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Disclosures About Fair Value of Assets (Tables) | 3 Months Ended
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Sep. 30, 2024
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, 2024 and June 30, 2024:
|  |  |  |  | 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, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |  | $ | 5,763 |  |  | $ | — |  |  | $ | 5,763 |  |  | $ | — |
Mortgage-backed: GSE residential |  |  | 169,638 |  |  |  | — |  |  |  | 169,638 |  |  |  | — |
Small Business Administration |  |  | 14,152 |  |  |  | — |  |  |  | 14,152 |  |  |  | — |
State and political subdivisions |  |  | 3,098 |  |  |  | — |  |  |  | 1,041 |  |  |  | 2,057 |
Mortgage servicing rights |  |  | 1,366 |  |  |  | — |  |  |  | — |  |  |  | 1,366 |
|  |  |  |  | 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, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 444 |  |  | $ | 444 |  |  | $ | — |  |  | $ | — |
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |  |  | 6,609 |  |  |  | — |  |  |  | 6,609 |  |  |  | — |
Mortgage-backed: GSE residential |  |  | 166,236 |  |  |  | — |  |  |  | 166,236 |  |  |  | — |
Small Business Administration |  |  | 14,086 |  |  |  | — |  |  |  | 14,086 |  |  |  | — |
State and political subdivisions |  |  | 3,100 |  |  |  | — |  |  |  | 1,043 |  |  |  | 2,057 |
Mortgage servicing rights |  |  | 1,491 |  |  |  | — |  |  |  | — |  |  |  | 1,491 |
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, 2024 |
|  | Obligations of State and Political Subdivisions |  |  | Mortgage Servicing Rights |  |  | Total |
Beginning balance |  | $ | 2,057 |  |  | $ | 1,491 |  |  | $ | 3,548 |
Transfers into Level 3 |  |  | — |  |  |  | 47 |  |  |  | 47 |
Transfers out of Level 3 |  |  | — |  |  |  | (34 | ) |  |  | (34 | )
Total realized and unrealized gains and losses included in net income |  |  | — |  |  |  | (138 | ) |  |  | (138 | )
Purchases |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | — |  |  |  | — |
Settlements |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 2,057 |  |  | $ | 1,366 |  |  | $ | 3,423 |
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 |  | $ | — |  |  | $ | (138 | ) |  | $ | (138 | )
|  | Year ended June 30, 2024 |
|  | Obligations of State and Political Subdivisions |  |  | Mortgage Servicing Rights |  |  | Total |
Beginning balance |  | $ | 2,361 |  |  | $ | 1,482 |  |  | $ | 3,843 |
Transfers into Level 3 |  |  | — |  |  |  | 151 |  |  |  | 151 |
Transfers out of Level 3 |  |  | — |  |  |  | (143 | ) |  |  | (143 | )
Total realized and unrealized gains and losses included in net income |  |  | — |  |  |  | 1 |  |  |  | 1 |
Purchases |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | — |  |  |  | — |
Settlements |  |  | (304 | ) |  |  | — |  |  |  | (304 | )
Ending balance |  | $ | 2,057 |  |  | $ | 1,491 |  |  | $ | 3,548 |
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 |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
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, 2024 and June 30, 2024.
|  | Fair Value at September 30, 2024 |  |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights |  | $ | 1,366 |  |  | Discounted cash flow |  | Discount rate Constant prepayment rate Probability of default |  | 10.0% (10.0%) 7.2% - 10.0% (7.7%) 0.08% - 0.12% (0.11%)
State and political subdivision |  | $ | 2,057 |  |  | Discounted cash flow |  | Maturity/Call Date Weighted average coupon Marketability yield adjustment |  | 1 month – 7 years 2.97% - 3.08% (3.04%) 1.0% - 2.0% (1.6%)
|  | Fair Value at June 30, 2024 |  |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Mortgage servicing rights |  | $ | 1,491 |  |  | Discounted cash flow |  | Discount rate Constant prepayment rate Probability of default |  | 10.0% ( 10.0%) 6.2% - 8.0% (7.7%) 0.08% - 0.12% (0.11%)
State and political subdivision |  |  | 2,057 |  |  | Discounted cash flow |  | Maturity/Call Date Weighted average coupon Marketability yield adjustment |  | 1 month – 7 years 2.97% - 3.08% (3.04%) 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, 2024 and June 30, 2024.
|  | 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, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,784 |  |  | $ | 7,784 |  |  | $ | — |  |  | $ | — |
Interest-bearing time deposits in banks |  |  | 250 |  |  |  | 250 |  |  |  | — |  |  |  | — |
Loans, net of allowance for credit losses |  |  | 647,064 |  |  |  | — |  |  |  | — |  |  |  | 619,357 |
Federal Home Loan Bank stock |  |  | 4,758 |  |  |  | — |  |  |  | 4,758 |  |  |  | — |
Accrued interest receivable |  |  | 3,823 |  |  |  | — |  |  |  | 3,823 |  |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 677,159 |  |  |  | — |  |  |  | 363,156 |  |  |  | 314,167 |
Repurchase agreements |  |  | 17,913 |  |  |  | — |  |  |  | 17,913 |  |  |  | — |
Federal Home Loan Bank advances |  |  | 83,499 |  |  |  | — |  |  |  | 83,119 |  |  |  | — |
Other borrowings |  |  | 25,175 |  |  |  |  |  |  |  | 25,183 |  |  |  |  |
Advances from borrowers for taxes and insurance |  |  | 510 |  |  |  | — |  |  |  | 510 |  |  |  | — |
Accrued interest payable |  |  | 2,756 |  |  |  | — |  |  |  | 2,756 |  |  |  | — |
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, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9,571 |  |  | $ | 9,571 |  |  | $ | — |  |  | $ | — |
Interest-bearing time deposits in banks |  |  | 250 |  |  |  | 250 |  |  |  | — |  |  |  | — |
Loans, net of allowance for credit losses |  |  | 639,297 |  |  |  | — |  |  |  | — |  |  |  | 607,076 |
Federal Home Loan Bank stock |  |  | 4,499 |  |  |  | — |  |  |  | 4,499 |  |  |  | — |
Accrued interest receivable |  |  | 3,457 |  |  |  | — |  |  |  | 3,457 |  |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 727,177 |  |  |  | — |  |  |  | 407,544 |  |  |  | 318,612 |
Repurchase agreements |  |  | 17,772 |  |  |  | — |  |  |  | 17,772 |  |  |  | — |
Federal Home Loan Bank advances |  |  | 32,999 |  |  |  | — |  |  |  | 32,560 |  |  |  | — |
Other Borrowings |  |  | 25,250 |  |  |  | — |  |  |  | 25,199 |  |  |  | — |
Advances from borrowers for taxes and insurance |  |  | 968 |  |  |  | — |  |  |  | 968 |  |  |  | — |
Accrued interest payable |  |  | 3,009 |  |  |  | — |  |  |  | 3,009 |  |  |  | — |
Unrecognized financial instruments (net of contract amount) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commitments to originate loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
The methods utilized to measure the fair value of financial instruments at September 30, 2024, represent an approximation of exit price; however, an actual exit price may differ.

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