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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 31, 2019
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, 2019
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Government sponsored enterprises
 
$
5,547
  
$
-
  
$
5,547
  
$
-
 
State and political subdivisions
  
77,366
   
-
   
77,366
   
-
 
Mortgage-backed securities-residential
  
2,763
   
-
   
2,763
   
-
 
Mortgage-backed securities-multi-family
  
16,575
   
-
   
16,575
   
-
 
Corporate debt securities
  
1,757
   
1,757
   
-
   
-
 
Securities available-for-sale
  
104,008
  
$
1,757
  
$
102,251
   
-
 
Equity securities
  
237
   
237
   
-
   
-
 
Total securities measured at fair value
 
$
104,245
  
$
1,994
  
$
102,251
  
$
-
 

     
Fair Value Measurements Using
 
     
Quoted Prices
In Active
Markets For
Identical Assets
  
Significant
Other Observable
Inputs
  
Significant
Unobservable
Inputs
 
(In thousands)
 
June 30, 2018
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Government sponsored enterprises
 
$
5,531
  
$
-
  
$
5,531
  
$
-
 
State and political subdivisions
  
92,255
   
-
   
92,255
   
-
 
Mortgage-backed securities-residential
  
3,247
   
-
   
3,247
   
-
 
Mortgage-backed securities-multi-family
  
18,069
   
-
   
18,069
   
-
 
Corporate debt securities
  
1,704
   
1,704
   
-
   
-
 
Securities available-for-sale
 
120,806
  
1,704
  
119,102
  
-
 
Equity securities
  
217
   
217
   
-
   
-
 
Total securities measured at fair value
 
$
121,023
  
$
1,921
  
$
119,102
  
$
-
 
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, 2019
                  
Impaired loans
 
$
2,506
  
$
392
  
$
2,114
  
$
-
  
$
-
  
$
2,114
 
Foreclosed real estate
  
54
   
-
   
54
   
-
   
-
   
54
 
                         
June 30, 2018
                        
Impaired loans
 
$
2,799
  
$
482
  
$
2,317
  
$
-
  
$
-
  
$
2,317
 
Foreclosed real estate
  
119
   
-
   
119
   
-
   
-
   
119
 
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, 2019
            
Impaired Loans
 
$
1,468
 
Appraisal of collateral(1)
 
Appraisal adjustments(2)
  
3.00%-31.00
%
  
25.84
%
         
Liquidation expenses(3)
  
4.14%-5.82
%
  
4.45
%
   
646
 
Discounted cash flow
 
Discount rate
  
4.19%-8.66
%
  
6.07
%
Foreclosed real estate
  
54
 
Appraisal of collateral(1)
 
Appraisal adjustments(2)
  
0.00%-0.00
%
  
0.00
%
         
Liquidation expenses(3)
  
9.96%-9.96
%
  
9.96
%
June 30, 2018
               
Impaired loans
 
$
1,687
 
Appraisal of collateral(1)
 
Appraisal adjustments(2)
  
26.58%-31.00
%
  
28.17
%
         
Liquidation expenses(3)
  
4.14%-7.26
%
  
5.07
%
   
630
 
Discounted cash flow
 
Discount rate
  
4.19%-6.63
%
  
5.36
%
Foreclosed real estate
  
119
 
Appraisal of collateral(1)
 
Appraisal adjustments(2)
  
0.00%-0.00
%
  
0.00
%
         
Liquidation expenses(3)
  
8.99%-11.78
%
  
9.92
%


(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, 2019
  
Fair Value Measurements Using
 
  
Carrying
Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
88,422
  
$
88,422
  
$
88,422
  
$
-
  
$
-
 
Long term certificate of deposit
  
2,875
   
2,875
   
2,875
   
-
   
-
 
Securities available-for-sale
  
104,008
   
104,008
   
1,757
   
102,251
   
-
 
Securities held-to-maturity
  
291,456
   
296,622
   
-
   
296,622
   
-
 
Equity securities
  
237
   
237
   
237
   
-
   
-
 
Federal Home Loan Bank stock
  
1,298
   
1,298
   
-
   
1,298
   
-
 
Net loans
  
763,285
   
754,907
   
-
   
-
   
754,907
 
Accrued interest receivable
  
6,125
   
6,125
   
-
   
6,125
   
-
 
Deposits
  
1,139,778
   
1,139,789
   
-
   
1,139,789
   
-
 
Borrowings
  
12,650
   
12,473
   
-
   
12,473
   
-
 
Accrued interest payable
  
98
   
98
   
-
   
98
   
-
 

(In thousands)
 
June 30, 2018
  
Fair Value Measurements Using
 
  
Carrying
Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
26,504
  
$
26,504
  
$
26,504
  
$
-
  
$
-
 
Long term certificate of deposit
  
2,385
   
2,385
   
2,385
   
-
   
-
 
Securities available-for-sale
  
120,806
   
120,806
   
1,704
   
119,102
   
-
 
Securities held-to-maturity
  
274,550
   
274,177
   
-
   
274,177
   
-
 
Equity securities
  
217
   
217
   
217
   
-
   
-
 
Federal Home Loan Bank stock
  
1,545
   
1,545
   
-
   
1,545
   
-
 
Net loans
  
704,431
   
698,879
   
-
   
-
   
698,879
 
Accrued interest receivable
  
5,057
   
5,057
   
-
   
5,057
   
-
 
Deposits
  
1,025,234
   
1,025,302
   
-
   
1,025,302
   
-
 
Borrowings
  
18,150
   
17,755
   
-
   
17,755
   
-
 
Accrued interest payable
  
88
   
88
   
-
   
88
   
-