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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
ASSETS    
Cash and due from financial institutions $ 1,992 $ 2,284
Fed funds sold 684 665
Interest-bearing demand deposits 11,908 5,218
Cash and cash equivalents 14,584 8,167
Securities available-for-sale 10,918 12,080
Securities held-to-maturity, at amortized cost- approximate fair value of $223 and $259 at December 31, 2023 and June 30, 2023, respectively 234 274
Loans held for sale 270
Loans, net of allowance for credit loss of $2,132 and $1,634 at December 31, 2023 and June 30, 2023, respectively1 [1] 325,648 313,807
Real estate owned, net 10 70
Premises and equipment, net 4,361 4,435
Federal Home Loan Bank stock, at cost 4,243 4,623
Accrued interest receivable 1,078 902
Bank-owned life insurance 2,873 2,831
Goodwill 947 947
Prepaid federal income taxes 241 144
Prepaid expenses and other assets 840 742
Total assets 366,247 349,022
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Deposits 244,629 226,309
Federal Home Loan Bank advances 71,008 70,087
Advances by borrowers for taxes and insurance 334 793
Accrued interest payable 167 70
Accrued income taxes
Deferred income taxes 216 513
Other liabilities 710 539
Total liabilities 317,064 298,311
Commitments and contingencies
Shareholders’ equity    
Preferred stock, 500,000 shares authorized, $.01 par value; no shares issued and outstanding
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 18,509 20,130
Unearned employee stock ownership plan (ESOP)
Treasury shares at cost, 509,349 common shares at December 31, 2023 and June 30, 2023, respectively (3,969) (3,969)
Accumulated other comprehensive income (loss) (334) (427)
Total shareholders’ equity 49,183 50,711
Total liabilities and shareholders’ equity $ 366,247 $ 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.