XML 36 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 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
 
 
 
  
Quoted Prices In Active Markets For Identical Assets
  
Significant Other Observable Inputs
  
Significant Unobservable Inputs
 
(In thousands)
 
June 30, 2014
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
 
  
  
  
 
U.S. Government sponsored enterprises
 
$
10,898
  
$
-
  
$
10,898
  
$
-
 
State and political subdivisions
  
1,347
   
-
   
1,347
   
-
 
Mortgage-backed securities-residential
  
9,545
   
-
   
9,545
   
-
 
Mortgage-backed securities-multi-family
  
29,018
   
-
   
29,018
   
-
 
Asset-backed securities
  
13
   
13
   
-
   
-
 
Corporate debt securities
  
5,170
   
5,170
   
-
   
-
 
Equity securities
  
160
   
160
   
-
   
-
 
Securities available for sale
 
$
56,151
  
$
5,343
  
$
50,808
  
$
-
 
 
 
 
  
Fair Value Measurements Using
 
 
 
  
Quoted Prices In Active Markets For Identical Assets
  
Significant Other Observable Inputs
  
Significant Unobservable Inputs
 
(In thousands)
 
June 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
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)
 
June 30, 2014
 
  
  
  
 
Impaired loans
 
$
3,527
  
$
-
  
$
-
  
$
3,527
 
Foreclosed real estate
  
382
   
-
   
-
   
382
 
 
                
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
 
June 30, 2014
 
 
 
 
 
  
 
Impaired loans
 
$
3,527
 
Appraisal of collateral (1)
Appraisal adjustments (2)
  
0.00%-38.8
%%
  
15.26
%
 
    
   
Liquidation expenses (3)
  
0.00%-9.2
%%
  
3.82
%
Foreclosed real estate
  
382
 
Appraisal of collateral (1)
Appraisal adjustments (2)
  
9.30%-19.0
%%
  
12.18
%
 
    
   
Liquidation expenses (3)
  
6.00%-10.8
%%
  
7.95
%
June 30, 2013
    
 
 
        
Impaired loans
 
$
5,460
 
Appraisal of collateral (1)
Appraisal adjustments (2)
  
4.00%-41.7
%%
  
23.98
%
 
    
   
Liquidation expenses (3)
  
3.49%-9.5
%%
  
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)
 
June 30, 2014
  
Fair Value Measurements Using
 
 
 
Carrying Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
13,809
  
$
13,809
  
$
13,809
  
$
-
  
$
-
 
Long term certificate of deposit
  
250
   
250
   
250
   
-
   
-
 
Securities available for sale
  
56,151
   
56,151
   
5,343
   
50,808
   
-
 
Securities held to maturity
  
181,946
   
181,932
   
-
   
181,932
   
-
 
Federal Home Loan Bank stock
  
1,561
   
1,561
   
-
   
1,561
   
-
 
Net loans
  
399,309
   
406,718
   
-
   
-
   
406,718
 
Accrued interest receivable
  
2,710
   
2,710
   
-
   
2,710
   
-
 
Deposits
  
589,574
   
589,681
   
-
   
589,681
   
-
 
Federal Home Loan Bank borrowings
  
17,650
   
17,465
   
-
   
17,465
   
-
 
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
   
-