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NET LOANS RECEIVABLE (Tables) | 6 Months Ended
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Dec. 31, 2020
NET LOANS RECEIVABLE |
Schedule of net loans receivable | A summary of net loans receivable is as follows (dollars in thousands):
|  | December 31, 2020 |  | June 30, 2020
Commercial: |  |  |  |  |  |
Real estate |  | $ | 452,468 |  | $ | 450,452
Commercial and industrial |  |  | 192,393 |  |  | 237,223
Construction |  |  | 94,817 |  |  | 91,805
Total commercial |  |  | 739,678 |  |  | 779,480
Residential mortgages |  |  | 287,176 |  |  | 279,960
Home equity loans and lines |  |  | 77,068 |  |  | 80,345
Consumer |  |  | 29,222 |  |  | 30,860
|  |  | 1,133,144 |  |  | 1,170,645
Net deferred loan costs |  |  | 1,726 |  |  | 605
Allowance for loan losses |  |  | (23,393) |  |  | (22,851)
Net loans receivable |  | $ | 1,111,477 |  | $ | 1,148,399
Schedule of activity in allowance for loan losses by portfolio segment | The following tables present the activity in the allowance for loan losses by portfolio segment (dollars in thousands):
|  | For the Three Months Ended December 31, 2020
|  |  |  |  | Residential |  |  |  |  |  |  |  |  |
|  | Commercial |  | Mortgages |  |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses at beginning of period |  | $ | 18,334 |  | $ | 3,475 |  | $ | 1,313 |  | $ | 487 |  | $ | 23,609
Provisions charged to operations |  |  | 1,272 |  |  | 177 |  |  | 25 |  |  | 76 |  |  | 1,550
Loans charged off |  |  | (1,558) |  |  | (108) |  |  | (51) |  |  | (84) |  |  | (1,801)
Recoveries on loans charged off |  |  | 26 |  |  | — |  |  | — |  |  | 9 |  |  | 35
Allowance for loan losses at end of period |  | $ | 18,074 |  | $ | 3,544 |  | $ | 1,287 |  | $ | 488 |  | $ | 23,393
|  | For the Three Months Ended December 31, 2019
|  |  |  |  | Residential |  |  |  |  |  |  |  |  |
|  | Commercial |  | Mortgages |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses at beginning of period |  | $ | 11,408 |  | $ | 2,379 |  | $ | 850 |  | $ | 362 |  | $ | 14,999
Provisions charged to operations |  |  | 1,353 |  |  | 73 |  |  | 18 |  |  | 76 |  |  | 1,520
Loans charged off |  |  | (1) |  |  | — |  |  | — |  |  | (33) |  |  | (34)
Recoveries on loans charged off |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 8
Allowance for loan losses at end of period |  | $ | 12,760 |  | $ | 2,452 |  | $ | 868 |  | $ | 413 |  | $ | 16,493
|  | For the Six Months Ended December 31, 2020
|  |  |  |  | Residential |  |  |  |  |  |  |  |  |
|  | Commercial |  | Mortgages |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses at beginning of period |  | $ | 17,570 |  | $ | 3,484 |  | $ | 1,303 |  | $ | 494 |  | $ | 22,851
Provisions charged to operations |  |  | 2,003 |  |  | 168 |  |  | 35 |  |  | 94 |  |  | 2,300
Loans charged off |  |  | (1,558) |  |  | (108) |  |  | (51) |  |  | (110) |  |  | (1,827)
Recoveries on loans charged off |  |  | 59 |  |  | — |  |  | — |  |  | 10 |  |  | 69
Allowance for loan losses at end of period |  | $ | 18,074 |  | $ | 3,544 |  | $ | 1,287 |  | $ | 488 |  | $ | 23,393
|  | For the Six Months Ended December 31, 2019
|  | (As Restated)
|  |  |  |  | Residential |  |  |  |  |  |  |  |  |
|  | Commercial |  | Mortgages |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses at beginning of period |  | $ | 11,057 |  | $ | 2,360 |  | $ | 813 |  | $ | 269 |  | $ | 14,499
Provisions charged to operations |  |  | 1,708 |  |  | 111 |  |  | 54 |  |  | 217 |  |  | 2,090
Loans charged off |  |  | (5) |  |  | (19) |  |  | — |  |  | (90) |  |  | (114)
Recoveries on loans charged off |  |  | — |  |  | — |  |  | 1 |  |  | 17 |  |  | 18
Allowance for loan losses at end of period |  | $ | 12,760 |  | $ | 2,452 |  | $ | 868 |  | $ | 413 |  | $ | 16,493
Schedule of balance in allowance for loan losses and recorded investment | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method (dollars in thousands):
|  | December 31, 2020
|  |  |  |  | Residential |  |  |  |  |  |  |  |  |
|  | Commercial |  | Mortgages |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Related to loans individually evaluated for impairment |  | $ | 1,679 |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,679
Related to loans collectively evaluated for impairment |  |  | 16,395 |  |  | 3,544 |  | $ | 1,287 |  | $ | 488 |  |  | 21,714
Ending balance |  | $ | 18,074 |  | $ | 3,544 |  | $ | 1,287 |  | $ | 488 |  | $ | 23,393
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 8,260 |  | $ | — |  | $ | — |  | $ | — |  | $ | 8,260
Loans collectively evaluated for impairment |  |  | 731,418 |  |  | 287,176 |  |  | 77,068 |  |  | 29,222 |  |  | 1,124,884
Ending balance |  | $ | 739,678 |  | $ | 287,176 |  | $ | 77,068 |  | $ | 29,222 |  | $ | 1,133,144
|  | June 30, 2020
|  |  |  |  | Residential |  |  |  |  |  |  |  |  |
|  | Commercial |  | Mortgages |  |  | Home Equity |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Related to loans individually evaluated for impairment |  | $ | 929 |  | $ | — |  | $ | — |  | $ | — |  | $ | 929
Related to loans collectively evaluated for impairment |  |  | 16,641 |  |  | 3,484 |  |  | 1,303 |  |  | 494 |  |  | 21,922
Ending balance |  | $ | 17,570 |  | $ | 3,484 |  | $ | 1,303 |  | $ | 494 |  | $ | 22,851
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 8,407 |  | $ | — |  | $ | — |  | $ | — |  | $ | 8,407
Loans collectively evaluated for impairment |  |  | 771,073 |  |  | 279,960 |  |  | 80,345 |  |  | 30,860 |  |  | 1,162,238
Ending balance |  | $ | 779,480 |  | $ | 279,960 |  | $ | 80,345 |  | $ | 30,860 |  | $ | 1,170,645
Schedule of impaired loans by class | The following tables present information related to impaired loans by class as of (dollars in thousands):
|  |  |  | For the Six Months Ended
|  | December 31, 2020 |  | December 31, 2020
|  | Unpaid |  |  |  |  | Allowance for |  | Average |  | Interest
|  | Principal |  | Recorded |  | Loan Losses |  | Recorded |  | Income
|  | Balance |  | Investment |  | Allocated |  | Investment |  | Recognized
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 5,387 |  | $ | 5,271 |  | $ | — |  | $ | 5,387 |  | $ | 50
Commercial and industrial |  |  | 46 |  |  | 42 |  |  | — |  |  | 46 |  |  | —
Construction |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Subtotal |  |  | 5,433 |  |  | 5,313 |  |  | — |  |  | 5,433 |  |  | 50
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  | 235 |  |  | 209 |  |  | 13 |  |  | 235 |  |  | —
Commercial and industrial |  |  | 1,434 |  |  | 1,419 |  |  | 836 |  |  | 1,434 |  |  | 35
Construction |  |  | 1,319 |  |  | 1,319 |  |  | 830 |  |  | 1,319 |  |  | —
Subtotal |  |  | 2,988 |  |  | 2,947 |  |  | 1,679 |  |  | 2,988 |  |  | 35
Total |  | $ | 8,421 |  | $ | 8,260 |  | $ | 1,679 |  | $ | 8,421 |  | $ | 85
|  |  |  | For the Year Ended
|  | June 30, 2020 |  | June 30, 2020
|  | Unpaid |  |  |  |  | Allowance for |  | Average |  | Interest
|  | Principal |  | Recorded |  | Loan Losses |  | Recorded |  | Income
|  | Balance |  | Investment |  | Allocated |  | Investment |  | Recognized
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 5,417 |  | $ | 5,342 |  | $ | — |  | $ | 5,203 |  | $ | 265
Commercial and industrial |  |  | 46 |  |  | 42 |  |  | — |  |  | 46 |  |  | —
Construction |  |  | 1,319 |  |  | 1,319 |  |  | — |  |  | 1,320 |  |  | —
Subtotal |  |  | 6,782 |  |  | 6,703 |  |  | — |  |  | 6,569 |  |  | 265
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  | 233 |  |  | 221 |  |  | 25 |  |  | 234 |  |  | —
Commercial and industrial |  |  | 1,494 |  |  | 1,483 |  |  | 904 |  |  | 1,513 |  |  | 88
Subtotal |  |  | 1,727 |  |  | 1,704 |  |  | 929 |  |  | 1,747 |  |  | 88
Total |  | $ | 8,509 |  | $ | 8,407 |  | $ | 929 |  | $ | 8,316 |  | $ | 353
Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual | The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans (dollars in thousands):
|  | December 31, |  | June 30,
|  | 2020 |  | 2020
|  |  |  |  | Past Due |  |  |  |  | Past Due
|  |  |  |  | 90 Days |  |  |  |  | 90 Days
|  |  |  |  | Still on |  |  |  |  | Still on
|  | Nonaccrual |  | Accrual |  | Nonaccrual |  | Accrual
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 3,281 |  | $ | 632 |  | $ | 3,364 |  | $ | 143
Commercial and industrial |  |  | 1,261 |  |  | 30 |  |  | 95 |  |  | 1,455
Construction |  |  | 1,319 |  |  | — |  |  | 1,319 |  |  | —
Residential mortgages |  |  | 5,104 |  |  | — |  |  | 4,807 |  |  | —
Home equity loans and lines |  |  | 2,177 |  |  | 14 |  |  | 1,865 |  |  | —
Consumer |  |  | 199 |  |  | 45 |  |  | 210 |  |  | 12
|  | $ | 13,341 |  | $ | 721 |  | $ | 11,660 |  | $ | 1,610
Schedule of aging of recorded investment | The following tables present the aging of the recorded investment in loans by class of loans as of (dollars in thousands):
|  | December 31, 2020
|  | 30 - 59 |  | 60 - 89 |  | 90 or more |  |  |  |  |  |  |  |  |
|  | Days |  | Days |  | Days |  | Total |  | Loans Not |  |  |
|  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 2,941 |  | $ | 2,306 |  | $ | 2,778 |  | $ | 8,025 |  | $ | 444,443 |  | $ | 452,468
Commercial and industrial |  |  | 5,818 |  |  | 1,649 |  |  | 72 |  |  | 7,539 |  |  | 184,854 |  |  | 192,393
Construction |  |  | 169 |  |  | 617 |  |  | 1,319 |  |  | 2,105 |  |  | 92,712 |  |  | 94,817
Residential mortgages |  |  | 989 |  |  | 522 |  |  | 2,531 |  |  | 4,042 |  |  | 283,134 |  |  | 287,176
Home equity loans and lines |  |  | 892 |  |  | 337 |  |  | 1,691 |  |  | 2,920 |  |  | 74,148 |  |  | 77,068
Consumer |  |  | 217 |  |  | 6 |  |  | 45 |  |  | 268 |  |  | 28,954 |  |  | 29,222
Total |  | $ | 11,026 |  | $ | 5,437 |  | $ | 8,436 |  | $ | 24,899 |  | $ | 1,108,245 |  | $ | 1,133,144
|  | June 30, 2020
|  | 30 - 59 |  | 60 - 89 |  | 90 or more |  |  |  |  |  |  |  |  |
|  | Days |  | Days |  | Days |  | Total |  | Loans Not |  |  |
|  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 23 |  | $ | 211 |  | $ | 2,270 |  | $ | 2,504 |  | $ | 447,948 |  | $ | 450,452
Commercial and industrial |  |  | — |  |  | 26 |  |  | 1,551 |  |  | 1,577 |  |  | 235,646 |  |  | 237,223
Construction |  |  | — |  |  | — |  |  | 1,319 |  |  | 1,319 |  |  | 90,486 |  |  | 91,805
Residential mortgages |  |  | 2,666 |  |  | 1,272 |  |  | 3,505 |  |  | 7,443 |  |  | 272,517 |  |  | 279,960
Home equity loans and lines |  |  | 1,217 |  |  | 1,259 |  |  | 1,383 |  |  | 3,859 |  |  | 76,486 |  |  | 80,345
Consumer |  |  | 39 |  |  | 4 |  |  | 12 |  |  | 55 |  |  | 30,805 |  |  | 30,860
Total |  | $ | 3,945 |  | $ | 2,772 |  | $ | 10,040 |  | $ | 16,757 |  | $ | 1,153,888 |  | $ | 1,170,645
Commercial |
NET LOANS RECEIVABLE |
Schedule of loans by risk category | The following tables present commercial loans summarized by class of loans and the risk category (dollars in thousands):
|  | December 31, 2020
|  |  |  |  | Special |  |  |  |  |  |  |  |  |
|  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 406,840 |  | $ | 29,213 |  | $ | 16,415 |  | $ | — |  | $ | 452,468
Commercial and industrial |  |  | 174,798 |  |  | 6,258 |  |  | 11,337 |  |  | — |  |  | 192,393
Construction |  |  | 92,881 |  |  | — |  |  | 1,936 |  |  | — |  |  | 94,817
|  | $ | 674,519 |  | $ | 35,471 |  | $ | 29,688 |  | $ | — |  | $ | 739,678
|  | June 30, 2020
|  |  |  |  | Special |  |  |  |  |  |  |  |  |
|  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 433,948 |  | $ | 106 |  | $ | 16,398 |  | $ | — |  | $ | 450,452
Commercial and industrial |  |  | 222,777 |  |  | 6,393 |  |  | 8,000 |  |  | 53 |  |  | 237,223
Construction |  |  | 89,869 |  |  | — |  |  | 1,936 |  |  | — |  |  | 91,805
|  | $ | 746,594 |  | $ | 6,499 |  | $ | 26,334 |  | $ | 53 |  | $ | 779,480

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