | | | $ | 1,260 | | | | | $ | 1,542 | | | | | $ | 3,048 | | | | | $ | — | | | | | $ | 330,635 | | | | | $ | 333,683 | | | | | $ | 147 | | | | | $ | 1,844 | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs
|
| | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential
|
| | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 950 | | | | | $ | 950 | | | | | $ | — | | | | | $ | 962 | | | | | $ | 7 | | |
Home equity and HELOCs
|
| | | | 680 | | | | | | 686 | | | | | | — | | | | | | 654 | | | | | | 5 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 184 | | | | | | 184 | | | | | | — | | | | | | 185 | | | | | | — | | |
Commercial non-residential
|
| | | | 574 | | | | | | 609 | | | | | | — | | | | | | 580 | | | | | | 9 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 1,946 | | | | | $ | 11 | | |
Home equity and HELOCs
|
| | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential
|
| | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 81 | | | | | $ | — | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 1,495 | | | | | $ | 1,495 | | | | | $ | — | | | | | $ | 2,027 | | | | | $ | 11 | | |
Home equity and HELOCs
|
| | | | 638 | | | | | | 638 | | | | | | — | | | | | | 912 | | | | | | 10 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 187 | | | | | | 187 | | | | | | — | | | | | | 94 | | | | | | — | | |
Commercial non-residential
|
| | | | 652 | | | | | | 652 | | | | | | — | | | | | | 657 | | | | | | 8 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,451 | | | | | $ | 45 | | |
Home equity and HELOCs
|
| | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential
|
| | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 67 | | | | | $ | 4 | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 973 | | | | | $ | 973 | | | | | $ | — | | | | | $ | 1,518 | | | | | $ | 49 | | |
Home equity and HELOCs
|
| | | | 628 | | | | | | 634 | | | | | | — | | | | | | 906 | | | | | | 37 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | 185 | | | | | | 185 | | | | | | — | | | | | | 139 | | | | | | — | | |
Commercial non-residential
|
| | | | 585 | | | | | | 620 | | | | | | — | | | | | | 624 | | | | | | 38 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family residential real Estate
|
| | | $ | 2,396 | | | | | $ | 2,396 | | | | | $ | — | | | | | $ | 1,927 | | | | | $ | 73 | | |
Home equity and HELOCs
|
| | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 161 | | | | | $ | 161 | | | | | $ | 58 | | | | | $ | 165 | | | | | $ | 11 | | |
Home equity and HELOCs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 – 4 Family
|
| | | $ | 2,557 | | | | | $ | 2,557 | | | | | $ | 58 | | | | | $ | 2,092 | | | | | $ | 84 | | |
Home equity and HELOCs
|
| | | | 1,185 | | | | | | 1,185 | | | | | | — | | | | | | 859 | | | | | | 47 | | |
Construction Residential
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial non-residential
|
| | | | 662 | | | | | | 662 | | | | | | — | | | | | | 682 | | | | | | 42 | | |
Construction and land
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,251 | | | | | | 169 | | |
Commecial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the year ended June 30, 2019
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Number
of Contracts |
| |
Pre-Modification
Outstanding Recorded Investment |
| |
Post-Modification
Outstanding Recorded Investment |
| |||||||||
Commercial non-residential
|
| | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
Total
|
| | | | 2 | | | | | $ | 232 | | | | | $ | 232 | | |
(Dollars in thousands)
|
| |
September 30, 2020
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
% of Total
|
| |
Amount
|
| |
% of Total
|
| |
Amount
|
| |
% of Total
|
| ||||||||||||||||||
Interest-bearing deposits
|
| | | $ | 6 | | | | | | 0.2% | | | | | $ | 4 | | | | | | 0.2% | | | | | $ | 20 | | | | | | 1.5% | | |
Investment securities
|
| | | | 776 | | | | | | 26.6% | | | | | | 352 | | | | | | 13.8% | | | | | | 101 | | | | | | 7.8% | | |
Loans
|
| | | | 2,134 | | | | | | 73.2% | | | | | | 2,184 | | | | | | 86.0% | | | | | | 1,181 | | | | | | 90.7% | | |
Total Accrued Interest Receivable
|
| | | $ | 2,916 | | | | | | 100.00% | | | | | $ | 2,540 | | | | | | 100.00% | | | | | $ | 1,302 | | | | | | 100.00% | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Land
|
| | | $ | 2,753 | | | | | $ | 4,144 | | | | | $ | 2,471 | | |
Office buildings and improvements
|
| | | | 12,759 | | | | | | 14,493 | | | | | | 8,198 | | |
Furniture, fixtures and equipment
|
| | | | 2,282 | | | | | | 1,918 | | | | | | 978 | | |
Automobiles
|
| | | | 50 | | | | | | 50 | | | | | | 57 | | |
| | | | | 17,844 | | | | | | 20,605 | | | | | | 11,704 | | |
Accumulated depreciation
|
| | | | (3,920) | | | | | | (3,872) | | | | | | (3,298) | | |
| | | | $ | 13,924 | | | | | $ | 16,733 | | | | | $ | 8,406 | | |
(Dollars in thousands)
|
| |
Goodwill
|
| |
Core Deposit
Intangibles |
| ||||||
Balance, July 1, 2018
|
| | | $ | — | | | | | $ | — | | |
Adjustments: | | | | | | | | | | | | | |
Additions
|
| | | | 4,858 | | | | | | 1,432 | | |
Amortization
|
| | | | — | | | | | | (260) | | |
Balance, June 30, 2019
|
| | | $ | 4,858 | | | | | $ | 1,172 | | |
|
(Dollars in thousands)
|
| |
Goodwill
|
| |
Core Deposit
Intangibles |
| ||||||
Balance, July 1, 2019
|
| | | $ | 4,858 | | | | | $ | 1,172 | | |
Adjustments: | | | | | | | | | | | | | |
Additions
|
| | | | — | | | | | | 262 | | |
Amortization
|
| | | | — | | | | | | (242) | | |
Balance, June 30, 2020
|
| | | $ | 4,858 | | | | | $ | 1,192 | | |
Adjustments: | | | | | | | | | | | | | |
Additions
|
| | | | — | | | | | | — | | |
Amortization
|
| | | | — | | | | | | (64) | | |
Balance, September 30, 2020
|
| | | $ | 4,858 | | | | | $ | 1,128 | | |
| | |
September 30, 2020
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Core deposit intangibles
|
| | | $ | 1,694 | | | | | $ | (566) | | | | | $ | 1,128 | | |
| | |
June 30, 2020
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Core deposit intangibles
|
| | | $ | 1,694 | | | | | $ | (502) | | | | | $ | 1,192 | | |
| | |
June 30, 2019
|
| |||||||||||||||
(Dollars in thousands)
|
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Core deposit intangibles
|
| | | $ | 1,432 | | | | | $ | (260) | | | | | $ | 1,172 | | |
(Dollars in thousands)
|
| | | ||||||||||
Twelve months ended:
|
| |
September 30,
2020 Expense |
| |
June 30,
2020 Expense |
| ||||||
2021
|
| | | $ | 248 | | | | | $ | 255 | | |
2022
|
| | | | 217 | | | | | | 224 | | |
2023
|
| | | | 186 | | | | | | 194 | | |
2024
|
| | | | 155 | | | | | | 163 | | |
2025
|
| | | | 124 | | | | | | 132 | | |
2026 and thereafter
|
| | | | 198 | | | | | | 224 | | |
| | | | $ | 1,128 | | | | | $ | 1,192 | | |
| | |
September 30, 2020
|
| |
June 30, 2020
|
| |
June 30, 2019
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
Weighted
Average Rate |
| |
Amount
|
| |
Weighted
Average Rate |
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||||||||||||||
Checking accounts
|
| | | $ | 140,146 | | | | | | 0.07% | | | | | $ | 142,223 | | | | | | 0.13% | | | | | $ | 67,547 | | | | | | 0.09% | | |
Money market accounts
|
| | | | 140,891 | | | | | | 0.62 | | | | | | 129,048 | | | | | | 0.94 | | | | | | 67,648 | | | | | | 1.68 | | |
Savings and club accounts
|
| | | | 95,070 | | | | | | 0.10 | | | | | | 94,097 | | | | | | 0.19 | | | | | | 33,172 | | | | | | 0.16 | | |
Certificates of deposit
|
| | | | 205,386 | | | | | | 1.71 | | | | | | 194,480 | | | | | | 1.86 | | | | | | 112,839 | | | | | | 1.90 | | |
| | | | $ | 581,493 | | | | | | 0.79% | | | | | $ | 559,848 | | | | | | 0.93% | | | | | $ | 281,206 | | | | | | 1.21% | | |
(In thousands)
|
| |
September 30,
2020 |
| |
June 30, 2020
|
| ||||||
Twelve months ending: | | | | | | | | | | | | | |
2021
|
| | | $ | 128,575 | | | | | $ | 113,596 | | |
2022
|
| | | | 35,625 | | | | | | 37,073 | | |
2023
|
| | | | 16,745 | | | | | | 18,085 | | |
2024
|
| | | | 12,170 | | | | | | 13,426 | | |
2025
|
| | | | 10,592 | | | | | | 10,668 | | |
Thereafter
|
| | | | 1,679 | | | | | | 1,632 | | |
| | | | $ | 205,386 | | | | | $ | 194,480 | | |
(Dollars in thousands)
|
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
June 30,
2019 |
| |||||||||
FHLB advances: | | | | | | | | | | | | | | | | | | | |
Convertible
|
| | | $ | 20,000 | | | | | $ | 20,000 | | | | | $ | 20,000 | | |
Fixed
|
| | | | 14,000 | | | | | | 21,767 | | | | | | 11,000 | | |
Mid-term
|
| | | | 7,000 | | | | | | 23,215 | | | | | | 19,000 | | |
Total FHLB advances
|
| | | $ | 41,000 | | | | | $ | 64,982 | | | | | $ | 50,000 | | |
| | |
September 30, 2020
|
| |
June 30, 2020
|
| ||||||||||||||||||
(Dollars in thousands)
Twelve months ending: |
| |
Amount
|
| |
Weighted
Average Rate |
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||||||||
2021
|
| | | $ | — | | | | | | —% | | | | | $ | 15,086 | | | | | | 2.40% | | |
2022
|
| | | | 7,000 | | | | | | 2.03% | | | | | | 9,092 | | | | | | 2.17% | | |
2023
|
| | | | 13,000 | | | | | | 2.74% | | | | | | 14,073 | | | | | | 2.75% | | |
2024
|
| | | | 7,000 | | | | | | 2.00% | | | | | | 9,158 | | | | | | 2.13% | | |
2025
|
| | | | 14,000 | | | | | | 2.92% | | | | | | 15,892 | | | | | | 2.85% | | |
Thereafter
|
| | | | — | | | | | | —% | | | | | | 1,591 | | | | | | 2.83% | | |
Total FHLB advances
|
| | | $ | 41,000 | | | | | | 2.55% | | | | | $ | 64,892 | | | | | | 2.53% | | |
| | |
Three months ended
September 30, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Federal: | | | | | | | | | | | | | |
Current
|
| | | $ | (139) | | | | | $ | (38) | | |
Deferred
|
| | | | 268 | | | | | | 243 | | |
| | | | | 129 | | | | | | 205 | | |
State, current
|
| | | | 15 | | | | | | 15 | | |
| | | | $ | 144 | | | | | $ | 220 | | |
|
| | |
Year ended June 30,
|
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Federal: | | | | | | | | | | | | | |
Current
|
| | | $ | (448) | | | | | $ | 1,594 | | |
Deferred
|
| | | | 51 | | | | | | (544) | | |
| | | | | (397) | | | | | | 1,050 | | |
State, current
|
| | | | 10 | | | | | | 10 | | |
| | | | $ | (387) | | | | | $ | 1,060 | | |
| | |
Three months ended September 30,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Pretax Income |
| |
Amount
|
| |
% of
Pretax Income |
| ||||||||||||
Federal income tax at statutory rate
|
| | | $ | 171 | | | | | | 21.0% | | | | | $ | 226 | | | | | | 21.0% | | |
State tax, net of federal benefit
|
| | | | 12 | | | | | | 1.5 | | | | | | 12 | | | | | | 1.1 | | |
Bank owned-life insurance
|
| | | | (24) | | | | | | (2.9) | | | | | | (17) | | | | | | (1.6) | | |
Other
|
| | | | (13) | | | | | | (1.7) | | | | | | (1) | | | | | | — | | |
| | | | $ | 146 | | | | | | 17.9% | | | | | $ | 220 | | | | | | 20.5% | | |
|
| | |
Year ended June 30,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Amount
|
| |
% of
Pretax Income |
| |
Amount
|
| |
% of
Pretax Income |
| ||||||||||||
Federal income tax at statutory rate
|
| | | $ | 198 | | | | | | 21.0% | | | | | $ | 1,011 | | | | | | 21.0% | | |
State tax, net of federal benefit
|
| | | | 7 | | | | | | 0.7 | | | | | | 8 | | | | | | 0.2 | | |
Bank owned-life insurance
|
| | | | (74) | | | | | | (7.9) | | | | | | (69) | | | | | | (1.4) | | |
Gain on bargain purchase
|
| | | | (157) | | | | | | (16.7) | | | | | | — | | | | | | — | | |
Non-deductible merger expenses
|
| | | | 71 | | | | | | 7.5 | | | | | | — | | | | | | — | | |
Impact of tax law change
|
| | | | (408) | | | | | | (43.3) | | | | | | — | | | | | | — | | |
Other
|
| | | | (24) | | | | | | (2.4) | | | | | | 110 | | | | | | 2.2 | | |
| | | | $ | (387) | | | | | | (41.1)% | | | | | $ | 1,060 | | | | | | 22.0% | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Deferred tax assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan origination fees
|
| | | $ | 119 | | | | | $ | 171 | | | | | $ | 100 | | | | | $ | 186 | | |
Allowance for loan losses
|
| | | | 803 | | | | | | 705 | | | | | | 788 | | | | | | 757 | | |
Deferred director’s fees
|
| | | | 288 | | | | | | 289 | | | | | | 289 | | | | | | 303 | | |
Deferred compensation
|
| | | | 531 | | | | | | 411 | | | | | | 525 | | | | | | 475 | | |
Deferred pension
|
| | | | 613 | | | | | | — | | | | | | 613 | | | | | | — | | |
Purchase accounting adjustments
|
| | | | 1,292 | | | | | | — | | | | | | 1,552 | | | | | | — | | |
NOL carry forward
|
| | | | 1,090 | | | | | | 453 | | | | | | 1,090 | | | | | | 453 | | |
Other
|
| | | | 51 | | | | | | 11 | | | | | | — | | | | | | 60 | | |
Total Deferred Tax Assets
|
| | | | 4,787 | | | | | | 2,040 | | | | | | 4,957 | | | | | | 2,234 | | |
Deferred tax liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gain on securities
|
| | | | (123) | | | | | | (10) | | | | | | (21) | | | | | | (60) | | |
Premises and equipment
|
| | | | (180) | | | | | | (63) | | | | | | (114) | | | | | | (63) | | |
Other
|
| | | | (36) | | | | | | (49) | | | | | | (5) | | | | | | — | | |
Total Deferred Tax Liabilities
|
| | | | (339) | | | | | | (122) | | | | | | (140) | | | | | | (123) | | |
Net Deferred Tax Asset
|
| | | $ | 4,448 | | | | | $ | 1,918 | | | | | $ | 4,817 | | | | | $ | 2,111 | | |
| | |
September 30,
|
| |
June 30,
|
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
Commitments to extend credit
|
| | | $ | 18,192 | | | | | $ | 18,602 | | | | | $ | 10,952 | | |
Unfunded commitments under lines of credit
|
| | | | 62,717 | | | | | | 52,432 | | | | | | 27,981 | | |
Standby letters of credit
|
| | | | 1,000 | | | | | | — | | | | | | — | | |
As of September 30, 2020
(Dollars in thousands except for ratios) |
| |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To be Well Capitalized
Under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
|
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage
|
| | | $ | 86,956 | | | | | | 11.92% | | | | | >$ | 29,172 | | | | | | >4.00% | | | | | >$ | 36,465 | | | | | | >5.00% | | |
As of June 30, 2020
(Dollars in thousands except for ratios) |
| |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To be Well Capitalized
Under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
|
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||
William Penn Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 leverage
|
| | | $ | 86,822 | | | | | | 13.67% | | | | | >$ | 25,397 | | | | | | >4.00% | | | | | >$ | 31,746 | | | | | | >5.00% | | |
As of June 30, 2019:
(Dollars in thousands) |
| |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
To be Well Capitalized
under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
|
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||
Total risk-based capital
|
| | | $ | 71,558 | | | | | | 25.8% | | | | | $ | >22,172 | | | | | | >8.0% | | | | | $ | >27,715 | | | | | | >10.0% | | |
Common Equity Tier 1 Capital
|
| | | | 68,437 | | | | | | 24.7 | | | | | | >12,477 | | | | | | >4.5 | | | | | | >18,022 | | | | | | >6.5 | | |
Core capital (to risk-weighted assets)
|
| | | | 68,437 | | | | | | 24.7 | | | | | | >16,636 | | | | | | >6.0 | | | | | | >22,181 | | | | | | >8.0 | | |
Core capital (to adjusted total assets)
|
| | | | 68,437 | | | | | | 16.9 | | | | | | >16,162 | | | | | | >4.0 | | | | | | >20,203 | | | | | | >5.0 | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | ||||||||||||||||||||
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | $ | 66,400 | | | | | $ | — | | | | | $ | 66,400 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | 2,378 | | | | | | — | | | | | | 2,378 | | |
U.S. government agency securities
|
| | | | — | | | | | | 11,547 | | | | | | — | | | | | | 11,547 | | |
Municipal bonds
|
| | | | — | | | | | | 25,128 | | | | | | — | | | | | | 25,128 | | |
Corporate bonds
|
| | | | — | | | | | | 18,144 | | | | | | — | | | | | | 18,144 | | |
Total Assets
|
| | | $ | — | | | | | $ | 123,597 | | | | | $ | — | | | | | $ | 123,597 | | |
|
| | |
June 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | $ | 51,738 | | | | | $ | — | | | | | $ | 51,738 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | 3,215 | | | | | | — | | | | | | 3,215 | | |
U.S. government agency securities
|
| | | | — | | | | | | 6,155 | | | | | | — | | | | | | 6,155 | | |
U.S. treasury securities
|
| | | | — | | | | | | 1,000 | | | | | | — | | | | | | 1,000 | | |
Municipal bonds
|
| | | | — | | | | | | 10,508 | | | | | | — | | | | | | 10,508 | | |
Corporate bonds
|
| | | | — | | | | | | 17,382 | | | | | | — | | | | | | 17,382 | | |
Total Assets
|
| | | $ | — | | | | | $ | 89,998 | | | | | $ | — | | | | | $ | 89,998 | | |
|
| | |
June 30, 2019
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | $ | 3,678 | | | | | $ | — | | | | | $ | 3,678 | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | 5,767 | | | | | | — | | | | | | 5,767 | | |
U.S. government agency securities
|
| | | | — | | | | | | 10,912 | | | | | | — | | | | | | 10,912 | | |
Private label collateralized mortgage obligations
|
| | | | — | | | | | | 303 | | | | | | — | | | | | | 303 | | |
Total Assets
|
| | | $ | — | | | | | $ | 20,660 | | | | | $ | — | | | | | $ | 20,660 | | |
| | |
June 30, 2020
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
Other real estate owned
|
| | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 290 | | | | | $ | 290 | | |
|
| | |
June 30, 2019
|
| |||||||||||||||||||||
(Dollars in thousands)
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
Other real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 4,346 | | | | | $ | 4,346 | | |
| | |
Quantative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
(Dollars in thousands)
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
|
| |||
June 30, 2020 | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 190 | | | |
Appraisal of collateral(1)
|
| |
Appraisal adjustments(2)
|
| |
0 – 28%
|
|
Foreclosed real estate owned
|
| | | $ | 100 | | | |
Appraisal of collateral(1)(3)
|
| |
Liquidation expenses(2)
|
| |
0%
|
|
| | |
Quantative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
(Dollars in thousands)
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Input
|
| |
Range
|
| |||
June 30, 2019 | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 4,346 | | | |
Appraisal of collateral(1)
|
| |
Appraisal adjustments(2)
|
| |
0 – 25%
|
|
Foreclosed real estate owned
|
| | | $ | — | | | |
Appraisal of collateral(1)(3)
|
| |
Liquidation expenses(2)
|
| |
0%
|
|
| | |
Fair Value Measurements at September 30, 2020
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | 56,082 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net
|
| | | | 497,630 | | | | | | 527,508 | | | | | | — | | | | | | — | | | | | | 527,508 | | |
Regulatory stock
|
| | | | 3,219 | | | | | | 3,219 | | | | | | 3,219 | | | | | | — | | | | | | — | | |
Bank-owned life insurance
|
| | | | 14,870 | | | | | | 14,870 | | | | | | 14,870 | | | | | | — | | | | | | — | | |
Accrued interest receivable
|
| | | | 2,916 | | | | | | 2,916 | | | | | | 2,916 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts
|
| | | | 140,146 | | | | | | 140,146 | | | | | | 140,146 | | | | | | — | | | | | | — | | |
Money market accounts
|
| | | | 140,891 | | | | | | 140,891 | | | | | | 140,891 | | | | | | — | | | | | | — | | |
Savings and club accounts
|
| | | | 95,070 | | | | | | 95,070 | | | | | | 95,070 | | | | | | — | | | | | | — | | |
Certificates of deposit
|
| | | | 205,386 | | | | | | 208,373 | | | | | | — | | | | | | — | | | | | | 208,373 | | |
Advances from Federal Home Loan Bank
|
| | | | 41,000 | | | | | | 42,574 | | | | | | — | | | | | | — | | | | | | 42,574 | | |
Advances from borrowers for taxes and insurance
|
| | | | 2,910 | | | | | | 2,910 | | | | | | 2,910 | | | | | | — | | | | | | — | | |
Accrued interest payable
|
| | | | 175 | | | | | | 175 | | | | | | 175 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Fair Value Measurements at June 30, 2020
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | 82,915 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits
|
| | | | 2,300 | | | | | | 2,300 | | | | | | 2,300 | | | | | | — | | | | | | — | | |
Loans receivable, net
|
| | | | 508,605 | | | | | | 541,779 | | | | | | — | | | | | | — | | | | | | 541,779 | | |
Regulatory stock
|
| | | | 4,200 | | | | | | 4,200 | | | | | | 4,200 | | | | | | — | | | | | | — | | |
Bank-owned life insurance
|
| | | | 14,758 | | | | | | 14,758 | | | | | | 14,758 | | | | | | — | | | | | | — | | |
Accrued interest receivable
|
| | | | 2,540 | | | | | | 2,540 | | | | | | 2,540 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts
|
| | | | 142,223 | | | | | | 142,223 | | | | | | 142,223 | | | | | | — | | | | | | — | | |
Money market accounts
|
| | | | 129,048 | | | | | | 129,048 | | | | | | 129,048 | | | | | | — | | | | | | — | | |
Savings and club accounts
|
| | | | 94,097 | | | | | | 94,097 | | | | | | 94,097 | | | | | | — | | | | | | — | | |
Certificates of deposit
|
| | | | 194,480 | | | | | | 198,268 | | | | | | — | | | | | | — | | | | | | 198,268 | | |
Advances from Federal Home Loan Bank
|
| | | | 64,892 | | | | | | 67,520 | | | | | | — | | | | | | — | | | | | | 67,520 | | |
Advances from borrowers for taxes and insurance
|
| | | | 4,536 | | | | | | 4,536 | | | | | | 4,536 | | | | | | — | | | | | | — | | |
Accrued interest payable
|
| | | | 246 | | | | | | 246 | | | | | | 246 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Fair Value Measurements at June 30, 2019
|
| |||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Carrying
Amount |
| |
Fair
Value |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | 26,168 | | | | | $ | — | | | | | $ | — | | |
Interest bearing time deposits
|
| | | | 8,486 | | | | | | 8,486 | | | | | | 8,486 | | | | | | — | | | | | | — | | |
Securities held to maturity
|
| | | | 1,906 | | | | | | 1,937 | | | | | | — | | | | | | 1,937 | | | | | | — | | |
Loans receivable, net
|
| | | | 326,017 | | | | | | 330,060 | | | | | | — | | | | | | — | | | | | | 330,060 | | |
Regulatory stock
|
| | | | 2,785 | | | | | | 2,785 | | | | | | 2,785 | | | | | | — | | | | | | — | | |
Bank-owned life insurance
|
| | | | 11,203 | | | | | | 11,203 | | | | | | 11,203 | | | | | | — | | | | | | — | | |
Accrued interest receivable
|
| | | | 1,340 | | | | | | 1,340 | | | | | | 1,340 | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts
|
| | | | 67,547 | | | | | | 67,547 | | | | | | 67,547 | | | | | | — | | | | | | — | | |
Money market accounts
|
| | | | 67,648 | | | | | | 67,648 | | | | | | 67,648 | | | | | | — | | | | | | — | | |
Savings and club accounts
|
| | | | 33,172 | | | | | | 33,172 | | | | | | 33,172 | | | | | | — | | | | | | — | | |
Certificates of deposit
|
| | | | 112,839 | | | | | | 112,245 | | | | | | — | | | | | | — | | | | | | 112,245 | | |
Advances from Federal Home Loan Bank
|
| | | | 50,000 | | | | | | 50,651 | | | | | | — | | | | | | — | | | | | | 50,651 | | |
Advances from borrowers for taxes and insurance
|
| | | | 3,814 | | | | | | 3,814 | | | | | | 3,814 | | | | | | — | | | | | | — | | |
Accrued interest payable
|
| | | | 171 | | | | | | 171 | | | | | | 171 | | | | | | — | | | | | | — | | |
Off-balance sheet financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
(in thousands)
|
| | | | |
September 30, 2020
|
| |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets
|
| | Other assets | | | | $ | 1,589 | | |
Total Right-of-Use Assets
|
| | | | | | $ | 1,589 | | |
|
(in thousands)
|
| | | | |
September 30, 2020
|
| |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities
|
| |
Other liabilities
|
| | | $ | 1,585 | | |
Total Lease Liabilities
|
| | | | | | $ | 1,585 | | |
|
(in thousands)
|
| | | | |
June 30, 2020
|
| |||
Lease Right-of-Use Assets | | | Classification | | | | | | | |
Operating lease right-of-use assets
|
| | Other assets | | | | $ | 1,663 | | |
Total Right-of-Use Assets
|
| | | | | | $ | 1,663 | | |
|
(in thousands)
|
| | | | |
June 30, 2020
|
| |||
Lease Liabilities | | | Classification | | | | | | | |
Operating lease liabilities
|
| |
Other liabilities
|
| | | $ | 1,638 | | |
Total Lease Liabilities
|
| | | | | | $ | 1,638 | | |
| | |
September 30,
2020 |
|
Weighted average remaining lease term | | | | |
Operating leases
|
| |
11.8 years
|
|
Weighted average discount rate | | | | |
Operating leases
|
| |
2.20%
|
|
| | |
June 30,
2020 |
|
Weighted average remaining lease term | | | | |
Operating leases
|
| |
11.9 years
|
|
Weighted average discount rate | | | | |
Operating leases
|
| |
2.19%
|
|
| | |
September 30,
2020 |
| |
June 30,
2020 |
| ||||||
(in thousands)
|
| |
Operating
Leases |
| |
Operating
Leases |
| ||||||
Twelve months ended: | | | | | | | | | | | | | |
2021
|
| | | $ | 248 | | | | | $ | 247 | | |
2022
|
| | | | 254 | | | | | | 252 | | |
2023
|
| | | | 260 | | | | | | 258 | | |
2024
|
| | | | 260 | | | | | | 265 | | |
2025
|
| | | | 211 | | | | | | 246 | | |
Thereafter
|
| | | | 587 | | | | | | 613 | | |
Total future minimum lease payments
|
| | | $ | 1,820 | | | | | $ | 1,881 | | |
Amounts representing interest
|
| | | | (235) | | | | | | (243) | | |
Present value of net future minimum lease payments
|
| | | $ | 1,585 | | | | | $ | 1,638 | | |
| | |
September 30,
2020 |
| |
June 30,
|
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||||||||
Beginning Balance
|
| | | $ | 587 | | | | | $ | 147 | | | | | $ | 117 | | |
New loans and funding of existing lines of credit
|
| | | | 277 | | | | | | 505 | | | | | | — | | |
Loans to newly appointed directors
|
| | | | — | | | | | | 103 | | | | | | 104 | | |
Repayments
|
| | | | (35) | | | | | | (168) | | | | | | (74) | | |
Ending balance
|
| | | $ | 829 | | | | | $ | 587 | | | | | $ | 147 | | |
| | |
September 30,
|
| |
June 30,
|
| |
June 30,
|
| |||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | |||
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash on deposit at the Bank
|
| | | $ | 694 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Investment in the Bank
|
| | | | 94,465 | | | | | | 93,401 | | | | | | 75,142 | | |
Other assets
|
| | | | 347 | | | | | | 103 | | | | | | 48 | | |
TOTAL ASSETS
|
| | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Accrued and other liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
TOTAL LIABILITIES
|
| | | | — | | | | | | — | | | | | | — | | |
Commitments and contingencies
|
| | | | — | | | | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY | | | | | |||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued
|
| | | | — | | | | | | — | | | | | | — | | |
Common Stock, $.10 par value, 49,000,000 shares authorized; 4,667,304 and 4,158,113 shares
issued and 4,489,345 and 3,980,154 shares outstanding at both September 30, 2020 and June 30, 2020 and at June 30, 2019, respectively. |
| | | | 467 | | | | | | 467 | | | | | | 416 | | |
Additional paid-in capital
|
| | | | 42,932 | | | | | | 42,932 | | | | | | 22,441 | | |
Treasury Stock, 177,959 shares at cost at September 30, 2020, June 30, 2020, and June 30, 2019, respectively.
|
| | | | (3,710) | | | | | | (3,710) | | | | | | (3,710) | | |
Retained earnings
|
| | | | 55,384 | | | | | | 56,600 | | | | | | 57,255 | | |
Accumulated other comprehensive income
|
| | | | 433 | | | | | | 76 | | | | | | 228 | | |
TOTAL STOCKHOLDERS’ EQUITY
|
| | | | 95,506 | | | | | | 96,365 | | | | | | 76,630 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 95,506 | | | | | $ | 96,365 | | | | | $ | 76,630 | | |
| | |
Three months ended September 30,
|
| |
Year ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on interest-bearing deposits with the Bank
|
| | |
$
|
—
|
| | | | $ | 5 | | | | | $ | 8 | | | | | $ | 14 | | |
Total Income
|
| | | | — | | | | | | 5 | | | | | | 8 | | | | | | 14 | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
Professional fees
|
| | | | 44 | | | | | | 15 | | | | | | 50 | | | | | | — | | |
Merger relates expenses
|
| | | | — | | | | | | — | | | | | | 532 | | | | | | — | | |
Other expenses
|
| | | | 3 | | | | | | — | | | | | | 12 | | | | | | 82 | | |
Total Expenses
|
| | | | 47 | | | | | | 15 | | | | | | 594 | | | | | | 82 | | |
Income before income tax benefit and equity in undistributed net income of affiliates
|
| | | | (47) | | | | | | (10) | | | | | | (586) | | | | | | (68) | | |
Income Tax Benefit
|
| | | | (10) | | | | | | (2) | | | | | | (51) | | | | | | (14) | | |
Equity in undistributed net income of the Bank
|
| | | | 707 | | | | | | 862 | | | | | | 1,863 | | | | | | 3,810 | | |
NET INCOME
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Comprehensive income
|
| | | $ | 1,027 | | | | | $ | 664 | | | | | $ | 1,176 | | | | | $ | 3,765 | | |
| | |
Three months ended
September 30, |
| |
Year ended
June 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 670 | | | | | $ | 854 | | | | | $ | 1,328 | | | | | $ | 3,756 | | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Equity in undistributed net earnings of subsidiaries
|
| | | | (707) | | | | | | (862) | | | | | | (1,863) | | | | | | (3,810) | | |
Dividend from the Bank
|
| | | | — | | | | | | 1,000 | | | | | | 4,000 | | | | | | 2,000 | | |
Change in other assets
|
| | | | (244) | | | | | | (9) | | | | | | (61) | | | | | | (8) | | |
Net Cash Provided by (Used for) Operating Activities
|
| | | | (281) | | | | | | 983 | | | | | | 3,404 | | | | | | 1,938 | | |
Cash Flows from Financing Activities
Cash dividends |
| | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net Cash (Used) for Financing Activities
|
| | | | (1,886) | | | | | | (1,983) | | | | | | (1,983) | | | | | | (1,280) | | |
Net (Decrease) Increase in Cash and Cash Equivalents
|
| | | | (2,167) | | | | | | (1,000) | | | | | | 1,421 | | | | | | 658 | | |
Cash and Cash Equivalents – Beginning
|
| | | | 2,861 | | | | | | 1,440 | | | | | | 1,440 | | | | | | 782 | | |
Cash and Cash Equivalents – Ending
|
| | | $ | 694 | | | | | $ | 440 | | | | | $ | 2,861 | | | | | $ | 1,440 | | |
Supplementary Cash Flows Information | | | | | | ||||||||||||||||||||
Income taxes paid
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Consolidated Financial Statements for the Nine Months Ended March 31, 2020 and 2019 (Unaudited) | | | | | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-6 – A-24 | | |
| | |
March 31, 2020
|
| |
June 30, 2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
$
|
1,084,862
|
| | | | $ | 980,252 | | |
Interest bearing demand deposits
|
| | |
|
4,681,286
|
| | | | | 2,842,634 | | |
Federal funds sold
|
| | |
|
19,296,000
|
| | | | | 18,590,000 | | |
Cash and cash equivalents
|
| | |
|
25,062,148
|
| | | | | 22,412,886 | | |
Interest bearing time deposits
|
| | |
|
676,743
|
| | | | | 665,924 | | |
Investment securities available-for-sale, at fair value
|
| | |
|
470,757
|
| | | | | 577,904 | | |
Investment securities held-to-maturity (fair value March 31, 2020 $3,043; June 30, 2019 $8,782)
|
| | |
|
2,894
|
| | | | | 8,512 | | |
Loans receivable, net of allowance for loan losses of $431,534 at March 31, 2020 and $469,381 at June 30, 2019
|
| | |
|
57,492,060
|
| | | | | 62,041,187 | | |
Accrued interest receivable
|
| | |
|
178,288
|
| | | | | 205,469 | | |
Foreclosed real estate
|
| | |
|
100,100
|
| | | | | 191,100 | | |
Restricted stock, at cost
|
| | |
|
334,600
|
| | | | | 300,200 | | |
Premises and equipment, net
|
| | |
|
175,356
|
| | | | | 191,419 | | |
Prepaid expenses and other assets
|
| | |
|
211,262
|
| | | | | 199,775 | | |
Deferred income taxes, net
|
| | |
|
344,852
|
| | | | | 354,115 | | |
Total Assets
|
| | |
$
|
85,049,060
|
| | | | $ | 87,148,491 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits
|
| | |
$
|
64,937,797
|
| | | | $ | 68,060,437 | | |
Advances from Federal Home Loan Bank of Pittsburgh
|
| | |
|
5,270,593
|
| | | | | 4,408,422 | | |
Advances from borrowers for taxes and insurance
|
| | |
|
411,146
|
| | | | | 404,175 | | |
Accrued interest payable
|
| | |
|
22,888
|
| | | | | 18,887 | | |
Other liabilities
|
| | |
|
1,512,895
|
| | | | | 1,557,399 | | |
Total Liabilities
|
| | |
|
72,155,319
|
| | | | | 74,449,320 | | |
Equity | | | | | | | | | | | | | |
Surplus
|
| | |
|
951,782
|
| | | | | 951,782 | | |
Retained earnings
|
| | |
|
12,955,589
|
| | | | | 12,586,445 | | |
Accumulated other comprehensive loss
|
| | |
|
(1,013,630)
|
| | | | | (839,056) | | |
Total Equity
|
| | |
|
12,893,741
|
| | | | | 12,699,171 | | |
Total Liabilities and Equity
|
| | |
$
|
85,049,060
|
| | | | $ | 87,148,491 | | |
9 Months Ended March 31,
|
| |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees:
|
| | | | | | | | | | | | |
First mortgage loans
|
| | |
$
|
1,700,192
|
| | | | $ | 1,686,200 | | |
Consumer and other loans
|
| | |
|
517,525
|
| | | | | 517,782 | | |
Mortgage-backed securities
|
| | |
|
14,126
|
| | | | | 18,971 | | |
Other
|
| | |
|
303,309
|
| | | | | 392,252 | | |
Total Interest Income
|
| | |
|
2,535,152
|
| | | | | 2,615,205 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits
|
| | |
|
458,491
|
| | | | | 433,893 | | |
Federal Home Loan Bank advances
|
| | |
|
106,934
|
| | | | | 73,400 | | |
Total Interest Expense
|
| | |
|
565,425
|
| | | | | 507,293 | | |
Net interest income
|
| | |
|
1,969,727
|
| | | | | 2,107,912 | | |
Provision (Credit) for Loan Losses
|
| | |
|
(49,308)
|
| | | | | 2,686 | | |
Net interest income after provision (credit) for loan losses
|
| | |
|
2,019,035
|
| | | | | 2,105,226 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees
|
| | |
|
115,189
|
| | | | | 122,242 | | |
Net loss on foreclosed real estate
|
| | |
|
(2,701)
|
| | | | | (11,470) | | |
Other
|
| | |
|
203
|
| | | | | 916 | | |
Total Non-Interest Income
|
| | |
|
112,691
|
| | | | | 111,688 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits
|
| | |
|
784,881
|
| | | | | 1,152,696 | | |
Occupancy and equipment
|
| | |
|
136,426
|
| | | | | 150,944 | | |
Foreclosed real estate expenses
|
| | |
|
14,903
|
| | | | | 4,209 | | |
Federal deposit insurance premiums
|
| | |
|
(30)
|
| | | | | 18,116 | | |
Data processing
|
| | |
|
123,221
|
| | | | | 122,882 | | |
Other
|
| | |
|
547,265
|
| | | | | 437,193 | | |
Total Non-Interest Expenses
|
| | |
|
1,606,666
|
| | | | | 1,886,040 | | |
Income before income taxes
|
| | |
|
525,060
|
| | | | | 330,874 | | |
Income Tax Expense
|
| | |
|
155,916
|
| | | | | 122,952 | | |
Net Income
|
| | |
$
|
369,144
|
| | | | $ | 207,922 | | |
9 Months Ended March 31,
|
| |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income
|
| | |
$
|
369,144
|
| | | | $ | 207,922 | | |
Other Comprehensive Loss | | | | | | | | | | | | | |
Unrealized gain (loss) on securities available-for-sale, net of taxes of $518 and $(384), respectively
|
| | |
|
1,947
|
| | | | | (1,443) | | |
Unfunded post-retirement obligations:
|
| | | | | | | | | | | | |
Increase in minimum pension liability, net of taxes of $(55,146) and $(33,076), respectively
|
| | |
|
(207,454)
|
| | | | | (124,427) | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $8,223 and $7,448, respectively(1)
|
| | |
|
30,933
|
| | | | | 28,017 | | |
Other comprehensive loss on unfunded post-retirement obligations
|
| | |
|
(176,521)
|
| | | | | (96,410) | | |
Total Other Comprehensive Loss
|
| | |
|
(174,574)
|
| | | | | (97,853) | | |
Comprehensive Income
|
| | |
$
|
194,570
|
| | | | $ | 110,069 | | |
| | |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||
Balance, July 1, 2018
|
| | | $ | 951,782 | | | | | $ | 12,282,043 | | | | | $ | (709,717) | | | | | $ | 12,524,108 | | |
Net income
|
| | | | — | | | | | | 207,922 | | | | | | — | | | | | | 207,922 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (97,853) | | | | | | (97,853) | | |
Balance, March 31, 2019 (unaudited)
|
| | | $ | 951,782 | | | | | $ | 12,489,965 | | | | | $ | (807,570) | | | | | $ | 12,634,177 | | |
|
| | |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||
Balance, July 1, 2019
|
| | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Net income
|
| | | | — | | | | | | 369,144 | | | | | | — | | | | | | 369,144 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (174,574) | | | | | | (174,574) | | |
Balance, March 31, 2020 (unaudited)
|
| | | $ | 951,782 | | | | | $ | 12,955,589 | | | | | $ | (1,013,630) | | | | | $ | 12,893,741 | | |
9 Months Ended March 31,
|
| |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income
|
| | |
$
|
369,144
|
| | | | $ | 207,922 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Provision for depreciation
|
| | |
|
29,734
|
| | | | | 33,552 | | |
(Credit) provision for loan losses
|
| | |
|
(49,308)
|
| | | | | 2,686 | | |
Net amortization of securities premiums and discounts
|
| | |
|
544
|
| | | | | 802 | | |
Deferred income taxes
|
| | |
|
55,668
|
| | | | | (9,098) | | |
Net loss on foreclosed real estate
|
| | |
|
2,701
|
| | | | | 11,470 | | |
Decrease (increase) in assets:
|
| | | | | | | | | | | | |
Accrued interest receivable
|
| | |
|
27,181
|
| | | | | (9,077) | | |
Prepaid expenses and other assets
|
| | |
|
(11,487)
|
| | | | | 3,655 | | |
Increase (decrease) in liabilities:
|
| | | | | | | | | | | | |
Accrued interest payable
|
| | |
|
4,001
|
| | | | | 7,104 | | |
Other liabilities
|
| | |
|
(267,948)
|
| | | | | 53,145 | | |
Net Cash Provided by Operating Activities
|
| | |
|
160,230
|
| | | | | 302,162 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net purchases of interest-bearing time deposits
|
| | |
|
(10,819)
|
| | | | | (1,592) | | |
Net decrease (increase) in loans receivable
|
| | |
|
4,598,435
|
| | | | | (1,577,027) | | |
Investment securities available-for-sale:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
190,073
|
| | | | | 156,538 | | |
Investment securities held-to-maturity:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
5,613
|
| | | | | 16,736 | | |
Proceeds from sale of premises and equipment
|
| | |
|
—
|
| | | | | 850 | | |
Purchase of premises and equipment
|
| | |
|
(13,671)
|
| | | | | (18,993) | | |
Proceeds from sale of foreclosed real estate
|
| | |
|
88,299
|
| | | | | 31,909 | | |
Net increase in restricted stock
|
| | |
|
(34,400)
|
| | | | | (66,000) | | |
Net Cash Provided by (Used in) Investing Activities
|
| | |
|
4,742,530
|
| | | | | (1,457,579) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits
|
| | |
|
(3,122,640)
|
| | | | | (827,155) | | |
Proceeds from long-term debt
|
| | |
|
1,000,000
|
| | | | | 1,770,000 | | |
Repayment of long-term debt
|
| | |
|
(137,829)
|
| | | | | (121,086) | | |
Net increase in advances from borrowers for taxes and insurance
|
| | |
|
6,971
|
| | | | | 5,613 | | |
Net Cash Provided by (Used in) Financing Activities
|
| | |
|
(2,253,498)
|
| | | | | 827,372 | | |
Net increase (decrease) in cash and cash equivalents
|
| | |
|
2,649,262
|
| | | | | (328,045) | | |
Cash and Cash Equivalents, Beginning
|
| | |
|
22,412,886
|
| | | | | 23,932,579 | | |
Cash and Cash Equivalents, Ending
|
| | |
$
|
25,062,148
|
| | | | $ | 23,604,534 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid
|
| | |
$
|
561,424
|
| | | | $ | 500,189 | | |
Income taxes paid
|
| | |
$
|
52,000
|
| | | | $ | 115,000 | | |
|
March 31, 2020
|
| |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
452,176
|
| | | |
$
|
18,581
|
| | | |
$
|
—
|
| | | |
$
|
470,757
|
| |
| | | | $ | 452,176 | | | | | $ | 18,581 | | | | | $ | — | | | | | $ | 470,757 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
| | | | $ | 2,894 | | | | | $ | 149 | | | | | $ | — | | | | | $ | 3,043 | | |
|
June 30, 2019
|
| |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
March 31, 2020
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after five years through ten years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after ten years through fifteen years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Mortgage-backed securities
|
| | |
|
452,176
|
| | | |
|
470,757
|
| | | |
|
2,894
|
| | | |
|
3,043
|
| |
| | | | $ | 452,176 | | | | | $ | 470,757 | | | | | $ | 2,894 | | | | | $ | 3,043 | | |
|
June 30, 2019
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities
|
| | | | 561,788 | | | | | | 577,904 | | | | | | 8,512 | | | | | | 8,782 | | |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
| | |
2020
|
| |
2019
|
| ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied
|
| | |
$
|
23,232,841
|
| | | | $ | 22,754,109 | | |
One-to-four family residences – non-owner occupied
|
| | |
|
15,447,295
|
| | | | | 18,621,665 | | |
Secured by other properties
|
| | |
|
3,244,175
|
| | | | | 3,611,107 | | |
| | | |
|
41,924,311
|
| | | | | 44,986,881 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage
|
| | |
|
16,004,808
|
| | | | | 17,519,066 | | |
Savings account loans and other
|
| | |
|
142,948
|
| | | | | 179,626 | | |
| | | |
|
16,147,756
|
| | | | | 17,698,692 | | |
Total Loans Receivable
|
| | |
|
58,072,067
|
| | | | | 62,685,573 | | |
Unearned loan origination fees, net
|
| | |
|
(148,473)
|
| | | | | (175,005) | | |
Allowance for loan losses
|
| | |
|
(431,534)
|
| | | | | (469,381) | | |
Loans Receivable, Net
|
| | |
$
|
57,492,060
|
| | | | $ | 62,041,187 | | |
March 31, 2020
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
|
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 88,324 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,167 | | | | | $ | 89,491 | | | | | $ | — | | | | | $ | 89,491 | | |
Non-owner occupied
|
| | |
|
223,609
|
| | | |
|
—
|
| | | |
|
12,957
|
| | | |
|
(40,198)
|
| | | |
|
196,368
|
| | | |
|
55,843
|
| | | |
|
140,525
|
| |
Secured by other properties
|
| | |
|
84,138
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(3,466)
|
| | | |
|
80,672
|
| | | |
|
49,919
|
| | | |
|
30,753
|
| |
Home equity and second mortgage
|
| | |
|
67,696
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(8,200)
|
| | | |
|
59,496
|
| | | |
|
—
|
| | | |
|
59,496
|
| |
Savings account loans and other
|
| | |
|
5,614
|
| | | |
|
(1,937)
|
| | | |
|
441
|
| | | |
|
1,389
|
| | | |
|
5,507
|
| | | |
|
—
|
| | | |
|
5,507
|
| |
| | | | $ | 469,381 | | | | | $ | (1,937) | | | | | $ | 13,398 | | | | | $ | (49,308) | | | | | $ | 431,534 | | | | | $ | 105,762 | | | | | $ | 325,772 | | |
March 31, 2019
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
|
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,362) | | | | | $ | 105,828 | | | | | $ | — | | | | | $ | 105,828 | | |
Non-owner occupied
|
| | | | 200,983 | | | | | | — | | | | | | — | | | | | | 14,325 | | | | | | 215,308 | | | | | | 44,382 | | | | | | 170,926 | | |
Secured by other properties
|
| | | | 90,936 | | | | | | — | | | | | | — | | | | | | (8,575) | | | | | | 82,361 | | | | | | 49,919 | | | | | | 32,442 | | |
Home equity and second mortgage
|
| | | | 78,499 | | | | | | — | | | | | | — | | | | | | (953) | | | | | | 77,546 | | | | | | — | | | | | | 77,546 | | |
Savings account loans and other
|
| | | | 8,573 | | | | | | (1,477) | | | | | | 342 | | | | | | 251 | | | | | | 7,689 | | | | | | — | | | | | | 7,689 | | |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | 2,686 | | | | | $ | 488,732 | | | | | $ | 94,301 | | | | | $ | 394,431 | | |
|
March 31, 2020
|
| |
Loans Receivable
|
| |||||||||||||||
|
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 23,232,841 | | | | |
$
|
273,158
|
| | | |
$
|
22,959,683
|
| |
Non-owner occupied
|
| | |
|
15,447,295
|
| | | |
|
513,746
|
| | | |
|
14,933,549
|
| |
Secured by other properties
|
| | |
|
3,244,175
|
| | | |
|
308,400
|
| | | |
|
2,935,775
|
| |
Home equity and second mortgage
|
| | |
|
16,004,808
|
| | | |
|
57,650
|
| | | |
|
15,947,158
|
| |
Savings account loans and other
|
| | |
|
142,948
|
| | | |
|
—
|
| | | |
|
142,948
|
| |
| | | | $ | 58,072,067 | | | | |
$
|
1,152,954
|
| | | |
$
|
56,919,113
|
| |
|
June 30, 2019
|
| |
Loans Receivable
|
| |||||||||||||||
|
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 22,754,109 | | | | | $ | 281,984 | | | | | $ | 22,472,125 | | |
Non-owner occupied
|
| | | | 18,621,665 | | | | | | 545,734 | | | | | | 18,075,931 | | |
Secured by other properties
|
| | | | 3,611,107 | | | | | | 326,059 | | | | | | 3,285,048 | | |
Home equity and second mortgage
|
| | | | 17,519,066 | | | | | | 71,879 | | | | | | 17,447,187 | | |
Savings account loans and other
|
| | | | 179,626 | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
March 31, 2020
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied
|
| | |
|
87,756
|
| | | |
|
87,756
|
| | | |
|
—
|
| | | |
|
103,750
|
| | | |
|
3,220
|
| |
Secured by other properties
|
| | |
|
134,820
|
| | | |
|
134,820
|
| | | |
|
—
|
| | | |
|
142,219
|
| | | |
|
12,079
|
| |
Home equity and second mortgage
|
| | |
|
57,650
|
| | | |
|
57,650
|
| | | |
|
—
|
| | | |
|
64,764
|
| | | |
|
569
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
425,990
|
| | | |
|
425,990
|
| | | |
|
55,843
|
| | | |
|
425,990
|
| | | |
|
—
|
| |
Secured by other properties
|
| | |
|
173,580
|
| | | |
|
173,580
|
| | | |
|
49,919
|
| | | |
|
175,011
|
| | | |
|
7,495
|
| |
Home equity and second mortgage
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 273,158 | | | | | $ | 273,158 | | | | | $ | — | | | | | $ | 277,571 | | | | | $ | 6 | | |
Non-owner occupied
|
| | |
|
513,746
|
| | | |
|
513,746
|
| | | |
|
55,843
|
| | | |
|
529,740
|
| | | |
|
3,220
|
| |
Secured by other properties
|
| | |
|
308,400
|
| | | |
|
308,400
|
| | | |
|
49,919
|
| | | |
|
317,230
|
| | | |
|
19,574
|
| |
Home equity and second mortgage
|
| | |
|
57,650
|
| | | |
|
57,650
|
| | | |
|
—
|
| | | |
|
64,764
|
| | | |
|
569
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
|
June 30, 2019
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | | | 119,744 | | | | | | 151,701 | | | | | | — | | | | | | 121,019 | | | | | | 4,755 | | |
Secured by other properties
|
| | | | 149,618 | | | | | | 149,618 | | | | | | — | | | | | | 156,436 | | | | | | 13,180 | | |
Home equity and second mortgage
|
| | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other
|
| | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | | | 425,990 | | | | | | 425,990 | | | | | | 55,843 | | | | | | 427,181 | | | | | | 3,061 | | |
Secured by other properties
|
| | | | 176,441 | | | | | | 176,441 | | | | | | 49,919 | | | | | | 178,378 | | | | | | 9,753 | | |
Home equity and second mortgage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | | | 545,734 | | | | | | 577,691 | | | | | | 55,843 | | | | | | 548,200 | | | | | | 7,816 | | |
Secured by other properties
|
| | | | 326,059 | | | | | | 326,059 | | | | | | 49,919 | | | | | | 334,814 | | | | | | 22,933 | | |
Home equity and second mortgage
|
| | | | 71,879 | | | | | | 71,879 | | | | | | — | | | | | | 108,384 | | | | | | 2,917 | | |
Savings account loans and other
|
| | | | — | | | | | | 12,575 | | | | | | — | | | | | | — | | | | | | — | | |
|
March 31, 2020
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
22,959,683
|
| | | |
$
|
—
|
| | | |
$
|
273,158
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
23,232,841
|
| |
Non-owner occupied
|
| | |
|
13,713,466
|
| | | |
|
1,220,083
|
| | | |
|
513,746
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
15,447,295
|
| |
Secured by other properties
|
| | |
|
2,671,514
|
| | | |
|
437,841
|
| | | |
|
134,820
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
3,244,175
|
| |
Home equity and second mortgage
|
| | |
|
15,947,158
|
| | | |
|
—
|
| | | |
|
57,650
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
16,004,808
|
| |
Savings account loans and other
|
| | |
|
139,246
|
| | | |
|
—
|
| | | |
|
3,702
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
142,948
|
| |
| | | | $ | 55,431,067 | | | | | $ | 1,657,924 | | | | | $ | 983,076 | | | | | $ | — | | | | | $ | — | | | | | $ | 58,072,067 | | |
|
June 30, 2019
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied
|
| | | | 16,706,762 | | | | | | 1,401,017 | | | | | | 513,886 | | | | | | — | | | | | | — | | | | | | 18,621,665 | | |
Secured by other properties
|
| | | | 3,003,645 | | | | | | 457,844 | | | | | | 149,618 | | | | | | — | | | | | | — | | | | | | 3,611,107 | | |
Home equity and second mortgage
|
| | | | 17,447,187 | | | | | | — | | | | | | 71,879 | | | | | | — | | | | | | — | | | | | | 17,519,066 | | |
Savings account loans and other
|
| | | | 174,814 | | | | | | — | | | | | | 4,812 | | | | | | — | | | | | | — | | | | | | 179,626 | | |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
March 31, 2020
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 98,841 | | | | | $ | — | | | | | $ | — | | | | | $ | 98,841 | | | | | $ | 23,134,000 | | | | | $ | 23,232,841 | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
513,746
|
| | | |
|
513,746
|
| | | |
|
14,933,549
|
| | | |
|
15,447,295
|
| | | |
|
—
|
| |
Secured by other properties
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
3,244,175
|
| | | |
|
3,244,175
|
| | | |
|
—
|
| |
Home equity and second mortgage
|
| | |
|
75,239
|
| | | |
|
87
|
| | | |
|
—
|
| | | |
|
75,326
|
| | | |
|
15,929,482
|
| | | |
|
16,004,808
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
142,948
|
| | | |
|
142,948
|
| | | |
|
—
|
| |
| | | | $ | 174,080 | | | | | $ | 168,780 | | | | | $ | 513,746 | | | | | $ | 687,913 | | | | | $ | 57,384,154 | | | | | $ | 58,072,067 | | | | | $ | — | | |
|
June 30, 2019
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied
|
| | | | 134,350 | | | | | | — | | | | | | 513,886 | | | | | | 648,236 | | | | | | 17,973,429 | | | | | | 18,621,665 | | | | | | — | | |
Secured by other properties
|
| | | | — | | | | | | 149,618 | | | | | | — | | | | | | 149,618 | | | | | | 3,461,489 | | | | | | 3,611,107 | | | | | | — | | |
Home equity and second mortgage
|
| | | | 22,462 | | | | | | 19,162 | | | | | | — | | | | | | 41,624 | | | | | | 17,477,442 | | | | | | 17,519,066 | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 179,626 | | | | | | 179,626 | | | | | | — | | |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
273,158
|
| | | | $ | 281,984 | | |
Non-owner occupied
|
| | |
|
513,746
|
| | | | | 513,886 | | |
Secured by other properties
|
| | |
|
134,820
|
| | | | | 149,618 | | |
Home equity and second mortgage
|
| | |
|
57,650
|
| | | | | 71,879 | | |
Savings account loans and other
|
| | |
|
—
|
| | | | | — | | |
| | | |
$
|
979,374
|
| | | | $ | 1,017,367 | | |
| | |
Estimated
Useful Lives |
| |
2020
|
| |
2019
|
| ||||||
Buildings and improvements
|
| |
3 to 35 years
|
| | |
$
|
968,615
|
| | | | $ | 968,615 | | |
Furniture, fixtures and equipment
|
| |
1 to 15 years
|
| | |
|
776,523
|
| | | | | 771,383 | | |
| | | | | | |
|
1,745,138
|
| | | | | 1,739,998 | | |
Accumulated depreciation
|
| | | | | |
|
(1,602,432)
|
| | | | | (1,581,229) | | |
| | | | | | |
|
142,706
|
| | | | | 158,769 | | |
Land
|
| | | | | |
|
32,650
|
| | | | | 32,650 | | |
| | | | | | |
$
|
175,356
|
| | | | $ | 191,419 | | |
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
| | |
Weighted
Average Rate at March 31, 2020 |
| |
Amount
|
| |
Percent
|
| |
Weighted
Average Rate at June 30, 2019 |
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business checking
|
| | | | | | | | |
$
|
378,482
|
| | | |
|
0.58%
|
| | | | | | | | | | $ | 437,231 | | | | | | 0.64% | | |
Non-interest checking
|
| | | | | | | | |
|
3,041,670
|
| | | |
|
4.68
|
| | | | | | | | | | | 3,486,425 | | | | | | 5.12 | | |
NOW
|
| | | | | | | | |
|
14,791,328
|
| | | |
|
22.78
|
| | | | | | | | | | | 16,810,886 | | | | | | 24.70 | | |
Money market
|
| | | | | | | | |
|
3,140,120
|
| | | |
|
4.84
|
| | | | | | | | | | | 3,526,512 | | | | | | 5.18 | | |
Savings
|
| | | | | | | | |
|
17,372,403
|
| | | |
|
26.75
|
| | | | | | | | | | | 17,749,181 | | | | | | 26.08 | | |
| | | |
|
0.40%
|
| | | |
|
38,724,003
|
| | | |
|
59.63
|
| | | | | 0.41% | | | | | | 42,010,235 | | | | | | 61.72 | | |
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificates of deposit
|
| | |
|
1.69%
|
| | | |
|
26,213,794
|
| | | |
|
40.37
|
| | | | | 1.63% | | | | | | 26,050,202 | | | | | | 38.28 | | |
| | | |
|
0.92%
|
| | | |
$
|
64,937,797
|
| | | |
|
100.00%
|
| | | | | 0.88% | | | | |
$
|
68,060,437
|
| | | | | 100.00% | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 2,207,456 | | |
2021
|
| | | | 9,253,409 | | |
2022
|
| | | | 7,745,799 | | |
2023
|
| | | | 2,961,297 | | |
2024
|
| | | | 2,551,586 | | |
2025
|
| | | | 1,179,402 | | |
Thereafter
|
| | | | 314,845 | | |
| | | | $ | 26,213,794 | | |
| | |
2020
|
| |
2019
|
| ||||||
Money market accounts
|
| | |
$
|
18,052
|
| | | | $ | 20,213 | | |
NOW accounts
|
| | |
|
68,808
|
| | | | | 78,539 | | |
Savings accounts
|
| | |
|
39,085
|
| | | | | 40,272 | | |
Certificates of deposit
|
| | |
|
332,546
|
| | | | | 294,869 | | |
| | | |
$
|
458,491
|
| | | | $ | 433,893 | | |
| | |
2020
|
| |
2019
|
| ||||||
Correspondent Bank charges
|
| | |
$
|
13,583
|
| | | | $ | 13,565 | | |
Professional fees
|
| | |
|
236,572
|
| | | | | 121,277 | | |
Advertising
|
| | |
|
37,115
|
| | | | | 38,793 | | |
Insurance/surety bond premiums
|
| | |
|
18,195
|
| | | | | 18,137 | | |
Supplies
|
| | |
|
20,507
|
| | | | | 20,570 | | |
Supervisory Exams
|
| | |
|
9,877
|
| | | | | 12,633 | | |
ATM costs
|
| | |
|
55,747
|
| | | | | 51,539 | | |
| | |
2020
|
| |
2019
|
| ||||||
VISA debit cards
|
| | |
|
23,060
|
| | | | | 24,007 | | |
Telephone, data line, and internet charges
|
| | |
|
75,828
|
| | | | | 64,889 | | |
Postage
|
| | |
|
12,654
|
| | | | | 12,295 | | |
Dues and subscriptions
|
| | |
|
12,574
|
| | | | | 11,114 | | |
DDA/NOW account costs
|
| | |
|
5,547
|
| | | | | 9,394 | | |
Loan processing costs
|
| | |
|
6,557
|
| | | | | 7,532 | | |
Telephone banking
|
| | |
|
7,041
|
| | | | | 7,377 | | |
Courier services
|
| | |
|
8,386
|
| | | | | 7,938 | | |
Meals and entertainment
|
| | |
|
3,665
|
| | | | | 9,206 | | |
Provision for other credit losses
|
| | |
|
(7,934)
|
| | | | | (2,448) | | |
Other
|
| | |
|
8,291
|
| | | | | 9,375 | | |
| | | |
$
|
547,265
|
| | | | $ | 437,193 | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Current, federal
|
| | |
$
|
56,591
|
| | | | $ | 96,181 | | |
Deferred, federal
|
| | |
|
55,668
|
| | | | | (9,098) | | |
Total federal income tax expense
|
| | |
|
112,259
|
| | | | | 87,083 | | |
Current, state
|
| | |
|
43,657
|
| | | | | 35,869 | | |
Deferred, state
|
| | |
|
—
|
| | | | | — | | |
Total state income tax expense
|
| | |
|
43,657
|
| | | | | 35,869 | | |
Total Income Tax Expense
|
| | |
$
|
155,916
|
| | | | $ | 122,952 | | |
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Impairment of securities available-for-sale
|
| | |
$
|
24,731
|
| | | | $ | 24,731 | | |
Allowance for loan losses
|
| | |
|
90,622
|
| | | | | 98,570 | | |
Other comprehensive loss, pension
|
| | |
|
273,348
|
| | | | | 226,425 | | |
Executive retirement plan
|
| | |
|
2,284
|
| | | | | 2,520 | | |
Other
|
| | |
|
41,241
|
| | | | | 30,147 | | |
| | | |
|
432,226
|
| | | | | 382,393 | | |
Valuation allowance
|
| | |
|
(24,731)
|
| | | | | (24,731) | | |
Total assets, net
|
| | |
|
407,495
|
| | | | | 357,662 | | |
Liabilities | | | | | | | | | | | | | |
Basis of premises and equipment
|
| | |
|
—
|
| | | | | (163) | | |
Unrealized gains on securities available-for-sale
|
| | |
|
(3,902)
|
| | | | | (3,384) | | |
Other
|
| | |
|
(58,741)
|
| | | | | — | | |
Total liabilities
|
| | |
|
(62,643)
|
| | | | | (3,547) | | |
Net Deferred Tax Assets
|
| | |
$
|
344,852
|
| | | | $ | 354,115 | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Beginning of year
|
| | |
$
|
2,623,485
|
| | | | $ | 2,493,426 | | |
Service cost
|
| | |
|
111,274
|
| | | | | 106,724 | | |
Interest cost
|
| | |
|
67,946
|
| | | | | 104,606 | | |
Assumption changes
|
| | |
|
216,456
|
| | | | | 243,899 | | |
Actual loss
|
| | |
|
26,445
|
| | | | | 42,336 | | |
Curtailments/Settlements
|
| | |
|
(353,416)
|
| | | | | (300,539) | | |
Benefits paid
|
| | |
|
(55,441)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
2,636,749
|
| | | | | 2,623,485 | | |
Changes in fair value of plan assets: | | | | | | | | | | | | | |
Beginning of year
|
| | |
|
1,379,626
|
| | | | | 1,613,931 | | |
Actual return on plan assets
|
| | |
|
24,980
|
| | | | | 33,201 | | |
Employer contributions
|
| | |
|
100,000
|
| | | | | 100,000 | | |
Settlements
|
| | |
|
—
|
| | | | | (300,539) | | |
Benefits paid
|
| | |
|
(55,441)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
1,449,165
|
| | | | | 1,379,626 | | |
Unfunded Status at End of Year
|
| | |
$
|
(1,187,584)
|
| | | | $ | (1,243,859) | | |
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities
|
| | |
$
|
(1,187,584)
|
| | | | $ | (1,243,859) | | |
Accumulated other comprehensive loss (pre-tax basis)
|
| | |
|
1,301,657
|
| | | | | 1,078,213 | | |
Net Amount Recognized
|
| | |
$
|
114,073
|
| | | | $ | (165,646) | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss
|
| | |
$
|
1,301,657
|
| | | | $ | 1,078,213 | | |
| | | |
$
|
1,301,657
|
| | | | $ | 1,078,213 | | |
| | |
2020
|
| |
2019
|
| ||||||
Service cost, benefit earned during the period
|
| | |
$
|
111,274
|
| | | | $ | 80,043 | | |
Interest cost on projected benefit obligation
|
| | |
|
67,946
|
| | | | | 78,455 | | |
Expected return on plan assets
|
| | |
|
(44,679)
|
| | | | | (52,152) | | |
Recognized prior service credit
|
| | |
|
—
|
| | | | | — | | |
| | |
2020
|
| |
2019
|
| ||||||
Recognized net actuarial loss
|
| | |
|
39,156
|
| | | | | 35,465 | | |
CurtaiIment/Settlement (gain)/loss
|
| | |
|
(353,416)
|
| | | | | 111,962 | | |
Net Pension Costs
|
| | |
$
|
(179,719)
|
| | | | $ | 253,773 | | |
|
March 31, 2020
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | |
$
|
1,449,165
|
| | | |
$
|
—
|
| | | |
$
|
1,449,165
|
| | | |
$
|
—
|
| |
| | | | $ | 1,449,165 | | | | | $ | — | | | | | $ | 1,449,165 | | | | | $ | — | | |
|
June 30, 2019
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 171,384 | | |
2021
|
| | | | 2,473,000 | | |
Thereafter
|
| | | | — | | |
| | | | $ | 2,644,384 | | |
Due
|
| |
Initial
Conversion Date |
| |
Strike
Rate |
| |
Current
Interest Rate |
| |
2020
|
| |
2019
|
| |||||||||||||||
April 2023
|
| | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | |
$
|
1,000,000
|
| | | | $ | 1,000,000 | | |
January 2024
|
| | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | |
|
1,000,000
|
| | | | | 1,000,000 | | |
July 2024
|
| | | | N/A | | | | | | N/A | | | | | | 2.00071 | | | | |
|
1,000,000
|
| | | | | — | | |
January 2025
|
| | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | |
|
778,628
|
| | | | | 815,873 | | |
October 2025
|
| | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | |
|
712,628
|
| | | | | 743,339 | | |
October 2027
|
| | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | |
|
779,406
|
| | | | | 849,210 | | |
| | | | | | | | | | | | | | | | | | | | | |
$
|
5,270,593
|
| | | | $ | 4,408,422 | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 46,561 | | |
2021
|
| | | | 189,386 | | |
2022
|
| | | | 194,520 | | |
2023
|
| | | | 1,199,797 | | |
2024
|
| | | | 1,205,221 | | |
2025
|
| | | | 1,705,598 | | |
Thereafter
|
| | | | 729,510 | | |
| | | | $ | 5,270,593 | | |
March 31, 2020
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital
(to risk-weighted assets) |
| | |
$
|
14,338,905
|
| | | |
|
33.9%
|
| | | |
$
|
4,438,643≥
|
| | | |
|
≥10.500%
|
| | | |
$
|
4,227,279≥
|
| | | |
|
≥10.0%
|
| |
Tier 1 capital (to risk-weighted assets)
|
| | |
|
13,907,371
|
| | | |
|
32.9%
|
| | | |
|
3,583,187≥
|
| | | |
|
≥8.500%
|
| | | |
|
3,381,823≥
|
| | | |
|
≥8.0%
|
| |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | |
|
13,907,371
|
| | | |
|
32.9%
|
| | | |
|
2,959,095≥
|
| | | |
|
≥7.000%
|
| | | |
|
2,747,731≥
|
| | | |
|
≥6.5%
|
| |
Tier 1 Leverage Ratio capital
(to average tangible assets) |
| | |
|
13,907,371
|
| | | |
|
15.8%
|
| | | |
|
3,518,978≥
|
| | | |
|
≥4.000%
|
| | | |
|
4,398,722≥
|
| | | |
|
≥5.0%
|
| |
|
June 30, 2019
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital
(to risk-weighted assets) |
| | | $ | 14,007,609 | | | | | | 30.4% | | | | | $ | 4,837,352≥ | | | | | | ≥10.500% | | | | | $ | 4,607,001≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | | | 13,538,227 | | | | | | 29.4% | | | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital
(to average tangible assets) |
| | | | 13,538,227 | | | | | | 15.39% | | | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
|
| | |
Fixed Rate
|
| |
Variable Rate
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
First or second mortgage loans
|
| | |
$
|
806,000
|
| | | | $ | 494,400 | | | | |
$
|
—
|
| | | | $ | 110,000 | | |
Unused lines of credit
|
| | |
|
558,571
|
| | | | | 899,813 | | | | |
|
1,781,087
|
| | | | | 1,753,230 | | |
Undisbursed amounts on construction loans
|
| | |
|
1,227,979
|
| | | | | 3,135,942 | | | | |
|
—
|
| | | | | — | | |
| | | |
$
|
2,592,550
|
| | | | $ | 4,530,155 | | | | |
$
|
1,781,087
|
| | | | $ | 1,863,230 | | |
March 31, 2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
—
|
| | | |
$
|
470,757
|
| | | |
$
|
—
|
| | | |
$
|
470,757
|
| |
| | | | $ | — | | | | | $ | 470,757 | | | | | $ | — | | | | | $ | 470,757 | | |
|
June 30, 2019
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
March 31, 2020
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | |
$
|
493,808
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
493,808
|
| |
Foreclosed real estate
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
| | | | $ | 493,808 | | | | | $ | — | | | | | $ | — | | | | | $ | 493,808 | | |
|
June 30, 2019
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | | $ | 496,669 | | | | | $ | — | | | | | $ | — | | | | | $ | 496,669 | | |
Foreclosed real estate
|
| | | | 100,100 | | | | | | — | | | | | | — | | | | | | 100,100 | | |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
March 31, 2020
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| |||
Impaired loans
|
| | |
$
|
493,808
|
| | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
Foreclosed real estate
|
| | |
$
|
—
|
| | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
|
June 30, 2019
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| ||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| |||
Impaired loans
|
| | | $ | 496,669 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
Foreclosed real estate
|
| | | $ | 100,100 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| |
9.0%
(9.0)% |
|
| | |
Unrealized
Gains (Losses) on Available-For-Sale Securities |
| |
Unfunded
Post Retirement Obligations |
| |
Total
|
| |||||||||
Balance, July 1, 2018
|
| | | $ | 13,048 | | | | | | (722,765) | | | | | | (709,717) | | |
Unrealized losses on available for sale securities
|
| | | | (1,443) | | | | | | — | | | | | | (1,443) | | |
Increase in minimum pension liability
|
| | | | — | | | | | | (124,427) | | | | | | (124,427) | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | — | | | | | | 28,017 | | | | | | 28,017 | | |
Net current-period other comprehensive loss
|
| | | | (1,443) | | | | | | (96,410) | | | | | | (97,853) | | |
Balance, March 31, 2019
|
| | | $ | 11,605 | | | | | $ | (819,175) | | | | | $ | (807,570) | | |
|
| | |
Unrealized
Gains (Losses) on Available-For-Sale Securities |
| |
Unfunded
Post Retirement Obligations |
| |
Total
|
| |||||||||
Balance, July 1, 2019
|
| | | $ | 12,732 | | | | | $ | (851,788) | | | | | $ | (839,056) | | |
Unrealized gains on available for sale securities
|
| | | | 1,947 | | | | | | — | | | | | | 1,947 | | |
Increase in minimum pension liability
|
| | | | — | | | | | | (207,454) | | | | | | (207,454) | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | — | | | | | | 30,933 | | | | | | 30,933 | | |
Net current-period other comprehensive income (loss)
|
| | | | 1,947 | | | | | | (176,521) | | | | | | (174,574) | | |
Balance, March 31, 2020
|
| | | $ | 14,679 | | | | | $ | (1,028,309) | | | | | $ | (1,013,630) | | |
| | | | | A-26 – A-26 | | | |
| Financial Statements for the Years Ended June 30, 2019 and 2018 | | | | | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-31 | | | |
| | | | | A-32 – A-52 | | |
|
|
| |
Tel: 215-564-1900
Fax: 215-564-3940 www.bdo.com |
| |
Ten Penn Center
1801 Market Street, Suite 1700 Philadelphia, PA 19103 |
|
June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
$
|
980,252
|
| | | | $ | 627,334 | | |
Interest bearing demand deposits
|
| | |
|
2,842,634
|
| | | | | 2,495,245 | | |
Federal funds sold
|
| | |
|
18,590,000
|
| | | | | 20,810,000 | | |
Cash and cash equivalents
|
| | |
|
22,412,886
|
| | | | | 23,932,579 | | |
Interest bearing time deposits
|
| | |
|
665,924
|
| | | | | 943,368 | | |
Investment securities available-for-sale, at fair value
|
| | |
|
577,904
|
| | | | | 774,131 | | |
Investment securities held-to-maturity (fair value 2019 $8,782; 2018
$29,696) |
| | |
|
8,512
|
| | | | | 29,283 | | |
Loans receivable, net of allowance for loan losses of $469,381 at June 30, 2019 and $487,181 at June 30, 2018
|
| | |
|
62,041,187
|
| | | | | 60,549,606 | | |
Accrued interest receivable
|
| | |
|
205,469
|
| | | | | 198,741 | | |
Foreclosed real estate
|
| | |
|
191,100
|
| | | | | 264,509 | | |
Restricted stock, at cost
|
| | |
|
300,200
|
| | | | | 238,200 | | |
Premises and equipment, net
|
| | |
|
191,419
|
| | | | | 217,259 | | |
Prepaid expenses and other assets
|
| | |
|
199,775
|
| | | | | 249,106 | | |
Deferred income taxes, net
|
| | |
|
354,115
|
| | | | | 304,052 | | |
Total Assets
|
| | |
$
|
87,148,491
|
| | | | $ | 87,700,834 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits
|
| | |
$
|
68,060,437
|
| | | | $ | 70,720,933 | | |
Advances from Federal Home Loan Bank of Pittsburgh
|
| | |
|
4,408,422
|
| | | | | 2,804,840 | | |
Advances from borrowers for taxes and insurance
|
| | |
|
404,175
|
| | | | | 392,878 | | |
Accrued interest payable
|
| | |
|
18,887
|
| | | | | 12,835 | | |
Other liabilities
|
| | |
|
1,557,399
|
| | | | | 1,245,240 | | |
Total Liabilities
|
| | |
|
74,449,320
|
| | | | | 75,176,726 | | |
Equity | | | | | | | | | | | | | |
Surplus
|
| | |
|
951,782
|
| | | | | 951,782 | | |
Retained earnings
|
| | |
|
12,586,445
|
| | | | | 12,282,043 | | |
Accumulated other comprehensive loss
|
| | |
|
(839,056)
|
| | | | | (709,717) | | |
Total Equity
|
| | |
|
12,699,171
|
| | | | | 12,524,108 | | |
Total Liabilities and Equity
|
| | |
$
|
87,148,491
|
| | | | $ | 87,700,834 | | |
Years Ended June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Interest Income | | | | | | | | | | | | | |
Loans receivable, including fees:
|
| | | | | | | | | | | | |
First mortgage loans
|
| | |
$
|
2,258,344
|
| | | | $ | 2,338,288 | | |
Consumer and other loans
|
| | |
|
694,750
|
| | | | | 678,872 | | |
Investment securities
|
| | |
|
—
|
| | | | | 35,153 | | |
Mortgage-backed securities
|
| | |
|
24,733
|
| | | | | 33,122 | | |
Other
|
| | |
|
535,113
|
| | | | | 296,889 | | |
Total Interest Income
|
| | |
|
3,512,940
|
| | | | | 3,382,324 | | |
Interest Expense | | | | | | | | | | | | | |
Deposits
|
| | |
|
584,220
|
| | | | | 560,021 | | |
Federal Home Loan Bank advances
|
| | |
|
104,716
|
| | | | | 31,839 | | |
Total Interest Expense
|
| | |
|
688,936
|
| | | | | 591,860 | | |
Net interest income
|
| | |
|
2,824,004
|
| | | | | 2,790,464 | | |
Provision (Credit) for Loan Losses
|
| | |
|
(16,665)
|
| | | | | (13,875) | | |
Net interest income after provision (credit) for loan losses
|
| | |
|
2,840,669
|
| | | | | 2,804,339 | | |
Non-Interest Income | | | | | | | | | | | | | |
Service charges and fees
|
| | |
|
164,279
|
| | | | | 177,492 | | |
Net loss on sale of investment securities
|
| | |
|
—
|
| | | | | (117,767) | | |
Net gain (loss) on sale of foreclosed real estate
|
| | |
|
9,555
|
| | | | | (36,351) | | |
Other
|
| | |
|
953
|
| | | | | 2,718 | | |
Total Non-Interest Income
|
| | |
|
174,787
|
| | | | | 26,092 | | |
Non-Interest Expenses | | | | | | | | | | | | | |
Compensation and employee benefits
|
| | |
|
1,542,738
|
| | | | | 1,373,090 | | |
Occupancy and equipment
|
| | |
|
200,104
|
| | | | | 193,718 | | |
Foreclosed real estate expenses
|
| | |
|
58,886
|
| | | | | 52,286 | | |
Federal deposit insurance premiums
|
| | |
|
23,918
|
| | | | | 26,184 | | |
Data processing
|
| | |
|
163,728
|
| | | | | 164,262 | | |
Other
|
| | |
|
593,668
|
| | | | | 574,553 | | |
Total Non-Interest Expenses
|
| | |
|
2,583,042
|
| | | | | 2,384,093 | | |
Income before income taxes
|
| | |
|
432,414
|
| | | | | 446,338 | | |
Income Tax Expense
|
| | |
|
128,012
|
| | | | | 398,247 | | |
Net Income
|
| | |
$
|
304,402
|
| | | | $ | 48,091 | | |
Years Ended June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Comprehensive Income | | | | | | | | | | | | | |
Net income
|
| | |
$
|
304,402
|
| | | | $ | 48,091 | | |
Other Comprehensive (Loss) Income | | | | | | | | | | | | | |
Unrealized loss on securities available-for-sale, net of taxes of $(84) and $(18,887), respectively
|
| | |
|
(316)
|
| | | | | (49,323) | | |
Reclassification adjustment for loss on sale of available- for-sale securities, net of taxes of $0 and $24,731, respectively
|
| | |
|
—
|
| | | | | 93,036 | | |
Net unrealized (losses) gains on securities available-for- sale
|
| | |
|
(316)
|
| | | | | 43,713 | | |
Unfunded post-retirement obligations:
|
| | | | | | | | | | | | |
Decrease (Increase) in minimum pension liability, net of taxes of $(44,227) and $15,333, respectively
|
| | |
|
(166,379)
|
| | | | | 35,694 | | |
Reclassification adjustment for amortized prior service cost and actuarial losses for unfunded pension liability, net of taxes of $9,930 and $14,906, respectively(1)
|
| | |
|
37,356
|
| | | | | 39,296 | | |
Other comprehensive income on unfunded post- retirement obligations
|
| | |
|
(129,023)
|
| | | | | 74,990 | | |
Total Other Comprehensive (Loss) Income
|
| | |
|
(129,339)
|
| | | | | 118,703 | | |
Comprehensive Income
|
| | | $ | 175,063 | | | | |
$
|
166,794
|
| |
| | |
Surplus
|
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||
Balance, July 1, 2017
|
| | | $ | 951,782 | | | | | $ | 12,100,619 | | | | | $ | (695,087) | | | | | $ | 12,357,314 | | |
Net income
|
| | | | — | | | | | | 48,091 | | | | | | — | | | | | | 48,091 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | 118,703 | | | | | | 118,703 | | |
Reclassification of other comprehensive income to retained earnings of ‘stranded tax effects’ in accordance with ASU 2018-02
|
| | | | — | | | | | | 133,333 | | | | | | (133,333) | | | | | | — | | |
Balance, June 30, 2018
|
| | | | 951,782 | | | | | | 12,282,043 | | | | | | (709,717) | | | | | | 12,524,108 | | |
Net income
|
| | | | — | | | | | | 304,402 | | | | | | — | | | | | | 304,402 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (129,339) | | | | | | (129,339) | | |
Balance, June 30, 2019
|
| | | $ | 951,782 | | | | | $ | 12,586,445 | | | | | $ | (839,056) | | | | | $ | 12,699,171 | | |
Years Ended June 30,
|
| |
2019
|
| |
2018
|
| ||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income
|
| | |
$
|
304,402
|
| | | | $ | 48,091 | | |
Adjustments to reconcile change in net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Provision for depreciation
|
| | |
|
44,209
|
| | | | | 48,337 | | |
(Credit) Provision for loan losses
|
| | |
|
(16,665)
|
| | | | | (13,875) | | |
Write-down of foreclosed real estate
|
| | |
|
51,055
|
| | | | | — | | |
Net amortization of securities premiums and discounts
|
| | |
|
(997)
|
| | | | | (635) | | |
Deferred income taxes
|
| | |
|
(15,681)
|
| | | | | 259,811 | | |
Net (gain) loss on sale of foreclosed real estate
|
| | |
|
(9,555)
|
| | | | | 36,351 | | |
Net loss on sale of investment securities
|
| | |
|
—
|
| | | | | 117,767 | | |
Decrease in assets:
|
| | | | | | | | | | | | |
Accrued interest receivable
|
| | |
|
(6,728)
|
| | | | | 623 | | |
Prepaid expenses and other assets
|
| | |
|
49,331
|
| | | | | 53,818 | | |
Net loss on disposal of premises and equipment
|
| | |
|
88
|
| | | | | 49 | | |
Increase (decrease) in liabilities:
|
| | | | | | | | | | | | |
Accrued interest payable
|
| | |
|
6,052
|
| | | | | 4,336 | | |
Other liabilities
|
| | |
|
148,838
|
| | | | | 88,840 | | |
Net Cash Provided by Operating Activities
|
| | |
|
554,349
|
| | | | | 643,513 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Net redemptions/(purchases) of interest-bearing time deposits
|
| | |
|
277,444
|
| | | | | (2,995) | | |
Investment securities available-for-sale:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
196,743
|
| | | | | 2,369,645 | | |
Proceeds from sales
|
| | |
|
—
|
| | | | | 1,882,233 | | |
Investment securities held-to-maturity:
|
| | | | | | | | | | | | |
Proceeds from maturities, calls and principal repayments
|
| | |
|
20,852
|
| | | | | 1,036,608 | | |
Net decrease (increase) in loans receivable
|
| | |
|
(1,474,916)
|
| | | | | 751,400 | | |
Purchase of premises and equipment
|
| | |
|
(18,457)
|
| | | | | (18,417) | | |
Proceeds from sale of foreclosed real estate
|
| | |
|
31,909
|
| | | | | 155,694 | | |
Net increase in restricted stock
|
| | |
|
(62,000)
|
| | | | | (114,500) | | |
Net Cash (Used In) Provided by Investing Activities
|
| | |
|
(1,028,425)
|
| | | | | 6,059,668 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Net decrease in deposits
|
| | |
|
(2,660,496)
|
| | | | | (5,687,378) | | |
Proceeds from long-term debt
|
| | |
|
1,770,000
|
| | | | | 2,884,300 | | |
Repayment of long-term debt
|
| | |
|
(166,418)
|
| | | | | (79,460) | | |
Net increase (decrease) in advances from borrowers for taxes and insurance
|
| | |
|
11,297
|
| | | | | (1,826) | | |
Net Cash Used in Financing Activities
|
| | |
|
(1,045,617)
|
| | | | | (2,884,364) | | |
Net increase (decrease) in cash and cash equivalents
|
| | |
|
(1,519,693)
|
| | | | | 3,818,817 | | |
Cash and Cash Equivalents, Beginning
|
| | |
|
23,932,579
|
| | | | | 20,113,762 | | |
Cash and Cash Equivalents, Ending
|
| | |
$
|
22,412,886
|
| | | | $ | 23,932,579 | | |
Supplementary Cash Flows Information | | | | | | | | | | | | | |
Interest paid
|
| | |
$
|
682,884
|
| | | | $ | 587,524 | | |
Income taxes paid
|
| | |
$
|
135,000
|
| | | | $ | 156,500 | | |
Supplementary Schedule of Non-Cash Investing and Financing Activities | | | | | | | | | | | | | |
Foreclosed real estate acquired in settlement of loans receivable
|
| | |
$
|
—
|
| | | | $ | 305,399 | | |
|
June 30, 2019
|
| |
Amortized Cost
|
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
561,788
|
| | | |
$
|
16,116
|
| | | |
$
|
—
|
| | | |
$
|
577,904
|
| |
| | | | $ | 561,788 | | | | | $ | 16,116 | | | | | $ | — | | | | | $ | 577,904 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
| | | | $ | 8,512 | | | | | $ | 270 | | | | | $ | — | | | | | $ | 8,782 | | |
|
June 30, 2018
|
| |
Amortized Cost
|
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
| | | | $ | 757,615 | | | | | $ | 16,517 | | | | | $ | (1) | | | | | $ | 774,131 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities, GSEs
|
| | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
| | | | $ | 29,283 | | | | | $ | 413 | | | | | $ | — | | | | | $ | 29,696 | | |
June 30, 2019
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| |
Securities held-to- maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
June 30, 2018
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| |
Fair Value
|
| |
Unrealized
Losses |
| ||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 1,086 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 1,086 | | | | | $ | (1) | | |
June 30, 2019
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after five years through ten years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Due after ten years through fifteen years
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Mortgage-backed securities
|
| | |
|
561,788
|
| | | |
|
577,904
|
| | | |
|
8,512
|
| | | |
|
8,782
|
| |
| | | | $ | 561,788 | | | | | $ | 577,904 | | | | | $ | 8,512 | | | | | $ | 8,782 | | |
|
June 30, 2018
|
| |
Available-for-Sale
|
| |
Held-to-Maturity
|
| ||||||||||||||||||
| | |
Amortized Cost
|
| |
Fair
Value |
| |
Amortized Cost
|
| |
Fair
Value |
| ||||||||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Due in one year or less
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Due after one year through five years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after five years through ten years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Due after ten years through fifteen years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mortgage-backed securities
|
| | | | 757,615 | | | | | | 774,131 | | | | | | 29,283 | | | | | | 29,696 | | |
| | | | $ | 757,615 | | | | | $ | 774,131 | | | | | $ | 29,283 | | | | | $ | 29,696 | | |
| | |
2019
|
| |
2018
|
| ||||||
First mortgage loans: | | | | | | | | | | | | | |
One-to-four family residences – owner occupied
|
| | |
$
|
22,754,109
|
| | | | $ | 21,205,105 | | |
One-to-four family residences – non-owner occupied
|
| | |
|
18,621,665
|
| | | | | 18,485,241 | | |
Secured by other properties
|
| | |
|
3,611,107
|
| | | | | 4,798,757 | | |
| | | |
|
44,986,881
|
| | | | | 44,489,103 | | |
Consumer and other loans: | | | | | | | | | | | | | |
Home equity and second mortgage
|
| | |
|
17,519,066
|
| | | | | 16,553,808 | | |
Savings account loans and other
|
| | |
|
179,626
|
| | | | | 134,938 | | |
| | | |
|
17,698,692
|
| | | | | 16,688,746 | | |
Total Loans Receivable
|
| | |
|
62,685,573
|
| | | | | 61,177,849 | | |
Unearned loan origination fees, net
|
| | |
|
(175,005)
|
| | | | | (141,062) | | |
Allowance for loan losses
|
| | |
|
(469,381)
|
| | | | | (487,181) | | |
Loans Receivable, Net
|
| | |
$
|
62,041,187
|
| | | | $ | 60,549,606 | | |
June 30, 2019
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 108,190 | | | | | $ | — | | | | | $ | — | | | | | $ | (19,866) | | | | | $ | 88,324 | | | | | $ | — | | | | | $ | 88,324 | | |
Non-owner occupied
|
| | |
|
200,983
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
22,626
|
| | | |
|
223,609
|
| | | |
|
55,843
|
| | | |
|
167,766
|
| |
Secured by other
properties |
| | |
|
90,936
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(6,798)
|
| | | |
|
84,138
|
| | | |
|
49,919
|
| | | |
|
34,219
|
| |
Home equity and second mortgage
|
| | |
|
78,499
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(10,803)
|
| | | |
|
67,696
|
| | | |
|
—
|
| | | |
|
67,696
|
| |
Savings account loans and other
|
| | |
|
8,573
|
| | | |
|
(1,477)
|
| | | |
|
342
|
| | | |
|
(1,824)
|
| | | |
|
5,614
|
| | | |
|
—
|
| | | |
|
5,614
|
| |
| | | | $ | 487,181 | | | | | $ | (1,477) | | | | | $ | 342 | | | | | $ | (16,665) | | | | | $ | 469,381 | | | | | $ | 105,762 | | | | | $ | 363,619 | | |
|
June 30, 2018
|
| |
Allowance for Loan Losses
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Beginning
Balance |
| |
Charge-offs
|
| |
Recoveries
|
| |
Provisions
(Credits) |
| |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 93,365 | | | | | $ | — | | | | | $ | — | | | | | $ | 14,825 | | | | | $ | 108,190 | | | | | $ | — | | | | | $ | 108,190 | | |
Non-owner occupied
|
| | | | 271,216 | | | | | | (59,833) | | | | | | — | | | | | | (10,400) | | | | | | 200,983 | | | | | | 42,911 | | | | | | 158,072 | | |
Secured by other
properties |
| | | | 109,285 | | | | | | — | | | | | | — | | | | | | (18,349) | | | | | | 90,936 | | | | | | 49,919 | | | | | | 41,017 | | |
Home equity and second mortgage
|
| | | | 83,581 | | | | | | — | | | | | | — | | | | | | (5,082) | | | | | | 78,499 | | | | | | — | | | | | | 78,499 | | |
Savings account loans and other
|
| | | | 7,927 | | | | | | (4,625) | | | | | | 140 | | | | | | 5,131 | | | | | | 8,573 | | | | | | — | | | | | | 8,573 | | |
| | | | $ | 565,374 | | | | | $ | (64,458) | | | | | $ | 140 | | | | | $ | (13,875) | | | | | $ | 487,181 | | | | | $ | 92,830 | | | | | $ | 394,351 | | |
|
June 30, 2019
|
| |
Loans Receivable
|
| |||||||||||||||
| | |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
22,754,109
|
| | | |
$
|
281,984
|
| | | |
$
|
22,472,125
|
| |
Non-owner occupied
|
| | |
|
18,621,665
|
| | | |
|
545,734
|
| | | |
|
18,075,931
|
| |
Secured by other properties
|
| | |
|
3,611,107
|
| | | |
|
326,059
|
| | | |
|
3,285,048
|
| |
Home equity and second mortgage
|
| | |
|
17,519,066
|
| | | |
|
71,879
|
| | | |
|
17,447,187
|
| |
Savings account loans and other
|
| | |
|
179,626
|
| | | |
|
—
|
| | | |
|
179,626
|
| |
| | | | $ | 62,685,573 | | | | | $ | 1,225,656 | | | | | $ | 61,459,917 | | |
|
June 30, 2018
|
| |
Loans Receivable
|
| |||||||||||||||
| | |
Ending
Balance |
| |
Ending
Balance: Individually Evaluated for Impairment |
| |
Ending
Balance: Collectively Evaluated for Impairment |
| |||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 21,205,105 | | | | | $ | 150,387 | | | | | $ | 21,054,718 | | |
Non-owner occupied
|
| | | | 18,485,241 | | | | | | 550,668 | | | | | | 17,934,573 | | |
Secured by other properties
|
| | | | 4,798,757 | | | | | | 343,569 | | | | | | 4,455,188 | | |
Home equity and second mortgage
|
| | | | 16,553,808 | | | | | | 55,931 | | | | | | 16,497,877 | | |
Savings account loans and other
|
| | | | 134,938 | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 61,177,849 | | | | | $ | 1,100,555 | | | | | $ | 60,077,294 | | |
June 30, 2019
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | |
|
119,744
|
| | | |
|
151,701
|
| | | |
|
—
|
| | | |
|
121,019
|
| | | |
|
4,755
|
| |
June 30, 2019
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
Secured by other properties
|
| | |
|
149,618
|
| | | |
|
149,618
|
| | | |
|
—
|
| | | |
|
156,436
|
| | | |
|
13,180
|
| |
Home equity and second mortgage
|
| | |
|
71,879
|
| | | |
|
71,879
|
| | | |
|
—
|
| | | |
|
108,384
|
| | | |
|
2,917
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
425,990
|
| | | |
|
425,990
|
| | | |
|
55,843
|
| | | |
|
427,181
|
| | | |
|
3,061
|
| |
Secured by other properties
|
| | |
|
176,441
|
| | | |
|
176,441
|
| | | |
|
49,919
|
| | | |
|
178,378
|
| | | |
|
9,753
|
| |
Home equity and second mortgage
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 281,984 | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | 287,132 | | | | | $ | 5 | | |
Non-owner occupied
|
| | |
|
545,734
|
| | | |
|
577,691
|
| | | |
|
55,843
|
| | | |
|
548,200
|
| | | |
|
7,816
|
| |
Secured by other properties
|
| | |
|
326,059
|
| | | |
|
326,059
|
| | | |
|
49,919
|
| | | |
|
334,814
|
| | | |
|
22,933
|
| |
Home equity and second mortgage
|
| | |
|
71,879
|
| | | |
|
71,879
|
| | | |
|
—
|
| | | |
|
108,384
|
| | | |
|
2,917
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
12,575
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
June 30, 2018
|
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized |
| |||||||||||||||
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied
|
| | | | 235,408 | | | | | | 267,365 | | | | | | — | | | | | | 343,512 | | | | | | 12,602 | | |
Secured by other properties
|
| | | | 163,254 | | | | | | 163,254 | | | | | | — | | | | | | 168,569 | | | | | | 11,764 | | |
Home equity and second mortgage
|
| | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other
|
| | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-owner occupied
|
| | | | 315,260 | | | | | | 315,260 | | | | | | 42,911 | | | | | | 318,908 | | | | | | 14,371 | | |
Secured by other properties
|
| | | | 180,315 | | | | | | 180,315 | | | | | | 49,919 | | | | | | 182,158 | | | | | | 9,931 | | |
Home equity and second mortgage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured by one-to-four family residences:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 150,387 | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | 303,342 | | | | | $ | 3,526 | | |
Non-owner occupied
|
| | | | 550,668 | | | | | | 582,625 | | | | | | 42,911 | | | | | | 662,420 | | | | | | 26,973 | | |
Secured by other properties
|
| | | | 343,569 | | | | | | 343,569 | | | | | | 49,919 | | | | | | 350,727 | | | | | | 21,695 | | |
Home equity and second mortgage
|
| | | | 55,931 | | | | | | 55,931 | | | | | | — | | | | | | 127,257 | | | | | | 5,191 | | |
Savings account loans and other
|
| | | | — | | | | | | 16,765 | | | | | | — | | | | | | 2,230 | | | | | | 186 | | |
June 30, 2019
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 22,472,125 | | | | | $ | — | | | | | $ | 281,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 22,754,109 | | |
Non-owner occupied
|
| | |
|
16,706,762
|
| | | |
|
1,401,017
|
| | | |
|
513,886
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
18,621,665
|
| |
Secured by other properties
|
| | |
|
3,003,645
|
| | | |
|
457,844
|
| | | |
|
149,618
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
3,611,107
|
| |
Home equity and second mortgage
|
| | |
|
17,447,187
|
| | | |
|
—
|
| | | |
|
71,879
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
17,519,066
|
| |
Savings account loans and other
|
| | |
|
174,814
|
| | | |
|
—
|
| | | |
|
4,812
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
179,626
|
| |
| | | | $ | 59,804,533 | | | | | $ | 1,858,861 | | | | | $ | 1,022,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 62,685,573 | | |
|
June 30, 2018
|
| |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Loss
|
| |
Total
|
| ||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 21,054,718 | | | | | $ | — | | | | | $ | 150,387 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,205,105 | | |
Non-owner occupied
|
| | | | 18,485,241 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | |
Secured by other properties
|
| | | | 4,635,503 | | | | | | — | | | | | | 163,254 | | | | | | — | | | | | | — | | | | | | 4,798,757 | | |
Home equity and second mortgage
|
| | | | 16,497,877 | | | | | | — | | | | | | 55,931 | | | | | | — | | | | | | — | | | | | | 16,553,808 | | |
Savings account loans and other
|
| | | | 134,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | |
| | | | $ | 60,808,277 | | | | | $ | — | | | | | $ | 369,572 | | | | | $ | — | | | | | $ | — | | | | | $ | 61,177,849 | | |
June 30, 2019
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to- four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 212,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 212,347 | | | | | $ | 22,541,762 | | | | | $ | 22,754,109 | | | | | $ | — | | |
Non-owner occupied
|
| | |
|
134,350
|
| | | |
|
—
|
| | | |
|
513,886
|
| | | |
|
648,236
|
| | | |
|
17,973,429
|
| | | |
|
18,621,665
|
| | | |
|
—
|
| |
Secured by other properties
|
| | |
|
—
|
| | | |
|
149,618
|
| | | |
|
—
|
| | | |
|
149,618
|
| | | |
|
3,461,489
|
| | | |
|
3,611,107
|
| | | |
|
—
|
| |
Home equity and second mortgage
|
| | |
|
22,462
|
| | | |
|
19,162
|
| | | |
|
—
|
| | | |
|
41,624
|
| | | |
|
17,477,442
|
| | | |
|
17,519,066
|
| | | |
|
—
|
| |
Savings account loans and other
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
179,626
|
| | | |
|
179,626
|
| | | |
|
—
|
| |
| | | | $ | 369,159 | | | | | $ | 168,780 | | | | | $ | 513,886 | | | | | $ | 1,051,825 | | | | | $ | 61,633,748 | | | | | $ | 62,685,573 | | | | | $ | — | | |
|
June 30, 2018
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater
Than 90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total
Loans Receivables |
| |
Loans
Receivable >90 Days and Accruing |
| |||||||||||||||||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied
|
| | | $ | 145,939 | | | | | $ | 68,862 | | | | | $ | 150,387 | | | | | $ | 365,188 | | | | | $ | 20,839,917 | | | | | $ | 21,205,105 | | | | | $ | — | | |
Non-owner occupied
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,485,241 | | | | | | 18,485,241 | | | | | | — | | |
Secured by other properties
|
| | | | — | | | | | | 163,254 | | | | | | — | | | | | | 163,254 | | | | | | 4,635,503 | | | | | | 4,798,757 | | | | | | — | | |
Home equity and second mortgage
|
| | | | — | | | | | | 67,860 | | | | | | 55,931 | | | | | | 123,791 | | | | | | 16,430,017 | | | | | | 16,553,808 | | | | | | — | | |
Savings account loans and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,938 | | | | | | 134,938 | | | | | | — | | |
| | | | $ | 145,939 | | | | | $ | 299,976 | | | | | $ | 206,318 | | | | | $ | 652,233 | | | | | $ | 60,525,616 | | | | | $ | 61,177,849 | | | | | $ | — | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Secured by one-to-four family residences: | | | | | | | | | | | | | |
Owner occupied
|
| | |
$
|
281,984
|
| | | | $ | 150,387 | | |
Non-owner occupied
|
| | |
|
513,886
|
| | | | | — | | |
Secured by other properties
|
| | |
|
149,618
|
| | | | | 163,254 | | |
Home equity and second mortgage
|
| | |
|
71,879
|
| | | | | 55,931 | | |
Savings account loans and other
|
| | |
|
—
|
| | | | | — | | |
| | | |
$
|
1,017,367
|
| | | | $ | 369,572 | | |
| | |
Estimated
Useful Lives |
| |
2019
|
| |
2018
|
| ||||||
Buildings and improvements
|
| |
3 to 35 years
|
| | |
$
|
968,615
|
| | | | $ | 968,615 | | |
Furniture, fixtures and equipment
|
| |
1 to 15 years
|
| | |
|
771,383
|
| | | | | 769,310 | | |
| | | | | | |
|
1,739,998
|
| | | | | 1,737,925 | | |
Accumulated depreciation
|
| | | | | |
|
(1,581,229)
|
| | | | | (1,553,316) | | |
| | | | | | |
|
158,769
|
| | | | | 184,609 | | |
Land
|
| | | | | |
|
32,650
|
| | | | | 32,650 | | |
| | | | | | |
$
|
191,419
|
| | | | $ | 217,259 | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
| | |
Weighted
Average Rate at June 30, 2019 |
| |
Amount
|
| |
Percent
|
| |
Weighted
Average Rate at June 30, 2017 |
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Core deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Business checking
|
| | | | | | | | |
$
|
437,231
|
| | | |
|
0.64%
|
| | | | | | | | | | $ | 322,715 | | | | | | 0.46% | | |
Non-interest checking
|
| | | | | | | | |
|
3,486,425
|
| | | |
|
5.12
|
| | | | | | | | | | | 2,738,631 | | | | | | 3.87 | | |
NOW
|
| | | | | | | | |
|
16,810,886
|
| | | |
|
24.70
|
| | | | | | | | | | | 18,753,514 | | | | | | 26.52 | | |
Money market
|
| | | | | | | | |
|
3,526,512
|
| | | |
|
5.18
|
| | | | | | | | | | | 4,092,473 | | | | | | 5.79 | | |
Savings
|
| | | | | | | | |
|
17,749,181
|
| | | |
|
26.08
|
| | | | | | | | | | | 18,118,590 | | | | | | 25.62 | | |
| | | |
|
0.41%
|
| | | |
|
42,010,235
|
| | | |
|
61.72
|
| | | | | 0.43% | | | | | | 44,025,923 | | | | | | 62.26 | | |
Time deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificates of deposit
|
| | |
|
1.63%
|
| | | |
|
26,050,202
|
| | | |
|
38.28
|
| | | | | 1.27% | | | | | | 26,695,010 | | | | | | 37.74 | | |
| | | |
|
0.88%
|
| | | |
$
|
68,060,437
|
| | | |
|
100.00%
|
| | | | | 0.75% | | | | | $ | 70,720,933 | | | | | | 100.00% | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 9,549,030 | | |
2021
|
| | | | 3,505,427 | | |
2022
|
| | | | 6,225,297 | | |
2023
|
| | | | 2,959,540 | | |
2024
|
| | | | 2,602,855 | | |
Thereafter
|
| | | | 1,208,053 | | |
| | | | $ | 26,050,202 | | |
| | |
2019
|
| |
2018
|
| ||||||
Money market accounts
|
| | |
$
|
26,160
|
| | | | $ | 26,411 | | |
NOW accounts
|
| | |
|
103,195
|
| | | | | 122,866 | | |
Savings accounts
|
| | |
|
53,711
|
| | | | | 53,314 | | |
Certificates of deposit
|
| | |
|
401,154
|
| | | | | 357,430 | | |
| | | |
$
|
584,220
|
| | | | $ | 560,021 | | |
| | |
2019
|
| |
2018
|
| ||||||
Correspondent Bank charges
|
| | |
$
|
18,239
|
| | | | $ | 25,571 | | |
Professional fees
|
| | |
|
160,974
|
| | | | | 161,499 | | |
Advertising
|
| | |
|
53,178
|
| | | | | 49,085 | | |
Insurance/surety bond premiums
|
| | |
|
24,144
|
| | | | | 24,318 | | |
Supplies
|
| | |
|
16,212
|
| | | | | 27,798 | | |
Supervisory Exams
|
| | |
|
27,350
|
| | | | | 17,548 | | |
ATM costs
|
| | |
|
69,847
|
| | | | | 67,045 | | |
VISA debit cards
|
| | |
|
30,839
|
| | | | | 30,215 | | |
| | |
2019
|
| |
2018
|
| ||||||
Telephone, data line, and internet charges
|
| | |
|
84,891
|
| | | | | 81,399 | | |
Postage
|
| | |
|
16,993
|
| | | | | 19,869 | | |
Dues and subscriptions
|
| | |
|
15,426
|
| | | | | 13,917 | | |
DDA/NOW account costs
|
| | |
|
12,230
|
| | | | | 12,211 | | |
Loan processing costs
|
| | |
|
11,230
|
| | | | | 6,778 | | |
Telephone banking
|
| | |
|
9,716
|
| | | | | 9,991 | | |
Courier services
|
| | |
|
10,618
|
| | | | | 10,090 | | |
Meals and entertainment
|
| | |
|
10,496
|
| | | | | 6,104 | | |
Provision for other credit losses
|
| | |
|
8,048
|
| | | | | (2,566) | | |
Other
|
| | |
|
13,237
|
| | | | | 13,681 | | |
| | | |
$
|
593,668
|
| | | | $ | 574,553 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Current, federal
|
| | |
$
|
106,386
|
| | | | $ | 123,144 | | |
Deferred, federal
|
| | |
|
(15,681)
|
| | | | | 240,386 | | |
Total federal income tax expense
|
| | |
|
90,705
|
| | | | | 363,530 | | |
Current, state
|
| | |
|
37,307
|
| | | | | 15,292 | | |
Deferred, state
|
| | |
|
—
|
| | | | | 19,425 | | |
Total state income tax expense
|
| | |
|
37,307
|
| | | | | 34,717 | | |
Total Income Tax Expense
|
| | |
$
|
128,012
|
| | | | $ | 398,247 | | |
| | |
2019
|
| |
2018
|
| ||||||
Assets | | | | | | | | | | | | | |
Impairment of securities available-for-sale
|
| | |
$
|
24,731
|
| | | | $ | 24,731 | | |
Allowance for loan losses
|
| | |
|
98,570
|
| | | | | 102,308 | | |
Other comprehensive loss, pension
|
| | |
|
226,425
|
| | | | | 192,128 | | |
Executive retirement plan
|
| | |
|
2,520
|
| | | | | 2,835 | | |
Other
|
| | |
|
30,147
|
| | | | | 10,646 | | |
| | | |
|
382,393
|
| | | | | 332,648 | | |
Valuation allowance
|
| | |
|
(24,731)
|
| | | | | (24,731) | | |
Total assets, net
|
| | |
|
357,662
|
| | | | | 307,917 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Liabilities | | | | | | | | | | | | | |
Basis of premises and equipment
|
| | |
|
(163)
|
| | | | | (396) | | |
Unrealized gains on securities available-for-sale
|
| | |
|
(3,384)
|
| | | | | (3,469) | | |
Total liabilities
|
| | |
|
(3,547)
|
| | | | | (3,865) | | |
Net Deferred Tax Assets
|
| | |
$
|
354,115
|
| | | | $ | 304,052 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Changes in benefit obligation: | | | | | | | | | | | | | |
Beginning of year
|
| | |
$
|
2,493,426
|
| | | | $ | 2,448,837 | | |
Service cost
|
| | |
|
106,724
|
| | | | | 101,462 | | |
Interest cost
|
| | |
|
104,606
|
| | | | | 95,069 | | |
Assumption changes
|
| | |
|
243,899
|
| | | | | (113,561) | | |
Actual loss
|
| | |
|
42,336
|
| | | | | 28,586 | | |
Benefits paid
|
| | |
|
(367,506)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
2,623,485
|
| | | | | 2,493,426 | | |
Changes in fair value of plan assets: | | | | | | | | | | | | | |
Beginning of year
|
| | |
|
1,613,931
|
| | | | | 1,449,918 | | |
Actual return on plan assets
|
| | |
|
33,201
|
| | | | | 30,980 | | |
Employer contributions
|
| | |
|
100,000
|
| | | | | 200,000 | | |
Benefits paid
|
| | |
|
(367,506)
|
| | | | | (66,967) | | |
End of year
|
| | |
|
1,379,626
|
| | | | | 1,613,931 | | |
Unfunded Status at End of Year
|
| | |
$
|
(1,243,859)
|
| | | | $ | (879,495) | | |
Amounts recognized in the statements of financial condition consist of: | | | | | | | | | | | | | |
Other liabilities
|
| | |
$
|
(1,243,859)
|
| | | | $ | (879,495) | | |
Accumulated other comprehensive loss (pre-tax basis)
|
| | |
|
1,078,213
|
| | | | | 914,893 | | |
Net Amount Recognized
|
| | |
$
|
(165,646)
|
| | | | $ | 35,398 | | |
Amounts recognized in accumulated other comprehensive loss consists of: | | | | | | | | | | | | | |
Unrecognized actuarial loss
|
| | |
$
|
1,078,213
|
| | | | $ | 914,893 | | |
| | | |
$
|
1,078,213
|
| | | | $ | 914,893 | | |
| | |
2019
|
| |
2018
|
| ||||||
Service cost, benefit earned during the period
|
| | |
$
|
106,724
|
| | | | $ | 101,462 | | |
Interest cost on projected benefit obligation
|
| | |
|
104,606
|
| | | | | 95,069 | | |
Expected return on plan assets
|
| | |
|
(69,534)
|
| | | | | (64,928) | | |
Recognized prior service credit
|
| | |
|
—
|
| | | | | (1,946) | | |
Recognized net actuarial loss
|
| | |
|
47,286
|
| | | | | 56,148 | | |
Settlement loss
|
| | |
|
111,962
|
| | | | | — | | |
Net Pension Costs
|
| | |
$
|
301,044
|
| | | | $ | 185,805 | | |
June 30, 2017
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | |
$
|
1,379,626
|
| | | |
$
|
—
|
| | | |
$
|
1,379,626
|
| | | |
$
|
—
|
| |
| | | | $ | 1,379,626 | | | | | $ | — | | | | | $ | 1,379,626 | | | | | $ | — | | |
|
June 30, 2018
|
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Certificates of deposit
|
| | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
| | | | $ | 1,613,931 | | | | | $ | — | | | | | $ | 1,613,931 | | | | | $ | — | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 100,600 | | |
2021
|
| | | | 119,400 | | |
2022
|
| | | | 118,000 | | |
2023
|
| | | | 116,600 | | |
2024
|
| | | | 136,500 | | |
Thereafter
|
| | | | 921,000 | | |
| | | | $ | 1,512,100 | | |
Due
|
| |
Initial
Conversion Date |
| |
Strike Rate
|
| |
Current
Interest Rate |
| |
2019
|
| |
2018
|
| |||||||||||||||
April 2023
|
| | | | N/A | | | | | | N/A | | | | | | 2.93103 | | | | |
$
|
1,000,000
|
| | | | $ | 1,000,000 | | |
January 2024
|
| | | | N/A | | | | | | N/A | | | | | | 2.76062 | | | | |
|
1,000,000
|
| | | | | — | | |
January 2025
|
| | | | N/A | | | | | | N/A | | | | | | 2.73683 | | | | |
|
815,873
|
| | | | | 864,449 | | |
October 2025
|
| | | | N/A | | | | | | N/A | | | | | | 3.34297 | | | | |
|
743,339
|
| | | | | — | | |
October 2027
|
| | | | N/A | | | | | | N/A | | | | | | 2.34936 | | | | |
|
849,210
|
| | | | | 940,391 | | |
| | | | | | | | | | | | | | | | | | | | | |
$
|
4,408,422
|
| | | | $ | 2,804,840 | | |
Years ending June 30,
|
| | | | | | |
2020
|
| | | $ | 184,390 | | |
2021
|
| | | | 189,386 | | |
2022
|
| | | | 194,520 | | |
2023
|
| | | | 1,199,797 | | |
2024
|
| | | | 1,205,221 | | |
Thereafter
|
| | | | 1,435,108 | | |
| | | | $ | 4,408,422 | | |
June 30, 2019
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital (to risk-weighted assets)
|
| | |
$
|
14,007,609
|
| | | |
|
30.4%
|
| | | |
$
|
4,837,352≥
|
| | | | | ≥10.500% | | | | |
$
|
4,607,001≥
|
| | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets)
|
| | |
|
13,538,227
|
| | | |
|
29.4%
|
| | | | | 3,915,951≥ | | | | | | ≥8.500% | | | | | | 3,685,601≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | |
|
13,538,227
|
| | | |
|
29.4%
|
| | | | | 3,224,901≥ | | | | | | ≥7.000% | | | | | | 2,994,551≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible
assets) |
| | |
|
13,538,227
|
| | | |
|
15.3%
|
| | | | | 3,539,672≥ | | | | | | ≥4.000% | | | | | | 4,424,590≥ | | | | | | ≥5.0% | | |
June 30, 2018
|
| |
Actual
|
| |
For Capital Adequacy Purposes*
|
| |
To be Well Capitalized under
Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total risk-based capital (to risk-weighted assets)
|
| | | $ | 13,721,006 | | | | | | 31.1% | | | | | $ | 4,354,194≥ | | | | | | ≥9.875% | | | | | $ | 4,409,310≥ | | | | | | ≥10.0% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | 13,233,825 | | | | | | 30.0% | | | | | | 3,472,332≥ | | | | | | ≥7.875% | | | | | | 3,527,448≥ | | | | | | ≥8.0% | | |
Common Equity tier 1 capital (to risk-weighted assets)
|
| | | | 13,233,825 | | | | | | 30.0% | | | | | | 2,810,935≥ | | | | | | ≥6.375% | | | | | | 2,866,052≥ | | | | | | ≥6.5% | | |
Tier 1 Leverage Ratio capital (to average tangible
assets) |
| | | | 13,233,825 | | | | | | 14.9% | | | | | | 3,553,932≥ | | | | | | ≥4.000% | | | | | | 4,442,416≥ | | | | | | ≥5.0% | | |
| | |
Fixed Rate
|
| |
Variable Rate
|
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
First or second mortgage loans
|
| | |
$
|
494,400
|
| | | | $ | 195,000 | | | | |
$
|
110,000
|
| | | | $ | — | | |
Unused lines of credit
|
| | |
|
899,813
|
| | | | | 1,208,739 | | | | |
|
1,753,230
|
| | | | | 1,684,883 | | |
Undisbursed amounts on construction loans
|
| | |
|
3,135,942
|
| | | | | 1,839,679 | | | | |
|
—
|
| | | | | 10,500 | | |
| | | |
$
|
4,530,155
|
| | | | $ | 3,243,418 | | | | |
$
|
1,863,230
|
| | | | $ | 1,695,383 | | |
June 30, 2019
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | |
$
|
—
|
| | | |
$
|
577,904
|
| | | |
$
|
—
|
| | | |
$
|
577,904
|
| |
| | | | $ | — | | | | | $ | 577,904 | | | | | $ | — | | | | | $ | 577,904 | | |
|
June 30, 2018
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage-backed securities, U.S. government sponsored enterprises (GSEs)
|
| | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
| | | | $ | — | | | | | $ | 774,131 | | | | | $ | — | | | | | $ | 774,131 | | |
June 30, 2019
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | |
$
|
496,669
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
496,669
|
| |
Foreclosed real estate
|
| | |
|
100,100
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
100,100
|
| |
| | | | $ | 596,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 596,769 | | |
|
June 30, 2018
|
| |
Total
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Impaired loans
|
| | | $ | 402,745 | | | | | $ | — | | | | | $ | — | | | | | $ | 402,745 | | |
Foreclosed real estate
|
| | | | 113,354 | | | | | | — | | | | | | — | | | | | | 113,354 | | |
| | | | $ | 516,099 | | | | | $ | — | | | | | $ | — | | | | | $ | 516,099 | | |
June 30, 2019
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| ||||||
Impaired loans
|
| | |
$
|
496,669
|
| | |
Appraisal of collateral
|
| |
Costs to sell
|
| | |
|
9.0%
(9.0)% |
| |
Foreclosed real estate
|
| | | $ | 100,100 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| | | |
9.0% (9.0)% |
| |
June 30, 2018
|
| |
Quantitative Information about Level 3 Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable Inputs
|
| |
Estimated
Range (Weighted Average) |
| ||||||
Impaired loans
|
| | | $ | 402,745 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| | | |
9.0% (9.0)% |
| |
Foreclosed real estate
|
| | | $ | 113,354 | | | |
Appraisal of collateral
|
| |
Costs to sell
|
| | | |
9.0% (9.0)% |
| |
| | |
Unrealized
Gains (Losses) on Available- For-Sale Securities |
| |
Unfunded
Post Retirement Obligations |
| |
Total
|
| |||||||||
Balance, July 1, 2017
|
| | | $ | (21,806) | | | | | $ | (673,281) | | | | | $ | (695,087) | | |
Unrealized losses on available for sale securities
|
| | | | (49,323) | | | | | | — | | | | | | (49,323) | | |
Decrease in minimum pension liability
|
| | | | — | | | | | | 35,694 | | | | | | 35,694 | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | 93,036 | | | | | | 39,296 | | | | | | 132,332 | | |
Net current-period other comprehensive income
|
| | | | 43,713 | | | | | | 74,990 | | | | | | 118,703 | | |
Amounts reclassified from accumulated other comprehensive loss to retained earnings
|
| | | | (8,859) | | | | | | (124,474) | | | | | | (133,333) | | |
Balance, June 30, 2018
|
| | | | 13,048 | | | | | | (722,765) | | | | | | (709,717) | | |
Unrealized losses on available for sale securities
|
| | | | (316) | | | | | | — | | | | | | (316) | | |
Increase in minimum pension liability
|
| | | | — | | | | | | (166,379) | | | | | | (166,379) | | |
Amounts reclassified from accumulated other comprehensive loss to net income
|
| | | | — | | | | | | 37,356 | | | | | | 37,356 | | |
Net current-period other comprehensive (loss)
|
| | | | (316) | | | | | | (129,023) | | | | | | (129,339) | | |
Balance, June 30, 2019
|
| | | $ | 12,732 | | | | | $ | (851,788) | | | | | $ | (839,056) | | |
| | |
Page
Number |
| |||
| | | | B-1 | | | |
Financial Statements | | | | | | | |
| | | | B-2 | | | |
| | | | B-3 | | | |
| | | | B-4 | | | |
| | | | B-5 | | | |
| | | | B-6 | | | |
| | | | B-7 – B-21 | | |
| | |
March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
ASSETS | | | | ||||||||||
Cash and amounts due from other institutions
|
| | | $ | 3,056,532 | | | | | $ | 2,048,669 | | |
Interest-bearing deposits with other institutions
|
| | | | 15,234,031 | | | | | | 6,576,740 | | |
Cash and cash equivalents
|
| | | | 18,290,563 | | | | | | 8,625,409 | | |
Certificates of deposit
|
| | | | 100,000 | | | | | | 100,000 | | |
Equity securities
|
| | | | 30,425 | | | | | | 57,187 | | |
Investment securities held to maturity (fair value of $2,494,946)
|
| | | | — | | | | | | 2,500,000 | | |
Investment securities available for sale
|
| | | | 1,992,916 | | | | | | 1,000,773 | | |
Mortgage-backed securities held to maturity (fair value of $491,635 and $661,492)
|
| | | | 478,678 | | | | | | 650,156 | | |
Loans (net of allowance for loan losses of $740,397 and $678,410)
|
| | | | 127,439,835 | | | | | | 139,826,664 | | |
Accrued interest receivable
|
| | | | 446,848 | | | | | | 640,401 | | |
Regulatory stock
|
| | | | 1,225,000 | | | | | | 1,597,600 | | |
Premises and equipment, net
|
| | | | 4,694,700 | | | | | | 4,957,676 | | |
Bank-owned life insurance
|
| | | | 3,201,865 | | | | | | 3,122,918 | | |
Other assets
|
| | | | 961,540 | | | | | | 910,126 | | |
TOTAL ASSETS
|
| | | $ | 158,862,370 | | | | | $ | 163,988,910 | | |
LIABILITIES | | | | | | | | | | | | | |
Deposits
|
| | | $ | 133,606,269 | | | | | $ | 130,486,497 | | |
Short-term advances from Federal Home Loan Bank
|
| | | | — | | | | | | 11,000,000 | | |
Long-term advances from Federal Home Loan Bank
|
| | | | 11,000,000 | | | | | | 8,000,000 | | |
Accrued interest payable
|
| | | | 45,456 | | | | | | 71,142 | | |
Advance payments by borrowers for taxes and insurance
|
| | | | 266,009 | | | | | | 255,434 | | |
Other liabilities
|
| | | | 628,278 | | | | | | 732,486 | | |
TOTAL LIABILITIES
|
| | | | 145,546,012 | | | | | | 150,545,559 | | |
NET WORTH | | | | | | | | | | | | | |
Retained earnings
|
| | | | 13,310,534 | | | | | | 13,415,778 | | |
Accumulated other comprehensive income
|
| | | | 5,824 | | | | | | 27,573 | | |
TOTAL NET WORTH
|
| | | | 13,316,358 | | | | | | 13,443,351 | | |
TOTAL LIABILITIES AND NET WORTH
|
| | | $ | 158,862,370 | | | | | $ | 163,988,910 | | |
| | |
Year Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
INTEREST AND DIVIDEND INCOME | | | | ||||||||||
Interest and fees on loans
|
| | | $ | 5,618,902 | | | | | $ | 5,836,044 | | |
Interest on mortgage-backed securities
|
| | | | 19,929 | | | | | | 20,622 | | |
Interest and dividends on investments
|
| | | | 198,461 | | | | | | 195,654 | | |
Interest-bearing deposits with other institutions
|
| | | | 209,882 | | | | | | 110,432 | | |
Total interest and dividend income
|
| | | | 6,047,174 | | | | | | 6,162,752 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Deposits
|
| | | | 1,357,495 | | | | | | 1,243,938 | | |
Short-term advances from Federal Home Loan Bank
|
| | | | 134,751 | | | | | | 214,210 | | |
Long-term advances from Federal Home Loan Bank
|
| | | | 312,192 | | | | | | 179,626 | | |
Total interest expense
|
| | | | 1,804,438 | | | | | | 1,637,774 | | |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN
LOSSES |
| | | | 4,242,736 | | | | | | 4,524,978 | | |
Provision for loan losses
|
| | | | 126,000 | | | | | | 108,000 | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
| | | | 4,116,736 | | | | | | 4,416,978 | | |
NONINTEREST INCOME | | | | ||||||||||
Service charges on deposit accounts
|
| | | | 75,588 | | | | | | 80,076 | | |
(Loss) gain on sale of loans, net
|
| | | | (2,648) | | | | | | 1,887 | | |
Earnings on bank-owned life insurance
|
| | | | 78,947 | | | | | | 79,342 | | |
Rental income
|
| | | | 172,670 | | | | | | 167,589 | | |
Other income
|
| | | | 124,608 | | | | | | 126,149 | | |
Total noninterest income
|
| | | | 449,165 | | | | | | 455,043 | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | |
Salaries and employee benefits expenses
|
| | | | 1,982,421 | | | | | | 2,632,301 | | |
Occupancy expenses
|
| | | | 699,924 | | | | | | 761,981 | | |
Furniture and equipment expenses
|
| | | | 184,082 | | | | | | 197,828 | | |
Insurance and bond premiums
|
| | | | 83,236 | | | | | | 105,498 | | |
Data processing expenses
|
| | | | 473,942 | | | | | | 473,230 | | |
Professional fees
|
| | | | 189,817 | | | | | | 179,003 | | |
Federal deposit insurance
|
| | | | 72,384 | | | | | | 98,670 | | |
Correspondent service charges
|
| | | | 128,973 | | | | | | 118,972 | | |
Gain on sale of other real estate owned
|
| | | | — | | | | | | (51,115) | | |
Other expenses
|
| | | | 875,499 | | | | | | 1,082,817 | | |
Total noninterest expense
|
| | | | 4,690,278 | | | | | | 5,599,185 | | |
LOSS BEFORE INCOME TAX BENEFIT
|
| | | | (124,377) | | | | | | (727,164) | | |
Income tax benefit
|
| | | | (19,133) | | | | | | (22,958) | | |
NET LOSS
|
| | | $ | (105,244) | | | | | $ | (704,206) | | |
| | |
Year Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Net loss
|
| | | $ | (105,244) | | | | | $ | (704,206) | | |
Other comprehensive (loss) income : | | | | | | | | | | | | | |
Unrealized holding (losses) gains on securities
|
| | | | (27,535) | | | | | | 20,402 | | |
Tax effect
|
| | | | 5,786 | | | | | | (1,639) | | |
Other comprehensive (loss) income, net of tax
|
| | | | (21,749) | | | | | | 18,763 | | |
Comprehensive loss
|
| | | $ | (126,993) | | | | | $ | (685,443) | | |
| | |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Net Worth |
| |||||||||
Balance, March 31, 2018
|
| | | $ | 14,119,984 | | | | | $ | 8,810 | | | | | $ | 14,128,794 | | |
Net loss
|
| | | | (704,206) | | | | | | — | | | | | | (704,206) | | |
Other comprehensive income
|
| | | | — | | | | | | 18,763 | | | | | | 18,763 | | |
Balance, March 31, 2019
|
| | | | 13,415,778 | | | | | | 27,573 | | | | | | 13,443,351 | | |
Net loss
|
| | | | (105,244) | | | | | | — | | | | | | (105,244) | | |
Other comprehensive loss
|
| | | | — | | | | | | (21,749) | | | | | | (21,749) | | |
Balance, March 31, 2020
|
| | | $ | 13,310,534 | | | | | $ | 5,824 | | | | | $ | 13,316,358 | | |
| | |
Year Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (105,244) | | | | | $ | (704,206) | | |
Adjustments to reconcile net loss to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 462,518 | | | | | | 489,137 | | |
Provision for loan losses
|
| | | | 126,000 | | | | | | 108,000 | | |
Net accretion of securities premiums and discounts and loan fees
|
| | | | (8,390) | | | | | | (1,286) | | |
Earnings on bank-owned life insurance
|
| | | | (78,947) | | | | | | (79,342) | | |
Gain on sale of other real estate owned
|
| | | | — | | | | | | (51,115) | | |
Loss (gain) on sale of loans, net
|
| | | | 2,648 | | | | | | (1,887) | | |
Mortgage loans originated for sale
|
| | | | (462,370) | | | | | | (308,789) | | |
Proceeds from the sale of mortgage loans originated for sale
|
| | | | 459,722 | | | | | | 310,676 | | |
Decrease in accrued interest receivable
|
| | | | 193,553 | | | | | | 23,727 | | |
(Decrease) increase in accrued interest payable
|
| | | | (25,686) | | | | | | 37,095 | | |
Deferred income taxes
|
| | | | (1,092) | | | | | | (39,397) | | |
Increase in supplemental retirement plan
|
| | | | 22,868 | | | | | | 226,278 | | |
Other, net
|
| | | | (171,612) | | | | | | 125,368 | | |
Net cash provided by operating activities
|
| | | | 413,968 | | | | | | 134,259 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of:
|
| | | | | | | | | | | | |
Investment securities held to maturity
|
| | | | (500,000) | | | | | | — | | |
Investment securities available for sale
|
| | | | (1,985,143) | | | | | | (1,000,000) | | |
Proceeds from:
|
| | | | | | | | | | | | |
Calls and maturities of investment securities held to maturity
|
| | | | 3,000,000 | | | | | | — | | |
Calls and maturities of investment securities available for sale
|
| | | | 1,000,000 | | | | | | 2,000,000 | | |
Principal collected on:
|
| | | | | | | | | | | | |
Mortgage-backed securities held to maturity
|
| | | | 171,625 | | | | | | 188,009 | | |
Net decrease (increase) in loans
|
| | | | 12,261,299 | | | | | | (7,030,286) | | |
Purchases of premises and equipment
|
| | | | (199,542) | | | | | | (101,773) | | |
Purchase of regulatory stock
|
| | | | (37,600) | | | | | | (1,120,800) | | |
Redemption of regulatory stock
|
| | | | 410,200 | | | | | | 845,800 | | |
Proceeds from sale of real estate owned
|
| | | | — | | | | | | 176,226 | | |
Net cash provided by (used for) investing activities
|
| | | | 14,120,839 | | | | | | (6,042,824) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase in passbook, NOW, MMDA, and club accounts
|
| | | | 5,460,558 | | | | | | 959,511 | | |
Net decrease in certificates of deposit
|
| | | | (2,340,786) | | | | | | (4,455,591) | | |
Increase in advances from borrowers for taxes and insurance
|
| | | | 10,575 | | | | | | 29,728 | | |
Net (decrease) increase in short-term Federal Home Loan Bank advances
|
| | | | (11,000,000) | | | | | | 4,000,000 | | |
Repayment of long-term Federal Home Loan Bank advances
|
| | | | (1,000,000) | | | | | | (2,000,000) | | |
Proceeds from long-term Federal Home Loan Bank advances
|
| | | | 4,000,000 | | | | | | 6,000,000 | | |
Net cash (used for) provided by financing activities
|
| | | | (4,869,653) | | | | | | 4,533,648 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 9,665,154 | | | | | | (1,374,917) | | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
| | | | 8,625,409 | | | | | | 10,000,326 | | |
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
| | | $ | 18,290,563 | | | | | $ | 8,625,409 | | |
SUPPLEMENTAL DISCLOSURES | | | | | | | | | | | | | |
Cash paid during the year for:
|
| | | | | | | | | | | | |
Interest
|
| | | $ | 1,830,124 | | | | | $ | 1,600,679 | | |
Income taxes
|
| | | | — | | | | | | 156,500 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
Less than 1 year
|
| | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
Total
|
| | | $ | 1,992,916 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,992,916 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years
|
| | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Total
|
| | | $ | 2,500,000 | | | | | $ | — | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | |
Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies maturing: | | | | | | | | | | | | | | | | | | | | | | | | | |
1 year to 5 years
|
| | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Total
|
| | | $ | 1,000,000 | | | | | $ | 773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates
|
| | | $ | 449,323 | | | | | $ | 12,938 | | | | | $ | — | | | | | $ | 462,261 | | |
Freddie Mac pass-through certificates
|
| | | | 29,355 | | | | | | 136 | | | | | | (117) | | | | | | 29,374 | | |
Total
|
| | | $ | 478,678 | | | | | $ | 13,074 | | | | | $ | (117) | | | | | $ | 491,635 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association pass-through certificates
|
| | | $ | 603,907 | | | | | $ | 11,674 | | | | | $ | — | | | | | $ | 615,581 | | |
Fannie Mae pass-through certificates
|
| | | | 134 | | | | | | — | | | | | | — | | | | | | 134 | | |
Freddie Mac pass-through certificates
|
| | | | 46,115 | | | | | | 139 | | | | | | (477) | | | | | | 45,777 | | |
Total
|
| | | $ | 650,156 | | | | | $ | 11,813 | | | | | $ | (477) | | | | | $ | 661,492 | | |
| | |
Held to Maturity
|
| |||||||||
| | |
Amortized
Cost |
| |
Fair
Value |
| ||||||
Due in 1 year or less
|
| | | $ | 216 | | | | | $ | 218 | | |
Due in 1 years to 5 years
|
| | | | 24,661 | | | | | | 25,111 | | |
Due in 5 years to 10 years
|
| | | | 54,167 | | | | | | 55,732 | | |
Due after 10 years
|
| | | | 399,634 | | | | | | 410,574 | | |
Total
|
| | | $ | 478,678 | | | | | $ | 491,635 | | |
| | |
2020
|
| |||||||||||||||||||||||||||||||||
| | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Freddie Mac pass-through certificates
|
| | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 24,625 | | | | | $ | (117) | | | | | $ | 24,625 | | | | | $ | (117) | | |
|
| | |
2019
|
| |||||||||||||||||||||||||||||||||
| | |
Less Than Twelve Months
|
| |
Twelve Months or Greater
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| ||||||||||||||||||
Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | | | | $ | 2,494,946 | | | | | $ | (5,054) | | |
Freddie Mac pass-through certificates
|
| | | | — | | | | | | — | | | | | | 37,425 | | | | | | (477) | | | | | | 37,425 | | | | | | (477) | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | | | | $ | 2,532,371 | | | | | $ | (5,531) | | |
| | |
2020
|
| |
2019
|
| ||||||
Mortgage loans (one-to-four family residential)
|
| | | $ | 108,078,400 | | | | | $ | 118,964,944 | | |
Commercial loans
|
| | | | 14,222,968 | | | | | | 14,740,664 | | |
Automobile loans
|
| | | | 1,284,670 | | | | | | 1,429,456 | | |
Unsecured loans
|
| | | | 2,348,794 | | | | | | 2,697,476 | | |
Deposit loans
|
| | | | 18,093 | | | | | | 20,343 | | |
Other
|
| | | | 2,078,837 | | | | | | 2,465,813 | | |
Total
|
| | | | 128,031,762 | | | | | | 140,318,696 | | |
Less: | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | 740,397 | | | | | | 678,410 | | |
Deferred loan fees, net
|
| | | | (148,470) | | | | | | (186,378) | | |
Total
|
| | | $ | 127,439,835 | | | | | $ | 139,826,664 | | |
| | |
Beginning
Balance |
| |
Additions
|
| |
Amount
Collected |
| |
Ending
Balance |
| ||||||||||||
2020
|
| | | $ | 546,017 | | | | | $ | — | | | | | $ | (105,285) | | | | | $ | 440,732 | | |
2019
|
| | | $ | 963,878 | | | | | $ | 5,949 | | | | | $ | (423,810) | | | | | $ | 546,017 | | |
| | |
Mortgage
Loans |
| |
Commercial
Loans |
| |
Automobile
Loans |
| |
Unsecured
Loans |
| |
Deposit
Loans |
| |
Other
Loans |
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
Balance, March 31, 2018
|
| | | $ | 468,344 | | | | | $ | 118,416 | | | | | $ | 5,426 | | | | | $ | 30,730 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,472 | | | | | $ | 646,388 | | |
Add provisions charged to operations
|
| | | | (34,649) | | | | | | 10,534 | | | | | | 3,151 | | | | | | (15,504) | | | | | | — | | | | | | 150,798 | | | | | | (6,330) | | | | | | 108,000 | | |
Add recoveries
|
| | | | 809 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 809 | | |
Less loans charged off
|
| | | | (8,783) | | | | | | — | | | | | | — | | | | | | (11,387) | | | | | | — | | | | | | (56,617) | | | | | | — | | | | | | (76,787) | | |
Balance, March 31, 2019
|
| | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Add provisions charged to operations
|
| | | | (39,030) | | | | | | 18,205 | | | | | | (1,044) | | | | | | 2,371 | | | | | | — | | | | | | 85,220 | | | | | | 60,278 | | | | | | 126,000 | | |
Add recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Less loans charged off
|
| | | | (45,954) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,059) | | | | | | — | | | | | | (64,013) | | |
Balance, March 31, 2020
|
| | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Mortgage
Loans |
| |
Commercial
Loans |
| |
Automobile
Loans |
| |
Unsecured
Loans |
| |
Deposit
Loans |
| |
Other
Loans |
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 340,737 | | | | | | 147,155 | | | | | | 7,533 | | | | | | 6,210 | | | | | | — | | | | | | 161,342 | | | | | | 77,420 | | | | | | 740,397 | | |
Total
|
| | | $ | 340,737 | | | | | $ | 147,155 | | | | | $ | 7,533 | | | | | $ | 6,210 | | | | | $ | — | | | | | $ | 161,342 | | | | | $ | 77,420 | | | | | $ | 740,397 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 108,078,400 | | | | | | 14,222,968 | | | | | | 1,284,670 | | | | | | 2,348,794 | | | | | | 18,093 | | | | | | 2,078,837 | | | | | | | | | | | | 128,031,762 | | |
Total
|
| | | $ | 108,078,400 | | | | | $ | 14,222,968 | | | | | $ | 1,284,670 | | | | | $ | 2,348,794 | | | | | $ | 18,093 | | | | | $ | 2,078,837 | | | | | | | | | | | $ | 128,031,762 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Mortgage
Loans |
| |
Commercial
Loans |
| |
Automobile
Loans |
| |
Unsecured
Loans |
| |
Deposit
Loans |
| |
Other
Loans |
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 425,721 | | | | | | 128,950 | | | | | | 8,577 | | | | | | 3,839 | | | | | | — | | | | | | 94,181 | | | | | | 17,142 | | | | | | 678,410 | | |
Total
|
| | | $ | 425,721 | | | | | $ | 128,950 | | | | | $ | 8,577 | | | | | $ | 3,839 | | | | | $ | — | | | | | $ | 94,181 | | | | | $ | 17,142 | | | | | $ | 678,410 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Collectively evaluated for impairment
|
| | | | 118,964,944 | | | | | | 14,740,664 | | | | | | 1,429,456 | | | | | | 2,697,476 | | | | | | 20,343 | | | | | | 2,465,813 | | | | | | | | | | | | 140,318,696 | | |
Total
|
| | | $ | 118,964,944 | | | | | $ | 14,740,664 | | | | | $ | 1,429,456 | | | | | $ | 2,697,476 | | | | | $ | 20,343 | | | | | $ | 2,465,813 | | | | | | | | | | | $ | 140,318,696 | | |
| | |
March 31, 2020
|
| |||||||||||||||
| | |
Performing
|
| |
Nonperforming
|
| |
Total
|
| |||||||||
Mortgage loans
|
| | | $ | 107,565,754 | | | | | $ | 512,646 | | | | | $ | 108,078,400 | | |
Commercial loans
|
| | | | 14,222,968 | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans
|
| | | | 1,284,670 | | | | | | — | | | | | | 1,284,670 | | |
Unsecured loans
|
| | | | 2,348,794 | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans
|
| | | | 18,093 | | | | | | — | | | | | | 18,093 | | |
Other loans
|
| | | | 1,995,790 | | | | | | 83,047 | | | | | | 2,078,837 | | |
Total
|
| | | $ | 127,436,069 | | | | | $ | 595,693 | | | | | $ | 128,031,762 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||
| | |
Performing
|
| |
Nonperforming
|
| |
Total
|
| |||||||||
Mortgage loans
|
| | | $ | 118,848,998 | | | | | $ | 115,946 | | | | | $ | 118,964,944 | | |
Commercial loans
|
| | | | 14,740,664 | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans
|
| | | | 1,429,456 | | | | | | — | | | | | | 1,429,456 | | |
Unsecured loans
|
| | | | 2,697,476 | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans
|
| | | | 20,343 | | | | | | — | | | | | | 20,343 | | |
Other loans
|
| | | | 2,454,344 | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total
|
| | | $ | 140,191,281 | | | | | $ | 127,415 | | | | | $ | 140,318,696 | | |
|
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
31-60 Days
Past Due |
| |
61 – 90 Days
Past Due |
| |
Greater Than
90 Days Past Due |
| |
Greater Than
90 Days Past Due and Still Accruing |
| |
Total Past Due
|
| |
Total Loans
|
| |||||||||||||||||||||
Mortgage loans
|
| | | $ | 107,198,317 | | | | | $ | 37,448 | | | | | $ | 329,989 | | | | | $ | 512,646 | | | | | $ | — | | | | | $ | 880,083 | | | | | $ | 108,078,400 | | |
Commercial loans
|
| | | | 14,222,968 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,222,968 | | |
Automobile loans
|
| | | | 1,270,744 | | | | | | 13,926 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,926 | | | | | | 1,284,670 | | |
Unsecured loans
|
| | | | 2,348,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,348,794 | | |
Deposit loans
|
| | | | 18,093 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,093 | | |
Other loans
|
| | | | 1,950,623 | | | | | | 26,932 | | | | | | 32,180 | | | | | | 69,102 | | | | | | — | | | | | | 128,214 | | | | | | 2,078,837 | | |
Total
|
| | | $ | 127,009,539 | | | | | $ | 78,306 | | | | | $ | 362,169 | | | | | $ | 581,748 | | | | | $ | — | | | | | $ | 1,022,223 | | | | | $ | 128,031,762 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
31-60 Days
Past Due |
| |
61-90 Days
Past Due |
| |
Greater Than 90
Days Past Due |
| |
Greater Than
90 Days Past Due and Still Accruing |
| |
Total Past Due
|
| |
Total Loans
|
| |||||||||||||||||||||
Mortgage loans
|
| | | $ | 118,631,673 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 115,946 | | | | | $ | — | | | | | $ | 333,271 | | | | | $ | 118,964,944 | | |
Commercial loans
|
| | | | 14,740,664 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,740,664 | | |
Automobile loans
|
| | | | 1,429,456 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,429,456 | | |
Unsecured loans
|
| | | | 2,697,476 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,697,476 | | |
Deposit loans
|
| | | | 20,343 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,343 | | |
Other loans
|
| | | | 2,454,344 | | | | | | — | | | | | | — | | | | | | 11,469 | | | | | | — | | | | | | 11,469 | | | | | | 2,465,813 | | |
Total
|
| | | $ | 139,973,956 | | | | | $ | — | | | | | $ | 217,325 | | | | | $ | 127,415 | | | | | $ | — | | | | | $ | 344,740 | | | | | $ | 140,318,696 | | |
| | |
2020
|
| |
2019
|
| ||||||
Mortgage loans
|
| | | $ | 512,646 | | | | | $ | 115,946 | | |
Commercial loans
|
| | | | — | | | | | | — | | |
Automobile loans
|
| | | | — | | | | | | — | | |
Unsecured loans
|
| | | | — | | | | | | — | | |
Deposit loans
|
| | | | — | | | | | | — | | |
Other loans
|
| | | | 83,047 | | | | | | 11,469 | | |
Total
|
| | | $ | 595,693 | | | | | $ | 127,415 | | |
|
| | |
2020
|
| |
2019
|
| ||||||
Investments and interest-bearing deposits
|
| | | $ | 24,242 | | | | | $ | 36,410 | | |
Mortgage-backed securities
|
| | | | 617 | | | | | | 893 | | |
Loans receivable
|
| | | | 421,989 | | | | | | 603,098 | | |
Total
|
| | | $ | 446,848 | | | | | $ | 640,401 | | |
| | |
2020
|
| |
2019
|
| ||||||
Land
|
| | | $ | 827,914 | | | | | $ | 827,914 | | |
Buildings
|
| | | | 10,646,249 | | | | | | 10,575,694 | | |
Furniture and equipment
|
| | | | 1,956,037 | | | | | | 1,827,050 | | |
| | | | | 13,430,200 | | | | | | 13,230,658 | | |
Less accumulated depreciation
|
| | | | 8,735,500 | | | | | | 8,272,982 | | |
Total
|
| | | $ | 4,694,700 | | | | | $ | 4,957,676 | | |
| | |
2020
|
| |||||||||||||||
| | |
Weighted-
Average Rate |
| |
Amount
|
| |
Percent
|
| |||||||||
Passbook
|
| | | | 0.15% | | | | | $ | 25,573,031 | | | | | | 19.1% | | |
NOW and MMDA
|
| | | | 0.39 | | | | | | 49,860,088 | | | | | | 37.3 | | |
Club
|
| | | | 0.15 | | | | | | 65,939 | | | | | | 0.1 | | |
Certificates
|
| | | | 2.12 | | | | | | 58,107,211 | | | | | | 43.5 | | |
Total
|
| | | | 1.10% | | | | | $ | 133,606,269 | | | | | | 100.0% | | |
|
| | |
2019
|
| |||||||||||||||
| | |
Weighted-
Average Rate |
| |
Amount
|
| |
Percent
|
| |||||||||
Passbook
|
| | | | 0.15% | | | | | $ | 26,961,705 | | | | | | 20.7% | | |
NOW and MMDA
|
| | | | 0.15 | | | | | | 43,012,987 | | | | | | 33.0 | | |
Club
|
| | | | 0.15 | | | | | | 63,808 | | | | | | 0.1 | | |
Certificates
|
| | | | 2.07 | | | | | | 60,447,997 | | | | | | 46.2 | | |
Total
|
| | | | 1.04% | | | | | $ | 130,486,497 | | | | | | 100.0% | | |
|
| | |
2020
|
| |||
Within one year
|
| | | $ | 24,853,753 | | |
Beyond one year but within two years
|
| | | | 12,696,109 | | |
Beyond two years but within three years
|
| | | | 10,437,896 | | |
Beyond three years but within four years
|
| | | | 6,360,505 | | |
Beyond four years but within five years
|
| | | | 3,758,948 | | |
Total
|
| | | $ | 58,107,211 | | |
| | |
2020
|
| |
2019
|
| ||||||
Passbook, NOW and MMDA
|
| | | $ | 102,621 | | | | | $ | 102,525 | | |
Certificates
|
| | | | 1,254,874 | | | | | | 1,141,413 | | |
Total
|
| | | $ | 1,357,495 | | | | | $ | 1,243,938 | | |
| | |
2020
|
| |
2019
|
| ||||||
Short-term FHLB advances: | | | | | | | | | | | | | |
Average balance outstanding
|
| | | $ | 4,778,082 | | | | | $ | 8,139,726 | | |
Maximum amount outstanding at any month-end during the period
|
| | | | 9,000,000 | | | | | | 11,000,000 | | |
Balance outstanding at end of period
|
| | | | — | | | | | | 11,000,000 | | |
Average interest rate during the period
|
| | | | 2.82% | | | | | | 2.63% | | |
Weighted-average interest rate at end of period
|
| | | | —% | | | | | | 2.74% | | |
| | |
Maturity Range
|
| |
Weighted-Average
|
| |
Interest Rate Range
|
| | | | | | | | | | | | | |||||||||||||||
Description
|
| |
From
|
| |
To
|
| |
Rate
|
| |
From
|
| |
To
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Mid Term Repo Fixed Rate
|
| |
May 21, 2020
|
| |
May 23, 2022
|
| | | | 2.59% | | | | | | 2.34% | | | | | | 2.87% | | | | | $ | 9,000,000 | | | | | $ | 7,000,000 | | |
Fixed Rate
|
| |
June 13, 2022
|
| |
May 21, 2024
|
| | | | 2.55% | | | | | | 2.38% | | | | | | 3.02% | | | | | | 2,000,000 | | | | | | 1,000,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 11,000,000 | | | | | $ | 8,000,000 | | |
Years Ending
March 31, |
| |
Amount
|
| |||
2021
|
| | | $ | 5,000,000 | | |
2022
|
| | | | 3,000,000 | | |
2023
|
| | | | 2,000,000 | | |
2024
|
| | | | 1,000,000 | | |
Total
|
| | | $ | 11,000,000 | | |
| | |
2020
|
| |
2019
|
| ||||||
Current
|
| | | $ | (18,041) | | | | | $ | 16,439 | | |
Deferred
|
| | | | (1,092) | | | | | | (39,397) | | |
Total
|
| | | $ | (19,133) | | | | | $ | (22,958) | | |
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets: | | | | ||||||||||
Accrued retirement
|
| | | $ | 78,613 | | | | | $ | 72,287 | | |
Allowance for loan losses
|
| | | | 155,483 | | | | | | 142,466 | | |
Premises and equipment
|
| | | | 255,903 | | | | | | 250,682 | | |
Federal net operating loss carryforward
|
| | | | 98,596 | | | | | | 127,328 | | |
Other
|
| | | | 21,310 | | | | | | 44,948 | | |
Total gross deferred tax assets before valuation allowance
|
| | | | 609,905 | | | | | | 637,711 | | |
Valuation allowance
|
| | | | (98,596) | | | | | | (127,328) | | |
Total gross deferred tax assets
|
| | | | 511,309 | | | | | | 510,383 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Deferred loan fees
|
| | | | (1,257) | | | | | | (1,423) | | |
Unrealized gain on available-for-sale debt securities and equity securities
|
| | | | — | | | | | | (7,096) | | |
Total gross deferred tax liabilities
|
| | | | (1,257) | | | | | | (8,519) | | |
Net deferred tax asset
|
| | | $ | 510,052 | | | | | $ | 501,864 | | |
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Amount
|
| |
% of
Pretax Income |
| |
Amount
|
| |
% of
Pretax Income |
| ||||||||||||
Provision of statutory rate
|
| | | $ | (26,119) | | | | | | (21.0)% | | | | | $ | (152,705) | | | | | | (21.0)% | | |
State income tax, net of federal tax benefit
|
| | | | 2,336 | | | | | | 1.9 | | | | | | 38,800 | | | | | | 4.2 | | |
Earnings on bank-owned life insurance
|
| | | | (16,579) | | | | | | (13.3) | | | | | | (16,662) | | | | | | (2.3) | | |
Merger expenses
|
| | | | 43,255 | | | | | | 34.8 | | | | | | — | | | | | | — | | |
Adjustment in valuation allowance
|
| | | | (28,991) | | | | | | (23.3) | | | | | | 127,328 | | | | | | 17.5 | | |
Other, net
|
| | | | 6,965 | | | | | | 5.6 | | | | | | (19,719) | | | | | | (2.7) | | |
Actual tax expense and effective rate
|
| | | $ | (19,133) | | | | | | (15.3)% | | | | | $ | (22,958) | | | | | | (4.3)% | | |
|
2021
|
| | | $ | 27,723 | | |
|
2022
|
| | | | 27,696 | | |
|
2023
|
| | | | 27,668 | | |
|
2024
|
| | | | 27,640 | | |
|
2025
|
| | | | — | | |
|
2026 and thereafter
|
| | | | — | | |
|
Total
|
| | | $ | 110,727 | | |
| | |
2020
|
| |
2019
|
| ||||||
Total net worth
|
| | | $ | 13,316,358 | | | | | $ | 13,443,351 | | |
Deduction due to insufficient amounts of additional Tier 1 and Tier 2 capital to cover deductions
|
| | | | — | | | | | | — | | |
Disallowed deferred tax assets
|
| | | | (510,052) | | | | | | (482,962) | | |
Accumulated other comprehensive income
|
| | | | (5,824) | | | | | | (27,573) | | |
Tier 1, core, and common equity Tier 1 capital
|
| | | | 12,800,482 | | | | | | 12,932,816 | | |
Allowance for loan losses and off-balance-sheet commitments
|
| | | | 770,504 | | | | | | 708,517 | | |
Unrealized gain on equity securities
|
| | | | 6,256 | | | | | | 33,791 | | |
Total risk-based capital
|
| | | $ | 13,577,242 | | | | | $ | 13,675,124 | | |
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||
Total capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to risk-weighted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 13,577,242 | | | | | | 12.6% | | | | | $ | 13,675,124 | | | | | | 12.4% | | |
For capital adequacy purposes
|
| | | | 8,592,560 | | | | | | 8.0 | | | | | | 8,836,000 | | | | | | 8.0 | | |
To be well capitalized
|
| | | | 10,740,700 | | | | | | 10.0 | | | | | | 11,045,000 | | | | | | 10.0 | | |
Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to risk-weighted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 12,800,482 | | | | | | 11.9% | | | | | $ | 12,932,816 | | | | | | 11.7% | | |
For capital adequacy purposes
|
| | | | 6,444,420 | | | | | | 6.0 | | | | | | 6,627,000 | | | | | | 6.0 | | |
To be well capitalized
|
| | | | 8,592,560 | | | | | | 8.0 | | | | | | 8,836,000 | | | | | | 8.0 | | |
Core capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to adjusted assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 12,800,482 | | | | | | 7.9% | | | | | $ | 12,932,816 | | | | | | 8.2% | | |
For capital adequacy purposes
|
| | | | 6,448,158 | | | | | | 4.0 | | | | | | 6,343,717 | | | | | | 4.0 | | |
To be well capitalized
|
| | | | 8,060,197 | | | | | | 5.0 | | | | | | 7,929,647 | | | | | | 5.0 | | |
Common equity Tier 1 capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to average assets)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Actual
|
| | | $ | 12,800,482 | | | | | | 11.9% | | | | | $ | 12,932,816 | | | | | | 11.7% | | |
For capital adequacy purposes
|
| | | | 4,833,315 | | | | | | 4.5 | | | | | | 4,970,250 | | | | | | 4.5 | | |
To be well capitalized
|
| | | | 6,981,455 | | | | | | 6.5 | | | | | | 7,179,250 | | | | | | 6.5 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies
|
| | | $ | — | | | | | $ | 1,992,916 | | | | | $ | — | | | | | $ | 1,992,916 | | |
Freddie Mac common stock
|
| | | | 15,684 | | | | | | — | | | | | | — | | | | | | 15,684 | | |
Other stock
|
| | | | 14,741 | | | | | | — | | | | | | — | | | | | | 14,741 | | |
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies
|
| | | $ | — | | | | | $ | 1,000,773 | | | | | $ | — | | | | | $ | 1,000,773 | | |
Freddie Mac common stock
|
| | | | 30,184 | | | | | | — | | | | | | — | | | | | | 30,184 | | |
Other stock
|
| | | | 27,003 | | | | | | — | | | | | | — | | | | | | 27,003 | | |
Accumulated Other Comprehensive Income(1)
|
| |
Unrealized
Gains (Losses) on Securities Available for Sale |
| |||
Balance at March 31, 2018
|
| | | $ | 8,810 | | |
Other comprehensive income before reclassifications
|
| | | | 18,763 | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | — | | |
Period change
|
| | | | 18,763 | | |
Balance at March 31, 2019
|
| | | $ | 27,573 | | |
Other comprehensive loss before reclassifications
|
| | | | (21,749) | | |
Amounts reclassified from accumulated other comprehensive income
|
| | | | — | | |
Period change
|
| | | | (21,749) | | |
Balance at March 31, 2020
|
| | | $ | 5,824 | | |
| | |
Year Ended June 30, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro Forma
Combined Year Ended June 30, 2020 |
| | |||||||||||||||||||||||
| | |
As reported
|
| |
Pro Forma Adjustments
|
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
William Penn
|
| |
Fidelity(1)
|
| |
Washington(2)
|
| |
Fidelity
|
| | | | | | | |
Washington
|
| | | | | | | |
William Penn
|
| | | | | | | | | | | | | ||||||||||||||||||||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable, including fees
|
| | | $ | 17,914 | | | | | $ | 2,436 | | | | | $ | 5,619 | | | | | $ | 156 | | | | | | (a) | | | | | $ | 559 | | | | | | (b) | | | | | $ | — | | | | | | | | | | | $ | 26,684 | | | | | | | | |
Securities
|
| | | | 1,557 | | | | | | 15 | | | | | | 218 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,790 | | | | | | | | |
Other
|
| | | | 346 | | | | | | 305 | | | | | | 210 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 861 | | | | | | | | |
Total Interest Income
|
| | | | 19,817 | | | | | | 2,756 | | | | | | 6,047 | | | | | | 156 | | | | | | | | | | | | 559 | | | | | | | | | | | | — | | | | | | | | | | | | 29,335 | | | | | | | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 3,604 | | | | | | 508 | | | | | | 1,357 | | | | | | (157) | | | | | | (c) | | | | | | (468) | | | | | | (c) | | | | | | — | | | | | | | | | | | | 4,844 | | | | | | | | |
Borrowings
|
| | | | 1,414 | | | | | | 119 | | | | | | 447 | | | | | | (84) | | | | | | (d) | | | | | | (130) | | | | | | (d) | | | | | | — | | | | | | | | | | | | 1,766 | | | | | | | | |
Total Interest Expense
|
| | | | 5,018 | | | | | | 627 | | | | | | 1,804 | | | | | | (241) | | | | | | | | | | | | (598) | | | | | | | | | | | | — | | | | | | | | | | | | 6,610 | | | | | | | | |
Net Interest Income
|
| | | | 14,799 | | | | | | 2,129 | | | | | | 4,243 | | | | | | 397 | | | | | | | | | | | | 1,157 | | | | | | | | | | | | — | | | | | | | | | | | | 22,725 | | | | | | | | |
Provision (Benefit) For Loan Losses
|
| | | | 626 | | | | | | (49) | | | | | | 126 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 703 | | | | | | | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
| | | | 14,173 | | | | | | 2,178 | | | | | | 4,117 | | | | | | 397 | | | | | | | | | | | | 1,157 | | | | | | | | | | | | — | | | | | | | | | | | | 22,022 | | | | | | | | |
OTHER INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service fees
|
| | | | 569 | | | | | | 127 | | | | | | 76 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 772 | | | | | | | | |
Gain on sale of securities
|
| | | | 238 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 239 | | | | | | | | |
Earnings on bank-owned life insurance
|
| | | | 347 | | | | | | — | | | | | | 79 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 426 | | | | | | | | |
Gain on bargain purchase
|
| | | | 746 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (746) | | | | | | (e) | | | | | | — | | | | | | | | |
Other
|
| | | | 260 | | | | | | (2) | | | | | | 294 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 552 | | | | | | | | |
Total Other Income
|
| | | | 2,160 | | | | | | 126 | | | | | | 449 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (746) | | | | | | | | | | | | 1,989 | | | | | | | | |
OTHER EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 6,855 | | | | | | 882 | | | | | | 1,982 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 9,719 | | | | | | | | |
Occupancy and equipment
|
| | | | 1,784 | | | | | | 192 | | | | | | 884 | | | | | | 9 | | | | | | (f) | | | | | | 22 | | | | | | (f) | | | | | | — | | | | | | | | | | | | 2,891 | | | | | | | | |
Data processing
|
| | | | 1,155 | | | | | | 137 | | | | | | 474 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,766 | | | | | | | | |
Professional fees
|
| | | | 451 | | | | | | 167 | | | | | | 190 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7808 | | | | | | | | |
Merger related expenses
|
| | | | 3,294 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (3,294) | | | | | | (e) | | | | | | — | | | | | | | | |
Amortization on intangible assets
|
| | | | 242 | | | | | | — | | | | | | — | | | | | | 10 | | | | | | (g) | | | | | | 27 | | | | | | (g) | | | | | | — | | | | | | | | | | | | 279 | | | | | | | | |
Other
|
| | | | 1,611 | | | | | | 540 | | | | | | 1,160 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3,311 | | | | | | | | |
Total Other Expense
|
| | | | 15,392 | | | | | | 1,918 | | | | | | 4,690 | | | | | | 19 | | | | | | | | | | | | 49 | | | | | | | | | | | | (3,294) | | | | | | | | | | | | 18,774 | | | | | | | | |
Income (Loss) Before Income Taxes
|
| | | | 941 | | | | | | 386 | | | | | | (124) | | | | | | 378 | | | | | | | | | | | | 1,108 | | | | | | | | | | | | 2,548 | | | | | | | | | | | | 5,237 | | | | | | | | |
Income Tax Expense (Benefit)
|
| | | | (387) | | | | | | 116 | | | | | | (19) | | | | | | 85 | | | | | | (h) | | | | | | 249 | | | | | | (h) | | | | | | 741 | | | | | | (h) | | | | | | 786 | | | | | | | | |
NET INCOME (LOSS)
|
| | | $ | 1,328 | | | | | $ | 270 | | | | | $ | (105) | | | | | $ | 293 | | | | | | | | | | | $ | 859 | | | | | | | | | | | $ | 1,807 | | | | | | | | | | | $ | 4,452 | | | | | | | | |
Pro Forma Combined Per Share Data (Common Stock)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share
|
| | | $ | 0.30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.98 | | | | | | (i) | | |
Dividends declared per share
|
| | | | 0.50 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.50 | | | | | | | | |
Book value
|
| | | | 21.47 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22.15 | | | | | | (j) | | |
Tangible book value
|
| | | | 20.10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20.79 | | | | | | (j) | | |
Weighted average shares outstanding (basic and diluted)
|
| | | | 4,489,345 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,489,345 | | | | | | (i) | | |
| | |
William Penn
|
| |
Pro Forma with
Fidelity and Washington |
| ||||||
(Dollars in thousands, except per share data)
|
| |
(audited)
|
| |
(unaudited)
|
| ||||||
Tangible common equity | | | | | | | | | | | | | |
Total common stockholders’ equity
|
| | | $ | 96,365 | | | | | $ | 99,489 | | |
Adjustments: | | | | | | | | | | | | | |
Accumulated other comprehensive income
|
| | | | (76) | | | | | | (76) | | |
Goodwill
|
| | | | (4,858) | | | | | | (4,858) | | |
Other intangible assets
|
| | | | (1,192) | | | | | | (1,155) | | |
Tangible common equity
|
| | | $ | 90,239 | | | | | $ | 93,400 | | |
Common shares outstanding
|
| | | | 4,489,345 | | | | | | 4,489,345 | | |
Book value per common share
|
| | | $ | 21.47 | | | | | $ | 22.15 | | |
Tangible book value per common share
|
| | | | 20.10 | | | | | | 20.79 | | |
| | | | | S-1 | | | |
| | | | | S-1 | | | |
| | | | | S-1 | | | |
| | | | | S-2 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-5 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| | | | | S-7 | | | |
| | | | | S-9 | | | |
| | | | | S-9 | | | |
| | | | | S-9 | | | |
| | | | | S-9 | | | |
| | | | | S-10 | | | |
| | | | | S-10 | | | |
| | | | | S-11 | | | |
| | | | | S-11 | | | |
| | | | | S-11 | | | |
| | | | | S-11 | | |
| | |
As of June 30th
|
| |||||||||||||||
Investment Options
|
| |
2017
|
| |
2018
|
| |
2019
|
| |||||||||
Diamond Hill Small Cap Fund
|
| | | | 13.3% | | | | | | 9.2% | | | | | | .-5.5% | | |
Dodge & Cox International Stock Fund
|
| | | | 30.3% | | | | | | 0.5% | | | | | | -0.3% | | |
Fidelity Balanced Fund
|
| | | | 13.5% | | | | | | 10.8% | | | | | | 6.6% | | |
Fidelity Contra Fund
|
| | | | 22.1% | | | | | | 23.9% | | | | | | 7.9% | | |
Fidelity Freedom 2045 Fund
|
| | | | 19.0% | | | | | | 10.8% | | | | | | 3.9% | | |
Fidelity Freedom 2035 Fund
|
| | | | 19.0% | | | | | | 10.8% | | | | | | 4.1% | | |
Fidelity Freedom 2025 Fund
|
| | | | 14.0% | | | | | | 7.9% | | | | | | 5.0% | | |
Fidelity Freedom 2015 Fund
|
| | | | 11.6% | | | | | | 6.5% | | | | | | 5.2% | | |
Emerald Growth Fund
|
| | | | 28.3% | | | | | | 22.1% | | | | | | 2.5% | | |
Fidelity Select Materials Fund
|
| | | | 20.9% | | | | | | 9.5% | | | | | | -10.2% | | |
Fidelity Select Health Care Fund
|
| | | | 16.6% | | | | | | 15.9% | | | | | | 7.3% | | |
Fidelity Worldwide Fund
|
| | | | 16.2% | | | | | | 19.9% | | | | | | 7.2% | | |
Fidelity 500 Index Fund
|
| | | | N/A | | | | | | 14.2% | | | | | | 10.4% | | |
Janus Henderson Mid Cap Value Fund
|
| | | | 17.0% | | | | | | 7.3% | | | | | | 4.2% | | |
Loomis Sayles Bond Fund
|
| | | | 8.1% | | | | | | 0.9% | | | | | | 5.6% | | |
MFS Mid Cap Value Fund
|
| | | | 15.5% | | | | | | 7.2% | | | | | | 5.5% | | |
Voya Mid Cap Opportunities Fund I
|
| | | | 16.3% | | | | | | 14.0% | | | | | | 8.0% | | |
PIMCO Total Returns Fund
|
| | | | 1.8% | | | | | | 4.8% | | | | | | 7.3% | | |
Vanguard International Growth Fund
|
| | | | N/A | | | | | | N/A | | | | | | -0.5% | | |
William Penn Bancorp Stock Fund
|
| | | | 13.1% | | | | | | 41.7% | | | | | | 21.7% | | |
William Penn Bank CD Fund
|
| | | | 2.4% | | | | | | 2.5% | | | | | | 2.6% | | |
AMG Yacktman Fund
|
| | | | 12.7% | | | | | | 12.5% | | | | | | 10.6% | | |
Name of Plan Participant: |
|
|
Signature of Participant
|
| |
Date
|
|
|
By:
|
| |
Date
|
|
|
SEC filing fee(1)
|
| | | $ | 16,551 | | |
|
FINRA filing fee(1)
|
| | | | 23,312 | | |
|
Nasdaq fees and expenses
|
| | | | 50,000 | | |
|
EDGAR, printing, postage and mailing
|
| | | | 250,000 | | |
|
Legal fees and expenses
|
| | | | 625,000 | | |
|
Accounting fees and expenses
|
| | | | 100,000 | | |
|
Appraiser’s fees and expenses
|
| | | | 115,000 | | |
|
Marketing firm expenses (including legal fees)(2)
|
| | | | 140,000 | | |
|
Business plan fees and expenses
|
| | | | 45,000 | | |
|
Transfer agent and registrar fees and expenses
|
| | | | 15,000 | | |
|
Proxy solicitor fees and expenses
|
| | | | 10,000 | | |
|
Miscellaneous
|
| | | | 10,137 | | |
|
TOTAL
|
| | | $ | 1,400,000 | | |
|
Name
|
| |
Title
|
| |
Date
|
|
|
/s/ Kenneth J. Stephon
Kenneth J. Stephon
|
| | President and Chief Executive Officer and Director (principal executive officer) | | |
January 13, 2021
|
|
|
/s/ Jonathan T. Logan
Jonathan T. Logan
|
| | Senior Vice President and Chief Financial Officer (principal financial and accounting officer) | | |
January 13, 2021
|
|
|
*
William J. Feeney
|
| | Chairman of the Board of Directors | | | | |
|
*
Craig Burton
|
| | Director | | | | |
|
*
D. Michael Carmody, Jr.
|
| | Director | | | | |
|
*
Charles Corcoran
|
| | Director | | | | |
|
*
Glenn Davis
|
| | Director | | | | |
|
*
Christopher M. Molden
|
| | Director | | | | |
|
*
William C. Niemczura
|
| | Director | | | | |
|
*
William B.K. Parry, Jr.
|
| | Director | | | | |
|
*
Terry L Sager
|
| | Director | | | | |
|
*
Vincent P. Sarubbi
|
| | Director | | | | |
|
By:
/s/ Kenneth J. Stephon
Kenneth J. Stephon
Attorney-in-Fact |
| | January 13, 2021 | | | | |
Exhibit 5.0
Suite 900, 607 14th Street, NW Washington, DC 20005-2018 t 202 508 5800 f 202 508 5858 |
January 13, 2021 |
direct dial 202 508 5893 direct fax 202 204 5616 gbronstein@kilpatricktownsend.com |
Board of Directors
William Penn Bancorporation
10 Canal Street, Suite 104
Bristol, Pennsylvania 19007
Ladies and Gentlemen:
We have acted as counsel to William Penn Bancorporation, a Maryland corporation (the “Company”), in connection with the registration under the Securities Act of 1933, as amended (the “Act”), of up to 15,170,754 shares of common stock, $0.01 par value per share, of the Company (the “Shares”) pursuant to the Registration Statement on Form S-1,as amended, (the “Registration Statement”) initially filed with the Securities and Exchange Commission on October 15, 2020. The Registration Statement relates to (i) up to 12,650,000 shares (the “Offering Shares”) that may be issued in a subscription offering, community offering and/or syndicated community offering or firm commitment offering, including shares that may be purchased by the William Penn Bank 401(k) Retirement Savings Plan (the “401(k) Plan Shares”) as described in the Registration Statement, and (ii) up to 2,520,754 shares (the “Exchange Shares”) that may be issued in exchange for outstanding shares of common stock, par value $0.10 per share, of William Penn Bancorp, Inc., a Pennsylvania corporation.
We have reviewed the Registration Statement, the Plan of Conversion and Reorganization filed as Exhibit 2.0 to the Registration Statement, and the corporate proceedings of the Company with respect to the authorization of the issuance of the Shares. We have also examined originals or copies of such documents, corporate records, certificates of public officials and other instruments, and have conducted such other investigations of law and fact as we have deemed necessary or advisable for purposes of our opinion. In our examination, we have assumed, without verification, the genuineness of all signatures, the authenticity of all documents and instruments submitted to us as originals, and the conformity to the originals of all documents and instruments submitted to us as certified or conformed copies.
This opinion is limited solely to the Maryland General Corporation Law, including applicable provisions of the Constitution of Maryland and the reported judicial decisions interpreting such law.
Board of Directors
William Penn Bancorporation
January 13, 2021
Page 2
For purposes of this opinion, we have assumed that, prior to the issuance of any Shares, the Registration Statement, as finally amended, will have become effective under the Act and that the mergers contemplated by the Plan of Conversion and Reorganization will have become effective.
Based upon and subject to the foregoing, it is our opinion that:
(i) | the Offering Shares (including the 401(k) Plan Shares), when issued and sold in the manner described in the Registration Statement, will be validly issued, fully paid and nonassessable; and |
(ii) | when the Company issues and delivers the Exchange Shares in accordance with the terms of the Plan of Conversion and Reorganization, the Exchange Shares will be validly issued, fully paid and nonassessable. |
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and as an exhibit to the Application on Form MM-AC of William Penn, MHC filed with the Board of Governors of the Federal Reserve System (the “Federal Reserve Board Application”), and to the reference to our firm under the heading “Legal and Tax Opinions” in the prospectus which is part of each of the Registration Statement and the Federal Reserve Board Application, as such may be amended or supplemented, or incorporated by reference in any Registration Statement covering additional shares of Common Stock to be issued or sold under the Plan of Conversion and Reorganization that is filed pursuant to Rule 462(b) of the Act, and to the reference to our firm in the Federal Reserve Board Application. In giving such consent, we do not hereby admit that we are experts or are otherwise within the category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the Securities and Exchange Commission thereunder.
Very truly yours, | |
KILPATRICK TOWNSEND & STOCKTON LLP | |
/s/ Gary R. Bronstein | |
Gary R. Bronstein, a Partner |
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the use in this Pre-Effective Amendment No. 2 to the Registration Statement on Form S-1 of William Penn Bancorporation of our report dated October 6, 2020, relating to the consolidated financial statements of William Penn Bancorp, Inc., appearing in the Prospectus, which is part of this Registration Statement.
We also consent to the reference to our firm under the heading “Experts” in the Prospectus that is part of this Registration Statement.
/s/ S.R. Snodgrass, P.C.
Cranberry Township, Pennsylvania
January 13, 2021
Exhibit 23.3
Consent of Independent Registered Public Accounting Firm
William Penn Bancorporation
Bristol, Pennsylvania
We hereby consent to the use in the Prospectuses constituting a part of this Registration Statement of our report dated January 15, 2020, relating to the financial statements of Fidelity Savings and Loan Association of Bucks County as of June 30, 2019 and 2018 and for the years then ended, which is contained in those Prospectuses.
/s/ BDO USA, LLP
BDO USA, LLP
Philadelphia, Pennsylvania
January 13, 2021
BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.
BDO is the brand name for the BDO network and for each of the BDO Member Firms.
Exhibit 23.4
CONSENT OF INDEPENDENT AUDITOR
We consent to the use in this Pre-Effective Amendment No. 2 to the Registration Statement on Form S-1 of William Penn Bancorporation of our report dated June 30, 2020, relating to the consolidated financial statements of Washington Savings Bank and subsidiary, appearing in the Prospectus, which is part of this Registration Statement.
/s/ S.R. Snodgrass, P.C.
Cranberry Township, Pennsylvania
January 13, 2021
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