Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2024 | Aug. 19, 2024 | Dec. 29, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2024 | ||
Current Fiscal Year End Date | --06-30 | ||
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 Avenue | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 528.6 | ||
Entity Common Stock, Shares Outstanding | 64,579,683 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement for the Registrant’s 2024 Annual Meeting of Stockholders. (Part III) | ||
Entity Central Index Key | 0001617242 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | Crowe LLP | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Jun. 30, 2024 | |
Audit Information [Abstract] | |
Auditor Name | Crowe LLP |
Auditor Location | Livingston, NJ |
Auditor Firm ID | 173 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Assets | ||
Cash and amounts due from depository institutions | $ 17,201 | $ 21,795 |
Interest-bearing deposits in other banks | 46,663 | 48,720 |
Cash and cash equivalents | 63,864 | 70,515 |
Investment securities available for sale (amortized cost of $1,203,506 and $1,383,867, respectively), net of allowance for credit losses of $0 at June 30, 2024 and June 30, 2023 | 1,072,833 | 1,227,729 |
Investment securities held to maturity (fair value of $119,278 and $131,169, respectively), net of allowance for credit losses of $0 at June 30, 2024 and June 30, 2023 | 135,742 | 146,465 |
Loans held-for-sale | 6,036 | 9,591 |
Loans receivable | 5,732,787 | 5,829,421 |
Less: allowance for credit losses on loans | (44,939) | (48,734) |
Net loans receivable | 5,687,848 | 5,780,687 |
Premises and equipment | 44,940 | 48,309 |
Federal Home Loan Bank ("FHLB") of New York stock | 80,300 | 71,734 |
Accrued interest receivable | 29,521 | 28,133 |
Goodwill | 113,525 | 210,895 |
Core deposit intangibles | 1,931 | 2,457 |
Bank owned life insurance | 297,874 | 292,825 |
Deferred income tax assets, net | 50,339 | 51,973 |
Other real estate owned | 0 | 12,956 |
Other assets | 98,708 | 110,546 |
Total assets | 7,683,461 | 8,064,815 |
Deposits: | ||
Non-interest-bearing | 598,366 | 609,999 |
Interest-bearing | 4,559,757 | 5,019,184 |
Total deposits | 5,158,123 | 5,629,183 |
Borrowings | 1,709,789 | 1,506,812 |
Advance payments by borrowers for taxes | 17,409 | 18,338 |
Other liabilities | 44,569 | 41,198 |
Total liabilities | 6,929,890 | 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; 64,434,424 shares and 65,864,075 shares issued and outstanding, respectively | 644 | 659 |
Paid-in capital | 493,680 | 503,332 |
Retained earnings | 343,326 | 457,611 |
Unearned employee stock ownership plan shares; 2,157,501 shares and 2,358,198 shares, respectively | (20,916) | (22,862) |
Accumulated other comprehensive loss | (63,163) | (69,456) |
Total stockholders' equity | 753,571 | 869,284 |
Total liabilities and stockholders' equity | $ 7,683,461 | $ 8,064,815 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Assets | ||
Securities available for sale, Amortized Cost | $ 1,203,506,000 | $ 1,383,867,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities held to maturity | 119,278,000 | 131,169,000 |
Net of allowance for credit losses | $ 0 | $ 0 |
Stockholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 64,434,424 | 65,864,075 |
Common stock, shares outstanding (in shares) | 64,434,424 | 65,864,075 |
Unearned employee stock ownership plan (in shares) | 2,157,501 | 2,358,198 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income | |||
Loans | $ 256,007,000 | $ 233,147,000 | $ 190,520,000 |
Taxable investment securities | 63,313,000 | 54,855,000 | 32,746,000 |
Tax-exempt investment securities | 336,000 | 694,000 | 1,273,000 |
Other interest-earning assets | 9,212,000 | 5,028,000 | 1,733,000 |
Total interest income | 328,868,000 | 293,724,000 | 226,272,000 |
Interest Expense | |||
Deposits | 122,414,000 | 78,163,000 | 15,208,000 |
Borrowings | 63,860,000 | 39,696,000 | 14,461,000 |
Total interest expense | 186,274,000 | 117,859,000 | 29,669,000 |
Net interest income | 142,594,000 | 175,865,000 | 196,603,000 |
Provision for (reversal of) credit losses | 6,226,000 | 2,486,000 | (7,518,000) |
Net interest income after provision for (reversal of) credit losses | 136,368,000 | 173,379,000 | 204,121,000 |
Non-interest income | |||
Fees and service charges | 2,609,000 | 3,106,000 | 2,580,000 |
Loss on sale and call of securities | (18,135,000) | (15,227,000) | (559,000) |
(Loss) gain on sale of loans | (282,000) | (1,645,000) | 2,539,000 |
(Loss) gain on sale of other real estate owned | (974,000) | (139,000) | 5,000 |
Income from bank owned life insurance | 9,076,000 | 8,645,000 | 6,167,000 |
Electronic banking fees and charges | 2,357,000 | 1,759,000 | 1,626,000 |
Other income | 3,356,000 | 6,252,000 | 1,576,000 |
Total non-interest income | (1,993,000) | 2,751,000 | 13,934,000 |
Total non-interest income | |||
Salaries and employee benefits | 69,220,000 | 75,589,000 | 76,264,000 |
Net occupancy expense of premises | 11,033,000 | 12,036,000 | 14,114,000 |
Equipment and systems | 15,223,000 | 14,577,000 | 15,886,000 |
Advertising and marketing | 1,396,000 | 2,122,000 | 2,059,000 |
Federal deposit insurance premium | 5,980,000 | 5,133,000 | 2,455,000 |
Directors' compensation | 1,506,000 | 1,364,000 | 2,132,000 |
Goodwill impairment | 97,370,000 | 0 | 0 |
Other expense | 13,423,000 | 12,930,000 | 12,798,000 |
Total non-interest expense | 215,151,000 | 123,751,000 | 125,708,000 |
(Loss) income before income taxes | (80,776,000) | 52,379,000 | 92,347,000 |
Income tax expense | 5,891,000 | 11,568,000 | 24,800,000 |
Net (loss) income | $ (86,667,000) | $ 40,811,000 | $ 67,547,000 |
Net (loss) income per common share (EPS) | |||
Basic (in dollars per share) | $ (1.39) | $ 0.63 | $ 0.95 |
Diluted (in dollars per share) | $ (1.39) | $ 0.63 | $ 0.95 |
Weighted average number of common shares outstanding | |||
Basic (in shares) | 62,444 | 64,804 | 70,911 |
Diluted (in shares) | 62,444 | 64,804 | 70,933 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ (86,667) | $ 40,811 | $ 67,547 |
Other comprehensive (loss) income, net of tax: | |||
Net unrealized gain (loss) on securities available for sale | 5,254 | (38,004) | (91,453) |
Net realized loss on sale and call of securities available for sale | 12,876 | 10,811 | 397 |
Fair value adjustments on derivatives | (11,886) | 13,211 | 28,481 |
Benefit plan adjustments | 49 | 253 | 704 |
Total other comprehensive income (loss) | 6,293 | (13,729) | (61,871) |
Total comprehensive (loss) income | $ (80,374) | $ 27,082 | $ 5,676 |
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 Income (Loss) |
Beginning balance (in shares) at Jun. 30, 2021 | 78,965,000 | |||||
Beginning balance at Jun. 30, 2021 | $ 1,042,944 | $ 790 | $ 654,396 | $ 408,367 | $ (26,753) | $ 6,144 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 67,547 | 67,547 | ||||
Other comprehensive loss, net of income tax | (61,871) | (61,871) | ||||
ESOP shares committed to be released | 2,546 | 600 | 1,946 | |||
Stock repurchases (in shares) | (10,222,000) | |||||
Stock repurchases | (129,520) | $ (102) | (129,418) | |||
Stock-based compensation expense | 3,794 | 3,794 | ||||
Cancellation of stock issued for restricted stock awards (in shares) | (77,000) | |||||
Cancellation of stock issued for restricted stock awards | (977) | $ (1) | (976) | |||
Cash dividends declared | (30,463) | (30,463) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 68,666,000 | |||||
Ending balance at Jun. 30, 2022 | 894,000 | $ 687 | 528,396 | 445,451 | (24,807) | (55,727) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 40,811 | 40,811 | ||||
Other comprehensive loss, net of income tax | (13,729) | (13,729) | ||||
ESOP shares committed to be released | 1,937 | (8) | 1,945 | |||
Stock repurchases (in shares) | (2,821,000) | |||||
Stock repurchases | (27,558) | $ (29) | (27,529) | |||
Issuance of shares under stock benefit plan (in shares) | 61,000 | |||||
Issuance of stock under stock benefit plans | 0 | $ 1 | (1) | |||
Stock-based compensation expense | 2,936 | 2,936 | ||||
Cancellation of stock issued for restricted stock awards (in shares) | (42,000) | |||||
Cancellation of stock issued for restricted stock awards | (462) | (462) | ||||
Cash dividends declared | $ (28,651) | (28,651) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 65,864,075 | 65,864,000 | ||||
Ending balance at Jun. 30, 2023 | $ 869,284 | $ 659 | 503,332 | 457,611 | (22,862) | (69,456) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (86,667) | (86,667) | ||||
Other comprehensive loss, net of income tax | 6,293 | 6,293 | ||||
ESOP shares committed to be released | 1,411 | (535) | 1,946 | |||
Stock repurchases (in shares) | (1,505,000) | |||||
Stock repurchases | (11,240) | $ (15) | (11,225) | |||
Issuance of shares under stock benefit plan (in shares) | 133,000 | |||||
Issuance of stock under stock benefit plans | 0 | $ 1 | (1) | |||
Stock-based compensation expense | 2,592 | 2,592 | ||||
Cancellation of stock issued for restricted stock awards (in shares) | (58,000) | |||||
Cancellation of stock issued for restricted stock awards | (484) | $ (1) | (483) | |||
Cash dividends declared | $ (27,618) | (27,618) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 64,434,424 | 64,434,000 | ||||
Ending balance at Jun. 30, 2024 | $ 753,571 | $ 644 | $ 493,680 | $ 343,326 | $ (20,916) | $ (63,163) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
ESOP shares committed to be released (in shares) | 201 | 201 | 201 |
Dividends declared per common share (in dollars per share) | $ 0.44 | $ 0.44 | $ 0.43 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | |||
Net income | $ (86,667,000) | $ 40,811,000 | $ 67,547,000 |
Goodwill impairment | 97,370,000 | 0 | 0 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 4,730,000 | 5,733,000 | 5,971,000 |
Net accretion of yield adjustments | (2,516,000) | (5,084,000) | (5,669,000) |
Deferred income taxes and valuation allowance | (867,000) | 2,789,000 | 5,023,000 |
Amortization of intangible assets | 526,000 | 563,000 | 685,000 |
Amortization of benefit plans’ unrecognized net loss | 69,000 | 358,000 | 1,003,000 |
Provision for (reversal of) credit losses | 6,226,000 | 2,486,000 | (7,518,000) |
Loss (gain) on sale of other real estate owned | 974,000 | 139,000 | (5,000) |
Loans originated for sale | (75,576,000) | (106,288,000) | (179,727,000) |
Proceeds from sale of mortgage loans held-for-sale | 89,603,000 | 127,416,000 | 196,796,000 |
Loss (gain) on sale of mortgage loans held-for-sale, net | 282,000 | 1,700,000 | (2,415,000) |
Realized loss on sale/call of securities available for sale | 18,135,000 | 15,227,000 | 559,000 |
Realized gain on sale of loans receivable | 0 | (55,000) | (124,000) |
Realized gain on disposition of premises and equipment | (11,000) | (2,886,000) | (363,000) |
Increase in cash surrender value of bank owned life insurance | (8,826,000) | (8,645,000) | (6,167,000) |
ESOP and stock-based compensation expense | 4,003,000 | 4,873,000 | 6,340,000 |
Increase in interest receivable | (1,388,000) | (7,667,000) | (1,104,000) |
(Increase) decrease in other assets | (4,938,000) | 2,833,000 | 7,922,000 |
Increase in interest payable | 1,336,000 | 9,776,000 | 853,000 |
Increase (decrease) in other liabilities | 1,506,000 | (14,530,000) | (8,306,000) |
Net Cash Provided by Operating Activities | 43,971,000 | 69,549,000 | 81,301,000 |
Purchases of: | |||
Investment securities available for sale | (74,000,000) | (166,483,000) | (229,145,000) |
Investment securities held to maturity | (300,000) | (40,398,000) | (86,406,000) |
Proceeds from: | |||
Repayments/calls/maturities of investment securities available for sale | 132,981,000 | 124,687,000 | 330,152,000 |
Repayments/calls/maturities of investment securities held to maturity | 10,886,000 | 12,095,000 | 6,116,000 |
Sale of investment securities available for sale | 104,083,000 | 105,199,000 | 100,336,000 |
Purchase of loans | (60,341,000) | (702,000) | (123,389,000) |
Net decrease (increase) in loans receivable | 141,035,000 | (435,111,000) | (467,236,000) |
Proceeds from sale of loans receivable | 0 | 706,000 | 1,450,000 |
Purchase of interest rate caps | (2,065,000) | (758,000) | 0 |
Proceeds from sale of other real estate owned | 11,982,000 | 315,000 | 708,000 |
Additions to premises and equipment | (1,350,000) | (1,355,000) | (2,920,000) |
Proceeds from death benefit of bank owned life insurance | 3,478,000 | 4,997,000 | 300,000 |
Net surrender of bank owned life insurance | 299,000 | 0 | 0 |
Proceeds from cash settlement of premises and equipment | 0 | 3,480,000 | 612,000 |
Purchase of FHLB stock | (68,606,000) | (98,275,000) | (30,382,000) |
Redemption of FHLB stock | 60,040,000 | 73,685,000 | 19,853,000 |
Net Cash Provided by (Used in) Investing Activities | 258,122,000 | (417,918,000) | (479,951,000) |
Cash Flows from Financing Activities: | |||
Net (decrease) increase in deposits | (471,027,000) | (232,804,000) | 377,606,000 |
Repayment of term FHLB advances | (6,197,500,000) | (5,650,000,000) | (4,100,000,000) |
Proceeds from term FHLB advances | 6,450,000,000 | 6,280,000,000 | 4,085,000,000 |
Net (decrease) increase in other short-term borrowings | (50,000,000) | (25,000,000) | 230,000,000 |
Net (decrease) increase in advance payments by borrowers for taxes | (929,000) | 1,592,000 | 994,000 |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (11,240,000) | (27,558,000) | (129,520,000) |
Cancellation of shares repurchased on vesting to pay taxes | (484,000) | (462,000) | (977,000) |
Dividends paid | (27,564,000) | (28,499,000) | (30,693,000) |
Net Cash (Used in) Provided by Financing Activities | (308,744,000) | 317,269,000 | 432,410,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (6,651,000) | (31,100,000) | 33,760,000 |
Cash and Cash Equivalents - Beginning | 70,515,000 | 101,615,000 | 67,855,000 |
Cash and Cash Equivalents - Ending | 63,864,000 | 70,515,000 | 101,615,000 |
Cash paid during the year for: | |||
Income taxes, net of refunds | 6,634,000 | 9,883,000 | 15,552,000 |
Interest | 184,938,000 | 108,516,000 | 28,816,000 |
Non-cash investing and financing activities: | |||
Transfers from loans receivable to loans held-for-sale | 10,754,000 | 3,545,000 | 27,036,000 |
Acquisition of other real estate owned in settlement of loans | $ 0 | $ 13,232,000 | $ 703,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Consolidated Financial Statement Presentation The 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, CJB Investment Corp., 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. The Company conducts its business principally through the Bank. Management prepared the 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. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Business of the Company and Subsidiaries The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public and using those deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, obligations of state and political subdivisions, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt. At June 30, 2024, the Bank had three wholly-owned subsidiaries, CJB Investment Corp., 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. CJB Investment Corp. was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2024. 189-245 Berdan Avenue LLC was formed during the year ended June 30, 2023 for the purpose of ownership and operation of commercial real estate. In February 2024, the Bank formed the Kearny Wealth Management LLC subsidiary for the purpose of providing wealth management and insurance brokerage services via a third-party service provider. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 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 July 25, 2024, the Company declared a quarterly cash dividend of $0.11 per share, payable on August 26, 2024 to stockholders of record as of August 12, 2024. Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions and borrowings with original maturities fewer than 90 days. Securities The Company classifies its investment securities as either available for sale or held to maturity. The Company does not use or maintain a trading account. Investment securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment securities not classified as held to maturity are classified as available for sale and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. Premiums on callable securities are amortized to the earliest call date whereas discounts on such securities are accreted to the maturity date utilizing the level-yield method. Premiums and discounts on all other securities are generally amortized or accreted to the maturity date utilizing the level-yield method taking into consideration the impact of principal amortization and prepayments, as applicable. Gain or loss on sales of securities is based on the specific identification method. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 326, for available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses. Under ASC 326, changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Government National Mortgage Association (“Ginnie Mae”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at unpaid principal balances, net of deferred loan origination fees and costs, purchase discounts and premiums, purchase accounting fair value adjustments and the allowance for credit losses. Interest income is accrued on the unpaid principal balance. Certain direct loan origination costs, net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted utilizing the level-yield method over the contractual lives of the related loans. Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through a charge to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on satisfaction of the criteria for such accounting which provide that, as transferor, control over the loans have been surrendered. Past Due Loans A loan’s past due status is generally determined based upon its principal and interest (“P&I”) payment delinquency status in conjunction with its past maturity status, where applicable. A loan’s P&I payment delinquency status is based upon the number of calendar days between the date of the earliest P&I payment due and the as of measurement date. A loan’s past maturity status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the as of measurement date. Based upon the larger of these criteria, loans are categorized into the following past due tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days), 30-59 days, 60-89 days and 90 or more days. Nonaccrual 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 P&I payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 day 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 P&I 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. Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified as Special Mention, Substandard, Doubtful or Loss. An asset is classified as Substandard if it is 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 insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful 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. Assets, or portions thereof, classified as Loss are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets 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 are designated as Special Mention by management. Adversely classified assets together with those rated as Special Mention, are generally referred to as Classified Assets. Non-classified assets are internally rated within one of four Pass categories or as Watch with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management generally performs a classification of assets review, including the regulatory classification of assets, on an ongoing basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. Allowance for Credit Losses Pursuant to ASC 326, the allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the Consolidated Statements of Financial Condition. The expected credit losses for unfunded lending commitments and unfunded loan commitments is reported on the Consolidated Statements of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include multi-family mortgage, nonresidential mortgage, commercial business, construction, one- to four-family residential mortgage, home equity and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to the historical average economic variables. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications. Also included in the allowance for credit losses on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Acquired Loans Acquired loans are included in the Company's calculation of the allowance for credit losses. How the allowance on an acquired loan is recorded depends on whether or not it has been classified as a Purchased Credit Deteriorated (“PCD”) loan. PCD loans are loans acquired at a discount that is due, in part, to credit quality. PCD loans are accounted for in accordance with ASC Subtopic 326-20 and are initially recorded at fair value as determined by the sum of the present value of expected future cash flows and an allowance for credit losses at acquisition. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant impact on the accounting for these loans. Subsequent to acquisition, the allowance for PCD loans will generally follow the same estimation, provision and charge-off process as non-PCD acquired and originated loans. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the Consolidated Statements of Financial Condition and the related credit expense is recorded in other non-interest expense in the Consolidated Statements of Income. Loan Modifications Prior to July 1, 2023, a troubled debt restructuring (“TDR”) occurred when the terms of a loan were modified because of deterioration in the financial condition of the borrower. TDRs could include, but were not limited to, the modification of loan terms such as the reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualified as TDRs, the Company compared the present value of the cash flows that were expected to be received in accordance with the loan’s modified terms, discounted at the loan’s original contractual interest rate, with the pre-modification carrying value to measure impairment. Effective July 1, 2023, the Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which replaced the accounting and recognition of TDRs. ASU 2022-02 eliminated the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on "vintage disclosures" to require disclosure of current-period gross write-offs by year of origination. ASU 2022-02 also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. 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. All modified loans to borrowers experiencing financial difficulty are placed on nonaccrual status for a period of no less than six months after modification. Modified loans may be returned to accrual status and a non-adverse classification if (1) the borrower has paid timely P&I payments in accordance with the terms of the modified loan agreement for no less than six consecutive months after modification due to a borrower experiencing financial difficulty, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the modified loan agreement. Premises and Equipment Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or lives of the assets, whichever is shorter. Construction in progress primarily represents facilities under construction for future use in our business and includes all costs to acquire land and construct buildings, as well as capitalized interest during the construction period. Interest is capitalized at the Company’s average cost of interest-bearing liabilities. Other Real Estate Owned and Other Repossessed Assets Properties and other assets acquired through foreclosure, deed in lieu of foreclosure or repossession are carried at estimated fair value, less estimated selling costs. The estimated fair value of real estate property and other repossessed assets is generally based on independent appraisals. 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. Thereafter, decreases in the properties’ estimated fair value are charged to income along with any additional property maintenance and protection expenses incurred in owning the properties. Federal Home Loan Bank Stock Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. Both cash and stock dividends are reported as income. Goodwill and Other Intangible Assets Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed its annual impairment test during the fourth quarter of its fiscal year ended June 30, 2024. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our audited Consolidated Statements of Financial Condition. In assessing impairment, the Company has the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then the Company would not be required to perform a quantitative impairment test. For the year ended June 30, 2024, the annual quantitative assessment of goodwill for our single reporting unit was performed utilizing a discounted cash flow analysis (“income approach”) and estimates of selected market information (“market approaches”). The income approach measures the fair value of an interest in a business by discounting expected future cash flows to present value. The market approaches take into consideration fair values of comparable companies operating in similar lines of business that are potentially subject to similar economic and environmental factors and could be considered reasonable investment alternatives. The result of the income approach was weighted at 50% and the results of the market approaches comprised the remaining 50% in determining the fair value of our single reporting unit. The results of the annual quantitative impairment analysis indicated that the fair value did not exceed the carrying value for our single reporting unit. A pre-tax goodwill impairment of $97.4 million was required to be recorded as a non-cash expense in the Consolidated Statements of Income (Loss) for the year ended June 30, 2024. No impairment charges were required to be recorded in the years ended June 30, 2023 or 2022. (See Note 8, Goodwill and Other Intangible Assets, for additional information). The balance of other intangible assets at June 30, 2024 and 2023 totaled $1.9 million and $2.5 million, respectively, representing the remaining unamortized balance of the core deposit intangibles ascribed to the value of deposits acquired by the Bank through the acquisition of Clifton Bancorp Inc. in April 2018 and MSB Financial Corp. in July 2020. Bank Owned Life Insurance Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company - put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Income Taxes The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to the taxable income of the consolidated income tax returns. Separate state income tax returns are filed for the Company and its subsidiaries on either a consolidated or unconsolidated basis as required by the jurisdiction. The federal income tax rate of 21% was applicable for the years ended June 30, 2024, 2023 and 2022. Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized. The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of June 30, 2024 and 2023. Therefore, the Company has no unrecognized income tax benefits as of those dates. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income (Loss). The Company recognized no material interest and penalties during the years ended June 30, 2024, 2023 or 2022. The tax years subject to examination by the taxing authorities are the years ended June 30, 2023, 2022 and 2021. Retirement Plans Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Deferred compensation plan expense allocates the benefits over years of service. Employee Stock Ownership Plan The cost of shares issued to the Employee Stock Ownership Plan (the “ESOP”), but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated and unallocated ESO |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) , to improve reportable segment disclosures by requiring public entities to disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As the Company has only one reportable segment, this ASU is not expected to have a material effect on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures (Topic 740) , which requires reporting companies to improve the transparency of certain income tax related disclosures, including the rate reconciliation and taxes paid disclosures. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this ASU to have a material effect on the Company’s consolidated financial statements. Adoption of New 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 ASU did not have a material effect on the Company’s consolidated financial statements. Prior to the adoption of ASU 2022-02, a 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. |
Securities
Securities | 12 Months Ended |
Jun. 30, 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. June 30, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Asset-backed securities $ 80,305 $ 217 $ 82 $ — $ 80,440 Collateralized loan obligations 386,983 2,574 14 — 389,543 Corporate bonds 150,891 64 19,158 — 131,797 Total debt securities 618,179 2,855 19,254 — 601,780 Mortgage-backed securities: Residential pass-through securities (1) 429,473 2 92,211 — 337,264 Commercial pass-through securities (1) 155,854 63 22,128 — 133,789 Total mortgage-backed securities 585,327 65 114,339 — 471,053 Total securities available for sale $ 1,203,506 $ 2,920 $ 133,593 $ — $ 1,072,833 ________________________________________ (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. June 30, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 12,913 $ — $ 277 $ — $ 12,636 Total debt securities 12,913 — 277 — 12,636 Mortgage-backed securities: Residential pass-through securities (1) 110,614 — 14,134 — 96,480 Commercial pass-through securities (1) 12,215 — 2,053 — 10,162 Total mortgage-backed securities 122,829 — 16,187 — 106,642 Total securities held to maturity $ 135,742 $ — $ 16,464 $ — $ 119,278 ________________________________________ (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 June 30, 2024: June 30, 2024 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ — $ — Due after one year through five years 26,865 25,288 Due after five years through ten years 439,524 426,701 Due after ten years 151,790 149,791 Total $ 618,179 $ 601,780 June 30, 2024 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 5,579 $ 5,543 Due after one year through five years 7,334 7,093 Due after five years through ten years — — Due after ten years — — Total $ 12,913 $ 12,636 Sales of securities available for sale were as follows for the periods presented below: Year Ended June 30, 2024 2023 2022 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 104,083 $ 105,199 $ 100,336 Gross realized losses $ (18,135) $ (15,227) $ (565) Net loss on sales of securities $ (18,135) $ (15,227) $ (565) Gains resulting from calls of securities available for sale were as follows for the periods presented below: Year Ended June 30, 2024 2023 2022 (In Thousands) Available for sale securities called: Gross realized gains $ — $ — $ 6 Net gain on calls of securities $ — $ — $ 6 During the years ended June 30, 2024, 2023 and 2022, there were no gains or losses recorded on sales or calls of securities held to maturity. The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: June 30, June 30, (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ — $ — Pledged to secure public funds on deposit 100,238 201,239 Pledged for potential borrowings at the Federal Reserve Bank of New York 482,044 529,216 Pledged for the bank term funding program 88,899 — Total carrying value of securities pledged $ 671,181 $ 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 June 30, 2024 and 2023: June 30, 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 $ 14,093 $ 16 $ 43,411 $ 66 8 $ 57,504 $ 82 Collateralized loan obligations 3,863 — 24,986 14 4 28,849 14 Corporate bonds — — 121,733 19,158 26 121,733 19,158 Commercial pass-through securities — — 110,741 22,128 8 110,741 22,128 Residential pass-through securities 141 2 336,772 92,209 103 336,913 92,211 Total $ 18,097 $ 18 $ 637,643 $ 133,575 149 $ 655,740 $ 133,593 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 June 30, 2024 and 2023: June 30, 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 $ 449 $ 14 $ 11,886 $ 263 23 $ 12,335 $ 277 Commercial pass-through securities — — 10,162 2,053 1 10,162 2,053 Residential pass-through securities 35,287 327 61,193 13,807 9 96,480 14,134 Total $ 35,736 $ 341 $ 83,241 $ 16,123 33 $ 118,977 $ 16,464 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 (Loss) 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 June 30, 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 June 30, 2024 on available for sale securities. The sales of available for sale securities during the years ended June 30, 2024 and June 30, 2023, were part of wholesale restructurings and the proceeds were reinvested in higher yielding securities. The Company was not required to sell these securities. At June 30, 2024, the held to maturity securities portfolio consisted of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at June 30, 2024 on held to maturity securities. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table sets forth the composition of the Company’s loan portfolio at June 30, 2024 and 2023: June 30, June 30, (In Thousands) Commercial loans: Multi-family mortgage $ 2,645,851 $ 2,761,775 Nonresidential mortgage 948,075 968,574 Commercial business 142,747 146,861 Construction 209,237 226,609 Total commercial loans 3,945,910 4,103,819 One- to four-family residential mortgage 1,756,051 1,700,559 Consumer loans: Home equity loans 44,104 43,549 Other consumer 2,685 2,549 Total consumer loans 46,789 46,098 Total loans 5,748,750 5,850,476 Unaccreted yield adjustments (1) (15,963) (21,055) Total loans receivable, net of yield adjustments $ 5,732,787 $ 5,829,421 ___________________________ (1) At June 30, 2024 and 2023, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans. The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. As of June 30, 2024 and 2023, such loans totaled approximately $2.4 million and $2.5 million, respectively. During the fiscal years ended June 30, 2024 and June 30, 2023, the Bank granted no new loans to related parties. 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 June 30, 2024 and 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 $ — $ — $ 19,888 $ 19,888 $ 2,625,963 $ 2,645,851 Nonresidential mortgage 6,149 — 3,249 9,398 938,677 948,075 Commercial business 37 64 613 714 142,033 142,747 Construction — — — — 209,237 209,237 One- to four-family residential mortgage 800 2,951 2,877 6,628 1,749,423 1,756,051 Home equity loans 208 — 44 252 43,852 44,104 Other consumer — — 5 5 2,680 2,685 Total loans $ 7,194 $ 3,015 $ 26,676 $ 36,885 $ 5,711,865 $ 5,748,750 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 P&I payment 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 P&I 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 years ended June 30, 2024, 2023 and 2022. The following tables present information relating to the Company’s nonperforming loans as of June 30, 2024 and 2023: Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Nonaccrual Loans with no Allowance for Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ — $ 22,591 $ 22,591 $ 2,623,260 $ 2,645,851 Nonresidential mortgage — 5,695 4,128 9,823 938,252 948,075 Commercial business — 714 — 714 142,033 142,747 Construction — — — — 209,237 209,237 One- to four-family residential mortgage — 2,295 4,410 6,705 1,749,346 1,756,051 Home equity loans — — 44 44 44,060 44,104 Other consumer — — 5 5 2,680 2,685 Total loans $ — $ 8,704 $ 31,178 $ 39,882 $ 5,708,868 $ 5,748,750 Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Nonaccrual Loans with no Allowance for 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 2 to the consolidated financial statements for further information. The following tables presents the amortized cost basis at June 30, 2024 of loan modifications made to borrowers experiencing financial difficulty during the year ended June 30, 2024 by type of modification: Year Ended June 30, 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 960 45 1,005 0.06 % Home equity loans — 25 25 0.06 % Total $ 3,779 $ 856 $ 4,635 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 June 30, 2024. During the year ended June 30, 2024 (since adoption of ASU 2022-02), two residential mortgage loans with a carrying value of $514,000 were 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. The following table presents the payment status of the loans that were modified to borrowers experiencing financial difficulties as of June 30, 2024: June 30, 2024 Current 30-89 Days Past Due 90 Days or More Past Due Non-Accrual Total Past Due (Dollars In Thousands) Multi-family mortgage $ 5,407 $ — $ — $ 2,702 $ 5,407 Nonresidential mortgage 141 284 — 1,052 425 Commercial business 205 101 — 101 306 One- to four-family residential mortgage 4,652 1,209 1,048 2,417 6,909 Home equity loans 253 — 24 24 277 Total $ 10,658 $ 1,594 $ 1,072 $ 6,296 $ 13,324 Troubled Debt Restructurings 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 tables present 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 0 — 6 3,197 Construction — — 0 — 0 — 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 0 — 6 368 Total 54 $ 10,487 8 $ 6,874 62 $ 17,361 As of June 30, 2023, 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 year ended June 30, 2023: Year Ended June 30, 2023 # of Loans Pre-modification Post-modification (Dollars In Thousands) Nonresidential mortgage 1 $ 313 $ 345 Commercial business 2 74 74 One- to four-family residential mortgage 2 708 705 Home equity loans 1 35 35 Total 6 $ 1,130 $ 1,159 During the year ended June 30, 2023, there were $121,000 charge-offs related to TDRs. During the year ended June 30, 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 were modified due to borrowers experiencing financial difficulty during the year ended June 30, 2024, and loans restructured under the previous TDR guidelines, capitalized prior past due amounts, reduced the interest rate or modified the repayment terms. Individually Analyzed Loans Individually analyzed loans include loans which do not share similar risk characteristics with other loans. As of June 30, 2024, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $39.9 million, of which $32.6 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 17 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: June 30, 2024 June 30, 2023 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 22,591 $ — $ 19,114 $ 326 Nonresidential mortgage (1) 8,598 508 16,207 3,001 Total commercial loans 31,189 508 35,321 3,327 One- to four-family residential mortgage (2) 1,406 — 2,875 — Consumer loans: Home equity loans (2) 18 — — — Total $ 32,613 $ 508 $ 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 considered uncollectible or of so little value that their continuance as assets is not warranted. The following table presents the risk category of loans as of June 30, 2024 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, Revolving Loans 2024 2023 2022 2021 2020 Prior Total (In Thousands) Multi-family mortgage: Pass $ 26,683 $ 596,321 $ 949,690 $ 219,850 $ 201,611 $ 607,332 $ — $ 2,601,487 Special Mention — — — — — 6,475 — 6,475 Substandard — — — 9,570 — 28,319 — 37,889 Doubtful — — — — — — — — Total multi-family mortgage 26,683 596,321 949,690 229,420 201,611 642,126 — 2,645,851 Multi-family current period gross charge-offs — — — — — 398 — 398 Nonresidential mortgage: Pass 87,380 105,768 199,829 90,312 44,598 389,680 30 917,597 Special Mention — — — 447 — 14,714 — 15,161 Substandard — — — 867 — 14,450 — 15,317 Doubtful — — — — — — — — Total nonresidential mortgage 87,380 105,768 199,829 91,626 44,598 418,844 30 948,075 Nonresidential current period gross charge-offs — — — — — 5,975 — 5,975 Commercial business: Pass 12,152 8,273 27,615 18,242 4,337 7,863 56,592 135,074 Special Mention — — 1,559 437 — 1,754 — 3,750 Substandard — — — — 1,767 2,003 153 3,923 Doubtful — — — — — — — — Total commercial business 12,152 8,273 29,174 18,679 6,104 11,620 56,745 142,747 Commercial current period gross charge-offs — — — 3,391 464 11 — 3,866 Construction loans: Pass 51,261 45,180 14,284 62,584 2,602 3,647 5,735 185,293 Special Mention 3,450 — — 20,494 — — — 23,944 Substandard — — — — — — — — Doubtful — — — — — — — — Total construction loans 54,711 45,180 14,284 83,078 2,602 3,647 5,735 209,237 Construction current period gross charge-offs — — — — — — — — Residential mortgage: Pass 185,034 184,737 431,346 458,696 77,442 406,677 291 1,744,223 Special Mention — — — — — 1,453 — 1,453 Substandard — 509 796 — — 9,070 — 10,375 Doubtful — — — — — — — — Total residential mortgage 185,034 185,246 432,142 458,696 77,442 417,200 291 1,756,051 Residential current period gross charge-offs — — — — — 37 — 37 Home equity loans: Pass 1,919 5,698 2,173 347 1,019 8,086 24,535 43,777 Special Mention — — — — — — 93 93 Substandard — — — — — 234 — 234 Doubtful — — — — — — — — Total home equity loans 1,919 5,698 2,173 347 1,019 8,320 24,628 44,104 Home equity current period gross charge-offs — — — — — — — — Other consumer loans Pass 804 211 204 127 224 990 39 2,599 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 86 86 Other consumer loans 804 211 204 127 224 990 125 2,685 Other consumer current period gross charge-offs — — — — — — — — Total loans $ 368,683 $ 946,697 $ 1,627,496 $ 881,973 $ 333,600 $ 1,502,747 $ 87,554 $ 5,748,750 Total current period gross charge-offs $ — $ — $ — $ 3,391 $ 464 $ 6,421 $ — $ 10,276 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, Revolving Loans 2023 2022 2021 2020 2019 Prior 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 Purchased Credit Deteriorated (“PCD”) Loans PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. As of June 30, 2024, the carrying amount of PCD loans was $15.7 million and a related allowance for credit losses of $141,000. As of June 30, 2023, the carrying amount of PCD loans was $18.9 million and a related allowance for credit losses of $215,000. Residential 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 June 30, 2024, the Company held no nonresidential property in other real estate owned that was acquired through foreclosure on a nonresidential mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $1.2 million and six commercial mortgage loans with aggregate carrying values totaling $13.6 million which were in the process of foreclosure. As of June 30, 2023, the Company held one nonresidential property in other real estate owned with a carrying value of $13.0 million that was acquired through foreclosure on a nonresidential mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $1.0 million which were in the process of foreclosure. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Jun. 30, 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 (“ACL”) at June 30, 2024 and 2023. The balance of the ACL is based on the CECL methodology, as noted above. 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 $ — $ — $ — $ 24,125 $ 24,125 Nonresidential mortgage — 31 517 5,577 6,125 Commercial business — 6 228 1,339 1,573 Construction — — — 1,230 1,230 One- to four-family residential mortgage 9 95 108 11,249 11,461 Home equity loans — — — 349 349 Other consumer — — — 76 76 Total loans $ 9 $ 132 $ 853 $ 43,945 $ 44,939 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 22,591 $ 2,623,260 $ 2,645,851 Nonresidential mortgage 284 2,145 9,539 936,107 948,075 Commercial business — 2,794 714 139,239 142,747 Construction — 5,735 — 203,502 209,237 One- to four-family residential mortgage 1,276 3,431 5,429 1,745,915 1,756,051 Home equity loans 24 — 20 44,060 44,104 Other consumer — — — 2,685 2,685 Total loans $ 1,584 $ 14,105 $ 38,293 $ 5,694,768 $ 5,748,750 Unaccreted yield adjustments (15,963) Loans receivable, net of yield adjustments $ 5,732,787 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 ACL on loans for the years ended June 30, 2024, 2023 and 2022: Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 26,362 $ (398) $ — $ (1,839) $ 24,125 Nonresidential mortgage 8,953 (5,975) 120 3,027 6,125 Commercial business 1,440 (3,866) 22 3,977 1,573 Construction 1,336 — — (106) 1,230 One- to four-family residential mortgage 10,237 (37) 113 1,148 11,461 Home equity loans 338 — — 11 349 Other consumer 68 — — 8 76 Total loans $ 48,734 $ (10,276) $ 255 $ 6,226 $ 44,939 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 25,321 $ (493) $ — $ 1,534 $ 26,362 Nonresidential mortgage 10,590 (39) — (1,598) 8,953 Commercial business 1,792 (364) 29 (17) 1,440 Construction 1,486 — — (150) 1,336 One- to four-family residential mortgage 7,540 — 2 2,695 10,237 Home equity loans 245 — — 93 338 Other consumer 84 — 55 (71) 68 Total loans $ 47,058 $ (896) $ 86 $ 2,486 $ 48,734 Changes in the Allowance for Loan Losses Balance at Impact of adopting Charge-offs Recoveries Initial allowance on PCD loans (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 28,450 $ — $ (1,896) $ — $ — $ (1,233) $ 25,321 Nonresidential mortgage 16,243 — (2,646) 812 — (3,819) 10,590 Commercial business 2,086 — (193) 160 — (261) 1,792 Construction 1,170 — — — — 316 1,486 One- to four-family residential mortgage 9,747 — — 147 — (2,354) 7,540 Home equity loans 433 — — 27 — (215) 245 Other consumer 36 — (2) 2 — 48 84 Total loans $ 58,165 $ — $ (4,737) $ 1,148 $ — $ (7,518) $ 47,058 Allowance for Credit Losses on Off Balance Sheet Commitments The following table presents the activity in the ACL on off balance sheet commitments recorded in other non-interest expense for the years ended June 30, 2024, 2023 and 2022: Year Ended June 30, 2024 2023 2022 (In Thousands) Balance at beginning of the period $ 741 $ 1,041 $ 1,708 Provision for (reversal of) credit losses 55 (300) (667) Balance at end of the period $ 796 $ 741 $ 1,041 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain premises and equipment under operating leases. As of June 30, 2024, the Company had right-of-use assets totaling $14.5 million and lease liabilities totaling $15.3 million, which were recorded in other assets other liabilities As of June 30, 2024, the weighted average remaining lease term for operating leases was 5.85 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.16%. Total operating lease costs for the years ended June 30, 2024 , 2023 and 2022 was $3.5 million, $3.7 million and $3.7 million, respectively. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended June 30, 2024 . At June 30, 2024, the Company had no leases that had not yet commenced. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at June 30, 2024 and 2023 is as follows: June 30, 2024 2023 (In Thousands) Less than one year $ 3,390 $ 3,445 After one year but within two years 3,360 3,183 After two years but within three years 3,262 3,071 After three years but within four years 2,254 2,963 After four years but within five years 1,740 1,941 Greater than five years 2,847 4,305 Total undiscounted cash flows 16,853 18,908 Less: discount on cash flows (1,531) (1,687) Total lease liability $ 15,322 $ 17,221 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment June 30, 2024 2023 (In Thousands) Land $ 11,773 $ 11,773 Buildings and improvements 45,966 45,886 Leasehold improvements 10,410 12,029 Furnishings and equipment 29,877 29,720 Construction in progress 967 71 98,993 99,479 Less accumulated depreciation and amortization 54,053 51,170 Total premises and equipment $ 44,940 $ 48,309 Depreciation expense on premises and equipment for the fiscal years ended June 30, 2024, 2023 and 2022 totaled $4.7 million, $5.7 million and $6.0 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company performed the annual quantitative goodwill impairment analyses in the fourth quarter of its fiscal year ended June 30, 2024. Based on the results of the impairment analyses, the Company concluded that the carrying value of its single reporting unit exceeded its respective fair value, resulting in the recognition of a non-cash, pre-tax goodwill impairment of $97.4 million for the fiscal year ended June 30, 2024. The fair value of the single reporting unit was estimated using the income approach and a market-based approaches, weighted 50% and 50%, respectively. The goodwill impairment was primarily due to the continued impact of higher interest rates and discount rates on the Company’s reporting unit, and a sustained decline in the banking industry share prices, including the Company’s. Based on the quantitative assessment performed, the Company concluded that the fair value of its single reporting unit was below its respective carrying amount as of the date on which the quantitative impairment test was conducted. The goodwill impairment has no impact on the Company’s liquidity, regulatory capital ratios. Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2021 $ 210,895 $ 3,705 Amortization — (685) Balance at June 30, 2022 210,895 3,020 Amortization — (563) Balance at June 30, 2023 210,895 2,457 Amortization — (526) Impairment (97,370) — Balance at June 30, 2024 $ 113,525 $ 1,931 As of June 30, 2023, there was no accumulated goodwill impairment. At June 30, 2024, accumulated goodwill impairment was $97.4 million. Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2025 $ 495 2026 467 2027 441 2028 353 2029 122 Thereafter 53 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits at June 30, 2024 and 2023 are summarized as follows: June 30, 2024 2023 Balance Weighted Balance Weighted (Dollars in Thousands) Non-interest-bearing demand $ 598,366 0.00 % $ 609,999 0.00 % Interest-bearing demand 2,308,915 3.06 2,252,912 2.43 Savings 643,481 0.80 748,721 0.48 Certificates of deposits 1,607,361 4.39 2,017,551 3.02 Total deposits $ 5,158,123 2.84 % $ 5,629,183 2.12 % Brokered deposits at June 30, 2024 and 2023 are summarized as follows: June 30, 2024 2023 Balance Weighted Balance Weighted (Dollars in Thousands) Certificates of deposits $ 408,234 5.30 % $ 635,314 4.28 % Total brokered deposits $ 408,234 5.30 % $ 635,314 4.28 % A summary of certificates of deposit by maturity at June 30, 2024 follows: June 30, 2024 (In Thousands) One year or less $ 1,487,483 After one year to two years 94,013 After two years to three years 12,349 After three years to four years 5,672 After four years to five years 2,454 After five years 5,390 Total certificates of deposit $ 1,607,361 Certificates of deposit with balances of $250,000 or more at June 30, 2024 and 2023, totaled approximately $633.0 million and $883.7 million, respectively. The Bank’s deposits are insurable to applicable limits by the FDIC. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Borrowings at June 30, 2024 and 2023 consisted of the following: June 30, June 30, (In Thousands) FHLB advances $ 1,434,789 $ 1,281,812 Federal Reserve Bank Term Funding Program ("BTFP") 100,000 — Total fixed-rate advances 1,534,789 1,281,812 Overnight borrowings (1) 175,000 225,000 Total borrowings $ 1,709,789 $ 1,506,812 ________________________________________ (1) At June 30, 2024, represented $175.0 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 FHLB of New York and BTFP borrowings mature as follows: June 30, 2024 June 30, 2023 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 1,328,500 5.25 % $ 972,500 5.36 % One to two years 6,500 2.82 103,500 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 1,535,000 5.07 % 1,282,500 4.92 % Unamortized fair value adjustments (211) (688) Total advances, net of fair value adjustments $ 1,534,789 $ 1,281,812 At June 30, 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. Based on this collateral and the Company’s holding of FHLB stock, the Company maintained available borrowing capacity of $1.82 billion at June 30, 2024. At June 30, 2024, BTFP borrowings were secured by agency mortgage-backed securities with a par value of $113.5 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 | 12 Months Ended |
Jun. 30, 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 Statement of Financial Condition as of June 30, 2024 and 2023: June 30, 2024 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 54,362 Other liabilities $ — Total $ 54,362 $ — 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 uses derivatives to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, 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 June 30, 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 positions and six interest rate floor with a notional amount of $600.0 million hedging floating-rate available for sale securities. For derivatives designated as cash flow hedges, the gain or loss on the derivatives is recorded in other comprehensive income (loss), 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 year ended June 30, 2024, the Company reclassified $37.2 million as a reduction in interest expense. During the next 12 months, the Company estimates that $28.2 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 year ended June 30, 2024, the Company reclassified $248,000 as a reduction in interest income. During the next twelve months, the Company estimates that $725,000 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 years ended June 30, 2024, 2023 and 2022: Year Ended June 30, 2024 2023 2022 (In Thousands) Amount of gain recognized in other comprehensive income $ 20,197 $ 39,002 $ 35,844 Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense $ 37,186 $ 20,393 $ (4,273) Amount of loss reclassified from accumulated other comprehensive income to interest income $ (248) $ — $ — 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 June 30, 2024, the Company had five interest rate swaps with a notional amount of $725.0 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 years ended June 30, 2024 and 2023: Year Ended June 30, 2024 2023 (In Thousands) Gain (loss) on hedged items recorded in interest income on loans $ 2,117 $ (11,437) Gain on hedges recorded in interest income on loans $ 8,684 $ 14,563 As of June 30, 2024 and 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges: June 30, 2024 June 30, 2023 Loans receivable: (In Thousands) Carrying amount of the hedged assets $ 715,680 $ 663,563 Fair value hedging adjustment included in the carrying amount of the hedged assets $ (9,320) $ (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 June 30, 2024 and June 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.29 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 Statement of Financial Condition as of June 30, 2024 and 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 Statement of Financial Condition. June 30, 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 $ 54,423 $ (61) $ 54,362 $ — $ — $ 54,362 Total $ 54,423 $ (61) $ 54,362 $ — $ — $ 54,362 Liabilities: Interest rate contracts $ 61 $ (61) $ — $ — $ — $ — Total $ 61 $ (61) $ — $ — $ — $ — 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. As of June 30, 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, at June 30, 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 June 30, 2024 and 2023, included $16.0 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 our financial condition or results of operations. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jun. 30, 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: Year Ended June 30, Affected Line Item in the Consolidated Statements of Income 2024 2023 2022 (In Thousands) Service cost $ 77 $ 281 $ 547 Salaries and employee benefits Interest cost 369 369 279 Other expense (Accretion) amortization of unrecognized (gain) loss (58) (24) 80 Other expense Expected return on assets (92) (99) (110) Other expense Net periodic benefit cost $ 296 $ 527 $ 796 The other components of net periodic benefit cost are required to be presented in the Consolidated Statements of Income separately from the service cost component. The table above details the affected line items within the Consolidated Statements of Income related to the net periodic benefit costs for the periods noted. ESOP In conjunction to the Company’s initial public stock offering in February 2005, the Bank established an ESOP for all eligible employees. The ESOP purchased 2,409,764 shares of Company’s common stock with proceeds of a loan from the Company to the ESOP. In connection with the completion of the Company’s mutual to stock conversion in May 2015, the ESOP purchased an additional 3,612,500 shares of the Company’s common stock at a price of $10.00 per share with the proceeds of a new loan from the Company to the ESOP. The Company refinanced the outstanding principal and interest balance of $3.8 million and borrowed an additional $36.1 million to purchase the additional shares. The Company makes discretionary contributions to the ESOP equaling principal and interest payments owed on the ESOP’s loan to the Company. Such payments may be reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. The outstanding loan principal balance at June 30, 2024 was $24.5 million. ESOP shares pledged as collateral are initially recorded as unearned ESOP shares in the Consolidated Statements of Financial Condition. ESOP compensation expense was approximately $2.8 million, $1.9 million and $2.5 million for the years ended June 30, 2024, 2023 and 2022, respectively, representing the fair value of shares allocated or committed to be released during the year. At June 30, 2024 and 2023, the ESOP shares were as follows: June 30, 2024 2023 (In Thousands) Shares purchased by ESOP 6,022 6,022 Less: Shares allocated 3,764 3,564 Less: Shares committed to be released 100 100 Remaining unearned ESOP shares 2,158 2,358 Fair value of unearned ESOP shares $ 13,272 $ 16,624 Employee Stock Ownership Plan Benefit Equalization Plan (“ESOP BEP”) The Bank has a non-qualified plan to compensate its executive officers who participate in the Bank’s ESOP for certain benefits lost under such plan by reason of benefit limitations imposed by the Internal Revenue Code (“IRC”). The ESOP BEP expense was approximately $12,000, $17,000 and $40,000 for the years ended June 30, 2024, 2023 and 2022, respectively. The liability totaled approximately $13,000 and $16,000 at June 30, 2024 and 2023, respectively. Employees’ Savings and Profit Sharing Plan The Bank sponsors the Employees’ Savings and Profit Sharing Plan and Trust (the “Plan”), pursuant to Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees may elect to contribute up to 75% of their compensation subject to the limitations imposed by the Internal Revenue Code. The Bank will contribute a matching contribution up to 3.5% of an eligible employee’s salary deferral contribution, provided the eligible employee has contributed 6%. The Plan expense amounted to approximately $1.4 million for the years ended June 30, 2024, 2023 and 2022, respectively. Multi-Employer Retirement Plan The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (“The Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 001. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the IRC. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The Pentegra DB Plan is non-contributory and covers all eligible employees. In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, freezing all future benefit accruals under the Pentegra DB Plan. Funded status (market value of plan assets divided by funding target) of the Pentegra DB Plan based on valuation reports as of July 1, 2023 and 2022 was 98.87% and 103.17%, respectively. Total contributions, made to the Pentegra DB Plan, which include contributions from all participating employers and not just the Company, as reported on Form 5500, were $151.8 million and $142.4 million for the plan years ended June 30, 2023 and 2022, respectively. The Bank’s contributions to the Pentegra DB Plan were not more than 5% of the total contributions to the Pentegra DB Plan. During the years ended June 30, 2024, 2023 and 2022, the total expense recorded for the Pentegra DB Plan was approximately $172,000, $180,000 and $372,000, respectively. Atlas Bank Retirement Income Plan (“ABRIP”) Through the merger with Atlas Bank, the Company acquired a non-contributory defined benefit pension plan covering all eligible employees of Atlas Bank. Effective January 31, 2013, the ABRIP was frozen by Atlas Bank. All benefits for eligible participants accrued in the ABRIP to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The ABRIP is funded in conformity with funding requirements of applicable government regulations. The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 1,700 $ 1,816 Interest cost 81 78 Actuarial gain (51) (46) Benefit payments (160) (148) Projected benefit obligation - ending $ 1,570 $ 1,700 Change in plan assets: Fair value of assets - beginning $ 2,717 $ 2,907 Actual return on assets 92 (42) Benefit payments (160) (148) Fair value of assets - ending $ 2,649 $ 2,717 Reconciliation of funded status: Projected benefit obligation $ (1,570) $ (1,700) Fair value of assets 2,649 2,717 Funded status included in other assets $ 1,079 $ 1,017 Accumulated benefit obligation $ (1,570) $ (1,700) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate N/A N/A Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Interest cost $ 81 $ 78 $ 62 Expected return on assets (93) (99) (110) Amortization of net loss 42 28 21 Total expense (benefit) $ 30 $ 7 $ (27) Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Long term rate of return on plan assets 3.50 % 3.50 % 3.50 % The Bank does not expect to contribute to the ABRIP in the year ending June 30, 2025. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 150 2026 151 2027 147 2028 143 2029 138 2030-2034 619 At June 30, 2024 and 2023, unrecognized net loss of $528,000 and $475,000, respectively, was included in accumulated other comprehensive income (loss). The assets of the ABRIP are invested in a Guaranteed Deposit Fund (“GDF”) with Prudential Financial, Inc. The GDF is a group annuity fund invested in public and private-issue debt securities through various sub-accounts. The underlying assets are valued based on quoted prices for similar assets with similar terms and other observable market data and have no redemption restrictions. The investments in the plan were monitored to ensure that they complied with the investment policies set forth in the plan document. The plan’s assets were reviewed periodically by management, which included an analysis of the asset allocation and the performance of the GDF prepared by Prudential Financial, Inc. The overall investment objective of the ABRIP is to ensure safety of principal and seek an attractive rate of return. The GDF utilizes a full spectrum of fixed income asset classes to provide the opportunity to maximize portfolio returns and diversification. The fair value of the ABRIP’s assets at June 30, 2024 and 2023 by asset category (see Note 18 for the definitions of levels), are as follows: June 30, 2024 Quoted Prices Significant Significant Total (In Thousands) Prudential Guaranteed Deposit Fund $ — $ 2,649 $ — $ 2,649 June 30, 2023 Quoted Prices Significant Significant Total (In Thousands) Prudential Guaranteed Deposit Fund $ — $ 2,717 $ — $ 2,717 Benefit Equalization Plan (“BEP”) The Bank has an unfunded non-qualified plan to compensate executive officers of the Bank who participate in the Bank’s qualified defined benefit plan for certain benefits lost under such plans by reason of benefit limitations imposed by Sections 415 and 401 of the IRC. There were approximately $246,000, $244,000 and $241,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2024, 2023 and 2022, respectively. The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,425 $ 2,592 Interest cost 115 111 Actuarial gain (40) (34) Benefit payments (246) (244) Projected benefit obligation - ending $ 2,254 $ 2,425 Change in plan assets: Fair value of assets - beginning $ — $ — Contributions 246 244 Benefit payments (246) (244) Fair value of assets - ending $ — $ — Reconciliation of funded status: Accumulated benefit obligation $ (2,254) $ (2,425) Projected benefit obligation $ (2,254) $ (2,425) Fair value of assets — — Funded status included in other liabilities $ (2,254) $ (2,425) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate N/A N/A Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Interest cost $ 115 $ 111 $ 86 Amortization of net actuarial loss 42 46 71 Total expense $ 157 $ 157 $ 157 Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Salary increase rate N/A N/A N/A It is estimated that contributions of approximately $243,000 will be made during the year ending June 30, 2025. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 243 2026 238 2027 232 2028 225 2029 218 2030-2034 973 In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, freezing all future benefit accruals under the BEP related to the Bank’s defined benefit pension plan. At June 30, 2024 and 2023, unrecognized net loss of $544,000 and $626,000, respectively, was included in accumulated other comprehensive income (loss). Postretirement Welfare Plan The Bank has an unfunded postretirement group term life insurance plan covering all eligible employees. The benefits are based on age and years of service. During the years ended June 30, 2024, 2023 and 2022, contributions and benefits paid totaled $13,000, $13,000 and $12,000, respectively. The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 1,036 $ 1,085 Service cost 79 95 Interest cost 50 48 Actuarial gain (90) (214) Premiums/claims paid (13) (13) Plan amendments — 35 Projected benefit obligation - ending $ 1,062 $ 1,036 Change in plan assets: Fair value of assets - beginning $ — $ — Contributions 13 13 Premiums/claims paid (13) (13) Fair value of assets - ending $ — $ — Reconciliation of funded status: Projected benefit obligation $ (1,062) $ (1,036) Fair value of assets — — Funded status included in other liabilities $ (1,062) $ (1,036) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate 3.25 % 3.25 % Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Service cost $ 79 $ 95 $ 116 Interest cost 50 48 33 Amortization of net actuarial gain (42) (28) (12) Total expense $ 87 $ 115 $ 137 Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Salary increase rate 3.25 % 3.25 % 3.25 % It is estimated that contributions of approximately $59,000 will be made during the year ending June 30, 2025. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 59 2026 72 2027 80 2028 98 2029 113 2030-2034 572 At June 30, 2024 and 2023, unrecognized net gain of $576,000 and $529,000, respectively, were included in accumulated other comprehensive income (loss). Directors’ Consultation and Retirement Plan (“DCRP”) The Bank has an unfunded retirement plan for non-employee directors. The benefits are payable based on term of service as a director. In December 2015, the Board of Directors of the Bank approved freezing all future benefit accruals under the DCRP effective December 31, 2015. During the years ended June 30, 2024, 2023 and 2022, contributions and benefits paid totaled $49,000, $49,000 and $49,000, respectively. The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,520 $ 2,646 Interest cost 124 117 Actuarial gain (181) (194) Benefit payments (49) (49) Projected benefit obligation - ending $ 2,414 $ 2,520 Change in plan assets: Fair value of assets - beginning $ — $ — Contributions 49 49 Benefit payments (49) (49) Fair value of assets - ending $ — $ — Reconciliation of funded status: Accumulated benefit obligation $ (2,414) $ (2,520) Projected benefit obligation $ (2,414) $ (2,520) Fair value of assets — — Funded status included in other liabilities $ (2,414) $ (2,520) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate N/A N/A Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Interest cost $ 124 $ 117 $ 92 Amortization of net actuarial gain (99) (69) — Total expense $ 25 $ 48 $ 92 Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Salary increase rate N/A N/A N/A It is estimated that contributions of approximately $101,000 will be made during the year ending June 30, 2025. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 101 2026 122 2027 143 2028 163 2029 213 2030-2034 1,334 At June 30, 2024 and 2023, unrecognized net gain of $922,000 and $840,000, respectively, was included in accumulated other comprehensive income (loss). Supplemental Executive Retirement Plan (“SERP”) On June 16, 2021, the Bank approved the SERP, effective as of July 1, 2021. The SERP is a non-qualified deferred compensation plan which provides participants with a retirement benefit equal to the present value of an annual benefit of 50% of the participant’s highest annual base salary. In December 2022, the Board of Directors of the Bank approved freezing all future benefit accruals under the SERP effective December 31, 2022. The following tables set forth the SERP’s funded status and net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 633 $ 437 Service cost — 185 Interest cost — 11 Projected benefit obligation - ending $ 633 $ 633 Reconciliation of funded status: Projected benefit obligation $ (633) $ (633) Fair value of assets — — Funded status included in other liabilities $ (633) $ (633) Valuation assumptions Discount rate — % 3.00 % Salary increase rate N/A N/A Year Ended June 30, 2024 2023 (In Thousands) Net periodic benefit cost: Service cost $ — $ 185 Interest cost — 11 Total expense $ — $ 196 Valuation assumptions Discount rate — % 3.00 % Salary increase rate — % 4.00 % The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ — 2026 — 2027 — 2028 — 2029 — 2030-2034 633 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation Kearny Financial Corp. 2021 Equity Incentive Plan (“2021 Plan”) At the Company’s 2021 Annual Meeting of Stockholders held on October 28, 2021, the stockholders approved the 2021 Plan which provides for the grant of stock options, restricted stock and restricted stock units (“RSUs”). The 2021 Plan authorized the issuance of up to 7,500,000 shares (the “Share Limit”); provided, however that the Share Limit is reduced, on a one-for-one-basis, for each share of common stock subject to a stock option grant, and on a three-for-one basis for each share of common stock issued pursuant to restricted stock awards or RSUs. During the years ended June 30, 2024 and 2023, the Company granted 349,257 RSUs (comprised of 255,062 service-based RSUs and 94,195 performance-based RSUs) and 323,218 RSUs (comprised of 238,121 service-based RSUs and 85,097 performance-based RSUs), respectively. The service-based RSUs generally vest in three tranches over a period of 3.0 years and the performance-based RSUs will cliff vest upon the achievement of performance measures over a three-year period. The total 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. At June 30, 2024, there were 4,851,915 shares remaining available for future grants of stock options, restricted stock or RSUs under the 2021 Plan, subject to the limitations noted above. Kearny Financial Corp. 2016 Equity Incentive Plan (“2016 Plan”) No grants were made under the 2016 Plan during the years ended June 30, 2024 and 2023. As of October 28, 2021, the 2016 Plan was frozen and the Company no longer makes grants under the 2016 Plan. Stock options granted under the 2016 Plan vest in equal installments over a five-year service period. Stock options were granted at an exercise price equal to the fair value of the Company's common stock on the grant date based on the closing market price and have an expiration period of 10 years. No stock options were granted during the years ended June 30, 2024, 2023 and 2022. There were no restricted stock awards granted during the years ended June 30, 2024, 2023 and 2022. 2021 Plan and 2016 Plan The following table presents stock-based compensation expense for the years ended June 30, 2024, 2023 and 2022: Years Ended June 30, 2024 2023 2022 (In Thousands) Stock option expense $ 58 $ 153 $ 849 Restricted stock expense 323 725 2,049 Restricted stock unit expense 2,211 2,058 896 Total stock-based compensation expense $ 2,592 $ 2,936 $ 3,794 During the years ended June 30, 2024, 2023 and 2022, the income tax benefit attributed to our stock-based compensation expense was $746,000, $836,000 and $1.0 million, respectively. Stock Options The following is a summary of the Company’s stock option activity and related information for its option plans for the year ended June 30, 2024: Stock Weighted Weighted Aggregate (In Thousands) (In Thousands) Outstanding at June 30, 2023 2,984 $ 14.99 3.5 years $ — Granted — — — Exercised — — — Forfeited (232) 13.41 Outstanding at June 30, 2024 2,752 $ 15.12 2.5 years $ — Exercisable at June 30, 2024 2,752 $ 15.12 2.5 years $ — The Company generally issues shares from authorized but unissued shares upon the exercise of vested options. There were no vested options exercised during the years ended June 30, 2024, 2023 or 2022. Restricted Stock Restricted shares awarded under the 2016 Plan generally vest in equal installments over a five-year service period. In addition to the requisite service period, the vesting of certain restricted shares awarded to management are also conditioned upon the achievement of one or more objective performance factors established by the Compensation Committee of the Company’s Board of Directors. In accordance with the terms of the 2016 Plan, such factors may be based on the performance of the Company as a whole or on any one or more business units of the Company or its subsidiaries. Performance factors may be measured relative to a peer group, an index or certain financial targets established in the Company's strategic business plan and budget. The Company fully achieved the applicable performance targets for fiscal 2023 and therefore all eligible performance-based restricted shares successfully vested during the year ended June 30, 2024. The performance factors and underlying cost basis of the remaining unvested performance-based restricted shares are generally expected to be determined annually concurrent with the anniversary date of the original grants. For service based awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For performance vesting awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period; however, if the corporate performance goals to which the vesting of such shares are tied are not achieved, recognized compensation expense is adjusted accordingly. The following is a summary of the Company’s restricted share award activity for the year ended June 30, 2024: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Weighted Restricted Weighted (In Thousands) (In Thousands) Non-vested at June 30, 2023 43 $ 13.31 36 $ 13.30 Granted — — — — Vested (32) 13.38 (25) 13.38 Forfeited — — — — Non-vested at June 30, 2024 11 $ 13.11 11 $ 13.11 During the years ended June 30, 2024, 2023 and 2022, the total fair value of vested restricted shares were $767,000, $767,000 and $4.3 million, respectively. Expected future compensation expense relating to the 21,486 non-vested restricted shares at June 30, 2024 is $193,000 over a weighted average period of 1.9 years. Restricted Stock Units RSUs awarded under the 2021 Plan generally vest in equal installments over a specified service period. In addition to the requisite service period, the vesting of certain RSUs are also conditioned upon the achievement of one or more objective performance measures established by the Compensation Committee of the Company’s Board of Directors. In accordance with the terms of the 2021 Plan, such measures may be based on the performance of the Company as a whole or on any one or more business units of the Company or its subsidiaries. Performance measures may be measured relative to a peer group, an index or certain financial targets established in the Company’s strategic business plan and budget. For service-based RSUs, the Company recognizes compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period of each tranche. For performance-based RSUs, the Company recognizes compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period; however, the compensation will be adjusted accordingly based on the achievement of the performance measures. The following is a summary of the Company’s RSU activity for the year ended June 30, 2024: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Weighted Restricted Weighted (In Thousands) (In Thousands) Non-vested at June 30, 2023 342 $ 12.45 155 $ 12.68 Granted 349 8.59 — — Vested (133) 12.63 — — Forfeited (25) 10.35 — — Non-vested at June 30, 2024 533 $ 9.98 155 $ 12.68 Expected future compensation expense relating to the 689,252 non-vested RSUs at June 30, 2024 is $3.2 million over a weighted average period of 2.1 years. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Regulatory Capital The Bank and the Company are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and consolidated Company must meet specific capital guidelines that involve quantitative measures of their respective assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s and consolidated Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. The minimum capital level requirements applicable to both the Bank and the consolidated Company include: (i) a common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6%; (iii) a total capital ratio of 8%; and (iv) a Tier 1 leverage ratio of 4% for all institutions. The Bank and the consolidated Company are also required to maintain a “capital conservation buffer” of 2.5% above the regulatory minimum capital ratios which results in the following minimum ratios: (i) a common equity Tier 1 capital ratio of 7.0%; (ii) a Tier 1 capital ratio of 8.5%; and (iii) a total capital ratio of 10.5%. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations will establish a maximum percentage of eligible retained income that could be utilized for such actions. At June 30, 2024 and 2023, the regulatory capital ratios, of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines. The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2024 and 2023: At June 30, 2024 Actual For Capital To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 688,597 14.42 % $ 382,034 8.00 % $ 477,542 10.00 % Tier 1 capital (to risk-weighted assets) 651,620 13.65 % 286,525 6.00 % 382,034 8.00 % Common equity tier 1 capital (to risk-weighted assets) 651,620 13.65 % 214,894 4.50 % 310,402 6.50 % Tier 1 capital (to adjusted total assets) 651,620 8.44 % 308,656 4.00 % 385,820 5.00 % At June 30, 2023 Actual For Capital To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 695,417 13.31 % $ 417,853 8.00 % $ 522,316 10.00 % Tier 1 capital (to risk-weighted assets) 659,783 12.63 % 313,389 6.00 % 417,853 8.00 % Common equity tier 1 capital (to risk-weighted assets) 659,783 12.63 % 235,042 4.50 % 339,505 6.50 % Tier 1 capital (to adjusted total assets) 659,783 8.15 % 323,922 4.00 % 404,902 5.00 % The following tables present information regarding the consolidated Company’s regulatory capital levels at June 30, 2024 and 2023: At June 30, 2024 Actual For Capital Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 743,741 15.57 % $ 382,247 8.00 % Tier 1 capital (to risk-weighted assets) 706,764 14.79 % 286,685 6.00 % Common equity tier 1 capital (to risk-weighted assets) 706,764 14.79 % 215,014 4.50 % Tier 1 capital (to adjusted total assets) 706,764 9.15 % 309,031 4.00 % At June 30, 2023 Actual For Capital Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 770,621 14.75 % $ 418,015 8.00 % Tier 1 capital (to risk-weighted assets) 734,987 14.07 % 313,511 6.00 % Common equity tier 1 capital (to risk-weighted assets) 734,987 14.07 % 235,133 4.50 % Tier 1 capital (to adjusted total assets) 734,987 9.07 % 324,170 4.00 % Federal banking regulators impose various restrictions or requirements on the ability of savings institutions to make capital distributions, including cash dividends. A savings institution that is a subsidiary of a savings and loan holding company, such as the Bank, must file an application or a notice with federal banking regulators at least 30 days before making a capital distribution. A savings institution must file an application for prior approval of a capital distribution if: (i) it is not eligible for expedited treatment under the applications processing rules of federal banking regulators; (ii) the total amount of all capital distributions, including the proposed capital distribution, for the applicable calendar year would exceed an amount equal to the savings institution’s net income for that year to date plus the institution’s retained net income for the preceding two years; (iii) it would not adequately be capitalized after the capital distribution; or (iv) the distribution would violate an agreement with federal banking regulators or applicable regulations. Federal banking regulators may disapprove a notice or deny an application for a capital distribution if: (i) the savings institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation or agreement. During the fiscal year ended June 30, 2024, an application for quarterly capital distributions from the Bank to the Company was approved by federal banking regulators. The amount of dividends payable is based on 70 percent of quarterly net income of the Bank. During the years ended June 30, 2024, 2023 and 2022, dividends paid by the Bank to the Company, in conjunction with quarterly capital distributions, as discussed above, totaled $19.3 million, $26.3 million and $56.7 million, respectively. Stock Repurchase Plans During the year ended June 30, 2024, the Company repurchased a total of 1,504,747 shares of its common stock at a total cost of $11.2 million, or $7.40 per share. On November 7, 2023, the Company announced the completion of its ninth stock repurchase plan, with a total of 4,000,000 shares repurchased at a cost of $34.9 million, or $8.74 per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income taxes are as follows: Years Ended June 30, 2024 2023 2022 (In Thousands) Current income tax expense: Federal $ 4,352 $ 6,145 $ 12,720 State 2,406 2,634 7,057 6,758 8,779 19,777 Deferred income tax expense: Federal 4 1,902 2,895 State (871) 887 2,128 (867) 2,789 5,023 Total income tax expense $ 5,891 $ 11,568 $ 24,800 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 rates applicable to those periods. The federal income tax rate of 21% was applicable for the years ended June 30, 2024, 2023 and 2022. Years Ended June 30, 2024 2023 2022 (Dollars In Thousands) (Loss) income before income taxes $ (80,776) $ 52,379 $ 92,347 Statutory federal tax rate 21 % 21 % 21 % Federal income tax expense at statutory rate $ (16,963) $ 11,000 $ 19,393 (Reduction) increases in income taxes resulting from: Tax exempt interest (68) (143) (266) State tax, net of federal tax effect 1,213 2,781 7,257 Incentive stock options compensation expense 5 12 45 Income from bank-owned life insurance (1,902) (1,840) (1,281) Goodwill impairment 18,935 — — Surrender of bank-owned life insurance policies 4,477 — — Other items, net 194 (242) (348) 5,891 11,568 24,800 Total income tax expense $ 5,891 $ 11,568 $ 24,800 Effective income tax rate (7.29) % 22.09 % 26.86 % The effective income tax rate represents total income tax expense divided by income before income taxes. Retained earnings at June 30, 2024, includes approximately $38.4 million of bad debt allowance , pursuant to the IRC, for which income taxes have not been provided. If such amount is used for purposes other than to absorb bad debts, including distributions in liquidation, it will be subject to income tax at the then current rate. A tax position is recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation process, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the carryover period. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. Based on its assessments as of June 30, 2024 and 2023, the Company determined it is more likely than not that all deferred tax assets will be realized. The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2024 2023 (In Thousands) Deferred income tax assets: Purchase accounting $ 3,543 $ 4,098 Accumulated other comprehensive income: Unrealized loss on securities available for sale 37,683 45,018 Allowance for credit losses 12,786 14,211 Benefit plans 2,605 2,603 Compensation 1,303 1,440 Stock-based compensation 2,923 3,161 Uncollected interest 1,177 1,313 Depreciation 2,309 2,335 Net operating loss carryover 889 2 Capital loss carryforward 614 191 Other items 780 839 66,612 75,211 Deferred income tax liabilities: Deferred loan fees and costs 1,690 1,710 Accumulated other comprehensive income: Derivatives 12,085 16,940 Defined benefit plans 98 78 Goodwill 2,400 4,510 16,273 23,238 Net deferred income tax asset $ 50,339 $ 51,973 The Company has various state and local NOL carryforwards which will begin to expire in the year ending June 30, 2025. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of New Jersey and various other states. The Company is generally no longer subject to examination by federal, state and local taxing authorities for tax years prior to June 30, 2021. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These transactions involve elements of credit and interest rate risk in excess of the amounts recognized in the Consolidated Statements of Financial Condition. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Bank upon extension of credit is based on management’s credit evaluation of the borrower. At June 30, 2024 and 2023, the Bank had $280.9 million and $251.2 million in commitments to originate loans, including unused lines of credit. The Bank is party to standby letters of credit through which it guarantees certain specific business obligations of its commercial customers. The balance of standby letters of credit at June 30, 2024 and 2023 were approximately $160,000 and $115,000, respectively. In addition to the commitments noted above, at June 30, 2024, the Company’s pipeline of loans held for sale included $16.0 million of in-process loans whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price within a predetermined timeframe after the sale commitment is established. The Company and subsidiaries are also party to litigation which arises primarily in the ordinary course of business. In the opinion of management, the ultimate disposition of such litigation should not have a material adverse effect on the consolidated financial position of the Company. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 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 Measured on a Recurring Basis: The following methods and significant assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at June 30, 2024 and 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 caps and swaps. 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: June 30, 2024 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Asset-backed securities $ — $ 80,440 $ — $ 80,440 Collateralized loan obligations — 389,543 — 389,543 Corporate bonds — 131,797 — 131,797 Total debt securities — 601,780 — 601,780 Mortgage-backed securities available for sale: Residential pass-through securities — 337,264 — 337,264 Commercial pass-through securities — 133,789 — 133,789 Total mortgage-backed securities — 471,053 — 471,053 Total securities available for sale $ — $ 1,072,833 $ — $ 1,072,833 Interest rate contracts $ — $ 54,362 $ — $ 54,362 Total assets $ — $ 1,127,195 $ — $ 1,127,195 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 June 30, 2024 and 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. Those assets measured at fair value on a non-recurring basis are summarized below: June 30, 2024 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Multi-family mortgage $ — $ — $ 1,896 $ 1,896 Nonresidential mortgage — — 5,014 5,014 Total $ — $ — $ 6,910 $ 6,910 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 table presents 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: June 30, 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) 13.32% 13.32 % Nonresidential mortgage 5,014 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 8.93% 8.93 % Total $ 6,910 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) 6.93% 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 basis 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 estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees. (3) The fair value basis 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 June 30, 2024, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $7.4 million and valuation allowance of $508,000 reflecting an aggregate fair value of $6.9 million. By comparison, at June 30, 2023, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $21.0 million and valuation allowances 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 June 30, 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 presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2024 and 2023: June 30, 2024 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 63,864 $ 63,864 $ 63,864 $ — $ — Investment securities available for sale 1,072,833 1,072,833 — 1,072,833 — Investment securities held to maturity 135,742 119,278 — 119,278 — Loans held-for-sale 6,036 6,077 — 6,077 — Net loans receivable 5,687,848 5,114,459 — — 5,114,459 FHLB Stock 80,300 — — — — Interest receivable 29,521 29,521 11 8,986 20,524 Interest rate contracts 54,362 54,362 — 54,362 — Financial liabilities: Deposits $ 3,550,762 $ 3,550,762 $ 3,550,762 $ — $ — Certificates of deposits 1,607,361 1,597,939 — — 1,597,939 Borrowings 1,709,789 1,703,924 — — 1,703,924 Interest payable on deposits 5,662 5,662 3,397 — 2,265 Interest payable on borrowings 7,784 7,784 — — 7,784 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 $ 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) | 12 Months Ended |
Jun. 30, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The components of accumulated other comprehensive (loss) income included in stockholders’ equity are as follows: June 30, 2024 2023 (In Thousands) Net unrealized loss on securities available for sale $ (130,673) $ (156,138) Tax effect 37,683 45,018 Net of tax amount (92,990) (111,120) Fair value adjustments on derivatives 41,673 58,414 Tax effect (12,085) (16,940) Net of tax amount 29,588 41,474 Benefit plan adjustments 337 268 Tax effect (98) (78) Net of tax amount 239 190 Total accumulated other comprehensive loss $ (63,163) $ (69,456) Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2024 2023 2022 (In Thousands) Net unrealized gain (loss) on securities available for sale $ 7,330 $ (53,334) $ (128,601) Net realized loss on securities available for sale (1) 18,135 15,227 559 Fair value adjustments on derivatives (16,741) 18,609 40,117 Benefit plans: (Accretion) amortization of actuarial (gain) loss (2) (58) (24) 80 Net actuarial gain 127 381 924 Net change in benefit plan accrued expense 69 357 1,004 Other comprehensive income (loss) before taxes 8,793 (19,141) (86,921) Tax effect (2,500) 5,412 25,050 Total other comprehensive income (loss) $ 6,293 $ (13,729) $ (61,871) ________________________________________ (1) Represents amounts reclassified out of accumulated other comprehensive (loss) income and included in loss on sale of securities on the Consolidated Statements of Income (Loss). (2) Represents amounts reclassified out of accumulated other comprehensive (loss) income and included in the computation of net periodic pension expense. See Note 12 – Benefit Plans for additional information. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the years ended June 30, 2024, 2023 and 2022. Sources of revenue outside the scope of ASC 606 are noted as such. Years Ended June 30, 2024 2023 2022 (In Thousands) Non-interest income: Deposit-related fees and charges $ 1,772 $ 1,881 $ 1,733 Loan-related fees and charges (1) 837 1,225 847 Loss on sale and call of securities (1) (18,135) (15,227) (559) (Loss) gain on sale of loans (1) (282) (1,645) 2,539 (Loss) gain on sale of other real estate owned (974) (139) 5 Income from bank owned life insurance (1) 9,076 8,645 6,167 Electronic banking fees and charges (interchange income) 2,357 1,759 1,626 Miscellaneous (1) 3,356 6,252 1,576 Total non-interest income $ (1,993) $ 2,751 $ 13,934 ________________________________________ (1) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Gains/Losses on Sales of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. Gain/Losses on the sales of OREO falls within the scope of ASC 606, if the Company finances the transaction. Under ASC 606, if the Company finances the sale of OREO to the buyer, the Company is required to assess whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related (loss) gain on sale if a significant financing component is present. Interchange Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. |
Parent Only Financial Informati
Parent Only Financial Information | 12 Months Ended |
Jun. 30, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Only Financial Information | Parent Only Financial Information Kearny Financial Corp. operates its wholly owned subsidiary Kearny Bank and the Bank’s wholly-owned subsidiaries CJB Investment Corp., 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. The consolidated earnings of the subsidiaries are recognized by the Company using the equity method of accounting. Accordingly, the consolidated earnings of the subsidiaries are recorded as increases in the Company’s investment in the subsidiaries. The following are the condensed financial statements for Kearny Financial Corp. (Parent Company only) as of June 30, 2024 and 2023, and for each of the years in the three-year period ended June 30, 2024. Condensed Statements of Financial Condition June 30, 2024 2023 (In Thousands) Assets Cash and amounts due from depository institutions $ 30,821 $ 48,839 Loans receivable 24,510 26,384 Investment in subsidiary 698,427 794,080 Other assets 854 827 Total Assets $ 754,612 $ 870,130 Liabilities and Stockholders' Equity Other liabilities $ 1,041 $ 846 Stockholders' equity 753,571 869,284 Total Liabilities and Stockholders' Equity $ 754,612 $ 870,130 Condensed Statements of Income (Loss) and Comprehensive Income (Loss) Years Ended June 30, 2024 2023 2022 (In Thousands) Dividends from subsidiary $ 19,332 $ 26,282 $ 156,728 Interest income 2,201 1,749 1,508 Equity in undistributed earnings of subsidiaries (105,948) 14,912 (88,452) Total (loss) income (84,415) 42,943 69,784 Directors' compensation 618 532 530 Other expenses 1,647 1,715 1,976 Total expense 2,265 2,247 2,506 (Loss) income before income taxes (86,680) 40,696 67,278 Income tax expense (13) (115) (269) Net (loss) income $ (86,667) $ 40,811 $ 67,547 Comprehensive (loss) income $ (80,374) $ 27,082 $ 5,676 Condensed Statements of Cash Flows Years Ended June 30, 2024 2023 2022 (In Thousands) Cash Flows from Operating Activities: Net (loss) income $ (86,667) $ 40,811 $ 67,547 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries 105,948 (14,912) 88,452 (Increase) decrease in other assets (27) (379) 176 Increase (decrease) in other liabilities 142 271 (184) Net Cash Provided by Operating Activities 19,396 25,791 155,991 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,874 1,817 1,758 Proceeds from the maturity of investment securities available for sale — — 15,000 Net Cash Provided by Investing Activities 1,874 1,817 16,758 Cash Flows from Financing Activities: Cash dividends paid (27,564) (28,499) (30,693) Repurchase and cancellation of common stock of Kearny Financial Corp. (11,240) (27,558) (129,520) Cancellation of shares repurchased on vesting to pay taxes (484) (462) (977) Net Cash Used In Financing Activities (39,288) (56,519) (161,190) Net (Decrease) Increase in Cash and Cash Equivalents (18,018) (28,911) 11,559 Cash and Cash Equivalents - Beginning 48,839 77,750 66,191 Cash and Cash Equivalents - Ending $ 30,821 $ 48,839 $ 77,750 |
Net (Loss) Income per Common Sh
Net (Loss) Income per Common Share (EPS) | 12 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income per Common Share (EPS) | Net (Loss) Income per Common Share (EPS) Basic EPS is based on the weighted average number of common shares actually outstanding, including both vested and unvested restricted stock awards, adjusted for ESOP shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options or unvested RSUs, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. The following schedule shows the Company’s earnings per share calculations for the periods presented: For the Year Ended June 30, 2024 2023 2022 (In Thousands, Except Per Share Data) Net (loss) income $ (86,667) $ 40,811 $ 67,547 Weighted average number of common shares outstanding - basic 62,444 64,804 70,911 Effect of dilutive securities — — 22 Weighted average number of common shares outstanding- diluted 62,444 64,804 70,933 Basic earnings per share $ (1.39) $ 0.63 $ 0.95 Diluted earnings per share $ (1.39) $ 0.63 $ 0.95 Stock options for 2,751,902, 2,983,530 and 3,115,000 shares of common stock were not considered in computing diluted earnings per share at June 30, 2024, 2023 and 2022, respectively, because they were considered anti-dilutive. In addition, 689,252 and 497,664 RSUs were not considered in computing diluted earnings per share at June 30, 2024 and 2023, respectively, because they were considered anti-dilutive. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | |||
Net income | $ (86,667) | $ 40,811 | $ 67,547 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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 |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Jun. 30, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | The 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, CJB Investment Corp., 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. |
Basis of Accounting | The Company conducts its business principally through the Bank. Management prepared the 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. |
Cash and Cash Equivalents | Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions and borrowings with original maturities fewer than 90 days. |
Securities | The Company classifies its investment securities as either available for sale or held to maturity. The Company does not use or maintain a trading account. Investment securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment securities not classified as held to maturity are classified as available for sale and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. Premiums on callable securities are amortized to the earliest call date whereas discounts on such securities are accreted to the maturity date utilizing the level-yield method. Premiums and discounts on all other securities are generally amortized or accreted to the maturity date utilizing the level-yield method taking into consideration the impact of principal amortization and prepayments, as applicable. Gain or loss on sales of securities is based on the specific identification method. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 326, for available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no credit losses. Under ASC 326, changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. |
Concentration of Risk | Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Government National Mortgage Association (“Ginnie Mae”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. |
Loans Receivable | Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at unpaid principal balances, net of deferred loan origination fees and costs, purchase discounts and premiums, purchase accounting fair value adjustments and the allowance for credit losses. Interest income is accrued on the unpaid principal balance. Certain direct loan origination costs, net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted utilizing the level-yield method over the contractual lives of the related loans. |
Loans Held-for-Sale | Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through a charge to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on satisfaction of the criteria for such accounting which provide that, as transferor, control over the loans have been surrendered. |
Past Due Loans, Nonaccrual Loans, and Classification of Assets | Past Due Loans A loan’s past due status is generally determined based upon its principal and interest (“P&I”) payment delinquency status in conjunction with its past maturity status, where applicable. A loan’s P&I payment delinquency status is based upon the number of calendar days between the date of the earliest P&I payment due and the as of measurement date. A loan’s past maturity status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the as of measurement date. Based upon the larger of these criteria, loans are categorized into the following past due tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days), 30-59 days, 60-89 days and 90 or more days. Nonaccrual 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 P&I payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 day 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 P&I 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. Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified as Special Mention, Substandard, Doubtful or Loss. An asset is classified as Substandard if it is 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 insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful 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. Assets, or portions thereof, classified as Loss are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets 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 are designated as Special Mention by management. Adversely classified assets together with those rated as Special Mention, are generally referred to as Classified Assets. Non-classified assets are internally rated within one of four Pass categories or as Watch with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management generally performs a classification of assets review, including the regulatory classification of assets, on an ongoing basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. |
Allowance for Credit Losses | Pursuant to ASC 326, the allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the Consolidated Statements of Financial Condition. The expected credit losses for unfunded lending commitments and unfunded loan commitments is reported on the Consolidated Statements of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include multi-family mortgage, nonresidential mortgage, commercial business, construction, one- to four-family residential mortgage, home equity and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to the historical average economic variables. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications. Also included in the allowance for credit losses on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Acquired Loans Acquired loans are included in the Company's calculation of the allowance for credit losses. How the allowance on an acquired loan is recorded depends on whether or not it has been classified as a Purchased Credit Deteriorated (“PCD”) loan. PCD loans are loans acquired at a discount that is due, in part, to credit quality. PCD loans are accounted for in accordance with ASC Subtopic 326-20 and are initially recorded at fair value as determined by the sum of the present value of expected future cash flows and an allowance for credit losses at acquisition. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant impact on the accounting for these loans. Subsequent to acquisition, the allowance for PCD loans will generally follow the same estimation, provision and charge-off process as non-PCD acquired and originated loans. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the Consolidated Statements of Financial Condition and the related credit expense is recorded in other non-interest expense in the Consolidated Statements of Income. |
Loan Modifications | Prior to July 1, 2023, a troubled debt restructuring (“TDR”) occurred when the terms of a loan were modified because of deterioration in the financial condition of the borrower. TDRs could include, but were not limited to, the modification of loan terms such as the reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualified as TDRs, the Company compared the present value of the cash flows that were expected to be received in accordance with the loan’s modified terms, discounted at the loan’s original contractual interest rate, with the pre-modification carrying value to measure impairment. Effective July 1, 2023, the Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which replaced the accounting and recognition of TDRs. ASU 2022-02 eliminated the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on "vintage disclosures" to require disclosure of current-period gross write-offs by year of origination. ASU 2022-02 also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. 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. All modified loans to borrowers experiencing financial difficulty are placed on nonaccrual status for a period of no less than six months after modification. Modified loans may be returned to accrual status and a non-adverse classification if (1) the borrower has paid timely P&I payments in accordance with the terms of the modified loan agreement for no less than six consecutive months after modification due to a borrower experiencing financial difficulty, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the modified loan agreement. |
Premises and Equipment | Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or lives of the assets, whichever is shorter. Construction in progress primarily represents facilities under construction for future use in our business and includes all costs to acquire land and construct buildings, as well as capitalized interest during the construction period. Interest is capitalized at the Company’s average cost of interest-bearing liabilities. |
Other Real Estate Owned and Other Repossessed Assets | Properties and other assets acquired through foreclosure, deed in lieu of foreclosure or repossession are carried at estimated fair value, less estimated selling costs. The estimated fair value of real estate property and other repossessed assets is generally based on independent appraisals. 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. Thereafter, decreases in the properties’ estimated fair value are charged to income along with any additional property maintenance and protection expenses incurred in owning the properties. |
Federal Home Loan Bank Stock | Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. Both cash and stock dividends are reported as income. |
Goodwill and Other Intangible Assets | Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed its annual impairment test during the fourth quarter of its fiscal year ended June 30, 2024. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our audited Consolidated Statements of Financial Condition. In assessing impairment, the Company has the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, the Company determines it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then the Company would not be required to perform a quantitative impairment test. |
Bank Owned Life Insurance | Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. |
Transfers of Financial Assets | Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company - put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Income Taxes | The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to the taxable income of the consolidated income tax returns. Separate state income tax returns are filed for the Company and its subsidiaries on either a consolidated or unconsolidated basis as required by the jurisdiction. The federal income tax rate of 21% was applicable for the years ended June 30, 2024, 2023 and 2022. Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized. |
Retirement Plans | Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Deferred compensation plan expense allocates the benefits over years of service. |
Employee Stock Ownership Plan | The cost of shares issued to the Employee Stock Ownership Plan (the “ESOP”), but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated and unallocated ESOP shares either reduce retained earnings or reduce debt and accrued interest as determined by the ESOP Plan Administrator. |
Comprehensive Income | Comprehensive income is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded in equity, such as unrealized gains and losses on securities available for sale, unrealized gains and losses on derivatives and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income (Loss) |
Loss Contingencies | Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Loan Commitments and Related Financial Instruments | Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (See Note 16, Commitments, for additional information). |
Derivatives and Hedging | The Company utilizes derivative instruments in the form of interest rate swaps, caps and floors to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions, and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition at their fair values. For a derivative designated as a cash flow hedge, the gain or loss on the derivative is recorded in other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contract is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income. The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value in the Consolidated Financial Statements, recognizing changes in fair value in current period income in the Consolidated Statements of Income. In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities. The Company’s interest rate derivatives are comprised of interest rate swaps and caps hedging variable rate wholesale funding and accounted for as cash flow hedges. The carrying value of interest rate derivatives is included in the balance of other assets or other liabilities and comprises the remaining unamortized cost of interest rate caps and the cumulative changes in the fair value of interest rate derivatives. Such changes in fair value are offset against accumulated other comprehensive income, net of deferred income tax. In general, the cash flows received and/or exchanged with counterparties for those derivatives qualifying as interest rate hedges are generally classified in the financial statements in the same category as the cash flows of the items being hedged. Interest differentials paid or received under the swap agreements are reflected as adjustments to interest expense. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. |
Net Income per Common Share ("EPS") | Basic EPS is based on the weighted average number of common shares actually outstanding adjusted for the ESOP shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options or restricted stock units, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. |
Fair Value of Financial Instruments | Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 17, Fair Value of Financial Instruments. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Operating Segments | Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision makers. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes. |
Stock Compensation Plans | Compensation expense related to stock options, non-vested stock awards and non-vested stock units is based on the fair value of the award on the measurement date with expense recognized on a straight-line basis over the service period of the award. The fair value of stock options is estimated using the Black-Scholes valuation model. The fair value of non-vested stock awards and stock units is generally the closing market price of the Company’s common stock on the date of grant. The Company accounts for forfeitures as they occur. |
Advertising and Marketing Expenses | The Company expenses advertising and marketing costs as incurred. |
Recent Accounting Pronouncements and Adoption of New Accounting Standards | Adoption of New 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 ASU did not have a material effect on the Company’s consolidated financial statements. Prior to the adoption of ASU 2022-02, a 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. |
Revenue Recognition | Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Gains/Losses on Sales of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. Gain/Losses on the sales of OREO falls within the scope of ASC 606, if the Company finances the transaction. Under ASC 606, if the Company finances the sale of OREO to the buyer, the Company is required to assess whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related (loss) gain on sale if a significant financing component is present. Interchange Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of 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. June 30, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Asset-backed securities $ 80,305 $ 217 $ 82 $ — $ 80,440 Collateralized loan obligations 386,983 2,574 14 — 389,543 Corporate bonds 150,891 64 19,158 — 131,797 Total debt securities 618,179 2,855 19,254 — 601,780 Mortgage-backed securities: Residential pass-through securities (1) 429,473 2 92,211 — 337,264 Commercial pass-through securities (1) 155,854 63 22,128 — 133,789 Total mortgage-backed securities 585,327 65 114,339 — 471,053 Total securities available for sale $ 1,203,506 $ 2,920 $ 133,593 $ — $ 1,072,833 ________________________________________ (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 | June 30, 2024 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 12,913 $ — $ 277 $ — $ 12,636 Total debt securities 12,913 — 277 — 12,636 Mortgage-backed securities: Residential pass-through securities (1) 110,614 — 14,134 — 96,480 Commercial pass-through securities (1) 12,215 — 2,053 — 10,162 Total mortgage-backed securities 122,829 — 16,187 — 106,642 Total securities held to maturity $ 135,742 $ — $ 16,464 $ — $ 119,278 ________________________________________ (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 June 30, 2024: June 30, 2024 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ — $ — Due after one year through five years 26,865 25,288 Due after five years through ten years 439,524 426,701 Due after ten years 151,790 149,791 Total $ 618,179 $ 601,780 June 30, 2024 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 5,579 $ 5,543 Due after one year through five years 7,334 7,093 Due after five years through ten years — — Due after ten years — — Total $ 12,913 $ 12,636 |
Sales of Securities Available for Sale | Sales of securities available for sale were as follows for the periods presented below: Year Ended June 30, 2024 2023 2022 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 104,083 $ 105,199 $ 100,336 Gross realized losses $ (18,135) $ (15,227) $ (565) Net loss on sales of securities $ (18,135) $ (15,227) $ (565) |
Gains resulting from calls of securities available for sale | Gains resulting from calls of securities available for sale were as follows for the periods presented below: Year Ended June 30, 2024 2023 2022 (In Thousands) Available for sale securities called: Gross realized gains $ — $ — $ 6 Net gain on calls of securities $ — $ — $ 6 |
Schedule of Available for Sale Securities Pledged | The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: June 30, June 30, (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ — $ — Pledged to secure public funds on deposit 100,238 201,239 Pledged for potential borrowings at the Federal Reserve Bank of New York 482,044 529,216 Pledged for the bank term funding program 88,899 — Total carrying value of securities pledged $ 671,181 $ 730,455 |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | 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 June 30, 2024 and 2023: June 30, 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 $ 14,093 $ 16 $ 43,411 $ 66 8 $ 57,504 $ 82 Collateralized loan obligations 3,863 — 24,986 14 4 28,849 14 Corporate bonds — — 121,733 19,158 26 121,733 19,158 Commercial pass-through securities — — 110,741 22,128 8 110,741 22,128 Residential pass-through securities 141 2 336,772 92,209 103 336,913 92,211 Total $ 18,097 $ 18 $ 637,643 $ 133,575 149 $ 655,740 $ 133,593 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 June 30, 2024 and 2023: June 30, 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 $ 449 $ 14 $ 11,886 $ 263 23 $ 12,335 $ 277 Commercial pass-through securities — — 10,162 2,053 1 10,162 2,053 Residential pass-through securities 35,287 327 61,193 13,807 9 96,480 14,134 Total $ 35,736 $ 341 $ 83,241 $ 16,123 33 $ 118,977 $ 16,464 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) | 12 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table sets forth the composition of the Company’s loan portfolio at June 30, 2024 and 2023: June 30, June 30, (In Thousands) Commercial loans: Multi-family mortgage $ 2,645,851 $ 2,761,775 Nonresidential mortgage 948,075 968,574 Commercial business 142,747 146,861 Construction 209,237 226,609 Total commercial loans 3,945,910 4,103,819 One- to four-family residential mortgage 1,756,051 1,700,559 Consumer loans: Home equity loans 44,104 43,549 Other consumer 2,685 2,549 Total consumer loans 46,789 46,098 Total loans 5,748,750 5,850,476 Unaccreted yield adjustments (1) (15,963) (21,055) Total loans receivable, net of yield adjustments $ 5,732,787 $ 5,829,421 ___________________________ (1) At June 30, 2024 and 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 June 30, 2024 and 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 $ — $ — $ 19,888 $ 19,888 $ 2,625,963 $ 2,645,851 Nonresidential mortgage 6,149 — 3,249 9,398 938,677 948,075 Commercial business 37 64 613 714 142,033 142,747 Construction — — — — 209,237 209,237 One- to four-family residential mortgage 800 2,951 2,877 6,628 1,749,423 1,756,051 Home equity loans 208 — 44 252 43,852 44,104 Other consumer — — 5 5 2,680 2,685 Total loans $ 7,194 $ 3,015 $ 26,676 $ 36,885 $ 5,711,865 $ 5,748,750 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 June 30, 2024 and 2023: Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Nonaccrual Loans with no Allowance for Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ — $ 22,591 $ 22,591 $ 2,623,260 $ 2,645,851 Nonresidential mortgage — 5,695 4,128 9,823 938,252 948,075 Commercial business — 714 — 714 142,033 142,747 Construction — — — — 209,237 209,237 One- to four-family residential mortgage — 2,295 4,410 6,705 1,749,346 1,756,051 Home equity loans — — 44 44 44,060 44,104 Other consumer — — 5 5 2,680 2,685 Total loans $ — $ 8,704 $ 31,178 $ 39,882 $ 5,708,868 $ 5,748,750 Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Nonaccrual Loans with no Allowance for 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 June 30, 2024 of loan modifications made to borrowers experiencing financial difficulty during the year ended June 30, 2024 by type of modification: Year Ended June 30, 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 960 45 1,005 0.06 % Home equity loans — 25 25 0.06 % Total $ 3,779 $ 856 $ 4,635 0.08 % The following table presents the payment status of the loans that were modified to borrowers experiencing financial difficulties as of June 30, 2024: June 30, 2024 Current 30-89 Days Past Due 90 Days or More Past Due Non-Accrual Total Past Due (Dollars In Thousands) Multi-family mortgage $ 5,407 $ — $ — $ 2,702 $ 5,407 Nonresidential mortgage 141 284 — 1,052 425 Commercial business 205 101 — 101 306 One- to four-family residential mortgage 4,652 1,209 1,048 2,417 6,909 Home equity loans 253 — 24 24 277 Total $ 10,658 $ 1,594 $ 1,072 $ 6,296 $ 13,324 The following tables present 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 0 — 6 3,197 Construction — — 0 — 0 — 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 0 — 6 368 Total 54 $ 10,487 8 $ 6,874 62 $ 17,361 As of June 30, 2023, 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 year ended June 30, 2023: Year Ended June 30, 2023 # of Loans Pre-modification Post-modification (Dollars In Thousands) Nonresidential mortgage 1 $ 313 $ 345 Commercial business 2 74 74 One- to four-family residential mortgage 2 708 705 Home equity loans 1 35 35 Total 6 $ 1,130 $ 1,159 |
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: June 30, 2024 June 30, 2023 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 22,591 $ — $ 19,114 $ 326 Nonresidential mortgage (1) 8,598 508 16,207 3,001 Total commercial loans 31,189 508 35,321 3,327 One- to four-family residential mortgage (2) 1,406 — 2,875 — Consumer loans: Home equity loans (2) 18 — — — Total $ 32,613 $ 508 $ 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 as of June 30, 2024 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, Revolving Loans 2024 2023 2022 2021 2020 Prior Total (In Thousands) Multi-family mortgage: Pass $ 26,683 $ 596,321 $ 949,690 $ 219,850 $ 201,611 $ 607,332 $ — $ 2,601,487 Special Mention — — — — — 6,475 — 6,475 Substandard — — — 9,570 — 28,319 — 37,889 Doubtful — — — — — — — — Total multi-family mortgage 26,683 596,321 949,690 229,420 201,611 642,126 — 2,645,851 Multi-family current period gross charge-offs — — — — — 398 — 398 Nonresidential mortgage: Pass 87,380 105,768 199,829 90,312 44,598 389,680 30 917,597 Special Mention — — — 447 — 14,714 — 15,161 Substandard — — — 867 — 14,450 — 15,317 Doubtful — — — — — — — — Total nonresidential mortgage 87,380 105,768 199,829 91,626 44,598 418,844 30 948,075 Nonresidential current period gross charge-offs — — — — — 5,975 — 5,975 Commercial business: Pass 12,152 8,273 27,615 18,242 4,337 7,863 56,592 135,074 Special Mention — — 1,559 437 — 1,754 — 3,750 Substandard — — — — 1,767 2,003 153 3,923 Doubtful — — — — — — — — Total commercial business 12,152 8,273 29,174 18,679 6,104 11,620 56,745 142,747 Commercial current period gross charge-offs — — — 3,391 464 11 — 3,866 Construction loans: Pass 51,261 45,180 14,284 62,584 2,602 3,647 5,735 185,293 Special Mention 3,450 — — 20,494 — — — 23,944 Substandard — — — — — — — — Doubtful — — — — — — — — Total construction loans 54,711 45,180 14,284 83,078 2,602 3,647 5,735 209,237 Construction current period gross charge-offs — — — — — — — — Residential mortgage: Pass 185,034 184,737 431,346 458,696 77,442 406,677 291 1,744,223 Special Mention — — — — — 1,453 — 1,453 Substandard — 509 796 — — 9,070 — 10,375 Doubtful — — — — — — — — Total residential mortgage 185,034 185,246 432,142 458,696 77,442 417,200 291 1,756,051 Residential current period gross charge-offs — — — — — 37 — 37 Home equity loans: Pass 1,919 5,698 2,173 347 1,019 8,086 24,535 43,777 Special Mention — — — — — — 93 93 Substandard — — — — — 234 — 234 Doubtful — — — — — — — — Total home equity loans 1,919 5,698 2,173 347 1,019 8,320 24,628 44,104 Home equity current period gross charge-offs — — — — — — — — Other consumer loans Pass 804 211 204 127 224 990 39 2,599 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 86 86 Other consumer loans 804 211 204 127 224 990 125 2,685 Other consumer current period gross charge-offs — — — — — — — — Total loans $ 368,683 $ 946,697 $ 1,627,496 $ 881,973 $ 333,600 $ 1,502,747 $ 87,554 $ 5,748,750 Total current period gross charge-offs $ — $ — $ — $ 3,391 $ 464 $ 6,421 $ — $ 10,276 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, Revolving Loans 2023 2022 2021 2020 2019 Prior 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) | 12 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Balance of Loans Receivable | The following tables present the balance of the allowance for credit losses (“ACL”) at June 30, 2024 and 2023. The balance of the ACL is based on the CECL methodology, as noted above. 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 $ — $ — $ — $ 24,125 $ 24,125 Nonresidential mortgage — 31 517 5,577 6,125 Commercial business — 6 228 1,339 1,573 Construction — — — 1,230 1,230 One- to four-family residential mortgage 9 95 108 11,249 11,461 Home equity loans — — — 349 349 Other consumer — — — 76 76 Total loans $ 9 $ 132 $ 853 $ 43,945 $ 44,939 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 22,591 $ 2,623,260 $ 2,645,851 Nonresidential mortgage 284 2,145 9,539 936,107 948,075 Commercial business — 2,794 714 139,239 142,747 Construction — 5,735 — 203,502 209,237 One- to four-family residential mortgage 1,276 3,431 5,429 1,745,915 1,756,051 Home equity loans 24 — 20 44,060 44,104 Other consumer — — — 2,685 2,685 Total loans $ 1,584 $ 14,105 $ 38,293 $ 5,694,768 $ 5,748,750 Unaccreted yield adjustments (15,963) Loans receivable, net of yield adjustments $ 5,732,787 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 ACL on loans for the years ended June 30, 2024, 2023 and 2022: Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 26,362 $ (398) $ — $ (1,839) $ 24,125 Nonresidential mortgage 8,953 (5,975) 120 3,027 6,125 Commercial business 1,440 (3,866) 22 3,977 1,573 Construction 1,336 — — (106) 1,230 One- to four-family residential mortgage 10,237 (37) 113 1,148 11,461 Home equity loans 338 — — 11 349 Other consumer 68 — — 8 76 Total loans $ 48,734 $ (10,276) $ 255 $ 6,226 $ 44,939 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 25,321 $ (493) $ — $ 1,534 $ 26,362 Nonresidential mortgage 10,590 (39) — (1,598) 8,953 Commercial business 1,792 (364) 29 (17) 1,440 Construction 1,486 — — (150) 1,336 One- to four-family residential mortgage 7,540 — 2 2,695 10,237 Home equity loans 245 — — 93 338 Other consumer 84 — 55 (71) 68 Total loans $ 47,058 $ (896) $ 86 $ 2,486 $ 48,734 Changes in the Allowance for Loan Losses Balance at Impact of adopting Charge-offs Recoveries Initial allowance on PCD loans (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 28,450 $ — $ (1,896) $ — $ — $ (1,233) $ 25,321 Nonresidential mortgage 16,243 — (2,646) 812 — (3,819) 10,590 Commercial business 2,086 — (193) 160 — (261) 1,792 Construction 1,170 — — — — 316 1,486 One- to four-family residential mortgage 9,747 — — 147 — (2,354) 7,540 Home equity loans 433 — — 27 — (215) 245 Other consumer 36 — (2) 2 — 48 84 Total loans $ 58,165 $ — $ (4,737) $ 1,148 $ — $ (7,518) $ 47,058 |
Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments | The following table presents the activity in the ACL on off balance sheet commitments recorded in other non-interest expense for the years ended June 30, 2024, 2023 and 2022: Year Ended June 30, 2024 2023 2022 (In Thousands) Balance at beginning of the period $ 741 $ 1,041 $ 1,708 Provision for (reversal of) credit losses 55 (300) (667) Balance at end of the period $ 796 $ 741 $ 1,041 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Commitments for Operating Leases | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at June 30, 2024 and 2023 is as follows: June 30, 2024 2023 (In Thousands) Less than one year $ 3,390 $ 3,445 After one year but within two years 3,360 3,183 After two years but within three years 3,262 3,071 After three years but within four years 2,254 2,963 After four years but within five years 1,740 1,941 Greater than five years 2,847 4,305 Total undiscounted cash flows 16,853 18,908 Less: discount on cash flows (1,531) (1,687) Total lease liability $ 15,322 $ 17,221 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | June 30, 2024 2023 (In Thousands) Land $ 11,773 $ 11,773 Buildings and improvements 45,966 45,886 Leasehold improvements 10,410 12,029 Furnishings and equipment 29,877 29,720 Construction in progress 967 71 98,993 99,479 Less accumulated depreciation and amortization 54,053 51,170 Total premises and equipment $ 44,940 $ 48,309 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2021 $ 210,895 $ 3,705 Amortization — (685) Balance at June 30, 2022 210,895 3,020 Amortization — (563) Balance at June 30, 2023 210,895 2,457 Amortization — (526) Impairment (97,370) — Balance at June 30, 2024 $ 113,525 $ 1,931 |
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2025 $ 495 2026 467 2027 441 2028 353 2029 122 Thereafter 53 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits at June 30, 2024 and 2023 are summarized as follows: June 30, 2024 2023 Balance Weighted Balance Weighted (Dollars in Thousands) Non-interest-bearing demand $ 598,366 0.00 % $ 609,999 0.00 % Interest-bearing demand 2,308,915 3.06 2,252,912 2.43 Savings 643,481 0.80 748,721 0.48 Certificates of deposits 1,607,361 4.39 2,017,551 3.02 Total deposits $ 5,158,123 2.84 % $ 5,629,183 2.12 % Brokered deposits at June 30, 2024 and 2023 are summarized as follows: June 30, 2024 2023 Balance Weighted Balance Weighted (Dollars in Thousands) Certificates of deposits $ 408,234 5.30 % $ 635,314 4.28 % Total brokered deposits $ 408,234 5.30 % $ 635,314 4.28 % |
Certificates of Deposit by Maturity | A summary of certificates of deposit by maturity at June 30, 2024 follows: June 30, 2024 (In Thousands) One year or less $ 1,487,483 After one year to two years 94,013 After two years to three years 12,349 After three years to four years 5,672 After four years to five years 2,454 After five years 5,390 Total certificates of deposit $ 1,607,361 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at June 30, 2024 and 2023 consisted of the following: June 30, June 30, (In Thousands) FHLB advances $ 1,434,789 $ 1,281,812 Federal Reserve Bank Term Funding Program ("BTFP") 100,000 — Total fixed-rate advances 1,534,789 1,281,812 Overnight borrowings (1) 175,000 225,000 Total borrowings $ 1,709,789 $ 1,506,812 ________________________________________ (1) At June 30, 2024, represented $175.0 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 FHLB of New York and BTFP borrowings mature as follows: June 30, 2024 June 30, 2023 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 1,328,500 5.25 % $ 972,500 5.36 % One to two years 6,500 2.82 103,500 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 1,535,000 5.07 % 1,282,500 4.92 % Unamortized fair value adjustments (211) (688) Total advances, net of fair value adjustments $ 1,534,789 $ 1,281,812 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 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 Statement of Financial Condition as of June 30, 2024 and 2023: June 30, 2024 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 54,362 Other liabilities $ — Total $ 54,362 $ — 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 June 30, 2024 and 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges: June 30, 2024 June 30, 2023 Loans receivable: (In Thousands) Carrying amount of the hedged assets $ 715,680 $ 663,563 Fair value hedging adjustment included in the carrying amount of the hedged assets $ (9,320) $ (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 June 30, 2024 and June 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.29 billion and $1.10 billion, respectively. |
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 years ended June 30, 2024, 2023 and 2022: Year Ended June 30, 2024 2023 2022 (In Thousands) Amount of gain recognized in other comprehensive income $ 20,197 $ 39,002 $ 35,844 Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense $ 37,186 $ 20,393 $ (4,273) Amount of loss reclassified from accumulated other comprehensive income to interest income $ (248) $ — $ — |
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 years ended June 30, 2024 and 2023: Year Ended June 30, 2024 2023 (In Thousands) Gain (loss) on hedged items recorded in interest income on loans $ 2,117 $ (11,437) Gain on hedges recorded in interest income on loans $ 8,684 $ 14,563 |
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 Statement of Financial Condition as of June 30, 2024 and 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 Statement of Financial Condition. June 30, 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 $ 54,423 $ (61) $ 54,362 $ — $ — $ 54,362 Total $ 54,423 $ (61) $ 54,362 $ — $ — $ 54,362 Liabilities: Interest rate contracts $ 61 $ (61) $ — $ — $ — $ — Total $ 61 $ (61) $ — $ — $ — $ — 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) | 12 Months Ended |
Jun. 30, 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: Year Ended June 30, Affected Line Item in the Consolidated Statements of Income 2024 2023 2022 (In Thousands) Service cost $ 77 $ 281 $ 547 Salaries and employee benefits Interest cost 369 369 279 Other expense (Accretion) amortization of unrecognized (gain) loss (58) (24) 80 Other expense Expected return on assets (92) (99) (110) Other expense Net periodic benefit cost $ 296 $ 527 $ 796 Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Interest cost $ 81 $ 78 $ 62 Expected return on assets (93) (99) (110) Amortization of net loss 42 28 21 Total expense (benefit) $ 30 $ 7 $ (27) Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Long term rate of return on plan assets 3.50 % 3.50 % 3.50 % Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Interest cost $ 115 $ 111 $ 86 Amortization of net actuarial loss 42 46 71 Total expense $ 157 $ 157 $ 157 Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Salary increase rate N/A N/A N/A Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Service cost $ 79 $ 95 $ 116 Interest cost 50 48 33 Amortization of net actuarial gain (42) (28) (12) Total expense $ 87 $ 115 $ 137 Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Salary increase rate 3.25 % 3.25 % 3.25 % Years Ended June 30, 2024 2023 2022 (In Thousands) Net periodic benefit cost: Interest cost $ 124 $ 117 $ 92 Amortization of net actuarial gain (99) (69) — Total expense $ 25 $ 48 $ 92 Valuation assumptions Discount rate 5.00 % 4.50 % 3.00 % Salary increase rate N/A N/A N/A Year Ended June 30, 2024 2023 (In Thousands) Net periodic benefit cost: Service cost $ — $ 185 Interest cost — 11 Total expense $ — $ 196 Valuation assumptions Discount rate — % 3.00 % Salary increase rate — % 4.00 % |
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2024 and 2023, the ESOP shares were as follows: June 30, 2024 2023 (In Thousands) Shares purchased by ESOP 6,022 6,022 Less: Shares allocated 3,764 3,564 Less: Shares committed to be released 100 100 Remaining unearned ESOP shares 2,158 2,358 Fair value of unearned ESOP shares $ 13,272 $ 16,624 |
Schedule of Net Funded Status | The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 1,700 $ 1,816 Interest cost 81 78 Actuarial gain (51) (46) Benefit payments (160) (148) Projected benefit obligation - ending $ 1,570 $ 1,700 Change in plan assets: Fair value of assets - beginning $ 2,717 $ 2,907 Actual return on assets 92 (42) Benefit payments (160) (148) Fair value of assets - ending $ 2,649 $ 2,717 Reconciliation of funded status: Projected benefit obligation $ (1,570) $ (1,700) Fair value of assets 2,649 2,717 Funded status included in other assets $ 1,079 $ 1,017 Accumulated benefit obligation $ (1,570) $ (1,700) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate N/A N/A The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,425 $ 2,592 Interest cost 115 111 Actuarial gain (40) (34) Benefit payments (246) (244) Projected benefit obligation - ending $ 2,254 $ 2,425 Change in plan assets: Fair value of assets - beginning $ — $ — Contributions 246 244 Benefit payments (246) (244) Fair value of assets - ending $ — $ — Reconciliation of funded status: Accumulated benefit obligation $ (2,254) $ (2,425) Projected benefit obligation $ (2,254) $ (2,425) Fair value of assets — — Funded status included in other liabilities $ (2,254) $ (2,425) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate N/A N/A The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 1,036 $ 1,085 Service cost 79 95 Interest cost 50 48 Actuarial gain (90) (214) Premiums/claims paid (13) (13) Plan amendments — 35 Projected benefit obligation - ending $ 1,062 $ 1,036 Change in plan assets: Fair value of assets - beginning $ — $ — Contributions 13 13 Premiums/claims paid (13) (13) Fair value of assets - ending $ — $ — Reconciliation of funded status: Projected benefit obligation $ (1,062) $ (1,036) Fair value of assets — — Funded status included in other liabilities $ (1,062) $ (1,036) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate 3.25 % 3.25 % The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,520 $ 2,646 Interest cost 124 117 Actuarial gain (181) (194) Benefit payments (49) (49) Projected benefit obligation - ending $ 2,414 $ 2,520 Change in plan assets: Fair value of assets - beginning $ — $ — Contributions 49 49 Benefit payments (49) (49) Fair value of assets - ending $ — $ — Reconciliation of funded status: Accumulated benefit obligation $ (2,414) $ (2,520) Projected benefit obligation $ (2,414) $ (2,520) Fair value of assets — — Funded status included in other liabilities $ (2,414) $ (2,520) Valuation assumptions Discount rate 5.50 % 5.00 % Salary increase rate N/A N/A The following tables set forth the SERP’s funded status and net periodic benefit cost: June 30, 2024 2023 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 633 $ 437 Service cost — 185 Interest cost — 11 Projected benefit obligation - ending $ 633 $ 633 Reconciliation of funded status: Projected benefit obligation $ (633) $ (633) Fair value of assets — — Funded status included in other liabilities $ (633) $ (633) Valuation assumptions Discount rate — % 3.00 % Salary increase rate N/A N/A |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 150 2026 151 2027 147 2028 143 2029 138 2030-2034 619 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 243 2026 238 2027 232 2028 225 2029 218 2030-2034 973 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 59 2026 72 2027 80 2028 98 2029 113 2030-2034 572 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ 101 2026 122 2027 143 2028 163 2029 213 2030-2034 1,334 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2025 $ — 2026 — 2027 — 2028 — 2029 — 2030-2034 633 |
Schedule of Fair Value of ABRIP's Assets | The fair value of the ABRIP’s assets at June 30, 2024 and 2023 by asset category (see Note 18 for the definitions of levels), are as follows: June 30, 2024 Quoted Prices Significant Significant Total (In Thousands) Prudential Guaranteed Deposit Fund $ — $ 2,649 $ — $ 2,649 June 30, 2023 Quoted Prices Significant Significant Total (In Thousands) Prudential Guaranteed Deposit Fund $ — $ 2,717 $ — $ 2,717 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Compensation Expense | The following table presents stock-based compensation expense for the years ended June 30, 2024, 2023 and 2022: Years Ended June 30, 2024 2023 2022 (In Thousands) Stock option expense $ 58 $ 153 $ 849 Restricted stock expense 323 725 2,049 Restricted stock unit expense 2,211 2,058 896 Total stock-based compensation expense $ 2,592 $ 2,936 $ 3,794 |
Summary of the Company's Stock Option Activity | The following is a summary of the Company’s stock option activity and related information for its option plans for the year ended June 30, 2024: Stock Weighted Weighted Aggregate (In Thousands) (In Thousands) Outstanding at June 30, 2023 2,984 $ 14.99 3.5 years $ — Granted — — — Exercised — — — Forfeited (232) 13.41 Outstanding at June 30, 2024 2,752 $ 15.12 2.5 years $ — Exercisable at June 30, 2024 2,752 $ 15.12 2.5 years $ — |
Summary of the Status of the Company's Non-vested Restricted Share Awards | The following is a summary of the Company’s restricted share award activity for the year ended June 30, 2024: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Weighted Restricted Weighted (In Thousands) (In Thousands) Non-vested at June 30, 2023 43 $ 13.31 36 $ 13.30 Granted — — — — Vested (32) 13.38 (25) 13.38 Forfeited — — — — Non-vested at June 30, 2024 11 $ 13.11 11 $ 13.11 The following is a summary of the Company’s RSU activity for the year ended June 30, 2024: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Weighted Restricted Weighted (In Thousands) (In Thousands) Non-vested at June 30, 2023 342 $ 12.45 155 $ 12.68 Granted 349 8.59 — — Vested (133) 12.63 — — Forfeited (25) 10.35 — — Non-vested at June 30, 2024 533 $ 9.98 155 $ 12.68 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Summary of Regulatory Capital Levels | The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2024 and 2023: At June 30, 2024 Actual For Capital To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 688,597 14.42 % $ 382,034 8.00 % $ 477,542 10.00 % Tier 1 capital (to risk-weighted assets) 651,620 13.65 % 286,525 6.00 % 382,034 8.00 % Common equity tier 1 capital (to risk-weighted assets) 651,620 13.65 % 214,894 4.50 % 310,402 6.50 % Tier 1 capital (to adjusted total assets) 651,620 8.44 % 308,656 4.00 % 385,820 5.00 % At June 30, 2023 Actual For Capital To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 695,417 13.31 % $ 417,853 8.00 % $ 522,316 10.00 % Tier 1 capital (to risk-weighted assets) 659,783 12.63 % 313,389 6.00 % 417,853 8.00 % Common equity tier 1 capital (to risk-weighted assets) 659,783 12.63 % 235,042 4.50 % 339,505 6.50 % Tier 1 capital (to adjusted total assets) 659,783 8.15 % 323,922 4.00 % 404,902 5.00 % The following tables present information regarding the consolidated Company’s regulatory capital levels at June 30, 2024 and 2023: At June 30, 2024 Actual For Capital Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 743,741 15.57 % $ 382,247 8.00 % Tier 1 capital (to risk-weighted assets) 706,764 14.79 % 286,685 6.00 % Common equity tier 1 capital (to risk-weighted assets) 706,764 14.79 % 215,014 4.50 % Tier 1 capital (to adjusted total assets) 706,764 9.15 % 309,031 4.00 % At June 30, 2023 Actual For Capital Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 770,621 14.75 % $ 418,015 8.00 % Tier 1 capital (to risk-weighted assets) 734,987 14.07 % 313,511 6.00 % Common equity tier 1 capital (to risk-weighted assets) 734,987 14.07 % 235,133 4.50 % Tier 1 capital (to adjusted total assets) 734,987 9.07 % 324,170 4.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The components of income taxes are as follows: Years Ended June 30, 2024 2023 2022 (In Thousands) Current income tax expense: Federal $ 4,352 $ 6,145 $ 12,720 State 2,406 2,634 7,057 6,758 8,779 19,777 Deferred income tax expense: Federal 4 1,902 2,895 State (871) 887 2,128 (867) 2,789 5,023 Total income tax expense $ 5,891 $ 11,568 $ 24,800 |
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 rates applicable to those periods. The federal income tax rate of 21% was applicable for the years ended June 30, 2024, 2023 and 2022. Years Ended June 30, 2024 2023 2022 (Dollars In Thousands) (Loss) income before income taxes $ (80,776) $ 52,379 $ 92,347 Statutory federal tax rate 21 % 21 % 21 % Federal income tax expense at statutory rate $ (16,963) $ 11,000 $ 19,393 (Reduction) increases in income taxes resulting from: Tax exempt interest (68) (143) (266) State tax, net of federal tax effect 1,213 2,781 7,257 Incentive stock options compensation expense 5 12 45 Income from bank-owned life insurance (1,902) (1,840) (1,281) Goodwill impairment 18,935 — — Surrender of bank-owned life insurance policies 4,477 — — Other items, net 194 (242) (348) 5,891 11,568 24,800 Total income tax expense $ 5,891 $ 11,568 $ 24,800 Effective income tax rate (7.29) % 22.09 % 26.86 % |
Schedule of Deferred Income Tax Assets and Liabilities | The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2024 2023 (In Thousands) Deferred income tax assets: Purchase accounting $ 3,543 $ 4,098 Accumulated other comprehensive income: Unrealized loss on securities available for sale 37,683 45,018 Allowance for credit losses 12,786 14,211 Benefit plans 2,605 2,603 Compensation 1,303 1,440 Stock-based compensation 2,923 3,161 Uncollected interest 1,177 1,313 Depreciation 2,309 2,335 Net operating loss carryover 889 2 Capital loss carryforward 614 191 Other items 780 839 66,612 75,211 Deferred income tax liabilities: Deferred loan fees and costs 1,690 1,710 Accumulated other comprehensive income: Derivatives 12,085 16,940 Defined benefit plans 98 78 Goodwill 2,400 4,510 16,273 23,238 Net deferred income tax asset $ 50,339 $ 51,973 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 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: June 30, 2024 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Asset-backed securities $ — $ 80,440 $ — $ 80,440 Collateralized loan obligations — 389,543 — 389,543 Corporate bonds — 131,797 — 131,797 Total debt securities — 601,780 — 601,780 Mortgage-backed securities available for sale: Residential pass-through securities — 337,264 — 337,264 Commercial pass-through securities — 133,789 — 133,789 Total mortgage-backed securities — 471,053 — 471,053 Total securities available for sale $ — $ 1,072,833 $ — $ 1,072,833 Interest rate contracts $ — $ 54,362 $ — $ 54,362 Total assets $ — $ 1,127,195 $ — $ 1,127,195 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 and Liabilities Measured at Fair Value on a Non-recurring Basis | Those assets measured at fair value on a non-recurring basis are summarized below: June 30, 2024 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Multi-family mortgage $ — $ — $ 1,896 $ 1,896 Nonresidential mortgage — — 5,014 5,014 Total $ — $ — $ 6,910 $ 6,910 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 table presents 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: June 30, 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) 13.32% 13.32 % Nonresidential mortgage 5,014 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 8.93% 8.93 % Total $ 6,910 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) 6.93% 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 basis 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 estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees. (3) The fair value basis 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 presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2024 and 2023: June 30, 2024 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 63,864 $ 63,864 $ 63,864 $ — $ — Investment securities available for sale 1,072,833 1,072,833 — 1,072,833 — Investment securities held to maturity 135,742 119,278 — 119,278 — Loans held-for-sale 6,036 6,077 — 6,077 — Net loans receivable 5,687,848 5,114,459 — — 5,114,459 FHLB Stock 80,300 — — — — Interest receivable 29,521 29,521 11 8,986 20,524 Interest rate contracts 54,362 54,362 — 54,362 — Financial liabilities: Deposits $ 3,550,762 $ 3,550,762 $ 3,550,762 $ — $ — Certificates of deposits 1,607,361 1,597,939 — — 1,597,939 Borrowings 1,709,789 1,703,924 — — 1,703,924 Interest payable on deposits 5,662 5,662 3,397 — 2,265 Interest payable on borrowings 7,784 7,784 — — 7,784 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 $ 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 (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive (loss) income included in stockholders’ equity are as follows: June 30, 2024 2023 (In Thousands) Net unrealized loss on securities available for sale $ (130,673) $ (156,138) Tax effect 37,683 45,018 Net of tax amount (92,990) (111,120) Fair value adjustments on derivatives 41,673 58,414 Tax effect (12,085) (16,940) Net of tax amount 29,588 41,474 Benefit plan adjustments 337 268 Tax effect (98) (78) Net of tax amount 239 190 Total accumulated other comprehensive loss $ (63,163) $ (69,456) |
Schedule of Comprehensive Income (Loss) | Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2024 2023 2022 (In Thousands) Net unrealized gain (loss) on securities available for sale $ 7,330 $ (53,334) $ (128,601) Net realized loss on securities available for sale (1) 18,135 15,227 559 Fair value adjustments on derivatives (16,741) 18,609 40,117 Benefit plans: (Accretion) amortization of actuarial (gain) loss (2) (58) (24) 80 Net actuarial gain 127 381 924 Net change in benefit plan accrued expense 69 357 1,004 Other comprehensive income (loss) before taxes 8,793 (19,141) (86,921) Tax effect (2,500) 5,412 25,050 Total other comprehensive income (loss) $ 6,293 $ (13,729) $ (61,871) ________________________________________ (1) Represents amounts reclassified out of accumulated other comprehensive (loss) income and included in loss on sale of securities on the Consolidated Statements of Income (Loss). (2) Represents amounts reclassified out of accumulated other comprehensive (loss) income and included in the computation of net periodic pension expense. See Note 12 – Benefit Plans for additional information. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-Interest Income | The following table presents the Company’s sources of noninterest income for the years ended June 30, 2024, 2023 and 2022. Sources of revenue outside the scope of ASC 606 are noted as such. Years Ended June 30, 2024 2023 2022 (In Thousands) Non-interest income: Deposit-related fees and charges $ 1,772 $ 1,881 $ 1,733 Loan-related fees and charges (1) 837 1,225 847 Loss on sale and call of securities (1) (18,135) (15,227) (559) (Loss) gain on sale of loans (1) (282) (1,645) 2,539 (Loss) gain on sale of other real estate owned (974) (139) 5 Income from bank owned life insurance (1) 9,076 8,645 6,167 Electronic banking fees and charges (interchange income) 2,357 1,759 1,626 Miscellaneous (1) 3,356 6,252 1,576 Total non-interest income $ (1,993) $ 2,751 $ 13,934 ________________________________________ (1) Not within the scope of ASC 606. |
Parent Only Financial Informa_2
Parent Only Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition June 30, 2024 2023 (In Thousands) Assets Cash and amounts due from depository institutions $ 30,821 $ 48,839 Loans receivable 24,510 26,384 Investment in subsidiary 698,427 794,080 Other assets 854 827 Total Assets $ 754,612 $ 870,130 Liabilities and Stockholders' Equity Other liabilities $ 1,041 $ 846 Stockholders' equity 753,571 869,284 Total Liabilities and Stockholders' Equity $ 754,612 $ 870,130 |
Schedule of Impact of Retrospective Application to Consolidated Statement of Income | Condensed Statements of Income (Loss) and Comprehensive Income (Loss) Years Ended June 30, 2024 2023 2022 (In Thousands) Dividends from subsidiary $ 19,332 $ 26,282 $ 156,728 Interest income 2,201 1,749 1,508 Equity in undistributed earnings of subsidiaries (105,948) 14,912 (88,452) Total (loss) income (84,415) 42,943 69,784 Directors' compensation 618 532 530 Other expenses 1,647 1,715 1,976 Total expense 2,265 2,247 2,506 (Loss) income before income taxes (86,680) 40,696 67,278 Income tax expense (13) (115) (269) Net (loss) income $ (86,667) $ 40,811 $ 67,547 Comprehensive (loss) income $ (80,374) $ 27,082 $ 5,676 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended June 30, 2024 2023 2022 (In Thousands) Cash Flows from Operating Activities: Net (loss) income $ (86,667) $ 40,811 $ 67,547 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries 105,948 (14,912) 88,452 (Increase) decrease in other assets (27) (379) 176 Increase (decrease) in other liabilities 142 271 (184) Net Cash Provided by Operating Activities 19,396 25,791 155,991 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,874 1,817 1,758 Proceeds from the maturity of investment securities available for sale — — 15,000 Net Cash Provided by Investing Activities 1,874 1,817 16,758 Cash Flows from Financing Activities: Cash dividends paid (27,564) (28,499) (30,693) Repurchase and cancellation of common stock of Kearny Financial Corp. (11,240) (27,558) (129,520) Cancellation of shares repurchased on vesting to pay taxes (484) (462) (977) Net Cash Used In Financing Activities (39,288) (56,519) (161,190) Net (Decrease) Increase in Cash and Cash Equivalents (18,018) (28,911) 11,559 Cash and Cash Equivalents - Beginning 48,839 77,750 66,191 Cash and Cash Equivalents - Ending $ 30,821 $ 48,839 $ 77,750 |
Net Income per Common Share (EP
Net Income per Common Share (EPS) (Tables) | 12 Months Ended |
Jun. 30, 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: For the Year Ended June 30, 2024 2023 2022 (In Thousands, Except Per Share Data) Net (loss) income $ (86,667) $ 40,811 $ 67,547 Weighted average number of common shares outstanding - basic 62,444 64,804 70,911 Effect of dilutive securities — — 22 Weighted average number of common shares outstanding- diluted 62,444 64,804 70,933 Basic earnings per share $ (1.39) $ 0.63 $ 0.95 Diluted earnings per share $ (1.39) $ 0.63 $ 0.95 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||||
Jul. 25, 2024 $ / shares | Jun. 30, 2024 USD ($) subsidiary $ / shares | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) | |
Subsequent Event [Line Items] | |||||
Number of wholly owned bank subsidiaries | subsidiary | 3 | ||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.44 | $ 0.44 | $ 0.43 | ||
Goodwill impairment | $ 97,370,000 | $ 0 | $ 0 | ||
Finite-lived intangible assets, net | 1,931,000 | 2,457,000 | $ 3,020,000 | $ 3,705,000 | |
Unrecognized income tax benefits | $ 0 | $ 0 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.11 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) | 12 Months Ended |
Jun. 30, 2024 segment | |
Accounting Changes and Error Corrections [Abstract] | |
Number of reportable segments | 1 |
Securities - Securities Availab
Securities - Securities Available for Sale (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,203,506,000 | $ 1,383,867,000 |
Gross Unrealized Gains | 2,920,000 | 274,000 |
Gross Unrealized Losses | 133,593,000 | 156,412,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | 1,072,833,000 | 1,227,729,000 |
Debt securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 618,179,000 | 679,862,000 |
Gross Unrealized Gains | 2,855,000 | 272,000 |
Gross Unrealized Losses | 19,254,000 | 31,950,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | 601,780,000 | 648,184,000 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 80,305,000 | 138,281,000 |
Gross Unrealized Gains | 217,000 | 4,000 |
Gross Unrealized Losses | 82,000 | 2,115,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | 80,440,000 | 136,170,000 |
Collateralized loan obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 386,983,000 | 381,915,000 |
Gross Unrealized Gains | 2,574,000 | 268,000 |
Gross Unrealized Losses | 14,000 | 5,187,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | 389,543,000 | 376,996,000 |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 150,891,000 | 159,666,000 |
Gross Unrealized Gains | 64,000 | 0 |
Gross Unrealized Losses | 19,158,000 | 24,648,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | 131,797,000 | 135,018,000 |
Mortgage-backed securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 585,327,000 | 704,005,000 |
Gross Unrealized Gains | 65,000 | 2,000 |
Gross Unrealized Losses | 114,339,000 | 124,462,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | 471,053,000 | 579,545,000 |
Residential pass-through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 429,473,000 | 539,506,000 |
Gross Unrealized Gains | 2,000 | 2,000 |
Gross Unrealized Losses | 92,211,000 | 103,357,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | 337,264,000 | 436,151,000 |
Commercial pass-through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 155,854,000 | 164,499,000 |
Gross Unrealized Gains | 63,000 | 0 |
Gross Unrealized Losses | 22,128,000 | 21,105,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities available for sale | $ 133,789,000 | $ 143,394,000 |
Securities - Securities Held to
Securities - Securities Held to Maturity (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 135,742,000 | $ 146,465,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 16,464,000 | 15,296,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities held to maturity | 119,278,000 | 131,169,000 |
Debt securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,913,000 | 16,051,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 277,000 | 321,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities held to maturity | 12,636,000 | 15,730,000 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,913,000 | 16,051,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 277,000 | 321,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities held to maturity | 12,636,000 | 15,730,000 |
Mortgage-backed securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 122,829,000 | 130,414,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 16,187,000 | 14,975,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities held to maturity | 106,642,000 | 115,439,000 |
Residential pass-through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 110,614,000 | 118,166,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 14,134,000 | 12,736,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities held to maturity | 96,480,000 | 105,430,000 |
Commercial pass-through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,215,000 | 12,248,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 2,053,000 | 2,239,000 |
Allowance for Credit Losses | 0 | 0 |
Investment securities held to maturity | $ 10,162,000 | $ 10,009,000 |
Securities - Stratification by
Securities - Stratification by Contractual Maturity of Securities (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Amortized Cost | |
Due in one year or less | $ 0 |
Due after one year through five years | 26,865 |
Due after five years through ten years | 439,524 |
Due after ten years | 151,790 |
Amortized Cost | 618,179 |
Fair Value | |
Due in one year or less | 0 |
Due after one year through five years | 25,288 |
Due after five years through ten years | 426,701 |
Due after ten years | 149,791 |
Fair Value | 601,780 |
Amortized Cost | |
Due in one year or less | 5,579 |
Due after one year through five years | 7,334 |
Due after five years through ten years | 0 |
Due after ten years | 0 |
Amortized Cost | 12,913 |
Fair Value | |
Due in one year or less | 5,543 |
Due after one year through five years | 7,093 |
Due after five years through ten years | 0 |
Due after ten years | 0 |
Fair Value | $ 12,636 |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 104,083 | $ 105,199 | $ 100,336 |
Available for sale securities sold: | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross realized losses | (18,135) | (15,227) | (565) |
Net (loss) gain on sales of securities | $ (18,135) | $ (15,227) | $ (565) |
Securities - Calls of Securitie
Securities - Calls of Securities Available for Sale (Details) - Available for sale securities called: - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross realized gains | $ 0 | $ 0 | $ 6 |
Net (loss) gain on sales of securities | $ 0 | $ 0 | $ 6 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities Pledged (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale | $ 1,072,833 | $ 1,227,729 |
Asset Pledged as Collateral | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale | 671,181 | 730,455 |
Asset Pledged as Collateral | FHLB advances | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Asset Pledged as Collateral | Pledged to secure public funds on deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale | 100,238 | 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 | 482,044 | 529,216 |
Asset Pledged as Collateral | Federal Reserve Bank Term Funding Program ("BTFP") | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale | $ 88,899 | $ 0 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Details) $ in Thousands | Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) security |
Fair Value | ||
Less than 12 Months | $ 18,097 | $ 180,298 |
12 Months or More | 637,643 | 1,008,181 |
Fair Value | 655,740 | 1,188,479 |
Unrealized Losses | ||
Less than 12 Months | 18 | 3,700 |
12 Months or More | $ 133,575 | $ 152,712 |
Number of Securities | security | 149 | 191 |
Unrealized Losses | $ 133,593 | $ 156,412 |
Fair Value | ||
Less than 12 Months | 35,736 | 51,777 |
12 Months or More | 83,241 | 79,392 |
Total | 118,977 | 131,169 |
Unrecognized Losses | ||
Less than 12 Months | 341 | 587 |
12 Months or More | $ 16,123 | $ 14,709 |
Number of Securities | security | 33 | 42 |
Unrecognized Losses | $ 16,464 | $ 15,296 |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less than 12 Months | 449 | 13,642 |
12 Months or More | 11,886 | 2,088 |
Total | 12,335 | 15,730 |
Unrecognized Losses | ||
Less than 12 Months | 14 | 268 |
12 Months or More | $ 263 | $ 53 |
Number of Securities | security | 23 | 32 |
Unrecognized Losses | $ 277 | $ 321 |
Asset-backed securities | ||
Fair Value | ||
Less than 12 Months | 14,093 | 33,833 |
12 Months or More | 43,411 | 98,828 |
Fair Value | 57,504 | 132,661 |
Unrealized Losses | ||
Less than 12 Months | 16 | 129 |
12 Months or More | $ 66 | $ 1,986 |
Number of Securities | security | 8 | 14 |
Unrealized Losses | $ 82 | $ 2,115 |
Collateralized loan obligations | ||
Fair Value | ||
Less than 12 Months | 3,863 | 46,903 |
12 Months or More | 24,986 | 294,813 |
Fair Value | 28,849 | 341,716 |
Unrealized Losses | ||
Less than 12 Months | 0 | 135 |
12 Months or More | $ 14 | $ 5,052 |
Number of Securities | security | 4 | 26 |
Unrealized Losses | $ 14 | $ 5,187 |
Corporate bonds | ||
Fair Value | ||
Less than 12 Months | 0 | 25,511 |
12 Months or More | 121,733 | 109,507 |
Fair Value | 121,733 | 135,018 |
Unrealized Losses | ||
Less than 12 Months | 0 | 1,354 |
12 Months or More | $ 19,158 | $ 23,294 |
Number of Securities | security | 26 | 31 |
Unrealized Losses | $ 19,158 | $ 24,648 |
Commercial pass-through securities | ||
Fair Value | ||
Less than 12 Months | 0 | 63,531 |
12 Months or More | 110,741 | 79,863 |
Fair Value | 110,741 | 143,394 |
Unrealized Losses | ||
Less than 12 Months | 0 | 1,380 |
12 Months or More | $ 22,128 | $ 19,725 |
Number of Securities | security | 8 | 12 |
Unrealized Losses | $ 22,128 | $ 21,105 |
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or More | 10,162 | 10,009 |
Total | 10,162 | 10,009 |
Unrecognized Losses | ||
Less than 12 Months | 0 | 0 |
12 Months or More | $ 2,053 | $ 2,239 |
Number of Securities | security | 1 | 1 |
Unrecognized Losses | $ 2,053 | $ 2,239 |
Residential pass-through securities | ||
Fair Value | ||
Less than 12 Months | 141 | 10,520 |
12 Months or More | 336,772 | 425,170 |
Fair Value | 336,913 | 435,690 |
Unrealized Losses | ||
Less than 12 Months | 2 | 702 |
12 Months or More | $ 92,209 | $ 102,655 |
Number of Securities | security | 103 | 108 |
Unrealized Losses | $ 92,211 | $ 103,357 |
Fair Value | ||
Less than 12 Months | 35,287 | 38,135 |
12 Months or More | 61,193 | 67,295 |
Total | 96,480 | 105,430 |
Unrecognized Losses | ||
Less than 12 Months | 327 | 319 |
12 Months or More | $ 13,807 | $ 12,417 |
Number of Securities | security | 9 | 9 |
Unrecognized Losses | $ 14,134 | $ 12,736 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale, allowance for credit loss | $ 0 | $ 0 |
Held to maturity, allowance for credit loss | $ 0 | $ 0 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,748,750 | $ 5,850,476 |
Unaccreted yield adjustments | (15,963) | (21,055) |
Total loans receivable, net of yield adjustments | 5,732,787 | 5,829,421 |
Commercial loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,945,910 | 4,103,819 |
Commercial loans: | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,851 | 2,761,775 |
Commercial loans: | Nonresidential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 948,075 | 968,574 |
Commercial loans: | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 142,747 | 146,861 |
Commercial loans: | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 209,237 | 226,609 |
One- to four-family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,756,051 | 1,700,559 |
Consumer loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,789 | 46,098 |
Consumer loans: | Home equity loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 44,104 | 43,549 |
Consumer loans: | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 2,685 | $ 2,549 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Details) | 12 Months Ended | |||
Jun. 30, 2024 USD ($) property loan | Jun. 30, 2023 USD ($) property loan | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Financing Receivable Recorded Investment [Line Items] | ||||
Loans and leases receivable, related parties | $ 2,400,000 | $ 2,500,000 | ||
Number of new loans to related parties | loan | 0 | |||
Interest income on non-accrual loans | $ 0 | 0 | $ 0 | |
Financing receivable, modified, commitment to lend | $ 0 | |||
Number of modified loans | loan | 2 | |||
TDR defaults | 649,000 | |||
Financing receivable, modified, accumulated | 17,361,000 | |||
Loans acquired with deteriorated credit quality | $ 44,939,000 | 48,734,000 | 47,058,000 | $ 58,165,000 |
TDR charge-offs | $ 121,000 | |||
Number of TDR default loans | loan | 2 | |||
Financing receivable, individually evaluated for impairment | 39,900,000 | |||
Carrying amount of PCD loans | 141,000 | $ 215,000 | ||
Allowance for credit losses PCD loans | 15,700,000 | 18,900,000 | ||
Other real estate owned | 13,000,000 | |||
Collateral Pledged | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Financing receivable, individually evaluated for impairment | $ 32,613,000 | $ 38,196,000 | ||
Nonresidential Property | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of other real estate owned acquired through foreclosure | property | 0 | 1 | ||
Residential Mortgage | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of loans in process of foreclosure | loan | 3 | |||
Commercial Mortgage | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Number of loans in process of foreclosure | loan | 6 | |||
Mortgage loans in process of foreclosure, carrying value | $ 13,600,000 | |||
One- to four-family residential mortgage | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
TDR defaults | 514,000 | |||
Financing receivable, modified, accumulated | $ 7,526,000 | |||
Loans acquired with deteriorated credit quality | 11,461,000 | $ 10,237,000 | $ 7,540,000 | $ 9,747,000 |
Number of loans in process of foreclosure | loan | 3 | |||
Mortgage loans in process of foreclosure, carrying value | 1,200,000 | $ 1,000,000 | ||
One- to four-family residential mortgage | Collateral Pledged | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Financing receivable, individually evaluated for impairment | $ 1,406,000 | 2,875,000 | ||
Troubled Debt Restructurings | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Loans acquired with deteriorated credit quality | $ 274,000 |
Loans Receivable - Contractual
Loans Receivable - Contractual Payment Status of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,748,750 | $ 5,850,476 |
Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 36,885 | 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 | 7,194 | 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 | 3,015 | 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 | 26,676 | 23,006 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,711,865 | 5,819,930 |
Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,945,910 | 4,103,819 |
Commercial loans: | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,851 | 2,761,775 |
Commercial loans: | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 948,075 | 968,574 |
Commercial loans: | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 142,747 | 146,861 |
Commercial loans: | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 209,237 | 226,609 |
Commercial loans: | 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 | 19,888 | 13,714 |
Commercial loans: | Past Due | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 9,398 | 9,025 |
Commercial loans: | Past Due | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 714 | 780 |
Commercial loans: | 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 loans: | 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 | 0 | 2,958 |
Commercial loans: | 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 | 6,149 | 792 |
Commercial loans: | 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 | 37 | 528 |
Commercial loans: | 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 loans: | 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 loans: | 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 | 0 | 0 |
Commercial loans: | 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 | 64 | 16 |
Commercial loans: | 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 loans: | 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 | 19,888 | 10,756 |
Commercial loans: | 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 | 3,249 | 8,233 |
Commercial loans: | 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 | 613 | 236 |
Commercial loans: | 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 loans: | Current | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,625,963 | 2,748,061 |
Commercial loans: | Current | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 938,677 | 959,549 |
Commercial loans: | Current | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 142,033 | 146,081 |
Commercial loans: | Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 209,237 | 226,609 |
One- to four-family residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,756,051 | 1,700,559 |
One- to four-family residential mortgage | Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 6,628 | 6,952 |
One- to four-family residential mortgage | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 800 | 2,019 |
One- to four-family residential mortgage | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,951 | 1,202 |
One- to four-family residential mortgage | 90 Days and Over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,877 | 3,731 |
One- to four-family residential mortgage | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,749,423 | 1,693,607 |
Consumer loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,789 | 46,098 |
Consumer loans: | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 44,104 | 43,549 |
Consumer loans: | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,685 | 2,549 |
Consumer loans: | 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 | 252 | 75 |
Consumer loans: | Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5 | 0 |
Consumer loans: | 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 | 208 | 25 |
Consumer loans: | 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 loans: | 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 | 0 | 0 |
Consumer loans: | 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 loans: | 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 | 44 | 50 |
Consumer loans: | 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 | 5 | 0 |
Consumer loans: | Current | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 43,852 | 43,474 |
Consumer loans: | Current | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 2,680 | $ 2,549 |
Loans Receivable - Performance
Loans Receivable - Performance Status of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,748,750 | $ 5,850,476 |
Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,945,910 | 4,103,819 |
One- to four-family residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,756,051 | 1,700,559 |
Consumer loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,789 | 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 | 8,704 | 19,212 |
Nonaccrual Loans with no Allowance for Credit Losses | 31,178 | 23,415 |
Financing receivable, before allowance for credit loss, fee and loan in process | 39,882 | 42,627 |
Nonperforming | One- to four-family residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 2,295 | 1,640 |
Nonaccrual Loans with no Allowance for Credit Losses | 4,410 | 5,031 |
Financing receivable, before allowance for credit loss, fee and loan in process | 6,705 | 6,671 |
Performing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,708,868 | 5,807,849 |
Performing | One- to four-family residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,749,346 | 1,693,888 |
Multi-family mortgage | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,645,851 | 2,761,775 |
Multi-family mortgage | Nonperforming | Commercial loans: | ||
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 | 5,686 |
Nonaccrual Loans with no Allowance for Credit Losses | 22,591 | 13,428 |
Financing receivable, before allowance for credit loss, fee and loan in process | 22,591 | 19,114 |
Multi-family mortgage | Performing | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,623,260 | 2,742,661 |
Nonresidential mortgage | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 948,075 | 968,574 |
Nonresidential mortgage | Nonperforming | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 5,695 | 11,815 |
Nonaccrual Loans with no Allowance for Credit Losses | 4,128 | 4,725 |
Financing receivable, before allowance for credit loss, fee and loan in process | 9,823 | 16,540 |
Nonresidential mortgage | Performing | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 938,252 | 952,034 |
Commercial business | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 142,747 | 146,861 |
Commercial business | Nonperforming | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 714 | 71 |
Nonaccrual Loans with no Allowance for Credit Losses | 0 | 181 |
Financing receivable, before allowance for credit loss, fee and loan in process | 714 | 252 |
Commercial business | Performing | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 142,033 | 146,609 |
Construction | Commercial loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 209,237 | 226,609 |
Construction | Nonperforming | Commercial loans: | ||
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 loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 209,237 | 226,609 |
Home equity loans | Consumer loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 44,104 | 43,549 |
Home equity loans | Nonperforming | Consumer loans: | ||
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 | 44 | 50 |
Financing receivable, before allowance for credit loss, fee and loan in process | 44 | 50 |
Home equity loans | Performing | Consumer loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 44,060 | 43,499 |
Other consumer | Consumer loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,685 | 2,549 |
Other consumer | Nonperforming | Consumer loans: | ||
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 | 5 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 5 | 0 |
Other consumer | Performing | Consumer loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 2,680 | $ 2,549 |
Loans Receivable (Details) - Mo
Loans Receivable (Details) - Modified Loans $ in Thousands | Jun. 30, 2024 USD ($) |
Financing Receivable Modifications [Line Items] | |
Total Past Due | $ 13,324 |
Non-Accrual | 6,296 |
Current | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 10,658 |
30-89 Days Past Due | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 1,594 |
90 Days and Over | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 1,072 |
Multi-family mortgage | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 5,407 |
Non-Accrual | 2,702 |
Multi-family mortgage | Current | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 5,407 |
Multi-family mortgage | 30-89 Days Past Due | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 0 |
Multi-family mortgage | 90 Days and Over | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 0 |
Nonresidential mortgage | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 425 |
Non-Accrual | 1,052 |
Nonresidential mortgage | Current | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 141 |
Nonresidential mortgage | 30-89 Days Past Due | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 284 |
Nonresidential mortgage | 90 Days and Over | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 0 |
Commercial pass-through securities | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 306 |
Non-Accrual | 101 |
Commercial pass-through securities | Current | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 205 |
Commercial pass-through securities | 30-89 Days Past Due | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 101 |
Commercial pass-through securities | 90 Days and Over | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 0 |
One- to four-family residential mortgage | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 6,909 |
Non-Accrual | 2,417 |
One- to four-family residential mortgage | Current | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 4,652 |
One- to four-family residential mortgage | 30-89 Days Past Due | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 1,209 |
One- to four-family residential mortgage | 90 Days and Over | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 1,048 |
Home equity loans | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 277 |
Non-Accrual | 24 |
Home equity loans | Current | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 253 |
Home equity loans | 30-89 Days Past Due | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | 0 |
Home equity loans | 90 Days and Over | |
Financing Receivable Modifications [Line Items] | |
Total Past Due | $ 24 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings of Loans Receivable (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) loan | |
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 62 | |
Financing receivable, Modified, Accumulated | $ 17,361 | |
Financing receivable, excluding accrued interest, modified in period, amount | $ 4,635 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percent | 0.08% | |
# of Loans | loan | 6 | |
Pre-modification Recorded Investment | $ 1,130 | |
Post-modification Recorded Investment | $ 1,159 | |
Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | $ 3,779 | |
Extended Maturity | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | 856 | |
Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 54 | |
Financing receivable, Modified, Accumulated | $ 10,487 | |
Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 8 | |
Financing receivable, Modified, Accumulated | $ 6,874 | |
Commercial loans: | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 13 | |
Financing receivable, Modified, Accumulated | $ 9,467 | |
Commercial loans: | Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 9 | |
Financing receivable, Modified, Accumulated | $ 3,367 | |
Commercial loans: | Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 4 | |
Financing receivable, Modified, Accumulated | $ 6,100 | |
Commercial loans: | Multi-family mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 2 | |
Financing receivable, Modified, Accumulated | $ 5,400 | |
Financing receivable, excluding accrued interest, modified in period, amount | $ 2,774 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percent | 0.10% | |
Commercial loans: | Multi-family mortgage | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | $ 2,774 | |
Commercial loans: | Multi-family mortgage | Extended Maturity | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | 0 | |
Commercial loans: | Multi-family mortgage | Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 0 | |
Financing receivable, Modified, Accumulated | $ 0 | |
Commercial loans: | Multi-family mortgage | Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 2 | |
Financing receivable, Modified, Accumulated | $ 5,400 | |
Commercial loans: | Nonresidential mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 5 | |
Financing receivable, Modified, Accumulated | $ 870 | |
Financing receivable, excluding accrued interest, modified in period, amount | $ 786 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percent | 0.08% | |
# of Loans | loan | 1 | |
Pre-modification Recorded Investment | $ 313 | |
Post-modification Recorded Investment | $ 345 | |
Commercial loans: | Nonresidential mortgage | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | $ 0 | |
Commercial loans: | Nonresidential mortgage | Extended Maturity | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | 786 | |
Commercial loans: | Nonresidential mortgage | Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 3 | |
Financing receivable, Modified, Accumulated | $ 170 | |
Commercial loans: | Nonresidential mortgage | Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 2 | |
Financing receivable, Modified, Accumulated | $ 700 | |
Commercial loans: | Commercial business | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 6 | |
Financing receivable, Modified, Accumulated | $ 3,197 | |
Financing receivable, excluding accrued interest, modified in period, amount | $ 45 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percent | 0.03% | |
# of Loans | loan | 2 | |
Pre-modification Recorded Investment | $ 74 | |
Post-modification Recorded Investment | $ 74 | |
Commercial loans: | Commercial business | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | $ 45 | |
Commercial loans: | Commercial business | Extended Maturity | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | 0 | |
Commercial loans: | Commercial business | Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 6 | |
Financing receivable, Modified, Accumulated | $ 3,197 | |
Commercial loans: | Commercial business | Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 0 | |
Financing receivable, Modified, Accumulated | $ 0 | |
Commercial loans: | Construction | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 0 | |
Financing receivable, Modified, Accumulated | $ 0 | |
Commercial loans: | Construction | Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 0 | |
Financing receivable, Modified, Accumulated | $ 0 | |
Commercial loans: | Construction | Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 0 | |
Financing receivable, Modified, Accumulated | $ 0 | |
One- to four-family residential mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 43 | |
Financing receivable, Modified, Accumulated | $ 7,526 | |
Financing receivable, excluding accrued interest, modified in period, amount | $ 1,005 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percent | 0.06% | |
# of Loans | loan | 2 | |
Pre-modification Recorded Investment | $ 708 | |
Post-modification Recorded Investment | $ 705 | |
One- to four-family residential mortgage | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | $ 960 | |
One- to four-family residential mortgage | Extended Maturity | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | 45 | |
One- to four-family residential mortgage | Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 39 | |
Financing receivable, Modified, Accumulated | $ 6,752 | |
One- to four-family residential mortgage | Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 4 | |
Financing receivable, Modified, Accumulated | $ 774 | |
Consumer loans: | Home equity loans | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 6 | |
Financing receivable, Modified, Accumulated | $ 368 | |
Financing receivable, excluding accrued interest, modified in period, amount | $ 25 | |
Financing receivable, excluding accrued interest, modified in period, to total financing receivables, percent | 0.06% | |
# of Loans | loan | 1 | |
Pre-modification Recorded Investment | $ 35 | |
Post-modification Recorded Investment | $ 35 | |
Consumer loans: | Home equity loans | Payment Deferral | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | $ 0 | |
Consumer loans: | Home equity loans | Extended Maturity | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, excluding accrued interest, modified in period, amount | $ 25 | |
Consumer loans: | Home equity loans | Performing | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 6 | |
Financing receivable, Modified, Accumulated | $ 368 | |
Consumer loans: | Home equity loans | Nonperforming | ||
Financing Receivable Modifications [Line Items] | ||
Financing receivable, Modifications, Accumulated | loan | 0 | |
Financing receivable, Modified, Accumulated | $ 0 |
Loans Receivable - Schedule O_2
Loans Receivable - Schedule Of Carrying Value Of Collateral Dependent Individually Analyzed Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | $ 39,900 | |
Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 32,613 | $ 38,196 |
Loans individually analyzed | 508 | 3,327 |
Commercial loans: | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 31,189 | 35,321 |
Loans individually analyzed | 508 | 3,327 |
Commercial loans: | Multi-family mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 22,591 | 19,114 |
Loans individually analyzed | 0 | 326 |
Commercial loans: | Nonresidential mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 8,598 | 16,207 |
Loans individually analyzed | 508 | 3,001 |
One- to four-family residential mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 1,406 | 2,875 |
Loans individually analyzed | 0 | 0 |
Consumer loans: | Home equity loans | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 18 | 0 |
Loans individually analyzed | $ 0 | $ 0 |
Loans Receivable - Credit-Ratin
Loans Receivable - Credit-Rating Classification of Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | $ 368,683 | $ 951,989 | |
Originated fiscal year before current fiscal year | 946,697 | 1,697,890 | |
Originated two years before current fiscal year | 1,627,496 | 967,598 | |
Originated three years before current fiscal year | 881,973 | 353,683 | |
Originated four years before current fiscal year | 333,600 | 357,180 | |
Originated more than five years before current fiscal year | 1,502,747 | 1,429,252 | |
Revolving Loans | 87,554 | 92,884 | |
Total | 5,748,750 | 5,850,476 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 6,421 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 10,276 | 896 | $ 4,737 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 3,391 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 464 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | ||
Commercial loans: | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,945,910 | 4,103,819 | |
Commercial loans: | Multi-family mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 2,645,851 | 2,761,775 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 398 | 493 | 1,896 |
Commercial loans: | Nonresidential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 948,075 | 968,574 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 5,975 | 39 | 2,646 |
Commercial loans: | Commercial business | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 142,747 | 146,861 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 3,866 | 364 | 193 |
Commercial loans: | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 209,237 | 226,609 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 |
One- to four-family residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 185,034 | 195,521 | |
Originated fiscal year before current fiscal year | 185,246 | 455,046 | |
Originated two years before current fiscal year | 432,142 | 491,460 | |
Originated three years before current fiscal year | 458,696 | 80,431 | |
Originated four years before current fiscal year | 77,442 | 46,989 | |
Originated more than five years before current fiscal year | 417,200 | 431,112 | |
Revolving Loans | 291 | 0 | |
Total | 1,756,051 | 1,700,559 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 37 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 37 | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | ||
Consumer loans: | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 46,789 | 46,098 | |
Consumer loans: | Home equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 1,919 | 7,682 | |
Originated fiscal year before current fiscal year | 5,698 | 2,567 | |
Originated two years before current fiscal year | 2,173 | 607 | |
Originated three years before current fiscal year | 347 | 1,264 | |
Originated four years before current fiscal year | 1,019 | 2,478 | |
Originated more than five years before current fiscal year | 8,320 | 7,567 | |
Revolving Loans | 24,628 | 21,384 | |
Total | 44,104 | 43,549 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 |
Consumer loans: | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 804 | 367 | |
Originated fiscal year before current fiscal year | 211 | 247 | |
Originated two years before current fiscal year | 204 | 110 | |
Originated three years before current fiscal year | 127 | 494 | |
Originated four years before current fiscal year | 224 | 302 | |
Originated more than five years before current fiscal year | 990 | 912 | |
Revolving Loans | 125 | 117 | |
Total | 2,685 | 2,549 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | $ 2 |
Commercial business | Multi-family mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 26,683 | 603,260 | |
Originated fiscal year before current fiscal year | 596,321 | 954,554 | |
Originated two years before current fiscal year | 949,690 | 223,291 | |
Originated three years before current fiscal year | 229,420 | 198,969 | |
Originated four years before current fiscal year | 201,611 | 242,367 | |
Originated more than five years before current fiscal year | 642,126 | 539,334 | |
Revolving Loans | 0 | 0 | |
Total | 2,645,851 | 2,761,775 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 398 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 398 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | ||
Commercial business | Nonresidential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 87,380 | 109,725 | |
Originated fiscal year before current fiscal year | 105,768 | 220,443 | |
Originated two years before current fiscal year | 199,829 | 83,740 | |
Originated three years before current fiscal year | 91,626 | 51,933 | |
Originated four years before current fiscal year | 44,598 | 60,116 | |
Originated more than five years before current fiscal year | 418,844 | 436,617 | |
Revolving Loans | 30 | 6,000 | |
Total | 948,075 | 968,574 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 5,975 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 5,975 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | ||
Commercial business | Commercial business | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 12,152 | 10,364 | |
Originated fiscal year before current fiscal year | 8,273 | 28,644 | |
Originated two years before current fiscal year | 29,174 | 25,304 | |
Originated three years before current fiscal year | 18,679 | 8,317 | |
Originated four years before current fiscal year | 6,104 | 1,967 | |
Originated more than five years before current fiscal year | 11,620 | 12,617 | |
Revolving Loans | 56,745 | 59,648 | |
Total | 142,747 | 146,861 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 11 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 3,866 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 3,391 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 464 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | ||
Commercial business | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 54,711 | 25,070 | |
Originated fiscal year before current fiscal year | 45,180 | 36,389 | |
Originated two years before current fiscal year | 14,284 | 143,086 | |
Originated three years before current fiscal year | 83,078 | 12,275 | |
Originated four years before current fiscal year | 2,602 | 2,961 | |
Originated more than five years before current fiscal year | 3,647 | 1,093 | |
Revolving Loans | 5,735 | 5,735 | |
Total | 209,237 | 226,609 | |
Pass | One- to four-family residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 185,034 | 195,521 | |
Originated fiscal year before current fiscal year | 184,737 | 454,504 | |
Originated two years before current fiscal year | 431,346 | 491,460 | |
Originated three years before current fiscal year | 458,696 | 80,431 | |
Originated four years before current fiscal year | 77,442 | 45,741 | |
Originated more than five years before current fiscal year | 406,677 | 422,472 | |
Revolving Loans | 291 | 0 | |
Total | 1,744,223 | 1,690,129 | |
Pass | Consumer loans: | Home equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 1,919 | 7,682 | |
Originated fiscal year before current fiscal year | 5,698 | 2,567 | |
Originated two years before current fiscal year | 2,173 | 607 | |
Originated three years before current fiscal year | 347 | 1,264 | |
Originated four years before current fiscal year | 1,019 | 2,478 | |
Originated more than five years before current fiscal year | 8,086 | 7,280 | |
Revolving Loans | 24,535 | 21,384 | |
Total | 43,777 | 43,262 | |
Pass | Consumer loans: | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 804 | 367 | |
Originated fiscal year before current fiscal year | 211 | 247 | |
Originated two years before current fiscal year | 204 | 110 | |
Originated three years before current fiscal year | 127 | 494 | |
Originated four years before current fiscal year | 224 | 302 | |
Originated more than five years before current fiscal year | 990 | 912 | |
Revolving Loans | 39 | 42 | |
Total | 2,599 | 2,474 | |
Pass | Commercial business | Multi-family mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 26,683 | 603,260 | |
Originated fiscal year before current fiscal year | 596,321 | 954,554 | |
Originated two years before current fiscal year | 949,690 | 213,482 | |
Originated three years before current fiscal year | 219,850 | 198,969 | |
Originated four years before current fiscal year | 201,611 | 226,929 | |
Originated more than five years before current fiscal year | 607,332 | 510,485 | |
Revolving Loans | 0 | 0 | |
Total | 2,601,487 | 2,707,679 | |
Pass | Commercial business | Nonresidential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 87,380 | 109,725 | |
Originated fiscal year before current fiscal year | 105,768 | 220,443 | |
Originated two years before current fiscal year | 199,829 | 83,032 | |
Originated three years before current fiscal year | 90,312 | 51,933 | |
Originated four years before current fiscal year | 44,598 | 59,197 | |
Originated more than five years before current fiscal year | 389,680 | 414,742 | |
Revolving Loans | 30 | 6,000 | |
Total | 917,597 | 945,072 | |
Pass | Commercial business | Commercial business | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 12,152 | 10,364 | |
Originated fiscal year before current fiscal year | 8,273 | 28,644 | |
Originated two years before current fiscal year | 27,615 | 25,304 | |
Originated three years before current fiscal year | 18,242 | 7,875 | |
Originated four years before current fiscal year | 4,337 | 1,731 | |
Originated more than five years before current fiscal year | 7,863 | 8,776 | |
Revolving Loans | 56,592 | 59,031 | |
Total | 135,074 | 141,725 | |
Pass | Commercial business | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 51,261 | 25,070 | |
Originated fiscal year before current fiscal year | 45,180 | 36,389 | |
Originated two years before current fiscal year | 14,284 | 143,086 | |
Originated three years before current fiscal year | 62,584 | 12,275 | |
Originated four years before current fiscal year | 2,602 | 2,961 | |
Originated more than five years before current fiscal year | 3,647 | 1,093 | |
Revolving Loans | 5,735 | 5,735 | |
Total | 185,293 | 226,609 | |
Special Mention | One- to four-family residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 1,168 | |
Originated more than five years before current fiscal year | 1,453 | 425 | |
Revolving Loans | 0 | 0 | |
Total | 1,453 | 1,593 | |
Special Mention | Consumer loans: | Home equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 93 | 0 | |
Total | 93 | 0 | |
Special Mention | Consumer loans: | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Special Mention | Commercial business | Multi-family mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 6,006 | |
Originated more than five years before current fiscal year | 6,475 | 6,647 | |
Revolving Loans | 0 | 0 | |
Total | 6,475 | 12,653 | |
Special Mention | Commercial business | Nonresidential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 447 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 14,714 | 378 | |
Revolving Loans | 0 | 0 | |
Total | 15,161 | 378 | |
Special Mention | Commercial business | Commercial business | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 1,559 | 0 | |
Originated three years before current fiscal year | 437 | 47 | |
Originated four years before current fiscal year | 0 | 176 | |
Originated more than five years before current fiscal year | 1,754 | 2,456 | |
Revolving Loans | 0 | 371 | |
Total | 3,750 | 3,050 | |
Special Mention | Commercial business | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 3,450 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 20,494 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 23,944 | 0 | |
Substandard | One- to four-family residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 509 | 542 | |
Originated two years before current fiscal year | 796 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 80 | |
Originated more than five years before current fiscal year | 9,070 | 8,215 | |
Revolving Loans | 0 | 0 | |
Total | 10,375 | 8,837 | |
Substandard | Consumer loans: | Home equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 234 | 287 | |
Revolving Loans | 0 | 0 | |
Total | 234 | 287 | |
Substandard | Consumer loans: | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Substandard | Commercial business | Multi-family mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 9,809 | |
Originated three years before current fiscal year | 9,570 | 0 | |
Originated four years before current fiscal year | 0 | 9,432 | |
Originated more than five years before current fiscal year | 28,319 | 22,202 | |
Revolving Loans | 0 | 0 | |
Total | 37,889 | 41,443 | |
Substandard | Commercial business | Nonresidential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 708 | |
Originated three years before current fiscal year | 867 | 0 | |
Originated four years before current fiscal year | 0 | 919 | |
Originated more than five years before current fiscal year | 14,450 | 21,497 | |
Revolving Loans | 0 | 0 | |
Total | 15,317 | 23,124 | |
Substandard | Commercial business | Commercial business | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 395 | |
Originated four years before current fiscal year | 1,767 | 60 | |
Originated more than five years before current fiscal year | 2,003 | 1,385 | |
Revolving Loans | 153 | 246 | |
Total | 3,923 | 2,086 | |
Substandard | Commercial business | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Doubtful | One- to four-family residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Doubtful | Consumer loans: | Home equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Doubtful | Consumer loans: | Other consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 86 | 75 | |
Total | 86 | 75 | |
Doubtful | Commercial business | Multi-family mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Doubtful | Commercial business | Nonresidential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Doubtful | Commercial business | Commercial business | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Doubtful | Commercial business | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Originated current fiscal year | 0 | 0 | |
Originated fiscal year before current fiscal year | 0 | 0 | |
Originated two years before current fiscal year | 0 | 0 | |
Originated three years before current fiscal year | 0 | 0 | |
Originated four years before current fiscal year | 0 | 0 | |
Originated more than five years before current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | $ 0 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance for Credit Losses and Balance of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | $ 44,939 | $ 48,734 | $ 47,058 | $ 58,165 |
Loans individually analyzed | 39,900 | |||
Total | 5,748,750 | 5,850,476 | ||
Unaccreted yield adjustments | (15,963) | (21,055) | ||
Total loans receivable, net of yield adjustments | 5,732,787 | 5,829,421 | ||
Commercial business | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | 24,125 | 26,362 | ||
Total | 2,645,851 | 2,761,775 | ||
Commercial business | Nonresidential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | 6,125 | 8,953 | ||
Total | 948,075 | 968,574 | ||
Commercial business | Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | 1,573 | 1,440 | ||
Total | 142,747 | 146,861 | ||
Commercial business | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | 1,230 | 1,336 | ||
Total | 209,237 | 226,609 | ||
One- to four-family residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | 11,461 | 10,237 | 7,540 | 9,747 |
Total | 1,756,051 | 1,700,559 | ||
Consumer loans: | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 46,789 | 46,098 | ||
Consumer loans: | Home equity loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | 349 | 338 | 245 | 433 |
Total | 44,104 | 43,549 | ||
Consumer loans: | Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total allowance for credit losses | 76 | 68 | $ 84 | $ 36 |
Total | 2,685 | 2,549 | ||
Receivables Acquired with Deteriorated Credit Quality | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 9 | 3 | ||
Loans collectively evaluated | 132 | 211 | ||
Loans individually analyzed | 1,584 | 928 | ||
Loans collectively evaluated | 14,105 | 17,967 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial business | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial business | Nonresidential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 31 | 70 | ||
Loans individually analyzed | 284 | 333 | ||
Loans collectively evaluated | 2,145 | 3,562 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial business | Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 6 | 9 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 2,794 | 4,237 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial business | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 5,735 | 5,735 | ||
Receivables Acquired with Deteriorated Credit Quality | One- to four-family residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 9 | 3 | ||
Loans collectively evaluated | 95 | 132 | ||
Loans individually analyzed | 1,276 | 570 | ||
Loans collectively evaluated | 3,431 | 4,433 | ||
Receivables Acquired with Deteriorated Credit Quality | Consumer loans: | Home equity loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | ||
Loans individually analyzed | 24 | 25 | ||
Loans collectively evaluated | 0 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Consumer loans: | Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans 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] | ||||
Loans individually analyzed | 853 | 3,417 | ||
Loans collectively evaluated | 43,945 | 45,103 | ||
Loans individually analyzed | 38,293 | 41,699 | ||
Loans collectively evaluated | 5,694,768 | 5,789,882 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 326 | ||
Loans collectively evaluated | 24,125 | 26,036 | ||
Loans individually analyzed | 22,591 | 19,114 | ||
Loans collectively evaluated | 2,623,260 | 2,742,661 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business | Nonresidential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 517 | 3,001 | ||
Loans collectively evaluated | 5,577 | 5,882 | ||
Loans individually analyzed | 9,539 | 16,207 | ||
Loans collectively evaluated | 936,107 | 948,472 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business | Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 228 | 20 | ||
Loans collectively evaluated | 1,339 | 1,411 | ||
Loans individually analyzed | 714 | 252 | ||
Loans collectively evaluated | 139,239 | 142,372 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 1,230 | 1,336 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 203,502 | 220,874 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | One- to four-family residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 108 | 70 | ||
Loans collectively evaluated | 11,249 | 10,032 | ||
Loans individually analyzed | 5,429 | 6,101 | ||
Loans collectively evaluated | 1,745,915 | 1,689,455 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans: | Home equity loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 349 | 338 | ||
Loans individually analyzed | 20 | 25 | ||
Loans collectively evaluated | 44,060 | 43,499 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans: | Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 76 | 68 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | $ 2,685 | $ 2,549 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 48,734 | $ 47,058 | $ 58,165 |
Charge-offs | (10,276) | (896) | (4,737) |
Recoveries | 255 | 86 | 1,148 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | 6,226 | 2,486 | (7,518) |
Ending balance | 44,939 | 48,734 | 47,058 |
Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Commercial loans: | Multi-family mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 26,362 | 25,321 | 28,450 |
Charge-offs | (398) | (493) | (1,896) |
Recoveries | 0 | 0 | 0 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | (1,839) | 1,534 | (1,233) |
Ending balance | 24,125 | 26,362 | 25,321 |
Commercial loans: | Multi-family mortgage | Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Commercial loans: | Nonresidential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 8,953 | 10,590 | 16,243 |
Charge-offs | (5,975) | (39) | (2,646) |
Recoveries | 120 | 0 | 812 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | 3,027 | (1,598) | (3,819) |
Ending balance | 6,125 | 8,953 | 10,590 |
Commercial loans: | Nonresidential mortgage | Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Commercial loans: | Commercial business | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,440 | 1,792 | 2,086 |
Charge-offs | (3,866) | (364) | (193) |
Recoveries | 22 | 29 | 160 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | 3,977 | (17) | (261) |
Ending balance | 1,573 | 1,440 | 1,792 |
Commercial loans: | Commercial business | Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Commercial loans: | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,336 | 1,486 | 1,170 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | (106) | (150) | 316 |
Ending balance | 1,230 | 1,336 | 1,486 |
Commercial loans: | Construction | Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
One- to four-family residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 10,237 | 7,540 | 9,747 |
Charge-offs | (37) | 0 | 0 |
Recoveries | 113 | 2 | 147 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | 1,148 | 2,695 | (2,354) |
Ending balance | 11,461 | 10,237 | 7,540 |
One- to four-family residential mortgage | Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Consumer loans: | Home equity loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 338 | 245 | 433 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 27 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | 11 | 93 | (215) |
Ending balance | 349 | 338 | 245 |
Consumer loans: | Home equity loans | Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Consumer loans: | Other consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 68 | 84 | 36 |
Charge-offs | 0 | 0 | (2) |
Recoveries | 0 | 55 | 2 |
Initial allowance on PCD loans | 0 | ||
Provision for (reversal of) credit losses | 8 | (71) | 48 |
Ending balance | 76 | 68 | 84 |
Consumer loans: | Other consumer | Impact of adopting Topic 326 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 0 | ||
Commercial business | Multi-family mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 26,362 | ||
Charge-offs | (398) | ||
Ending balance | 24,125 | 26,362 | |
Commercial business | Nonresidential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 8,953 | ||
Charge-offs | (5,975) | ||
Ending balance | 6,125 | 8,953 | |
Commercial business | Commercial business | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,440 | ||
Charge-offs | (3,866) | ||
Ending balance | 1,573 | 1,440 | |
Commercial business | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,336 | ||
Ending balance | $ 1,230 | $ 1,336 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of the period | $ 741 | $ 1,041 | $ 1,708 |
Provision for (reversal of) credit losses | 55 | (300) | (667) |
Balance at end of the period | $ 796 | $ 741 | $ 1,041 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | |||
Operating lease, right-of-use asset | $ 14,500 | $ 16,100 | |
Operating lease, liabilities | $ 15,322 | $ 17,221 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | |
Weighted average remaining lease term for operating leases | 5 years 10 months 6 days | ||
Operating lease, weighted average discount rate | 3.16% | ||
Operating lease, cost | $ 3,500 | $ 3,700 | $ 3,700 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Commitments for Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Leases [Abstract] | ||
Less than one year | $ 3,390 | $ 3,445 |
After one year but within two years | 3,360 | 3,183 |
After two years but within three years | 3,262 | 3,071 |
After three years but within four years | 2,254 | 2,963 |
After four years but within five years | 1,740 | 1,941 |
Greater than five years | 2,847 | 4,305 |
Total undiscounted cash flows | 16,853 | 18,908 |
Less: discount on cash flows | (1,531) | (1,687) |
Total lease liability | $ 15,322 | $ 17,221 |
Premises and Equipment - Proper
Premises and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 98,993 | $ 99,479 |
Less accumulated depreciation and amortization | 54,053 | 51,170 |
Total premises and equipment | 44,940 | 48,309 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 11,773 | 11,773 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45,966 | 45,886 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,410 | 12,029 |
Furnishings and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 29,877 | 29,720 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 967 | $ 71 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense on premises and equipment | $ 4,730 | $ 5,733 | $ 5,971 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 97,370,000 | $ 0 | $ 0 |
Valuation, Income Approach | |||
Goodwill [Line Items] | |||
Goodwill testing weighted percentages | 50% | ||
Market Valuation of Underlying Collateral | |||
Goodwill [Line Items] | |||
Goodwill testing weighted percentages | 50% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 113,525 | $ 210,895 | $ 210,895 | $ 210,895 |
Core Deposit Intangibles | ||||
Beginning balance | 2,457 | 3,020 | 3,705 | |
Amortization | (526) | (563) | (685) | |
Goodwill, impairment loss | (97,370) | |||
Ending balance | $ 1,931 | $ 2,457 | $ 3,020 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Scheduled Amortization of Core Deposit Intangibles (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2025 | $ 495 |
2026 | 467 |
2027 | 441 |
2028 | 353 |
2029 | 122 |
Thereafter | $ 53 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Deposits: | ||
Non-interest-bearing demand | $ 598,366 | $ 609,999 |
Interest-bearing demand | 2,308,915 | 2,252,912 |
Savings | 643,481 | 748,721 |
Certificates of deposits | 1,607,361 | 2,017,551 |
Total deposits | $ 5,158,123 | $ 5,629,183 |
Weighted Average Interest Rate | ||
Interest-bearing demand | 3.06% | 2.43% |
Savings | 0.80% | 0.48% |
Certificates of deposits | 4.39% | 3.02% |
Total deposits | 2.84% | 2.12% |
Deposits - Schedule of Brokered
Deposits - Schedule of Brokered Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Deposits [Abstract] | ||
Balance | $ 408,234 | $ 635,314 |
Weighted Average Interest Rate | 5.30% | 4.28% |
Deposits - Certificates of Depo
Deposits - Certificates of Deposit By Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Deposits [Abstract] | ||
One year or less | $ 1,487,483 | |
After one year to two years | 94,013 | |
After two years to three years | 12,349 | |
After three years to four years | 5,672 | |
After four years to five years | 2,454 | |
After five years | 5,390 | |
Total certificates of deposit | $ 1,607,361 | $ 2,017,551 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Jun. 30, 2023 |
Deposits [Abstract] | ||
Time Deposits $250,000 or more | $ 633 | $ 883.7 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Short-term Debt [Line Items] | ||
Borrowings | $ 1,709,789 | $ 1,506,812 |
Total fixed-rate advances | ||
Short-term Debt [Line Items] | ||
Borrowings | 1,534,789 | 1,281,812 |
FHLB advances | ||
Short-term Debt [Line Items] | ||
Borrowings | 1,434,789 | 1,281,812 |
Federal Reserve Bank Term Funding Program ("BTFP") | ||
Short-term Debt [Line Items] | ||
Borrowings | 100,000 | 0 |
Overnight borrowings | ||
Short-term Debt [Line Items] | ||
Borrowings | 175,000 | 225,000 |
Overnight borrowings | Line of Credit | ||
Short-term Debt [Line Items] | ||
Borrowings | $ 175,000 | 125,000 |
Overnight borrowings | Unsecured Debt | ||
Short-term Debt [Line Items] | ||
Borrowings | $ 100,000 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Balance | ||
Less than one year | $ 1,328,500 | $ 972,500 |
One to two years | 6,500 | 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 |
Total advances | 1,535,000 | 1,282,500 |
Unamortized fair value adjustments | (211) | (688) |
Total advances, net of fair value adjustments | $ 1,534,789 | $ 1,281,812 |
Weighted Average Interest Rate | ||
Less than one year | 5.25% | 5.36% |
One to two years | 2.82% | 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 advances | 5.07% | 4.92% |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Federal Reserve Bank Term Funding Program ("BTFP") | ||
Debt Instrument [Line Items] | ||
Federal reserve bank advances agency mortgage-backed securities | $ 113,500,000 | $ 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 |
Federal Home Loan Bank, advances, general debt obligations, amount of available, unused funds | $ 1,820,000,000 |
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 | Jun. 30, 2024 | Jun. 30, 2023 |
Assets: | ||
Fair Value | $ 54,362 | $ 71,624 |
Liabilities: | ||
Fair Value | 0 | 0 |
Derivatives designated as hedging instruments | ||
Assets: | ||
Fair Value | 54,362 | 71,624 |
Liabilities: | ||
Fair Value | 0 | 0 |
Interest rate contracts | ||
Assets: | ||
Fair Value | 54,362 | 71,624 |
Liabilities: | ||
Fair Value | 0 | 0 |
Interest rate contracts | Derivatives designated as hedging instruments | ||
Assets: | ||
Fair Value | 54,362 | 71,624 |
Liabilities: | ||
Fair Value | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 USD ($) derivativeInstrument | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Interest Expense | |||
Derivative [Line Items] | |||
Reclassifications to interest expense | $ (37,186) | $ (20,393) | $ 4,273 |
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | (28,200) | ||
Interest Income | |||
Derivative [Line Items] | |||
Reclassifications to interest expense | 248 | 0 | $ 0 |
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | (725) | ||
Credit Risk Contract | |||
Derivative [Line Items] | |||
Pipeline of loans held-for-sale | $ 16,000 | $ 11,700 | |
Cash Flow Hedges | Interest Rate Swaps | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | derivativeInstrument | 12 | ||
Derivative, notional amount | $ 1,430,000 | ||
Cash Flow Hedges | Interest Rate Floor | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | derivativeInstrument | 6 | ||
Derivative, notional amount | $ 600,000 | ||
Fair Value Hedging | Interest Rate Swaps | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | derivativeInstrument | 5 | ||
Derivative, notional amount | $ 725,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative [Line Items] | |||
Amount of gain recognized in other comprehensive income | $ 20,197 | $ 39,002 | $ 35,844 |
Interest Income | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense | (248) | 0 | 0 |
Interest Expense | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense | $ 37,186 | $ 20,393 | $ (4,273) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities- Effects of Derivative Instruments on Income Statement (Details) - Interest Rate Swaps - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||
Gain (loss) on hedged items recorded in interest income on loans | $ 2,117 | $ (11,437) |
Gain on hedges recorded in interest income on loans | $ 8,684 | $ 14,563 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities- Effects of Derivative Instruments on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Derivative [Line Items] | ||
Amortized cost basis of the closed portfolio | $ 1,290,000 | $ 1,100,000 |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets | 715,680 | 663,563 |
Fair value hedging adjustment included in the carrying amount of the hedged assets | $ (9,320) | $ (11,437) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Assets: | ||
Gross Amount Recognized | $ 54,423 | $ 72,418 |
Gross Amounts Offset | (61) | (794) |
Net Amounts Presented | 54,362 | 71,624 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Net Amount | 54,362 | 71,624 |
Liabilities: | ||
Gross Amount Recognized | 61 | 794 |
Gross Amounts Offset | (61) | (794) |
Net Amounts Presented | 0 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Net Amount | 0 | 0 |
Interest rate contracts | ||
Assets: | ||
Gross Amount Recognized | 54,423 | 72,418 |
Gross Amounts Offset | (61) | (794) |
Net Amounts Presented | 54,362 | 71,624 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Net Amount | 54,362 | 71,624 |
Liabilities: | ||
Gross Amount Recognized | 61 | 794 |
Gross Amounts Offset | (61) | (794) |
Net Amounts Presented | 0 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Net Amount | $ 0 | $ 0 |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 77 | $ 281 | $ 547 |
Interest cost | 369 | 369 | 279 |
(Accretion) amortization of unrecognized (gain) loss | (58) | (24) | 80 |
Expected return on assets | (92) | (99) | (110) |
Net periodic benefit cost | $ 296 | $ 527 | $ 796 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
ESOP, number of shares purchased (in shares) | 6,022,000 | 6,022,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
ESOP compensation expense | $ 2,800 | $ 1,900 | $ 2,500 |
Maximum employee contribution percentage | 75% | ||
Maximum employer matching contribution percentage | 3.50% | ||
Eligible employee contribution | 6% | ||
Plan expense amount | $ 1,400 | ||
Multiemployer Plans, Postretirement Benefit | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer plan number | 001 | ||
Funded status | 98.87% | 103.17% | |
Total contributions | $ 151,800 | $ 142,400 | |
Total expense recorded | $ 172 | 180 | 372 |
Multiemployer Plans, Postretirement Benefit | Maximum | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of contributions compared to total contributions | 5% | ||
Benefit Equalization Plan ("BEP") | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
ESOP compensation expense | $ 12 | 17 | 40 |
ESOP liability | 13 | 16 | |
Unrecognized net gain (loss) included in accumulated other comprehensive income | (544) | (626) | |
Benefit payments | 246 | 244 | 241 |
Contributions | 246 | 244 | 241 |
Defined benefit plan, expected future benefit payments, next twelve months | 243 | ||
Atlas Bank Retirement Income Plan ("ABRIP") | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unrecognized net gain (loss) included in accumulated other comprehensive income | (528) | (475) | |
Benefit payments | 160 | 148 | |
Defined benefit plan, expected future benefit payments, next twelve months | 150 | ||
Postretirement Welfare Plan | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unrecognized net gain (loss) included in accumulated other comprehensive income | 576 | 529 | |
Benefit payments | 13 | 13 | 12 |
Contributions | 13 | 13 | 12 |
Defined benefit plan, expected future benefit payments, next twelve months | 59 | ||
Directors' Consultation and Retirement Plan ("DCRP") | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unrecognized net gain (loss) included in accumulated other comprehensive income | 922 | 840 | |
Benefit payments | 49 | 49 | |
Contributions | 49 | $ 49 | $ 49 |
Defined benefit plan, expected future benefit payments, next twelve months | $ 101 | ||
Second Step Conversion and Stock Offering | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
ESOP, number of shares purchased (in shares) | 2,409,764 | ||
Additional shares in ESOP (in shares) | 3,612,500 | ||
Common stock, par value (in dollars per share) | $ 10 | ||
Amount of outstanding principal and interest refinanced | $ 3,800 | ||
Employer additional loan to ESOP | 36,100 | ||
ESOP outstanding loan principal amount | $ 24,500 |
Benefit Plans - Schedule of Emp
Benefit Plans - Schedule of Employee Stock Ownership Plan (ESOP) Disclosures (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Retirement Benefits [Abstract] | ||
Shares purchased by ESOP | 6,022,000 | 6,022,000 |
Less: Shares allocated | 3,764,000 | 3,564,000 |
Less: Shares committed to be released | 100,000 | 100,000 |
Remaining unearned ESOP shares | 2,157,501 | 2,358,198 |
Fair value of unearned ESOP shares | $ 13,272 | $ 16,624 |
Benefit Plans - Schedule of N_2
Benefit Plans - Schedule of Net Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Change in benefit obligation: | |||
Service cost | $ 77 | $ 281 | $ 547 |
Interest cost | 369 | 369 | 279 |
Atlas Bank Retirement Income Plan ("ABRIP") | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | 1,700 | 1,816 | |
Interest cost | 81 | 78 | 62 |
Actuarial gain | (51) | (46) | |
Benefit payments | (160) | (148) | |
Projected benefit obligation - ending | 1,570 | 1,700 | 1,816 |
Change in plan assets: | |||
Fair value of assets - beginning | 2,717 | 2,907 | |
Actual return on assets | 92 | (42) | |
Premiums/claims paid | (160) | (148) | |
Fair value of assets - ending | 2,649 | 2,717 | 2,907 |
Reconciliation of funded status: | |||
Projected benefit obligation | (1,570) | (1,700) | (1,816) |
Fair value of assets | 2,649 | 2,717 | 2,907 |
Funded status included in other assets / liabilities | 1,079 | 1,017 | |
Accumulated benefit obligation | $ (1,570) | $ (1,700) | |
Valuation assumptions | |||
Discount rate | 5.50% | 5% | |
Benefit Equalization Plan ("BEP") | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 2,425 | $ 2,592 | |
Interest cost | 115 | 111 | 86 |
Actuarial gain | (40) | (34) | |
Benefit payments | (246) | (244) | (241) |
Projected benefit obligation - ending | 2,254 | 2,425 | 2,592 |
Change in plan assets: | |||
Fair value of assets - beginning | 0 | 0 | |
Contributions | 246 | 244 | 241 |
Premiums/claims paid | (246) | (244) | |
Fair value of assets - ending | 0 | 0 | 0 |
Reconciliation of funded status: | |||
Projected benefit obligation | (2,254) | (2,425) | (2,592) |
Fair value of assets | 0 | 0 | 0 |
Funded status included in other assets / liabilities | (2,254) | (2,425) | |
Accumulated benefit obligation | $ (2,254) | $ (2,425) | |
Valuation assumptions | |||
Discount rate | 5.50% | 5% | |
Postretirement Welfare Plan | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 1,036 | $ 1,085 | |
Service cost | 79 | 95 | 116 |
Interest cost | 50 | 48 | 33 |
Actuarial gain | (90) | (214) | |
Benefit payments | (13) | (13) | (12) |
Plan amendments | 0 | 35 | |
Projected benefit obligation - ending | 1,062 | 1,036 | 1,085 |
Change in plan assets: | |||
Fair value of assets - beginning | 0 | 0 | |
Contributions | 13 | 13 | 12 |
Premiums/claims paid | (13) | (13) | |
Fair value of assets - ending | 0 | 0 | 0 |
Reconciliation of funded status: | |||
Projected benefit obligation | (1,062) | (1,036) | (1,085) |
Fair value of assets | 0 | 0 | 0 |
Funded status included in other assets / liabilities | $ (1,062) | $ (1,036) | |
Valuation assumptions | |||
Discount rate | 5.50% | 5% | |
Salary increase rate | 3.25% | 3.25% | |
Directors' Consultation and Retirement Plan ("DCRP") | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 2,520 | $ 2,646 | |
Interest cost | 124 | 117 | 92 |
Actuarial gain | (181) | (194) | |
Benefit payments | (49) | (49) | |
Projected benefit obligation - ending | 2,414 | 2,520 | 2,646 |
Change in plan assets: | |||
Fair value of assets - beginning | 0 | 0 | |
Contributions | 49 | 49 | 49 |
Premiums/claims paid | (49) | (49) | |
Fair value of assets - ending | 0 | 0 | 0 |
Reconciliation of funded status: | |||
Projected benefit obligation | (2,414) | (2,520) | (2,646) |
Fair value of assets | 0 | 0 | 0 |
Funded status included in other assets / liabilities | (2,414) | (2,520) | |
Accumulated benefit obligation | $ (2,414) | $ (2,520) | |
Valuation assumptions | |||
Discount rate | 5.50% | 5% | |
Supplemental Executive Retirement Plan (SERP) | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 633 | $ 437 | |
Service cost | 0 | 185 | |
Interest cost | 0 | 11 | |
Projected benefit obligation - ending | 633 | 633 | 437 |
Change in plan assets: | |||
Fair value of assets - beginning | 0 | ||
Fair value of assets - ending | 0 | 0 | |
Reconciliation of funded status: | |||
Projected benefit obligation | (633) | (633) | $ (437) |
Fair value of assets | 0 | 0 | |
Funded status included in other assets / liabilities | $ (633) | $ (633) | |
Valuation assumptions | |||
Discount rate | 0% | 3% |
Benefit Plans - Schedule of N_3
Benefit Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 77 | $ 281 | $ 547 |
Interest cost | 369 | 369 | 279 |
Expected return on assets | (92) | (99) | (110) |
(Accretion) amortization of unrecognized (gain) loss | (58) | (24) | 80 |
Net periodic benefit cost | 296 | 527 | 796 |
Atlas Bank Retirement Income Plan ("ABRIP") | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | 81 | 78 | 62 |
Expected return on assets | (93) | (99) | (110) |
(Accretion) amortization of unrecognized (gain) loss | 42 | 28 | 21 |
Net periodic benefit cost | $ 30 | $ 7 | $ (27) |
Discount rate | 5% | 4.50% | 3% |
Long term rate of return on plan assets | 3.50% | 3.50% | 3.50% |
Benefit Equalization Plan ("BEP") | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 115 | $ 111 | $ 86 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other expense | ||
(Accretion) amortization of unrecognized (gain) loss | 42 | 46 | $ 71 |
Net periodic benefit cost | $ 157 | $ 157 | $ 157 |
Discount rate | 5% | 4.50% | 3% |
Postretirement Welfare Plan | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 79 | $ 95 | $ 116 |
Interest cost | 50 | 48 | 33 |
(Accretion) amortization of unrecognized (gain) loss | (42) | (28) | (12) |
Net periodic benefit cost | $ 87 | $ 115 | $ 137 |
Discount rate | 5% | 4.50% | 3% |
Salary increase rate | 3.25% | 3.25% | 3.25% |
Directors' Consultation and Retirement Plan ("DCRP") | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 124 | $ 117 | $ 92 |
(Accretion) amortization of unrecognized (gain) loss | (99) | (69) | 0 |
Net periodic benefit cost | $ 25 | $ 48 | $ 92 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other expense | ||
Discount rate | 5% | 4.50% | 3% |
Supplemental Executive Retirement Plan (SERP) | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | $ 185 | |
Interest cost | 0 | 11 | |
Net periodic benefit cost | $ 0 | $ 196 | |
Discount rate | 0% | 3% | |
Salary increase rate | 0% | 4% |
Benefit Plans - Schedule of Exp
Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Atlas Bank Retirement Income Plan ("ABRIP") | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2025 | $ 150 |
2026 | 151 |
2027 | 147 |
2028 | 143 |
2029 | 138 |
2030-2034 | 619 |
Benefit Equalization Plan ("BEP") | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2025 | 243 |
2026 | 238 |
2027 | 232 |
2028 | 225 |
2029 | 218 |
2030-2034 | 973 |
Postretirement Welfare Plan | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2025 | 59 |
2026 | 72 |
2027 | 80 |
2028 | 98 |
2029 | 113 |
2030-2034 | 572 |
Directors' Consultation and Retirement Plan ("DCRP") | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2025 | 101 |
2026 | 122 |
2027 | 143 |
2028 | 163 |
2029 | 213 |
2030-2034 | 1,334 |
Supplemental Executive Retirement Plan (SERP) | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 | 0 |
2030-2034 | $ 633 |
Benefit Plans - Schedule of Fai
Benefit Plans - Schedule of Fair Value Measurements of ABRIP's Assets (Details) - Atlas Bank Retirement Income Plan ("ABRIP") - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 2,649 | $ 2,717 | $ 2,907 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | 2,649 | 2,717 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 0 | $ 0 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Oct. 28, 2021 tranche shares | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (in shares) | 0 | |||
Income tax benefit attributed to stock-based compensation expense | $ | $ 746 | $ 836 | $ 1,000 | |
Stock option exercise (in shares) | 0 | 0 | ||
Stock option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reduced from authorized shares for each share issued | 1 | |||
Restricted stock unit | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reduced from authorized shares for each share issued | 3 | |||
Expected future compensation expense not yet recognized | $ | $ 3,200 | |||
Expected future compensation expense, recognition period | 2 years 1 month 6 days | |||
Expected future compensation expense not yet recognized | 689,252 | |||
Restricted stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reduced from authorized shares for each share issued | 3 | |||
Expected future compensation expense not yet recognized | $ | $ 193 | |||
Expected future compensation expense, recognition period | 1 year 10 months 24 days | |||
Fair value of vested restricted shares | $ | $ 767 | $ 767 | $ 4,300 | |
Expected future compensation expense not yet recognized | 21,486 | |||
2021 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares remaining available for future grants (in shares) | 4,851,915 | |||
2021 Equity Incentive Plan | Stock option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized for issuance (in shares) | 7,500,000 | |||
2021 Equity Incentive Plan | Restricted stock unit | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (in shares) | 349,257 | 323,218 | ||
2021 Equity Incentive Plan | Performance Based Restricted Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (in shares) | 94,195 | 85,097 | ||
2021 Equity Incentive Plan | Service Based Restricted Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted (in shares) | 255,062 | 238,121 | ||
Number of tranche | tranche | 3 | |||
2021 Equity Incentive Plan | Service Based Restricted Units | Tranche 1 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Annual vesting percentage | 33.33% | |||
2021 Equity Incentive Plan | Service Based Restricted Units | Tranche 2 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Annual vesting percentage | 33.33% | |||
2021 Equity Incentive Plan | Service Based Restricted Units | Tranche 3 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Annual vesting percentage | 33.33% | |||
2021 Equity Incentive Plan | Performance Based RSU | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Performance based RSUs vested period | 3 years | |||
2021 Equity Incentive Plan | Service Based RSU | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Service-based RSUs, vest in period | 3 years | |||
2016 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares remaining available for future grants (in shares) | 0 | 0 | ||
2016 Equity Incentive Plan | Stock option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Service-based RSUs, vest in period | 5 years | |||
Performance based RSUs vested period | 10 years | |||
Shares remaining available for future grants (in shares) | 0 | 0 | 0 | |
2016 Equity Incentive Plan | Restricted stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Service-based RSUs, vest in period | 5 years | |||
Shares remaining available for future grants (in shares) | 0 | 0 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 2,592 | $ 2,936 | $ 3,794 |
Stock option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 58 | 153 | 849 |
Restricted stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 323 | 725 | 2,049 |
Restricted stock unit | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 2,211 | $ 2,058 | $ 896 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of the Company's Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Stock Options | ||
Beginning - outstanding (in shares) | 2,984,000 | |
Shares granted (in shares) | 0 | |
Exercised (in shares) | 0 | 0 |
Forfeited (in shares) | (232,000) | |
Ending - outstanding (in shares) | 2,752,000 | 2,984,000 |
Exercisable, number of options (in shares) | 2,752,000 | |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 14.99 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 13.41 | |
Ending balance (in dollars per share) | 15.12 | $ 14.99 |
Exercisable, weighted average exercise price (in dollars per share) | $ 15.12 | |
Weighted Average Remaining Contractual Term | ||
Outstanding | 2 years 6 months | 3 years 6 months |
Exercisable | 2 years 6 months | |
Aggregate Intrinsic Value | ||
Outstanding | $ 0 | $ 0 |
Exercisable | $ 0 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of the Status of the Company's Non-vested Restricted Share Awards (Details) | 12 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Restricted stock | |
Restricted Shares | |
Ending (in shares) | 21,486 |
Restricted stock | Vesting Contingent on Service Conditions | |
Restricted Shares | |
Beginning (in shares) | 43,000 |
Granted (in shares) | 0 |
Vested (in shares) | (32,000) |
Forfeited (in shares) | 0 |
Ending (in shares) | 11,000 |
Weighted Average Grant Date Fair Value | |
Beginning (in dollars per share) | $ / shares | $ 13.31 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 13.38 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending (in dollars per share) | $ / shares | $ 13.11 |
Restricted stock | Vesting Contingent on Performance and Service Conditions | |
Restricted Shares | |
Beginning (in shares) | 36,000 |
Granted (in shares) | 0 |
Vested (in shares) | (25,000) |
Forfeited (in shares) | 0 |
Ending (in shares) | 11,000 |
Weighted Average Grant Date Fair Value | |
Beginning (in dollars per share) | $ / shares | $ 13.30 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 13.38 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending (in dollars per share) | $ / shares | $ 13.11 |
Restricted stock unit | |
Restricted Shares | |
Ending (in shares) | 689,252 |
Restricted stock unit | Vesting Contingent on Service Conditions | |
Restricted Shares | |
Beginning (in shares) | 342,000 |
Granted (in shares) | 349,000 |
Vested (in shares) | (133,000) |
Forfeited (in shares) | (25,000) |
Ending (in shares) | 533,000 |
Weighted Average Grant Date Fair Value | |
Beginning (in dollars per share) | $ / shares | $ 12.45 |
Granted (in dollars per share) | $ / shares | 8.59 |
Vested (in dollars per share) | $ / shares | 12.63 |
Forfeited (in dollars per share) | $ / shares | 10.35 |
Ending (in dollars per share) | $ / shares | $ 9.98 |
Restricted stock unit | Vesting Contingent on Performance and Service Conditions | |
Restricted Shares | |
Beginning (in shares) | 155,000 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Ending (in shares) | 155,000 |
Weighted Average Grant Date Fair Value | |
Beginning (in dollars per share) | $ / shares | $ 12.68 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending (in dollars per share) | $ / shares | $ 12.68 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Nov. 07, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Percentage of dividends payable | 70% | |||
Payments of dividends by bank | $ 19,300 | $ 26,300 | $ 56,700 | |
Shares repurchased during period, value | $ 11,240 | $ 27,558 | $ 129,520 | |
Prior Purchase Plan | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Shares repurchased during period | 1,504,747 | |||
Shares repurchased during period, value | $ 11,200 | |||
Shares repurchased average cost per share | $ 7.40 | |||
Ninth Stock Repurchase Plan | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Shares repurchased during period, value | $ 34,900 | |||
Shares repurchased average cost per share | $ 8.74 | |||
Share repurchase plan, number of shares authorized to repurchase | 4,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Bank's Regulatory Capital Levels (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) |
Actual Amount | ||
Total capital (to risk-weighted assets) | $ 743,741 | $ 770,621 |
Tier 1 capital (to risk-weighted assets) | 706,764 | 734,987 |
Common equity tier 1 capital (to risk-weighted assets) | 706,764 | 734,987 |
Tier 1 capital (to adjusted total assets) | $ 706,764 | $ 734,987 |
Actual Ratio | ||
Total capital (to risk-weighted assets) | 0.1557 | 0.1475 |
Tier 1 capital (to risk-weighted assets) | 0.1479 | 0.1407 |
Common equity tier 1 capital (to risk-weighted assets) | 0.1479 | 0.1407 |
Tier 1 capital (to adjusted total assets) | 0.0915 | 0.0907 |
For Capital Adequacy Purposes Amount | ||
Total capital (to risk-weighted assets) | $ 382,247 | $ 418,015 |
Tier 1 capital (to risk-weighted assets) | 286,685 | 313,511 |
Common equity tier 1 capital (to risk-weighted assets) | 215,014 | 235,133 |
Tier 1 capital (to adjusted total assets) | $ 309,031 | $ 324,170 |
For Capital Adequacy Purposes Ratio | ||
Total capital (to risk-weighted assets) | 0.0800 | 0.0800 |
Tier 1 capital (to risk-weighted assets) | 0.0600 | 0.0600 |
Common equity tier 1 capital (to risk-weighted assets) | 0.0450 | 0.0450 |
Tier 1 capital (to adjusted total assets) | 0.0400 | 0.0400 |
Kearny Federal Savings Bank | ||
Actual Amount | ||
Total capital (to risk-weighted assets) | $ 688,597 | $ 695,417 |
Tier 1 capital (to risk-weighted assets) | 651,620 | 659,783 |
Common equity tier 1 capital (to risk-weighted assets) | 651,620 | 659,783 |
Tier 1 capital (to adjusted total assets) | $ 651,620 | $ 659,783 |
Actual Ratio | ||
Total capital (to risk-weighted assets) | 0.1442 | 0.1331 |
Tier 1 capital (to risk-weighted assets) | 0.1365 | 0.1263 |
Common equity tier 1 capital (to risk-weighted assets) | 0.1365 | 0.1263 |
Tier 1 capital (to adjusted total assets) | 0.0844 | 0.0815 |
For Capital Adequacy Purposes Amount | ||
Total capital (to risk-weighted assets) | $ 382,034 | $ 417,853 |
Tier 1 capital (to risk-weighted assets) | 286,525 | 313,389 |
Common equity tier 1 capital (to risk-weighted assets) | 214,894 | 235,042 |
Tier 1 capital (to adjusted total assets) | $ 308,656 | $ 323,922 |
For Capital Adequacy Purposes Ratio | ||
Total capital (to risk-weighted assets) | 0.0800 | 0.0800 |
Tier 1 capital (to risk-weighted assets) | 0.0600 | 0.0600 |
Common equity tier 1 capital (to risk-weighted assets) | 0.0450 | 0.0450 |
Tier 1 capital (to adjusted total assets) | 0.0400 | 0.0400 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ||
Total capital (to risk-weighted assets) | $ 477,542 | $ 522,316 |
Tier 1 capital (to risk-weighted assets) | 382,034 | 417,853 |
Common equity tier 1 capital (to risk-weighted assets) | 310,402 | 339,505 |
Tier 1 capital (to adjusted total assets) | $ 385,820 | $ 404,902 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ||
Total capital (to risk-weighted assets) | 0.1000 | 0.1000 |
Tier 1 capital (to risk-weighted assets) | 0.0800 | 0.0800 |
Common equity tier 1 capital (to risk-weighted assets) | 0.0650 | 0.0650 |
Tier 1 capital (to adjusted total assets) | 5% | 5% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Current income tax expense: | |||
Federal | $ 4,352 | $ 6,145 | $ 12,720 |
State | 2,406 | 2,634 | 7,057 |
Total | 6,758 | 8,779 | 19,777 |
Deferred income tax expense: | |||
Federal | 4 | 1,902 | 2,895 |
State | (871) | 887 | 2,128 |
Total | (867) | 2,789 | 5,023 |
Total income tax expense | $ 5,891 | $ 11,568 | $ 24,800 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
(Loss) income before income taxes | $ (80,776) | $ 52,379 | $ 92,347 |
Statutory federal tax rate | 21% | 21% | 21% |
Federal income tax expense at statutory rate | $ (16,963) | $ 11,000 | $ 19,393 |
(Reduction) increases in income taxes resulting from: | |||
Tax exempt interest | (68) | (143) | (266) |
State tax, net of federal tax effect | 1,213 | 2,781 | 7,257 |
Incentive stock options compensation expense | 5 | 12 | 45 |
Income from bank-owned life insurance | (1,902) | (1,840) | (1,281) |
Goodwill impairment | 18,935 | 0 | 0 |
Net surrender of bank owned life insurance | 4,477 | 0 | 0 |
Other items, net | 194 | (242) | (348) |
Total income tax expense | $ 5,891 | $ 11,568 | $ 24,800 |
Effective income tax rate | (7.29%) | 22.09% | 26.86% |
TaxReconciliationNotRequired | Effective income tax rate |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Income Tax Disclosure [Abstract] | |
Bad debt reserve for tax purposes of qualified lender | $ 38.4 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Deferred income tax assets: | ||
Deferred income taxes, net | $ 3,543 | $ 4,098 |
Accumulated other comprehensive income: | ||
Unrealized loss on securities available for sale | 37,683 | 45,018 |
Allowance for credit losses | 12,786 | 14,211 |
Benefit plans | 2,605 | 2,603 |
Compensation | 1,303 | 1,440 |
Stock-based compensation | 2,923 | 3,161 |
Uncollected interest | 1,177 | 1,313 |
Depreciation | 2,309 | 2,335 |
Net operating loss carryover | 889 | 2 |
Capital loss carryforward | 614 | 191 |
Other items | 780 | 839 |
Deferred tax assets, gross | 66,612 | 75,211 |
Deferred loan fees and costs | 1,690 | 1,710 |
Accumulated other comprehensive income: | ||
Derivatives | 12,085 | 16,940 |
Defined benefit plans | 98 | 78 |
Goodwill | 2,400 | 4,510 |
Deferred tax liabilities, gross | 16,273 | 23,238 |
Net deferred income tax asset | $ 50,339 | $ 51,973 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Commitments [Line Items] | ||
Commitments to originate loans | $ 280,900 | $ 251,200 |
Credit Risk Contract | ||
Commitments [Line Items] | ||
Pipeline of loans held-for-sale | 16,000 | 11,700 |
Standby Letters of Credit | ||
Commitments [Line Items] | ||
Other commitment | $ 160 | $ 115 |
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 | Jun. 30, 2024 | Jun. 30, 2023 |
Assets: | ||
Investment securities available for sale | $ 1,072,833 | $ 1,227,729 |
Interest rate contracts | 54,362 | 71,624 |
Total assets | 1,127,195 | 1,299,353 |
Debt securities: | ||
Assets: | ||
Investment securities available for sale | 601,780 | 648,184 |
Asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 80,440 | 136,170 |
Collateralized loan obligations | ||
Assets: | ||
Investment securities available for sale | 389,543 | 376,996 |
Corporate bonds | ||
Assets: | ||
Investment securities available for sale | 131,797 | 135,018 |
Mortgage-backed securities: | ||
Assets: | ||
Investment securities available for sale | 471,053 | 579,545 |
Residential pass-through securities | ||
Assets: | ||
Investment securities available for sale | 337,264 | 436,151 |
Commercial pass-through securities | ||
Assets: | ||
Investment securities available for sale | 133,789 | 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 | 1,072,833 | 1,227,729 |
Interest rate contracts | 54,362 | 71,624 |
Total assets | 1,127,195 | 1,299,353 |
Significant Other Observable Inputs (Level 2) | Debt securities: | ||
Assets: | ||
Investment securities available for sale | 601,780 | 648,184 |
Significant Other Observable Inputs (Level 2) | Asset-backed securities | ||
Assets: | ||
Investment securities available for sale | 80,440 | 136,170 |
Significant Other Observable Inputs (Level 2) | Collateralized loan obligations | ||
Assets: | ||
Investment securities available for sale | 389,543 | 376,996 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Assets: | ||
Investment securities available for sale | 131,797 | 135,018 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities: | ||
Assets: | ||
Investment securities available for sale | 471,053 | 579,545 |
Significant Other Observable Inputs (Level 2) | Residential pass-through securities | ||
Assets: | ||
Investment securities available for sale | 337,264 | 436,151 |
Significant Other Observable Inputs (Level 2) | Commercial pass-through securities | ||
Assets: | ||
Investment securities available for sale | 133,789 | 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 contracts | ||
Assets: | ||
Interest rate contracts | 54,362 | 71,624 |
Interest rate contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Interest rate contracts | 0 | 0 |
Interest rate contracts | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Interest rate contracts | 54,362 | 71,624 |
Interest rate contracts | 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 and Liabilities Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 1,127,195 | $ 1,299,353 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 6,910 | 17,721 |
Fair Value, Measurements, Nonrecurring | One- to four-family residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 449 | |
Total assets | 12,956 | |
Fair Value, Measurements, Nonrecurring | Commercial loans: | 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 loans: | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 5,014 | 9,972 |
Total assets | 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] | ||
Total assets | 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] | ||
Total assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | One- to four-family residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | |
Total assets | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Commercial loans: | 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 loans: | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | 0 |
Total assets | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 1,127,195 | 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] | ||
Total assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | One- to four-family residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | |
Total assets | 0 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Commercial loans: | 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 loans: | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 0 | 0 |
Total assets | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 6,910 | |
Total assets | 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 | 17,721 | |
Total assets | 6,910 | 17,721 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | One- to four-family residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 449 | |
Total assets | 12,956 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Commercial loans: | 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 loans: | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | $ 5,014 | 9,972 |
Total assets | $ 12,956 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Quantitative Information on Assed Value, Non Recurring (Details) $ in Thousands | Jun. 30, 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] | ||
Collateral dependent loans, fair value | 6,910 | |
Other real estate owned | 13,000 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, fair value | 17,721 | |
One- to four-family residential mortgage | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, fair value | 449 | |
One- to four-family residential mortgage | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, fair value | 449 | |
Measurement Input, Cost to Sell | One- to four-family residential mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, fair value | 449 | |
Other real estate owned | $ 12,956 | |
Collateral dependent loans, measurement input | 0.0693 | |
Other real estate owned, measurement input | 0.0400 | |
Measurement Input, Cost to Sell | Commercial business | Multi-family mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, fair value | 1,896 | $ 7,300 |
Measurement Input, Cost to Sell | Commercial business | Nonresidential mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, fair value | $ 5,014 | $ 9,972 |
Minimum | Commercial business | 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 | |
Minimum | Commercial business | 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 | |
Minimum | Measurement Input, Cost to Sell | Commercial business | 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 | 0.1332 | |
Minimum | Measurement Input, Cost to Sell | Commercial business | 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 | 0.0893 | |
Maximum | Commercial business | 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 | |
Maximum | Commercial business | 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 | |
Weighted Average | Measurement Input, Cost to Sell | One- to four-family residential mortgage | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.0693 | |
Other real estate owned, measurement input | 0.0400 | |
Weighted Average | Measurement Input, Cost to Sell | Commercial business | 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 | 0.1332 | 0.0778 |
Weighted Average | Measurement Input, Cost to Sell | Commercial business | 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 | 0.0893 | 0.1178 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans receivable | $ 5,732,787 | $ 5,829,421 | ||
Loans acquired with deteriorated credit quality | 44,939 | 48,734 | $ 47,058 | $ 58,165 |
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] | ||||
Collateral dependent loans, fair value | 6,910 | |||
Other real estate owned | 13,000 | |||
Significant Unobservable Inputs (Level 3) | Real Estate | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans receivable | 7,400 | 21,000 | ||
Loans acquired with deteriorated credit quality | 508 | 3,300 | ||
Collateral dependent loans, fair value | $ 6,900 | 17,700 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans, fair value | $ 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 | Jun. 30, 2024 | Jun. 30, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 1,072,833 | $ 1,227,729 |
Investment securities held to maturity | 135,742 | 146,465 |
Loans held-for-sale | 6,036 | 9,591 |
Net loans receivable | 5,687,848 | 5,780,687 |
Interest receivable | $ 29,521 | 28,133 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |
Interest rate contracts | $ 54,362 | 71,624 |
Interest payable on deposits | 2,265 | 4,893 |
Interest payable on borrowings | 7,784 | 5,282 |
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 | 63,864 | 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 |
Interest receivable | 11 | 14 |
Interest rate contracts | 0 | 0 |
Borrowings | 0 | 0 |
Interest payable on deposits | 3,397 | 1,933 |
Interest payable on borrowings | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 3,550,762 | 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 | 1,072,833 | 1,227,729 |
Investment securities held to maturity | 119,278 | 131,169 |
Loans held-for-sale | 6,077 | 9,442 |
Net loans receivable | 0 | 0 |
FHLB Stock | 0 | 0 |
Interest receivable | 8,986 | 8,924 |
Interest rate contracts | 54,362 | 71,624 |
Borrowings | 0 | 0 |
Interest payable on deposits | 0 | 0 |
Interest payable on borrowings | 0 | 0 |
Significant Other Observable Inputs (Level 2) | 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 | 5,114,459 | 5,261,808 |
FHLB Stock | 0 | 0 |
Interest receivable | 20,524 | 19,195 |
Interest rate contracts | 0 | 0 |
Borrowings | 1,703,924 | 1,498,920 |
Significant Unobservable Inputs (Level 3) | 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 | 1,597,939 | 1,989,434 |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 63,864 | 70,515 |
Investment securities available for sale | 1,072,833 | 1,227,729 |
Investment securities held to maturity | 135,742 | 146,465 |
Loans held-for-sale | 6,036 | 9,591 |
Net loans receivable | 5,687,848 | 5,780,687 |
FHLB Stock | 80,300 | 71,734 |
Interest receivable | 29,521 | 28,133 |
Interest rate contracts | 54,362 | 71,624 |
Borrowings | 1,709,789 | 1,506,812 |
Interest payable on deposits | 5,662 | 6,826 |
Interest payable on borrowings | 7,784 | 5,282 |
Carrying Amount | Deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 3,550,762 | 3,611,632 |
Carrying Amount | Certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 1,607,361 | 2,017,551 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 63,864 | 70,515 |
Investment securities available for sale | 1,072,833 | 1,227,729 |
Investment securities held to maturity | 119,278 | 131,169 |
Loans held-for-sale | 6,077 | 9,442 |
Net loans receivable | 5,114,459 | 5,261,808 |
FHLB Stock | 0 | 0 |
Interest receivable | 29,521 | 28,133 |
Interest rate contracts | 54,362 | 71,624 |
Borrowings | 1,703,924 | 1,498,920 |
Interest payable on deposits | 5,662 | 6,826 |
Interest payable on borrowings | 7,784 | 5,282 |
Fair Value | Deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 3,550,762 | 3,611,632 |
Fair Value | Certificates of deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | $ 1,597,939 | $ 1,989,434 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total stockholders' equity | $ 753,571 | $ 869,284 | $ 894,000 | $ 1,042,944 |
Total accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total stockholders' equity | (63,163) | (69,456) | $ (55,727) | $ 6,144 |
Net unrealized loss on securities available for sale | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
AOCI before tax, attributable to parent | (130,673) | (156,138) | ||
Tax effect | 37,683 | 45,018 | ||
Total stockholders' equity | (92,990) | (111,120) | ||
Fair value adjustments on derivatives | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
AOCI before tax, attributable to parent | 41,673 | 58,414 | ||
Tax effect | (12,085) | (16,940) | ||
Total stockholders' equity | 29,588 | 41,474 | ||
Benefit plan adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
AOCI before tax, attributable to parent | 337 | 268 | ||
Tax effect | (98) | (78) | ||
Total stockholders' equity | $ 239 | $ 190 |
Comprehensive Income - Schedu_2
Comprehensive Income - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss) before taxes | $ 8,793 | $ (19,141) | $ (86,921) |
Tax effect | (2,500) | 5,412 | 25,050 |
Total other comprehensive income (loss) | 6,293 | (13,729) | (61,871) |
Net unrealized loss on securities available for sale | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
OCI, before reclassifications, before tax | 7,330 | (53,334) | (128,601) |
Reclassification from AOCI, before tax | 18,135 | 15,227 | 559 |
Fair value adjustments on derivatives | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
OCI, before reclassifications, before tax | (16,741) | 18,609 | 40,117 |
Benefit plan adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss) before taxes | 69 | 357 | 1,004 |
Net actuarial gain | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
OCI, before reclassifications, before tax | 58 | 24 | (80) |
Reclassification from AOCI, before tax | $ (127) | $ (381) | $ (924) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Non-interest income | |||
Loss on sale and call of securities | $ (18,135) | $ (15,227) | $ (559) |
(Loss) gain on sale of loans | (282) | (1,645) | 2,539 |
(Loss) gain on sale of other real estate owned | (974) | (139) | 5 |
Income from bank owned life insurance | 9,076 | 8,645 | 6,167 |
Total non-interest income | (1,993) | 2,751 | 13,934 |
Deposit-related fees and charges | |||
Non-interest income | |||
Fees and service charges | 1,772 | 1,881 | 1,733 |
Loan-related fees and charges | |||
Non-interest income | |||
Loan-related fees and charges | 837 | 1,225 | 847 |
Electronic banking fees and charges (interchange income) | |||
Non-interest income | |||
Fees and service charges | 2,357 | 1,759 | 1,626 |
Miscellaneous | |||
Non-interest income | |||
Loan-related fees and charges | $ 3,356 | $ 6,252 | $ 1,576 |
Parent Only Financial Informa_3
Parent Only Financial Information - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Assets | ||||
Cash and amounts due from depository institutions | $ 17,201 | $ 21,795 | ||
Net loans receivable | 5,687,848 | 5,780,687 | ||
Other assets | 98,708 | 110,546 | ||
Total assets | 7,683,461 | 8,064,815 | ||
Liabilities and Stockholders' Equity | ||||
Other liabilities | 44,569 | 41,198 | ||
Stockholders' equity | 753,571 | 869,284 | $ 894,000 | $ 1,042,944 |
Total liabilities and stockholders' equity | 7,683,461 | 8,064,815 | ||
Parent Company | ||||
Assets | ||||
Cash and amounts due from depository institutions | 30,821 | 48,839 | ||
Net loans receivable | 24,510 | 26,384 | ||
Investment in subsidiary | 698,427 | 794,080 | ||
Other assets | 854 | 827 | ||
Total assets | 754,612 | 870,130 | ||
Liabilities and Stockholders' Equity | ||||
Other liabilities | 1,041 | 846 | ||
Stockholders' equity | 753,571 | 869,284 | ||
Total liabilities and stockholders' equity | $ 754,612 | $ 870,130 |
Parent Only Financial Informa_4
Parent Only Financial Information - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | $ 328,868 | $ 293,724 | $ 226,272 |
Directors' compensation | 1,506 | 1,364 | 2,132 |
(Loss) income before income taxes | (80,776) | 52,379 | 92,347 |
Income tax expense | 5,891 | 11,568 | 24,800 |
Net (loss) income | (86,667) | 40,811 | 67,547 |
Comprehensive (loss) income | (80,374) | 27,082 | 5,676 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiary | 19,332 | 26,282 | 156,728 |
Interest income | 2,201 | 1,749 | 1,508 |
Equity in undistributed earnings of subsidiaries | (105,948) | 14,912 | (88,452) |
Total (loss) income | (84,415) | 42,943 | 69,784 |
Directors' compensation | 618 | 532 | 530 |
Other expenses | 1,647 | 1,715 | 1,976 |
Total expense | 2,265 | 2,247 | 2,506 |
(Loss) income before income taxes | (86,680) | 40,696 | 67,278 |
Income tax expense | (13) | (115) | (269) |
Net (loss) income | (86,667) | 40,811 | 67,547 |
Comprehensive (loss) income | $ (80,374) | $ 27,082 | $ 5,676 |
Parent Only Financial Informa_5
Parent Only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | |||
Net income | $ (86,667) | $ 40,811 | $ 67,547 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
(Increase) decrease in other assets | (4,938) | 2,833 | 7,922 |
Increase (decrease) in other liabilities | 1,506 | (14,530) | (8,306) |
Net Cash Provided by Operating Activities | 43,971 | 69,549 | 81,301 |
Cash Flows from Investing Activities: | |||
Proceeds from the maturity of investment securities available for sale | 132,981 | 124,687 | 330,152 |
Net Cash Provided by (Used in) Investing Activities | 258,122 | (417,918) | (479,951) |
Cash Flows from Financing Activities: | |||
Dividends paid | (27,564) | (28,499) | (30,693) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (11,240) | (27,558) | (129,520) |
Cancellation of shares repurchased on vesting to pay taxes | (484) | (462) | (977) |
Net Cash (Used in) Provided by Financing Activities | (308,744) | 317,269 | 432,410 |
Net (Decrease) Increase in Cash and Cash Equivalents | (6,651) | (31,100) | 33,760 |
Cash and Cash Equivalents - Beginning | 70,515 | ||
Cash and Cash Equivalents - Ending | 63,864 | 70,515 | |
Parent Company | |||
Cash Flows from Operating Activities: | |||
Net income | (86,667) | 40,811 | 67,547 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | 105,948 | (14,912) | 88,452 |
(Increase) decrease in other assets | (27) | (379) | 176 |
Increase (decrease) in other liabilities | 142 | 271 | (184) |
Net Cash Provided by Operating Activities | 19,396 | 25,791 | 155,991 |
Cash Flows from Investing Activities: | |||
Repayment of loan to ESOP | 1,874 | 1,817 | 1,758 |
Proceeds from the maturity of investment securities available for sale | 0 | 0 | 15,000 |
Net Cash Provided by (Used in) Investing Activities | 1,874 | 1,817 | 16,758 |
Cash Flows from Financing Activities: | |||
Dividends paid | (27,564) | (28,499) | (30,693) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (11,240) | (27,558) | (129,520) |
Cancellation of shares repurchased on vesting to pay taxes | (484) | (462) | (977) |
Net Cash (Used in) Provided by Financing Activities | (39,288) | (56,519) | (161,190) |
Net (Decrease) Increase in Cash and Cash Equivalents | (18,018) | (28,911) | 11,559 |
Cash and Cash Equivalents - Beginning | 48,839 | 77,750 | 66,191 |
Cash and Cash Equivalents - Ending | $ 30,821 | $ 48,839 | $ 77,750 |
Net Income per Common Share (_2
Net Income per Common Share (EPS) - Schedule of Earnings Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |||
Net income | $ (86,667) | $ 40,811 | $ 67,547 |
Weighted average number of shares outstanding, basic (in shares) | 62,444 | 64,804 | 70,911 |
Effect of dilutive securities | 0 | 0 | 22 |
Weighted average number of common shares outstanding, diluted (in shares) | 62,444 | 64,804 | 70,933 |
Basic earnings per share (in dollars per share) | $ (1.39) | $ 0.63 | $ 0.95 |
Diluted earnings per share (in dollars per share) | $ (1.39) | $ 0.63 | $ 0.95 |
Net Income per Common Share (_3
Net Income per Common Share (EPS) - Additional Information (Details) - shares | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Number of stock options anti-dilutive (in shares) | 2,751,902 | 2,983,530 | 3,115,000 |
Restricted stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Number of stock options anti-dilutive (in shares) | 689,252 | 497,664 |
Uncategorized Items - krny-2024
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |