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Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended
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Mar. 31, 2026
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] |
Fair Value Measurements and Fair Value of Financial Instruments | (5) Fair Value Measurements and Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of March 31, 2026 and June 30, 2025, and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each period-end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The FASB ASC Topic 820 on “Fair Value Measurement” established a fair value hierarchy that prioritized the inputs to valuation techniques used to measure fair value. The fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. A fair value hierarchy exists within GAAP that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. 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) | March 31, 2026 | (Level 1) | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 5,789 |  |  | $ | - |  |  | $ | 5,789 |  |  | $ | - |
U.S. government sponsored enterprises |  |  | 6,371 |  |  |  | - |  |  |  | 6,371 |  |  |  | - |
State and political subdivisions |  |  | 215,643 |  |  |  | - |  |  |  | 215,643 |  |  |  | - |
Mortgage-backed securities-residential |  |  | 50,879 |  |  |  | - |  |  |  | 50,879 |  |  |  | - |
Mortgage-backed securities-multi-family |  |  | 75,904 |  |  |  | - |  |  |  | 75,904 |  |  |  | - |
Corporate debt securities |  |  | 15,615 |  |  |  | - |  |  |  | 15,615 |  |  |  | - |
Securities available-for-sale |  |  | 370,201 |  |  |  | - |  |  |  | 370,201 |  |  |  | - |
Equity securities |  |  | 355 |  |  |  | 355 |  |  |  | - |  |  |  | - |
Interest rate swaps |  |  | 3,823 |  |  |  | - |  |  |  | 3,823 |  |  |  | - |
Total |  | $ | 374,379 |  |  | $ | 355 |  |  | $ | 374,024 |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 3,823 |  |  | $ | - |  |  | $ | 3,823 |  |  | $ | - |
Total |  | $ | 3,823 |  |  | $ | - |  |  | $ | 3,823 |  |  | $ | - |
|  |  |  |  |  |  | Fair Value Measurements Using |
|  |  |  |  |  |  | Quoted prices in active markets for identical assets |  |  |  | Significant other observable inputs |  |  |  | Significant Unobservable inputs |
(In thousands) | June 30, 2025 |  |  | (Level 1) |  |  |  | (Level 2) |  |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 10,453 |  |  | $ | - |  |  | $ | 10,453 |  |  | $ | - |
U.S. government sponsored enterprises |  |  | 11,644 |  |  |  | - |  |  |  | 11,644 |  |  |  | - |
State and political subdivisions |  |  | 209,844 |  |  |  | - |  |  |  | 209,844 |  |  |  | - |
Mortgage-backed securities-residential |  |  | 31,587 |  |  |  | - |  |  |  | 31,587 |  |  |  | - |
Mortgage-backed securities-multi-family |  |  | 74,597 |  |  |  | - |  |  |  | 74,597 |  |  |  | - |
Corporate debt securities |  |  | 17,937 |  |  |  | - |  |  |  | 17,937 |  |  |  | - |
Securities available-for-sale |  |  | 356,062 |  |  |  | - |  |  |  | 356,062 |  |  |  | - |
Equity securities |  |  | 402 |  |  |  | 402 |  |  |  | - |  |  |  | - |
Interest rate swaps |  |  | 4,733 |  |  |  | - |  |  |  | 4,733 |  |  |  | - |
Total |  | $ | 361,197 |  |  | $ | 402 |  |  | $ | 360,795 |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 4,733 |  |  | $ | - |  |  | $ | 4,733 |  |  | $ | - |
Total |  | $ | 4,733 |  |  | $ | - |  |  | $ | 4,733 |  |  | $ | - |
Certain investments that are actively traded and have quoted market prices have been classified as Level 1 valuations. Other investment securities available-for-sale have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic 820 on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as loans individually evaluated for expected credit losses in the period in which a re-measurement at fair value is performed. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the allowance for credit losses for individually evaluated loans. Management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 21.3% to 88.3%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for loans evaluated individually are classified as Level 3. Fair values for foreclosed real estate are initially recorded at the estimated fair value of the property less estimated costs to dispose at the time of acquisition to establish a new carrying value. Values are derived from appraisals, similar to loans individually evaluated for expected credit loss, of underlying collateral. Any write-downs from the carrying value of the loan to estimated fair value, which are required at the time of foreclosure, are charged to the allowance for credit losses. Subsequent adjustments to the carrying value of such properties resulting from declines in fair value result in the establishment of a valuation allowance and are charged to operations in the period in which the declines occur. In the determination of fair value subsequent to foreclosure, management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3.
|  |  |  |  |  |  | March 31, 2026 |  |  |  | June 30, 2025 |
(In thousands) |  |  | Fair value hierarchy |  |  |  | Carrying amount |  |  |  | Estimated fair value |  |  |  | Carrying amount |  |  |  | Estimated fair value |
Loans evaluated individually |  |  | 3 |  |  | $ | 915 |  |  |  | 443 |  |  | $ | 751 |  |  | $ | 202 |
No other financial assets or liabilities were re-measured during the three and nine month period on a nonrecurring basis. The carrying amounts reported in the statements of financial condition for total cash and cash equivalents, long-term certificates of deposit, accrued interest receivable and accrued interest payable approximate their fair values. Fair values of securities are based on quoted market prices (Level 1), where available, or matrix pricing (Level 2), which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. The carrying amount of Federal Home Loan Bank stock approximates fair value due to its restricted nature. The fair values for loans are measured using the "exit price" notion, which is a reasonable estimate of what another party might pay in an orderly transaction. Fair values for variable rate loans that reprice frequently, with no significant credit risk, are based on carrying value. Fair values for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values disclosed for demand and savings deposits are equal to carrying amounts at the reporting date. The carrying amounts for variable rate money market deposits approximate fair values at the reporting date. Fair values for long- term certificates of deposit are estimated using discounted cash flows and interest rates currently being offered in the market on similar certificates. Fair value for Federal Home Loan Bank long-term borrowings are estimated using discounted cash flows and interest rates currently being offered on similar borrowings. The carrying value of short-term Federal Home Loan Bank borrowings approximates its fair value. Fair value for subordinated notes payable is estimated based on a discounted cash flow methodology or observations of recent highly-similar transactions. Fair value for interest rate swaps include any accrued interest and are valued using the present value of cash flows discounted using observable forward rate assumptions. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. The carrying amounts and estimated fair value of financial instruments are as follows:
|  |  | March 31, 2026 |  |  |  | Fair value measurements using |
(In thousands) |  |  | Carrying amount |  |  |  | Fair value |  |  |  | (Level 1) |  |  |  | (Level 2) |  |  |  | (Level 3) |
Cash and cash equivalents |  | $ | 139,450 |  |  | $ | 139,450 |  |  | $ | 139,450 |  |  | $ | - |  |  | $ | - |
Long-term certificate of deposit |  |  | 1,225 |  |  |  | 1,226 |  |  |  | - |  |  |  | 1,226 |  |  |  | - |
Securities available-for-sale |  |  | 370,201 |  |  |  | 370,201 |  |  |  | - |  |  |  | 370,201 |  |  |  | - |
Securities held-to-maturity |  |  | 814,314 |  |  |  | 785,078 |  |  |  | - |  |  |  | 785,078 |  |  |  | - |
Equity securities |  |  | 355 |  |  |  | 355 |  |  |  | 355 |  |  |  | - |  |  |  | - |
Federal Home Loan Bank stock |  |  | 5,549 |  |  |  | 5,549 |  |  |  | - |  |  |  | 5,549 |  |  |  | - |
Net loans receivable |  |  | 1,725,925 |  |  |  | 1,667,977 |  |  |  | - |  |  |  | - |  |  |  | 1,667,977 |
Accrued interest receivable |  |  | 20,070 |  |  |  | 20,070 |  |  |  | - |  |  |  | 20,070 |  |  |  | - |
Interest rate swap asset |  |  | 3,823 |  |  |  | 3,823 |  |  |  | - |  |  |  | 3,823 |  |  |  | - |
Deposits |  |  | 2,772,554 |  |  |  | 2,771,714 |  |  |  | - |  |  |  | 2,771,714 |  |  |  | - |
Borrowings |  |  | 77,389 |  |  |  | 77,514 |  |  |  | - |  |  |  | 77,514 |  |  |  | - |
Subordinated notes payable, net |  |  | 29,954 |  |  |  | 29,089 |  |  |  | - |  |  |  | 29,089 |  |  |  | - |
Accrued interest payable |  |  | 707 |  |  |  | 707 |  |  |  | - |  |  |  | 707 |  |  |  | - |
Interest rate swap liability |  |  | 3,823 |  |  |  | 3,823 |  |  |  | - |  |  |  | 3,823 |  |  |  | - |
|  |  | June 30, 2025 |  |  | Fair value measurements using |
(In thousands) |  |  | Carrying amount |  |  |  | Fair value |  |  |  | (Level 1) |  |  |  | (Level 2) |  |  |  | (Level 3) |
Cash and cash equivalents |  | $ | 183,078 |  |  | $ | 183,078 |  |  | $ | 183,078 |  |  | $ | - |  |  | $ | - |
Long-term certificate of deposit |  |  | 1,425 |  |  |  | 1,421 |  |  |  | - |  |  |  | 1,421 |  |  |  | - |
Securities available-for-sale |  |  | 356,062 |  |  |  | 356,062 |  |  |  | - |  |  |  | 356,062 |  |  |  | - |
Securities held-to-maturity |  |  | 776,147 |  |  |  | 738,134 |  |  |  | - |  |  |  | 738,134 |  |  |  | - |
Equity securities |  |  | 402 |  |  |  | 402 |  |  |  | 402 |  |  |  | - |  |  |  | - |
Federal Home Loan Bank stock |  |  | 5,504 |  |  |  | 5,504 |  |  |  | - |  |  |  | 5,504 |  |  |  | - |
Net loans receivable |  |  | 1,607,260 |  |  |  | 1,536,150 |  |  |  | - |  |  |  | - |  |  |  | 1,536,150 |
Accrued interest receivable |  |  | 16,381 |  |  |  | 16,381 |  |  |  | - |  |  |  | 16,381 |  |  |  | - |
Interest rate swap asset |  |  | 4,733 |  |  |  | 4,733 |  |  |  | - |  |  |  | 4,733 |  |  |  | - |
Deposits |  |  | 2,639,835 |  |  |  | 2,639,246 |  |  |  | - |  |  |  | 2,639,246 |  |  |  | - |
Borrowings |  |  | 78,189 |  |  |  | 78,346 |  |  |  | - |  |  |  | 78,346 |  |  |  | - |
Subordinated notes payable, net |  |  | 49,867 |  |  |  | 48,485 |  |  |  | - |  |  |  | 48,485 |  |  |  | - |
Accrued interest payable |  |  | 1,271 |  |  |  | 1,271 |  |  |  | - |  |  |  | 1,271 |  |  |  | - |
Interest rate swap liability |  |  | 4,733 |  |  |  | 4,733 |  |  |  | - |  |  |  | 4,733 |  |  |  | - |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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