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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 2019
Fair Value Measurements and Fair Value of Financial Instruments [Abstract]  
Fair Value, Assets Measured 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
 
(In thousands)

June 30, 2019


Quoted Prices
In Active Markets
For Identical
Assets
(Level 1)


Significant
Other Observable
Inputs
(Level 2)


Significant
Unobservable
Inputs
(Level 3)

Assets:
            
U.S. Government sponsored enterprises
 
$
5,553
  
$
-
  
$
5,553
  
$
-
 
State and political subdivisions
  
96,570
   
-
   
96,570
   
-
 
Mortgage-backed securities-residential
  
2,645
   
-
   
2,645
   
-
 
Mortgage-backed securities-multi-family
  
16,410
   
-
   
16,410
   
-
 
Corporate debt securities
  
1,550
   
1,550
   
-
   
-
 
Securities available-for-sale
  
122,728
   
1,550
   
121,178
   
-
 
Equity securities
  
253
   
253
   
-
   
-
 
Total securities measured at fair value
 
$
122,981
  
$
1,803
  
$
121,178
  
$
-
 

     
Fair Value Measurements Using
 
(In thousands)

June 30, 2018


Quoted Prices
In Active Markets
For Identical
Assets
(Level 1)


Significant
Other Observable
Inputs
(Level 2)


Significant
Unobservable
Inputs
(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
  
$
-
 
Fair Value, Assets and Liabilities Measured 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)
 
June 30, 2019
                  
Impaired loans
 
$
2,335
  
$
262
  
$
2,073
  
$
 -
  
$
 -
  
$
2,073
 
Foreclosed real estate
  
53
   
-
   
53
   
-
   
-
   
53
 
                         
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
 
June 30, 2019
    
      
Impaired Loans
 
$
1,403
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
0.00%-33.73
%
  
24.48
%
     
Liquidation expenses(3)
  
3.98%-6.00
%
  
4.53
%
   
670
 
Discounted cash flow
Discount rate
  
4.19%-8.66
%
  
6.07
%
Foreclosed real estate
  
53
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
0.00%-0.00
%
  
0.00
%
     
Liquidation expenses(3)
  
10.41
%
  
10.41
%
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 may be adjusted downwards by management for items such as the estimated costs to liquidate the collateral.
Carrying Amounts and Estimated Fair Value
The carrying amounts and estimated fair value of financial instruments are as follows:

(In thousands)
 
June 30, 2019
  
Fair Value Measurements Using
 
  
Carrying
Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
29,538
  
$
29,538
  
$
29,538
  
$
-
  
$
-
 
Long term certificate of deposit
  
2,875
   
2,875
   
2,875
   
-
   
-
 
Securities available-for-sale
  
122,728
   
122,728
   
1,550
   
121,178
   
-
 
Securities held-to-maturity
  
304,208
   
313,613
   
-
   
313,613
   
-
 
Equity Securities
  
253
   
253
   
253
   
-
   
-
 
Federal Home Loan Bank stock
  
1,759
   
1,759
   
-
   
1,759
   
-
 
Net loans receivable
  
785,738
   
781,614
   
-
   
-
   
781,614
 
Accrued interest receivable
  
5,853
   
5,853
   
-
   
5,853
   
-
 
Deposits
  
1,120,569
   
1,120,632
   
-
   
1,120,632
   
-
 
Borrowings from Federal Home Loan Bank
  
21,600
   
21,534
   
-
   
21,534
   
-
 
Accrued interest payable
  
110
   
110
   
-
   
110
   
-
 

(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 receivable
  
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 from Federal Home Loan Bank
  
18,150
   
17,755
   
-
   
17,755
   
-
 
Accrued interest payable
  
88
   
88
   
-
   
88
   
-