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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
ASSETS    
Cash and due from financial institutions $ 1,906 $ 2,284
Fed funds sold 693 665
Interest-bearing demand deposits 12,824 5,218
Cash and cash equivalents 15,423 8,167
Securities available-for-sale 10,225 12,080
Securities held-to-maturity, at amortized cost- approximate fair value of $210 and $259 at March 31, 2024 and June 30, 2023, respectively 223 274
Loans, net of allowance for credit loss of $2,106 and $1,634 at March 31, 2024 and June 30, 2023, respectively1 [1] 328,134 313,807
Real estate owned, net 10 70
Premises and equipment, net 4,317 4,435
Federal Home Loan Bank stock, at cost 4,528 4,623
Accrued interest receivable 1,226 902
Bank-owned life insurance 2,894 2,831
Goodwill 947 947
Prepaid federal income taxes 239 144
Prepaid expenses and other assets 934 742
Total assets 369,100 349,022
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Deposits 246,104 226,309
Federal Home Loan Bank advances 72,348 70,087
Advances by borrowers for taxes and insurance 643 793
Accrued interest payable 150 70
Deferred income taxes 156 513
Other liabilities 685 539
Total liabilities 320,086 298,311
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 18,402 20,130
Unearned employee stock ownership plan (ESOP)
Treasury shares at cost, 509,349 common shares at March 31, 2024 and June 30, 2023, respectively (3,969) (3,969)
Accumulated other comprehensive loss (396) (427)
Total shareholders’ equity 49,014 50,711
Total liabilities and shareholders’ equity $ 369,100 $ 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.