Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value are summarized below (in thousands):

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
March 31, 2022
Measured on a recurring basis:
Available for sale debt securities:
U.S. Government and agency obligations	$	-	$	10,229	$	-	$	10,229
Corporate		-		-		4,978		4,978
State and municipal		-		5,533		-		5,533
Mortgage-backed securities – residential		-		14,042		-		14,042
Mortgage-backed securities – commercial		-		2,403		-		2,403
Derivatives – interest rate contracts		-		4,843		-		4,843
Total assets at fair value	$	-	$	37,050	$	4,978	$	42,028
Derivatives – interest rate contracts	$	-	$	4,843	$	-	$	4,843
Total liabilities at fair value	$	-	$	4,843	$	-	$	4,843
Measured on a non-recurring basis:
Impaired loans:
Residential mortgages	$	-	$	-	$	307	$	307
Home equity lines of credit		-		-		28		28
Total assets at fair value	$	-	$	-	$	335	$	335

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
June 30, 2021
Measured on a recurring basis:
Available for sale debt securities:
U.S. Government and agency obligations	$	-	$	21,816	$	-	$	21,816
Corporate		-		5,058		3,131		8,189
State and municipal		-		7,115		-		7,115
Mortgage-backed securities – residential		-		17,654		-		17,654
Mortgage-backed securities – commercial		-		2,613		-		2,613
Derivatives – interest rate contracts		-		4,232		-		4,232
Total assets at fair value	$	-	$	58,488	$	3,131	$	61,619
Derivatives – interest rate contracts	$	-	$	4,232	$	-	$	4,232
Total liabilities at fair value	$	-	$	4,232	$	-	$	4,232
Measured on a non-recurring basis:
Impaired loans:
Residential mortgages	$	-	$	-	$	312	$	312
Home equity lines of credit		-		-		25		25
Total assets at fair value	$	-	$	-	$	337	$	337

Investment

Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis

The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at March 31, 2022 and June 30, 2021 (Dollars in thousands):

			Valuation	Unobservable	Range or
	Fair Value		Technique(s)	Input(s)	Rate Used
March 31, 2022
Impaired loans - residential mortgages	$	307	Discounted cash flow	Discount rate	5.4% to 6.3%
Impaired loans - home equity lines of credit		28	Discounted cash flow	Discount rate	5.4% to 6.3%
June 30, 2021
Impaired loans - residential mortgages	$	312	Discounted cash flow	Discount rate	5.4% to 6.3%
Impaired loans - home equity lines of credit		25	Discounted cash flow	Discount rate	5.4% to 6.3%

Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Assets and Liabilities

The following is a summary of the carrying amounts and estimated fair values of the Company’s financial assets and liabilities, none of which are held for trading purposes (in thousands):

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2			Level 3		Total
March 31, 2022
Financial assets:
Cash and cash equivalents	$	158,892	$	158,892	$	-		$	-	$	158,892
Held to maturity debt securities		410,896		-		324,079	-		55,421		379,500
Available for sale debt securities		37,185		-		32,207			4,978		37,185
Loans receivable, net		1,285,886		-		-			1,254,851		1,254,851
Accrued interest receivable		6,583		-		1,926			4,657		6,583
FHLB stock		3,715	N/A		N/A			N/A		N/A
Derivative assets - interest rate contracts		4,843		-		4,843			-		4,843
Financial liabilities:
Demand, NOW, money market deposits and savings accounts		1,279,627		1,279,627		-			-		1,279,627
Time deposits		345,092		-		348,306			-		348,306
Mortgage escrow funds		8,744		8,744		-			-		8,744
Advances from FHLB		48,357		-		48,950			-		48,950
Accrued interest payable		117		1		116			-		117
Derivative liabilities - interest rate contracts		4,843		-		4,843			-		4,843

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
June 30, 2021
Financial assets:
Cash and cash equivalents	$	159,305	$	159,305	$	-	$	-	$	159,305
Held to maturity debt securities		337,584		-		305,671		36,466		342,137
Available for sale debt securities		57,387		-		54,256		3,131		57,387
Loans receivable, net		1,229,451		-		-		1,234,116		1,234,116
Accrued interest receivable		6,398		-		1,341		5,057		6,398
FHLB stock		4,507	N/A		N/A		N/A		N/A
Derivative assets - interest rate contracts		4,232		-		4,232		-		4,232
Financial liabilities:
Demand, NOW, money market deposits and savings accounts		1,116,667		1,116,667		-		-		1,116,667
Time deposits		375,015		-		380,948		-		380,948
Mortgage escrow funds		10,536		10,536		-		-		10,536
Advances from FHLB		65,957		-		67,334		-		67,334
Accrued interest payable		146		1		145		-		146
Derivative liabilities - interest rate contracts		4,232		-		4,232		-		4,232