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Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Dec. 31, 2024

Categories of Loans

Classes of loans include:

		December 31, 2024				June 30, 2024
Real estate loans:
One- to four-family, including home equity loans		$	177,733			$	177,263
Multi-family			129,371				126,031
Commercial			205,348				200,017
Home equity lines of credit			9,887				9,859
Construction			31,326				33,708
Commercial			94,042				91,784
Consumer			6,926				7,727
Total loans			654,633				646,389
Less:
Unearned fees and discounts, net			(377	)			(407	)
Allowance for credit losses			7,346				7,499
Loans, net		$	647,664			$	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 and six-month periods ended December 31, 2024 and 2023 and the year ended June 30, 2024:

		Three Months Ended December 31, 2024 Real Estate Loans
		One- to Four-Family				Multi-Family				Commercial				Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period		$	1,628			$	1,762			$	2,362			$	147
Provision (credit) charged to expense			(49	)			(281	)			16				(13	)
Losses charged off			—				—				—				—
Recoveries			—				200				—				—
Balance, end of period		$	1,579			$	1,681			$	2,378			$	134
Loans:
Ending balance		$	177,733			$	129,371			$	205,348			$	9,887

		Three Months Ended December 31, 2024 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for credit losses:
Balance, beginning of period		$	278			$	1,236			$	59			$	7,472
Provision (credit) charged to expense			20				(127	)			23				(411	)
Losses charged off			—				—				(33	)			(33	)
Recoveries			—				107				11				318
Balance, end of period		$	298			$	1,216			$	60			$	7,346
Loans:
Ending balance		$	31,326			$	94,042			$	6,926			$	654,633

		Six Months Ended December 31, 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			(196	)			67				20				(14	)
Losses charged off			—				(350	)			—				—
Recoveries			1				200				—				—
Balance, end of period		$	1,579			$	1,681			$	2,378			$	134
Loans:
Ending balance		$	177,733			$	129,371			$	205,348			$	9,887

		Six Months Ended December 31, 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			(39	)			104				24				(34	)
Losses charged off			—				(50	)			(42	)			(442	)
Recoveries			—				109				13				323
Balance, end of period		$	298			$	1,216			$	60			$	7,346
Loans:
Ending balance		$	31,326			$	94,042			$	6,926			$	654,633

		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 year		$	1,898			$	1,121			$	2,369			$	121
Provision (credit) charged to expense			(127	)			643				(11	)			27
Losses charged off			—				—				—				—
Recoveries			3				—				—				—
Balance, end of year		$	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 year		$	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 year		$	337			$	1,053			$	65			$	7,499
Loans:
Ending balance		$	33,708			$	91,784			$	7,727			$	646,389

		Three Months Ended December 31, 2023 Real Estate Loans
		One- to Four-Family				Multi- Family				Commercial				Home Equity Lines of Credit
Allowance for credit losses:
Balance, beginning of period		$	1,906			$	1,115			$	2,265			$	134
Provision (credit) charged to expense			(97	)			750				328				13
Losses charged off			—				—				—				—
Recoveries			—				—				—				—
Balance, end of period		$	1,809			$	1,865			$	2,593			$	147
Loans:
Ending balance		$	175,817			$	128,625			$	215,565			$	9,494

		Three Months Ended December 31, 2023 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for credit losses:
Balance, beginning of period		$	1,165			$	788			$	77			$	7,450
Provision (credit) charged to expense			(626	)			66				3				437
Losses charged off			—				—				(18	)			(18	)
Recoveries			—				61				5				66
Balance, end of period		$	539			$	915			$	67			$	7,935
Loans:
Ending balance		$	39,906			$	83,698			$	8,042			$	661,147

		Six Months Ended December 31, 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			(89	)			744				224				26
Losses charged off			—				—				—				—
Recoveries			—				—				—				—
Balance, end of period		$	1,809			$	1,865			$	2,593			$	147
Loans:
Ending balance		$	175,817			$	128,625			$	215,565			$	9,494

		Six Months Ended December 31, 2023 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for credit losses:
Balance, beginning of period		$	765			$	794			$	71			$	7,139
Provision (credit) charged to expense			(226	)			54				14				747
Losses charged off			—				—				(25	)			(25	)
Recoveries			—				67				7				74
Balance, end of period		$	539			$	915			$	67			$	7,935
Loans:
Ending balance		$	39,906			$	83,698			$	8,042			$	661,147

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 December 31, 2024 and June 30, 2024 (in thousands):

December 31, 2024
Risk Rating		2024				2023				2022				2021				2020				Prior Years				Total
One- to Four-Family
Pass		$	23,928			$	38,713			$	48,789			$	22,362			$	14,283			$	29,383			$	177,458
Watch			—				—				—				61				—				—				61
Substandard			—				—				4				5				—				205				214
Total		$	23,928			$	38,713			$	48,793			$	22,428			$	14,283			$	29,588			$	177,733
Current period recoveries		$	—			$	—			$	—			$	—			$	—			$	1			$	1
Multi-Family
Pass		$	15,031			$	10,806			$	44,592			$	20,107			$	22,390			$	16,216			$	129,142
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				229				229
Total		$	15,031			$	10,806			$	44,592			$	20,107			$	22,390			$	16,445			$	129,371
Current period charge-offs		$	—			$	(350	)		$	—			$	—			$	—			$	—			$	(350	)
Current period recoveries		$	—			$	200			$	—			$	—			$	—			$	—			$	200
Commercial Real Estate
Pass		$	18,646			$	27,152			$	51,677			$	30,030			$	29,594			$	46,209			$	203,308
Watch			—				—				—				846				—				—				846
Substandard			—				—				—				139				803				252				1,194
Total		$	18,646			$	27,152			$	51,677			$	31,015			$	30,397			$	46,461			$	205,348
Home Equity Line of Credit
Pass		$	2,840			$	2,059			$	1,524			$	1,519			$	692			$	1,253			$	9,887
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total		$	2,840			$	2,059			$	1,524			$	1,519			$	692			$	1,253			$	9,887
Construction
Pass		$	15,875			$	12,055			$	3,250			$	—			$	—			$	146			$	31,326
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total		$	15,875			$	12,055			$	3,250			$	—			$	—			$	146			$	31,326
Commercial Business
Pass		$	24,535			$	34,407			$	7,702			$	5,423			$	6,752			$	7,668			$	86,487
Watch			—				3,487				—				293				—				2,400				6,180
Substandard			21				129				45				—				1,126				54				1,375
Total		$	24,556			$	38,023			$	7,747			$	5,716			$	7,878			$	10,122			$	94,042
Current period charge-offs		$	—			$	(50	)		$	—			$	—			$	—			$	—			$	(50	)
Current period recoveries		$	—			$	50			$	—			$	—			$	59			$	—			$	109
Consumer
Pass		$	3,043			$	1,860			$	1,217			$	511			$	232			$	43			$	6,906
Watch			—				—				—				—				—				—				—
Substandard			—				20				—				—				—				—				20
Total		$	3,043			$	1,880			$	1,217			$	511			$	232			$	43			$	6,926
Current period charge-offs		$	(41	)		$	—			$	(1	)		$	—			$	—			$	—			$	(42	)
Current period recoveries		$	13			$	—			$	—			$	—			$	—			$	—			$	13
Total Loans
Pass		$	103,898			$	127,052			$	158,751			$	79,952			$	73,943			$	100,918			$	644,514
Watch			—				3,487				—				1,200				—				2,400				7,087
Substandard			21				149				49				144				1,929				740				3,032
Total		$	103,919			$	130,688			$	158,800			$	81,296			$	75,872			$	104,058			$	654,633

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				90 Days or Greater				Total Past Due				Current				Total Loans Receivable				Total Loans 90 Days Past Due & Accruing
December 31, 2024:
Real estate loans:
One- to four-family		$	1,347			$	242			$	37			$	1,626			$	176,107			$	177,733			$	—
Multi-family			25				118				—				143				129,228				129,371				—
Commercial			676				—				—				676				204,672				205,348				—
Home equity lines of credit			—				—				—				—				9,887				9,887				—
Construction			—				—				—				—				31,326				31,326				—
Commercial			—				49				52				101				93,941				94,042				52
Consumer			34				20				—				54				6,872				6,926				—
Total		$	2,082			$	429			$	89			$	2,600			$	652,033			$	654,633			$	52

		30-59 Days Past Due				60-89 Days Past Due				90 Days or Greater				Total Past Due				Current				Total Loans Receivable				Total Loans 90 Days Past Due & 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				—
Total		$	1,452			$	238			$	173			$	1,863			$	644,526			$	646,389			$	—

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 December 31, 2024 and June 30, 2024:

		December 31, 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		$	—			$	37			$	—			$	—
Multi-family			—				—				—				—
Commercial			—				139				—				150
Home equity lines of credit			—				—				—				—
Construction loans			—				—				—				—
Commercial business loans			—				—				—				—
Consumer loans			—				20				—				—
Total		$	—			$	196			$	—			$	150

Loans Modified as Troubled Debt Restructurings

The following tables show the amortized cost of loans at December 31, 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.

December 31, 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			129				—
Consumer			—				0.14	%
Total		$	381				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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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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Tabular disclosure of financing receivable on nonaccrual status.

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Tabular disclosure of financing receivable modified for debtor experiencing financial difficulty.

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