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Disclosures About Fair Value of Assets (Tables)

3 Months Ended

Sep. 30, 2023

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 September 30, 2023 and June 30, 2023:

						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, 2023:
Available-for-sale securities:
U.S. Treasury		$	430			$	—			$	430			$	—
U.S. Government and federal agency and Government sponsored enterprises (GSE’s)			6,427				—				6,427				—
Mortgage-backed: GSE residential			166,578				—				166.578				—
Small Business Administration			14,268				—				14,268				—
State and political subdivisions			3,409				—				1,048				2,361
Mortgage servicing rights			1,540				—				—				1,540

						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, 2023:
Available-for-sale securities:
U.S. Treasury		$	438			$	—			$	438			$	—
U.S. Government and federal agency and Government sponsored enterprises (GSE’s)			6,477				—				6,477				—
Mortgage-backed: GSE residential			175,726				—				175,726				—
Small Business Administration			15,233				—				15,233				—
State and political subdivisions			3,425				—				1,064				2,361
Mortgage servicing rights			1,482				—				—				1,482

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:

		Three months ended September 30, 2023
		Obligations of State and Political Subdivisions				Mortgage Servicing Rights				Total
Beginning balance		$	2,361			$	1,482			$	3,843
Transfers into Level 3			—				41				41
Transfers out of Level 3			—				(42	)			(42	)
Total realized and unrealized gains and losses included in net income			—				59				59
Purchases			—				—				—
Sales			—				—				—
Settlements			—				—				—
Ending balance		$	2,361			$	1,540			$	3,901
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		$	—			$	59			$	59

		Year ended June 30, 2023
		Obligations of State and Political Subdivisions				Mortgage Servicing Rights				Total
Beginning balance		$	2,662			$	1,463			$	4,125
Transfers into Level 3			—				89				89
Transfers out of Level 3			—				(171	)			(171	)
Total realized and unrealized gains and losses included in net income			—				101				101
Purchases			—				—				—
Sales			—				—				—
Settlements			(301	)			—				(301	)
Ending balance		$	2,361			$	1,482			$	3,843
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		$	—			$	101			$	101

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, 2023 and June 30, 2023.

		Fair Value at September 30, 2023				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	1,540			Discounted cash flow		Discount rate		9.5% (9.5%)
								Constant prepayment rate		6.1% - 6.9% (6.6%)
								Probability of default		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, 2023				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	1,482			Discounted cash flow		Discount rate		9.5% (9.5%)
								Constant prepayment rate		6.0% - 7.0% (6.9%)
								Probability of default		0.09% - 0.12% (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%)

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, 2023 and June 30, 2023.

		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, 2023:
Financial assets
Cash and cash equivalents		$	13,582			$	13,582			$	—			$	—
Interest-bearing time deposits in banks			1,250				1,250				—				—
Loans, net of allowance for credit losses			614,598				—				—				590,319
Federal Home Loan Bank stock			4,764				—				4,764				—
Accrued interest receivable			3,223				—				3,223				—
Financial liabilities
Deposits			687,148				—				390,274				295,909
Repurchase agreements			16,038				—				16,038				—
Federal Home Loan Bank advances			90,500				—				90,407				—
Advances from borrowers for taxes and insurance			779				—				779				—
Accrued interest payable			2,737				—				2,737				—
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, 2023:
Financial assets
Cash and cash equivalents		$	10,988			$	10,988			$	—			$	—
Interest-bearing time deposits in banks			1,250				1,250				—				—
Loans, net of allowance for credit losses			587,457				—				—				564,432
Federal Home Loan Bank stock			3,127				—				3,127				—
Accrued interest receivable			2,781				—				2,781				—
Financial liabilities
Deposits			735,314				—				451,718				282,351
Repurchase agreements			10,787				—				10,787				—
Federal Home Loan Bank advances			19,500				—				19,382				—
Advances from borrowers for taxes and insurance			1,233				—				1,233				—
Accrued interest payable			1,666				—				1,666				—
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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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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