Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| ASSETS | ||
| Securities held-to-maturity, allowance for credit losses | $ 466 | $ 483 |
| SHAREHOLDERS' EQUITY | ||
| Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
| Common stock, shares authorized (in shares) | 36,000,000 | 36,000,000 |
| Common stock, shares issued (in shares) | 17,222,680 | 17,222,680 |
| Common stock, shares outstanding (in shares) | 17,026,828 | 17,026,828 |
| Treasury stock, shares (in shares) | 195,852 | 195,852 |
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Interest income: | ||
| Loans | $ 19,243 | $ 17,205 |
| Investment securities - tax exempt | 4,468 | 4,290 |
| Investment securities - taxable | 3,369 | 2,261 |
| Interest-bearing deposits and federal funds sold | 689 | 916 |
| Total interest income | 27,769 | 24,672 |
| Interest expense: | ||
| Interest on deposits | 13,806 | 10,607 |
| Interest on borrowings | 827 | 626 |
| Total interest expense | 14,633 | 11,233 |
| Net interest income | 13,136 | 13,439 |
| Provision for credit losses | 634 | 457 |
| Net interest income after provision for credit losses | 12,502 | 12,982 |
| Noninterest income: | ||
| Service charges on deposit accounts | 1,226 | 1,230 |
| Debit card fees | 1,101 | 1,133 |
| Investment services | 248 | 243 |
| E-commerce fees | 37 | 29 |
| Bank-owned life insurance | 648 | 362 |
| Other operating income | 477 | 302 |
| Total noninterest income | 3,737 | 3,299 |
| Noninterest expense: | ||
| Salaries and employee benefits | 5,878 | 5,491 |
| Occupancy expense | 636 | 537 |
| Equipment and furniture expense | 150 | 138 |
| Service and data processing fees | 767 | 591 |
| Computer software, supplies and support | 355 | 511 |
| Advertising and promotion | 77 | 97 |
| FDIC insurance premiums | 322 | 312 |
| Legal and professional fees | 364 | 383 |
| Other | 1,001 | 785 |
| Total noninterest expense | 9,550 | 8,845 |
| Income before provision for income taxes | 6,689 | 7,436 |
| Provision for income taxes | 428 | 967 |
| Net income | $ 6,261 | $ 6,469 |
| Basic earnings per share (in dollars per share) | $ 0.37 | $ 0.38 |
| Diluted earnings per share (in dollars per share) | $ 0.37 | $ 0.38 |
| Basic average shares outstanding (in shares) | 17,026,828 | 17,026,828 |
| Diluted average shares outstanding (in shares) | 17,026,828 | 17,026,828 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Consolidated Statements of Comprehensive Income [Abstract] | ||
| Net Income | $ 6,261 | $ 6,469 |
| Other comprehensive income (loss): | ||
| Unrealized holding gains (losses) on securities available-for-sale, gross | 7,602 | (5,065) |
| Tax effect | 2,032 | (1,353) |
| Unrealized holding gains (losses) on securities available-for-sale, net | 5,570 | (3,712) |
| Total other comprehensive income (loss), net of taxes | 5,570 | (3,712) |
| Comprehensive income | $ 11,831 | $ 2,757 |
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Retained Earnings [Member] |
Retained Earnings [Member]
Cumulative Effect Adjustment for ASU Implementation [Member]
|
Accumulated Other Comprehensive Loss [Member] |
Treasury Stock [Member] |
Total |
Cumulative Effect Adjustment for ASU Implementation [Member] |
|---|---|---|---|---|---|---|---|---|
| Balance at Jun. 30, 2023 | $ 1,722 | $ 10,156 | $ 193,721 | $ (21,408) | $ (908) | $ 183,283 | ||
| Balance (Accounting Standards Update 2016-13 [Member]) at Jun. 30, 2023 | $ (510) | $ (510) | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
| Dividends declared | (1,362) | (1,362) | ||||||
| Net income | 6,469 | 6,469 | ||||||
| Other comprehensive income (loss), net of taxes | (3,712) | (3,712) | ||||||
| Balance at Sep. 30, 2023 | 1,722 | 10,156 | 198,318 | (25,120) | (908) | 184,168 | ||
| Balance at Jun. 30, 2024 | 1,722 | 10,156 | 214,740 | (19,710) | (908) | 206,000 | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
| Dividends declared | (1,533) | (1,533) | ||||||
| Net income | 6,261 | 6,261 | ||||||
| Other comprehensive income (loss), net of taxes | 5,570 | 5,570 | ||||||
| Balance at Sep. 30, 2024 | $ 1,722 | $ 10,156 | $ 219,468 | $ (14,140) | $ (908) | $ 216,298 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Cash flows from operating activities: | ||
| Net Income | $ 6,261 | $ 6,469 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 261 | 220 |
| Deferred income tax benefit | (543) | (735) |
| Net (accretion) amortization of investment premiums and discounts | (287) | 410 |
| Net amortization of deferred loan costs and fees | 83 | 40 |
| Amortization of subordinated debt issuance costs | 46 | 47 |
| Provision for credit losses | 634 | 457 |
| Bank-owned life insurance income | (648) | (362) |
| Net (gain) loss on equity securities | (11) | 7 |
| Net increase in accrued income taxes | 647 | 1,346 |
| Net increase in accrued interest receivable | (640) | (1,512) |
| Net (increase) decrease in prepaid expenses and other assets | (2,165) | 109 |
| Net decrease in accrued expense and other liabilities | (1,488) | (238) |
| Net cash provided by operating activities | 2,150 | 6,258 |
| Securities available-for-sale: | ||
| Proceeds from maturities | 55,515 | 43,355 |
| Purchases of securities | (89,688) | (77,044) |
| Proceeds from principal payments on securities | 27,634 | 942 |
| Securities held-to-maturity: | ||
| Proceeds from maturities | 11,268 | 18,192 |
| Purchases of securities | (25,500) | (7,997) |
| Proceeds from principal payments on securities | 2,589 | 3,649 |
| Net redemption (purchase) of Federal Home Loan Bank Stock | 2,501 | (297) |
| Maturity of long-term certificates of deposit | 250 | 500 |
| Net increase in loans receivable | (1,936) | (39,608) |
| Purchases of premises and equipment | (153) | (474) |
| Net cash used in investing activities | (17,520) | (58,782) |
| Cash flows from financing activities: | ||
| Net decrease in short-term advances | (52,300) | 0 |
| Proceeds from term advances | 0 | 4,374 |
| Repayment of long-term advances | (4,375) | 0 |
| Payment of cash dividends | (1,533) | (1,362) |
| Net increase (decrease) in deposits | 96,652 | (16,680) |
| Net cash provided (used in) by financing activities | 38,444 | (13,668) |
| Net increase (decrease) in cash and cash equivalents | 23,074 | (66,192) |
| Cash and cash equivalents at beginning of period | 190,395 | 196,445 |
| Cash and cash equivalents at end of period | 213,469 | 130,253 |
| Cash paid during period for: | ||
| Interest | 14,752 | 11,638 |
| Income taxes | $ 324 | $ 356 |
Summary of Significant Accounting Policies |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Summary of Significant Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies |
(1) Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
Within the accompanying unaudited interim consolidated financial statements and
related notes to the consolidated financial statements, the June 30, 2024 data was derived from the audited consolidated financial statements and notes of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank
of Greene County (the “Bank”) and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. The interim consolidated financial statements at and for the three months ended
September 30, 2024 and 2023 are unaudited.
The unaudited interim consolidated financial statements include the accounts of
certain Variable Interest Entities (“VIE(s)”). In accordance with the applicable accounting guidance for consolidations, the Company consolidates a VIE if it has (i) a variable interest in the entity; (ii) the power to direct activities of the
VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary).
The Company uses the equity method to account for unconsolidated investments in
VIEs if it has significant influence over the entity’s operating and financing decision. Unconsolidated investments in VIEs in which the Company does not have significant influence, are carried at a cost measurement alternative. See Note, 14 Variable Interest Entities for information on our involvement with VIEs.
The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes
required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference
to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2024, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items)
necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Certain previous years’ amounts in the unaudited consolidated financial statements and
notes thereto, have been reclassified to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three months
ended September 30, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2025. These consolidated financial statements consider events that occurred through the date the consolidated
financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.
Nature
of Operations
The Company’s primary business is the ownership and operation of its subsidiaries. At September 30, 2024, the Bank has 18 full-service offices, lending centers, an operations center, customer call center, and wealth management center, located in its market area
consisting of the Hudson Valley and Capital District Regions of New York State. The Bank is primarily engaged in the business of attracting deposits from the general public in the Bank’s market area, and investing such deposits, together with
other sources of funds, in loans and investment securities. The Commercial Bank’s primary business is to attract deposits from, and provide banking services to, local municipalities. Greene Property Holdings, Ltd. was formed as a New York
corporation that has elected under the Internal Revenue Code to be a real estate investment trust. Currently, certain mortgages and loan notes held by the Bank are transferred and beneficially owned by Greene Property Holdings, Ltd. The Bank
continues to service these loans.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term
relate to the determination of the allowance for credit losses (“ACL”) on loans and on unfunded commitments.
Accrued Interest Receivable
Accrued interest receivable balances are presented separately on the consolidated statements of financial condition and are not included in
amortized cost when determining the allowance for credit losses. Accrued interest receivable that is deemed uncollectible is written off timely. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore, the amount of such
write offs are immaterial. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities.
Income Taxes
The Company uses the proportional amortization method for solar tax
credit investments, whereby the associated tax credits are recognized as a reduction to tax expense. Certain federal tax credits that are non-refundable and transferable under applicable regulations are accounted for as government grants
and recorded as a reduction to the amortized cost or net investment in the applicable asset generating the credit, generally within “other assets.” Amounts are amortized through depreciation or as an adjustment to yield over the estimated
life of the asset. Any gain or loss on the transfer of a tax credit is recorded within “other income.”
|
Recent Accounting Pronouncements |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Recent Accounting Pronouncements [Abstract] | |
| Recent Accounting Pronouncements |
(2) Recent Accounting Pronouncements
Recently Adopted Accounting Standards
In March 2023, the FASB issued ASU 2023-02, Investments – Equity
Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method, which permits reporting entities to elect to account for their tax equity investments, regardless
of their tax credit program from which the income tax credits are received. The election can be made for each qualifying tax credit investment. Under the proportional amortization method, the initial cost of an investment is amortized in
proportion to the amount of tax credits and other tax benefits received, with the amortization and tax credits recognized as a component of income tax expense. To qualify for the proportional amortization method, all of the following
conditions must be met: (1) It is probable that the income tax credits allocated to the tax equity investor will be available; (2) The tax equity investor does not have the ability to excise significant influence over the operating and
financial policies of the underlying project; (3) Substantially all of the projected benefits are from income tax credits and other income tax benefits; (4) The tax equity investor’s projected yield is based solely on the cash flows from the
income tax credits and other income tax benefits is positive; and (5) The tax equity investor is a limited liability investor in the limited liability entity for legal and tax purposes, and the tax equity investor’s liability is limited to
its capital investment.
A reporting entity that applies the proportional amortization method to qualifying tax equity investments must
account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes. The amendments also require the application of the delayed equity contribution guidance to all tax equity investments, and
require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method
in accordance with Subtopic 323-740.
Under the proportional amortization method, the investment shall be tested for impairment when events or changes in circumstances indicate that is more likely
than not that the carrying amount of the investment will not be realized. An impairment loss shall be measured as the amount by which the carrying amount of the investment exceeds its fair value. A previously recognized impairment loss
shall not be reversed. The Company adopted ASU 2023-02 during the quarter ended September 30, 2024. The Company’s adoption of this standard did not have a material impact on the consolidated financial statements.
Accounting
Standards Issued Not Yet Adopted
In
October 2023, the FASB issued ASU 2023-06, Disclosure Improvements, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards
Codification. The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were redundant, duplicative, overlapping, outdated, or superseded. The new
guidance is intended to align GAAP requirements with those of the SEC. The ASU will become effective on the earlier of the date on which the SEC removes its disclosure requirements for the related disclosure or June 30, 2027. Early
adoption is not permitted. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, to improve the reportable segment disclosures by requiring disclosure
of incremental segment information on an annual and interim basis. In addition, the amendments will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or
loss provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The amendments in this ASU are effective for annual periods beginning after December 15, 2023,
and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which will require public entities to disclose annually a tabular rate
reconciliation, including specific items such as state and local income tax, tax credits, nontaxable or nondeductible items, among others, and a separate disclosure requiring disaggregation of reconciling items as described above
which equal or exceed 5% of the product of multiplying income from continuing operations by the applicable statutory income tax rate. The ASU is effective for annual periods beginning after December 31, 2024. The Company’s adoption of
this standard is not expected to have a material impact on the consolidated financial statements.
|
Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities |
(3) Securities
The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:
There was no allowance for credit losses on
securities available-for-sale at the quarter ended September 30, 2024 and June 30, 2024.
The following tables summarize the amortized cost, fair value, and allowance for credit loss on securities held-to-maturity by major type:
U.S.
Treasury and mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly and/or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly
rated by major rating agencies, and have a long history of zero credit losses. Therefore, the Company determined a zero credit loss assumption, and did not calculate or record an allowance for credit loss for these securities. An allowance for
credit losses on investment securities held-to-maturity has been recorded for certain municipal securities issued by state and political subdivisions and corporate debt securities to account for expected lifetime credit loss using the CECL
methodology.
The
Company’s current policies generally limit securities investments to U.S. government and securities of government sponsored enterprises, federal funds sold, municipal bonds, corporate debt obligations, subordinated debt of banks and certain
mutual funds. In addition, the Company’s policies permit investments in mortgage-backed securities, including securities issued and guaranteed by Fannie Mae, Freddie Mac, and GNMA, and collateralized mortgage obligations issued by these
entities. As of September 30, 2024, all mortgage-backed securities including collateralized mortgage obligations were securities of government sponsored enterprises, no private-label mortgage-backed securities or collateralized mortgage
obligations were held in the securities portfolio. The Company’s investments in state and political subdivisions securities generally are municipal obligations that are general obligations supported by the general taxing authority of the
issuer, and in some cases are insured. The obligations issued by school districts are supported by state aid. Primarily, these investments are issued by municipalities within New York State.
The Company’s current securities investment strategy utilizes a risk management approach of diversified investing among three categories: short-, intermediate- and long-term. The emphasis of this approach is to increase overall investment securities yields while managing interest rate risk.
The Company will only invest in high quality securities as determined by management’s analysis at the time of purchase. The Company generally does not engage in any balance sheet derivative or hedging investment transactions, such as balance
sheet interest rate swaps or caps.
The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity:
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a
continuous unrealized loss position, at September 30, 2024.
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a
continuous unrealized loss position, at June 30, 2024.
There were no transfers of securities
available-for-sale to held-to-maturity during the three months ended September 30, 2024 or 2023. During the three months ended September 30, 2024 and 2023, there were no sales of securities and no gains or losses were recognized.
The estimated fair values of debt securities at September 30, 2024, by contractual maturity are shown below. Expected maturities may differ from contractual
maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In thousands)
At September 30, 2024 and June 30, 2024, securities with an aggregate fair value of $941.5 million and $894.5 million, respectively, were pledged as collateral
for deposits in excess of FDIC insurance limits for various municipalities placing deposits with the Commercial Bank. At September 30, 2024 and June 30, 2024, securities with an aggregate fair value of $41.3 million and $40.0 million, respectively, were pledged as
collateral for potential borrowings at the Federal Reserve Bank discount window and the Bank Term Funding Program. The Company did not participate in any securities lending programs during the three months ended September 30, 2024 or 2023.
Federal Home Loan Bank Stock
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This
stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is carried at cost. FHLB stock is held as a long-term
investment and its value is determined based on the ultimate recoverability of the par value. Estimated credit loss of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term
performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law
or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position. After
evaluating these considerations, the Company concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no
credit loss was recorded during the three months ended September 30, 2024 or 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses on Loans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Allowance for Credit Losses on Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Allowance for Credit Losses on Loans |
(4) Loans and Allowance for Credit Losses on Loans
Loan segments at September 30, 2024 and June 30, 2024 are summarized as follows:
Non-accrual
Loans
Management places loans on non-accrual status once the loans have become 90 days or more delinquent. A non-accrual loan is defined as a loan in which collectability is questionable and therefore
interest on the loan will no longer be recognized on an accrual basis. A loan is not placed back on accrual status until the borrower has demonstrated the ability and willingness to make timely payments on the loan. A loan does not have
to be 90 days delinquent in order to be classified as non-accrual. Loans on non-accrual status totaled $3.6 million at
September 30, 2024, of which there were three residential loans totaling $395,000 and four commercial real estate loans totaling
$1.7 million that were in process of foreclosure. Included in non-accrual loans were $1.4 million of loans which were less than 90 days past due at September 30, 2024, but have a recent history of delinquency greater than 90 days past due. These loans
will be returned to accrual status once they have demonstrated a history of timely payments. Loans on non-accrual status totaled $3.7
million at June 30, 2024, of which four residential real estate loans totaling $686,000 and three commercial real estate loans
totaling $1.6 million in the process of foreclosure. Included in non-accrual loans were $1.5 million of loans which were less than 90 days past due at June 30, 2024, but have a recent history of delinquency greater than 90 days
past due. The activity in non-performing loans during the period included $410,000 in loan repayments, $57,000 in charge-offs or transfers to foreclosure, $56,000 in loans returning to performing status, and $441,000 of loans
placed into non-performing status.
The following table sets forth information regarding delinquent and/or non-accrual loans at September 30, 2024:
The following table sets forth information regarding delinquent and/or non-accrual loans at June 30, 2024:
At September 30, 2024 and June 30, 2024, the Company had no accruing loans delinquent 90 days or more.
Allowance for Credit Losses on Loans
The allowance for credit losses for the loan portfolio is established through a provision for credit losses based on the results of life of loan quantitative models, reserves associated
with collateral-dependent loans evaluated individually and adjustments for current conditions not accounted for in the quantitative models. The discounted cash flow methodology is used to calculate the CECL reserve for the residential real
estate, commercial real estate, home equity and commercial loan segments. The Company uses a four-quarter reasonable and supportable forecast period based on the one year percent change in national GDP and the national unemployment rate, as
economic variables. The forecast will revert to long-term economic conditions over a four-quarter reversion period on a straight-line basis. The remaining life method will be utilized to determine the CECL reserve for the consumer loan
segment. A qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk characteristics or current conditions at the reporting date. The Company elected to use the practical expedient to
evaluate loans individually, if they are collateral dependent loans that are on nonaccrual status with a balance of $250,000 or greater, which is
consistent with regulatory requirements. The fair value of the collateral dependent loan less selling expenses will be compared to the loan balance to determine if a CECL reserve is required.
In addition, various regulatory agencies, as an integral part of their examination process, periodically
review the Company’s allowance for credit losses. Such agencies may require the Company to recognize additions to the allowance based on their judgment about information available to them at the time of their examination. The Company charges
loans off against the allowance for credit losses when it becomes evident that a loan cannot be collected within a reasonable amount of time, or that it will cost the Company more than it will receive and all possible avenues of repayment
have been analyzed, including the potential of future cash flow, the value of the underlying collateral, and strength of any guarantors or co-borrowers. Generally, consumer loans and smaller business loans (not secured by real estate) in
excess of 90 days are charged-off against the allowance for credit losses, unless equitable arrangements are made. Included
within consumer loan charge-offs and recoveries are deposit accounts that have been overdrawn in excess of 60 days. For loans
secured by real estate, a charge-off is recorded when it is determined that the collection of all or a portion of a loan may not be collected and the amount of that loss can be reasonably estimated. The allowance for credit losses is
increased by a provision for credit losses (which results in a charge to expense) and recoveries of loans previously charged off and is reduced by charge-offs.
The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment:
Credit
monitoring process
Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help monitor any change in borrower risk during
the life cycle of their loan. The Company utilizes a credit quality grading system that is used at loan inception and updated as appropriate based on an annual review process. The credit quality grade helps management make a consistent
assessment of each loan relationship’s credit risk and identify any portfolio trends that could impact profitability. Consistent with regulatory guidelines, the Company provides for the classification of loans, such as “Pass,” “Special
Mention,” “Substandard,” “Doubtful” and “Loss” classifications.
Commercial grading system
Loss
Loss
ratings are loans that are considered uncollectible and of such little value that their continuance as active assets of the Company is not warranted. Loss rating does not necessarily mean that the loan has no recovery or salvage value,
however, it is not practical or desirable to defer charging off the loan.
Doubtful
Doubtful
ratings are loans that have all the weakness inherent in loans classified as substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, highly
questionable and improbable. Doubtful ratings generally are non-performing and considered to have a high risk of default.
Substandard
Substandard
ratings are loans that possess well-defined weaknesses that jeopardize the orderly liquidation of debt, and are characterized by the distinct possibility that the Company will sustain some loss, if the deficiencies are not corrected.
Substandard ratings are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any.
Special mention
Special
mention ratings are loans that have potential weaknesses or emerging problems, which require close attention. These weaknesses, if left uncorrected, could lead to deterioration in the repayment prospects for the loan or the Company’s
collateral position in the future. Special mention loans are less risky than substandard assets as no loss of principal or interest is anticipated unless, the potential problems continue for a prolonged basis.
Pass
Pass
ratings are loans that do not encompass loans graded as Loss, Doubtful, Substandard, or Special mention. Pass loans range from Pass/Watch, Acceptable, Average, Satisfactory, Good and Excellent. Pass loans demonstrate sufficient cash flow
to ensure full repayment of the loan with Pass ratings being determined by the quality of the collateral and equity position, stability of operations or management, and the guarantors.
Residential and consumer
grading system
Residential
real estate, home equity and consumer loans are graded as either non-performing or performing.
Non-performing
Non-performing
loans are loans in which the borrower has not made the scheduled payments of principal or interest, and are generally loans over 90 days past due and still accruing interest, and loans on non-accrual status.
Performing
Performing
loans are those loans in which the borrower is making timely payments of both principal and interest as upon the agreed loan terms.
The following tables present the amortized cost basis of the Company’s loans by
class and vintage and includes gross charge-offs by loan class and vintage as of the three months ended September 30, 2024:
The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of
the twelve months ended June 30, 2024:
No loans were classified as doubtful or loss at
September 30, 2024 or June 30, 2024. Management continues to monitor classified loan relationships closely.
Allowance for Credit Losses on Unfunded Commitments
The allowance for credit losses on unfunded commitments at September 30, 2024 was $1.6
million as compared to $1.3 million at June 30, 2024.
Individually Evaluated Loans
As of September 30, 2024, loans evaluated individually had an amortized cost basis of $1.4 million, with an allowance for credit losses on loans of $793,000,
as compared to $1.4 million, with an allowance for credit losses on loans of $662,000 at June 30, 2024. At September 30, 2024, the amortized cost basis of collateral dependent loans was $631,000 and $774,000 for commercial real estate and
residential loans, respectively. At June 30, 2024, the amortized cost basis of collateral dependent loans was $631,000 and $774,000 for commercial real estate and residential loans, respectively. The allowance for credit loss for collateral dependent loans is individually
assessed based on the fair value of the collateral less costs to sell at the reporting date. The collateral value associated with collateral dependent loans was $612,000 and $662,000 at September 30, 2024 and June 30, 2024, respectively.
Loan Modifications to Borrowers Experiencing Financial Difficulties
There
were no loans during the three months ended September 30, 2024 and 2023 that were modified to borrowers experiencing financial
difficulty.
The Company closely monitors
the performance of loans that have been modified in accordance with ASU 2022-02. Loans modified during the twelve months ended September 30, 2024 are performing within their modified terms with no payment defaults.
The following table depicts the performance of loans that have been modified to borrowers experiencing financial difficulty that were modified in
the prior twelve months at amortized cost basis:
The Company adopted ASU 2022-02 on July 1, 2023 and as of the three months ended September 30, 2023, there were no loans modified to borrowers experiencing financial difficulty.
Foreclosed real estate
Foreclosed real estate (“FRE”) consists of properties acquired through mortgage loan foreclosure proceedings, deed in lieu of foreclosure or in full or partial satisfaction of loans. At September 30, 2024 and June 30,
2024, the Company had no foreclosed real estate.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements and Fair Value of Financial Instruments |
(5) Fair Value Measurements and Fair Value of Financial Instruments
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation
technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair
value amounts have been measured as of September 30, 2024 and June 30, 2024 and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair
values of these financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each period-end.
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a
limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not
be meaningful.
The FASB ASC Topic 820 on “Fair Value Measurement” established a fair value hierarchy that prioritized the inputs to
valuation techniques used to measure fair value. The fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value
measurements are not adjusted for transaction costs. A fair value hierarchy exists within GAAP that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or
liabilities.
Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that
are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e.,
supported with little or no market activity).
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows:
Certain investments that are actively traded and have quoted market prices have been classified as Level 1 valuations. Other investment securities available-for-sale
have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2.
In addition to disclosures of the fair value of assets on a
recurring basis, FASB ASC Topic 820 on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as loans evaluated individually for
expected credit losses in the period in which a re-measurement at fair value is performed. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the allowance for credit losses for individually evaluated loans.
Management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10%
to 40%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation
techniques used, the fair value measurements for loans evaluated individually are classified as Level 3.
Fair values for foreclosed real estate are initially
recorded at the estimated fair value of the property less estimated costs to dispose at the time of acquisition to establish a new carrying value. Values are derived from appraisals, similar to loans evaluated individually for expected credit
loss, of underlying collateral. Any write-downs from the carrying value of the loan to estimated fair value, which are required at the time of foreclosure, are charged to the allowance for credit losses. Subsequent adjustments to the carrying
value of such properties resulting from declines in fair value result in the establishment of a valuation allowance and are charged to operations in the period in which the declines occur. In the determination of fair value subsequent to
foreclosure, management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 60%. Such modifications to the appraised values could result in lower
valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3.
No other financial assets or liabilities were re-measured during the three month period on a nonrecurring basis.
The carrying amounts reported in the statements of financial condition for total cash and cash equivalents, long-term certificates of deposit, accrued interest
receivable and accrued interest payable approximate their fair values. Fair values of securities are based on quoted market prices (Level 1), where available, or matrix pricing (Level 2), which is a mathematical technique, used widely in the
industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. The carrying amount of Federal Home Loan Bank
stock approximates fair value due to its restricted nature. The fair values for loans are measured using the "exit price" notion, which is a reasonable estimate of what another party might pay in an orderly transaction. Fair values for variable
rate loans that reprice frequently, with no significant credit risk, are based on carrying value. Fair values for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to
borrowers of similar credit quality. Fair values disclosed for demand and savings deposits are equal to carrying amounts at the reporting date. The carrying amounts for variable rate money market deposits approximate fair values at the reporting
date. Fair values for long- term certificates of deposit are estimated using discounted cash flows and interest rates currently being offered in the market on similar certificates. Fair value for Federal Home Loan Bank long-term borrowings are
estimated using discounted cash flows and interest rates currently being offered on similar borrowings. The carrying value of short-term Federal Home Loan Bank borrowings approximates its fair value. Fair value for subordinated notes payable is
estimated based on a discounted cash flow methodology or observations of recent highly similar transactions. Fair value for interest rate swaps include any accrued interest and are valued using the present value of cash flows discounted using
observable forward rate assumptions. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy.
The carrying amounts and estimated fair value of financial instruments are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments |
(6) Derivative Instruments
The Company is exposed to certain risks arising from both its business operations
and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, primarily
by managing the amount, sources and duration of its assets and liabilities. The Company has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in
the Company’s assets or liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions.
Derivatives Not Designated as Hedging Instruments
The Company enters into interest rate swap agreements with its commercial
customers to provide them with a long-term fixed rate, while simultaneously entering into offsetting interest rate swap agreements with a counterparty to swap the fixed rate to a variable rate to manage interest rate exposure. These interest rate
swap agreements are not designated as hedges for accounting purposes. As the interest rate swap agreements have substantially equivalent and offsetting terms, they do not present any material exposure to the Company’s consolidated statements of
income. The Company records its interest rate swap agreements at fair value and are presented within other assets and other liabilities on the consolidated statements of financial condition. Changes in the fair value of assets and liabilities
arising from these derivatives are included, net, in other operating income in the consolidated statements of income. Under terms of the agreements with the third-party counterparties, the Company provides cash collateral to the counterparty,
when required, for the initial trade. Subsequent to the trade, the margin is exchanged in either direction, based upon the estimated fair value of the underlying contracts. Cash collateral represents the amount that is exchanged under master
netting agreements that allows the Company to offset the derivative position with the related collateral. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by
reference to the notional amount and the other terms of the individual interest rate swap agreements.
The following table present the notional amount and fair values of interest rate
derivative positions:
Risk Participation Agreements
Risk participation agreements (“RPAs”) are guarantees issued by the Company to
other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. Under the terms of these agreements, the “participating bank” receives a fee from the “lead bank” in exchange for
the guarantee of reimbursement if the customer defaults on an interest rate swap. The interest rate swap is transacted such that any and all exchanges of interest payments (favorable and unfavorable) are made between the lead bank and the
customer. In the event that an early termination of the swap occurs and the customer is unable to make a required close out payment, the participating bank assumes that obligation and is required to make this payment.
RPAs in which the Company acts as the lead bank are referred to as
“participations-out,” in reference to the credit risk associated with the customer derivatives being transferred out of the Company. Participations-out generally occur concurrently with the sale of new customer derivatives. At September 30,
2024, the Company’s exposure to participations-out was $429,000, with a notional amount of $10.9 million as compared to $105,000, with a notional amount of
$8.0 million at June 30, 2024.
RPAs where the Company acts as the participating bank are referred to as
“participations-in,” in reference to the credit risk associated with the counterparty’s derivatives being assumed by the Company. The Company’s maximum credit exposure is based on its proportionate share of the settlement amount of the referenced
interest rate swap. Settlement amounts are generally calculated based on the fair value of the swap plus outstanding accrued interest receivables from the customer. The credit exposure associated with risk participations-in was $1.3 million and $276,000 as of
September 30, 2024 and June 30, 2024, respectively. The RPAs participations-ins are spread out over five financial institution
counterparties and terms range between 3 to 15 years. At September 30, 2024 and June 30, 2024, the Company held RPAs with a notional amount of $116.8
million and $112.3 million, respectively.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
(7) Earnings Per Share
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings
per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding
under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares
outstanding for either the basic or diluted EPS calculations. There were no dilutive or anti-dilutive securities or contracts
outstanding during the three months ended September 30, 2024 and 2023.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Dividends [Abstract] | |
| Dividends |
(8) Dividends
On July 17, 2024, the Company announced that its
Board of Directors has approved a quarterly cash dividend of $0.09 per share on the Company’s common stock. The dividend reflects an
annual cash dividend rate of $0.36 per share, which represents a 12.5% increase from the previous annual cash dividend rate of $0.32
per share. The dividend was payable to stockholders of record as of August 15, 2024, and was paid on August 30, 2024. Greene County Bancorp, MHC did not waive its right to receive this dividend.
|
Employee Benefit Plans |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans |
(9) Employee Benefit Plans
Defined Benefit Plan
The components of net periodic pension cost related to the defined benefit pension plan were as follows:
The interest cost, expected return on plan assets and amortization of net loss
components are included in on the consolidated statements of income. On an annual basis,
upon the completion of the third-party actuarial valuation related to the defined benefit pension plan, the Company records adjustments to accumulated other comprehensive income. The Company does
not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2025.
SERP
The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP”), effective as of July 1,
2010. The SERP benefits certain key senior executives of the Bank who have been selected by the Board to participate. The SERP is intended to provide a benefit from the Bank upon vested retirement, death or disability or voluntary or involuntary
termination of service (other than “for cause”). The SERP is more fully described in Note 9, Employee Benefits Plans of the consolidated financial statements presented in our Annual Report on Form 10-K
for the fiscal year ended June 30, 2024.
The net periodic pension costs related to the SERP for the three months ended September 30, 2024 were $514,000, included within on the consolidated
statements of income. The total liability for the SERP was $15.9 million at September 30, 2024 and $15.2 million at June 30, 2024, and is included in accrued expenses and other liabilities. The total liability for the SERP includes both accumulated
net periodic pension costs and participant contributions.
|
|||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
(10) Stock-Based Compensation
Phantom Stock Option Plan and Long-term Incentive Plan
The Greene County Bancorp, Inc. 2011 Phantom Stock Option and Long-term Incentive Plan (the “Plan”) was adopted effective July 1, 2011, to promote the long-term
financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s shareholders. The Plan is
intended to provide benefits to employees and directors of the Company or any subsidiary as designated by the Compensation Committee of the Board of Directors of the Company. A phantom stock option represents the right to receive a cash payment
on the date the award vests. The Plan is more fully described in Note 10, Stock-Based Compensation of the consolidated financial statements presented in our Annual Report on Form 10-K for the fiscal year
ended June 30, 2024.
A summary of the Company’s phantom stock option activity and related information for the Plan for the three months ended September 30, 2024 and 2023 were as follows:
The total liability for the Plan was $5.2 million and
$5.5 million at September 30, 2024 and June 30, 2024, respectively, and is included in accrued expenses and other liabilities on the
consolidated statements of financial condition.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss |
(11) Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are presented as follows:
Activity for the three months ended September 30, 2024 and 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating leases |
(12) Operating leases
The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain non-lease components,
which are accounted for separately. The Company’s lease agreements do not contain any residual value guarantee.
The following includes quantitative data related to the Company’s operating leases as September 30, 2024 and June 30, 2024, and for the three months ended September
30, 2024 and 2023:
The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of September 30, 2024:
Right-of-use assets are included in , and lease liabilities are included in within the Company’s
consolidated statements of financial condition.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities |
(13) Commitments and Contingent Liabilities
Credit-Related Financial Instruments
In the normal course of business, the Company offers financial instruments with off-balance sheet risk to meet the
financing needs of its customers. These transactions include commitments to extend credit, standby letters of credit, and lines of credit, which involve, to varying degrees, elements of credit risk.
The table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk:
The
Company enters into contractual commitments to extend credit to its customers in the form of loan commitments and lines of credit, generally with fixed expiration dates and other termination clauses, and may require payment of a fee.
Substantially all of the Company’s commitments to extend credit are contingent upon its customers maintaining specific credit standards at the time of loan funding, and are often secured by real estate collateral. Since the majority of the
Company’s commitments typically expire without being funded, the total contractual amount does not necessarily represent the Company’s future payment requirements.
The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral, if any,
required upon an extension of credit is based on management’s evaluation of customer credit. Commitments to extend mortgage credit are primarily collateralized by first liens on real estate. Collateral on extensions of commercial lines of credit
vary but may include accounts receivable, inventory, property, plant and equipment, and income producing commercial property.
Allowance for Credit Losses on Unfunded Commitments
The Company estimates expected credit losses over the contractual period in which the Company has exposure to a
contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments exposure is recognized in other liabilities and is adjusted as an expense in
other noninterest expense. At September 30, 2024, the allowance for credit losses on unfunded commitments totaled $1.6 million as
compared to $1.3 million at June 30, 2024.
|
|||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities |
3 Months Ended | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||
| Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||
| Variable Interest Entities |
(14) Variable Interest
Entities
Solar Tax Credit Investments
The Company makes non-marketable equity investments in entities that sponsor solar development projects that qualify for the Solar Tax Credit Program. The purpose of these investments is to assist the Company in meeting its responsibilities under the Community Reinvestment Act (“CRA”), and to provide a return,
primarily through the realization of tax benefits. The Company does not have controlling interest and is not the primary beneficiary for the solar tax credit investments, therefore the entity is not consolidated. The Company has determined that it
is not the primary beneficiary due to its inability to direct activities that most significantly impact economic performance. The Company applies the proportional amortization method to subsequently measure its investment in solar tax credit
projects.
The following table summarizes the Company’s solar tax credit investments and related unfunded commitments:
The aggregate carrying value of the Company’s solar tax credit investments is included in accrued interest receivable and other assets within the Company’s
consolidated statements of financial condition, and represents the Company’s maximum exposure to loss.
|
||||||||||||||||||||||||||||||
Subsequent events |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Subsequent events [Abstract] | |
| Subsequent events |
(15) Subsequent events
On October 16, 2024, the Board of Directors announced
a cash dividend for the quarter ended September 30, 2024 of $0.09 per share on the Company’s common stock. The dividend reflects an
annual cash dividend rate of $0.36 per share, which was the same rate as the dividend declared during the previous quarter. The
dividend will be payable to stockholders of record as of November 15, 2024, and is expected to be paid on November 29, 2024. Greene County Bancorp, MHC does not intend to waive its receipt of this dividend.
Management has reviewed events from the date of the unaudited consolidated financial statements, and accompanying notes thereto, through the date of issuance, and determined that no subsequent events occurred requiring adjustment
to or disclosure in these unaudited consolidated financial statements.
|
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Insider Trading Arrangements [Line Items] | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Summary of Significant Accounting Policies [Abstract] | |
| Principles of Consolidation and Basis of Presentation |
Principles of Consolidation and Basis of Presentation
Within the accompanying unaudited interim consolidated financial statements and
related notes to the consolidated financial statements, the June 30, 2024 data was derived from the audited consolidated financial statements and notes of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank
of Greene County (the “Bank”) and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. The interim consolidated financial statements at and for the three months ended
September 30, 2024 and 2023 are unaudited.
The unaudited interim consolidated financial statements include the accounts of
certain Variable Interest Entities (“VIE(s)”). In accordance with the applicable accounting guidance for consolidations, the Company consolidates a VIE if it has (i) a variable interest in the entity; (ii) the power to direct activities of the
VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary).
The Company uses the equity method to account for unconsolidated investments in
VIEs if it has significant influence over the entity’s operating and financing decision. Unconsolidated investments in VIEs in which the Company does not have significant influence, are carried at a cost measurement alternative. See Note, 14 Variable Interest Entities for information on our involvement with VIEs.
The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes
required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference
to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2024, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items)
necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Certain previous years’ amounts in the unaudited consolidated financial statements and
notes thereto, have been reclassified to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three months
ended September 30, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2025. These consolidated financial statements consider events that occurred through the date the consolidated
financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.
|
| Nature of Operations |
Nature
of Operations
The Company’s primary business is the ownership and operation of its subsidiaries. At September 30, 2024, the Bank has 18 full-service offices, lending centers, an operations center, customer call center, and wealth management center, located in its market area
consisting of the Hudson Valley and Capital District Regions of New York State. The Bank is primarily engaged in the business of attracting deposits from the general public in the Bank’s market area, and investing such deposits, together with
other sources of funds, in loans and investment securities. The Commercial Bank’s primary business is to attract deposits from, and provide banking services to, local municipalities. Greene Property Holdings, Ltd. was formed as a New York
corporation that has elected under the Internal Revenue Code to be a real estate investment trust. Currently, certain mortgages and loan notes held by the Bank are transferred and beneficially owned by Greene Property Holdings, Ltd. The Bank
continues to service these loans.
|
| Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term
relate to the determination of the allowance for credit losses (“ACL”) on loans and on unfunded commitments.
|
| Accrued Interest Receivable |
Accrued Interest Receivable
Accrued interest receivable balances are presented separately on the consolidated statements of financial condition and are not included in
amortized cost when determining the allowance for credit losses. Accrued interest receivable that is deemed uncollectible is written off timely. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore, the amount of such
write offs are immaterial. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities.
|
| Income Taxes |
Income Taxes
The Company uses the proportional amortization method for solar tax
credit investments, whereby the associated tax credits are recognized as a reduction to tax expense. Certain federal tax credits that are non-refundable and transferable under applicable regulations are accounted for as government grants
and recorded as a reduction to the amortized cost or net investment in the applicable asset generating the credit, generally within “other assets.” Amounts are amortized through depreciation or as an adjustment to yield over the estimated
life of the asset. Any gain or loss on the transfer of a tax credit is recorded within “other income.”
|
Recent Accounting Pronouncements (Policies) |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Recent Accounting Pronouncements [Abstract] | |
| Recently Adopted Accounting Standards and Accounting Standards Issued Not Yet Adopted |
Recently Adopted Accounting Standards
In March 2023, the FASB issued ASU 2023-02, Investments – Equity
Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method, which permits reporting entities to elect to account for their tax equity investments, regardless
of their tax credit program from which the income tax credits are received. The election can be made for each qualifying tax credit investment. Under the proportional amortization method, the initial cost of an investment is amortized in
proportion to the amount of tax credits and other tax benefits received, with the amortization and tax credits recognized as a component of income tax expense. To qualify for the proportional amortization method, all of the following
conditions must be met: (1) It is probable that the income tax credits allocated to the tax equity investor will be available; (2) The tax equity investor does not have the ability to excise significant influence over the operating and
financial policies of the underlying project; (3) Substantially all of the projected benefits are from income tax credits and other income tax benefits; (4) The tax equity investor’s projected yield is based solely on the cash flows from the
income tax credits and other income tax benefits is positive; and (5) The tax equity investor is a limited liability investor in the limited liability entity for legal and tax purposes, and the tax equity investor’s liability is limited to
its capital investment.
A reporting entity that applies the proportional amortization method to qualifying tax equity investments must
account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes. The amendments also require the application of the delayed equity contribution guidance to all tax equity investments, and
require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method
in accordance with Subtopic 323-740.
Under the proportional amortization method, the investment shall be tested for impairment when events or changes in circumstances indicate that is more likely
than not that the carrying amount of the investment will not be realized. An impairment loss shall be measured as the amount by which the carrying amount of the investment exceeds its fair value. A previously recognized impairment loss
shall not be reversed. The Company adopted ASU 2023-02 during the quarter ended September 30, 2024. The Company’s adoption of this standard did not have a material impact on the consolidated financial statements.
Accounting
Standards Issued Not Yet Adopted
In
October 2023, the FASB issued ASU 2023-06, Disclosure Improvements, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards
Codification. The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were redundant, duplicative, overlapping, outdated, or superseded. The new
guidance is intended to align GAAP requirements with those of the SEC. The ASU will become effective on the earlier of the date on which the SEC removes its disclosure requirements for the related disclosure or June 30, 2027. Early
adoption is not permitted. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, to improve the reportable segment disclosures by requiring disclosure
of incremental segment information on an annual and interim basis. In addition, the amendments will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or
loss provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The amendments in this ASU are effective for annual periods beginning after December 15, 2023,
and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which will require public entities to disclose annually a tabular rate
reconciliation, including specific items such as state and local income tax, tax credits, nontaxable or nondeductible items, among others, and a separate disclosure requiring disaggregation of reconciling items as described above
which equal or exceed 5% of the product of multiplying income from continuing operations by the applicable statutory income tax rate. The ASU is effective for annual periods beginning after December 31, 2024. The Company’s adoption of
this standard is not expected to have a material impact on the consolidated financial statements.
|
Securities (Policies) |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Securities [Abstract] | |
| Federal Home Loan Bank Stock |
Federal Home Loan Bank Stock
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This
stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is carried at cost. FHLB stock is held as a long-term
investment and its value is determined based on the ultimate recoverability of the par value. Estimated credit loss of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term
performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law
or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position. After
evaluating these considerations, the Company concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no
credit loss was recorded during the three months ended September 30, 2024 or 2023.
|
Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost and Fair Value of Securities Available-for-Sale |
The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost, Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity |
The following tables summarize the amortized cost, fair value, and allowance for credit loss on securities held-to-maturity by major type:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses on Securities Held-to-Maturity |
The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities in Continuous Unrealized Loss Position |
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a
continuous unrealized loss position, at September 30, 2024.
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a
continuous unrealized loss position, at June 30, 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments Classified by Contractual Maturity Date |
The estimated fair values of debt securities at September 30, 2024, by contractual maturity are shown below. Expected maturities may differ from contractual
maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses on Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Allowance for Credit Losses on Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Major Loan Segments and Classes |
Loan segments at September 30, 2024 and June 30, 2024 are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status |
The following table sets forth information regarding delinquent and/or non-accrual loans at September 30, 2024:
The following table sets forth information regarding delinquent and/or non-accrual loans at June 30, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity and Allocation of Allowance for Loan Losses |
The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Balances by Internal Credit Quality Indicator |
The following tables present the amortized cost basis of the Company’s loans by
class and vintage and includes gross charge-offs by loan class and vintage as of the three months ended September 30, 2024:
The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of
the twelve months ended June 30, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Modified to Borrowers Experiencing Financial Difficulty |
The following table depicts the performance of loans that have been modified to borrowers experiencing financial difficulty that were modified in
the prior twelve months at amortized cost basis:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets Measured at Fair Value on Recurring Basis |
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements for Loans Evaluated Individually and Foreclosed Real Estate |
In addition to disclosures of the fair value of assets on a
recurring basis, FASB ASC Topic 820 on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as loans evaluated individually for
expected credit losses in the period in which a re-measurement at fair value is performed. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the allowance for credit losses for individually evaluated loans.
Management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10%
to 40%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation
techniques used, the fair value measurements for loans evaluated individually are classified as Level 3.
Fair values for foreclosed real estate are initially
recorded at the estimated fair value of the property less estimated costs to dispose at the time of acquisition to establish a new carrying value. Values are derived from appraisals, similar to loans evaluated individually for expected credit
loss, of underlying collateral. Any write-downs from the carrying value of the loan to estimated fair value, which are required at the time of foreclosure, are charged to the allowance for credit losses. Subsequent adjustments to the carrying
value of such properties resulting from declines in fair value result in the establishment of a valuation allowance and are charged to operations in the period in which the declines occur. In the determination of fair value subsequent to
foreclosure, management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 60%. Such modifications to the appraised values could result in lower
valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Amounts and Estimated Fair Value of Financial Instruments |
The carrying amounts and estimated fair value of financial instruments are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notional Amount and Fair Values of Interest Rate Derivative Positions |
The following table present the notional amount and fair values of interest rate
derivative positions:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share, Basic and Diluted |
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings
per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding
under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares
outstanding for either the basic or diluted EPS calculations. There were no dilutive or anti-dilutive securities or contracts
outstanding during the three months ended September 30, 2024 and 2023.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Components of Net Periodic Pension Costs |
The components of net periodic pension cost related to the defined benefit pension plan were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Phantom Stock Option Activity and Related Information |
A summary of the Company’s phantom stock option activity and related information for the Plan for the three months ended September 30, 2024 and 2023 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Accumulated Other Comprehensive Loss |
The components of accumulated other comprehensive loss are presented as follows:
Activity for the three months ended September 30, 2024 and 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quantitative Data Related to Operating Leases |
The following includes quantitative data related to the Company’s operating leases as September 30, 2024 and June 30, 2024, and for the three months ended September
30, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Undiscounted Cash Flows of Operating Lease Liabilities |
The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of September 30, 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Credit-related Financial Instruments with Off-Balance Sheet Risk |
The table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk:
|
|||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||
| Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||
| Solar Tax Credit Investments and Related Unfunded Commitments |
The following table summarizes the Company’s solar tax credit investments and related unfunded commitments:
|
||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies, Nature of Operations (Details) |
Sep. 30, 2024
Office
|
|---|---|
| Nature of Operations [Abstract] | |
| Number of offices | 18 |
Summary of Significant Accounting Policies, Accrued Interest Receivable (Details) |
Sep. 30, 2024 |
|---|---|
| Minimum [Member] | |
| Accrued Interest Receivable [Abstract] | |
| Accrued interest receivable threshold period for past due write off | 90 days |
| Maximum [Member] | |
| Accrued Interest Receivable [Abstract] | |
| Accrued interest receivable threshold period for past due write off | 120 days |
Securities, Amortized Cost and Fair Value of Securities Available-for-Sale (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
||
|---|---|---|---|---|
| Available-for-sale debt securities [Abstract] | ||||
| Amortized cost | [1] | $ 383,103 | $ 376,179 | |
| Unrealized gains | 2,105 | 910 | ||
| Unrealized losses | 20,682 | 27,088 | ||
| Fair value | 364,526 | 350,001 | ||
| Accrued interest receivable | $ 3,600 | $ 4,000 | ||
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable | ||
| Allowance for credit loss | $ 0 | $ 0 | ||
| U.S. Treasury Securities [Member] | ||||
| Available-for-sale debt securities [Abstract] | ||||
| Amortized cost | [1] | 43,072 | 43,024 | |
| Unrealized gains | 1 | 0 | ||
| Unrealized losses | 1,264 | 1,829 | ||
| Fair value | 41,809 | 41,195 | ||
| U.S. Government Sponsored Enterprises [Member] | ||||
| Available-for-sale debt securities [Abstract] | ||||
| Amortized cost | [1] | 13,039 | 13,042 | |
| Unrealized gains | 0 | 0 | ||
| Unrealized losses | 1,543 | 2,068 | ||
| Fair value | 11,496 | 10,974 | ||
| State and Political Subdivisions [Member] | ||||
| Available-for-sale debt securities [Abstract] | ||||
| Amortized cost | [1] | 179,586 | 169,842 | |
| Unrealized gains | 1,677 | 828 | ||
| Unrealized losses | 0 | 1 | ||
| Fair value | 181,263 | 170,669 | ||
| Mortgage-backed Securities-Residential [Member] | ||||
| Available-for-sale debt securities [Abstract] | ||||
| Amortized cost | [1] | 38,866 | 40,402 | |
| Unrealized gains | 335 | 67 | ||
| Unrealized losses | 2,913 | 3,894 | ||
| Fair value | 36,288 | 36,575 | ||
| Mortgage-backed Securities-Multi-family [Member] | ||||
| Available-for-sale debt securities [Abstract] | ||||
| Amortized cost | [1] | 89,168 | 90,261 | |
| Unrealized gains | 0 | 0 | ||
| Unrealized losses | 14,193 | 17,961 | ||
| Fair value | 74,975 | 72,300 | ||
| Corporate Debt Securities [Member] | ||||
| Available-for-sale debt securities [Abstract] | ||||
| Amortized cost | [1] | 19,372 | 19,608 | |
| Unrealized gains | 92 | 15 | ||
| Unrealized losses | 769 | 1,335 | ||
| Fair value | $ 18,695 | $ 18,288 | ||
| ||||
Securities, Amortized Cost and Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity (Details) $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Sep. 30, 2024
USD ($)
Category
|
Jun. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
|||
| Held-to-maturity securities [Abstract] | ||||||
| Amortized cost | [1] | $ 702,385 | $ 690,837 | |||
| Unrealized gains | 10,256 | 4,604 | ||||
| Unrealized losses | 47,767 | 65,200 | ||||
| Fair value | 664,874 | 630,241 | ||||
| Allowance | 466 | 483 | $ 498 | $ 0 | ||
| Net carrying value | 701,919 | 690,354 | ||||
| Accrued interest receivable | $ 4,800 | $ 4,100 | ||||
| Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable | ||||
| Number of categories utilized under risk management approach of diversified investing | Category | 3 | |||||
| U.S. Treasury Securities [Member] | ||||||
| Held-to-maturity securities [Abstract] | ||||||
| Amortized cost | [1] | $ 23,803 | $ 23,785 | |||
| Unrealized gains | 0 | 0 | ||||
| Unrealized losses | 1,146 | 1,749 | ||||
| Fair value | 22,657 | 22,036 | ||||
| Allowance | 0 | 0 | ||||
| Net carrying value | 23,803 | 23,785 | ||||
| State and Political Subdivisions [Member] | ||||||
| Held-to-maturity securities [Abstract] | ||||||
| Amortized cost | [1] | 451,322 | 450,343 | |||
| Unrealized gains | 9,720 | 4,541 | ||||
| Unrealized losses | 29,377 | 40,235 | ||||
| Fair value | 431,665 | 414,649 | ||||
| Allowance | 42 | 44 | ||||
| Net carrying value | 451,280 | 450,299 | ||||
| Mortgage-backed Securities-Residential [Member] | ||||||
| Held-to-maturity securities [Abstract] | ||||||
| Amortized cost | [1] | 59,045 | 48,033 | |||
| Unrealized gains | 488 | 51 | ||||
| Unrealized losses | 2,196 | 3,314 | ||||
| Fair value | 57,337 | 44,770 | ||||
| Allowance | 0 | 0 | ||||
| Net carrying value | 59,045 | 48,033 | ||||
| Mortgage-backed Securities-Multi-family [Member] | ||||||
| Held-to-maturity securities [Abstract] | ||||||
| Amortized cost | [1] | 142,867 | 143,363 | |||
| Unrealized gains | 0 | 0 | ||||
| Unrealized losses | 12,694 | 17,397 | ||||
| Fair value | 130,173 | 125,966 | ||||
| Allowance | 0 | 0 | ||||
| Net carrying value | 142,867 | 143,363 | ||||
| Corporate Debt Securities [Member] | ||||||
| Held-to-maturity securities [Abstract] | ||||||
| Amortized cost | [1] | 25,318 | 25,282 | |||
| Unrealized gains | 48 | 12 | ||||
| Unrealized losses | 2,354 | 2,505 | ||||
| Fair value | 23,012 | 22,789 | ||||
| Allowance | 423 | 438 | ||||
| Net carrying value | 24,895 | 24,844 | ||||
| Other Securities [Member] | ||||||
| Held-to-maturity securities [Abstract] | ||||||
| Amortized cost | [1] | 30 | 31 | |||
| Unrealized gains | 0 | 0 | ||||
| Unrealized losses | 0 | 0 | ||||
| Fair value | 30 | 31 | ||||
| Allowance | 1 | 1 | ||||
| Net carrying value | $ 29 | $ 30 | ||||
| ||||||
Securities, Allowance for Credit Losses on Securities Held-to-Maturity (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Allowance for Credit Losses on Securities Held-to-Maturity [Roll Forward] | ||
| Balance beginning of period | $ 483 | $ 0 |
| Benefit for credit losses | (17) | (5) |
| Balance end of period | 466 | 498 |
| Cumulative Effect Adjustment for ASU Implementation [Member] | ASU 2016-13 [Member] | ||
| Allowance for Credit Losses on Securities Held-to-Maturity [Roll Forward] | ||
| Balance beginning of period | $ 0 | $ 503 |
Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
|
Sep. 30, 2024
USD ($)
Security
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
Security
|
|
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 24,679 | $ 26,487 | |
| More than 12 months, fair value | 143,022 | 139,017 | |
| Total, fair value | 167,701 | 165,504 | |
| Less than 12 months, unrealized losses | 187 | 223 | |
| More than 12 months, unrealized losses | 20,495 | 26,865 | |
| Total, unrealized losses | $ 20,682 | $ 27,088 | |
| Less than 12 months, number of securities | Security | 1 | 3 | |
| More than 12 months, number of securities | Security | 80 | 84 | |
| Total, number of securities | Security | 81 | 87 | |
| Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 8,155 | $ 32,215 | |
| More than 12 months, fair value | 457,675 | 476,309 | |
| Total, fair value | 465,830 | 508,524 | |
| Less than 12 months, unrealized losses | 22 | 474 | |
| More than 12 months, unrealized losses | 47,745 | 64,726 | |
| Total, unrealized losses | $ 47,767 | $ 65,200 | |
| Less than 12 months, number of securities | Security | 15 | 294 | |
| More than 12 months, number of securities | Security | 1,806 | 2,148 | |
| Total, number of securities | Security | 1,821 | 2,442 | |
| Total Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 32,834 | $ 58,702 | |
| More than 12 months, fair value | 600,697 | 615,326 | |
| Total, fair value | 633,531 | 674,028 | |
| Less than 12 months, unrealized losses | 209 | 697 | |
| More than 12 months, unrealized losses | 68,240 | 91,591 | |
| Total, unrealized losses | $ 68,449 | $ 92,288 | |
| Less than 12 months, number of securities | Security | 16 | 297 | |
| More than 12 months, number of securities | Security | 1,886 | 2,232 | |
| Total, number of securities | Security | 1,902 | 2,529 | |
| Available for sale securities transferred at fair value to held to maturity | $ 0 | $ 0 | |
| Proceeds from sale of available-for-sale securities | 0 | 0 | |
| Gross realized gains (losses) on sale of available-for-sale securities | 0 | $ 0 | |
| U.S. Treasury Securities [Member] | |||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | 24,679 | $ 24,574 | |
| More than 12 months, fair value | 16,892 | 16,621 | |
| Total, fair value | 41,571 | 41,195 | |
| Less than 12 months, unrealized losses | 187 | 215 | |
| More than 12 months, unrealized losses | 1,077 | 1,614 | |
| Total, unrealized losses | $ 1,264 | $ 1,829 | |
| Less than 12 months, number of securities | Security | 1 | 1 | |
| More than 12 months, number of securities | Security | 7 | 8 | |
| Total, number of securities | Security | 8 | 9 | |
| Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 0 | $ 0 | |
| More than 12 months, fair value | 22,657 | 22,036 | |
| Total, fair value | 22,657 | 22,036 | |
| Less than 12 months, unrealized losses | 0 | 0 | |
| More than 12 months, unrealized losses | 1,146 | 1,749 | |
| Total, unrealized losses | $ 1,146 | $ 1,749 | |
| Less than 12 months, number of securities | Security | 0 | 0 | |
| More than 12 months, number of securities | Security | 6 | 7 | |
| Total, number of securities | Security | 6 | 7 | |
| U.S. Government Sponsored Enterprises [Member] | |||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 0 | $ 0 | |
| More than 12 months, fair value | 11,496 | 10,974 | |
| Total, fair value | 11,496 | 10,974 | |
| Less than 12 months, unrealized losses | 0 | 0 | |
| More than 12 months, unrealized losses | 1,543 | 2,068 | |
| Total, unrealized losses | $ 1,543 | $ 2,068 | |
| Less than 12 months, number of securities | Security | 0 | 0 | |
| More than 12 months, number of securities | Security | 5 | 5 | |
| Total, number of securities | Security | 5 | 5 | |
| State and Political Subdivisions [Member] | |||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 0 | $ 0 | |
| More than 12 months, fair value | 63 | 62 | |
| Total, fair value | 63 | 62 | |
| Less than 12 months, unrealized losses | 0 | 0 | |
| More than 12 months, unrealized losses | 0 | 1 | |
| Total, unrealized losses | $ 0 | $ 1 | |
| Less than 12 months, number of securities | Security | 0 | 0 | |
| More than 12 months, number of securities | Security | 1 | 1 | |
| Total, number of securities | Security | 1 | 1 | |
| Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 880 | $ 32,215 | |
| More than 12 months, fair value | 254,810 | 278,521 | |
| Total, fair value | 255,690 | 310,736 | |
| Less than 12 months, unrealized losses | 2 | 474 | |
| More than 12 months, unrealized losses | 29,375 | 39,761 | |
| Total, unrealized losses | $ 29,377 | $ 40,235 | |
| Less than 12 months, number of securities | Security | 12 | 294 | |
| More than 12 months, number of securities | Security | 1,680 | 2,025 | |
| Total, number of securities | Security | 1,692 | 2,319 | |
| Mortgage-backed Securities-Residential [Member] | |||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 0 | $ 1,913 | |
| More than 12 months, fair value | 22,911 | 22,700 | |
| Total, fair value | 22,911 | 24,613 | |
| Less than 12 months, unrealized losses | 0 | 8 | |
| More than 12 months, unrealized losses | 2,913 | 3,886 | |
| Total, unrealized losses | $ 2,913 | $ 3,894 | |
| Less than 12 months, number of securities | Security | 0 | 2 | |
| More than 12 months, number of securities | Security | 22 | 23 | |
| Total, number of securities | Security | 22 | 25 | |
| Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 6,784 | $ 0 | |
| More than 12 months, fair value | 29,561 | 29,510 | |
| Total, fair value | 36,345 | 29,510 | |
| Less than 12 months, unrealized losses | 10 | 0 | |
| More than 12 months, unrealized losses | 2,186 | 3,314 | |
| Total, unrealized losses | $ 2,196 | $ 3,314 | |
| Less than 12 months, number of securities | Security | 2 | 0 | |
| More than 12 months, number of securities | Security | 27 | 28 | |
| Total, number of securities | Security | 29 | 28 | |
| Mortgage-backed Securities-Multi-family [Member] | |||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 0 | $ 0 | |
| More than 12 months, fair value | 74,975 | 72,300 | |
| Total, fair value | 74,975 | 72,300 | |
| Less than 12 months, unrealized losses | 0 | 0 | |
| More than 12 months, unrealized losses | 14,193 | 17,961 | |
| Total, unrealized losses | $ 14,193 | $ 17,961 | |
| Less than 12 months, number of securities | Security | 0 | 0 | |
| More than 12 months, number of securities | Security | 30 | 31 | |
| Total, number of securities | Security | 30 | 31 | |
| Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 0 | $ 0 | |
| More than 12 months, fair value | 130,173 | 125,966 | |
| Total, fair value | 130,173 | 125,966 | |
| Less than 12 months, unrealized losses | 0 | 0 | |
| More than 12 months, unrealized losses | 12,694 | 17,397 | |
| Total, unrealized losses | $ 12,694 | $ 17,397 | |
| Less than 12 months, number of securities | Security | 0 | 0 | |
| More than 12 months, number of securities | Security | 42 | 47 | |
| Total, number of securities | Security | 42 | 47 | |
| Corporate Debt Securities [Member] | |||
| Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 0 | $ 0 | |
| More than 12 months, fair value | 16,685 | 16,360 | |
| Total, fair value | 16,685 | 16,360 | |
| Less than 12 months, unrealized losses | 0 | 0 | |
| More than 12 months, unrealized losses | 769 | 1,335 | |
| Total, unrealized losses | $ 769 | $ 1,335 | |
| Less than 12 months, number of securities | Security | 0 | 0 | |
| More than 12 months, number of securities | Security | 15 | 16 | |
| Total, number of securities | Security | 15 | 16 | |
| Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
| Less than 12 months, fair value | $ 491 | $ 0 | |
| More than 12 months, fair value | 20,474 | 20,276 | |
| Total, fair value | 20,965 | 20,276 | |
| Less than 12 months, unrealized losses | 10 | 0 | |
| More than 12 months, unrealized losses | 2,344 | 2,505 | |
| Total, unrealized losses | $ 2,354 | $ 2,505 | |
| Less than 12 months, number of securities | Security | 1 | 0 | |
| More than 12 months, number of securities | Security | 51 | 41 | |
| Total, number of securities | Security | 52 | 41 | |
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
||||
|---|---|---|---|---|---|---|
| Securities available-for-sale, Amortized Cost [Abstract] | ||||||
| Within one year | $ 204,759 | |||||
| After one year through five years | 39,893 | |||||
| After five years through ten years | 10,417 | |||||
| After ten years | 0 | |||||
| Total securities available-for-sale | 255,069 | |||||
| Mortgage-backed securities | 128,034 | |||||
| Amortized cost | [1] | 383,103 | $ 376,179 | |||
| Securities available-for-sale, Fair Value [Abstract] | ||||||
| Within one year | 206,235 | |||||
| After one year through five years | 38,034 | |||||
| After five years through ten years | 8,994 | |||||
| After ten years | 0 | |||||
| Total securities available-for-sale | 253,263 | |||||
| Mortgage-backed securities | 111,263 | |||||
| Fair value | 364,526 | 350,001 | ||||
| Securities held-to-maturity, Amortized Cost [Abstract] | ||||||
| Within one year | 56,727 | |||||
| After one year through five years | 158,641 | |||||
| After five years through ten years | 175,918 | |||||
| After ten years | 109,187 | |||||
| Total securities held-to-maturity | 500,473 | |||||
| Mortgage-backed securities | 201,912 | |||||
| Amortized cost | [2] | 702,385 | 690,837 | |||
| Securities held-to-maturity, Fair Value [Abstract] | ||||||
| Within one year | 56,670 | |||||
| After one year through five years | 158,500 | |||||
| After five years through ten years | 163,847 | |||||
| After ten years | 98,347 | |||||
| Total securities held-to-maturity | 477,364 | |||||
| Mortgage-backed securities | 187,510 | |||||
| Fair value | 664,874 | $ 630,241 | ||||
| Total Debt Securities [Abstract] | ||||||
| Amortized cost | 1,085,488 | |||||
| Fair value | $ 1,029,400 | |||||
| ||||||
Securities, Securities Pledged (Details) - Asset Pledged as Collateral [Member] - USD ($) $ in Millions |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| Deposits in Excess of FDIC Insurance Limits [Member] | ||
| Securities Pledged [Abstract] | ||
| Securities, fair value | $ 941.5 | $ 894.5 |
| Potential Borrowings at Federal Reserve Bank Discount Window and Bank Term Funding Program [Member] | ||
| Securities Pledged [Abstract] | ||
| Securities, fair value | $ 41.3 | $ 40.0 |
Securities, Federal Home Loan Bank Stock (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Federal Home Loan Bank Stock [Member] | ||
| Federal Home Loan Bank Stock [Abstract] | ||
| Credit loss | $ 0 | $ 0 |
Loans and Allowance for Credit Losses on Loans, Major Loan Segments and Classes (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
||||
|---|---|---|---|---|---|---|---|---|
| Major Loan Segments and Classes [Abstract] | ||||||||
| Total gross loans | [1],[2] | $ 1,501,212 | $ 1,499,473 | |||||
| Allowance for credit losses on loans | (19,781) | (19,244) | $ (20,249) | $ (21,212) | ||||
| Net loans receivable | 1,481,431 | 1,480,229 | ||||||
| Deferred fees and costs, net | 181 | 42 | ||||||
| Accrued interest receivable | $ 6,500 | 6,200 | ||||||
| Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | |||||||
| Residential Portfolio [Member] | Residential Real Estate [Member] | ||||||||
| Major Loan Segments and Classes [Abstract] | ||||||||
| Total gross loans | $ 413,810 | 417,589 | ||||||
| Allowance for credit losses on loans | (4,475) | (4,237) | (4,293) | (2,794) | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | ||||||||
| Major Loan Segments and Classes [Abstract] | ||||||||
| Total gross loans | 951,928 | 936,640 | ||||||
| Allowance for credit losses on loans | (12,648) | (12,218) | (12,356) | (14,839) | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | ||||||||
| Major Loan Segments and Classes [Abstract] | ||||||||
| Total gross loans | 30,854 | 29,166 | ||||||
| Allowance for credit losses on loans | (232) | (212) | (188) | (46) | ||||
| Consumer Portfolio [Member] | Consumer [Member] | ||||||||
| Major Loan Segments and Classes [Abstract] | ||||||||
| Total gross loans | 4,836 | 4,771 | ||||||
| Allowance for credit losses on loans | (454) | (500) | (490) | (332) | ||||
| Commercial Portfolio [Member] | ||||||||
| Major Loan Segments and Classes [Abstract] | ||||||||
| Total gross loans | 99,784 | 111,307 | ||||||
| Allowance for credit losses on loans | $ (1,972) | $ (2,077) | $ (2,922) | $ (3,201) | ||||
| ||||||||
Loans and Allowance for Credit Losses on Loans, Delinquent and Nonaccrual Loans by Past Due Status (Details) $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Sep. 30, 2024
USD ($)
Loan
|
Jun. 30, 2024
USD ($)
Loan
|
|||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | [1],[2] | $ 1,501,212 | $ 1,499,473 | |||
| Loans on non-accrual | 3,647 | 3,728 | ||||
| Nonaccrual loans with recent history of delinquency greater than 90 days | 1,400 | 1,500 | ||||
| Loan repayments | 410 | |||||
| Charge-offs | 57 | |||||
| Loans returning to performing status | 56 | |||||
| Loans placed into nonperforming status | 441 | |||||
| Accruing loans delinquent more than 90 days | 0 | 0 | ||||
| Total Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 3,137 | 3,172 | ||||
| 30 to 59 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 16 | 61 | ||||
| 60 to 89 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 840 | 844 | ||||
| 90 Days or More Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 2,281 | 2,267 | ||||
| Current [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | $ 1,498,075 | $ 1,496,301 | ||||
| Residential Real Estate [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Number of loans in the process of foreclosure | Loan | 3 | 4 | ||||
| Loans in the process of foreclosure | $ 395 | $ 686 | ||||
| Residential Real Estate [Member] | Residential Real Estate [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 413,810 | 417,589 | ||||
| Loans on non-accrual | 2,277 | 2,518 | ||||
| Residential Real Estate [Member] | Residential Real Estate [Member] | Total Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 1,795 | 2,252 | ||||
| Residential Real Estate [Member] | Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 0 | 0 | ||||
| Residential Real Estate [Member] | Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 563 | 838 | ||||
| Residential Real Estate [Member] | Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 1,232 | 1,414 | ||||
| Residential Real Estate [Member] | Residential Real Estate [Member] | Current [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | $ 412,015 | $ 415,337 | ||||
| Commercial Real Estate Portfolio [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Number of loans in the process of foreclosure | Loan | 4 | 3 | ||||
| Loans in the process of foreclosure | $ 1,700 | $ 1,600 | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 951,928 | 936,640 | ||||
| Loans on non-accrual | 1,233 | 1,163 | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | Total Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 1,161 | 806 | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 0 | 0 | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 214 | 0 | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | 90 Days or More Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 947 | 806 | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | Current [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 950,767 | 935,834 | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 30,854 | 29,166 | ||||
| Loans on non-accrual | 35 | 47 | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | Total Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 45 | 61 | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 13 | 14 | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | 60 to 89 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 32 | 0 | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | 90 Days or More Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 0 | 47 | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | Current [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 30,809 | 29,105 | ||||
| Consumer Portfolio [Member] | Consumer [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 4,836 | 4,771 | ||||
| Loans on non-accrual | 0 | 0 | ||||
| Consumer Portfolio [Member] | Consumer [Member] | Total Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 34 | 53 | ||||
| Consumer Portfolio [Member] | Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 3 | 47 | ||||
| Consumer Portfolio [Member] | Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 31 | 6 | ||||
| Consumer Portfolio [Member] | Consumer [Member] | 90 Days or More Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 0 | 0 | ||||
| Consumer Portfolio [Member] | Consumer [Member] | Current [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 4,802 | 4,718 | ||||
| Commercial Portfolio [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 99,784 | 111,307 | ||||
| Loans on non-accrual | 102 | 0 | ||||
| Commercial Portfolio [Member] | Total Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 102 | 0 | ||||
| Commercial Portfolio [Member] | 30 to 59 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 0 | 0 | ||||
| Commercial Portfolio [Member] | 60 to 89 Days Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 0 | 0 | ||||
| Commercial Portfolio [Member] | 90 Days or More Past Due [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | 102 | 0 | ||||
| Commercial Portfolio [Member] | Current [Member] | ||||||
| Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||||
| Total loans | $ 99,682 | $ 111,307 | ||||
| ||||||
Loans and Allowance for Credit Losses on Loans, Allowance for Credit Losses on Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
|
| Allowance for Credit Loss [Abstract] | |||
| Threshold principal amount of collateral dependent loans evaluated individually | $ 250 | ||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | 19,244 | $ 21,212 | $ 21,212 |
| Charge-offs | (145) | (129) | |
| Recoveries | 31 | 36 | |
| Provision | 651 | 462 | |
| Balance, end of period | $ 19,781 | 20,249 | 19,244 |
| Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | (1,332) | (1,332) | |
| Smaller Business Loans [Member] | Uncollateralized [Member] | |||
| Allowance for Credit Loss [Abstract] | |||
| Threshold period to charge off loans against allowance for loan losses | 90 days | ||
| Residential Portfolio [Member] | Residential Real Estate [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | $ 4,237 | 2,794 | 2,794 |
| Charge-offs | (44) | 0 | 0 |
| Recoveries | 2 | 0 | |
| Provision | 280 | 317 | |
| Balance, end of period | 4,475 | 4,293 | 4,237 |
| Residential Portfolio [Member] | Residential Real Estate [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | 1,182 | 1,182 | |
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | 12,218 | 14,839 | 14,839 |
| Charge-offs | (5) | 0 | 0 |
| Recoveries | 1 | 1 | |
| Provision | 434 | 405 | |
| Balance, end of period | $ 12,648 | 12,356 | 12,218 |
| Commercial Real Estate Portfolio [Member] | Real Estate [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | (2,889) | (2,889) | |
| Consumer Portfolio [Member] | Uncollateralized [Member] | |||
| Allowance for Credit Loss [Abstract] | |||
| Threshold period to charge off loans against allowance for loan losses | 90 days | ||
| Threshold period to charge off overdrawn deposit accounts against allowance for loan losses | 60 days | ||
| Consumer Portfolio [Member] | Home Equity [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | $ 212 | 46 | 46 |
| Charge-offs | (13) | 0 | 0 |
| Recoveries | 0 | 0 | |
| Provision | 33 | 25 | |
| Balance, end of period | 232 | 188 | 212 |
| Consumer Portfolio [Member] | Home Equity [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | 117 | 117 | |
| Consumer Portfolio [Member] | Consumer [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | 500 | 332 | 332 |
| Charge-offs | (77) | (122) | (481) |
| Recoveries | 19 | 26 | |
| Provision | 12 | 117 | |
| Balance, end of period | 454 | 490 | 500 |
| Consumer Portfolio [Member] | Consumer [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | 137 | 137 | |
| Commercial Portfolio [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | 2,077 | 3,201 | 3,201 |
| Charge-offs | (6) | (7) | (1,152) |
| Recoveries | 9 | 9 | |
| Provision | (108) | (402) | |
| Balance, end of period | $ 1,972 | 2,922 | 2,077 |
| Commercial Portfolio [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | |||
| Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | |||
| Balance, beginning of period | $ 121 | $ 121 | |
Loans and Allowance for Credit Losses on Loans, Loans Balances by Internal Credit Quality Indicator (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
|||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Total | [1],[2] | $ 1,501,212 | $ 1,499,473 | ||||
| Current-Period Gross Charge-Offs [Abstract] | |||||||
| Total | 145 | $ 129 | |||||
| Unfunded Commitments [Member] | |||||||
| Current-Period Gross Charge-Offs [Abstract] | |||||||
| Allowance for credit losses | 1,600 | 1,300 | |||||
| Doubtful [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Total | 0 | ||||||
| Loss [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Total | 0 | ||||||
| Residential Portfolio [Member] | Residential Real Estate [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 7,821 | 55,070 | |||||
| Fiscal year before latest fiscal year | 54,991 | 62,643 | |||||
| Two years before latest fiscal year | 62,158 | 92,995 | |||||
| Three years before latest fiscal year | 90,337 | 80,000 | |||||
| Four years before latest fiscal year | 77,189 | 32,757 | |||||
| Prior | 121,314 | 94,100 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 24 | |||||
| Total | 413,810 | 417,589 | |||||
| Current-Period Gross Charge-Offs [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 0 | |||||
| Three years before latest fiscal year | 0 | 0 | |||||
| Four years before latest fiscal year | 44 | 0 | |||||
| Prior | 0 | 0 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 44 | 0 | 0 | ||||
| Residential Portfolio [Member] | Residential Real Estate [Member] | Performing [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 7,821 | 55,070 | |||||
| Fiscal year before latest fiscal year | 54,991 | 62,643 | |||||
| Two years before latest fiscal year | 62,158 | 92,995 | |||||
| Three years before latest fiscal year | 90,275 | 79,815 | |||||
| Four years before latest fiscal year | 77,189 | 32,588 | |||||
| Prior | 119,100 | 91,936 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 24 | |||||
| Total | 411,534 | 415,071 | |||||
| Residential Portfolio [Member] | Residential Real Estate [Member] | Non-performing [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 0 | |||||
| Three years before latest fiscal year | 62 | 185 | |||||
| Four years before latest fiscal year | 0 | 169 | |||||
| Prior | 2,214 | 2,164 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 2,276 | 2,518 | |||||
| Commercial Real Estate Portfolio [Member] | Real Estate Mortgage [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 17,506 | 103,866 | |||||
| Fiscal year before latest fiscal year | 109,605 | 213,520 | |||||
| Two years before latest fiscal year | 214,817 | 248,878 | |||||
| Three years before latest fiscal year | 247,414 | 126,588 | |||||
| Four years before latest fiscal year | 125,106 | 83,907 | |||||
| Prior | 230,590 | 154,802 | |||||
| Revolving loans amortized cost basis | 4,625 | 4,716 | |||||
| Revolving loans converted to term | 2,265 | 363 | |||||
| Total | 951,928 | 936,640 | |||||
| Current-Period Gross Charge-Offs [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 0 | |||||
| Three years before latest fiscal year | 0 | 0 | |||||
| Four years before latest fiscal year | 0 | 0 | |||||
| Prior | 5 | 0 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 5 | 0 | 0 | ||||
| Commercial Real Estate Portfolio [Member] | Real Estate Mortgage [Member] | Pass [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 17,506 | 103,537 | |||||
| Fiscal year before latest fiscal year | 109,278 | 210,652 | |||||
| Two years before latest fiscal year | 204,488 | 242,917 | |||||
| Three years before latest fiscal year | 241,493 | 126,135 | |||||
| Four years before latest fiscal year | 124,624 | 79,431 | |||||
| Prior | 207,190 | 135,928 | |||||
| Revolving loans amortized cost basis | 4,625 | 4,716 | |||||
| Revolving loans converted to term | 2,265 | 363 | |||||
| Total | 911,469 | 903,679 | |||||
| Commercial Real Estate Portfolio [Member] | Real Estate Mortgage [Member] | Special Mention [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 1,188 | |||||
| Two years before latest fiscal year | 8,318 | 2,468 | |||||
| Three years before latest fiscal year | 2,446 | 295 | |||||
| Four years before latest fiscal year | 287 | 430 | |||||
| Prior | 4,832 | 4,102 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 15,883 | 8,483 | |||||
| Commercial Real Estate Portfolio [Member] | Real Estate Mortgage [Member] | Substandard [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 0 | 329 | |||||
| Fiscal year before latest fiscal year | 327 | 1,680 | |||||
| Two years before latest fiscal year | 2,011 | 3,493 | |||||
| Three years before latest fiscal year | 3,475 | 158 | |||||
| Four years before latest fiscal year | 195 | 4,046 | |||||
| Prior | 18,568 | 14,772 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 24,576 | 24,478 | |||||
| Consumer Portfolio [Member] | Home Equity [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 777 | 5,929 | |||||
| Fiscal year before latest fiscal year | 5,649 | 2,888 | |||||
| Two years before latest fiscal year | 2,774 | 336 | |||||
| Three years before latest fiscal year | 321 | 429 | |||||
| Four years before latest fiscal year | 401 | 266 | |||||
| Prior | 1,233 | 1,128 | |||||
| Revolving loans amortized cost basis | 19,699 | 18,190 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 30,854 | 29,166 | |||||
| Current-Period Gross Charge-Offs [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 0 | |||||
| Three years before latest fiscal year | 0 | 0 | |||||
| Four years before latest fiscal year | 0 | 0 | |||||
| Prior | 0 | 0 | |||||
| Revolving loans amortized cost basis | 13 | 0 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 13 | 0 | 0 | ||||
| Consumer Portfolio [Member] | Home Equity [Member] | Performing [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 777 | 5,929 | |||||
| Fiscal year before latest fiscal year | 5,649 | 2,888 | |||||
| Two years before latest fiscal year | 2,774 | 336 | |||||
| Three years before latest fiscal year | 321 | 429 | |||||
| Four years before latest fiscal year | 401 | 266 | |||||
| Prior | 1,230 | 1,128 | |||||
| Revolving loans amortized cost basis | 19,666 | 18,143 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 30,818 | 29,119 | |||||
| Consumer Portfolio [Member] | Home Equity [Member] | Non-performing [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 0 | |||||
| Three years before latest fiscal year | 0 | 0 | |||||
| Four years before latest fiscal year | 0 | 0 | |||||
| Prior | 3 | 0 | |||||
| Revolving loans amortized cost basis | 33 | 47 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 36 | 47 | |||||
| Consumer Portfolio [Member] | Consumer Installment [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 829 | 2,363 | |||||
| Fiscal year before latest fiscal year | 1,884 | 1,217 | |||||
| Two years before latest fiscal year | 1,087 | 689 | |||||
| Three years before latest fiscal year | 613 | 277 | |||||
| Four years before latest fiscal year | 244 | 83 | |||||
| Prior | 102 | 65 | |||||
| Revolving loans amortized cost basis | 77 | 77 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 4,836 | 4,771 | |||||
| Current-Period Gross Charge-Offs [Abstract] | |||||||
| Current fiscal year | 71 | 393 | |||||
| Fiscal year before latest fiscal year | 6 | 22 | |||||
| Two years before latest fiscal year | 0 | 49 | |||||
| Three years before latest fiscal year | 0 | 7 | |||||
| Four years before latest fiscal year | 0 | 1 | |||||
| Prior | 0 | 0 | |||||
| Revolving loans amortized cost basis | 0 | 9 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 77 | 122 | 481 | ||||
| Consumer Portfolio [Member] | Consumer Installment [Member] | Performing [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 829 | 2,363 | |||||
| Fiscal year before latest fiscal year | 1,884 | 1,217 | |||||
| Two years before latest fiscal year | 1,087 | 689 | |||||
| Three years before latest fiscal year | 613 | 277 | |||||
| Four years before latest fiscal year | 244 | 83 | |||||
| Prior | 102 | 65 | |||||
| Revolving loans amortized cost basis | 77 | 77 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 4,836 | 4,771 | |||||
| Consumer Portfolio [Member] | Consumer Installment [Member] | Non-performing [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 0 | |||||
| Three years before latest fiscal year | 0 | 0 | |||||
| Four years before latest fiscal year | 0 | 0 | |||||
| Prior | 0 | 0 | |||||
| Revolving loans amortized cost basis | 0 | 0 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 0 | 0 | |||||
| Commercial Portfolio [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 1,432 | 12,761 | |||||
| Fiscal year before latest fiscal year | 12,495 | 8,919 | |||||
| Two years before latest fiscal year | 8,911 | 14,688 | |||||
| Three years before latest fiscal year | 13,882 | 14,621 | |||||
| Four years before latest fiscal year | 14,203 | 5,134 | |||||
| Prior | 19,371 | 16,379 | |||||
| Revolving loans amortized cost basis | 29,292 | 38,169 | |||||
| Revolving loans converted to term | 198 | 636 | |||||
| Total | 99,784 | 111,307 | |||||
| Current-Period Gross Charge-Offs [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 0 | |||||
| Three years before latest fiscal year | 0 | 989 | |||||
| Four years before latest fiscal year | 0 | 0 | |||||
| Prior | 0 | 137 | |||||
| Revolving loans amortized cost basis | 6 | 26 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 6 | $ 7 | 1,152 | ||||
| Commercial Portfolio [Member] | Pass [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 1,432 | 12,761 | |||||
| Fiscal year before latest fiscal year | 12,495 | 8,919 | |||||
| Two years before latest fiscal year | 8,911 | 12,845 | |||||
| Three years before latest fiscal year | 6,394 | 14,587 | |||||
| Four years before latest fiscal year | 14,170 | 4,934 | |||||
| Prior | 18,004 | 15,280 | |||||
| Revolving loans amortized cost basis | 25,836 | 32,001 | |||||
| Revolving loans converted to term | 198 | 636 | |||||
| Total | 87,440 | 101,963 | |||||
| Commercial Portfolio [Member] | Special Mention [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 78 | |||||
| Three years before latest fiscal year | 5,762 | 0 | |||||
| Four years before latest fiscal year | 0 | 35 | |||||
| Prior | 614 | 834 | |||||
| Revolving loans amortized cost basis | 1,733 | 3,893 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | 8,109 | 4,840 | |||||
| Commercial Portfolio [Member] | Substandard [Member] | |||||||
| Credit Quality by Loan Class by Vintage [Abstract] | |||||||
| Current fiscal year | 0 | 0 | |||||
| Fiscal year before latest fiscal year | 0 | 0 | |||||
| Two years before latest fiscal year | 0 | 1,765 | |||||
| Three years before latest fiscal year | 1,726 | 34 | |||||
| Four years before latest fiscal year | 33 | 165 | |||||
| Prior | 753 | 265 | |||||
| Revolving loans amortized cost basis | 1,723 | 2,275 | |||||
| Revolving loans converted to term | 0 | 0 | |||||
| Total | $ 4,235 | $ 4,504 | |||||
| |||||||
Loans and Allowance for Credit Losses on Loans, Individually Evaluated Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| Allocation of allowance for loan losses by loan category [Abstract] | ||
| Loans evaluated individually, amortized cost basis | $ 1,400 | $ 1,400 |
| Loans evaluated individually, allowance for credit losses on loans | 793 | 662 |
| Collateral dependent financing receivable collateral value | 612 | 662 |
| Commercial Real Estate Portfolio [Member] | ||
| Allocation of allowance for loan losses by loan category [Abstract] | ||
| Collateral dependent loans evaluated individually, amortized cost basis | 631 | 631 |
| Residential Real Estate [Member] | ||
| Allocation of allowance for loan losses by loan category [Abstract] | ||
| Collateral dependent loans evaluated individually, amortized cost basis | $ 774 | $ 774 |
Loans and Allowance for Credit Losses on Loans, Loans Modified to Borrowers Experiencing Financial Difficulties (Details) $ in Thousands |
3 Months Ended | |
|---|---|---|
|
Sep. 30, 2024
USD ($)
Loan
|
Sep. 30, 2023
USD ($)
Loan
|
|
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Number of loans modified to borrowers experiencing financial difficulty | Loan | 0 | 0 |
| Loans modified to borrowers experiencing financial difficulty | $ 4,095 | $ 0 |
| Commercial Real Estate Portfolio [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 4,077 | |
| Consumer [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 18 | |
| Current [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 4,095 | |
| Current [Member] | Commercial Real Estate Portfolio [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 4,077 | |
| Current [Member] | Consumer [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 18 | |
| 30 to 59 Days Past Due [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 60 to 89 Days Past Due [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 90 Days or More Past Due [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 90 Days or More Past Due [Member] | Commercial Real Estate Portfolio [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | 0 | |
| 90 Days or More Past Due [Member] | Consumer [Member] | ||
| Loan Modifications to Borrowers Experiencing Financial Difficulties [Abstract] | ||
| Loans modified to borrowers experiencing financial difficulty | $ 0 | |
Loans and Allowance for Credit Losses on Loans, Foreclosed Real Estate (FRE) (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| Foreclosed Real Estate [Abstract] | ||
| Foreclosed real estate | $ 0 | $ 0 |
Fair Value Measurements and Fair Value of Financial Instruments, Assets Measured on Recurring Basis (Details) $ in Thousands |
Sep. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
|---|---|---|
| Assets [Abstract] | ||
| Securities available-for-sale | $ 364,526 | $ 350,001 |
| Equity securities | $ 339 | 328 |
| Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Liquidation Expenses [Member] | ||
| Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
| Collateral dependent evaluated loans, measurement input | 0.10 | |
| Foreclosed real estate, measurement input | 0.10 | |
| Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | Liquidation Expenses [Member] | ||
| Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
| Collateral dependent evaluated loans, measurement input | 0.40 | |
| Foreclosed real estate, measurement input | 0.60 | |
| Recurring [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | $ 364,526 | 350,001 |
| Equity securities | 339 | 328 |
| Interest rate swaps | 2,892 | 585 |
| Total | 367,757 | 350,914 |
| Liabilities [Abstract] | ||
| Interest rate swaps | 2,892 | 585 |
| Total | 2,892 | 585 |
| Recurring [Member] | U.S. Treasury Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 41,809 | 41,195 |
| Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 11,496 | 10,974 |
| Recurring [Member] | State and Political Subdivisions [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 181,263 | 170,669 |
| Recurring [Member] | Mortgage-backed Securities-Residential [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 36,288 | 36,575 |
| Recurring [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 74,975 | 72,300 |
| Recurring [Member] | Corporate Debt Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 18,695 | 18,288 |
| Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Equity securities | 339 | 328 |
| Interest rate swaps | 0 | 0 |
| Total | 339 | 328 |
| Liabilities [Abstract] | ||
| Interest rate swaps | 0 | 0 |
| Total | 0 | 0 |
| Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Treasury Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | State and Political Subdivisions [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mortgage-backed Securities-Residential [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Corporate Debt Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 364,526 | 350,001 |
| Equity securities | 0 | 0 |
| Interest rate swaps | 2,892 | 585 |
| Total | 367,418 | 350,586 |
| Liabilities [Abstract] | ||
| Interest rate swaps | 2,892 | 585 |
| Total | 2,892 | 585 |
| Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 41,809 | 41,195 |
| Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 11,496 | 10,974 |
| Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 181,263 | 170,669 |
| Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Residential [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 36,288 | 36,575 |
| Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 74,975 | 72,300 |
| Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 18,695 | 18,288 |
| Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Equity securities | 0 | 0 |
| Interest rate swaps | 0 | 0 |
| Total | 0 | 0 |
| Liabilities [Abstract] | ||
| Interest rate swaps | 0 | 0 |
| Total | 0 | 0 |
| Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed Securities-Residential [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | 0 | 0 |
| Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Securities [Member] | ||
| Assets [Abstract] | ||
| Securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements and Fair Value of Financial Instruments, Fair Value Measurements for Loans Evaluated Individually (Details) - Level 3 [Member] - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| Carrying Amount [Member] | ||
| Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
| Loans evaluated individually | $ 1,405 | $ 1,405 |
| Estimated Fair Value [Member] | ||
| Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
| Loans evaluated individually | $ 612 | $ 662 |
Fair Value Measurements and Fair Value of Financial Instruments, Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
| Securities available-for-sale | $ 364,526 | $ 350,001 |
| Equity securities | 339 | 328 |
| Carrying Amount [Member] | ||
| Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
| Cash and cash equivalents | 213,469 | 190,395 |
| Long-term certificates of deposit | 2,579 | 2,831 |
| Securities available-for-sale | 364,526 | 350,001 |
| Securities held-to-maturity | 701,919 | 690,354 |
| Equity securities | 339 | 328 |
| Federal Home Loan Bank stock | 4,795 | 7,296 |
| Net loans receivable | 1,481,431 | 1,480,229 |
| Accrued interest receivable | 14,909 | 14,269 |
| Interest rate swaps asset | 2,892 | 585 |
| Deposits | 2,485,874 | 2,389,222 |
| Borrowings | 92,781 | 149,456 |
| Subordinated notes payable, net | 49,727 | 49,681 |
| Accrued interest payable | 1,432 | 1,551 |
| Interest rate swaps liability | 2,892 | 585 |
| Fair Value [Member] | ||
| Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
| Cash and cash equivalents | 213,469 | 190,395 |
| Long-term certificates of deposit | 2,561 | 2,760 |
| Securities available-for-sale | 364,526 | 350,001 |
| Securities held-to-maturity | 664,874 | 630,241 |
| Equity securities | 339 | 328 |
| Federal Home Loan Bank stock | 4,795 | 7,296 |
| Net loans receivable | 1,402,271 | 1,387,325 |
| Accrued interest receivable | 14,909 | 14,269 |
| Interest rate swaps asset | 2,892 | 585 |
| Deposits | 2,485,707 | 2,388,305 |
| Borrowings | 92,764 | 149,438 |
| Subordinated notes payable, net | 47,093 | 46,114 |
| Accrued interest payable | 1,432 | 1,551 |
| Interest rate swaps liability | 2,892 | 585 |
| Fair Value [Member] | Level 1 [Member] | ||
| Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
| Cash and cash equivalents | 213,469 | 190,395 |
| Long-term certificates of deposit | 0 | 0 |
| Securities available-for-sale | 0 | 0 |
| Securities held-to-maturity | 0 | 0 |
| Equity securities | 339 | 328 |
| Federal Home Loan Bank stock | 0 | 0 |
| Net loans receivable | 0 | 0 |
| Accrued interest receivable | 0 | 0 |
| Interest rate swaps asset | 0 | 0 |
| Deposits | 0 | 0 |
| Borrowings | 0 | 0 |
| Subordinated notes payable, net | 0 | 0 |
| Accrued interest payable | 0 | 0 |
| Interest rate swaps liability | 0 | 0 |
| Fair Value [Member] | Level 2 [Member] | ||
| Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
| Cash and cash equivalents | 0 | 0 |
| Long-term certificates of deposit | 2,561 | 2,760 |
| Securities available-for-sale | 364,526 | 350,001 |
| Securities held-to-maturity | 664,874 | 630,241 |
| Equity securities | 0 | 0 |
| Federal Home Loan Bank stock | 4,795 | 7,296 |
| Net loans receivable | 0 | 0 |
| Accrued interest receivable | 14,909 | 14,269 |
| Interest rate swaps asset | 2,892 | 585 |
| Deposits | 2,485,707 | 2,388,305 |
| Borrowings | 92,764 | 149,438 |
| Subordinated notes payable, net | 47,093 | 46,114 |
| Accrued interest payable | 1,432 | 1,551 |
| Interest rate swaps liability | 2,892 | 585 |
| Fair Value [Member] | Level 3 [Member] | ||
| Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
| Cash and cash equivalents | 0 | 0 |
| Long-term certificates of deposit | 0 | 0 |
| Securities available-for-sale | 0 | 0 |
| Securities held-to-maturity | 0 | 0 |
| Equity securities | 0 | 0 |
| Federal Home Loan Bank stock | 0 | 0 |
| Net loans receivable | 1,402,271 | 1,387,325 |
| Accrued interest receivable | 0 | 0 |
| Interest rate swaps asset | 0 | 0 |
| Deposits | 0 | 0 |
| Borrowings | 0 | 0 |
| Subordinated notes payable, net | 0 | 0 |
| Accrued interest payable | 0 | 0 |
| Interest rate swaps liability | $ 0 | $ 0 |
Derivative Instruments (Details) - Derivatives Not Designated as Hedging Instrument [Member] |
3 Months Ended | |
|---|---|---|
|
Sep. 30, 2024
USD ($)
Counterparty
|
Jun. 30, 2024
USD ($)
|
|
| Asset Derivatives [Abstract] | ||
| Less cash collateral | $ 0 | $ 0 |
| Total derivatives after netting, fair value | 2,892,000 | 585,000 |
| Liability Derivatives [Abstract] | ||
| Cash collateral, fair value | (3,290,000) | (410,000) |
| Total after netting, fair value | (398,000) | 175,000 |
| Interest Rate Derivatives [Member] | Other Assets [Member] | ||
| Asset Derivatives [Abstract] | ||
| Derivatives, notional amount | 78,216,000 | 50,707,000 |
| Derivatives, fair value | 2,892,000 | 585,000 |
| Interest Rate Derivatives [Member] | Other Liabilities [Member] | ||
| Liability Derivatives [Abstract] | ||
| Derivatives, notional amount | 78,216,000 | 50,707,000 |
| Derivatives, fair value | 2,892,000 | 585,000 |
| Risk Participation Agreements [Member] | ||
| Asset Derivatives [Abstract] | ||
| Derivatives, notional amount | 10,900,000 | 8,000,000 |
| Liability Derivatives [Abstract] | ||
| Derivatives, notional amount | 116,800,000 | 112,300,000 |
| Risk Participation Agreements [Abstract] | ||
| Credit exposure risk participations out | 429,000 | 105,000 |
| Credit exposure risk participations in | $ 1,300,000 | $ 276,000 |
| Number of financial institution counterparties | Counterparty | 5 | |
| Risk Participation Agreements [Member] | Minimum [Member] | ||
| Risk Participation Agreements [Abstract] | ||
| Derivative terms | 3 years | |
| Risk Participation Agreements [Member] | Maximum [Member] | ||
| Risk Participation Agreements [Abstract] | ||
| Derivative terms | 15 years |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Earnings Per Share [Abstract] | ||
| Dilutive securities or contracts outstanding (in shares) | 0 | 0 |
| Anti-dilutive securities or contracts outstanding (in shares) | 0 | 0 |
| Earnings Per Share, Basic and Diluted [Abstract] | ||
| Net Income | $ 6,261 | $ 6,469 |
| Weighted average shares - basic (in shares) | 17,026,828 | 17,026,828 |
| Weighted average shares - diluted (in shares) | 17,026,828 | 17,026,828 |
| Earnings per share - basic (in dollars per share) | $ 0.37 | $ 0.38 |
| Earnings per share - diluted (in dollars per share) | $ 0.37 | $ 0.38 |
Dividends (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jul. 17, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
|
| Dividends [Abstract] | |||
| Dividends payable, amount per share (in dollars per share) | $ 0.36 | ||
| Common stock, dividends declared (in dollars per share) | $ 0.32 | ||
| Percentage of increase in cash dividend rate | 12.50% | ||
| Q4-2024 Quarterly Dividend [Member] | |||
| Dividends [Abstract] | |||
| Dividends payable, date declared | Jul. 17, 2024 | ||
| Common stock, dividends declared (in dollars per share) | $ 0.09 | ||
| Dividends payable, date of record | Aug. 15, 2024 | ||
| Dividends payable, date paid | Aug. 30, 2024 |
Employee Benefit Plans, Components of Net Periodic Pension Cost (Details) - Defined Benefit Plan [Member] - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Components of Net Periodic Pension Costs [Abstract] | ||
| Interest cost | $ 53 | $ 52 |
| Expected return on plan assets | (57) | (55) |
| Amortization of net loss | 8 | 19 |
| Net periodic pension expense | $ 4 | $ 16 |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Employee Benefit Plans, SERP (Details) - SERP [Member] - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Jun. 30, 2024 |
|
| Components of Net Periodic Pension Costs [Abstract] | ||
| Net periodic pension expense | $ 514 | |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Labor and Related Expense | |
| Postemployment benefits liability | $ 15,900 | $ 15,200 |
Stock-Based Compensation (Details) - 2011 Phantom Stock Option and Long-term Incentive Plan [Member] - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
|
| Stock option activity, shares [Roll Forward] | |||
| Number of options outstanding, at beginning of year (in shares) | 2,253,535 | 2,535,840 | |
| Options granted (in shares) | 651,595 | 672,095 | |
| Options paid in cash upon vesting (in shares) | (248,500) | 0 | |
| Number of options outstanding, at period end (in shares) | 2,656,630 | 3,207,935 | |
| Stock option related information [Abstract] | |||
| Cash paid out on options vested | $ 937 | $ 0 | |
| Compensation costs recognized | 611 | $ 632 | |
| Total liability for the Plan | $ 5,200 | $ 5,500 | |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
| Balance | $ 206,000 | $ 183,283 |
| Total other comprehensive income (loss), net of taxes | 5,570 | (3,712) |
| Balance | 216,298 | 184,168 |
| Accumulated Other Comprehensive Loss [Member] | ||
| Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
| Balance | (19,710) | (21,408) |
| Other comprehensive income (loss) before reclassification | 5,570 | (3,712) |
| Total other comprehensive income (loss), net of taxes | 5,570 | (3,712) |
| Balance | (14,140) | (25,120) |
| Unrealized Losses on Securities Available-for-sale [Member] | ||
| Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
| Balance | (19,182) | (20,531) |
| Other comprehensive income (loss) before reclassification | 5,570 | (3,712) |
| Total other comprehensive income (loss), net of taxes | 5,570 | (3,712) |
| Balance | (13,612) | (24,243) |
| Pension Benefits [Member] | ||
| Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
| Balance | (528) | (877) |
| Other comprehensive income (loss) before reclassification | 0 | 0 |
| Total other comprehensive income (loss), net of taxes | 0 | 0 |
| Balance | $ (528) | $ (877) |
Operating leases, Quantitative Data (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
|
| Operating Lease Amounts [Abstract] | |||
| Right-of-use assets | $ 2,080 | $ 2,071 | |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets | Prepaid Expense and Other Assets | |
| Lease liabilities | $ 2,165 | $ 2,159 | |
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | |
| Other Information [Abstract] | |||
| Operating outgoing cash flows from operating leases | $ 125 | $ 113 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 117 | 19 | |
| Lease Costs [Abstract] | |||
| Operating lease cost | 113 | 102 | |
| Variable lease cost | $ 11 | $ 11 | |
Operating leases, Undiscounted Cash Flows (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| Undiscounted Cash Flows of Operating Lease Liabilities [Abstract] | ||
| 2025 | $ 504 | |
| 2026 | 514 | |
| 2027 | 441 | |
| 2028 | 379 | |
| 2029 | 231 | |
| Thereafter | 284 | |
| Total undiscounted cash flow | 2,353 | |
| Less net present value adjustment | (188) | |
| Lease liability | $ 2,165 | $ 2,159 |
| Weighted-average remaining lease term | 5 years 29 days | |
| Weighted-average discount rate | 3.14% |
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
|---|---|---|
| Commitments [Abstract] | ||
| Total credit-related financial instruments with off-balance sheet risk | $ 223,650 | $ 207,896 |
| Unfunded Loan Commitments [Member] | ||
| Commitments [Abstract] | ||
| Total credit-related financial instruments with off-balance sheet risk | 108,162 | 107,966 |
| Allowance for credit losses | 1,600 | 1,300 |
| Unused Lines of Credit [Member] | ||
| Commitments [Abstract] | ||
| Total credit-related financial instruments with off-balance sheet risk | 114,734 | 99,176 |
| Standby Letters of Credit [Member] | ||
| Commitments [Abstract] | ||
| Total credit-related financial instruments with off-balance sheet risk | $ 754 | $ 754 |
Variable Interest Entities (Details) $ in Thousands |
Sep. 30, 2024
USD ($)
|
|---|---|
| Solar tax credit investments and related unfunded commitments [Abstract] | |
| Gross investment in solar tax credit investments | $ 132 |
| Accumulated amortization | 0 |
| Net investment in solar tax credit investments | 132 |
| Unfunded commitments for solar tax credit investments | $ 2,868 |
Subsequent events (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Oct. 16, 2024 |
Jun. 30, 2024 |
Jul. 17, 2024 |
|
| Dividends [Abstract] | |||
| Dividends payable, amount per share (in dollars per share) | $ 0.36 | ||
| Common stock, dividends declared (in dollars per share) | $ 0.32 | ||
| Subsequent Event [Member] | Q1-2025 Quarterly Dividend [Member] | |||
| Dividends [Abstract] | |||
| Dividends payable, date declared | Oct. 16, 2024 | ||
| Common stock, dividends declared (in dollars per share) | $ 0.09 | ||
| Dividends payable, date of record | Nov. 15, 2024 | ||
| Dividends payable, date to be paid | Nov. 29, 2024 |