XML 44 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract] |
Schedule of Contributed to ESOP | The amounts contributed to the ESOP were $0 and $14,000 for the years 2024 and 2023, respectively.
|  | For the fiscal year ended |
|  | June 30, |
|  | 2024 |  |  | 2023 |
Allocated shares |  |  | 110,660 |  |  |  | 110,660 |
Shares committed to be released |  |  | - |  |  |  | - |
Unearned shares |  |  | - |  |  |  | - |
Total ESOP shares |  |  | 110,660 |  |  |  | 110,660 |
Fair value of unearned shares at end of period |  | $ | - |  |  | $ | - |
Schedule of 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, |
|  | 2024 |  |  | 2023 |
Net income (loss) allocated to common shareholders, basic and diluted |  | $ | (1,721,000 | ) |  | $ | 933,000 |
EARNINGS PER SHARE |  | $ | (0.21 | ) |  | $ | 0.11 |
Weighted average common shares outstanding, basic and diluted |  |  | 8,098,715 |  |  |  | 8,131,568 |
Schedule of Fair Value Measurements of Assets and Liabilities | 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) |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 9,648 |  |  | $ | - |  |  | $ | 9,648 |  |  | $ | - |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 12,080 |  |  | $ | - |  |  | $ | 12,080 |  |  | $ | - |
Schedule of Financial Instruments | The Company’s financial instruments at June 30, 2024 and 2023 are as follows:
|  |  |  |  | Fair Value Measurements at |
|  | Carrying |  |  | June 30, 2024 Using |
(in thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 18,287 |  |  | $ | 18,287 |  |  |  |  |  |  |  |  |  |  | $ | 18,287 |
Available-for-sale securities |  |  | 9,648 |  |  |  |  |  |  | $ | 9,648 |  |  |  |  |  |  |  | 9,648 |
Held-to-maturity securities |  |  | 213 |  |  |  |  |  |  |  | 203 |  |  |  |  |  |  |  | 203 |
Loans receivable - net |  |  | 333,025 |  |  |  |  |  |  |  |  |  |  | $ | 318,867 |  |  |  | 318,867 |
Federal Home Loan Bank stock |  |  | 4,230 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | n/a |
Accrued interest receivable |  |  | 1,169 |  |  |  |  |  |  |  | 1,169 |  |  |  |  |  |  |  | 1,169 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 256,139 |  |  | $ | 79,567 |  |  | $ | 176,272 |  |  |  |  |  |  | $ | 255,839 |
Federal Home Loan Bank advances |  |  | 68,988 |  |  |  |  |  |  |  | 68,122 |  |  |  |  |  |  |  | 68,122 |
Advances by borrowers for taxes and insurance |  |  | 909 |  |  |  |  |  |  |  | 909 |  |  |  |  |  |  |  | 909 |
Accrued interest payable |  |  | 176 |  |  |  |  |  |  |  | 176 |  |  |  |  |  |  |  | 176 |
|  |  |  |  | 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 |
Schedule of Loans Outstanding | 18. Related Party Transactions: Loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties) at June 30, 2024 and 2023 are summarized as follows:
(in thousands) |  | 2024 |  |  | 2023 |
Outstanding principal, beginning of year |  | $ | 480 |  |  | $ | 688 |
Changes in composition of related parties |  |  | 338 |  |  |  | - |
Principal disbursed during the year |  |  | 194 |  |  |  | - |
Principal repaid and refinanced during the year |  |  | (33 | ) |  |  | (208 | )
Outstanding principal, end of year |  | $ | 979 |  |  | $ | 480 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the details pertaining to each employee stock ownership plan. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480489/718-40-50-1 + Details
Name: | us-gaap_ScheduleOfEmployeeStockOwnershipPlanESOPDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration