UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

 

OR

 

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

 

For the transition period from ____________ to _______________

 

Commission File Number: 0-51176

 

KENTUCKY FIRST FEDERAL BANCORP

(Exact name of registrant as specified in its charter)

 

United States of America   61-1484858
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

655 Main Street, Hazard, Kentucky 41702

(Address of principal executive offices)(Zip Code)

 

(502) 223-1638

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of each exchange on which registered
Common Stock, $0.01 par value per share   KFFB   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
Non-Accelerated filer ☒ Smaller Reporting Company ☒
    Emerging Growth Company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: At May 12, 2024, the latest practicable date, the Corporation had 8,098,715 shares of $.01 par value common stock outstanding.

 

 

 

 

 

 

INDEX

 

  Page
PART I FINANCIAL INFORMATION 1
   
ITEM 1 FINANCIAL STATEMENTS 1
   
Condensed Consolidated Balance Sheets 1
   
Condensed Consolidated Statements of Operations 2
   
Condensed Consolidated Statements of Comprehensive Income 3
   
Consolidated Statements of Changes in Shareholders’ Equity 4
   
Condensed Consolidated Statements of Cash Flows 6
   
Notes to Condensed Consolidated Financial Statements 8
   
ITEM 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 29
   
ITEM 3 Quantitative and Qualitative Disclosures About Market Risk 37
   
ITEM 4 Controls and Procedures 37
   
PART II OTHER INFORMATION 38
   
SIGNATURES 40

 

i

 

 

PART I-FINANCIAL INFORMATION

 

ITEM 1: Financial Statements

 

Kentucky First Federal Bancorp

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share data)

 

   March 31,   June 30, 
   2024   2023 
ASSETS        
         
Cash and due from financial institutions  $1,906   $2,284 
Fed funds sold   693    665 
Interest-bearing demand deposits   12,824    5,218 
Cash and cash equivalents   15,423    8,167 
           
Securities available-for-sale   10,225    12,080 
Securities held-to-maturity, at amortized cost- approximate fair value of $210 and $259 at March 31, 2024 and June 30, 2023, respectively   223    274 
Loans, net of allowance for credit loss of $2,106 and $1,634 at March 31, 2024 and June 30, 2023, respectively1   328,134    313,807 
Real estate owned, net   10    70 
Premises and equipment, net   4,317    4,435 
Federal Home Loan Bank stock, at cost   4,528    4,623 
Accrued interest receivable   1,226    902 
Bank-owned life insurance   2,894    2,831 
Goodwill   947    947 
Prepaid federal income taxes   239    144 
Prepaid expenses and other assets   934    742 
           
Total assets  $369,100   $349,022 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Deposits  $246,104   $226,309 
Federal Home Loan Bank advances   72,348    70,087 
Advances by borrowers for taxes and insurance   643    793 
Accrued interest payable   150    70 
Deferred income taxes   156    513 
Other liabilities   685    539 
Total liabilities   320,086    298,311 
           
Commitments and contingencies   
–
    
–
 
           
Shareholders’ equity          
Preferred stock, 500,000 shares authorized, $.01 par value; no shares issued and outstanding   
–
    
–
 
Common stock, 20,000,000 shares authorized, $.01 par value; 8,596,064 shares issued   86    86 
Additional paid-in capital   34,891    34,891 
Retained earnings   18,402    20,130 
Unearned employee stock ownership plan (ESOP)   
–
    
–
 
Treasury shares at cost, 509,349 common shares at March 31, 2024 and June 30, 2023, respectively   (3,969)   (3,969)
Accumulated other comprehensive loss   (396)   (427)
Total shareholders’ equity   49,014    50,711 
           
Total liabilities and shareholders’ equity  $369,100   $349,022 

 

1 Beginning July 1, 2023 the ACL was estimated based on current expected credit loss methodology. Prior to July 1, 2023, the estimate was based on the incurred loss methodology. See additional discussion in Note 1, Basis of Presentation.

 

See accompanying notes to condensed consolidated financial statements.

 

1

 

 

Kentucky First Federal Bancorp

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except per share data)

 

   Nine months ended
March 31,		   Three months ended
March 31,		 
   2024   2023   2024   2023 
Interest income                
Loans, including fees  $10,927   $8,522   $3,841   $2,983 
Mortgage-backed securities   288    345    97    116 
Interest-bearing deposits and other   619    359    235    111 
Total interest income   11,834    9,226    4,173    3,210 
                     
Interest expense                    
Interest-bearing demand deposits   23    29    7    9 
Savings   165    235    53    62 
Certificates of Deposit   4,122    844    1,526    383 
Deposits   4,310    1,108    1,586    454 
Borrowings   2,432    1,193    822    711 
Total interest expense   6,742    2,301    2,408    1,165 
Net interest income   5,092    6,925    1,765    2,045 
Provision for (recovery of) credit losses   (13)   113    (28)   
–
 
Net interest income after provision for credit losses   5,105    6,812    1,793    2,045 
                     
Non-interest income                    
Earnings on bank-owned life insurance   63    60    21    20 
Net gain on sales of loans   14    6    8    
–
 
Net gain on sales of real estate owned   4    
–
    
--
    
–
 
Net gain on sale of property and equipment held for sale   
--
    10    
--
    
–
 
Other   118    160    49    49 
Total non-interest income   199    236    78    69 
                     
Non-interest expense                    
Employee compensation and benefits   3,761    3,697    1,246    1,243 
Data processing   395    330    115    100 
Occupancy and equipment   442    469    153    156 
FDIC insurance premiums   164    63    57    22 
Voice and data communications   93    93    35    32 
Advertising   124    110    36    31 
Outside service fees   284    181    72    77 
Auditing and accounting   258    212    86    36 
Regulatory assessments   49    67    17    17 
Foreclosure and real estate owned expenses (net)   64    77    21    32 
Franchise and other taxes   80    107    28    29 
Other   433    468    150    141 
Total non-interest expense   6,147    5,874    2,016    1,916 
                     
Income (loss) before income taxes   (843)   1,174    (145)   198 
                     
Income tax expense (benefit)   (200)   283    (38)   54 
                     
NET INCOME (LOSS)  $(643)  $891   $(107)  $144 
                     
EARNINGS PER SHARE                    
Basic and diluted
  $(0.08)  $0.11   $(0.01)  $0.02 
DIVIDENDS PER SHARE  $0.20   $0.30   $
--
   $0.10 

 

See accompanying notes to condensed consolidated financial statements.

 

2

 

 

Kentucky First Federal Bancorp

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

   Nine months ended
March 31,		   Three months ended
March 31,		 
   2024   2023   2024   2023 
Net income (loss)  $(643)  $891   $(107)  $144 
                     
Other comprehensive gains (losses), net of tax:                    
Unrealized holding gains (losses) on securities designated as available-for-sale, net of taxes of $11, $(119), $(21) and $(6) during the respective periods   31    (361)   (62)   (18)
Comprehensive income (loss)  $(612)  $530   $(169)  $126 

 

See accompanying notes to condensed consolidated financial statements.

 

3

 

 

Kentucky First Federal Bancorp

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

For the nine months ended

(Unaudited)

 

(Dollar amounts in thousands, except per share data)

 

March 31, 2024

 

   Common
stock		   Additional
paid-in
capital		   Retained
earnings		   Treasury
shares		   Accumulated
other
comprehensive
income (loss)		   Total 
Balance at June 30, 2023  $86   $34,891   $20,130   $(3,969)  $(427)  $50,711 
Cumulative impact of adoption of ASC 326   –    
–
    (414)   
–
    
–
    (414)
Balance at July 1, 2023   86    34,891    19,716    (3,969)   (427)   50,297 
Net loss   –    
–
    (643)   
–
    
–
    (643)
Other comprehensive income   –    
–
    
–
    
–
    31    31 
Cash dividends of $0.20 per common share   –    
–
    (671)   
–
    
–
    (671)
                               
Balance at March 31, 2024  $86   $34,891   $18,402   $(3,969)  $(396)  $49,014 

 

March 31, 2023

 

   Common
stock		   Additional
paid-in
capital		   Retained
earnings		   Unearned
employee
stock
ownership
plan
(ESOP)		   Treasury
shares		   Accumulated
other
comprehensive
loss		   Total 
Balance at June 30, 2022  $        86   $34,892   $20,560   $         (5)  $(3,508)  $
                –
   $52,025 
                                    
Net income   –    
–
    891    
–
    
–
    
–
    891 
Allocation of ESOP shares   –    (1)   
–
    5    
–
    
–
    4 
Acquisition of shares for Treasury   –    
–
    
–
    
–
    (394)   
–
    (394)
Other comprehensive loss                            (361)   (361)
Cash dividends of $0.30 per common share   –    
–
    (1,026)   
–
    
–
    
–
    (1,026)
                                    
Balance at March 31, 2023  $86   $34,891   $20,425   $
-
   $(3,902)  $(361)  $51,139 

 

See accompanying notes to condensed consolidated financial statements.

 

4

 

 

Kentucky First Federal Bancorp

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

For the three months ended

(Unaudited)

 

(Dollar amounts in thousands, except per share data)

 

March 31, 2024

 

   Common
stock		   Additional
paid-in
capital		   Retained
earnings		   Treasury
shares		   Accumulated
other
comprehensive
loss		   Total 
Balance at December 31, 2023  $86   $34,891   $18,509   $(3,969)  $(334)  $49,183 
                               
Net income   –    
–
    (107)   
–
    
–
    (107)
Other comprehensive loss                       (62)   (62)
                               
Balance at March 31, 2024  $86   $34,891   $18,402   $(3,969)  $(396)  $49,014 

 

March 31, 2023

 

   Common
stock		   Additional
paid-in
capital		   Retained
earnings		   Treasury
shares		   Accumulated
other
comprehensive
loss		   Total 
Balance at December 31, 2022  $86   $34,892   $20,622   $(3,616)  $(343)  $51,641 
                               
Net income   –    
–
    144    –    
–
    144 
Allocation of ESOP shares   –    (1)   
–
    
–
         (1)
Acquisition of shares for Treasury   –    
–
    
–
    (286)   
 
    (286)
Other comprehensive loss                       (18)   (18)
Cash dividends of $0.10 per common share   –    
–
    (341)   
–
    
–
    (341)
                               
Balance at March 31, 2023  $86   $34,891   $20,425   $(3,902)  $(361)  $51,139 

 

See accompanying notes to condensed consolidated financial statements.

 

5

 

 

Kentucky First Federal Bancorp

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

   Nine months ended
March 31,		 
   2024   2023 
Cash flows from operating activities:        
Net income (loss)  $(643)  $891 
Adjustments to reconcile net income to net cash provided by operating activities          
Depreciation   178    195 
Accretion of purchased loan credit discount   (30)   (34)
Amortization of deferred loan origination costs (fees)   2    (19)
Amortization of premiums on investment securities   (18)   (22)
Net gain on sale of loans   (14)   (6)
Net loss (gain) on sale of real estate owned   (8)   
–
 
Net gain on sale of property & equipment   
–
    (10)
ESOP compensation expense   
–
    4 
Earnings on bank-owned life insurance   (63)   (60)
Provision for (recovery of) credit losses   (13)   113 
Origination of loans held for sale   (512)   (157)
Proceeds from loans held for sale   526    315 
Deferred income tax   (231)   
–
 
Increase (decrease) in cash, due to changes in:          
Accrued interest receivable   (324)   (238)
Prepaid expenses and other assets   (287)   (38)
Accrued interest payable   80    36 
Other liabilities   89    
–
 
Income taxes   
–
    32 
Net cash provided by (used in) operating activities   (1,268)   1,002 
           
Cash flows from investing activities:          
Purchase of investments available for sale   
–
    (4,974)
Purchase of FHLB stock   (1,310)   (251)
Maturities of time deposits in other financial institutions   
–
    
–
 
Securities maturities, prepayments and calls:          
Held to maturity   47    46 
Available for sale   1,918    2,133 
Proceeds from redemption of FHLB stock   1,405    2,061 
Loans originated for investment, net of principal collected   (14,780)   (32,497)
Proceeds from sale of property and equipment held for sale   
–
    180 
Proceeds from REO   68    
–
 
Proceeds from sale of real estate owned   
–
    
–
 
Additions to premises and equipment, net   (60)   (122)
Net cash provided by (used in) investing activities   (12,712)   (33,424)
           
Cash flows from financing activities:          
Net increase (decrease) in deposits   19,796    (30,466)
Payments by borrowers for taxes and insurance, net   (150)   (263)
Proceeds from Federal Home Loan Bank advances   70,003    119,750 
Repayments on Federal Home Loan Bank advances   (67,742)   (72,917)
Treasury stock purchased   
–
    (394)
Dividends paid on common stock   (671)   (1,026)
Net cash provided by (used in) financing activities   21,236    14,684 
           
Net increase (decrease) in cash and cash equivalents   7,256    (17,738)
           
Beginning cash and cash equivalents   8,167    25,823 
           
Ending cash and cash equivalents  $15,423   $8,085 

 

See accompanying notes to condensed consolidated financial statements.

 

6

 

 

Kentucky First Federal Bancorp

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Unaudited)

(In thousands)

 

   Nine months ended
March 31,		 
   2024   2023 
Supplemental disclosure of cash flow information:        
         
Cash paid during the period for:        
         
Income taxes  $125   $250 
           
Interest on deposits and borrowings  $6,662   $2,265 
           
Transfers of loans to real estate owned, net  $
–
   $60 

 

See accompanying notes to condensed consolidated financial statements.

 

7

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(unaudited)

 

The Kentucky First Federal Bancorp (“Kentucky First” or the “Company”) was incorporated under federal law in March 2005 and is the mid-tier holding company for First Federal Savings and Loan Association of Hazard, Hazard, Kentucky (“First Federal of Hazard”) and Frankfort First Bancorp, Inc. (“Frankfort First”). Frankfort First is the holding company for First Federal Savings Bank of Kentucky, Frankfort, Kentucky (“First Federal of Kentucky”). First Federal of Hazard and First Federal of Kentucky (hereinafter collectively the “Banks”) are Kentucky First’s primary operations, which consist of operating the Banks as two independent, community-oriented savings institutions.

 

In December 2012, the Company acquired CKF Bancorp, Inc., a savings and loan holding company which operated three banking locations in Boyle and Garrard Counties in Kentucky. In accounting for the transaction, the assets and liabilities of CKF Bancorp were recorded on the books of First Federal of Kentucky in accordance with accounting standard ASC 805, Business Combinations.

 

Note 1. Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements, which represent the condensed consolidated balance sheets and results of operations of the Company, were prepared in accordance with the instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with U.S. generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of only normal recurring adjustments) which are necessary for a fair presentation of the condensed consolidated financial statements have been included. The results of operations for the nine-month period ended March 31, 2024, are not necessarily indicative of the results which may be expected for an entire fiscal year. The condensed consolidated balance sheet as of June 30, 2023, has been derived from the audited consolidated balance sheet as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2023 filed with the Securities and Exchange Commission.

 

Principles of Consolidation - The consolidated financial statements include the accounts of the Company, Frankfort First, and its wholly-owned banking subsidiaries, First Federal of Hazard and First Federal of Kentucky (collectively hereinafter “the Banks”). All intercompany transactions and balances have been eliminated in consolidation.

 

Critical Accounting Policies and Estimates

 

Investments – Management determines the classification of debt securities at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity securities are those we have both the intent and ability to hold to maturity and are reported at amortized cost. Securities that are not considered held-to-maturity are considered either trading or available-for-sale securities in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 320, Investments – Debt Securities, and are reported at fair value in the statement of financial position. We have no trading securities. The adjustment to fair value for available-for-sale securities for unrealized gains and losses is included as a separate component of shareholders’ equity, net of tax.

 

Loans – Loans for which we have the ability and intent to hold until maturity and/or payoff are reported at the carrying value of the unpaid principal reduced by unearned interest, an allowance for credit losses and unamortized deferred fees and costs and premiums. Interest income is accrued on a level yield basis. In circumstances where management believes that collection of interest income is uncollectible on specific loans, after considering economic and business conditions, collateral value and collection efforts, interest accrual is discontinued. Interest income may be recognized on the cash basis when received unless a determination has been made by management to apply all of the payment against principal.

 

8

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 1. Basis of Presentation (continued)

 

Critical Accounting Policies and Estimates (continued)

 

Allowance for Credit Losses – We account for the allowance for credit losses under ASC 326, Measurement of Credit Losses on Financial Instruments, which is commonly known as CECL. We measure expected credit losses of financial assets on a weighted average remaining maturity (WARM) basis.

 

We maintain an allowance for credit losses (“ACL”) at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the estimated life of the loan portfolio. Credit losses are charged to and recoveries are credited to the ACL.

 

Loans with similar risk characteristics are evaluated on a collective basis within homogeneous loan pools under ASC 326. Our homogeneous loan pools are primarily determined by loan purpose and collateral type. Pools include residential real estate (composed of one-to four-family, multi-family, and construction), land, farm, nonresidential real estate, commercial and industrial, and consumer loans (composed of Loans on deposit, home equity, automobile, and unsecured). Credits that are nonaccrual status are subject to individual evaluation.

 

Historical loss rates for loans are adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. Qualitative factors used to derive our ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, trends in loan losses and underwriting exceptions. Reasonable and supportable economic forecasts that may offset collectibility are also included as factors in our ACL model. Management continually reevaluates the other subjective factors included in its ACL analysis.

 

Income Taxes – Income tax expense is based on the taxes due on the consolidated tax return plus deferred taxes on the expected future tax benefits and consequences of temporary differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates.

 

New Accounting Standards

 

FASB ASC 326 - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires credit losses on most financial assets and certain other instruments to be measured using an expected loss model, which is referred to as the current expected credit loss (CECL) model. Under this model entities estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of that instrument. The ASU replaces the current accounting model for purchased credit impaired and debt securities. The allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (referred to as “PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described herein.

 

9

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 1. Basis of Presentation (continued)

 

New Accounting Standards (continued)

 

The Company will now use forward-looking information to enhance its credit loss estimates. The amendment requires enhanced disclosures to aid investors and other users of financial statements to better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of our portfolio. The largest impact to the Company was on its allowance for loan and lease losses, although the ASU also amends the accounting for credit losses on available-for-sale debt securities, held-to-maturity securities, and purchased financial assets with credit deterioration. The standard was effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2019. However, the FASB delayed the implementation of the ASU for smaller reporting companies until years beginning after December 15, 2022, or in the Company’s case the fiscal year beginning July 1, 2023. ASU 2016-13 was applied through a cumulative effect adjustment to retained earnings (modified-retrospective approach).

 

In addition, ASC 326 made changes to the accounting for available-for-sale (“AFS”) debt securities. One such change requires credit losses to be presented as an allowance rather than as a write-down on AFS securities. Management does not intend to sell or believes that it is more likely than not that they will be required to sell.

 

We adopted ASC 326 effective July 1, 2023, using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet (“OBS”) credit exposures. Results for reporting periods beginning after July 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP.

 

Upon adoption of the ASU we recorded an increase in the allowance for credit loss (“ACL”) for loans which represented a $497,000 increase from the Allowance for Loan Losses (“ALLL”) at June 30, 2023. This transaction further resulted in an increase of $54,000 to the ACL for unfunded commitments, a decrease of $414,000 to retained earnings and a deferred tax asset of $137,000.

 

The following table illustrates the impact of ASC 326 at July 1, 2023:

 

   As Reported   Pre-ASC   Impact of 
   Under   326   ASC 326 
(Dollars in thousands)  ASC 326   Adoption   Adoption 
Assets:            
Loans            
Residential real estate:            
One- to four-family  $1,597   $857   $740 
Multi-family   133    278    (145)
Construction   138    41    97 
Land   15    1    14 
Farm   6    4    2 
                
Nonresidential real estate   184    405    (221)
Commercial and industrial   5    23    (18)
Consumer and other:               
Loans on deposits   
-
    1    (1)
Home equity   51    23    28 
Automobile   1    
-
    1 
Unsecured   1    1    - 
Allowance for credit losses on loans  $2,131    1,634    497 
                
Liabilities:               
Allowance for credit losses on unfunded credit exposures  $54    
-
    54 

 

10

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 1. Basis of Presentation (continued)

 

New Accounting Standards (continued)

 

ASU 2019-05, Financial Instruments-Credit Losses, Targeted Transition Relief, allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20, if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05 has the same effective date as ASU 2016-13. We adopted ASU 2019-05 on July 1, 2023, and did not elect the fair value option on any financial instruments.

 

ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, eliminates the accounting guidance for troubled debt restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, for entities that have adopted the current expected credit loss model introduced by ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.  ASU 2022-02 also requires disclosure by public business entities of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The Company adopted the standard on July 1, 2023.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

 

Note 2. Earnings Per Share

 

Diluted earnings per share is computed taking into consideration common shares outstanding and dilutive potential common shares to be issued or released under the Company’s share-based compensation plans. The factors used in the basic and diluted earnings per share computations follow:

 

   Nine months ended
March 31,		   Three months ended
March 31,		 
   2024   2023   2024   2023 
Net income (loss) allocated to common shareholders, basic and diluted  $(643,000)  $891,000   $(107,000)  $144,000 
                     
EARNINGS PER SHARE  $(0.08)  $0.11   $(0.01)  $0.02 
Weighted average common shares outstanding, basic and diluted
   8,098,715    8,144,767    8,098,715    8,129,006 

 

There were no stock option shares outstanding for the nine- or three-month periods ended March 31, 2024 and 2023.

 

11

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 3. Investment Securities

 

The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at March 31, 2024 and June 30, 2023, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

 

   March 31, 2024 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $10,752   $
        –
   $527   $10,225 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $223   $
–
   $13   $210 

 

   June 30, 2023 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $12,649   $
         –
   $569   $12,080 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $274   $
–
   $15   $259 

 

At March 31, 2024 and June 30, 2023 the Company’s debt securities consisted of mortgage-backed securities, which do not have a single maturity date. Actual maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

Our pledged securities totaled $0 and $5.9 million at March 31, 2024 and June 30, 2023, respectively. In addition, at March 31, 2024 and June 30, 2023, our pledged assets included overnight deposits of $0 and $1.5 million, respectively. The Banks began utilizing FHLB letters of credit to secure public deposits in the recently ended quarter.

 

We evaluated securities in unrealized loss positions for evidence of credit loss, considering duration, severity, financial condition of the issuer, our intention to sell or requirement to sell. Those securities were agency mortgage-backed securities, which carry a very limited amount of risk. Also, we have no intention to sell nor feel that we will be compelled to sell such securities before maturity. Based on our evaluation, no reserve for credit loss was considered necessary. Debt securities in an unrealized loss position as a percent of total debt securities were 100% and 100% at March 31, 2024 and June 30, 2023, respectively. The following table provides the amortized cost, gross unrealized losses, fair value, and length of time the individual securities have been in a continuous unrealized loss position as of March 31, 2024.

 

12

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 3. Investment Securities (continued) 

 

As of March 31, 2024:

 

Available-for-Sale

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $
       –
    
–
    
–
 
12 Months or More               
Mortgage-backed securities   10,752    527    10,225 
Total temporarily impaired AFS securities  $10,752    527    10,225 

 

Held to Maturity

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $
                –
   $
       –
   $
    –
 
12 Months or More               
Mortgage-backed securities   223    13    210 
Total temporarily impaired HTM securities  $223    13    210 

 

As of June 30, 2023:

 

Available-for-Sale

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $12,649   $569   $12,080 
12 Months or More               
Mortgage-backed securities   
-
    
-
    
-
 
Total temporarily impaired AFS securities  $12,649   $569   $12,080 

.

 

Held to Maturity

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Agency mortgage-backed securities  $
       -
   $
               -
   $
-
 
12 Months or More               
Agency mortgage-backed securities   274    15    259 
Total temporarily impaired HTM securities  $274   $15   $259 

 

13

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable

  

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, adjusted for deferred loan origination costs, net, discounts on purchased loans, and the allowance for credit losses. Interest income is accrued on the unpaid principal balance unless the collectability of the loan is in doubt. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income on one- to four-family residential loans is generally discontinued at the time a loan is 180 days delinquent and on other loans at the time a loan is 90 days delinquent. All other loans are moved to non-accrual status in accordance with the Company’s policy, typically 90 days after the loan becomes delinquent. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

 

The composition of the loan portfolio was as follows:

 

   March 31,   June 30, 
(in thousands)  2024   2023 
Residential real estate        
One- to four-family  $254,789   $240,076 
Multi-family   15,755    19,067 
Construction   14,239    12,294 
Land   1,069    470 
Farm   1,313    1,346 
Nonresidential real estate   30,329    30,217 
Commercial nonmortgage   867    1,184 
Consumer and other:          
Loans on deposits   795    855 
Home equity   10,326    9,217 
Automobile   122    104 
Unsecured   636    611 
    330,240    315,441 
Allowance for credit losses   (2,106)   (1,634)
   $328,134   $313,807 

 

The amounts above include net deferred loan costs of $312,000 and $330,000 as of March 31, 2024 and June 30, 2023, respectively.

 

The allowance for credit losses is a valuation allowance that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected for the loans. Loan losses are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

 

Management estimates the allowance balance required using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience, derived from the Company’s data, provides the basis for estimation of expected credit losses, although management also compares the Company’s data with peer group data. Adjustments to historical loss information may be made for differences in: lending policy, procedures and practice; economic conditions; the nature and volume of the loan portfolio; volume delinquent and problem loans; the current and anticipated economic conditions in the primary lending area; and other external factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off.

  

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the pool evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the sale of the collateral, the expected credit losses are based on the fair value of the collateral at the reporting date, less any discounts and selling costs.

 

Management monitors loan performance on a monthly basis and performs a quarterly evaluation of the adequacy of the ACL. The Banks begin enhanced monitoring of all loans rated 5-Watch or worse and obtain a new appraisal or asset valuation for most loans placed on nonaccrual status. New appraisals are usually not obtained on loans with outstanding principal amounts of $50,000 or less. Management, at its discretion, may determine that additional adjustments to the appraisal or valuation are required. Valuation adjustments will be made as necessary based on factors, including, but not limited to: the economy, deferred maintenance, industry, type of collateral, age of the appraisal, etc., and the knowledge Management has about a particular situation. In addition, the cost to sell or liquidate the collateral is also estimated and deducted from the valuation in order to determine the net realizable value to the Banks. When determining the ACL, certain factors involved in the evaluation are inherently subjective and require material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows. Management monitors the adequacy of the ACL on an ongoing basis and reports its adequacy quarterly to the Board of Directors. Management believes the ACL at March 31, 2024 is adequate.

 

14

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments, when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a modification will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Banks.

 

The Banks categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. Management utilizes a risk rating scale ranging from 1-Highest Pass to 9-Loss to evaluate loan quality. Consumer purpose loans are identified as either performing or nonperforming based on the payment status of the loans. Nonperforming consumer loans are loans that are nonaccrual or 90 days or more past due and still accruing.

 

Our portfolio segments include residential real estate, nonresidential real estate, farm, land, commercial and industrial, and consumer and other loans. Risk factors associated with our portfolio segments are as follows:

 

Residential Real Estate

 

Our primary lending activity is the origination of mortgage loans, which enable a borrower to purchase or refinance existing homes in the Banks’ respective market areas. We further classify our residential real estate loans as one- to four-family (owner-occupied vs nonowner-occupied), multi-family or construction. We believe that our first mortgage position on loans secured by residential real estate presents lower risk than our other loans, with the exception of loans secured by deposits.

 

We offer a mix of adjustable-rate and fixed-rate mortgage loans with terms up to 30 years for owner-occupied properties. For these properties a borrower may be able to borrow up to 97% of the value with private mortgage insurance. Alternatively, the borrower may be able to borrow up to 90% of the value through other programs offered by the bank.

 

We offer loans on one- to four-family rental properties at a maximum of 80% loan-to-value (“LTV”) ratio and we generally charge a slightly higher interest rate on such loans.

 

We also originate loans to individuals to finance the construction of residential dwellings for personal use or for use as rental property. We lend to builders for construction of speculative or custom residential properties for resale. Construction loans are generally less than one year in length, do not exceed 80% of the appraised value, and provide for the payment of interest only during the construction phase. Funds are disbursed as progress is made toward completion of the construction.

 

Multi-family Loans

 

We offer mortgage loans secured by residential multi-family (five or more units). Generally, these loans are originated for 25 years or less and do not exceed 80% of the appraised value. Loans secured by multi-family generally have larger balances and involve a greater degree of risk than one- to four-family residential mortgage loans. These loans depend on the borrower’s creditworthiness and the feasibility and cash flow potential of the project. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment on such loans may be subject to a greater extent to adverse conditions in the real estate market or economy than owner-occupied residential loans.

 

15

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

Nonresidential Loans

 

We offer mortgage loans secured by nonresidential real estate comprised generally of commercial office buildings, churches and properties used for other purposes. Generally, these loans are originated for 25 years or less and do not exceed 80% of the appraised value. As with multi-family loans, commercial real estate loans generally have larger balances and involve a greater degree of risk than one- to four-family residential mortgage loans and these loans depend on the borrower’s creditworthiness, as well as the feasibility and cash flow potential of the project. Payments on loans secured by nonresidential properties often depend on successful operation and management of the properties. As a result, repayment on such loans may be subject to a greater extent to adverse conditions in the real estate market or economy than owner-occupied residential loans.

 

Consumer lending

 

Our consumer loans include home equity lines of credit, loans secured by savings deposits, automobile loans, and unsecured loans. Home equity loans are generally second mortgage loans subordinate only to first mortgages also held by the bank and do not exceed 80% of the estimated value of the property. We do offer home equity loans up to 90% of the estimated value to qualified borrowers and these loans carry a premium interest rate. Loans secured by savings are originated up to 90% of the depositor’s savings account balance and bear interest at a rate higher than the rate paid on the deposit account. Because the deposit account must be pledged as collateral to secure the loan, the inherent risk of this type of loan is minimal. Loans secured by automobiles are made directly to consumers (there are no relationships with dealers) and are based on the value of the vehicle and the borrower’s creditworthiness. Vehicle loans present a higher level of risk because of the natural decline in the value of the property as well as its mobility. Unsecured loans are based entirely on the borrower’s creditworthiness and present the highest level of risk to the bank. 

 

Impaired loans

 

The Banks choose the most appropriate method for accounting for impaired loans. For secured loans, which make up the vast majority of the loans in the Banks’ portfolio, this method involves determining the fair value of the collateral, reduced by estimated selling costs. Where appropriate, the Banks would account for impaired loans by determining the present value of expected future cash flows discounted at the loan’s effective interest rate.

 

A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Although most of our loans are secured by collateral, we rely heavily on the capacity of our borrowers to generate sufficient cash flow to service their debt. As a result, our loans do not become collateral-dependent until there is deterioration in the borrower’s cash flow and financial condition, which makes it necessary for us to look to the collateral for our sole source of repayment. Collateral-dependent loans which are more than ninety days delinquent are considered to constitute more than a minimum delay in repayment and are evaluated for impairment under the policy at that time.

 

We utilize updated independent appraisals to determine fair value for collateral-dependent loans, adjusted for estimated selling costs, in determining our specific reserve. In some situations, management does not secure an updated independent appraisal. These situations may involve small loan amounts or loans that, in management’s opinion, have an abnormally low loan-to-value ratio.

 

With respect to the Banks’ investment in troubled debt restructurings, multi-family and nonresidential loans, and the evaluation of impairment thereof, such loans are nonhomogenous and, as such, may be deemed to be collateral-dependent when they become more than 90 days delinquent. We obtain updated independent appraisals in these situations or when we suspect that the previous appraisal may no longer be reflective of the property’s current fair value. This process varies from loan to loan, borrower to borrower, and also varies based on the nature of the collateral.

 

16

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

The following table presents the activity in the ACL by portfolio segment for the nine months ended March 31, 2024, after restatement of beginning balance for adoption of ASC 326:

 

March 31, 2024:

 

(in thousands)  Pre-ASC
326
Adoption		   Impact of
ASC 326
Adoption		   As
Reported
Under
ASC 326		   Provision
for
(recovery of)
credit losses
on loans		   Loans
charged
off		   Recoveries   Credit Losses for Unfunded
Liabilities		   Ending
balance		 
Residential real estate                                
One- to four-family  $857   $740   $1,597   $58   $      (9)  $
        -
   $
       -
   $1,646 
Multi-family   278    (145)   133    (33)   
-
    
-
    
-
    100 
Construction   41    97    138    (33)   
-
    
-
    (1)   104 
Land   1    14    15    7    
-
    
-
    
-
    22 
Farm   4    2    6    (1)   
-
    
-
    
-
    5 
Nonresidential real estate   405    (221)   184    (13)   
-
    
-
    
-
    171 
Commercial and industrial   23    (18)   5    
-
    
-
    
-
    
-
    5 
Consumer and other                                        
Loans on deposits   1    (1)   
-
    
-
    
-
    
-
    
-
    
-
 
Home equity   23    28    51    2    
-
    
-
    (2)   51 
Automobile   
-
    1    1    (1)   
-
    
-
    
-
    
-
 
Unsecured   1    
-
    1    1    
-
    
-
    
-
    2 
   $1,634   $497   $2,131   $(13)  $(9)  $
-
   $(3)  $2,106 

 

For the nine months ended March 31, 2024, the provision for (recovery of) credit losses totaled $(16,000) including $13,000 of recovery on credit losses on loans and $3,000 recovery on credit losses on unfunded commitments. At March 31, 2024, the allowance for credit losses on unfunded commitments totaled $57,000.

 

The following table presents the activity in the ALLL by portfolio segment for the nine months ended March 31, 2023:

 

(in thousands)  Beginning
balance		   Provision
(credit) for
loan losses		   Loans
charged
off		   Recoveries   Ending
balance		 
Residential real estate:                    
One-to four-family  $800   $44   $         (22)  $          13   $835 
Multi-family   231    96    
–
    
–
    327 
Construction   4    29    
–
    
–
    33 
Land   3    (2)   
–
    
–
    1 
Farm   5    
–
    
–
    
–
    5 
Nonresidential real estate   461    (53)   
–
    
–
    408 
Commercial nonmortgage   2    
–
    
–
    
–
    2 
Consumer and other:                         
Loans on deposits   1    
–
    
–
    
–
    1 
Home equity   21    
–
    
–
    
–
    21 
Automobile   
–
    
–
    
–
    
–
    
–
 
Unsecured   1    (1)   
–
    
–
    
–
 
Totals  $1,529   $113   $(22)  $13   $1,633 

 

17

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2023

(unaudited)

 

Note 4. Loans receivable (continued)

 

The following table presents the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024:

 

(in thousands)  Beginning
balance		   Provision
for
(recovery of) credit
losses on
loans		   Loans
charged off		   Recoveries   Credit
Losses for
Unfunded
Liabilities		   Ending
balance		 
Residential real estate:                        
One- to four-family  $1,587   $         59   $
               –
   $
             –
   $
          -
   $1,646 
Multi-family   130    (30)   
–
    
–
    
-
    100 
Construction   124    (22)   
–
    
–
    2    104 
Land   22    
-
    
–
    
–
    
-
    22 
Farm   5    
–
    
–
    
–
    
-
    5 
Nonresidential real estate   198    (27)   
–
    
–
    
-
    171 
Commercial nonmortgage   6    (1)   
–
    
–
    
-
    5 
Consumer and other:                       -      
Loans on deposits   
–
    
–
    
–
    
–
    
-
    
–
 
Home equity   59    (8)   
–
    
–
    
-
    51 
Automobile   
–
    
–
    
–
    
–
    
-
    
–
 
Unsecured   1    1    
–
    
–
    
-
    2 
Totals  $2,132   $(28)  $
–
   $
–
   $2   $2,106 

 

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2023:

 

(in thousands)  Beginning
balance		   Provision
(credit) for
loan losses		   Loans
charged off		   Recoveries   Ending
balance		 
Residential real estate:                    
One- to four-family  $778   $79   $(22)  $
          –
   $835 
Multi-family   363    (36)   
–
    
–
    327 
Construction   26    7    
–
    
–
    33 
Land   1    
–
    
–
    
–
    1 
Farm   5    
–
    
–
    
–
    5 
Nonresidential real estate   457    (49)   
–
    
–
    408 
Commercial nonmortgage   2    
–
    
–
    
–
    2 
Consumer and other:                         
Loans on deposits   1    
–
    
–
    
–
    1 
Home equity   21    
–
    
–
    
–
    21 
Automobile   
–
    
–
    
–
    
–
    
–
 
Unsecured   1    (1)   
–
    
–
    
–
 
Totals  $1,655   $
–
   $(22)  $
–
   $1,633 

  

18

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

The following table presents the amortized cost basis of collateral-dependent loans by portfolio class as of March 31, 2024. The recorded investment in loans excludes accrued interest receivable due to immateriality.

 

March 31, 2024:

 

(in thousands)  Amortized Cost
Basis		   Ending
allowance on
collateral-
dependent
loans		 
Loans individually evaluated for impairment:        
Residential real estate:        
One- to four-family  $2,882   $
         –
 
Nonresidential real estate   1,950    
–
 
Commercial and industrial   
–
    
–
 
   $4,832    
–
 

 

Real estate stands as collateral for loans individually evaluated for impairment.

 

The following tables present the balance in the ALLL and the recorded investment in loans by portfolio class and based on impairment method as of March 31, 2024.

 

March 31, 2024:

 

(in thousands)   Loans
individually
evaluated		     Loans acquired
with
deteriorated
credit quality*		     Ending loans
balance		     Ending
allowance
attributed to
loans		  
Loans individually evaluated for impairment:                        
Residential real estate                        
One- to four-family   $ 2,882     $             178     $ 3,060     $      -  
Nonresidential real estate     1,950       -       1,950       -  
      4,832       178       5,010       -  
Loans collectively evaluated for impairment:                                
Residential real estate                                
One- to four-family                   $ 251,729     $ 1,646  
Multi-family                     15,755       100  
Construction                     14,239       104  
Land                     1,069       22  
Farm                     1,313       5  
Nonresidential real estate                     28,379       171  
Commercial and industrial                     867       5  
Consumer and other                                
Loans on deposits                     795       -  
Home equity                     10,326       51  
Automobile                     122       -  
Unsecured                     636       2  
                      325,230       2,106  
                    $ 330,240     $ 2,106  

 

* These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.

 

19

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of June 30, 2023.

 

June 30, 2023:

 

(in thousands)  Loans
individually
evaluated		   Loans acquired
with
deteriorated
credit quality*		   Ending loans
balance		   Ending
allowance
attributed to
loans		 
Loans individually evaluated for impairment:                
Residential real estate                
One- to four-family  $       2,833   $        196   $3,029   $
-
 
Nonresidential real estate   1,717    
-
    1,717    
-
 
Home Equity   267    
-
    267    
-
 
    4,817    196    5,013    
-
 
Loans collectively evaluated for impairment:                    
Residential real estate                    
One- to four-family            $237,047   $857 
Multi-family             19,067    278 
Construction             12,294    41 
Land             470    1 
Farm             1,346    4 
Nonresidential real estate             28,500    405 
Commercial and industrial             1,184    23 
Consumer and other                    
Loans on deposits             855    1 
Home equity             8,950    23 
Automobile             104    
-
 
Unsecured             611    1 
              310,428    1,634 
             $315,441   $1,634 

 

* These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.

 

20

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

The following table presents interest income on loans individually evaluated for impairment by class of loans for the nine months ended March 31:

 

(in thousands)  Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		 
   2024   2023 
With no related allowance recorded:                        
One- to four-family  $3,058   $55   $55   $3,227   $147   $147 
Multi-family   
--
    –    –    561    15    15 
Farm   
--
    
–
    
–
    270    
–
    
–
 
Nonresidential real estate   1,882    51    51    1,055    41    41 
Consumer   89    –    –    46    6    6 
Purchased credit-impaired loans   191    7    7    383    17    17 
    5,220    113    113    5,542    226    226 
With an allowance recorded:                              
One- to four-family   
–
    
–
    
–
    
–
    
–
    
–
 
   $5,220   $113   $113   $5,542   $226   $226 

 

The following table presents interest income on loans individually evaluated for impairment by class of loans for the three months ended March 31:

 

(in thousands)  Average
Recorded
Investment		   Interest
Income Recognized		   Cash Basis
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		 
   2024   2023 
With no related allowance recorded:                        
Residential real estate:                        
One- to four-family  $3,073   $11   $11   $3,240   $66   $66 
Multi-family   
–
    –    –    555    5    5 
Farm   
–
    
–
    
–
    265    
–
    
–
 
Nonresidential real estate   1,965    2    2    1,047    12    12 
Consumer   
–
    
–
    
–
    
–
    –    – 
Purchased credit-impaired loans   182    6    6    371    6    6 
    5,220    19    19    5,478    89    89 
With an allowance recorded:                              
One- to four-family   
–
    
–
    
–
    
–
    
–
    
–
 
   $5,220   $19   $19   $5,478   $89   $89 

  

21

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of March 31, 2024 and June 30, 2023:

 

   March 31, 2024   June 30, 2023 
(in thousands)  Nonaccrual   Loans
Past Due Over
90 Days Still
Accruing		   Nonaccrual   Loans
Past Due Over
90 Days Still
Accruing		 
Residential real estate:                
One- to four-family residential real estate  $3,149   $373   $3,029   $365 
Nonresidential real estate and land   1,670    
–
    1,717    28 
Consumer   
–
    35    267    0 
   $4,819   $408   $5,013   $393 

  

One- to four-family loans in process of foreclosure totaled $1.2 million and $766,000 at March 31, 2024 and June 30, 2023, respectively.

 

Troubled Debt Restructurings:

 

Prior to the adoption of ASC 326 a Troubled Debt Restructuring (“TDR”) was the situation where the Bank granted a concession to the borrower that the Banks would not otherwise have considered due to the borrower’s financial difficulties. All TDRs are considered “impaired.”

 

At June 30, 2023, the Company had $1.4 million of loans classified as TDRs.

 

During the nine months ended March 31, 2024 there were no loans modified to borrowers experiencing financial difficulty.

 

The following table presents the aging of the principal balance outstanding in past due loans as of March 31, 2024, by class of loans:

 

(in thousands)  30-89 Days
Past Due		   90 Days or
Greater
Past Due		   Total Past
Due		   Loans Not
Past Due		   Total 
Residential real estate:                    
One-to four-family  $4,264   $1,684   $5,948   $248,841   $254,789 
Multi-family   
–
    
–
    
–
    15,755    15,755 
Construction   231    
–
    231    14,008    14,239 
Land   
–
    
–
    
–
    1,069    1,069 
Farm   
–
    
–
    
–
    1,313    1,313 
Nonresidential real estate   809    
–
    809    29,520    30,329 
Commercial non-mortgage   
–
    
–
    
–
    867    867 
Consumer and other:                         
Loans on deposits   
–
    
–
    
–
    795    795 
Home equity   153    35    188    10,138    10,326 
Automobile   
–
    
–
    
–
    122    122 
Unsecured   
--
    
–
    
–
    636    636 
Total  $5,457   $1,719   $7,176   $323,064   $330,240 

 

22

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 4. Loans receivable (continued)

 

The following tables present the aging of the principal balance outstanding in past due loans as of June 30, 2023, by class of loans:

 

June 30, 2023:

 

(in thousands)  30-89 Days
Past Due		   Greater than
90 Days
Past Due		   Total Past
Due		   Loans Not
Past Due		   Total 
Residential real estate                    
One- to four-family  $3,415   $1,514   $4,929   $235,147   $240,076 
Multi-family   
-
    
-
    
-
    19,067    19,067 
Construction   
-
    
-
    
-
    12,294    12,294 
Land   
-
    
-
    
-
    470    470 
Farm   
-
    
-
    
-
    1,346    1,346 
Nonresidential real estate   662    
-
    662    29,555    30,217 
Commercial and industrial   
-
    28    28    1,156    1,184 
Consumer and other                         
Loans on deposits   
-
    
-
    
-
    855    855 
Home equity   168    267    435    8,782    9,217 
Automobile   
-
    
-
    
-
    104    104 
Unsecured   17    
-
    17    594    611 
   $4,262   $1,809   $6,071   $309,370   $315,441 

 

Credit Quality Indicators:

 

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on an annual basis. The Company uses the following definitions for risk ratings:

 

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

 

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

 

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

 

23

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
March 31, 2024
(unaudited)

 

Note 4. Loans receivable (continued)

 

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass rated loans. Loans listed that are not rated are included in groups of homogeneous loans and are evaluated for credit quality based on performing status. See the aging of past due loan table above. As of March 31, 2024, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

 

                           Revolving     
(in thousands)  Term Loans Amortized Cost by Origination Fiscal Year   Loans
Amortized		     
As of March 31, 2024  2024   2023   2022   2021   2020   Prior   Cost Basis   Total 
Residential real estate:                                
One- to four-family                                
Risk Rating:                                
Pass  $24,346   $50,368   $48,136   $43,911   $27,424   $55,244   $-   $249,429 
Special mention   
-
    
-
    
-
    
-
    -    138    -    138 
Substandard   
-
    
-
    --    82    17    5,123    -    5,222 
Doubtful   
-
    
-
    
-
    
-
    -    -    -    - 
Total  $24,346   $50,368   $48,136   $43,933   $27,411   $60,505   $-   $254,789 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $9   $-   $9 
                                         
Multi-family        
 
         
 
                     
Risk Rating:                                        
Pass  $200   $-   $6,132   $5,948   $1,248   $2,227   $-   $15,755 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $200   $-   $6,132   $5,948   $1,248   $2,227   $-   $15,755 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Construction                                        
Risk Rating:                                        
Pass  $5,660   $8,483   $23   $-   $-   $73   $-   $14,239 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $5,660   $8,483   $23   $-   $-   $73   $-   $14,239 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Land                                        
Risk Rating:                                        
Pass  $508   $283   $215   $-   $-   $63   $-   $1,069 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $508   $283   $215   $-   $-   $63   $-   $1,069 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Farm                                        
Risk Rating:                                        
Pass  $212   $-   $248   $-   $26   $827   $-   $1,313 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $212   $-   $248   $-   $26   $827   $-   $1,313 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Nonresidential real estate                                        
Risk Rating:                                        
Pass  $2,564   $2,346   $3,165   $3,437   $5,795   $10,400   $-   $27,707 
Special mention   -    -    -    -    -    672    -    672 
Substandard   
-
    1,017    
-
    
-
    -    933    -    1,950 
Doubtful   -    -    -    -    -    -    -    - 
Total  $2,564   $3,363   $3,165   $3,437   $5,795   $12,005   $-   $30,329 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Commercial and industrial                                        
Risk Rating:                                        
Pass  $328   $-   $398   $4   $-   $137   $-   $867 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $328   $-   $398   $4   $-   $137   $-   $867 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Share Loans                                        
Risk Rating:                                        
Pass  $94   $95   $-   $17   $177   $412   $-   $795 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $94   $95   $-   $17   $177   $412   $-   $795 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Home Equity                                        
Risk Rating:                                        
Pass  $-   $-   $-   $-   $-   $-   $9,904   $9,904 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    422    422 
Doubtful   -    -    -    -    -    -    -    - 
Total  $-   $-   $-   $-   $-   $-   $10,326   $10,326 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Auto                                        
Risk Rating:                                        
Pass  $69   $10   $37   $3   $2   $1   $-   $122 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $69   $10   $37   $3   $2   $1   $-   $122 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Unsecured                                        
Risk Rating:                                        
Pass  $282   $120   $32   $174   $23   $5   $-   $636 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $282   $120   $32   $174   $23   $5   $-   $636 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 

  

24

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
March 31, 2024
(unaudited)

 

Note 4. Loans receivable (continued)

 

At March 31, 2024, the risk category of loans by class of loans was as follows:

 

(in thousands)  Pass   Special
Mention		   Substandard   Doubtful 
Residential real estate:                
One- to four-family  $249,429   $138   $5,222   $
         -
 
Multi-family   15,755    
-
    
-
    
-
 
Construction   14,239    
-
    
-
    
-
 
Land   1,069    
-
    
-
    
-
 
Farm   1,313    
-
    
-
    
-
 
Nonresidential real estate   27,707    672    1,950    
-
 
Commercial nonmortgage   867    
-
    
-
    
-
 
Consumer:                    
Loans on deposits   795    
-
    
-
    
-
 
Home equity   9,904    
-
    422    
-
 
Automobile   122    
-
    
-
    
-
 
Unsecured   636    
-
    
-
    
-
 
   $321,836   $810   $7,594   $
-
 

 

At June 30, 2023, the risk category of loans by class of loans was as follows:

 

(in thousands)  Pass   Special
Mention		   Substandard   Doubtful 
Residential real estate                
One- to four-family  $234,765   $170   $5,141   $
          -
 
Multi-family   19,067    
-
    
-
    
-
 
Construction   12,294    
-
    
-
    
-
 
Land   470    
-
    
-
    
-
 
Farm   1,346    
-
    
-
    
-
 
Nonresidential real estate   27,816    684    1,013    
-
 
Commercial and industrial   1,184    
-
    
-
    
-
 
Consumer and other                    
Loans on deposits   855    
-
    
-
    
-
 
Home equity   8,879    
-
    338    
-
 
Automobile   104    
-
    
-
    
-
 
Unsecured   611    
-
    
-
    
-
 
   $307,391   $854   $6,492   $
-
 

 

Purchased Credit Impaired Loans:

 

The Company purchased loans during fiscal year 2013 for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans, net of a purchase credit discount of $88,000 and $88,000 at March 31, 2024 and June 30, 2023, respectively, is as follows:

 

(in thousands)  March 31,
2024		   June 30,
2023		 
One- to four-family residential real estate  $178   $196 
           

 

Accretable yield, or income expected to be collected, is as follows:

 

(in thousands)  Nine months
ended
March 31,
2024		   Twelve months
ended
June 30,
2023		 
Balance at beginning of period  $         294   $     339 
Accretion of income   (30)   (45)
Balance at end of period  $264   $294 

 

For those purchased loans disclosed above, the Company made no increase in allowance for loan losses for the year ended June 30, 2023, nor for the nine-month period ended March 31, 2024. Neither were any allowance for loan losses reversed during those periods.

25

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 5. Disclosures About Fair Value of Assets and Liabilities

 

ASC topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (exit price) at the measurement date. ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes six levels of inputs that may be used to measure fair value:

 

Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

 

Securities

 

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics. Level 2 securities include agency mortgage-backed securities and agency bonds.

 

Financial assets measured at fair value on a recurring basis are summarized below:

 

   Fair Value Measurements Using 
(in thousands)  Fair Value   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
March 31, 2024                
Agency mortgage-backed: residential  $10,225   $
          –
   $10,225   $
         –
 
                     
June 30, 2023                    
Agency mortgage-backed: residential  $12,080   $
–
   $12,080   $
–
 

 

There were no assets or liabilities which were measured at fair value on a nonrecurring basis at March 31, 2024, and June 30, 2023.

 

The following is a disclosure of the fair value of financial instruments, both assets and liabilities, whether or not recognized in the consolidated balance sheet, for which it is practicable to estimate that value. For financial instruments where quoted market prices are not available, fair values are based on estimates using present value and other valuation methods.

 

The methods used are greatly affected by the assumptions applied, including the discount rate and estimates of future cash flows. Therefore, the fair values presented may not represent amounts that could be realized in an exchange for certain financial instruments.

 

26

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 5. Disclosures About Fair Value of Assets and Liabilities (continued)

 

Based on the foregoing methods and assumptions, the carrying value and fair value of the Company’s financial instruments at March 31, 2024 and June 30, 2023 are as follows:

 

       Fair Value Measurements at 
   Carrying   March 31, 2024 Using 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $15,423   $15,423             $15,423 
Available-for-sale securities   10,225        $10,225         10,225 
Held-to-maturity securities   223         210         210 
Loans receivable, net   328,134              315,358    315,358 
Federal Home Loan Bank stock   4,528                   n/a 
Accrued interest receivable   1,226         1,226         1,226 
                          
Financial liabilities                         
Deposits  $246,104   $82,126   $163,597         245,723 
Federal Home Loan Bank advances   72,348         72,327         72,327 
Advances by borrowers for taxes and insurance   643         643         643 
Accrued interest payable   150         150         150 

 

       Fair Value Measurements at 
   Carrying   June 30, 2023 Using 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $8,167   $8,167             $8,167 
                          
Available-for-sale securities   12,080        $12,080         12,080 
Held-to-maturity securities   274         259         259 
Loans receivable - net   313,807             $293,530    293,530 
Federal Home Loan Bank stock   4,623                   n/a 
Accrued interest receivable   902         902         902 
                          
Financial liabilities                         
Deposits  $226,309   $88,994   $136,577        $225,571 
Federal Home Loan Bank advances   70,087         69,863         69,863 
Advances by borrowers for taxes and insurance   793         793         793 
Accrued interest payable   70         70         70 

 

27

 

 

Kentucky First Federal Bancorp

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

March 31, 2024

(unaudited)

 

Note 6. Other Comprehensive Income (Loss)

 

The Company’s other comprehensive loss is comprised solely of unrealized gains and losses on available-for-sale securities. The following is a summary of the accumulated other comprehensive loss balances, net of tax:

 

(in thousands)  Nine months ended
March 31,
2024		   Three months ended
March 31,
2024		 
Balance at beginning of period  $    (427)  $         (334)
Current period change   31    (62)
Balance at end of period  $(396)  $(396)

 

Other comprehensive income (loss) components and related tax effects for the periods indicated were as follows:

 

   Nine months ended   Three months ended 
   March 31,   March 31, 
(in thousands)  2024   2023   2024   2023 
Unrealized holding gains (losses) on available-for-sale securities  $42   $(480)  $(83)  $(24)
Tax effect   (11)   119    21    6 
   $31   $(361)  $(62)  $(18)

 

28

 

 

Kentucky First Federal Bancorp

 

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Forward-Looking Statements

 

Certain statements contained in this report, as well as other periodic reports filed with the Securities and Exchange Commission, that are not historical facts are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995, that are subject to certain risks and uncertainties. These forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate in the Company’s market areas; the interest rate environment and the impact of the interest rate environment on our business, financial condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends and if so at what level; our ability to receive any required regulatory approval or non-objection for the payment of dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company or from the Company to shareholders; competitive conditions in the financial services industry; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the outcome of pending or threatened litigation, or of matters before regulatory agencies; changes in law, governmental policies and regulations, rapidly changing technology affecting financial services, and the other matters mentioned in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 and in the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 2023 and for the period ended September 30, 2023. Except as required by applicable law or regulation, the Company does not undertake the responsibility, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

 

Asset/Liability Management

 

Management and the boards of the subsidiary Banks are responsible for the asset/liability management issues that affect the individual Banks. Either Bank may work with its sister Bank to mitigate potential asset/liability risks to the Banks and to the Company as a whole. Management utilizes a third-party to perform interest rate risk (“IRR”) calculations for each of the Banks. Management monitors and considers methods of managing the rate sensitivity and repricing characteristics of each of the Bank’s balance sheet components to maintain acceptable levels of change in the economic value of equity (“EVE”) as well as evaluating the impact on earnings in the event of changes in prevailing market interest rates. Interest rate sensitivity analysis is used to measure our interest rate risk by computing estimated changes in EVE that are a result of changes in the net present value of its cash flows from assets, liabilities, and off-balance sheet items. These changes in cash flow are estimated based on hypothetical instantaneous and permanent increases and decreases in market interest rates.

 

In March 2022 the Federal Open Market Committee (“FOMC”) of the Federal Reserve Bank began raising the target range for the fed funds rate of interest and since that time has raised the short-term interest rate by 500 basis points. At March 31, 2024, we believe our risk associated with rising interest rates was moderate. Our IRR model indicated that at December 31, 2023, our EVE was approximately 16.4%, despite the historic interest rate increases during the previous twelve months. Although general market participants believe that the FOMC will now pause interest rate increases for a period of time, our December 31, 2023 EVE is anticipated to be approximately 14.7% and 10.6% under sudden and sustained increase in prevailing market interest rates of 100 basis points and 200 basis points, respectively. Computations or prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments, and deposit run-offs. These computations should not be relied upon as indicative of actual results. Further, the computations do not contemplate any actions the Banks may undertake in response to changes in interest rates. Certain shortcomings are inherent in this method of computing EVE. For example, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in differing degrees to changes in market interest rates. The interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag behind changes in market rates.

 

29

 

 

Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)

 

Average Balance Sheets

 

The following table represents the average balance sheets for the nine-month periods ended March 31, 2024 and 2023, along with the related calculations of tax-equivalent net interest income, net interest margin and net interest spread for the related periods.

 

   Nine Months Ended March 31, 
   2024   2023 
   Average
Balance		   Interest
And
Dividends		   Yield/
Cost		   Average
Balance		   Interest
And
Dividends		   Yield/
Cost		 
   (Dollars in thousands) 
Interest-earning assets:                        
Loans 1  $323,370   $10,927    4.51%  $294,651   $8,522    3.86%
Mortgage-backed securities   11,300    288    3.40    13,787    345    3.34 
Other interest-earning assets   14,817    619    5.57    13,241    359    3.61 
Total interest-earning assets   349,487    11,834    4.51    321,679    9,226    3.82 
                               
Less: Allowance for credit losses   (1,925)             (1,611)          
Non-interest-earning assets   12,452              12,026           
Total assets  $360,014             $332,094           
                               
Interest-bearing liabilities:                              
Demand deposits  $17,159   $23    0.18%  $20,415   $29    0.19%
Savings   54,154    165    0.41    70,844    235    0.44 
Certificates of deposit   156,984    4,122    3.50    115,822    844    0.97 
Total interest-bearing deposits   228,297    4,310    2.52    207,081    1,108    0.71 
Borrowings   65,645    2,432    4.94    58,348    1,193    2.73 
Total interest-bearing liabilities   293,942    6,742    3.06    265,429    2,301    1.16 
                               
Noninterest-bearing demand deposits   14,738              13,588           
Noninterest-bearing liabilities   1,732              1,467           
Total liabilities   310,412              280,484           
                               
Shareholders’ equity   49,602              51,610           
Total liabilities and shareholders’ equity  $360,014             $332,094           
Net interest spread       $5,092    1.46%       $6,925    2.66%
Net interest margin             1.94%             2.87%
Average interest-earning assets to average interest-bearing liabilities             118.90%             120.19%

 

1 Includes loan fees, immaterial in amount, in both interest income and the calculation of yield on loans. Also includes loans on nonaccrual status.

 

30

 

 

Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)

 

Average Balance Sheets

 

The following table represents the average balance sheets for the three-month periods ended March 31, 2024 and 2023, along with the related calculations of tax-equivalent net interest income, net interest margin and net interest spread for the related periods.

 

   Three Months Ended March 31, 
   2024   2023 
   Average
Balance		   Interest
And
Dividends		   Yield/
Cost		   Average
Balance		   Interest
And
Dividends		   Yield/
Cost		 
   (Dollars in thousands) 
Interest-earning assets:                        
Loans 1  $328,385   $3,841    4.68%  $304,014   $2,983    3.93%
Mortgage-backed securities   10,787    97    3.60    13,498    116    3.44 
Other interest-earning assets   17,936    235    5.24    9,562    111    4.64 
Total interest-earning assets   357,108    4,173    4.67    327,074    3,210    3.93 
                               
Less: Allowance for credit losses   (2,130)             (1,665)          
Non-interest-earning assets   12,611              12,309           
Total assets  $367,589             $337,718           
                               
Interest-bearing liabilities:                              
Demand deposits  $16,197   $7    0.17%  $19,370   $9    0.19%
Savings   51,366    53    0.41    63,810    62    0.39 
Certificates of deposit   161,144    1,526    3.79    112,683    383    1.36 
Total interest-bearing deposits   228,707    1,586    2.77    195,863    454    0.93 
Borrowings   72,821    822    4.52    76,888    711    3.70 
Total interest-bearing liabilities   301,528    2,408    3.19    272,751    1,165    1.71 
                               
Noninterest-bearing demand deposits   15,659              12,418           
Noninterest-bearing liabilities   1,365              1,109           
Total liabilities   318,552              286,278           
                               
Shareholders’ equity   49,037              51,440           
Total liabilities and shareholders’ equity  $367,589             $337,718           
Net interest spread       $1,765    1.48%       $2,045    2.22%
Net interest margin             1.98%             2.50%
Average interest-earning assets to average interest-bearing liabilities             118.43%             119.92%

 

1 Includes loan fees, immaterial in amount, in both interest income and the calculation of yield on loans. Also includes loans on nonaccrual status.

  

31

 

 

Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)

 

Discussion of Financial Condition Changes from June 30, 2023 to March 31, 2024

 

Financial Position and Results of Operations

 

At March 31, 2024 the Company and the Banks were considered well-capitalized with capital ratios in excess of regulatory requirements. However, an extended economic recession could adversely impact the Company’s and the Banks’ capital position and regulatory capital ratios due to a potential increase in credit losses.

 

Assets: At March 31, 2024, the Company’s assets totaled $369.1 million, an increase of $20.1 million, or 5.8%, from total assets at June 30, 2023. This increase was attributed primarily to increases in loans, net, primarily in adjustable rate residential mortgage loans

 

Cash and cash equivalents: Cash and cash equivalents increased $7.2 million or 88.8% to $15.4 million at March 31, 2024. Most of the Company’s cash and cash equivalents are held in interest-bearing demand deposits.

 

Investment securities: At March 31, 2024, our securities portfolio, which consisted of mortgage-backed securities, decreased $1.9 million or 15.4% and totaled $10.4 million, compared to June 30, 2023.

 

Loans: Loans, net increased $14.3 million or 4.6% and totaled $328.1 million at March 31, 2024. Management continues to look for high-quality loans to add to its portfolio and will continue to emphasize loan originations to the extent that it is profitable, prudent and consistent with our interest rate risk strategies.

 

Non-Performing and Classified Loans: At March 31, 2024, the Company had non-performing loans (loans 90 or more days past due or on nonaccrual status) of approximately $5.2 million, or 1.6% of total loans (including acquired loans), compared to $5.4 million or 1.7%, of total loans at June 30, 2023. The Company’s ACL totaled $2.1 million at March 31, 2024 and the Company’s allowance for loan loss totaled $1.6 million at June 30, 2023. The ACL at March 31, 2024, represented 40.4% of nonperforming loans and 0.6% of total loans, while at June 30, 2023, ALLL represented 34.8% of nonperforming loans and 0.5% of total loans.

 

The Company had $7.6 million in assets classified as substandard for regulatory purposes at March 31, 2024, and real estate owned (“REO”) of $10,000. Classified loans as a percentage of total loans (including loans acquired) was 2.4% and 2.3% at March 31, 2024 and June 30, 2023, respectively. Of substandard loans, 100.0% were secured by real estate on which the Banks have priority lien position.

 

The table below shows the aggregate amounts of our assets classified for regulatory purposes at the dates indicated:

 

(dollars in thousands)  March 31,
2024		   June 30,
2023		 
Substandard assets  $7,594   $7,266 
Doubtful assets   –    – 
Loss assets   –    – 
Total classified assets  $7,594   $7,266 

 

At March 31, 2024, the Company’s real estate acquired through foreclosure represented 0.1% of substandard assets compared to 0.1% at June 30, 2023. During the period presented the Company made no loans to facilitate the purchase of its other real estate owned by qualified buyers. Loans to facilitate the sale of other real estate owned, which were included in substandard loans, totaled $0 and $0 at March 31, 2024 and June 30, 2023, respectively.

 

32

 

 

Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)

 

Discussion of Financial Condition Changes from June 30, 2023 to March 31, 2024 (continued)

 

The following table presents the aggregate carrying value of REO at the dates indicated:

 

   March 31, 2024   June 30, 2023 
   Number of
Properties		   Net
Carrying
Value		   Number of
Properties		   Net
Carrying
Value		 
One- to four-family         1   $         10         2   $      70 
Total REO   1   $10    2   $70 

 

At March 31, 2024 and June 30, 2023, the Company had $810,000 and $854,000 of loans classified as special mention, respectively. This category includes assets which do not currently expose us to a sufficient degree of risk to warrant classification, but does possess credit deficiencies or potential weaknesses deserving our close attention.

 

Liabilities: Total liabilities increased $21.8 million, or 7.3% to $320.1 million at March 31, 2024, as deposits increased $19.8 million or 8.7% to $246.1 million and advances increased $2.3 million or 3.2% to $72.3 million.

 

Certificates of deposit increased $26.7 million or 19.4% and totaled $164.0 million at March 31, 2024, which included $43.9 million of brokered deposits, an increase of $22.9 million or 108.8%. Demand deposit accounts increased $1.6 million or 5.1% and totaled $33.0 million at quarter end. Savings accounts decreased $8.5 million or 14.7% and totaled $49.1 million at the end of the current period. The cost of liabilities has been increasing rapidly due to higher costs of both wholesale and retail funding.  Continued increases in liability costs, especially for wholesale funds, will primarily be driven by future increases in market rates by the Federal Reserve.  It is believed that we are near the peak of this rate cycle which, if so, will likely slow the increasing costs of our liabilities. 

 

Shareholders’ Equity: At March 31, 2024, the Company’s shareholders’ equity totaled $49.0 million, a decrease of $1.7 million or 3.3% from the June 30, 2023 total. The decrease in shareholders’ equity was primarily associated with adoption of the CECL accounting standard which resulted in a $414,000 net loss for the period and dividends paid on common stock.

 

The Company paid dividends of $671,000 and had net loss of $643,000 for the nine-month period just ended. On July 6, 2023, the members of First Federal MHC again approved a dividend waiver on annual dividends of up to $0.40 per share of Kentucky First Federal Bancorp common stock. The Board of Directors of First Federal MHC applied for approval of another waiver. The Federal Reserve Bank of Cleveland has notified the Company that it did not object to the waiver of dividends paid by the Company to First Federal MHC, and, as a result, First Federal MHC was permitted to waive the receipt of dividends for quarterly dividends up to $0.10 per common share through the third calendar quarter of 2024. However, on October 13, 2023, the Company announced that future dividends will be reduced primarily due to the recent decline in earnings of the Banks. After careful consideration, on January 16, 2024, the board determined that it would be prudent to suspend the payment of dividends completely until such time as earnings and liquidity improve. Our ability to pay future dividends and if so at what level will also be dependent on our ability to successfully execute our strategy to increase earnings and core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans, and the receipt of required regulatory approval or non-objection for the payment of dividends from the Banks to the Company or from the Company to shareholders. Nevertheless, management continues to believe that a strong dividend is consistent with the Company’s long-term capital management strategy. See “Risk Factors” in Part II, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 for additional discussion regarding dividends.

 

33

 

 

Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)

 

Comparison of Operating Results for the Nine-month Periods Ended March 31, 2024 and 2023

 

General

 

Net income totaled $(643,000) or $(0.08) diluted earnings per share for the nine-months ended March 31, 2024, a decrease of $1.5 million or 172.2% from net income of $891,000 or $0.11 diluted earnings per share for the same period in 2023. The decrease in net earnings for the nine months ended March 31, 2024 was primarily attributable to lower net interest income, and higher non-interest expense, which were partially offset by lower income taxes and lower provision for credit losses. 

 

Net Interest Income

 

Net interest income decreased $1.8 million or 26.5% to $5.1 million due primarily to interest expense increasing more than interest income increased period to period. Interest expense increased $4.4 million or 193.0%, while interest income increased $2.6 million or 28.3% to $11.8 million for the nine months ended March 31, 2024. During the unprecedented interest rate increases experienced in the market since March 2022, our funding sources have repriced more quickly than our assets have repriced, which has had a negative impact on net interest income.

 

The average rate earned on interest-earning assets increased 69 basis points to 4.52% and was the primary reason for the increase in interest income. The increase in interest income was due primarily to an increase of $2.4 million or 28.2% in interest income from loans, which totaled $10.9 million for the period.

 

The increase in interest income from loans period-to-period was due to increases in both the average balance of loans and the average rate earned on those loans. The average balance of loans increased $28.7 million or 9.8% to $323.4 million for the nine months ended March 31, 2024, while the average rate increased 65 basis points to 4.51%.

 

The average balance of interest-bearing liabilities increased $28.5 million or 10.7% to $293.9 million for the nine months just ended, and the average rate paid increased 190 basis points to 3.06%. The cost of liabilities increased rapidly due to higher costs of both wholesale and retail funding.  Continued increases in liability costs, especially for wholesale funds, will primarily be driven by future increases in market rates by the Federal Reserve. It is widely believed that we are near the peak of this rate cycle which, if so, will likely slow the increasing costs of our liabilities.

 

Net interest spread decreased from 2.66% for the prior year quarterly period to 1.46% for the nine-month period ended March 31, 2024.

 

Provision for (Recovery of) Credit Losses

 

Management determined that a $13,000 recovery of credit losses was prudent in light of the strengthening loan portfolio overall during the recently ended nine-month period. Impaired loans are now being individually evaluated for specific loss allocation and are therefore excluded from the homogeneous pooled loss analysis. The result is a more targeted representation of currently expected credit losses on loans.

 

34

 

 

Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)

 

Comparison of Operating Results for the Nine-month Periods Ended March 31, 2024 and 2023 (continued)

 

Non-interest Income

 

Non-interest income decreased $37,000 or 15.7% to $199,000 for the nine months ended March 31, 2024, compared to the prior year period, primarily because of a decrease in other non-interest income, which is comprised of various items including bank-related fees and services.

 

Non-interest Expense

 

Non-interest expense increased $273,000 or 4.6% to $6.1 million for the nine months ended March 31, 2024, primarily due to higher outside service fee, FDIC insurance premiums, as well as higher employee compensation and benefits.

 

Outside service fee expense increased $103,000 or 56.9% and totaled $284,000 due to additional professional expenses and costs associated with them.

 

FDIC insurance premiums expense increased $101,000 or 160.3% and totaled $164,000 due to the FDIC increasing premiums throughout the industry in their effort to get the Deposit Insurance Fund closer to the statutory minimum of 1.35%. The ratio dipped after the recent bank failures of Silicon Valley Bank and Signature Bank.

 

Employee compensation and benefits expense increased $64,000 or 1.7% and totaled $3.8 million for the nine months just ended due to additional salary expense.

 

Income Tax Expense (Benefit)

 

Income tax expense decreased $483,000 or 170.7% to an income tax benefit of $200,000 for the nine months ended March 31, 2024, compared to the prior year period due to decreased earnings. The effective tax rates for the nine-month periods ended March 31, 2024 and 2023, were 23.7% and 24.1%, respectively.

 

Comparison of Operating Results for the Three-month Periods Ended March 31, 2024 and 2023

 

General

 

Net loss totaled $107,000 or ($0.01) diluted earnings per share for the three months ended March 31, 2024, a decrease of $251,000 or 174.3% from net income of $144,000 or $0.02 diluted earnings per share for the same period in 2023. The decrease in net earnings for the quarter ended March 31, 2024, was primarily attributable to lower net interest income, and higher non-interest expense, which were partially offset by lower income taxes.

 

35

 

 

Kentucky First Federal Bancorp
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)

 

Net Interest Income

 

Net interest income decreased $280,000 or 13.7% to $1.8 million due primarily to interest expense increasing more than interest income increased period to period. Interest expense increased $1.2 million or 106.7%, while interest income increased $963,000 or 30.0% to $4.2 million for the recently-ended quarter. During the unprecedented interest rate increases seen in the market since March 2022, our funding sources have repriced more quickly than our assets have repriced, which has had a negative impact on net interest income.

 

The average rate earned on interest-earning assets increased 75 basis points to 4.67% and was the primary reason for the increase in interest income, although average interest-earning assets also increased $30.0 million or 9.2% to $357.1 million for the recently-ended quarterly period. The increase in interest income was due primarily to an increase of $858,000 or 28.8% in interest income from loans, which totaled $3.8 million for the period.

 

The increase in interest income from loans period-to-period was due to increases in both the average balance of loans and the average rate earned on those loans. The average balance of loans increased $24.4 million or 8.0% to $328.4 million for the three months ended March 31, 2024, while the average rate increased 75 basis points to 4.68%.

 

The average balance of interest-bearing liabilities increased $28.8 million or 10.6% to $301.5 million for the quarter just ended, and the average rate paid increased 149 basis points to 3.19%. The cost of liabilities increased rapidly due to higher costs of both wholesale and retail funding.  Continued increases in liability costs, especially for wholesale funds, will primarily be driven by future increases in market rates by the Federal Reserve. It is widely believed that we are near the peak of this rate cycle which, if so, will likely slow the increasing costs of our liabilities. 

 

Net interest spread decreased from 2.22% for the prior year quarterly period to 1.48% for the three-month period ended March 31, 2024.

 

Provision for (Recovery of) Credit Losses

 

Management determined that a $28,000 recovery of credit losses was prudent in light of the strengthening loan portfolio overall during the recently ended three-month period. Impaired loans are now being individually evaluated for specific loss allocation and are therefore excluded from the homogeneous pooled loss analysis. The result is a more targeted representation of currently expected credit losses on loans.

 

Comparison of Operating Results for the Three-month Periods Ended March 31, 2024 and 2023 (continued)

 

Non-interest Income

 

Non-interest income increased $9,000 or 13.0% to $78,000 for the recently ended quarter primarily due to net gain on sales of loans, which increased from $0 to $8,000 for the three months ended March 31, 2024.

 

Non-interest Expense

 

Non-interest expense increased $100,000 or 5.2% and totaled $2.0 million for the three months ended March 31, 2024, primarily due to increased auditing and accounting expense, FDIC insurance premiums and other various bank expenses.

 

Income Tax Expense (Benefit)

 

Income taxes decreased $92,000 or 170.4% from an expense of $58,000 for the three months ended March 31, 2023, to a benefit of $38,000 for the recently ended period. The effective tax rates for the three-month periods ended March 31, 2024 and 2023, were 26.2% and 27.3%, respectively.

 

36

 

 

Kentucky First Federal Bancorp

 

ITEM 3: Quantitative and Qualitative Disclosures About Market Risk

 

This item is not applicable as the Company is a smaller reporting company.

 

ITEM 4: Controls and Procedures

 

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report, and have concluded that the Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

Based upon their evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have also concluded that there were no significant changes during the quarter ended March 31, 2024 in the Company’s internal control over financial reporting or in other factors that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

37

 

 

Kentucky First Federal Bancorp

 

PART II-OTHER INFORMATION

 

ITEM 1. Legal Proceedings

 

None.

 

ITEM 1A. Risk Factors

 

Please see “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 and in the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 2023 and for the period ended September 30, 2023 for information regarding risk factors that could materially affect the Company’s business, financial condition, or future results of operations. Other than as mentioned above, there have been no changes with regard to the risk factors disclosed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended June 30, 2023.

 

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

(c) The following table sets forth information regarding Company’s repurchases of its common stock during the quarter ended March 31, 2024.

 

Period  Total # of
shares
purchased		   Average
price paid
per share
(including
commissions)		   Total # of
shares
purchased
as part of
publicly
announced
plans or
programs		   Maximum #
of shares
that may
yet be
purchased
under the
plans or
programs		 
January 1-31, 2024   
     –
   $
         –
    
      –
    
      –
 
February 1-28, 2024   
–
   $
–
    
–
    
–
 
March 1-31, 2024   
–
   $
–
    
–
    
–
 

 

(1) On May 18, 2023, the Company announced that it had substantially completed its program to repurchase up to 150,000 shares of its Common Stock, which was initiated on February 3, 2021.

 

ITEM 3. Defaults Upon Senior Securities

 

Not applicable.

 

ITEM 4. Mine Safety Disclosures.

 

Not applicable.

 

ITEM 5. Other Information

 

During the fiscal quarter ended March 31, 2024, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.

 

38

 

 

Kentucky First Federal Bancorp

 

ITEM 6. Exhibits

 

3.11   Charter of Kentucky First Federal Bancorp
     
3.22   Bylaws of Kentucky First Federal Bancorp, as amended and restated
     
3.33   Amendment No. 1 to the Bylaws of Kentucky First Federal Bancorp
     
3.44   Amendment No. 2 to the Bylaws of Kentucky First Federal Bancorp
     
3.45   Amendment No. 3 to the Bylaws of Kentucky First Federal Bancorp
     
4.11   Specimen Stock Certificate of Kentucky First Federal Bancorp
     
31.1   CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2   CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1   CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
32.2   CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.0   The following materials from Kentucky First Federal Bancorp’s Quarterly Report On Form 10-Q for the quarter ended March 31, 2024 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Changes in Shareholders’ Equity; (v) the Condensed Consolidated Statements of Cash Flows: and (vi) the related Notes.
     
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

(1) Incorporated herein by reference to the Company’s Registration Statement on Form S-1 (File No. 333-119041).
   
(2) Incorporated herein by reference to the Company’s Annual Report on Form 10-K for the Year Ended June 30, 2012 (File No. 0-51176).
   
(3) Incorporated herein by reference to the Company’s Current Report on Form 8-K filed August 25, 2017 (File No. 0-51176).
   
(4) Incorporated herein by reference to the Company’s Current Report on Form 8-K filed September 28, 2020 (File No. 0-51176).
   
(5) Incorporated herein by reference to the Company’s Current Report on Form 8-K filed February 2, 2022 (File No. 51176).

 

39

 

 

Kentucky First Federal Bancorp

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    KENTUCKY FIRST FEDERAL BANCORP
       
Date: May 15, 2024   By: /s/ Don D. Jennings
      Don D. Jennings
      Chief Executive Officer
       
Date: May 15, 2024   By: /s/ Tyler W. Eades
      Tyler W. Eades
      Vice President and Chief Financial Officer

 

 

40

 

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Exhibit 31.1

CERTIFICATION

 

I, Don D. Jennings, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Kentucky First Federal Bancorp;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 15, 2024 /s/ Don D. Jennings
  Don D. Jennings
  Chief Executive Officer

 

Exhibit 31.2

CERTIFICATION

 

I, Tyler W. Eades, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Kentucky First Federal Bancorp

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 15, 2024 /s/Tyler W. Eades
  Tyler W. Eades
  Vice President and Chief Financial Officer

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Kentucky First Federal Bancorp (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Don D. Jennings, the Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

  /s/Don D. Jennings
  Don D. Jennings
  Chief Executive Officer
  May 15, 2024

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Kentucky First Federal Bancorp (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Tyler W. Eades, the Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

  /s/Tyler W. Eades
  Tyler W. Eades
  Vice President and Chief Financial Officer
  May 15, 2024

 

v3.24.1.1.u2
Cover - shares
 9 Months Ended
Mar. 31, 2024
May 12, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Amendment Flag false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Information [Line Items]    
Entity Registrant Name KENTUCKY FIRST FEDERAL BANCORP  
Entity Central Index Key 0001297341  
Entity File Number 0-51176  
Entity Tax Identification Number 61-1484858  
Entity Incorporation, State or Country Code X1  
Current Fiscal Year End Date --06-30  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Contact Personnel [Line Items]    
Entity Address, Address Line One 655 Main Street  
Entity Address, City or Town Hazard  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 41702  
Entity Phone Fax Numbers [Line Items]    
City Area Code (502)  
Local Phone Number 223-1638  
Entity Listings [Line Items]    
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol KFFB  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   8,098,715
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
ASSETS    
Cash and due from financial institutions $ 1,906 $ 2,284
Fed funds sold 693 665
Interest-bearing demand deposits 12,824 5,218
Cash and cash equivalents 15,423 8,167
Securities available-for-sale 10,225 12,080
Securities held-to-maturity, at amortized cost- approximate fair value of $210 and $259 at March 31, 2024 and June 30, 2023, respectively 223 274
Loans, net of allowance for credit loss of $2,106 and $1,634 at March 31, 2024 and June 30, 2023, respectively1 [1] 328,134 313,807
Real estate owned, net 10 70
Premises and equipment, net 4,317 4,435
Federal Home Loan Bank stock, at cost 4,528 4,623
Accrued interest receivable 1,226 902
Bank-owned life insurance 2,894 2,831
Goodwill 947 947
Prepaid federal income taxes 239 144
Prepaid expenses and other assets 934 742
Total assets 369,100 349,022
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Deposits 246,104 226,309
Federal Home Loan Bank advances 72,348 70,087
Advances by borrowers for taxes and insurance 643 793
Accrued interest payable 150 70
Deferred income taxes 156 513
Other liabilities 685 539
Total liabilities 320,086 298,311
Commitments and contingencies
Shareholders’ equity    
Preferred stock, 500,000 shares authorized, $.01 par value; no shares issued and outstanding
Common stock, 20,000,000 shares authorized, $.01 par value; 8,596,064 shares issued 86 86
Additional paid-in capital 34,891 34,891
Retained earnings 18,402 20,130
Unearned employee stock ownership plan (ESOP)
Treasury shares at cost, 509,349 common shares at March 31, 2024 and June 30, 2023, respectively (3,969) (3,969)
Accumulated other comprehensive loss (396) (427)
Total shareholders’ equity 49,014 50,711
Total liabilities and shareholders’ equity $ 369,100 $ 349,022
[1] Beginning July 1, 2023 the ACL was estimated based on current expected credit loss methodology. Prior to July 1, 2023, the estimate was based on the incurred loss methodology. See additional discussion in Note 1, Basis of Presentation.
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Statement of Financial Position [Abstract]    
Securities held-to-maturity, fair value (in Dollars) $ 210 $ 259
Loans, net of allowance for credit loss (in Dollars) [1] $ 2,106 $ 1,634
Preferred stock par value (in Dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 500,000 500,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock par value (in Dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 20,000,000 20,000,000
Common stock, shares issued 8,596,064 8,596,064
Treasury shares 509,349 509,349
[1] Beginning July 1, 2023 the ACL was estimated based on current expected credit loss methodology. Prior to July 1, 2023, the estimate was based on the incurred loss methodology. See additional discussion in Note 1, Basis of Presentation.
v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Interest income        
Loans, including fees $ 3,841 $ 2,983 $ 10,927 $ 8,522
Mortgage-backed securities 97 116 288 345
Interest-bearing deposits and other 235 111 619 359
Total interest income 4,173 3,210 11,834 9,226
Interest expense        
Interest-bearing demand deposits 7 9 23 29
Savings 53 62 165 235
Certificates of Deposit 1,526 383 4,122 844
Deposits 1,586 454 4,310 1,108
Borrowings 822 711 2,432 1,193
Total interest expense 2,408 1,165 6,742 2,301
Net interest income 1,765 2,045 5,092 6,925
Provision for (recovery of) credit losses (28) (13) 113
Net interest income after provision for credit losses 1,793 2,045 5,105 6,812
Non-interest income        
Earnings on bank-owned life insurance 21 20 63 60
Net gain on sales of loans 8 14 6
Net gain on sales of real estate owned 4
Net gain on sale of property and equipment held for sale 10
Other 49 49 118 160
Total non-interest income 78 69 199 236
Non-interest expense        
Employee compensation and benefits 1,246 1,243 3,761 3,697
Data processing 115 100 395 330
Occupancy and equipment 153 156 442 469
FDIC insurance premiums 57 22 164 63
Voice and data communications 35 32 93 93
Advertising 36 31 124 110
Outside service fees 72 77 284 181
Auditing and accounting 86 36 258 212
Regulatory assessments 17 17 49 67
Foreclosure and real estate owned expenses (net) 21 32 64 77
Franchise and other taxes 28 29 80 107
Other 150 141 433 468
Total non-interest expense 2,016 1,916 6,147 5,874
Income (loss) before income taxes (145) 198 (843) 1,174
Income tax expense (benefit) (38) 54 (200) 283
Net income (loss) $ (107) $ 144 $ (643) $ 891
EARNINGS PER SHARE        
Basic and diluted (in Dollars per share) $ (0.01) $ 0.02 $ (0.08) $ 0.11
DIVIDENDS PER SHARE (in Dollars per share) $ 0.1 $ 0.2 $ 0.3
v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]        
Diluted $ (0.01) $ 0.02 $ (0.08) $ 0.11
v3.24.1.1.u2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (107) $ 144 $ (643) $ 891
Other comprehensive gains (losses), net of tax:        
Unrealized holding gains (losses) on securities designated as available-for-sale, net of taxes of $11, $(119), $(21) and $(6) during the respective periods (62) (18) 31 (361)
Comprehensive income (loss) $ (169) $ 126 $ (612) $ 530
v3.24.1.1.u2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]        
Unrealized holding gains (losses) on securities designated as available-for-sale $ (21) $ (6) $ 11 $ (119)
v3.24.1.1.u2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Cumulative impact of adoption of ASC 326
Additional paid-in capital
Cumulative impact of adoption of ASC 326
Retained earnings
Cumulative impact of adoption of ASC 326
Treasury shares
Cumulative impact of adoption of ASC 326
Accumulated other comprehensive income (loss)
Cumulative impact of adoption of ASC 326
Cumulative impact of adoption of ASC 326
Common stock
Cumulative impact of adoption of ASC 326
Additional paid-in capital
Cumulative impact of adoption of ASC 326
Retained earnings
Cumulative impact of adoption of ASC 326
Treasury shares
Cumulative impact of adoption of ASC 326
Accumulated other comprehensive income (loss)
Cumulative impact of adoption of ASC 326
Common stock
Additional paid-in capital
Retained earnings
Treasury shares
Accumulated other comprehensive income (loss)
Unearned employee stock ownership plan (ESOP)
Total
Beginning balance at Jun. 30, 2022                       $ 86 $ 34,892 $ 20,560 $ (3,508) $ (5) $ 52,025
Net income (loss)                         891 891
Allocation of ESOP shares                         (1) 5 4
Acquisition of shares for Treasury                         (394) (394)
Other comprehensive income (loss)                               (361)   (361)
Cash dividends                         (1,026) (1,026)
Ending balance at Mar. 31, 2023                       86 34,891 20,425 (3,902) (361) 51,139
Beginning balance at Dec. 31, 2022                       86 34,892 20,622 (3,616) (343)   51,641
Net income (loss)                         144     144
Allocation of ESOP shares                         (1)     (1)
Acquisition of shares for Treasury                         (286)   (286)
Other comprehensive income (loss)                               (18)   (18)
Cash dividends                         (341)   (341)
Ending balance at Mar. 31, 2023                       86 34,891 20,425 (3,902) (361) 51,139
Beginning balance at Jun. 29, 2023                       86 34,891 20,130 (3,969) (427)   50,711
Ending balance at Jun. 30, 2023           $ 86 $ 34,891 $ 19,716 $ (3,969) $ (427) $ 50,297             50,711
Cumulative impact of adoption of ASC 326 $ (414) $ (414)                          
Net income (loss)                         (643)   (643)
Other comprehensive income (loss)                         31   31
Cash dividends                         (671)   (671)
Ending balance at Mar. 31, 2024                       86 34,891 18,402 (3,969) (396)   49,014
Beginning balance at Dec. 31, 2023                       86 34,891 18,509 (3,969) (334)   49,183
Net income (loss)                         (107)   (107)
Other comprehensive income (loss)                               (62)   (62)
Ending balance at Mar. 31, 2024                       $ 86 $ 34,891 $ 18,402 $ (3,969) $ (396)   $ 49,014
v3.24.1.1.u2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended 6 Months Ended
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Cash dividends of per common share $ 0.1 $ 0.2 $ 0.3
v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ (643) $ 891
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 178 195
Accretion of purchased loan credit discount (30) (34)
Amortization of deferred loan origination costs (fees) 2 (19)
Amortization of premiums on investment securities (18) (22)
Net gain on sale of loans (14) (6)
Net loss (gain) on sale of real estate owned (8)
Net gain on sale of property & equipment (10)
ESOP compensation expense 4
Earnings on bank-owned life insurance (63) (60)
Provision for (recovery of) credit losses (13) 113
Origination of loans held for sale (512) (157)
Proceeds from loans held for sale 526 315
Deferred income tax (231)
Increase (decrease) in cash, due to changes in:    
Accrued interest receivable (324) (238)
Prepaid expenses and other assets (287) (38)
Accrued interest payable 80 36
Other liabilities 89
Income taxes 32
Net cash provided by (used in) operating activities (1,268) 1,002
Cash flows from investing activities:    
Purchase of investments available for sale (4,974)
Purchase of FHLB stock (1,310) (251)
Maturities of time deposits in other financial institutions
Securities maturities, prepayments and calls:    
Held to maturity 47 46
Available for sale 1,918 2,133
Proceeds from redemption of FHLB stock 1,405 2,061
Loans originated for investment, net of principal collected (14,780) (32,497)
Proceeds from sale of property and equipment held for sale 180
Proceeds from REO 68
Proceeds from sale of real estate owned
Additions to premises and equipment, net (60) (122)
Net cash provided by (used in) investing activities (12,712) (33,424)
Cash flows from financing activities:    
Net increase (decrease) in deposits 19,796 (30,466)
Payments by borrowers for taxes and insurance, net (150) (263)
Proceeds from Federal Home Loan Bank advances 70,003 119,750
Repayments on Federal Home Loan Bank advances (67,742) (72,917)
Treasury stock purchased (394)
Dividends paid on common stock (671) (1,026)
Net cash provided by (used in) financing activities 21,236 14,684
Net increase (decrease) in cash and cash equivalents 7,256 (17,738)
Beginning cash and cash equivalents 8,167 25,823
Ending cash and cash equivalents 15,423 8,085
Cash paid during the period for:    
Income taxes 125 250
Interest on deposits and borrowings 6,662 2,265
Transfers of loans to real estate owned, net $ 60
v3.24.1.1.u2
Basis of Presentation
 9 Months Ended
Mar. 31, 2024
Basis of Presentation [Abstract]  
Basis of Presentation

Note 1. Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements, which represent the condensed consolidated balance sheets and results of operations of the Company, were prepared in accordance with the instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with U.S. generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of only normal recurring adjustments) which are necessary for a fair presentation of the condensed consolidated financial statements have been included. The results of operations for the nine-month period ended March 31, 2024, are not necessarily indicative of the results which may be expected for an entire fiscal year. The condensed consolidated balance sheet as of June 30, 2023, has been derived from the audited consolidated balance sheet as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2023 filed with the Securities and Exchange Commission.

 

Principles of Consolidation - The consolidated financial statements include the accounts of the Company, Frankfort First, and its wholly-owned banking subsidiaries, First Federal of Hazard and First Federal of Kentucky (collectively hereinafter “the Banks”). All intercompany transactions and balances have been eliminated in consolidation.

 

Critical Accounting Policies and Estimates

 

Investments – Management determines the classification of debt securities at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity securities are those we have both the intent and ability to hold to maturity and are reported at amortized cost. Securities that are not considered held-to-maturity are considered either trading or available-for-sale securities in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 320, Investments – Debt Securities, and are reported at fair value in the statement of financial position. We have no trading securities. The adjustment to fair value for available-for-sale securities for unrealized gains and losses is included as a separate component of shareholders’ equity, net of tax.

 

Loans – Loans for which we have the ability and intent to hold until maturity and/or payoff are reported at the carrying value of the unpaid principal reduced by unearned interest, an allowance for credit losses and unamortized deferred fees and costs and premiums. Interest income is accrued on a level yield basis. In circumstances where management believes that collection of interest income is uncollectible on specific loans, after considering economic and business conditions, collateral value and collection efforts, interest accrual is discontinued. Interest income may be recognized on the cash basis when received unless a determination has been made by management to apply all of the payment against principal.

 

Allowance for Credit Losses – We account for the allowance for credit losses under ASC 326, Measurement of Credit Losses on Financial Instruments, which is commonly known as CECL. We measure expected credit losses of financial assets on a weighted average remaining maturity (WARM) basis.

 

We maintain an allowance for credit losses (“ACL”) at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the estimated life of the loan portfolio. Credit losses are charged to and recoveries are credited to the ACL.

 

Loans with similar risk characteristics are evaluated on a collective basis within homogeneous loan pools under ASC 326. Our homogeneous loan pools are primarily determined by loan purpose and collateral type. Pools include residential real estate (composed of one-to four-family, multi-family, and construction), land, farm, nonresidential real estate, commercial and industrial, and consumer loans (composed of Loans on deposit, home equity, automobile, and unsecured). Credits that are nonaccrual status are subject to individual evaluation.

 

Historical loss rates for loans are adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. Qualitative factors used to derive our ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, trends in loan losses and underwriting exceptions. Reasonable and supportable economic forecasts that may offset collectibility are also included as factors in our ACL model. Management continually reevaluates the other subjective factors included in its ACL analysis.

 

Income Taxes – Income tax expense is based on the taxes due on the consolidated tax return plus deferred taxes on the expected future tax benefits and consequences of temporary differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates.

 

New Accounting Standards

 

FASB ASC 326 - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires credit losses on most financial assets and certain other instruments to be measured using an expected loss model, which is referred to as the current expected credit loss (CECL) model. Under this model entities estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of that instrument. The ASU replaces the current accounting model for purchased credit impaired and debt securities. The allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (referred to as “PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described herein.

 

The Company will now use forward-looking information to enhance its credit loss estimates. The amendment requires enhanced disclosures to aid investors and other users of financial statements to better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of our portfolio. The largest impact to the Company was on its allowance for loan and lease losses, although the ASU also amends the accounting for credit losses on available-for-sale debt securities, held-to-maturity securities, and purchased financial assets with credit deterioration. The standard was effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2019. However, the FASB delayed the implementation of the ASU for smaller reporting companies until years beginning after December 15, 2022, or in the Company’s case the fiscal year beginning July 1, 2023. ASU 2016-13 was applied through a cumulative effect adjustment to retained earnings (modified-retrospective approach).

 

In addition, ASC 326 made changes to the accounting for available-for-sale (“AFS”) debt securities. One such change requires credit losses to be presented as an allowance rather than as a write-down on AFS securities. Management does not intend to sell or believes that it is more likely than not that they will be required to sell.

 

We adopted ASC 326 effective July 1, 2023, using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet (“OBS”) credit exposures. Results for reporting periods beginning after July 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP.

 

Upon adoption of the ASU we recorded an increase in the allowance for credit loss (“ACL”) for loans which represented a $497,000 increase from the Allowance for Loan Losses (“ALLL”) at June 30, 2023. This transaction further resulted in an increase of $54,000 to the ACL for unfunded commitments, a decrease of $414,000 to retained earnings and a deferred tax asset of $137,000.

 

The following table illustrates the impact of ASC 326 at July 1, 2023:

 

   As Reported   Pre-ASC   Impact of 
   Under   326   ASC 326 
(Dollars in thousands)  ASC 326   Adoption   Adoption 
Assets:            
Loans            
Residential real estate:            
One- to four-family  $1,597   $857   $740 
Multi-family   133    278    (145)
Construction   138    41    97 
Land   15    1    14 
Farm   6    4    2 
                
Nonresidential real estate   184    405    (221)
Commercial and industrial   5    23    (18)
Consumer and other:               
Loans on deposits   
-
    1    (1)
Home equity   51    23    28 
Automobile   1    
-
    1 
Unsecured   1    1    - 
Allowance for credit losses on loans  $2,131    1,634    497 
                
Liabilities:               
Allowance for credit losses on unfunded credit exposures  $54    
-
    54 

 

ASU 2019-05, Financial Instruments-Credit Losses, Targeted Transition Relief, allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20, if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05 has the same effective date as ASU 2016-13. We adopted ASU 2019-05 on July 1, 2023, and did not elect the fair value option on any financial instruments.

 

ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, eliminates the accounting guidance for troubled debt restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, for entities that have adopted the current expected credit loss model introduced by ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.  ASU 2022-02 also requires disclosure by public business entities of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The Company adopted the standard on July 1, 2023.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.
v3.24.1.1.u2
Earnings Per Share
 9 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

Note 2. Earnings Per Share

 

Diluted earnings per share is computed taking into consideration common shares outstanding and dilutive potential common shares to be issued or released under the Company’s share-based compensation plans. The factors used in the basic and diluted earnings per share computations follow:

 

   Nine months ended
March 31,		   Three months ended
March 31,		 
   2024   2023   2024   2023 
Net income (loss) allocated to common shareholders, basic and diluted  $(643,000)  $891,000   $(107,000)  $144,000 
                     
EARNINGS PER SHARE  $(0.08)  $0.11   $(0.01)  $0.02 
Weighted average common shares outstanding, basic and diluted
   8,098,715    8,144,767    8,098,715    8,129,006 

 

There were no stock option shares outstanding for the nine- or three-month periods ended March 31, 2024 and 2023.
v3.24.1.1.u2
Investment Securities
 9 Months Ended
Mar. 31, 2024
Investment Securities [Abstract]  
Investment Securities

Note 3. Investment Securities

 

The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at March 31, 2024 and June 30, 2023, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

 

   March 31, 2024 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $10,752   $
        –
   $527   $10,225 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $223   $
–
   $13   $210 

 

   June 30, 2023 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $12,649   $
         –
   $569   $12,080 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $274   $
–
   $15   $259 

 

At March 31, 2024 and June 30, 2023 the Company’s debt securities consisted of mortgage-backed securities, which do not have a single maturity date. Actual maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

Our pledged securities totaled $0 and $5.9 million at March 31, 2024 and June 30, 2023, respectively. In addition, at March 31, 2024 and June 30, 2023, our pledged assets included overnight deposits of $0 and $1.5 million, respectively. The Banks began utilizing FHLB letters of credit to secure public deposits in the recently ended quarter.

 

We evaluated securities in unrealized loss positions for evidence of credit loss, considering duration, severity, financial condition of the issuer, our intention to sell or requirement to sell. Those securities were agency mortgage-backed securities, which carry a very limited amount of risk. Also, we have no intention to sell nor feel that we will be compelled to sell such securities before maturity. Based on our evaluation, no reserve for credit loss was considered necessary. Debt securities in an unrealized loss position as a percent of total debt securities were 100% and 100% at March 31, 2024 and June 30, 2023, respectively. The following table provides the amortized cost, gross unrealized losses, fair value, and length of time the individual securities have been in a continuous unrealized loss position as of March 31, 2024.

 

Available-for-Sale

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $
       –
    
–
    
–
 
12 Months or More               
Mortgage-backed securities   10,752    527    10,225 
Total temporarily impaired AFS securities  $10,752    527    10,225 

 

Held to Maturity

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $
                –
   $
       –
   $
    –
 
12 Months or More               
Mortgage-backed securities   223    13    210 
Total temporarily impaired HTM securities  $223    13    210 

 

As of June 30, 2023:

 

Available-for-Sale

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $12,649   $569   $12,080 
12 Months or More               
Mortgage-backed securities   
-
    
-
    
-
 
Total temporarily impaired AFS securities  $12,649   $569   $12,080 

Held to Maturity

 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Agency mortgage-backed securities  $
       -
   $
               -
   $
-
 
12 Months or More               
Agency mortgage-backed securities   274    15    259 
Total temporarily impaired HTM securities  $274   $15   $259 
v3.24.1.1.u2
Loans Receivable
 9 Months Ended
Mar. 31, 2024
Loans Receivable [Abstract]  
Loans receivable

Note 4. Loans receivable

  

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, adjusted for deferred loan origination costs, net, discounts on purchased loans, and the allowance for credit losses. Interest income is accrued on the unpaid principal balance unless the collectability of the loan is in doubt. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income on one- to four-family residential loans is generally discontinued at the time a loan is 180 days delinquent and on other loans at the time a loan is 90 days delinquent. All other loans are moved to non-accrual status in accordance with the Company’s policy, typically 90 days after the loan becomes delinquent. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

 

The composition of the loan portfolio was as follows:

 

   March 31,   June 30, 
(in thousands)  2024   2023 
Residential real estate        
One- to four-family  $254,789   $240,076 
Multi-family   15,755    19,067 
Construction   14,239    12,294 
Land   1,069    470 
Farm   1,313    1,346 
Nonresidential real estate   30,329    30,217 
Commercial nonmortgage   867    1,184 
Consumer and other:          
Loans on deposits   795    855 
Home equity   10,326    9,217 
Automobile   122    104 
Unsecured   636    611 
    330,240    315,441 
Allowance for credit losses   (2,106)   (1,634)
   $328,134   $313,807 

 

The amounts above include net deferred loan costs of $312,000 and $330,000 as of March 31, 2024 and June 30, 2023, respectively.

 

The allowance for credit losses is a valuation allowance that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected for the loans. Loan losses are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

 

Management estimates the allowance balance required using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience, derived from the Company’s data, provides the basis for estimation of expected credit losses, although management also compares the Company’s data with peer group data. Adjustments to historical loss information may be made for differences in: lending policy, procedures and practice; economic conditions; the nature and volume of the loan portfolio; volume delinquent and problem loans; the current and anticipated economic conditions in the primary lending area; and other external factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off.

  

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the pool evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the sale of the collateral, the expected credit losses are based on the fair value of the collateral at the reporting date, less any discounts and selling costs.

 

Management monitors loan performance on a monthly basis and performs a quarterly evaluation of the adequacy of the ACL. The Banks begin enhanced monitoring of all loans rated 5-Watch or worse and obtain a new appraisal or asset valuation for most loans placed on nonaccrual status. New appraisals are usually not obtained on loans with outstanding principal amounts of $50,000 or less. Management, at its discretion, may determine that additional adjustments to the appraisal or valuation are required. Valuation adjustments will be made as necessary based on factors, including, but not limited to: the economy, deferred maintenance, industry, type of collateral, age of the appraisal, etc., and the knowledge Management has about a particular situation. In addition, the cost to sell or liquidate the collateral is also estimated and deducted from the valuation in order to determine the net realizable value to the Banks. When determining the ACL, certain factors involved in the evaluation are inherently subjective and require material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows. Management monitors the adequacy of the ACL on an ongoing basis and reports its adequacy quarterly to the Board of Directors. Management believes the ACL at March 31, 2024 is adequate.

 

Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments, when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a modification will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Banks.

 

The Banks categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. Management utilizes a risk rating scale ranging from 1-Highest Pass to 9-Loss to evaluate loan quality. Consumer purpose loans are identified as either performing or nonperforming based on the payment status of the loans. Nonperforming consumer loans are loans that are nonaccrual or 90 days or more past due and still accruing.

 

Our portfolio segments include residential real estate, nonresidential real estate, farm, land, commercial and industrial, and consumer and other loans. Risk factors associated with our portfolio segments are as follows:

 

Residential Real Estate

 

Our primary lending activity is the origination of mortgage loans, which enable a borrower to purchase or refinance existing homes in the Banks’ respective market areas. We further classify our residential real estate loans as one- to four-family (owner-occupied vs nonowner-occupied), multi-family or construction. We believe that our first mortgage position on loans secured by residential real estate presents lower risk than our other loans, with the exception of loans secured by deposits.

 

We offer a mix of adjustable-rate and fixed-rate mortgage loans with terms up to 30 years for owner-occupied properties. For these properties a borrower may be able to borrow up to 97% of the value with private mortgage insurance. Alternatively, the borrower may be able to borrow up to 90% of the value through other programs offered by the bank.

 

We offer loans on one- to four-family rental properties at a maximum of 80% loan-to-value (“LTV”) ratio and we generally charge a slightly higher interest rate on such loans.

 

We also originate loans to individuals to finance the construction of residential dwellings for personal use or for use as rental property. We lend to builders for construction of speculative or custom residential properties for resale. Construction loans are generally less than one year in length, do not exceed 80% of the appraised value, and provide for the payment of interest only during the construction phase. Funds are disbursed as progress is made toward completion of the construction.

 

Multi-family Loans

 

We offer mortgage loans secured by residential multi-family (five or more units). Generally, these loans are originated for 25 years or less and do not exceed 80% of the appraised value. Loans secured by multi-family generally have larger balances and involve a greater degree of risk than one- to four-family residential mortgage loans. These loans depend on the borrower’s creditworthiness and the feasibility and cash flow potential of the project. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment on such loans may be subject to a greater extent to adverse conditions in the real estate market or economy than owner-occupied residential loans.

 

Nonresidential Loans

 

We offer mortgage loans secured by nonresidential real estate comprised generally of commercial office buildings, churches and properties used for other purposes. Generally, these loans are originated for 25 years or less and do not exceed 80% of the appraised value. As with multi-family loans, commercial real estate loans generally have larger balances and involve a greater degree of risk than one- to four-family residential mortgage loans and these loans depend on the borrower’s creditworthiness, as well as the feasibility and cash flow potential of the project. Payments on loans secured by nonresidential properties often depend on successful operation and management of the properties. As a result, repayment on such loans may be subject to a greater extent to adverse conditions in the real estate market or economy than owner-occupied residential loans.

 

Consumer lending

 

Our consumer loans include home equity lines of credit, loans secured by savings deposits, automobile loans, and unsecured loans. Home equity loans are generally second mortgage loans subordinate only to first mortgages also held by the bank and do not exceed 80% of the estimated value of the property. We do offer home equity loans up to 90% of the estimated value to qualified borrowers and these loans carry a premium interest rate. Loans secured by savings are originated up to 90% of the depositor’s savings account balance and bear interest at a rate higher than the rate paid on the deposit account. Because the deposit account must be pledged as collateral to secure the loan, the inherent risk of this type of loan is minimal. Loans secured by automobiles are made directly to consumers (there are no relationships with dealers) and are based on the value of the vehicle and the borrower’s creditworthiness. Vehicle loans present a higher level of risk because of the natural decline in the value of the property as well as its mobility. Unsecured loans are based entirely on the borrower’s creditworthiness and present the highest level of risk to the bank. 

 

Impaired loans

 

The Banks choose the most appropriate method for accounting for impaired loans. For secured loans, which make up the vast majority of the loans in the Banks’ portfolio, this method involves determining the fair value of the collateral, reduced by estimated selling costs. Where appropriate, the Banks would account for impaired loans by determining the present value of expected future cash flows discounted at the loan’s effective interest rate.

 

A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Although most of our loans are secured by collateral, we rely heavily on the capacity of our borrowers to generate sufficient cash flow to service their debt. As a result, our loans do not become collateral-dependent until there is deterioration in the borrower’s cash flow and financial condition, which makes it necessary for us to look to the collateral for our sole source of repayment. Collateral-dependent loans which are more than ninety days delinquent are considered to constitute more than a minimum delay in repayment and are evaluated for impairment under the policy at that time.

 

We utilize updated independent appraisals to determine fair value for collateral-dependent loans, adjusted for estimated selling costs, in determining our specific reserve. In some situations, management does not secure an updated independent appraisal. These situations may involve small loan amounts or loans that, in management’s opinion, have an abnormally low loan-to-value ratio.

 

With respect to the Banks’ investment in troubled debt restructurings, multi-family and nonresidential loans, and the evaluation of impairment thereof, such loans are nonhomogenous and, as such, may be deemed to be collateral-dependent when they become more than 90 days delinquent. We obtain updated independent appraisals in these situations or when we suspect that the previous appraisal may no longer be reflective of the property’s current fair value. This process varies from loan to loan, borrower to borrower, and also varies based on the nature of the collateral.

 

The following table presents the activity in the ACL by portfolio segment for the nine months ended March 31, 2024, after restatement of beginning balance for adoption of ASC 326:

 

March 31, 2024:

 

(in thousands)  Pre-ASC
326
Adoption		   Impact of
ASC 326
Adoption		   As
Reported
Under
ASC 326		   Provision
for
(recovery of)
credit losses
on loans		   Loans
charged
off		   Recoveries   Credit Losses for Unfunded
Liabilities		   Ending
balance		 
Residential real estate                                
One- to four-family  $857   $740   $1,597   $58   $      (9)  $
        -
   $
       -
   $1,646 
Multi-family   278    (145)   133    (33)   
-
    
-
    
-
    100 
Construction   41    97    138    (33)   
-
    
-
    (1)   104 
Land   1    14    15    7    
-
    
-
    
-
    22 
Farm   4    2    6    (1)   
-
    
-
    
-
    5 
Nonresidential real estate   405    (221)   184    (13)   
-
    
-
    
-
    171 
Commercial and industrial   23    (18)   5    
-
    
-
    
-
    
-
    5 
Consumer and other                                        
Loans on deposits   1    (1)   
-
    
-
    
-
    
-
    
-
    
-
 
Home equity   23    28    51    2    
-
    
-
    (2)   51 
Automobile   
-
    1    1    (1)   
-
    
-
    
-
    
-
 
Unsecured   1    
-
    1    1    
-
    
-
    
-
    2 
   $1,634   $497   $2,131   $(13)  $(9)  $
-
   $(3)  $2,106 

 

For the nine months ended March 31, 2024, the provision for (recovery of) credit losses totaled $(16,000) including $13,000 of recovery on credit losses on loans and $3,000 recovery on credit losses on unfunded commitments. At March 31, 2024, the allowance for credit losses on unfunded commitments totaled $57,000.

 

The following table presents the activity in the ALLL by portfolio segment for the nine months ended March 31, 2023:

 

(in thousands)  Beginning
balance		   Provision
(credit) for
loan losses		   Loans
charged
off		   Recoveries   Ending
balance		 
Residential real estate:                    
One-to four-family  $800   $44   $         (22)  $          13   $835 
Multi-family   231    96    
–
    
–
    327 
Construction   4    29    
–
    
–
    33 
Land   3    (2)   
–
    
–
    1 
Farm   5    
–
    
–
    
–
    5 
Nonresidential real estate   461    (53)   
–
    
–
    408 
Commercial nonmortgage   2    
–
    
–
    
–
    2 
Consumer and other:                         
Loans on deposits   1    
–
    
–
    
–
    1 
Home equity   21    
–
    
–
    
–
    21 
Automobile   
–
    
–
    
–
    
–
    
–
 
Unsecured   1    (1)   
–
    
–
    
–
 
Totals  $1,529   $113   $(22)  $13   $1,633 

 

The following table presents the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024:

 

(in thousands)  Beginning
balance		   Provision
for
(recovery of) credit
losses on
loans		   Loans
charged off		   Recoveries   Credit
Losses for
Unfunded
Liabilities		   Ending
balance		 
Residential real estate:                        
One- to four-family  $1,587   $         59   $
               –
   $
             –
   $
          -
   $1,646 
Multi-family   130    (30)   
–
    
–
    
-
    100 
Construction   124    (22)   
–
    
–
    2    104 
Land   22    
-
    
–
    
–
    
-
    22 
Farm   5    
–
    
–
    
–
    
-
    5 
Nonresidential real estate   198    (27)   
–
    
–
    
-
    171 
Commercial nonmortgage   6    (1)   
–
    
–
    
-
    5 
Consumer and other:                       -      
Loans on deposits   
–
    
–
    
–
    
–
    
-
    
–
 
Home equity   59    (8)   
–
    
–
    
-
    51 
Automobile   
–
    
–
    
–
    
–
    
-
    
–
 
Unsecured   1    1    
–
    
–
    
-
    2 
Totals  $2,132   $(28)  $
–
   $
–
   $2   $2,106 

 

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2023:

 

(in thousands)  Beginning
balance		   Provision
(credit) for
loan losses		   Loans
charged off		   Recoveries   Ending
balance		 
Residential real estate:                    
One- to four-family  $778   $79   $(22)  $
          –
   $835 
Multi-family   363    (36)   
–
    
–
    327 
Construction   26    7    
–
    
–
    33 
Land   1    
–
    
–
    
–
    1 
Farm   5    
–
    
–
    
–
    5 
Nonresidential real estate   457    (49)   
–
    
–
    408 
Commercial nonmortgage   2    
–
    
–
    
–
    2 
Consumer and other:                         
Loans on deposits   1    
–
    
–
    
–
    1 
Home equity   21    
–
    
–
    
–
    21 
Automobile   
–
    
–
    
–
    
–
    
–
 
Unsecured   1    (1)   
–
    
–
    
–
 
Totals  $1,655   $
–
   $(22)  $
–
   $1,633 

  

The following table presents the amortized cost basis of collateral-dependent loans by portfolio class as of March 31, 2024. The recorded investment in loans excludes accrued interest receivable due to immateriality.

 

March 31, 2024:

 

(in thousands)  Amortized Cost
Basis		   Ending
allowance on
collateral-
dependent
loans		 
Loans individually evaluated for impairment:        
Residential real estate:        
One- to four-family  $2,882   $
         –
 
Nonresidential real estate   1,950    
–
 
Commercial and industrial   
–
    
–
 
   $4,832    
–
 

 

Real estate stands as collateral for loans individually evaluated for impairment.

 

The following tables present the balance in the ALLL and the recorded investment in loans by portfolio class and based on impairment method as of March 31, 2024.

 

March 31, 2024:

 

(in thousands)   Loans
individually
evaluated		     Loans acquired
with
deteriorated
credit quality*		     Ending loans
balance		     Ending
allowance
attributed to
loans		  
Loans individually evaluated for impairment:                        
Residential real estate                        
One- to four-family   $ 2,882     $             178     $ 3,060     $      -  
Nonresidential real estate     1,950       -       1,950       -  
      4,832       178       5,010       -  
Loans collectively evaluated for impairment:                                
Residential real estate                                
One- to four-family                   $ 251,729     $ 1,646  
Multi-family                     15,755       100  
Construction                     14,239       104  
Land                     1,069       22  
Farm                     1,313       5  
Nonresidential real estate                     28,379       171  
Commercial and industrial                     867       5  
Consumer and other                                
Loans on deposits                     795       -  
Home equity                     10,326       51  
Automobile                     122       -  
Unsecured                     636       2  
                      325,230       2,106  
                    $ 330,240     $ 2,106  

 

* These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.

 

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of June 30, 2023.

 

June 30, 2023:

 

(in thousands)  Loans
individually
evaluated		   Loans acquired
with
deteriorated
credit quality*		   Ending loans
balance		   Ending
allowance
attributed to
loans		 
Loans individually evaluated for impairment:                
Residential real estate                
One- to four-family  $       2,833   $        196   $3,029   $
-
 
Nonresidential real estate   1,717    
-
    1,717    
-
 
Home Equity   267    
-
    267    
-
 
    4,817    196    5,013    
-
 
Loans collectively evaluated for impairment:                    
Residential real estate                    
One- to four-family            $237,047   $857 
Multi-family             19,067    278 
Construction             12,294    41 
Land             470    1 
Farm             1,346    4 
Nonresidential real estate             28,500    405 
Commercial and industrial             1,184    23 
Consumer and other                    
Loans on deposits             855    1 
Home equity             8,950    23 
Automobile             104    
-
 
Unsecured             611    1 
              310,428    1,634 
             $315,441   $1,634 

 

* These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.

 

The following table presents interest income on loans individually evaluated for impairment by class of loans for the nine months ended March 31:

 

(in thousands)  Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		 
   2024   2023 
With no related allowance recorded:                        
One- to four-family  $3,058   $55   $55   $3,227   $147   $147 
Multi-family   
--
    –    –    561    15    15 
Farm   
--
    
–
    
–
    270    
–
    
–
 
Nonresidential real estate   1,882    51    51    1,055    41    41 
Consumer   89    –    –    46    6    6 
Purchased credit-impaired loans   191    7    7    383    17    17 
    5,220    113    113    5,542    226    226 
With an allowance recorded:                              
One- to four-family   
–
    
–
    
–
    
–
    
–
    
–
 
   $5,220   $113   $113   $5,542   $226   $226 

 

The following table presents interest income on loans individually evaluated for impairment by class of loans for the three months ended March 31:

 

(in thousands)  Average
Recorded
Investment		   Interest
Income Recognized		   Cash Basis
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		 
   2024   2023 
With no related allowance recorded:                        
Residential real estate:                        
One- to four-family  $3,073   $11   $11   $3,240   $66   $66 
Multi-family   
–
    –    –    555    5    5 
Farm   
–
    
–
    
–
    265    
–
    
–
 
Nonresidential real estate   1,965    2    2    1,047    12    12 
Consumer   
–
    
–
    
–
    
–
    –    – 
Purchased credit-impaired loans   182    6    6    371    6    6 
    5,220    19    19    5,478    89    89 
With an allowance recorded:                              
One- to four-family   
–
    
–
    
–
    
–
    
–
    
–
 
   $5,220   $19   $19   $5,478   $89   $89 

  

The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of March 31, 2024 and June 30, 2023:

 

   March 31, 2024   June 30, 2023 
(in thousands)  Nonaccrual   Loans
Past Due Over
90 Days Still
Accruing		   Nonaccrual   Loans
Past Due Over
90 Days Still
Accruing		 
Residential real estate:                
One- to four-family residential real estate  $3,149   $373   $3,029   $365 
Nonresidential real estate and land   1,670    
–
    1,717    28 
Consumer   
–
    35    267    0 
   $4,819   $408   $5,013   $393 

  

One- to four-family loans in process of foreclosure totaled $1.2 million and $766,000 at March 31, 2024 and June 30, 2023, respectively.

 

Troubled Debt Restructurings:

 

Prior to the adoption of ASC 326 a Troubled Debt Restructuring (“TDR”) was the situation where the Bank granted a concession to the borrower that the Banks would not otherwise have considered due to the borrower’s financial difficulties. All TDRs are considered “impaired.”

 

At June 30, 2023, the Company had $1.4 million of loans classified as TDRs.

 

During the nine months ended March 31, 2024 there were no loans modified to borrowers experiencing financial difficulty.

 

The following table presents the aging of the principal balance outstanding in past due loans as of March 31, 2024, by class of loans:

 

(in thousands)  30-89 Days
Past Due		   90 Days or
Greater
Past Due		   Total Past
Due		   Loans Not
Past Due		   Total 
Residential real estate:                    
One-to four-family  $4,264   $1,684   $5,948   $248,841   $254,789 
Multi-family   
–
    
–
    
–
    15,755    15,755 
Construction   231    
–
    231    14,008    14,239 
Land   
–
    
–
    
–
    1,069    1,069 
Farm   
–
    
–
    
–
    1,313    1,313 
Nonresidential real estate   809    
–
    809    29,520    30,329 
Commercial non-mortgage   
–
    
–
    
–
    867    867 
Consumer and other:                         
Loans on deposits   
–
    
–
    
–
    795    795 
Home equity   153    35    188    10,138    10,326 
Automobile   
–
    
–
    
–
    122    122 
Unsecured   
--
    
–
    
–
    636    636 
Total  $5,457   $1,719   $7,176   $323,064   $330,240 

 

The following tables present the aging of the principal balance outstanding in past due loans as of June 30, 2023, by class of loans:

 

June 30, 2023:

 

(in thousands)  30-89 Days
Past Due		   Greater than
90 Days
Past Due		   Total Past
Due		   Loans Not
Past Due		   Total 
Residential real estate                    
One- to four-family  $3,415   $1,514   $4,929   $235,147   $240,076 
Multi-family   
-
    
-
    
-
    19,067    19,067 
Construction   
-
    
-
    
-
    12,294    12,294 
Land   
-
    
-
    
-
    470    470 
Farm   
-
    
-
    
-
    1,346    1,346 
Nonresidential real estate   662    
-
    662    29,555    30,217 
Commercial and industrial   
-
    28    28    1,156    1,184 
Consumer and other                         
Loans on deposits   
-
    
-
    
-
    855    855 
Home equity   168    267    435    8,782    9,217 
Automobile   
-
    
-
    
-
    104    104 
Unsecured   17    
-
    17    594    611 
   $4,262   $1,809   $6,071   $309,370   $315,441 

 

Credit Quality Indicators:

 

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on an annual basis. The Company uses the following definitions for risk ratings:

 

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

 

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

 

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

 

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass rated loans. Loans listed that are not rated are included in groups of homogeneous loans and are evaluated for credit quality based on performing status. See the aging of past due loan table above. As of March 31, 2024, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

 

                           Revolving     
(in thousands)  Term Loans Amortized Cost by Origination Fiscal Year   Loans
Amortized		     
As of March 31, 2024  2024   2023   2022   2021   2020   Prior   Cost Basis   Total 
Residential real estate:                                
One- to four-family                                
Risk Rating:                                
Pass  $24,346   $50,368   $48,136   $43,911   $27,424   $55,244   $-   $249,429 
Special mention   
-
    
-
    
-
    
-
    -    138    -    138 
Substandard   
-
    
-
    --    82    17    5,123    -    5,222 
Doubtful   
-
    
-
    
-
    
-
    -    -    -    - 
Total  $24,346   $50,368   $48,136   $43,933   $27,411   $60,505   $-   $254,789 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $9   $-   $9 
                                         
Multi-family        
 
         
 
                     
Risk Rating:                                        
Pass  $200   $-   $6,132   $5,948   $1,248   $2,227   $-   $15,755 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $200   $-   $6,132   $5,948   $1,248   $2,227   $-   $15,755 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Construction                                        
Risk Rating:                                        
Pass  $5,660   $8,483   $23   $-   $-   $73   $-   $14,239 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $5,660   $8,483   $23   $-   $-   $73   $-   $14,239 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Land                                        
Risk Rating:                                        
Pass  $508   $283   $215   $-   $-   $63   $-   $1,069 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $508   $283   $215   $-   $-   $63   $-   $1,069 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Farm                                        
Risk Rating:                                        
Pass  $212   $-   $248   $-   $26   $827   $-   $1,313 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $212   $-   $248   $-   $26   $827   $-   $1,313 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Nonresidential real estate                                        
Risk Rating:                                        
Pass  $2,564   $2,346   $3,165   $3,437   $5,795   $10,400   $-   $27,707 
Special mention   -    -    -    -    -    672    -    672 
Substandard   
-
    1,017    
-
    
-
    -    933    -    1,950 
Doubtful   -    -    -    -    -    -    -    - 
Total  $2,564   $3,363   $3,165   $3,437   $5,795   $12,005   $-   $30,329 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Commercial and industrial                                        
Risk Rating:                                        
Pass  $328   $-   $398   $4   $-   $137   $-   $867 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $328   $-   $398   $4   $-   $137   $-   $867 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Share Loans                                        
Risk Rating:                                        
Pass  $94   $95   $-   $17   $177   $412   $-   $795 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $94   $95   $-   $17   $177   $412   $-   $795 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Home Equity                                        
Risk Rating:                                        
Pass  $-   $-   $-   $-   $-   $-   $9,904   $9,904 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    422    422 
Doubtful   -    -    -    -    -    -    -    - 
Total  $-   $-   $-   $-   $-   $-   $10,326   $10,326 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Auto                                        
Risk Rating:                                        
Pass  $69   $10   $37   $3   $2   $1   $-   $122 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $69   $10   $37   $3   $2   $1   $-   $122 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Unsecured                                        
Risk Rating:                                        
Pass  $282   $120   $32   $174   $23   $5   $-   $636 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $282   $120   $32   $174   $23   $5   $-   $636 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 

  

At March 31, 2024, the risk category of loans by class of loans was as follows:

 

(in thousands)  Pass   Special
Mention		   Substandard   Doubtful 
Residential real estate:                
One- to four-family  $249,429   $138   $5,222   $
         -
 
Multi-family   15,755    
-
    
-
    
-
 
Construction   14,239    
-
    
-
    
-
 
Land   1,069    
-
    
-
    
-
 
Farm   1,313    
-
    
-
    
-
 
Nonresidential real estate   27,707    672    1,950    
-
 
Commercial nonmortgage   867    
-
    
-
    
-
 
Consumer:                    
Loans on deposits   795    
-
    
-
    
-
 
Home equity   9,904    
-
    422    
-
 
Automobile   122    
-
    
-
    
-
 
Unsecured   636    
-
    
-
    
-
 
   $321,836   $810   $7,594   $
-
 

 

At June 30, 2023, the risk category of loans by class of loans was as follows:

 

(in thousands)  Pass   Special
Mention		   Substandard   Doubtful 
Residential real estate                
One- to four-family  $234,765   $170   $5,141   $
          -
 
Multi-family   19,067    
-
    
-
    
-
 
Construction   12,294    
-
    
-
    
-
 
Land   470    
-
    
-
    
-
 
Farm   1,346    
-
    
-
    
-
 
Nonresidential real estate   27,816    684    1,013    
-
 
Commercial and industrial   1,184    
-
    
-
    
-
 
Consumer and other                    
Loans on deposits   855    
-
    
-
    
-
 
Home equity   8,879    
-
    338    
-
 
Automobile   104    
-
    
-
    
-
 
Unsecured   611    
-
    
-
    
-
 
   $307,391   $854   $6,492   $
-
 

 

Purchased Credit Impaired Loans:

 

The Company purchased loans during fiscal year 2013 for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans, net of a purchase credit discount of $88,000 and $88,000 at March 31, 2024 and June 30, 2023, respectively, is as follows:

 

(in thousands)  March 31,
2024		   June 30,
2023		 
One- to four-family residential real estate  $178   $196 
           

 

Accretable yield, or income expected to be collected, is as follows:

 

(in thousands)  Nine months
ended
March 31,
2024		   Twelve months
ended
June 30,
2023		 
Balance at beginning of period  $         294   $     339 
Accretion of income   (30)   (45)
Balance at end of period  $264   $294 

 

For those purchased loans disclosed above, the Company made no increase in allowance for loan losses for the year ended June 30, 2023, nor for the nine-month period ended March 31, 2024. Neither were any allowance for loan losses reversed during those periods.
v3.24.1.1.u2
Disclosures About Fair Value of Assets and Liabilities
 9 Months Ended
Mar. 31, 2024
Disclosures About Fair Value of Assets and Liabilities [Abstract]  
Disclosures About Fair Value of Assets and Liabilities

Note 5. Disclosures About Fair Value of Assets and Liabilities

 

ASC topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (exit price) at the measurement date. ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes six levels of inputs that may be used to measure fair value:

 

Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

 

Securities

 

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics. Level 2 securities include agency mortgage-backed securities and agency bonds.

 

Financial assets measured at fair value on a recurring basis are summarized below:

 

   Fair Value Measurements Using 
(in thousands)  Fair Value   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
March 31, 2024                
Agency mortgage-backed: residential  $10,225   $
          –
   $10,225   $
         –
 
                     
June 30, 2023                    
Agency mortgage-backed: residential  $12,080   $
–
   $12,080   $
–
 

 

There were no assets or liabilities which were measured at fair value on a nonrecurring basis at March 31, 2024, and June 30, 2023.

 

The following is a disclosure of the fair value of financial instruments, both assets and liabilities, whether or not recognized in the consolidated balance sheet, for which it is practicable to estimate that value. For financial instruments where quoted market prices are not available, fair values are based on estimates using present value and other valuation methods.

 

The methods used are greatly affected by the assumptions applied, including the discount rate and estimates of future cash flows. Therefore, the fair values presented may not represent amounts that could be realized in an exchange for certain financial instruments.

 

Based on the foregoing methods and assumptions, the carrying value and fair value of the Company’s financial instruments at March 31, 2024 and June 30, 2023 are as follows:

 

       Fair Value Measurements at 
   Carrying   March 31, 2024 Using 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $15,423   $15,423             $15,423 
Available-for-sale securities   10,225        $10,225         10,225 
Held-to-maturity securities   223         210         210 
Loans receivable, net   328,134              315,358    315,358 
Federal Home Loan Bank stock   4,528                   n/a 
Accrued interest receivable   1,226         1,226         1,226 
                          
Financial liabilities                         
Deposits  $246,104   $82,126   $163,597         245,723 
Federal Home Loan Bank advances   72,348         72,327         72,327 
Advances by borrowers for taxes and insurance   643         643         643 
Accrued interest payable   150         150         150 

 

       Fair Value Measurements at 
   Carrying   June 30, 2023 Using 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $8,167   $8,167             $8,167 
                          
Available-for-sale securities   12,080        $12,080         12,080 
Held-to-maturity securities   274         259         259 
Loans receivable - net   313,807             $293,530    293,530 
Federal Home Loan Bank stock   4,623                   n/a 
Accrued interest receivable   902         902         902 
                          
Financial liabilities                         
Deposits  $226,309   $88,994   $136,577        $225,571 
Federal Home Loan Bank advances   70,087         69,863         69,863 
Advances by borrowers for taxes and insurance   793         793         793 
Accrued interest payable   70         70         70 
v3.24.1.1.u2
Other Comprehensive Income (Loss)
 9 Months Ended
Mar. 31, 2024
Other Comprehensive Income (Loss) [Abstract]  
Other Comprehensive Income (Loss)

Note 6. Other Comprehensive Income (Loss)

 

The Company’s other comprehensive loss is comprised solely of unrealized gains and losses on available-for-sale securities. The following is a summary of the accumulated other comprehensive loss balances, net of tax:

 

(in thousands)  Nine months ended
March 31,
2024		   Three months ended
March 31,
2024		 
Balance at beginning of period  $    (427)  $         (334)
Current period change   31    (62)
Balance at end of period  $(396)  $(396)

 

Other comprehensive income (loss) components and related tax effects for the periods indicated were as follows:

 

   Nine months ended   Three months ended 
   March 31,   March 31, 
(in thousands)  2024   2023   2024   2023 
Unrealized holding gains (losses) on available-for-sale securities  $42   $(480)  $(83)  $(24)
Tax effect   (11)   119    21    6 
   $31   $(361)  $(62)  $(18)

 

Comparison of Operating Results for the Nine-month Periods Ended March 31, 2024 and 2023

 

Period  Total # of
shares
purchased		   Average
price paid
per share
(including
commissions)		   Total # of
shares
purchased
as part of
publicly
announced
plans or
programs		   Maximum #
of shares
that may
yet be
purchased
under the
plans or
programs		 
January 1-31, 2024   
     –
   $
         –
    
      –
    
      –
 
February 1-28, 2024   
–
   $
–
    
–
    
–
 
March 1-31, 2024   
–
   $
–
    
–
    
–
 
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ (107) $ 144 $ (643) $ 891
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
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
v3.24.1.1.u2
Accounting Policies, by Policy (Policies)
 9 Months Ended
Mar. 31, 2024
Basis of Presentation [Abstract]  
Principles of Consolidation

Principles of Consolidation - The consolidated financial statements include the accounts of the Company, Frankfort First, and its wholly-owned banking subsidiaries, First Federal of Hazard and First Federal of Kentucky (collectively hereinafter “the Banks”). All intercompany transactions and balances have been eliminated in consolidation.
Critical Accounting Policies and Estimates

Critical Accounting Policies and Estimates

Investments – Management determines the classification of debt securities at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity securities are those we have both the intent and ability to hold to maturity and are reported at amortized cost. Securities that are not considered held-to-maturity are considered either trading or available-for-sale securities in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 320, Investments – Debt Securities, and are reported at fair value in the statement of financial position. We have no trading securities. The adjustment to fair value for available-for-sale securities for unrealized gains and losses is included as a separate component of shareholders’ equity, net of tax.

Loans – Loans for which we have the ability and intent to hold until maturity and/or payoff are reported at the carrying value of the unpaid principal reduced by unearned interest, an allowance for credit losses and unamortized deferred fees and costs and premiums. Interest income is accrued on a level yield basis. In circumstances where management believes that collection of interest income is uncollectible on specific loans, after considering economic and business conditions, collateral value and collection efforts, interest accrual is discontinued. Interest income may be recognized on the cash basis when received unless a determination has been made by management to apply all of the payment against principal.

 

Allowance for Credit Losses – We account for the allowance for credit losses under ASC 326, Measurement of Credit Losses on Financial Instruments, which is commonly known as CECL. We measure expected credit losses of financial assets on a weighted average remaining maturity (WARM) basis.

We maintain an allowance for credit losses (“ACL”) at a level that is appropriate to cover estimated credit losses on individually evaluated loans, as well as estimated credit losses inherent in the estimated life of the loan portfolio. Credit losses are charged to and recoveries are credited to the ACL.

Loans with similar risk characteristics are evaluated on a collective basis within homogeneous loan pools under ASC 326. Our homogeneous loan pools are primarily determined by loan purpose and collateral type. Pools include residential real estate (composed of one-to four-family, multi-family, and construction), land, farm, nonresidential real estate, commercial and industrial, and consumer loans (composed of Loans on deposit, home equity, automobile, and unsecured). Credits that are nonaccrual status are subject to individual evaluation.

Historical loss rates for loans are adjusted for significant factors that, in management’s judgment, reflect the impact of any current conditions on loss recognition. Qualitative factors used to derive our ACL include delinquency trends, current economic conditions and trends, strength of supervision and administration of the loan portfolio, levels of underperforming loans, trends in loan losses and underwriting exceptions. Reasonable and supportable economic forecasts that may offset collectibility are also included as factors in our ACL model. Management continually reevaluates the other subjective factors included in its ACL analysis.

Income Taxes – Income tax expense is based on the taxes due on the consolidated tax return plus deferred taxes on the expected future tax benefits and consequences of temporary differences between carrying amounts and tax bases of assets and liabilities, using enacted tax rates.
New Accounting Standards

New Accounting Standards

FASB ASC 326 - In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires credit losses on most financial assets and certain other instruments to be measured using an expected loss model, which is referred to as the current expected credit loss (CECL) model. Under this model entities estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of that instrument. The ASU replaces the current accounting model for purchased credit impaired and debt securities. The allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (referred to as “PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described herein.

 

The Company will now use forward-looking information to enhance its credit loss estimates. The amendment requires enhanced disclosures to aid investors and other users of financial statements to better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of our portfolio. The largest impact to the Company was on its allowance for loan and lease losses, although the ASU also amends the accounting for credit losses on available-for-sale debt securities, held-to-maturity securities, and purchased financial assets with credit deterioration. The standard was effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2019. However, the FASB delayed the implementation of the ASU for smaller reporting companies until years beginning after December 15, 2022, or in the Company’s case the fiscal year beginning July 1, 2023. ASU 2016-13 was applied through a cumulative effect adjustment to retained earnings (modified-retrospective approach).

In addition, ASC 326 made changes to the accounting for available-for-sale (“AFS”) debt securities. One such change requires credit losses to be presented as an allowance rather than as a write-down on AFS securities. Management does not intend to sell or believes that it is more likely than not that they will be required to sell.

We adopted ASC 326 effective July 1, 2023, using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet (“OBS”) credit exposures. Results for reporting periods beginning after July 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP.

Upon adoption of the ASU we recorded an increase in the allowance for credit loss (“ACL”) for loans which represented a $497,000 increase from the Allowance for Loan Losses (“ALLL”) at June 30, 2023. This transaction further resulted in an increase of $54,000 to the ACL for unfunded commitments, a decrease of $414,000 to retained earnings and a deferred tax asset of $137,000.

The following table illustrates the impact of ASC 326 at July 1, 2023:

   As Reported   Pre-ASC   Impact of 
   Under   326   ASC 326 
(Dollars in thousands)  ASC 326   Adoption   Adoption 
Assets:            
Loans            
Residential real estate:            
One- to four-family  $1,597   $857   $740 
Multi-family   133    278    (145)
Construction   138    41    97 
Land   15    1    14 
Farm   6    4    2 
                
Nonresidential real estate   184    405    (221)
Commercial and industrial   5    23    (18)
Consumer and other:               
Loans on deposits   
-
    1    (1)
Home equity   51    23    28 
Automobile   1    
-
    1 
Unsecured   1    1    - 
Allowance for credit losses on loans  $2,131    1,634    497 
                
Liabilities:               
Allowance for credit losses on unfunded credit exposures  $54    
-
    54 

 

ASU 2019-05, Financial Instruments-Credit Losses, Targeted Transition Relief, allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20, if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05 has the same effective date as ASU 2016-13. We adopted ASU 2019-05 on July 1, 2023, and did not elect the fair value option on any financial instruments.

ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, eliminates the accounting guidance for troubled debt restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, for entities that have adopted the current expected credit loss model introduced by ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.  ASU 2022-02 also requires disclosure by public business entities of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The Company adopted the standard on July 1, 2023.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.
v3.24.1.1.u2
Basis of Presentation (Tables)
 9 Months Ended
Mar. 31, 2024
Basis of Presentation [Abstract]  
Schedule of Illustrates the Impact The following table illustrates the impact of ASC 326 at July 1, 2023:
   As Reported   Pre-ASC   Impact of 
   Under   326   ASC 326 
(Dollars in thousands)  ASC 326   Adoption   Adoption 
Assets:            
Loans            
Residential real estate:            
One- to four-family  $1,597   $857   $740 
Multi-family   133    278    (145)
Construction   138    41    97 
Land   15    1    14 
Farm   6    4    2 
                
Nonresidential real estate   184    405    (221)
Commercial and industrial   5    23    (18)
Consumer and other:               
Loans on deposits   
-
    1    (1)
Home equity   51    23    28 
Automobile   1    
-
    1 
Unsecured   1    1    - 
Allowance for credit losses on loans  $2,131    1,634    497 
                
Liabilities:               
Allowance for credit losses on unfunded credit exposures  $54    
-
    54 

 
v3.24.1.1.u2
Earnings Per Share (Tables)
 9 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Diluted Earnings Per Share Diluted earnings per share is computed taking into consideration common shares outstanding and dilutive potential common shares to be issued or released under the Company’s share-based compensation plans. The factors used in the basic and diluted earnings per share computations follow:
   Nine months ended
March 31,		   Three months ended
March 31,		 
   2024   2023   2024   2023 
Net income (loss) allocated to common shareholders, basic and diluted  $(643,000)  $891,000   $(107,000)  $144,000 
                     
EARNINGS PER SHARE  $(0.08)  $0.11   $(0.01)  $0.02 
Weighted average common shares outstanding, basic and diluted
   8,098,715    8,144,767    8,098,715    8,129,006 
v3.24.1.1.u2
Investment Securities (Tables)
 9 Months Ended
Mar. 31, 2024
Investment Securities [Abstract]  
Schedule of Gross Unrealized or Unrecognized Gains and Losses The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at March 31, 2024 and June 30, 2023, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:
   March 31, 2024 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $10,752   $
        –
   $527   $10,225 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $223   $
–
   $13   $210 
   June 30, 2023 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $12,649   $
         –
   $569   $12,080 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $274   $
–
   $15   $259 
(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $
       –
    
–
    
–
 
12 Months or More               
Mortgage-backed securities   10,752    527    10,225 
Total temporarily impaired AFS securities  $10,752    527    10,225 
(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $
                –
   $
       –
   $
    –
 
12 Months or More               
Mortgage-backed securities   223    13    210 
Total temporarily impaired HTM securities  $223    13    210 
(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $12,649   $569   $12,080 
12 Months or More               
Mortgage-backed securities   
-
    
-
    
-
 
Total temporarily impaired AFS securities  $12,649   $569   $12,080 
(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Agency mortgage-backed securities  $
       -
   $
               -
   $
-
 
12 Months or More               
Agency mortgage-backed securities   274    15    259 
Total temporarily impaired HTM securities  $274   $15   $259 
v3.24.1.1.u2
Loans Receivable (Tables)
 9 Months Ended
Mar. 31, 2024
Loans Receivable [Abstract]  
Schedule of Loan Portfolio The composition of the loan portfolio was as follows:
   March 31,   June 30, 
(in thousands)  2024   2023 
Residential real estate        
One- to four-family  $254,789   $240,076 
Multi-family   15,755    19,067 
Construction   14,239    12,294 
Land   1,069    470 
Farm   1,313    1,346 
Nonresidential real estate   30,329    30,217 
Commercial nonmortgage   867    1,184 
Consumer and other:          
Loans on deposits   795    855 
Home equity   10,326    9,217 
Automobile   122    104 
Unsecured   636    611 
    330,240    315,441 
Allowance for credit losses   (2,106)   (1,634)
   $328,134   $313,807 
Schedule of ACL by Portfolio Segment The following table presents the activity in the ACL by portfolio segment for the nine months ended March 31, 2024, after restatement of beginning balance for adoption of ASC 326:
(in thousands)  Pre-ASC
326
Adoption		   Impact of
ASC 326
Adoption		   As
Reported
Under
ASC 326		   Provision
for
(recovery of)
credit losses
on loans		   Loans
charged
off		   Recoveries   Credit Losses for Unfunded
Liabilities		   Ending
balance		 
Residential real estate                                
One- to four-family  $857   $740   $1,597   $58   $      (9)  $
        -
   $
       -
   $1,646 
Multi-family   278    (145)   133    (33)   
-
    
-
    
-
    100 
Construction   41    97    138    (33)   
-
    
-
    (1)   104 
Land   1    14    15    7    
-
    
-
    
-
    22 
Farm   4    2    6    (1)   
-
    
-
    
-
    5 
Nonresidential real estate   405    (221)   184    (13)   
-
    
-
    
-
    171 
Commercial and industrial   23    (18)   5    
-
    
-
    
-
    
-
    5 
Consumer and other                                        
Loans on deposits   1    (1)   
-
    
-
    
-
    
-
    
-
    
-
 
Home equity   23    28    51    2    
-
    
-
    (2)   51 
Automobile   
-
    1    1    (1)   
-
    
-
    
-
    
-
 
Unsecured   1    
-
    1    1    
-
    
-
    
-
    2 
   $1,634   $497   $2,131   $(13)  $(9)  $
-
   $(3)  $2,106 
The following table presents the activity in the ALLL by portfolio segment for the nine months ended March 31, 2023:
(in thousands)  Beginning
balance		   Provision
(credit) for
loan losses		   Loans
charged
off		   Recoveries   Ending
balance		 
Residential real estate:                    
One-to four-family  $800   $44   $         (22)  $          13   $835 
Multi-family   231    96    
–
    
–
    327 
Construction   4    29    
–
    
–
    33 
Land   3    (2)   
–
    
–
    1 
Farm   5    
–
    
–
    
–
    5 
Nonresidential real estate   461    (53)   
–
    
–
    408 
Commercial nonmortgage   2    
–
    
–
    
–
    2 
Consumer and other:                         
Loans on deposits   1    
–
    
–
    
–
    1 
Home equity   21    
–
    
–
    
–
    21 
Automobile   
–
    
–
    
–
    
–
    
–
 
Unsecured   1    (1)   
–
    
–
    
–
 
Totals  $1,529   $113   $(22)  $13   $1,633 

 

The following table presents the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024:
(in thousands)  Beginning
balance		   Provision
for
(recovery of) credit
losses on
loans		   Loans
charged off		   Recoveries   Credit
Losses for
Unfunded
Liabilities		   Ending
balance		 
Residential real estate:                        
One- to four-family  $1,587   $         59   $
               –
   $
             –
   $
          -
   $1,646 
Multi-family   130    (30)   
–
    
–
    
-
    100 
Construction   124    (22)   
–
    
–
    2    104 
Land   22    
-
    
–
    
–
    
-
    22 
Farm   5    
–
    
–
    
–
    
-
    5 
Nonresidential real estate   198    (27)   
–
    
–
    
-
    171 
Commercial nonmortgage   6    (1)   
–
    
–
    
-
    5 
Consumer and other:                       -      
Loans on deposits   
–
    
–
    
–
    
–
    
-
    
–
 
Home equity   59    (8)   
–
    
–
    
-
    51 
Automobile   
–
    
–
    
–
    
–
    
-
    
–
 
Unsecured   1    1    
–
    
–
    
-
    2 
Totals  $2,132   $(28)  $
–
   $
–
   $2   $2,106 
The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2023:
(in thousands)  Beginning
balance		   Provision
(credit) for
loan losses		   Loans
charged off		   Recoveries   Ending
balance		 
Residential real estate:                    
One- to four-family  $778   $79   $(22)  $
          –
   $835 
Multi-family   363    (36)   
–
    
–
    327 
Construction   26    7    
–
    
–
    33 
Land   1    
–
    
–
    
–
    1 
Farm   5    
–
    
–
    
–
    5 
Nonresidential real estate   457    (49)   
–
    
–
    408 
Commercial nonmortgage   2    
–
    
–
    
–
    2 
Consumer and other:                         
Loans on deposits   1    
–
    
–
    
–
    1 
Home equity   21    
–
    
–
    
–
    21 
Automobile   
–
    
–
    
–
    
–
    
–
 
Unsecured   1    (1)   
–
    
–
    
–
 
Totals  $1,655   $
–
   $(22)  $
–
   $1,633 

  
Schedule of Amortized Cost Basis of Collateral-Dependent Loans The following table presents the amortized cost basis of collateral-dependent loans by portfolio class as of March 31, 2024. The recorded investment in loans excludes accrued interest receivable due to immateriality.
(in thousands)  Amortized Cost
Basis		   Ending
allowance on
collateral-
dependent
loans		 
Loans individually evaluated for impairment:        
Residential real estate:        
One- to four-family  $2,882   $
         –
 
Nonresidential real estate   1,950    
–
 
Commercial and industrial   
–
    
–
 
   $4,832    
–
 
The following tables present the balance in the ALLL and the recorded investment in loans by portfolio class and based on impairment method as of March 31, 2024.
(in thousands)   Loans
individually
evaluated		     Loans acquired
with
deteriorated
credit quality*		     Ending loans
balance		     Ending
allowance
attributed to
loans		  
Loans individually evaluated for impairment:                        
Residential real estate                        
One- to four-family   $ 2,882     $             178     $ 3,060     $      -  
Nonresidential real estate     1,950       -       1,950       -  
      4,832       178       5,010       -  
Loans collectively evaluated for impairment:                                
Residential real estate                                
One- to four-family                   $ 251,729     $ 1,646  
Multi-family                     15,755       100  
Construction                     14,239       104  
Land                     1,069       22  
Farm                     1,313       5  
Nonresidential real estate                     28,379       171  
Commercial and industrial                     867       5  
Consumer and other                                
Loans on deposits                     795       -  
Home equity                     10,326       51  
Automobile                     122       -  
Unsecured                     636       2  
                      325,230       2,106  
                    $ 330,240     $ 2,106  
* These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.

 

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of June 30, 2023.
(in thousands)  Loans
individually
evaluated		   Loans acquired
with
deteriorated
credit quality*		   Ending loans
balance		   Ending
allowance
attributed to
loans		 
Loans individually evaluated for impairment:                
Residential real estate                
One- to four-family  $       2,833   $        196   $3,029   $
-
 
Nonresidential real estate   1,717    
-
    1,717    
-
 
Home Equity   267    
-
    267    
-
 
    4,817    196    5,013    
-
 
Loans collectively evaluated for impairment:                    
Residential real estate                    
One- to four-family            $237,047   $857 
Multi-family             19,067    278 
Construction             12,294    41 
Land             470    1 
Farm             1,346    4 
Nonresidential real estate             28,500    405 
Commercial and industrial             1,184    23 
Consumer and other                    
Loans on deposits             855    1 
Home equity             8,950    23 
Automobile             104    
-
 
Unsecured             611    1 
              310,428    1,634 
             $315,441   $1,634 
* These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.

 
Schedule of Impairment By Class of Loans The following table presents interest income on loans individually evaluated for impairment by class of loans for the nine months ended March 31:
(in thousands)  Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		 
   2024   2023 
With no related allowance recorded:                        
One- to four-family  $3,058   $55   $55   $3,227   $147   $147 
Multi-family   
--
    –    –    561    15    15 
Farm   
--
    
–
    
–
    270    
–
    
–
 
Nonresidential real estate   1,882    51    51    1,055    41    41 
Consumer   89    –    –    46    6    6 
Purchased credit-impaired loans   191    7    7    383    17    17 
    5,220    113    113    5,542    226    226 
With an allowance recorded:                              
One- to four-family   
–
    
–
    
–
    
–
    
–
    
–
 
   $5,220   $113   $113   $5,542   $226   $226 
The following table presents interest income on loans individually evaluated for impairment by class of loans for the three months ended March 31:
(in thousands)  Average
Recorded
Investment		   Interest
Income Recognized		   Cash Basis
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized		   Cash Basis
Income
Recognized		 
   2024   2023 
With no related allowance recorded:                        
Residential real estate:                        
One- to four-family  $3,073   $11   $11   $3,240   $66   $66 
Multi-family   
–
    –    –    555    5    5 
Farm   
–
    
–
    
–
    265    
–
    
–
 
Nonresidential real estate   1,965    2    2    1,047    12    12 
Consumer   
–
    
–
    
–
    
–
    –    – 
Purchased credit-impaired loans   182    6    6    371    6    6 
    5,220    19    19    5,478    89    89 
With an allowance recorded:                              
One- to four-family   
–
    
–
    
–
    
–
    
–
    
–
 
   $5,220   $19   $19   $5,478   $89   $89 

  
Schedule of Recorded Investment in Nonaccrual and Loans The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of March 31, 2024 and June 30, 2023:
   March 31, 2024   June 30, 2023 
(in thousands)  Nonaccrual   Loans
Past Due Over
90 Days Still
Accruing		   Nonaccrual   Loans
Past Due Over
90 Days Still
Accruing		 
Residential real estate:                
One- to four-family residential real estate  $3,149   $373   $3,029   $365 
Nonresidential real estate and land   1,670    
–
    1,717    28 
Consumer   
–
    35    267    0 
   $4,819   $408   $5,013   $393 
Schedule of Principal Balance Outstanding in Past Due Loans The following table presents the aging of the principal balance outstanding in past due loans as of March 31, 2024, by class of loans:
(in thousands)  30-89 Days
Past Due		   90 Days or
Greater
Past Due		   Total Past
Due		   Loans Not
Past Due		   Total 
Residential real estate:                    
One-to four-family  $4,264   $1,684   $5,948   $248,841   $254,789 
Multi-family   
–
    
–
    
–
    15,755    15,755 
Construction   231    
–
    231    14,008    14,239 
Land   
–
    
–
    
–
    1,069    1,069 
Farm   
–
    
–
    
–
    1,313    1,313 
Nonresidential real estate   809    
–
    809    29,520    30,329 
Commercial non-mortgage   
–
    
–
    
–
    867    867 
Consumer and other:                         
Loans on deposits   
–
    
–
    
–
    795    795 
Home equity   153    35    188    10,138    10,326 
Automobile   
–
    
–
    
–
    122    122 
Unsecured   
--
    
–
    
–
    636    636 
Total  $5,457   $1,719   $7,176   $323,064   $330,240 

 

The following tables present the aging of the principal balance outstanding in past due loans as of June 30, 2023, by class of loans:
(in thousands)  30-89 Days
Past Due		   Greater than
90 Days
Past Due		   Total Past
Due		   Loans Not
Past Due		   Total 
Residential real estate                    
One- to four-family  $3,415   $1,514   $4,929   $235,147   $240,076 
Multi-family   
-
    
-
    
-
    19,067    19,067 
Construction   
-
    
-
    
-
    12,294    12,294 
Land   
-
    
-
    
-
    470    470 
Farm   
-
    
-
    
-
    1,346    1,346 
Nonresidential real estate   662    
-
    662    29,555    30,217 
Commercial and industrial   
-
    28    28    1,156    1,184 
Consumer and other                         
Loans on deposits   
-
    
-
    
-
    855    855 
Home equity   168    267    435    8,782    9,217 
Automobile   
-
    
-
    
-
    104    104 
Unsecured   17    
-
    17    594    611 
   $4,262   $1,809   $6,071   $309,370   $315,441 
At March 31, 2024, the risk category of loans by class of loans was as follows:
(in thousands)  Pass   Special
Mention		   Substandard   Doubtful 
Residential real estate:                
One- to four-family  $249,429   $138   $5,222   $
         -
 
Multi-family   15,755    
-
    
-
    
-
 
Construction   14,239    
-
    
-
    
-
 
Land   1,069    
-
    
-
    
-
 
Farm   1,313    
-
    
-
    
-
 
Nonresidential real estate   27,707    672    1,950    
-
 
Commercial nonmortgage   867    
-
    
-
    
-
 
Consumer:                    
Loans on deposits   795    
-
    
-
    
-
 
Home equity   9,904    
-
    422    
-
 
Automobile   122    
-
    
-
    
-
 
Unsecured   636    
-
    
-
    
-
 
   $321,836   $810   $7,594   $
-
 
At June 30, 2023, the risk category of loans by class of loans was as follows:
(in thousands)  Pass   Special
Mention		   Substandard   Doubtful 
Residential real estate                
One- to four-family  $234,765   $170   $5,141   $
          -
 
Multi-family   19,067    
-
    
-
    
-
 
Construction   12,294    
-
    
-
    
-
 
Land   470    
-
    
-
    
-
 
Farm   1,346    
-
    
-
    
-
 
Nonresidential real estate   27,816    684    1,013    
-
 
Commercial and industrial   1,184    
-
    
-
    
-
 
Consumer and other                    
Loans on deposits   855    
-
    
-
    
-
 
Home equity   8,879    
-
    338    
-
 
Automobile   104    
-
    
-
    
-
 
Unsecured   611    
-
    
-
    
-
 
   $307,391   $854   $6,492   $
-
 
Schedule of Analysis Performed, the Risk Category of Loans by Class of Loans As of March 31, 2024, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
                           Revolving     
(in thousands)  Term Loans Amortized Cost by Origination Fiscal Year   Loans
Amortized		     
As of March 31, 2024  2024   2023   2022   2021   2020   Prior   Cost Basis   Total 
Residential real estate:                                
One- to four-family                                
Risk Rating:                                
Pass  $24,346   $50,368   $48,136   $43,911   $27,424   $55,244   $-   $249,429 
Special mention   
-
    
-
    
-
    
-
    -    138    -    138 
Substandard   
-
    
-
    --    82    17    5,123    -    5,222 
Doubtful   
-
    
-
    
-
    
-
    -    -    -    - 
Total  $24,346   $50,368   $48,136   $43,933   $27,411   $60,505   $-   $254,789 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $9   $-   $9 
                                         
Multi-family        
 
         
 
                     
Risk Rating:                                        
Pass  $200   $-   $6,132   $5,948   $1,248   $2,227   $-   $15,755 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $200   $-   $6,132   $5,948   $1,248   $2,227   $-   $15,755 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Construction                                        
Risk Rating:                                        
Pass  $5,660   $8,483   $23   $-   $-   $73   $-   $14,239 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $5,660   $8,483   $23   $-   $-   $73   $-   $14,239 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Land                                        
Risk Rating:                                        
Pass  $508   $283   $215   $-   $-   $63   $-   $1,069 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $508   $283   $215   $-   $-   $63   $-   $1,069 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Farm                                        
Risk Rating:                                        
Pass  $212   $-   $248   $-   $26   $827   $-   $1,313 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $212   $-   $248   $-   $26   $827   $-   $1,313 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Nonresidential real estate                                        
Risk Rating:                                        
Pass  $2,564   $2,346   $3,165   $3,437   $5,795   $10,400   $-   $27,707 
Special mention   -    -    -    -    -    672    -    672 
Substandard   
-
    1,017    
-
    
-
    -    933    -    1,950 
Doubtful   -    -    -    -    -    -    -    - 
Total  $2,564   $3,363   $3,165   $3,437   $5,795   $12,005   $-   $30,329 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Commercial and industrial                                        
Risk Rating:                                        
Pass  $328   $-   $398   $4   $-   $137   $-   $867 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $328   $-   $398   $4   $-   $137   $-   $867 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Share Loans                                        
Risk Rating:                                        
Pass  $94   $95   $-   $17   $177   $412   $-   $795 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $94   $95   $-   $17   $177   $412   $-   $795 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Home Equity                                        
Risk Rating:                                        
Pass  $-   $-   $-   $-   $-   $-   $9,904   $9,904 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    422    422 
Doubtful   -    -    -    -    -    -    -    - 
Total  $-   $-   $-   $-   $-   $-   $10,326   $10,326 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Auto                                        
Risk Rating:                                        
Pass  $69   $10   $37   $3   $2   $1   $-   $122 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $69   $10   $37   $3   $2   $1   $-   $122 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 
                                         
Unsecured                                        
Risk Rating:                                        
Pass  $282   $120   $32   $174   $23   $5   $-   $636 
Special mention   -    -    -    -    -    -    -    - 
Substandard   -    -    -    -    -    -    -    - 
Doubtful   -    -    -    -    -    -    -    - 
Total  $282   $120   $32   $174   $23   $5   $-   $636 
                                         
Current period gross charge offs  $-   $-   $-   $-   $-   $-   $-   $- 

  
Schedule of Purchased Loans The carrying amount of those loans, net of a purchase credit discount of $88,000 and $88,000 at March 31, 2024 and June 30, 2023, respectively, is as follows:
(in thousands)  March 31,
2024		   June 30,
2023		 
One- to four-family residential real estate  $178   $196 
           
Schedule of Accretable Yield, or Income Expected to be Collected Accretable yield, or income expected to be collected, is as follows:
(in thousands)  Nine months
ended
March 31,
2024		   Twelve months
ended
June 30,
2023		 
Balance at beginning of period  $         294   $     339 
Accretion of income   (30)   (45)
Balance at end of period  $264   $294 
v3.24.1.1.u2
Disclosures About Fair Value of Assets and Liabilities (Tables)
 9 Months Ended
Mar. 31, 2024
Disclosures About Fair Value of Assets and Liabilities [Abstract]  
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis Financial assets measured at fair value on a recurring basis are summarized below:
   Fair Value Measurements Using 
(in thousands)  Fair Value   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
March 31, 2024                
Agency mortgage-backed: residential  $10,225   $
          –
   $10,225   $
         –
 
                     
June 30, 2023                    
Agency mortgage-backed: residential  $12,080   $
–
   $12,080   $
–
 
Schedule of Carrying Value and Fair Value of the Company’s Financial Instruments Based on the foregoing methods and assumptions, the carrying value and fair value of the Company’s financial instruments at March 31, 2024 and June 30, 2023 are as follows:
       Fair Value Measurements at 
   Carrying   March 31, 2024 Using 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $15,423   $15,423             $15,423 
Available-for-sale securities   10,225        $10,225         10,225 
Held-to-maturity securities   223         210         210 
Loans receivable, net   328,134              315,358    315,358 
Federal Home Loan Bank stock   4,528                   n/a 
Accrued interest receivable   1,226         1,226         1,226 
                          
Financial liabilities                         
Deposits  $246,104   $82,126   $163,597         245,723 
Federal Home Loan Bank advances   72,348         72,327         72,327 
Advances by borrowers for taxes and insurance   643         643         643 
Accrued interest payable   150         150         150 
       Fair Value Measurements at 
   Carrying   June 30, 2023 Using 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $8,167   $8,167             $8,167 
                          
Available-for-sale securities   12,080        $12,080         12,080 
Held-to-maturity securities   274         259         259 
Loans receivable - net   313,807             $293,530    293,530 
Federal Home Loan Bank stock   4,623                   n/a 
Accrued interest receivable   902         902         902 
                          
Financial liabilities                         
Deposits  $226,309   $88,994   $136,577        $225,571 
Federal Home Loan Bank advances   70,087         69,863         69,863 
Advances by borrowers for taxes and insurance   793         793         793 
Accrued interest payable   70         70         70 
v3.24.1.1.u2
Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Mar. 31, 2024
Other Comprehensive Income (Loss) [Abstract]  
Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax The Company’s other comprehensive loss is comprised solely of unrealized gains and losses on available-for-sale securities. The following is a summary of the accumulated other comprehensive loss balances, net of tax:
(in thousands)  Nine months ended
March 31,
2024		   Three months ended
March 31,
2024		 
Balance at beginning of period  $    (427)  $         (334)
Current period change   31    (62)
Balance at end of period  $(396)  $(396)
Schedule of Other Comprehensive Income (Loss) Components and Related Tax Effects Other comprehensive income (loss) components and related tax effects for the periods indicated were as follows:
   Nine months ended   Three months ended 
   March 31,   March 31, 
(in thousands)  2024   2023   2024   2023 
Unrealized holding gains (losses) on available-for-sale securities  $42   $(480)  $(83)  $(24)
Tax effect   (11)   119    21    6 
   $31   $(361)  $(62)  $(18)

 
Schedule of Comparison of Operating Results
Period  Total # of
shares
purchased		   Average
price paid
per share
(including
commissions)		   Total # of
shares
purchased
as part of
publicly
announced
plans or
programs		   Maximum #
of shares
that may
yet be
purchased
under the
plans or
programs		 
January 1-31, 2024   
     –
   $
         –
    
      –
    
      –
 
February 1-28, 2024   
–
   $
–
    
–
    
–
 
March 1-31, 2024   
–
   $
–
    
–
    
–
 
v3.24.1.1.u2
Basis of Presentation (Details) - USD ($)
 9 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Basis of Presentation [Abstract]    
Allowance for credit losses on loans   $ 497,000
Allowance for credit losses on unfunded credit exposures $ 54,000  
Decrease of retained earnings 414,000  
Deferred tax asset $ 137,000  
v3.24.1.1.u2
Basis of Presentation (Details) - Schedule of Illustrates the Impact - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
As Reported Under ASC 326 [Member]    
Residential real estate:    
Assets $ 2,131 $ 2,131
As Reported Under ASC 326 [Member] | One- to four-family [Member]    
Residential real estate:    
Assets 1,597  
As Reported Under ASC 326 [Member] | Multi-family [Member]    
Residential real estate:    
Assets 133  
As Reported Under ASC 326 [Member] | Construction [Member]    
Residential real estate:    
Assets 138  
As Reported Under ASC 326 [Member] | Land [Member]    
Residential real estate:    
Assets 15  
As Reported Under ASC 326 [Member] | Farm [Member]    
Residential real estate:    
Assets 6  
As Reported Under ASC 326 [Member] | Nonresidential real estate [Member]    
Residential real estate:    
Assets 184  
As Reported Under ASC 326 [Member] | Commercial and industrial [Member]    
Residential real estate:    
Assets 5  
As Reported Under ASC 326 [Member] | Loans on deposits [Member]    
Residential real estate:    
Assets  
As Reported Under ASC 326 [Member] | Home equity [Member]    
Residential real estate:    
Assets 51  
As Reported Under ASC 326 [Member] | Automobile [Member]    
Residential real estate:    
Assets 1  
As Reported Under ASC 326 [Member] | Unsecured [Member]    
Residential real estate:    
Assets 1  
As Reported Under ASC 326 [Member] | Allowance for credit losses on unfunded credit exposures [Member]    
Liabilities:    
Liabilities 54  
Pre-ASC 326 Adoption [Member]    
Residential real estate:    
Assets 1,634 1,634
Pre-ASC 326 Adoption [Member] | One- to four-family [Member]    
Residential real estate:    
Assets 857  
Pre-ASC 326 Adoption [Member] | Multi-family [Member]    
Residential real estate:    
Assets 278  
Pre-ASC 326 Adoption [Member] | Construction [Member]    
Residential real estate:    
Assets 41  
Pre-ASC 326 Adoption [Member] | Land [Member]    
Residential real estate:    
Assets 1  
Pre-ASC 326 Adoption [Member] | Farm [Member]    
Residential real estate:    
Assets 4  
Pre-ASC 326 Adoption [Member] | Nonresidential real estate [Member]    
Residential real estate:    
Assets 405  
Pre-ASC 326 Adoption [Member] | Commercial and industrial [Member]    
Residential real estate:    
Assets 23  
Pre-ASC 326 Adoption [Member] | Loans on deposits [Member]    
Residential real estate:    
Assets 1  
Pre-ASC 326 Adoption [Member] | Home equity [Member]    
Residential real estate:    
Assets 23  
Pre-ASC 326 Adoption [Member] | Automobile [Member]    
Residential real estate:    
Assets  
Pre-ASC 326 Adoption [Member] | Unsecured [Member]    
Residential real estate:    
Assets 1  
Pre-ASC 326 Adoption [Member] | Allowance for credit losses on unfunded credit exposures [Member]    
Liabilities:    
Liabilities  
Impact of ASC 326 Adoption [Member]    
Residential real estate:    
Assets 497 $ 497
Impact of ASC 326 Adoption [Member] | One- to four-family [Member]    
Residential real estate:    
Assets 740  
Impact of ASC 326 Adoption [Member] | Multi-family [Member]    
Residential real estate:    
Assets (145)  
Impact of ASC 326 Adoption [Member] | Construction [Member]    
Residential real estate:    
Assets 97  
Impact of ASC 326 Adoption [Member] | Land [Member]    
Residential real estate:    
Assets 14  
Impact of ASC 326 Adoption [Member] | Farm [Member]    
Residential real estate:    
Assets 2  
Impact of ASC 326 Adoption [Member] | Nonresidential real estate [Member]    
Residential real estate:    
Assets (221)  
Impact of ASC 326 Adoption [Member] | Commercial and industrial [Member]    
Residential real estate:    
Assets (18)  
Impact of ASC 326 Adoption [Member] | Loans on deposits [Member]    
Residential real estate:    
Assets (1)  
Impact of ASC 326 Adoption [Member] | Home equity [Member]    
Residential real estate:    
Assets 28  
Impact of ASC 326 Adoption [Member] | Automobile [Member]    
Residential real estate:    
Assets 1  
Impact of ASC 326 Adoption [Member] | Unsecured [Member]    
Residential real estate:    
Assets 0  
Impact of ASC 326 Adoption [Member] | Allowance for credit losses on unfunded credit exposures [Member]    
Liabilities:    
Liabilities $ 54  
v3.24.1.1.u2
Earnings Per Share (Details) - shares
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Stock option shares outstanding
v3.24.1.1.u2
Earnings Per Share (Details) - Schedule of Diluted Earnings Per Share - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Schedule of Diluted Earnings Per Share [Abstract]        
Net income (loss) allocated to common shareholders, basic and diluted $ (107) $ 144 $ (643) $ 891
EARNINGS PER SHARE $ (0.01) $ 0.02 $ (0.08) $ 0.11
Weighted average common shares outstanding, basic 8,098,715 8,129,006 8,098,715 8,144,767
v3.24.1.1.u2
Earnings Per Share (Details) - Schedule of Diluted Earnings Per Share (Parentheticals) - shares
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Schedule of Diluted Earnings Per Share [Abstract]        
Weighted average common shares outstanding, diluted 8,098,715 8,129,006 8,098,715 8,144,767
v3.24.1.1.u2
Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Jun. 30, 2023
Investment Securities [Abstract]    
Pledged securities $ 0.0 $ 5.9
Overnight deposits $ 0.0 $ 1.5
Debt securities unrealized loss position percent 100.00% 100.00%
v3.24.1.1.u2
Investment Securities (Details) - Schedule of Gross Unrealized or Unrecognized Gains and Losses - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Agency mortgage-backed: residential [Member]    
Available-for-sale Securities    
Available-for-sale Securities, Amortized cost $ 10,752 $ 12,649
Available-for-sale Securities, Gross unrealized gains
Available-for-sale Securities, Gross unrealized losses 527 569
Available-for-sale Securities, Estimated fair value 10,225 12,080
Held-to-maturity Securities    
Held-to-maturity Securities, Amortized cost 223 274
Held-to-maturity Securities, Gross unrealized gains
Held-to-maturity Securities, Gross unrealized losses 13 15
Held-to-maturity Securities, Estimated fair value 210 259
Mortgage-backed securities [Member] | Less Than 12 Months [Member]    
Available-for-sale Securities    
Available-for-sale Securities, Amortized cost 12,649
Available-for-sale Securities, Gross unrealized losses 569
Available-for-sale Securities, Estimated fair value 12,080
Held-to-maturity Securities    
Held-to-maturity Securities, Amortized cost  
Held-to-maturity Securities, Gross unrealized losses  
Held-to-maturity Securities, Estimated fair value  
Mortgage-backed securities [Member] | 12 Months or More [Member]    
Available-for-sale Securities    
Available-for-sale Securities, Amortized cost 10,752
Available-for-sale Securities, Gross unrealized losses 527
Available-for-sale Securities, Estimated fair value 10,225
Held-to-maturity Securities    
Held-to-maturity Securities, Amortized cost 223  
Held-to-maturity Securities, Gross unrealized losses 13  
Held-to-maturity Securities, Estimated fair value 210  
Total Temporarily Impaired AFS Securities [Member]    
Available-for-sale Securities    
Available-for-sale Securities, Amortized cost 10,752 12,649
Available-for-sale Securities, Gross unrealized losses 527 569
Available-for-sale Securities, Estimated fair value 10,225 12,080
Total Temporarily Impaired HTM Securities [Member]    
Held-to-maturity Securities    
Held-to-maturity Securities, Amortized cost 223 274
Held-to-maturity Securities, Gross unrealized losses 13 15
Held-to-maturity Securities, Estimated fair value $ 210 259
Agency mortgage-backed securities [Member] | Less Than 12 Months [Member]    
Held-to-maturity Securities    
Held-to-maturity Securities, Amortized cost  
Held-to-maturity Securities, Gross unrealized losses  
Held-to-maturity Securities, Estimated fair value  
Agency mortgage-backed securities [Member] | 12 Months or More [Member]    
Held-to-maturity Securities    
Held-to-maturity Securities, Amortized cost   274
Held-to-maturity Securities, Gross unrealized losses   15
Held-to-maturity Securities, Estimated fair value   $ 259
v3.24.1.1.u2
Loans Receivable (Details) - USD ($)
 9 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Loans Receivable (Details) [Line Items]    
Deferred loan costs $ 312,000 $ 330,000
Principal amount $ 50,000  
Private mortgage insurance, percentage 97.00%  
Borrow up percentage 90.00%  
Loan to value ration 80.00%  
Estimated value percentage 80.00%  
Loans term 25 years  
Nonresidential loans percentage 80.00%  
Loans secured percentage 90.00%  
Allowance for credit losses on unfunded commitments $ 57,000  
Foreclosure amount 1,200,000 766,000
Loans classified as TDR   1,400,000
Purchase credit discount 88,000 $ 88,000
Unfunded Commitments [Member]    
Loans Receivable (Details) [Line Items]    
Recovery on credit losses on loans $ 3,000  
Multi-family and Nonresidential Loans [Member]    
Loans Receivable (Details) [Line Items]    
Estimated value percentage 80.00%  
Consumer Lending [Member]    
Loans Receivable (Details) [Line Items]    
Estimated value percentage 80.00%  
Home Equity Loans [Member]    
Loans Receivable (Details) [Line Items]    
Estimated value percentage 90.00%  
Long-Term Debt [Member]    
Loans Receivable (Details) [Line Items]    
Recovery on credit losses on loans $ 13,000  
Long-Term Debt [Member] | Unfunded Commitments [Member]    
Loans Receivable (Details) [Line Items]    
Provision for credit losses $ (16,000)  
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Loan Portfolio - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross $ 330,240 $ 315,441
Allowance for loan losses (2,106) (1,634)
Loans receivable - net [1] 328,134 313,807
Land [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 1,069 470
Farm [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 1,313 1,346
Nonresidential Real Estate [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 30,329 30,217
Commercial Nonmortgage [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 867 1,184
One- To Four-Family [Member] | Residential Real Estate [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 254,789 240,076
Multi-Family [Member] | Residential Real Estate [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 15,755 19,067
Construction [Member] | Residential Real Estate [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 14,239 12,294
Loans on deposits [Member] | Consumer and Other [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 795 855
Home Equity [Member] | Consumer and Other [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 10,326 9,217
Automobile [Member] | Consumer and Other [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross 122 104
Unsecured [Member] | Consumer and Other [Member]    
Loans Receivable (Details) - Schedule of Loan Portfolio [Line Items]    
Loans receivable - gross $ 636 $ 611
[1] Beginning July 1, 2023 the ACL was estimated based on current expected credit loss methodology. Prior to July 1, 2023, the estimate was based on the incurred loss methodology. See additional discussion in Note 1, Basis of Presentation.
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of ACL by Portfolio Segment - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans $ (28) $ (13) $ 113
Loans charged off (22) (9) (22)
Recoveries 13
Credit Losses for Unfunded Liabilities 2   (3)  
Ending balance 2,106 1,633 2,106 1,633
Beginning balance 2,132 1,655   1,529
One-to four-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans 59 79 58 44
Loans charged off (22) (9) (22)
Recoveries 13
Credit Losses for Unfunded Liabilities    
Ending balance 1,646 835 1,646 835
Beginning balance 1,587 778   800
Multi-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans (30) (36) (33) 96
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities    
Ending balance 100 327 100 327
Beginning balance 130 363   231
Construction [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans (22)   (33) 29
Loans charged off  
Recoveries  
Credit Losses for Unfunded Liabilities 2   (1)  
Ending balance 104 33 104 33
Beginning balance 124     4
Land [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans 7 (2)
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities    
Ending balance 22 1 22 1
Beginning balance 22 1   3
Farm [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans (1)
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities    
Ending balance 5 5 5 5
Beginning balance 5 5   5
Nonresidential real estate [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans (27) (49) (13) (53)
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities    
Ending balance 171 408 171 408
Beginning balance 198 457   461
Commercial and Industrial [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans    
Loans charged off    
Recoveries    
Credit Losses for Unfunded Liabilities      
Ending balance 5 2 5 2
Beginning balance       2
Loans on deposits        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities    
Ending balance 1 1
Beginning balance 1   1
Home equity [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans (8) 2
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities   (2)  
Ending balance 51 21 51 21
Beginning balance 59 21   21
Automobile [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans (1)
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities    
Ending balance
Beginning balance  
Unsecured [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans 1 (1) 1 (1)
Loans charged off
Recoveries
Credit Losses for Unfunded Liabilities    
Ending balance 2 2
Beginning balance 1 1   1
Commercial nonmortgage [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans (1)    
Loans charged off    
Recoveries    
Credit Losses for Unfunded Liabilities      
Ending balance 5 2 5 2
Beginning balance 6 2    
Construction [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for (recovery of) credit losses on loans   7    
Loans charged off      
Recoveries      
Ending balance   33   $ 33
Beginning balance   $ 26    
Pre-ASC 326 Adoption [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     1,634  
Ending balance 1,634   1,634  
Pre-ASC 326 Adoption [Member] | One-to four-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     857  
Pre-ASC 326 Adoption [Member] | Multi-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     278  
Pre-ASC 326 Adoption [Member] | Construction [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     41  
Pre-ASC 326 Adoption [Member] | Land [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     1  
Pre-ASC 326 Adoption [Member] | Farm [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     4  
Pre-ASC 326 Adoption [Member] | Nonresidential real estate [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     405  
Pre-ASC 326 Adoption [Member] | Commercial and Industrial [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     23  
Pre-ASC 326 Adoption [Member] | Loans on deposits        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     1  
Pre-ASC 326 Adoption [Member] | Home equity [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     23  
Pre-ASC 326 Adoption [Member] | Automobile [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance      
Pre-ASC 326 Adoption [Member] | Unsecured [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     1  
Impact of ASC 326 Adoption [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     497  
Ending balance 497   497  
Impact of ASC 326 Adoption [Member] | One-to four-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     740  
Impact of ASC 326 Adoption [Member] | Multi-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     (145)  
Impact of ASC 326 Adoption [Member] | Construction [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     97  
Impact of ASC 326 Adoption [Member] | Land [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     14  
Impact of ASC 326 Adoption [Member] | Farm [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     2  
Impact of ASC 326 Adoption [Member] | Nonresidential real estate [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     (221)  
Impact of ASC 326 Adoption [Member] | Commercial and Industrial [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     (18)  
Impact of ASC 326 Adoption [Member] | Loans on deposits        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     (1)  
Impact of ASC 326 Adoption [Member] | Home equity [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     28  
Impact of ASC 326 Adoption [Member] | Automobile [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     1  
Impact of ASC 326 Adoption [Member] | Unsecured [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance      
As Reported Under ASC 326 [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     2,131  
Ending balance $ 2,131   2,131  
As Reported Under ASC 326 [Member] | One-to four-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     1,597  
As Reported Under ASC 326 [Member] | Multi-family [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     133  
As Reported Under ASC 326 [Member] | Construction [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     138  
As Reported Under ASC 326 [Member] | Land [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     15  
As Reported Under ASC 326 [Member] | Farm [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     6  
As Reported Under ASC 326 [Member] | Nonresidential real estate [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     184  
As Reported Under ASC 326 [Member] | Commercial and Industrial [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     5  
As Reported Under ASC 326 [Member] | Loans on deposits        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance      
As Reported Under ASC 326 [Member] | Home equity [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     51  
As Reported Under ASC 326 [Member] | Automobile [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     1  
As Reported Under ASC 326 [Member] | Unsecured [Member]        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning balance     $ 1  
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Amortized Cost Basis of Collateral-Dependent Loans - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Total loand by Portfolio $ 330,240  
Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Total loand by Portfolio 2,106  
Loans individually evaluated for impairment [Member] | Amortized Cost Basis [Member]    
Residential real estate:    
Loans individually evaluated for impairment 4,832  
Loans individually evaluated for impairment [Member] | Ending allowance on collateral- dependent loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment  
Loans individually evaluated for impairment [Member] | Loans individually evaluated [Member]    
Residential real estate:    
Loans individually evaluated for impairment 4,832 $ 4,817
Loans individually evaluated for impairment [Member] | Loans Acquired with Deteriorated Credit Quality [Member]    
Residential real estate:    
Loans individually evaluated for impairment 178 196 [1]
Loans individually evaluated for impairment [Member] | Ending Loan Balance [Member]    
Residential real estate:    
Loans individually evaluated for impairment 5,010 5,013
Loans individually evaluated for impairment [Member] | Ending allowance attributed to loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | Amortized Cost Basis [Member]    
Residential real estate:    
Loans individually evaluated for impairment 2,882  
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | Ending allowance on collateral- dependent loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment  
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | Loans individually evaluated [Member]    
Residential real estate:    
Loans individually evaluated for impairment 2,882 2,833
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | Loans Acquired with Deteriorated Credit Quality [Member]    
Residential real estate:    
Loans individually evaluated for impairment 178 196 [1]
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | Ending Loan Balance [Member]    
Residential real estate:    
Loans individually evaluated for impairment 3,060 3,029
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | Ending allowance attributed to loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | Amortized Cost Basis [Member]    
Residential real estate:    
Loans individually evaluated for impairment 1,950  
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | Ending allowance on collateral- dependent loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment  
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | Loans individually evaluated [Member]    
Residential real estate:    
Loans individually evaluated for impairment 1,950 1,717
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | Loans Acquired with Deteriorated Credit Quality [Member]    
Residential real estate:    
Loans individually evaluated for impairment [1]
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | Ending Loan Balance [Member]    
Residential real estate:    
Loans individually evaluated for impairment 1,950 1,717
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | Ending allowance attributed to loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment
Loans individually evaluated for impairment [Member] | Commercial and Industrial [Member] | Amortized Cost Basis [Member]    
Residential real estate:    
Loans individually evaluated for impairment  
Loans individually evaluated for impairment [Member] | Commercial and Industrial [Member] | Ending allowance on collateral- dependent loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment  
Loans individually evaluated for impairment [Member] | Home Equity Loans [Member] | Loans individually evaluated [Member]    
Residential real estate:    
Loans individually evaluated for impairment   267
Loans individually evaluated for impairment [Member] | Home Equity Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member]    
Residential real estate:    
Loans individually evaluated for impairment [1]  
Loans individually evaluated for impairment [Member] | Home Equity Loans [Member] | Ending Loan Balance [Member]    
Residential real estate:    
Loans individually evaluated for impairment   267
Loans individually evaluated for impairment [Member] | Home Equity Loans [Member] | Ending allowance attributed to loans [Member]    
Residential real estate:    
Loans individually evaluated for impairment  
Loans collectively evaluated for impairment [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 325,230  
Total loand by Portfolio   315,441
Loans collectively evaluated for impairment [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 2,106  
Total loand by Portfolio   1,634
Loans collectively evaluated for impairment [Member] | Nonresidential real estate [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 28,379 28,500
Loans collectively evaluated for impairment [Member] | Nonresidential real estate [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 171 405
Loans collectively evaluated for impairment [Member] | Commercial and Industrial [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment   1,184
Loans collectively evaluated for impairment [Member] | Commercial and Industrial [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment   23
Loans collectively evaluated for impairment [Member] | One- to four-family One [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 251,729 237,047
Loans collectively evaluated for impairment [Member] | One- to four-family One [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 1,646 857
Loans collectively evaluated for impairment [Member] | Multi-family [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 15,755 19,067
Loans collectively evaluated for impairment [Member] | Multi-family [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 100 278
Loans collectively evaluated for impairment [Member] | Construction [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 14,239 12,294
Loans collectively evaluated for impairment [Member] | Construction [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 104 41
Loans collectively evaluated for impairment [Member] | Land Loan [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 1,069 470
Loans collectively evaluated for impairment [Member] | Land Loan [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 22 1
Loans collectively evaluated for impairment [Member] | Farm [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 1,313 1,346
Loans collectively evaluated for impairment [Member] | Farm [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 5 4
Loans collectively evaluated for impairment [Member] | Commercial and industrial [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 867  
Loans collectively evaluated for impairment [Member] | Commercial and industrial [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 5  
Loans collectively evaluated for impairment [Member] | Loans on deposits [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 795 855
Loans collectively evaluated for impairment [Member] | Loans on deposits [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 1
Loans collectively evaluated for impairment [Member] | Home Equity Loans [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 10,326 8,950
Loans collectively evaluated for impairment [Member] | Home Equity Loans [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 51 23
Loans collectively evaluated for impairment [Member] | Automobiles [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 122 104
Loans collectively evaluated for impairment [Member] | Automobiles [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment
Loans collectively evaluated for impairment [Member] | Unsecured [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment 636 611
Loans collectively evaluated for impairment [Member] | Unsecured [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment $ 2 1
Loans collectively evaluated for impairment [Member] | Consumer and other [Member] | Ending Loan Balance [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment   310,428
Loans collectively evaluated for impairment [Member] | Consumer and other [Member] | Ending allowance attributed to loans [Member]    
Loans collectively evaluated for impairment:    
Loans collectively evaluated for impairment   $ 1,634
[1] These loans were evaluated at acquisition date at their estimated fair value and there has been no subsequent deterioration since acquisition.
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Impairment By Class of Loans - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment $ 5,220 $ 5,478 $ 5,220 $ 5,542
Interest Income Recognized 19 89 113 226
Cash Basis Income Recognized 19 89 113 226
Average Recorded Investment 5,220 5,478 5,220 5,542
Interest Income Recognized 19 89 113 226
Cash Basis Income Recognized 19 89 113 226
Farm [Member]        
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment 265 270
Interest Income Recognized
Cash Basis Income Recognized
Nonresidential real estate [Member]        
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment 1,965 1,047 1,882 1,055
Interest Income Recognized 2 12 51 41
Cash Basis Income Recognized 2 12 51 41
Consumer and other [Member]        
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment 89 46
Interest Income Recognized     6
Cash Basis Income Recognized     6
Purchased credit-impaired loans [Member]        
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment 182 371 191 383
Interest Income Recognized 6 6 7 17
Cash Basis Income Recognized 6 6 7 17
One- To Four-Family [Member]        
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment
Interest Income Recognized
Cash Basis Income Recognized
One- To Four-Family [Member] | Residential Real Estate [Member]        
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment 3,073 3,240 3,058 3,227
Interest Income Recognized 11 66 55 147
Cash Basis Income Recognized 11 66 55 147
Multi-Family [Member] | Residential Real Estate [Member]        
Loans Receivable (Details) - Schedule of Impairment By Class of Loans [Line Items]        
Average Recorded Investment 555 561
Interest Income Recognized   5   15
Cash Basis Income Recognized   $ 5   $ 15
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Recorded Investment in Nonaccrual and Loans - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Nonaccrual [Member]    
Financing Receivable, Modified [Line Items]    
Nonaccrual $ 4,819 $ 5,013
Nonaccrual [Member] | One- to Four-Family Residential Real Estate [Member]    
Financing Receivable, Modified [Line Items]    
Nonaccrual 3,149 3,029
Nonaccrual [Member] | Nonresidential Real Estate and Land [Member]    
Financing Receivable, Modified [Line Items]    
Nonaccrual 1,670 1,717
Nonaccrual [Member] | Consumer [Member]    
Financing Receivable, Modified [Line Items]    
Nonaccrual 267
Loans Past Due Over 90 Days Still Accruing [Member]    
Financing Receivable, Modified [Line Items]    
Loans Past Due Over 90 Days Still Accruing 408 393
Loans Past Due Over 90 Days Still Accruing [Member] | One- to Four-Family Residential Real Estate [Member]    
Financing Receivable, Modified [Line Items]    
Loans Past Due Over 90 Days Still Accruing 373 365
Loans Past Due Over 90 Days Still Accruing [Member] | Nonresidential Real Estate and Land [Member]    
Financing Receivable, Modified [Line Items]    
Loans Past Due Over 90 Days Still Accruing 28
Loans Past Due Over 90 Days Still Accruing [Member] | Consumer [Member]    
Financing Receivable, Modified [Line Items]    
Loans Past Due Over 90 Days Still Accruing $ 35 $ 0
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Principal Balance Outstanding in Past Due Loans - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Financing Receivable, Past Due [Line Items]    
Total Past Due $ 7,176 $ 6,071
Loans Not Past Due   315,441
Total 330,240  
Pass 321,836 307,391
Special Mention 810 854
Substandard 7,594 6,492
Doubtful
Land [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Loans Not Past Due   470
Pass   470
Special Mention  
Substandard  
Doubtful  
Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Loans Not Past Due   1,346
Pass   1,346
Special Mention  
Substandard  
Doubtful  
Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due   662
Loans Not Past Due   30,217
Pass   27,816
Special Mention   684
Substandard   1,013
Doubtful  
Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due   28
Loans Not Past Due   1,184
Pass   1,184
Special Mention  
Substandard  
Doubtful  
One-to four-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 5,948 4,929
Loans Not Past Due   240,076
Total 254,789  
Pass 249,429 234,765
Special Mention 138 170
Substandard 5,222 5,141
Doubtful
Multi-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Loans Not Past Due   19,067
Total 15,755  
Pass 15,755 19,067
Special Mention
Substandard
Doubtful
Construction [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 231
Loans Not Past Due   12,294
Total 14,239  
Pass 14,239 12,294
Special Mention
Substandard
Doubtful
Construction [Member] | Land [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Total 1,069  
Pass 1,069  
Special Mention  
Substandard  
Doubtful  
Construction [Member] | Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Total 1,313  
Pass 1,313  
Special Mention  
Substandard  
Doubtful  
Construction [Member] | Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 809  
Total 30,329  
Pass 27,707  
Special Mention 672  
Substandard 1,950  
Doubtful  
Construction [Member] | Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Total 867  
Pass 867  
Special Mention  
Substandard  
Doubtful  
Loans on deposits [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Loans Not Past Due   855
Total 795  
Pass 795 855
Special Mention
Substandard
Doubtful
Home Equity [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 188 435
Loans Not Past Due   9,217
Total 10,326  
Pass 9,904 8,879
Special Mention
Substandard 422 338
Doubtful
Automobiles [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Loans Not Past Due   104
Total 122  
Pass 122 104
Special Mention
Substandard
Doubtful
Unsecured [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 17
Loans Not Past Due   611
Total 636  
Pass 636 611
Special Mention
Substandard
Doubtful
Financing Receivables 30 To 89 Days Past Due Member    
Financing Receivable, Past Due [Line Items]    
Total Past Due 5,457 4,262
Financing Receivables 30 To 89 Days Past Due Member | Land [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financing Receivables 30 To 89 Days Past Due Member | Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financing Receivables 30 To 89 Days Past Due Member | Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due   662
Financing Receivables 30 To 89 Days Past Due Member | Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financing Receivables 30 To 89 Days Past Due Member | One-to four-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 4,264 3,415
Financing Receivables 30 To 89 Days Past Due Member | Multi-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Financing Receivables 30 To 89 Days Past Due Member | Construction [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 231
Financing Receivables 30 To 89 Days Past Due Member | Construction [Member] | Land [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financing Receivables 30 To 89 Days Past Due Member | Construction [Member] | Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financing Receivables 30 To 89 Days Past Due Member | Construction [Member] | Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 809  
Financing Receivables 30 To 89 Days Past Due Member | Construction [Member] | Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financing Receivables 30 To 89 Days Past Due Member | Loans on deposits [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Financing Receivables 30 To 89 Days Past Due Member | Home Equity [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 153 168
Financing Receivables 30 To 89 Days Past Due Member | Automobiles [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Financing Receivables 30 To 89 Days Past Due Member | Unsecured [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 17
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 1,719 1,809
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Land [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due   28
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One-to four-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 1,684 1,514
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Multi-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | Land [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction [Member] | Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due  
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Loans on deposits [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due 35 267
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Automobiles [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Unsecured [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Total Past Due
Loans Not Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 323,064 309,370
Loans Not Past Due [Member] | Land [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due   470
Loans Not Past Due [Member] | Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due   1,346
Loans Not Past Due [Member] | Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due   29,555
Loans Not Past Due [Member] | Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due   1,156
Loans Not Past Due [Member] | One-to four-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 248,841 235,147
Loans Not Past Due [Member] | Multi-family [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 15,755 19,067
Loans Not Past Due [Member] | Construction [Member] | Residential Real Estate [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 14,008 12,294
Loans Not Past Due [Member] | Construction [Member] | Land [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 1,069  
Loans Not Past Due [Member] | Construction [Member] | Farm [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 1,313  
Loans Not Past Due [Member] | Construction [Member] | Nonresidential real estate [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 29,520  
Loans Not Past Due [Member] | Construction [Member] | Commercial and industrial [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 867  
Loans Not Past Due [Member] | Loans on deposits [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 795 855
Loans Not Past Due [Member] | Home Equity [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 10,138 8,782
Loans Not Past Due [Member] | Automobiles [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due 122 104
Loans Not Past Due [Member] | Unsecured [Member] | Consumer and other [Member]    
Financing Receivable, Past Due [Line Items]    
Loans Not Past Due $ 636 $ 594
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Analysis Performed, the Risk Category of Loans by Class of Loans
$ in Thousands
Mar. 31, 2024
USD ($)
One- To Four-Family [Member] | Current Period Gross Charge Offs [Member]  
Risk Rating:  
Loans receivable, gross $ 9
Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross
Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross
Residential Real Estate [Member] | One- To Four-Family [Member] | Current Period Gross Charge Offs [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 9
One- To Four-Family [Member]  
Risk Rating:  
Loans receivable, gross 254,789
One- To Four-Family [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 249,429
One- To Four-Family [Member] | Special mention [Member]  
Risk Rating:  
Loans receivable, gross 138
One- To Four-Family [Member] | Substandard [Member]  
Risk Rating:  
Loans receivable, gross 5,222
One- To Four-Family [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 24,346
One- To Four-Family [Member] | Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 50,368
One- To Four-Family [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 48,136
One- To Four-Family [Member] | Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 43,933
One- To Four-Family [Member] | Residential Real Estate [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 27,411
One- To Four-Family [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 60,505
One- To Four-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 24,346
One- To Four-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 50,368
One- To Four-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 48,136
One- To Four-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 43,911
One- To Four-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 27,424
One- To Four-Family [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 55,244
One- To Four-Family [Member] | Residential Real Estate [Member] | Special mention [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Special mention [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Special mention [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Special mention [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Special mention [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 138
One- To Four-Family [Member] | Residential Real Estate [Member] | Substandard [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Substandard [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Substandard [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 82
One- To Four-Family [Member] | Residential Real Estate [Member] | Substandard [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 17
One- To Four-Family [Member] | Residential Real Estate [Member] | Substandard [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 5,123
One- To Four-Family [Member] | Residential Real Estate [Member] | Doubtful [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Doubtful [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Doubtful [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross
One- To Four-Family [Member] | Residential Real Estate [Member] | Doubtful [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross
Multi-Family [Member]  
Risk Rating:  
Loans receivable, gross 15,755
Multi-Family [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 15,755
Multi-Family [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 200
Multi-Family [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 6,132
Multi-Family [Member] | Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 5,948
Multi-Family [Member] | Residential Real Estate [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 1,248
Multi-Family [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 2,227
Multi-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 200
Multi-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 6,132
Multi-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 5,948
Multi-Family [Member] | Residential Real Estate [Member] | Pass [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 1,248
Multi-Family [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 2,227
Construction [Member]  
Risk Rating:  
Loans receivable, gross 14,239
Construction [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 14,239
Construction [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 5,660
Construction [Member] | Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 8,483
Construction [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 23
Construction [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 73
Construction [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 5,660
Construction [Member] | Residential Real Estate [Member] | Pass [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 8,483
Construction [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 23
Construction [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 73
Land [Member]  
Risk Rating:  
Loans receivable, gross 1,069
Land [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 1,069
Land [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 508
Land [Member] | Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 283
Land [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 215
Land [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 63
Land [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 508
Land [Member] | Residential Real Estate [Member] | Pass [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 283
Land [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 215
Land [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 63
Farm [Member]  
Risk Rating:  
Loans receivable, gross 1,313
Farm [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 1,313
Farm [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 212
Farm [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 248
Farm [Member] | Residential Real Estate [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 26
Farm [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 827
Farm [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 212
Farm [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 248
Farm [Member] | Residential Real Estate [Member] | Pass [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 26
Farm [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 827
Nonresidential real estate [Member]  
Risk Rating:  
Loans receivable, gross 30,329
Nonresidential real estate [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 27,707
Nonresidential real estate [Member] | Special mention [Member]  
Risk Rating:  
Loans receivable, gross 672
Nonresidential real estate [Member] | Substandard [Member]  
Risk Rating:  
Loans receivable, gross 1,950
Nonresidential real estate [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 2,564
Nonresidential real estate [Member] | Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 3,363
Nonresidential real estate [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 3,165
Nonresidential real estate [Member] | Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 3,437
Nonresidential real estate [Member] | Residential Real Estate [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 5,795
Nonresidential real estate [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 12,005
Nonresidential real estate [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 2,564
Nonresidential real estate [Member] | Residential Real Estate [Member] | Pass [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 2,346
Nonresidential real estate [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 3,165
Nonresidential real estate [Member] | Residential Real Estate [Member] | Pass [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 3,437
Nonresidential real estate [Member] | Residential Real Estate [Member] | Pass [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 5,795
Nonresidential real estate [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 10,400
Nonresidential real estate [Member] | Residential Real Estate [Member] | Special mention [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 672
Nonresidential real estate [Member] | Residential Real Estate [Member] | Substandard [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross
Nonresidential real estate [Member] | Residential Real Estate [Member] | Substandard [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 1,017
Nonresidential real estate [Member] | Residential Real Estate [Member] | Substandard [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross
Nonresidential real estate [Member] | Residential Real Estate [Member] | Substandard [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross
Nonresidential real estate [Member] | Residential Real Estate [Member] | Substandard [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 933
Commercial and Industrial [Member]  
Risk Rating:  
Loans receivable, gross 867
Commercial and Industrial [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 867
Commercial and Industrial [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 328
Commercial and Industrial [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 398
Commercial and Industrial [Member] | Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 4
Commercial and Industrial [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 137
Commercial and Industrial [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 328
Commercial and Industrial [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 398
Commercial and Industrial [Member] | Residential Real Estate [Member] | Pass [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 4
Commercial and Industrial [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 137
Share Loans [Member]  
Risk Rating:  
Loans receivable, gross 795
Share Loans [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 795
Share Loans [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 94
Share Loans [Member] | Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 95
Share Loans [Member] | Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 17
Share Loans [Member] | Residential Real Estate [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 177
Share Loans [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 412
Share Loans [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 94
Share Loans [Member] | Residential Real Estate [Member] | Pass [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 95
Share Loans [Member] | Residential Real Estate [Member] | Pass [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 17
Share Loans [Member] | Residential Real Estate [Member] | Pass [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 177
Share Loans [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 412
Home Equity [Member]  
Risk Rating:  
Loans receivable, gross 10,326
Home Equity [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 9,904
Home Equity [Member] | Substandard [Member]  
Risk Rating:  
Loans receivable, gross 422
Home Equity [Member] | Residential Real Estate [Member] | Revolving Loans Amortized Cost Basis [Member]  
Risk Rating:  
Loans receivable, gross 10,326
Home Equity [Member] | Residential Real Estate [Member] | Revolving Loans Amortized Cost Basis [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 9,904
Home Equity [Member] | Residential Real Estate [Member] | Revolving Loans Amortized Cost Basis [Member] | Substandard [Member]  
Risk Rating:  
Loans receivable, gross 422
Auto [Member]  
Risk Rating:  
Loans receivable, gross 122
Auto [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 122
Auto [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 69
Auto [Member] | Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 10
Auto [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 37
Auto [Member] | Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 3
Auto [Member] | Residential Real Estate [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 2
Auto [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 1
Auto [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 69
Auto [Member] | Residential Real Estate [Member] | Pass [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 10
Auto [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 37
Auto [Member] | Residential Real Estate [Member] | Pass [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 3
Auto [Member] | Residential Real Estate [Member] | Pass [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 2
Auto [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 1
Unsecured [Member]  
Risk Rating:  
Loans receivable, gross 636
Unsecured [Member] | Pass [Member]  
Risk Rating:  
Loans receivable, gross 636
Unsecured [Member] | Residential Real Estate [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 282
Unsecured [Member] | Residential Real Estate [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 120
Unsecured [Member] | Residential Real Estate [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 32
Unsecured [Member] | Residential Real Estate [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 174
Unsecured [Member] | Residential Real Estate [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 23
Unsecured [Member] | Residential Real Estate [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross 5
Unsecured [Member] | Residential Real Estate [Member] | Pass [Member] | 2024 [Member]  
Risk Rating:  
Loans receivable, gross 282
Unsecured [Member] | Residential Real Estate [Member] | Pass [Member] | 2023 [Member]  
Risk Rating:  
Loans receivable, gross 120
Unsecured [Member] | Residential Real Estate [Member] | Pass [Member] | 2022 [Member]  
Risk Rating:  
Loans receivable, gross 32
Unsecured [Member] | Residential Real Estate [Member] | Pass [Member] | 2021 [Member]  
Risk Rating:  
Loans receivable, gross 174
Unsecured [Member] | Residential Real Estate [Member] | Pass [Member] | 2020 [Member]  
Risk Rating:  
Loans receivable, gross 23
Unsecured [Member] | Residential Real Estate [Member] | Pass [Member] | Prior [Member]  
Risk Rating:  
Loans receivable, gross $ 5
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Purchased Loans - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
One- To Four-Family [Member] | Residential Real Estate [Member]    
Schedule of Purchased Loans [Abstract]    
Carrying amount of loans $ 178 $ 196
v3.24.1.1.u2
Loans Receivable (Details) - Schedule of Accretable Yield, or Income Expected to be Collected - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Schedule of Accretable Yield, or Income Expected to be Collected [Abstract]    
Balance at beginning of period $ 294 $ 339
Accretion of income (30) (45)
Balance at end of period $ 264 $ 294
v3.24.1.1.u2
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis - Agency Mortgage-Backed: Residential [Member] - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]    
Agency mortgage-backed: residential $ 10,225 $ 12,080
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]    
Agency mortgage-backed: residential
Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]    
Agency mortgage-backed: residential 10,225 12,080
Significant Unobservable Inputs (Level 3) [Member]    
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]    
Agency mortgage-backed: residential
v3.24.1.1.u2
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of Carrying Value and Fair Value of the Company’s Financial Instruments - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 15,423 $ 8,167
Available-for-sale securities 10,225 12,080
Held-to-maturity securities 210 259
Loans receivable, net 315,358 293,530
Federal Home Loan Bank stock
Accrued interest receivable 1,226 902
Deposits 245,723 225,571
Federal Home Loan Bank advances 72,327 69,863
Advances by borrowers for taxes and insurance 643 793
Accrued interest payable 150 70
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 15,423 8,167
Deposits 82,126 88,994
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Available-for-sale securities 10,225 12,080
Held-to-maturity securities 210 259
Accrued interest receivable 1,226 902
Deposits 163,597 136,577
Federal Home Loan Bank advances 72,327 69,863
Advances by borrowers for taxes and insurance 643 793
Accrued interest payable 150 70
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans receivable, net 315,358 293,530
Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 15,423 8,167
Available-for-sale securities 10,225 12,080
Held-to-maturity securities 223 274
Loans receivable, net 328,134 313,807
Federal Home Loan Bank stock 4,528 4,623
Accrued interest receivable 1,226 902
Deposits 246,104 226,309
Federal Home Loan Bank advances 72,348 70,087
Advances by borrowers for taxes and insurance 643 793
Accrued interest payable $ 150 $ 70
v3.24.1.1.u2
Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Schedule of Accumulated Other Comprehensive Income Balances, Net of Tax [Abstract]        
Balance at beginning of period $ (334)   $ (427)  
Current period change (62) $ (18) 31 $ (361)
Balance at end of period $ (396)   $ (396)  
v3.24.1.1.u2
Other Comprehensive Income (Loss) (Details) - Schedule of Other Comprehensive Income (Loss) Components and Related Tax Effects - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Schedule of Other Comprehensive Income (Loss) Components and Related Tax Effects [Abstract]        
Unrealized holding gains (losses) on available-for-sale securities $ (83) $ (24) $ 42 $ (480)
Tax effect 21 6 (11) 119
Unrealized holding gains (losses) on securities designated as available-for-sale $ (62) $ (18) $ 31 $ (361)
v3.24.1.1.u2
Other Comprehensive Income (Loss) (Details) - Schedule of Comparison of Operating Results
 9 Months Ended
Mar. 31, 2024
$ / shares
shares
January 1-31, 2024 [Member]  
Other Comprehensive Income (Loss) (Details) - Schedule of Comparison of Operating Results [Line Items]  
Total # of shares purchased
Average price paid per share (including commissions) (in Dollars per share) | $ / shares
Total # of shares purchased as part of publicly announced plans or programs
Maximum # of shares that may yet be purchased under the plans or programs
February 1-28, 2024 [Member]  
Other Comprehensive Income (Loss) (Details) - Schedule of Comparison of Operating Results [Line Items]  
Total # of shares purchased
Average price paid per share (including commissions) (in Dollars per share) | $ / shares
Total # of shares purchased as part of publicly announced plans or programs
Maximum # of shares that may yet be purchased under the plans or programs
March 1-31, 2024 [Member]  
Other Comprehensive Income (Loss) (Details) - Schedule of Comparison of Operating Results [Line Items]  
Total # of shares purchased
Average price paid per share (including commissions) (in Dollars per share) | $ / shares
Total # of shares purchased as part of publicly announced plans or programs
Maximum # of shares that may yet be purchased under the plans or programs
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