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

3 Months Ended

Sep. 30, 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)	September 30, 2016		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	4,854	$	-	$	4,854	$	-
State and political subdivisions		52,454		-		52,454		-
Mortgage-backed securities-residential		6,132		-		6,132		-
Mortgage-backed securities-multi-family		23,480		-		23,480		-
Asset-backed securities		4		4		-		-
Corporate debt securities		4,120		4,120		-		-
Equity securities		161		161		-		-
Securities available-for-sale	$	91,205	$	4,285	$	86,920	$	-

			Fair Value Measurements Using
			Quoted Prices In Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	June 30, 2016		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	4,891	$	-	$	4,891	$	-
State and political subdivisions		60,499		-		60,499		-
Mortgage-backed securities-residential		6,540		-		6,540		-
Mortgage-backed securities-multi-family		23,879		-		23,879		-
Asset-backed securities		5		5		-		-
Corporate debt securities		4,157		4,157		-		-
Equity securities		152		152		-		-
Securities available-for-sale	$	100,123	$	4,314	$	95,809	$	-

Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

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)	Recorded Investment		Related Allowance		Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2016
Impaired loans	$	579	$	172	$	407	$	-	$	-	$	407
Foreclosed real estate		284		-		284		-		-		284

June 30, 2016
Impaired loans	$	655	$	164	$	491	$	-	$	-	$	491
Foreclosed real estate		370		-		370		-		-		370

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
September 30, 2016
Impaired Loans	$	407	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		5.83%-42.52	%		21.61	%
				Liquidation expenses⁽³⁾		3.45%-8.35	%		4.88	%
Foreclosed real estate		284	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		0.00%-54.17	%		4.16	%
				Liquidation expenses⁽³⁾		0.42%-12.67	%		8.54	%
June 30, 2016
Impaired loans	$	491	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	%

⁽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 are 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)	September 30, 2016				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	19,986	$	19,986	$	19,986	$	-	$	-
Long term certificate of deposit		2,145		2,145		2,145		-		-
Securities available-for-sale		91,205		91,205		4,285		86,920		-
Securities held-to-maturity		207,601		215,766		-		215,766		-
Federal Home Loan Bank stock		2,220		2,220		-		2,220		-
Net loans		548,889		561,866		-		-		561,866
Accrued interest receivable		3,701		3,701		-		3,701		-
Deposits		772,595		772,785		-		772,785		-
Federal Home Loan Bank borrowings		34,600		34,730		-		34,730		-
Accrued interest payable		72		72		-		72		-

(In thousands)	June 30, 2016				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	15,895	$	15,895	$	15,895	$	-	$	-
Long term certificate of deposit		2,210		2,210		2,210		-		-
Securities available-for-sale		100,123		100,123		4,314		95,809		-
Securities held-to-maturity		204,935		214,058		-		214,058		-
Federal Home Loan Bank stock		2,752		2,752		-		2,752		-
Net loans		522,764		533,721		-		-		533,721
Accrued interest receivable		3,610		3,610		-		3,610		-
Deposits		738,887		739,087		-		739,087		-
Federal Home Loan Bank borrowings		46,400		46,562		-		46,562		-
Accrued interest payable		74		74		-		74		-