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Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Sep. 30, 2024

Categories of Loans

Segments of loans include:		September 30, 2024				June 30, 2024
Real estate loans:
One- to four-family		$	176,334			$	177,263
Multi-family			125,906				126,031
Commercial			205,103				200,017
Home equity lines of credit			9,927				9,859
Construction			30,839				33,708
Commercial			98,894				91,784
Consumer			7,186				7,727
Total loans			654,189				646,389
Less:
Unearned fees and discounts, net			(347	)			(407	)
Allowance for credit losses			7,472				7,499
Loans, net		$	647,064			$	639,297

Allowance for Credit Losses

Allowance for Credit Losses

The following tables present the activity in the allowance for credit losses for the three-month periods ended September 30, 2024 and 2023 and the year ended June 30, 2024:

		Three Months Ended September 30, 2024 Real Estate Loans
		One- to Four-Family				Multi-Family				Commercial				Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period		$	1,774			$	1,764			$	2,358			$	148
Provision (credit) charged to expense			(147	)			348				4				(1	)
Losses charged off			—				(350	)			—				—
Recoveries			1				—				—				—
Balance, end of period		$	1,628			$	1,762			$	2,362			$	147
Loans:
Ending balance		$	176,334			$	125,906			$	205,103			$	9,927
		Three Months Ended September 30, 2024 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for credit losses:
Balance, beginning of period		$	337			$	1,053			$	65			$	7,499
Provision (credit) charged to expense			(59	)			231				1				377
Losses charged off			—				(50	)			(9	)			(409	)
Recoveries			—				2				2				5
Balance, end of period		$	278			$	1,236			$	59			$	7,472
Loans:
Ending balance		$	30,839			$	98,894			$	7,186			$	654,189
		Year Ended June 30, 2024
		Real Estate Loans
		One- to Four-Family				Multi-Family				Commercial				Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period		$	1,898			$	1,121			$	2,369			$	121
Provision (credit) charged to expense			(127	)			643				(11	)			27
Losses charged off			—				—				—				—
Recoveries			3				—				—				—
Balance, end of period		$	1,774			$	1,764			$	2,358			$	148
Loans:
Ending balance		$	177,263			$	126,031			$	200,017			$	9,859

		Year Ended June 30, 2024 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for credit losses:
Balance, beginning of period		$	765			$	794			$	71			$	7,139
Provision (credit) charged to expense			(428	)			17				29				150
Losses charged off			—				—				(49	)			(49	)
Recoveries			—				242				14				259
Balance, end of period		$	337			$	1,053			$	65			$	7,499
Loans:
Ending balance		$	33,708			$	91,784			$	7,727			$	646,389
		Three Months Ended September 30, 2023
		Real Estate Loans
		One- to Four-Family				Multi-Family				Commercial				Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period		$	1,898			$	1,121			$	2,369			$	121
Provision (credit) charged to expense			8				(6	)			(104	)			13
Losses charged off			—				—				—				—
Recoveries			—				—				—				—
Balance, end of period		$	1,906			$	1,115			$	2,265			$	134
Loans:
Ending balance		$	170,154			$	89,177			$	193,582			$	8,511
		Three Months Ended September 30, 2023 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for credit losses:
Balance, beginning of period		$	765			$	794			$	71			$	7,139
Provision (credit) charged to expense			400				(12	)			11				310
Losses charged off			—				—				(7	)			(7	)
Recoveries			—				6				2				8
Balance, end of period		$	1,165			$	788			$	77			$	7,450
Loans:
Ending balance		$	72,810			$	79,194			$	8,343			$	621,771

Credit Risk Profile of Association's Loan Portfolio Based on Risk Rating Category and Calendar Year of Origination

The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and calendar year of origination as of both September 30, 2024 and June 30, 2024 (in thousands):

September 30, 2024
Risk Rating		2024				2023				2022				2021				2020				Prior Years				Total
One- to Four-Family
Pass		$	17,952			$	38,730			$	49,615			$	23,713			$	15,223			$	30,819			$	176,052
Watch			—				—				—				66				—				—				66
Substandard			—				—				4				5				—				207				216
Total		$	17,952			$	38,730			$	49,619			$	23,784			$	15,223			$	31,026			$	176,334
Current period recoveries		$	—			$	—			$	—			$	—			$	—			$	1			$	1
Multi-Family
Pass		$	1,634			$	8,623			$	51,025			$	20,238			$	22,583			$	21,572			$	125,675
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				231				231
Total		$	1,634			$	8,623			$	51,025			$	20,238			$	22,583			$	21,803			$	125,906
Current period charge-offs		$	—			$	(350	)		$	—			$	—			$	—			$	—			$	(350	)
Commercial Real Estate
Pass		$	13,090			$	32,704			$	53,483			$	27,342			$	29,944			$	47,334			$	203,897
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				142				812				252				1,206
Total		$	13,090			$	32,704			$	53,483			$	27,484			$	30,756			$	47,586			$	205,103
Home Equity Line of Credit
Pass		$	2,575			$	2,263			$	1,497			$	1,531			$	717			$	1,344			$	9,927
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total		$	2,575			$	2,263			$	1,497			$	1,531			$	717			$	1,344			$	9,927
Construction
Pass		$	8,993			$	18,377			$	3,250			$	—			$	—			$	219			$	30,839
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total		$	8,993			$	18,377			$	3,250			$	—			$	—			$	219			$	30,839
Commercial Business
Pass		$	18,935			$	42,386			$	9,605			$	9,586			$	7,055			$	9,873			$	97,440
Watch			—				—				—				—				—				—				—
Substandard			—				133				41				190				1,034				56				1,454
Total		$	18,935			$	42,519			$	9,646			$	9,776			$	8,089			$	9,929			$	98,894

Current period charge-offs		$	—			$	(50	)		$	—			$	—			$	—			$	—			$	(50	)
Current period recoveries		$	—			$	—			$	—			$	—			$	2			$	—			$	2
Consumer
Pass		$	2,287			$	2,291			$	1,569			$	662			$	301			$	54			$	7,164
Watch			—				—				—				—				—				—				—
Substandard			—				22				—				—				—				—				22
Total		$	2,287			$	2,313			$	1,569			$	662			$	301			$	54			$	7,186
Current period charge-offs		$	(8	)		$	—			$		(1)		$	—			$	—			$	—			$	(9	)
Current period recoveries		$	2			$	—			$	—			$	—			$	—			$	—			$	2
Total Loans
Pass		$	65,466			$	145,374			$	170,044			$	83,072			$	75,823			$	111,215			$	650,994
Watch			—				—				—				66				—				—				66
Substandard			—				155				45				337				1,846				746				3,129
Total		$	65,466			$	145,529			$	170,089			$	83,475			$	77,669			$	111,961			$	654,189

June 30, 2024
Risk Rating		2024				2023				2022				2021				2020				Prior Years				Total
One- to Four-Family
Pass		$	14,790			$	39,202			$	51,262			$	24,362			$	15,455			$	31,926			$	176,997
Watch			—				—				—				72				—				—				72
Substandard			—				14				5				5				—				170				194
Total		$	14,790			$	39,216			$	51,267			$	24,439			$	15,455			$	32,096			$	177,263
Current period recoveries		$	—			$	—			$	—			$	—			$	—			$	3			$	3
Multi-Family
Pass		$	573			$	9,004			$	51,279			$	20,346			$	22,728			$	21,867			$	125,797
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				234				234
Total		$	573			$	9,004			$	51,279			$	20,346			$	22,728			$	22,101			$	126,031
Commercial Real Estate
Pass		$	4,602			$	29,665			$	57,530			$	27,622			$	30,489			$	48,886			$	198,794
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				150				821				252				1,223
Total		$	4,602			$	29,665			$	57,530			$	27,772			$	31,310			$	49,138			$	200,017
Home Equity Line of Credit
Pass		$	1,629			$	2,361			$	1,874			$	1,806			$	795			$	1,394			$	9,859
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total		$	1,629			$	2,361			$	1,874			$	1,806			$	795			$	1,394			$	9,859
Construction
Pass		$	9,123			$	21,043			$	3,250			$	—			$	—			$	292			$	33,708
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total		$	9,123			$	21,043			$	3,250			$	—			$	—			$	292			$	33,708
Commercial Business
Pass		$	10,357			$	38,853			$	10,158			$	9,898			$	8,201			$	12,803			$	90,270
Watch			—				—				—				—				—				—				—
Substandard			—				133				47				190				1,088				56				1,514
Total		$	10,357			$	38,986			$	10,205			$	10,088			$	9,289			$	12,859			$	91,784

Current period recoveries		$	—			$	—			$	—			$	—			$	242			$	—			$	242
Consumer
Pass		$	1,956			$	2,635			$	1,830			$	843			$	394			$	69			$	7,727
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total		$	1,956			$	2,635			$	1,830			$	843			$	394			$	69			$	7,727
Current period charge-offs		$	(48	)		$	—			$	—			$	(1	)		$	—			$	—			$	(49	)
Current period recoveries		$	14			$	—			$	—			$	—			$	—			$	—			$	14
Total Loans
Pass		$	43,030			$	142,763			$	177,183			$	84,877			$	78,062			$	117,237			$	643,152
Watch			—				—				—				72				—				—				72
Substandard			—				147				52				345				1,909				712				3,165
Total		$	43,030			$	142,910			$	177,235			$	85,294			$	79,971			$	117,949			$	646,389

Association's Loan Portfolio Aging Analysis

The following tables present the Company’s loan portfolio aging analysis:

		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days				Total Past Due				Current				Total Loans Receivable				Total Loans > 90 Days & Accruing
September 30, 2024:
Real estate loans:
One- to four-family		$	440			$	609			$	38			$	1,087			$	175,247			$	176,334			$	38
Multi-family			—				144				—				144				125,762				125,906				—
Commercial			—				—				—				—				205,103				205,103				—
Home equity lines of credit			4				—				—				4				9,923				9,927				—
Construction			—				—				—				—				30,839				30,839				—
Commercial			—				21				—				21				98,873				98,894				—
Consumer			105				1				21				127				7,059				7,186				—
Total		$	549			$	775			$	59			$	1,383			$	652,806			$	654,189			$	38

		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days				Total Past Due				Current				Total Loans Receivable				Total Loans > 90 Days & Accruing
June 30, 2024:
Real estate loans:
One- to four-family		$	1,009			$	192			$	—			$	1,201			$	176,062			$	177,263			$	—
Multi-family			141				—				—				141				125,890				126,031				—
Commercial			—				—				150				150				199,867				200,017				—
Home equity lines of credit			17				25				—				42				9,817				9,859				—
Construction			237				—				—				237				33,471				33,708				—
Commercial			21				20				—				41				91,743				91,784				—
Consumer			27				1				23				51				7,676				7,727				23
Total		$	1,452			$	238			$	173			$	1,863			$	644,526			$	646,389			$	23

Nonaccrual with no Allowance for Credit Losses and Nonaccrual Loans

The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded at September 30, 2024 and June 30, 2024:

		September 30, 2024								June 30, 2024
		Nonaccrual with no Allowance for Credit Losses				Nonaccrual				Nonaccrual with no Allowance for Credit Losses				Nonaccrual
Mortgages on real estate:
One- to four-family		$	—			$	—			$	—			$	—
Multi-family			—				—				—				—
Commercial			—				142				—				150
Home equity lines of credit			—				—				—				—
Construction loans			—				—				—				—
Commercial business loans			—				—				—				—
Consumer loans			—				21				—				—
Total		$	—			$	163			$	—			$	150

Loans Modified as Troubled Debt Restructurings

The following table shows the amortized cost of loans at September 30, 2024 and at June 30, 2024 that were modified and experiencing financial difficulty, segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below.

September 30, 2024		Payment Delay				Total Class of Financing Receivable
Real estate loans
One- to four-family		$	—				—
Multi-family			—				—
Commercial			252				0.12	%
Home equity lines of credit			—				—
Construction			—				—
Commercial business			133				0.13	%
Consumer			—				—
Total		$	385				0.06	%

June 30, 2024		Payment Delay				Total Class of Financing Receivable
Real estate loans
One- to four-family		$	—				—
Multi-family			—				—
Commercial			252				0.13	%
Home equity lines of credit			—				—
Construction			—				—
Commercial business			133				0.15	%
Consumer			—				—
Total		$	385				0.06	%

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
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-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

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