William Penn Bancorporation (WMPN) 10-K7 Sep 232023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Jun. 30, 2023	Sep. 07, 2023	Dec. 31, 2022
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40255
Entity Registrant Name	WILLIAM PENN BANCORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	85-3898797
Entity Address, Address Line One	10 Canal Street
Entity Address, Address Line Two	Suite 104
Entity Address, City or Town	Bristol
Entity Address State Or Province	PA
Entity Address, Postal Zip Code	19007
City Area Code	267
Local Phone Number	540-8500
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WMPN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 171.4
Entity Common Stock, Shares Outstanding		11,137,403
Entity Central Index Key	0001828376
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	S.R. Snodgrass, P.C.
Auditor Firm ID	74
Auditor Location	Cranberry Township, Pennsylvania

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
ASSETS
Cash and due from banks	$ 7,652	$ 8,117
Interest bearing deposits with other banks	11,561	28,053
Federal funds sold	1,580
Total cash and cash equivalents	20,793	36,170
Interest-bearing time deposits	600	600
Securities available for sale	165,127	182,745
Securities held to maturity, fair value of $82,313 and $88,321, as of June 30, 2023 and 2022, respectively	99,690	102,135
Equity securities	1,629	2,258
Loans receivable, net of allowance for loan losses of $3,313 and $3,409 as of June 30, 2023 and 2022, respectively	477,543	475,511
Premises and equipment, net	9,054	11,696
Regulatory stock, at cost	2,577	3,807
Deferred income taxes	9,485	7,459
Bank-owned life insurance	40,575	39,170
Goodwill	4,858	4,858
Intangible assets	519	712
Operating lease right-of-use assets	8,931	6,843
Accrued interest receivable and other assets	6,198	5,988
TOTAL ASSETS	847,579	879,952
LIABILITIES
Deposits	635,260	606,617
Advances from Federal Home Loan Bank	34,000	65,000
Advances from borrowers for taxes and insurance	3,227	3,356
Operating lease liabilities	9,107	6,949
Accrued interest payable and other liabilities	5,240	5,704
TOTAL LIABILITIES	686,834	687,626
Commitments and contingencies (note 14)
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued
Common stock, $0.01 par value, 150,000,000 shares authorized; 12,452,921 shares issued and outstanding at June 30, 2023 and 14,896,590 shares issued and outstanding at June 30, 2022	125	149
Additional paid-in capital	134,387	159,546
Unearned common stock held by employee stock ownership plan	(9,194)	(9,599)
Retained earnings	58,805	57,587
Accumulated other comprehensive loss	(23,378)	(15,357)
TOTAL STOCKHOLDERS' EQUITY	160,745	192,326
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 847,579	$ 879,952

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Fair value	$ 82,313	$ 88,321
Allowance for loan losses	$ 3,313	$ 3,409	$ 3,613
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	12,452,921	14,896,590
Common stock, outstanding (in shares)	12,452,921	14,896,590

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
INTEREST INCOME
Loans receivable, including fees	$ 22,942	$ 20,693
Securities	6,780	4,555
Other	664	250
Total interest income	30,386	25,498
INTEREST EXPENSE
Deposits	5,456	1,744
Borrowings	1,859	770
Total interest expense	7,315	2,514
Net interest income	23,071	22,984
Provision (recovery) for loan losses		(20)
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR LOAN LOSSES	23,071	23,004
OTHER INCOME
Service fees	843	863
Net gain on sale of other real estate owned		18
Net gain on sale of securities		62
Earnings on bank-owned life insurance	1,106	1,038
Unrealized loss on equity securities	(629)	(242)
Net gain (loss) on disposition of premises and equipment	398	(7)
Other	232	343
Total other income	1,950	2,075
OTHER EXPENSES
Salaries and employee benefits	12,785	11,482
Occupancy and equipment	3,258	2,759
Data processing	1,836	1,744
Professional fees	906	1,154
Amortization of intangible assets	193	225
Gain on lease abandonment		(117)
Prepayment penalties		460
Other	3,041	2,567
Total other expense	22,019	20,274
Income before income taxes	3,002	4,805
Income tax expense	200	568
NET INCOME	$ 2,802	$ 4,237
Basic earnings per share	$ 0.22	$ 0.30
Diluted earnings per share	$ 0.22	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net income	$ 2,802	$ 4,237
Other comprehensive loss:
Changes in net unrealized loss on securities available for sale	(10,417)	(19,800)
Tax effect	2,396	4,555
Reclassification adjustment for gain recognized in net income		(62)
Tax effect		14
Other comprehensive loss, net of tax	(8,021)	(15,293)
Comprehensive loss	$ (5,219)	$ (11,056)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unearned Common Stock held by ESOP	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Beginning balance at Jun. 30, 2021	$ 152	$ 168,349	$ (10,004)	$ 58,493	$ (64)	$ 216,926
Beginning balance (in shares) at Jun. 30, 2021	15,170,566
Increase (Decrease) in Stockholders' Equity
Net income				4,237		4,237
Other comprehensive loss					(15,293)	(15,293)
Special cash dividend paid				(4,288)		(4,288)
Regular cash dividends paid				(855)		(855)
Shares issued under the William Penn Bancorporation 2022 Equity Incentive Plan	$ 5	(5)
Shares issued under the William Penn Bancorporation 2022 Equity Incentive Plan (in shares)	492,960
Restricted stock expense		147				147
Stock option expense		102				102
Stock purchased and retired, including shares withheld to cover tax liabilities	$ (8)	(9,072)				(9,080)
Stock purchased and retired, including shares withheld to cover tax liabilities (in shares)	(766,936)
ESOP shares committed to be released		25	405			430
Ending balance at Jun. 30, 2022	$ 149	159,546	(9,599)	57,587	(15,357)	$ 192,326
Ending balance (in shares) at Jun. 30, 2022	14,896,590					14,896,590
Increase (Decrease) in Stockholders' Equity
Net income				2,802		$ 2,802
Other comprehensive loss					(8,021)	(8,021)
Regular cash dividends paid				(1,584)		(1,584)
Shares forfeited under the William Penn Bancorporation 2022 Equity Incentive Plan (in shares)	(13,904)
Restricted stock expense		1,112				1,112
Stock option expense		771				771
Stock purchased and retired, including shares withheld to cover tax liabilities	$ (24)	(27,032)				(27,056)
Stock purchased and retired, including shares withheld to cover tax liabilities (in shares)	(2,429,765)
ESOP shares committed to be released		(10)	405			395
Ending balance at Jun. 30, 2023	$ 125	$ 134,387	$ (9,194)	$ 58,805	$ (23,378)	$ 160,745
Ending balance (in shares) at Jun. 30, 2023	12,452,921					12,452,921

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends paid (in dollars per share)	$ 0.12	$ 0.06
Special dividends paid (in dollars per share)		$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 2,802	$ 4,237
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (recovery) for loan losses		(20)
Depreciation expense	1,027	975
Other accretion, net	(362)	(1,057)
Deferred income taxes	570	683
Gain on lease abandonment		(117)
Net (gain) loss on disposition of premises and equipment	(398)	7
Net gain on sale of other real estate owned		(18)
Amortization of core deposit intangibles	193	225
Amortization of ESOP	395	430
Net gain on sale of securities		(62)
Unrealized loss on equity securities	629	242
Earnings on bank-owned life insurance	(1,106)	(1,038)
Stock based compensation expense	1,883	249
Other, net	(575)	124
Net cash provided by operating activities	5,058	4,860
Securities available for sale:
Purchases	(4,778)	(97,948)
Maturities, calls and principal paydowns	11,534	13,201
Proceeds from sale of securities	0	5,008
Securities held to maturity:
Purchases	(5,023)	(106,967)
Maturities, calls and principal paydowns	7,482	4,813
Equity securities:
Purchases		(2,500)
Net increase in loans receivable	(1,602)	(13,092)
Interest bearing time deposits:
Maturities and principal paydowns		1,250
Purchase of bank-owned life insurance	(300)	(2,901)
Regulatory stock purchases	(4,023)	(4,249)
Regulatory stock redemptions	5,253	3,396
Proceeds from sale of other real estate owned		93
Purchases of premises and equipment, net	(344)	(855)
Proceeds from the sale of premises and equipment	2,270	20
Net cash provided by (used in) investing activities	10,469	(200,731)
Cash flows from financing activities
Net increase in deposits	28,865	53,917
Increase in borrowed funds		24,000
Repayment of borrowed funds	(31,000)
Repurchase of common stock	(27,056)	(9,080)
Decrease in advances from borrowers for taxes and insurance	(129)	(375)
Cash dividends	(1,584)	(5,143)
Net cash (used in) provided by financing activities	(30,904)	63,319
Net decrease in cash and cash equivalents	(15,377)	(132,552)
Cash and cash equivalents - beginning	36,170	168,722
Cash and cash equivalents - ending	20,793	36,170
Supplementary cash flows information
Interest paid	7,535	3,031
Income tax payments (refunds)	258	(666)
Transfers from loans to other real estate owned	141
Operating lease right-of-use asset recorded	2,701	5,202
Operating lease liabilities recorded	2,701	5,202
Premises transferred to held for sale	$ 1,959	$ 1,596

Nature of Operations

Nature of Operations	12 Months Ended
Nature of Operations	Jun. 30, 2023
Nature of Operations
Nature of Operations	Note 1 - Nature of Operations William Penn Bancorporation (“the Company”) is a Maryland corporation that was incorporated in July 2020 to be the successor to William Penn Bancorp, Inc. (“William Penn Bancorp”) upon completion of the second-step conversion of William Penn Bank (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. William Penn, MHC was the former mutual holding company for William Penn Bancorp prior to completion of the second-step conversion. In conjunction with the second-step conversion, each of William Penn, MHC and William Penn Bancorp ceased to exist. The second-step conversion was completed on March 24, 2021, at which time the Company sold, for gross proceeds of $126.4 million, a total of 12,640,035 shares of common stock at $10.00 per share. As part of the second-step conversion, each of the existing 776,647 outstanding shares of William Penn Bancorp common stock owned by persons other than William Penn, MHC was converted into 3.2585 shares of Company common stock. In addition, $5.4 million of cash held by William Penn, MHC was transferred to the Company and recorded as an increase to additional paid-in capital following the completion of the second-step conversion. In connection with the second-step conversion offering, and as previously disclosed, the William Penn Bank Employee Stock Ownership Plan (“ESOP”) trustees subscribed for, and intended to purchase, on behalf of the ESOP, 8% of the shares of the Company common stock sold in the offering and to fund its stock purchase through a loan from the Company equal to 100% of the aggregate purchase price of the common stock. As previously disclosed, as a result of the second-step conversion offering being oversubscribed in the first tier of subscription priorities, the ESOP trustees were unable to purchase shares of the Company’s common stock in the second-step conversion offering. Subsequent to the completion of the second-step conversion on March 24, 2021, the ESOP trustees purchased 881,130 shares, or $10.1 million, of the Company’s common stock in the open market. The ESOP did not purchase any additional shares of Company common stock in connection with the second-step conversion and offering. The Company owns 100% of the outstanding common stock of the Bank, a Pennsylvania chartered stock savings bank. The Bank offers consumer and commercial banking services to individuals, businesses, and nonprofit organizations throughout the Delaware Valley area through twelve full-service branch offices in Bucks County and Philadelphia, Pennsylvania, and Burlington, Camden, and Mercer Counties in New Jersey. William Penn Bancorporation is subject to regulation and supervision by the Board of Governors of the Federal Reserve System. The Bank is supervised and regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiary, the Bank, as well as the Bank’s wholly owned subsidiary, WPSLA. WPSLA is a Delaware corporation organized in April 2000 to hold certain investment securities for the Bank. At June 30, 2023, WPSLA held $256.9 million of the Bank’s $264.8 million investment securities portfolio. All significant intercompany accounts and transactions have been eliminated. Management makes significant operating decisions based upon the analysis of the entire Company and financial performance is evaluated on a company-wide basis. Accordingly, the various financial services and products offered are aggregated into one reportable operating segment: community banking as under guidance in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC” or “codification”) Topic 280 for Segment Reporting. Use of Estimates in the Preparation of Financial Statements These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The significant estimates include the allowance for loan losses, goodwill, intangible assets, income taxes, postretirement benefits, and the fair value of investment securities. Actual results could differ from those estimates and assumptions. Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, and interest-bearing demand deposits. Revenue Recognition Management determined that the primary sources of revenue emanating from interest and dividend income on loans and investments along with noninterest revenue resulting from investment security and loan gains (losses), and earnings on bank owned life insurances are not within the scope of ASC 606. The main types of noninterest income within the scope of the standard include service charges on deposit accounts and the gain on the sale of properties classified as other real estate owned. The Company has contracts with its deposit customers where fees are charged if certain parameters are not met. These agreements can be cancelled at any time by either the Company or the deposit customer. Revenue from these transactions is recognized on a monthly basis as the Company has an unconditional right to the fee consideration. The Company also has transaction fees related to specific transactions or activities resulting from a customer request or activity that include overdraft fees, online banking fees, interchange fees, ATM fees and other transaction fees. These fees are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time upon the completion of the requested service/transaction. Investment Securities The Company classifies and accounts for debt securities as follows: Held to Maturity — Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and are recorded at amortized cost. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. Available for Sale — Debt securities that will be held for indefinite periods of time that may be sold in response to changes to market interest or prepayment rates, needs for liquidity, and changes in the availability of and the yield of alternative investments, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported net of tax in other comprehensive income. Realized gains and losses on the sale of investment securities are recorded as of trade date and reported in the Consolidated Statements of Income and determined using the adjusted cost of the specific security sold. The Company determines whether any unrealized losses are temporary in accordance with guidance under FASB ASC Topic 320 for Investments — Debt Securities Accounting guidance for debt securities requires the Company to assess whether the loss existed by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. The guidance requires the Company to bifurcate the impact on securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The difference between the fair market value and the credit loss is recognized in other comprehensive income. Equity Investments - The Company has an equity investment accounted for in accordance with both ASC 321-10, Investments - Equity Securities ASC 323-10, Investments - Equity Method and Joint Ventures Regulatory Stock, at Cost Common stock of the Federal Home Loan Bank of Pittsburgh (“FHLB”) represents ownership in an institution which is wholly owned by other financial institutions. This restricted equity security is accounted for at cost. The Company invests in Federal Home Loan Bank of Pittsburgh (“FHLB”) stock as required to support borrowing activities, as detailed in note 10 to these consolidated financial statements. Although FHLB stock is an equity interest in a FHLB, it does not have a readily determinable fair value because its ownership is restricted and it lacks a market. FHLB stock can be sold back only at its par value of $100 per share and only to the FHLBs or to another member institution. The Company evaluates this investment for impairment on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company reviews this stock for impairment based on guidance from FASB ASC Topic 320 for Investments — Debt Securities FASB ASC Topic 942 for Financial Services — Depository and Lending Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. Generally, the Company amortizes loan origination fees and costs over the contractual life of the loan. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for at least six months and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Loans Acquired with Deteriorated Credit Quality The Company accounts for loans acquired with deteriorated credit quality in accordance with the provisions included in FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality These loans are accounted for individually or aggregated into pools of loans based on common risk characteristics (e.g., credit score, loan type, and date of origination). The Company estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s, or pool’s, contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected future cash flows is greater than the carrying amount, the excess is recognized as part of future interest income. Allowance for Loan Losses The allowance for loan losses is determined by management based upon portfolio segment, past experience, evaluation of estimated loss and impairment in the loan portfolio, current economic conditions, and other pertinent factors. Management also considers risk characteristics by portfolio segments including, but not limited to, renewals and real estate valuations. The allowance for loan losses is maintained at a level that management considers appropriate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio. Loan impairment is evaluated based on the fair value of collateral or estimated net realizable value. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. The allowance for loan losses is established through a provision for loan losses charged to expense which is based upon past loan and loss experience and an evaluation of estimated losses in the current loan portfolio, including the evaluation of impaired loans. Under the accounting guidance FASB ASC Topic 310 for Receivables Loan Charge-off Policies Generally, loans are charged down to the net realizable value when the loan is 90 days past due. However, student loans are fully charged down when the loan is 180 days past due. Troubled Debt Restructurings (“TDRs”) The Company considers a loan a TDR when the borrower is experiencing financial difficulty and the Company has granted a concession that it would not otherwise consider but for the borrower’s financial difficulties. A TDR includes a modification of debt terms or assets received in satisfaction of the debt (which may include foreclosure or deed in lieu of foreclosure) or a combination of types. The Company evaluates selective criteria to determine if a borrower is experiencing financial difficulty including the ability of the borrower to obtain funds from sources other than the Bank at market rates. The Company evaluates all TDR loans for impairment on an individual basis in accordance with ASC 310. Management does not consider a loan a TDR if the loan modification was a result of a customer retention program. Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives of the related assets: Years Office buildings and improvements 3 – 33 Furniture, fixtures, and equipment 1 – 10 Automobiles 4 Other Real Estate Owned Real estate owned acquired in settlement of foreclosed loans is carried as a component of other assets at fair value minus estimated cost to sell. Prior to foreclosure, the estimated collectible value of the collateral is evaluated to determine whether a partial charge-off of the loan balance is necessary. After transfer to real estate owned, any subsequent write-downs are charged against other operating expenses. Direct costs incurred in the foreclosure process and subsequent holding costs incurred on such properties are recorded as expenses of current operations. Income Taxes Deferred taxes are provided on the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Goodwill and Intangible Assets Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. In certain circumstances, the Company will record a gain on bargain purchase when the fair value of the net assets of the acquired company exceeds the fair value of the equity of the acquired company. When calculating goodwill or a gain on bargain purchase in accordance with FASB ASC 805-30-55-3, the Company evaluates whether the fair value of equity of the acquired company is a more reliable measure than the fair value of the equity interests transferred. The Company considers the assumptions required to calculate the fair value of equity of an acquired company using discounted cash flow models (income approach) and/or change of control premium models (market approach) which are generally based on a higher level of market participant inputs and therefore a lower level of subjectivity when compared to the assumptions required to calculate the fair value of equity interests transferred under a fair value pricing model. As a result, the Company considers the calculation of the fair value of the equity of an acquired company to be more reliable than the calculation of the fair value of the equity interests transferred. Goodwill is assessed at least annually for impairment and any such impairment will be recognized in the period identified. Intangible assets consist of core deposit intangibles arising from whole bank acquisitions. These intangible assets are measured at fair value and then amortized on an accelerated method over their estimated useful lives of ten years. Leases The Company accounts for its leases in accordance with FASB ASC Topic 842 – Leases As a lessee, the Company enters into operating leases for certain bank branches, office space, and office equipment. The right-of-use assets and lease liabilities are initially recognized based on the net present value of the remaining lease payments which include renewal options where the Company is reasonably certain they will be exercised. The net present value is determined using the incremental collateralized borrowing rate at commencement date. The right-of-use asset is measured at the amount of the lease liability adjusted for any prepaid rent, lease incentives and initial direct costs incurred. The right-of-use asset and lease liability is amortized over the individual lease terms. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For additional information regarding leases, see note 17 to these consolidated financial statements. Stock Based Compensation The Company accounts for stock awards and stock options granted to employees and directors based on guidance set forth in FASB ASC Topic 718 for Compensation — Stock Compensation Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the Consolidated Statements of Financial Condition when they are funded. Bank-owned Life Insurance The Company funds the purchase of insurance policies on the lives of certain former officers and employees of the Company. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The Company has recognized any change in cash surrender value of life insurance in other income in the Company’s Consolidated Statements of Income. Comprehensive Income (Loss) The Company presents a separate financial statement of comprehensive income (loss) that includes net unrealized holding gains and losses on securities available for sale and transactions from other events excluded from the Company’s Consolidated Statements of Income and recorded directly to stockholders’ equity. Segment Reporting The Company acts as an independent community financial services provider and offers traditional banking and related financial services to individual, business, and government customers. Through its branch network, the Bank offers a full array of commercial and retail financial services, including; the taking of time, savings and demand deposits; the making of commercial and mortgage loans; and the providing of other financial services. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial and retail operations of the Bank. As such, discrete financial information is not available and segment reporting would not be meaningful. Reclassifications Certain amounts in the previous year financial statements have been reclassified to conform to the current year presentation. These reclassifications have no impact on prior year net income or stockholders’ equity. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Receivables—Troubled Debt Restructurings by Creditors Financial Instruments—Credit Losses—Measured at Amortized Cost

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share
Earnings Per Share	Note 3 - Earnings Per Share The following table presents a calculation of basic and diluted earnings per share for the years ended June 30, 2023 and 2022. Earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding. The difference between common shares issued and basic average common shares outstanding, for purposes of calculating basic earnings per share, is a result of subtracting unallocated ESOP shares and unvested restricted stock shares. There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, the net income of $2.8 million and $4.2 million for the years ended June 30, 2023 and 2022, respectively, was used as the numerator. See Note 12 to these consolidated financial statements for further discussion of stock grants. The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and diluted earnings per share computation. Year Ended June 30, (Dollars in thousands, except share and per share amounts) 2023 2022 Basic and diluted earnings per share: Net income $ 2,802 $ 4,237 Basic average common shares outstanding 12,661,882 14,255,901 Effect of dilutive securities 30,732 3,468 Dilutive average shares outstanding 12,692,614 14,259,369 Earnings per share: Basic $ 0.22 $ 0.30 Diluted $ 0.22 $ 0.30 Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the weighted average market value for the periods presented. There were 1,197,640 and 1,232,400 stock options that were anti-dilutive for the years ended June 30, 2023 and 2022, respectively, and were not included in the table above.

Changes in and Reclassification

Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss	12 Months Ended
	Jun. 30, 2023
Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss	Note 4 – Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present the changes in the balances of each component of accumulated other comprehensive loss (“AOCI”) for the years ended June 30, 2023 and 2022. All amounts are presented net of tax. (Dollars in thousands) Unrealized Losses on Securities Accumulated Other Comprehensive Loss (1) Available for Sale Balance at June 30, 2021 $ (64) Other comprehensive loss before reclassifications (15,245) Amounts reclassified from accumulated other comprehensive loss (48) Period change (15,293) Balance at June 30, 2022 $ (15,357) Other comprehensive loss before reclassifications (8,021) Amounts reclassified from accumulated other comprehensive loss — Period change (8,021) Balance at June 30, 2023 $ (23,378) (1) All amounts are net of tax. Related income tax expense is calculated using an income tax rate of approximately 23% for both 2023 and 2022. The following table presents reclassifications out of AOCI by component for the years ended June 30, 2023 and 2022: (Dollars in thousands) Amounts Reclassified from Accumulated Other Comprehensive Loss (1) Details about Accumulated Other Comprehensive Year Ended June 30, Affected Line Item in the Loss Components 2023 2022 Consolidated Statements of Income Securities available for sale: Net securities gains reclassified into net income $ — $ 62 Net gain on sale of securities Related income tax expense — (14) Income tax expense $ — $ 48 (1) Amounts in parenthesis indicate debits .

Investment Securities

Investment Securities	12 Months Ended
Investment Securities	Jun. 30, 2023
Investment Securities
Investment Securities	Note 5 – Investment Securities The amortized cost, gross unrealized gains and losses, and estimated fair value of investments in debt securities are as follows: June 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value Available For Sale: Mortgage-backed securities $ 124,252 $ 21 $ (17,517) $ 106,756 U.S. agency collateralized mortgage obligations 10,074 — (1,782) 8,292 U.S. government agency securities 3,881 140 (89) 3,932 Municipal bonds 20,081 — (5,102) 14,979 Corporate bonds 37,200 — (6,032) 31,168 Total Available For Sale $ 195,488 $ 161 $ (30,522) $ 165,127 Held To Maturity: Mortgage-backed securities $ 94,648 $ — $ (17,275) $ 77,373 U.S. government agency securities 4,982 — (102) 4,880 Municipal bonds 60 — — 60 Total Held To Maturity $ 99,690 $ — $ (17,377) $ 82,313 June 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value Available For Sale: Mortgage-backed securities $ 130,146 $ 85 $ (12,725) $ 117,506 U.S. agency collateralized mortgage obligations 11,001 — (1,292) 9,709 U.S. government agency securities 5,082 11 (55) 5,038 Municipal bonds 20,160 — (4,518) 15,642 Corporate bonds 36,300 16 (1,466) 34,850 Total Available For Sale $ 202,689 $ 112 $ (20,056) $ 182,745 Held To Maturity: Mortgage-backed securities $ 102,135 $ — $ (13,814) $ 88,321 Total Held To Maturity $ 102,135 $ — $ (13,814) $ 88,321 The Company did not sell any investment securities during the year ended June 30, 2023. The Company recognized $62 thousand of gross gains on the sale of $5.0 million of investment securities during the year ended June 30, 2022. The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Maturities for mortgage-backed securities are dependent upon the rate environment and prepayments of the underlying loans. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without penalties. June 30, 2023 Available For Sale Held To Maturity Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ — $ — $ 552 $ 551 Due after one year through five years 19 19 4,490 4,389 Due after five years through ten years 41,685 34,937 — — Due after ten years 153,784 130,171 94,648 77,373 $ 195,488 $ 165,127 $ 99,690 $ 82,313 The following tables provide information on the gross unrealized losses and fair market value of the Company's investments with unrealized losses that are not deemed to be other than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2023 and 2022: June 30, 2023 Less than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available For Sale: Mortgage-backed securities $ 16,794 $ (967) $ 86,371 $ (16,550) $ 103,165 $ (17,517) U.S. agency collateralized mortgage obligations — — 8,292 (1,782) 8,292 (1,782) U.S. government agency securities — — 943 (89) 943 (89) Municipal bonds — — 14,979 (5,102) 14,979 (5,102) Corporate bonds 10,715 (1,435) 20,453 (4,597) 31,168 (6,032) 27,509 (2,402) 131,038 (28,120) 158,547 (30,522) Held To Maturity: Mortgage-backed securities — — 77,373 (17,275) 77,373 (17,275) U.S. government agency securities 4,880 (102) — — 4,880 (102) 4,880 (102) 77,373 (17,275) 82,253 (17,377) Total Temporarily Impaired Securities $ 32,389 $ (2,504) $ 208,411 $ (45,395) $ 240,800 $ (47,899) June 30, 2022 Less than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available For Sale: Mortgage-backed securities $ 93,726 $ (10,351) $ 13,750 $ (2,374) $ 107,476 $ (12,725) U.S. agency collateralized mortgage obligations 2,968 (488) 6,741 (804) 9,709 (1,292) U.S. government agency securities 61 (3) 1,556 (52) 1,617 (55) Municipal bonds 7,415 (1,979) 8,227 (2,539) 15,642 (4,518) Corporate bonds 25,584 (1,466) — — 25,584 (1,466) 129,754 (14,287) 30,274 (5,769) 160,028 (20,056) Held To Maturity: Mortgage-backed securities 88,321 (13,814) — — 88,321 (13,814) 88,321 (13,814) — — 88,321 (13,814) Total Temporarily Impaired Securities $ 218,075 $ (28,101) $ 30,274 $ (5,769) $ 248,349 $ (33,870) The Company evaluates its investment securities holdings for other-than-temporary impairment (“OTTI”) on at least a quarterly basis. As part of this process, management considers its intent to sell each debt security and whether it is more likely than not the Company will be required to sell the security before its anticipated recovery. If either of these conditions is met, OTTI is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the Statement of Financial Condition date. For securities that meet neither of these conditions, management performs analysis to determine whether any of these securities are at risk for OTTI. To determine which individual securities are at risk for OTTI and should be quantitatively evaluated utilizing a detailed analysis, management uses indicators which consider various characteristics of each security including, but not limited to, the following: the credit rating; the duration and level of the unrealized loss; prepayment assumptions; and certain other collateral-related characteristics such as delinquency rates, the security’s performance, and the severity of expected collateral losses. The unrealized loss on securities greater than 12 months is due to current interest rate levels relative to the Company’s cost. Because the unrealized losses are due to current interest rate levels relative to the Company’s cost and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell these investments before recovery of its amortized cost, which may be at maturity, the Company does not consider these investments to be other-than temporarily impaired at June 30, 2023 and 2022. There were 126 investment securities that were temporarily impaired at June 30, 2023. There were 115 investment securities that were temporarily impaired at June 30, 2022. At June 30, 2023 and 2022, $2.5 million and $2.0 million, respectively, of investment securities were pledged to secure municipal deposits. Equity Securities The Company had one equity security with a fair value of $1.6 million and $2.3 million as of June 30, 2023 and 2022, respectively. During the year ended June 30, 2023 and 2022, the Company recorded $629 thousand and $242 thousand of unrealized losses, respectively, which were recorded in Unrealized loss on equity securities

Loans

Loans	12 Months Ended
Loans	Jun. 30, 2023
Loans
Loans	Note 6 – Loans Major classifications of loans, net of deferred loan fees (costs), at June 30, 2023 and 2022 are summarized as follows: June 30, June 30, 2023 2022 (Dollars in thousands) Amount Percent Amount Percent Residential real estate: 1 - 4 family $ 135,046 28.08 % $ 147,143 30.72 % Home equity and HELOCs 32,684 6.79 32,590 6.80 Construction -residential 9,113 1.90 14,778 3.09 Commercial real estate: 1 - 4 family investor 98,160 20.41 96,508 20.15 Multi-family (five or more) 15,281 3.18 13,015 2.72 Commercial non-residential 157,555 32.77 158,294 33.05 Construction and land 15,584 3.24 4,942 1.03 Commercial 15,433 3.21 9,411 1.97 Consumer loans 2,000 0.42 2,239 0.47 Total Loans 480,856 100.00 % 478,920 100.00 % Allowance for loan losses (3,313) (3,409) Net Loans $ 477,543 $ 475,511 Mortgage loans serviced for others are not included in the accompanying Consolidated Statements of Financial Condition. The total amount of loans serviced for the benefit of others was approximately $12.5 million and $14.4 million at, June 30, 2023 and 2022, respectively. The Bank retained the related servicing rights for the loans that were sold and receives a 25 basis point servicing fee from the purchasers of the loans. Custodial escrow balances maintained in connection with the foregoing loan servicing are included in advances from borrowers for taxes and insurance. Commercial non-residential loans include shared national credits, which are participations in loans or loan commitments of at least $20.0 million that are shared by three or more banks. As of June 30, 2023 and 2022, the Company had one shared national credit loan commitment for $12.5 million with no balance outstanding and $9.2 million outstanding, respectively, that is a purchased participation classified as pass rated and all payments are current and the loan is performing in accordance with its contractual terms. The Company’s accounting policies for shared national credits, including our charge off and reserve policy, are consistent with the significant accounting policies disclosed in our financial statements for the Company’s total loan portfolio. Shared national credits are subject to the same underwriting guidelines as loans originated by the Company and are subject to annual reviews where the risk rating of the loan is evaluated. Additionally, the Company obtains quarterly financial information and performs a financial analysis on a regular basis to ensure that the borrower can comply with the financial terms of the loan. The information used in the analysis is provided by the borrower through the agent bank. Allowance for Loan Losses. The provision for loan losses was determined by management to be an amount necessary to maintain a balance of allowance for loan losses at a level that considers all known and current losses in the loan portfolio as well as potential losses due to unknown factors such as the economic environment. Changes in the provision were based on management’s analysis of various factors such as: estimated fair value of underlying collateral, recent loss experience in particular segments of the portfolio, levels and trends in delinquent loans, and changes in general economic and business conditions. The Company considers the allowance for loan losses of $3.3 million and $3.4 million adequate to cover loan losses inherent in the loan portfolio at June 30, 2023 and 2022, respectively. The following table presents by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the years ended June 30, 2023 and 2022, respectively: June 30, 2023 Residential real estate: Commercial real estate: Home Equity Construction- 1 - 4 family Multi-family Commercial Construction (Dollar amounts in thousands) 1 - 4 family and HELOCs residential investor (five or more) non-residential and land Commercial Consumer Total Allowance for credit losses: Beginning balance $ 506 $ 113 $ 386 $ 527 $ 110 $ 1,451 $ 166 $ 100 $ 50 $ 3,409 Charge-offs (79) — — — — — — — (32) (111) Recoveries — — — — — — — — 15 15 Provision 59 — (172) 42 (21) (31) 115 (18) 26 — Ending Balance $ 486 $ 113 $ 214 $ 569 $ 89 $ 1,420 $ 281 $ 82 $ 59 $ 3,313 Allowance ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 486 113 214 569 89 1,420 281 82 59 3,313 Total allowance $ 486 $ 113 $ 214 $ 569 $ 89 $ 1,420 $ 281 $ 82 $ 59 $ 3,313 Loans receivable ending balance: Individually evaluated for impairment $ 1,209 $ 182 $ — $ 832 $ 251 $ 778 $ — $ — $ — $ 3,252 Collectively evaluated for impairment 78,237 19,689 9,113 84,891 14,781 142,098 15,584 14,976 643 380,012 Acquired non-credit impaired loans (1) 55,528 12,813 — 12,437 249 14,679 — 457 1,357 97,520 Acquired credit impaired loans (2) 72 — — — — — — — — 72 Total portfolio $ 135,046 $ 32,684 $ 9,113 $ 98,160 $ 15,281 $ 157,555 $ 15,584 $ 15,433 $ 2,000 $ 480,856 (1) Acquired non-credit impaired loans are evaluated collectively, excluding loans that have subsequently moved to non-accrual status which are individually evaluated for impairment. (2) Acquired credit impaired loans are evaluated on an individual basis. June 30, 2022 Residential real estate: Commercial real estate: Home Equity Construction- 1 - 4 family Multi-family Commercial Construction (Dollar amounts in thousands) 1 - 4 family and HELOCs residential investor (five or more) non-residential and land Commercial Consumer Total Allowance for credit losses: Beginning balance $ 709 $ 133 $ 487 $ 843 $ 159 $ 854 $ 362 $ 51 $ 15 $ 3,613 Charge-offs (154) — — (55) — — — — (29) (238) Recoveries — 8 — 42 — — — — 4 54 Provision (49) (28) (101) (303) (49) 597 (196) 49 60 (20) Ending Balance $ 506 $ 113 $ 386 $ 527 $ 110 $ 1,451 $ 166 $ 100 $ 50 $ 3,409 Allowance ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 506 113 386 527 110 1,451 166 100 50 3,409 Total allowance $ 506 $ 113 $ 386 $ 527 $ 110 $ 1,451 $ 166 $ 100 $ 50 $ 3,409 Loans receivable ending balance: Individually evaluated for impairment $ 3,336 $ 275 $ — $ 173 $ 291 $ 1,213 $ — $ — $ — $ 5,288 Collectively evaluated for impairment 78,478 15,679 14,778 81,834 12,471 138,812 4,942 8,626 531 356,151 Acquired non-credit impaired loans (1) 65,196 16,613 — 14,501 253 18,269 — 785 1,708 117,325 Acquired credit impaired loans (2) 133 23 — — — — — — — 156 Total portfolio $ 147,143 $ 32,590 $ 14,778 $ 96,508 $ 13,015 $ 158,294 $ 4,942 $ 9,411 $ 2,239 $ 478,920 (1) Acquired non-credit impaired loans are evaluated collectively, excluding loans that have subsequently moved to non-accrual status which are individually evaluated for impairment. (2) Acquired credit impaired loans are evaluated on an individual basis. During the year ended June 30, 2023, the changes in the provision for loan losses for each portfolio of loans were primarily due to fluctuations in the outstanding balance of each portfolio of loans collectively evaluated for impairment. Specifically, we experienced significant growth in our commercial construction and land loan portfolio during the year ended June 30, 2023 and a corresponding increase in the provision for loan losses for this portfolio. The overall decrease in the allowance during the year ended June 30, 2023 can primarily be attributed to improved credit quality metrics, including continued low levels of net charge-offs and a decrease in non-performing assets. During the year ended June 30, 2022, the changes in the provision for loan losses for each portfolio of loans were primarily due to fluctuations in the outstanding balance of each portfolio of loans collectively evaluated for impairment. The overall decrease in the allowance during the year ended June 30, 2022 can primarily be attributed to stable credit quality metrics, including continued low levels of net charge-offs and non-performing assets, as well as a reduction of the adjustments to qualitative factors related to the COVID-19 pandemic. Credit Quality Information The following tables represent credit exposures by internally assigned grades for the year ended June 30, 2023 and 2022, respectively. The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at all. The Company’s internal credit risk grading system is based on experiences with similarly graded loans. The Company’s internally assigned grades are as follows: Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Special Mention – loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected. Substandard – loans that have a well-defined weakness based on objective evidence and are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances. Loss – loans classified as a loss are considered uncollectible, or of such value that continuance as an asset is not warranted. The following tables set forth the amounts of the portfolio of classified asset categories for the commercial loan portfolios at June 30, 2023 and 2022: June 30, 2023 Commercial Real Estate 1 - 4 family Construction investor Multi-family Non-residential and land Commercial Total Pass $ 96,097 $ 15,030 $ 156,777 $ 15,584 $ 15,433 $ 298,921 Special Mention 1,231 — — — — 1,231 Substandard 832 251 778 — — 1,861 Doubtful — — — — — — Loss — — — — — — Ending Balance $ 98,160 $ 15,281 $ 157,555 $ 15,584 $ 15,433 $ 302,013 June 30, 2022 Commercial Real Estate 1 - 4 family Construction investor Multi-family Non-residential and land Commercial Total Pass $ 94,929 $ 12,724 $ 157,081 $ 4,942 $ 9,411 $ 279,087 Special Mention 1,473 — 300 — — 1,773 Substandard 106 291 913 — — 1,310 Doubtful — — — — — — Loss — — — — — — Ending Balance $ 96,508 $ 13,015 $ 158,294 $ 4,942 $ 9,411 $ 282,170 The following tables set forth the amounts of the portfolio of classified asset categories for the residential and consumer loan portfolios at June 30, 2023 and 2022: Residential Real Estate and Consumer Loans Credit Risk Internally Assigned (Dollars in thousands) June 30, 2023 Residential Real Estate Home equity & 1 - 4 family HELOCs Construction Consumer Total Performing $ 132,956 $ 32,684 $ 9,113 $ 1,918 $ 176,671 Non-performing 2,090 — — 82 2,172 $ 135,046 $ 32,684 $ 9,113 $ 2,000 $ 178,843 June 30, 2022 Residential Real Estate Home equity & 1 - 4 family HELOCs Construction Consumer Total Performing $ 142,362 $ 32,249 $ 14,778 $ 2,122 $ 191,511 Non-performing 4,781 341 — 117 5,239 $ 147,143 $ 32,590 $ 14,778 $ 2,239 $ 196,750 Loan Delinquencies and Non-accrual Loans Following are tables which include an aging analysis of the recorded investment of past due loans as of June 30, 2023 and 2022: Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2023 Recorded Recorded Acquired Investment Investment 30 - 59 Days 60 - 89 Days 90 Days Total Past Credit Total Loans >90 Days and Loans on (Dollar amounts in thousands) Past Due Past Due Or Greater Due Impaired Current Receivable Accruing Non-Accrual Residential real estate: 1 - 4 family $ 290 $ 457 $ 567 $ 1,314 $ 72 $ 133,660 $ 135,046 $ — $ 2,090 Home equity and HELOCs — — — — — 32,684 32,684 — — Construction - residential — — — — — 9,113 9,113 — — Commercial real estate: 1 - 4 family investor — 752 — 752 — 97,408 98,160 — 832 Multi-family 251 — — 251 — 15,030 15,281 — 251 Commercial non-residential — 322 778 1,100 — 156,455 157,555 — 778 Construction and land — — — — — 15,584 15,584 — — Commercial — — — — — 15,433 15,433 — — Consumer — 13 — 13 — 1,987 2,000 — 82 Total $ 541 $ 1,544 $ 1,345 $ 3,430 $ 72 $ 477,354 $ 480,856 $ — $ 4,033 Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2022 Recorded Recorded Acquired Investment Investment 30 - 59 Days 60 - 89 Days 90 Days Total Past Credit Total Loans >90 Days and Loans on (Dollar amounts in thousands) Past Due Past Due Or Greater Due Impaired Current Receivable Accruing Non-Accrual Residential real estate: 1 - 4 family $ 1,528 $ 622 $ 2,392 $ 4,542 $ 133 $ 142,468 $ 147,143 $ — $ 4,781 Home equity and HELOCs 19 — 183 202 23 32,365 32,590 — 341 Construction - residential — — — — — 14,778 14,778 — — Commercial real estate: 1 - 4 family investor — — — — — 96,508 96,508 — 106 Multi-family — — — — — 13,015 13,015 — 291 Commercial non-residential 275 494 418 1,187 — 157,107 158,294 — 875 Construction and land — — — — — 4,942 4,942 — — Commercial — — — — — 9,411 9,411 — — Consumer 27 — — 27 — 2,212 2,239 — 117 Total $ 1,849 $ 1,116 $ 2,993 $ 5,958 $ 156 $ 472,806 $ 478,920 $ — $ 6,511 Interest income on non-accrual loans would have increased by approximately $192 thousand, and $275 thousand during the years ended June 30, 2023 and 2022, respectively, if these loans had performed in accordance with their terms. Impaired Loans Management considers commercial loans and commercial real estate loans which are 90 days or more past due to be impaired. Larger commercial loans and commercial real estate loans which are 60 days or more past due are selected for impairment testing in accordance with GAAP. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. These loans are analyzed to determine if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance for loan losses. The following tables include the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. June 30, 2023 Unpaid Average Interest Recorded Principal Related Recorded Income (Dollars in thousands) Investment Balance Allowance Investment Recognized With no related allowance recorded: 1 - 4 family residential real estate $ 1,209 $ 1,302 $ — $ 1,780 $ — Home equity and HELOCs 182 182 — 325 20 Construction residential — — — — — 1 - 4 family investor commercial real estate 832 850 — 179 1 Multi-family 251 283 — 277 — Commercial non-residential 778 783 — 1,042 19 Construction and land — — — — — Commercial — — — — — Consumer — — — — — With an allowance recorded: 1 - 4 family residential real estate $ — $ — $ — $ — $ — Home equity and HELOCs — — — — — Construction residential — — — — — 1 - 4 family investor commercial real estate — — — — — Multi-family — — — — — Commercial non-residential — — — — — Construction and land — — — — — Commercial — — — — — Consumer — — — — — Total: 1 - 4 family residential real estate $ 1,209 $ 1,302 $ — $ 1,780 $ — Home equity and HELOCs 182 182 — 325 20 Construction residential — — — — — 1 - 4 family investor commercial real estate 832 850 — 179 1 Multi-family 251 283 — 277 — Commercial non-residential 778 783 — 1,042 19 Construction and land — — — — — Commercial — — — — — Consumer — — — — — The impaired loans table above includes accruing TDRs in the amount of $182 thousand that are performing in accordance with their modified terms. The Company recognized $38 thousand of interest income on accruing TDRs during the year ended June 30, 2023. The table above does not include $72 thousand of loans acquired with deteriorated credit quality, which have been recorded at their fair value at acquisition. June 30, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income (Dollars in thousands) Investment Balance Allowance Investment Recognized With no related allowance recorded: 1-4 Family residential real estate $ 3,336 $ 3,582 $ — $ 2,552 $ — Home equity and HELOCs 275 277 — 462 18 Construction Residential — — — — — 1 - 4 Family investor commercial real estate 173 185 — 303 4 Multi-family 291 308 — 384 — Commercial non-residential 1,213 1,265 — 1,071 24 Construction and land — — — — — Commercial — — — 2 — Consumer — — — — — With an allowance recorded: 1-4 Family residential real estate $ — $ — $ — $ — $ — Home equity and HELOCs — — — — — Construction Residential — — — — — 1 - 4 Family investor commercial real estate — — — — — Multi-family — — — — — Commercial non-residential — — — — — Construction and land — — — — — Commercial — — — — — Consumer — — — — — Total: 1-4 Family residential real estate $ 3,336 $ 3,582 $ — $ 2,552 $ — Home equity and HELOCs 275 277 — 462 18 Construction Residential — — — — — 1 - 4 Family investor commercial real estate 173 185 — 303 4 Multi-family 291 308 — 384 — Commercial non-residential 1,213 1,265 — 1,071 24 Construction and land — — — — — Commercial — — — 2 — Consumer — — — — — The impaired loans table above includes accruing TDRs in the amount of $593 thousand that are performing in accordance with their modified terms. The Company recognized $45 thousand of interest income on accruing TDRs during the year ended June 30, 2022. The table above does not include $156 thousand of loans acquired with deteriorated credit quality, which have been recorded at their fair value at acquisition. Generally, the Company will charge-off the collateral or discounted cash flow deficiency on all impaired loans. Interest income that would have been recorded for the years ended June 30, 2023 and 2022, had impaired loans been current according to their original terms, amounted to $104 thousand and $183 thousand, respectively. Troubled Debt Restructurings The Bank determines whether a restructuring of debt constitutes a troubled debt restructuring (“TDR”) in accordance with guidance under FASB ASC Topic 310 Receivables for customer retention purposes and the modification reflects prevailing market conditions. The Bank’s policy for returning a loan to accruing status requires the preparation of a well-documented credit evaluation which includes the following: ● A review of the borrower’s current financial condition in which the borrower must demonstrate sufficient cash flow to support the repayment of all principal and interest including any amounts previously charged-off; ● An updated appraisal or home valuation which must demonstrate sufficient collateral value to support the debt; and ● Sustained performance based on the restructured terms for at least six consecutive months. For the years ended June 30, 2023 and 2022, there were no loans modified that were identified as a troubled debt restructuring. The Company did not experience any re-defaulted TDRs subsequent to the loan being modified during the years ended June 30, 2023 and 2022.

Premises and Equipment

Premises and Equipment	12 Months Ended
Premises and Equipment	Jun. 30, 2023
Premises and Equipment
Premises and Equipment	Note 7 – Premises and Equipment The components of premises and equipment are as follows as of June 30, 2023 and 2022: June 30, (Dollars in thousands) 2023 2022 Land $ 1,778 $ 2,156 Office buildings and improvements 9,080 11,769 Furniture, fixtures and equipment 2,273 2,540 Automobiles 58 58 13,189 16,523 Accumulated depreciation (4,135) (4,827) $ 9,054 $ 11,696 Depreciation expense amounted to $1.0 million and $975 thousand for the years ended June 30, 2023 and 2022, respectively. During the three months ended September 30, 2022, the Company made a strategic decision to close the Bank’s branch office located in Collingswood, New Jersey and to consolidate the deposits from this branch office into the Bank’s Audubon, New Jersey branch office after assessing the branch’s profitability and its close geographic proximity to the Audubon, New Jersey branch location. The branch office located in Collingswood, New Jersey was closed effective December 31, 2022. During the quarter ended June 30, 2023, the Company transferred one property with a total carrying value of $1.1 million as of June 30, 2023 to the held for sale classification. The Company intends to sell this property by December 31, 2023.

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
Goodwill and Intangibles	Jun. 30, 2023
Goodwill and Intangibles
Goodwill and Intangibles	Note 8 – Goodwill and Intangibles The goodwill and intangible assets arising from acquisitions is accounted for in accordance with the accounting guidance in FASB ASC Topic 350 for Intangibles — Goodwill and Other The Company performs its annual impairment evaluation on June 30 or more frequently if events and circumstances indicate that the fair value of the banking unit is less than its carrying value. During the year ended June 30, 2023, the Company included considerations of the current economic environment in its evaluation, and determined that it is not more likely than not that the carrying value of goodwill is impaired. No goodwill impairment exists during the year ended June 30, 2023. Goodwill and other intangibles at June 30, 2023 and 2022, are summarized as follows: Core Deposit (Dollars in thousands) Goodwill Intangibles Balance, July 1, 2021 $ 4,858 $ 937 Adjustments: Additions — — Amortization — (225) Balance, June 30, 2022 $ 4,858 $ 712 Adjustments: Additions — — Amortization — (193) Balance, June 30, 2023 $ 4,858 $ 519 The following tables summarize amortizing intangible assets at June 30, 2023 and 2022: June 30, 2023 Accumulated (Dollars in thousands) Gross Amortization Net Core deposit intangibles $ 1,694 $ (1,175) $ 519 June 30, 2022 Accumulated (Dollars in thousands) Gross Amortization Net Core deposit intangibles $ 1,694 $ (982) $ 712 Aggregate amortization expense was $193 thousand and $225 thousand for the years ended June 30, 2023 and 2022, respectively. Amortization expense for the next five years and thereafter is expected to be as follows: (Dollars in thousands) For the year ended June 30, Expense 2024 $ 163 2025 132 2026 101 2027 70 2028 40 2029 and thereafter 13 $ 519

Deposits

Deposits	12 Months Ended
Deposits	Jun. 30, 2023
Deposits.
Deposits	Note 9 – Deposits Deposits and their respective weighted-average interest rates consist of the following major classifications as of June 30, 2023 and 2022: June 30, 2023 June 30, 2022 Weighted Weighted (Dollars in thousands) Amount Average Rate Amount Average Rate Non-interest bearing checking $ 60,872 — % $ 75,758 — % Interest bearing checking 116,700 0.91 122,675 0.13 Money market accounts 208,020 2.77 171,316 0.30 Savings and club accounts 90,291 0.05 105,507 0.05 Certificates of deposit 159,377 2.30 131,361 0.89 $ 635,260 1.66 % $ 606,617 0.31 % Time deposit accounts outstanding as of June 30, 2023 mature as follows: (In thousands) June 30, 2023 Twelve months ending: 2024 $ 121,678 2025 20,810 2026 6,642 2027 5,654 2028 4,117 Thereafter 476 $ 159,377 The aggregate amount of certificates of deposit accounts in denominations of $250 thousand or more totaled $17.8 million and $8.9 million at June 30, 2023 and 2022, respectively.

Borrowings

Borrowings	12 Months Ended
Borrowings	Jun. 30, 2023
Borrowings
Borrowings	Note 10 – Borrowings The Bank is a member of the FHLB system, which consists of 11 regional Federal Home Loan Banks. The FHLB provides a central credit facility primarily for member institutions. The Bank has a maximum borrowing capacity with the FHLB of Pittsburgh of approximately $295.0 million at June 30, 2023. Advances from the FHLB of Pittsburgh consisted of $34.0 million and $65.0 million of fixed rate short-term borrowings at June 30, 2023 and 2022, respectively. FHLB advances are secured by qualifying assets of the Bank, which include Federal Home Loan Bank stock and loans. The Bank had $427.2 million and $423.1 million of loans pledged as collateral as of June 30, 2023 and 2022, respectively. The Bank, as a member of the FHLB of Pittsburgh, is required to acquire and hold shares of capital stock in that FHLB. The Bank was in compliance with the requirements for the FHLB of Pittsburgh with an investment of $2.3 million and $3.5 million at June 30, 2023 and 2022, respectively. Contractual maturities and the associated weighted average interest rate of FHLB advances at June 30, 2023 are presented in the table below. As of June 30, 2023, the interest rates on the $34.0 million of FHLB advances ranged from 5.33% to 5.39%. June 30, 2023 (Dollars in thousands) Weighted Twelve months ending: Amount Average Rate 2024 $ 34,000 5.35 % Total FHLB advances $ 34,000 5.35 % As of June 30, 2023, the Bank had $10.2 million of loans pledged as collateral to secure a $3.7 million overnight line of credit with the Federal Reserve Bank. The Bank had no loans pledged to the Federal Reserve Bank as of June 30, 2022. There was no outstanding balance for the overnight line of credit with the Federal Reserve Bank as of June 30, 2023 and 2022. In addition, as of June 30, 2023 and 2022, the Bank had $10.0 million of available credit from the Atlantic Community Bankers Bank to purchase federal funds.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Jun. 30, 2023
Income Taxes
Income Taxes	Note 11 — Income Taxes The components of income tax expense for the years ended June 30, 2023 and 2022 are as follows: Year end June 30, (Dollars in thousands) 2023 2022 Federal: Current $ (430) $ (215) Deferred 570 683 140 468 State, current 60 100 $ 200 $ 568 A reconciliation of the statutory federal income tax at a rate of 21.0% in 2023 and 2022 to the income tax expense included in the consolidated statements of income is as follows: Year ended June 30, 2023 2022 % of % of Pretax Pretax (Dollars in thousands) Amount Income Amount Income Federal income tax at statutory rate $ 630 21.0 % $ 1,009 21.0 % State tax, net of federal benefit 47 1.6 79 1.6 Bank owned-life insurance (232) (7.7) (218) (4.5) Income tax benefit (211) (7.1) (288) (6.0) Other (34) (1.1) (14) (0.3) $ 200 6.7 % $ 568 11.8 % Income tax expense for the years ended June 30, 2023 and 2022 included $211 thousand and $288 thousand one-time income tax benefits related to refunds received associated with the carryback of net operating losses under the CARES Act. Items that gave rise to significant portions of deferred tax assets and liabilities are as follows: June 30, (Dollars in thousands) 2023 2022 Deferred tax assets: Loan origination fees $ 150 $ 172 Allowance for loan losses 762 784 Deferred director’s fees 261 271 Deferred compensation 357 478 Purchase accounting adjustments 499 593 NOL carry forward 231 631 Net unrealized loss on securities 6,983 4,587 Stock based compensation 234 — Other 344 227 Total deferred tax assets 9,821 7,743 Deferred tax liabilities: Premises and equipment (336) (284) Total deferred tax liabilities (336) (284) Net deferred tax asset $ 9,485 $ 7,459 Deferred income taxes reflect temporary differences in the recognition of revenue and expenses for tax reporting and financial statement purposes, principally because certain items, such as the allowance for loan losses and loan fees are recognized in different periods for financial reporting and tax return purposes. As of June 30, 2023, the Company has a $1.1 million net operating loss carryforward that will begin to expire by December 31, 2033. A valuation allowance has not been established for deferred tax assets. Realization of the deferred tax assets is dependent on generating sufficient taxable income. Although realization is not assured, management believes it is more likely than not that all of the deferred tax asset will be realized. GAAP prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. Accounting literature also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest, and penalties. In accordance with GAAP, interest or penalties incurred for income taxes will be recorded as a component of other expenses. There are no material uncertain tax positions at June 30, 2023 or 2022. With few exceptions, the Company is no longer subject to U.S. Federal income tax examinations by taxing authorities for years before 2019. Retained earnings included $2.8 million at June 30, 2023 and 2022, respectively, for which no provision for federal income tax has been made. These amounts represent deductions for bad debt reserves for tax purposes which were only allowed to savings institutions which met certain definitional tests prescribed by the Internal Revenue Code of 1986, as amended. The Small Business Job Protection Act of 1996 eliminated the special bad debt deduction granted solely to thrifts. Under the terms of the Act, there would be no recapture of the pre-1988 (base year) reserves. However, these pre-1988 reserves would be subject to recapture under the rules of the Internal Revenue Code if the Bank itself pays a cash dividend in excess of earnings and profits, or liquidates. The Act also provides for the recapture of deductions arising from “applicable excess reserve” defined as the total amount of reserve over the base year reserve. The Bank’s total reserve exceeds the base year reserve and deferred taxes have been provided for this excess.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
Stock Based Compensation	Jun. 30, 2023
Stock Based Compensation
Stock Based Compensation	Note 12 – Stock Based Compensation Stock-based compensation is accounted for in accordance with FASB ASC Topic 718 for Compensation — Stock Compensation. The Company establishes fair value for its equity awards to determine their cost. The Company recognizes the related expense for employees over the appropriate vesting period, or when applicable, service period, using the straight-line method. However, consistent with the guidance, the amount of stock-based compensation recognized at any date must at least equal the portion of the grant date value of the award that is vested at that date. As a result, it may be necessary to recognize the expense using a ratable method. On May 10, 2022, the shareholders of the Company approved the William Penn Bancorporation 2022 Equity Incentive Plan (the “Plan”). During the year ended June 30, 2022, the Company granted 492,960 shares of restricted stock, with a weighted average grant date fair value of $11.67 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. Restricted shares granted under the Plan vest in equal installments over a five year period. Compensation expense related to the restricted shares is recognized ratably over the vesting period in an amount which totals the market price of the Company’s stock at the grant date. The expense recognized for the restricted shares for the years ended June 30, 2023 and 2022 was $1.1 million and $147 thousand, respectively. The expected future compensation expense related to the 383,258 non-vested restricted shares outstanding at June 30, 2023 was $4.3 million over a weighted average period of 3.88 years. The expected future compensation expense related to the 492,960 non-vested restricted shares outstanding at June 30, 2022 was $5.6 million over a weighted average period of 4.88 years. The following is a summary of the Company's restricted stock activity during the year ended June 30, 2023: Number of Average Summary of Non-vested Restricted Stock Award Activity Shares Grant Price Non-vested Restricted Stock Awards outstanding July 1, 2022 492,960 $ 11.67 Issued — — Vested (95,798) 11.66 Forfeited (13,904) 11.82 Non-vested Restricted Stock Awards outstanding June 30, 2023 383,258 $ 11.66 The following is a summary of the Company's restricted stock activity during the year ended June 30, 2022: Number of Average Summary of Non-vested Restricted Stock Award Activity Shares Grant Price Non-vested Restricted Stock Awards outstanding July 1, 2021 — $ — Issued 492,960 11.67 Vested — — Forfeited — — Non-vested Restricted Stock Awards outstanding June 30, 2022 492,960 $ 11.67 The fair value of the 95,798 shares that vested during the year ended June 30, 2023 was $914 thousand. During the year ended June 30, 2022, the Company granted 1,232,400 stock options, with a weighted average grant date fair value of $3.24 per share. Stock options granted under the Plan vest in equal installments over a five year period. Stock options were granted at a weighted average exercise price of $11.67, which represents the of 1.03% . The following is a summary of the Company's stock option activity during the year ended June 30, 2023: Number of Exercise Price Summary of Stock Option Activity Options per Shares Beginning balance July 1, 2022 1,232,400 $ 11.67 Granted — — Exercised — — Forfeited (34,760) 11.82 Expired — — Ending balance June 30, 2023 1,197,640 $ 11.66 The following is a summary of the Company's stock option activity during the year ended June 30, 2022: Number of Exercise Price Summary of Stock Option Activity Options per Shares Beginning balance July 1, 2021 — $ — Granted 1,232,400 11.67 Exercised — — Forfeited — — Expired — — Ending balance June 30, 2022 1,232,400 $ 11.67 The weighted average remaining contractual term was approximately 8.88 years and there was no aggregate intrinsic value for options outstanding as of June 30, 2023. As of June 30, 2023, exercisable options totaled 239,528 with an average weighted exercise of price of $11.66 per share, a weighted average remaining contractual term of approximately 8.88 years, and no aggregate intrinsic value. The weighted average remaining contractual term was approximately 9.88 years and the aggregate intrinsic value was $80 thousand for options outstanding as of June 30, 2022. There were no exercisable options as of June 30, 2022.

Employee and Director Benefit P

Employee and Director Benefit Plans	12 Months Ended
Employee and Director Benefit Plans	Jun. 30, 2023
Employee and Director Benefit Plans
Employee and Director Benefit Plans	Note 13 – Employee and Director Benefit Plans 401(k) Plan The Bank has a savings plan qualified under Section 401(k) of the Internal Revenue Code which covers substantially all of its employees. Employees can contribute up to 50% of gross pay and the Bank matches 100% of such contributions up to 6%. The Company recorded $421 thousand, and $393 thousand of expense associated with the 401(k) plan during the years ended June 30, 2023 and 2022, respectively. Employee Stock Ownership Plan (“ESOP”) The Company offers ESOP benefits to employees who meet certain eligibility requirements. In connection with the second-step conversion offering, and as previously disclosed, the William Penn Bank ESOP trustees subscribed for, and intended to purchase, on behalf of the ESOP, 8% of the shares of the Company common stock sold in the offering and to fund its stock purchase through a loan from the Company equal to 100% of the aggregate purchase price of the common stock. As previously disclosed, as a result of the second-step conversion offering being oversubscribed in the first tier of subscription priorities, the ESOP trustees were unable to purchase shares of the Company’s common stock in the second-step conversion offering. Subsequent to the completion of the second-step conversion on March 24, 2021, the ESOP trustees purchased 881,130 shares, or $10.1 million, of the Company’s common stock in the open market. In connection with the purchase of the shares, the ESOP borrowed $10.1 million from the Company at a fixed interest rate of 3.25% with a twenty-five-year with the loan proceeds were initially pledged as collateral for the term loan and are held in a suspense account for future allocation among participants. Contributions to the ESOP and shares released from the suspense account are allocated among the participants on the basis of compensation, as described by the ESOP, in the year of allocation. The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Company’s consolidated statements of financial condition. As shares are committed to be released from collateral, the Bank reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings-per-share computations. The Company recognized $395 thousand and $430 thousand of ESOP expense associated with the release of shares from collateral during the years ended June 30, 2023 and 2022, respectively. June 30, 2023 2022 Allocated shares 219,141 213,937 Shares committed to be released 17,479 17,479 Unreleased shares 801,272 836,517 Total ESOP shares 1,037,892 1,067,933 Fair value of unrealized shares $ 8,132,911 $ 9,787,249 Directors Retirement Plan The Bank has a retirement plan for the directors of the Bank. Upon retirement, a director who agrees to serve as a consulting director to the Bank will receive a monthly benefit amount for a period of up to 120 months. The plan was amended in October 2017 to allow credit for service as a director while also serving as an employee. As of June 30, 2023, the Company performed a discounted cash flow analysis for this plan to evaluate the balance of the liability and determined that the liability balance was overaccrued. The Company recognized a credit of $45 thousand, and expense of $30 thousand, respectively, for these benefits in its Consolidated Statements of Income for the years ended June 30, 2023 and 2022. At both June 30, 2023 and 2022, approximately $1.6 million had been accrued under this plan. Director Deferred Compensation Plan The Bank has deferred compensation plans for certain directors of the Bank whereby they can elect to defer their directors’ fees. Under the plans’ provisions, benefits which accrue at the Bank’s highest certificate of deposit rate will be payable upon retirement, death, or permanent disability. The Company recognized $21 thousand and $9 thousand, respectively, of interest expense for these benefits in its Consolidated Statements of Income for the years ended June 30, 2023 and 2022. At June 30, 2023 and 2022, approximately $1.1 million and $1.2 million, respectively, had been accrued for this benefit plan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies.
Commitments and Contingencies	Note 14 – Commitments and Contingencies The Company leases several offices as part of its regular business operations. Please refer to note 17 to these consolidated financial statements for further detail regarding the Company's operating lease commitments. In addition, the Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of financial condition. A summary of the Company's loan commitments is as follows as of June 30, 2023 and 2022: June 30, (Dollars in thousands) 2023 2022 Commitments to extend credit $ 6,877 $ 16,894 Unfunded commitments under lines of credit 75,372 71,999 Standby letters of credit 86 30 Commitments to extend credit are agreements to lend to a customer if there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have 90-day fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies, but primarily includes residential and commercial real estate. Periodically, there have been other various claims and lawsuits against the Bank, such as claims to enforce liens, condemnation proceedings on properties in which it holds security interests, claims involving the making and servicing of real property loans and other issues incident to its business. The Bank is not a party to any pending legal proceedings that it believes would have a material adverse effect on its financial condition, results of operations or cash flows.

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
Regulatory Capital Requirements	Jun. 30, 2023
Regulatory Capital Requirements
Regulatory Capital Requirements	Note 15 - Regulatory Capital Requirements The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s ﬁnancial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet speciﬁc capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classiﬁcation are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (described below) of tangible and core capital to total adjusted assets and of total capital to risk-weighted assets. As of June 30, 2023, the most recent notiﬁcation from the regulators categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. Federal banking agencies have established an optional “community bank leverage ratio” of between 8% to 10% tangible equity to average total consolidated assets for qualifying institutions with assets of less than $10 billion of assets. Institutions with capital meeting the specified requirement and electing to follow the alternative framework would be deemed to comply with the applicable regulatory capital requirements, including the risk-based requirements and would be considered well-capitalized under the prompt corrective action framework. In April 2020, the Federal banking regulatory agencies modified the original Community Bank Leverage Ratio (CBLR) framework and provided that, as of the second quarter 2020, a banking organization with a leverage ratio of 8 percent or greater and that meets the other existing qualifying criteria may elect to use the community bank leverage ratio framework. The modified rule also states that the community bank leverage ratio requirement will be greater than 8 percent for the second through fourth quarters of calendar year 2020, greater than 8.5 percent for calendar year 2021, and greater than 9 percent thereafter. The transition rule also maintains a two-quarter grace period for a qualifying community banking organization whose leverage ratio falls no more than 100 basis points below the applicable community bank leverage ratio requirement. CBLR Framework As of June 30, 2023 Actual Requirement (Dollars in thousands except for ratios) Amount Ratio Amount Ratio William Penn Bank: Tier 1 leverage $ 161,774 18.67 % $ 77,989 9.00 % CBLR Framework As of June 30, 2022 Actual Requirement (Dollars in thousands except for ratios) Amount Ratio Amount Ratio William Penn Bank: Tier 1 leverage $ 157,519 18.28 % $ 77,547 9.00 %

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2023
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 16 – Fair Value of Financial Instruments The Company follows authoritative guidance under FASB ASC Topic 820 for Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The definition of fair value under ASC 820 is the exchange price. The guidance clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability. The definition focuses on the price that would be received to sell the asset or paid to transfer the liability (an exit price), not the price that would be paid to acquire the asset or received to assume the liability (an entry price). The guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Fair value is based on quoted market prices, when available. If listed prices or quotes are not available, fair value is based on fair value models that use market participant or independently sourced market data which include discount rate, interest rate yield curves, credit risk, default rates and expected cash flow assumptions. In addition, valuation adjustments may be made in the determination of fair value. These fair value adjustments may include amounts to reflect counter party credit quality, creditworthiness, liquidity, and other unobservable inputs that are applied consistently over time. These adjustments are estimated and, therefore, subject to significant management judgment, and at times, may be necessary to mitigate the possibility of error or revision in the model-based estimate of the fair value provided by the model. The methods described above may produce fair value calculations that may not be indicative of the net realizable value. While the Company believes its valuation methods are consistent with other financial institutions, the use of different methods or assumptions to determine fair values could result in different estimates of fair value. FASB ASC Topic 820 for Fair Value Measurements and Disclosures describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. The following table presents the assets required to be measured and reported on a recurring basis on the Company’s Consolidated Statements of Financial Condition at their fair value as of June 30, 2023 and 2022, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. June 30, 2023 (Dollars in thousands) Level I Level II Level III Total Assets: Investments available for sale: Mortgage-backed securities $ — $ 106,756 $ — $ 106,756 U.S. agency collateralized mortgage obligations — 8,292 — 8,292 U.S. government agency securities — 3,932 — 3,932 Municipal bonds — 14,979 — 14,979 Corporate bonds — 31,168 — 31,168 Equity securities 1,629 — — 1,629 Total Assets $ 1,629 $ 165,127 $ — $ 166,756 June 30, 2022 (Dollars in thousands) Level I Level II Level III Total Assets: Investments available for sale: Mortgage-backed securities $ — $ 117,506 $ — $ 117,506 U.S. agency collateralized mortgage obligations — 9,709 — 9,709 U.S. government agency securities — 5,038 — 5,038 Municipal bonds — 15,642 — 15,642 Corporate bonds — 34,850 — 34,850 Equity securities 2,258 — — 2,258 Total Assets $ 2,258 $ 182,745 $ — $ 185,003 Assets and Liabilities Measured on a Non-Recurring Basis Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets and liabilities to be assessed for impairment or recorded at the lower of cost or fair value. Impaired loans are generally measured for impairment using the fair value of the collateral supporting the loan. Evaluating impaired loan collateral is based on Level 3 inputs utilizing outside appraisals adjusted by management for sales costs and other assumptions regarding market conditions to arrive at fair value. As of June 30, 2023 and 2022, the Company charged-off the collateral deficiency on impaired loans. As a result, there were no specific reserves on impaired loans as of June 30, 2023 and 2022. Other real estate owned (OREO) is measured at fair value, based on appraisals less cost to sell at the date of foreclosure. Valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less cost to sell. Income and expenses from operations and changes in valuation allowance are included in the net expenses from OREO. As of June 30, 2023, there were no assets required to be measured and reported at fair value on a non-recurring basis. As of June 30, 2022, assets required to be measured and reported at fair value on a non-recurring basis are summarized as follows: June 30, 2022 (Dollars in thousands) Level I Level II Level III Total Assets: Impaired loans $ — $ — $ 1,690 $ 1,690 Premises transferred to held for sale — — 1,596 1,596 $ — $ — $ 3,286 $ 3,286 Quantitative information regarding assets measured at fair value on a non-recurring basis is as follows: Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable (Dollars in thousands) Estimate Techniques Input Range June 30, 2022 Impaired loans $ 1,690 Appraisal of collateral (1)(3) Appraisal adjustments (2) 0-7 % Premises transferred to held for sale 1,596 Appraisal of premises (1)(3) Appraisal adjustments (2) 0-1 % (1) F air value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. Management uses its best judgment in estimating the fair value of the Company's financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company's assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments. Cash and Due from Banks and Interest-Bearing Time Deposits The carrying amounts of cash and amounts due from banks and interest-bearing time deposits approximate their fair value due to the relatively short time between origination of the instrument and its expected realization. Securities Available for Sale and Held to Maturity The fair value of investment and mortgage-backed securities is equal to the available quoted market price. If no quoted market price is available, fair value is estimated using the quoted market price for similar securities. Equity Securities The fair value of equity securities is equal to the available quoted market price. Loans Receivable The fair value is estimated by discounting future cash flows using current market inputs at which loans with similar terms are adjusted for liquidity and credit risk. Regulatory Stock The carrying amount of Federal Home Loan Bank stock approximates fair value because Federal Home Loan Bank stock can only be redeemed or sold at par value and only to the respective issuing government supported institution or to another member institution. Bank-Owned Life Insurance The Company reports bank-owned life insurance on its Consolidated Statements of Financial Condition at the cash surrender value. The carrying amount of bank-owned life insurance approximates fair value because the fair value of bank-owned life insurance is equal to the cash surrender value of the life insurance policies. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and payable approximates fair value. Deposits Fair values for demand deposits, NOW accounts, savings and club accounts, and money market deposits are, by definition, equal to the amount payable on demand at the reporting date as these products have no stated maturity. Fair values of fixed-maturity certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on similar instruments with similar maturities. Advances from Federal Home Loan Bank Fair value of advances from Federal Home Loan Bank is estimated using discounted cash flow analyses, based on rates currently available to the Company for advances from Federal Home Loan Bank with similar terms and remaining maturities. Off-Balance Sheet Financial Instruments Fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, considering market interest rates, the remaining terms and present credit worthiness of the counterparties. In accordance with FASB ASC Topic 825 for Financial Instruments, Disclosures about Fair Value of Financial Instruments The following tables set forth the carrying value of financial assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition for the periods indicated. The table below excludes financial instruments for which the carrying amount approximates fair value. Fair Value Measurements at June 30, 2023 Quoted Prices Significant Significant in Active Markets Other Observable Unobservable Carrying Fair for Identical Assets Inputs Inputs (Dollars in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial instruments - assets: Loans receivable, net $ 477,543 $ 436,636 $ — $ — $ 436,636 Securities held to maturity 99,690 82,313 — 82,313 — Financial instruments - liabilities: Certificates of deposit 159,377 155,426 — — 155,426 Advances from Federal Home Loan Bank 34,000 34,000 — — 34,000 Off-balance sheet financial instruments — — — — — Fair Value Measurements at June 30, 2022 Quoted Prices Significant Significant in Active Markets Other Observable Unobservable Carrying Fair for Identical Assets Inputs Inputs (Dollars in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial instruments - assets: Loans receivable, net $ 475,511 $ 468,485 $ — $ — $ 468,485 Securities held to maturity 102,135 88,321 — 88,321 — Financial instruments - liabilities: Certificates of deposit 131,361 130,974 — — 130,974 Advances from Federal Home Loan Bank 65,000 65,000 — — 65,000 Off-balance sheet financial instruments — — — — —

Leases

Leases	12 Months Ended
Leases	Jun. 30, 2023
Leases
Leases	Note 17 — Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Substantially all of the leases in which the Company is the lessee include real estate property for branches and office space with terms extending through 2043. Topic 842 requires the Company to recognize a right-of-use (“ROU”) asset and corresponding lease liability for each of its operating leases. The operating lease ROU asset was $8.9 million and $6.8 million as of June 30, 2023 and 2022, respectively, and the operating lease liability was $9.1 million and $6.9 million as of June 30, 2023 and 2022, respectively. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months of less), or equipment leases (deemed immaterial) on the Consolidated Statements of Financial Condition. The calculated amount of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. During the year ended June 30, 2023, the Company’s lease agreements for the Levittown and Morrisville branch office locations commenced, which resulted in an increase of the ROU asset and lease liability respectively June 30, 2023 Weighted average remaining lease term Operating leases 16.4 years Weighted average discount rate Operating leases 2.89 % June 30, 2022 Weighted average remaining lease term Operating leases 17.6 years Weighted average discount rate Operating leases 2.01 % The Company recorded $798 thousand and $590 thousand of net lease costs during the years ended June 30, 2023 and 2022, respectively. During the year ended June 30, 2022, the Company recognized a $117 thousand gain on lease abandonment associated with the closure of the Frankford branch effective June 30, 2022 as part of the Company’s branch consolidation efforts. Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2023 were as follows: June 30, 2023 Operating (in thousands) Leases Twelve months ended June 30, 2024 $ 811 2025 825 2026 620 2027 636 2028 649 Thereafter 8,037 Total future minimum lease payments $ 11,578 Amounts representing interest (2,471) Present value of net future minimum lease payments $ 9,107

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	Note 18 — Related Party Transactions At June 30, 2023 and 2022 certain directors, executive officers, principal holders of the Company’s common stock, associates of such persons, and affiliated companies of such persons were indebted, including undrawn commitments to lend, to the Bank in the aggregate amount of $4.0 million and $1.5 million, respectively. These total commitments to lend include $1.3 million and $376 thousand of undrawn commitments at June 30, 2023 and 2022, respectively. The commitments are in the form of loans and guarantees for various business and personal interests. This indebtedness was incurred in the ordinary course of business on substantially the same terms, including interest rate and collateral, as those prevailing at the time of comparable transactions with unrelated parties. This indebtedness does not involve more than the normal risk of repayment or present other unfavorable features. The following table shows the loan activity for related parties for the years ended June 30, 2023 and 2022: June 30, (Dollars in thousands) 2023 2022 Beginning Balance $ 1,121 $ 1,190 New loans and funding of existing lines of credit 1,745 — Loans to newly appointed directors — — Repayments (186) (69) Ending balance $ 2,680 $ 1,121 None of the Company’s affiliates, officers, directors, or employees have an interest in or receive remuneration from any special purpose entities or qualified special purpose entities which the Company transacts business. During the years ended June 30, 2023 and 2022, the Bank purchased certain insurance policies through a related party insurance agency and paid insurance commissions of $31 thousand and $41 thousand, respectively. These insurance commissions are included in other expense on the Company’s Consolidated Statements of Income. At June 30, 2023 and 2022, certain directors, executive officers, principal holders of the Company’s common stock, associates of such persons, and affiliated companies of such persons had deposits with the Bank in the aggregate amount of $1.5 million and $1.3 million, respectively.

Parent Company Financial Inform

Parent Company Financial Information	12 Months Ended
Parent Company Financial Information	Jun. 30, 2023
Parent Company Financial Information
Parent Company Financial Information	Note 19 — Parent Company Financial Information WILLIAM PENN BANCORPORATION CONDENSED STATEMENTS OF FINANCIAL CONDITION — PARENT COMPANY ONLY (Dollars in thousands) As of June 30, 2023 and 2022 June 30, 2023 2022 ASSETS Cash on deposit at the Bank $ 14,119 $ 41,301 Investment in the Bank 144,004 148,364 Equity securities 1,629 2,258 Other assets 1,190 551 TOTAL ASSETS $ 160,942 $ 192,474 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Accrued and other liabilities $ 197 $ 148 TOTAL LIABILITIES 197 148 Commitments and contingencies — — STOCKHOLDERS’ EQUITY 160,745 192,326 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 160,942 $ 192,474 WILLIAM PENN BANCORPORATION CONDENSED STATEMENTS OF OPERATIONS — PARENT COMPANY ONLY (Dollars in thousands) For the Years Ended June 30, 2023 and 2022 Year Ended June 30, 2023 2022 INCOME Interest on interest-bearing deposits with the Bank $ 79 $ 142 Interest income on securities 131 114 Unrealized loss on equity securities (629) (242) Total (loss) income (419) 14 EXPENSES Professional fees 495 570 Other expenses 202 175 Total expenses 697 745 Loss before income tax benefit and equity in undistributed net income of affiliates (1,116) (731) Income tax benefit (257) (168) Equity in undistributed net income of the Bank 3,661 4,800 NET INCOME $ 2,802 $ 4,237 Comprehensive loss $ (5,219) $ (11,056) WILLIAM PENN BANCORPORATION CONDENSED STATEMENTS OF CASH FLOW — PARENT COMPANY ONLY (Dollars in thousands) For the Years Ended June 30, 2023 and 2022 Year Ended June 30, 2023 2022 Cash flows from operating activities Net income $ 2,802 $ 4,237 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in undistributed net earnings of subsidiaries (3,661) (4,800) Unrealized loss on equity securities 629 242 Net intercompany transactions 1,483 — Other 205 350 Net cash provided by operating activities 1,458 29 Cash flows from investing activities Purchases of equity securities — (2,500) Net cash used in investing activities — (2,500) Cash flows from financing activities Cash dividends (1,584) (5,143) Stock purchased and retired (27,056) (9,080) Net cash used in financing activities (28,640) (14,223) Net decrease in cash and cash equivalents (27,182) (16,694) Cash and cash equivalents – beginning 41,301 57,995 Cash and cash equivalents – ending $ 14,119 $ 41,301 Supplementary cash flows information Income tax payments $ — $ —

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events
Subsequent Events	Note 20 — Subsequent Events On July 19, 2023, the Company declared a cash dividend of $0.03 per share, that was paid on August 10, 2023, to common shareholders of record at the close of business on July 31, 2023. On August 29, 2023, the Company issued a press release announcing that the Company’s Board of Directors has authorized a sixth stock repurchase program to acquire up to 1,138,470 shares, or approximately 10.0%, of the Company's currently issued and outstanding common stock. The sixth stock repurchase program was authorized following the completion of the Company’s fifth stock repurchase program on August 28, 2023. As of September 7, 2023, there were 891,170 shares remaining to be repurchased under the Company’s sixth repurchase program.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiary, the Bank, as well as the Bank’s wholly owned subsidiary, WPSLA. WPSLA is a Delaware corporation organized in April 2000 to hold certain investment securities for the Bank. At June 30, 2023, WPSLA held $256.9 million of the Bank’s $264.8 million investment securities portfolio. All significant intercompany accounts and transactions have been eliminated. Management makes significant operating decisions based upon the analysis of the entire Company and financial performance is evaluated on a company-wide basis. Accordingly, the various financial services and products offered are aggregated into one reportable operating segment: community banking as under guidance in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC” or “codification”) Topic 280 for Segment Reporting.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The significant estimates include the allowance for loan losses, goodwill, intangible assets, income taxes, postretirement benefits, and the fair value of investment securities. Actual results could differ from those estimates and assumptions.
Presentation of Cash Flows	Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, and interest-bearing demand deposits.
Revenue Recognition	Revenue Recognition Management determined that the primary sources of revenue emanating from interest and dividend income on loans and investments along with noninterest revenue resulting from investment security and loan gains (losses), and earnings on bank owned life insurances are not within the scope of ASC 606. The main types of noninterest income within the scope of the standard include service charges on deposit accounts and the gain on the sale of properties classified as other real estate owned. The Company has contracts with its deposit customers where fees are charged if certain parameters are not met. These agreements can be cancelled at any time by either the Company or the deposit customer. Revenue from these transactions is recognized on a monthly basis as the Company has an unconditional right to the fee consideration. The Company also has transaction fees related to specific transactions or activities resulting from a customer request or activity that include overdraft fees, online banking fees, interchange fees, ATM fees and other transaction fees. These fees are attributable to specific performance obligations of the Company where the revenue is recognized at a defined point in time upon the completion of the requested service/transaction.
Investment Securities	Investment Securities The Company classifies and accounts for debt securities as follows: Held to Maturity — Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and are recorded at amortized cost. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. Available for Sale — Debt securities that will be held for indefinite periods of time that may be sold in response to changes to market interest or prepayment rates, needs for liquidity, and changes in the availability of and the yield of alternative investments, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported net of tax in other comprehensive income. Realized gains and losses on the sale of investment securities are recorded as of trade date and reported in the Consolidated Statements of Income and determined using the adjusted cost of the specific security sold. The Company determines whether any unrealized losses are temporary in accordance with guidance under FASB ASC Topic 320 for Investments — Debt Securities Accounting guidance for debt securities requires the Company to assess whether the loss existed by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. The guidance requires the Company to bifurcate the impact on securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The difference between the fair market value and the credit loss is recognized in other comprehensive income. Equity Investments - The Company has an equity investment accounted for in accordance with both ASC 321-10, Investments - Equity Securities ASC 323-10, Investments - Equity Method and Joint Ventures
Regulatory Stock, at Cost	Regulatory Stock, at Cost Common stock of the Federal Home Loan Bank of Pittsburgh (“FHLB”) represents ownership in an institution which is wholly owned by other financial institutions. This restricted equity security is accounted for at cost. The Company invests in Federal Home Loan Bank of Pittsburgh (“FHLB”) stock as required to support borrowing activities, as detailed in note 10 to these consolidated financial statements. Although FHLB stock is an equity interest in a FHLB, it does not have a readily determinable fair value because its ownership is restricted and it lacks a market. FHLB stock can be sold back only at its par value of $100 per share and only to the FHLBs or to another member institution. The Company evaluates this investment for impairment on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company reviews this stock for impairment based on guidance from FASB ASC Topic 320 for Investments — Debt Securities FASB ASC Topic 942 for Financial Services — Depository and Lending
Loans	Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. Generally, the Company amortizes loan origination fees and costs over the contractual life of the loan. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for at least six months and the ultimate collectability of the total contractual principal and interest is no longer in doubt.
Loans Acquired with Deteriorated Credit Quality	Loans Acquired with Deteriorated Credit Quality The Company accounts for loans acquired with deteriorated credit quality in accordance with the provisions included in FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality These loans are accounted for individually or aggregated into pools of loans based on common risk characteristics (e.g., credit score, loan type, and date of origination). The Company estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s, or pool’s, contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected future cash flows is greater than the carrying amount, the excess is recognized as part of future interest income.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is determined by management based upon portfolio segment, past experience, evaluation of estimated loss and impairment in the loan portfolio, current economic conditions, and other pertinent factors. Management also considers risk characteristics by portfolio segments including, but not limited to, renewals and real estate valuations. The allowance for loan losses is maintained at a level that management considers appropriate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio. Loan impairment is evaluated based on the fair value of collateral or estimated net realizable value. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. The allowance for loan losses is established through a provision for loan losses charged to expense which is based upon past loan and loss experience and an evaluation of estimated losses in the current loan portfolio, including the evaluation of impaired loans. Under the accounting guidance FASB ASC Topic 310 for Receivables
Loan Charge-off Policies	Loan Charge-off Policies Generally, loans are charged down to the net realizable value when the loan is 90 days past due. However, student loans are fully charged down when the loan is 180 days past due.
Troubled Debt Restructurings ("TDRs")	Troubled Debt Restructurings (“TDRs”) The Company considers a loan a TDR when the borrower is experiencing financial difficulty and the Company has granted a concession that it would not otherwise consider but for the borrower’s financial difficulties. A TDR includes a modification of debt terms or assets received in satisfaction of the debt (which may include foreclosure or deed in lieu of foreclosure) or a combination of types. The Company evaluates selective criteria to determine if a borrower is experiencing financial difficulty including the ability of the borrower to obtain funds from sources other than the Bank at market rates. The Company evaluates all TDR loans for impairment on an individual basis in accordance with ASC 310. Management does not consider a loan a TDR if the loan modification was a result of a customer retention program.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Premises and Equipment	Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives of the related assets: Years Office buildings and improvements 3 – 33 Furniture, fixtures, and equipment 1 – 10 Automobiles 4
Other Real Estate Owned	Other Real Estate Owned Real estate owned acquired in settlement of foreclosed loans is carried as a component of other assets at fair value minus estimated cost to sell. Prior to foreclosure, the estimated collectible value of the collateral is evaluated to determine whether a partial charge-off of the loan balance is necessary. After transfer to real estate owned, any subsequent write-downs are charged against other operating expenses. Direct costs incurred in the foreclosure process and subsequent holding costs incurred on such properties are recorded as expenses of current operations.
Income Taxes	Income Taxes Deferred taxes are provided on the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. In certain circumstances, the Company will record a gain on bargain purchase when the fair value of the net assets of the acquired company exceeds the fair value of the equity of the acquired company. When calculating goodwill or a gain on bargain purchase in accordance with FASB ASC 805-30-55-3, the Company evaluates whether the fair value of equity of the acquired company is a more reliable measure than the fair value of the equity interests transferred. The Company considers the assumptions required to calculate the fair value of equity of an acquired company using discounted cash flow models (income approach) and/or change of control premium models (market approach) which are generally based on a higher level of market participant inputs and therefore a lower level of subjectivity when compared to the assumptions required to calculate the fair value of equity interests transferred under a fair value pricing model. As a result, the Company considers the calculation of the fair value of the equity of an acquired company to be more reliable than the calculation of the fair value of the equity interests transferred. Goodwill is assessed at least annually for impairment and any such impairment will be recognized in the period identified. Intangible assets consist of core deposit intangibles arising from whole bank acquisitions. These intangible assets are measured at fair value and then amortized on an accelerated method over their estimated useful lives of ten years.
Leases	Leases The Company accounts for its leases in accordance with FASB ASC Topic 842 – Leases As a lessee, the Company enters into operating leases for certain bank branches, office space, and office equipment. The right-of-use assets and lease liabilities are initially recognized based on the net present value of the remaining lease payments which include renewal options where the Company is reasonably certain they will be exercised. The net present value is determined using the incremental collateralized borrowing rate at commencement date. The right-of-use asset is measured at the amount of the lease liability adjusted for any prepaid rent, lease incentives and initial direct costs incurred. The right-of-use asset and lease liability is amortized over the individual lease terms. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For additional information regarding leases, see note 17 to these consolidated financial statements.
Stock Based Compensation	Stock Based Compensation The Company accounts for stock awards and stock options granted to employees and directors based on guidance set forth in FASB ASC Topic 718 for Compensation — Stock Compensation
Off-Balance Sheet Financial Instruments	Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the Consolidated Statements of Financial Condition when they are funded.
Bank-owned Life Insurance	Bank-owned Life Insurance The Company funds the purchase of insurance policies on the lives of certain former officers and employees of the Company. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The Company has recognized any change in cash surrender value of life insurance in other income in the Company’s Consolidated Statements of Income.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company presents a separate financial statement of comprehensive income (loss) that includes net unrealized holding gains and losses on securities available for sale and transactions from other events excluded from the Company’s Consolidated Statements of Income and recorded directly to stockholders’ equity.
Segment Reporting	Segment Reporting The Company acts as an independent community financial services provider and offers traditional banking and related financial services to individual, business, and government customers. Through its branch network, the Bank offers a full array of commercial and retail financial services, including; the taking of time, savings and demand deposits; the making of commercial and mortgage loans; and the providing of other financial services. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial and retail operations of the Bank. As such, discrete financial information is not available and segment reporting would not be meaningful.
Reclassifications	Reclassifications Certain amounts in the previous year financial statements have been reclassified to conform to the current year presentation. These reclassifications have no impact on prior year net income or stockholders’ equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Receivables—Troubled Debt Restructurings by Creditors Financial Instruments—Credit Losses—Measured at Amortized Cost

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2023
Summary of Significant Accounting Policies
Schedule of estimated useful lives	Years Office buildings and improvements 3 – 33 Furniture, fixtures, and equipment 1 – 10 Automobiles 4

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share
Schedule of composition of the weighted average common shares used in the basic and diluted earnings per share computation	Year Ended June 30, (Dollars in thousands, except share and per share amounts) 2023 2022 Basic and diluted earnings per share: Net income $ 2,802 $ 4,237 Basic average common shares outstanding 12,661,882 14,255,901 Effect of dilutive securities 30,732 3,468 Dilutive average shares outstanding 12,692,614 14,259,369 Earnings per share: Basic $ 0.22 $ 0.30 Diluted $ 0.22 $ 0.30

Changes in and Reclassificati_2

Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Jun. 30, 2023
Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss
Schedule of changes in the balances of each component of accumulated other comprehensive loss ("AOCI")	(Dollars in thousands) Unrealized Losses on Securities Accumulated Other Comprehensive Loss (1) Available for Sale Balance at June 30, 2021 $ (64) Other comprehensive loss before reclassifications (15,245) Amounts reclassified from accumulated other comprehensive loss (48) Period change (15,293) Balance at June 30, 2022 $ (15,357) Other comprehensive loss before reclassifications (8,021) Amounts reclassified from accumulated other comprehensive loss — Period change (8,021) Balance at June 30, 2023 $ (23,378) (1) All amounts are net of tax. Related income tax expense is calculated using an income tax rate of approximately 23% for both 2023 and 2022.
Schedule of reclassifications out of AOCI by component	(Dollars in thousands) Amounts Reclassified from Accumulated Other Comprehensive Loss (1) Details about Accumulated Other Comprehensive Year Ended June 30, Affected Line Item in the Loss Components 2023 2022 Consolidated Statements of Income Securities available for sale: Net securities gains reclassified into net income $ — $ 62 Net gain on sale of securities Related income tax expense — (14) Income tax expense $ — $ 48 (1) Amounts in parenthesis indicate debits .

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
Investment Securities (Tables)	Jun. 30, 2023
Investment Securities
Schedule of amortized cost, gross unrealized gains and losses, and estimated fair value of investments in debt securities	June 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value Available For Sale: Mortgage-backed securities $ 124,252 $ 21 $ (17,517) $ 106,756 U.S. agency collateralized mortgage obligations 10,074 — (1,782) 8,292 U.S. government agency securities 3,881 140 (89) 3,932 Municipal bonds 20,081 — (5,102) 14,979 Corporate bonds 37,200 — (6,032) 31,168 Total Available For Sale $ 195,488 $ 161 $ (30,522) $ 165,127 Held To Maturity: Mortgage-backed securities $ 94,648 $ — $ (17,275) $ 77,373 U.S. government agency securities 4,982 — (102) 4,880 Municipal bonds 60 — — 60 Total Held To Maturity $ 99,690 $ — $ (17,377) $ 82,313 June 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair (Dollars in thousands) Cost Gains Losses Value Available For Sale: Mortgage-backed securities $ 130,146 $ 85 $ (12,725) $ 117,506 U.S. agency collateralized mortgage obligations 11,001 — (1,292) 9,709 U.S. government agency securities 5,082 11 (55) 5,038 Municipal bonds 20,160 — (4,518) 15,642 Corporate bonds 36,300 16 (1,466) 34,850 Total Available For Sale $ 202,689 $ 112 $ (20,056) $ 182,745 Held To Maturity: Mortgage-backed securities $ 102,135 $ — $ (13,814) $ 88,321 Total Held To Maturity $ 102,135 $ — $ (13,814) $ 88,321
Schedule of amortized cost and fair value of debt securities by contractual maturity	June 30, 2023 Available For Sale Held To Maturity Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ — $ — $ 552 $ 551 Due after one year through five years 19 19 4,490 4,389 Due after five years through ten years 41,685 34,937 — — Due after ten years 153,784 130,171 94,648 77,373 $ 195,488 $ 165,127 $ 99,690 $ 82,313
Schedule of debt securities with unrealized loss position	June 30, 2023 Less than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available For Sale: Mortgage-backed securities $ 16,794 $ (967) $ 86,371 $ (16,550) $ 103,165 $ (17,517) U.S. agency collateralized mortgage obligations — — 8,292 (1,782) 8,292 (1,782) U.S. government agency securities — — 943 (89) 943 (89) Municipal bonds — — 14,979 (5,102) 14,979 (5,102) Corporate bonds 10,715 (1,435) 20,453 (4,597) 31,168 (6,032) 27,509 (2,402) 131,038 (28,120) 158,547 (30,522) Held To Maturity: Mortgage-backed securities — — 77,373 (17,275) 77,373 (17,275) U.S. government agency securities 4,880 (102) — — 4,880 (102) 4,880 (102) 77,373 (17,275) 82,253 (17,377) Total Temporarily Impaired Securities $ 32,389 $ (2,504) $ 208,411 $ (45,395) $ 240,800 $ (47,899) June 30, 2022 Less than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available For Sale: Mortgage-backed securities $ 93,726 $ (10,351) $ 13,750 $ (2,374) $ 107,476 $ (12,725) U.S. agency collateralized mortgage obligations 2,968 (488) 6,741 (804) 9,709 (1,292) U.S. government agency securities 61 (3) 1,556 (52) 1,617 (55) Municipal bonds 7,415 (1,979) 8,227 (2,539) 15,642 (4,518) Corporate bonds 25,584 (1,466) — — 25,584 (1,466) 129,754 (14,287) 30,274 (5,769) 160,028 (20,056) Held To Maturity: Mortgage-backed securities 88,321 (13,814) — — 88,321 (13,814) 88,321 (13,814) — — 88,321 (13,814) Total Temporarily Impaired Securities $ 218,075 $ (28,101) $ 30,274 $ (5,769) $ 248,349 $ (33,870)

Loans (Tables)

Loans (Tables)	12 Months Ended
Loans (Tables)	Jun. 30, 2023
Loans
Schedule of major classifications of loans	June 30, June 30, 2023 2022 (Dollars in thousands) Amount Percent Amount Percent Residential real estate: 1 - 4 family $ 135,046 28.08 % $ 147,143 30.72 % Home equity and HELOCs 32,684 6.79 32,590 6.80 Construction -residential 9,113 1.90 14,778 3.09 Commercial real estate: 1 - 4 family investor 98,160 20.41 96,508 20.15 Multi-family (five or more) 15,281 3.18 13,015 2.72 Commercial non-residential 157,555 32.77 158,294 33.05 Construction and land 15,584 3.24 4,942 1.03 Commercial 15,433 3.21 9,411 1.97 Consumer loans 2,000 0.42 2,239 0.47 Total Loans 480,856 100.00 % 478,920 100.00 % Allowance for loan losses (3,313) (3,409) Net Loans $ 477,543 $ 475,511
Schedule for changes in the allowance for loan losses	The following table presents by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the years ended June 30, 2023 and 2022, respectively: June 30, 2023 Residential real estate: Commercial real estate: Home Equity Construction- 1 - 4 family Multi-family Commercial Construction (Dollar amounts in thousands) 1 - 4 family and HELOCs residential investor (five or more) non-residential and land Commercial Consumer Total Allowance for credit losses: Beginning balance $ 506 $ 113 $ 386 $ 527 $ 110 $ 1,451 $ 166 $ 100 $ 50 $ 3,409 Charge-offs (79) — — — — — — — (32) (111) Recoveries — — — — — — — — 15 15 Provision 59 — (172) 42 (21) (31) 115 (18) 26 — Ending Balance $ 486 $ 113 $ 214 $ 569 $ 89 $ 1,420 $ 281 $ 82 $ 59 $ 3,313 Allowance ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 486 113 214 569 89 1,420 281 82 59 3,313 Total allowance $ 486 $ 113 $ 214 $ 569 $ 89 $ 1,420 $ 281 $ 82 $ 59 $ 3,313 Loans receivable ending balance: Individually evaluated for impairment $ 1,209 $ 182 $ — $ 832 $ 251 $ 778 $ — $ — $ — $ 3,252 Collectively evaluated for impairment 78,237 19,689 9,113 84,891 14,781 142,098 15,584 14,976 643 380,012 Acquired non-credit impaired loans (1) 55,528 12,813 — 12,437 249 14,679 — 457 1,357 97,520 Acquired credit impaired loans (2) 72 — — — — — — — — 72 Total portfolio $ 135,046 $ 32,684 $ 9,113 $ 98,160 $ 15,281 $ 157,555 $ 15,584 $ 15,433 $ 2,000 $ 480,856 (1) Acquired non-credit impaired loans are evaluated collectively, excluding loans that have subsequently moved to non-accrual status which are individually evaluated for impairment. (2) Acquired credit impaired loans are evaluated on an individual basis. June 30, 2022 Residential real estate: Commercial real estate: Home Equity Construction- 1 - 4 family Multi-family Commercial Construction (Dollar amounts in thousands) 1 - 4 family and HELOCs residential investor (five or more) non-residential and land Commercial Consumer Total Allowance for credit losses: Beginning balance $ 709 $ 133 $ 487 $ 843 $ 159 $ 854 $ 362 $ 51 $ 15 $ 3,613 Charge-offs (154) — — (55) — — — — (29) (238) Recoveries — 8 — 42 — — — — 4 54 Provision (49) (28) (101) (303) (49) 597 (196) 49 60 (20) Ending Balance $ 506 $ 113 $ 386 $ 527 $ 110 $ 1,451 $ 166 $ 100 $ 50 $ 3,409 Allowance ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 506 113 386 527 110 1,451 166 100 50 3,409 Total allowance $ 506 $ 113 $ 386 $ 527 $ 110 $ 1,451 $ 166 $ 100 $ 50 $ 3,409 Loans receivable ending balance: Individually evaluated for impairment $ 3,336 $ 275 $ — $ 173 $ 291 $ 1,213 $ — $ — $ — $ 5,288 Collectively evaluated for impairment 78,478 15,679 14,778 81,834 12,471 138,812 4,942 8,626 531 356,151 Acquired non-credit impaired loans (1) 65,196 16,613 — 14,501 253 18,269 — 785 1,708 117,325 Acquired credit impaired loans (2) 133 23 — — — — — — — 156 Total portfolio $ 147,143 $ 32,590 $ 14,778 $ 96,508 $ 13,015 $ 158,294 $ 4,942 $ 9,411 $ 2,239 $ 478,920 (1) Acquired non-credit impaired loans are evaluated collectively, excluding loans that have subsequently moved to non-accrual status which are individually evaluated for impairment. (2) Acquired credit impaired loans are evaluated on an individual basis.
Schedule of risk category of loans by class of loans	The following tables set forth the amounts of the portfolio of classified asset categories for the commercial loan portfolios at June 30, 2023 and 2022: June 30, 2023 Commercial Real Estate 1 - 4 family Construction investor Multi-family Non-residential and land Commercial Total Pass $ 96,097 $ 15,030 $ 156,777 $ 15,584 $ 15,433 $ 298,921 Special Mention 1,231 — — — — 1,231 Substandard 832 251 778 — — 1,861 Doubtful — — — — — — Loss — — — — — — Ending Balance $ 98,160 $ 15,281 $ 157,555 $ 15,584 $ 15,433 $ 302,013 June 30, 2022 Commercial Real Estate 1 - 4 family Construction investor Multi-family Non-residential and land Commercial Total Pass $ 94,929 $ 12,724 $ 157,081 $ 4,942 $ 9,411 $ 279,087 Special Mention 1,473 — 300 — — 1,773 Substandard 106 291 913 — — 1,310 Doubtful — — — — — — Loss — — — — — — Ending Balance $ 96,508 $ 13,015 $ 158,294 $ 4,942 $ 9,411 $ 282,170 The following tables set forth the amounts of the portfolio of classified asset categories for the residential and consumer loan portfolios at June 30, 2023 and 2022: Residential Real Estate and Consumer Loans Credit Risk Internally Assigned (Dollars in thousands) June 30, 2023 Residential Real Estate Home equity & 1 - 4 family HELOCs Construction Consumer Total Performing $ 132,956 $ 32,684 $ 9,113 $ 1,918 $ 176,671 Non-performing 2,090 — — 82 2,172 $ 135,046 $ 32,684 $ 9,113 $ 2,000 $ 178,843 June 30, 2022 Residential Real Estate Home equity & 1 - 4 family HELOCs Construction Consumer Total Performing $ 142,362 $ 32,249 $ 14,778 $ 2,122 $ 191,511 Non-performing 4,781 341 — 117 5,239 $ 147,143 $ 32,590 $ 14,778 $ 2,239 $ 196,750
Schedule of aging analysis of past due loans	Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2023 Recorded Recorded Acquired Investment Investment 30 - 59 Days 60 - 89 Days 90 Days Total Past Credit Total Loans >90 Days and Loans on (Dollar amounts in thousands) Past Due Past Due Or Greater Due Impaired Current Receivable Accruing Non-Accrual Residential real estate: 1 - 4 family $ 290 $ 457 $ 567 $ 1,314 $ 72 $ 133,660 $ 135,046 $ — $ 2,090 Home equity and HELOCs — — — — — 32,684 32,684 — — Construction - residential — — — — — 9,113 9,113 — — Commercial real estate: 1 - 4 family investor — 752 — 752 — 97,408 98,160 — 832 Multi-family 251 — — 251 — 15,030 15,281 — 251 Commercial non-residential — 322 778 1,100 — 156,455 157,555 — 778 Construction and land — — — — — 15,584 15,584 — — Commercial — — — — — 15,433 15,433 — — Consumer — 13 — 13 — 1,987 2,000 — 82 Total $ 541 $ 1,544 $ 1,345 $ 3,430 $ 72 $ 477,354 $ 480,856 $ — $ 4,033 Aged Analysis of Past Due and Non-accrual Loans As of June 30, 2022 Recorded Recorded Acquired Investment Investment 30 - 59 Days 60 - 89 Days 90 Days Total Past Credit Total Loans >90 Days and Loans on (Dollar amounts in thousands) Past Due Past Due Or Greater Due Impaired Current Receivable Accruing Non-Accrual Residential real estate: 1 - 4 family $ 1,528 $ 622 $ 2,392 $ 4,542 $ 133 $ 142,468 $ 147,143 $ — $ 4,781 Home equity and HELOCs 19 — 183 202 23 32,365 32,590 — 341 Construction - residential — — — — — 14,778 14,778 — — Commercial real estate: 1 - 4 family investor — — — — — 96,508 96,508 — 106 Multi-family — — — — — 13,015 13,015 — 291 Commercial non-residential 275 494 418 1,187 — 157,107 158,294 — 875 Construction and land — — — — — 4,942 4,942 — — Commercial — — — — — 9,411 9,411 — — Consumer 27 — — 27 — 2,212 2,239 — 117 Total $ 1,849 $ 1,116 $ 2,993 $ 5,958 $ 156 $ 472,806 $ 478,920 $ — $ 6,511
Summary of recorded investment and unpaid principal balances for impaired loans	June 30, 2023 Unpaid Average Interest Recorded Principal Related Recorded Income (Dollars in thousands) Investment Balance Allowance Investment Recognized With no related allowance recorded: 1 - 4 family residential real estate $ 1,209 $ 1,302 $ — $ 1,780 $ — Home equity and HELOCs 182 182 — 325 20 Construction residential — — — — — 1 - 4 family investor commercial real estate 832 850 — 179 1 Multi-family 251 283 — 277 — Commercial non-residential 778 783 — 1,042 19 Construction and land — — — — — Commercial — — — — — Consumer — — — — — With an allowance recorded: 1 - 4 family residential real estate $ — $ — $ — $ — $ — Home equity and HELOCs — — — — — Construction residential — — — — — 1 - 4 family investor commercial real estate — — — — — Multi-family — — — — — Commercial non-residential — — — — — Construction and land — — — — — Commercial — — — — — Consumer — — — — — Total: 1 - 4 family residential real estate $ 1,209 $ 1,302 $ — $ 1,780 $ — Home equity and HELOCs 182 182 — 325 20 Construction residential — — — — — 1 - 4 family investor commercial real estate 832 850 — 179 1 Multi-family 251 283 — 277 — Commercial non-residential 778 783 — 1,042 19 Construction and land — — — — — Commercial — — — — — Consumer — — — — — June 30, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income (Dollars in thousands) Investment Balance Allowance Investment Recognized With no related allowance recorded: 1-4 Family residential real estate $ 3,336 $ 3,582 $ — $ 2,552 $ — Home equity and HELOCs 275 277 — 462 18 Construction Residential — — — — — 1 - 4 Family investor commercial real estate 173 185 — 303 4 Multi-family 291 308 — 384 — Commercial non-residential 1,213 1,265 — 1,071 24 Construction and land — — — — — Commercial — — — 2 — Consumer — — — — — With an allowance recorded: 1-4 Family residential real estate $ — $ — $ — $ — $ — Home equity and HELOCs — — — — — Construction Residential — — — — — 1 - 4 Family investor commercial real estate — — — — — Multi-family — — — — — Commercial non-residential — — — — — Construction and land — — — — — Commercial — — — — — Consumer — — — — — Total: 1-4 Family residential real estate $ 3,336 $ 3,582 $ — $ 2,552 $ — Home equity and HELOCs 275 277 — 462 18 Construction Residential — — — — — 1 - 4 Family investor commercial real estate 173 185 — 303 4 Multi-family 291 308 — 384 — Commercial non-residential 1,213 1,265 — 1,071 24 Construction and land — — — — — Commercial — — — 2 — Consumer — — — — —

Premises and Equipment (Tables)

Premises and Equipment (Tables)	12 Months Ended
Premises and Equipment (Tables)	Jun. 30, 2023
Premises and Equipment
Schedule of components of premises and equipment	June 30, (Dollars in thousands) 2023 2022 Land $ 1,778 $ 2,156 Office buildings and improvements 9,080 11,769 Furniture, fixtures and equipment 2,273 2,540 Automobiles 58 58 13,189 16,523 Accumulated depreciation (4,135) (4,827) $ 9,054 $ 11,696

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
Goodwill and Intangibles (Tables)	Jun. 30, 2023
Goodwill and Intangibles
Schedule of goodwill and other intangibles	Core Deposit (Dollars in thousands) Goodwill Intangibles Balance, July 1, 2021 $ 4,858 $ 937 Adjustments: Additions — — Amortization — (225) Balance, June 30, 2022 $ 4,858 $ 712 Adjustments: Additions — — Amortization — (193) Balance, June 30, 2023 $ 4,858 $ 519
Schedule of amortizing intangible assets	June 30, 2023 Accumulated (Dollars in thousands) Gross Amortization Net Core deposit intangibles $ 1,694 $ (1,175) $ 519 June 30, 2022 Accumulated (Dollars in thousands) Gross Amortization Net Core deposit intangibles $ 1,694 $ (982) $ 712
Schedule of amortization expenses	(Dollars in thousands) For the year ended June 30, Expense 2024 $ 163 2025 132 2026 101 2027 70 2028 40 2029 and thereafter 13 $ 519

Deposits (Tables)

Deposits (Tables)	12 Months Ended
Deposits (Tables)	Jun. 30, 2023
Deposits.
Schedule of classification of deposits	June 30, 2023 June 30, 2022 Weighted Weighted (Dollars in thousands) Amount Average Rate Amount Average Rate Non-interest bearing checking $ 60,872 — % $ 75,758 — % Interest bearing checking 116,700 0.91 122,675 0.13 Money market accounts 208,020 2.77 171,316 0.30 Savings and club accounts 90,291 0.05 105,507 0.05 Certificates of deposit 159,377 2.30 131,361 0.89 $ 635,260 1.66 % $ 606,617 0.31 %
Schedule of time deposit accounts outstanding	(In thousands) June 30, 2023 Twelve months ending: 2024 $ 121,678 2025 20,810 2026 6,642 2027 5,654 2028 4,117 Thereafter 476 $ 159,377

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
Borrowings (Tables)	Jun. 30, 2023
Borrowings
Schedule of contractual maturities and the associated weighted average interest rate	June 30, 2023 (Dollars in thousands) Weighted Twelve months ending: Amount Average Rate 2024 $ 34,000 5.35 % Total FHLB advances $ 34,000 5.35 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Jun. 30, 2023
Income Taxes
Schedule of components of income tax expense	Year end June 30, (Dollars in thousands) 2023 2022 Federal: Current $ (430) $ (215) Deferred 570 683 140 468 State, current 60 100 $ 200 $ 568
Schedule of reconciliation of the statutory federal income to the income tax expense	Year ended June 30, 2023 2022 % of % of Pretax Pretax (Dollars in thousands) Amount Income Amount Income Federal income tax at statutory rate $ 630 21.0 % $ 1,009 21.0 % State tax, net of federal benefit 47 1.6 79 1.6 Bank owned-life insurance (232) (7.7) (218) (4.5) Income tax benefit (211) (7.1) (288) (6.0) Other (34) (1.1) (14) (0.3) $ 200 6.7 % $ 568 11.8 %
Schedule of deferred tax assets and liabilities	June 30, (Dollars in thousands) 2023 2022 Deferred tax assets: Loan origination fees $ 150 $ 172 Allowance for loan losses 762 784 Deferred director’s fees 261 271 Deferred compensation 357 478 Purchase accounting adjustments 499 593 NOL carry forward 231 631 Net unrealized loss on securities 6,983 4,587 Stock based compensation 234 — Other 344 227 Total deferred tax assets 9,821 7,743 Deferred tax liabilities: Premises and equipment (336) (284) Total deferred tax liabilities (336) (284) Net deferred tax asset $ 9,485 $ 7,459

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
Stock Based Compensation (Tables)	Jun. 30, 2023
Stock Based Compensation
Schedule of restricted stock activity	Number of Average Summary of Non-vested Restricted Stock Award Activity Shares Grant Price Non-vested Restricted Stock Awards outstanding July 1, 2022 492,960 $ 11.67 Issued — — Vested (95,798) 11.66 Forfeited (13,904) 11.82 Non-vested Restricted Stock Awards outstanding June 30, 2023 383,258 $ 11.66 Number of Average Summary of Non-vested Restricted Stock Award Activity Shares Grant Price Non-vested Restricted Stock Awards outstanding July 1, 2021 — $ — Issued 492,960 11.67 Vested — — Forfeited — — Non-vested Restricted Stock Awards outstanding June 30, 2022 492,960 $ 11.67
Schedule of stock option activity	Number of Exercise Price Summary of Stock Option Activity Options per Shares Beginning balance July 1, 2022 1,232,400 $ 11.67 Granted — — Exercised — — Forfeited (34,760) 11.82 Expired — — Ending balance June 30, 2023 1,197,640 $ 11.66 Number of Exercise Price Summary of Stock Option Activity Options per Shares Beginning balance July 1, 2021 — $ — Granted 1,232,400 11.67 Exercised — — Forfeited — — Expired — — Ending balance June 30, 2022 1,232,400 $ 11.67

Employee and Director Benefit_2

Employee and Director Benefit Plans (Tables)	12 Months Ended
Employee and Director Benefit Plans (Tables)	Jun. 30, 2023
Employee and Director Benefit Plans
Schedule of ESOP Shares	June 30, 2023 2022 Allocated shares 219,141 213,937 Shares committed to be released 17,479 17,479 Unreleased shares 801,272 836,517 Total ESOP shares 1,037,892 1,067,933 Fair value of unrealized shares $ 8,132,911 $ 9,787,249

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies.
Schedule of company's loan commitments	June 30, (Dollars in thousands) 2023 2022 Commitments to extend credit $ 6,877 $ 16,894 Unfunded commitments under lines of credit 75,372 71,999 Standby letters of credit 86 30

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Tables)	12 Months Ended
Regulatory Capital Requirements (Tables)	Jun. 30, 2023
Regulatory Capital Requirements
Schedule of leverage ratios	CBLR Framework As of June 30, 2023 Actual Requirement (Dollars in thousands except for ratios) Amount Ratio Amount Ratio William Penn Bank: Tier 1 leverage $ 161,774 18.67 % $ 77,989 9.00 % CBLR Framework As of June 30, 2022 Actual Requirement (Dollars in thousands except for ratios) Amount Ratio Amount Ratio William Penn Bank: Tier 1 leverage $ 157,519 18.28 % $ 77,547 9.00 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2023
Fair Value of Financial Instruments
Schedule of assets measured at fair value on recurring basis	June 30, 2023 (Dollars in thousands) Level I Level II Level III Total Assets: Investments available for sale: Mortgage-backed securities $ — $ 106,756 $ — $ 106,756 U.S. agency collateralized mortgage obligations — 8,292 — 8,292 U.S. government agency securities — 3,932 — 3,932 Municipal bonds — 14,979 — 14,979 Corporate bonds — 31,168 — 31,168 Equity securities 1,629 — — 1,629 Total Assets $ 1,629 $ 165,127 $ — $ 166,756 June 30, 2022 (Dollars in thousands) Level I Level II Level III Total Assets: Investments available for sale: Mortgage-backed securities $ — $ 117,506 $ — $ 117,506 U.S. agency collateralized mortgage obligations — 9,709 — 9,709 U.S. government agency securities — 5,038 — 5,038 Municipal bonds — 15,642 — 15,642 Corporate bonds — 34,850 — 34,850 Equity securities 2,258 — — 2,258 Total Assets $ 2,258 $ 182,745 $ — $ 185,003
Schedule of assets measured at fair value on non-recurring basis	June 30, 2022 (Dollars in thousands) Level I Level II Level III Total Assets: Impaired loans $ — $ — $ 1,690 $ 1,690 Premises transferred to held for sale — — 1,596 1,596 $ — $ — $ 3,286 $ 3,286
Schedule of quantitative information of assets measured at fair value on non-recurring basis	Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable (Dollars in thousands) Estimate Techniques Input Range June 30, 2022 Impaired loans $ 1,690 Appraisal of collateral (1)(3) Appraisal adjustments (2) 0-7 % Premises transferred to held for sale 1,596 Appraisal of premises (1)(3) Appraisal adjustments (2) 0-1 % (1) F air value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses.
Schedule of carrying amount and fair value of financial assets and liabilities	Fair Value Measurements at June 30, 2023 Quoted Prices Significant Significant in Active Markets Other Observable Unobservable Carrying Fair for Identical Assets Inputs Inputs (Dollars in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial instruments - assets: Loans receivable, net $ 477,543 $ 436,636 $ — $ — $ 436,636 Securities held to maturity 99,690 82,313 — 82,313 — Financial instruments - liabilities: Certificates of deposit 159,377 155,426 — — 155,426 Advances from Federal Home Loan Bank 34,000 34,000 — — 34,000 Off-balance sheet financial instruments — — — — — Fair Value Measurements at June 30, 2022 Quoted Prices Significant Significant in Active Markets Other Observable Unobservable Carrying Fair for Identical Assets Inputs Inputs (Dollars in thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial instruments - assets: Loans receivable, net $ 475,511 $ 468,485 $ — $ — $ 468,485 Securities held to maturity 102,135 88,321 — 88,321 — Financial instruments - liabilities: Certificates of deposit 131,361 130,974 — — 130,974 Advances from Federal Home Loan Bank 65,000 65,000 — — 65,000 Off-balance sheet financial instruments — — — — —

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases
Schedule of weighted average remaining lease term and discount rate	June 30, 2023 Weighted average remaining lease term Operating leases 16.4 years Weighted average discount rate Operating leases 2.89 % June 30, 2022 Weighted average remaining lease term Operating leases 17.6 years Weighted average discount rate Operating leases 2.01 %
Summary of maturities of the Company's lease liabilities	June 30, 2023 Operating (in thousands) Leases Twelve months ended June 30, 2024 $ 811 2025 825 2026 620 2027 636 2028 649 Thereafter 8,037 Total future minimum lease payments $ 11,578 Amounts representing interest (2,471) Present value of net future minimum lease payments $ 9,107

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2023
Related Party Transactions
Schedule of the loan activity for related parties	June 30, (Dollars in thousands) 2023 2022 Beginning Balance $ 1,121 $ 1,190 New loans and funding of existing lines of credit 1,745 — Loans to newly appointed directors — — Repayments (186) (69) Ending balance $ 2,680 $ 1,121

Parent Company Financial Info_2

Parent Company Financial Information (Tables)	12 Months Ended
Parent Company Financial Information (Tables)	Jun. 30, 2023
Parent Company Financial Information
Schedule of condensed statements of financial condition	June 30, 2023 2022 ASSETS Cash on deposit at the Bank $ 14,119 $ 41,301 Investment in the Bank 144,004 148,364 Equity securities 1,629 2,258 Other assets 1,190 551 TOTAL ASSETS $ 160,942 $ 192,474 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Accrued and other liabilities $ 197 $ 148 TOTAL LIABILITIES 197 148 Commitments and contingencies — — STOCKHOLDERS’ EQUITY 160,745 192,326 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 160,942 $ 192,474
Schedule of condensed statements operations	Year Ended June 30, 2023 2022 INCOME Interest on interest-bearing deposits with the Bank $ 79 $ 142 Interest income on securities 131 114 Unrealized loss on equity securities (629) (242) Total (loss) income (419) 14 EXPENSES Professional fees 495 570 Other expenses 202 175 Total expenses 697 745 Loss before income tax benefit and equity in undistributed net income of affiliates (1,116) (731) Income tax benefit (257) (168) Equity in undistributed net income of the Bank 3,661 4,800 NET INCOME $ 2,802 $ 4,237 Comprehensive loss $ (5,219) $ (11,056)
Schedule of condensed statements cashflow	Year Ended June 30, 2023 2022 Cash flows from operating activities Net income $ 2,802 $ 4,237 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in undistributed net earnings of subsidiaries (3,661) (4,800) Unrealized loss on equity securities 629 242 Net intercompany transactions 1,483 — Other 205 350 Net cash provided by operating activities 1,458 29 Cash flows from investing activities Purchases of equity securities — (2,500) Net cash used in investing activities — (2,500) Cash flows from financing activities Cash dividends (1,584) (5,143) Stock purchased and retired (27,056) (9,080) Net cash used in financing activities (28,640) (14,223) Net decrease in cash and cash equivalents (27,182) (16,694) Cash and cash equivalents – beginning 41,301 57,995 Cash and cash equivalents – ending $ 14,119 $ 41,301 Supplementary cash flows information Income tax payments $ — $ —

Nature of Operations (Details)

Nature of Operations (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 24, 2021 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) Office	Jun. 30, 2022 USD ($)
Nature of Operations
ESOP shares committed to be released		$ 395	$ 430
Number of full service branch offices \| Office		12
Additional Paid-in Capital
Nature of Operations
Cash Acquired from Acquisition	$ 5,400
William Penn Bank
Nature of Operations
Gross proceeds	$ 126,400
William Penn, MHC shares sold in public offering, net of offering costs (in shares) \| shares	12,640,035
Share price \| $ / shares	$ 10
Shares outstanding \| shares	776,647
Conversion of existing shares at 3.2585 exchange ratio	3.2585
Percentage of shares sold in offering	8%
Percentage of aggregate purchase price of common stock	100%
ESOP shares issued \| shares	881,130
ESOP shares committed to be released	$ 10,100
Ownership percentage held by parent (as a percent)		100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($) segment $ / shares
Summary of Significant Accounting Policies
Reportable operating segment \| segment	1
FHLB stock, par value \| $ / shares	$ 100
Estimated useful life	10 years
WPSLA Investment Corporation
Summary of Significant Accounting Policies
Loans held in portfolio	$ 256.9
Investment securities portfolio	$ 264.8

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Premises and equipment (Details)	Jun. 30, 2023
Office buildings and improvements \| Minimum
Accounting Policies [Line items]
Property, Plant and Equipment, Useful Life	3 years
Office buildings and improvements \| Maximum
Accounting Policies [Line items]
Property, Plant and Equipment, Useful Life	33 years
Furniture, fixtures and equipment \| Minimum
Accounting Policies [Line items]
Property, Plant and Equipment, Useful Life	1 year
Furniture, fixtures and equipment \| Maximum
Accounting Policies [Line items]
Property, Plant and Equipment, Useful Life	10 years
Automobiles
Accounting Policies [Line items]
Property, Plant and Equipment, Useful Life	4 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jun. 30, 2023	Jun. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 58,805	$ 57,587
Accounting Standards Update 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ (187)
Unfunded commitments	$ 39

Earnings Per Share - Computatio

Earnings Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Composition of the weighted average common shares used in the basic and diluted earnings per share computation
Net income	$ 2,802	$ 4,237
Basic average common shares outstanding	12,661,882	14,255,901
Effect of dilutive securities	30,732	3,468
Dilutive average shares outstanding	12,692,614	14,259,369
Basic earnings per share	$ 0.22	$ 0.30
Diluted earnings per share	$ 0.22	$ 0.30

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
Earnings Per Share (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities	0	0
Net income	$ 2,802	$ 4,237
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities	1,197,640	1,232,400

Changes in and Reclassificati_3

Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income Loss
Beginning balance	$ 192,326	$ 216,926
Period change	(8,021)	(15,293)
Ending balance	$ 160,745	$ 192,326
Income tax rate	23%	23%
Unrealized Losses on Securities Available for Sale
Accumulated Other Comprehensive Income Loss
Beginning balance	$ (15,357)	$ (64)
Other comprehensive loss before reclassifications	(8,021)	(15,245)
Amounts reclassified from accumulated other comprehensive loss		(48)
Period change	(8,021)	(15,293)
Ending balance	$ (23,378)	$ (15,357)

Changes in and Reclassificati_4

Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss- Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Net securities gains reclassified into net income		$ 62
Related income tax expense	$ (200)	(568)
NET INCOME	$ 2,802	4,237
Reclassifications out of AOCI \| Unrealized Losses on Securities Available for Sale
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]
Net securities gains reclassified into net income		62
Related income tax expense		(14)
NET INCOME		$ 48

Investment Securities - Availab

Investment Securities - Available for sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Available For Sale:
Amortized Cost	$ 195,488	$ 202,689
Gross Unrealized Gains	161	112
Gross Unrealized Losses	(30,522)	(20,056)
Fair value	165,127	182,745
Held To Maturity:
Amortized Cost	99,690	102,135
Gross Unrealized Losses	(17,377)	(13,814)
Fair value	82,313	88,321
Mortgage-backed securities
Available For Sale:
Amortized Cost	124,252	130,146
Gross Unrealized Gains	21	85
Gross Unrealized Losses	(17,517)	(12,725)
Fair value	106,756	117,506
Held To Maturity:
Amortized Cost	94,648	102,135
Gross Unrealized Losses	(17,275)	(13,814)
Fair value	77,373	88,321
U.S. agency collateralized mortgage obligations
Available For Sale:
Amortized Cost	10,074	11,001
Gross Unrealized Losses	(1,782)	(1,292)
Fair value	8,292	9,709
U.S. government agency securities
Available For Sale:
Amortized Cost	3,881	5,082
Gross Unrealized Gains	140	11
Gross Unrealized Losses	(89)	(55)
Fair value	3,932	5,038
Held To Maturity:
Amortized Cost	4,982
Gross Unrealized Losses	(102)
Fair value	4,880
Municipal bonds
Available For Sale:
Amortized Cost	20,081	20,160
Gross Unrealized Losses	(5,102)	(4,518)
Fair value	14,979	15,642
Held To Maturity:
Amortized Cost	60
Fair value	60
Corporate bonds
Available For Sale:
Amortized Cost	37,200	36,300
Gross Unrealized Gains		16
Gross Unrealized Losses	(6,032)	(1,466)
Fair value	$ 31,168	$ 34,850

Investment Securities - Securit

Investment Securities - Securities by contractual maturity (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Available for sale, Amortized Cost
Due after one year through five years	$ 19
Due after five years through ten years	41,685
Due after ten years	153,784
Amortized Cost	195,488
Available for sale, Fair Value
Due after one year through five years	19
Due after five years through ten years	34,937
Due after ten years	130,171
Fair Value	165,127
Held to maturity, Amortized Cost
Due in one year or less	552
Due after one year through five years	4,490
Due after ten years	94,648
Amortized Cost	99,690
Held to maturity, Fair Value
Due in one year or less	551
Due after one year through five years	4,389
Due after ten years	77,373
Fair Value	$ 82,313

Investment Securities - Investm

Investment Securities - Investments with unrealized losses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Fair Value
Less than 12 Months	$ 27,509	$ 129,754
12 Months or More	131,038	30,274
Total Fair Value	158,547	160,028
Unrealized Losses
Less than 12 Months	(2,402)	(14,287)
12 Months or More	(28,120)	(5,769)
Total Unrealized Losses	(30,522)	(20,056)
Fair Value
Less than 12 Months	4,880	88,321
12 Months or More	77,373
Total Fair Value	82,253	88,321
Unrealized Losses
Less than 12 Months	(102)	(13,814)
12 Months or More	(17,275)
Total Unrealized Losses	(17,377)	(13,814)
Less than 12 Months Fair Value	32,389	218,075
12 Months or More Fair Value	208,411	30,274
Total Fair Value	240,800	248,349
Less than 12 Months Unrealized Losses	(2,504)	(28,101)
12 Months or More Unrealized Losses	(45,395)	(5,769)
Total Unrealized Losses	(47,899)	(33,870)
Mortgage-backed securities
Fair Value
Less than 12 Months	16,794	93,726
12 Months or More	86,371	13,750
Total Fair Value	103,165	107,476
Unrealized Losses
Less than 12 Months	(967)	(10,351)
12 Months or More	(16,550)	(2,374)
Total Unrealized Losses	(17,517)	(12,725)
Fair Value
Less than 12 Months		88,321
12 Months or More	77,373
Total Fair Value	77,373	88,321
Unrealized Losses
Less than 12 Months		(13,814)
12 Months or More	(17,275)
Total Unrealized Losses	(17,275)	(13,814)
U.S. agency collateralized mortgage obligations
Fair Value
Less than 12 Months		2,968
12 Months or More	8,292	6,741
Total Fair Value	8,292	9,709
Unrealized Losses
Less than 12 Months		(488)
12 Months or More	(1,782)	(804)
Total Unrealized Losses	(1,782)	(1,292)
U.S. government agency securities
Fair Value
Less than 12 Months		61
12 Months or More	943	1,556
Total Fair Value	943	1,617
Unrealized Losses
Less than 12 Months		(3)
12 Months or More	(89)	(52)
Total Unrealized Losses	(89)	(55)
Fair Value
Less than 12 Months	4,880
Total Fair Value	4,880
Unrealized Losses
Less than 12 Months	(102)
Total Unrealized Losses	(102)
Municipal bonds
Fair Value
Less than 12 Months		7,415
12 Months or More	14,979	8,227
Total Fair Value	14,979	15,642
Unrealized Losses
Less than 12 Months		(1,979)
12 Months or More	(5,102)	(2,539)
Total Unrealized Losses	(5,102)	(4,518)
Corporate bonds
Fair Value
Less than 12 Months	10,715	25,584
12 Months or More	20,453
Total Fair Value	31,168	25,584
Unrealized Losses
Less than 12 Months	(1,435)	(1,466)
12 Months or More	(4,597)
Total Unrealized Losses	$ (6,032)	$ (1,466)

Investment Securities (Details)

Investment Securities (Details) $ in Thousands	12 Months Ended
Investment Securities (Details) $ in Thousands	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($) security
Variable Interest Entity [Line Items]
Gross realized gains		$ 62
Proceeds from sale of securities	$ 0	$ 5,008
Number of securities temporarily impaired \| security	126	115
Number of equity securities \| security	1	1
Equity securities	$ 1,629	$ 2,258
Unrealized loss on equity securities	$ 629	$ 242
Financial Instrument, Owned, Pledged Status	Asset Pledged as Collateral without Right [Member]	Asset Pledged as Collateral without Right [Member]
Asset Pledged as Collateral without Right [Member]
Variable Interest Entity [Line Items]
Pledged investment securities	$ 2,500	$ 2,000
Financial Instrument, Owned, Pledging Purpose	wmpn:MunicipalDeposits	wmpn:MunicipalDeposits

Loans - Major classifications o

Loans - Major classifications of loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 480,856	$ 478,920
Allowance for loan losses	(3,313)	(3,409)	$ (3,613)
Net Loans	$ 477,543	$ 475,511
Percentage of loans	100%	100%
Residential real estate \| 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 135,046	$ 147,143
Allowance for loan losses	$ (486)	$ (506)	(709)
Percentage of loans	28.08%	30.72%
Residential real estate \| Home equity and HELOCs
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 32,684	$ 32,590
Allowance for loan losses	$ (113)	$ (113)	(133)
Percentage of loans	6.79%	6.80%
Residential real estate \| Construction Residential
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 9,113	$ 14,778
Allowance for loan losses	$ (214)	$ (386)	(487)
Percentage of loans	1.90%	3.09%
Commercial real estate \| 1 - 4 family investor
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 98,160	$ 96,508
Allowance for loan losses	$ (569)	$ (527)	(843)
Percentage of loans	20.41%	20.15%
Commercial real estate \| Multi-family (five or more)
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 15,281	$ 13,015
Allowance for loan losses	$ (89)	$ (110)	(159)
Percentage of loans	3.18%	2.72%
Commercial real estate \| Commercial non-residential
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 157,555	$ 158,294
Allowance for loan losses	$ (1,420)	$ (1,451)	(854)
Percentage of loans	32.77%	33.05%
Commercial real estate \| Construction and Land
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 15,584	$ 4,942
Allowance for loan losses	$ (281)	$ (166)	(362)
Percentage of loans	3.24%	1.03%
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 15,433	$ 9,411
Allowance for loan losses	$ (82)	$ (100)	(51)
Percentage of loans	3.21%	1.97%
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 2,000	$ 2,239
Allowance for loan losses	$ (59)	$ (50)	$ (15)
Percentage of loans	0.42%	0.47%

Loans - PPP (Details)

Loans - PPP (Details) $ in Thousands	12 Months Ended
Loans - PPP (Details) $ in Thousands	Jun. 30, 2023 USD ($) loan item	Jun. 30, 2022 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 480,856	$ 478,920
Threshold loan commitment	$ 20,000
Number of banks sharing national credits \| item	3
Number of national credit \| loan	1
Credit loan commitment	$ 12,500
Loan commitment	0	9,200
Mortgage Loan Serviced To Others
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 12,500	$ 14,400
Servicing rights basis points received	0.25%

Loans - Allowance for loan loss

Loans - Allowance for loan losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Allowance for credit losses:
Beginning balance	$ 3,409	$ 3,613
Charge-offs	(111)	(238)
Recoveries	15	54
Provision		(20)
Ending Balance	3,313	3,409
Allowance ending balance:
Collectively evaluated for impairment	3,313	3,409
Allowance for loan losses	3,313	3,409
Loans receivable ,Individually evaluated for impairment	3,252	5,288
Loans receivable, Collectively evaluated for impairment	380,012	356,151
Total Loans	480,856	478,920
Acquired credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	72	156
Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	97,520	117,325
Residential real estate \| 1-4 Family
Allowance for credit losses:
Beginning balance	506	709
Charge-offs	(79)	(154)
Provision	59	(49)
Ending Balance	486	506
Allowance ending balance:
Collectively evaluated for impairment	486	506
Allowance for loan losses	486	506
Loans receivable ,Individually evaluated for impairment	1,209	3,336
Loans receivable, Collectively evaluated for impairment	78,237	78,478
Total Loans	135,046	147,143
Residential real estate \| 1-4 Family \| Acquired credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	72	133
Residential real estate \| 1-4 Family \| Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	55,528	65,196
Residential real estate \| Home equity and HELOCs
Allowance for credit losses:
Beginning balance	113	133
Recoveries		8
Provision		(28)
Ending Balance	113	113
Allowance ending balance:
Collectively evaluated for impairment	113	113
Allowance for loan losses	113	113
Loans receivable ,Individually evaluated for impairment	182	275
Loans receivable, Collectively evaluated for impairment	19,689	15,679
Total Loans	32,684	32,590
Residential real estate \| Home equity and HELOCs \| Acquired credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment		23
Residential real estate \| Home equity and HELOCs \| Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	12,813	16,613
Residential real estate \| Construction Residential
Allowance for credit losses:
Beginning balance	386	487
Provision	(172)	(101)
Ending Balance	214	386
Allowance ending balance:
Collectively evaluated for impairment	214	386
Allowance for loan losses	214	386
Loans receivable, Collectively evaluated for impairment	9,113	14,778
Total Loans	9,113	14,778
Commercial real estate \| 1 - 4 family investor
Allowance for credit losses:
Beginning balance	527	843
Charge-offs		(55)
Recoveries		42
Provision	42	(303)
Ending Balance	569	527
Allowance ending balance:
Collectively evaluated for impairment	569	527
Allowance for loan losses	569	527
Loans receivable ,Individually evaluated for impairment	832	173
Loans receivable, Collectively evaluated for impairment	84,891	81,834
Total Loans	98,160	96,508
Commercial real estate \| 1 - 4 family investor \| Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	12,437	14,501
Commercial real estate \| Multi-family (five or more)
Allowance for credit losses:
Beginning balance	110	159
Provision	(21)	(49)
Ending Balance	89	110
Allowance ending balance:
Collectively evaluated for impairment	89	110
Allowance for loan losses	89	110
Loans receivable ,Individually evaluated for impairment	251	291
Loans receivable, Collectively evaluated for impairment	14,781	12,471
Total Loans	15,281	13,015
Commercial real estate \| Multi-family (five or more) \| Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	249	253
Commercial real estate \| Commercial non-residential
Allowance for credit losses:
Beginning balance	1,451	854
Provision	(31)	597
Ending Balance	1,420	1,451
Allowance ending balance:
Collectively evaluated for impairment	1,420	1,451
Allowance for loan losses	1,420	1,451
Loans receivable ,Individually evaluated for impairment	778	1,213
Loans receivable, Collectively evaluated for impairment	142,098	138,812
Total Loans	157,555	158,294
Commercial real estate \| Commercial non-residential \| Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	14,679	18,269
Commercial real estate \| Construction and Land
Allowance for credit losses:
Beginning balance	166	362
Provision	115	(196)
Ending Balance	281	166
Allowance ending balance:
Collectively evaluated for impairment	281	166
Allowance for loan losses	281	166
Loans receivable, Collectively evaluated for impairment	15,584	4,942
Total Loans	15,584	4,942
Commercial
Allowance for credit losses:
Beginning balance	100	51
Provision	(18)	49
Ending Balance	82	100
Allowance ending balance:
Collectively evaluated for impairment	82	100
Allowance for loan losses	82	100
Loans receivable, Collectively evaluated for impairment	14,976	8,626
Total Loans	15,433	9,411
Commercial \| Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	457	785
Consumer
Allowance for credit losses:
Beginning balance	50	15
Charge-offs	(32)	(29)
Recoveries	15	4
Provision	26	60
Ending Balance	59	50
Allowance ending balance:
Collectively evaluated for impairment	59	50
Allowance for loan losses	59	50
Loans receivable, Collectively evaluated for impairment	643	531
Total Loans	2,000	2,239
Consumer \| Acquired non-credit impaired
Allowance ending balance:
Loans receivable, Collectively evaluated for impairment	$ 1,357	$ 1,708

Loans - Credit quality indicato

Loans - Credit quality indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 480,856	$ 478,920
Residential and Consumer Loan
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	178,843	196,750
Residential and Consumer Loan \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	176,671	191,511
Residential and Consumer Loan \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,172	5,239
Commercial Loan Total
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	302,013	282,170
Commercial Loan Total \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	298,921	279,087
Commercial Loan Total \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,231	1,773
Commercial Loan Total \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,861	1,310
Residential real estate \| 1-4 Family
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	135,046	147,143
Residential real estate \| Home equity and HELOCs
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	32,684	32,590
Residential real estate \| Construction Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	9,113	14,778
Residential real estate \| Residential and Consumer Loan \| 1-4 Family
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	135,046	147,143
Residential real estate \| Residential and Consumer Loan \| 1-4 Family \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	132,956	142,362
Residential real estate \| Residential and Consumer Loan \| 1-4 Family \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,090	4,781
Residential real estate \| Residential and Consumer Loan \| Home equity and HELOCs
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	32,684	32,590
Residential real estate \| Residential and Consumer Loan \| Home equity and HELOCs \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	32,684	32,249
Residential real estate \| Residential and Consumer Loan \| Home equity and HELOCs \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans		341
Residential real estate \| Residential and Consumer Loan \| Construction Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	9,113	14,778
Residential real estate \| Residential and Consumer Loan \| Construction Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	9,113	14,778
Commercial real estate \| 1 - 4 family investor
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	98,160	96,508
Commercial real estate \| 1 - 4 family investor \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	96,097	94,929
Commercial real estate \| 1 - 4 family investor \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,231	1,473
Commercial real estate \| 1 - 4 family investor \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	832	106
Commercial real estate \| Multi-family (five or more)
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	15,281	13,015
Commercial real estate \| Multi-family (five or more) \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	15,030	12,724
Commercial real estate \| Multi-family (five or more) \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	251	291
Commercial real estate \| Commercial non-residential
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	157,555	158,294
Commercial real estate \| Commercial non-residential \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	156,777	157,081
Commercial real estate \| Commercial non-residential \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans		300
Commercial real estate \| Commercial non-residential \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	778	913
Commercial real estate \| Construction and Land
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	15,584	4,942
Commercial real estate \| Construction and Land \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	15,584	4,942
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	15,433	9,411
Commercial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	15,433	9,411
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,000	2,239
Consumer \| Residential and Consumer Loan
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,000	2,239
Consumer \| Residential and Consumer Loan \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,918	2,122
Consumer \| Residential and Consumer Loan \| Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 82	$ 117

Loans - Loan Delinquencies and

Loans - Loan Delinquencies and Non-accrual Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 3,430	$ 5,958
Total Loans	480,856	478,920
Recorded Investment Loans on Non-Accrual	4,033	6,511
Interest income	192	275
Current	477,354	472,806
30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	541	1,849
60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	1,544	1,116
90 Days Or Greater
Financing Receivable, Past Due [Line Items]
Total Past Due	1,345	2,993
Acquired credit impaired
Financing Receivable, Past Due [Line Items]
Total Past Due	72	156
Residential real estate \| 1-4 Family
Financing Receivable, Past Due [Line Items]
Total Past Due	1,314	4,542
Total Loans	135,046	147,143
Recorded Investment Loans on Non-Accrual	2,090	4,781
Current	133,660	142,468
Residential real estate \| 1-4 Family \| 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	290	1,528
Residential real estate \| 1-4 Family \| 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	457	622
Residential real estate \| 1-4 Family \| 90 Days Or Greater
Financing Receivable, Past Due [Line Items]
Total Past Due	567	2,392
Residential real estate \| 1-4 Family \| Acquired credit impaired
Financing Receivable, Past Due [Line Items]
Total Past Due	72	133
Residential real estate \| Home equity and HELOCs
Financing Receivable, Past Due [Line Items]
Total Past Due		202
Total Loans	32,684	32,590
Recorded Investment Loans on Non-Accrual		341
Current	32,684	32,365
Residential real estate \| Home equity and HELOCs \| 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due		19
Residential real estate \| Home equity and HELOCs \| 90 Days Or Greater
Financing Receivable, Past Due [Line Items]
Total Past Due		183
Residential real estate \| Home equity and HELOCs \| Acquired credit impaired
Financing Receivable, Past Due [Line Items]
Total Past Due		23
Residential real estate \| Construction Residential
Financing Receivable, Past Due [Line Items]
Total Loans	9,113	14,778
Current	9,113	14,778
Commercial real estate \| 1 - 4 family investor
Financing Receivable, Past Due [Line Items]
Total Past Due	752
Total Loans	98,160	96,508
Recorded Investment Loans on Non-Accrual	832	106
Current	97,408	96,508
Commercial real estate \| 1 - 4 family investor \| 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	752
Commercial real estate \| Multi-family (five or more)
Financing Receivable, Past Due [Line Items]
Total Past Due	251
Total Loans	15,281	13,015
Recorded Investment Loans on Non-Accrual	251	291
Current	15,030	13,015
Commercial real estate \| Multi-family (five or more) \| 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	251
Commercial real estate \| Commercial non-residential
Financing Receivable, Past Due [Line Items]
Total Past Due	1,100	1,187
Total Loans	157,555	158,294
Recorded Investment Loans on Non-Accrual	778	875
Current	156,455	157,107
Commercial real estate \| Commercial non-residential \| 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due		275
Commercial real estate \| Commercial non-residential \| 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	322	494
Commercial real estate \| Commercial non-residential \| 90 Days Or Greater
Financing Receivable, Past Due [Line Items]
Total Past Due	778	418
Commercial real estate \| Construction and Land
Financing Receivable, Past Due [Line Items]
Total Loans	15,584	4,942
Current	15,584	4,942
Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	15,433	9,411
Current	15,433	9,411
Consumer
Financing Receivable, Past Due [Line Items]
Total Past Due	13	27
Total Loans	2,000	2,239
Recorded Investment Loans on Non-Accrual	82	117
Current	1,987	2,212
Consumer \| 30 - 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due		$ 27
Consumer \| 60 - 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Past Due	$ 13

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
Loans - Impaired Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Impaired [Line Items]
Threshold past due period	90 days
Threshold past due period for larger companies	60 days
Residential real estate \| 1-4 Family
Recorded Investment
Recorded Investment, With no related allowance recorded	$ 1,209	$ 3,336
Recorded Investment	1,209	3,336
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance recorded	1,302	3,582
Unpaid Principal Balance	1,302	3,582
Average Recorded Investment
Average Recorded Investment, With no related allowance recorded	1,780	2,552
Average Recorded Investment	1,780
Residential real estate \| Home equity and HELOCs
Recorded Investment
Recorded Investment, With no related allowance recorded	182	275
Recorded Investment	182	275
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance recorded	182	277
Unpaid Principal Balance	182	277
Average Recorded Investment
Average Recorded Investment, With no related allowance recorded	325	462
Average Recorded Investment	325
Interest Income Recognized
Interest Income Recognized, With no related allowance recorded	20	18
Interest Income Recognized	20
Commercial real estate \| 1 - 4 family investor
Recorded Investment
Recorded Investment, With no related allowance recorded	832	173
Recorded Investment	832	173
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance recorded	850	185
Unpaid Principal Balance	850	185
Average Recorded Investment
Average Recorded Investment, With no related allowance recorded	179	303
Average Recorded Investment	179
Interest Income Recognized
Interest Income Recognized, With no related allowance recorded	1	4
Interest Income Recognized	1
Commercial real estate \| Multi-family (five or more)
Recorded Investment
Recorded Investment, With no related allowance recorded	251	291
Recorded Investment	251	291
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance recorded	283	308
Unpaid Principal Balance	283	308
Average Recorded Investment
Average Recorded Investment, With no related allowance recorded	277	384
Average Recorded Investment	277
Commercial real estate \| Commercial non-residential
Recorded Investment
Recorded Investment, With no related allowance recorded	778	1,213
Recorded Investment	778	1,213
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance recorded	783	1,265
Unpaid Principal Balance	783	1,265
Average Recorded Investment
Average Recorded Investment, With no related allowance recorded	1,042	1,071
Average Recorded Investment	1,042
Interest Income Recognized
Interest Income Recognized, With no related allowance recorded	19	24
Interest Income Recognized	$ 19
Commercial
Average Recorded Investment
Average Recorded Investment, With no related allowance recorded		$ 2

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructuring (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($) loan
Financing Receivable, Impaired [Line Items]
Troubled debt restructuring	$ 182	$ 593
Interest income on accruing TDR	38	45
Impairment on TDR	$ 104	$ 183
Number of contracts that have been modified by troubled debt restructurings \| loan	0	0
Acquired credit impaired
Financing Receivable, Impaired [Line Items]
Loans acquired	$ 72	$ 156

Premises and Equipment - Compon

Premises and Equipment - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Gross value	$ 13,189	$ 16,523
Accumulated depreciation	(4,135)	(4,827)
Net book value	9,054	11,696
Land
Property, Plant and Equipment [Line Items]
Gross value	1,778	2,156
Office buildings and improvements
Property, Plant and Equipment [Line Items]
Gross value	9,080	11,769
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Gross value	2,273	2,540
Automobiles
Property, Plant and Equipment [Line Items]
Gross value	$ 58	$ 58

Premises and Equipment (Details

Premises and Equipment (Details) $ in Thousands	3 Months Ended	12 Months Ended
Premises and Equipment (Details) $ in Thousands	Jun. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Premises and Equipment
Depreciation expense		$ 1,027	$ 975
Number of properties transferred \| property	1
Total carrying value	$ 1,100	$ 1,100

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 4,858	$ 4,858	$ 4,858
Core deposit intangibles	$ 519	712	$ 937
Estimated useful life	10 years
Goodwill impairment	$ 0
Aggregate amortization expense	193	$ 225
Audubon Savings Bank
Finite-Lived Intangible Assets [Line Items]
Goodwill	4,900
Core deposit intangibles	1,400
Fidelity Savings and Loan Association
Finite-Lived Intangible Assets [Line Items]
Core deposit intangibles	65
Washington Savings Bank
Finite-Lived Intangible Assets [Line Items]
Core deposit intangibles	$ 197

Goodwill and Intangibles - Summ

Goodwill and Intangibles - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill
Beginning Balance	$ 4,858	$ 4,858
Ending Balance	4,858	4,858
Core Deposit Intangibles
Beginning Balance	712	937
Amortization	(193)	(225)
Ending Balance	$ 519	$ 712

Goodwill and Intangibles - Su_2

Goodwill and Intangibles - Summary of amortizing intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangibles
Intangible assets, Gross	$ 1,694	$ 1,694
Accumulated Amortization	(1,175)	(982)
Intangible assets, Net	$ 519	$ 712	$ 937

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of amortization of expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 163
2025	132
2026	101
2027	70
2028	40
2029 and thereafter	13
Intangible assets, Net	$ 519	$ 712	$ 937

Deposits - Weighted-average int

Deposits - Weighted-average interest rates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Deposits.
Non-interest bearing checking	$ 60,872	$ 75,758
Interest bearing checking	116,700	122,675
Money market accounts	208,020	171,316
Savings and club accounts	90,291	105,507
Certificates of deposit	159,377	131,361
Total deposits	$ 635,260	$ 606,617
Weighted Average Rate
Interest bearing checking	0.91%	0.13%
Money market accounts	2.77%	0.30%
Savings and club accounts	0.05%	0.05%
Certificates of deposit	2.30%	0.89%
Total deposits	1.66%	0.31%

Deposits - Schedule of time dep

Deposits - Schedule of time deposit accounts outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Time deposit accounts outstanding
2024	$ 121,678
2025	20,810
2026	6,642
2027	5,654
2028	4,117
Thereafter	476
Time Deposits, Total	159,377
Certificates of deposit accounts, amount	$ 17,800	$ 8,900

Borrowings (Details)

Borrowings (Details) $ in Thousands	12 Months Ended
Borrowings (Details) $ in Thousands	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)
Federal Home Loan Bank, Advances [Line Items]
FHLB number of regional banks \| item	11
Maximum borrowing capacity with FHLB	$ 295,000
Outstanding balance	34,000	$ 65,000
Loans pledged as collateral	427,200	423,100
Investments	2,300	3,500
Available credit to purchase federal funds	10,000	10,000
Advances from Federal Home Loan Bank	34,000	65,000
Collateral pledged in support of federal reserve bank advances outstanding	10,200	0
Maximum advances or credit lines available from the Federal Reserve Bank	3,700
Balance for the overnight line of credit	0	$ 0
Fixed
Federal Home Loan Bank, Advances [Line Items]
Advances from Federal Home Loan Bank	$ 34,000
Minimum
Federal Home Loan Bank, Advances [Line Items]
Interest Rates	5.33%
Maximum
Federal Home Loan Bank, Advances [Line Items]
Interest Rates	5.39%

Borrowings - Contractual maturi

Borrowings - Contractual maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Amount
2024	$ 34,000
Total FHLB advances	$ 34,000	$ 65,000
Weighted Average Rate
2024	5.35%
Total FHLB advances	5.35%

Income Taxes - Schedule of comp

Income Taxes - Schedule of components of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Federal:
Current	$ (430)	$ (215)
Deferred	570	683
Federal income tax expense	140	468
State, current	60	100
Income tax benefit	$ 200	$ 568

Income Taxes - Schedule of reco

Income Taxes - Schedule of reconciliation of the statutory federal income to the income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of the statutory federal income to the income tax expense
Federal income tax at statutory rate	$ 630	$ 1,009
State tax, net of federal benefit	47	79
Bank owned-life insurance	(232)	(218)
Income tax benefit	(211)	(288)
Other	(34)	(14)
Income tax expense	$ 200	$ 568
Reconciliation of the statutory federal income to the income tax expense (Percentage)
Federal income tax at statutory rate, percent	21%	21%
State tax, net of federal benefit, percent	1.60%	1.60%
Bank owned-life insurance, percent	(7.70%)	(4.50%)
Income tax benefit, percent	(7.10%)	(6.00%)
Other, percent	(1.10%)	(0.30%)
Effective tax rate, percent	6.70%	11.80%

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Deferred tax assets:
Loan origination fees	$ 150	$ 172
Allowance for loan losses	762	784
Deferred director's fees	261	271
Deferred compensation	357	478
Purchase accounting adjustments	499	593
NOL carry forward	231	631
Net unrealized loss on securities	6,983	4,587
Stock based compensation	234
Other	344	227
Total deferred tax assets	9,821	7,743
Deferred tax liabilities:
Premises and equipment	(336)	(284)
Total deferred tax liabilities	(336)	(284)
Net deferred tax asset	$ 9,485	$ 7,459

Income Taxes (Narratives) (Deta

Income Taxes (Narratives) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Line items]
Federal income tax at statutory rate, percent	21%	21%
Income tax benefit related to refunds received	$ 211	$ 288
Net operating loss carryforward	1,100
Uncertain tax positions	0	0
Retained earnings	58,805	57,587
Income tax expense	200	568
Federal
Income Tax Disclosure [Line items]
Retained earnings	2,800	2,800
Income tax expense	$ 0	$ 0

Stock Based Compensation - Plan

Stock Based Compensation - Plan and Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	May 10, 2022
Stock Based Compensation
Stock based compensation expense	$ 1,883	$ 249
Restricted stock
Stock Based Compensation
Number of shares granted		492,960
Fair value of awards granted (in dollars per shares)		$ 11.67
Vesting period		5 years
Stock based compensation expense	$ 1,100	$ 147
Non-vested Restricted Stock Awards outstanding (in shares)	383,258	492,960
Unrecognized compensation expense	$ 4,300	$ 5,600
Unrecognized compensation expense recognition period	3 years 10 months 17 days	4 years 10 months 17 days
Stock options
Stock Based Compensation
Vesting period		5 years
Stock based compensation expense	$ 771	$ 102
Unrecognized compensation expense recognition period	3 years 10 months 17 days	4 years 10 months 17 days
2022 Equity incentive plan
Stock Based Compensation
Shares authorized			1,769,604
2022 Equity incentive plan \| Restricted stock
Stock Based Compensation
Shares authorized			505,601
2022 Equity incentive plan \| Stock options
Stock Based Compensation
Shares authorized			1,264,003

Stock Based Compensation - Rest

Stock Based Compensation - Restricted stock activity (Details) - Restricted stock - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Shares
Non-vested Restricted Stock Awards outstanding July (Beginning balance)	492,960
Issued		492,960
Vested	(95,798)
Forfeited	(13,904)
Non-vested Restricted Stock Awards outstanding June (Ending balance)	383,258	492,960
Average Grant Price
Non-vested Restricted Stock Awards outstanding July (Beginning balance) (in dollars per share)	$ 11.67
Issued (in dollars per share)		$ 11.67
Vested (in dollars per share)	11.66
Forfeited (in dollars per share)	11.82
Non-vested Restricted Stock Awards outstanding (Ending balance) (in dollars per share)	$ 11.66	$ 11.67

Stock Based Compensation - Opti

Stock Based Compensation - Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair value assumptions
Stock based compensation expense	$ 1,883	$ 249
Stock options
Stock Based Compensation
Number of options granted		1,232,400
Fair value of options granted		$ 3.24
Vesting period		5 years
Exercise price of options granted (in dollars per share)		$ 11.67
Term of award		10 years
Fair value assumptions
Expected life		6 years 6 months
Risk free rate of return		2.92%
Volatility		24.85%
Dividend yield		1.03%
Stock based compensation expense	$ 771	$ 102
Options outstanding	1,197,640	1,232,400
Unrecognized compensation expense	$ 3,000	$ 3,900
Unrecognized compensation expense recognition period	3 years 10 months 17 days	4 years 10 months 17 days
Remaining contractual term	8 years 10 months 17 days	9 years 10 months 17 days
Exercisable options	239,528	0
Weighted average exercise price	$ 11.66
Remaining contractual term exercisable	8 years 10 months 17 days
Aggregate intrinsic value exercisable	$ 0
Aggregate intrinsic value	$ 0	$ 80
Restricted stock
Stock Based Compensation
Fair value of Vested (in shares)	95,798
Fair value of Vested	$ 914
Vesting period		5 years
Fair value assumptions
Stock based compensation expense	$ 1,100	$ 147
Unrecognized compensation expense recognition period	3 years 10 months 17 days	4 years 10 months 17 days

Stock Based Compensation - Op_2

Stock Based Compensation - Options activity (Details) - Stock options - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Options
Options outstanding	1,197,640	1,232,400
Granted		1,232,400
Forfeited	(34,760)
Exercise Price per Shares
Granted (in dollars per share)		$ 11.67
Forfeited (in dollars per share)	$ 11.82
Exercise price per share (in dollars per share)	$ 11.66	$ 11.67

Employee and Director Benefit_3

Employee and Director Benefit Plans (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 24, 2021	Jun. 30, 2023	Jun. 30, 2022
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Percentage of employees contributions		50%
Percentage of matching contributions		100%
Percentage of employer contributions		6%
Expense		$ 421	$ 393
ESOP shares committed to be released		395	430
ESOP Plan
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Percentage of shares sold in offering	8%
Percentage of aggregate purchase price of common stock	100%
ESOP shares issued	881,130
ESOP shares committed to be released	$ 10,100
Loan to trustees for ESOP	$ 10,100
Interest percentage	3.25%
Debt term	25 years
ESOP expenses		$ 395	$ 430

Employee and Director Benefit_4

Employee and Director Benefit Plans - ESOP Shares (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Employee and Director Benefit Plans
Allocated shares	219,141	213,937
Shares committed to be released	17,479	17,479
Unreleased shares	801,272	836,517
Total ESOP shares	1,037,892	1,067,933
Fair value of unrealized shares	$ 8,132,911	$ 9,787,249

Employee and Director Benefit_5

Employee and Director Benefit Plans - Benefit plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Directors Retirement Plan
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Benefit amount for a period	120 months
Expense related to benefit plan	$ (45)	$ 30
Accumulated liability	1,600	1,600
Director Deferred Compensation Plan
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Expense related to benefit plan	21	9
Accumulated liability	$ 1,100	$ 1,200

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Other Commitments [Line Items]
Commitments fixed expiration period	90 days
Commitments to extend credit
Other Commitments [Line Items]
Loan commitments	$ 6,877	$ 16,894
Unfunded commitments under lines of credit
Other Commitments [Line Items]
Loan commitments	75,372	71,999
Standby letters of credit
Other Commitments [Line Items]
Loan commitments	$ 86	$ 30

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Tier One Leverage, Amount
Leverage capital, actual amount	$ 161,774	$ 157,519
CBLR Framework Requirement, amount	$ 77,989	$ 77,547
Tier One Leverage, Ratio
Leverage capital, actual ratio	0.1867	0.1828
CBLR Framework Requirement, ratio	0.0900	0.0900

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Investments available for sale:
Equity securities	$ 1,629	$ 2,258
Fair value	165,127	182,745
Mortgage-backed securities
Investments available for sale:
Fair value	106,756	117,506
U.S. agency collateralized mortgage obligations
Investments available for sale:
Fair value	8,292	9,709
U.S. government agency securities
Investments available for sale:
Fair value	3,932	5,038
Municipal bonds
Investments available for sale:
Fair value	14,979	15,642
Corporate bonds
Investments available for sale:
Fair value	31,168	34,850
Recurring
Investments available for sale:
Equity securities	1,629	2,258
Fair value	166,756	185,003
Recurring \| Mortgage-backed securities
Investments available for sale:
Fair value	106,756	117,506
Recurring \| U.S. agency collateralized mortgage obligations
Investments available for sale:
Fair value	8,292	9,709
Recurring \| U.S. government agency securities
Investments available for sale:
Fair value	3,932	5,038
Recurring \| Municipal bonds
Investments available for sale:
Fair value	14,979	15,642
Recurring \| Corporate bonds
Investments available for sale:
Fair value	31,168	34,850
Recurring \| Level 1
Investments available for sale:
Equity securities	1,629	2,258
Fair value	1,629	2,258
Recurring \| Level 2
Investments available for sale:
Fair value	165,127	182,745
Recurring \| Level 2 \| Mortgage-backed securities
Investments available for sale:
Fair value	106,756	117,506
Recurring \| Level 2 \| U.S. agency collateralized mortgage obligations
Investments available for sale:
Fair value	8,292	9,709
Recurring \| Level 2 \| U.S. government agency securities
Investments available for sale:
Fair value	3,932	5,038
Recurring \| Level 2 \| Municipal bonds
Investments available for sale:
Fair value	14,979	15,642
Recurring \| Level 2 \| Corporate bonds
Investments available for sale:
Fair value	$ 31,168	$ 34,850

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Non-Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Assets at fair value
Reserves on impaired loans	$ 0	$ 0
Non-recurring basis
Assets at fair value
Premises transferred to held for sale		1,596
Total assets at fair value		3,286
Non-recurring basis \| Impaired loans
Assets at fair value
Impaired loans		1,690
Non-recurring basis \| Level 3
Assets at fair value
Premises transferred to held for sale		1,596
Total assets at fair value		3,286
Non-recurring basis \| Level 3 \| Impaired loans
Assets at fair value
Impaired loans		$ 1,690

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Quantitative Information (Details) - Non-recurring basis $ in Thousands	Jun. 30, 2022 USD ($)
Assets at fair value
Premises transferred to held for sale, Fair value estimate	$ 1,596
Level 3
Assets at fair value
Premises transferred to held for sale, Fair value estimate	1,596
Level 3 \| Appraisal adjustments
Assets at fair value
Premises transferred to held for sale, Fair value estimate	$ 1,596
Level 3 \| Appraisal adjustments \| Minimum
Assets at fair value
Premises transferred to held for sale, Measurement input	0
Level 3 \| Appraisal adjustments \| Maximum
Assets at fair value
Premises transferred to held for sale, Measurement input	0.01
Impaired loans
Assets at fair value
Fair value estimate	$ 1,690
Impaired loans \| Level 3
Assets at fair value
Fair value estimate	1,690
Impaired loans \| Level 3 \| Appraisal adjustments
Assets at fair value
Fair value estimate	$ 1,690
Impaired loans \| Level 3 \| Appraisal adjustments \| Minimum
Assets at fair value
Measurement input	0
Impaired loans \| Level 3 \| Appraisal adjustments \| Maximum
Assets at fair value
Measurement input	0.07

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Carrying value and fair value of financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Financial assets:
Loans receivable, net	$ 477,543	$ 475,511
Held to maturity securities, Amortized cost	99,690	102,135
Financial liabilities:
Certificates of deposit	159,377	131,361
Advances from Federal Home Loan Bank	34,000	65,000
Level 2
Financial assets:
Held to maturity securities, Amortized cost	82,313	88,321
Level 3
Financial assets:
Loans receivable, net	436,636	468,485
Financial liabilities:
Certificates of deposit	155,426	130,974
Advances from Federal Home Loan Bank	34,000	65,000
Carrying Value
Financial assets:
Loans receivable, net	477,543	475,511
Held to maturity securities, Amortized cost	99,690	102,135
Financial liabilities:
Certificates of deposit	159,377	131,361
Advances from Federal Home Loan Bank	34,000	65,000
Fair Value
Financial assets:
Loans receivable, net	436,636	468,485
Held to maturity securities, Amortized cost	82,313	88,321
Financial liabilities:
Certificates of deposit	155,426	130,974
Advances from Federal Home Loan Bank	$ 34,000	$ 65,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Assets and Liabilities, Lessee [Abstract]
Operating lease right-of-use assets	$ 8,931	$ 6,843
Operating Lease, Liability [Abstract]
Operating lease liabilities	$ 9,107	$ 6,949
Weighted average remaining lease term - Operating leases	16 years 4 months 24 days	17 years 7 months 6 days
Weighted average discount rate - Operating leases	2.89%	2.01%
Net lease costs	$ 798	$ 590
Gain on lease abandonment		$ 117
Levittown
Assets and Liabilities, Lessee [Abstract]
Operating lease right-of-use assets	1,700
Operating Lease, Liability [Abstract]
Operating lease liabilities	1,700
Morrisville
Assets and Liabilities, Lessee [Abstract]
Operating lease right-of-use assets	970
Operating Lease, Liability [Abstract]
Operating lease liabilities	$ 970

Leases - Summary of maturities

Leases - Summary of maturities of the Company's lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2024	$ 811
2025	825
2026	620
2027	636
2028	649
Thereafter	8,037
Total future minimum lease payments	11,578
Amounts representing interest	(2,471)
Present value of net future minimum lease payments	$ 9,107	$ 6,949

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	12 Months Ended
Related Party Transactions (Details) $ in Thousands	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)
Undrawn commitments to lend	$ 4,000	$ 1,500
Total commitments to lend	$ 1,300	376
Number of person receive remuneration from any special purpose entities \| item	0
Purchases	$ 31	41
Deposits with the Bank	1,500	1,300
Certain directors, executive officers, principal holders of the Company's common stock and other associates
Beginning Balance	1,121	1,190
New loans and funding of existing lines of credit	1,745
Repayments	(186)	(69)
Ending balance	$ 2,680	$ 1,121

Parent Company Financial Info_3

Parent Company Financial Information - Schedule of condensed statements of financial condition (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
ASSETS
Cash on deposit at the Bank	$ 7,652	$ 8,117
Investment in the Bank	11,561	28,053
Equity securities	1,629	2,258
Other assets	6,198	5,988
TOTAL ASSETS	847,579	879,952
LIABILITIES
Accrued and other liabilities	5,240	5,704
TOTAL LIABILITIES	686,834	687,626
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued
Common stock, $0.01 par value, 150,000,000 shares authorized; 12,452,921 shares issued and outstanding at June 30, 2023 and 14,896,590 shares issued and outstanding at June 30, 2022	125	149
Additional paid-in capital	134,387	159,546
Unearned common stock held by employee stock ownership plan	(9,194)	(9,599)
Retained earnings	58,805	57,587
Accumulated other comprehensive loss	(23,378)	(15,357)
TOTAL STOCKHOLDERS' EQUITY	160,745	192,326	$ 216,926
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	847,579	879,952
Parent Company
ASSETS
Cash on deposit at the Bank	14,119	41,301
Investment in the Bank	144,004	148,364
Equity securities	1,629	2,258
Other assets	1,190	551
TOTAL ASSETS	160,942	192,474
LIABILITIES
Accrued and other liabilities	197	148
TOTAL LIABILITIES	197	148
Commitments and contingencies
STOCKHOLDERS' EQUITY
TOTAL STOCKHOLDERS' EQUITY	160,745	192,326
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 160,942	$ 192,474

Parent Company Financial Info_4

Parent Company Financial Information - Schedule of condensed statements of financial condition (Parenthetical) (Details) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Parent Company Financial Information
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	12,452,921	14,896,590
Common stock, outstanding (in shares)	12,452,921	14,896,590

Parent Company Financial Info_5

Parent Company Financial Information - Schedule of condensed statements operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Condensed Income Statements, Captions [Line Items]
Interest on interest-bearing deposits with the Bank	$ 22,942	$ 20,693
Interest income on securities	6,780	4,555
Unrealized loss on equity securities	(629)	(242)
Total interest income	30,386	25,498
Professional fees	906	1,154
Other expenses	3,041	2,567
Total other expense	22,019	20,274
Loss before income tax benefit and equity in undistributed net income of affiliates	3,002	4,805
Income tax benefit	200	568
NET INCOME	2,802	4,237
Comprehensive loss	(5,219)	(11,056)
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest on interest-bearing deposits with the Bank	79	142
Interest income on securities	131	114
Unrealized loss on equity securities	(629)	(242)
Total interest income	(419)	14
Professional fees	495	570
Other expenses	202	175
Total other expense	697	745
Loss before income tax benefit and equity in undistributed net income of affiliates	(1,116)	(731)
Income tax benefit	(257)	(168)
Equity in undistributed net income of the Bank	3,661	4,800
NET INCOME	2,802	4,237
Comprehensive loss	$ (5,219)	$ (11,056)

Parent Company Financial Info_6

Parent Company Financial Information - Schedule of condensed statements cashflow (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 2,802	$ 4,237
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Unrealized loss on equity securities	629	242
Net cash provided by operating activities	5,058	4,860
Cash flows from investing activities
Purchases of equity securities		2,500
Net cash provided by (used in) investing activities	10,469	(200,731)
Cash flows from financing activities
Cash dividends	(1,584)	(5,143)
Stock purchased and retired	(27,056)	(9,080)
Net cash (used in) provided by financing activities	(30,904)	63,319
Net decrease in cash and cash equivalents	(15,377)	(132,552)
Cash and cash equivalents - beginning	36,170	168,722
Cash and cash equivalents - ending	20,793	36,170
Supplementary cash flows information
Income tax payments	258	(666)
Parent Company
Cash flows from operating activities
Net income	2,802	4,237
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(3,661)	(4,800)
Unrealized loss on equity securities	629	242
Net intercompany transactions	1,483
Other	205	350
Net cash provided by operating activities	1,458	29
Cash flows from investing activities
Purchases of equity securities		(2,500)
Net cash provided by (used in) investing activities		(2,500)
Cash flows from financing activities
Cash dividends	(1,584)	(5,143)
Stock purchased and retired	(27,056)	(9,080)
Net cash (used in) provided by financing activities	(28,640)	(14,223)
Net decrease in cash and cash equivalents	(27,182)	(16,694)
Cash and cash equivalents - beginning	41,301	57,995
Cash and cash equivalents - ending	$ 14,119	$ 41,301

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events. - $ / shares	Aug. 29, 2023	Jul. 19, 2023	Sep. 07, 2023
Subsequent Events
Dividends declared (in dollars per share)		$ 0.03
Sixth Stock Repurchase Program
Subsequent Events
Number of Stock repurchase	1,138,470
Stock repurchase (Percent)	10%
Remaining shares to be repurchased			891,170