XML 53 R39.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 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)
 
June 30, 2021
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Government sponsored enterprises
 
$
12,903
  
$
-
  
$
12,903
  
$
-
 
U.S. Treasury securities
  
19,836
   
-
   
19,836
   
-
 
State and political subdivisions
  
200,656
   
-
   
200,656
   
-
 
Mortgage-backed securities-residential
  
34,981
   
-
   
34,981
   
-
 
Mortgage-backed securities-multi-family
  
119,407
   
-
   
119,407
   
-
 
Corporate debt securities
  
3,107
   
-
   
3,107
   
-
 
Securities available-for-sale
  
390,890
   
-
   
390,890
   
-
 
Equity securities
  
307
   
307
   
-
   
-
 
Total securities measured at fair value
 
$
391,197
  
$
307
  
$
390,890
  
$
-
 

     
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
   
-
   
226,709
   
-
 
Equity securities
  
267
   
267
   
-
   
-
 
Total securities measured at fair value
 
$
226,976
  
$
267
  
$
226,709
  
$
-
 
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)
 
June 30, 2021
                  
Impaired loans
 
$
5,449
  
$
391
  
$
5,058
  
$
-
  
$
-
  
$
5,058
 
Foreclosed real estate
  
64
   
-
   
64
   
-
   
-
   
64
 
                         
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
 
June 30, 2021
           
Impaired Loans
 
$
473
 
Appraisal of collateral(1)
 
Appraisal adjustments(2)
  
7.06%-33.73%
  
24.94%

         
Liquidation expenses(3)
 
 3.98%-5.58%
 
 4.50%
 
   
4,585
 
Discounted cash flow
 
Discount rate
 
 4.19%-7.49%
 
 5.99%
 
Foreclosed real estate
  
64
 
Appraisal of collateral(1)
 
Appraisal adjustments(2)
 
  0.00%-0.00%
 
 0.00%
 
         
Liquidation expenses(3)
  
8.70%
  
8.70%

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 may be adjusted downwards by management for items 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)
 
June 30, 2021
  
Fair Value Measurements Using
 
  
Carrying Amount
  
Fair Value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
149,775
  
$
149,775
  
$
149,775
  
$
-
  
$
-
 
Long term certificate of deposit
  
4,553
   
4,719
   
-
   
4,719
   
-
 
Securities available-for-sale
  
390,890
   
390,890
   
-
   
390,890
   
-
 
Securities held-to-maturity
  
496,914
   
519,042
   
-
   
519,042
   
-
 
Equity securities
  
307
   
307
   
307
   
-
   
-
 
Federal Home Loan Bank stock
  
1,091
   
1,091
   
-
   
1,091
   
-
 
Net loans receivable
  
1,085,947
   
1,081,669
   
-
   
-
   
1,081,669
 
Accrued interest receivable
  
7,781
   
7,781
   
-
   
7,781
   
-
 
Deposits
  
2,005,108
   
2,005,483
   
-
   
2,005,483
   
-
 
Borrowings
  
3,000
   
3,005
   
-
   
3,005
   
-
 
Subordinated notes payable, net
  
19,644
   
19,858
   
-
   
19,858
   
-
 
Accrued interest payable
  
346
   
346
   
-
   
346
   
-
 

(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
   
4,270
   
-
   
4,270
   
-
 
Securities available-for-sale
  
226,709
   
226,709
   
-
   
226,709
   
-
 
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
   
-