XML 30 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Sep. 30, 2015
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
 
(In thousands)
 
September 30, 2015
  
Quoted Prices In
Active Markets For
Identical Assets
(Level 1)
  
Significant Other
Observable Inputs
(Level 2)
  
Significant
Unobservable Inputs
(Level 3)
 
Assets:
        
U.S. Government sponsored enterprises
 
$
4,869
  
$
-
  
$
4,869
  
$
-
 
State and political subdivisions
  
53,820
   
-
   
53,820
   
-
 
Mortgage-backed securities-residential
  
7,541
   
-
   
7,541
   
-
 
Mortgage-backed securities-multi-family
  
24,647
   
-
   
24,647
   
-
 
Asset-backed securities
  
6
   
6
   
-
   
-
 
Corporate debt securities
  
4,735
   
4,735
   
-
   
-
 
Equity securities
  
139
   
139
   
-
   
-
 
Securities available-for-sale
 
$
95,757
  
$
4,880
  
$
90,877
  
$
-
 

    
Fair Value Measurements Using
 
(In thousands)
 
June 30, 2015
  
Quoted Prices
In Active Markets For
Identical Assets
(Level 1)
  
Significant Other
Observable Inputs
(Level 2)
  
Significant
Unobservable Inputs
(Level 3)
 
Assets:
        
U.S. Government sponsored enterprises
 
$
7,855
  
$
-
  
$
7,855
  
$
-
 
State and political subdivisions
  
39,582
   
-
   
39,582
   
-
 
Mortgage-backed securities-residential
  
7,942
   
-
   
7,942
   
-
 
Mortgage-backed securities-multi-family
  
25,735
   
-
   
25,735
   
-
 
Asset-backed securities
  
9
   
9
   
-
   
-
 
Corporate debt securities
  
4,774
   
4,774
   
-
   
-
 
Equity securities
  
137
   
137
   
-
   
-
 
Securities available-for-sale
 
$
86,034
  
$
4,920
  
$
81,114
  
$
-
 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
    
Fair Value Measurements Using
 
(In thousands)
 
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
September 30, 2015
        
Impaired loans
 
$
693
  
$
-
  
$
-
  
$
693
 
Foreclosed real estate
  
836
   
-
   
-
   
836
 
                 
June 30, 2015
                
Impaired loans
 
$
922
  
$
-
  
$
-
  
$
922
 
Foreclosed real estate
  
490
   
-
   
-
   
490
 
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
 
September 30, 2015
        
Impaired Loans
 
$
693
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
0.00%-38.85
%
  
21.70
%
        
Liquidation expenses(3)
  
0.00%-7.50
%
  
3.45
%
Foreclosed real estate
  
836
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
25.15%-54.17
%
  
21.77
%
        
Liquidation expenses(3)
  
0.42%-11.64
%
  
8.82
%
June 30, 2015
              
Impaired loans
 
$
922
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
0.00%-38.85
%
  
22.81
%
        
Liquidation expenses(3)
  
0.00%-7.50
%
  
3.91
%
Foreclosed real estate
  
490
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
7.41%-54.17
%
  
24.65
%
        
Liquidation expenses(3)
  
0.42%-10.86
%
  
6.40
%

(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)
 
September 30, 2015
  
Fair Value Measurements Using
 
  
Carrying Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
12,117
  
$
12,117
  
$
12,117
  
$
-
  
$
-
 
Long term certificate of deposit
  
1,230
   
1,230
   
1,230
   
-
   
-
 
Securities available-for-sale
  
95,757
   
95,757
   
4,880
   
90,877
   
-
 
Securities held-to-maturity
  
174,560
   
178,960
   
-
   
178,960
   
-
 
Federal Home Loan Bank stock
  
1,832
   
1,832
   
-
   
1,832
   
-
 
Net loans
  
460,458
   
469,418
   
-
   
-
   
469,418
 
Accrued interest receivable
  
3,185
   
3,185
   
-
   
3,185
   
-
 
Deposits
  
664,308
   
664,495
   
-
   
664,495
   
-
 
Federal Home Loan Bank borrowings
  
27,000
   
27,042
   
-
   
27,042
   
-
 
Accrued interest payable
  
65
   
65
   
-
   
65
   
-
 

(In thousands)
 
June 30, 2015
  
Fair Value Measurements Using
 
  
Carrying Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
15,538
  
$
15,538
  
$
15,538
  
$
-
  
$
-
 
Long term certificate of deposit
  
1,230
   
1,230
   
1,230
   
-
   
-
 
Securities available-for-sale
  
86,034
   
86,034
   
4,920
   
81,114
   
-
 
Securities held-to-maturity
  
169,000
   
171,976
   
-
   
171,976
   
-
 
Federal Home Loan Bank stock
  
2,494
   
2,494
   
-
   
2,494
   
-
 
Net loans
  
443,496
   
450,437
   
-
   
-
   
450,437
 
Accrued interest receivable
  
3,026
   
3,026
   
-
   
3,026
   
-
 
Deposits
  
622,717
   
622,900
   
-
   
622,900
   
-
 
Federal Home Loan Bank borrowings
  
41,700
   
41,598
   
-
   
41,598
   
-
 
Accrued interest payable
  
64
   
64
   
-
   
64
   
-