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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Mar. 31, 2023
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, 2023
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:
Asset-backed securities$— $143,053 $— $143,053 
Collateralized loan obligations— 381,937 — 381,937 
Corporate bonds— 142,454 — 142,454 
Total debt securities— 667,444 — 667,444 
Mortgage-backed securities available for sale:
Residential pass-through securities— 451,241 — 451,241 
Commercial pass-through securities— 148,381 — 148,381 
Total mortgage-backed securities— 599,622 — 599,622 
Total securities available for sale$— $1,267,066 $— $1,267,066 
Interest rate contracts$— $47,816 $— $47,816 
Total assets$— $1,314,882 $— $1,314,882 
Liabilities:
Interest rate contracts$— $7,847 $— $7,847 
Total liabilities$— $7,847 $— $7,847 
June 30, 2022
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions$— $28,435 $— $28,435 
Asset-backed securities— 166,557 — 166,557 
Collateralized loan obligations— 307,813 — 307,813 
Corporate bonds— 153,397 — 153,397 
Total debt securities— 656,202 — 656,202 
Mortgage-backed securities available for sale:
Collateralized mortgage obligations— 7,122 — 7,122 
Residential pass-through securities— 514,758 — 514,758 
Commercial pass-through securities— 166,011 — 166,011 
Total mortgage-backed securities— 687,891 — 687,891 
Total securities available for sale$— $1,344,093 $— $1,344,093 
Interest rate contracts$— $41,223 $— $41,223 
Total assets$— $1,385,316 $— $1,385,316 
Schedule of Assets Measured At Fair Value on a Non-recurring Basis
Those assets measured at fair value on a non-recurring basis are summarized below:
March 31, 2023
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
(In Thousands)
Collateral dependent loans:
Residential mortgage$— $— $449 $449 
Multi-family mortgage— — 7,529 7,529 
Nonresidential mortgage— — 10,962 10,962 
Total$— $— $18,940 $18,940 
Other real estate owned, net:
Residential$— $— $454 $454 
Nonresidential— — 12,956 12,956 
Total$— $— $13,410 $13,410 
June 30, 2022
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
(In Thousands)
Collateral dependent loans:
Residential mortgage$— $— $2,035 $2,035 
Multi-family mortgage— — 7,517 7,517 
Nonresidential mortgage— — 11,479 11,479 
Total$— $— $21,031 $21,031 
Other real estate owned, net:
Residential$— $— $178 $178 
Total$— $— $178 $178 
Schedule of Quantitative Information about Level 3 Fair Value Measurements
The following tables present 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, 2023
Fair
Value
Valuation
Techniques
Unobservable
Input
RangeWeighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage$449 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
6.92%6.92 %
Multi-family mortgage7,529 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
10% - 12%
10.93 %
Nonresidential mortgage10,962 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
9% - 19%
13.95 %
Total$18,940 
Other real estate owned, net:
Residential$454 Market valuation of underlying collateral
(3)
Adjustments to reflect current conditions/selling costs
(2)
6.00%6.00 %
Nonresidential12,956 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
4.00%4.00 %
Total$13,410 
June 30, 2022
Fair
Value
Valuation
Techniques
Unobservable
Input
RangeWeighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage$2,035 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
7% - 10%
8.97 %
Multi-family mortgage7,517 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
10% - 12%
11.06 %
Nonresidential mortgage11,479 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
9% - 18%
12.72 %
Total$21,031 
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 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 loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not 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, 2023 and June 30, 2022:
March 31, 2023
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$194,568 $194,568 $194,568 $— $— 
Investment securities available for sale1,267,066 1,267,066 — 1,267,066 — 
Investment securities held to maturity149,764 136,125 — 136,125 — 
Loans held-for-sale5,401 5,435 — 5,435 — 
Net loans receivable5,917,203 5,489,346 — — 5,489,346 
FHLB Stock76,319 — — — — 
Interest receivable28,794 28,794 40 9,264 19,490 
Interest rate contracts47,816 47,816 — 47,816 — 
Financial liabilities:
Deposits other than certificates of deposits3,715,060 3,715,060 3,715,060 — — 
Certificates of deposits2,088,344 2,055,270 — — 2,055,270 
Borrowings1,611,692 1,608,219 — — 1,608,219 
Interest payable on deposits7,219 7,219 1,997 — 5,222 
Interest payable on borrowings4,187 4,187 — — 4,187 
Interest rate contracts7,847 7,847 — 7,847 — 
June 30, 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$101,615 $101,615 $101,615 $— $— 
Investment securities available for sale1,344,093 1,344,093 — 1,344,093 — 
Investment securities held to maturity118,291 108,118 — 108,118 — 
Loans held-for-sale28,874 28,831 — 28,831 — 
Net loans receivable5,370,787 5,215,079 — — 5,215,079 
FHLB Stock47,144 — — — — 
Interest receivable20,466 20,466 5,210 15,254 
Interest rate contracts41,223 41,223 — 41,223 — 
Financial liabilities:
Deposits other than certificates of deposits3,972,694 3,972,694 3,972,694 — — 
Certificates of deposits1,889,562 1,866,341 — — 1,866,341 
Borrowings901,337 900,505 — — 900,505 
Interest payable on deposits722 722 147 — 575 
Interest payable on borrowings1,611 1,611 — — 1,611