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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
ASSETS    
Cash and due from financial institutions $ 1,913 $ 2,284
Fed funds sold 703 665
Interest-bearing demand deposits 15,671 5,218
Cash and cash equivalents 18,287 8,167
Securities available-for-sale- at fair value 9,648 12,080
Securities held-to-maturity, at amortized cost-approximate fair value of $203 and $259 at June 30, 2024 and 2023, respectively 213 274
Loans held for sale 110
Loans, net of allowance for credit losses of $2,127 and $1,634 at June 30, 2024 and 2023, respectively1 [1] 333,025 313,807
Real estate acquired through foreclosure 10 70
Office premises and equipment - at depreciated cost 4,267 4,435
Federal Home Loan Bank stock - at cost 4,230 4,623
Accrued interest receivable 1,169 902
Bank-owned life insurance 2,915 2,831
Goodwill 947
Prepaid income taxes 219 144
Prepaid expenses and other assets 875 742
Total assets 374,968 349,022
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Savings 47,390 57,593
Certificates of deposit 176,572 137,315
Demand deposit accounts 32,177 31,401
Deposits 256,139 226,309
Federal Home Loan Bank advances 68,988 70,087
Advances by borrowers for taxes and insurance 909 793
Accrued interest payable 176 70
Deferred income taxes 113 513
Other liabilities 646 539
Total liabilities 326,971 298,311
Shareholders’ equity    
Preferred stock, 500,000 shares authorized, $.01 par value; no shares issued
Common stock, 20,000,000 shares authorized, $.01 par value; 8,596,064 shares issued 86 86
Additional paid-in capital 34,891 34,891
Retained earnings - restricted 17,325 20,130
Treasury shares at cost, 509,349 common shares at June 30, 2024 and 2023, respectively (3,969) (3,969)
Accumulated other comprehensive loss (336) (427)
Total shareholders’ equity 47,997 50,711
Total liabilities and shareholders’ equity $ 374,968 $ 349,022
[1] Beginning July 1, 2023 the ACL was estimated based on current expected credit loss methodology. Prior to July 1, 2023, the estimate was based on the incurred loss methodology. See additional discussion in Note 1, Basis of Presentation.