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

9 Months Ended

Mar. 31, 2022

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, 2022		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	11,937	$	-	$	11,937	$	-
U.S. Treasury securities		18,981		-		18,981		-
State and political subdivisions		232,017		-		232,017		-
Mortgage-backed securities-residential		32,484		-		32,484		-
Mortgage-backed securities-multi-family		98,589		-		98,589		-
Corporate debt securities		17,434		-		17,434		-
Securities available-for-sale	$	411,442	$	-	$	411,442	$	-
Equity securities		296		296		-		-
Total securities measured at fair value	$	411,738	$	296	$	411,442	$	-

			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)
March 31, 2022
Impaired loans	$	9,905	$	2,123	$	7,782	$	-	$	-	$	7,782
Foreclosed real estate		68		-		68		-		-		68

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
March 31, 2022
Impaired Loans	$	4,677	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		7.06%-33.73	%		27.12	%
				Liquidation expenses⁽³⁾		3.98%-5.58	%		4.41	%
		3,105	Discounted cash flow	Discount rate		4.19%-11.95	%		6.07	%
Foreclosed real estate		68	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		10.46	%		10.46	%
				Liquidation expenses⁽³⁾		0.00%-0.00	%		0.00	%
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)	March 31, 2022				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	150,615	$	150,615	$	150,615	$	-	$	-
Long term certificate of deposit		4,112		4,093		-		4,093		-
Securities available-for-sale		411,442		411,442		-		411,442		-
Securities held-to-maturity		729,739		729,953		-		729,953		-
Equity securities		296		296		296		-		-
Federal Home Loan Bank stock		1,091		1,091		-		1,091		-
Net loans receivable		1,133,520		1,101,044		-		-		1,101,044
Accrued interest receivable		9,495		9,495		-		9,495		-
Deposits		2,291,870		2,292,088		-		2,292,088		-
Subordinated notes payable, net		49,263		49,886		-		49,886		-
Accrued interest payable		134		134		-		134		-

(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		-