Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-37399 | |
Entity Registrant Name | KEARNY FINANCIAL CORP. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 30-0870244 | |
Entity Address, Address Line One | 120 Passaic Ave. | |
Entity Address, City or Town | Fairfield | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07004 | |
City Area Code | 973 | |
Local Phone Number | 244-4500 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | KRNY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 64,436,995 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001617242 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Assets | ||
Cash and amounts due from depository institutions | $ 16,162 | $ 21,795 |
Interest-bearing deposits in other banks | 54,865 | 48,720 |
Cash and cash equivalents | 71,027 | 70,515 |
Investment securities available for sale (amortized cost of $1,232,173 and $1,383,867, respectively) | 1,098,655 | 1,227,729 |
Investment securities held to maturity (fair value of $123,576 and $131,169, respectively) | 139,643 | 146,465 |
Loans held-for-sale | 4,117 | 9,591 |
Loans receivable | 5,758,336 | 5,829,421 |
Less: allowance for credit losses on loans | (44,930) | (48,734) |
Net loans receivable | 5,713,406 | 5,780,687 |
Premises and equipment | 45,053 | 48,309 |
Federal Home Loan Bank (“FHLB”) of New York stock | 81,347 | 71,734 |
Accrued interest receivable | 31,065 | 28,133 |
Goodwill | 210,895 | 210,895 |
Core deposit intangibles | 2,057 | 2,457 |
Bank owned life insurance | 296,493 | 292,825 |
Deferred income tax assets, net | 47,225 | 51,973 |
Other real estate owned | 0 | 12,956 |
Other assets | 100,989 | 110,546 |
Total Assets | 7,841,972 | 8,064,815 |
Deposits: | ||
Non-interest-bearing | 586,089 | 609,999 |
Interest-bearing | 4,622,961 | 5,019,184 |
Total deposits | 5,209,050 | 5,629,183 |
Borrowings | 1,722,178 | 1,506,812 |
Advance payments by borrowers for taxes | 17,387 | 18,338 |
Other liabilities | 44,279 | 41,198 |
Total Liabilities | 6,992,894 | 7,195,531 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 800,000,000 shares authorized; 64,436,995 shares and 65,864,075 shares issued and outstanding, respectively | 644 | 659 |
Paid-in capital | 493,187 | 503,332 |
Retained earnings | 440,308 | 457,611 |
Unearned employee stock ownership plan shares; 2,207,675 shares and 2,358,198 shares, respectively | (21,402) | (22,862) |
Accumulated other comprehensive loss | (63,659) | (69,456) |
Total Stockholders' Equity | 849,078 | 869,284 |
Total Liabilities and Stockholders' Equity | $ 7,841,972 | $ 8,064,815 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Available-for-sale, amortized cost | $ 1,232,173 | $ 1,383,867 |
Held-to-maturity, fair value | $ 123,576 | $ 131,169 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 800,000,000 | 800,000,000 |
Common stock, issued (in shares) | 64,436,995 | 65,864,075 |
Common stock, outstanding (in shares) | 64,436,995 | 65,864,075 |
Unearned employee stock ownership plan shares (in shares) | 2,207,675 | 2,358,198 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income | ||||
Loans | $ 64,035 | $ 60,172 | $ 190,188 | $ 171,103 |
Taxable investment securities | 15,490 | 15,459 | 48,511 | 39,119 |
Tax-exempt investment securities | 85 | 99 | 256 | 603 |
Other interest-earning assets | 2,475 | 1,441 | 6,923 | 3,207 |
Total Interest Income | 82,085 | 77,171 | 245,878 | 214,032 |
Interest Expense | ||||
Deposits | 32,320 | 22,246 | 90,227 | 51,937 |
Borrowings | 15,446 | 12,554 | 46,333 | 26,410 |
Total Interest Expense | 47,766 | 34,800 | 136,560 | 78,347 |
Net Interest Income | 34,319 | 42,371 | 109,318 | 135,685 |
Provision for credit losses | 349 | 451 | 2,699 | 2,792 |
Net Interest Income after Provision for Credit Losses | 33,970 | 41,920 | 106,619 | 132,893 |
Non-Interest Income | ||||
Fees and service charges | 657 | 910 | 2,029 | 2,407 |
Loss on sale and call of securities | 0 | 0 | (18,135) | (15,227) |
Loss on sale of loans | (712) | (2,373) | (393) | (1,844) |
Loss on write down of other real estate owned | 0 | 0 | (974) | 0 |
Income from bank owned life insurance | 3,039 | 1,581 | 5,867 | 7,040 |
Electronic banking fees and charges | 464 | 457 | 1,227 | 1,360 |
Other income | 755 | 1,071 | 2,580 | 5,349 |
Total Non-Interest Income | 4,203 | 1,646 | (7,799) | (915) |
Non-Interest Expense | ||||
Salaries and employee benefits | 16,911 | 18,005 | 51,954 | 58,274 |
Net occupancy expense of premises | 2,863 | 3,097 | 8,295 | 9,174 |
Equipment and systems | 3,823 | 3,537 | 11,438 | 11,066 |
Advertising and marketing | 387 | 413 | 916 | 1,891 |
Federal deposit insurance premium | 1,429 | 1,546 | 4,448 | 3,678 |
Directors' compensation | 360 | 340 | 1,146 | 1,019 |
Other expense | 3,286 | 3,414 | 10,403 | 9,888 |
Total Non-Interest Expense | 29,059 | 30,352 | 88,600 | 94,990 |
Income before Income Taxes | 9,114 | 13,214 | 10,220 | 36,988 |
Income tax expense | 1,717 | 2,902 | 6,808 | 8,190 |
Net Income | $ 7,397 | $ 10,312 | $ 3,412 | $ 28,798 |
Net Income per Common Share (EPS) | ||||
Basic (in dollars per share) | $ 0.12 | $ 0.16 | $ 0.06 | $ 0.44 |
Diluted (in dollars per share) | $ 0.12 | $ 0.16 | $ 0.06 | $ 0.44 |
Weighted Average Number of Common Shares Outstanding | ||||
Basic (in shares) | 62,205 | 64,769 | 62,507 | 65,181 |
Diluted (in shares) | 62,211 | 64,783 | 62,507 | 65,191 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 7,397 | $ 10,312 | $ 3,412 | $ 28,798 |
Other Comprehensive Income (Loss) , net of tax: | ||||
Net unrealized (loss) gain on securities available for sale | (6,449) | 6,903 | 3,225 | (27,299) |
Net realized loss on sale and call of securities available for sale | 0 | 0 | 12,876 | 10,811 |
Fair value adjustments on derivatives | 6,630 | (10,931) | (10,206) | (806) |
Benefit plan adjustments | (10) | (4) | (98) | (32) |
Total Other Comprehensive Income (Loss) | 171 | (4,032) | 5,797 | (17,326) |
Total Comprehensive Income | $ 7,568 | $ 6,280 | $ 9,209 | $ 11,472 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Loss |
Balance at beginning of period (in shares) at Jun. 30, 2022 | 68,666,000 | |||||
Balance at beginning of period at Jun. 30, 2022 | $ 894,000 | $ 687 | $ 528,396 | $ 445,451 | $ (24,807) | $ (55,727) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 28,798 | 28,798 | ||||
Other comprehensive income (loss), net of income tax | (17,326) | (17,326) | ||||
ESOP shares committed to be released | 1,564 | 105 | 1,459 | |||
Stock repurchases (in shares) | (2,008,000) | |||||
Stock repurchases | (21,130) | $ (21) | (21,109) | |||
Issuance of stock under stock benefit plans (in shares) | 61,000 | |||||
Issuance of stock under stock benefit plans | 0 | $ 1 | (1) | |||
Stock-based compensation expense | 2,407 | 2,407 | ||||
Cancellation of shares issued for restricted stock awards (in shares) | (39,000) | |||||
Cancellation of shares issued for restricted stock awards | (439) | (439) | ||||
Cash dividends declared | (21,644) | (21,644) | ||||
Balance at end of period (in shares) at Mar. 31, 2023 | 66,680,000 | |||||
Balance at end of period at Mar. 31, 2023 | 866,230 | $ 667 | 509,359 | 452,605 | (23,348) | (73,053) |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 67,388,000 | |||||
Balance at beginning of period at Dec. 31, 2022 | 872,640 | $ 674 | 515,332 | 449,489 | (23,834) | (69,021) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 10,312 | 10,312 | ||||
Other comprehensive income (loss), net of income tax | (4,032) | (4,032) | ||||
ESOP shares committed to be released | 485 | (1) | 486 | |||
Stock repurchases (in shares) | (698,000) | |||||
Stock repurchases | (6,692) | $ (7) | (6,685) | |||
Stock-based compensation expense | 811 | 811 | ||||
Cancellation of shares issued for restricted stock awards (in shares) | (10,000) | |||||
Cancellation of shares issued for restricted stock awards | (98) | (98) | ||||
Cash dividends declared | (7,196) | (7,196) | ||||
Balance at end of period (in shares) at Mar. 31, 2023 | 66,680,000 | |||||
Balance at end of period at Mar. 31, 2023 | $ 866,230 | $ 667 | 509,359 | 452,605 | (23,348) | (73,053) |
Balance at beginning of period (in shares) at Jun. 30, 2023 | 65,864,075 | 65,864,000 | ||||
Balance at beginning of period at Jun. 30, 2023 | $ 869,284 | $ 659 | 503,332 | 457,611 | (22,862) | (69,456) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 3,412 | 3,412 | ||||
Other comprehensive income (loss), net of income tax | 5,797 | 5,797 | ||||
ESOP shares committed to be released | 1,123 | (337) | 1,460 | |||
Stock repurchases (in shares) | (1,505,000) | |||||
Stock repurchases | (11,240) | $ (15) | (11,225) | |||
Issuance of stock under stock benefit plans (in shares) | 133,000 | |||||
Issuance of stock under stock benefit plans | 0 | $ 1 | (1) | |||
Stock-based compensation expense | 1,887 | 1,887 | ||||
Cancellation of shares issued for restricted stock awards (in shares) | (55,000) | |||||
Cancellation of shares issued for restricted stock awards | (470) | $ (1) | (469) | |||
Cash dividends declared | $ (20,715) | (20,715) | ||||
Balance at end of period (in shares) at Mar. 31, 2024 | 64,436,995 | 64,437,000 | ||||
Balance at end of period at Mar. 31, 2024 | $ 849,078 | $ 644 | 493,187 | 440,308 | (21,402) | (63,659) |
Balance at beginning of period (in shares) at Dec. 31, 2023 | 64,445,000 | |||||
Balance at beginning of period at Dec. 31, 2023 | 847,978 | $ 645 | 493,297 | 439,755 | (21,889) | (63,830) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 7,397 | 7,397 | ||||
Other comprehensive income (loss), net of income tax | 171 | 171 | ||||
ESOP shares committed to be released | 352 | (135) | 487 | |||
Stock-based compensation expense | 95 | 95 | ||||
Cancellation of shares issued for restricted stock awards (in shares) | (8,000) | |||||
Cancellation of shares issued for restricted stock awards | (71) | $ (1) | (70) | |||
Cash dividends declared | $ (6,844) | (6,844) | ||||
Balance at end of period (in shares) at Mar. 31, 2024 | 64,436,995 | 64,437,000 | ||||
Balance at end of period at Mar. 31, 2024 | $ 849,078 | $ 644 | $ 493,187 | $ 440,308 | $ (21,402) | $ (63,659) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
ESOP shares committed to be released (in shares) | 50,000 | 50,000 | 150,000 | 150,000 |
Cash dividends declared (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 3,412 | $ 28,798 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 3,590 | 4,353 |
Net accretion of yield adjustments | (2,038) | (4,306) |
Deferred income taxes | 2,438 | 3,150 |
Amortization of intangible assets | 400 | 430 |
Accretion of benefit plans’ unrecognized net gain | (139) | (44) |
Provision for credit losses | 2,699 | 2,792 |
Loss on write down of other real estate owned | 974 | 0 |
Loans originated for sale | (53,979) | (76,852) |
Proceeds from sale of mortgage loans held-for-sale | 69,814 | 101,054 |
Gain on sale of mortgage loans held-for-sale, net | 393 | 1,899 |
Realized loss on sale/call of investment securities available for sale | 18,135 | 15,227 |
Realized gain on sale of loans receivable | 0 | (55) |
Realized gain on disposition of premises and equipment | (11) | (2,886) |
Increase in cash surrender value of bank owned life insurance | (5,867) | (7,040) |
ESOP and stock-based compensation expense | 3,010 | 3,971 |
Increase in interest receivable | (2,932) | (8,328) |
(Increase) decrease in other assets | (6,004) | 93 |
Increase in interest payable | 466 | 9,073 |
Increase (decrease) in other liabilities | 2,352 | (13,428) |
Net Cash Provided by Operating Activities | 36,713 | 57,901 |
Purchases of: | ||
Investment securities available for sale | (64,000) | (166,483) |
Investment securities held to maturity | (300) | (40,398) |
Proceeds from: | ||
Repayments/calls/maturities of investment securities available for sale | 94,129 | 100,149 |
Repayments/calls/maturities of investment securities held to maturity | 7,019 | 8,831 |
Sales of investment securities available for sale | 104,083 | 105,199 |
Purchase of loans | (60,341) | (702) |
Net decrease (increase) in loans receivable | 118,330 | (559,794) |
Proceeds from sale of loans receivable | 0 | 706 |
Purchase of interest rate contracts | (887) | (758) |
Proceeds from the sale of other real estate owned | 11,982 | 0 |
Additions to premises and equipment | (323) | (1,255) |
Proceeds from death benefit of bank owned life insurance | 1,900 | 4,997 |
Net surrender of bank owned life insurance | 299 | 0 |
Proceeds from cash settlement of premises and equipment | 0 | 3,480 |
Purchase of FHLB stock | (54,544) | (84,310) |
Redemption of FHLB stock | 44,931 | 55,135 |
Net Cash Provided by (Used in) Investing Activities | 202,278 | (575,203) |
Cash Flows from Financing Activities: | ||
Net decrease in deposits | (420,105) | (58,613) |
Repayment of term FHLB advances | (4,475,000) | (4,615,000) |
Proceeds from term FHLB advances and other borrowings | 4,650,000 | 5,120,000 |
Net increase in other short-term borrowings | 40,000 | 205,000 |
Net (decrease) increase in advance payments by borrowers for taxes | (951) | 1,960 |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (11,240) | (21,130) |
Cancellation of shares repurchased on vesting to pay taxes | (470) | (439) |
Dividends paid | (20,713) | (21,523) |
Net Cash (Used in) Provided by Financing Activities | (238,479) | 610,255 |
Net Increase in Cash and Cash Equivalents | 512 | 92,953 |
Cash and Cash Equivalents - Beginning | 70,515 | 101,615 |
Cash and Cash Equivalents - Ending | 71,027 | 194,568 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 4,819 | 8,618 |
Interest | 136,094 | 69,707 |
Non-cash investing and financing activities: | ||
Acquisition of other real estate owned in settlement of loans | 0 | 13,232 |
Transfers from loans receivable to loans held-for-sale | $ 10,754 | $ 2,628 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the nine months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the Consolidated Statement of Financial Condition at June 30, 2023 was derived from the Company’s 2023 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the Consolidated Statements of Financial Condition, Income, Comprehensive Income, Changes in Stockholders’ Equity and Cash Flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2023 Annual Report on Form 10-K. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2023 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of March 31, 2024, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed. On April 25, 2024, the Company declared a quarterly cash dividend of $0.11 per share, payable on May 22, 2024 to stockholders of record as of May 8, 2024. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . This ASU requires enhanced disclosures of segment information for all public entities, including those that have a single reportable segment, primarily in the area of segment revenues and expenses. Entities that have a single reportable segment, like the Company, will be required to provide all the disclosures required by this ASU and all existing segment disclosures requirements in ASC 280, Segment Reporting . This ASU is effective for the Company on July 1, 2024. The Company is currently evaluating the effect this ASU will have on the Company’s segment disclosures. Recently Adopted Accounting Standards In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Effective July 1, 2023, the Company adopted ASU 2022-02. Under ASU 2022-02, the Company assesses all loan modifications to determine whether one is granted to a borrower experiencing financial difficulty, regardless of whether the modified loan terms include a concession. Modifications granted to borrowers experiencing financial difficulty may be in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof. The Company adopted ASU 2022-02 on a prospective basis. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. Additional disclosures are included in Note 5 to the consolidated financial statements. Prior to the adoption of ASU 2022-02, a Troubled Debt Restructuring (“TDR”) occurred when the terms of a loan were modified because of deterioration in the financial condition of the borrower. Modifications could include extension of the repayment terms of the loan, reduced interest rates, or forgiveness of accrued interest and/or principal. For the Company's accounting policy related to TDRs granted prior to the adoption of ASU 2022-02, see “Note 1. Summary of Significant Accounting Policies” included in “Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023. |
SECURITIES
SECURITIES | 9 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated: March 31, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Asset-backed securities $ 86,707 $ 193 $ 540 $ — $ 86,360 Collateralized loan obligations 405,125 2,023 453 — 406,695 Corporate bonds 145,911 — 20,830 — 125,081 Total debt securities 637,743 2,216 21,823 — 618,136 Mortgage-backed securities: Residential pass-through securities (1) 437,009 7 92,044 — 344,972 Commercial pass-through securities (1) 157,421 — 21,874 — 135,547 Total mortgage-backed securities 594,430 7 113,918 — 480,519 Total securities available for sale $ 1,232,173 $ 2,223 $ 135,741 $ — $ 1,098,655 ___________________________ (1) Government-sponsored enterprises. June 30, 2023 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Asset-backed securities $ 138,281 $ 4 $ 2,115 $ — $ 136,170 Collateralized loan obligations 381,915 268 5,187 — 376,996 Corporate bonds 159,666 — 24,648 — 135,018 Total debt securities 679,862 272 31,950 — 648,184 Mortgage-backed securities: Residential pass-through securities (1) 539,506 2 103,357 — 436,151 Commercial pass-through securities (1) 164,499 — 21,105 — 143,394 Total mortgage-backed securities 704,005 2 124,462 — 579,545 Total securities available for sale $ 1,383,867 $ 274 $ 156,412 $ — $ 1,227,729 ___________________________ (1) Government-sponsored enterprises. March 31, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 14,345 $ 2 $ 271 $ — $ 14,076 Total debt securities 14,345 2 271 — 14,076 Mortgage-backed securities: Residential pass-through securities (1) 113,075 — 13,727 — 99,348 Commercial pass-through securities (1) 12,223 — 2,071 — 10,152 Total mortgage-backed securities 125,298 — 15,798 — 109,500 Total securities held to maturity $ 139,643 $ 2 $ 16,069 $ — $ 123,576 ___________________________ (1) Government-sponsored enterprises. June 30, 2023 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 16,051 $ — $ 321 $ — $ 15,730 Total debt securities 16,051 — 321 — 15,730 Mortgage-backed securities: Residential pass-through securities (1) 118,166 — 12,736 — 105,430 Commercial pass-through securities (1) 12,248 — 2,239 — 10,009 Total mortgage-backed securities 130,414 — 14,975 — 115,439 Total securities held to maturity $ 146,465 $ — $ 15,296 $ — $ 131,169 ___________________________ (1) Government-sponsored enterprises. Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2024: March 31, 2024 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ — $ — Due after one year through five years 31,865 29,942 Due after five years through ten years 379,427 363,512 Due after ten years 226,451 224,682 Total $ 637,743 $ 618,136 March 31, 2024 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 5,629 $ 5,581 Due after one year through five years 8,108 7,908 Due after five years through ten years 608 587 Due after ten years — — Total $ 14,345 $ 14,076 Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ — $ — $ 104,083 $ 105,199 Gross realized losses $ — $ — $ (18,135) $ (15,227) Net loss on sales of securities $ — $ — $ (18,135) $ (15,227) The carrying value of securities pledged were as follows as of the dates presented below: March 31, June 30, (In Thousands) Securities pledged: Pledged to secure public funds on deposit $ 154,608 $ 201,239 Pledged for potential borrowings at the Federal Reserve Bank of New York 507,101 529,216 Pledged for the bank term funding program 90,796 — Total carrying value of securities pledged $ 752,505 $ 730,455 The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2024 and June 30, 2023: March 31, 2024 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 17,864 $ 378 $ 55,186 $ 162 10 $ 73,050 $ 540 Collateralized loan obligations 851 — 126,886 453 10 127,737 453 Corporate bonds — — 125,081 20,830 27 125,081 20,830 Commercial pass-through securities 46,890 1,217 88,656 20,657 9 135,546 21,874 Residential pass-through securities 56 1 344,458 92,043 102 344,514 92,044 Total $ 65,661 $ 1,596 $ 740,267 $ 134,145 158 $ 805,928 $ 135,741 June 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 33,833 $ 129 $ 98,828 $ 1,986 14 $ 132,661 $ 2,115 Collateralized loan obligations 46,903 135 294,813 5,052 26 341,716 5,187 Corporate bonds 25,511 1,354 109,507 23,294 31 135,018 24,648 Commercial pass-through securities 63,531 1,380 79,863 19,725 12 143,394 21,105 Residential pass-through securities 10,520 702 425,170 102,655 108 435,690 103,357 Total $ 180,298 $ 3,700 $ 1,008,181 $ 152,712 191 $ 1,188,479 $ 156,412 The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2024 and June 30, 2023: March 31, 2024 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 458 $ 6 $ 13,317 $ 265 26 $ 13,775 $ 271 Commercial pass-through securities — — 10,152 2,071 1 10,152 2,071 Residential pass-through securities 36,152 201 63,196 13,526 9 99,348 13,727 Total $ 36,610 $ 207 $ 86,665 $ 15,862 36 $ 123,275 $ 16,069 June 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 13,642 $ 268 $ 2,088 $ 53 32 $ 15,730 $ 321 Commercial pass-through securities — — 10,009 2,239 1 10,009 2,239 Residential pass-through securities 38,135 319 67,295 12,417 9 105,430 12,736 Total $ 51,777 $ 587 $ 79,392 $ 14,709 42 $ 131,169 $ 15,296 Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statement of Income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at March 31, 2024. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at March 31, 2024 on available for sale securities. The sale of available for sale securities during the nine months ended March 31, 2024 was part of an investment security repositioning completed in December 2023. The sale proceeds were utilized for reinvestment into higher yielding loans and investment securities, and for repayment of higher-cost wholesale borrowings. The Company was not required to sell these securities. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 9 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | LOANS RECEIVABLE The following table sets forth the composition of the Company’s loan portfolio at March 31, 2024 and June 30, 2023: March 31, June 30, (In Thousands) Commercial loans: Multi-family mortgage $ 2,645,195 $ 2,761,775 Nonresidential mortgage 965,539 968,574 Commercial business 147,326 146,861 Construction 229,457 226,609 Total commercial loans 3,987,517 4,103,819 One- to four-family residential mortgage 1,741,644 1,700,559 Consumer loans: Home equity loans 42,731 43,549 Other consumer 3,198 2,549 Total consumer loans 45,929 46,098 Total loans 5,775,090 5,850,476 Unaccreted yield adjustments (1) (16,754) (21,055) Total loans receivable, net of yield adjustments $ 5,758,336 $ 5,829,421 ___________________________ (1) At March 31, 2024 and June 30, 2023 , included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans. Past Due Loans Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of March 31, 2024 and June 30, 2023, by loan segment: Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ 2,725 $ — $ 19,912 $ 22,637 $ 2,622,558 $ 2,645,195 Nonresidential mortgage 5,912 174 3,230 9,316 956,223 965,539 Commercial business 1,495 104 640 2,239 145,087 147,326 Construction — — — — 229,457 229,457 One- to four-family residential mortgage 2,308 2,043 2,893 7,244 1,734,400 1,741,644 Home equity loans 325 25 19 369 42,362 42,731 Other consumer — — — — 3,198 3,198 Total loans $ 12,765 $ 2,346 $ 26,694 $ 41,805 $ 5,733,285 $ 5,775,090 Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ 2,958 $ — $ 10,756 $ 13,714 $ 2,748,061 $ 2,761,775 Nonresidential mortgage 792 — 8,233 9,025 959,549 968,574 Commercial business 528 16 236 780 146,081 146,861 Construction — — — — 226,609 226,609 One- to four-family residential mortgage 2,019 1,202 3,731 6,952 1,693,607 1,700,559 Home equity loans 25 — 50 75 43,474 43,549 Other consumer — — — — 2,549 2,549 Total loans $ 6,322 $ 1,218 $ 23,006 $ 30,546 $ 5,819,930 $ 5,850,476 Nonperforming Loans Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the nine months ended March 31, 2024 and 2023. The following tables present information relating to the Company’s nonperforming loans as of March 31, 2024 and June 30, 2023: Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 1,904 $ 23,278 $ 25,182 $ 2,620,013 $ 2,645,195 Nonresidential mortgage — 174 4,314 4,488 961,051 965,539 Commercial business — 827 3,362 4,189 143,137 147,326 Construction — — — — 229,457 229,457 One- to four-family residential mortgage — 1,379 4,263 5,642 1,736,002 1,741,644 Home equity loans — — 45 45 42,686 42,731 Other consumer — — — — 3,198 3,198 Total loans $ — $ 4,284 $ 35,262 $ 39,546 $ 5,735,544 $ 5,775,090 Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 5,686 $ 13,428 $ 19,114 $ 2,742,661 $ 2,761,775 Nonresidential mortgage — 11,815 4,725 16,540 952,034 968,574 Commercial business — 71 181 252 146,609 146,861 Construction — — — — 226,609 226,609 One- to four-family residential mortgage — 1,640 5,031 6,671 1,693,888 1,700,559 Home equity loans — — 50 50 43,499 43,549 Other consumer — — — — 2,549 2,549 Total loans $ — $ 19,212 $ 23,415 $ 42,627 $ 5,807,849 $ 5,850,476 Loan Modifications Made to Borrowers Experiencing Financial Difficulty Effective July 1, 2023, the Company adopted ASU 2022-02, which eliminated the accounting for TDRs while expanding loan modification and vintage disclosure requirements. See Note 3 to the consolidated financial statements for further information. The following tables presents the amortized cost basis at March 31, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three and nine months ended March 31, 2024 by type of modification: Three Months Ended March 31, 2024 Payment Delay Term Extension Total Percent of Total Class (Dollars In Thousands) Nonresidential mortgage $ — $ 786 $ 786 0.08 % Total $ — $ 786 $ 786 0.01 % Nine Months Ended March 31, 2024 Payment Delay Term Extension Total Percent of Total Class (Dollars In Thousands) Multi-family mortgage $ 2,774 $ — $ 2,774 0.10 % Nonresidential mortgage — 786 786 0.08 % Commercial business 45 — 45 0.03 % One- to four-family residential mortgage 489 45 534 0.03 % Home equity loans — 25 25 0.06 % Total $ 3,308 $ 856 $ 4,164 0.08 % No modifications involved forgiveness of principal or interest rate reductions. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at March 31, 2024. All loans to borrowers experiencing financial difficulty that have been modified during the three months ended March 31, 2024 were current to their contractual payments as of March 31, 2024. During the nine months ended March 31, 2024 (since adoption of ASU 2022-02), one residential mortgage loan with a carrying value of $490,000 was modified and subsequently defaulted on payment. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period. Troubled Debt Restructured Loans prior to the adoption of ASU 2022-02 Prior to the adoption of ASU 2022-02, the Company classified certain loans as TDRs when credit terms to a borrower in financial difficulty were modified, in accordance with ASC 310-40. With the adoption of ASU 2022-02 the Company has ceased to recognize or measure for new TDRs, but those existing at June 30, 2023 will remain until settled. At June 30, 2023 the Company had TDRs totaling $17.4 million. The allowance for credit losses associated with these TDRs totaled $274,000 as of June 30, 2023. The following table presents total TDRs at June 30, 2023: June 30, 2023 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage — $ — 2 $ 5,400 2 $ 5,400 Nonresidential mortgage 3 170 2 700 5 870 Commercial business 6 3,197 — — 6 3,197 Total commercial loans 9 3,367 4 6,100 13 9,467 One- to four-family residential mortgage 39 6,752 4 774 43 7,526 Consumer loans: Home equity loans 6 368 — — 6 368 Total 54 $ 10,487 8 $ 6,874 62 $ 17,361 As of March 31, 2024, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR. The following table presents information regarding TDRs that occurred during the three and nine months ended March 31, 2023: Three Months Ended March 31, 2023 # of Loans Pre- Post- (Dollars In Thousands) Commercial business 1 $ 67 $ 67 Total 1 $ 67 $ 67 Nine Months Ended March 31, 2023 # of Loans Pre- Post- (Dollars In Thousands) Commercial business 2 $ 74 $ 74 One- to four-family residential mortgage 2 708 705 Home equity loans 1 35 35 Total 5 $ 817 $ 814 During the three and nine months ended March 31, 2023, there were charge-offs of $6,000 and $103,000, respectively, related to TDRs. During the three and nine months ended March 31, 2023, there were two TDR defaults totaling $649,000. Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The loans which qualified as TDRs during the three and nine months ended March 31, 2023, capitalized prior past due amounts and modified the repayment terms. Individually Analyzed Loans Individually analyzed loans include loans which do not share similar risk characteristics with other loans. Loans previously modified as TDRs and loan modifications made to borrowers experiencing financial difficulty will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, the loans would generally be removed from individual impairment analysis and returned to its corresponding pool. As of March 31, 2024, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $39.5 million, of which $32.8 million were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans. The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated: March 31, 2024 June 30, 2023 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 25,182 $ 9 $ 19,114 $ 326 Nonresidential mortgage (1) 3,230 — 16,207 3,001 Commercial business (2) 3,323 — — — Total commercial loans 31,735 9 35,321 3,327 One- to four-family residential mortgage (2) 1,056 — 2,875 — Consumer loans: Home equity loans (2) 19 — — — Total $ 32,810 $ 9 $ 38,196 $ 3,327 ___________________________ (1) Secured by income-producing nonresidential property. (2) Secured by one- to four-family residential properties. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses. Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted. The following table presents the risk category of loans and current period gross charge-offs as of March 31, 2024 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2024 2023 2022 2021 2020 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 16,520 $ 598,167 $ 953,096 $ 217,401 $ 201,040 $ 611,894 $ — $ 2,598,118 Special Mention — — — — — 6,519 — 6,519 Substandard — — — 9,626 — 30,932 — 40,558 Doubtful — — — — — — — — Total multi-family mortgage 16,520 598,167 953,096 227,027 201,040 649,345 — 2,645,195 Multi-family current period gross charge-offs — — — — — 389 — 389 Nonresidential mortgage: Pass 64,851 106,424 205,793 90,222 50,767 420,499 150 938,706 Special Mention — — — — — 11,217 — 11,217 Substandard — — — 871 — 14,745 — 15,616 Doubtful — — — — — — — — Total nonresidential mortgage 64,851 106,424 205,793 91,093 50,767 446,461 150 965,539 Nonresidential current period gross charge-offs — — — — — 5,975 — 5,975 Commercial business: Pass 10,216 8,906 26,884 18,963 6,401 8,470 57,867 137,707 Special Mention — — 1,618 464 — 1,775 — 3,857 Substandard — — — 3,406 179 2,049 128 5,762 Doubtful — — — — — — — — Total commercial business 10,216 8,906 28,502 22,833 6,580 12,294 57,995 147,326 Commercial current period gross charge-offs — — — 5 336 11 — 352 Construction loans: Pass 36,988 43,602 43,182 67,408 8,352 3,751 5,735 209,018 Special Mention — — — 20,439 — — — 20,439 Substandard — — — — — — — — Doubtful — — — — — — — — Total construction loans 36,988 43,602 43,182 87,847 8,352 3,751 5,735 229,457 Residential mortgage: Pass 139,316 185,852 439,300 467,793 78,137 419,604 267 1,730,269 Special Mention — 514 — — — 1,656 — 2,170 Substandard — — 528 — — 8,677 — 9,205 Doubtful — — — — — — — — Total residential mortgage 139,316 186,366 439,828 467,793 78,137 429,937 267 1,741,644 Residential current period gross charge-offs — — — — — 37 — 37 Home equity loans: Pass 1,239 6,082 2,300 359 1,069 8,406 22,934 42,389 Special Mention — — — — — — 95 95 Substandard — — — — — 247 — 247 Doubtful — — — — — — — — Total home equity loans 1,239 6,082 2,300 359 1,069 8,653 23,029 42,731 Other consumer loans Pass 1,017 231 213 129 466 1,015 40 3,111 Special Mention — — — — — — — — Substandard — — — — — — 1 1 Doubtful — — — — — — 86 86 Other consumer loans 1,017 231 213 129 466 1,015 127 3,198 Total loans $ 270,147 $ 949,778 $ 1,672,914 $ 897,081 $ 346,411 $ 1,551,456 $ 87,303 $ 5,775,090 Total current period gross charge-offs $ — $ — $ — $ 5 $ 336 $ 6,412 $ — $ 6,753 The following table presents the risk category of loans as of June 30, 2023 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2023 2022 2021 2020 2019 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 603,260 $ 954,554 $ 213,482 $ 198,969 $ 226,929 $ 510,485 $ — $ 2,707,679 Special Mention — — — — 6,006 6,647 — 12,653 Substandard — — 9,809 — 9,432 22,202 — 41,443 Doubtful — — — — — — — — Total multi-family mortgage 603,260 954,554 223,291 198,969 242,367 539,334 — 2,761,775 Nonresidential mortgage: Pass 109,725 220,443 83,032 51,933 59,197 414,742 6,000 945,072 Special Mention — — — — — 378 — 378 Substandard — — 708 — 919 21,497 — 23,124 Doubtful — — — — — — — — Total nonresidential mortgage 109,725 220,443 83,740 51,933 60,116 436,617 6,000 968,574 Commercial business: Pass 10,364 28,644 25,304 7,875 1,731 8,776 59,031 141,725 Special Mention — — — 47 176 2,456 371 3,050 Substandard — — — 395 60 1,385 246 2,086 Doubtful — — — — — — — — Total commercial business 10,364 28,644 25,304 8,317 1,967 12,617 59,648 146,861 Construction loans: Pass 25,070 36,389 143,086 12,275 2,961 1,093 5,735 226,609 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total construction loans 25,070 36,389 143,086 12,275 2,961 1,093 5,735 226,609 Residential mortgage: Pass 195,521 454,504 491,460 80,431 45,741 422,472 — 1,690,129 Special Mention — — — — 1,168 425 — 1,593 Substandard — 542 — — 80 8,215 — 8,837 Doubtful — — — — — — — — Total residential mortgage 195,521 455,046 491,460 80,431 46,989 431,112 — 1,700,559 Home equity loans: Pass 7,682 2,567 607 1,264 2,478 7,280 21,384 43,262 Special Mention — — — — — — — — Substandard — — — — — 287 — 287 Doubtful — — — — — — — — Total home equity loans 7,682 2,567 607 1,264 2,478 7,567 21,384 43,549 Other consumer loans Pass 367 247 110 494 302 912 42 2,474 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 75 75 Other consumer loans 367 247 110 494 302 912 117 2,549 Total loans $ 951,989 $ 1,697,890 $ 967,598 $ 353,683 $ 357,180 $ 1,429,252 $ 92,884 $ 5,850,476 Mortgage Loans in Foreclosure The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of March 31, 2024, the Company held one residential mortgage loan with an aggregate carrying value of $558,100 and five commercial mortgage loans with aggregate carrying values totaling $10.6 million which were in the process of foreclosure. As of June 30, 2023, the Company held one nonresidential property with a carrying value of $13.0 million in other real estate owned that was acquired through foreclosure on a nonresidential mortgage loan and was sold in January 2024. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $950,000 and six commercial mortgage loans with aggregate carrying values totaling $9.2 million which were in the process of foreclosure. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses on Loans Receivable The following tables present the balance of the allowance for credit losses at March 31, 2024 and June 30, 2023. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 9 $ 24,187 $ 24,196 Nonresidential mortgage — 34 8 6,008 6,050 Commercial business — 22 186 1,337 1,545 Construction — — — 1,350 1,350 One- to four-family residential mortgage 12 101 12 11,250 11,375 Home equity loans — — — 330 330 Other consumer — — — 84 84 Total loans $ 12 $ 157 $ 215 $ 44,546 $ 44,930 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 25,182 $ 2,620,013 $ 2,645,195 Nonresidential mortgage 298 2,207 4,190 958,844 965,539 Commercial business — 4,523 4,189 138,614 147,326 Construction — 5,735 — 223,722 229,457 One- to four-family residential mortgage 955 3,821 4,687 1,732,181 1,741,644 Home equity loans 24 — 21 42,686 42,731 Other consumer — — — 3,198 3,198 Total loans $ 1,277 $ 16,286 $ 38,269 $ 5,719,258 $ 5,775,090 Unaccreted yield adjustments (16,754) Loans receivable, net of yield adjustments $ 5,758,336 Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 326 $ 26,036 $ 26,362 Nonresidential mortgage — 70 3,001 5,882 8,953 Commercial business — 9 20 1,411 1,440 Construction — — — 1,336 1,336 One- to four-family residential mortgage 3 132 70 10,032 10,237 Home equity loans — — — 338 338 Other consumer — — — 68 68 Total loans $ 3 $ 211 $ 3,417 $ 45,103 $ 48,734 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 19,114 $ 2,742,661 $ 2,761,775 Nonresidential mortgage 333 3,562 16,207 948,472 968,574 Commercial business — 4,237 252 142,372 146,861 Construction — 5,735 — 220,874 226,609 One- to four-family residential mortgage 570 4,433 6,101 1,689,455 1,700,559 Home equity loans 25 — 25 43,499 43,549 Other consumer — — — 2,549 2,549 Total loans $ 928 $ 17,967 $ 41,699 $ 5,789,882 $ 5,850,476 Unaccreted yield adjustments (21,055) Loans receivable, net of yield adjustments $ 5,829,421 The following tables present the activity in the allowance for credit losses on loans for the three and nine months ended March 31, 2024 and 2023. Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 24,462 $ (35) $ — $ (231) $ 24,196 Nonresidential mortgage 5,888 (253) — 415 6,050 Commercial business 1,293 (5) 7 250 1,545 Construction 1,171 — — 179 1,350 One- to four-family residential mortgage 11,653 — — (278) 11,375 Home equity loans 330 — — — 330 Other consumer 70 — — 14 84 Total loans $ 44,867 $ (293) $ 7 $ 349 $ 44,930 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 26,362 $ (389) $ — $ (1,777) $ 24,196 Nonresidential mortgage 8,953 (5,975) 120 2,952 6,050 Commercial business 1,440 (352) 17 440 1,545 Construction 1,336 — — 14 1,350 One- to four-family residential mortgage 10,237 (37) 113 1,062 11,375 Home equity loans 338 — — (8) 330 Other consumer 68 — — 16 84 Total loans $ 48,734 $ (6,753) $ 250 $ 2,699 $ 44,930 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 27,498 $ (4) $ — $ (322) $ 27,172 Nonresidential mortgage 8,593 (6) — (343) 8,244 Commercial business 1,819 (205) 7 108 1,729 Construction 1,201 — — 115 1,316 One- to four-family residential mortgage 9,355 — 2 908 10,265 Home equity loans 339 — — (12) 327 Other consumer 72 — — (3) 69 Total loans $ 48,877 $ (215) $ 9 $ 451 $ 49,122 Changes in the Allowance for Credit Losses Balance at June 30, 2022 Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 25,321 $ (399) $ — $ 2,250 $ 27,172 Nonresidential mortgage 10,590 (21) — (2,325) 8,244 Commercial business 1,792 (338) 24 251 1,729 Construction 1,486 — — (170) 1,316 One- to four-family residential mortgage 7,540 — 2 2,723 10,265 Home equity loans 245 — — 82 327 Other consumer 84 — 4 (19) 69 Total loans $ 47,058 $ (758) $ 30 $ 2,792 $ 49,122 Allowance for Credit Losses on Off Balance Sheet Commitments The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Balance at beginning of the period $ 567 $ 819 $ 741 $ 1,041 Provision for (reversal of) credit losses 198 (90) 24 (312) Balance at end of the period $ 765 $ 729 $ 765 $ 729 |
DEPOSITS
DEPOSITS | 9 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS Deposits at March 31, 2024 and June 30, 2023 are summarized as follows: March 31, June 30, (In Thousands) Non-interest-bearing demand $ 586,089 $ 609,999 Interest-bearing demand 2,349,032 2,252,912 Savings 630,456 748,721 Certificates of deposits 1,643,473 2,017,551 Total deposits $ 5,209,050 $ 5,629,183 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Borrowings at March 31, 2024 and June 30, 2023 consisted of the following: March 31, June 30, (In Thousands) FHLB advances $ 1,357,178 $ 1,281,812 Federal Reserve Bank Term Funding Program ("BTFP") borrowings 100,000 — Overnight borrowings (1) 265,000 225,000 Total borrowings $ 1,722,178 $ 1,506,812 ___________________________ (1) At March 31, 2024, represented $265.0 million of FHLB overnight line of credit borrowings. At June 30, 2023, represented $125.0 million of FHLB overnight line of credit borrowings and $100.0 million of unsecured overnight borrowings from other financial institutions. Fixed rate advances from the FHLB of New York and BTFP borrowings mature as follows: March 31, 2024 June 30, 2023 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 1,228,500 5.22 % $ 972,500 5.36 % One to two years 29,000 2.77 103,500 2.68 Two to three years — — 6,500 2.82 Three to four years 200,000 3.98 — — Four to five years — — 200,000 3.98 Greater than five years — — — — Total advances 1,457,500 5.00 % 1,282,500 4.92 % Unamortized fair value adjustments (322) (688) Total advances, net of fair value adjustments $ 1,457,178 $ 1,281,812 At March 31, 2024, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $4.38 billion. At June 30, 2023, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $4.60 billion. At March 31, 2024, BTFP borrowings were secured by agency mortgage-backed securities with a par value of $115.4 million. At June 30, 2023, the Company had no BTFP borrowings. The BTFP allows depository institutions to borrow up to the par value of eligible securities pledged at the Federal Reserve Bank. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions and assets. Fair Values of Derivative Instruments on the Statement of Financial Condition The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of March 31, 2024 and June 30, 2023: March 31, 2024 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 55,794 Other liabilities $ — Total $ 55,794 $ — June 30, 2023 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 71,624 Other liabilities $ — Total $ 71,624 $ — Cash Flow Hedges of Interest Rate Risk The Company’s uses derivatives to add stability to interest expense and interest income and to manage its exposure to interest rate movements. The Company has entered into interest rate swaps, interest rate caps and an interest rate floor as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of March 31, 2024, the Company had a total of 12 interest rate swaps and caps with a total notional amount of $1.43 billion hedging specific wholesale funding and four interest rate floors with a notional amount of $400.0 million hedging floating-rate available for sale securities. For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. For cash flow hedges on the Company’s wholesale funding positions, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s hedged variable rate wholesale funding positions. During the three and nine months ended March 31, 2024, the Company reclassified $9.5 million and $18.8 million, respectively, as a reduction in interest expense. During the next twelve months, the Company estimates that $28.4 million will be reclassified as a reduction in interest expense. For cash flow hedges on the Company’s assets, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s hedged variable rate assets. During the three and nine months ended March 31, 2024, the Company did not reclassify any amount to interest income. During the next twelve months, the Company estimates that $500,000 will be reclassified as a reduction in interest income. The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Amount of gain (loss) recognized in other comprehensive income $ 18,798 $ (8,936) $ 13,920 $ 11,051 Amount of gain reclassified from accumulated other comprehensive income to interest expense $ 9,461 $ 6,461 $ 28,295 $ 12,185 Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives are used to hedge the changes in fair value of certain of its pools of fixed rate assets. As of March 31, 2024, the Company had five interest rate swaps with a notional amount of $675.0 million hedging fixed-rate residential mortgage loans. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three and nine months ended March 31, 2024 and March 31, 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) (Loss) gain on hedged items recorded in interest income on loans $ (5,929) $ 5,681 $ 2,077 $ 653 Gain (loss) on hedges recorded in interest income on loans $ 8,565 $ (4,521) $ 5,832 $ 589 As of March 31, 2024 and June 30, 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges: March 31, June 30, (In Thousands) Loans receivable: Carrying amount of the hedged assets (1) $ 665,640 $ 663,563 Fair value hedging adjustment included in the carrying amount of the hedged assets $ (9,360) $ (11,437) ___________________________________ (1) This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2024 and June 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.06 billion and $1.10 billion, respectively. Offsetting Derivatives The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2024 and June 30, 2023, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. March 31, 2024 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received (Posted) Net Amount (In Thousands) Assets: Interest rate contracts $ 55,794 $ — $ 55,794 $ — $ — $ 55,794 Total $ 55,794 $ — $ 55,794 $ — $ — $ 55,794 June 30, 2023 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received (Posted) Net Amount (In Thousands) Assets: Interest rate contracts $ 72,418 $ (794) $ 71,624 $ — $ — $ 71,624 Total $ 72,418 $ (794) $ 71,624 $ — $ — $ 71,624 Liabilities: Interest rate contracts $ 794 $ (794) $ — $ — $ — $ — Total $ 794 $ (794) $ — $ — $ — $ — Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. At March 31, 2024, none of the Company’s derivatives were in a net liability position. As required under the enforceable master netting arrangement with its derivatives counterparties, as of March 31, 2024 and June 30, 2023, the Company was not required to post financial collateral. In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at March 31, 2024 and June 30, 2023, included $13.4 million and $11.7 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to the Company’s financial condition or results of operations. |
BENEFIT PLANS
BENEFIT PLANS | 9 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Components of Net Periodic Expense The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated Statements of Income 2024 2023 2024 2023 (In Thousands) Service cost $ 20 $ 24 $ 58 $ 258 Salaries and employee benefits Interest cost 93 88 277 280 Other expense Accretion of unrecognized gain (15) (6) (45) (18) Other expense Expected return on assets (23) (25) (69) (75) Other expense Net periodic benefit cost $ 75 $ 81 $ 221 $ 445 2021 Equity Incentive Plan During the nine months ended March 31, 2024, the Company granted 349,257 restricted stock units (“RSUs”) comprised of 255,062 service-based RSUs and 94,195 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of three years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2026. The number of performance-based RSUs that will vest, if any, will depend on whether, and to what extent, the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in Thousands) Income before income taxes $ 9,114 $ 13,214 $ 10,220 $ 36,988 Statutory federal tax rate 21 % 21 % 21 % 21 % Federal income tax at statutory rate $ 1,914 $ 2,775 $ 2,146 $ 7,767 (Reduction) increase in income taxes resulting from: Tax exempt interest (17) (20) (52) (125) State tax, net of federal tax effect 485 769 297 2,065 Incentive stock option compensation expense — 3 5 9 Income from bank-owned life insurance (504) (332) (1,218) (1,469) Surrender of bank-owned life insurance polices 76 — 5,789 — Other items, net (237) (293) (159) (57) Total income tax expense $ 1,717 $ 2,902 $ 6,808 $ 8,190 Effective income tax rate 18.84 % 21.96 % 66.61 % 22.14 % |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Assets and Liabilities Measured on a Recurring Basis: The following methods and significant assumptions were used to estimate the fair values as of March 31, 2024 and June 30, 2023: Investment Securities Available for Sale The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Derivatives The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate contracts. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. Those assets measured at fair value on a recurring basis are summarized below: March 31, 2024 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Asset-backed securities $ — $ 86,360 $ — $ 86,360 Collateralized loan obligations — 406,695 — 406,695 Corporate bonds — 125,081 — 125,081 Total debt securities — 618,136 — 618,136 Mortgage-backed securities available for sale: Residential pass-through securities — 344,972 — 344,972 Commercial pass-through securities — 135,547 — 135,547 Total mortgage-backed securities — 480,519 — 480,519 Total securities available for sale $ — $ 1,098,655 $ — $ 1,098,655 Interest rate contracts $ — $ 55,794 $ — $ 55,794 Total assets $ — $ 1,154,449 $ — $ 1,154,449 June 30, 2023 Quoted Prices Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Asset-backed securities $ — $ 136,170 $ — $ 136,170 Collateralized loan obligations — 376,996 — 376,996 Corporate bonds — 135,018 — 135,018 Total debt securities — 648,184 — 648,184 Mortgage-backed securities available for sale: Residential pass-through securities — 436,151 — 436,151 Commercial pass-through securities — 143,394 — 143,394 Total mortgage-backed securities — 579,545 — 579,545 Total securities available for sale $ — $ 1,227,729 $ — $ 1,227,729 Interest rate contracts $ — $ 71,624 $ — $ 71,624 Total assets $ — $ 1,299,353 $ — $ 1,299,353 Assets Measured on a Non-Recurring Basis: The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at March 31, 2024 and June 30, 2023: Individually Analyzed Collateral Dependent Loans The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Individually analyzed collateral dependent loans are considered a Level 3 valuation by the Company. Other Real Estate Owned Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Other real estate owned is considered a Level 3 valuation by the Company. Those assets measured at fair value on a non-recurring basis are summarized below: March 31, 2024 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Multi-family mortgage $ — $ — $ 1,896 $ 1,896 Total $ — $ — $ 1,896 $ 1,896 June 30, 2023 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ — $ — $ 449 $ 449 Multi-family mortgage — — 7,300 7,300 Nonresidential mortgage — — 9,972 9,972 Total $ — $ — $ 17,721 $ 17,721 Other real estate owned, net: Nonresidential $ — $ — $ 12,956 $ 12,956 Total $ — $ — $ 12,956 $ 12,956 The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: March 31, 2024 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Multi-family mortgage $ 1,896 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 13.09% 13.09 % Total $ 1,896 June 30, 2023 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 449 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 9% 6.93 % Multi-family mortgage 7,300 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 9% 7.78 % Nonresidential mortgage 9,972 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 16% 11.78 % Total $ 17,721 Other real estate owned, net: Nonresidential $ 12,956 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 4.00% 4.00 % Total $ 12,956 ___________________________________ (1) The fair value of collateral dependent loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of collateral dependent loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees. (3) The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. At March 31, 2024, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $1.9 million and a valuation allowance of $9,000 reflecting an aggregate fair value of $1.9 million. By comparison, at June 30, 2023, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $21.0 million and a valuation allowance of $3.3 million reflecting an aggregate fair value of $17.7 million. Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At March 31, 2024, the Company had no other real estate owned assets. At June 30, 2023, the Company held other real estate owned totaling $13.0 million, whose carrying value was written down utilizing Level 3 inputs. The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2024 and June 30, 2023: March 31, 2024 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 71,027 $ 71,027 $ 71,027 $ — $ — Investment securities available for sale 1,098,655 1,098,655 — 1,098,655 — Investment securities held to maturity 139,643 123,576 — 123,576 — Loans held-for-sale 4,117 4,159 — 4,159 — Net loans receivable 5,713,406 5,150,589 — — 5,150,589 FHLB Stock 81,347 — — — — Interest receivable 31,065 31,065 28 10,318 20,719 Interest rate contracts 55,794 55,794 — 55,794 — Financial liabilities: Deposits other than certificates of deposits 3,565,577 3,565,577 3,565,577 — — Certificates of deposits 1,643,473 1,632,554 — — 1,632,554 Borrowings 1,722,178 1,716,261 — — 1,716,261 Interest payable on deposits 5,849 5,849 3,611 — 2,238 Interest payable on borrowings 6,727 6,727 — — 6,727 June 30, 2023 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 70,515 $ 70,515 $ 70,515 $ — $ — Investment securities available for sale 1,227,729 1,227,729 — 1,227,729 — Investment securities held to maturity 146,465 131,169 — 131,169 — Loans held-for-sale 9,591 9,442 — 9,442 — Net loans receivable 5,780,687 5,261,808 — — 5,261,808 FHLB Stock 71,734 — — — — Interest receivable 28,133 28,133 14 8,924 19,195 Interest rate contracts 71,624 71,624 — 71,624 — Financial liabilities: Deposits other than certificates of deposits 3,611,632 3,611,632 3,611,632 — — Certificates of deposits 2,017,551 1,989,434 — — 1,989,434 Borrowings 1,506,812 1,498,920 — — 1,498,920 Interest payable on deposits 6,826 6,826 1,933 — 4,893 Interest payable on borrowings 5,282 5,282 — — 5,282 Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
COMPREHENSIVE INCOME (LOSS)
COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME (LOSS) | COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive loss included in stockholders’ equity at March 31, 2024 and June 30, 2023 are as follows: March 31, June 30, (In Thousands) Net unrealized loss on securities available for sale $ (133,518) $ (156,138) Tax effect 38,499 45,018 Net of tax amount (95,019) (111,120) Fair value adjustments on derivatives 44,039 58,414 Tax effect (12,771) (16,940) Net of tax amount 31,268 41,474 Benefit plan adjustments 129 268 Tax effect (37) (78) Net of tax amount 92 190 Total accumulated other comprehensive loss $ (63,659) $ (69,456) Other comprehensive loss and related tax effects for the three and nine months ended March 31, 2024 and 2023 are presented in the following table: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Net unrealized holding (loss) gain on securities available for sale $ (9,061) $ 9,713 $ 4,485 $ (38,324) Net realized loss on sale and call of securities available for sale (1) — — 18,135 15,227 Fair value adjustments on derivatives 9,337 (15,397) (14,375) (1,134) Benefit plans: Accretion of net actuarial gain (2) (15) (6) (44) (18) Net actuarial loss — — (95) (27) Net change in benefit plan accrued expense (15) (6) (139) (45) Other comprehensive income (loss) before taxes 261 (5,690) 8,106 (24,276) Tax effect (90) 1,658 (2,309) 6,950 Total other comprehensive income (loss) $ 171 $ (4,032) $ 5,797 $ (17,326) ___________________________________ (1) Represents amounts reclassified out of accumulated other comprehensive loss and included in loss on sale of securities on the Consolidated Statements of Income. (2) Represents amounts reclassified out of accumulated other comprehensive loss and included in the computation of net periodic pension expense. See Note 10 - Benefit Plans for additional information. |
NET INCOME PER COMMON SHARE (_E
NET INCOME PER COMMON SHARE (“EPS”) | 9 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE (“EPS”) | NET INCOME PER COMMON SHARE (“EPS”) The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands, Except Per Share Data) Net income $ 7,397 $ 10,312 $ 3,412 $ 28,798 Weighted average number of common shares outstanding - basic 62,205 64,769 62,507 65,181 Effect of dilutive securities 6 14 — 10 Weighted average number of common shares outstanding - diluted 62,211 64,783 62,507 65,191 Basic earnings per share $ 0.12 $ 0.16 $ 0.06 $ 0.44 Diluted earnings per share $ 0.12 $ 0.16 $ 0.06 $ 0.44 Stock options for 2,820,922 and 2,993,530 shares of common stock were not considered in computing diluted earnings per share for the three months ended March 31, 2024 and 2023, respectively, and stock options for 2,820,922 and 2,986,628 shares of common stock were not considered in computing diluted earnings per share for the nine months ended March 31, 2024 and 2023, respectively, because they were considered anti-dilutive. In addition, 635,650 and 427,347 RSUs were not considered in computing diluted earnings per share for the three months ended March 31, 2024 and March 31, 2023, respectively and 689,252 and 427,347 RSUs were not considered in computing diluted earnings per share for the three and nine months ended March 31, 2024 and March 31, 2023, respectively because they were considered anti-dilutive. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income | $ 7,397 | $ 10,312 | $ 3,412 | $ 28,798 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the nine months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the Consolidated Statement of Financial Condition at June 30, 2023 was derived from the Company’s 2023 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the Consolidated Statements of Financial Condition, Income, Comprehensive Income, Changes in Stockholders’ Equity and Cash Flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2023 Annual Report on Form 10-K. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2023 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2023. |
Recent Accounting Pronouncements and Recently Adopted Accounting Standards | RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . This ASU requires enhanced disclosures of segment information for all public entities, including those that have a single reportable segment, primarily in the area of segment revenues and expenses. Entities that have a single reportable segment, like the Company, will be required to provide all the disclosures required by this ASU and all existing segment disclosures requirements in ASC 280, Segment Reporting . This ASU is effective for the Company on July 1, 2024. The Company is currently evaluating the effect this ASU will have on the Company’s segment disclosures. Recently Adopted Accounting Standards In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Effective July 1, 2023, the Company adopted ASU 2022-02. Under ASU 2022-02, the Company assesses all loan modifications to determine whether one is granted to a borrower experiencing financial difficulty, regardless of whether the modified loan terms include a concession. Modifications granted to borrowers experiencing financial difficulty may be in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof. The Company adopted ASU 2022-02 on a prospective basis. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. Additional disclosures are included in Note 5 to the consolidated financial statements. Prior to the adoption of ASU 2022-02, a Troubled Debt Restructuring (“TDR”) occurred when the terms of a loan were modified because of deterioration in the financial condition of the borrower. Modifications could include extension of the repayment terms of the loan, reduced interest rates, or forgiveness of accrued interest and/or principal. For the Company's accounting policy related to TDRs granted prior to the adoption of ASU 2022-02, see “Note 1. Summary of Significant Accounting Policies” included in “Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023. |
Fair Value of Financial Instruments | Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Assets and Liabilities Measured on a Recurring Basis: The following methods and significant assumptions were used to estimate the fair values as of March 31, 2024 and June 30, 2023: Investment Securities Available for Sale The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Derivatives The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate contracts. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. Assets Measured on a Non-Recurring Basis: The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at March 31, 2024 and June 30, 2023: Individually Analyzed Collateral Dependent Loans The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Individually analyzed collateral dependent loans are considered a Level 3 valuation by the Company. Other Real Estate Owned Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Other real estate owned is considered a Level 3 valuation by the Company. |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated: March 31, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Asset-backed securities $ 86,707 $ 193 $ 540 $ — $ 86,360 Collateralized loan obligations 405,125 2,023 453 — 406,695 Corporate bonds 145,911 — 20,830 — 125,081 Total debt securities 637,743 2,216 21,823 — 618,136 Mortgage-backed securities: Residential pass-through securities (1) 437,009 7 92,044 — 344,972 Commercial pass-through securities (1) 157,421 — 21,874 — 135,547 Total mortgage-backed securities 594,430 7 113,918 — 480,519 Total securities available for sale $ 1,232,173 $ 2,223 $ 135,741 $ — $ 1,098,655 ___________________________ (1) Government-sponsored enterprises. June 30, 2023 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Asset-backed securities $ 138,281 $ 4 $ 2,115 $ — $ 136,170 Collateralized loan obligations 381,915 268 5,187 — 376,996 Corporate bonds 159,666 — 24,648 — 135,018 Total debt securities 679,862 272 31,950 — 648,184 Mortgage-backed securities: Residential pass-through securities (1) 539,506 2 103,357 — 436,151 Commercial pass-through securities (1) 164,499 — 21,105 — 143,394 Total mortgage-backed securities 704,005 2 124,462 — 579,545 Total securities available for sale $ 1,383,867 $ 274 $ 156,412 $ — $ 1,227,729 ___________________________ (1) Government-sponsored enterprises. |
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities | March 31, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 14,345 $ 2 $ 271 $ — $ 14,076 Total debt securities 14,345 2 271 — 14,076 Mortgage-backed securities: Residential pass-through securities (1) 113,075 — 13,727 — 99,348 Commercial pass-through securities (1) 12,223 — 2,071 — 10,152 Total mortgage-backed securities 125,298 — 15,798 — 109,500 Total securities held to maturity $ 139,643 $ 2 $ 16,069 $ — $ 123,576 ___________________________ (1) Government-sponsored enterprises. June 30, 2023 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 16,051 $ — $ 321 $ — $ 15,730 Total debt securities 16,051 — 321 — 15,730 Mortgage-backed securities: Residential pass-through securities (1) 118,166 — 12,736 — 105,430 Commercial pass-through securities (1) 12,248 — 2,239 — 10,009 Total mortgage-backed securities 130,414 — 14,975 — 115,439 Total securities held to maturity $ 146,465 $ — $ 15,296 $ — $ 131,169 ___________________________ (1) Government-sponsored enterprises. |
Stratification by Contractual Maturity of Securities | Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2024: March 31, 2024 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ — $ — Due after one year through five years 31,865 29,942 Due after five years through ten years 379,427 363,512 Due after ten years 226,451 224,682 Total $ 637,743 $ 618,136 March 31, 2024 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 5,629 $ 5,581 Due after one year through five years 8,108 7,908 Due after five years through ten years 608 587 Due after ten years — — Total $ 14,345 $ 14,076 |
Sales and Calls of Securities Available-for-Sale | Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ — $ — $ 104,083 $ 105,199 Gross realized losses $ — $ — $ (18,135) $ (15,227) Net loss on sales of securities $ — $ — $ (18,135) $ (15,227) |
Schedule of Available-for-Sale Securities Pledged | The carrying value of securities pledged were as follows as of the dates presented below: March 31, June 30, (In Thousands) Securities pledged: Pledged to secure public funds on deposit $ 154,608 $ 201,239 Pledged for potential borrowings at the Federal Reserve Bank of New York 507,101 529,216 Pledged for the bank term funding program 90,796 — Total carrying value of securities pledged $ 752,505 $ 730,455 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2024 and June 30, 2023: March 31, 2024 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 17,864 $ 378 $ 55,186 $ 162 10 $ 73,050 $ 540 Collateralized loan obligations 851 — 126,886 453 10 127,737 453 Corporate bonds — — 125,081 20,830 27 125,081 20,830 Commercial pass-through securities 46,890 1,217 88,656 20,657 9 135,546 21,874 Residential pass-through securities 56 1 344,458 92,043 102 344,514 92,044 Total $ 65,661 $ 1,596 $ 740,267 $ 134,145 158 $ 805,928 $ 135,741 June 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 33,833 $ 129 $ 98,828 $ 1,986 14 $ 132,661 $ 2,115 Collateralized loan obligations 46,903 135 294,813 5,052 26 341,716 5,187 Corporate bonds 25,511 1,354 109,507 23,294 31 135,018 24,648 Commercial pass-through securities 63,531 1,380 79,863 19,725 12 143,394 21,105 Residential pass-through securities 10,520 702 425,170 102,655 108 435,690 103,357 Total $ 180,298 $ 3,700 $ 1,008,181 $ 152,712 191 $ 1,188,479 $ 156,412 |
Schedule of Unrealized Loss on Investments | The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2024 and June 30, 2023: March 31, 2024 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 458 $ 6 $ 13,317 $ 265 26 $ 13,775 $ 271 Commercial pass-through securities — — 10,152 2,071 1 10,152 2,071 Residential pass-through securities 36,152 201 63,196 13,526 9 99,348 13,727 Total $ 36,610 $ 207 $ 86,665 $ 15,862 36 $ 123,275 $ 16,069 June 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 13,642 $ 268 $ 2,088 $ 53 32 $ 15,730 $ 321 Commercial pass-through securities — — 10,009 2,239 1 10,009 2,239 Residential pass-through securities 38,135 319 67,295 12,417 9 105,430 12,736 Total $ 51,777 $ 587 $ 79,392 $ 14,709 42 $ 131,169 $ 15,296 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table sets forth the composition of the Company’s loan portfolio at March 31, 2024 and June 30, 2023: March 31, June 30, (In Thousands) Commercial loans: Multi-family mortgage $ 2,645,195 $ 2,761,775 Nonresidential mortgage 965,539 968,574 Commercial business 147,326 146,861 Construction 229,457 226,609 Total commercial loans 3,987,517 4,103,819 One- to four-family residential mortgage 1,741,644 1,700,559 Consumer loans: Home equity loans 42,731 43,549 Other consumer 3,198 2,549 Total consumer loans 45,929 46,098 Total loans 5,775,090 5,850,476 Unaccreted yield adjustments (1) (16,754) (21,055) Total loans receivable, net of yield adjustments $ 5,758,336 $ 5,829,421 ___________________________ (1) At March 31, 2024 and June 30, 2023 , included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans. |
Contractual Payment Status of Past Loans Receivable | The following tables present the payment status of past due loans as of March 31, 2024 and June 30, 2023, by loan segment: Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ 2,725 $ — $ 19,912 $ 22,637 $ 2,622,558 $ 2,645,195 Nonresidential mortgage 5,912 174 3,230 9,316 956,223 965,539 Commercial business 1,495 104 640 2,239 145,087 147,326 Construction — — — — 229,457 229,457 One- to four-family residential mortgage 2,308 2,043 2,893 7,244 1,734,400 1,741,644 Home equity loans 325 25 19 369 42,362 42,731 Other consumer — — — — 3,198 3,198 Total loans $ 12,765 $ 2,346 $ 26,694 $ 41,805 $ 5,733,285 $ 5,775,090 Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ 2,958 $ — $ 10,756 $ 13,714 $ 2,748,061 $ 2,761,775 Nonresidential mortgage 792 — 8,233 9,025 959,549 968,574 Commercial business 528 16 236 780 146,081 146,861 Construction — — — — 226,609 226,609 One- to four-family residential mortgage 2,019 1,202 3,731 6,952 1,693,607 1,700,559 Home equity loans 25 — 50 75 43,474 43,549 Other consumer — — — — 2,549 2,549 Total loans $ 6,322 $ 1,218 $ 23,006 $ 30,546 $ 5,819,930 $ 5,850,476 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming loans as of March 31, 2024 and June 30, 2023: Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 1,904 $ 23,278 $ 25,182 $ 2,620,013 $ 2,645,195 Nonresidential mortgage — 174 4,314 4,488 961,051 965,539 Commercial business — 827 3,362 4,189 143,137 147,326 Construction — — — — 229,457 229,457 One- to four-family residential mortgage — 1,379 4,263 5,642 1,736,002 1,741,644 Home equity loans — — 45 45 42,686 42,731 Other consumer — — — — 3,198 3,198 Total loans $ — $ 4,284 $ 35,262 $ 39,546 $ 5,735,544 $ 5,775,090 Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 5,686 $ 13,428 $ 19,114 $ 2,742,661 $ 2,761,775 Nonresidential mortgage — 11,815 4,725 16,540 952,034 968,574 Commercial business — 71 181 252 146,609 146,861 Construction — — — — 226,609 226,609 One- to four-family residential mortgage — 1,640 5,031 6,671 1,693,888 1,700,559 Home equity loans — — 50 50 43,499 43,549 Other consumer — — — — 2,549 2,549 Total loans $ — $ 19,212 $ 23,415 $ 42,627 $ 5,807,849 $ 5,850,476 |
Troubled Debt Restructurings of Loans Receivable | The following tables presents the amortized cost basis at March 31, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three and nine months ended March 31, 2024 by type of modification: Three Months Ended March 31, 2024 Payment Delay Term Extension Total Percent of Total Class (Dollars In Thousands) Nonresidential mortgage $ — $ 786 $ 786 0.08 % Total $ — $ 786 $ 786 0.01 % Nine Months Ended March 31, 2024 Payment Delay Term Extension Total Percent of Total Class (Dollars In Thousands) Multi-family mortgage $ 2,774 $ — $ 2,774 0.10 % Nonresidential mortgage — 786 786 0.08 % Commercial business 45 — 45 0.03 % One- to four-family residential mortgage 489 45 534 0.03 % Home equity loans — 25 25 0.06 % Total $ 3,308 $ 856 $ 4,164 0.08 % The following table presents total TDRs at June 30, 2023: June 30, 2023 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage — $ — 2 $ 5,400 2 $ 5,400 Nonresidential mortgage 3 170 2 700 5 870 Commercial business 6 3,197 — — 6 3,197 Total commercial loans 9 3,367 4 6,100 13 9,467 One- to four-family residential mortgage 39 6,752 4 774 43 7,526 Consumer loans: Home equity loans 6 368 — — 6 368 Total 54 $ 10,487 8 $ 6,874 62 $ 17,361 The following table presents information regarding TDRs that occurred during the three and nine months ended March 31, 2023: Three Months Ended March 31, 2023 # of Loans Pre- Post- (Dollars In Thousands) Commercial business 1 $ 67 $ 67 Total 1 $ 67 $ 67 Nine Months Ended March 31, 2023 # of Loans Pre- Post- (Dollars In Thousands) Commercial business 2 $ 74 $ 74 One- to four-family residential mortgage 2 708 705 Home equity loans 1 35 35 Total 5 $ 817 $ 814 |
Carrying Value of Collateral Dependent Individually Analyzed Loans | The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated: March 31, 2024 June 30, 2023 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 25,182 $ 9 $ 19,114 $ 326 Nonresidential mortgage (1) 3,230 — 16,207 3,001 Commercial business (2) 3,323 — — — Total commercial loans 31,735 9 35,321 3,327 One- to four-family residential mortgage (2) 1,056 — 2,875 — Consumer loans: Home equity loans (2) 19 — — — Total $ 32,810 $ 9 $ 38,196 $ 3,327 ___________________________ (1) Secured by income-producing nonresidential property. (2) Secured by one- to four-family residential properties. |
Credit-Rating Classification of Loans Receivable | The following table presents the risk category of loans and current period gross charge-offs as of March 31, 2024 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2024 2023 2022 2021 2020 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 16,520 $ 598,167 $ 953,096 $ 217,401 $ 201,040 $ 611,894 $ — $ 2,598,118 Special Mention — — — — — 6,519 — 6,519 Substandard — — — 9,626 — 30,932 — 40,558 Doubtful — — — — — — — — Total multi-family mortgage 16,520 598,167 953,096 227,027 201,040 649,345 — 2,645,195 Multi-family current period gross charge-offs — — — — — 389 — 389 Nonresidential mortgage: Pass 64,851 106,424 205,793 90,222 50,767 420,499 150 938,706 Special Mention — — — — — 11,217 — 11,217 Substandard — — — 871 — 14,745 — 15,616 Doubtful — — — — — — — — Total nonresidential mortgage 64,851 106,424 205,793 91,093 50,767 446,461 150 965,539 Nonresidential current period gross charge-offs — — — — — 5,975 — 5,975 Commercial business: Pass 10,216 8,906 26,884 18,963 6,401 8,470 57,867 137,707 Special Mention — — 1,618 464 — 1,775 — 3,857 Substandard — — — 3,406 179 2,049 128 5,762 Doubtful — — — — — — — — Total commercial business 10,216 8,906 28,502 22,833 6,580 12,294 57,995 147,326 Commercial current period gross charge-offs — — — 5 336 11 — 352 Construction loans: Pass 36,988 43,602 43,182 67,408 8,352 3,751 5,735 209,018 Special Mention — — — 20,439 — — — 20,439 Substandard — — — — — — — — Doubtful — — — — — — — — Total construction loans 36,988 43,602 43,182 87,847 8,352 3,751 5,735 229,457 Residential mortgage: Pass 139,316 185,852 439,300 467,793 78,137 419,604 267 1,730,269 Special Mention — 514 — — — 1,656 — 2,170 Substandard — — 528 — — 8,677 — 9,205 Doubtful — — — — — — — — Total residential mortgage 139,316 186,366 439,828 467,793 78,137 429,937 267 1,741,644 Residential current period gross charge-offs — — — — — 37 — 37 Home equity loans: Pass 1,239 6,082 2,300 359 1,069 8,406 22,934 42,389 Special Mention — — — — — — 95 95 Substandard — — — — — 247 — 247 Doubtful — — — — — — — — Total home equity loans 1,239 6,082 2,300 359 1,069 8,653 23,029 42,731 Other consumer loans Pass 1,017 231 213 129 466 1,015 40 3,111 Special Mention — — — — — — — — Substandard — — — — — — 1 1 Doubtful — — — — — — 86 86 Other consumer loans 1,017 231 213 129 466 1,015 127 3,198 Total loans $ 270,147 $ 949,778 $ 1,672,914 $ 897,081 $ 346,411 $ 1,551,456 $ 87,303 $ 5,775,090 Total current period gross charge-offs $ — $ — $ — $ 5 $ 336 $ 6,412 $ — $ 6,753 The following table presents the risk category of loans as of June 30, 2023 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2023 2022 2021 2020 2019 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 603,260 $ 954,554 $ 213,482 $ 198,969 $ 226,929 $ 510,485 $ — $ 2,707,679 Special Mention — — — — 6,006 6,647 — 12,653 Substandard — — 9,809 — 9,432 22,202 — 41,443 Doubtful — — — — — — — — Total multi-family mortgage 603,260 954,554 223,291 198,969 242,367 539,334 — 2,761,775 Nonresidential mortgage: Pass 109,725 220,443 83,032 51,933 59,197 414,742 6,000 945,072 Special Mention — — — — — 378 — 378 Substandard — — 708 — 919 21,497 — 23,124 Doubtful — — — — — — — — Total nonresidential mortgage 109,725 220,443 83,740 51,933 60,116 436,617 6,000 968,574 Commercial business: Pass 10,364 28,644 25,304 7,875 1,731 8,776 59,031 141,725 Special Mention — — — 47 176 2,456 371 3,050 Substandard — — — 395 60 1,385 246 2,086 Doubtful — — — — — — — — Total commercial business 10,364 28,644 25,304 8,317 1,967 12,617 59,648 146,861 Construction loans: Pass 25,070 36,389 143,086 12,275 2,961 1,093 5,735 226,609 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total construction loans 25,070 36,389 143,086 12,275 2,961 1,093 5,735 226,609 Residential mortgage: Pass 195,521 454,504 491,460 80,431 45,741 422,472 — 1,690,129 Special Mention — — — — 1,168 425 — 1,593 Substandard — 542 — — 80 8,215 — 8,837 Doubtful — — — — — — — — Total residential mortgage 195,521 455,046 491,460 80,431 46,989 431,112 — 1,700,559 Home equity loans: Pass 7,682 2,567 607 1,264 2,478 7,280 21,384 43,262 Special Mention — — — — — — — — Substandard — — — — — 287 — 287 Doubtful — — — — — — — — Total home equity loans 7,682 2,567 607 1,264 2,478 7,567 21,384 43,549 Other consumer loans Pass 367 247 110 494 302 912 42 2,474 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 75 75 Other consumer loans 367 247 110 494 302 912 117 2,549 Total loans $ 951,989 $ 1,697,890 $ 967,598 $ 353,683 $ 357,180 $ 1,429,252 $ 92,884 $ 5,850,476 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Balance of Loans Receivable | The following tables present the balance of the allowance for credit losses at March 31, 2024 and June 30, 2023. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 9 $ 24,187 $ 24,196 Nonresidential mortgage — 34 8 6,008 6,050 Commercial business — 22 186 1,337 1,545 Construction — — — 1,350 1,350 One- to four-family residential mortgage 12 101 12 11,250 11,375 Home equity loans — — — 330 330 Other consumer — — — 84 84 Total loans $ 12 $ 157 $ 215 $ 44,546 $ 44,930 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 25,182 $ 2,620,013 $ 2,645,195 Nonresidential mortgage 298 2,207 4,190 958,844 965,539 Commercial business — 4,523 4,189 138,614 147,326 Construction — 5,735 — 223,722 229,457 One- to four-family residential mortgage 955 3,821 4,687 1,732,181 1,741,644 Home equity loans 24 — 21 42,686 42,731 Other consumer — — — 3,198 3,198 Total loans $ 1,277 $ 16,286 $ 38,269 $ 5,719,258 $ 5,775,090 Unaccreted yield adjustments (16,754) Loans receivable, net of yield adjustments $ 5,758,336 Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 326 $ 26,036 $ 26,362 Nonresidential mortgage — 70 3,001 5,882 8,953 Commercial business — 9 20 1,411 1,440 Construction — — — 1,336 1,336 One- to four-family residential mortgage 3 132 70 10,032 10,237 Home equity loans — — — 338 338 Other consumer — — — 68 68 Total loans $ 3 $ 211 $ 3,417 $ 45,103 $ 48,734 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 19,114 $ 2,742,661 $ 2,761,775 Nonresidential mortgage 333 3,562 16,207 948,472 968,574 Commercial business — 4,237 252 142,372 146,861 Construction — 5,735 — 220,874 226,609 One- to four-family residential mortgage 570 4,433 6,101 1,689,455 1,700,559 Home equity loans 25 — 25 43,499 43,549 Other consumer — — — 2,549 2,549 Total loans $ 928 $ 17,967 $ 41,699 $ 5,789,882 $ 5,850,476 Unaccreted yield adjustments (21,055) Loans receivable, net of yield adjustments $ 5,829,421 The following tables present the activity in the allowance for credit losses on loans for the three and nine months ended March 31, 2024 and 2023. Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 24,462 $ (35) $ — $ (231) $ 24,196 Nonresidential mortgage 5,888 (253) — 415 6,050 Commercial business 1,293 (5) 7 250 1,545 Construction 1,171 — — 179 1,350 One- to four-family residential mortgage 11,653 — — (278) 11,375 Home equity loans 330 — — — 330 Other consumer 70 — — 14 84 Total loans $ 44,867 $ (293) $ 7 $ 349 $ 44,930 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 26,362 $ (389) $ — $ (1,777) $ 24,196 Nonresidential mortgage 8,953 (5,975) 120 2,952 6,050 Commercial business 1,440 (352) 17 440 1,545 Construction 1,336 — — 14 1,350 One- to four-family residential mortgage 10,237 (37) 113 1,062 11,375 Home equity loans 338 — — (8) 330 Other consumer 68 — — 16 84 Total loans $ 48,734 $ (6,753) $ 250 $ 2,699 $ 44,930 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 27,498 $ (4) $ — $ (322) $ 27,172 Nonresidential mortgage 8,593 (6) — (343) 8,244 Commercial business 1,819 (205) 7 108 1,729 Construction 1,201 — — 115 1,316 One- to four-family residential mortgage 9,355 — 2 908 10,265 Home equity loans 339 — — (12) 327 Other consumer 72 — — (3) 69 Total loans $ 48,877 $ (215) $ 9 $ 451 $ 49,122 Changes in the Allowance for Credit Losses Balance at June 30, 2022 Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 25,321 $ (399) $ — $ 2,250 $ 27,172 Nonresidential mortgage 10,590 (21) — (2,325) 8,244 Commercial business 1,792 (338) 24 251 1,729 Construction 1,486 — — (170) 1,316 One- to four-family residential mortgage 7,540 — 2 2,723 10,265 Home equity loans 245 — — 82 327 Other consumer 84 — 4 (19) 69 Total loans $ 47,058 $ (758) $ 30 $ 2,792 $ 49,122 |
Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments | The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Balance at beginning of the period $ 567 $ 819 $ 741 $ 1,041 Provision for (reversal of) credit losses 198 (90) 24 (312) Balance at end of the period $ 765 $ 729 $ 765 $ 729 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits at March 31, 2024 and June 30, 2023 are summarized as follows: March 31, June 30, (In Thousands) Non-interest-bearing demand $ 586,089 $ 609,999 Interest-bearing demand 2,349,032 2,252,912 Savings 630,456 748,721 Certificates of deposits 1,643,473 2,017,551 Total deposits $ 5,209,050 $ 5,629,183 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at March 31, 2024 and June 30, 2023 consisted of the following: March 31, June 30, (In Thousands) FHLB advances $ 1,357,178 $ 1,281,812 Federal Reserve Bank Term Funding Program ("BTFP") borrowings 100,000 — Overnight borrowings (1) 265,000 225,000 Total borrowings $ 1,722,178 $ 1,506,812 ___________________________ (1) At March 31, 2024, represented $265.0 million of FHLB overnight line of credit borrowings. At June 30, 2023, represented $125.0 million of FHLB overnight line of credit borrowings and $100.0 million of unsecured overnight borrowings from other financial institutions. |
Schedule of Fixed Rate Advances from FHLB | Fixed rate advances from the FHLB of New York and BTFP borrowings mature as follows: March 31, 2024 June 30, 2023 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 1,228,500 5.22 % $ 972,500 5.36 % One to two years 29,000 2.77 103,500 2.68 Two to three years — — 6,500 2.82 Three to four years 200,000 3.98 — — Four to five years — — 200,000 3.98 Greater than five years — — — — Total advances 1,457,500 5.00 % 1,282,500 4.92 % Unamortized fair value adjustments (322) (688) Total advances, net of fair value adjustments $ 1,457,178 $ 1,281,812 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of March 31, 2024 and June 30, 2023: March 31, 2024 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 55,794 Other liabilities $ — Total $ 55,794 $ — June 30, 2023 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 71,624 Other liabilities $ — Total $ 71,624 $ — As of March 31, 2024 and June 30, 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges: March 31, June 30, (In Thousands) Loans receivable: Carrying amount of the hedged assets (1) $ 665,640 $ 663,563 Fair value hedging adjustment included in the carrying amount of the hedged assets $ (9,360) $ (11,437) ___________________________________ (1) |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income | The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Amount of gain (loss) recognized in other comprehensive income $ 18,798 $ (8,936) $ 13,920 $ 11,051 Amount of gain reclassified from accumulated other comprehensive income to interest expense $ 9,461 $ 6,461 $ 28,295 $ 12,185 |
Derivative Instruments, Gain (Loss) | The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three and nine months ended March 31, 2024 and March 31, 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) (Loss) gain on hedged items recorded in interest income on loans $ (5,929) $ 5,681 $ 2,077 $ 653 Gain (loss) on hedges recorded in interest income on loans $ 8,565 $ (4,521) $ 5,832 $ 589 |
Offsetting Derivatives | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2024 and June 30, 2023, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. March 31, 2024 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received (Posted) Net Amount (In Thousands) Assets: Interest rate contracts $ 55,794 $ — $ 55,794 $ — $ — $ 55,794 Total $ 55,794 $ — $ 55,794 $ — $ — $ 55,794 June 30, 2023 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received (Posted) Net Amount (In Thousands) Assets: Interest rate contracts $ 72,418 $ (794) $ 71,624 $ — $ — $ 71,624 Total $ 72,418 $ (794) $ 71,624 $ — $ — $ 71,624 Liabilities: Interest rate contracts $ 794 $ (794) $ — $ — $ — $ — Total $ 794 $ (794) $ — $ — $ — $ — |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Expense | The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated Statements of Income 2024 2023 2024 2023 (In Thousands) Service cost $ 20 $ 24 $ 58 $ 258 Salaries and employee benefits Interest cost 93 88 277 280 Other expense Accretion of unrecognized gain (15) (6) (45) (18) Other expense Expected return on assets (23) (25) (69) (75) Other expense Net periodic benefit cost $ 75 $ 81 $ 221 $ 445 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in Thousands) Income before income taxes $ 9,114 $ 13,214 $ 10,220 $ 36,988 Statutory federal tax rate 21 % 21 % 21 % 21 % Federal income tax at statutory rate $ 1,914 $ 2,775 $ 2,146 $ 7,767 (Reduction) increase in income taxes resulting from: Tax exempt interest (17) (20) (52) (125) State tax, net of federal tax effect 485 769 297 2,065 Incentive stock option compensation expense — 3 5 9 Income from bank-owned life insurance (504) (332) (1,218) (1,469) Surrender of bank-owned life insurance polices 76 — 5,789 — Other items, net (237) (293) (159) (57) Total income tax expense $ 1,717 $ 2,902 $ 6,808 $ 8,190 Effective income tax rate 18.84 % 21.96 % 66.61 % 22.14 % |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Those assets measured at fair value on a recurring basis are summarized below: March 31, 2024 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Asset-backed securities $ — $ 86,360 $ — $ 86,360 Collateralized loan obligations — 406,695 — 406,695 Corporate bonds — 125,081 — 125,081 Total debt securities — 618,136 — 618,136 Mortgage-backed securities available for sale: Residential pass-through securities — 344,972 — 344,972 Commercial pass-through securities — 135,547 — 135,547 Total mortgage-backed securities — 480,519 — 480,519 Total securities available for sale $ — $ 1,098,655 $ — $ 1,098,655 Interest rate contracts $ — $ 55,794 $ — $ 55,794 Total assets $ — $ 1,154,449 $ — $ 1,154,449 June 30, 2023 Quoted Prices Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Asset-backed securities $ — $ 136,170 $ — $ 136,170 Collateralized loan obligations — 376,996 — 376,996 Corporate bonds — 135,018 — 135,018 Total debt securities — 648,184 — 648,184 Mortgage-backed securities available for sale: Residential pass-through securities — 436,151 — 436,151 Commercial pass-through securities — 143,394 — 143,394 Total mortgage-backed securities — 579,545 — 579,545 Total securities available for sale $ — $ 1,227,729 $ — $ 1,227,729 Interest rate contracts $ — $ 71,624 $ — $ 71,624 Total assets $ — $ 1,299,353 $ — $ 1,299,353 |
Schedule of Assets Measured at Fair Value on a Non-recurring Basis | Those assets measured at fair value on a non-recurring basis are summarized below: March 31, 2024 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Multi-family mortgage $ — $ — $ 1,896 $ 1,896 Total $ — $ — $ 1,896 $ 1,896 June 30, 2023 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ — $ — $ 449 $ 449 Multi-family mortgage — — 7,300 7,300 Nonresidential mortgage — — 9,972 9,972 Total $ — $ — $ 17,721 $ 17,721 Other real estate owned, net: Nonresidential $ — $ — $ 12,956 $ 12,956 Total $ — $ — $ 12,956 $ 12,956 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: March 31, 2024 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Multi-family mortgage $ 1,896 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 13.09% 13.09 % Total $ 1,896 June 30, 2023 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 449 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 9% 6.93 % Multi-family mortgage 7,300 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 9% 7.78 % Nonresidential mortgage 9,972 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 16% 11.78 % Total $ 17,721 Other real estate owned, net: Nonresidential $ 12,956 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 4.00% 4.00 % Total $ 12,956 ___________________________________ (1) The fair value of collateral dependent loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of collateral dependent loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees. (3) The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2024 and June 30, 2023: March 31, 2024 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 71,027 $ 71,027 $ 71,027 $ — $ — Investment securities available for sale 1,098,655 1,098,655 — 1,098,655 — Investment securities held to maturity 139,643 123,576 — 123,576 — Loans held-for-sale 4,117 4,159 — 4,159 — Net loans receivable 5,713,406 5,150,589 — — 5,150,589 FHLB Stock 81,347 — — — — Interest receivable 31,065 31,065 28 10,318 20,719 Interest rate contracts 55,794 55,794 — 55,794 — Financial liabilities: Deposits other than certificates of deposits 3,565,577 3,565,577 3,565,577 — — Certificates of deposits 1,643,473 1,632,554 — — 1,632,554 Borrowings 1,722,178 1,716,261 — — 1,716,261 Interest payable on deposits 5,849 5,849 3,611 — 2,238 Interest payable on borrowings 6,727 6,727 — — 6,727 June 30, 2023 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 70,515 $ 70,515 $ 70,515 $ — $ — Investment securities available for sale 1,227,729 1,227,729 — 1,227,729 — Investment securities held to maturity 146,465 131,169 — 131,169 — Loans held-for-sale 9,591 9,442 — 9,442 — Net loans receivable 5,780,687 5,261,808 — — 5,261,808 FHLB Stock 71,734 — — — — Interest receivable 28,133 28,133 14 8,924 19,195 Interest rate contracts 71,624 71,624 — 71,624 — Financial liabilities: Deposits other than certificates of deposits 3,611,632 3,611,632 3,611,632 — — Certificates of deposits 2,017,551 1,989,434 — — 1,989,434 Borrowings 1,506,812 1,498,920 — — 1,498,920 Interest payable on deposits 6,826 6,826 1,933 — 4,893 Interest payable on borrowings 5,282 5,282 — — 5,282 |
COMPREHENSIVE INCOME (LOSS) (Ta
COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss included in stockholders’ equity at March 31, 2024 and June 30, 2023 are as follows: March 31, June 30, (In Thousands) Net unrealized loss on securities available for sale $ (133,518) $ (156,138) Tax effect 38,499 45,018 Net of tax amount (95,019) (111,120) Fair value adjustments on derivatives 44,039 58,414 Tax effect (12,771) (16,940) Net of tax amount 31,268 41,474 Benefit plan adjustments 129 268 Tax effect (37) (78) Net of tax amount 92 190 Total accumulated other comprehensive loss $ (63,659) $ (69,456) |
Schedule of Comprehensive (Loss) Income | Other comprehensive loss and related tax effects for the three and nine months ended March 31, 2024 and 2023 are presented in the following table: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands) Net unrealized holding (loss) gain on securities available for sale $ (9,061) $ 9,713 $ 4,485 $ (38,324) Net realized loss on sale and call of securities available for sale (1) — — 18,135 15,227 Fair value adjustments on derivatives 9,337 (15,397) (14,375) (1,134) Benefit plans: Accretion of net actuarial gain (2) (15) (6) (44) (18) Net actuarial loss — — (95) (27) Net change in benefit plan accrued expense (15) (6) (139) (45) Other comprehensive income (loss) before taxes 261 (5,690) 8,106 (24,276) Tax effect (90) 1,658 (2,309) 6,950 Total other comprehensive income (loss) $ 171 $ (4,032) $ 5,797 $ (17,326) ___________________________________ (1) Represents amounts reclassified out of accumulated other comprehensive loss and included in loss on sale of securities on the Consolidated Statements of Income. (2) Represents amounts reclassified out of accumulated other comprehensive loss and included in the computation of net periodic pension expense. See Note 10 - Benefit Plans for additional information. |
NET INCOME PER COMMON SHARE (_2
NET INCOME PER COMMON SHARE (“EPS”) (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Calculations | The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In Thousands, Except Per Share Data) Net income $ 7,397 $ 10,312 $ 3,412 $ 28,798 Weighted average number of common shares outstanding - basic 62,205 64,769 62,507 65,181 Effect of dilutive securities 6 14 — 10 Weighted average number of common shares outstanding - diluted 62,211 64,783 62,507 65,191 Basic earnings per share $ 0.12 $ 0.16 $ 0.06 $ 0.44 Diluted earnings per share $ 0.12 $ 0.16 $ 0.06 $ 0.44 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Apr. 25, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Subsequent Event [Line Items] | |||||
Cash dividends declared (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends declared (in dollars per share) | $ 0.11 |
SECURITIES - Securities Availab
SECURITIES - Securities Available for Sale (Details) - USD ($) | Mar. 31, 2024 | Jun. 30, 2023 |
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | $ 1,232,173,000 | $ 1,383,867,000 |
Gross Unrealized Gains | 2,223,000 | 274,000 |
Gross Unrealized Losses | 135,741,000 | 156,412,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,098,655,000 | 1,227,729,000 |
Debt securities | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 637,743,000 | 679,862,000 |
Gross Unrealized Gains | 2,216,000 | 272,000 |
Gross Unrealized Losses | 21,823,000 | 31,950,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 618,136,000 | 648,184,000 |
Asset-backed securities | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 86,707,000 | 138,281,000 |
Gross Unrealized Gains | 193,000 | 4,000 |
Gross Unrealized Losses | 540,000 | 2,115,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 86,360,000 | 136,170,000 |
Collateralized loan obligations | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 405,125,000 | 381,915,000 |
Gross Unrealized Gains | 2,023,000 | 268,000 |
Gross Unrealized Losses | 453,000 | 5,187,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 406,695,000 | 376,996,000 |
Corporate bonds | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 145,911,000 | 159,666,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 20,830,000 | 24,648,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 125,081,000 | 135,018,000 |
Mortgage-backed securities | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 594,430,000 | 704,005,000 |
Gross Unrealized Gains | 7,000 | 2,000 |
Gross Unrealized Losses | 113,918,000 | 124,462,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 480,519,000 | 579,545,000 |
Residential pass-through securities | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 437,009,000 | 539,506,000 |
Gross Unrealized Gains | 7,000 | 2,000 |
Gross Unrealized Losses | 92,044,000 | 103,357,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 344,972,000 | 436,151,000 |
Commercial pass-through securities | ||
Schedule of Available for Sale Securities [Line Items] | ||
Amortized Cost | 157,421,000 | 164,499,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 21,874,000 | 21,105,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 135,547,000 | $ 143,394,000 |
SECURITIES - Securities Held to
SECURITIES - Securities Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 139,643 | $ 146,465 |
Gross Unrecognized Gains | 2 | 0 |
Gross Unrecognized Losses | 16,069 | 15,296 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 123,576 | 131,169 |
Debt securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 14,345 | 16,051 |
Gross Unrecognized Gains | 2 | 0 |
Gross Unrecognized Losses | 271 | 321 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 14,076 | 15,730 |
Obligations of state and political subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 14,345 | 16,051 |
Gross Unrecognized Gains | 2 | 0 |
Gross Unrecognized Losses | 271 | 321 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 14,076 | 15,730 |
Mortgage-backed securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 125,298 | 130,414 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 15,798 | 14,975 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 109,500 | 115,439 |
Residential pass-through securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 113,075 | 118,166 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 13,727 | 12,736 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 99,348 | 105,430 |
Commercial pass-through securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 12,223 | 12,248 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 2,071 | 2,239 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 10,152 | $ 10,009 |
SECURITIES - Stratification by
SECURITIES - Stratification by Contractual Maturity of Securities (Details) - Debt securities $ in Thousands | Mar. 31, 2024 USD ($) |
Amortized Cost | |
Due in one year or less | $ 0 |
Due after one year through five years | 31,865 |
Due after five years through ten years | 379,427 |
Due after ten years | 226,451 |
Amortized Cost | 637,743 |
Fair Value | |
Due in one year or less | 0 |
Due after one year through five years | 29,942 |
Due after five years through ten years | 363,512 |
Due after ten years | 224,682 |
Fair Value | 618,136 |
Amortized Cost | |
Due in one year or less | 5,629 |
Due after one year through five years | 8,108 |
Due after five years through ten years | 608 |
Due after ten years | 0 |
Amortized Cost | 14,345 |
Fair Value | |
Due in one year or less | 5,581 |
Due after one year through five years | 7,908 |
Due after five years through ten years | 587 |
Due after ten years | 0 |
Fair Value | $ 14,076 |
SECURITIES - Gain on Sales of S
SECURITIES - Gain on Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Available for Sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 104,083 | $ 105,199 | ||
Available for sale securities sold | ||||
Schedule of Available for Sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 0 | $ 0 | 104,083 | 105,199 |
Gross realized losses | 0 | 0 | (18,135) | (15,227) |
Net loss on sales of securities | $ 0 | $ 0 | $ (18,135) | $ (15,227) |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Jun. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for Credit Losses | $ 0 | $ 0 |
Allowance for Credit Losses | $ 0 | $ 0 |
SECURITIES - Schedule of Availa
SECURITIES - Schedule of Available for Sale Securities Pledged (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Schedule of Available for Sale Securities [Line Items] | ||
Investment securities available for sale | $ 1,098,655 | $ 1,227,729 |
Asset Pledged as Collateral | ||
Schedule of Available for Sale Securities [Line Items] | ||
Investment securities available for sale | 752,505 | 730,455 |
Asset Pledged as Collateral | Pledged to secure public funds on deposit | ||
Schedule of Available for Sale Securities [Line Items] | ||
Investment securities available for sale | 154,608 | 201,239 |
Asset Pledged as Collateral | Pledged for potential borrowings at the Federal Reserve Bank of New York | ||
Schedule of Available for Sale Securities [Line Items] | ||
Investment securities available for sale | 507,101 | 529,216 |
Asset Pledged as Collateral | Pledged for the bank term funding program | ||
Schedule of Available for Sale Securities [Line Items] | ||
Investment securities available for sale | $ 90,796 | $ 0 |
SECURITIES - Schedule of Fair V
SECURITIES - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Details) $ in Thousands | Mar. 31, 2024 USD ($) security | Jun. 30, 2023 USD ($) security |
Fair Value | ||
Less than 12 Months | $ 65,661 | $ 180,298 |
12 Months or More | 740,267 | 1,008,181 |
Fair Value | 805,928 | 1,188,479 |
Unrealized Losses | ||
Less than 12 Months | 1,596 | 3,700 |
12 Months or More | 134,145 | 152,712 |
Unrealized Losses | $ 135,741 | $ 156,412 |
Number of Securities | security | 158 | 191 |
Fair Value | ||
Less than 12 Months | $ 36,610 | $ 51,777 |
12 Months or More | 86,665 | 79,392 |
Fair Value | 123,275 | 131,169 |
Unrecognized Losses | ||
Less than 12 Months | 207 | 587 |
12 Months or More | 15,862 | 14,709 |
Unrecognized Losses | $ 16,069 | $ 15,296 |
Number of Securities | security | 36 | 42 |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less than 12 Months | $ 458 | $ 13,642 |
12 Months or More | 13,317 | 2,088 |
Fair Value | 13,775 | 15,730 |
Unrecognized Losses | ||
Less than 12 Months | 6 | 268 |
12 Months or More | 265 | 53 |
Unrecognized Losses | $ 271 | $ 321 |
Number of Securities | security | 26 | 32 |
Asset-backed securities | ||
Fair Value | ||
Less than 12 Months | $ 17,864 | $ 33,833 |
12 Months or More | 55,186 | 98,828 |
Fair Value | 73,050 | 132,661 |
Unrealized Losses | ||
Less than 12 Months | 378 | 129 |
12 Months or More | 162 | 1,986 |
Unrealized Losses | $ 540 | $ 2,115 |
Number of Securities | security | 10 | 14 |
Collateralized loan obligations | ||
Fair Value | ||
Less than 12 Months | $ 851 | $ 46,903 |
12 Months or More | 126,886 | 294,813 |
Fair Value | 127,737 | 341,716 |
Unrealized Losses | ||
Less than 12 Months | 0 | 135 |
12 Months or More | 453 | 5,052 |
Unrealized Losses | $ 453 | $ 5,187 |
Number of Securities | security | 10 | 26 |
Corporate bonds | ||
Fair Value | ||
Less than 12 Months | $ 0 | $ 25,511 |
12 Months or More | 125,081 | 109,507 |
Fair Value | 125,081 | 135,018 |
Unrealized Losses | ||
Less than 12 Months | 0 | 1,354 |
12 Months or More | 20,830 | 23,294 |
Unrealized Losses | $ 20,830 | $ 24,648 |
Number of Securities | security | 27 | 31 |
Commercial pass-through securities | ||
Fair Value | ||
Less than 12 Months | $ 46,890 | $ 63,531 |
12 Months or More | 88,656 | 79,863 |
Fair Value | 135,546 | 143,394 |
Unrealized Losses | ||
Less than 12 Months | 1,217 | 1,380 |
12 Months or More | 20,657 | 19,725 |
Unrealized Losses | $ 21,874 | $ 21,105 |
Number of Securities | security | 9 | 12 |
Fair Value | ||
Less than 12 Months | $ 0 | $ 0 |
12 Months or More | 10,152 | 10,009 |
Fair Value | 10,152 | 10,009 |
Unrecognized Losses | ||
Less than 12 Months | 0 | 0 |
12 Months or More | 2,071 | 2,239 |
Unrecognized Losses | $ 2,071 | $ 2,239 |
Number of Securities | security | 1 | 1 |
Residential pass-through securities | ||
Fair Value | ||
Less than 12 Months | $ 56 | $ 10,520 |
12 Months or More | 344,458 | 425,170 |
Fair Value | 344,514 | 435,690 |
Unrealized Losses | ||
Less than 12 Months | 1 | 702 |
12 Months or More | 92,043 | 102,655 |
Unrealized Losses | $ 92,044 | $ 103,357 |
Number of Securities | security | 102 | 108 |
Fair Value | ||
Less than 12 Months | $ 36,152 | $ 38,135 |
12 Months or More | 63,196 | 67,295 |
Fair Value | 99,348 | 105,430 |
Unrecognized Losses | ||
Less than 12 Months | 201 | 319 |
12 Months or More | 13,526 | 12,417 |
Unrecognized Losses | $ 13,727 | $ 12,736 |
Number of Securities | security | 9 | 9 |
LOANS RECEIVABLE - Schedule of
LOANS RECEIVABLE - Schedule of Loans Receivable (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) property |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,775,090 | $ 5,850,476 |
Unaccreted yield adjustments | (16,754) | (21,055) |
Loans receivable | 5,758,336 | 5,829,421 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,987,517 | 4,103,819 |
Commercial | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,195 | 2,761,775 |
Commercial | Nonresidential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 965,539 | 968,574 |
Real estate acquired through foreclosure | $ 13,000 | |
Real estate acquired through foreclosure, number of properties | property | 1 | |
Commercial | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 147,326 | $ 146,861 |
Commercial | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 229,457 | 226,609 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,741,644 | 1,700,559 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 45,929 | 46,098 |
Consumer | Home equity loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 42,731 | 43,549 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 3,198 | $ 2,549 |
LOANS RECEIVABLE - Contractual
LOANS RECEIVABLE - Contractual Payment Status of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,775,090 | $ 5,850,476 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 41,805 | 30,546 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 12,765 | 6,322 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,346 | 1,218 |
90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 26,694 | 23,006 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,733,285 | 5,819,930 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,987,517 | 4,103,819 |
Commercial | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,195 | 2,761,775 |
Commercial | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 965,539 | 968,574 |
Commercial | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 147,326 | 146,861 |
Commercial | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 229,457 | 226,609 |
Commercial | Total Past Due | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 22,637 | 13,714 |
Commercial | Total Past Due | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 9,316 | 9,025 |
Commercial | Total Past Due | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,239 | 780 |
Commercial | Total Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial | 30-59 Days | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,725 | 2,958 |
Commercial | 30-59 Days | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,912 | 792 |
Commercial | 30-59 Days | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,495 | 528 |
Commercial | 30-59 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial | 60-89 Days | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial | 60-89 Days | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 174 | 0 |
Commercial | 60-89 Days | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 104 | 16 |
Commercial | 60-89 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial | 90 Days and Over | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 19,912 | 10,756 |
Commercial | 90 Days and Over | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,230 | 8,233 |
Commercial | 90 Days and Over | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 640 | 236 |
Commercial | 90 Days and Over | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial | Current | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,622,558 | 2,748,061 |
Commercial | Current | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 956,223 | 959,549 |
Commercial | Current | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 145,087 | 146,081 |
Commercial | Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 229,457 | 226,609 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,741,644 | 1,700,559 |
Residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 7,244 | 6,952 |
Residential | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,308 | 2,019 |
Residential | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,043 | 1,202 |
Residential | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,893 | 3,731 |
Residential | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,734,400 | 1,693,607 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 45,929 | 46,098 |
Consumer | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 42,731 | 43,549 |
Consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,198 | 2,549 |
Consumer | Total Past Due | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 369 | 75 |
Consumer | Total Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer | 30-59 Days | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 325 | 25 |
Consumer | 30-59 Days | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer | 60-89 Days | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 25 | 0 |
Consumer | 60-89 Days | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer | 90 Days and Over | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 19 | 50 |
Consumer | 90 Days and Over | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer | Current | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 42,362 | 43,474 |
Consumer | Current | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 3,198 | $ 2,549 |
LOANS RECEIVABLE - Additional I
LOANS RECEIVABLE - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 USD ($) loan | Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | Jun. 30, 2023 USD ($) loan property | |
Financing Receivable Recorded Investment [Line Items] | ||||
Interest income on non-accrual | $ 0 | $ 0 | ||
Troubled debt restructuring | $ 17,361,000 | |||
Troubled debt restructuring, allowance for credit loss | 274,000 | |||
TDR charge-offs | $ 6,000 | $ 103,000 | ||
Number of TDR loans in process of defaulting | loan | 2 | 2 | ||
Financing receivable, troubled debt restructuring, commitment to lend | 0 | |||
TDR defaults | $ 649,000 | $ 649,000 | ||
Financing receivable, individually evaluated for impairment | 39,500,000 | |||
Residential | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Troubled debt restructuring | $ 7,526,000 | |||
TDR defaults | $ 490,000 | |||
Number of loans in process of foreclosure | loan | 1 | 3 | ||
Mortgage loans in process of foreclosure, carrying value | $ 558,100 | $ 950,000 | ||
Commercial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Troubled debt restructuring | $ 9,467,000 | |||
Number of loans in process of foreclosure | loan | 5 | 6 | ||
Mortgage loans in process of foreclosure, carrying value | $ 10,600,000 | $ 9,200,000 | ||
Commercial | Nonresidential mortgage | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Troubled debt restructuring | $ 870,000 | |||
Real estate acquired through foreclosure, number of properties | property | 1 | |||
Real estate acquired through foreclosure | $ 13,000,000 | |||
Collateral Pledged | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Financing receivable, individually evaluated for impairment | 32,810,000 | 38,196,000 | ||
Collateral Pledged | Residential | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Financing receivable, individually evaluated for impairment | 1,056,000 | 2,875,000 | ||
Collateral Pledged | Commercial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Financing receivable, individually evaluated for impairment | 31,735,000 | 35,321,000 | ||
Collateral Pledged | Commercial | Nonresidential mortgage | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Financing receivable, individually evaluated for impairment | $ 3,230,000 | $ 16,207,000 |
LOANS RECEIVABLE - Performance
LOANS RECEIVABLE - Performance Status of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,775,090 | $ 5,850,476 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,987,517 | 4,103,819 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,741,644 | 1,700,559 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 45,929 | 46,098 |
Nonperforming | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 4,284 | 19,212 |
Nonaccrual Loans with no Allowance for Credit Losses | 35,262 | 23,415 |
Financing receivable, before allowance for credit loss, fee and loan in process | 39,546 | 42,627 |
Nonperforming | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 1,379 | 1,640 |
Nonaccrual Loans with no Allowance for Credit Losses | 4,263 | 5,031 |
Financing receivable, before allowance for credit loss, fee and loan in process | 5,642 | 6,671 |
Performing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,735,544 | 5,807,849 |
Performing | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,736,002 | 1,693,888 |
Multi-family mortgage | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,195 | 2,761,775 |
Multi-family mortgage | Nonperforming | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 1,904 | 5,686 |
Nonaccrual Loans with no Allowance for Credit Losses | 23,278 | 13,428 |
Financing receivable, before allowance for credit loss, fee and loan in process | 25,182 | 19,114 |
Multi-family mortgage | Performing | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,620,013 | 2,742,661 |
Nonresidential mortgage | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 965,539 | 968,574 |
Nonresidential mortgage | Nonperforming | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 174 | 11,815 |
Nonaccrual Loans with no Allowance for Credit Losses | 4,314 | 4,725 |
Financing receivable, before allowance for credit loss, fee and loan in process | 4,488 | 16,540 |
Nonresidential mortgage | Performing | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 961,051 | 952,034 |
Commercial business | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 147,326 | 146,861 |
Commercial business | Nonperforming | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 827 | 71 |
Nonaccrual Loans with no Allowance for Credit Losses | 3,362 | 181 |
Financing receivable, before allowance for credit loss, fee and loan in process | 4,189 | 252 |
Commercial business | Performing | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 143,137 | 146,609 |
Construction | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 229,457 | 226,609 |
Construction | Nonperforming | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 0 | 0 |
Nonaccrual Loans with no Allowance for Credit Losses | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Construction | Performing | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 229,457 | 226,609 |
Home equity loans | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 42,731 | 43,549 |
Home equity loans | Nonperforming | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 0 | 0 |
Nonaccrual Loans with no Allowance for Credit Losses | 45 | 50 |
Financing receivable, before allowance for credit loss, fee and loan in process | 45 | 50 |
Home equity loans | Performing | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 42,686 | 43,499 |
Other consumer | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,198 | 2,549 |
Other consumer | Nonperforming | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 0 | 0 |
Nonaccrual Loans with no Allowance for Credit Losses | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Other consumer | Performing | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 3,198 | $ 2,549 |
LOANS RECEIVABLE - Amortized Co
LOANS RECEIVABLE - Amortized Cost of Loans to Borrowers, Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2024 | Mar. 31, 2024 | |
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 786 | $ 4,164 |
Financing receivable, percent of total class | 0.01% | 0.08% |
Payment Delay | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 0 | $ 3,308 |
Term Extension | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | 786 | 856 |
Commercial | Multi-family mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 2,774 | |
Financing receivable, percent of total class | 0.10% | |
Commercial | Multi-family mortgage | Payment Delay | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 2,774 | |
Commercial | Multi-family mortgage | Term Extension | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | 0 | |
Commercial | Nonresidential mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 786 | $ 786 |
Financing receivable, percent of total class | 0.08% | 0.08% |
Commercial | Nonresidential mortgage | Payment Delay | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 0 | $ 0 |
Commercial | Nonresidential mortgage | Term Extension | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 786 | 786 |
Commercial | Commercial business | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 45 | |
Financing receivable, percent of total class | 0.03% | |
Commercial | Commercial business | Payment Delay | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 45 | |
Commercial | Commercial business | Term Extension | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | 0 | |
Residential | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 534 | |
Financing receivable, percent of total class | 0.03% | |
Residential | Payment Delay | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 489 | |
Residential | Term Extension | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | 45 | |
Consumer | Home equity loans | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 25 | |
Financing receivable, percent of total class | 0.06% | |
Consumer | Home equity loans | Payment Delay | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 0 | |
Consumer | Home equity loans | Term Extension | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, modified in period | $ 25 |
LOANS RECEIVABLE - Troubled Deb
LOANS RECEIVABLE - Troubled Debt Restructurings of Loans Receivable (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 USD ($) loan | Mar. 31, 2023 USD ($) loan | Jun. 30, 2023 USD ($) loan | |
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 62 | ||
Amount | $ 17,361 | ||
Number of TDR defaults | loan | 1 | 5 | |
Pre- modification Recorded Investment | $ 67 | $ 817 | |
Post- modification Recorded Investment | $ 67 | $ 814 | |
Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 54 | ||
Amount | $ 10,487 | ||
Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 8 | ||
Amount | $ 6,874 | ||
Commercial | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 13 | ||
Amount | $ 9,467 | ||
Commercial | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 9 | ||
Amount | $ 3,367 | ||
Commercial | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 4 | ||
Amount | $ 6,100 | ||
Commercial | Multi-family mortgage | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 2 | ||
Amount | $ 5,400 | ||
Commercial | Multi-family mortgage | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 0 | ||
Amount | $ 0 | ||
Commercial | Multi-family mortgage | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 2 | ||
Amount | $ 5,400 | ||
Commercial | Nonresidential mortgage | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 5 | ||
Amount | $ 870 | ||
Commercial | Nonresidential mortgage | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 3 | ||
Amount | $ 170 | ||
Commercial | Nonresidential mortgage | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 2 | ||
Amount | $ 700 | ||
Commercial | Commercial business | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 6 | ||
Amount | $ 3,197 | ||
Number of TDR defaults | loan | 1 | 2 | |
Pre- modification Recorded Investment | $ 67 | $ 74 | |
Post- modification Recorded Investment | $ 67 | $ 74 | |
Commercial | Commercial business | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 6 | ||
Amount | $ 3,197 | ||
Commercial | Commercial business | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 0 | ||
Amount | $ 0 | ||
Residential | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 43 | ||
Amount | $ 7,526 | ||
Number of TDR defaults | loan | 2 | ||
Pre- modification Recorded Investment | $ 708 | ||
Post- modification Recorded Investment | $ 705 | ||
Residential | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 39 | ||
Amount | $ 6,752 | ||
Residential | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 4 | ||
Amount | $ 774 | ||
Consumer | Home equity loans | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 6 | ||
Amount | $ 368 | ||
Number of TDR defaults | loan | 1 | ||
Pre- modification Recorded Investment | $ 35 | ||
Post- modification Recorded Investment | $ 35 | ||
Consumer | Home equity loans | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 6 | ||
Amount | $ 368 | ||
Consumer | Home equity loans | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of TDR defaults | loan | 0 | ||
Amount | $ 0 |
LOANS RECEIVABLE - Schedule o_2
LOANS RECEIVABLE - Schedule of Carrying Value of Collateral Dependent Individually Analyzed Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | $ 39,500 | |
Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 32,810 | $ 38,196 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9 | 3,327 |
Commercial | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 31,735 | 35,321 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9 | 3,327 |
Commercial | Multi-family mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 25,182 | 19,114 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9 | 326 |
Commercial | Nonresidential mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 3,230 | 16,207 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 3,001 |
Commercial | Commercial business | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 3,323 | 0 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Residential | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 1,056 | 2,875 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Consumer | Home equity loans | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 19 | 0 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 0 | $ 0 |
LOANS RECEIVABLE - Credit-Ratin
LOANS RECEIVABLE - Credit-Rating Classification of Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Total loans | |||||
Originated current fiscal year | $ 270,147 | $ 270,147 | $ 951,989 | ||
Originated fiscal year before current fiscal year | 949,778 | 949,778 | 1,697,890 | ||
Originated two years before current fiscal year | 1,672,914 | 1,672,914 | 967,598 | ||
Originated three years before current fiscal year | 897,081 | 897,081 | 353,683 | ||
Originated four years before current fiscal year | 346,411 | 346,411 | 357,180 | ||
Originated more than five years before current fiscal year | 1,551,456 | 1,551,456 | 1,429,252 | ||
Revolving loans | 87,303 | 87,303 | 92,884 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,775,090 | 5,775,090 | 5,850,476 | ||
Total current period gross charge-offs | |||||
Originated current fiscal year, writeoff | 0 | ||||
Originated fiscal year before current fiscal year, writeoff | 0 | ||||
Originated two years before current fiscal year, writeoff | 0 | ||||
Originated three years before current fiscal year, writeoff | 5 | ||||
Originated four years before current fiscal year, writeoff | 336 | ||||
Originated more than five years before current fiscal year, writeoff | 6,412 | ||||
Revolving loans, writeoff | 0 | ||||
Total | 293 | $ 215 | 6,753 | $ 758 | |
Commercial | |||||
Total loans | |||||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,987,517 | 3,987,517 | 4,103,819 | ||
Commercial | Multi-family mortgage | |||||
Total loans | |||||
Originated current fiscal year | 16,520 | 16,520 | 603,260 | ||
Originated fiscal year before current fiscal year | 598,167 | 598,167 | 954,554 | ||
Originated two years before current fiscal year | 953,096 | 953,096 | 223,291 | ||
Originated three years before current fiscal year | 227,027 | 227,027 | 198,969 | ||
Originated four years before current fiscal year | 201,040 | 201,040 | 242,367 | ||
Originated more than five years before current fiscal year | 649,345 | 649,345 | 539,334 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,195 | 2,645,195 | 2,761,775 | ||
Total current period gross charge-offs | |||||
Originated current fiscal year, writeoff | 0 | ||||
Originated fiscal year before current fiscal year, writeoff | 0 | ||||
Originated two years before current fiscal year, writeoff | 0 | ||||
Originated three years before current fiscal year, writeoff | 0 | ||||
Originated four years before current fiscal year, writeoff | 0 | ||||
Originated more than five years before current fiscal year, writeoff | 389 | ||||
Revolving loans, writeoff | 0 | ||||
Total | 35 | 4 | 389 | 399 | |
Commercial | Nonresidential mortgage | |||||
Total loans | |||||
Originated current fiscal year | 64,851 | 64,851 | 109,725 | ||
Originated fiscal year before current fiscal year | 106,424 | 106,424 | 220,443 | ||
Originated two years before current fiscal year | 205,793 | 205,793 | 83,740 | ||
Originated three years before current fiscal year | 91,093 | 91,093 | 51,933 | ||
Originated four years before current fiscal year | 50,767 | 50,767 | 60,116 | ||
Originated more than five years before current fiscal year | 446,461 | 446,461 | 436,617 | ||
Revolving loans | 150 | 150 | 6,000 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 965,539 | 965,539 | 968,574 | ||
Total current period gross charge-offs | |||||
Originated current fiscal year, writeoff | 0 | ||||
Originated fiscal year before current fiscal year, writeoff | 0 | ||||
Originated two years before current fiscal year, writeoff | 0 | ||||
Originated three years before current fiscal year, writeoff | 0 | ||||
Originated four years before current fiscal year, writeoff | 0 | ||||
Originated more than five years before current fiscal year, writeoff | 5,975 | ||||
Revolving loans, writeoff | 0 | ||||
Total | 253 | 6 | 5,975 | 21 | |
Commercial | Commercial business | |||||
Total loans | |||||
Originated current fiscal year | 10,216 | 10,216 | 10,364 | ||
Originated fiscal year before current fiscal year | 8,906 | 8,906 | 28,644 | ||
Originated two years before current fiscal year | 28,502 | 28,502 | 25,304 | ||
Originated three years before current fiscal year | 22,833 | 22,833 | 8,317 | ||
Originated four years before current fiscal year | 6,580 | 6,580 | 1,967 | ||
Originated more than five years before current fiscal year | 12,294 | 12,294 | 12,617 | ||
Revolving loans | 57,995 | 57,995 | 59,648 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 147,326 | 147,326 | 146,861 | ||
Total current period gross charge-offs | |||||
Originated current fiscal year, writeoff | 0 | ||||
Originated fiscal year before current fiscal year, writeoff | 0 | ||||
Originated two years before current fiscal year, writeoff | 0 | ||||
Originated three years before current fiscal year, writeoff | 5 | ||||
Originated four years before current fiscal year, writeoff | 336 | ||||
Originated more than five years before current fiscal year, writeoff | 11 | ||||
Revolving loans, writeoff | 0 | ||||
Total | 5 | 205 | 352 | 338 | |
Commercial | Construction | |||||
Total loans | |||||
Originated current fiscal year | 36,988 | 36,988 | 25,070 | ||
Originated fiscal year before current fiscal year | 43,602 | 43,602 | 36,389 | ||
Originated two years before current fiscal year | 43,182 | 43,182 | 143,086 | ||
Originated three years before current fiscal year | 87,847 | 87,847 | 12,275 | ||
Originated four years before current fiscal year | 8,352 | 8,352 | 2,961 | ||
Originated more than five years before current fiscal year | 3,751 | 3,751 | 1,093 | ||
Revolving loans | 5,735 | 5,735 | 5,735 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 229,457 | 229,457 | 226,609 | ||
Total current period gross charge-offs | |||||
Total | 0 | 0 | 0 | 0 | |
Residential | |||||
Total loans | |||||
Originated current fiscal year | 139,316 | 139,316 | 195,521 | ||
Originated fiscal year before current fiscal year | 186,366 | 186,366 | 455,046 | ||
Originated two years before current fiscal year | 439,828 | 439,828 | 491,460 | ||
Originated three years before current fiscal year | 467,793 | 467,793 | 80,431 | ||
Originated four years before current fiscal year | 78,137 | 78,137 | 46,989 | ||
Originated more than five years before current fiscal year | 429,937 | 429,937 | 431,112 | ||
Revolving loans | 267 | 267 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,741,644 | 1,741,644 | 1,700,559 | ||
Total current period gross charge-offs | |||||
Originated current fiscal year, writeoff | 0 | ||||
Originated fiscal year before current fiscal year, writeoff | 0 | ||||
Originated two years before current fiscal year, writeoff | 0 | ||||
Originated three years before current fiscal year, writeoff | 0 | ||||
Originated four years before current fiscal year, writeoff | 0 | ||||
Originated more than five years before current fiscal year, writeoff | 37 | ||||
Revolving loans, writeoff | 0 | ||||
Total | 0 | 0 | 37 | 0 | |
Consumer | |||||
Total loans | |||||
Financing receivable, before allowance for credit loss, fee and loan in process | 45,929 | 45,929 | 46,098 | ||
Consumer | Home equity loans | |||||
Total loans | |||||
Originated current fiscal year | 1,239 | 1,239 | 7,682 | ||
Originated fiscal year before current fiscal year | 6,082 | 6,082 | 2,567 | ||
Originated two years before current fiscal year | 2,300 | 2,300 | 607 | ||
Originated three years before current fiscal year | 359 | 359 | 1,264 | ||
Originated four years before current fiscal year | 1,069 | 1,069 | 2,478 | ||
Originated more than five years before current fiscal year | 8,653 | 8,653 | 7,567 | ||
Revolving loans | 23,029 | 23,029 | 21,384 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 42,731 | 42,731 | 43,549 | ||
Total current period gross charge-offs | |||||
Total | 0 | 0 | 0 | 0 | |
Consumer | Other consumer | |||||
Total loans | |||||
Originated current fiscal year | 1,017 | 1,017 | 367 | ||
Originated fiscal year before current fiscal year | 231 | 231 | 247 | ||
Originated two years before current fiscal year | 213 | 213 | 110 | ||
Originated three years before current fiscal year | 129 | 129 | 494 | ||
Originated four years before current fiscal year | 466 | 466 | 302 | ||
Originated more than five years before current fiscal year | 1,015 | 1,015 | 912 | ||
Revolving loans | 127 | 127 | 117 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,198 | 3,198 | 2,549 | ||
Total current period gross charge-offs | |||||
Total | 0 | $ 0 | 0 | $ 0 | |
Pass | Commercial | Multi-family mortgage | |||||
Total loans | |||||
Originated current fiscal year | 16,520 | 16,520 | 603,260 | ||
Originated fiscal year before current fiscal year | 598,167 | 598,167 | 954,554 | ||
Originated two years before current fiscal year | 953,096 | 953,096 | 213,482 | ||
Originated three years before current fiscal year | 217,401 | 217,401 | 198,969 | ||
Originated four years before current fiscal year | 201,040 | 201,040 | 226,929 | ||
Originated more than five years before current fiscal year | 611,894 | 611,894 | 510,485 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,598,118 | 2,598,118 | 2,707,679 | ||
Pass | Commercial | Nonresidential mortgage | |||||
Total loans | |||||
Originated current fiscal year | 64,851 | 64,851 | 109,725 | ||
Originated fiscal year before current fiscal year | 106,424 | 106,424 | 220,443 | ||
Originated two years before current fiscal year | 205,793 | 205,793 | 83,032 | ||
Originated three years before current fiscal year | 90,222 | 90,222 | 51,933 | ||
Originated four years before current fiscal year | 50,767 | 50,767 | 59,197 | ||
Originated more than five years before current fiscal year | 420,499 | 420,499 | 414,742 | ||
Revolving loans | 150 | 150 | 6,000 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 938,706 | 938,706 | 945,072 | ||
Pass | Commercial | Commercial business | |||||
Total loans | |||||
Originated current fiscal year | 10,216 | 10,216 | 10,364 | ||
Originated fiscal year before current fiscal year | 8,906 | 8,906 | 28,644 | ||
Originated two years before current fiscal year | 26,884 | 26,884 | 25,304 | ||
Originated three years before current fiscal year | 18,963 | 18,963 | 7,875 | ||
Originated four years before current fiscal year | 6,401 | 6,401 | 1,731 | ||
Originated more than five years before current fiscal year | 8,470 | 8,470 | 8,776 | ||
Revolving loans | 57,867 | 57,867 | 59,031 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 137,707 | 137,707 | 141,725 | ||
Pass | Commercial | Construction | |||||
Total loans | |||||
Originated current fiscal year | 36,988 | 36,988 | 25,070 | ||
Originated fiscal year before current fiscal year | 43,602 | 43,602 | 36,389 | ||
Originated two years before current fiscal year | 43,182 | 43,182 | 143,086 | ||
Originated three years before current fiscal year | 67,408 | 67,408 | 12,275 | ||
Originated four years before current fiscal year | 8,352 | 8,352 | 2,961 | ||
Originated more than five years before current fiscal year | 3,751 | 3,751 | 1,093 | ||
Revolving loans | 5,735 | 5,735 | 5,735 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 209,018 | 209,018 | 226,609 | ||
Pass | Residential | |||||
Total loans | |||||
Originated current fiscal year | 139,316 | 139,316 | 195,521 | ||
Originated fiscal year before current fiscal year | 185,852 | 185,852 | 454,504 | ||
Originated two years before current fiscal year | 439,300 | 439,300 | 491,460 | ||
Originated three years before current fiscal year | 467,793 | 467,793 | 80,431 | ||
Originated four years before current fiscal year | 78,137 | 78,137 | 45,741 | ||
Originated more than five years before current fiscal year | 419,604 | 419,604 | 422,472 | ||
Revolving loans | 267 | 267 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,730,269 | 1,730,269 | 1,690,129 | ||
Pass | Consumer | Home equity loans | |||||
Total loans | |||||
Originated current fiscal year | 1,239 | 1,239 | 7,682 | ||
Originated fiscal year before current fiscal year | 6,082 | 6,082 | 2,567 | ||
Originated two years before current fiscal year | 2,300 | 2,300 | 607 | ||
Originated three years before current fiscal year | 359 | 359 | 1,264 | ||
Originated four years before current fiscal year | 1,069 | 1,069 | 2,478 | ||
Originated more than five years before current fiscal year | 8,406 | 8,406 | 7,280 | ||
Revolving loans | 22,934 | 22,934 | 21,384 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 42,389 | 42,389 | 43,262 | ||
Pass | Consumer | Other consumer | |||||
Total loans | |||||
Originated current fiscal year | 1,017 | 1,017 | 367 | ||
Originated fiscal year before current fiscal year | 231 | 231 | 247 | ||
Originated two years before current fiscal year | 213 | 213 | 110 | ||
Originated three years before current fiscal year | 129 | 129 | 494 | ||
Originated four years before current fiscal year | 466 | 466 | 302 | ||
Originated more than five years before current fiscal year | 1,015 | 1,015 | 912 | ||
Revolving loans | 40 | 40 | 42 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,111 | 3,111 | 2,474 | ||
Special Mention | Commercial | Multi-family mortgage | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 6,006 | ||
Originated more than five years before current fiscal year | 6,519 | 6,519 | 6,647 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 6,519 | 6,519 | 12,653 | ||
Special Mention | Commercial | Nonresidential mortgage | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 11,217 | 11,217 | 378 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 11,217 | 11,217 | 378 | ||
Special Mention | Commercial | Commercial business | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 1,618 | 1,618 | 0 | ||
Originated three years before current fiscal year | 464 | 464 | 47 | ||
Originated four years before current fiscal year | 0 | 0 | 176 | ||
Originated more than five years before current fiscal year | 1,775 | 1,775 | 2,456 | ||
Revolving loans | 0 | 0 | 371 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,857 | 3,857 | 3,050 | ||
Special Mention | Commercial | Construction | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 20,439 | 20,439 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 20,439 | 20,439 | 0 | ||
Special Mention | Residential | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 514 | 514 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 1,168 | ||
Originated more than five years before current fiscal year | 1,656 | 1,656 | 425 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,170 | 2,170 | 1,593 | ||
Special Mention | Consumer | Home equity loans | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 95 | 95 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 95 | 95 | 0 | ||
Special Mention | Consumer | Other consumer | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Substandard | Commercial | Multi-family mortgage | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 9,809 | ||
Originated three years before current fiscal year | 9,626 | 9,626 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 9,432 | ||
Originated more than five years before current fiscal year | 30,932 | 30,932 | 22,202 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 40,558 | 40,558 | 41,443 | ||
Substandard | Commercial | Nonresidential mortgage | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 708 | ||
Originated three years before current fiscal year | 871 | 871 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 919 | ||
Originated more than five years before current fiscal year | 14,745 | 14,745 | 21,497 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 15,616 | 15,616 | 23,124 | ||
Substandard | Commercial | Commercial business | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 3,406 | 3,406 | 395 | ||
Originated four years before current fiscal year | 179 | 179 | 60 | ||
Originated more than five years before current fiscal year | 2,049 | 2,049 | 1,385 | ||
Revolving loans | 128 | 128 | 246 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,762 | 5,762 | 2,086 | ||
Substandard | Commercial | Construction | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Substandard | Residential | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 542 | ||
Originated two years before current fiscal year | 528 | 528 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 80 | ||
Originated more than five years before current fiscal year | 8,677 | 8,677 | 8,215 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 9,205 | 9,205 | 8,837 | ||
Substandard | Consumer | Home equity loans | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 247 | 247 | 287 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 247 | 247 | 287 | ||
Substandard | Consumer | Other consumer | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 1 | 1 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1 | 1 | 0 | ||
Doubtful | Commercial | Multi-family mortgage | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Doubtful | Commercial | Nonresidential mortgage | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Doubtful | Commercial | Commercial business | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Doubtful | Commercial | Construction | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Doubtful | Residential | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Doubtful | Consumer | Home equity loans | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 0 | 0 | 0 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 | 0 | ||
Doubtful | Consumer | Other consumer | |||||
Total loans | |||||
Originated current fiscal year | 0 | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | 0 | ||
Originated two years before current fiscal year | 0 | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | 0 | ||
Originated more than five years before current fiscal year | 0 | 0 | 0 | ||
Revolving loans | 86 | 86 | 75 | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 86 | $ 86 | $ 75 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses and Balance of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | $ 44,930 | $ 44,867 | $ 48,734 | $ 49,122 | $ 48,877 | $ 47,058 |
Loans individually analyzed | 39,500 | |||||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,775,090 | 5,850,476 | ||||
Unaccreted yield adjustments | (16,754) | (21,055) | ||||
Loans receivable | 5,758,336 | 5,829,421 | ||||
Commercial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,987,517 | 4,103,819 | ||||
Commercial | Multi-family mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 24,196 | 24,462 | 26,362 | 27,172 | 27,498 | 25,321 |
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,195 | 2,761,775 | ||||
Commercial | Nonresidential mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 6,050 | 5,888 | 8,953 | 8,244 | 8,593 | 10,590 |
Financing receivable, before allowance for credit loss, fee and loan in process | 965,539 | 968,574 | ||||
Commercial | Commercial business | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 1,545 | 1,293 | 1,440 | 1,729 | 1,819 | 1,792 |
Financing receivable, before allowance for credit loss, fee and loan in process | 147,326 | 146,861 | ||||
Commercial | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 1,350 | 1,171 | 1,336 | 1,316 | 1,201 | 1,486 |
Financing receivable, before allowance for credit loss, fee and loan in process | 229,457 | 226,609 | ||||
Residential | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 11,375 | 11,653 | 10,237 | 10,265 | 9,355 | 7,540 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,741,644 | 1,700,559 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, before allowance for credit loss, fee and loan in process | 45,929 | 46,098 | ||||
Consumer | Home equity loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 330 | 330 | 338 | 327 | 339 | 245 |
Financing receivable, before allowance for credit loss, fee and loan in process | 42,731 | 43,549 | ||||
Consumer | Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 84 | $ 70 | 68 | $ 69 | $ 72 | $ 84 |
Financing receivable, before allowance for credit loss, fee and loan in process | 3,198 | 2,549 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 12 | 3 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 157 | 211 | ||||
Loans individually analyzed | 1,277 | 928 | ||||
Loans collectively evaluated | 16,286 | 17,967 | ||||
Receivables Acquired with Deteriorated Credit Quality | Commercial | Multi-family mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | ||||
Loans individually analyzed | 0 | 0 | ||||
Loans collectively evaluated | 0 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality | Commercial | Nonresidential mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 34 | 70 | ||||
Loans individually analyzed | 298 | 333 | ||||
Loans collectively evaluated | 2,207 | 3,562 | ||||
Receivables Acquired with Deteriorated Credit Quality | Commercial | Commercial business | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 22 | 9 | ||||
Loans individually analyzed | 0 | 0 | ||||
Loans collectively evaluated | 4,523 | 4,237 | ||||
Receivables Acquired with Deteriorated Credit Quality | Commercial | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | ||||
Loans individually analyzed | 0 | 0 | ||||
Loans collectively evaluated | 5,735 | 5,735 | ||||
Receivables Acquired with Deteriorated Credit Quality | Residential | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 12 | 3 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 101 | 132 | ||||
Loans individually analyzed | 955 | 570 | ||||
Loans collectively evaluated | 3,821 | 4,433 | ||||
Receivables Acquired with Deteriorated Credit Quality | Consumer | Home equity loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | ||||
Loans individually analyzed | 24 | 25 | ||||
Loans collectively evaluated | 0 | 0 | ||||
Receivables Acquired with Deteriorated Credit Quality | Consumer | Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | ||||
Loans individually analyzed | 0 | 0 | ||||
Loans collectively evaluated | 0 | 0 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 215 | 3,417 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 44,546 | 45,103 | ||||
Loans individually analyzed | 38,269 | 41,699 | ||||
Loans collectively evaluated | 5,719,258 | 5,789,882 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial | Multi-family mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9 | 326 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 24,187 | 26,036 | ||||
Loans individually analyzed | 25,182 | 19,114 | ||||
Loans collectively evaluated | 2,620,013 | 2,742,661 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial | Nonresidential mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 8 | 3,001 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 6,008 | 5,882 | ||||
Loans individually analyzed | 4,190 | 16,207 | ||||
Loans collectively evaluated | 958,844 | 948,472 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial | Commercial business | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 186 | 20 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 1,337 | 1,411 | ||||
Loans individually analyzed | 4,189 | 252 | ||||
Loans collectively evaluated | 138,614 | 142,372 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 1,350 | 1,336 | ||||
Loans individually analyzed | 0 | 0 | ||||
Loans collectively evaluated | 223,722 | 220,874 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Residential | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 12 | 70 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 11,250 | 10,032 | ||||
Loans individually analyzed | 4,687 | 6,101 | ||||
Loans collectively evaluated | 1,732,181 | 1,689,455 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer | Home equity loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 330 | 338 | ||||
Loans individually analyzed | 21 | 25 | ||||
Loans collectively evaluated | 42,686 | 43,499 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer | Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 84 | 68 | ||||
Loans individually analyzed | 0 | 0 | ||||
Loans collectively evaluated | $ 3,198 | $ 2,549 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 44,867 | $ 48,877 | $ 48,734 | $ 47,058 |
Charge-offs | (293) | (215) | (6,753) | (758) |
Recoveries | 7 | 9 | 250 | 30 |
Provision for (reversal of) credit losses | 349 | 451 | 2,699 | 2,792 |
Ending balance | 44,930 | 49,122 | 44,930 | 49,122 |
Commercial | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 24,462 | 27,498 | 26,362 | 25,321 |
Charge-offs | (35) | (4) | (389) | (399) |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (reversal of) credit losses | (231) | (322) | (1,777) | 2,250 |
Ending balance | 24,196 | 27,172 | 24,196 | 27,172 |
Commercial | Nonresidential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,888 | 8,593 | 8,953 | 10,590 |
Charge-offs | (253) | (6) | (5,975) | (21) |
Recoveries | 0 | 0 | 120 | 0 |
Provision for (reversal of) credit losses | 415 | (343) | 2,952 | (2,325) |
Ending balance | 6,050 | 8,244 | 6,050 | 8,244 |
Commercial | Commercial business | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,293 | 1,819 | 1,440 | 1,792 |
Charge-offs | (5) | (205) | (352) | (338) |
Recoveries | 7 | 7 | 17 | 24 |
Provision for (reversal of) credit losses | 250 | 108 | 440 | 251 |
Ending balance | 1,545 | 1,729 | 1,545 | 1,729 |
Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,171 | 1,201 | 1,336 | 1,486 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (reversal of) credit losses | 179 | 115 | 14 | (170) |
Ending balance | 1,350 | 1,316 | 1,350 | 1,316 |
Residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 11,653 | 9,355 | 10,237 | 7,540 |
Charge-offs | 0 | 0 | (37) | 0 |
Recoveries | 0 | 2 | 113 | 2 |
Provision for (reversal of) credit losses | (278) | 908 | 1,062 | 2,723 |
Ending balance | 11,375 | 10,265 | 11,375 | 10,265 |
Consumer | Home equity loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 330 | 339 | 338 | 245 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (reversal of) credit losses | 0 | (12) | (8) | 82 |
Ending balance | 330 | 327 | 330 | 327 |
Consumer | Other consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 70 | 72 | 68 | 84 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 4 |
Provision for (reversal of) credit losses | 14 | (3) | 16 | (19) |
Ending balance | $ 84 | $ 69 | $ 84 | $ 69 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of the period | $ 567 | $ 819 | $ 741 | $ 1,041 |
Provision for (reversal of) credit losses | 198 | (90) | 24 | (312) |
Balance at end of the period | $ 765 | $ 729 | $ 765 | $ 729 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 586,089 | $ 609,999 |
Interest-bearing demand | 2,349,032 | 2,252,912 |
Savings | 630,456 | 748,721 |
Certificates of deposits | 1,643,473 | 2,017,551 |
Total deposits | $ 5,209,050 | $ 5,629,183 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Debt Instrument [Line Items] | ||
Borrowings | $ 1,722,178 | $ 1,506,812 |
Overnight borrowings | ||
Debt Instrument [Line Items] | ||
Borrowings | 265,000 | 225,000 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Borrowings | 1,357,178 | 1,281,812 |
Federal Reserve Bank Term Funding Program ("BTFP") borrowings | ||
Debt Instrument [Line Items] | ||
Borrowings | 100,000 | 0 |
Line of Credit | Overnight borrowings | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 265,000 | 125,000 |
Unsecured Debt | Overnight borrowings | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 100,000 |
BORROWINGS - Schedule of Fixed
BORROWINGS - Schedule of Fixed Rate Advances from FHLB (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Balance | ||
Less than one year | $ 1,228,500 | $ 972,500 |
One to two years | 29,000 | 103,500 |
Two to three years | 0 | 6,500 |
Three to four years | 200,000 | 0 |
Four to five years | 0 | 200,000 |
Greater than five years | 0 | 0 |
Federal home loan bank, advances, total | 1,457,500 | 1,282,500 |
Unamortized fair value adjustments | (322) | (688) |
Total advances, net of fair value adjustments | $ 1,457,178 | $ 1,281,812 |
Weighted Average Interest Rate | ||
Less than one year | 5.22% | 5.36% |
One to two years | 2.77% | 2.68% |
Two to three years | 0% | 2.82% |
Three to four years | 3.98% | 0% |
Four to five years | 0% | 3.98% |
Greater than five years | 0% | 0% |
Weighted Average | ||
Weighted Average Interest Rate | ||
Total | 5% | 4.92% |
BORROWINGS - Additional Informa
BORROWINGS - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Jun. 30, 2023 |
Federal Reserve Bank Term Funding Program ("BTFP") borrowings | ||
Debt Instrument [Line Items] | ||
Collateral amount | $ 115,400,000 | $ 0 |
Investment in Federal Home Loan Bank Stock | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 4,380,000,000 | $ 4,600,000,000 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Assets: | ||
Fair Value | $ 55,794 | $ 71,624 |
Liabilities: | ||
Fair Value | 0 | |
Derivatives Designated as Hedging Instruments | ||
Assets: | ||
Fair Value | 55,794 | 71,624 |
Liabilities: | ||
Fair Value | 0 | 0 |
Interest Rate Contract | ||
Assets: | ||
Fair Value | 55,794 | 71,624 |
Liabilities: | ||
Fair Value | 0 | |
Interest Rate Contract | Derivatives Designated as Hedging Instruments | ||
Assets: | ||
Fair Value | 55,794 | 71,624 |
Liabilities: | ||
Fair Value | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 USD ($) derivativeInstrument | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) derivativeInstrument | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Derivative [Line Items] | |||||
Amount of gain reclassified from accumulated other comprehensive income to interest expense | $ 9,461 | $ 6,461 | $ 28,295 | $ 12,185 | |
Pipeline of loans held-for-sale | 13,400 | 13,400 | $ 11,700 | ||
Interest Expense | |||||
Derivative [Line Items] | |||||
Amount of gain reclassified from accumulated other comprehensive income to interest expense | $ 9,500 | 18,800 | |||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | 28,400 | ||||
Interest Income | |||||
Derivative [Line Items] | |||||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | $ 500 | ||||
Cash Flow Hedges | Interest Rate Swaps | |||||
Derivative [Line Items] | |||||
Number of interest rate derivative instruments held | derivativeInstrument | 12 | 12 | |||
Derivative, notional amount | $ 1,430,000 | $ 1,430,000 | |||
Cash Flow Hedges | Interest Rate Floor | |||||
Derivative [Line Items] | |||||
Number of interest rate derivative instruments held | derivativeInstrument | 4 | 4 | |||
Derivative, notional amount | $ 400,000 | $ 400,000 | |||
Fair Value Hedging | Interest Rate Swaps | |||||
Derivative [Line Items] | |||||
Number of interest rate derivative instruments held | derivativeInstrument | 5 | 5 | |||
Derivative, notional amount | $ 675,000 | $ 675,000 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Amount of gain (loss) recognized in other comprehensive income | $ 18,798 | $ (8,936) | $ 13,920 | $ 11,051 |
Amount of gain reclassified from accumulated other comprehensive income to interest expense | $ 9,461 | $ 6,461 | $ 28,295 | $ 12,185 |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effects of Derivative Instruments on Income Statement (Details) - Interest Rate Swaps - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||||
(Loss) gain on hedged items recorded in interest income on loans | $ (5,929) | $ 5,681 | $ 2,077 | $ 653 |
Gain (loss) on hedges recorded in interest income on loans | $ 8,565 | $ (4,521) | $ 5,832 | $ 589 |
DERIVATIVE INSTRUMENTS AND HE_7
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effects of Derivative Instruments on Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Derivative [Line Items] | ||
Amortized cost basis of the closed portfolio | $ 1,060,000 | $ 1,100,000 |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets | 665,640 | 663,563 |
Fair value hedging adjustment included in the carrying amount of the hedged assets | $ (9,360) | $ (11,437) |
DERIVATIVE INSTRUMENTS AND HE_8
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fixed Rate Advances from FHLB (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Assets: | ||
Gross Amount Recognized | $ 55,794 | $ 72,418 |
Gross Amounts Offset | 0 | (794) |
Net Amounts Presented | 55,794 | 71,624 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Net Amount | 55,794 | 71,624 |
Liabilities: | ||
Gross Amount Recognized | 794 | |
Gross Amounts Offset | (794) | |
Interest rate contracts | 0 | |
Financial Instruments | 0 | |
Cash Collateral Received (Posted) | 0 | |
Net Amount | 0 | |
Interest Rate Contract | ||
Assets: | ||
Gross Amount Recognized | 55,794 | 72,418 |
Gross Amounts Offset | 0 | (794) |
Net Amounts Presented | 55,794 | 71,624 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Net Amount | $ 55,794 | 71,624 |
Liabilities: | ||
Gross Amount Recognized | 794 | |
Gross Amounts Offset | (794) | |
Interest rate contracts | 0 | |
Financial Instruments | 0 | |
Cash Collateral Received (Posted) | 0 | |
Net Amount | $ 0 |
BENEFIT PLANS - Schedule of Net
BENEFIT PLANS - Schedule of Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 20 | $ 24 | $ 58 | $ 258 |
Interest cost | 93 | 88 | 277 | 280 |
Accretion of unrecognized gain | (15) | (6) | (45) | (18) |
Expected return on assets | (23) | (25) | (69) | (75) |
Net periodic benefit cost | $ 75 | $ 81 | $ 221 | $ 445 |
BENEFIT PLANS - Additional Info
BENEFIT PLANS - Additional Information (Details) - 2021 Equity Incentive Plan | 9 Months Ended |
Mar. 31, 2024 tranche shares | |
RSUs | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Shares granted (in shares) | 349,257 |
Service Based RSU | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Shares granted (in shares) | 255,062 |
Service-based RSUs, vest in period | 3 years |
Performance Based RSU | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Shares granted (in shares) | 94,195 |
Tranches | tranche | 3 |
Performance based RSUs vested period | 3 years |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 9,114 | $ 13,214 | $ 10,220 | $ 36,988 |
Statutory federal tax rate | 21% | 21% | 21% | 21% |
Federal income tax at statutory rate | $ 1,914 | $ 2,775 | $ 2,146 | $ 7,767 |
(Reduction) increase in income taxes resulting from: | ||||
Tax exempt interest | (17) | (20) | (52) | (125) |
State tax, net of federal tax effect | 485 | 769 | 297 | 2,065 |
Incentive stock option compensation expense | 0 | 3 | 5 | 9 |
Income from bank-owned life insurance | (504) | (332) | (1,218) | (1,469) |
Surrender of bank-owned life insurance polices | 76 | 0 | 5,789 | 0 |
Other items, net | (237) | (293) | (159) | (57) |
Total income tax expense | $ 1,717 | $ 2,902 | $ 6,808 | $ 8,190 |
Effective income tax rate | 18.84% | 21.96% | 66.61% | 22.14% |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Assets: | ||
Investment securities available for sale | $ 1,098,655 | $ 1,227,729 |
Interest rate contracts | 55,794 | 71,624 |
Total assets | 1,154,449 | 1,299,353 |
Debt securities | ||
Assets: | ||
Investment securities available for sale | 618,136 | 648,184 |
Asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 86,360 | 136,170 |
Collateralized loan obligations | ||
Assets: | ||
Investment securities available for sale | 406,695 | 376,996 |
Corporate bonds | ||
Assets: | ||
Investment securities available for sale | 125,081 | 135,018 |
Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 480,519 | 579,545 |
Residential pass-through securities | ||
Assets: | ||
Investment securities available for sale | 344,972 | 436,151 |
Commercial pass-through securities | ||
Assets: | ||
Investment securities available for sale | 135,547 | 143,394 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Interest rate contracts | 0 | 0 |
Total assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Debt securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential pass-through securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial pass-through securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investment securities available for sale | 1,098,655 | 1,227,729 |
Interest rate contracts | 55,794 | 71,624 |
Total assets | 1,154,449 | 1,299,353 |
Significant Other Observable Inputs (Level 2) | Debt securities | ||
Assets: | ||
Investment securities available for sale | 618,136 | 648,184 |
Significant Other Observable Inputs (Level 2) | Asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 86,360 | 136,170 |
Significant Other Observable Inputs (Level 2) | Collateralized loan obligations | ||
Assets: | ||
Investment securities available for sale | 406,695 | 376,996 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Assets: | ||
Investment securities available for sale | 125,081 | 135,018 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 480,519 | 579,545 |
Significant Other Observable Inputs (Level 2) | Residential pass-through securities | ||
Assets: | ||
Investment securities available for sale | 344,972 | 436,151 |
Significant Other Observable Inputs (Level 2) | Commercial pass-through securities | ||
Assets: | ||
Investment securities available for sale | 135,547 | 143,394 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Interest rate contracts | 0 | 0 |
Total assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Debt securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized loan obligations | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential pass-through securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial pass-through securities | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Interest Rate Contract | ||
Assets: | ||
Interest rate contracts | 55,794 | 71,624 |
Interest Rate Contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Interest rate contracts | 0 | 0 |
Interest Rate Contract | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Interest rate contracts | 55,794 | 71,624 |
Interest Rate Contract | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Interest rate contracts | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 1,154,449 | $ 1,299,353 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 1,896 | 17,721 |
Assets, fair value | 12,956 | |
Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 449 | |
Fair Value, Measurements, Nonrecurring | Commercial | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 1,896 | 7,300 |
Fair Value, Measurements, Nonrecurring | Commercial | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 9,972 | |
Assets, fair value | 12,956 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | 0 |
Assets, fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Commercial | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Commercial | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | |
Assets, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,154,449 | 1,299,353 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | 0 |
Assets, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Commercial | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Commercial | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | |
Assets, fair value | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 1,896 | 17,721 |
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 1,896 | 17,721 |
Assets, fair value | 12,956 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 449 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Commercial | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | $ 1,896 | 7,300 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Commercial | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 9,972 | |
Assets, fair value | $ 12,956 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative Information on Assed Value, Non Recurring (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 0 | $ 12,956 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 1,896 | 17,721 |
Other real estate owned | 0 | 12,956 |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | Residential | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | $ 449 | |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | Commercial | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.0400 | |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | Commercial | Multi-family mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | $ 1,896 | $ 7,300 |
Collateral dependent loans, measurement input | 0.1309 | |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | Commercial | Nonresidential mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 9,972 | |
Other real estate owned | $ 12,956 | |
Market valuation of underlying collateral | Minimum | Measurement Input, Cost to Sell | Residential | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.06 | |
Market valuation of underlying collateral | Minimum | Measurement Input, Cost to Sell | Commercial | Multi-family mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.06 | |
Market valuation of underlying collateral | Minimum | Measurement Input, Cost to Sell | Commercial | Nonresidential mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.09 | |
Market valuation of underlying collateral | Maximum | Measurement Input, Cost to Sell | Residential | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.09 | |
Market valuation of underlying collateral | Maximum | Measurement Input, Cost to Sell | Commercial | Multi-family mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.09 | |
Market valuation of underlying collateral | Maximum | Measurement Input, Cost to Sell | Commercial | Nonresidential mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.16 | |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | Residential | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.0693 | |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | Commercial | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.0400 | |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | Commercial | Multi-family mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.1309 | 0.0778 |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | Commercial | Nonresidential mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.1178 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Loans receivable | $ 5,758,336 | $ 5,829,421 | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 44,930 | $ 44,867 | 48,734 | $ 49,122 | $ 48,877 | $ 47,058 |
Other real estate owned | 0 | 12,956 | ||||
Fair Value, Measurements, Nonrecurring | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Net loans receivable | 1,896 | 17,721 | ||||
Significant Unobservable Inputs (Level 3) | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Net loans receivable | 1,896 | 17,721 | ||||
Other real estate owned | 0 | 12,956 | ||||
Significant Unobservable Inputs (Level 3) | Real Estate | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Loans receivable | 1,900 | 21,000 | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9 | 3,300 | ||||
Net loans receivable | 1,900 | 17,700 | ||||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Net loans receivable | $ 1,896 | $ 17,721 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 1,098,655 | $ 1,227,729 |
Investment securities held to maturity | 139,643 | 146,465 |
Loans held-for-sale | 4,117 | 9,591 |
Net loans receivable | 5,713,406 | 5,780,687 |
Accrued interest receivable | 31,065 | 28,133 |
Fair Value | 55,794 | 71,624 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 71,027 | 70,515 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Net loans receivable | 0 | 0 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 28 | 14 |
Fair Value | 0 | 0 |
Borrowings | 0 | 0 |
Interest payable on deposits | 3,611 | 1,933 |
Interest payable on borrowings | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Deposits other than certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 3,565,577 | 3,611,632 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 1,098,655 | 1,227,729 |
Investment securities held to maturity | 123,576 | 131,169 |
Loans held-for-sale | 4,159 | 9,442 |
Net loans receivable | 0 | 0 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 10,318 | 8,924 |
Fair Value | 55,794 | 71,624 |
Borrowings | 0 | 0 |
Interest payable on deposits | 0 | 0 |
Interest payable on borrowings | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Deposits other than certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Net loans receivable | 5,150,589 | 5,261,808 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 20,719 | 19,195 |
Fair Value | 0 | 0 |
Borrowings | 1,716,261 | |
Interest payable on deposits | 2,238 | |
Interest payable on borrowings | 6,727 | |
Significant Unobservable Inputs (Level 3) | Deposits other than certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 1,632,554 | 1,989,434 |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 71,027 | 70,515 |
Investment securities available for sale | 1,098,655 | 1,227,729 |
Investment securities held to maturity | 139,643 | 146,465 |
Loans held-for-sale | 4,117 | 9,591 |
Net loans receivable | 5,713,406 | 5,780,687 |
FHLB Stock | 81,347 | 71,734 |
Accrued interest receivable | 31,065 | 28,133 |
Fair Value | 55,794 | 71,624 |
Borrowings | 1,722,178 | 1,506,812 |
Interest payable on deposits | 5,849 | 6,826 |
Interest payable on borrowings | 6,727 | 5,282 |
Carrying Amount | Deposits other than certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 3,565,577 | 3,611,632 |
Carrying Amount | Certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 1,643,473 | 2,017,551 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 71,027 | 70,515 |
Investment securities available for sale | 1,098,655 | 1,227,729 |
Investment securities held to maturity | 123,576 | 131,169 |
Loans held-for-sale | 4,159 | 9,442 |
Net loans receivable | 5,150,589 | 5,261,808 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 31,065 | 28,133 |
Fair Value | 55,794 | 71,624 |
Borrowings | 1,716,261 | 1,498,920 |
Interest payable on deposits | 5,849 | 6,826 |
Interest payable on borrowings | 6,727 | 5,282 |
Fair Value | Deposits other than certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 3,565,577 | 3,611,632 |
Fair Value | Certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | $ 1,632,554 | 1,989,434 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Borrowings | 1,498,920 | |
Interest payable on deposits | 4,893 | |
Interest payable on borrowings | $ 5,282 |
COMPREHENSIVE INCOME (LOSS) - S
COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Total Stockholders' Equity | $ 849,078 | $ 847,978 | $ 869,284 | $ 866,230 | $ 872,640 | $ 894,000 |
Total accumulated other comprehensive loss | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Total Stockholders' Equity | (63,659) | $ (63,830) | (69,456) | $ (73,053) | $ (69,021) | $ (55,727) |
Net unrealized loss on securities available for sale | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
AOCI before tax, attributable to parent | (133,518) | (156,138) | ||||
Tax effect | 38,499 | 45,018 | ||||
Total Stockholders' Equity | (95,019) | (111,120) | ||||
Fair value adjustments on derivatives | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
AOCI before tax, attributable to parent | 44,039 | 58,414 | ||||
Tax effect | (12,771) | (16,940) | ||||
Total Stockholders' Equity | 31,268 | 41,474 | ||||
Benefit plan adjustments | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
AOCI before tax, attributable to parent | 129 | 268 | ||||
Tax effect | (37) | (78) | ||||
Total Stockholders' Equity | $ 92 | $ 190 |
COMPREHENSIVE INCOME (LOSS) -_2
COMPREHENSIVE INCOME (LOSS) - Schedule of Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before taxes | $ 261 | $ (5,690) | $ 8,106 | $ (24,276) |
Tax effect | (90) | 1,658 | (2,309) | 6,950 |
Total Other Comprehensive Income (Loss) | 171 | (4,032) | 5,797 | (17,326) |
Net unrealized loss on securities available for sale | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
OCI, before reclassifications, before tax | (9,061) | 9,713 | 4,485 | (38,324) |
Reclassification from AOCI, before tax | 0 | 0 | 18,135 | 15,227 |
Fair value adjustments on derivatives | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
OCI, before reclassifications, before tax | 9,337 | (15,397) | (14,375) | (1,134) |
Benefit plan adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before taxes | (15) | (6) | (139) | (45) |
Net actuarial gain (loss) | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
OCI, before reclassifications, before tax | (15) | (6) | (44) | (18) |
Reclassification from AOCI, before tax | $ 0 | $ 0 | $ (95) | $ (27) |
NET INCOME PER COMMON SHARE (_3
NET INCOME PER COMMON SHARE (“EPS”) - Schedule of Earnings Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 7,397 | $ 10,312 | $ 3,412 | $ 28,798 |
Weighted average number of common shares outstanding - basic (in shares) | 62,205 | 64,769 | 62,507 | 65,181 |
Effect of dilutive securities (in shares) | 6 | 14 | 0 | 10 |
Weighted average number of common shares outstanding - diluted (in shares) | 62,211 | 64,783 | 62,507 | 65,191 |
Basic earnings per share (in dollars per share) | $ 0.12 | $ 0.16 | $ 0.06 | $ 0.44 |
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.16 | $ 0.06 | $ 0.44 |
NET INCOME PER COMMON SHARE (_4
NET INCOME PER COMMON SHARE (“EPS”) - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of stock options anti-dilutive (in shares) | 2,820,922 | 2,993,530 | 2,820,922 | 2,986,628 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of stock options anti-dilutive (in shares) | 635,650 | 427,347 | 689,252 | 427,347 |