Condensed Parent Company Only Financial Statements (Tables)

12 Months Ended

Jun. 30, 2020

Condensed Parent Company Only Financial Statements

Parent Company Condensed Balance Sheets

		June 30,
Condensed Balance Sheets	(dollars in thousands)	2020		2019
Assets
Cash and cash equivalents		$	4,576	$	8,149
Other assets			13,823		13,438
Investment in common stock of Bank			255,601		234,716
	TOTAL ASSETS	$	274,000	$	256,303
Liabilities and Stockholders' Equity
Accrued expenses and other liabilities		$	511	$	2,868
Subordinated debt			15,142		15,043
	TOTAL LIABILITIES		15,653		17,911
Stockholders' equity			258,347		238,392
	TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	274,000	$	256,303

Parent Company Condensed Statements of Income

		Year ended June 30,
Condensed Statements of Income	(dollars in thousands)	2020		2019		2018
Interest income		$	27	$	25	$	20
Interest expense			899		1,079		887
Net interest expense			(872)		(1,054)		(867)
Dividends from Bank			34,000		23,000		6,000
Bargain purchase gain			123		—		—
Operating expenses			1,529		827		940
Income before income taxes and equity in undistributed income of the Bank			31,722		21,119		4,193
Income tax benefit			292		358		437
Income before equity in undistributed income of the Bank			32,014		21,477		4,630
Equity in undistributed income of the Bank			(4,469)		7,427		16,299
	NET INCOME	$	27,545	$	28,904	$	20,929
	COMPREHENSIVE INCOME	$	30,745	$	32,496	$	18,057

Parent Company Condensed Statements of Cash Flows

		Year ended June 30,
Condensed Statements of Cash Flow	(dollars in thousands)	2020		2019		2018
Cash Flows from operating activities:
Net income		$	27,545	$	28,904	$	20,929
Changes in:
Equity in undistributed income of the Bank			4,469		(7,427)		(16,299)
Other adjustments, net			(904)		(635)		40
	NET CASH PROVIDED BY OPERATING ACTIVITES		31,110		20,842		4,670
Investments in Bank subsidiaries			(20,463)		(10,747)		(3,488)
	NET CASH USED IN INVESTING ACTIVITIES		(20,463)		(10,747)		(3,488)
Cash flows from financing activities:
Dividends on common stock			(5,513)		(4,763)		(3,827)
Exercise of stock options			64		—		172
Payments to acquire treasury stock			(5,771)		(1,166)		—
Repayments of long term debt			(3,000)		(4,400)		—
	NET CASH USED IN FINANCING ACTIVITIES		(14,220)		(10,329)		(3,655)
Net decrease in cash and cash equivalents			(3,573)		(234)		(2,473)
Cash and cash equivalents at beginning of year			8,149		8,383		10,856
	CASH AND CASH EQUIVALENTS AT END OF YEAR	$	4,576	$	8,149	$	8,383