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Securities (Tables)

12 Months Ended

Jun. 30, 2023

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, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(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, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions			$	28,485					$	39					$	89					$	—					$	28,435
Asset-backed securities			169,506						—						2,949						—						166,557
Collateralized loan obligations			315,693						—						7,880						—						307,813
Corporate bonds			159,871						175						6,649						—						153,397
Total debt securities			673,555						214						17,567						—						656,202
Mortgage-backed securities:
Collateralized mortgage obligations (1)			7,451						—						329						—						7,122
Residential pass-through securities (1)			595,337						45						80,624						—						514,758
Commercial pass-through securities (1)			185,781						1						19,771						—						166,011
Total mortgage-backed securities			788,569						46						100,724						—						687,891
Total securities available for sale			$	1,462,124					$	260					$	118,291					$	—					$	1,344,093

________________________________________

(1)Government-sponsored enterprises.

Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities

			June 30, 2023
			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Allowance for Credit Losses						Fair Value
			(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.

			June 30, 2022
			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions			$	21,159					$	44					$	78					$	—					$	21,125
Total debt securities			21,159						44						78						—						21,125
Mortgage-backed securities:
Residential pass-through securities (1)			84,851						—						8,587						—						76,264
Commercial pass-through securities (1)			12,281						—						1,552						—						10,729
Total mortgage-backed securities			97,132						—						10,139						—						86,993
Total securities held to maturity			$	118,291					$	44					$	10,217					$	—					$	108,118

________________________________________

(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, 2023:

			June 30, 2023
			Amortized Cost						Fair Value
			(In Thousands)
Available for sale debt securities:
Due in one year or less			$	—					$	—
Due after one year through five years			21,865						21,526
Due after five years through ten years			363,433						339,589
Due after ten years			294,564						287,069
Total			$	679,862					$	648,184

			June 30, 2023
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	3,386					$	3,361
Due after one year through five years			12,054						11,776
Due after five years through ten years			611						593
Due after ten years			—						—
Total			$	16,051					$	15,730

Sales of Securities Available for Sale

Sales of securities available for sale were as follows for the periods presented below:

			Year Ended June 30,
			2023						2022						2021
			(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities			$	105,199					$	100,336					$	98,084
Gross realized gains			$	—					$	—					$	1,196
Gross realized losses			(15,227)						(565)						(470)
Net (loss) gain on sales of securities			$	(15,227)					$	(565)					$	726

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,
			2023						2022						2021
			(In Thousands)
Available for sale securities called:
Gross realized gains			$	—					$	6					$	41
Gross realized losses			—						—						—
Net gain on calls of securities			$	—					$	6					$	41

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, 2023						June 30, 2022
			(In Thousands)
Securities pledged:
Pledged for borrowings at the FHLB of New York			$	—					$	178,048
Pledged to secure public funds on deposit			201,239						357,841
Pledged for potential borrowings at the Federal Reserve Bank of New York			529,216						378,071
Total carrying value of securities pledged			$	730,455					$	913,960

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, 2023 and 2022:

			June 30, 2023
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses
			(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

			June 30, 2022
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Number of Securities						Fair Value						Unrealized Losses
			(Dollars in Thousands)
Securities Available for Sale:
Obligations of state and political subdivisions			$	11,310					$	89					$	—					$	—					30						$	11,310					$	89
Asset-backed securities			161,303						2,928						5,254						21						15						166,557						2,949
Collateralized loan obligations			236,967						6,435						70,846						1,445						24						307,813						7,880
Corporate bonds			129,407						6,464						3,815						185						27						133,222						6,649
Collateralized mortgage obligations			7,122						329						—						—						6						7,122						329
Commercial pass-through securities			63,045						3,194						102,817						16,577						21						165,862						19,771
Residential pass-through securities			237,928						26,566						274,197						54,058						106						512,125						80,624
Total			$	847,082					$	46,005					$	456,929					$	72,286					229						$	1,304,011					$	118,291

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, 2023 and 2022:

			June 30, 2023
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Number of Securities						Fair Value						Unrecognized Losses
			(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

			June 30, 2022
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Number of Securities						Fair Value						Unrecognized Losses
			(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political subdivisions			$	8,681					$	78					$	—					$	—					15						$	8,681					$	78
Commercial pass-through securities			10,729						1,552						—						—						1						10,729						1,552
Residential pass-through securities			76,264						8,587						—						—						8						76,264						8,587
Total			$	95,674					$	10,217					$	—					$	—					24						$	95,674					$	10,217

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