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

3 Months Ended

Sep. 30, 2017

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, 2017		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	4,698	$	-	$	4,698	$	-
State and political subdivisions		68,173		-		68,173		-
Mortgage-backed securities-residential		4,535		-		4,535		-
Mortgage-backed securities-multi-family		20,874		-		20,874		-
Corporate debt securities		2,335		2,335		-		-
Equity securities		194		194		-		-
Securities available-for-sale	$	100,809	$	2,529	$	98,280	$	-

			Fair Value Measurements Using
			Quoted Prices In Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	June 30, 2017		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	4,717	$	-	$	4,717	$	-
State and political subdivisions		58,112		-		58,112		-
Mortgage-backed securities-residential		4,913		-		4,913		-
Mortgage-backed securities-multi-family		20,765		-		20,765		-
Asset-backed securities		1		1		-		-
Corporate debt securities		2,791		2,791		-		-
Equity securities		184		184		-		-
Securities available-for-sale	$	91,483	$	2,976	$	88,507	$	-

Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

These measurements are classified as Level 3 within the fair value hierarchy.

							Fair Value Measurements Using
(In thousands)	Recorded Investment		Related Allowance		Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2017
Impaired loans	$	2,286	$	528	$	1,758	$	-	$	-	$	1,758
Foreclosed real estate		752		-		752		-		-		752

June 30, 2017
Impaired loans	$	1,822	$	436	$	1,386	$	-	$	-	$	1,386
Foreclosed real estate		799		-		799		-		-		799

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, 2017
Impaired Loans	$	1,220	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		26.58%-31.86	%		28.34	%
				Liquidation expenses⁽³⁾		4.09%-7.26	%		5.15	%
		538	Discounted cash flow	Discount rate		4.19%-6.63	%		5.36	%
Foreclosed real estate		752	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		0.00-0.00	%		0.00	%
				Liquidation expenses⁽³⁾		11.53%-18.80	%		16.62	%
June 30, 2017
Impaired loans	$	845	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		25.00%-42.52	%		28.46	%
				Liquidation expenses⁽³⁾		3.45%-7.38	%		5.93	%
		541	Discounted cash flow	Discount rate		4.19%-6.63	%		5.36	%
Foreclosed real estate		799	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		0.00-0.00	%		0.00	%
				Liquidation expenses⁽³⁾		11.64%-17.92	%		16.29	%

⁽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, 2017				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	46,419	$	46,419	$	46,419	$	-	$	-
Long term certificate of deposit		2,145		2,145		2,145		-		-
Securities available-for-sale		100,809		100,809		2,529		98,280		-
Securities held-to-maturity		225,694		231,860		-		231,860		-
Federal Home Loan Bank stock		1,575		1,575		-		1,575		-
Net loans		638,446		643,851		-		-		643,851
Accrued interest receivable		4,374		4,374		-		4,374		-
Deposits		917,569		917,730		-		917,730		-
Borrowings		20,850		20,708		-		20,708		-
Accrued interest payable		80		80		-		80		-

(In thousands)	June 30, 2017				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	16,277	$	16,277	$	16,277	$	-	$	-
Long term certificate of deposit		2,145		2,145		2,145		-		-
Securities available-for-sale		91,483		91,483		2,976		88,507		-
Securities held-to-maturity		223,830		228,452		-		228,452		-
Federal Home Loan Bank stock		2,131		2,131		-		2,131		-
Net loans		624,187		629,690		-		-		629,690
Accrued interest receivable		4,033		4,033		-		4,033		-
Deposits		859,535		859,715		-		859,715		-
Borrowings		29,550		29,411		-		29,411		-
Accrued interest payable		92		92		-		92		-