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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Dec. 31, 2022
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:
| December 31, 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: |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | 158,623 |  |  | $ | — |  |  | $ | 158,623 |
Collateralized loan obligations | — |  |  | 384,059 |  |  | — |  |  | 384,059 |
Corporate bonds | — |  |  | 144,955 |  |  | — |  |  | 144,955 |
Total debt securities | — |  |  | 687,637 |  |  | — |  |  | 687,637 |
Mortgage-backed securities available for sale: |  |  |  |  |  |  |
Residential pass-through securities | — |  |  | 450,156 |  |  | — |  |  | 450,156 |
Commercial pass-through securities | — |  |  | 148,561 |  |  | — |  |  | 148,561 |
Total mortgage-backed securities | — |  |  | 598,717 |  |  | — |  |  | 598,717 |
Total securities available for sale | $ | — |  |  | $ | 1,286,354 |  |  | $ | — |  |  | $ | 1,286,354 |
Interest rate contracts | $ | — |  |  | $ | 63,617 |  |  | $ | — |  |  | $ | 63,617 |
Total assets | $ | — |  |  | $ | 1,349,971 |  |  | $ | — |  |  | $ | 1,349,971 |
Liabilities: |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | 2,500 |  |  | $ | — |  |  | $ | 2,500 |
Total liabilities | $ | — |  |  | $ | 2,500 |  |  | $ | — |  |  | $ | 2,500 |
| 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 Measured At Fair Value on a Non-recurring Basis | Those assets measured at fair value on a non-recurring basis are summarized below:
| December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 2,030 |  |  | $ | 2,030 |
Multi-family mortgage | — |  |  | — |  |  | 7,538 |  |  | 7,538 |
Nonresidential mortgage | — |  |  | — |  |  | 10,975 |  |  | 10,975 |
Total | $ | — |  |  | $ | — |  |  | $ | 20,543 |  |  | $ | 20,543 |
Other real estate owned, net: |  |  |  |  |  |  |
Residential | $ | — |  |  | $ | — |  |  | $ | 454 |  |  | $ | 454 |
Nonresidential | — |  |  | — |  |  | 12,956 |  |  | 12,956 |
Total | $ | — |  |  | $ | — |  |  | $ | 13,410 |  |  | $ | 13,410 |
| 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 tables present 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:
| December 31, 2022
| Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Range |  | Weighted Average
| (Dollars in Thousands)
Collateral dependent loans: |  |  |  |  |  |  |  |  |
Residential mortgage | $ | 2,030 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 7% - 10% |  | 9.14 | %
Multi-family mortgage | 7,538 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 12% |  | 10.93 | %
Nonresidential mortgage | 10,975 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 9% - 19% |  | 13.95 | %
Total | $ | 20,543 |  |  |  |  |  |  |  |  |
Other real estate owned, net: |  |  |  |  |  |  |  |  |
Residential | $ | 454 |  |  | Market valuation of underlying collateral | (3) | Adjustments to reflect current conditions/selling costs | (2) | 6.00% |  | 6.00 | %
Nonresidential | 12,956 |  |  | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 4.00% |  | 4.00 | %
Total | $ | 13,410 |  |  |  |  |  |  |  |  |
| 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 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’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees. (3)The fair value 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 tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2022 and June 30, 2022:
| December 31, 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 | $ | 75,660 |  |  | $ | 75,660 |  |  | $ | 75,660 |  |  | $ | — |  |  | $ | — |
Investment securities available for sale | 1,286,354 |  |  | 1,286,354 |  |  | — |  |  | 1,286,354 |  |  | — |
Investment securities held to maturity | 153,786 |  |  | 138,393 |  |  | — |  |  | 138,393 |  |  | — |
Loans held-for-sale | 12,940 |  |  | 12,975 |  |  | — |  |  | 12,975 |  |  | — |
Net loans receivable | 5,935,256 |  |  | 5,540,440 |  |  | — |  |  | — |  |  | 5,540,440 |
FHLB Stock | 69,022 |  |  | — |  |  | — |  |  | — |  |  | — |
Interest receivable | 27,368 |  |  | 27,368 |  |  | 10 |  |  | 8,369 |  |  | 18,989 |
Interest rate contracts | 63,617 |  |  | 63,617 |  |  | — |  |  | 63,617 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits other than certificates of deposits | 3,868,949 |  |  | 3,868,949 |  |  | 3,868,949 |  |  | — |  |  | — |
Certificates of deposits | 2,102,422 |  |  | 2,060,954 |  |  | — |  |  | — |  |  | 2,060,954 |
Borrowings | 1,383,573 |  |  | 1,379,640 |  |  | — |  |  | — |  |  | 1,379,640 |
Interest payable on deposits | 4,937 |  |  | 4,937 |  |  | 1,506 |  |  | — |  |  | 3,431 |
Interest payable on borrowings | 3,664 |  |  | 3,664 |  |  | — |  |  | — |  |  | 3,664 |
Interest rate contracts | 2,500 |  |  | 2,500 |  |  | — |  |  | 2,500 |  |  | — |
| 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 other than certificates of 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 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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 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 (a) -URI http://asc.fasb.org/extlink&oid=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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