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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Sep. 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)
  
September 30, 2021
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets:
                        
U.S. Government sponsored enterprises
  
$
12,842
    
$
-
    
$
12,842
    
$
-
  
U.S. Treasury securities
    
19,742
      
-
      
19,742
      
-
  
State and political subdivisions
    
225,913
      
-
      
225,913
      
-
  
Mortgage-backed securities-residential
    
36,813
      
-
      
36,813
      
-
  
Mortgage-backed securities-multi-family
    
113,989
      
-
      
113,989
      
-
  
Corporate debt securities
    
3,076
      
-
      
3,076
      
-
  
Securities available-for-sale
  
$
412,375
    
$
-
    
$
412,375
    
$
-
  
Equity securities
    
297
      
297
      
-
      
-
  
Total securities measured at fair value
  
$
412,672
    
$
297
    
$
412,375
    
$
-
  

         
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
    
$
-
  
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, 2021
                                    
Impaired loans
  
$
4,998
    
$
410
    
$
4,588
    
$
-
    
$
-
    
$
4,588
  
Foreclosed real estate
    
64
      
-
      
64
      
-
      
-
      
64
  
                                                 
June 30, 2021
                                                
Impaired loans
  
$
5,449
    
$
391
    
$
5,058
    
$
-
    
$
-
    
$
5,058
  
Foreclosed real estate     64       -       64       -       -       64  
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, 2021
                      
Impaired Loans
  
$
561
  
Appraisal of collateral(1)
Appraisal adjustments(2)
    
7.06%-33.73
%
    
26.17
%
                         
Liquidation expenses(3)
    
3.98%-5.58
%
    
4.43
%
     
4,027
  
Discounted cash flow
Discount rate
    
4.19%-7.49
%
    
6.67
%
Foreclosed real estate
    
64
  
Appraisal of collateral(1)
Appraisal adjustments(2)
    
0.00
%
    
0.00
%
                         
Liquidation expenses(3)
    
8.70
%
    
8.70
%
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 %


(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, 2021
    
Fair Value Measurements Using
  
   
Carrying
Amount
    
Fair Value
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Cash and cash equivalents
  
$
113,329
    
$
113,329
    
$
113,329
    
$
-
    
$
-
  
Long term certificate of deposit
    
4,367
      
4,481
      
-
      
4,481
      
-
  
Securities available-for-sale
    
412,375
      
412,375
      
-
      
412,375
      
-
  
Securities held-to-maturity
    
575,898
      
595,152
      
-
      
595,152
      
-
  
Equity securities
    
297
      
297
      
297
      
-
      
-
  
Federal Home Loan Bank stock
    
1,091
      
1,091
      
-
      
1,091
      
-
  
Net loans receivable
    
1,096,816
      
1,091,038
      
-
      
-
      
1,091,038
  
Accrued interest receivable
    
8,305
      
8,305
      
-
      
8,305
      
-
  
Deposits
    
2,056,462
      
2,056,786
      
-
      
2,056,786
      
-
  
Subordinated notes payable, net
    
49,170
      
50,037
      
-
      
50,037
      
-
  
Accrued interest payable
    
186
      
186
      
-
      
186
      
-
  

(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
      
-