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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 2020
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, 2020
  
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
 
$
504
  
$
-
  
$
504
  
$
-
 
State and political subdivisions
  
177,107
   
-
   
177,107
   
-
 
Mortgage-backed securities-residential
  
15,528
   
-
   
15,528
   
-
 
Mortgage-backed securities-multi-family
  
28,910
   
-
   
28,910
   
-
 
Corporate debt securities
  
4,660
   
4,660
   
-
   
-
 
Securities available-for-sale
  
226,709
   
4,660
   
222,049
   
-
 
Equity securities
  
267
   
267
   
-
   
-
 
Total securities measured at fair value
 
$
226,976
  
$
4,927
  
$
222,049
  
$
-
 

     
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, 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, 2020
                  
Impaired loans
 
$
1,809
  
$
228
  
$
1,581
  
$
-
  
$
-
  $
1,581
 
                         
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:

          
Weighted
 
(Dollars in thousands)
 
Fair Value
 
Valuation Technique
Unobservable Input
 
Range
  
Average
 
June 30, 2020
           
Impaired Loans
 
$
1,143
 
Appraisal of collateral(1)
Appraisal adjustments(2)
 
8.57%-33.73%

  
27.55%

     
Liquidation expenses(3)
 
3.98%-6.88%
  
4.64%
 
   
438
 
Discounted cash flow
Discount rate
 
4.19%-6.63%
  
5.64%
 
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 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, 2020
  
Fair Value Measurements Using
 
  
Carrying
Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
40,463
  
$
40,463
  
$
40,463
  
$
-
  
$
-
 
Long term certificate of deposit
  
4,070
   
4,070
   
4,070
   
-
   
-
 
Securities available-for-sale
  
226,709
   
226,709
   
4,660
   
222,049
   
-
 
Securities held-to-maturity
  
383,657
   
405,512
   
-
   
405,512
   
-
 
Equity Securities
  
267
   
267
   
267
   
-
   
-
 
Federal Home Loan Bank stock
  
1,226
   
1,226
   
-
   
1,226
   
-
 
Net loans receivable
  
993,522
   
1,004,031
   
-
   
-
   
1,004,031
 
Accrued interest receivable
  
8,207
   
8,207
   
-
   
8,207
   
-
 
Deposits
  
1,501,075
   
1,501,628
   
-
   
1,501628
   
-
 
Borrowings
  
25,484
   
25,602
   
-
   
25,602
   
-
 
Accrued interest payable
  
119
   
119
   
-
   
119
   
-
 

(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
   
-