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Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets Measured At Fair Value on a Recurring Basis

Those assets measured at fair value on a recurring basis are summarized below:

	March 31, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	(In Thousands)
Assets:
Debt securities available for sale:
U.S. agency securities	$	-			$	3,737			$	-			$	3,737
Obligations of state and political subdivisions		-				26,731				-				26,731
Asset-backed securities		-				180,145				-				180,145
Collateralized loan obligations		-				207,906				-				207,906
Corporate bonds		-				121,597				-				121,597
Trust preferred securities		-				2,775				1,000				3,775
Total debt securities		-				542,891				1,000				543,891
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-				21,660				-				21,660
Residential pass-through securities		-				70,513				-				70,513
Commercial pass-through securities		-				90,856				-				90,856
Total mortgage-backed securities		-				183,029				-				183,029
Total securities available for sale	$	-			$	725,920			$	1,000			$	726,920
Interest rate swaps		-				14,968				-				14,968
Total assets	$	-			$	740,888			$	1,000			$	741,888

	June 30, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	(In Thousands)
Assets:
Debt securities available for sale:
U.S. agency securities	$	-			$	4,411			$	-			$	4,411
Obligations of state and political subdivisions		-				26,088				-				26,088
Asset-backed securities		-				182,620				-				182,620
Collateralized loan obligations		-				226,066				-				226,066
Corporate bonds		-				147,594				-				147,594
Trust preferred securities		-				2,783				1,000				3,783
Total debt securities		-				589,562				1,000				590,562
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-				24,292				-				24,292
Residential pass-through securities		-				102,359				-				102,359
Commercial pass-through securities		-				7,872				-				7,872
Total mortgage-backed securities		-				134,523				-				134,523
Total securities available for sale		-				724,085				1,000				725,085
Interest rate swaps and caps		-				31,881				-				31,881
Total assets	$	-			$	755,966			$	1,000			$	756,966

Schedule of Assets Measured At Fair Value on a Non-recurring Basis

Those assets measured at fair value on a non-recurring basis are summarized below:

	March 31, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	(In Thousands)
Impaired loans:
Residential mortgage	$	-			$	-			$	3,392			$	3,392
Non-residential mortgage		-				-				791				791
Commercial business		-				-				57				57
Total	$	-			$	-			$	4,240			$	4,240
Other real estate owned, net:
Residential mortgage	$	-			$	-			$	209			$	209
Total	$	-			$	-			$	209			$	209

	June 30, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	(In Thousands)
Impaired loans:
Residential mortgage	$	-			$	-			$	3,562			$	3,562
Non-residential mortgage		-				-				794				794
Commercial business		-				-				113				113
Total	$	-			$	-			$	4,469			$	4,469

Schedule of Quantitative Information about Level 3 Fair Value Measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:

	March 31, 2019
	Fair Value				Valuation Techniques		Unobservable Input		Range				Weighted Average
	(In Thousands)
Impaired loans:
Residential mortgage	$	3,392			Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	6% - 21%					9.35	%
Non-residential mortgage		791			Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	12% - 13%					12.29	%
Commercial business		57			Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	0% - 10%					7.48	%
Total	$	4,240
Other real estate owned, net:
Residential mortgage	$	209			Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	5.00%					5.00	%
Total	$	209

	June 30, 2018
	Fair Value				Valuation Techniques		Unobservable Input		Range		Weighted Average
	(In Thousands)
Impaired loans:
Residential mortgage	$	3,562			Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	6% - 26%			12.34	%
Non-residential mortgage		794			Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	14% - 15%			14.07	%
Commercial business		113			Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 24%			14.54	%
Total	$	4,469

(1) The fair value of impaired loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.

(2) The fair value basis of impaired loans and other real estate owned is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees.

(3) The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price.

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2019 and June 30, 2018: 

	March 31, 2019
	Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	54,160			$	54,160			$	54,160			$	-			$	-
Investment securities available for sale		726,920				726,920				-				725,920				1,000
Investment securities held to maturity		592,199				592,814				-				592,814				-
Loans held-for-sale		997				997				-				997				-
Net loans receivable		4,626,699				4,542,467				-				-				4,542,467
FHLB Stock		64,288				-				-				-				-
Interest receivable		20,326				20,326				5				6,174				14,147
Interest rate swaps		14,968				14,968				-				14,968				-
Financial liabilities:
Deposits		4,137,573				4,132,952				1,881,414				-				2,251,538
Borrowings		1,326,216				1,334,788				-				-				1,334,788
Interest payable on deposits		2,736				2,736				333				-				2,403
Interest payable on borrowings		3,940				3,940				-				-				3,940

	June 30, 2018
	Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	128,864			$	128,864			$	128,864			$	-			$	-
Investment securities available for sale		725,085				725,085				-				724,085				1,000
Investment securities held to maturity		589,730				579,499				-				579,499				-
Loans held-for-sale		863				863				-				863				-
Net loans receivable		4,470,483				4,367,150				-				-				4,367,150
FHLB Stock		59,004				-				-				-				-
Interest receivable		18,510				18,510				32				5,252				13,226
Interest rate swaps and caps		31,881				31,881								31,881
Financial liabilities:
Deposits		4,073,604				4,055,543				2,056,966				-				1,998,577
Borrowings		1,198,646				1,199,601				-				-				1,199,601
Interest payable on deposits		675				675				469				-				206
Interest payable on borrowings		2,427				2,427				-				-				2,427

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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

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