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