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.