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FAIR VALUE (Tables)

9 Months Ended

Mar. 31, 2022

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
					March 31, 2022 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		$	327,261		$	327,261		$	—		$	—
Municipal obligations			89,839			—			89,839			—
Other debt securities			643			—			643
Total debt securities			417,743			327,261			90,482			—
Equity securities			2,220			2,220			—			—
Derivative assets			4,123			—			4,123			—
Total		$	424,086		$	329,481		$	94,605		$	—

Liabilities:
Derivative liabilities		$	6,597		$	—		$	6,597		$	—
Total		$	6,597		$	—		$	6,597		$	—


					Fair Value Measurements at
					June 30, 2021 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		$	216,041		$	216,041		$	—		$	—
Municipal obligations			47,797			—			47,797			—
Other debt securities			764			—			764
Total debt securities			264,602			216,041			48,561			—
Equity securities			2,879			2,879			—			—
Derivative assets			25,319			—			25,319			—
Total		$	292,800		$	218,920		$	73,880		$	—

Liabilities:
Derivative liabilities		$	637		$	—		$	637		$	—
Total		$	637		$	—		$	637		$	—

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)
March 31, 2022
Impaired loans:
Commercial loans		$	558		$	—		$	—		$	558
OREO			—			—			—			—

June 30, 2021
Impaired loans:
Commercial loans		$	2,675		$	—		$	—		$	2,675
OREO			365			—			—			365

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):


		March 31, 2022
									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		$	464,766		$	464,766		$	464,766		$	—		$	—
Securities available for sale			417,743			417,743			327,261			90,482			—
Securities held to maturity			25,009			23,877			—			23,877			—
Equity securities			2,220			2,220			2,220			—			—
FHLBNY stock			1,153			1,153			—			1,153			—
Net loans receivable			966,792			944,702			—			—			944,702
Accrued interest receivable			4,391			4,391			—			4,391			—
Derivative assets			4,123			4,123			—			4,123			—

Financial liabilities
Deposits
Savings, money market, and demand accounts		$	1,628,655		$	1,628,655		$	—		$	1,628,655		$	—
Time deposits			82,759			81,608			—			81,608			—
Mortgagors’ escrow deposits			3,462			3,462			—			3,462			—
Accrued interest payable			22			22			—			22			—
Derivative liabilities			6,597			6,597			—			6,597			—


		June 30, 2021
									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		$	324,963		$	324,963		$	324,963		$	—		$	—
Securities available for sale			264,602			264,602			216,041			48,561			—
Securities held to maturity			10,878			10,919			—			10,919			—
Equity securities			2,879			2,879			2,879			—			—
FHLBNY stock			1,215			1,215			—			1,215			—
Net loans receivable			1,081,799			1,094,985			—			—			1,094,985
Accrued interest receivable			4,046			4,046			—			4,046			—
Derivative assets			25,319			25,319			—			25,319			—

Financial liabilities
Deposits
Savings, money market, and demand accounts		$	1,436,020		$	1,436,020		$	—		$	1,436,020		$	—
Time deposits			94,876			95,597			—			95,597			—
Mortgagors’ escrow deposits			5,811			5,811			—			5,811			—
Accrued interest payable			24			24			—			24			—
Derivative liabilities			637			637			—			637			—