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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 31, 2024
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, 2024
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets:
                        
U.S. government sponsored enterprises
  
$
10,950
    
$
-
    
$
10,950
    
$
-
  
U.S. Treasury securities
    
43,133
      
-
      
43,133
      
-
  
State and political subdivisions
    
170,976
      
-
      
170,976
      
-
  
Mortgage-backed securities-residential
    
29,378
      
-
      
29,378
      
-
  
Mortgage-backed securities-multi-family
    
72,517
      
-
      
72,517
      
-
  
Corporate debt securities
    
18,565
      
-
      
18,565
      
-
  
Securities available-for-sale
    
345,519
      
-
      
345,519
      
-
  
Equity securities
    
343
      
343
      
-
      
-
  
Interest rate swaps
     591       -       591       -  
Total
  
$
346,453
    
$
343
    
$
346,110
    
$
-
  
                                 
Liabilities:
                                
Interest rate swaps
   $
 591     $
 -     $
 591     $
 -  
Total
   $
 591     $
 -     $
 591     $
 -  

         
Fair value measurements using
  
         
Quoted prices
in active
markets for
identical assets
    
Significant
other observable
inputs
    
Significant
unobservable
inputs
  
(In thousands)
  
June 30, 2023
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets:
                        
U.S. government sponsored enterprises
  
$
10,823
    
$
-
    
$
10,823
    
$
-
  
U.S. Treasury securities     16,500       -       16,500       -  
State and political subdivisions
    
138,011
      
-
      
138,011
      
-
  
Mortgage-backed securities-residential
    
25,601
      
-
      
25,601
      
-
  
Mortgage-backed securities-multi-family
    
72,086
      
-
      
72,086
      
-
  
Corporate debt securities
    
18,112
      
-
      
18,112
      
-
  
Securities available-for-sale
    
281,133
      
-
      
281,133
      
-
  
Equity securities
    
306
      
306
      
-
      
-
  
Total
  
$
281,439
    
$
306
    
$
281,133
    
$
-
  
Fair Value Measurements for Collateral Dependent Evaluated Loans and Foreclosed Real Estate
In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as collateral dependent loans evaluated individually for expected credit losses in the period in which a re-measurement at fair value is performed. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the allowance for credit losses for individually evaluated collateral dependent loans. Management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 40%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for collateral dependent loans evaluated individually are classified as Level 3.

Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell (“initial cost basis”). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for credit losses. Values are derived from appraisals, similar to collateral dependent loans evaluated individually, of underlying collateral. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 60%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3.

         
March 31, 2024
    
June 30, 2023
  
(In thousands)
  
Fair value
hierarchy
    
Carrying
amount
    
Estimated
fair value
    
Carrying
amount
    
Estimated
fair value
  

                             
Collateral dependent evaluated loans
    
3
    
$
5,656
    
$
3,765
    
$
7,578
    
$
5,565
  
Foreclosed real estate
    
3
    
$
302
    
$
302
    
$
302
    
$
302
  
Carrying Amounts and Estimated Fair Value of Financial Instruments
The carrying amounts and estimated fair value of financial instruments are as follows:


  
March 31, 2024
    
Fair value measurements using
  
(In thousands)  
Carrying
Amount
    
Fair Value
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Cash and cash equivalents
  
$
255,823
    
$
255,823
    
$
255,823
    
$
-
    
$
-
  
Long term certificates of deposit
    
3,083
      
3,004
      
-
      
3,004
      
-
  
Securities available-for-sale
    
345,519
      
345,519
      
-
      
345,519
      
-
  
Securities held-to-maturity
    
700,371
      
647,504
      
-
      
647,504
      
-
  
Equity securities
    
343
      
343
      
343
      
-
      
-
  
Federal Home Loan Bank stock
    
2,219
      
2,219
      
-
      
2,219
      
-
  
Net loans receivable
    
1,457,253
      
1,359,969
      
-
      
-
      
1,359,969
  
Accrued interest receivable
    
16,762
      
16,762
      
-
      
16,762
      
-
  
Interest rate swaps asset
    591       591       -       591       -  
                                         
Deposits
    
2,557,107
      
2,556,046
      
-
      
2,556,046
      
-
  
Borrowings
    36,156       36,133       -       36,133       -  
Subordinated notes payable, net
    
49,635
      
46,320
      
-
      
46,320
      
-
  
Accrued interest payable
    
793
      
793
      
-
      
793
      
-
  
Interest rate swaps liability
    591       591       -       591       -  


 
June 30, 2023
    
Fair value measurements using
  
(In thousands)  
Carrying
Amount
    
Fair Value
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Cash and cash equivalents
  
$
196,445
    
$
196,445
    
$
196,445
    
$
-
    
$
-
  
Long term certificate of deposit
    
4,576
      
4,383
      
-
      
4,383
      
-
  
Securities available-for-sale
    
281,133
      
281,133
      
-
      
281,133
      
-
  
Securities held-to-maturity
    
726,363
      
671,066
      
-
      
671,066
      
-
  
Equity securities
    
306
      
306
      
306
      
-
      
-
  
Federal Home Loan Bank stock
    
1,682
      
1,682
      
-
      
1,682
      
-
  
Net loans receivable
    
1,387,654
      
1,272,361
      
-
      
-
      
1,272,361
  
Accrued interest receivable
    
12,249
      
12,249
      
-
      
12,249
      
-
  
                                         
Deposits
    
2,437,161
      
2,437,357
      
-
      
2,437,357
      
-
  
Subordinated notes payable, net     49,495       47,669       -       47,669       -  
Accrued interest payable
    
936
      
936
      
-
      
936
      
-