XML 59 R45.htm IDEA: XBRL DOCUMENT v3.25.0.1
FAIR VALUE (Tables)
6 Months Ended
Dec. 31, 2024
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, 2024 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. Treasury

$

216,706

$

216,706

$

$

Mortgage-backed securities:

U.S. Government agency securities

19,328

19,328

Government-sponsored enterprises

16,889

16,889

Collateralized mortgage obligations:

U.S. Government agency securities

17,548

17,548

Government-sponsored enterprises

33,241

33,241

Municipal obligations

 

17,825

 

 

17,825

 

Total available for sale securities

 

321,537

 

216,706

 

104,831

 

Derivative assets (1)

 

13,735

 

 

13,735

 

Total

$

335,272

$

216,706

$

118,566

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative liabilities (1)

$

13,735

$

$

13,735

$

Total

$

13,735

$

$

13,735

$

Fair Value Measurements at

June 30, 2024 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. Treasury

$

243,549

$

243,549

$

$

Municipal obligations

 

13,416

 

 

13,416

 

Other debt securities

444

444

Total available for sale securities

 

257,409

 

243,549

 

13,860

 

Derivative assets (1)

 

16,781

 

 

16,781

 

Total

$

274,190

$

243,549

$

30,641

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative liabilities (1)

$

16,781

$

$

16,781

$

Total

$

16,781

$

$

16,781

$

Fair Value Measurements at

June 30, 2023 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. Treasury

$

377,729

$

377,729

$

$

Municipal obligations

 

53,434

 

 

53,434

 

Other debt securities

504

504

Total available for sale securities

 

431,667

 

377,729

 

53,938

 

Equity securities

2,413

2,413

Derivative assets (1)

 

18,844

 

 

18,844

 

Total

$

452,924

$

380,142

$

72,782

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative liabilities (1)

$

18,844

$

$

18,844

$

Total

$

18,844

$

$

18,844

$

(1)Additional information regarding the impact of offsetting cash collateral can be found in Note 6 – Derivatives.
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, 2024

 

  

 

  

 

  

Individually evaluated loans:

 

  

 

  

 

  

Commercial loans

$

$

$

$

OREO

 

 

 

 

June 30, 2024

Individually evaluated loans:

Commercial loans

$

539

$

$

$

539

OREO

153

 

 

 

153

June 30, 2023

Impaired loans:

Commercial loans

$

539

$

$

$

539

OREO

 

 

 

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, 2024

 

  

 

  

 

  

Individually evaluated loans:

 

  

 

  

 

  

Commercial loans

$

OREO

 

 

June 30, 2024

Individually evaluated loans:

Commercial loans

$

539

Appraisal of collateral (1)

Liquidation expense (2)

11.0%

OREO

153

 

Appraisal of collateral (1)

 

Liquidation expense (2)

 

10.0%

June 30, 2023

Impaired loans:

Commercial loans

$

539

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 as of the dates indicated were as follows (dollars in thousands):

December 31, 2024

Fair Value Measurements Using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

    

Carrying

    

Estimated

    

Identical Assets

Inputs

Inputs

Amount

Fair Value

(Level 1)

(Level 2)

(Level 3)

Financial assets

 

  

 

 

 

  

 

  

  

Cash and cash equivalents

$

96,521

$

96,521

$

96,521

$

$

Securities available for sale

 

321,537

321,537

216,706

 

104,831

Securities held to maturity

 

25,400

 

22,457

22,457

FHLBNY and FRBNY stock

 

5,283

 

5,283

5,283

Net loans receivable

 

1,434,575

 

1,373,719

1,373,719

Accrued interest receivable

 

7,937

 

7,937

7,937

Derivative assets (1)

 

13,735

13,735

13,735

Financial liabilities

 

  

 

Deposits

 

 

Savings, money market, and demand accounts

$

1,411,385

$

1,411,385

$

$

1,411,385

$

Time deposits

 

174,798

173,881

173,881

Mortgagors’ escrow deposits

 

8,097

 

8,097

8,097

FHLB advances

40,000

39,995

39,995

Accrued interest payable

 

143

 

143

143

Derivative liabilities (1)

 

13,735

13,735

13,735

June 30, 2024

Fair Value Measurements Using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Estimated

Identical Assets

Inputs

Inputs

    

Amount

    

Fair Value

    

(Level 1)

(Level 2)

(Level 3)

Financial assets

 

  

 

  

 

 

Cash and cash equivalents

$

165,190

$

165,190

$

165,190

$

$

Securities available for sale

 

257,409

257,409

243,549

 

13,860

Securities held to maturity

 

25,090

 

22,437

22,437

FHLBNY and FRBNY stock

 

3,546

 

3,546

3,546

Net loans receivable

 

1,344,069

 

1,293,472

1,293,472

Accrued interest receivable

 

7,559

 

7,559

7,559

Derivative assets (1)

 

16,781

16,781

16,781

Financial liabilities

 

  

 

  

Deposits

 

  

 

  

Savings, money market, and demand accounts

$

1,383,222

$

1,383,222

$

$

1,383,222

$

Time deposits

 

167,030

165,420

165,420

Mortgagors’ escrow deposits

 

9,701

 

9,701

9,701

Accrued interest payable

 

137

 

137

137

Derivative liabilities (1)

 

16,781

16,781

16,781

June 30, 2023

Fair Value Measurements Using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Estimated

Identical Assets

Inputs

Inputs

    

Amount

    

Fair Value

    

(Level 1)

(Level 2)

(Level 3)

Financial assets

 

  

 

  

 

 

Cash and cash equivalents

$

150,478

$

150,478

$

150,478

$

$

Securities available for sale

 

431,667

431,667

377,729

 

53,938

Securities held to maturity

 

23,949

 

21,744

21,744

Equity securities

2,413

2,413

2,413

FHLBNY and FRBNY stock

 

1,196

 

1,196

1,196

Net loans receivable

 

1,144,169

 

1,095,366

1,095,366

Accrued interest receivable

 

7,194

 

7,194

7,194

Derivative assets (1)

 

18,844

18,844

18,844

Financial liabilities

 

  

 

  

Deposits

 

  

 

  

Savings, money market, and demand accounts

$

1,424,874

$

1,424,874

$

$

1,424,874

$

Time deposits

 

116,977

114,596

114,596

Mortgagors’ escrow deposits

 

7,888

 

7,888

7,888

Accrued interest payable

 

84

 

84

84

Derivative liabilities (1)

 

18,844

18,844

18,844

(1)Additional information regarding the impact of offsetting cash collateral can be found in Note 6 – Derivatives.