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Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

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

			June 30, 2024
			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			$	—					$	80,440					$	—					$	80,440
Collateralized loan obligations			—						389,543						—						389,543
Corporate bonds			—						131,797						—						131,797
Total debt securities			—						601,780						—						601,780
Mortgage-backed securities available for sale:
Residential pass-through securities			—						337,264						—						337,264
Commercial pass-through securities			—						133,789						—						133,789
Total mortgage-backed securities			—						471,053						—						471,053
Total securities available for sale			$	—					$	1,072,833					$	—					$	1,072,833
Interest rate contracts			$	—					$	54,362					$	—					$	54,362
Total assets			$	—					$	1,127,195					$	—					$	1,127,195

			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

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

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

			June 30, 2024
			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:
Multi-family mortgage			$	—					$	—					$	1,896					$	1,896
Nonresidential mortgage			—						—						5,014						5,014
Total			$	—					$	—					$	6,910					$	6,910

			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

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, 2024
			Fair Value						Valuation Techniques						Unobservable Input						Range						Weighted Average
			(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage			$	1,896					Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			13.32%						13.32		%
Nonresidential mortgage			5,014						Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			8.93%						8.93		%
Total			$	6,910

			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

________________________________________

(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, 2024 and 2023:

			June 30, 2024
			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			$	63,864					$	63,864					$	63,864					$	—					$	—
Investment securities available for sale			1,072,833						1,072,833						—						1,072,833						—
Investment securities held to maturity			135,742						119,278						—						119,278						—
Loans held-for-sale			6,036						6,077						—						6,077						—
Net loans receivable			5,687,848						5,114,459						—						—						5,114,459
FHLB Stock			80,300						—						—						—						—
Interest receivable			29,521						29,521						11						8,986						20,524
Interest rate contracts			54,362						54,362						—						54,362						—
Financial liabilities:
Deposits			$	3,550,762					$	3,550,762					$	3,550,762					$	—					$	—
Certificates of deposits			1,607,361						1,597,939						—						—						1,597,939
Borrowings			1,709,789						1,703,924						—						—						1,703,924
Interest payable on deposits			5,662						5,662						3,397						—						2,265
Interest payable on borrowings			7,784						7,784						—						—						7,784

			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

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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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/2009/role/commonPracticeRef
-Topic 820
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