Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Sep. 30, 2014

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents the balances of assets measured at fair value on a recurring basis as of September 30, 2014 and June 30, 2014:



	Level 1		Level 2		Level 3		Total
September 30, 2014	(In Thousands)
Securities available for sale:
Debt securities	$	—	$	131,157	$	—	$	131,157
Marketable equity securities	78		—		—		78
Mortgage servicing rights	—		—		870		870
Total	$	78	$	131,157	$	870	$	132,105

June 30, 2014
Securities available for sale:
Debt securities	$	—	$	133,857	$	—	$	133,857
Marketable equity securities	79		—		—		79
Mortgage servicing rights	—		—		792		792
Total	$	79	$	133,857	$	792	$	134,728

Schedule of Level 3 Assets Measured at Fair Value on Recurring Basis

The table below presents, for the three months ended September 30, 2014 and 2013, the changes in Level 3 assets that are measured at fair value on a recurring basis:



	Mortgage Servicing Rights
	Three Months Ended September 30,
	2014		2013
	(In Thousands)
Beginning balance	792		$	654
Changes in fair value	41		137
Capitalized servicing assets	37		39
Transfers in and/or out of Level 3	—		—
Ending balance	$	870	$	830

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes the carrying value of the related individual assets as of September 30, 2014 and June 30, 2014 all classified in Level 3 fair value hierarchy:



	September 30,		June 30,
	2014		2014
	(In Thousands)
Impaired loans	$	142	$	461
Other real estate owned	159		309
Total	$	301	$	770

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and related estimated fair values of the Company's financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company.



	Carrying Amount		Fair Value
September 30, 2014	Carrying Amount		Level 1		Level 2		Level 3		Total
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	18,356	$	18,356	$	—	$	—	$	18,356
Securities available for sale	131,235		78		131,157		—		131,235
Securities held to maturity	10,615		—		—		10,615		10,615
Federal Home Loan Bank stock	6,810		—		—		6,810		6,810
Loans held for sale	1,384		—		1,384		—		1,384
Loans, net	506,145		—		—		510,652		510,652
Accrued interest receivable	1,646		—		—		1,646		1,646
Mortgage servicing rights ⁽¹⁾	870		—		—		870		870

Financial liabilities:
Deposits	489,618		—		—		490,966		490,966
Short-term borrowings	12,000		—		12,000		—		12,000
Long-term debt	111,778		—		114,612		—		114,612
Mortgagors' escrow accounts	1,201		—		—		1,201		1,201

June 30, 2014
Financial assets:
Cash and cash equivalents	$	12,667	$	12,667	$	—	$	—	$	12,667
Securities available for sale	133,936		79		133,857		—		133,936
Securities held to maturity	9,302		—		—		9,302		9,302
Federal Home Loan Bank stock	6,648		—		—		6,648		6,648
Loans held for sale	330		—		330		—		330
Loans, net	507,635		—		—		513,765		513,765
Accrued interest receivable	1,688		—		—		1,688		1,688
Mortgage servicing rights ⁽¹⁾	792		—		—		792		792

Financial liabilities:
Deposits	491,732		—		—		493,500		493,500
Short-term borrowings	4,000		—		4,000		—		4,000
Long-term debt	112,446		—		113,823		—		113,823
Mortgagors' escrow accounts	1,184		—		—		1,184		1,184

⁽¹⁾ Included in other assets

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details