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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Sep. 30, 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)
 
September 30, 2020
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
State and political subdivisions
  
189,364
   
-
   
189,364
   
-
 
Mortgage-backed securities-residential
  
23,635
   
-
   
23,635
   
-
 
Mortgage-backed securities-multi-family
  
52,553
   
-
   
52,553
   
-
 
Corporate debt securities
  
4,118
   
4,118
   
-
   
-
 
Securities available-for-sale
  
269,670
  
$
4,118
  
$
265,552
   
-
 
Equity securities
  
273
   
273
   
-
   
-
 
Total securities measured at fair value
 
$
269,943
  
$
4,391
  
$
265,552
  
$
-
 

     
Fair Value Measurements Using
 
     
Quoted Prices
In Active Markets For Identical Assets
  
Significant
Other Observable Inputs
  
Significant Unobservable Inputs
 
(In thousands)
 
June 30, 2020
  
(Level 1)
  
(Level 2)
  
(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
  
$
-
 
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
           
Fair Value Measurements Using
 
(In thousands)
 
Recorded Investment
  
Related Allowance
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
September 30, 2020
                  
Impaired loans
 
$
2,055
  
$
214
  
$
1,841
  
$
-
  
$
-
  
$
1,841
 
                         
June 30, 2020
                        
Impaired loans
 
$
1,809
  
$
228
  
$
1,581
  
$
-
  
$
-
  
$
1,581
 
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
 
September 30, 2020
           
Impaired Loans
 
$
1,407
 
Appraisal of collateral(1)
Appraisal adjustments(2)
  
8.57%-33.73
%
  
26.83
%
     
Liquidation expenses(3)
  
3.98%-5.49
%
  
4.38
%
   
434
 
Discounted cash flow
Discount rate
  
4.19%-6.63
%
  
5.64
%
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
%


(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)
 
September 30, 2020
  
Fair Value Measurements Using
 
  
Carrying Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
76,167
  
$
76,167
  
$
76,167
  
$
-
  
$
-
 
Long term certificate of deposit
  
4,094
   
4,094
   
4,094
   
-
   
-
 
Securities available-for-sale
  
269,670
   
269,670
   
4,118
   
265,552
   
-
 
Securities held-to-maturity
  
390,107
   
413,566
   
-
   
413,566
   
-
 
Equity securities
  
273
   
273
   
273
   
-
   
-
 
Federal Home Loan Bank stock
  
1,158
   
1,158
   
-
   
1,158
   
-
 
Net loans receivable
  
1,028,782
   
1,035,062
   
-
   
-
   
1,035,062
 
Accrued interest receivable
  
8,395
   
8,395
   
-
   
8,395
   
-
 
Deposits
  
1,618,993
   
1,619,525
   
-
   
1,619,525
   
-
 
Borrowings
  
6,100
   
6,212
   
-
   
6,212
   
-
 
Subordinated notes payable, net
  19,633
   19,102
   -
   19,102
   -
 
Accrued interest payable
  
130
   
130
   
-
   
130
   
-
 

(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
   
8,027
   
-
   
8,027
   
-
 
Deposits
  
1,501,075
   
1,051,628
   
-
   
1,501,628
   
-
 
Borrowings
  
25,484
   
25,602
   
-
   
25,602
   
-
 
Accrued interest payable
  
119
   
119
   
-
   
119
   
-