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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Sep. 30, 2024

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:

			September 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			$	—					$	74,091					$	—					$	74,091
Collateralized loan obligations			—						378,333						—						378,333
Corporate bonds			—						132,974						—						132,974
Total debt securities			—						585,398						—						585,398
Mortgage-backed securities available for sale:
Residential pass-through securities			—						347,851						—						347,851
Commercial pass-through securities			—						137,562						—						137,562
Total mortgage-backed securities			—						485,413						—						485,413
Total securities available for sale			$	—					$	1,070,811					$	—					$	1,070,811
Interest rate contracts			$	—					$	23,331					$	—					$	23,331
Total assets			$	—					$	1,094,142					$	—					$	1,094,142
Liabilities:
Interest rate contracts			$	—					$	9,136					$	—					$	9,136
Total liabilities			$	—					$	9,136					$	—					$	9,136

			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

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:

			September 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			—						—						5,028						5,028
Total			$	—					$	—					$	6,924					$	6,924

			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

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:

			September 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)			13.37%						13.37		%
Nonresidential mortgage			5,028						Market valuation of underlying collateral			(1)			Adjustments to reflect current conditions/selling costs			(2)			8.64%						8.64		%
Total			$	6,924

			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

___________________________________

(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 is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees.

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 September 30, 2024 and June 30, 2024:

			September 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			$	155,574					$	155,574					$	155,574					$	—					$	—
Investment securities available for sale			1,070,811						1,070,811						—						1,070,811						—
Investment securities held to maturity			132,256						120,725						—						120,725						—
Loans held-for-sale			8,866						9,046						—						9,046						—
Net loans receivable			5,739,323						5,289,412						—						—						5,289,412
FHLB Stock			57,706						—						—						—						—
Interest receivable			29,467						29,467						32						8,896						20,539
Interest rate contracts			23,331						23,331						—						23,331						—
Financial liabilities:
Deposits other than certificates of deposits			3,521,493						3,521,493						3,521,493						—						—
Certificates of deposits			1,949,019						1,945,367						—						—						1,945,367
Borrowings			1,479,888						1,481,326						—						—						1,481,326
Interest payable on deposits			7,493						7,493						3,286						—						4,207
Interest payable on borrowings			7,578						7,578						—						—						7,578
Interest rate contracts			9,136						9,136						—						9,136						—

			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 other than certificates of 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

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