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Fair Value of Financial Instruments (Tables)

3 Months Ended

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 30, 2019 and June 30, 2019:

	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				-

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
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-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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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