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v3.22.2.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Schedule of contributed to the ESOP |
|  | For the fiscal year ended |
|  | June 30, |
|  | 2022 |  |  | 2021 |
Allocated shares |  |  | 117,065 |  |  |  | 99,668 |
Shares committed to be released |  |  | 463 |  |  |  | 9,338 |
Unearned shares |  |  | 461 |  |  |  | 10,261 |
Total ESOP shares |  |  | 117,989 |  |  |  | 119,267 |
Fair value of unearned shares at End of period |  | $ | 4,000 |  |  | $ | 76,000 |
Schedule of earnings per share |
|  | For the fiscal year ended |
|  | June 30, |
|  | 2022 |  |  | 2021 |
Net income allocated to common shareholders, basic and diluted |  | $ | 1,590,000 |  |  | $ | 1,820,000 |
EARNINGS PER SHARE |  | $ | 0.19 |  |  | $ | 0.22 |
Weighted average common shares outstanding, basic and diluted |  |  | 8,213,407 |  |  |  | 8,216,193 |
Schedule of fair value measurements of assets and liabilities measured at fair value on a recurring basis |
|  |  |  |  | Fair Value Measurements Using |
|  |  |  |  | Quotes Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
(in thousands) |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 10,477 |  |  | $ | - |  |  | $ | 10,477 |  |  | $ | - |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 33 |  |  | $ | - |  |  | $ | 33 |  |  | $ | - |
Schedule of financial instruments |
|  |  |  |  | Fair Value Measurements at |
|  | Carrying |  |  | June 30, 2022 Using |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 25,823 |  |  | $ | 25,823 |  |  |  |  |  |  |  |  |  |  | $ | 25,823 |
Available-for-sale securities |  |  | 10,477 |  |  |  |  |  |  | $ | 10,477 |  |  |  |  |  |  |  | 10,477 |
Held-to-maturity securities |  |  | 339 |  |  |  |  |  |  |  | 323 |  |  |  |  |  |  |  | 323 |
Loans held for sale |  |  | 152 |  |  |  |  |  |  |  | 153 |  |  |  |  |  |  |  | 153 |
Loans receivable - net |  |  | 274,583 |  |  |  |  |  |  |  |  |  |  | $ | 271,994 |  |  |  | 271,994 |
Federal Home Loan Bank stock |  |  | 6,498 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n/a |
Accrued interest receivable |  |  | 649 |  |  |  |  |  |  |  | 649 |  |  |  |  |  |  |  | 649 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 239,857 |  |  | $ | 115,152 |  |  | $ | 124,682 |  |  |  |  |  |  | $ | 239,834 |
Federal Home Loan Bank advances |  |  | 34,066 |  |  |  |  |  |  |  | 33,688 |  |  |  |  |  |  |  | 33,688 |
Advances by borrowers for taxes and insurance |  |  | 766 |  |  |  |  |  |  |  | 766 |  |  |  |  |  |  |  | 766 |
Accrued interest payable |  |  | 12 |  |  |  |  |  |  |  | 12 |  |  |  |  |  |  |  | 12 |
|  | Carrying |  |  | Fair Value Measurements at June 30, 2021 Using |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 21,648 |  |  | $ | 21,648 |  |  |  |  |  |  |  |  |  |  | $ | 21,648 |
Time deposits in other financial institutions |  |  | 247 |  |  |  | 248 |  |  |  |  |  |  |  |  |  |  |  | 248 |
Available-for-sale securities |  |  | 33 |  |  |  |  |  |  | $ | 33 |  |  |  |  |  |  |  | 33 |
Held-to-maturity securities |  |  | 462 |  |  |  |  |  |  |  | 476 |  |  |  |  |  |  |  | 476 |
Loans held for sale |  |  | 1,307 |  |  |  |  |  |  |  | 1,336 |  |  |  |  |  |  |  | 1,336 |
Loans receivable - net |  |  | 297,902 |  |  |  |  |  |  |  |  |  |  | $ | 306,346 |  |  |  | 306,346 |
Federal Home Loan Bank stock |  |  | 6,498 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n/a |
Accrued interest receivable |  |  | 694 |  |  |  |  |  |  |  | 694 |  |  |  |  |  |  |  | 694 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 226,843 |  |  | $ | 101,951 |  |  | $ | 125,232 |  |  |  |  |  |  | $ | 227,183 |
Federal Home Loan Bank advances |  |  | 56,873 |  |  |  |  |  |  |  | 57,314 |  |  |  |  |  |  |  | 57,314 |
Advances by borrowers for taxes and insurance |  |  | 838 |  |  |  |  |  |  |  | 838 |  |  |  |  |  |  |  | 838 |
Accrued interest payable |  |  | 20 |  |  |  |  |  |  |  | 20 |  |  |  |  |  |  |  | 20 |
Schedule of loans outstanding |
(in thousands) |  | 2022 |  |  | 2021 |
Outstanding principal, beginning of year |  | $ | 1,405 |  |  | $ | 1,047 |
Changes in composition of related parties |  |  | - |  |  |  | 936 |
Principal disbursed during the year |  |  | - |  |  |  | - |
Principal repaid and refinanced during the year |  |  | (717 | ) |  |  | (578 | )
Outstanding principal, end of year |  | $ | 688 |  |  | $ | 1,405 |

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