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Loans Receivable (Tables)

3 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Summary of Loans

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

Financing Receivable, Allowance for Credit Loss

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

Summary of Classes of Loan Portfolio

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

Summary of Impaired Loans by Loan Portfolio

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			$	—

Schedule of Amortized Cost of Collateral-Dependent Loans by Portfolio Segment and Type of Collateral

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			$	—			$	—

Summary of Loans by Past Due Status

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