Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2020

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, 2020
Measured on a recurring basis:
Available for sale securities:
U.S. Government and agency obligations	$	-	$	19,089	$	-	$	19,089
Corporate and other debt securities		-		5,026		-		5,026
Mortgage-backed securities – residential		-		21,877		-		21,877
Derivatives – interest rate contracts		-		6,644		-		6,644
Total assets at fair value	$	-	$	52,636	$	-	$	52,636
Derivatives – interest rate contracts	$	-	$	6,644	$	-	$	6,644
Total liabilities at fair value	$	-	$	6,644	$	-	$	6,644
Measured on a non-recurring basis:
Impaired loans:
Residential mortgages	$	-	$	-	$	316	$	316
Commercial loans		-		-		101		101
Home equity lines of credit		-		-		8		8
Total assets at fair value	$	-	$	-	$	425	$	425
	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
June 30, 2019
Measured on a recurring basis:
Available for sale securities:
U.S. Government and agency obligations	$	-	$	36,911	$	-	$	36,911
Corporate and other debt securities		-		8,360		-		8,360
Mortgage-backed securities – residential		-		26,957		-		26,957
Derivatives – interest rate contracts		-		1,339		-		1,339
Total assets at fair value	$	-	$	73,567	$	-	$	73,567
Derivatives – interest rate contracts	$	-	$	1,339	$	-	$	1,339
Total liabilities at fair value	$	-	$	1,339	$	-	$	1,339
Measured on a non-recurring basis:
Impaired loans:
Residential mortgages	$	-	$	-	$	616	$	616
Commercial loans		-		-		141		141
Home equity lines of credit		-		-		7		7
Foreclosed real estate		-		-		653		653
Total assets at fair value	$	-	$	-	$	1,417	$	1,417

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, 2020 and June 30, 2019 (dollars in thousands):

			Valuation	Unobservable	Range or
	Fair Value		Technique(s)	Input(s)	Rate Used
March 31, 2020
Impaired loans - residential mortgages	$	316	Discounted cash flow	Discount rate	5.4% to 6.3%
Impaired loans - commercial loans		101	Discounted cash flow	Discount rate	6.8% to 7.5%
Impaired loans - home equity lines of credit		8	Discounted cash flow	Discount rate	6.3%
June 30, 2019
Impaired loans - residential mortgages	$	616	Discounted cash flow	Discount rate	5.4% to 6.3%
Impaired loans - commercial loans		141	Discounted cash flow	Discount rate	6.0% to 7.0%
Impaired loans - home equity lines of credit		7	Discounted cash flow	Discount rate	6.3%
Foreclosed real estate		653	Sales comparison	Adjustments for differences in sales comparables	-8.0% to 45.0%

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, 2020
Financial assets:
Cash and cash equivalents	$	84,912	$	84,912	$	-	$	-	$	84,912
Investment securities held to maturity		263,626		-		262,804		4,900		267,704
Investment securities available for sale		45,992		-		45,992		-		45,992
Loans receivable, net		1,220,682		-		-		1,181,218		1,181,218
Accrued interest receivable		5,384		-		1,142		4,242		5,384
FHLB stock		6,026	N/A		N/A		N/A		N/A
Derivative assets - interest rate contracts		6,644		-		6,644		-		6,644
Financial liabilities:
Demand, NOW, money market deposits and savings accounts		797,036		797,036		-		-		797,036
Time deposits		482,550		-		491,942		-		491,942
Mortgage escrow funds		7,924		7,924		-		-		7,924
Accrued interest payable		256		1		255		-		256
FHLB advances		106,121		-		110,336		-		110,336
Derivative liabilities - interest rate contracts		6,644		-		6,644		-		6,644
June 30, 2019
Financial assets:
Cash and cash equivalents	$	60,029	$	60,029	$	-	$	-	$	60,029
Investment securities held to maturity		345,545		-		346,243		-		346,243
Investment securities available for sale		72,228		-		72,228		-		72,228
Loans receivable, net		1,093,121		-		-		1,092,878		1,092,878
Accrued interest receivable		4,797		-		1,330		3,467		4,797
FHLB stock		6,255	N/A		N/A		N/A		N/A
Derivative assets - interest rate contracts		1,339		-		1,339		-		1,339
Financial liabilities:
Demand, NOW, money market deposits and savings accounts		770,426		770,426		-		-		770,426
Time deposits		455,395		-		460,554		-		460,554
Mortgage escrow funds		9,355		9,355		-		-		9,355
Accrued interest payable		209		16		193				209
FHLB advances		111,216		-		111,818		-		111,818
Derivative liabilities - interest rate contracts		1,339		-		1,339		-		1,339