Fair Value of Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2021

Fair Value of Financial Instruments

Schedule of assets measured at fair value on recurring basis

	September 30, 2021
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Investments available-for-sale:
Mortgage-backed securities	$	—	$	50,449	$	—	$	50,449
U.S. agency collateralized mortgage obligations		—		14,625		—		14,625
U.S. government agency securities		—		6,233		—		6,233
Municipal bonds		—		19,564		—		19,564
Corporate bonds		—		36,136		—		36,136
Equity securities		2,635		—		—		2,635
Total Assets	$	2,635	$	127,007	$	—	$	129,642

	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

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

As of September 30, 2021, there were no assets required to be measured and reported at fair value on a non-recurring basis. As of June 30, 2021, 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

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, 2021 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	%

(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.  The tables below exclude financial instruments for which the carrying amount approximates fair value.

	Fair Value Measurements at September 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	$	454,157	$	465,506	$	—	$	—	$	465,506
Securities Held to Maturity		38,127		37,669		—		37,669		—
Financial instruments - liabilities:
Certificates of deposit		151,285		152,550		—		—		152,550
Advances from Federal Home Loan Bank		34,000		34,993		—		—		34,993
Off-balance sheet financial instruments		—		—		—		—		—

	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		—		—		—		—		—