XML 28 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

FAIR VALUE | 6 Months Ended
--- | ---
Dec. 31, 2022
FAIR VALUE |
FAIR VALUE | 11.FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). The fair value of derivatives are classified as a component of other assets and other liabilities on the consolidated statements of condition. The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned (“OREO”) are measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Assets and Liabilities Measured 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 | ​ | $ | —
​ ​ Assets and Liabilities Measured 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
​ Impaired loans, which are assets measured at fair value on a non-recurring basis, using the fair value of collateral for collateral dependent loans, had a carrying amount of $702,000 with a valuation allowance of $162,000 resulting in an estimated fair value of $538,000 as of December 31, 2022. Impaired loans, which are assets measured at fair value on a non-recurring basis, using the fair value of collateral for collateral dependent loans, had a carrying amount of $759,000 with a valuation allowance of $200,000 resulting in an estimated fair value of $559,000 as of June 30, 2022. The Company had no other real estate owned at December 31, 2022 or June 30, 2022. 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.
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 | ​ | ​ | —
​ Short-Term Financial Instruments The fair value of certain financial instruments are estimated to approximate their carrying amounts because the remaining term to maturity or period to repricing of the financial instrument is less than ninety days. Such financial instruments include cash and cash equivalents, accrued interest receivable and payable, and mortgagor’s escrow deposits. Securities Fair values of securities available for sale, securities held to maturity and equity securities are determined as outlined earlier in this footnote. FHLBNY Stock The fair value of FHLB stock approximates its carrying value due to transferability restrictions. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including residential real estate, commercial real estate, and consumer loans and whether the interest rates are fixed and/or variable. The estimated fair values of performing loans is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the respective loan portfolio. Estimated fair values for nonperforming loans are based on estimated cash flows discounted using a rate commensurate with the credit risk involved. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information. Derivatives Fair values of derivative assets and liabilities are determined as outlined earlier in this footnote. Deposits The estimated fair value of deposits with no stated maturity, such as savings, money market and demand deposits, is regarded to be the amount payable on demand. The estimated fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using market rates for time deposits with similar maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the deposits as compared to the cost of borrowing funds in the market. ​

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration