FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Mar. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and estimated fair values are as follows:

		March 31, 2020
		Carrying Amount			Fair Value			Level I			Level II			Level III
		(Dollars in Thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$		2,372	$		2,372	$		2,372	$		-	$		-
Certificates of deposit			1,592			1,592			1,592			-			-
Investment securities – held to maturity			3,495			3,625			-			3,625			-
Mortgage-backed securities – held to maturity:
Agency			101,615			100,008			-			100,008			-
Private-label			695			673			-			-			673
Net loans receivable			90,652			98,679			-			-			98,679
Accrued interest receivable			1,045			1,045			1,045			-			-
FHLB stock			6,889			6,889			6,889			-			-
Bank owned life insurance			4,878			4,878			4,878			-			-
FINANCIAL LIABILITIES
Deposits:
Non-interest bearing deposits	$		19,013	$		19,013	$		19,013	$		-	$		-
Interest-earning checking accounts			22,725			22,725			22,725			-			-
Savings accounts			43,319			43,319			43,319			-			-
Money market accounts			19,769			19,769			19,769			-			-
Certificates of deposit			46,849			47,061			-			-			47,061
Advance payments by borrowers for taxes and insurance			1,780			1,780			1,780			-			-
FHLB advances – fixed rate			15,000			14,789			-			-			14,789
FHLB advances – variable rate			85,000			85,000			85,000			-			-
FHLB short-term advances			60,802			60,802			60,802			-			-
Other short-term borrowings			24,800			24,800			24,800
Accrued interest payable			661			661			661			-			-

		June 30, 2019
		Carrying Amount			Fair Value			Level I			Level II			Level III
		(Dollars in Thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$		4,379	$		4,379	$		4,379	$		-	$		-
Certificates of deposit			1,843			1,843			1,843			-			-
Investment securities – held to maturity			3,995			4,080			-			4,080			-
Mortgage-backed securities – held to maturity:
Agency			107,448			107,832			-			107,832			-
Private-label			883			876			-			-			876
Net loans receivable			90,588			92,062			-			-			92,062
Accrued interest receivable			1,219			1,219			1,219			-			-
FHLB stock			7,010			7,010			7,010			-			-
Bank owned life insurance			4,789			4,789			4,789			-			-
FINANCIAL LIABILITIES
Deposits:
Non-interest earning checking	$		19,770	$		19,770	$		19,770	$		-	$		-
Interest-earning checking			23,541			23,541			23,541			-			-
Savings accounts			43,740			43,740			43,740			-			-
Money market accounts			19,958			19,958			19,958			-			-
Certificates of deposit			37,361			37,359			-			-			37,359
Advance payments by borrowers for taxes and insurance			2,065			2,065			2,065			-			-
FHLB advances – fixed rate			15,000			14,323			-			-			14,323
FHLB advances – variable rate			85,000			85,000			85,000			-			-
FHLB short-term advances			70,828			70,828			70,828			-			-
Other short-term borrowings			-			-			-			-			-
Accrued interest payable			823			823			823			-			-