Parent Company Financial Information (Tables)

12 Months Ended

Jun. 30, 2021

Parent Company Financial Information

Schedule of condensed statements of financial condition

	June 30,		June 30,
	2021		2020
ASSETS
Cash on deposit at the Bank	$	57,995	$	2,861
Investment in the Bank		158,857		93,401
Other assets		103		103
TOTAL ASSETS	$	216,955	$	96,365
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Accrued and other liabilities	$	29	$	—
TOTAL LIABILITIES		29		—
Commitments and contingencies		—		—
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value, 50,000,000 shares authorized; no shares issued		—		—
Common Stock, $.01 par value, 150,000,000 shares authorized; 15,170,566 shares issued and outstanding as of June 30, 2021 and $.03 par value, 159,666,500 shares authorized; 15,208,410 shares issued and 14,628,530 shares outstanding as of June 30, 2020		152		467
Additional paid-in capital		168,349		42,932
Treasury Stock, 0 and 579,879 shares at cost at June 30, 2021 and 2020, respectively		—		(3,710)
Unearned common stock held by employee stock ownership plan		(10,004)		—
Retained earnings		58,493		56,600
Accumulated other comprehensive (loss) income		(64)		76
TOTAL STOCKHOLDERS’ EQUITY		216,926		96,365
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	216,955	$	96,365

Schedule of condensed statements operations

	Year ended June 30,
	2021		2020
INCOME
Interest on interest-bearing deposits with the Bank	$	52	$	8
Total income		52		8
EXPENSES
Professional fees		147		50
Merger relates expenses		—		532
Other expenses		44		12
Total expenses		191		594
Loss before income tax benefit and equity in undistributed net income of affiliates		(139)		(586)
Income tax benefit		(31)		(51)
Equity in undistributed net income of the Bank		3,887		1,863
NET INCOME	$	3,779	$	1,328
Comprehensive income	$	3,639	$	1,176

Schedule of condensed statements cashflow

	Year ended
	June 30,
	2021		2020
Cash flows from operating activities
Net income	$	3,779	$	1,328
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed net earnings of subsidiaries		(3,887)		(1,863)
Dividend from the Bank		—		4,000
Other		137		(61)
Net cash provided by operating activities		29		3,404
Cash flows from investing activities
Net second-step proceeds transferred to the Bank		(61,709)		—
Net cash used in investing activities		(61,709)		—
Cash flows from financing activities
Cash dividends		(1,886)		(1,983)
Issuance of common stock funded by stock subscriptions		128,861		—
Purchase of unearned common stock held by employee stock ownership plan		(10,112)		—
Purchase of treasury stock		(49)		—
Net cash provided by (used in) financing activities		116,814		(1,983)
Net increase in cash and cash equivalents		55,134		1,421
Cash and cash equivalents – beginning		2,861		1,440
Cash and cash equivalents – ending	$	57,995	$	2,861
Supplementary cash flows information
Income tax refunds	$	(140)	$	—