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Fair Value of Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2022

Fair Value of Financial Instruments

Schedule of assets measured at fair value on recurring basis


		September 30, 2022
(Dollars in thousands)		Level I			Level II			Level III			Total
Assets:
Investments available for sale:
Mortgage-backed securities		$	—		$	109,414		$	—		$	109,414
U.S. agency collateralized mortgage obligations			—			8,946			—			8,946
U.S. government agency securities			—			4,563			—			4,563
Municipal bonds			—			14,442			—			14,442
Corporate bonds			—			33,495			—			33,495
Equity securities			1,985			—			—			1,985
Total Assets		$	1,985		$	170,860		$	—		$	172,845


		June 30, 2022
(Dollars in thousands)		Level I			Level II			Level III			Total
Assets:
Investments available for sale:
Mortgage-backed securities		$	—		$	117,506		$	—		$	117,506
U.S. agency collateralized mortgage obligations			—			9,709			—			9,709
U.S. government agency securities			—			5,038			—			5,038
Municipal bonds			—			15,642			—			15,642
Corporate bonds			—			34,850			—			34,850
Equity securities			2,258			—			—			2,258
Total Assets		$	2,258		$	182,745		$	—		$	185,003

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


		June 30, 2022
(Dollars in thousands)		Level I			Level II			Level III			Total
Assets:
Impaired loans		$	—		$	—		$	1,690		$	1,690
Premises transferred to held for sale			—			—			1,596			1,596
		$	—		$	—		$	3,286		$	3,286

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
June 30, 2022
Impaired loans		$	1,690		Appraisal of collateral ⁽¹⁾⁽³⁾		Appraisal adjustments ⁽²⁾		0-7	%
Premises transferred to held for sale			1,596		Appraisal of premises ⁽¹⁾⁽³⁾		Appraisal adjustments ⁽²⁾		0-1	%

(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 September 30, 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		$	472,499		$	444,984		$	—		$	—		$	444,984
Securities held to maturity			104,376			84,997			—			84,997			—

Financial instruments - liabilities:
Certificates of deposit			129,366			127,158			—			—			127,158
Advances from Federal Home Loan Bank			55,000			55,000			—			—			55,000

Off-balance sheet financial instruments			—			—			—			—			—


		Fair Value Measurements at June 30, 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		$	475,511		$	468,485		$	—		$	—		$	468,485
Securities held to maturity			102,135			88,321			—			88,321			—

Financial instruments - liabilities:
Certificates of deposit			131,361			130,974			—			—			130,974
Advances from Federal Home Loan Bank			65,000			65,000			—			—			65,000

Off-balance sheet financial instruments			—			—			—			—			—