LOANS (Tables)

12 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule Of Loans And Lease Receivable

A summary of the balances of loans follows:

(In thousands)	June 30, 2024			June 30, 2023
Mortgage loans on real estate:
Residential:
1-4 family	$	138,005		$	140,109
Multifamily		12,066			12,638
Second mortgages and home equity lines of credit		3,372			2,699
Commercial		16,833			20,323
Total mortgage loans on real estate		170,276			175,769
Consumer loans:
Consumer		65			49
Home improvement		2,037			2,191
Total other loans		2,102			2,240
Total loans		172,378			178,009
Allowance for credit losses(1)		(1,553	)		(1,747	)
Net deferred loan fees		(387	)		(351	)
Loans, net	$	170,438		$	175,911

(1) The Company adopted ASU 2016-13 on July 1, 2023 with a modified retrospective approach. Accordingly, at June 30, 2024 the allowance for credit losses was determined in accordance with ASC 326, “Financial Instruments - Credit Losses.”

Schedule Of amount due from directors and other related parties

The following presents the activity in amount due from directors and other related parties for the years ended June 30, 2024 and 2023:

(In thousands)	June 30, 2024			June 30, 2023
Outstanding related party loans at July 1,	$	2,078		$	3,047
New loans		-			-
Draws		-			3
Transfers		-			(482	)
Repayments		(100	)		(490	)
Outstanding related party loans at June 30,	$	1,978		$	2,078

Schedule of Illustrates the Impact of ASC 326

The following table illustrates the impact of ASC 326:

	Pre-ASC Adoption			As Reported Under ASC 326
(In thousands)	June 30, 2023			July 1, 2023			Impact of ASC 326 Adoption
Assets
Allowance for credit losses on securities held to maturity	$	-		$	(276	)	$	(276	)
Allowance for credit losses on loans		(1,747	)		(1,759	)		(12	)
Deferred tax asset on allowance for credit losses		466			378			(88	)
Liabilities
Allowance for credit losses on off-balance sheet exposures	$	-		$	23		$	23
Shareholders' Equity
Retained earnings	$	50,416		$	50,193		$	(223	)

Schedule Of Allowance For Loan Losses And Allocation Of The Allowance To Loan Segments

Activity in the allowance for credit losses and allocation of the allowance to loan segments follows:

(In thousands)	Residential 1-4 Family			Multifamily			Second Mortgages and Home Equity Lines of Credit			Construction			Commercial Real Estate			Consumer			Home Improvement			Unallocated			Total
Allowance for credit losses for loans
Balance at June 30, 2023	$	974		$	190		$	29		$	-		$	346		$	-		$	64		$	144		$	1,747
Adoption of ASU 2016-13(1)		139			2			23			-			(19	)		2			9			(144	)		12
Adjusted beginning balance	$	1,113		$	192		$	52		$	-		$	327		$	2		$	73		$	-		$	1,759
Provision (benefit) for credit losses		(70	)		(1	)		(34	)		-			(87	)		2			(13	)		-			(203	)
Loans charged-off		-			-			-			-			-			(3	)		-			-			(3	)
Recoveries		-			-			-			-			-			-			-			-			-
Balance at June 30, 2024	$	1,043		$	191		$	18		$	-		$	240		$	1		$	60		$	-		$	1,553
Allowance for credit losses for off-balance sheet exposures
Balance at June 30, 2023	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Adoption of ASU 2016-13		5			7			-			-			7			4			-			-			23
Adjusted beginning balance	$	5		$	7		$	-		$	-		$	7		$	4		$	-		$	-		$	23
Provision (benefit) for credit losses		-			19			-			-			(7	)		(4	)		-			-			8
Balance at June 30, 2024	$	5		$	26		$	-		$	-		$	-		$	-		$	-		$	-		$	31
Allowance for loan losses
Balance at June 30, 2022	$	986		$	215		$	22		$	4		$	252		$	-		$	61		$	207		$	1,747
Provision (credit) for loan losses		(12	)		(25	)		7			(4	)		94			-			3			(63	)		-
Loans charged-off		-			-			-			-			-			-			-			-			-
Recoveries		-			-			-			-			-			-			-			-			-
Balance at June 30, 2023	$	974		$	190		$	29		$	-		$	346		$	-		$	64		$	144		$	1,747

(1) Represents the net adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of ASU 2016-13 (i.e., the cumulative effect adjustment related to the adoption of ASU 2016-13 as of July 1, 2023).

The allocation of the allowance for credit losses on loans to each category is presented as of June 30, 2024.

(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Unallocated		Total
June 30, 2024
Allowance for credit losses on loans
Individually evaluated for credit losses	$	10	$	-	$	-	$	-	$	-	$	-	$	-	$	10
Collectively evaluated for credit losses		1,033		191		18		240		1		60		-		1,543
Total	$	1,043	$	191	$	18	$	240	$	1	$	60	$	-	$	1,553
Loans
Individually evaluated for credit losses	$	1,390	$	-	$	-	$	-	$	-	$	-	$	-	$	1,390
Collectively evaluated for credit losses		136,615		12,066		3,372		16,833		65		2,037		-		170,988
Total	$	138,005	$	12,066	$	3,372	$	16,833	$	65	$	2,037	$	-	$	172,378

The allocation of the allowance for loan losses to each category is presented as of June 30, 2023 under the incurred loss model.

(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Unallocated		Total
June 30, 2023
Allowance for impaired loans	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Allowance for non-impaired loans		974		190		29		346		-		64		144		1,747
Total allowance for loan losses	$	974	$	190	$	29	$	346	$	-	$	64	$	144	$	1,747
Impaired loans	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Non-impaired loans		140,109		12,638		2,699		20,323		49		2,191		-		178,009
Total loans	$	140,109	$	12,638	$	2,699	$	20,323	$	49	$	2,191	$	-	$	178,009

Schedule Of Bank's Loans By Risk Ratings

													Revolving
	Term Loans at Amortized Cost by Fiscal Origination Year												Loans
(In thousands)	2024		2023		2022		2021		2020		Prior		Amortized Cost		Total
June 30, 2024
Residential 1-4 family:
Pass	$	10,045	$	10,709	$	28,969	$	16,833	$	17,533	$	52,153		383	$	136,625
Substandard		-		-		-		-		355		1,035		-		1,390
Total residential 1-4 family		10,045		10,709		28,969		16,833		17,888		53,188		383		138,015
Multifamily:
Pass		699		-		3,799		2,259		1,123		3,840		346		12,066
Total multifamily		699		-		3,799		2,259		1,123		3,840		346		12,066
Second mortgages and home equity lines of credit:
Pass		1,085		765		126		212		57		336		791		3,372
Total second mortgages and home equity lines of credit		1,085		765		126		212		57		336		791		3,372
Commercial:
Pass		498		8,654		1,059		910		836		4,805		71		16,833
Total commercial		498		8,654		1,059		910		836		4,805		71		16,833
Consumer:
Pass		32		-		-		-		13		20		-		65
Total consumer		32		-		-		-		13		20		-		65
Home improvement:
Pass		323		382		352		350		149		84		-		1,640
Total home improvement		323		382		352		350		149		84		-		1,640
Total loans
Pass		12,682		20,510		34,305		20,564		19,711		61,238		1,591		170,601
Substandard		-		-		-		-		355		1,035		-		1,390
Net deferred fees		92		104		42		58		23		68		-		387
Total loans	$	12,774	$	20,614	$	34,347	$	20,622	$	20,089	$	62,341	$	1,591	$	172,378

At June 30, 2024 there were no loans rated doubtful or loss.

The following table presents information on the Company’s loans by risk ratings at June 30, 2023:

(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Total
June 30, 2023
Pass	$	138,678	$	12,638	$	2,699	$	20,323	$	49	$	2,191	$	176,578
Special mention		1,431		-		-		-		-		-		1,431
Total loans	$	140,109	$	12,638	$	2,699	$	20,323	$	49	$	2,191	$	178,009