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Disclosures About Fair Value of Assets (Table)

3 Months Ended

Sep. 30, 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 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 September 30, 2020 and June 30, 2020:

						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)
September 30, 2020:
Available-for-sale securities:
U.S. Government and federal agency and Government sponsored enterprises (GSE’s)		$	8,235			$	—			$	8,235			$	—
Mortgage-backed: GSE residential			147,954				—				147,954				—
Small Business Administration			3,654				—				3,654				—
State and political subdivisions			1,449				—				1,449				—
Mortgage servicing rights			731				—				—				731

						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, 2020:
Available-for-sale securities:
U.S. Government and federal agency and Government sponsored enterprises (GSE’s)		$	8,236			$	—			$	8,236			$	—
Mortgage-backed: GSE residential			148,855				—				148,855				—
Small Business Administration			3,640				—				3,640				—
State and political subdivisions			1,663				—				1,663				—
Mortgage servicing rights			715				—				—				715

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, 2020		$	715
Total realized and unrealized gains and losses included in net income			(37	)
Servicing rights that result from asset transfers			103
Payments received and loans refinanced			(50	)
Balance, September 30, 2020		$	731
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		$	(37	)

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 September 30, 2020 and June 30, 2020:

						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)
September 30, 2020:
Foreclosed assets		$	170			$	—			$	—			$	170
June 30, 2020:
Foreclosed assets		$	200			$	—			$	—			$	200

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

The following table presents (losses)/recoveries recognized on assets measured on a non-recurring basis for the three months ended September 30, 2020 and 2019:

		Three Months Ended September 30,
		2020				2019
Impaired loans (collateral-dependent)		$	—			$	2
Foreclosed and repossessed assets held for sale		$	(30	)		$	—

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 September 30, 2020 and June 30, 2020.

		Fair Value at September 30, 2020				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	731			Discounted cash flow		Discount rate Constant prepayment rate Probability of default		9.5% - 11.5% (9.5%) 15.1% - 20.1% (15.4%) 0.04% - 0.12% (0.11%)
Foreclosed assets			170			Market comparable properties		Comparability adjustments (%)		15.0% (15.0%)

		Fair Value at     June 30, 2020				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	715			Discounted cash flow		Discount rate Constant prepayment rate Probability of default		9.5% - 11.5% (9.5%) 13.5% -17.7% (13.8%) 0.04% - 0.12% (0.11%)
Foreclosed assets			200			Market comparable properties		Comparability adjustments (%)		11.1% (11.1%)

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 September 30, 2020 and June 30, 2020.

		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)
September 30, 2020:
Financial assets
Cash and cash equivalents		$	15,696			$	15,696			$	—			$	—
Interest-bearing time deposits in banks			3,000				3,000				—				—
Loans, net of allowance for loan losses			518,241				—				—				522,316
Federal Home Loan Bank stock			4,198				—				4,198				—
Accrued interest receivable			1,615				—				1,615				—
Financial liabilities
Deposits			601,731				—				308,006				295,042
Repurchase agreements			4,383				—				4,383				—
Federal Home Loan Bank advances			24,000				—				24,942				—
Lines of credit			3,000				—				3,000				—
Advances from borrowers for taxes and insurance			806				—				806				—
Accrued interest payable			421				—				421				—
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans			—				—				—				—

		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, 2020:
Financial assets
Cash and cash equivalents		$	33,467			$	33,467			$	—			$	—
Interest-bearing time deposits in banks			3,000				3,000				—				—
Loans, net of allowance for loan losses			509,817				—				—				513,221
Federal Home Loan Bank stock			3,028				—				3,028				—
Accrued interest receivable			1,908				—				1,908				—
Financial liabilities
Deposits			601,700				—				320,209				283,304
Repurchase agreements			3,738				—				3,738				—
Federal Home Loan Bank advances			34,500				—				35,472				—
Lines of credit			3,000				—				3,000				—
Advances from borrowers for taxes and insurance			519				—				519				—
Accrued interest payable			537				—				537				—
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans			—				—				—				—

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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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