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Loans | 12 Months Ended
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Jun. 30, 2024
Loans [Abstract] |
LOANS | NOTE C - LOANS The composition of the loan portfolio at June 30 was as follows:
(in thousands) |  | 2024 |  |  | 2023 |
Residential real estate |  |  |  |  |  |
One- to four-family |  | $ | 256,216 |  |  | $ | 240,076 |
Multi-family |  |  | 15,815 |  |  |  | 19,067 |
Construction |  |  | 13,815 |  |  |  | 12,294 |
Land |  |  | 964 |  |  |  | 470 |
Farm |  |  | 1,169 |  |  |  | 1,346 |
Nonresidential real estate |  |  | 34,308 |  |  |  | 30,217 |
Commercial and industrial |  |  | 700 |  |  |  | 1,184 |
Consumer and other |  |  |  |  |  |  |  |
Loans on deposits |  |  | 819 |  |  |  | 855 |
Home equity |  |  | 10,644 |  |  |  | 9,217 |
Automobile |  |  | 117 |  |  |  | 104 |
Unsecured |  |  | 585 |  |  |  | 611 |
|  |  | 335,152 |  |  |  | 315,441 |
Allowance for credit losses |  |  | (2,127 | ) |  |  | (1,634 | )
|  | $ | 333,025 |  |  | $ | 313,807 |
The amounts above include net deferred loan fees of $288,000 and $330,000 as of June 30, 2024 and 2023. The following table presents the amortized cost basis of collateral-dependent loans by portfolio class as of June 30, 2024. The recorded investment in loans excludes accrued interest receivable due to immateriality.
(in thousands) |  | Amortized Cost Basis |  |  | Ending allowance on collateral- dependent loans |
Loans individually evaluated for impairment: |  |  |  |  |  |
Residential real estate: |  |  |  |  |  |
One- to four-family |  | $ | 2,674 |  |  | $ | – |
Nonresidential real estate |  |  | 1,925 |  |  |  | – |
Commercial and industrial |  |  | – |  |  |  | – |
|  | $ | 4,599 |  |  |  | – |
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, 2024 and 2023. The company reported $175,000 and $196,000 in loans acquired with deteriorated credit quality at June 30, 2024 and 2023, respectively. June 30, 2024:
(in thousands) |  | Loans individually evaluated |  |  | Loans acquired with deteriorated credit quality* |  |  | Ending loans balance |  |  | Ending allowance attributed to loans |
Loans individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 2,674 |  |  | $ | 175 |  |  | $ | 2,849 |  |  | $ | - |
Nonresidential real estate |  |  | 1,925 |  |  |  | - |  |  |  | 1,925 |  |  |  | - |
Home Equity |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 4,599 |  |  |  | 175 |  |  |  | 4,744 |  |  |  | - |
Loans collectivelly evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  |  |  |  |  |  |  |  |  | $ | 253,367 |  |  | $ | 1661 |
Multi-family |  |  |  |  |  |  |  |  |  |  | 15,815 |  |  |  | 100 |
Construction |  |  |  |  |  |  |  |  |  |  | 13,815 |  |  |  | 122 |
Land |  |  |  |  |  |  |  |  |  |  | 964 |  |  |  | 28 |
Farm |  |  |  |  |  |  |  |  |  |  | 1,169 |  |  |  | 4 |
Nonresidential real estate |  |  |  |  |  |  |  |  |  |  | 32,383 |  |  |  | 192 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  | 700 |  |  |  | 3 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  |  |  |  |  |  |  |  |  | 819 |  |  |  | - |
Home equity |  |  |  |  |  |  |  |  |  |  | 10,644 |  |  |  | 14 |
Automobile |  |  |  |  |  |  |  |  |  |  | 117 |  |  |  | - |
Unsecured |  |  |  |  |  |  |  |  |  |  | 585 |  |  |  | 3 |
|  |  |  |  |  |  |  |  |  |  | 330,378 |  |  |  | 2,127 |
|  |  |  |  |  |  |  |  |  | $ | 335,152 |  |  | $ | 2,127 |
June 30, 2023:
(in thousands) |  | Loans individually evaluated |  |  | Loans acquired with deteriorated credit quality* |  |  | Ending loans balance |  |  | Ending allowance attributed to loans |
Loans individually evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 2,833 |  |  | $ | 196 |  |  | $ | 3,029 |  |  | $ | - |
Nonresidential real estate |  |  | 1,717 |  |  |  | - |  |  |  | 1,717 |  |  |  | - |
Home Equity |  |  | 267 |  |  |  | - |  |  |  | 267 |  |  |  | - |
|  |  | 4,817 |  |  |  | 196 |  |  |  | 5,013 |  |  |  | - |
Loans collectivelly evaluated for impairment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  |  |  |  |  |  |  |  |  | $ | 237,047 |  |  | $ | 857 |
Multi-family |  |  |  |  |  |  |  |  |  |  | 19,067 |  |  |  | 278 |
Construction |  |  |  |  |  |  |  |  |  |  | 12,294 |  |  |  | 41 |
Land |  |  |  |  |  |  |  |  |  |  | 470 |  |  |  | 1 |
Farm |  |  |  |  |  |  |  |  |  |  | 1,346 |  |  |  | 4 |
Nonresidential real estate |  |  |  |  |  |  |  |  |  |  | 28,500 |  |  |  | 405 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  | 1,184 |  |  |  | 23 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  |  |  |  |  |  |  |  |  | 855 |  |  |  | 1 |
Home equity |  |  |  |  |  |  |  |  |  |  | 8,950 |  |  |  | 23 |
Automobile |  |  |  |  |  |  |  |  |  |  | 104 |  |  |  | - |
Unsecured |  |  |  |  |  |  |  |  |  |  | 611 |  |  |  | 1 |
|  |  |  |  |  |  |  |  |  |  | 310,428 |  |  |  | 1,634 |
|  |  |  |  |  |  |  |  |  | $ | 315,441 |  |  | $ | 1,634 |
* | These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.
The following table presents impaired loans by class of loans as of and for the years ended June 30, 2024 and 2023:
(in thousands) |  | Unpaid Principal Balance and Recorded Investment |  |  | Allowance for Loan Losses Allocated |  |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Cash Basis Income Recognized |
June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 2,849 |  |  | $ | - |  |  | $ | 3,146 |  |  | $ | 104 |  |  | $ | 104 |
Multi-family |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Farm |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonresidential real estate |  |  | 1,925 |  |  |  | - |  |  |  | 1,893 |  |  |  | 54 |  |  |  | 54 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | - |  |  |  | - |  |  |  | 89 |  |  |  | - |  |  |  | - |
Unsecured |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 4,774 |  |  | $ | - |  |  | $ | 5,128 |  |  | $ | 158 |  |  | $ | 158 |
June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 3,029 |  |  | $ | - |  |  | $ | 3,325 |  |  | $ | 161 |  |  | $ | 161 |
Multi-family |  |  | - |  |  |  | - |  |  |  | 285 |  |  |  | 22 |  |  |  | 22 |
Farm |  |  | - |  |  |  | - |  |  |  | 135 |  |  |  | 15 |  |  |  | 15 |
Nonresidential real estate |  |  | 1,717 |  |  |  | - |  |  |  | 1,395 |  |  |  | 63 |  |  |  | 63 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | 267 |  |  |  | - |  |  |  | 177 |  |  |  | 6 |  |  |  | 6 |
Unsecured |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 1 |  |  |  | 1 |
|  | $ | 5,013 |  |  | $ | - |  |  | $ | 5,319 |  |  | $ | 268 |  |  | $ | 268 |
The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of June 30, 2024 and 2023. The tables include loans acquired with deteriorated credit quality. At June 30, 2024, the table below includes approximately $175,000 of loans on nonaccrual and no loans past due over 89 days and still accruing of loans acquired with deteriorated credit quality, while at June 30, 2023, approximately $197,000 of loans on nonaccrual and no loans past due over 89 days and still accruing represent such loans. At both June 30, 2024 and 2023, there is $0 in allowance for credit loss for nonaccrual loans as they have incurred a loss in the amount that brings them to fair value.
|  | June 30, 2024 |  |  | June 30, 2023 |
(in thousands) |  | Nonaccrual |  |  | Loans Past Due Over 89 Days Still Accruing |  |  | Nonaccrual |  |  | Loans Past Due Over 89 Days Still Accruing |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 2,678 |  |  | $ | 221 |  |  | $ | 3,028 |  |  | $ | 365 |
Multi-family |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Farm |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonresidential real estate |  |  | 969 |  |  |  | - |  |  |  | 1,013 |  |  |  | - |
Commercial and industrial |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | - |  |  |  | - |  |  |  | 267 |  |  |  | - |
Unsecured |  |  | - |  |  |  | 28 |  |  |  | - |  |  |  | 28 |
|  | $ | 3,647 |  |  | $ | 249 |  |  | $ | 4,308 |  |  | $ | 393 |
One- to four-family loans in process of foreclosure totaled $926,000 and $766,000 at June 30, 2024 and 2023, respectively. Troubled Debt Restructurings: Prior to the adoption of ASC 326 a Troubled Debt Restructuring (“TDR”) was the situation where the Bank granted 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.” At June 30, 2023, the Company had $464,000 of loans classified as TDRs. There were no loans modified to borrowers experiencing financial difficulty during the year ended June 30, 2024. The following tables present the aging of the principal balance outstanding past due loans as of June 30, 2024 and 2023, by class of loans. The tables include loans acquired with deteriorated credit quality. At June 30, 2024, the table below includes $28,000 in loans 30-59 days past due and approximately $33,000 of loans past due over 90 days that were acquired with deteriorated credit quality, while at June 30, 2023, the table below includes $68,000 in loans 30-89 days past due and approximately $58,000 of loans past due over 90 days of such loans. June 30, 2024:
(in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or Greater |  |  | Total Past Due |  |  | Loans Not Past Due |  |  | Total |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 4,517 |  |  | $ | 847 |  |  | $ | 1,080 |  |  | $ | 6,444 |  |  | $ | 249,772 |  |  | $ | 256,216 |
Multi-family |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15,815 |  |  |  | 15,815 |
Construction |  |  | 1,085 |  |  |  | 60 |  |  |  | - |  |  |  | 1,145 |  |  |  | 12,670 |  |  |  | 13,815 |
Land |  |  | 55 |  |  |  | - |  |  |  | - |  |  |  | 55 |  |  |  | 909 |  |  |  | 964 |
Farm |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,169 |  |  |  | 1,169 |
Nonresidential real estate |  |  | 840 |  |  |  | - |  |  |  | - |  |  |  | 840 |  |  |  | 33,468 |  |  |  | 34,308 |
Commercial and industrial |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 696 |  |  |  | 700 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 819 |  |  |  | 819 |
Home equity |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | 28 |  |  |  | 10,616 |  |  |  | 10,644 |
Automobile |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 117 |  |  |  | 117 |
Unsecured |  |  | 14 |  |  |  |  |  |  |  | - |  |  |  | 14 |  |  |  | 571 |  |  |  | 585 |
|  | $ | 6,515 |  |  | $ | 907 |  |  | $ | 1,108 |  |  | $ | 8,530 |  |  | $ | 326,662 |  |  | $ | 335,152 |
June 30, 2023:
(in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or Greater |  |  | Total Past Due |  |  | Loans Not Past Due |  |  | Total |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 2,466 |  |  | $ | 949 |  |  | $ | 1,514 |  |  | $ | 4,929 |  |  | $ | 235,147 |  |  | $ | 240,076 |
Multi-family |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 19,067 |  |  |  | 19,067 |
Construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,294 |  |  |  | 12,294 |
Land |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 470 |  |  |  | 470 |
Farm |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,346 |  |  |  | 1,346 |
Nonresidential real estate |  |  | 662 |  |  |  | - |  |  |  | - |  |  |  | 662 |  |  |  | 29,555 |  |  |  | 30,217 |
Commercial and industrial |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | 28 |  |  |  | 1,156 |  |  |  | 1,184 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 855 |  |  |  | 855 |
Home equity |  |  | 168 |  |  |  | - |  |  |  | 267 |  |  |  | 435 |  |  |  | 8,782 |  |  |  | 9,217 |
Automobile |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 104 |  |  |  | 104 |
Unsecured |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | 594 |  |  |  | 611 |
|  | $ | 3,313 |  |  | $ | 949 |  |  | $ | 1,809 |  |  | $ | 6,071 |  |  | $ | 309,370 |  |  | $ | 315,441 |
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 June 30, 2024, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Revolving |  |  |  |
(in thousands) |  | Term Loans Amortized Cost by Origination Fiscal Year |  |  | Loans Amortized |  |  |  |
As of March 31, 2024 |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Cost Basis |  |  | Total |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 29,792 |  |  | $ | 50,814 |  |  | $ | 47,346 |  |  | $ | 42,943 |  |  | $ | 26,794 |  |  | $ | 52,616 |  |  | $ | - |  |  | $ | 250,485 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 667 |  |  |  | - |  |  |  | 667 |
Substandard |  |  | - |  |  |  | - |  |  |  | -- |  |  |  | 81 |  |  |  | 110 |  |  |  | 4,873 |  |  |  | - |  |  |  | 5,064 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 29,792 |  |  | $ | 50,814 |  |  | $ | 47,346 |  |  | $ | 43,024 |  |  | $ | 26,904 |  |  | $ | 58,156 |  |  | $ | - |  |  | $ | 256,216 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 16 |  |  | $ | - |  |  | $ | 16 |
Multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 400 |  |  | $ | 6,076 |  |  | $ | 5,907 |  |  | $ | 1,239 |  |  | $ | - |  |  | $ | 2,193 |  |  | $ | - |  |  | $ | 15,815 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 400 |  |  | $ | 6,076 |  |  | $ | 5,907 |  |  | $ | 1,239 |  |  | $ | - |  |  | $ | 2,193 |  |  | $ | - |  |  | $ | 15,815 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 8,230 |  |  | $ | 5,562 |  |  | $ | 23 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 13,815 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 8,230 |  |  | $ | 5,562 |  |  | $ | 23 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 13,815 |
Current period gross charge offs |  | $ | - |  |  | $ | 6 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6 |
Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 401 |  |  | $ | 252 |  |  | $ | 213 |  |  | $ | - |  |  | $ | - |  |  | $ | 70 |  |  | $ | - |  |  | $ | 936 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 401 |  |  | $ | 252 |  |  | $ | 213 |  |  | $ | - |  |  | $ | - |  |  | $ | 98 |  |  | $ | - |  |  | $ | 964 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Farm |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | 221 |  |  | $ | - |  |  | $ | - |  |  | $ | 948 |  |  | $ | - |  |  | $ | 1,169 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | - |  |  | $ | 221 |  |  | $ | - |  |  | $ | - |  |  | $ | 948 |  |  | $ | - |  |  | $ | 1,169 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Nonresidential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 7,828 |  |  | $ | 1,561 |  |  | $ | 3,099 |  |  | $ | 3,406 |  |  | $ | 5,711 |  |  | $ | 10,648 |  |  | $ | - |  |  | $ | 32,253 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 130 |  |  |  | - |  |  |  | 130 |
Substandard |  |  | - |  |  |  | 1,017 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 908 |  |  |  | - |  |  |  | 1,925 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 7,828 |  |  | $ | 2,578 |  |  | $ | 3,099 |  |  | $ | 3,406 |  |  | $ | 5,711 |  |  | $ | 11,686 |  |  | $ | - |  |  | $ | 34,308 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 482 |  |  | $ | 214 |  |  | $ | - |  |  | $ | 4 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 700 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 482 |  |  | $ | 214 |  |  | $ | - |  |  | $ | 4 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 700 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Share Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 116 |  |  | $ | 113 |  |  | $ | 20 |  |  | $ | 15 |  |  | $ | 176 |  |  | $ | 379 |  |  | $ | - |  |  | $ | 819 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 116 |  |  | $ | 113 |  |  | $ | 20 |  |  | $ | 15 |  |  | $ | 176 |  |  | $ | 379 |  |  | $ | - |  |  | $ | 819 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Home Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 10,490 |  |  | $ | 10,490 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 154 |  |  |  | 154 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 10,644 |  |  | $ | 10,644 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Auto |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 68 |  |  | $ | 9 |  |  | $ | 30 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 117 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 68 |  |  | $ | 9 |  |  | $ | 30 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 117 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Unsecured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 285 |  |  | $ | 34 |  |  | $ | 24 |  |  | $ | 174 |  |  | $ | 13 |  |  | $ | 55 |  |  | $ | - |  |  | $ | 585 |
Special mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 285 |  |  | $ | 34 |  |  | $ | 24 |  |  | $ | 174 |  |  | $ | 13 |  |  | $ | 55 |  |  | $ | - |  |  | $ | 585 |
Current period gross charge offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
As of June 30, 2024, and 2023, and based on the most recent analysis performed, the risk category of loans by class of loans was as follows: June 30, 2024:
(in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 250,485 |  |  | $ | 667 |  |  | $ | 5,064 |  |  | $ | - |
Multi-family |  |  | 15,815 |  |  |  | - |  |  |  | - |  |  |  | - |
Construction |  |  | 13,815 |  |  |  | - |  |  |  | - |  |  |  | - |
Land |  |  | 936 |  |  |  | - |  |  |  | 28 |  |  |  | - |
Farm |  |  | 1,169 |  |  |  | - |  |  |  | - |  |  |  | - |
Nonresidential real estate |  |  | 32,253 |  |  |  | 130 |  |  |  | 1,925 |  |  |  | - |
Commercial and industrial |  |  | 700 |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 819 |  |  |  | - |  |  |  | - |  |  |  | - |
Home equity |  |  | 10,490 |  |  |  | - |  |  |  | 154 |  |  |  | - |
Automobile |  |  | 117 |  |  |  | - |  |  |  | - |  |  |  | - |
Unsecured |  |  | 585 |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 327,184 |  |  | $ | 797 |  |  | $ | 7,171 |  |  | $ | - |
June 30, 2023:
(in thousands) |  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 234,765 |  |  | $ | 170 |  |  | $ | 5,141 |  |  | $ | - |
Multi-family |  |  | 19,067 |  |  |  | - |  |  |  | - |  |  |  | - |
Construction |  |  | 12,294 |  |  |  | - |  |  |  | - |  |  |  | - |
Land |  |  | 470 |  |  |  | - |  |  |  | - |  |  |  | - |
Farm |  |  | 1,346 |  |  |  | - |  |  |  | - |  |  |  | - |
Nonresidential real estate |  |  | 27,816 |  |  |  | 684 |  |  |  | 1,717 |  |  |  | - |
Commercial and industrial |  |  | 1,184 |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 855 |  |  |  | - |  |  |  | - |  |  |  | - |
Home equity |  |  | 8,879 |  |  |  | - |  |  |  | 338 |  |  |  | - |
Automobile |  |  | 104 |  |  |  | - |  |  |  | - |  |  |  | - |
Unsecured |  |  | 611 |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 307,391 |  |  | $ | 854 |  |  | $ | 7,196 |  |  | $ | - |
The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended June 30, 2024 and 2023: June 30, 2024:
(in thousands) |  | Pre-ASC 326 Adoption |  |  | Impact of ASC 326 Adoption |  |  | As Reported Under ASC 326 |  |  | Provision for (recovery of) credit losses on loans |  |  | Loans charged off |  |  | Recoveries |  |  | Credit Losses for Unfunded Liabilities |  |  | Ending balance |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 857 |  |  | $ | 740 |  |  | $ | 1,597 |  |  | $ | 82 |  |  | $ | (18 | ) |  | $ | - |  |  | $ | - |  |  | $ | 1,661 |
Multi-family |  |  | 278 |  |  |  | (145 | ) |  |  | 133 |  |  |  | (33 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100 |
Construction |  |  | 41 |  |  |  | 97 |  |  |  | 138 |  |  |  | (12 | ) |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | 122 |
Land |  |  | 1 |  |  |  | 14 |  |  |  | 15 |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28 |
Farm |  |  | 4 |  |  |  | 2 |  |  |  | 6 |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |
Nonresidential real estate |  |  | 405 |  |  |  | (221 | ) |  |  | 184 |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 192 |
Commercial and industrial |  |  | 23 |  |  |  | (18 | ) |  |  | 5 |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 1 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Home equity |  |  | 23 |  |  |  | 28 |  |  |  | 51 |  |  |  | (31 | ) |  |  | (8 | ) |  |  | 4 |  |  |  | (2 | ) |  |  | 14 |
Automobile |  |  | - |  |  |  | 1 |  |  |  | 1 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Unsecured |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |
|  | $ | 1,634 |  |  | $ | 497 |  |  | $ | 2,131 |  |  | $ | 24 |  |  | $ | (26 | ) |  | $ | 4 |  |  | $ | (6 | ) |  | $ | 2,127 |
June 30, 2023:
(in thousands) |  | Beginning balance |  |  | Provision (credit) for loan losses |  |  | Loans charged off |  |  | Recoveries |  |  | Ending balance |
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 800 |  |  | $ | 73 |  |  | $ | (29 | ) |  | $ | 13 |  |  | $ | 857 |
Multi-family |  |  | 231 |  |  |  | 47 |  |  |  | - |  |  |  | - |  |  |  | 278 |
Construction |  |  | 4 |  |  |  | 37 |  |  |  | - |  |  |  | - |  |  |  | 41 |
Land |  |  | 3 |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | 1 |
Farm |  |  | 5 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | 4 |
Nonresidential real estate |  |  | 461 |  |  |  | (64 | ) |  |  | - |  |  |  | 8 |  |  |  | 405 |
Commercial and industrial |  |  | 2 |  |  |  | 21 |  |  |  | - |  |  |  | - |  |  |  | 23 |
Consumer and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans on deposits |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
Home equity |  |  | 21 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 23 |
Automobile |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |
Unsecured |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
|  | $ | 1,529 |  |  | $ | 113 |  |  | $ | (29 | ) |  | $ | 21 |  |  | $ | 1,634 |
Purchased Loans: The Company purchased loans during the fiscal year ended June 30, 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 $25,000 and $88,000, at June 30, 2024 and 2023, respectively, was as follows:
(in thousands) |  | 2024 |  |  | 2023 |
Residential real estate |  |  |  |  |  |  |  |
One- to four-family |  | $ | 175 |  |  | $ | 196 |
Accretable yield, or income expected to be collected on loans purchased during fiscal year 2013, for the years ended June 30 was as follows:
(in thousands) |  | 2024 |  |  | 2023 |
Balance at beginning of year |  | $ | 294 |  |  | $ | 339 |
Accretion of income |  |  | (34 | ) |  |  | (45 | )
Balance at end of year |  | $ | 260 |  |  | $ | 294 |
For those purchased loans disclosed above, the Company made no increase in allowance for loan losses for the years ended June 30, 2024 or 2023, nor were any allowance for loan losses reversed during those years.

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