Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2016

Fair Value Measurements and Fair Value of Financial Instruments [Abstract]

Assets Measured at Fair Value 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)	March 31, 2016		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	4,885	$	-	$	4,885	$	-
State and political subdivisions		63,246		-		63,246		-
Mortgage-backed securities-residential		6,884		-		6,884		-
Mortgage-backed securities-multi-family		23,891		-		23,891		-
Asset-backed securities		4		4		-		-
Corporate debt securities		4,181		4,181		-		-
Equity securities		155		155		-		-
Securities available-for-sale	$	103,246	$	4,340	$	98,906	$	-


			Fair Value Measurements Using
			Quoted Prices In Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	June 30, 2015		(Level 1)		(Level 2)		(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	$	-

Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

The cash flows of the restructured debt have been discounted by the original interest rate prior to the restructuring of the loan to establish the fair value and is therefore classified as Level 3.

			Fair Value Measurements Using
(In thousands)	Fair Value		(Level 1)		(Level 2)		(Level 3)
March 31, 2016
Impaired loans	$	488	$	-	$	-	$	488
Foreclosed real estate		370		-		-		370

June 30, 2015
Impaired loans	$	922	$	-	$	-	$	922
Foreclosed real estate		490		-		-		490

Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis

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, 2016
Impaired Loans	$	488	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		16.50%-38.85	%		21.01	%
				Liquidation expenses⁽³⁾		4.09%-8.35	%		4.92	%
Foreclosed real estate		370	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		0.00%-54.17	%		8.83	%
				Liquidation expenses⁽³⁾		0.42%-12.67	%		7.81	%
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 of Financial Instruments

The carrying amounts and estimated fair value of financial instruments are as follows:


(In thousands)	March 31, 2016				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	39,136	$	39,136	$	39,136	$	-	$	-
Long term certificate of deposit		2,210		2,210		2,210		-		-
Securities available-for-sale		103,246		103,246		4,340		98,906		-
Securities held-to-maturity		191,576		197,652		-		197,652		-
Federal Home Loan Bank stock		1,531		1,531		-		1,531		-
Net loans		493,131		502,476		-		-		502,476
Accrued interest receivable		3,649		3,649		-		3,649		-
Deposits		750,309		750,500		-		750,500		-
Federal Home Loan Bank borrowings		20,300		20,390		-		20,390		-
Accrued interest payable		76		76		-		76		-

(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		-