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Loans Receivable | 6 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Loans receivable | 4. Loans receivable The composition of the loan portfolio was as follows:
|  | December 31, |  |  | June 30, |
(in thousands) |  | 2021 |  |  | 2021 |
Residential real estate |  |  |  |  |  |
One- to four-family |  | $ | 217,244 |  |  | $ | 224,125 |
Multi-family |  |  | 11,865 |  |  |  | 19,781 |
Construction |  |  | 2,877 |  |  |  | 5,433 |
Land |  |  | 315 |  |  |  | 1,308 |
Farm |  |  | 2,274 |  |  |  | 2,234 |
Nonresidential real estate |  |  | 33,483 |  |  |  | 35,492 |
Commercial nonmortgage |  |  | 1,148 |  |  |  | 2,259 |
Consumer and other: |  |  |  |  |  |  |  |
Loans on deposits |  |  | 997 |  |  |  | 1,129 |
Home equity |  |  | 7,431 |  |  |  | 7,135 |
Automobile |  |  | 94 |  |  |  | 75 |
Unsecured |  |  | 559 |  |  |  | 553 |
|  |  | 278,287 |  |  |  | 299,524 |
Allowance for loan losses |  |  | (1,603 | ) |  |  | (1,622 | )
|  | $ | 276,684 |  |  | $ | 297,902 |
The amounts above include net deferred loan costs of $270,000 and $167,000 as of December 31, 2021 and June 30, 2021, respectively. The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended December 31, 2021:
(in thousands) |  | Beginning balance |  |  | Provision for loan losses |  |  | Loans charged off |  |  | Recoveries |  |  | Ending balance |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 794 |  |  | $ | 54 |  |  | $ | (17 | ) |  | $ | – |  |  | $ | 831 |
Multi-family |  |  | 291 |  |  |  | (79 | ) |  |  | – |  |  |  | – |  |  |  | 212 |
Construction |  |  | 12 |  |  |  | (6 | ) |  |  | – |  |  |  | – |  |  |  | 6 |
Land |  |  | 3 |  |  |  | (3 | ) |  |  | – |  |  |  | – |  |  |  | – |
Farm |  |  | 5 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 6 |
Nonresidential real estate |  |  | 494 |  |  |  | 32 |  |  |  | – |  |  |  | – |  |  |  | 526 |
Commercial nonmortgage |  |  | 5 |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | 3 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 2 |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | 1 |
Home equity |  |  | 15 |  |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | 17 |
Automobile |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Unsecured |  |  | 1 |  |  |  | 2 |  |  |  | (3 | ) |  |  | 1 |  |  |  | 1 |
Totals |  | $ | 1,622 |  |  | $ | -- |  |  | $ | (20 | ) |  | $ | 1 |  |  | $ | 1,603 |
The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended December 31, 2021:
(in thousands) |  | Beginning balance |  |  | Provision for loan losses |  |  | Loans charged off |  |  | Recoveries |  |  | Ending balance |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 754 |  |  | $ | 85 |  |  | $ | (8 | ) |  | $ | – |  |  | $ | 831 |
Multi-family |  |  | 290 |  |  |  | (78 | ) |  |  | – |  |  |  | – |  |  |  | 212 |
Construction |  |  | 13 |  |  |  | (7 | ) |  |  | – |  |  |  | – |  |  |  | 6 |
Land |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | -- |
Farm |  |  | 6 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6 |
Nonresidential real estate |  |  | 526 |  |  |  | -- |  |  |  | – |  |  |  | – |  |  |  | 526 |
Commercial nonmortgage |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 2 |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | 1 |
Home equity |  |  | 16 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 17 |
Automobile |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Unsecured |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | 1 |
Totals |  | $ | 1,610 |  |  | $ | – |  |  | $ | (8 | ) |  | $ | 1 |  |  | $ | 1,603 |
The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended December 31, 2020:
(in thousands) |  | Beginning balance |  |  | Provision for loan losses |  |  | Loans charged off |  |  | Recoveries |  |  | Ending balance |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 671 |  |  | $ | (1 | ) |  | $ | (23 | ) |  | $ | – |  |  | $ | 647 |
Multi-family |  |  | 184 |  |  |  | 93 |  |  |  | – |  |  |  | – |  |  |  | 277 |
Construction |  |  | 6 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6 |
Land |  |  | 1 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 2 |
Farm |  |  | 4 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 5 |
Nonresidential real estate |  |  | 405 |  |  |  | 64 |  |  |  | – |  |  |  | – |  |  |  | 469 |
Commercial nonmortgage |  |  | 3 |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | 2 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2 |
Home equity |  |  | 11 |  |  |  | 38 |  |  |  | (45 | ) |  |  | 7 |  |  |  | 11 |
Automobile |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Unsecured |  |  | 1 |  |  |  | (3 | ) |  |  | – |  |  |  | 3 |  |  |  | 1 |
Unallocated |  |  | 200 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 200 |
Totals |  | $ | 1,488 |  |  | $ | 192 |  |  | $ | (68 | ) |  | $ | 10 |  |  | $ | 1,622 |
The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended December 31, 2020:
(in thousands) |  | Beginning balance |  |  | Provision for loan losses |  |  | Loans charged off |  |  | Recoveries |  |  | Ending balance |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 670 |  |  | $ | – |  |  | $ | (23 | ) |  | $ | – |  |  | $ | 647 |
Multi-family |  |  | 217 |  |  |  | 60 |  |  |  | – |  |  |  | – |  |  |  | 277 |
Construction |  |  | 7 |  |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | 6 |
Land |  |  | 1 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | 2 |
Farm |  |  | 5 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5 |
Nonresidential real estate |  |  | 418 |  |  |  | 51 |  |  |  | – |  |  |  | – |  |  |  | 469 |
Commercial nonmortgage |  |  | 4 |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | 2 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2 |
Home equity |  |  | 11 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 11 |
Automobile |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Unsecured |  |  | 1 |  |  |  | (1 | ) |  |  | – |  |  |  | 1 |  |  |  | 1 |
Unallocated |  |  | 200 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 200 |
Totals |  | $ | 1,536 |  |  | $ | 108 |  |  | $ | (23 | ) |  | $ | 1 |  |  | $ | 1,622 |
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of December 31, 2021. The recorded investment in loans excludes accrued interest receivable due to immateriality. December 31, 2021:
(in thousands) |  | Loans individually evaluated |  |  | Loans acquired with deteriorated credit quality |  |  | Unpaid principal balance and recorded investment |  |  | Ending allowance attributed to loans |
Loans individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 3,408 |  |  | $ | 476 |  |  | $ | 3,884 |  |  | $ | – |
Multi-family |  |  | 580 |  |  |  | – |  |  |  | 580 |  |  |  | – |
Farm |  |  | 274 |  |  |  | – |  |  |  | 274 |  |  |  | – |
Nonresidential real estate |  |  | 1,339 |  |  |  | – |  |  |  | 1,339 |  |  |  | – |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | 16 |  |  |  | -- |  |  |  | 16 |  |  |  |  |
Unsecured |  |  | 5 |  |  |  | -- |  |  |  | 5 |  |  |  |  |
|  |  | 5,622 |  |  |  | 476 |  |  |  | 6,098 |  |  |  | – |
Loans collectively evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  |  |  |  |  |  |  |  |  | $ | 213,360 |  |  | $ | 831 |
Multi-family |  |  |  |  |  |  |  |  |  |  | 11,285 |  |  |  | 212 |
Construction |  |  |  |  |  |  |  |  |  |  | 2,877 |  |  |  | 6 |
Land |  |  |  |  |  |  |  |  |  |  | 315 |  |  |  | -- |
Farm |  |  |  |  |  |  |  |  |  |  | 2,000 |  |  |  | 6 |
Nonresidential real estate |  |  |  |  |  |  |  |  |  |  | 32,144 |  |  |  | 526 |
Commercial nonmortgage |  |  |  |  |  |  |  |  |  |  | 1,148 |  |  |  | 3 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  |  |  |  |  |  |  |  |  | 997 |  |  |  | 1 |
Home equity |  |  |  |  |  |  |  |  |  |  | 7,415 |  |  |  | 17 |
Automobile |  |  |  |  |  |  |  |  |  |  | 94 |  |  |  | – |
Unsecured |  |  |  |  |  |  |  |  |  |  | 554 |  |  |  | 1 |
|  |  |  |  |  |  |  |  |  |  | 272,189 |  |  |  | 1,603 |
|  |  |  |  |  |  |  |  |  | $ | 278,287 |  |  | $ | 1,603 |
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of June 30, 2021. June 30, 2021:
(in thousands) |  | Loans individually evaluated |  |  | Loans acquired with deteriorated credit quality |  |  | Unpaid principal balance and recorded investment |  |  | Ending allowance attributed to loans |
Loans individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 3,738 |  |  | $ | 595 |  |  | $ | 4,333 |  |  | $ | – |
Multi-family |  |  | 646 |  |  |  | – |  |  |  | 646 |  |  |  | – |
Farm |  |  | 274 |  |  |  | – |  |  |  | 274 |  |  |  | – |
Nonresidential real estate |  |  | 1,367 |  |  |  | – |  |  |  | 1,367 |  |  |  | – |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  |  | 16 |  |  |  | – |  |  |  | 16 |  |  |  | – |
|  |  | 6,041 |  |  |  | 595 |  |  |  | 6,636 |  |  |  | – |
Loans collectively evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  |  |  |  |  |  |  |  |  | $ | 219,792 |  |  | $ | 794 |
Multi-family |  |  |  |  |  |  |  |  |  |  | 19,135 |  |  |  | 291 |
Construction |  |  |  |  |  |  |  |  |  |  | 5,433 |  |  |  | 12 |
Land |  |  |  |  |  |  |  |  |  |  | 1,308 |  |  |  | 3 |
Farm |  |  |  |  |  |  |  |  |  |  | 1,960 |  |  |  | 5 |
Nonresidential real estate |  |  |  |  |  |  |  |  |  |  | 34,125 |  |  |  | 494 |
Commercial nonmortgage |  |  |  |  |  |  |  |  |  |  | 2,259 |  |  |  | 5 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  |  |  |  |  |  |  |  |  | 1,129 |  |  |  | 2 |
Home equity |  |  |  |  |  |  |  |  |  |  | 7,135 |  |  |  | 15 |
Automobile |  |  |  |  |  |  |  |  |  |  | 75 |  |  |  | – |
Unsecured |  |  |  |  |  |  |  |  |  |  | 537 |  |  |  | 1 |
|  |  |  |  |  |  |  |  |  |  | 292,888 |  |  |  | 1,622 |
|  |  |  |  |  |  |  |  |  | $ | 299,524 |  |  | $ | 1,622 |
The following table presents interest income on loans individually evaluated for impairment by class of loans for the six months ended December 31:
(in thousands) |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Cash Basis Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Cash Basis Income Recognized |
|  | 2021 |  |  | 2020 |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 3,572 |  |  | $ | 67 |  |  | $ | 67 |  |  | $ | 4,011 |  |  | $ | 84 |  |  | $ | 84 |
Multi-family |  |  | 613 |  |  |  | 11 |  |  |  | 11 |  |  |  | 665 |  |  |  | 12 |  |  |  | 12 |
Construction |  |  | -- |  |  |  | – |  |  |  | – |  |  |  | 32 |  |  |  | – |  |  |  | – |
Farm |  |  | 274 |  |  |  | -- |  |  |  | -- |  |  |  | 300 |  |  |  | 23 |  |  |  | 23 |
Nonresidential real estate |  |  | 1,353 |  |  |  | 30 |  |  |  | 30 |  |  |  | 653 |  |  |  | 7 |  |  |  | 7 |
Consumer |  |  | 19 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased credit-impaired loans |  |  | 536 |  |  |  | 15 |  |  |  | 15 |  |  |  | 718 |  |  |  | 24 |  |  |  | 24 |
|  |  | 6,169 |  |  |  | 124 |  |  |  | 124 |  |  |  | 6,379 |  |  |  | 150 |  |  |  | 150 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
|  | $ | 6,367 |  |  | $ | 124 |  |  | $ | 124 |  |  | $ | 6,379 |  |  | $ | 150 |  |  | $ | 150 |
The following table presents interest income on loans individually evaluated for impairment by class of loans for the three months ended December 31:
(in thousands) |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Cash Basis Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Cash Basis Income Recognized |
|  | 2021 |  |  | 2020 |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 3,476 |  |  | $ | 33 |  |  | $ | 33 |  |  | $ | 3,965 |  |  | $ | 39 |  |  | $ | 39 |
Multi-family |  |  | 584 |  |  |  | 5 |  |  |  | 5 |  |  |  | 662 |  |  |  | 6 |  |  |  | 6 |
Construction |  |  | -- |  |  |  |  |  |  |  |  |  |  |  | 32 |  |  |  | -- |  |  |  | -- |
Farm |  |  | 273 |  |  |  | -- |  |  |  | -- |  |  |  | 292 |  |  |  | -- |  |  |  | -- |
Nonresidential real estate |  |  | 1,344 |  |  |  | 14 |  |  |  | 14 |  |  |  | 650 |  |  |  | 3 |  |  |  | 3 |
Consumer |  |  | 24 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased credit-impaired loans |  |  | 468 |  |  |  | 7 |  |  |  | 7 |  |  |  | 711 |  |  |  | 10 |  |  |  | 10 |
|  |  | 6,169 |  |  |  | 60 |  |  |  | 60 |  |  |  | 6,312 |  |  |  | 58 |  |  |  | 58 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
|  | $ | 6,169 |  |  | $ | 60 |  |  | $ | 60 |  |  | $ | 6,312 |  |  | $ | 58 |  |  | $ | 58 |
The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2021 and June 30, 2021:
|  | December 31, 2021 |  |  | June 30, 2021 |
(in thousands) |  | Nonaccrual |  |  | Loans Past Due Over 90 Days Still Accruing |  |  | Nonaccrual |  |  | Loans Past Due Over 90 Days Still Accruing |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family residential real estate |  | $ | 3,787 |  |  | $ | 371 |  |  | $ | 4,104 |  |  | $ | 243 |
Multifamily |  |  | 580 |  |  |  | – |  |  |  | 646 |  |  |  | – |
Construction |  |  | -- |  |  |  | – |  |  |  | -- |  |  |  | – |
Farm |  |  | 274 |  |  |  | – |  |  |  | 274 |  |  |  | – |
Nonresidential real estate and land |  |  | 1,339 |  |  |  | – |  |  |  | 1,367 |  |  |  | – |
Consumer |  |  | 20 |  |  |  | 71 |  |  |  | 21 |  |  |  | – |
|  | $ | 6,000 |  |  | $ | 442 |  |  | $ | 6,412 |  |  | $ | 243 |
One- to four-family loans in process of foreclosure totaled $479,000 and $577,000 at December 31, 2021 and June 30, 2021, respectively. Troubled Debt Restructurings: A Troubled Debt Restructuring (“TDR”) is the situation where the Bank grants a concession to the borrower that the Banks would not otherwise have considered due to the borrower’s financial difficulties. All TDRs are considered “impaired.” In December 2020, Congress amended the CARES Act through the Consolidated Appropriation Act of 2021, which provided additional COVID-19 relief to American families and businesses, including extending the TDR relief under the CARES Act until the earlier of December 31, 2021 or 60 days following the termination of the national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. The Company elected to adopt these provisions of the CARES Act. In response to the COVID-19 pandemic and the widespread economic downturn that immediately resulted, the Company adopted a loan forbearance plan in which then-current affected borrowers could request deferral of their loan payments for a period of three months. A total of $815,000 in loans were accepted into the plan for the twelve months ended June 30, 2021. At June 30, 2021 all of those loans had reached the end of their three-month deferral data period and returned to regular payment status. At December 31, 2021 and June 30, 2021, the Company had $1.6 million and $1.7 million of loans classified as TDRs, respectively. Of the TDRs at December 31, 2021, approximately 27.2% were related to the borrower’s completion of Chapter 7 bankruptcy proceedings with no reaffirmation of the debt to the Banks. During the six- and three-months ended December 31, 2021, the Company restructured no loans as TDRs. No TDRs defaulted during the six-month periods ended December 31, 2021 or 2020. During the six months ended December 31, 2020, the Company had two loans, which were associated with a single borrower and were both secured by a single-family residence, restructured as TDRs. The loans were classified as TDRs pursuant to court action under Chapter 7 bankruptcy proceedings without the borrower reaffirming the debt personally. The following table summarizes TDR loan modifications that occurred during the six months ended December 31, 2020, and their performance, by modification type:
(in thousands) |  | Troubled Debt Restructurings Performing to Modified Terms |  |  | Troubled Debt Restructurings Not Performing to Modified Terms |  |  | Total Troubled Debt Restructurings |
Six months ended December 31, 2020 |  |  |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |
Chapter 7 bankruptcy |  | $ | 144 |  |  | $ | – |  |  | $ | 144 |
The following table summarizes TDR loan modifications that occurred during the three months ended December 31, 2020, and their performance, by modification type:
(in thousands) |  | Troubled Debt Restructurings Performing to Modified Terms |  |  | Troubled Debt Restructurings Not Performing to Modified Terms |  |  | Total Troubled Debt Restructurings |
Three months ended December 31, 2020 |  |  |  |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |
Chapter 7 bankruptcy |  | $ | 144 |  |  | $ | – |  |  | $ | 144 |
The following table presents the aging of the principal balance outstanding in past due loans as of December 31, 2021, by class of loans:
(in thousands) |  | 30-89 Days Past Due |  |  | 90 Days or Greater Past Due |  |  | Total Past Due |  |  | Loans Not Past Due |  |  | Total |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to four-family |  | $ | 2,123 |  |  | $ | 1,292 |  |  | $ | 3,415 |  |  | $ | 213,829 |  |  | $ | 217,244 |
Multi-family |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 11,865 |  |  |  | 11,865 |
Construction |  |  | 12 |  |  |  | -- |  |  |  | 12 |  |  |  | 2,865 |  |  |  | 2,877 |
Land |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 315 |  |  |  | 315 |
Farm |  |  | 98 |  |  |  | – |  |  |  | 98 |  |  |  | 2,176 |  |  |  | 2,274 |
Nonresidential real estate |  |  | 99 |  |  |  | 237 |  |  |  | 336 |  |  |  | 33,147 |  |  |  | 33,483 |
Commercial non-mortgage |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,148 |  |  |  | 1,148 |
Consumer and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 997 |  |  |  | 997 |
Home equity |  |  | 76 |  |  |  | 71 |  |  |  | 147 |  |  |  | 7,284 |  |  |  | 7,431 |
Automobile |  |  | -- |  |  |  | – |  |  |  | -- |  |  |  | 94 |  |  |  | 94 |
Unsecured |  |  | 2 |  |  |  | – |  |  |  | 2 |  |  |  | 557 |  |  |  | 559 |
Total |  | $ | 2,410 |  |  | $ | 1,600 |  |  | $ | 4,010 |  |  | $ | 274,277 |  |  | $ | 278,287 |
The following tables present the aging of the principal balance outstanding in past due loans as of June 30, 2021, by class of loans:
(in thousands) |  | 30-89 Days Past Due |  |  | 90 Days or Greater Past Due |  |  | Total Past Due |  |  | Loans Not Past Due |  |  | Total |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to four-family |  | $ | 2,392 |  |  | $ | 1,338 |  |  | $ | 3,730 |  |  | $ | 220,395 |  |  | $ | 224,125 |
Multi-family |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 19,781 |  |  |  | 19,781 |
Construction |  |  | 80 |  |  |  | -- |  |  |  | 80 |  |  |  | 5,353 |  |  |  | 5,433 |
Land |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,308 |  |  |  | 1,308 |
Farm |  |  | 101 |  |  |  | -- |  |  |  | 101 |  |  |  | 2,133 |  |  |  | 2,234 |
Nonresidential real estate |  |  | -- |  |  |  | 241 |  |  |  | 241 |  |  |  | 35,251 |  |  |  | 35,492 |
Commercial and industrial |  |  | 6 |  |  |  | – |  |  |  | 6 |  |  |  | 2,253 |  |  |  | 2,259 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,129 |  |  |  | 1,129 |
Home equity |  |  | 116 |  |  |  | -- |  |  |  | 116 |  |  |  | 7,019 |  |  |  | 7,135 |
Automobile |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 75 |  |  |  | 75 |
Unsecured |  |  | 4 |  |  |  | – |  |  |  | 4 |  |  |  | 549 |  |  |  | 553 |
Total |  | $ | 2,699 |  |  | $ | 1,579 |  |  | $ | 4,278 |  |  | $ | 295,246 |  |  | $ | 299,524 |
Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on an annual basis. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass rated loans. Loans listed that are not rated are included in groups of homogeneous loans and are evaluated for credit quality based on performing status. See the aging of past due loan table above. As of December 31, 2021, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
(in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 210,945 |  |  | $ | 573 |  |  | $ | 5,726 |  |  | $ | – |
Multi-family |  |  | 11,285 |  |  |  | – |  |  |  | 580 |  |  |  | – |
Construction |  |  | 2,877 |  |  |  | – |  |  |  | – |  |  |  | – |
Land |  |  | 315 |  |  |  | – |  |  |  | – |  |  |  | – |
Farm |  |  | 2,000 |  |  |  | – |  |  |  | 274 |  |  |  | – |
Nonresidential real estate |  |  | 31,232 |  |  |  | 912 |  |  |  | 1,339 |  |  |  | – |
Commercial nonmortgage |  |  | 1,148 |  |  |  | – |  |  |  | – |  |  |  | – |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 997 |  |  |  | – |  |  |  | – |  |  |  | – |
Home equity |  |  | 7,269 |  |  |  | 40 |  |  |  | 122 |  |  |  | – |
Automobile |  |  | 94 |  |  |  | – |  |  |  | – |  |  |  | – |
Unsecured |  |  | 553 |  |  |  | – |  |  |  | 6 |  |  |  | – |
|  | $ | 268,715 |  |  | $ | 1,525 |  |  | $ | 8,047 |  |  | $ | – |
At June 30, 2021, the risk category of loans by class of loans was as follows:
(in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 217,485 |  |  | $ | 596 |  |  | $ | 6,044 |  |  | $ | – |
Multi-family |  |  | 19,135 |  |  |  | – |  |  |  | 646 |  |  |  | – |
Construction |  |  | 5,433 |  |  |  | – |  |  |  | – |  |  |  | – |
Land |  |  | 1,308 |  |  |  | – |  |  |  | – |  |  |  | – |
Farm |  |  | 1,960 |  |  |  | – |  |  |  | 274 |  |  |  | – |
Nonresidential real estate |  |  | 32,748 |  |  |  | 924 |  |  |  | 1,820 |  |  |  | – |
Commercial nonmortgage |  |  | 2,259 |  |  |  | – |  |  |  | – |  |  |  | – |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 1,129 |  |  |  | – |  |  |  | – |  |  |  | – |
Home equity |  |  | 7,044 |  |  |  | 39 |  |  |  | 52 |  |  |  | – |
Automobile |  |  | 75 |  |  |  | – |  |  |  | – |  |  |  | – |
Unsecured |  |  | 546 |  |  |  | – |  |  |  | 7 |  |  |  | – |
|  | $ | 289,122 |  |  | $ | 1,559 |  |  | $ | 8,843 |  |  | $ | – |
Purchased Credit Impaired Loans: The Company purchased loans during fiscal year 2013 for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans, net of a purchase credit discount of $88,000 and $88,000 at December 31, 2021 and June 30, 2021, respectively, is as follows:
(in thousands) |  | December 31, 2021 |  |  | June 30, 2021 |
One- to four-family residential real estate |  | $ | 434 |  |  | $ | 595 |
Accretable yield, or income expected to be collected, is as follows:
(in thousands) |  | Six months ended December 31, 2021 |  |  | Twelve months ended June 30, 2021 |
Balance at beginning of period |  | $ | 390 |  |  | $ | 447 |
Accretion of income |  |  | (26 | ) |  |  | (57 | )
Disposals, net of recoveries |  |  | – |  |  |  | – |
Balance at end of period |  | $ | 364 |  |  | $ | 390 |
For those purchased loans disclosed above, the Company made no increase in allowance for loan losses for the year ended June 30, 2021, nor for the six-month period ended December 31, 2021. Neither were any allowance for loan losses reversed during those periods.

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