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Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Dec. 31, 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) |  | December 31, 2022 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored enterprises |  | $ | 10,729 |  |  | $ | - |  |  | $ | 10,729 |  |  | $ | - |
U.S. Treasury securities |  |  | 16,106 |  |  |  | - |  |  |  | 16,106 |  |  |  | - |
State and political subdivisions |  |  | 193,897 |  |  |  | - |  |  |  | 193,897 |  |  |  | - |
Mortgage-backed securities-residential |  |  | 26,696 |  |  |  | - |  |  |  | 26,696 |  |  |  | - |
Mortgage-backed securities-multi-family |  |  | 71,631 |  |  |  | - |  |  |  | 71,631 |  |  |  | - |
Corporate debt securities |  |  | 16,059 |  |  |  | - |  |  |  | 16,059 |  |  |  | - |
Securities available-for-sale |  |  | 335,118 |  |  | $ | - |  |  |  | 335,118 |  |  |  | - |
Equity securities |  |  | 281 |  |  |  | 281 |  |  |  | - |  |  |  | - |
Total securities measured at fair value |  | $ | 335,399 |  |  | $ | 281 |  |  | $ | 335,118 |  |  | $ | - |
|  |  |  |  | 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) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 8,768 |  |  | $ | 2,617 |  |  | $ | 6,151 |  |  | $ | - |  |  | $ | - |  |  | $ | 6,151 |
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 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 4,578 |  | Appraisal of collateral(1) | Appraisal adjustments(2) |  |  | 7.06%-33.73 | % |  |  | 19.70 | %
|  |  |  |  |  | Liquidation expenses(3) |  |  | 3.98%-5.58 | % |  |  | 4.33 | %
|  |  | 1,573 |  | Discounted cash flow | Discount rate |  |  | 3.79%-11.95 | % |  |  | 6.63 | %
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:
|  | December 31, 2022 |  |  | Fair Value Measurements Using |
(In thousands) |  | Carrying Amount |  |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Cash and cash equivalents |  | $ | 60,816 |  |  | $ | 60,816 |  |  | $ | 60,816 |  |  | $ | - |  |  | $ | - |
Long term certificates of deposit |  |  | 4,096 |  |  |  | 3,939 |  |  |  | - |  |  |  | 3,939 |  |  |  | - |
Securities available-for-sale |  |  | 335,118 |  |  |  | 335,118 |  |  |  | - |  |  |  | 335,118 |  |  |  | - |
Securities held-to-maturity |  |  | 742,470 |  |  |  | 682,210 |  |  |  | - |  |  |  | 682,210 |  |  |  | - |
Equity securities |  |  | 281 |  |  |  | 281 |  |  |  | 281 |  |  |  | - |  |  |  | - |
Federal Home Loan Bank stock |  |  | 6,159 |  |  |  | 6,159 |  |  |  | - |  |  |  | 6,159 |  |  |  | - |
Net loans receivable |  |  | 1,367,866 |  |  |  | 1,262,902 |  |  |  | - |  |  |  | - |  |  |  | 1,262,902 |
Accrued interest receivable |  |  | 12,068 |  |  |  | 12,068 |  |  |  | - |  |  |  | 12,068 |  |  |  | - |
Deposits |  |  | 2,265,394 |  |  |  | 2,265,600 |  |  |  | - |  |  |  | 2,265,600 |  |  |  | - |
Borrowings |  |  | 107,600 |  |  |  | 107,808 |  |  |  | - |  |  |  | 107,808 |  |  |  | - |
Subordinated notes payable, net |  |  | 49,403 |  |  |  | 46,057 |  |  |  | - |  |  |  | 46,057 |  |  |  | - |
Accrued interest payable |  |  | 816 |  |  |  | 816 |  |  |  | - |  |  |  | 816 |  |  |  | - |
|  | 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 |  |  |  | - |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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