XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.22.4

Securities | 6 Months Ended
--- | ---
Dec. 31, 2022
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:
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
| (In Thousands)
Available for sale: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 161,509 |  |  | $ | — |  |  | $ | 2,886 |  |  | $ | — |  |  | $ | 158,623 |
Collateralized loan obligations | 393,027 |  |  | 31 |  |  | 8,999 |  |  | — |  |  | 384,059 |
Corporate bonds | 159,769 |  |  | 3 |  |  | 14,817 |  |  | — |  |  | 144,955 |
Total debt securities | 714,305 |  |  | 34 |  |  | 26,702 |  |  | — |  |  | 687,637 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential pass-through securities (1) | 557,294 |  |  | 8 |  |  | 107,146 |  |  | — |  |  | 450,156 |
Commercial pass-through securities (1) | 165,596 |  |  | — |  |  | 17,035 |  |  | — |  |  | 148,561 |
Total mortgage-backed securities | 722,890 |  |  | 8 |  |  | 124,181 |  |  | — |  |  | 598,717 |
Total securities available for sale | $ | 1,437,195 |  |  | $ | 42 |  |  | $ | 150,883 |  |  | $ | — |  |  | $ | 1,286,354 |
___________________________ (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.
| December 31, 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 | $ | 18,806 |  |  | $ | — |  |  | $ | 285 |  |  | $ | — |  |  | $ | 18,521 |
Total debt securities | 18,806 |  |  | — |  |  | 285 |  |  | — |  |  | 18,521 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential pass-through securities (1) | 122,715 |  |  | — |  |  | 12,898 |  |  | — |  |  | 109,817 |
Commercial pass-through securities (1) | 12,265 |  |  | — |  |  | 2,210 |  |  | — |  |  | 10,055 |
Total mortgage-backed securities | 134,980 |  |  | — |  |  | 15,108 |  |  | — |  |  | 119,872 |
Total securities held to maturity | $ | 153,786 |  |  | $ | — |  |  | $ | 15,393 |  |  | $ | — |  |  | $ | 138,393 |
___________________________ (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. 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 December 31, 2022:
| December 31, 2022
| Amortized Cost |  | Fair Value
| (In Thousands)
Available for sale debt securities: |  |  |
Due in one year or less | $ | — |  |  | $ | — |
Due after one year through five years | 11,865 |  |  | 11,783 |
Due after five years through ten years | 342,467 |  |  | 326,847 |
Due after ten years | 359,973 |  |  | 349,007 |
Total | $ | 714,305 |  |  | $ | 687,637 |
| December 31, 2022
| Amortized Cost |  | Fair Value
| (In Thousands)
Held to maturity debt securities: |  |  |
Due in one year or less | $ | 4,160 |  |  | $ | 4,143 |
Due after one year through five years | 12,946 |  |  | 12,713 |
Due after five years through ten years | 1,700 |  |  | 1,665 |
Due after ten years | — |  |  | — |
Total | $ | 18,806 |  |  | $ | 18,521 |
Sales of securities available for sale were as follows for the periods presented below:
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In Thousands)
Available for sale securities sold: |  |  |  |  |  |  |
Proceeds from sales of securities | $ | 105,199 |  |  | $ | — |  |  | $ | 105,199 |  |  | $ | — |
Gross realized gains | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Gross realized losses | (15,227) |  |  | — |  |  | (15,227) |  |  | — |
Net loss on sales of securities | $ | (15,227) |  |  | $ | — |  |  | $ | (15,227) |  |  | $ | — |
Gains resulting from calls of securities available for sale were as follows for the periods presented below:
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In Thousands)
Available for sale securities called: |  |  |  |  |  |  |
Gross realized gains | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Gross realized losses | — |  |  | — |  |  | — |  |  | — |
Net gain on calls of securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
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:
| December 31, 2022 |  | 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 | 397,855 |  |  | 357,841 |
Pledged for potential borrowings at the Federal Reserve Bank of New York | 410,481 |  |  | 378,071 |
Total carrying value of securities pledged | $ | 808,336 |  |  | $ | 913,960 |
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 December 31, 2022 and June 30, 2022:
| December 31, 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: |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 137,203 |  |  | $ | 2,406 |  |  | $ | 21,420 |  |  | $ | 480 |  |  | 15 |  | $ | 158,623 |  |  | $ | 2,886 |
Collateralized loan obligations | 177,907 |  |  | 3,631 |  |  | 192,556 |  |  | 5,368 |  |  | 28 |  | 370,463 |  |  | 8,999 |
Corporate bonds | 87,731 |  |  | 7,972 |  |  | 50,356 |  |  | 6,845 |  |  | 29 |  | 138,087 |  |  | 14,817 |
Commercial pass-through securities | 93,772 |  |  | 4,262 |  |  | 54,789 |  |  | 12,773 |  |  | 12 |  | 148,561 |  |  | 17,035 |
Residential pass-through securities | 50,897 |  |  | 5,161 |  |  | 398,511 |  |  | 101,985 |  |  | 106 |  | 449,408 |  |  | 107,146 |
Total | $ | 547,510 |  |  | $ | 23,432 |  |  | $ | 717,632 |  |  | $ | 127,451 |  |  | 190 |  | $ | 1,265,142 |  |  | $ | 150,883 |
| 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 December 31, 2022 and June 30, 2022:
| December 31, 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 | $ | 18,057 |  |  | $ | 285 |  |  | $ | — |  |  | $ | — |  |  | 36 |  | $ | 18,057 |  |  | $ | 285 |
Commercial pass-through securities | — |  |  | — |  |  | 10,055 |  |  | 2,210 |  |  | 1 |  | 10,055 |  |  | 2,210 |
Residential pass-through securities | 93,068 |  |  | 9,092 |  |  | 16,749 |  |  | 3,806 |  |  | 9 |  | 109,817 |  |  | 12,898 |
Total | $ | 111,125 |  |  | $ | 9,377 |  |  | $ | 26,804 |  |  | $ | 6,016 |  |  | 46 |  | $ | 137,929 |  |  | $ | 15,393 |
| 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 |
Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statement of Income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at December 31, 2022. 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 December 31, 2022 on available for sale securities. The sale of available for sale securities during the three months ended December 31, 2022 was part of a wholesale restructuring and the proceeds were reinvested in higher yielding securities. The Company was not required to sell these securities.At December 31, 2022, the held to maturity securities portfolio consists 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 December 31, 2022 on held to maturity securities.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration