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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Dec. 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)
 
December 31, 2024
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Treasury securities
 
$
16,927
  
$
-
  
$
16,927
  
$
-
 
U.S. government sponsored enterprises
  
11,190
   
-
   
11,190
   
-
 
State and political subdivisions
  
222,817
   
-
   
222,817
   
-
 
Mortgage-backed securities-residential
  
33,081
   
-
   
33,081
   
-
 
Mortgage-backed securities-multi-family
  
71,955
   
-
   
71,955
   
-
 
Corporate debt securities
  
18,483
   
-
   
18,483
   
-
 
Securities available-for-sale
  
374,453
   
-
   
374,453
   
-
 
Equity securities
  
371
   
371
   
-
   
-
 
Interest rate swaps
  
757
       
757
     
Total
 
$
375,581
  
$
371
  
$
375,210
  
$
-
 
                 
Liabilities:
                
Interest rate swaps
 
$
757
  
$
-
  
$
757
  
$
-
 
Total
 
$
757
  
$
-
  
$
757
  
$
-
 
 
     
Fair Value Measurements Using
 
     
Quoted prices
in active markets
for identical
assets
  
Significant
other observable
inputs
  
Significant
unobservable
inputs
 
(In thousands)
 
June 30, 2024
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Treasury securities
 
$
41,195
  
$
-
  
$
41,195
  
$
-
 
U.S. government sponsored enterprises
  
10,974
   
-
   
10,974
   
-
 
State and political subdivisions
  
170,669
   
-
   
170,669
   
-
 
Mortgage-backed securities-residential
  
36,575
   
-
   
36,575
   
-
 
Mortgage-backed securities-multi-family
  
72,300
   
-
   
72,300
   
-
 
Corporate debt securities
  
18,288
   
-
   
18,288
   
-
 
Securities available-for-sale
  
350,001
   
-
   
350,001
   
-
 
Equity securities
  
328
   
328
   
-
   
-
 
Interest rate swaps
  
585
   
-
   
585
   
-
 
Total
 
$
350,914
  
$
328
  
$
350,586
  
$
-
 
                 
Liabilities:
                
Interest rate swaps
 
$
585
  
$
-
  
$
585
  
$
-
 
Total
 
$
585
  
$
-
  
$
585
  
$
-
 
Fair Value Measurements for Loans Evaluated Individually and Foreclosed Real Estate In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic 820 on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as 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 loans. Management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 8% to 45%. 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 loans evaluated individually are classified as Level 3.
Fair values for foreclosed real estate are initially recorded at the estimated fair value of the property less estimated costs to dispose at the time of acquisition to establish a new carrying value. Values are derived from appraisals, similar to loans evaluated individually for expected credit loss, of underlying collateral. Any write-downs from the carrying value of the loan to estimated fair value, which are required at the time of foreclosure, are charged to the allowance for credit losses. Subsequent adjustments to the carrying value of such properties resulting from declines in fair value result in the establishment of a valuation allowance and are charged to operations in the period in which the declines occur. 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.
     
December 31, 2024
  
June 30, 2024
 
(In thousands)
 
Fair value
hierarchy
  
Carrying
amount
  
Estimated
fair value
  
Carrying
amount
  
Estimated
fair value
 
                
Loans evaluated individually
  
3
  
$
1,611
   
1,063
  
$
1,405
  
$
662
 
Carrying Amounts and Estimated Fair Value of Financial Instruments The carrying amounts and estimated fair value of financial instruments are as follows:
  
December 31, 2024
  
Fair value measurements using
 
(In thousands)
 
Carrying
amount
  
Fair value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
166,443
  
$
166,443
  
$
166,443
  
$
-
  
$
-
 
Long-term certificates of deposit
  
2,577
   
2,563
   
-
   
2,563
   
-
 
Securities available-for-sale
  
374,453
   
374,453
   
-
   
374,453
   
-
 
Securities held-to-maturity
  
770,905
   
719,523
   
-
   
719,523
   
-
 
Equity securities
  
371
   
371
   
371
   
-
   
-
 
Federal Home Loan Bank stock
  
10,669
   
10,669
   
-
   
10,669
   
-
 
Net loans receivable
  
1,531,209
   
1,452,668
   
-
   
-
   
1,452,668
 
Accrued interest receivable
  
16,623
   
16,623
   
-
   
16,623
   
-
 
Interest rate swaps asset
  
757
   
757
   
-
   
757
   
-
 
                     
Deposits
  
2,467,258
   
2,466,667
   
-
   
2,466,667
   
-
 
Borrowings
  
201,076
   
201,387
   
-
   
201,387
   
-
 
Subordinated notes payable, net
  
49,774
   
47,738
   
-
   
47,738
   
-
 
Accrued interest payable
  
1,135
   
1,135
   
-
   
1,135
   
-
 
Interest rate swaps liability
  
757
   
757
   
-
   
757
   
-
 
  
June 30, 2024
  
Fair value measurements using
 
(In thousands)
 
Carrying
amount
  
Fair value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
190,395
  
$
190,395
  
$
190,395
  
$
-
  
$
-
 
Long-term certificate of deposit
  
2,831
   
2,760
   
-
   
2,760
   
-
 
Securities available-for-sale
  
350,001
   
350,001
   
-
   
350,001
   
-
 
Securities held-to-maturity
  
690,354
   
630,241
   
-
   
630,241
   
-
 
Equity securities
  
328
   
328
   
328
   
-
   
-
 
Federal Home Loan Bank stock
  
7,296
   
7,296
   
-
   
7,296
   
-
 
Net loans receivable
  
1,480,229
   
1,387,325
   
-
   
-
   
1,387,325
 
Accrued interest receivable
  
14,269
   
14,269
   
-
   
14,269
   
-
 
Interest rate swap asset
  
585
   
585
   
-
   
585
   
-
 
                     
Deposits
  
2,389,222
   
2,388,305
   
-
   
2,388,305
   
-
 
Borrowings
  
149,456
   
149,438
   
-
   
149,438
   
-
 
Subordinated notes payable, net
  
49,681
   
46,114
   
-
   
46,114
   
-
 
Accrued interest payable
  
1,551
   
1,551
   
-
   
1,551
   
-
 
Interest rate swap liability
  
585
   
585
   
-
   
585
   
-