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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Sep. 30, 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:
| September 30, 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 | $ | - |  |  | $ | 694 |  |  | $ | - |  |  | $ | 694 |
Obligations of state and political subdivisions |  | - |  |  |  | 91,050 |  |  |  | - |  |  |  | 91,050 |
Asset-backed securities |  | - |  |  |  | 181,068 |  |  |  | - |  |  |  | 181,068 |
Collateralized loan obligations |  | - |  |  |  | 198,549 |  |  |  | - |  |  |  | 198,549 |
Corporate bonds |  | - |  |  |  | 191,241 |  |  |  | - |  |  |  | 191,241 |
Trust preferred securities |  | - |  |  |  | 2,775 |  |  |  | 1,000 |  |  |  | 3,775 |
Total debt securities |  | - |  |  |  | 665,377 |  |  |  | 1,000 |  |  |  | 666,377 |
Mortgage-backed securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | - |  |  |  | 63,594 |  |  |  | - |  |  |  | 63,594 |
Residential pass-through securities |  | - |  |  |  | 202,858 |  |  |  | - |  |  |  | 202,858 |
Commercial pass-through securities |  | - |  |  |  | 298,862 |  |  |  | - |  |  |  | 298,862 |
Total mortgage-backed securities |  | - |  |  |  | 565,314 |  |  |  | - |  |  |  | 565,314 |
Total securities available for sale | $ | - |  |  | $ | 1,230,691 |  |  | $ | 1,000 |  |  | $ | 1,231,691 |
Interest rate swaps and caps |  | - |  |  |  | 2,430 |  |  |  | - |  |  |  | 2,430 |
Total assets | $ | - |  |  | $ | 1,233,121 |  |  | $ | 1,000 |  |  | $ | 1,234,121 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | - |  |  | $ | 369 |  |  | $ | - |  |  | $ | 369 |
Total liabilities | $ | - |  |  | $ | 369 |  |  | $ | - |  |  | $ | 369 |
| June 30, 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 | $ | - |  |  | $ | 3,678 |  |  | $ | - |  |  | $ | 3,678 |
Obligations of state and political subdivisions |  | - |  |  |  | 26,951 |  |  |  | - |  |  |  | 26,951 |
Asset-backed securities |  | - |  |  |  | 179,313 |  |  |  | - |  |  |  | 179,313 |
Collateralized loan obligations |  | - |  |  |  | 208,611 |  |  |  | - |  |  |  | 208,611 |
Corporate bonds |  | - |  |  |  | 122,024 |  |  |  | - |  |  |  | 122,024 |
Trust preferred securities |  | - |  |  |  | 2,756 |  |  |  | 1,000 |  |  |  | 3,756 |
Total debt securities |  | - |  |  |  | 543,333 |  |  |  | 1,000 |  |  |  | 544,333 |
Mortgage-backed securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | - |  |  |  | 21,390 |  |  |  | - |  |  |  | 21,390 |
Residential pass-through securities |  | - |  |  |  | 44,303 |  |  |  | - |  |  |  | 44,303 |
Commercial pass-through securities |  | - |  |  |  | 104,237 |  |  |  | - |  |  |  | 104,237 |
Total mortgage-backed securities |  | - |  |  |  | 169,930 |  |  |  | - |  |  |  | 169,930 |
Total securities available for sale |  | - |  |  |  | 713,263 |  |  |  | 1,000 |  |  |  | 714,263 |
Interest rate swaps |  | - |  |  |  | 3,856 |  |  |  | - |  |  |  | 3,856 |
Total assets | $ | - |  |  | $ | 717,119 |  |  | $ | 1,000 |  |  | $ | 718,119 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | - |  |  | $ | 140 |  |  | $ | - |  |  | $ | 140 |
Total liabilities | $ | - |  |  | $ | 140 |  |  | $ | - |  |  | $ | 140 |
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:
| September 30, 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 | $ | - |  |  | $ | - |  |  | $ | 3,157 |  |  | $ | 3,157 |
Non-residential mortgage |  | - |  |  |  | - |  |  |  | 791 |  |  |  | 791 |
Commercial business |  | - |  |  |  | - |  |  |  | 27 |  |  |  | 27 |
Total | $ | - |  |  | $ | - |  |  | $ | 3,975 |  |  | $ | 3,975 |
| June 30, 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 | $ | - |  |  | $ | - |  |  | $ | 3,071 |  |  | $ | 3,071 |
Non-residential mortgage |  | - |  |  |  | - |  |  |  | 791 |  |  |  | 791 |
Commercial business |  | - |  |  |  | - |  |  |  | 16 |  |  |  | 16 |
Total | $ | - |  |  | $ | - |  |  | $ | 3,878 |  |  | $ | 3,878 |
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:
| September 30, 2019 |
| Fair Value |  |  | Valuation Techniques |  | Unobservable Input |  | Range |  | Weighted Average |
| (In Thousands) |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | $ | 3,157 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 6% - 8% |  |  | 7.29 | %
Non-residential mortgage |  | 791 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 11% |  |  | 10.52 | %
Commercial business |  | 27 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 8% - 9% |  |  | 8.91 | %
Total | $ | 3,975 |  |  |  |  |  |  |  |  |  |  |
| June 30, 2019 |
| Fair Value |  |  | Valuation Techniques |  | Unobservable Input |  | Range |  | Weighted Average |
| (In Thousands) |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | $ | 3,071 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 6% - 8% |  |  | 7.03 | %
Non-residential mortgage |  | 791 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 11% |  |  | 10.08 | %
Commercial business |  | 16 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 9% - 10% |  |  | 9.36 | %
Total | $ | 3,878 |  |  |  |  |  |  |  |  |  |  |
(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 is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees.
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 September 3 0, 201 9 and June 30, 201 9:
| September 30, 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 | $ | 129,305 |  |  | $ | 129,305 |  |  | $ | 129,305 |  |  | $ | - |  |  | $ | - |
Investment securities available for sale |  | 1,231,691 |  |  |  | 1,231,691 |  |  |  | - |  |  |  | 1,230,691 |  |  |  | 1,000 |
Investment securities held to maturity |  | 37,888 |  |  |  | 38,683 |  |  |  | - |  |  |  | 38,683 |  |  |  | - |
Loans held-for-sale |  | 10,495 |  |  |  | 10,700 |  |  |  | - |  |  |  | 10,700 |  |  |  | - |
Net loans receivable |  | 4,572,306 |  |  |  | 4,533,681 |  |  |  | - |  |  |  | - |  |  |  | 4,533,681 |
FHLB Stock |  | 63,739 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Interest receivable |  | 19,393 |  |  |  | 19,393 |  |  |  | 23 |  |  |  | 5,357 |  |  |  | 14,013 |
Interest rate swaps and caps |  | 2,430 |  |  |  | 2,430 |  |  |  | - |  |  |  | 2,430 |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | 4,197,250 |  |  |  | 4,205,384 |  |  |  | 2,054,548 |  |  |  | - |  |  |  | 2,150,836 |
Borrowings |  | 1,281,118 |  |  |  | 1,296,639 |  |  |  | - |  |  |  | - |  |  |  | 1,296,639 |
Interest payable on deposits |  | 2,720 |  |  |  | 2,720 |  |  |  | 366 |  |  |  | - |  |  |  | 2,354 |
Interest payable on borrowings |  | 3,621 |  |  |  | 3,621 |  |  |  | - |  |  |  | - |  |  |  | 3,621 |
Interest rate swaps |  | 369 |  |  |  | 369 |  |  |  | - |  |  |  | 369 |  |  |  | - |
| June 30, 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 | $ | 38,935 |  |  | $ | 38,935 |  |  | $ | 38,935 |  |  | $ | - |  |  | $ | - |
Investment securities available for sale |  | 714,263 |  |  |  | 714,263 |  |  |  | - |  |  |  | 713,263 |  |  |  | 1,000 |
Investment securities held to maturity |  | 576,652 |  |  |  | 584,678 |  |  |  | - |  |  |  | 584,678 |  |  |  | - |
Loans held-for-sale |  | 12,267 |  |  |  | 12,501 |  |  |  | - |  |  |  | 12,501 |  |  |  | - |
Net loans receivable |  | 4,645,654 |  |  |  | 4,630,853 |  |  |  | - |  |  |  | - |  |  |  | 4,630,853 |
FHLB Stock |  | 64,190 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Interest receivable |  | 19,360 |  |  |  | 19,360 |  |  |  | 11 |  |  |  | 5,278 |  |  |  | 14,071 |
Interest rate swaps |  | 3,856 |  |  |  | 3,856 |  |  |  |  |  |  |  | 3,856 |  |  |  |  |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | 4,147,610 |  |  |  | 4,152,558 |  |  |  | 1,943,154 |  |  |  | - |  |  |  | 2,209,404 |
Borrowings |  | 1,321,982 |  |  |  | 1,337,560 |  |  |  | - |  |  |  | - |  |  |  | 1,337,560 |
Interest payable on deposits |  | 3,106 |  |  |  | 3,106 |  |  |  | 367 |  |  |  | - |  |  |  | 2,739 |
Interest payable on borrowings |  | 3,899 |  |  |  | 3,899 |  |  |  | - |  |  |  | - |  |  |  | 3,899 |
Interest rate swaps |  | 140 |  |  |  | 140 |  |  |  | - |  |  |  | 140 |  |  |  | - |

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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 http://asc.fasb.org/extlink&oid=117815213&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 http://asc.fasb.org/extlink&oid=117815213&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 http://asc.fasb.org/extlink&oid=117815213&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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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