Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments

Schedule of assets measured at fair value on recurring basis

	March 31, 2022
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Investments available for sale:
Mortgage-backed securities	$	—	$	100,517	$	—	$	100,517
U.S. agency collateralized mortgage obligations		—		10,752		—		10,752
U.S. government agency securities		—		5,684		—		5,684
Municipal bonds		—		17,456		—		17,456
Corporate bonds		—		35,204		—		35,204
Equity securities		2,404		—		—		2,404
Total Assets	$	2,404	$	169,613	$	—	$	172,017

	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

	March 31, 2022
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Impaired loans	$	—	$	—	$	1,756	$	1,756
	$	—	$	—	$	1,756	$	1,756

	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 about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable
(Dollars in thousands)	Estimate		Techniques	Input	Range
March 31, 2022
Impaired loans	$	1,756	Appraisal of collateral (1)	Appraisal adjustments (2)	0-7	%

	Quantitative 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

	Fair Value Measurements at March 31, 2022
					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	$	457,178	$	460,400	$	—	$	—	$	460,400
Securities held to maturity		104,227		95,102		—		95,102		—
Financial instruments - liabilities:
Certificates of deposit		135,840		136,909		—		—		136,909
Advances from Federal Home Loan Bank		20,000		20,260		—		—		20,260
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		—		—		—		—		—