Loans and Allowance for Credit Losses on Loans (Tables)

12 Months Ended

Jun. 30, 2025

Loans and Allowance for Credit Losses on Loans [Abstract]

Loan segments are summarized below as of the dates indicated:


(In thousands)		June 30, 2025			June 30, 2024
Residential real estate	$	417,719		$	417,589
Commercial real estate		1,054,504			936,640
Home equity		34,103			29,166
Consumer		4,311			4,771
Commercial		116,769			111,307
Total gross loans⁽¹⁾⁽²⁾		1,627,406			1,499,473
Allowance for credit losses on loans		(20,146	)		(19,244	)
Loans receivable, net	$	1,607,260		$	1,480,229

(1)

Loan balances include net deferred fees/cost of ($567,000) and ($42,000) at June 30, 2025 and 2024, respectively.

(2)

Loan balances exclude accrued interest receivable of $7.0 million and $6.2 million at June 30, 2025 and 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.

Delinquent and/or Nonaccrual Loans by Past Due Status

The following table sets forth information regarding delinquent and/or non-accrual loans as of June 30, 2025:


(In thousands)		30-59 days past due		60-89 days past due		90 days or more past due		Total past due		Current		Total loans		Loans on non- accrual
Residential real estate	$	-	$	775	$	1,362	$	2,137	$	415,582	$	417,719	$	2,265
Commercial real estate		-		209		367		576		1,053,928		1,054,504		628
Home equity		85		13		30		128		33,975		34,103		30
Consumer		20		3		2		25		4,286		4,311		2
Commercial		-		-		106		106		116,663		116,769		135
Total gross loans	$	105	$	1,000	$	1,867	$	2,972	$	1,624,434	$	1,627,406	$	3,060

The following table sets forth information regarding delinquent and/or non-accrual loans as of June 30, 2024:


(In thousands)		30-59 days past due		60-89 days past due		90 days or more past due		Total past due		Current		Total loans		Loans on non- accrual
Residential real estate	$	-	$	838	$	1,414	$	2,252	$	415,337	$	417,589	$	2,518
Commercial real estate		-		-		806		806		935,834		936,640		1,163
Home equity		14		-		47		61		29,105		29,166		47
Consumer		47		6		-		53		4,718		4,771		-
Commercial		-		-		-		-		111,307		111,307		-
Total gross loans	$	61	$	844	$	2,267	$	3,172	$	1,496,301	$	1,499,473	$	3,728

Activity and Allocation of Allowance for Loan Losses

The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment:


	Activity for the years ended June 30, 2025
(In thousands)		Residential real estate			Commercial real estate			Home equity			Consumer			Commercial			Total
Balance at June 30, 2024	$	4,237		$	12,218		$	212		$	500		$	2,077		$	19,244
Charge-offs		(44	)		(5	)		(13	)		(386	)		(66	)		(514	)
Recoveries		2			4			-			119			40			165
Provision		418			397			61			148			227			1,251
Balance at June 30, 2025	$	4,613		$	12,614		$	260		$	381		$	2,278		$	20,146


	Activity for the years ended June 30, 2024
(In thousands)		Residential real estate		Commercial real estate			Home equity		Consumer			Commercial			Total
Balance at June 30, 2023	$	2,794	$	14,839		$	46	$	332		$	3,201		$	21,212
Adoption of ASU No. 2016-13		1,182		(2,889	)		117		137			121			(1,332	)
Charge-offs		-		-			-		(481	)		(1,152	)		(1,633	)
Recoveries		-		3			-		142			66			211
Provision		261		265			49		370			(159	)		786
Balance at June 30, 2024	$	4,237	$	12,218		$	212	$	500		$	2,077		$	19,244

Loan Balances by Internal Credit Quality Indicator

The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of the twelve months ended June 30, 2025:


	At June 30, 2025
(In thousands)		2025		2024		2023		2022		2021		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Residential real estate
By payment activity status:
Performing	$	42,672	$	55,665	$	58,277	$	85,153	$	71,560	$	102,127	$	-	$	-	$	415,454
Non-performing		-		-		-		56		-		2,209		-		-		2,265
Total residential real estate		42,672		55,665		58,277		85,209		71,560		104,336		-		-		417,719
Current period gross charge-offs		-		-		-		-		44		-		-		-		44

Commercial real estate
By internally assigned grade:
Pass		192,619		120,883		177,469		228,960		116,680		177,025		3,913		5,032		1,022,581
Special mention		-		479		1,339		656		263		4,747		-		-		7,484
Substandard		-		-		9,078		-		209		14,942		-		210		24,439
Total commercial real estate		192,619		121,362		187,886		229,616		117,152		196,714		3,913		5,242		1,054,504
Current period gross charge-offs		-		-		-		-		-		5		-		-		5

Home equity
By payment activity status:
Performing		2,753		4,761		2,437		229		315		791		22,637		150		34,073
Non-performing		-		-		-		-		-		-		30		-		30
Total home equity		2,753		4,761		2,437		229		315		791		22,667		150		34,103
Current period gross charge-offs		-		-		-		-		-		-		13		-		13

Consumer
By payment activity status:
Performing		1,631		1,371		689		346		149		51		72		-		4,309
Non-performing		2		-		-		-		-		-		-		-		2
Total Consumer		1,633		1,371		689		346		149		51		72		-		4,311
Current period gross charge-offs		335		40		-		10		1		-		-		-		386

Commercial
By internally assigned grade:
Pass		11,917		11,031		8,157		4,584		12,482		15,106		45,905		68		109,250
Special mention		-		-		-		50		-		93		238		183		564
Substandard		-		-		-		6,279		30		568		78		-		6,955
Total Commercial	$	11,917	$	11,031	$	8,157	$	10,913	$	12,512	$	15,767	$	46,221	$	251	$	116,769
Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	38	$	28	$	-	$	66


	At June 30, 2024
(In thousands)		2024		2023		2022		2021		2020		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Residential real estate
By payment activity status:
Performing	$	55,070	$	62,643	$	92,995	$	79,815	$	32,588	$	91,936	$	-	$	24	$	415,071
Non-performing		-		-		-		185		169		2,164		-		-		2,518
Total residential real estate		55,070		62,643		92,995		80,000		32,757		94,100		-		24		417,589
Current period gross charge-offs		-		-		-		-		-		-		-		-		-

Commercial real estate
By internally assigned grade:
Pass		103,537		210,652		242,917		126,135		79,431		135,928		4,716		363		903,679
Special mention		-		1,188		2,468		295		430		4,102		-		-		8,483
Substandard		329		1,680		3,493		158		4,046		14,772		-		-		24,478
Total commercial real estate		103,866		213,520		248,878		126,588		83,907		154,802		4,716		363		936,640
Current period gross charge-offs		-		-		-		-		-		-		-		-		-

Home equity
By payment activity status:
Performing		5,929		2,888		336		429		266		1,128		18,143		-		29,119
Non-performing		-		-		-		-		-		-		47		-		47
Total home equity		5,929		2,888		336		429		266		1,128		18,190		-		29,166
Current period gross charge-offs		-		-		-		-		-		-		-		-		-

Consumer
By payment activity status:
Performing		2,363		1,217		689		277		83		65		77		-		4,771
Non-performing		-		-		-		-		-		-		-		-		-
Total Consumer		2,363		1,217		689		277		83		65		77		-		4,771
Current period gross charge-offs		393		22		49		7		1		-		9		-		481

Commercial
By internally assigned grade:
Pass		12,761		8,919		12,845		14,587		4,934		15,280		32,001		636		101,963
Special mention		-		-		78		-		35		834		3,893		-		4,840
Substandard		-		-		1,765		34		165		265		2,275		-		4,504
Total Commercial	$	12,761	$	8,919	$	14,688	$	14,621	$	5,134	$	16,379	$	38,169	$	636	$	111,307
Current period gross charge-offs	$	-	$	-	$	-	$	989	$	-	$	137	$	26	$	-	$	1,152

Loans Modified to Borrowers Experiencing Financial Difficulty by type of Concession Granted

The following tables present the amortized cost basis of the loans modified to borrowers experiencing financial difficulty by type of concession granted at the dates indicated:


	For the year ended June 30, 2025
	Term extension				Term extension and interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	299	0.03	%	$	2,522	0.24	%
Total	$	299			$	2,522


	For the year ended June 30, 2024
	Term extension				Term extension and interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	3,948	0.43	%	$	130	0.01	%
Consumer		19	0.39	%		-	-	%
Total	$	3,967			$	130

Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:


	For the year ended June 30, 2025

Loan type		Term extension	Interest rate reduction
Commercial real estate		Added a weighted-average 12 months to the life of the loans	Interest rates were reduced by an average of 1.45%


	For the year ended June 30, 2024

Loan type		Term extension	Interest rate reduction
Commercial real estate		Added a weighted-average 9 months to the life of the loans	Interest rates were reduced by an average of 1.75%
Consumer		Added a weighted-average 18 months to the life of the loan

Loans Modified to Borrowers Experiencing Financial Difficulty

The following table depicts the performance of loans that have been modified to borrowers experiencing financial difficulty that were modified in the prior twelve months at amortized cost basis:


	At June 30, 2025
(In thousands)		Current		30-59 days past due		60-89 days past due		90 days or more past due		Total
Commercial real estate	$	2,821	$	-	$	-	$	-	$	2,821
Total	$	2,821	$	-	$	-	$	-	$	2,821


	At June 30, 2024
(In thousands)		Current		30-59 days past due		60-89 days past due		90 days or more past due		Total
Commercial real estate	$	4,078	$	-	$	-	$	-	$	4,078
Consumer		19		-		-		-		19
Total	$	4,097	$	-	$	-	$	-	$	4,097