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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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