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Disclosures about Fair Value of Assets (Tables)

9 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets Recognized on Recurring Basis

						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, 2023:
Available-for-sale securities:
US Treasury		$	1,442			$	—			$	1,442			$	—
US Government and federal agency			6,539				—				6,539				—
Mortgage-backed securities – GSE residential			180,219				—				180,219				—
Small Business Administration			16,062				—				16,062				—
State and political subdivisions			3,431				—				1,070				2,361
Mortgage servicing rights			1,472				—				—				1,472

						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:
US Treasury		$	3,400			$	—			$	3,400			$	—
US Government and federal agency			9,121				—				9,121				—
Mortgage-backed securities – 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 Subdivisions
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, March 31, 2023		$	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			82
Servicing rights that result from asset transfers			60
Payments received and loans refinanced			(133	)
Balance, March 31, 2023		$	1,472
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		$	82

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, 2023 and June 30, 2022.

Fair Value at March 31, 2023

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Mortgage servicing rights

$

1,472

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 subdivisions

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 Constant prepayment rate Probability of default

9.5% (9.5%) 6.0% - 6.7% (6.7%) 0.10% - 0.14% (0.12%)

State and political subdivisions

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 March 31, 2023 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)
March 31, 2023:
Financial assets
Cash and cash equivalents		$	9,465			$	9,465			$	—			$	—
Interest-bearing time deposits in banks			1,250				1,250				—				—
Loans, net of allowance for loan losses			578,511				—				—				555,882
Federal Home Loan Bank stock			3,843				—				3,843				—
Accrued interest receivable			2,641				—				2,641				—
Financial liabilities
Deposits			691,568				—				404,660				284,542
Repurchase agreements			10,764				—				10,764				—
Federal Home Loan Bank advances			56,500				—				56,360				—
Advances from borrowers for taxes and insurance			1,352				—				1,352				—
Accrued interest payable			961				—				961				—
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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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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