v3.22.2.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of contributed to the ESOP
   For the fiscal year ended 
   June 30, 
   2022   2021 
Allocated shares   117,065    99,668 
Shares committed to be released   463    9,338 
Unearned shares   461    10,261 
Total ESOP shares   117,989    119,267 
           
Fair value of unearned shares at End of period  $4,000   $76,000 

 

Schedule of earnings per share
   For the fiscal year ended 
   June 30, 
   2022   2021 
Net income  allocated to common shareholders, basic and diluted
  $1,590,000   $1,820,000 
           
EARNINGS  PER SHARE  $0.19   $0.22 
           
Weighted average common shares outstanding, basic and diluted
   8,213,407    8,216,193 

 

Schedule of fair value measurements of assets and liabilities measured at fair value on a recurring basis
       Fair Value Measurements Using 
      

Quotes Prices
in Active
Markets for

Identical
Assets

  

Significant

Other
Observable
Inputs

   Significant
Unobservable
Inputs
 
(in thousands)  Fair Value   (Level 1)   (Level 2)   (Level 3) 
2022                
Agency mortgage-backed: residential  $10,477   $
-
   $10,477   $
             -
 
                     
2021                    
                     
Agency mortgage-backed: residential  $33   $
        -
   $33   $
  -
 

 

Schedule of financial instruments
       Fair Value Measurements at 
   Carrying   June 30, 2022 Using 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $25,823   $25,823    
 
    
 
   $25,823 
                          
Available-for-sale securities   10,477    
 
   $10,477    
 
    10,477 
Held-to-maturity securities   339    
 
    323    
 
    323 
Loans held for sale   152    
 
    153    
 
    153 
Loans receivable - net   274,583    
 
    
 
   $271,994    271,994 
Federal Home Loan Bank stock   6,498    
 
    
 
    
 
    n/a 
Accrued interest receivable   649    
 
    649    
 
    649 
                          
Financial liabilities                         
Deposits  $239,857   $115,152   $124,682        $239,834 
Federal Home Loan Bank advances   34,066    
 
    33,688    
 
    33,688 
Advances by borrowers for taxes and insurance   766    
 
    766    
 
    766 
Accrued interest payable   12    
 
    12    
 
    12 

 

   Carrying   Fair Value Measurements at
June 30, 2021 Using
 
(in thousands)  Value   Level 1   Level 2   Level 3   Total 
Financial assets                    
Cash and cash equivalents  $21,648   $21,648    
 
    
 
   $21,648 
Time deposits in other financial institutions   247    248    
 
    
 
    248 
Available-for-sale securities   33    
 
   $33    
 
    33 
Held-to-maturity securities   462    
 
    476    
 
    476 
Loans held for sale   1,307         1,336         1,336 
Loans receivable - net   297,902    
 
    
 
   $306,346    306,346 
Federal Home Loan Bank stock   6,498    
 
    
 
    
 
    n/a 
Accrued interest receivable   694    
 
    694    
 
    694 
                          
Financial liabilities                         
Deposits  $226,843   $101,951   $125,232        $227,183 
Federal Home Loan Bank advances   56,873    
 
    57,314    
 
    57,314 
Advances by borrowers for taxes and insurance   838    
 
    838    
 
    838 
Accrued interest payable   20    
 
    20    
 
    20 

 

Schedule of loans outstanding
(in thousands)  2022   2021 
Outstanding principal, beginning of year  $1,405   $1,047 
Changes in composition of related parties   -    936 
Principal disbursed during the year   
-
    
-
 
Principal repaid and refinanced during the year   (717)   (578)
Outstanding principal, end of year  $688   $1,405