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Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2020

Schedule of Assets Measured At Fair Value on a Recurring Basis

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

	December 31, 2020
	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		-		47,763		-		47,763
Asset-backed securities		-		255,407		-		255,407
Collateralized loan obligations		-		196,685		-		196,685
Corporate bonds		-		167,168		-		167,168
Trust preferred securities		-		2,866		-		2,866
Total debt securities		-		669,889		-		669,889

Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		20,510		-		20,510
Residential pass-through securities		-		705,991		-		705,991
Commercial pass-through securities		-		299,503		-		299,503
Total mortgage-backed securities		-		1,026,004		-		1,026,004
Total securities available for sale	$	-	$	1,695,893	$	-	$	1,695,893
Interest rate contracts		-		216		-		216

Total assets	$	-	$	1,696,109	$	-	$	1,696,109

Liabilities:
Interest rate contracts	$	-	$	12,293	$	-	$	12,293
Total liabilities	$	-	$	12,293	$	-	$	12,293

	June 30, 2020
	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		-		54,054		-		54,054
Asset-backed securities		-		172,447		-		172,447
Collateralized loan obligations		-		193,788		-		193,788
Corporate bonds		-		143,639		-		143,639
Trust preferred securities		-		2,627		-		2,627
Total debt securities		-		566,555		-		566,555

Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		30,903		-		30,903
Residential pass-through securities		-		561,954		-		561,954
Commercial pass-through securities		-		226,291		-		226,291
Total mortgage-backed securities		-		819,148		-		819,148
Total securities available for sale		-		1,385,703		-		1,385,703
Interest rate contracts		-		235		-		235

Total assets	$	-	$	1,385,938	$	-	$	1,385,938

Liabilities:
Interest rate contracts	$	-	$	18,177	$	-	$	18,177
Total liabilities	$	-	$	18,177	$	-	$	18,177

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:

	December 31, 2020
	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	$	-	$	-	$	1,900	$	1,900
Non-residential mortgage		-		-		3,375		3,375
Total	$	-	$	-	$	5,275	$	5,275

Other real estate owned, net:
Residential mortgage	$	-	$	-	$	178	$	178
Total	$	-	$	-	$	178	$	178

	June 30, 2020
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Impaired loans:
Residential mortgage	$	-	$	-	$	2,339	$	2,339
Non-residential mortgage		-		-		2,282		2,282
Commercial business		-		-		129		129
Total	$	-	$	-	$	4,750	$	4,750

Other real estate owned, net:
Residential mortgage		-		-		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:

	December 31, 2020
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(In Thousands)
Collateral dependent loans:
Residential mortgage	$	1,900	Market valuation of underlying collateral	⁽¹⁾	Adjustments to reflect current conditions/selling costs	⁽²⁾	7% - 11%		8.50	%
Non-residential mortgage		3,375	Market valuation of underlying collateral	⁽¹⁾	Adjustments to reflect current conditions/selling costs	⁽²⁾	9% - 11%		9.93	%
Total	$	5,275

Other real estate owned, net:
Residential mortgage	$	178	Market valuation of underlying collateral	⁽³⁾	Adjustments to reflect current conditions/selling costs	⁽²⁾	6.00%		6.00	%
Total	$	178

	June 30, 2020
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(In Thousands)
Impaired loans:
Residential mortgage	$	2,339	Market valuation of underlying collateral	⁽¹⁾	Adjustments to reflect current conditions/selling costs	⁽²⁾	7% - 9%		8.17	%
Non-residential mortgage		2,282	Market valuation of underlying collateral	⁽¹⁾	Adjustments to reflect current conditions/selling costs	⁽²⁾	9% - 12%		10.27	%
Commercial business		129	Market valuation of underlying collateral	⁽¹⁾	Adjustments to reflect current conditions/selling costs	⁽²⁾	0% - 0%		0.00	%
Total	$	4,750

Other real estate owned, net:
Residential mortgage		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 impaired 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 impaired 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 basis 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 December 31, 2020 and June 30, 2020:

	December 31, 2020
	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	$	129,694	$	129,694	$	129,694	$	-	$	-
Investment securities available for sale		1,695,893		1,695,893		-		1,695,893		-
Investment securities held to maturity		29,549		31,063		-		31,063		-
Loans held-for-sale		12,601		13,129		-		13,129		-
Net loans receivable		4,765,248		4,808,589		-		-		4,808,589
FHLB Stock		45,578		-		-		-		-
Interest receivable		19,826		19,826		-		4,301		15,525
Interest rate contracts		216		216		-		216		-

Financial liabilities:
Deposits		5,312,613		5,325,183		3,346,649		-		1,978,534
Borrowings		865,651		899,960		-		-		899,960
Interest payable on deposits		327		327		190		-		137
Interest payable on borrowings		1,554		1,554		-		-		1,554
Interest rate contracts		12,293		12,293		-		12,293		-

	June 30, 2020
	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	$	180,967	$	180,967	$	180,967	$	-	$	-
Investment securities available for sale		1,385,703		1,385,703		-		1,385,703		-
Investment securities held to maturity		32,556		34,069		-		34,069		-
Loans held-for-sale		20,789		21,550		-		21,550		-
Net loans receivable		4,461,070		4,462,232		-		-		4,462,232
FHLB Stock		58,654		-		-		-		-
Interest receivable		17,373		17,373		4		4,154		13,215
Interest rate contracts		235		235		-		235		-

Financial liabilities:
Deposits		4,430,282		4,449,877		2,589,886		-		1,859,991
Borrowings		1,173,165		1,215,529		-		-		1,215,529
Interest payable on deposits		395		395		295		-		100
Interest payable on borrowings		1,723		1,723		-		-		1,723
Interest rate contracts		18,177		18,177		-		18,177		-