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Disclosures about Fair Value of Assets (Tables)

6 Months Ended

Dec. 31, 2022

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 December 31, 2022 and June 30, 2022:

						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)
December 31, 2022:
Available-for-sale securities:
U.S. Treasury		$	1,922			$	—			$	1,922			$	—
U.S. Government and federal agency and Government sponsored enterprises (GSE’s)			6,479				—				6,479				—
Mortgage-backed: GSE residential			180,078				—				180,078				—
Small Business Administration			16,176				—				16,176				—
State and political subdivisions			3,443				—				1,082				2,361
Mortgage servicing rights			1,515				—				—				1,515

						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, 2022:
Available-for-sale securities:
U.S. Treasury		$	3,400			$	—			$	3,400			$	—
U.S. Government and federal agency and Government sponsored enterprises (GSE’s)			9,121				—				9,121				—
Mortgage-backed: GSE residential			188,185				—				188,185				—
Small Business Administration			16,442				—				16,442				—
State and political subdivisions			3,758				—				1,096				2,662
Mortgage servicing rights			1,463				—				—				1,463

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:

		State and Political Subdivision
Balance, July 1, 2022		$	2,662
Transfers into Level 3			—
Transfers out of Level 3			—
Total realized and unrealized gains and losses included in net income			—
Purchases			—
Sales			—
Settlements			(301	)
Balance, December 31, 2022		$	2,361
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		$	—

		Mortgage Servicing Rights
Balance, July 1, 2022		$	1,463
Total realized and unrealized gains and losses included in net income			105
Servicing rights that result from asset transfers			39
Payments received and loans refinanced			(92	)
Balance, December 31, 2022		$	1,515
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		$	105

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 December 31, 2022 and June 30, 2022.

		Fair Value at December 31, 2022				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	1,515			Discounted cash flow		Discount rate Constant prepayment rate Probability of default		9.5% (9.5%) 6.0% - 6.8% (6.6%) 0.10% - 0.14% (0.12%)
State and political subdivision			2,361			Discounted cash flow		Maturity/Call Date		1 month – 9 years
								Weighted average coupon		2.97% - 3.08% (3.03%)
								Marketability yield adjustment		1.0% - 2.0% (1.6%)

Fair Value at     June 30, 2022

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Mortgage servicing rights

$

1,463

Discounted cash flow

Discount rate

9.5% (9.5%)

Constant prepayment rate

6.0% - 6.7% (6.7%)

Probability of default

0.10% - 0.14% (0.12%)

State and political subdivision

2,662

Discounted cash flow

Maturity/Call Date

1 month – 10 years

Weighted average coupon

2.97% - 3.08% (3.03%)

Marketability yield adjustment

1.0% - 2.0% (1.6%)

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 December 31, 2022 and June 30, 2022.

		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)
December 31, 2022:
Financial assets
Cash and cash equivalents		$	8,443			$	8,443			$	—			$	—
Interest-bearing time deposits in banks			1,250				1,250				—				—
Loans, net of allowance for loan losses			561,275				—				—				542,648
Federal Home Loan Bank stock			3,843				—				3,843				—
Accrued interest receivable			2,581				—				2,581				—
Financial liabilities
Deposits			667,337				—				403,074				263,693
Repurchase agreements			9,938				—				9,938				—
Federal Home Loan Bank advances			66,000				—				65,777				—
Advances from borrowers for taxes and insurance			1,099				—				1,099				—
Accrued interest payable			675				—				675				—
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, 2022:
Financial assets
Cash and cash equivalents		$	75,811			$	75,811			$	—			$	—
Interest-bearing time deposits in banks			1,500				1,500				—				—
Loans, net of allowance for loan losses			518,931				—				—				512,643
Federal Home Loan Bank stock			3,142				—				3,142				—
Accrued interest receivable			2,023				—				2,023				—
Financial liabilities
Deposits			752,020				—				501,544				250,650
Repurchase agreements			9,244				—				9,244				—
Federal Home Loan Bank advances			15,000				—				14,903				—
Advances from borrowers for taxes and insurance			503				—				503				—
Accrued interest payable			176				—				176				—
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans			—				—				—				—

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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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