Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2020

Fair Value of Financial Instruments

Schedule of assets measured at fair value on recurring basis

	December 31, 2020
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Investments available-for-sale:
Mortgage-backed securities	$	—	$	55,505	$	—	$	55,505
U.S. agency collateralized mortgage obligations		—		1,983		—		1,983
U.S. government agency securities		—		10,917		—		10,917
Municipal bonds		—		22,578		—		22,578
Corporate bonds		—		21,926		—		21,926
Total Assets	$	—	$	112,909	$	—	$	112,909

	June 30, 2020
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Investments available-for-sale:
Mortgage-backed securities	$	—	$	51,738	$	—	$	51,738
U.S. agency collateralized mortgage obligations		—		3,215		—		3,215
U.S. government agency securities		—		6,155		—		6,155
U.S. treasury securities		—		1,000		—		1,000
Municipal bonds		—		10,508		—		10,508
Corporate bonds		—		17,382		—		17,382
Total Assets	$	—	$	89,998	$	—	$	89,998

Schedule of assets measured at fair value on non-recurring basis

As of December 31, 2020, there were no assets required to be measured and reported at fair value on a non-recurring basis. As of June 30, 2020, assets required to be measured and reported at fair value on a non-recurring basis are summarized as follows:

	June 30, 2020
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Impaired loans	$	—	$	—	$	190	$	190
Other real estate owned		—		—		100		100
	$	—	$	—	$	290	$	290

Schedule of quantitative information of assets measured at fair value on non-recurring basis

Quantitative information regarding assets measured at fair value on a non-recurring basis as of June 30, 2020 is as follows:

	Quantative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable
(Dollars in thousands)	Estimate		Techniques	Input	Range
June 30, 2020
Impaired loans	$	190	Appraisal of collateral (1)	Appraisal adjustments (2)	0-28	%
Foreclosed real estate owned	$	100	Appraisal of collateral (1)(3)	Liquidation expenses (2)	0	%

(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally

include various Level 3 inputs which are not identifiable, less any associated allowance.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated

liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments

are presented as a percent of the appraisal.

(3) Includes qualitative adjustments by management and estimated liquidation expenses.

Schedule of carrying amount and fair value of financial assets and liabilities

The following tables set forth the carrying value of financial assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition for the periods indicated.

	Fair Value Measurements at December 31, 2020
					Quoted Prices		Significant		Significant
					in Active Markets		Other Observable		Unobservable
	Carrying		Fair		for Identical Assets		Inputs		Inputs
(Dollars in thousands)	Amount		Value		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Loans receivable, net	$	494,805	$	517,970	$	—	$	—	$	517,970
Financial liabilities:
Certificates of deposit		194,148		196,632		—		—		196,632
Advances from Federal Home Loan Bank		41,000		42,269		—		—		42,269

	Fair Value Measurements at June 30, 2020
					Quoted Prices		Significant		Significant
					in Active Markets		Other Observable		Unobservable
	Carrying		Fair		for Identical Assets		Inputs		Inputs
(Dollars in thousands)	Amount		Value		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Loans receivable, net	$	508,605	$	541,779	$	—	$	—	$	541,779
Financial liabilities:
Certificates of deposit		194,480		198,268		—		—		198,268
Advances from Federal Home Loan Bank		64,892		67,520		—		—		67,520