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

3 Months Ended

Sep. 30, 2022

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)	September 30, 2022		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	10,664	$	-	$	10,664	$	-
U.S. Treasury securities		17,626		-		17,626		-
State and political subdivisions		188,904		-		188,904		-
Mortgage-backed securities-residential		27,168		-		27,168		-
Mortgage-backed securities-multi-family		73,236		-		73,236		-
Corporate debt securities		16,005		-		16,005		-
Securities available-for-sale	$	333,603	$	-	$	333,603	$	-
Equity securities		254		254		-		-
Total securities measured at fair value	$	333,857	$	254	$	333,603	$	-

			Fair Value Measurements Using
			Quoted Prices In Active Markets For Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	June 30, 2022		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government sponsored enterprises	$	11,319	$	-	$	11,319	$	-
U.S. Treasury securities		18,427		-		18,427		-
State and political subdivisions		248,076		-		248,076		-
Mortgage-backed securities-residential		29,897		-		29,897		-
Mortgage-backed securities-multi-family		83,709		-		83,709		-
Corporate debt securities		16,634		-		16,634		-
Securities available-for-sale		408,062		-		408,062		-
Equity securities		273		273		-		-
Total securities measured at fair value	$	408,335	$	273	$	408,062	$	-

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)
September 30, 2022
Impaired loans	$	8,655	$	2,647	$	6,008	$	-	$	-	$	6,008

June 30, 2022
Impaired loans	$	9,401	$	2,347	$	7,054	$	-	$	-	$	7,054
Foreclosed real estate		68		-		68		-		-		68

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
September 30, 2022
Impaired Loans	$	4,428	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		7.06%-33.73	%		19.35	%
				Liquidation expenses⁽³⁾		3.98%-5.58	%		4.32	%
		1,580	Discounted cash flow	Discount rate		4.19%-11.95	%		6.39	%
June 30, 2022
Impaired loans	$	4,333	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		7.06%-33.73	%		21.67	%
				Liquidation expenses⁽³⁾		3.98%-5.58	%		4.72	%
		2,721	Discounted cash flow	Discount rate		4.19%-11.95	%		6.21	%
Foreclosed real estate		68	Appraisal of collateral⁽¹⁾	Appraisal adjustments⁽²⁾		10.46	%		10.46	%

⁽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:

	September 30, 2022				Fair Value Measurements Using
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	66,924	$	66,924	$	66,924	$	-	$	-
Long term certificates of deposit		3,856		3,703		-		3,703		-
Securities available-for-sale		333,603		333,603		-		333,603		-
Securities held-to-maturity		752,869		673,436		-		673,436		-
Equity securities		254		254		254		-		-
Federal Home Loan Bank stock		2,445		2,445		-		2,445		-
Net loans receivable		1,327,851		1,228,061		-		-		1,228,061
Accrued interest receivable		10,536		10,536		-		10,536		-
Deposits		2,326,863		2,326,913		-		2,326,913		-
Borrowings		23,400		23,440		-		23,440		-
Subordinated notes payable, net		49,356		45,621		-		45,621		-
Accrued interest payable		143		143		-		143		-

	June 30, 2022				Fair Value Measurements Using
(In thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	69,009	$	69,009	$	69,009	$	-	$	-
Long term certificates of deposit		4,107		3,993		-		3,993		-
Securities available-for-sale		408,062		408,062		-		408,062		-
Securities held-to-maturity		761,852		710,453		-		710,453		-
Equity securities		273		273		273		-		-
Federal Home Loan Bank stock		6,803		6,803		-		6,803		-
Net loans receivable		1,229,355		1,170,960		-		-		1,170,960
Accrued interest receivable		8,917		8,917		-		8,917		-
Deposits		2,212,604		2,212,743		-		2,212,743		-
Borrowings		123,700		123,793		-		123,793		-
Subordinated notes payable, net		49,310		49,168		-		49,168		-
Accrued interest payable		603		603		-		603		-