Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2023

Fair Value of Financial Instruments

Schedule of assets measured at fair value on recurring basis

	June 30, 2023
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Investments available for sale:
Mortgage-backed securities	$	—	$	106,756	$	—	$	106,756
U.S. agency collateralized mortgage obligations		—		8,292		—		8,292
U.S. government agency securities		—		3,932		—		3,932
Municipal bonds		—		14,979		—		14,979
Corporate bonds		—		31,168		—		31,168
Equity securities		1,629		—		—		1,629
Total Assets	$	1,629	$	165,127	$	—	$	166,756

	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 June 30, 2023
					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	$	477,543	$	436,636	$	—	$	—	$	436,636
Securities held to maturity		99,690		82,313		—		82,313		—
Financial instruments - liabilities:
Certificates of deposit		159,377		155,426		—		—		155,426
Advances from Federal Home Loan Bank		34,000		34,000		—		—		34,000
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		—		—		—		—		—