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Loans Receivable (Tables)

6 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Loans Receivable

The following table sets forth the composition of the Company’s loan portfolio at December 31, 2022 and June 30, 2022:

			December 31, 2022						June 30, 2022
			(In Thousands)
Commercial loans:
Multi-family mortgage			$	2,851,721					$	2,409,090
Nonresidential mortgage			1,017,341						1,019,838
Commercial business			177,530						176,807
Construction			186,663						140,131
Total commercial loans			4,233,255						3,745,866
One- to four-family residential mortgage			1,719,514						1,645,816
Consumer loans:
Home equity loans			45,690						42,028
Other consumer			2,648						2,866
Total consumer loans			48,338						44,894
Total loans			6,001,107						5,436,576
Unaccreted yield adjustments (1)			(16,974)						(18,731)
Total loans receivable, net of yield adjustments			$	5,984,133					$	5,417,845

___________________________

(1)At December 31, 2022, 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 December 31, 2022 and June 30, 2022, by loan segment:

			Payment Status December 31, 2022
			30-59 Days						60-89 Days						90 Days and Over						Total Past Due						Current						Total
			(In Thousands)
Multi-family mortgage			$	—					$	—					$	7,663					$	7,663					$	2,844,058					$	2,851,721
Nonresidential mortgage			204						—						5,696						5,900						1,011,441						1,017,341
Commercial business			204						—						265						469						177,061						177,530
Construction			—						—						—						—						186,663						186,663
One- to four-family residential mortgage			3,634						1,775						1,979						7,388						1,712,126						1,719,514
Home equity loans			151						4						23						178						45,512						45,690
Other consumer			—						—						—						—						2,648						2,648
Total loans			$	4,193					$	1,779					$	15,626					$	21,598					$	5,979,509					$	6,001,107

			Payment Status June 30, 2022
			30-59 Days						60-89 Days						90 Days and Over						Total Past Due						Current						Total
			(In Thousands)
Multi-family mortgage			$	3,148					$	3,056					$	7,788					$	13,992					$	2,395,098					$	2,409,090
Nonresidential mortgage			4,026						—						18,132						22,158						997,680						1,019,838
Commercial business			98						57						155						310						176,497						176,807
Construction			—						—						—						—						140,131						140,131
One- to four-family residential mortgage			1,525						253						3,455						5,233						1,640,583						1,645,816
Home equity loans			28						35						—						63						41,965						42,028
Other consumer			—						—						—						—						2,866						2,866
Total loans			$	8,825					$	3,401					$	29,530					$	41,756					$	5,394,820					$	5,436,576

Performance Status of Loans Receivable

The following tables present information relating to the Company’s nonperforming loans as of December 31, 2022 and June 30, 2022:

			Performance Status December 31, 2022
			90 Days and Over Past Due Accruing						Nonaccrual Loans with Allowance for Credit Losses						Nonaccrual Loans with no Allowance for Credit Losses						Total Nonperforming						Performing						Total
			(In Thousands)
Multi-family mortgage			$	—					$	7,890					$	8,381					$	16,271					$	2,835,450					$	2,851,721
Nonresidential mortgage			—						12,187						5,696						17,883						999,458						1,017,341
Commercial business			—						262						10						272						177,258						177,530
Construction			—						—						—						—						186,663						186,663
One- to four-family residential mortgage			—						2,916						3,121						6,037						1,713,477						1,719,514
Home equity loans			—						—						86						86						45,604						45,690
Other consumer			—						—						—						—						2,648						2,648
Total loans			$	—					$	23,255					$	17,294					$	40,549					$	5,960,558					$	6,001,107

			Performance Status June 30, 2022
			90 Days and Over Past Due Accruing						Nonaccrual Loans with Allowance for Credit Losses						Nonaccrual Loans with no Allowance for Credit Losses						Total Nonperforming						Performing						Total
			(In Thousands)
Multi-family mortgage			$	—					$	8,367					$	18,286					$	26,653					$	2,382,437					$	2,409,090
Nonresidential mortgage			—						12,602						19,292						31,894						987,944						1,019,838
Commercial business			—						212						81						293						176,514						176,807
Construction			—						—						1,561						1,561						138,570						140,131
One- to four-family residential mortgage			—						3,543						4,946						8,489						1,637,327						1,645,816
Home equity loans			—						302						1,129						1,431						40,597						42,028
Other consumer			—						—						—						—						2,866						2,866
Total loans			$	—					$	25,026					$	45,295					$	70,321					$	5,366,255					$	5,436,576

Troubled Debt Restructurings of Loans Receivable

The following tables present total TDR loans at December 31, 2022 and June 30, 2022:

			December 31, 2022
			Accrual												Non-accrual												Total
			# of Loans						Amount						# of Loans						Amount						# of Loans						Amount
			(Dollars In Thousands)
Commercial loans:
Multi-family mortgage			—						$	—					2						$	5,539					2						$	5,539
Nonresidential mortgage			3						184						1						390						4						574
Commercial business			4						3,529						1						7						5						3,536
Total commercial loans			7						3,713						4						5,936						11						9,649
One- to four-family residential mortgage			35						6,394						11						1,921						46						8,315
Consumer loans:
Home equity loans			5						374						1						35						6						409
Total			47						$	10,481					16						$	7,892					63						$	18,373

			June 30, 2022
			Accrual												Non-accrual												Total
			# of Loans						Amount						# of Loans						Amount						# of Loans						Amount
			(Dollars In Thousands)
Commercial loans:
Multi-family mortgage			—						$	—					2						$	5,626					2						$	5,626
Nonresidential mortgage			4						389						2						1,565						6						1,954
Commercial business			5						3,631						2						82						7						3,713
Construction			—						—						1						1,561						1						1,561
Total commercial loans			9						4,020						7						8,834						16						12,854
One- to four-family residential mortgage			29						4,488						16						3,314						45						7,802
Consumer loans:
Home equity loans			5						164						2						1,364						7						1,528
Total			43						$	8,672					25						$	13,512					68						$	22,184

The following tables present information regarding TDRs that occurred during the three months and six months ended December 31, 2022 and 2021:

			Three Months Ended December 31, 2022																		Three Months Ended December 31, 2021
			# of Loans						Pre- modification Recorded Investment						Post- modification Recorded Investment						# of Loans						Pre- modification Recorded Investment						Post- modification Recorded Investment
			(Dollars In Thousands)
Commercial business			1						$	7					$	7					—						$	—					$	—
One- to four-family residential mortgage			1						273						270						2						261						261
Total			2						$	280					$	277					2						$	261					$	261

			Six Months Ended December 31, 2022																		Six Months Ended December 31, 2021
			# of Loans						Pre- modification Recorded Investment						Post- modification Recorded Investment						# of Loans						Pre- modification Recorded Investment						Post- modification Recorded Investment
			(Dollars In Thousands)
Multi-family mortgage			—						$	—					$	—					1						$	2,987					$	2,972
Commercial business			1						7						7						—						—						—
One- to four-family residential mortgage			2						708						705						2						261						261
Home equity loans			1						35						35						—						—						—
Total			4						$	750					$	747					3						$	3,248					$	3,233

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:

			December 31, 2022												June 30, 2022
			Carrying Value						Related Allowance						Carrying Value						Related Allowance
			(In Thousands)
Commercial loans:
Multi-family mortgage			$	16,271					$	352					$	26,653					$	849
Nonresidential mortgage (1)			17,529						2,392						30,733						2,696
Construction			—						—						1,561						—
Total commercial loans			33,800						2,744						58,947						3,545
One- to four-family residential mortgage (2)			3,082						26						4,305						77
Consumer loans:
Home equity loans (2)			—						—						35						—
Total			$	36,882					$	2,770					$	63,287					$	3,622

___________________________

(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 December 31, 2022 by loan segment and vintage year:

			Term Loans by Origination Year for Fiscal Years ended June 30,
			2023						2022						2021						2020						2019						Prior						Revolving Loans						Total
			(In Thousands)
Multi-family mortgage:
Pass			$	593,864					$	957,401					$	246,580					$	202,298					$	246,991					$	562,005					$	—					$	2,809,139
Special Mention			—						—						—						—						6,091						7,445						—						13,536
Substandard			—						—						—						—						9,545						19,501						—						29,046
Doubtful			—						—						—						—						—						—						—						—
Total multi-family mortgage			593,864						957,401						246,580						202,298						262,627						588,951						—						2,851,721
Nonresidential mortgage:
Pass			96,016						229,684						85,982						53,084						59,951						462,184						6,000						992,901
Special Mention			—						—						—						—						—						579						—						579
Substandard			—						—						714						—						931						22,216						—						23,861
Doubtful			—						—						—						—						—						—						—						—
Total nonresidential mortgage			96,016						229,684						86,696						53,084						60,882						484,979						6,000						1,017,341
Commercial business:
Pass			11,522						37,850						35,453						9,529						2,540						9,968						65,504						172,366
Special Mention			—						—						—						55						180						2,898						—						3,133
Substandard			—						—						35						473						48						1,371						104						2,031
Doubtful			—						—						—						—						—						—						—						—
Total commercial business			11,522						37,850						35,488						10,057						2,768						14,237						65,608						177,530
Construction loans:
Pass			13,628						27,363						117,830						11,854						3,000						7,253						5,735						186,663
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—
Total construction loans			13,628						27,363						117,830						11,854						3,000						7,253						5,735						186,663
Residential mortgage:
Pass			151,323						463,800						506,856						83,231						47,554						453,552						—						1,706,316
Special Mention			—						—						—						—						1,184						493						—						1,677
Substandard			—						270						—						—						82						11,169						—						11,521
Doubtful			—						—						—						—						—						—						—						—
Total residential mortgage			151,323						464,070						506,856						83,231						48,820						465,214						—						1,719,514
Home equity loans:
Pass			7,560						2,794						658						1,439						2,665						8,221						21,752						45,089
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						116						358						127						601
Doubtful			—						—						—						—						—						—						—						—
Total home equity loans			7,560						2,794						658						1,439						2,781						8,579						21,879						45,690
Other consumer loans
Pass			232						287						171						457						335						1,041						41						2,564
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						84						84
Other consumer loans			232						287						171						457						335						1,041						125						2,648
Total loans			$	874,145					$	1,719,449					$	994,279					$	362,420					$	381,213					$	1,570,254					$	99,347					$	6,001,107

The following table presents the risk category of loans as of June 30, 2022 by loan segment and vintage year:

			Term Loans by Origination Year for Fiscal Years ended June 30,
			2022						2021						2020						2019						2018						Prior						Revolving Loans						Total
			(In Thousands)
Multi-family mortgage:
Pass			$	963,263					$	250,385					$	211,101					$	264,174					$	248,058					$	438,642					$	—					$	2,375,623
Special Mention			—						—						—						—						—						6,814						—						6,814
Substandard			—						—						—						9,821						5,935						10,897						—						26,653
Doubtful			—						—						—						—						—						—						—						—
Total multi-family mortgage			963,263						250,385						211,101						273,995						253,993						456,353						—						2,409,090
Nonresidential mortgage:
Pass			231,777						87,309						53,983						60,714						49,285						491,849						6,052						980,969
Special Mention			—						—						—						—						—						591						—						591
Substandard			—						720						—						933						4,026						32,599						—						38,278
Doubtful			—						—						—						—						—						—						—						—
Total nonresidential mortgage			231,777						88,029						53,983						61,647						53,311						525,039						6,052						1,019,838
Commercial business:
Pass			46,888						38,791						12,155						3,581						4,861						6,455						58,662						171,393
Special Mention			—						—						62						186						2,173						873						215						3,509
Substandard			—						38						319						—						1,347						61						58						1,823
Doubtful			—						—						—						—						—						80						2						82
Total commercial business			46,888						38,829						12,536						3,767						8,381						7,469						58,937						176,807
Construction loans:
Pass			16,407						95,526						10,337						3,039						6,509						1,017						5,735						138,570
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						1,561						—						1,561
Doubtful			—						—						—						—						—						—						—						—
Total construction loans			16,407						95,526						10,337						3,039						6,509						2,578						5,735						140,131
Residential mortgage:
Pass			472,160						524,163						88,645						49,316						55,139						442,517						374						1,632,314
Special Mention			—						—						—						1,205						—						621						—						1,826
Substandard			—						—						—						83						—						11,593						—						11,676
Doubtful			—						—						—						—						—						—						—						—
Total residential mortgage			472,160						524,163						88,645						50,604						55,139						454,731						374						1,645,816
Home equity loans:
Pass			3,197						692						1,681						3,117						2,027						7,321						22,334						40,369
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						120						—						1,539						—						1,659
Doubtful			—						—						—						—						—						—						—						—
Total home equity loans			3,197						692						1,681						3,237						2,027						8,860						22,334						42,028
Other consumer loans
Pass			442						308						471						375						258						895						34						2,783
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						83						83
Other consumer loans			442						308						471						375						258						895						117						2,866
Total loans			$	1,734,134					$	997,932					$	378,754					$	396,664					$	379,618					$	1,455,925					$	93,549					$	5,436,576

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