Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured At Fair Value on a Recurring Basis

Those assets measured at fair value on a recurring basis are summarized below:

	March 31, 2022
	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:
Obligations of state and political subdivisions	$	-	$	31,078	$	-	$	31,078
Asset-backed securities		-		229,584		-		229,584
Collateralized loan obligations		-		311,620		-		311,620
Corporate bonds		-		153,495		-		153,495
Total debt securities		-		725,777		-		725,777
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		7,996		-		7,996
Residential pass-through securities		-		570,150		-		570,150
Commercial pass-through securities		-		222,163		-		222,163
Total mortgage-backed securities		-		800,309		-		800,309
Total securities available for sale	$	-	$	1,526,086	$	-	$	1,526,086
Interest rate contracts	$	-	$	34,007	$	-	$	34,007
Total assets	$	-	$	1,560,093	$	-	$	1,560,093

	June 30, 2021
	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:
Obligations of state and political subdivisions	$	-	$	34,603	$	-	$	34,603
Asset-backed securities		-		242,989		-		242,989
Collateralized loan obligations		-		189,880		-		189,880
Corporate bonds		-		158,351		-		158,351
Total debt securities		-		625,823		-		625,823
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		13,739		-		13,739
Residential pass-through securities		-		744,491		-		744,491
Commercial pass-through securities		-		292,811		-		292,811
Total mortgage-backed securities		-		1,051,041		-		1,051,041
Total securities available for sale	$	-	$	1,676,864	$	-	$	1,676,864
Interest rate contracts	$	-	$	1,832	$	-	$	1,832
Total assets	$	-	$	1,678,696	$	-	$	1,678,696
Liabilities:
Interest rate contracts	$	-	$	673	$	-	$	673
Total liabilities	$	-	$	673	$	-	$	673

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:

	March 31, 2022
	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:
Residential mortgage	$	-	$	-	$	2,239	$	2,239
Multi-family mortgage		-		-		4,558		4,558
Nonresidential mortgage		-		-		5,799		5,799
Total	$	-	$	-	$	12,596	$	12,596
Other real estate owned, net:
Residential	$	-	$	-	$	401	$	401
Total	$	-	$	-	$	401	$	401

	June 30, 2021
	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:
Residential mortgage	$	-	$	-	$	3,051	$	3,051
Multi-family mortgage						6,932		6,932
Nonresidential mortgage		-		-		8,679		8,679
Total	$	-	$	-	$	18,662	$	18,662
Other real estate owned, net:
Residential	$	-	$	-	$	178	$	178
Total	$	-	$	-	$	178	$	178

Schedule of Quantitative Information about Level 3 Fair Value Measurements

The following table presents 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:

	March 31, 2022
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	2,239	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 14%		10.39	%
Multi-family mortgage		4,558	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.60	%
Nonresidential mortgage		5,799	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 19%		14.97	%
Total	$	12,596
Other real estate owned, net:
Residential	$	401	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	5% - 6%		5.44	%
Total	$	401

	June 30, 2021
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	3,051	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 13%		9.77	%
Multi-family mortgage		6,932	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.39	%
Nonresidential mortgage		8,679	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 16%		14.48	%
Total	$	18,662
Other real estate owned, net:
Residential	$	178	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	6.00%		6.00	%
Total	$	178

(1)The fair value of collateral dependent individually analyzed 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 individually analyzed loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees.

(3)The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price.

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 March 31, 2022 and June 30, 2021:

	March 31, 2022
	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	$	62,379	$	62,379	$	62,379	$	-	$	-
Investment securities available for sale		1,526,086		1,526,086		-		1,526,086		-
Investment securities held to maturity		121,853		117,017		-		117,017		-
Loans held-for-sale		2,822		2,759		-		2,759		-
Net loans receivable		4,959,341		4,877,212		-		-		4,877,212
FHLB Stock		30,997		-		-		-		-
Interest receivable		19,517		19,517		3		5,311		14,203
Interest rate contracts		34,007		34,007		-		34,007		-
Financial liabilities:
Deposits		5,528,662		5,515,560		3,865,416		-		1,650,144
Borrowings		851,220		853,824		-		-		853,824
Interest payable on deposits		164		164		79		-		85
Interest payable on borrowings		1,365		1,365		-		-		1,365

	June 30, 2021
	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	$	67,855	$	67,855	$	67,855	$	-	$	-
Investment securities available for sale		1,676,864		1,676,864		-		1,676,864		-
Investment securities held to maturity		38,138		39,610		-		39,610		-
Loans held-for-sale		16,492		16,934		-		16,934		-
Net loans receivable		4,793,229		4,830,136		-		-		4,830,136
FHLB Stock		36,615		-		-		-		-
Interest receivable		19,362		19,362		1		4,238		15,123
Interest rate contracts		1,832		1,832		-		1,832		-
Financial liabilities:
Deposits		5,485,306		5,490,923		3,607,560		-		1,883,363
Borrowings		685,876		701,419		-		-		701,419
Interest payable on deposits		145		145		96		-		49
Interest payable on borrowings		1,335		1,335		-		-		1,335
Interest rate contracts		673		673		-		673		-