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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Schedule of Contributed to ESOP | The amounts contributed to the ESOP were $14,000 and $280,000 for the years 2023 and 2022, respectively.
|  | For the fiscal year ended |
|  | June 30, |
|  | 2023 |  |  | 2022 |
Allocated shares |  |  | 110,660 |  |  |  | 117,065 |
Shares committed to be released |  |  | - |  |  |  | 463 |
Unearned shares |  |  | - |  |  |  | 461 |
Total ESOP shares |  |  | 110,660 |  |  |  | 117,989 |
Fair value of unearned shares at end of period |  | $ | - |  |  | $ | 4,000 |
Schedule of Earnings Per Share | There is no adjustment to net earnings for the calculation of diluted earnings per share. The factors used in the basic and diluted earnings per share computations for the fiscal years ended June 30 follow:
|  | For the fiscal year ended |
|  | June 30, |
|  | 2023 |  |  | 2022 |
Net income allocated to common shareholders, basic and diluted |  | $ | 933,000 |  |  | $ | 1,590,000 |
EARNINGS PER SHARE |  | $ | 0.11 |  |  | $ | 0.19 |
Weighted average common shares outstanding, basic and diluted |  |  | 8,131,568 |  |  |  | 8,213,407 |
Schedule of Fair Value Measurements of Assets and Liabilities | The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis at June 30, 2023 and 2022. The securities represented are only those classified as available-for sale.
|  |  |  |  | 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) |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 12,080 |  |  | $ | - |  |  | $ | 12,080 |  |  | $ | - |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 10,477 |  |  | $ | - |  |  | $ | 10,477 |  |  | $ | - |
Schedule of Financial Instruments | The Company’s financial instruments at June 30, 2023 and 2022 are as follows:
|  |  |  |  | Fair Value Measurements at |
|  | Carrying |  |  | June 30, 2023 Using |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,167 |  |  | $ | 8,167 |  |  |  |  |  |  |  |  |  |  | $ | 8,167 |
Available-for-sale securities |  |  | 12,080 |  |  |  |  |  |  | $ | 12,080 |  |  |  |  |  |  |  | 12,080 |
Held-to-maturity securities |  |  | 274 |  |  |  |  |  |  |  | 259 |  |  |  |  |  |  |  | 259 |
Loans receivable - net |  |  | 313,807 |  |  |  |  |  |  |  |  |  |  | $ | 293,530 |  |  |  | 293,530 |
Federal Home Loan Bank stock |  |  | 4,623 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n/a |
Accrued interest receivable |  |  | 902 |  |  |  |  |  |  |  | 902 |  |  |  |  |  |  |  | 902 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 226,309 |  |  | $ | 88,994 |  |  | $ | 136,577 |  |  |  |  |  |  | $ | 225,571 |
Federal Home Loan Bank advances |  |  | 70,087 |  |  |  |  |  |  |  | 69,863 |  |  |  |  |  |  |  | 69,863 |
Advances by borrowers for taxes and insurance |  |  | 793 |  |  |  |  |  |  |  | 793 |  |  |  |  |  |  |  | 793 |
Accrued interest payable |  |  | 70 |  |  |  |  |  |  |  | 70 |  |  |  |  |  |  |  | 70 |
|  |  |  |  | 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 |
Schedule of Loans Outstanding | Related Party Transactions: Loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties) at June 30, 2023 and 2022 are summarized as follows:
(in thousands) |  | 2023 |  |  | 2022 |
Outstanding principal, beginning of year |  | $ | 688 |  |  | $ | 1,405 |
Changes in composition of related parties |  |  | - |  |  |  | - |
Principal disbursed during the year |  |  | - |  |  |  | - |
Principal repaid and refinanced during the year |  |  | (208 | ) |  |  | (717 | )
Outstanding principal, end of year |  | $ | 480 |  |  | $ | 688 |

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