Loans (Tables)

3 Months Ended

Sep. 30, 2023

Loans

Schedule of major classifications of loans

	September 30,				June 30,
	2023				2023
(Dollars in thousands)	Amount		Percent		Amount		Percent
Residential real estate:
1 - 4 family	$	131,305	27.61	%	$	135,046	28.08	%
Home equity and HELOCs		32,497	6.83			32,684	6.79
Construction -residential		8,813	1.85			9,113	1.90
Commercial real estate:
1 - 4 family investor		96,337	20.25			98,160	20.41
Multi-family (five or more)		15,258	3.21			15,281	3.18
Commercial non-residential		155,399	32.67			157,555	32.77
Construction and land		19,343	4.07			15,584	3.24
Commercial		14,759	3.10			15,433	3.21
Consumer loans		1,928	0.41			2,000	0.42
Total Loans		475,639	100.00	%		480,856	100.00	%
Allowance for credit losses		(3,587)				(3,313)
Net Loans	$	472,052			$	477,543

Schedule for changes in the allowance for loan losses

September 30, 2023	Residential real estate:						Commercial real estate:
			Home Equity		Construction-		1 - 4 family		Multi-family		Commercial		Construction
(Dollar amounts in thousands)	1 - 4 family		and HELOCs		residential		investor		(five or more)		non-residential		and Land		Commercial		Consumer		Total
Allowance for credit losses:
Beginning balance	$	486	$	113	$	214	$	569	$	89	$	1,420	$	281	$	82	$	59	$	3,313
Impact of adopting ASU 2016-13		(67)		19		(174)		(241)		(30)		379		(93)		254		196		243
Charge-offs		—		—		—		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—		—		—		26		26
Provision (recovery)		(12)		(1)		(1)		(3)		(6)		(32)		45		4		11		5
Ending Balance	$	407	$	131	$	39	$	325	$	53	$	1,767	$	233	$	340	$	292	$	3,587

September 30, 2022	Residential real estate:						Commercial real estate:
			Home Equity		Construction-		1 - 4 family		Multi-family		Commercial		Construction
(Dollar amounts in thousands)	1-4 family		and HELOCs		residential		investor		(five or more)		non-residential		and Land		Commercial		Consumer		Total
Allowance for loan losses:
Beginning balance	$	506	$	113	$	386	$	527	$	110	$	1,451	$	166	$	100	$	50	$	3,409
Charge-offs		(79)		—		—		—		—		—		—		—		—		(79)
Recoveries		—		—		—		—		—		—		—		—		3		3
Provision (recovery)		66		3		(85)		(32)		2		(20)		58		11		(3)		—
Ending Balance	$	493	$	116	$	301	$	495	$	112	$	1,431	$	224	$	111	$	50	$	3,333

September 30, 2023	Residential real estate:						Commercial real estate:
			Home Equity		Construction-		1 - 4 family		Multi-family		Commercial		Construction
(Dollar amounts in thousands)	1 - 4 family		and HELOCs		residential		investor		(five or more)		non-residential		and land		Commercial		Consumer		Total
Allowance ending balance:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		407		131		39		325		53		1,767		233		340		292		3,587
Total allowance	$	407	$	131	$	39	$	325	$	53	$	1,767	$	233	$	340	$	292	$	3,587
Loans receivable ending balance:
Individually evaluated for impairment	$	2,033	$	—	$	—	$	111	$	236	$	1,095	$	—	$	—	$	81	$	3,556
Collectively evaluated for impairment		129,272		32,497		8,813		96,226		15,022		154,304		19,343		14,759		1,847		472,083
Total portfolio	$	131,305	$	32,497	$	8,813	$	96,337	$	15,258	$	155,399	$	19,343	$	14,759	$	1,928	$	475,639

June 30, 2023	Residential real estate:						Commercial real estate:
			Home Equity		Construction-		1 - 4 family		Multi-family		Commercial		Construction
(Dollar amounts in thousands)	1 - 4 family		and HELOCs		residential		investor		(five or more)		non-residential		and land		Commercial		Consumer		Total
Allowance ending balance:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		486		113		214		569		89		1,420		281		82		59		3,313
Total allowance	$	486	$	113	$	214	$	569	$	89	$	1,420	$	281	$	82	$	59	$	3,313
Loans receivable ending balance:
Individually evaluated for impairment	$	1,209	$	182	$	—	$	832	$	251	$	778	$	—	$	—	$	—	$	3,252
Collectively evaluated for impairment		78,237		19,689		9,113		84,891		14,781		142,098		15,584		14,976		643		380,012
Acquired non-credit impaired loans (1)		55,528		12,813		—		12,437		249		14,679		—		457		1,357		97,520
Acquired credit impaired loans (2)		72		—		—		—		—		—		—		—		—		72
Total portfolio	$	135,046	$	32,684	$	9,113	$	98,160	$	15,281	$	157,555	$	15,584	$	15,433	$	2,000	$	480,856

(1) Acquired non-credit impaired loans are evaluated collectively, excluding loans that have subsequently moved to non-accrual status which are individually evaluated for impairment.

(2) Acquired credit impaired loans are evaluated on an individual basis.

Schedule of risk category of loans by class of loans

	September 30, 2023
	Term Loans Amortized Cost Basis by Origination Fiscal Year												Revolving Loans		Revolving Loans
													Amortized		Converted
	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
1 - 4 family investor
Pass	$	1,448	$	12,185	$	6,831	$	17,783	$	12,245	$	42,376	$	1,537	$	719	$	95,124
Special Mention		—		—		—		—		—		1,102		—		—		1,102
Substandard		—		—		—		—		—		111		—		—		111
Doubtful		—		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—		—
Total 1 - 4 family investor	$	1,448	$	12,185	$	6,831	$	17,783	$	12,245	$	43,589	$	1,537	$	719	$	96,337
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family (five or more)
Pass	$	101	$	1,181	$	1,346	$	4,173	$	5,050	$	3,171	$	—	$	—	$	15,022
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		236		—		—		236
Doubtful		—		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—		—
Total Multi-family	$	101	$	1,181	$	1,346	$	4,173	$	5,050	$	3,407	$	—	$	—	$	15,258
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial non-residential
Pass	$	553	$	21,986	$	62,611	$	30,678	$	16,490	$	21,890	$	—	$	96	$	154,304
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		320		477		298		—		—		1,095
Doubtful		—		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—		—
Total Commercial non-residential	$	553	$	21,986	$	62,611	$	30,998	$	16,967	$	22,188	$	—	$	96	$	155,399
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land
Pass	$	811	$	4,742	$	10,501	$	—	$	1,167	$	2,122	$	—	$	—	$	19,343
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—		—
Total Construction and land	$	811	$	4,742	$	10,501	$	—	$	1,167	$	2,122	$	—	$	—	$	19,343
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial
Pass	$	—	$	6,803	$	7,378	$	—	$	53	$	525	$	—	$	—	$	14,759
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—		—
Total Commercial	$	—	$	6,803	$	7,378	$	—	$	53	$	525	$	—	$	—	$	14,759
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

June 30, 2023
	Commercial Real Estate
	1 - 4 family						Construction
	investor		Multi-family		Non-residential		and land		Commercial		Total
Pass	$	96,097	$	15,030	$	156,777	$	15,584	$	15,433	$	298,921
Special Mention		1,231		—		—		—		—		1,231
Substandard		832		251		778		—		—		1,861
Doubtful		—		—		—		—		—		—
Loss		—		—		—		—		—		—
Ending Balance	$	98,160	$	15,281	$	157,555	$	15,584	$	15,433	$	302,013

	September 30, 2023
	Term Loans Amortized Cost Basis by Origination Fiscal Year												Revolving Loans		Revolving Loans
													Amortized		Converted
	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
1 - 4 family residential
Performing	$	3,550	$	8,007	$	13,872	$	15,786	$	8,627	$	79,430	$	—	$	—	$	129,272
Non-performing		—		—		—		—		131		1,902		—		—		2,033
Total 1 - 4 family residential	$	3,550	$	8,007	$	13,872	$	15,786	$	8,758	$	81,332	$	—	$	—	$	131,305
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity & HELOCs
Performing	$	535	$	2,422	$	517	$	988	$	427	$	4,677	$	21,156	$	1,775	$	32,497
Non-performing		—		—		—		—		—		—		—		—		—
Total Home equity & HELOCs	$	535	$	2,422	$	517	$	988	$	427	$	4,677	$	21,156	$	1,775	$	32,497
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction residential
Performing	$	1,728	$	4,885	$	645	$	1,555	$	—	$	—	$	—	$	—	$	8,813
Non-performing		—		—		—		—		—		—		—		—		—
Total construction residential	$	1,728	$	4,885	$	645	$	1,555	$	—	$	—	$	—	$	—	$	8,813
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer
Performing	$	—	$	116	$	68	$	25	$	321	$	1,317	$	—	$	—	$	1,847
Non-performing		—		—		—		—		—		81		—		—		81
Total Consumer	$	—	$	116	$	68	$	25	$	321	$	1,398	$	—	$	—	$	1,928
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

June 30, 2023
	Residential Real Estate
			Home equity &
	1 - 4 family		HELOCs		Construction		Consumer		Total
Performing	$	132,956	$	32,684	$	9,113	$	1,918	$	176,671
Non-performing		2,090		—		—		82		2,172
	$	135,046	$	32,684	$	9,113	$	2,000	$	178,843

Schedule of aging analysis of past due loans

	Aged Analysis of Past Due and Non-accrual Loans
	As of September 30, 2023
													Recorded		Recorded
													Investment		Investment
	30 - 59 Days		60 - 89 Days		90 Days		Total Past				Total Loans		>90 Days and		Loans on
(Dollar amounts in thousands)	Past Due		Past Due		Or Greater		Due		Current		Receivable		Accruing		Non-Accrual
Residential real estate:
1 - 4 family	$	281	$	654	$	198	$	1,133	$	130,172	$	131,305	$	—	$	2,033
Home equity and HELOCs		144		—		—		144		32,353		32,497		—		—
Construction - residential		—		—		—		—		8,813		8,813		—		—
Commercial real estate:
1 - 4 family investor		89		960		39		1,088		95,249		96,337		—		111
Multi-family		—		—		—		—		15,258		15,258		—		236
Commercial non-residential		—		—		1,095		1,095		154,304		155,399		—		1,095
Construction and land		—		—		—		—		19,343		19,343		—		—
Commercial		—		—		—		—		14,759		14,759		—		—
Consumer		—		31		13		44		1,884		1,928		—		81
Total	$	514	$	1,645	$	1,345	$	3,504	$	472,135	$	475,639	$	—	$	3,556

	Aged Analysis of Past Due and Non-accrual Loans
	As of June 30, 2023
															Recorded		Recorded
									Acquired						Investment		Investment
	30 - 59 Days		60 - 89 Days		90 Days		Total Past		Credit				Total Loans		>90 Days and		Loans on
(Dollar amounts in thousands)	Past Due		Past Due		Or Greater		Due		Impaired		Current		Receivable		Accruing		Non-Accrual
Residential real estate:
1 - 4 family	$	290	$	457	$	567	$	1,314	$	72	$	133,660	$	135,046	$	—	$	2,090
Home equity and HELOCs		—		—		—		—		—		32,684		32,684		—		—
Construction - residential		—		—		—		—		—		9,113		9,113		—		—
Commercial real estate:
1 - 4 family investor		—		752		—		752		—		97,408		98,160		—		832
Multi-family		251		—		—		251		—		15,030		15,281		—		251
Commercial non-residential		—		322		778		1,100		—		156,455		157,555		—		778
Construction and land		—		—		—		—		—		15,584		15,584		—		—
Commercial		—		—		—		—		—		15,433		15,433		—		—
Consumer		—		13		—		13		—		1,987		2,000		—		82
Total	$	541	$	1,544	$	1,345	$	3,430	$	72	$	477,354	$	480,856	$	—	$	4,033

Summary of recorded investment and unpaid principal balances for impaired loans

June 30, 2023
			Unpaid
	Recorded		Principal		Related
(Dollars in thousands)	Investment		Balance		Allowance
With no related allowance recorded:
1-4 family residential real estate	$	1,209	$	1,302	$	—
Home equity and HELOCs		182		182		—
Construction residential		—		—		—
1 - 4 family investor commercial real estate		832		850		—
Multi-family		251		283		—
Commercial non-residential		778		783		—
Construction and land		—		—		—
Commercial		—		—		—
Consumer		—		—		—
With an allowance recorded:
1-4 family residential real estate	$	—	$	—	$	—
Home equity and HELOCs		—		—		—
Construction residential		—		—		—
1 - 4 family investor commercial real estate		—		—		—
Multi-family		—		—		—
Commercial non-residential		—		—		—
Construction and land		—		—		—
Commercial		—		—		—
Consumer		—		—		—
Total:
1-4 family residential real estate	$	1,209	$	1,302	$	—
Home equity and HELOCs		182		182		—
Construction residential		—		—		—
1 - 4 family investor commercial real estate		832		850		—
Multi-family		251		283		—
Commercial non-residential		778		783		—
Construction and land		—		—		—
Commercial		—		—		—
Consumer		—		—		—

September 30, 2022	Three Months Ended
	Average		Interest
	Recorded		Income
(Dollars in thousands)	Investment		Recognized
With no related allowance recorded:
1-4 family residential real estate	$	2,476	$	—
Home equity and HELOCs		385		4
Construction residential		—		—
1-4 family investor commercial real estate		121		1
Multi-family		291		—
Commercial non-residential		1,348		5
Construction and land		—		—
Commercial		—		—
Consumer		—		—
With an allowance recorded:
1-4 family residential real estate	$	—	$	—
Home equity and HELOCs		—		—
Construction residential		—		—
1-4 family investor commercial real estate
Multi-family		—		—
Commercial non-residential		—		—
Construction and land		—		—
Commercial		—		—
Consumer		—		—
Total:
1-4 family residential real estate	$	2,476	$	—
Home equity and HELOCs		385		4
Construction residential		—		—
1-4 family investor commercial real estate		121		1
Multi-family		291		—
Commercial non-residential		1,348		5
Construction and land		—		—
Commercial		—		—
Consumer		—		—