FAIR VALUE (Tables)

9 Months Ended

Mar. 31, 2020

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
			March 31, 2020 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	$	62,346	$	62,346	$	—	$	—
Mortgage-backed securities - residential		85		—		85		—
Asset-backed securities		105		—		105		—
Collateralized mortgage obligations – residential		655		—		655		—
Municipal obligations		5,772		—		5,772		—
Total debt securities		68,963		62,346		6,617		—
Preferred stocks		4,668		1,872		2,796		—
Total available for sale securities		73,631		64,218		9,413		—
Equity securities		2,884		2,884		—		—
Derivative assets		40,096		—		40,096		—
Total	$	116,611	$	67,102	$	49,509	$	—
Liabilities:
Derivative liabilities	$	34	$	—	$	34	$	—
Total	$	34	$	—	$	34	$	—

			Fair Value Measurements at
			June 30, 2019 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	$	70,867	$	70,867	$	—	$	—
Mortgage-backed securities - residential		112		—		112		—
Asset-backed securities		128		—		128		—
Collateralized mortgage obligations – residential		889		—		889		—
Municipal obligations		14,699		—		14,699		—
Total debt securities		86,695		70,867		15,828		—
Preferred stocks		5,040		1,970		3,070		—
Total available for sale securities		91,735		72,837		18,898		—
Equity securities		3,618		3,618		—		—
Derivative assets		13,462		—		13,462		—
Total	$	108,815	$	76,455	$	32,360	$	—
Liabilities:
Derivative liabilities	$	144	$	—	$	144	$	—
Total	$	144	$	—	$	144	$	—

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)
March 31, 2020
Impaired loans:
Commercial loans	$	2,359	$	—	$	—	$	2,359
OREO		260		—		—		260
June 30, 2019
Impaired loans:
Commercial loans	$	840	$	—	$	—	$	840
OREO		158		—		—		158

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):

	March 31, 2020
						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	$	190,201	$	190,201	$	190,201	$	—	$	—
Securities available for sale		73,631		73,631		64,218		9,413		—
Securities held to maturity		4,139		4,182		—		4,182		—
Equity securities		2,884		2,884		2,884		—		—
FHLBNY stock		1,824		1,824		—		1,824		—
Net loans receivable		1,101,997		1,127,223		—		—		1,127,223
Accrued interest receivable		4,026		4,026		—		4,026		—
Derivatives		40,096		40,096		—		40,096		—
Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,114,187	$	1,114,187	$	—	$	1,114,187	$	—
Time deposits		123,488		124,826		—		124,826		—
Mortgagors’ escrow deposits		3,705		3,705		—		3,705		—
FHLB advances		20,000		20,000		—		20,000		—
Accrued interest payable		191		191		—		191		—
Derivatives		34		34		—		34		—

	June 30, 2019
						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	$	230,109	$	230,109	$	230,109	$	—	$	—
Securities available for sale		91,735		91,735		72,837		18,898		—
Securities held to maturity		3,873		3,887		—		3,887		—
Equity securities		3,618		3,618		3,618		—		—
FHLBNY stock		924		924		—		924		—
Net loans receivable		1,053,938		1,065,328		—		—		1,065,328
Accrued interest receivable		4,374		4,374		—		4,374		—
Derivatives		13,462		13,462		—		13,462		—
Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,200,753	$	1,200,753	$	—	$	1,200,753	$	—
Time deposits		130,565		130,680		—		130,680		—
Mortgagors’ escrow deposits		6,044		6,044		—		6,044		—
Accrued interest payable		17		17		—		17		—
Derivatives		144		144		—		144		—