| | | | | S-1 | | | |
| | | | | S-1 | | | |
| | | | | S-1 | | | |
| | | | | S-2 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-3 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-4 | | | |
| | | | | S-5 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| | | | | S-6 | | | |
| | | | | S-7 | | | |
| | | | | S-7 | | | |
| | | | | S-7 | | | |
| | | | | S-8 | | | |
| | | | | S-10 | | | |
| | | | | S-10 | | | |
| | | | | S-10 | | | |
| | | | | S-10 | | | |
| | | | | S-11 | | | |
| | | | | S-11 | | | |
| | | | | S-12 | | | |
| | | | | S-12 | | | |
| | | | | S-12 | | | |
| | | | | S-12 | | |
| | |
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% | | |
|
Signature of Participant
|
| |
Date
|
|
|
By:
|
| |
Date
|
|
| | |
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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| | | | 113 | | | |
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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