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Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

			June 30, 2023
			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:
Asset-backed securities			$	—					$	136,170					$	—					$	136,170
Collateralized loan obligations			—						376,996						—						376,996
Corporate bonds			—						135,018						—						135,018
Total debt securities			—						648,184						—						648,184
Mortgage-backed securities available for sale:
Residential pass-through securities			—						436,151						—						436,151
Commercial pass-through securities			—						143,394						—						143,394
Total mortgage-backed securities			—						579,545						—						579,545
Total securities available for sale			$	—					$	1,227,729					$	—					$	1,227,729
Interest rate contracts			$	—					$	71,624					$	—					$	71,624
Total assets			$	—					$	1,299,353					$	—					$	1,299,353

			June 30, 2022
			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:
Obligations of state and political subdivisions			$	—					$	28,435					$	—					$	28,435
Asset-backed securities			—						166,557						—						166,557
Collateralized loan obligations			—						307,813						—						307,813
Corporate bonds			—						153,397						—						153,397
Total debt securities			—						656,202						—						656,202
Mortgage-backed securities available for sale:
Collateralized mortgage obligations			—						7,122						—						7,122
Residential pass-through securities			—						514,758						—						514,758
Commercial pass-through securities			—						166,011						—						166,011
Total mortgage-backed securities			—						687,891						—						687,891
Total securities available for sale			$	—					$	1,344,093					$	—					$	1,344,093
Interest rate contracts			$	—					$	41,223					$	—					$	41,223
Total assets			$	—					$	1,385,316					$	—					$	1,385,316

Schedule of Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

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

			June 30, 2023
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Collateral dependent loans:
Residential mortgage			$	—					$	—					$	449					$	449
Multi-family mortgage			—						—						7,300						7,300
Nonresidential mortgage			—						—						9,972						9,972
Total			$	—					$	—					$	17,721					$	17,721
Other real estate owned, net:
Nonresidential			$	—					$	—					$	12,956					$	12,956
Total			$	—					$	—					$	12,956					$	12,956

			June 30, 2022
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
			(In Thousands)
Collateral dependent loans:
Residential mortgage			$	—					$	—					$	2,035					$	2,035
Multi-family mortgage			—						—						7,517						7,517
Nonresidential mortgage			—						—						11,479						11,479
Total			$	—					$	—					$	21,031					$	21,031
Other real estate owned, net:
Residential			$	—					$	—					$	178					$	178
Total			$	—					$	—					$	178					$	178

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:

			June 30, 2023
			Fair Value						Valuation Techniques						Unobservable Input						Range						Weighted Average
			(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage			$	449					Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			6.93%						6.93		%
Multi-family mortgage			7,300						Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			6% - 9%						7.78		%
Nonresidential mortgage			9,972						Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			9% - 16%						11.78		%
Total			$	17,721
Other real estate owned, net:
Nonresidential			$	12,956					Market valuation of underlying collateral			(3)			Adjustments to reflect current conditions/selling costs			(2)			4.00%						4.00		%
Total			$	12,956

			June 30, 2022
			Fair Value						Valuation Techniques						Unobservable Input						Range						Weighted Average
			(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage			$	2,035					Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			7% - 10%						8.97		%
Multi-family mortgage			7,517						Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			10% - 12%						11.06		%
Nonresidential mortgage			11,479						Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			9% - 18%						12.72		%
Total			$	21,031
Other real estate owned, net:
Residential			$	178					Market valuation of underlying collateral			(3)			Adjustments to reflect current conditions/selling costs			(2)			6.00%						6.00		%
Total			$	178

________________________________________

(1)    The fair value basis of collateral dependent 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 collateral dependent loans and other real estate owned is adjusted to reflect management estimates of selling costs including, but not 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 June 30, 2023 and 2022:

			June 30, 2023
			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			$	70,515					$	70,515					$	70,515					$	—					$	—
Investment securities available for sale			1,227,729						1,227,729						—						1,227,729						—
Investment securities held to maturity			146,465						131,169						—						131,169						—
Loans held-for-sale			9,591						9,442						—						9,442						—
Net loans receivable			5,780,687						5,261,808						—						—						5,261,808
FHLB Stock			71,734						—						—						—						—
Interest receivable			28,133						28,133						14						8,924						19,195
Interest rate contracts			71,624						71,624						—						71,624						—
Financial liabilities:
Deposits			3,611,632						3,611,632						3,611,632						—						—
Certificates of deposits			2,017,551						1,989,434						—						—						1,989,434
Borrowings			1,506,812						1,498,920						—						—						1,498,920
Interest payable on deposits			6,826						6,826						1,933						—						4,893
Interest payable on borrowings			5,282						5,282						—						—						5,282

			June 30, 2022
			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			$	101,615					$	101,615					$	101,615					$	—					$	—
Investment securities available for sale			1,344,093						1,344,093						—						1,344,093						—
Investment securities held to maturity			118,291						108,118						—						108,118						—
Loans held-for-sale			28,874						28,831						—						28,831						—
Net loans receivable			5,370,787						5,215,079						—						—						5,215,079
FHLB Stock			47,144						—						—						—						—
Interest receivable			20,466						20,466						2						5,210						15,254
Interest rate contracts			41,223						41,223						—						41,223						—
Financial liabilities:
Deposits			3,972,694						3,972,694						3,972,694						—						—
Certificates of deposits			1,889,562						1,866,341						—						—						1,866,341
Borrowings			901,337						900,505						—						—						900,505
Interest payable on deposits			722						722						147						—						575
Interest payable on borrowings			1,611						1,611						—						—						1,611

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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.

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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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