XML 42 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 31, 2018
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, 2018
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Government sponsored enterprises
 
$
5,570
  
$
-
  
$
5,570
  
$
-
 
State and political subdivisions
  
87,462
   
-
   
87,462
   
-
 
Mortgage-backed securities-residential
  
3,737
   
-
   
3,737
   
-
 
Mortgage-backed securities-multi-family
  
18,930
   
-
   
18,930
   
-
 
Corporate debt securities
  
1,722
   
1,722
   
-
   
-
 
Equity securities
  
206
   
206
   
-
   
-
 
Securities available-for-sale
 
$
117,627
  
$
1,928
  
$
115,699
  
$
-
 

     
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)
 
March 31, 2018
                  
Impaired loans
 
$
2,826
  
$
527
  
$
2,299
  
$
-
  
$
-
  
$
2,299
 
Foreclosed real estate
  
208
   
-
   
208
   
-
   
-
   
208
 
                         
June 30, 2017
                        
Impaired loans
 
$
2,071
  
$
436
  
$
1,635
  
$
-
  
$
-
  
$
1,635
 
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
 
March 31, 2018
           
Impaired Loans
 
$
1,665
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
26.58%-31.00
%
  
28.20
%
        
Liquidation expenses(3)
  
4.14%-7.26
%
  
5.07
%
   
634
 
Discounted cash flow
Discount rate
  
4.19%-6.63
%
  
5.36
%
Foreclosed real estate
  
208
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
0.00%-0.00
%
  
0.00
%
        
Liquidation expenses(3)
  
8.99%-12.43
%
  
11.12
%
June 30, 2017
              
Impaired loans
 
$
1,094
 
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)
 
March 31, 2018
  
Fair Value Measurements Using
 
  
Carrying
Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
74,604
  
$
74,604
  
$
74,604
  
$
-
  
$
-
 
Long term certificate of deposit
  
2,385
   
2,385
   
2,385
   
-
   
-
 
Securities available-for-sale
  
117,627
   
117,627
   
1,928
   
115,699
   
-
 
Securities held-to-maturity
  
277,432
   
277,799
   
-
   
277,799
   
-
 
Federal Home Loan Bank stock
  
1,485
   
1,485
   
-
   
1,485
   
-
 
Net loans
  
678,495
   
674,614
   
-
   
-
   
674,614
 
Accrued interest receivable
  
5,079
   
5,079
   
-
   
5,079
   
-
 
Deposits
  
1,052,247
   
1,052,344
   
-
   
1,052,344
   
-
 
Borrowings
  
18,150
   
17,744
   
-
   
17,744
   
-
 
Accrued interest payable
  
85
   
85
   
-
   
85
   
-
 

(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
   
-