XML 25 R15.htm IDEA: XBRL DOCUMENT v3.23.3
Loans Receivable
 3 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Loans Receivable

 

6.
Loans Receivable

Loans at September 30, 2023 and June 30, 2023 are summarized as follows:

 

 

September 30,
2023

 

 

June 30,
2023

 

Owner occupied commercial real estate loans

 

$

60,850

 

 

$

144

 

Non-owner occupied commercial real estate loans

 

 

75,357

 

 

 

296

 

Multi-family loans

 

 

171,427

 

 

 

10

 

Commercial and industrial loans

 

 

12,789

 

 

 

—

 

Total commercial loans

 

 

320,423

 

 

 

450

 

Residential mortgage loans

 

 

362,704

 

 

 

353,624

 

Consumer and other loans

 

 

12,371

 

 

 

7,349

 

Total loans

 

 

695,498

 

 

 

361,423

 

Allowance for credit losses

 

 

(5,325

)

 

 

(1,116

)

Deferred loan costs, net

 

 

2,230

 

 

 

1,945

 

Loans receivable, net

 

$

692,403

 

 

$

362,252

 

 

The Company engages primarily in the lending of commercial real estate and residential real estate loans. Lending activities are targeted to individuals within the Company's geographic footprint. Risks associated with lending activities include economic conditions and changes in interest rates, which can adversely impact both the ability of borrowers to repay their loans and the value of the associated collateral.

The Company engages primarily in the lending of fixed-rate and adjustable-rate real estate commercial and residential loans. Lending activities are targeted to individuals within the Company's geographic footprint. Risks associated with lending activities include economic conditions and changes in interest rates, which can adversely impact both the ability of borrowers to repay their loans and the value of the associated collateral. Credit risk exposure in this area of lending is minimized by the evaluation of the credit worthiness of the borrower, including debt-to-income ratios, credit scores and conservative underwriting standards that emphasize conservative loan-to-value ratios of generally no more than 80%. Residential mortgage loans granted in excess of the 80% loan-to-value ratio criterion are generally insured by private mortgage insurance.

The real estate home equity portfolio consists of fixed-rate home equity loans and variable-rate home equity lines of credit. Risks associated with second lien loans secured by residential properties are generally lower than commercial loans and include general economic risks, such as the strength of the job market, employment stability and the strength of the housing market.

The Company adopted ASU 2016-13 on July 1, 2023. All disclosures are presented in accordance with ASU 2016-13 as of September 30, 2023. The following tables summarize the activity in the allowance for credit losses by loan class for the three months ended September 30, 2023 and June 30, 2023, prior to the adoption of ASU 2016-13, and information in regards to the allowance for credit losses and the recorded investment in loans receivable by loan class as of September 30, 2023 and June 30, 2023, prior to the adoption of ASU 2016-13:

 

 

September 30, 2023 (Unaudited)

 

 

Owner
Occupied
Commercial
Real Estate

 

 

Other
Commercial
Real Estate

 

 

Multi-
Family

 

 

Commercial
and
Industrial

 

 

Residential

 

 

Consumer

 

 

Total

 

Allowance for Credit Losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

—

 

 

$

4

 

 

$

—

 

 

$

—

 

 

$

1,039

 

 

$

73

 

 

$

1,116

 

Impact of ASU 2016-13

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

86

 

 

 

(41

)

 

 

47

 

Charge-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Provisions (credits)

 

 

1,403

 

 

 

538

 

 

 

1,936

 

 

 

154

 

 

 

116

 

 

 

15

 

 

 

4,162

 

Ending balance

 

$

1,403

 

 

$

544

 

 

$

1,936

 

 

$

154

 

 

$

1,241

 

 

$

47

 

 

$

5,325

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated
   for impairment

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collectively evaluated
   for impairment

 

$

1,403

 

 

$

544

 

 

$

1,936

 

 

$

154

 

 

$

1,241

 

 

$

47

 

 

$

5,325

 

Loans Receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance

 

$

60,850

 

 

$

75,357

 

 

$

171,427

 

 

$

12,789

 

 

$

362,704

 

 

$

12,371

 

 

$

695,498

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated
   for impairment

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

144

 

 

$

—

 

 

$

144

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collectively evaluated
   for impairment

 

$

60,850

 

 

$

75,357

 

 

$

171,427

 

 

$

12,789

 

 

$

362,560

 

 

$

12,371

 

 

$

695,354

 

 

 

 

June 30, 2023

 

 

Owner Occupied Commercial Real Estate

 

 

Other Commercial Real Estate

 

 

Multi-Family

 

 

Commercial and Industrial

 

 

Residential

 

 

Consumer

 

 

Total

 

Allowance for Credit Losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

—

 

 

$

5

 

 

$

—

 

 

$

—

 

 

$

1,036

 

 

$

75

 

 

$

1,116

 

Charge-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Provisions (credits)

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

3

 

 

 

(2

)

 

 

—

 

Ending balance

 

$

—

 

 

$

4

 

 

$

—

 

 

$

—

 

 

$

1,039

 

 

$

73

 

 

$

1,116

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collectively evaluated for impairment

 

$

—

 

 

$

4

 

 

$

—

 

 

$

—

 

 

$

1,039

 

 

$

73

 

 

$

1,116

 

Loans Receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance

 

$

144

 

 

$

296

 

 

$

10

 

 

$

—

 

 

$

353,624

 

 

$

7,349

 

 

$

361,423

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

145

 

 

$

—

 

 

$

145

 

Ending balance,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collectively evaluated for impairment

 

$

144

 

 

$

296

 

 

$

10

 

 

$

—

 

 

$

353,479

 

 

$

7,349

 

 

$

361,278

 

 

The following table presents the credit risk profile of loans by class of loans as of September 30, 2023:

 

 

September 30, 2023 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving

 

 

Total

 

Owner Occupied Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

6,400

 

 

$

7,670

 

 

$

8,437

 

 

$

5,681

 

 

$

2,027

 

 

$

30,635

 

 

$

—

 

 

$

60,850

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Owner Occupied Commercial Real Estate

 

$

6,400

 

 

$

7,670

 

 

$

8,437

 

 

$

5,681

 

 

$

2,027

 

 

$

30,635

 

 

$

—

 

 

$

60,850

 

Other Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

226

 

 

$

4,035

 

 

$

3,234

 

 

$

1,781

 

 

$

11,226

 

 

$

54,854

 

 

$

—

 

 

$

75,356

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Other Commercial Real Estate

 

$

226

 

 

$

4,035

 

 

$

3,234

 

 

$

1,781

 

 

$

11,226

 

 

$

54,854

 

 

$

—

 

 

$

75,356

 

Multi-Family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

—

 

 

$

29,618

 

 

$

26,142

 

 

$

22,932

 

 

$

9,423

 

 

$

83,312

 

 

$

—

 

 

$

171,427

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Multi-Family

 

$

—

 

 

$

29,618

 

 

$

26,142

 

 

$

22,932

 

 

$

9,423

 

 

$

83,312

 

 

$

—

 

 

$

171,427

 

Commercial and Industrial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

439

 

 

$

4,888

 

 

$

3,175

 

 

$

218

 

 

$

1,560

 

 

$

2,509

 

 

$

—

 

 

$

12,789

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Commercial and Industrial

 

$

439

 

 

$

4,888

 

 

$

3,175

 

 

$

218

 

 

$

1,560

 

 

$

2,509

 

 

$

—

 

 

$

12,789

 

Residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

16,337

 

 

$

57,379

 

 

$

79,428

 

 

$

395

 

 

$

111,194

 

 

$

96,976

 

 

$

—

 

 

$

361,709

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144

 

 

 

—

 

 

 

144

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Residential

 

$

16,337

 

 

$

57,379

 

 

$

79,428

 

 

$

395

 

 

$

111,194

 

 

$

97,120

 

 

$

—

 

 

$

361,853

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

669

 

 

$

365

 

 

$

209

 

 

$

12

 

 

$

314

 

 

$

2,292

 

 

$

9,361

 

 

$

13,222

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Consumer

 

$

669

 

 

$

365

 

 

$

209

 

 

$

12

 

 

$

314

 

 

$

2,292

 

 

$

9,361

 

 

$

13,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

The following table presents the recorded investment in loans receivable by major category and credit quality indicators at September 30, 2023:

 

 

September 30, 2023 (Unaudited)

 

 

Pass

 

 

Special
Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

 

Owner occupied commercial real estate

 

$

60,850

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

60,850

 

Other commercial real estate

 

 

75,357

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

75,357

 

Multi-family

 

 

171,427

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

171,427

 

Commercial and industrial

 

 

12,789

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,789

 

Residential

 

 

362,560

 

 

 

—

 

 

 

144

 

 

 

—

 

 

 

362,704

 

Consumer

 

 

12,371

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,371

 

Total

 

$

695,354

 

 

$

—

 

 

$

144

 

 

$

—

 

 

$

695,498

 

 

The following table presents the recorded investment in loans receivable by major category and credit quality indicators at June 30, 2023, prior to the adoption of ASU 2016-13:

 

 

June 30, 2023

 

 

Pass

 

 

Special
Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

 

Owner occupied commercial real estate

 

$

144

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

144

 

Other commercial real estate

 

 

296

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

296

 

Multi-family

 

 

10

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

353,479

 

 

 

—

 

 

 

145

 

 

 

—

 

 

 

353,624

 

Consumer

 

 

7,349

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,349

 

Total

 

$

361,278

 

 

$

—

 

 

$

145

 

 

$

—

 

 

$

361,423

 

 

The following tables present a distribution of the recorded investment and unpaid principal balance of impaired loans and the related allowance as of September 30, 2023 and June 30, 2023, prior to the adoption of ASU 2016-13.

 

 

For the Three Months Ended September 30, 2023 (Unaudited)

 

 

Unpaid
Principal
Balance

 

 

Recorded
Investment

 

 

Related
Allowance

 

 

Average
Recorded
Investment

 

 

Interest
Income
Recognized

 

With no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

144

 

 

 

144

 

 

 

—

 

 

 

145

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

144

 

 

 

144

 

 

 

—

 

 

 

145

 

 

 

—

 

With an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

144

 

 

 

144

 

 

 

—

 

 

 

145

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

144

 

 

$

144

 

 

$

—

 

 

$

145

 

 

$

—

 

 

 

 

For the three months ended June 30, 2023

 

 

Unpaid
Principal
Balance

 

 

Recorded
Investment

 

 

Related
Allowance

 

 

Average
Recorded
Investment

 

 

Interest
Income
Recognized

 

With no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

145

 

 

 

145

 

 

 

—

 

 

 

114

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

145

 

 

 

145

 

 

 

—

 

 

 

114

 

 

 

—

 

With an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

145

 

 

 

145

 

 

 

—

 

 

 

114

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

145

 

 

$

145

 

 

$

—

 

 

$

114

 

 

$

—

 

 

A reserve for unfunded commitments is recognized and included in other liabilities on the consolidated statements of financial condition. Periodic adjustments to either increase or decrease the reserve are recognized in non-interest expense in the consolidated statements of income. The balance for unfunded commitments was $16 at September 30, 2023. Upon the adoption of ASU 2016-13 on July 1, 2023, the Company recorded an additional reserve for unfunded commitments of $1. For the three months ended September 30, 2023, the Company recorded a provision for unfunded commitments, which resulted in an increase to the reserve for unfunded commitments of $15.

 

The following table presents the amortized cost of collateral-dependent loans by portfolio segment and type of collateral as of September 30, 2023.

 

 

September 30, 2023

 

 

 

 

 

 

Type of Collateral

 

 

 

 

 

Residential
Property

 

 

Commercial
Property

 

 

Business
Assets

 

 

Total

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Owner occupied commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

144

 

 

 

144

 

 

 

—

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total collateral dependent loans

 

$

144

 

 

$

144

 

 

$

—

 

 

$

—

 

 

 

The following tables present the classes of loans summarized by the past due status as of September 30, 2023 and June 30, 2023:

 

 

September 30, 2023 (Unaudited)

 

 

 

Delinquency Status

 

 

Current

 

 

30-59 Days
Past Due

 

 

60-89 Days
Past Due

 

 

90+ Days
Past Due

 

 

Total Loans

 

 

>90 Days
and
Accruing

 

 

Non-
Accrual

 

Owner occupied commercial real estate

 

$

60,850

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

60,850

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

75,357

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

75,357

 

 

 

—

 

 

 

—

 

Multi-family

 

 

171,427

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

171,427

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

12,789

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,789

 

 

 

—

 

 

 

—

 

Residential

 

 

362,303

 

 

 

401

 

 

 

—

 

 

 

—

 

 

 

362,704

 

 

 

—

 

 

 

144

 

Consumer

 

 

12,371

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,371

 

 

 

—

 

 

 

—

 

Total

 

$

695,097

 

 

$

401

 

 

$

—

 

 

$

—

 

 

$

695,498

 

 

$

—

 

 

$

144

 

 

 

June 30, 2023

 

 

 

Delinquency Status

 

 

Current

 

 

30-59 Days
Past Due

 

 

60-89 Days
Past Due

 

 

90+ Days
Past Due

 

 

Total Loans

 

 

>90 Days
and
Accruing

 

 

Non-
Accrual

 

Owner occupied commercial real estate

 

$

144

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

144

 

 

$

—

 

 

$

—

 

Other commercial real estate

 

 

296

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

296

 

 

 

—

 

 

 

—

 

Multi-family

 

 

10

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Residential

 

 

353,041

 

 

 

383

 

 

 

—

 

 

 

200

 

 

 

353,624

 

 

 

—

 

 

 

145

 

Consumer

 

 

7,349

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,349

 

 

 

—

 

 

 

—

 

Total

 

$

360,840

 

 

$

383

 

 

$

—

 

 

$

200

 

 

$

361,423

 

 

$

—

 

 

$

145

 

 

If nonaccrual loans had performed in accordance with their contractual terms, the Company would have recognized additional income of $4 and $13 for the three months ended September 30, 2023 and 2022, respectively.

At September 30, 2023 and June 30, 2023, the Company had no foreclosed real estate owned.