LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

6 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Loans and Lease Receivable

A summary of the balances of loans follows:

(In thousands)	December 31, 2024			June 30, 2024
Mortgage loans on real estate:
Residential:
1-4 family	$	136,195		$	138,005
Multifamily		11,720			12,066
Second mortgages and home equity lines of credit		4,004			3,372
Commercial		15,056			16,833
Total mortgage loans on real estate		166,975			170,276
Consumer loans:
Consumer		92			65
Home improvement		1,868			2,037
Total other loans		1,960			2,102
Total loans		168,935			172,378
Allowance for credit losses		(1,407	)		(1,553	)
Net deferred loan fees		(376	)		(387	)
Loans, net	$	167,152		$	170,438

Schedule of Illustrates the Impact of ASC 326

The following table illustrates the impact of ASC 326:

	Pre-ASC Adoption			As Reported Under ASC 326
(In thousands)	June 30, 2023			July 1, 2023			Impact of ASC 326 Adoption
Assets
Allowance for credit losses on securities held to maturity	$	-		$	(276	)	$	(276	)
Allowance for credit losses on loans		(1,747	)		(1,759	)		(12	)
Deferred tax asset on allowance for credit losses		466			378			(88	)
Liabilities
Allowance for credit losses on off-balance sheet exposures	$	-		$	23		$	23
Shareholders' Equity
Retained earnings	$	50,416		$	50,193		$	(223	)

Schedule of Allowance for Loan Losses and Allocation of the Allowance to Loan Segments

The following table presents activity in the allowance for credit losses by loan segment for the six months ended December 31, 2024 and 2023 is as follows:

(In thousands)	Residential 1-4 Family			Multifamily			Second Mortgages and Home Equity Lines of Credit			Commercial Real Estate			Consumer			Home Improvement			Unallocated			Total
Allowance for credit losses for loans
Balance at June 30, 2024	$	1,043		$	191		$	18		$	240		$	1		$	60		$	-		$	1,553
Provision (benefit) for credit losses		(97	)		(10	)		(7	)		(28	)		2			(5	)		-			(145	)
Loans charged-off		-			-			-			-			(1	)		-			-			(1	)
Recoveries		-			-			-			-			-			-			-			-
Balance at December 31, 2024	$	946		$	181		$	11		$	212		$	2		$	55		$	-		$	1,407
Allowance for credit losses for off-balance sheet exposures
Balance at June 30, 2024	$	5		$	26		$	-		$	-		$	-		$	-		$	-		$	31
Provision for credit losses		5			20			-			-			-			-			-			25
Balance at December 31, 2024	$	10		$	46		$	-		$	-		$	-		$	-		$	-		$	56
Allowance for credit losses for loans
Balance at June 30, 2023	$	974		$	190		$	29		$	346		$	-		$	64		$	144		$	1,747
Adoption of ASU 2016-13(1)		139			2			23			(19	)		2			9			(144	)		12
Adjusted beginning balance	$	1,113		$	192		$	52		$	327		$	2		$	73		$	-		$	1,759
Provision (benefit) for credit losses		(62	)		(4	)		(5	)		(38	)		-			(9	)		-			(118	)
Loans charged-off		-			-			-			-			-			-			-			-
Recoveries		-			-			-			-			-			-			-			-
Balance at December 31, 2023	$	1,051		$	188		$	47		$	289		$	2		$	64		$	-		$	1,641
Allowance for credit losses for off-balance sheet exposures
Balance at June 30, 2023	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Adoption of ASU 2016-13(1)		5			7			-			7			4			-			-			23
Adjusted beginning balance	$	5		$	7		$	-		$	7		$	4		$	-		$	-		$	23
Provision (benefit) for credit losses		(5	)		4			-			(7	)		(4	)		-			-			(12	)
Balance at December 31, 2023	$	-		$	11		$	-		$	-		$	-		$	-		$	-		$	11

(1) Represents the net adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of ASU 2016-13 (i.e., the cumulative effect adjustment related to the adoption of ASU 2016-13 as of July 1, 2023).

Schedule of Allowance for Credit Losses

The following tables present the allocation of the allowance for credit losses on loans to each category presented as of December 31, 2024.

(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Total
December 31, 2024
Allowance for credit losses on loans:
Individually evaluated for credit losses	$	11	$	-	$	-	$	-	$	-	$	-	$	11
Collectively evaluated for credit losses		935		181		11		212		2		55		1,396
Total	$	946	$	181	$	11	$	212	$	2	$	55	$	1,407
Loans
Individually evaluated for credit losses	$	1,602	$	-	$	-	$	-	$	-	$	-	$	1,602
Collectively evaluated for credit losses		134,593		11,720		4,004		15,056		92		1,868		167,333
	$	136,195	$	11,720	$	4,004	$	15,056	$	92	$	1,868	$	168,935

(In thousands)	Residential 1-4 Family		Multifamily		Second Mortgages and Home Equity Lines of Credit		Commercial Real Estate		Consumer		Home Improvement		Total
June 30, 2024
Allowance for credit losses on loans:
Individually evaluated for credit losses	$	10	$	-	$	-	$	-	$	-	$	-	$	10
Collectively evaluated for credit losses		1,033		191		18		240		1		60		1,543
Total allowance for credit losses on loan	$	1,043	$	191	$	18	$	240	$	1	$	60	$	1,553
Loans
Individually evaluated for credit losses	$	1,390	$	-	$	-	$	-	$	-	$	-	$	1,390
Collectively evaluated for credit losses		136,615		12,066		3,372		16,833		65		2,037		170,988
Total loans	$	138,005	$	12,066	$	3,372	$	16,833	$	65	$	2,037	$	172,378

Schedule of Presents Past Due Loans or Loans on Non-Accrual

The following table presents past due loans or loans on non-accrual at December 31, 2024.

(In thousands)	30-59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Nonaccrual Loans
December 31, 2024
Residential 1-4 family	$	91	$	18	$	-	$	109	$	231
Consumer		4		-		-		4		-
Total loans	$	95	$	18	$	-	$	113	$	231

Schedule of Bank's Loans By Risk Ratings

The following tables detail the amortized cost balances of the Company's loan portfolio presented by risk rating and origination year as of the periods presented:

															Revolving Loans
	Term Loans at Amortized Cost by Fiscal Origination Year												Revolving Loans		Converted to
(In thousands)	2025		2024		2023		2022		2021		Prior		Amortized Cost		Term Loans		Total
December 31, 2024
Residential 1-4 family:
Pass	$	4,411	$	9,356	$	10,572	$	28,518	$	16,109	$	65,558	$	81	$	-	$	134,605
Substandard		-		-		-		-		-		1,602		-		-		1,602
Total residential 1-4 family		4,411		9,356		10,572		28,518		16,109		67,160		81		-		136,207
Multifamily:
Pass		-		694		-		3,746		2,226		4,718		336		-		11,720
Total multifamily		-		694		-		3,746		2,226		4,718		336		-		11,720
Second mortgages and home equity lines of credit:
Pass		538		1,520		706		52		205		281		672		30		4,004
Total second mortgages and home equity lines of credit		538		1,520		706		52		205		281		672		30		4,004
Commercial:
Pass		-		495		8,564		1,045		894		3,976		78		-		15,052
Total commercial		-		495		8,564		1,045		894		3,976		78		-		15,052
Consumer:
Pass		37		24		-		-		-		31		-		-		92
Total consumer		37		24		-		-		-		31		-		-		92
Home improvement:
Pass		92		282		344		311		296		159		-		-		1,484
Total home improvement		92		282		344		311		296		159		-		-		1,484
Total loans
Pass		5,078		12,371		20,186		33,672		19,730		74,723		1,167		30		166,957
Substandard		-		-		-		-		-		1,602		-		-		1,602
Net deferred fees		23		99		93		35		48		78		-		-		376
Total loans	$	5,101	$	12,470	$	20,279	$	33,707	$	19,778	$	76,403	$	1,167	$	30	$	168,935

															Revolving Loans
	Term Loans at Amortized Cost by Fiscal Origination Year												Revolving Loans		Converted to
(In thousands)	2024		2023		2022		2021		2020		Prior		Amortized Cost		Term Loans		Total
June 30, 2024
Residential 1-4 family:
Pass	$	10,045	$	10,709	$	28,969	$	16,833	$	17,533	$	52,153	$	383	$	-	$	136,625
Substandard		-		-		-		-		355		1,035		-		-		1,390
Total residential 1-4 family		10,045		10,709		28,969		16,833		17,888		53,188		383		-		138,015
Multifamily:
Pass		699		-		3,799		2,259		1,123		3,840		346		-		12,066
Total multifamily		699		-		3,799		2,259		1,123		3,840		346		-		12,066
Second mortgages and home equity lines of credit:
Pass		1,085		765		126		212		57		336		791		-		3,372
Total second mortgages and home equity lines of credit		1,085		765		126		212		57		336		791		-		3,372
Commercial:
Pass		498		8,654		1,059		910		836		4,805		71		-		16,833
Total commercial		498		8,654		1,059		910		836		4,805		71		-		16,833
Consumer:
Pass		32		-		-		-		13		20		-		-		65
Total consumer		32		-		-		-		13		20		-		-		65
Home improvement:
Pass		323		382		352		350		149		84		-		-		1,640
Total home improvement		323		382		352		350		149		84		-		-		1,640
Total loans
Pass		12,682		20,510		34,305		20,564		19,711		61,238		1,591		-		170,601
Substandard		-		-		-		-		355		1,035		-		-		1,390
Net deferred fees		92		104		42		58		23		68		-		-		387
Total loans	$	12,774	$	20,614	$	34,347	$	20,622	$	20,089	$	62,341	$	1,591	$	-	$	172,378