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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 31, 2020
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, 2020
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Government sponsored enterprises
 
$
2,522
  
$
-
  
$
2,522
  
$
-
 
State and political subdivisions
  
168,015
   
-
   
168,015
   
-
 
Mortgage-backed securities-residential
  
10,127
   
-
   
10,127
   
-
 
Mortgage-backed securities-multi-family
  
23,998
   
-
   
23,998
   
-
 
Corporate debt securities
  
4,460
   
4,460
   
-
   
-
 
Securities available-for-sale
  
209,122
  
$
4,460
  
$
204,662
   
-
 
Equity securities
  
238
   
238
   
-
   
-
 
Total securities measured at fair value
 
$
209,360
  
$
4,698
  
$
204,662
  
$
-
 

     
Fair Value Measurements Using
 
     
Quoted Prices
In Active
Markets For
Identical Assets
  
Significant
Other Observable
Inputs
  
Significant
Unobservable
Inputs
 
(In thousands)
 
June 30, 2019
  
(Level 1)
  
(Level 2)
  
(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
  
$
-
 
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, 2020
                  
Impaired loans
 
$
1,952
  
$
241
  
$
1,711
  
$
-
  
$
-
  
$
1,711
 
                         
                         
June 30, 2019
                        
Impaired loans
 
$
2,335
  
$
262
  
$
2,073
  
$
-
  
$
-
  
$
2,073
 
Foreclosed real estate
  
53
   
-
   
53
   
-
   
-
   
53
 
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, 2020
           
Impaired Loans
 
$
1,193
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
8.57%-33.73
%
  
28.00
%
     
Liquidation expenses(3)
  
3.98%-7.03
%
  
4.85
%
   
518
 
Discounted cash flow
Discount rate
  
4.19%-6.75
%
  
5.52
%
     
         
               
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
%

(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, 2020
  
Fair Value Measurements Using
 
  
Carrying
Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
77,814
  
$
77,814
  
$
77,814
  
$
-
  
$
-
 
Long term certificate of deposit
  
4,071
   
4,071
   
4,071
   
-
   
-
 
Securities available-for-sale
  
209,122
   
209,122
   
4,460
   
204,662
   
-
 
Securities held-to-maturity
  
382,532
   
399,256
   
-
   
399,256
   
-
 
Equity securities
  
238
   
238
   
238
   
-
   
-
 
Federal Home Loan Bank stock
  
1,196
   
1,196
   
-
   
1,196
   
-
 
Net loans receivable
  
883,735
   
889,183
   
-
   
-
   
889,183
 
Accrued interest receivable
  
7,506
   
7,506
   
-
   
7,506
   
-
 
Deposits
  
1,429,532
   
1,430,067
   
-
   
1,430,067
   
-
 
Borrowings
  
13,100
   
13,222
   
-
   
13,222
   
-
 
Accrued interest payable
  
125
   
125
   
-
   
125
   
-
 

(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
  
21,600
   
21,534
   
-
   
21,534
   
-
 
Accrued interest payable
  
110
   
110
   
-
   
110
   
-