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FAIR VALUE (Tables) | 6 Months Ended
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Dec. 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
​ | ​ | ​ | ​ | ​ | December 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 | ​ | $ | 391,920 | ​ | $ | 391,920 | ​ | $ | — | ​ | $ | —
Municipal obligations | ​ |  | 115,160 | ​ |  | — | ​ |  | 115,160 | ​ |  | —
Other debt securities | ​ | ​ | 531 | ​ | ​ | — | ​ | ​ | 531 | ​ | ​ | ​
Total debt securities | ​ |  | 507,611 | ​ |  | 391,920 | ​ |  | 115,691 | ​ |  | —
Equity securities | ​ | ​ | 2,267 | ​ | ​ | 2,267 | ​ | ​ | — | ​ | ​ | —
Derivative assets | ​ |  | 99 | ​ |  | — | ​ |  | 99 | ​ |  | —
Total | ​ | $ | 509,977 | ​ | $ | 394,187 | ​ | $ | 115,790 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative liabilities | ​ | $ | 19,155 | ​ | $ | — | ​ | $ | 19,155 | ​ | $ | —
Total | ​ | $ | 19,155 | ​ | $ | — | ​ | $ | 19,155 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at
​ | ​ | ​ | ​ | ​ | June 30, 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 | ​ | $ | 365,846 | ​ | $ | 365,846 | ​ | $ | — | ​ | $ | —
Municipal obligations | ​ |  | 115,353 | ​ |  | — | ​ |  | 115,353 | ​ |  | —
Other debt securities | ​ | ​ | 591 | ​ | ​ | — | ​ | ​ | 591 | ​ | ​ | ​
Total debt securities | ​ |  | 481,790 | ​ |  | 365,846 | ​ |  | 115,944 | ​ |  | —
Equity securities | ​ | ​ | 2,039 | ​ | ​ | 2,039 | ​ | ​ | — | ​ | ​ | —
Derivative assets | ​ |  | 217 | ​ |  | — | ​ |  | 217 | ​ |  | —
Total | ​ | $ | 484,046 | ​ | $ | 367,885 | ​ | $ | 116,161 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivative liabilities | ​ | $ | 12,813 | ​ | $ | — | ​ | $ | 12,813 | ​ | $ | —
Total | ​ | $ | 12,813 | ​ | $ | — | ​ | $ | 12,813 | ​ | $ | —
​
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, 2022 | ​ | ​ | ​ | ​ |  |  |  | ​ |  |  | ​ |
Impaired loans: | ​ | ​ | ​ | ​ |  |  |  | ​ |  |  | ​ |
Commercial loans | ​ | $ | 538 | ​ | $ | — | ​ | $ | — | ​ | $ | 538
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial loans | ​ | $ | 559 | ​ | $ | — | ​ | $ | — | ​ | $ | 559
​
Schedule of measurement inputs and valuation technique | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | Significant Unobservable
​ | ​ | ​ | ​ | ​ | Valuation | ​ | Unobservable | ​ | Input Range
​ |  | Fair Value |  | Technique |  | Inputs |  | (Weighted Average)
December 31, 2022 | ​ | ​ | ​ | ​ |  |  |  | ​ |  |  | ​ |
Impaired loans: | ​ | ​ | ​ | ​ |  |  |  | ​ |  |  | ​ |
Commercial loans | ​ | $ | 538 | ​ | ​ | Appraisal of collateral (1) | ​ | ​ | Liquidation expense (2) | ​ | ​ | 11.0%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial loans | ​ | $ | 559 | ​ | ​ | Appraisal of collateral (1) | ​ | ​ | Liquidation expense (2) | ​ | ​ | 11.0%
(1) | Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.
(2) | Estimated selling costs.
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, 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 | ​ | $ | 147,318 | ​ | $ | 147,318 | ​ | $ | 147,318 | ​ | $ | — | ​ | $ | —
Securities available for sale | ​ |  | 507,611 | ​ | ​ | 507,611 | ​ | ​ | 391,920 | ​ |  | 115,691 | ​ | ​ | —
Securities held to maturity | ​ |  | 24,296 | ​ |  | 22,236 | ​ | ​ | — | ​ | ​ | 22,236 | ​ | ​ | —
Equity securities | ​ | ​ | 2,267 | ​ | ​ | 2,267 | ​ | ​ | 2,267 | ​ | ​ | — | ​ | ​ | —
FHLBNY stock | ​ |  | 1,051 | ​ |  | 1,051 | ​ | ​ | — | ​ | ​ | 1,051 | ​ | ​ | —
Net loans receivable | ​ |  | 1,048,110 | ​ |  | 1,009,277 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,009,277
Accrued interest receivable | ​ |  | 7,520 | ​ |  | 7,520 | ​ | ​ | — | ​ | ​ | 7,520 | ​ | ​ | —
Derivative assets | ​ |  | 99 | ​ |  | 99 | ​ | ​ | — | ​ | ​ | 99 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Savings, money market, and demand accounts | ​ | $ | 1,474,419 | ​ | $ | 1,474,419 | ​ | $ | — | ​ | $ | 1,474,419 | ​ | $ | —
Time deposits | ​ |  | 63,963 | ​ | ​ | 61,484 | ​ | ​ | — | ​ | ​ | 61,484 | ​ | ​ | —
Mortgagors’ escrow deposits | ​ |  | 5,398 | ​ |  | 5,398 | ​ | ​ | — | ​ | ​ | 5,398 | ​ | ​ | —
Accrued interest payable | ​ |  | 40 | ​ |  | 40 | ​ | ​ | — | ​ | ​ | 40 | ​ | ​ | —
Derivative liabilities | ​ |  | 19,155 | ​ | ​ | 19,155 | ​ | ​ | — | ​ | ​ | 19,155 | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 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 | ​ | $ | 376,060 | ​ | $ | 376,060 | ​ | $ | 376,060 | ​ | $ | — | ​ | $ | —
Securities available for sale | ​ |  | 481,790 | ​ |  | 481,790 | ​ | ​ | 365,846 | ​ |  | 115,944 | ​ | ​ | —
Securities held to maturity | ​ |  | 23,952 | ​ |  | 22,467 | ​ | ​ | — | ​ | ​ | 22,467 | ​ | ​ | —
Equity securities | ​ | ​ | 2,039 | ​ | ​ | 2,039 | ​ | ​ | 2,039 | ​ | ​ | — | ​ | ​ | —
FHLBNY stock | ​ |  | 1,091 | ​ |  | 1,091 | ​ | ​ | — | ​ | ​ | 1,091 | ​ | ​ | —
Net loans receivable | ​ |  | 982,566 | ​ |  | 947,332 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 947,332
Accrued interest receivable | ​ |  | 4,623 | ​ |  | 4,623 | ​ | ​ | — | ​ | ​ | 4,623 | ​ | ​ | —
Derivative assets | ​ |  | 217 | ​ |  | 217 | ​ | ​ | — | ​ | ​ | 217 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Savings, money market, and demand accounts | ​ | $ | 1,599,703 | ​ | $ | 1,599,703 | ​ | $ | — | ​ | $ | 1,599,703 | ​ | $ | —
Time deposits | ​ |  | 80,580 | ​ | ​ | 78,646 | ​ | ​ | — | ​ | ​ | 78,646 | ​ | ​ | —
Mortgagors’ escrow deposits | ​ |  | 5,586 | ​ |  | 5,586 | ​ | ​ | — | ​ | ​ | 5,586 | ​ | ​ | —
Accrued interest payable | ​ |  | 27 | ​ |  | 27 | ​ | ​ | — | ​ | ​ | 27 | ​ | ​ | —
Derivative liabilities | ​ |  | 12,813 | ​ | ​ | 12,813 | ​ | ​ | — | ​ | ​ | 12,813 | ​ | ​ | —
​

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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. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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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=123874694&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=123874694&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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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