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Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2021

Fair Value of Financial Instruments

Schedule of assets measured at fair value on recurring basis


		June 30, 2021
(Dollars in thousands)		Level I			Level II			Level III			Total
Assets:
Investments available-for-sale:
Mortgage-backed securities		$	—		$	55,064		$	—		$	55,064
U.S. agency collateralized mortgage obligations			—			15,433			—			15,433
U.S. government agency securities			—			6,896			—			6,896
Municipal bonds			—			19,861			—			19,861
Corporate bonds			—			26,081			—			26,081
Total Assets		$	—		$	123,335		$	—		$	123,335


		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 June 30, 2021, 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, 2021
(Dollars in thousands)		Level I			Level II			Level III			Total
Assets:
Other real estate owned		$	—		$	—		$	75		$	75
		$	—		$	—		$	75		$	75


		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 is as follows:


		Quantative Information about Level 3 Fair Value Measurements
		Fair Value			Valuation		Unobservable
(Dollars in thousands)		Estimate			Techniques		Input		Range
June 30, 2021
Foreclosed real estate owned		$	75		Appraisal of collateral⁽¹⁾⁽³⁾		Liquidation expenses ⁽²⁾		0	%


		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


		Fair Value Measurements at June 30, 2021
								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 instruments - assets:
Loans receivable, net		$	461,196		$	472,292		$	—		$	—		$	472,292

Financial instruments - liabilities:
Certificates of deposit			160,303			161,057			—			—			161,057
Advances from Federal Home Loan Bank			41,000			42,098			—			—			42,098

Off-balance sheet financial instruments			—			—			—			—			—


		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 instruments - assets:
Loans receivable, net		$	508,605		$	541,779		$	—		$	—		$	541,779

Financial instruments - liabilities:
Certificates of deposit			194,480			198,268			—			—			198,268
Advances from Federal Home Loan Bank			64,892			67,520			—			—			67,520

Off-balance sheet financial instruments			—			—			—			—			—