Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2020

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, 2020		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	6,951	$	-	$	6,951	$	-
State and political subdivisions		196,404		-		196,404		-
Mortgage-backed securities-residential		47,432		-		47,432		-
Mortgage-backed securities-multi-family		77,147		-		77,147		-
Corporate debt securities		4,170		4,170		-		-
Securities available-for-sale	$	332,104	$	4,170	$	327,934	$	-
Equity securities		292		292		-		-
Total securities measured at fair value	$	332,396	$	4,462	$	327,934	$	-

			Fair Value Measurements Using
			Quoted Prices In Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	June 30, 2020		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	504	$	-	$	504	$	-
State and political subdivisions		177,107		-		177,107		-
Mortgage-backed securities-residential		15,528		-		15,528		-
Mortgage-backed securities-multi-family		28,910		-		28,910		-
Corporate debt securities		4,660		4,660		-		-
Securities available-for-sale	$	226,709	$	4,660	$	222,049	$	-
Equity securities		267		267		-		-
Total securities measured at fair value	$	226,976	$	4,927	$	222,049	$	-

Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

							Fair Value Measurements Using
(In thousands)	Recorded Investment		Related Allowance		Fair Value		(Level 1)		(Level 2)		(Level 3)
December 31, 2020
Impaired loans	$	1,250	$	177	$	1,073	$	-	$	-	$	1,073
Foreclosed real estate		385		-		385		-		-		385

June 30, 2020
Impaired loans	$	1,809	$	228	$	1,581	$	-	$	-	$	1,581

Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were utilized to determine fair value:

(Dollars in thousands)	Fair Value		Valuation Technique	Unobservable Input	Range			Weighted Average
December 31, 2020
Impaired Loans	$	465	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		8.57%-33.73	%		25.90	%
				Liquidation expenses⁽³⁾		3.98%-5.49	%		4.45	%
		608	Discounted cash flow	Discount rate		4.19%-7.49	%		5.43	%
Foreclosed real estate		385	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		0.00%-0.00	%		0.00	%
				Liquidation expenses⁽³⁾		7.39%-8.89	%		7.82	%
June 30, 2020
Impaired loans	$	1,143	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		8.57%-33.73	%		27.55	%
				Liquidation expenses⁽³⁾	3.98%-6.88		%	4.64		%
		438	Discounted cash flow	Discount rate	4.19%-6.63		%		5.64	%

⁽¹⁾

Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable.

⁽²⁾

Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal.

⁽³⁾

Appraisals are adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral.

Carrying Amounts and Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair value of financial instruments are as follows:

(In thousands)	December 31, 2020				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	57,024	$	57,024	$	57,024	$	-	$	-
Long term certificate of deposit		4,093		4,093		4,093		-		-
Securities available-for-sale		332,104		332,104		4,170		327,934		-
Securities held-to-maturity		408,769		433,929		-		433,929		-
Equity securities		292		292		292		-		-
Federal Home Loan Bank stock		1,158		1,158		-		1,158		-
Net loans receivable		1,031,519		1,034,737		-		-		1,034,737
Accrued interest receivable		8,475		8,475		-		8,475		-
Deposits		1,679,718		1,680,205		-		1,680,205		-
Borrowings		6,100		6,193		-		6,193		-
Subordinated notes payable, net		19,601		19,099		-		19,099		-
Accrued interest payable		367		367		-		367		-

(In thousands)	June 30, 2020				Fair Value Measurements Using
	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	40,463	$	40,463	$	40,463	$	-	$	-
Long term certificate of deposit		4,070		4,070		4,070		-		-
Securities available-for-sale		226,709		226,709		4,660		222,049		-
Securities held-to-maturity		383,657		405,512		-		405,512		-
Equity Securities		267		267		267		-		-
Federal Home Loan Bank stock		1,226		1,226		-		1,226		-
Net loans receivable		993,522		1,004,031		-		-		1,004,031
Accrued interest receivable		8,207		8,027		-		8,027		-
Deposits		1,501,075		1,051,628		-		1,501,628		-
Borrowings		25,484		25,602		-		25,602		-
Accrued interest payable		119		119		-		119		-