XML 44 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 31, 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:

			December 31, 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			$	—					$	90,660					$	—					$	90,660
Collateralized loan obligations			—						424,133						—						424,133
Corporate bonds			—						132,272						—						132,272
Total debt securities			—						647,065						—						647,065
Mortgage-backed securities available for sale:
Residential pass-through securities			—						359,511						—						359,511
Commercial pass-through securities			—						137,599						—						137,599
Total mortgage-backed securities			—						497,110						—						497,110
Total securities available for sale			$	—					$	1,144,175					$	—					$	1,144,175
Interest rate contracts			$	—					$	44,120					$	—					$	44,120
Total assets			$	—					$	1,188,295					$	—					$	1,188,295
Liabilities:
Interest rate contracts			$	—					$	3,448					$	—					$	3,448
Total liabilities			$	—					$	3,448					$	—					$	3,448

			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:
Obligations of state and political subdivisions			$	—					$	—					$	—					$	—
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:
Collateralized mortgage obligations			—						—						—						—
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 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, 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:
Multi-family mortgage			$	—					$	—					$	1,904					$	1,904
Total			$	—					$	—					$	1,904					$	1,904
Other real estate owned, net:
Nonresidential			$	—					$	—					$	11,982					$	11,982
Total			$	—					$	—					$	11,982					$	11,982

			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 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, 2023
			Fair Value						Valuation Techniques						Unobservable Input						Range						Weighted Average
			(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage			$	1,904					Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			12.73%						12.73		%
Total			$	1,904
Other real estate owned, net:
Nonresidential			$	11,982					Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			4.00%						4.00		%
Total			$	11,982

			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% - 9%						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 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, 2023 and June 30, 2023:

			December 31, 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			$	73,860					$	73,860					$	73,860					$	—					$	—
Investment securities available for sale			1,144,175						1,144,175						—						1,144,175						—
Investment securities held to maturity			141,959						127,877						—						127,877						—
Loans held-for-sale			14,030						14,117						—						14,117						—
Net loans receivable			5,700,762						5,211,713						—						—						5,211,713
FHLB Stock			83,372						—						—						—						—
Interest receivable			30,258						30,258						18						9,729						20,511
Interest rate contracts			44,120						44,120						—						44,120						—
Financial liabilities:
Deposits other than certificates of deposits			3,577,574						3,577,574						3,577,574						—						—
Certificates of deposits			1,742,056						1,729,407						—						—						1,729,407
Borrowings			1,667,055						1,663,644						—						—						1,663,644
Interest payable on deposits			6,177						6,177						3,134						—						3,043
Interest payable on borrowings			5,637						5,637						—						—						5,637
Interest rate contracts			3,448						3,448						—						3,448						—

			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 other than certificates of 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration