FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Sep. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments are as follows:

		September 30, 2021
		Carrying Amount		Fair Value		Level I		Level II		Level III
		(Dollars in Thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	2,428	$	2,428	$	2,428	$	-	$	-
Certificates of deposit		350		350		350		-		-
Investment securities – held to maturity		10,492		10,582		-		10,582		-
Mortgage-backed securities – held to maturity:
Agency		99,585		99,711		-		99,711		-
Private-label		373		432		-		-		432
Net loans receivable		81,300		83,044		-		-		83,044
Accrued interest receivable		980		980		980		-		-
FHLB stock		6,144		6,144		6,144		-		-
Bank owned life insurance		5,049		5,049		5,049		-		-
FINANCIAL LIABILITIES
Deposits:
Non-interest bearing deposits	$	23,948	$	23,948	$	23,948	$	-	$	-
Interest-earning checking		26,010		26,010		26,010		-		-
Savings accounts		48,967		48,967		48,967		-		-
Money market accounts		23,214		23,214		23,214		-		-
Certificates of deposit		32,314		32,335		-		-		32,335
Advance payments by borrowers for taxes and insurance		835		835		835		-		-
FHLB advances – fixed rate		10,000		9,742		-		-		9,742
FHLB advances – variable rate		25,000		25,000		25,000		-		-
FHLB short-term advances		115,594		115,594		115,594		-		-
Accrued interest payable		140		140		140		-		-

__________________________

 ⁵ U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers.

29

		June 30, 2021
		Carrying Amount		Fair Value		Level I		Level II		Level III
		(Dollars in Thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	2,551	$	2,551	$	2,551	$	-	$	-
Certificates of deposit		350		350		350		-		-
Investment securities – held to maturity		15,489		15,592		-		15,592		-
Mortgage-backed securities – held to maturity:
Agency		82,059		82,202		-		82,202		-
Private-label		400		457		-		-		457
Net loans receivable		80,684		82,930		-		-		82,930
Accrued interest receivable		749		749		749		-		-
FHLB stock		6,044		6,044		6,044		-		-
Bank owned life insurance		5,021		5,021		5,021		-		-
FINANCIAL LIABILITIES
Deposits:
Non-interest bearing deposits	$	25,452	$	25,452	$	25,452	$	-	$	-
Interest-earning checking		26,881		26,881		26,881		-		-
Savings accounts		50,058		50,058		50,058		-		-
Money market accounts		22,995		22,995		22,995		-		-
Certificates of deposit		29,731		29,763		-		-		29,763
Advance payments by borrowers for taxes and insurance		2,050		2,050		2,050		-		-
FHLB advances – fixed rate		10,000		9,763		-		-		9,763
FHLB advances – variable rate		25,000		25,000		25,000		-		-
FHLB short-term advances		113,093		113,093		113093		-		-
Accrued interest payable		155		155		155		-		-