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v3.20.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jun. 30, 2020
Accounting Policies [Abstract] |
Schedule of retirement and employee benefit plans |
|  | For the fiscal year ended |
|  | June 30, |
|  | 2020 |  |  | 2019 |
Allocated shares |  |  | 104,254 |  |  |  | 123,241 |
Shares committed to be released |  |  | 9,338 |  |  |  | 9,338 |
Unearned shares |  |  | 28,936 |  |  |  | 47,607 |
Total ESOP shares |  |  | 142,528 |  |  |  | 180,186 |
Fair value of unearned shares at End of period |  | $ | 195,000 |  |  | $ | 374,000 |
Schedule of earnings per share |
|  | For the fiscal year ended |
|  | June 30, |
|  | 2020 |  |  | 2019 |
Net (loss) income allocated to common shareholders, basic and diluted |  | $ | (12,547,000 | ) |  | $ | 812,000 |
(LOSS) EARNINGS PER SHARE |  | $ | (1.52 | ) |  | $ | 0.10 |
Weighted average common shares outstanding, basic and diluted |  |  | 8,251,860 |  |  |  | 8,335,612 |
Schedule of assets measured at fair value on a non-recurring basis |
|  |  |  |  | Fair Value Measurements Using |
|  |  |  |  | Quotes Prices |  |  |  |  |  |  |
|  |  |  |  | in Active |  |  | Significant |  |  |  |
|  |  |  |  | Markets for |  |  | Other |  |  | Significant |
|  |  |  |  | Identical |  |  | Observable |  |  | Unobservable |
|  |  |  |  | Assets |  |  | Inputs |  |  | Inputs |
(in thousands) |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency bonds |  | $ | 503 |  |  | $ | -- |  |  | $ | 503 |  |  | $ | -- |
Agency mortgage-backed: residential |  | $ | 38 |  |  | $ | -- |  |  | $ | 38 |  |  | $ | -- |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  | $ | 497 |  |  | $ | -- |  |  | $ | 497 |  |  | $ | -- |
Agency bonds |  | $ | 505 |  |  | $ | -- |  |  | $ | 505 |  |  | $ | -- |
Agency mortgage-backed: residential |  | $ | 43 |  |  | $ | -- |  |  | $ | 43 |  |  | $ | -- |
Schedule of assets measured at fair value on a non-recurring basis |
|  |  |  |  | Fair Value Measurements Using |
|  |  |  |  | Quotes Prices |  |  |  |  |  |  |
|  |  |  |  | in Active |  |  | Significant |  |  |  |
|  |  |  |  | Markets for |  |  | Other |  |  | Significant |
|  |  |  |  | Identical |  |  | Observable |  |  | Unobservable |
|  |  |  |  | Assets |  |  | Inputs |  |  | Inputs |
(in thousands) |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other real estate owned, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 465 |  |  | $ | - |  |  | $ | - |  |  | $ | 465 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 593 |  |  | $ | - |  |  | $ | - |  |  | $ | 593 |
Other real estate owned, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family |  | $ | 117 |  |  | $ | - |  |  | $ | - |  |  | $ | 117 |
Schedule of assets measured at fair value on a non-recurring basis |
|  |  |  |  |  |  |  |  | Range
|  | Fair Value |  |  | Valuation |  | Unobservable |  | (Weighted
June 30, 2020 |  | (in thousands) |  |  | Technique(s) |  | Input(s) |  | Average)
Foreclosed and repossessed assets: |  |  |  |  |  |  |  |  |  |
1-4 family |  | $ | 465 |  |  | Sales comparison approach |  | Adjustments for differences between comparable sales |  | -2.7% to 41.2% (20.4%)
|  |  |  |  |  |  |  |  | Range
|  | Fair Value |  |  | Valuation |  | Unobservable |  | (Weighted
June 30, 2019 |  | (in thousands) |  |  | Technique(s) |  | Input(s) |  | Average)
Loans: |  |  |  |  |  |  |  |  |  |
1-4 family |  | $ | 593 |  |  | Sales comparison approach |  | Adjustments for differences between comparable sales |  | 25.3% to -50.6% (-0.6%)
Foreclosed and repossessed assets: |  |  |  |  |  |  |  |  |  |
1-4 family |  | $ | 117 |  |  | Sales comparison approach |  | Adjustments for differences between comparable sales |  | 8.6% to 31.0% (29.0%)
Schedule of foregoing methods and assumptions, the carrying value and fair value |
|  |  |  |  | Fair Value Measurements at |
|  | Carrying |  |  | June 30, 2020 Using |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 13,702 |  |  | $ | 13,702 |  |  |  |  |  |  |  |  |  |  | $ | 13,702 |
Time deposits in other financial institutions |  |  | 2,229 |  |  |  | 2,252 |  |  |  |  |  |  |  |  |  |  |  | 2,252 |
Available-for-sale securities |  |  | 541 |  |  |  |  |  |  | $ | 541 |  |  |  |  |  |  |  | 541 |
Held-to-maturity securities |  |  | 598 |  |  |  |  |  |  |  | 611 |  |  |  |  |  |  |  | 611 |
Loans held for sale |  |  | 667 |  |  |  |  |  |  |  | 685 |  |  |  |  |  |  |  | 685 |
Loans receivable - net |  |  | 285,887 |  |  |  |  |  |  |  |  |  |  | $ | 295,431 |  |  |  | 295,431 |
Federal Home Loan Bank stock |  |  | 6,498 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n/a |
Accrued interest receivable |  |  | 830 |  |  |  |  |  |  |  | 830 |  |  |  |  |  |  |  | 830 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 212,273 |  |  | $ | 78,118 |  |  | $ | 135,000 |  |  |  |  |  |  | $ | 213,118 |
Federal Home Loan Bank advances |  |  | 54,715 |  |  |  |  |  |  |  | 55,416 |  |  |  |  |  |  |  | 55,416 |
Advances by borrowers for taxes and insurance |  |  | 800 |  |  |  |  |  |  |  | 800 |  |  |  |  |  |  |  | 800 |
Accrued interest payable |  |  | 27 |  |  |  |  |  |  |  | 27 |  |  |  |  |  |  |  | 27 |
|  | Fair Value Measurements at |
|  | Carrying |  |  | June 30, 2019 Using |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9,861 |  |  | $ | 9,861 |  |  |  |  |  |  |  |  |  |  | $ | 9,861 |
Time deposits in other financial institutions |  |  | 6,962 |  |  |  | 6,963 |  |  |  |  |  |  |  |  |  |  |  | 6,963 |
Available-for-sale securities |  |  | 1,045 |  |  |  |  |  |  | $ | 1,045 |  |  |  |  |  |  |  | 1,045 |
Held-to-maturity securities |  |  | 775 |  |  |  |  |  |  |  | 775 |  |  |  |  |  |  |  | 775 |
Loans receivable - net |  |  | 280,969 |  |  |  |  |  |  |  |  |  |  | $ | 285,700 |  |  |  | 285,700 |
Federal Home Loan Bank stock |  |  | 6,482 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n/a |
Accrued interest receivable |  |  | 758 |  |  |  |  |  |  |  | 758 |  |  |  |  |  |  |  | 758 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 195,836 |  |  | $ | 69,944 |  |  | $ | 123,920 |  |  |  |  |  |  | $ | 193,864 |
Federal Home Loan Bank advances |  |  | 66,703 |  |  |  |  |  |  |  | 66,719 |  |  |  |  |  |  |  | 66,719 |
Advances by borrowers for taxes and insurance |  |  | 763 |  |  |  |  |  |  |  | 763 |  |  |  |  |  |  |  | 763 |
Accrued interest payable |  |  | 28 |  |  |  |  |  |  |  | 28 |  |  |  |  |  |  |  | 28 |
Schedule of loans outstanding |
(in thousands) |  | 2020 |  |  | 2019 |
Outstanding principal, beginning of year |  | $ | 1,246 |  |  | $ | 845 |
Changes in composition of related parties |  |  | (129 | ) |  |  | -- |
Principal disbursed during the year |  |  | -- |  |  |  | 538 |
Principal repaid and refinanced during the year |  |  | (70 | ) |  |  | (137 | )
Outstanding principal, end of year |  | $ | 1,047 |  |  | $ | 1,246 |

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