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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Mar. 31, 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:

			March 31, 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			$	—					$	86,360					$	—					$	86,360
Collateralized loan obligations			—						406,695						—						406,695
Corporate bonds			—						125,081						—						125,081
Total debt securities			—						618,136						—						618,136
Mortgage-backed securities available for sale:
Residential pass-through securities			—						344,972						—						344,972
Commercial pass-through securities			—						135,547						—						135,547
Total mortgage-backed securities			—						480,519						—						480,519
Total securities available for sale			$	—					$	1,098,655					$	—					$	1,098,655
Interest rate contracts			$	—					$	55,794					$	—					$	55,794
Total assets			$	—					$	1,154,449					$	—					$	1,154,449

			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 Measured at Fair Value on a Non-recurring Basis

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

			March 31, 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
Total			$	—					$	—					$	1,896					$	1,896

			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:

			March 31, 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)			13.09%						13.09		%
Total			$	1,896

			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 March 31, 2024 and June 30, 2023:

			March 31, 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			$	71,027					$	71,027					$	71,027					$	—					$	—
Investment securities available for sale			1,098,655						1,098,655						—						1,098,655						—
Investment securities held to maturity			139,643						123,576						—						123,576						—
Loans held-for-sale			4,117						4,159						—						4,159						—
Net loans receivable			5,713,406						5,150,589						—						—						5,150,589
FHLB Stock			81,347						—						—						—						—
Interest receivable			31,065						31,065						28						10,318						20,719
Interest rate contracts			55,794						55,794						—						55,794						—
Financial liabilities:
Deposits other than certificates of deposits			3,565,577						3,565,577						3,565,577						—						—
Certificates of deposits			1,643,473						1,632,554						—						—						1,632,554
Borrowings			1,722,178						1,716,261						—						—						1,716,261
Interest payable on deposits			5,849						5,849						3,611						—						2,238
Interest payable on borrowings			6,727						6,727						—						—						6,727

			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

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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).

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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).

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