FAIR VALUE (Tables)

3 Months Ended

Sep. 30, 2022

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
			September 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	$	395,660	$	395,660	$	—	$	—
Municipal obligations		117,646		—		117,646		—
Other debt securities		564		—		564
Total debt securities		513,870		395,660		118,210		—
Equity securities		2,000		2,000		—		—
Derivative assets		1,271		—		1,271		—
Total	$	517,141	$	397,660	$	119,481	$	—
Liabilities:
Derivative liabilities	$	23,045	$	—	$	23,045	$	—
Total	$	23,045	$	—	$	23,045	$	—

			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	$	—

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)
September 30, 2022
Impaired loans:
Commercial loans	$	538	$	—	$	—	$	538
June 30, 2022
Impaired loans:
Commercial loans	$	559	$	—	$	—	$	559

Schedule of measurement inputs and valuation technique

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)
September 30, 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.

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):

	September 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	$	402,869	$	402,869	$	402,869	$	—	$	—
Securities available for sale		513,870		513,870		395,660		118,210		—
Securities held to maturity		23,849		21,671		—		21,671		—
Equity securities		2,000		2,000		2,000		—		—
FHLBNY stock		1,126		1,126		—		1,126		—
Net loans receivable		1,019,636		969,493		—		—		969,493
Accrued interest receivable		5,895		5,895		—		5,895		—
Derivative assets		1,271		1,271		—		1,271		—
Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,709,862	$	1,709,862	$	—	$	1,709,862	$	—
Time deposits		69,160		66,656		—		66,656		—
Mortgagors’ escrow deposits		2,692		2,692		—		2,692		—
Accrued interest payable		33		33		—		33		—
Derivative liabilities		23,045		23,045		—		23,045		—

	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		—