Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2021

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, 2021		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	12,633	$	-	$	12,633	$	-
U.S. Treasury securities		19,620		-		19,620		-
State and political subdivisions		210,014		-		210,014		-
Mortgage-backed securities-residential		39,416		-		39,416		-
Mortgage-backed securities-multi-family		119,363		-		119,363		-
Corporate debt securities		3,140		3,140		-		-
Securities available-for-sale	$	404,186	$	3,140	$	401,046	$	-
Equity securities		286		286		-		-
Total securities measured at fair value	$	404,472	$	3,426	$	401,046	$	-

			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)
March 31, 2021
Impaired loans	$	3,038	$	287	$	2,751	$	-	$	-	$	2,751
Foreclosed real estate		160		-		160		-		-		160

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
March 31, 2021
Impaired Loans	$	451	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		8.57%-33.73	%		25.90	%
				Liquidation expenses⁽³⁾		3.98%-5.49	%		4.45	%
		2,300	Discounted cash flow	Discount rate		4.19%-7.49	%		6.08	%
Foreclosed real estate		160	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		0.00%-0.00	%		0.00	%
				Liquidation expenses⁽³⁾		8.01%-10.46	%		9.05	%
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)	March 31, 2021				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	145,787	$	145,787	$	145,787	$	-	$	-
Long term certificate of deposit		4,558		4,558		4,558		-		-
Securities available-for-sale		404,186		404,186		3,140		401,046		-
Securities held-to-maturity		444,073		464,419		-		464,419		-
Equity securities		286		286		286		-		-
Federal Home Loan Bank stock		884		884		-		884		-
Net loans receivable		1,068,498		1,064,877		-		-		1,064,877
Accrued interest receivable		9,132		9,132		-		9,132		-
Deposits		1,960,029		1,960,462		-		1,960,462		-
Borrowings		2,000		2,003		-		2,003		-
Subordinated notes payable, net		19,622		19,943		-		19,943		-
Accrued interest payable		115		115		-		115		-

(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		-