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Disclosures About Fair Value of Assets and Liabilities (Table)

9 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets Recognized on Recurring Basis

The following table presents the fair value measurements of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2020 and June 30, 2019:

						Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
March 31, 2020:
Available-for-sale securities:
US Government and federal agency		$	8,160			$	—			$	8,160			$	—
Mortgage-backed securities – GSE residential			139,640				—				139,640				—
Small Business Administration			3,607				—				3,607				—
State and political subdivisions			1,541				—				1,541				—
Mortgage servicing rights			821				—				—				821

						Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
June 30, 2019:
Available-for-sale securities:
US Government and federal agency		$	12,950			$	—			$	12,950			$	—
Mortgage-backed securities – GSE residential			125,510				—				125,510				—
Small Business Administration			4,935				—				4,935				—
State and political subdivisions			2,896				—				2,896				—
Mortgage servicing rights			853				—				—				853

Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in Accompanying Balance Sheet

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs:

		Mortgage Servicing Rights
Balance, July 1, 2019		$	853
Total realized and unrealized gains and losses included in net income			(110	)
Servicing rights that result from asset transfers			173
Payments received and loans refinanced			(95	)
Balance, March 31, 2020		$	821
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date		$	(110	)

Fair Value Measurement of Assets Recognized on Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2020 and June 30, 2019:

						Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
March 31, 2020:
Impaired loans (collateral-dependent)		$	—			$	—			$	—			$	—
Foreclosed assets		$	—			$	—			$	—			$	—
June 30, 2019:
Impaired loans (collateral-dependent)		$	33			$	—			$	—			$	33
Foreclosed assets		$	512			$	—			$	—			$	512

(Losses)/Recoveries Recognized on Assets Measured on Non-Recurring Basis

The following table presents recoveries (losses) recognized on assets measured on a non-recurring basis for the three months and nine months ended March 31, 2020 and 2019:

		Three Months Ended March 31,								Nine Months Ended March 31,
		2020				2019				2020				2019
Impaired loans (collateral-dependent)		$	—			$	—			$	13			$	—
Foreclosed and repossessed assets held for sale		$	—			$	(160	)		$	—			$	(160	)

Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2020 and June 30, 2019.

		Fair Value at March 31, 2020				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	821			Discounted cash flow		Discount rate		9.5% - 11.5% (9.5%)
								Constant prepayment rate		12.0% - 14.5% (12.1%)
								Probability of default		0.05% - 0.12% (0.11%)

		Fair Value at June 30, 2019				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	853			Discounted cash flow		Discount rate		9.5% - 11.5% (9.5%)
								Constant prepayment rate		8.3% - 11.0% (9.0%)
								Probability of default		0.05% - 0.12% (0.11%)
Impaired loans (collateral dependent)			33			Market comparable properties		Marketability discount		11.1% (11.1%)
Foreclosed assets			512			Market comparable properties		Comparability adjustments (%)		7.8% (7.8%)

Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall

The following tables present estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2020 and June 30, 2019.

		Carrying Amount				Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
March 31, 2020:
Financial assets
Cash and cash equivalents		$	6,875			$	6,875			$	—			$	—
Interest-bearing time deposits in banks			3,000				3,000				—				—
Loans, net of allowance for loan losses			494,517				—				—				498,172
Federal Home Loan Bank stock			2,408				—				2,408				—
Accrued interest receivable			2,025				—				2,025				—
Financial liabilities
Deposits			533,130				—				241,837				293,137
Repurchase agreements			3,404				—				3,404				—
Federal Home Loan Bank advances			53,500				—				54,533				—
Advances from borrowers for taxes and insurance			1,272				—				1,272				—
Accrued interest payable			935				—				935				—
Unrecognized financial instruments (net of contract amount)			—				—				—				—
Commitments to originate loans			—				—				—				—
Lines of credit			5,000				5,000				—				—

		Carrying Amount				Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
June 30, 2019:
Financial assets
Cash and cash equivalents		$	59,600			$	59,600			$	—			$	—
Interest-bearing time deposits in banks			3,000				3,000				—				—
Loans, net of allowance for loan losses			487,774				—				—				480,479
Federal Home Loan Bank stock			1,174				—				1,174				—
Accrued interest receivable			2,142				—				2,142				—
Financial liabilities
Deposits			607,023				—				276,738				331,865
Repurchase agreements			2,015				—				2,015				—
Federal Home Loan Bank advances			24,000				—				24,419				—
Advances from borrowers for taxes and insurance			747				—				747				—
Accrued interest payable			801				—				801				—
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans			—				—				—				—
Lines of credit			—				—				—				—

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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