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 | |
|