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v3.22.4

LOANS | 6 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
LOANS | 4. LOANS A summary of the balances of loans follows:
(In thousands) |  | December 31, 2022 |  |  | June 30, 2022 |
Mortgage loans on real estate: |  |  |  |  |  |
Residential: |  |  |  |  |  |
1-4 family |  | $ | 140,898 |  |  | $ | 141,073 |
Multifamily |  |  | 13,239 |  |  |  | 14,310 |
Second mortgages and home equity lines of credit |  |  | 2,590 |  |  |  | 1,970 |
Construction |  |  | 600 |  |  |  | 375 |
Commercial |  |  | 21,077 |  |  |  | 14,761 |
Total mortgage loans on real estate |  |  | 178,404 |  |  |  | 172,489 |
Consumer loans: |  |  |  |  |  |
Consumer |  |  | 63 |  |  |  | 84 |
Home improvement |  |  | 2,232 |  |  |  | 2,116 |
Total other loans |  |  | 2,295 |  |  |  | 2,200 |
Total loans |  |  | 180,699 |  |  |  | 174,689 |
Allowance for loan losses |  |  | (1,747 | ) |  |  | (1,747 | )
Net deferred loan fees |  |  | (383 | ) |  |  | (349 | )
Loans, net |  | $ | 178,569 |  |  | $ | 172,593 |
Residential loans are subject to a blanket lien securing FHLB advances. See Note 7. The following table presents activity in the allowance for loan losses by loan category for the three and six months ended December 31, 2022 and 2021.
(In thousands) |  | Residential Real Estate |  |  | Residential Real Estate Construction |  |  | Commercial Real Estate |  |  | Consumer |  |  | Unallocated |  |  | Total |
Balance at September 30, 2022 |  | $ | 1,213 |  |  | $ | 4 |  |  | $ | 266 |  |  | $ | 65 |  |  | $ | 199 |  |  | $ | 1,747 |
Provision (credit) for loan losses |  |  | (19 | ) |  |  | 2 |  |  |  | 93 |  |  |  | - |  |  |  | (76 | ) |  |  | - |
Loans charged-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2022 |  | $ | 1,194 |  |  | $ | 6 |  |  | $ | 359 |  |  | $ | 65 |  |  | $ | 123 |  |  | $ | 1,747 |
Balance at September 30, 2021 |  | $ | 1,225 |  |  | $ | - |  |  | $ | 275 |  |  | $ | 59 |  |  | $ | 178 |  |  | $ | 1,737 |
Provision (credit) for loan losses |  |  | 23 |  |  |  | - |  |  |  | (10 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | 10 |
Loans charged-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2021 |  | $ | 1,248 |  |  | $ | - |  |  | $ | 265 |  |  | $ | 58 |  |  | $ | 176 |  |  | $ | 1,747 |
Balance at June 30, 2022 |  | $ | 1,223 |  |  | $ | 3 |  |  | $ | 252 |  |  | $ | 61 |  |  | $ | 208 |  |  | $ | 1,747 |
Provision (credit) for loan losses |  |  | (29 | ) |  |  | 3 |  |  |  | 107 |  |  |  | 4 |  |  |  | (85 | ) |  |  | - |
Loans charged-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2022 |  | $ | 1,194 |  |  | $ | 6 |  |  | $ | 359 |  |  | $ | 65 |  |  | $ | 123 |  |  | $ | 1,747 |
Balance at June 30, 2021 |  | $ | 1,262 |  |  | $ | - |  |  | $ | 279 |  |  | $ | 58 |  |  | $ | 123 |  |  | $ | 1,722 |
Provision (credit) for loan losses |  |  | (14 | ) |  |  | - |  |  |  | (14 | ) |  |  | - |  |  |  | 53 |  |  |  | 25 |
Loans charged-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2021 |  | $ | 1,248 |  |  | $ | - |  |  | $ | 265 |  |  | $ | 58 |  |  | $ | 176 |  |  | $ | 1,747 |
The allocation of the allowance for loan losses to each category is presented as of December 31, 2022 and June 30, 2022.
(In thousands) |  | Residential Real Estate |  |  | Residential Real Estate Construction |  |  | Commercial Real Estate |  |  | Consumer |  |  | Unallocated |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for impaired loans |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Allowance for non-impaired loans |  |  | 1,194 |  |  |  | 6 |  |  |  | 359 |  |  |  | 65 |  |  |  | 123 |  |  |  | 1,747 |
Total allowance for loan losses |  | $ | 1,194 |  |  | $ | 6 |  |  | $ | 359 |  |  | $ | 65 |  |  | $ | 123 |  |  | $ | 1,747 |
Impaired loans |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Non-impaired loans |  |  | 156,727 |  |  |  | 600 |  |  |  | 21,077 |  |  |  | 2,295 |  |  |  | - |  |  |  | 180,699 |
Total loans |  | $ | 156,727 |  |  | $ | 600 |  |  | $ | 21,077 |  |  | $ | 2,295 |  |  | $ | - |  |  | $ | 180,699 |
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for impaired loans |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Allowance for non-impaired loans |  |  | 1,223 |  |  |  | 3 |  |  |  | 252 |  |  |  | 61 |  |  |  | 208 |  |  |  | 1,747 |
Total allowance for loan losses |  | $ | 1,223 |  |  | $ | 3 |  |  | $ | 252 |  |  | $ | 61 |  |  | $ | 208 |  |  | $ | 1,747 |
Impaired loans |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Non-impaired loans |  |  | 157,353 |  |  |  | 375 |  |  |  | 14,761 |  |  |  | 2,200 |  |  |  | - |  |  |  | 174,689 |
Total loans |  | $ | 157,353 |  |  | $ | 375 |  |  | $ | 14,761 |  |  | $ | 2,200 |  |  | $ | - |  |  | $ | 174,689 |
At December 31, 2022 and June 30, 2022, there were no past due loans. At December 31, 2022 and June 30, 2022, there were no loans on non-accrual or loans past due 90 days or more and still accruing. There were no impaired loans at December 31, 2022 or June 30, 2022. During the three and six months ended December 31, 2022 and 2021, there were no troubled debt restructurings or troubled debt restructurings that defaulted in the first twelve months after restructuring. Management performs a discounted cash flow calculation to determine the amount of impairment reserve required on each of the troubled debt restructurings. Any reserve required is recorded through the provision for loan losses. Credit Quality Information The Bank utilizes an internal loan rating system for residential real estate, commercial real estate and construction loans as follows: Pass: Loans in this category are considered to pose low to average risk. Passed assets are generally protected by the current net worth and paying capacity of the obligor or by the value of collateral pledged. Special Mention: Loans in this category possess credit deficiencies or potential weaknesses deserving management’s close attention. If uncorrected, such deficiencies or weaknesses may expose the Bank to an increased risk of loss. Substandard: Loans in this category are considered to be inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. These assets have a well-defined weakness and are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful: Loans in this category have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loss: Loans in this category are considered uncollectible and continuance as a bankable asset is not warranted. Loans in this category are generally charged-off. On an annual basis, or more often if needed, the Bank formally reviews the ratings on all commercial real estate and construction loans. On a monthly basis, the Bank reviews the residential and other loan portfolios for credit quality primarily through the use of delinquency reports. The following table presents information on the Bank’s loans by risk ratings:
(In thousands) |  | Residential 1-4 Family |  |  | Multifamily |  |  | Second Mortgages and Home Equity Lines of Credit |  |  | Construction |  |  | Commercial Real Estate |  |  | Consumer |  |  | Home Improvement |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 139,446 |  |  | $ | 13,239 |  |  | $ | 2,590 |  |  | $ | 600 |  |  | $ | 21,077 |  |  | $ | 63 |  |  | $ | 2,232 |  |  | $ | 179,247 |
Special mention |  |  | 1,452 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,452 |
Total loans |  | $ | 140,898 |  |  | $ | 13,239 |  |  | $ | 2,590 |  |  | $ | 600 |  |  | $ | 21,077 |  |  | $ | 63 |  |  | $ | 2,232 |  |  | $ | 180,699 |
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 141,073 |  |  | $ | 14,310 |  |  | $ | 1,970 |  |  | $ | 375 |  |  | $ | 14,761 |  |  | $ | 84 |  |  | $ | 2,116 |  |  | $ | 174,689 |
Total loans |  | $ | 141,073 |  |  | $ | 14,310 |  |  | $ | 1,970 |  |  | $ | 375 |  |  | $ | 14,761 |  |  | $ | 84 |  |  | $ | 2,116 |  |  | $ | 174,689 |
At December 31, 2022 and June 30, 2022, there were no loans rated substandard, doubtful or loss. At June 30, 2022, there were no loans rated special mention.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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