Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments

Schedule of assets measured at fair value on recurring basis

	March 31, 2024
(Dollars in thousands)	Level I		Level II		Level III		Total
Assets:
Investments available for sale:
Mortgage-backed securities	$	—	$	100,975	$	—	$	100,975
U.S. agency collateralized mortgage obligations		—		7,493		—		7,493
U.S. government agency securities		—		712		—		712
Municipal bonds		—		15,056		—		15,056
Corporate bonds		—		32,407		—		32,407
Equity securities		2,000		—		—		2,000
Total Assets	$	2,000	$	156,643	$	—	$	158,643

	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

Schedule of carrying amount and fair value of financial assets and liabilities

	Fair Value Measurements at March 31, 2024
					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	$	478,257	$	446,351	$	—	$	—	$	446,351
Securities held to maturity		94,871		78,643		—		78,643		—
Financial instruments - liabilities:
Certificates of deposit		168,702		166,445		—		—		166,445
Advances from Federal Home Loan Bank		65,000		65,000		—		—		65,000
Off-balance sheet financial instruments		—		—		—		—		—

	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		—		—		—		—		—