XML 39 R30.htm IDEA: XBRL DOCUMENT v3.22.4
FAIR VALUE (Tables)
6 Months Ended
Dec. 31, 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

​

​

​

​

​

December 31, 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

​

$

391,920

​

$

391,920

​

$

—

​

$

—

Municipal obligations

​

 

115,160

​

 

—

​

 

115,160

​

 

—

Other debt securities

​

​

531

​

​

—

​

​

531

​

​

​

Total debt securities

​

 

507,611

​

 

391,920

​

 

115,691

​

 

—

Equity securities

​

​

2,267

​

​

2,267

​

​

—

​

​

—

Derivative assets

​

 

99

​

 

—

​

 

99

​

 

—

Total

​

$

509,977

​

$

394,187

​

$

115,790

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Derivative liabilities

​

$

19,155

​

$

—

​

$

19,155

​

$

—

Total

​

$

19,155

​

$

—

​

$

19,155

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

December 31, 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)

December 31, 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 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

​

$

147,318

​

$

147,318

​

$

147,318

​

$

—

​

$

—

Securities available for sale

​

 

507,611

​

​

507,611

​

​

391,920

​

 

115,691

​

​

—

Securities held to maturity

​

 

24,296

​

 

22,236

​

​

—

​

​

22,236

​

​

—

Equity securities

​

​

2,267

​

​

2,267

​

​

2,267

​

​

—

​

​

—

FHLBNY stock

​

 

1,051

​

 

1,051

​

​

—

​

​

1,051

​

​

—

Net loans receivable

​

 

1,048,110

​

 

1,009,277

​

​

—

​

​

—

​

​

1,009,277

Accrued interest receivable

​

 

7,520

​

 

7,520

​

​

—

​

​

7,520

​

​

—

Derivative assets

​

 

99

​

 

99

​

​

—

​

​

99

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

Deposits

​

 

  

​

 

  

​

​

​

​

​

​

​

​

​

Savings, money market, and demand accounts

​

$

1,474,419

​

$

1,474,419

​

$

—

​

$

1,474,419

​

$

—

Time deposits

​

 

63,963

​

​

61,484

​

​

—

​

​

61,484

​

​

—

Mortgagors’ escrow deposits

​

 

5,398

​

 

5,398

​

​

—

​

​

5,398

​

​

—

Accrued interest payable

​

 

40

​

 

40

​

​

—

​

​

40

​

​

—

Derivative liabilities

​

 

19,155

​

​

19,155

​

​

—

​

​

19,155

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

—

​