XML 58 R44.htm IDEA: XBRL DOCUMENT v3.23.2
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Jun. 30, 2023
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, 2023 and 2022:
June 30, 2023
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$71,624 Other liabilities$— 
Total$71,624 $— 
June 30, 2022
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$41,223 Other liabilities$— 
Total$41,223 $— 
As of June 30, 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges. There were no fair value hedges at June 30, 2022:

June 30, 2023
Loans receivable:
Carrying amount of the hedged assets$663,563 
Fair value hedging adjustment included in the carrying amount of the hedged assets(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, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.10 billion.
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, 2023, 2022 and 2021:
Year Ended June 30,
202320222021
(In Thousands)
Amount of gain recognized in other comprehensive income$39,002 $35,844 $10,825 
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense20,393 (4,273)(8,281)
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 year ended June 30, 2023. There were no fair value hedges for the years ended June 30, 2022 and 2021:

Year Ended June 30,
2023
(In Thousands)
Loss on hedged items recorded in interest income on loans$(11,437)
Gain on hedges recorded in interest income on loans14,563 
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, 2023 and 2022, 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, 2023
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts OffsetNet Amounts PresentedFinancial InstrumentsCash 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 $(794)$— $— $— $— 
June 30, 2022
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts Offset Net Amounts PresentedFinancial InstrumentsCash Collateral Received (Posted)Net Amount
(In Thousands)
Assets:
Interest rate contracts$41,223 $— $41,223 $— $— $41,223 
Total$41,223 $— $41,223 $— $— $41,223