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FAIR VALUE (Tables) | 6 Months Ended
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Dec. 31, 2020
FAIR VALUE |
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):
|  |  |  |  | Fair Value Measurements at
|  |  |  |  | December 31, 2020 Using
|  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  | Quoted Prices in |  | Other |  | Significant
|  |  |  |  | Active Markets for |  | Observable |  | Unobservable
|  |  |  | Identical Assets |  | Inputs |  | Inputs
|  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 107,315 |  | $ | 107,315 |  | $ | — |  | $ | —
Municipal obligations |  |  | 22,305 |  |  | — |  |  | 22,305 |  |  | —
Other debt securities |  |  | 820 |  |  | — |  |  | 820 |  |  |
Total debt securities |  |  | 130,440 |  |  | 107,315 |  |  | 23,125 |  |  | —
Equity securities |  |  | 2,472 |  |  | 2,472 |  |  | — |  |  | —
Derivative assets |  |  | 36,431 |  |  | — |  |  | 36,431 |  |  | —
Total |  | $ | 169,343 |  | $ | 109,787 |  | $ | 59,556 |  | $ | —
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 419 |  | $ | — |  | $ | 419 |  | $ | —
Total |  | $ | 419 |  | $ | — |  | $ | 419 |  | $ | —
|  |  |  |  | Fair Value Measurements at
|  |  |  |  | June 30, 2020 Using
|  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  | Quoted Prices in |  | Other |  | Significant
|  |  |  |  | Active Markets for |  | Observable |  | Unobservable
|  |  |  | Identical Assets |  | Inputs |  | Inputs
|  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 61,511 |  | $ | 61,511 |  | $ | — |  | $ | —
Municipal obligations |  |  | 13,385 |  |  | — |  |  | 13,385 |  |  | —
Other debt securities |  |  | 872 |  |  | — |  |  | 872 |  |  |
Total debt securities |  |  | 75,768 |  |  | 61,511 |  |  | 14,257 |  |  | —
Equity securities |  |  | 8,533 |  |  | 5,528 |  |  | 3,005 |  |  | —
Derivative assets |  |  | 42,922 |  |  | — |  |  | 42,922 |  |  | —
Total |  | $ | 127,223 |  | $ | 67,039 |  | $ | 60,184 |  | $ | —
Schedule of assets and liabilities measured at fair value on a non-recurring basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands):
|  |  |  |  | Fair Value Measurements Using
|  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  | Quoted Prices in |  | Other |  | Significant
|  |  |  |  | Active Markets for |  | Observable |  | Unobservable
|  |  |  |  | Identical Assets |  | Inputs |  | Inputs
|  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  | $ | 1,268 |  | $ | — |  | $ | — |  | $ | 1,268
OREO |  |  | 161 |  |  | — |  |  | — |  |  | 161
June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  | $ | 775 |  | $ | — |  | $ | — |  | $ | 775
OREO |  |  | 260 |  |  | — |  |  | — |  |  | 260
Schedule of carrying and estimated fair values of financial assets and liabilities | The carrying and estimated fair values of financial assets and liabilities were as follows (dollars in thousands):
|  | December 31, 2020
|  |  |  |  |  |  |  |  | Fair Value Measurements Using
|  |  |  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  |  |  |  | Active Markets |  | Other |  | Significant
|  |  |  | for Identical |  | Observable |  | Unobservable
|  | Carrying |  | Estimated |  | Assets |  | Inputs |  | Inputs
|  | Amount |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 196,005 |  | $ | 196,005 |  | $ | 196,005 |  | $ | — |  | $ | —
Securities available for sale |  |  | 130,440 |  |  | 130,440 |  |  | 107,315 |  |  | 23,125 |  |  | —
Securities held to maturity |  |  | 11,575 |  |  | 11,631 |  |  | — |  |  | 11,631 |  |  | —
Equity securities |  |  | 2,472 |  |  | 2,472 |  |  | 2,472 |  |  | — |  |  | —
FHLBNY stock |  |  | 1,010 |  |  | 1,010 |  |  | — |  |  | 1,010 |  |  | —
Net loans receivable |  |  | 1,111,477 |  |  | 1,141,629 |  |  | — |  |  | — |  |  | 1,141,629
Accrued interest receivable |  |  | 4,152 |  |  | 4,152 |  |  | — |  |  | 4,152 |  |  | —
Derivative assets |  |  | 36,431 |  |  | 36,431 |  |  | — |  |  | 36,431 |  |  | —
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings, money market, and demand accounts |  | $ | 1,222,508 |  | $ | 1,222,508 |  | $ | — |  | $ | 1,222,508 |  | $ | —
Time deposits |  |  | 100,243 |  |  | 101,193 |  |  | — |  |  | 101,193 |  |  | —
Mortgagors’ escrow deposits |  |  | 4,819 |  |  | 4,819 |  |  | — |  |  | 4,819 |  |  | —
Accrued interest payable |  |  | 24 |  |  | 24 |  |  | — |  |  | 24 |  |  | —
Derivative liabilities |  |  | 419 |  |  | 419 |  |  | — |  |  | 419 |  |  | —
|  | June 30, 2020
|  |  |  |  |  |  |  |  | Fair Value Measurements Using
|  |  |  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  |  |  |  | Active Markets |  | Other |  | Significant
|  |  |  | for Identical |  | Observable |  | Unobservable
|  | Carrying |  | Estimated |  | Assets |  | Inputs |  | Inputs
|  | Amount |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 156,903 |  | $ | 156,903 |  | $ | 156,903 |  | $ | — |  | $ | —
Securities available for sale |  |  | 75,768 |  |  | 75,768 |  |  | 61,511 |  |  | 14,257 |  |  | —
Securities held to maturity |  |  | 6,822 |  |  | 6,917 |  |  | — |  |  | 6,917 |  |  | —
Equity securities |  |  | 8,533 |  |  | 8,533 |  |  | 5,528 |  |  | 3,005 |  |  | —
FHLBNY stock |  |  | 1,010 |  |  | 1,010 |  |  | — |  |  | 1,010 |  |  | —
Net loans receivable |  |  | 1,148,399 |  |  | 1,180,002 |  |  | — |  |  | — |  |  | 1,180,002
Accrued interest receivable |  |  | 3,467 |  |  | 3,467 |  |  | — |  |  | 3,467 |  |  | —
Derivative assets |  |  | 42,922 |  |  | 42,922 |  |  | — |  |  | 42,922 |  |  | —
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings, money market, and demand accounts |  | $ | 1,150,591 |  | $ | 1,150,591 |  | $ | — |  | $ | 1,150,591 |  | $ | —
Time deposits |  |  | 119,559 |  |  | 120,921 |  |  | — |  |  | 120,921 |  |  | —
Mortgagors’ escrow deposits |  |  | 6,044 |  |  | 6,044 |  |  | — |  |  | 6,044 |  |  | —
Accrued interest payable |  |  | 35 |  |  | 35 |  |  | — |  |  | 35 |  |  | —

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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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://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=117815213&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 (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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