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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 31, 2014
Fair Value Measurements and Fair Value of Financial Instruments [Abstract]  
Fair Value, Assets Measured on Recurring Basis
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows:
 
 
 
  
Fair Value Measurements Using
 
 
 
March
  
Quoted Prices
In Active Markets
For Identical
Assets
  
Significant
Other Observable
Inputs
  
Significant
Unobservable
Inputs
 
(In thousands)
  31, 2014  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
     
  
  
 
U.S. Government sponsored enterprises
 
$
12,892
  
$
-
  
$
12,892
  
$
-
 
State and political subdivisions
  
1,346
   
-
   
1,346
   
-
 
Mortgage-backed securities-residential
  
5,480
   
-
   
5,480
   
-
 
Mortgage-backed securities-multi-family
  
26,205
   
-
   
26,205
   
-
 
Asset-backed securities
  
14
   
14
   
-
   
-
 
Corporate debt securities
  
5,182
   
5,182
   
-
   
-
 
Equity securities
  
161
   
161
   
-
   
-
 
Securities available for sale
 
$
51,280
  
$
5,357
  
$
45,923
  
$
-
 

 
 
  
Fair Value Measurements Using
 
 
 
June
  
Quoted Prices
In Active Markets
For Identical
Assets
  
Significant
Other
Observable
Inputs
  
Significant
Unobservable
Inputs
 
(In thousands)
 
30, 2013
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
     
  
  
 
U.S. Government sponsored enterprises
 
$
12,989
  
$
-
  
$
12,989
  
$
-
 
State and political subdivisions
  
1,858
   
-
   
1,858
   
-
 
Mortgage-backed securities-residential
  
7,533
   
-
   
7,533
   
-
 
Mortgage-backed securities-multi-family
  
41,919
   
-
   
41,919
   
-
 
Asset-backed securities
  
16
   
16
   
-
   
-
 
Corporate debt securities
  
5,176
   
5,176
   
-
   
-
 
Equity securities
  
153
   
153
   
-
   
-
 
Securities available for sale
 
$
69,644
  
$
5,345
  
$
64,299
  
$
-
 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques
In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as impaired assets, in the period in which a re-measurement at fair value is performed.  Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated as required by the “Receivables –Loan Impairment” subtopic of the FASB ASC when establishing the allowance for credit losses.  Impaired loans are those loans for which the Company has re-measured impairment generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount may not necessarily represent the actual fair value of the loan. Real estate collateral is typically valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have generally been classified as Level 3. Estimates of fair value used for other collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3.
 
 
 
  
Fair Value Measurements Using
 
(In thousands)
 
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
March 31, 2014
 
  
  
  
 
Impaired loans
 
$
2,942
  
$
-
  
$
-
  
$
2,942
 
 
                
June 30, 2013
                
Impaired loans
 
$
5,460
  
$
-
  
$
-
  
$
5,460
 
Fair Value Inputs, Assets, Quantitative Information
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were utilized to determine fair value:
 
 
 
 
 
 
 
 
  
 
 
(Dollars in thousands)
 
Fair Value
 
Valuation Technique
Unobservable Input
 
Range
  
Weighted Average
 
March 31, 2014
 
 
 
 
 
  
 
Impaired Loans
 
$
2,942
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
0.00%-38.85
%
  
17.64
%
 
    
   
Liquidation expenses(3)
  
0.00%-10.00
%
  
4.95
%
June 30, 2013
    
 
 
        
Impaired Loans
 
$
5,460
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
4.00%-41.74
%
  
23.98
%
 
    
   
Liquidation expenses(3)
  
3.49%-9.52
%
  
5.86
%

(1)
Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable.
(2)
Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions.  Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal.
(3)
Appraisals may be adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral.
Carrying Amounts and Estimated Fair Value
The carrying amounts and estimated fair value of financial instruments are as follows:

(In thousands)
 
March 31, 2014
  
Fair Value Measurements Using
 
 
 
Carrying Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
55,599
  
$
55,599
  
$
55,599
  
$
-
  
$
-
 
Long term certificate of deposit
  
250
   
250
   
250
   
-
   
-
 
Securities available for sale
  
51,280
   
51,280
   
5,357
   
45,923
   
-
 
Securities held to maturity
  
177,089
   
176,303
   
-
   
176,303
   
-
 
Federal Home Loan Bank stock
  
1,383
   
1,383
   
-
   
1,383
   
-
 
Net loans
  
392,480
   
398,252
   
-
   
-
   
398,252
 
Accrued interest receivable
  
2,967
   
2,967
   
-
   
2,967
   
-
 
Deposits
  
621,238
   
621,365
   
-
   
621,365
   
-
 
Federal Home Loan Bank borrowings
  
14,500
   
14,157
   
-
   
14,157
   
-
 
Accrued interest payable
  
66
   
66
   
-
   
66
   
-
 

(In thousands)
 
June 30, 2013
  
Fair Value Measurements Using
 
 
 
Carrying Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
6,222
  
$
6,222
  
$
6,222
  
$
-
  
$
-
 
Long term certificate of deposit
  
250
   
250
   
250
   
-
   
-
 
Securities available for sale
  
69,644
   
69,644
   
5,345
   
64,299
   
-
 
Securities held to maturity
  
176,519
   
177,660
   
-
   
177,660
   
-
 
Federal Home Loan Bank stock
  
1,388
   
1,388
   
-
   
1,388
   
-
 
Net loans
  
359,426
   
367,377
   
-
   
-
   
367,377
 
Accrued interest receivable
  
2,663
   
2,663
   
-
   
2,663
   
-
 
Deposits
  
558,439
   
558,517
   
-
   
558,517
   
-
 
Federal Home Loan Bank borrowings
  
14,600
   
14,378
   
-
   
14,378
   
-
 
Accrued interest payable
  
55
   
55
   
-
   
55
   
-