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v3.23.3

SECURITIES (Tables) | 3 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Securities Reconciliation | 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:
| September 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 | $ | 132,267 |  |  | $ | 100 |  |  | $ | 1,791 |  |  | $ | — |  |  | $ | 130,576 |
Collateralized loan obligations | 414,307 |  |  | 1,025 |  |  | 2,635 |  |  | — |  |  | 412,697 |
Corporate bonds | 159,614 |  |  | — |  |  | 23,936 |  |  | — |  |  | 135,678 |
Total debt securities | 706,188 |  |  | 1,125 |  |  | 28,362 |  |  | — |  |  | 678,951 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential pass-through securities (1) | 530,179 |  |  | — |  |  | 129,961 |  |  | — |  |  | 400,218 |
Commercial pass-through securities (1) | 163,906 |  |  | — |  |  | 27,442 |  |  | — |  |  | 136,464 |
Total mortgage-backed securities | 694,085 |  |  | — |  |  | 157,403 |  |  | — |  |  | 536,682 |
Total securities available for sale | $ | 1,400,273 |  |  | $ | 1,125 |  |  | $ | 185,765 |  |  | $ | — |  |  | $ | 1,215,633 |
___________________________ (1)Government-sponsored enterprises.
| 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.
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities |
| September 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 | $ | 15,195 |  |  | $ | — |  |  | $ | 579 |  |  | $ | — |  |  | $ | 14,616 |
Total debt securities | 15,195 |  |  | — |  |  | 579 |  |  | — |  |  | 14,616 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential pass-through securities (1) | 116,295 |  |  | — |  |  | 17,534 |  |  | — |  |  | 98,761 |
Commercial pass-through securities (1) | 12,240 |  |  | — |  |  | 2,589 |  |  | — |  |  | 9,651 |
Total mortgage-backed securities | 128,535 |  |  | — |  |  | 20,123 |  |  | — |  |  | 108,412 |
Total securities held to maturity | $ | 143,730 |  |  | $ | — |  |  | $ | 20,702 |  |  | $ | — |  |  | $ | 123,028 |
___________________________ (1)Government-sponsored enterprises.
| 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.
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 September 30, 2023:
| September 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 |  |  | 20,940 |
Due after five years through ten years | 422,172 |  |  | 400,524 |
Due after ten years | 262,151 |  |  | 257,487 |
Total | $ | 706,188 |  |  | $ | 678,951 |
| September 30, 2023
| Amortized Cost |  | Fair Value
| (In Thousands)
Held to maturity debt securities: |  |  |
Due in one year or less | $ | 3,585 |  |  | $ | 3,538 |
Due after one year through five years | 11,000 |  |  | 10,517 |
Due after five years through ten years | 610 |  |  | 561 |
Due after ten years | — |  |  | — |
Total | $ | 15,195 |  |  | $ | 14,616 |
Schedule of Available for Sale Securities Pledged | The carrying value of securities pledged were as follows as of the dates presented below:
| September 30, 2023 |  | June 30, 2023
| (In Thousands)
Securities pledged: |  |  |
Pledged to secure public funds on deposit | $ | 189,608 |  |  | $ | 201,239 |
Pledged for potential borrowings at the Federal Reserve Bank of New York | 558,467 |  |  | 529,216 |
Total carrying value of securities pledged | $ | 748,075 |  |  | $ | 730,455 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 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 September 30, 2023 and June 30, 2023:
| September 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 | $ | 20,580 |  |  | $ | 139 |  |  | $ | 94,790 |  |  | $ | 1,652 |  |  | 14 |  | $ | 115,370 |  |  | $ | 1,791 |
Collateralized loan obligations | — |  |  | — |  |  | 288,961 |  |  | 2,635 |  |  | 24 |  | 288,961 |  |  | 2,635 |
Corporate bonds | 6,857 |  |  | 8 |  |  | 128,821 |  |  | 23,928 |  |  | 31 |  | 135,678 |  |  | 23,936 |
Commercial pass-through securities | 61,446 |  |  | 3,389 |  |  | 75,018 |  |  | 24,053 |  |  | 12 |  | 136,464 |  |  | 27,442 |
Residential pass-through securities | 1,315 |  |  | 56 |  |  | 398,903 |  |  | 129,905 |  |  | 110 |  | 400,218 |  |  | 129,961 |
Total | $ | 90,198 |  |  | $ | 3,592 |  |  | $ | 986,493 |  |  | $ | 182,173 |  |  | 191 |  | $ | 1,076,691 |  |  | $ | 185,765 |
| 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 |
Schedule of Unrealized Loss on Investments | 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 September 30, 2023 and June 30, 2023:
| September 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 | $ | 4,439 |  |  | $ | 171 |  |  | $ | 10,177 |  |  | $ | 408 |  |  | 29 |  | $ | 14,616 |  |  | $ | 579 |
Commercial pass-through securities | — |  |  | — |  |  | 9,651 |  |  | 2,589 |  |  | 1 |  | 9,651 |  |  | 2,589 |
Residential pass-through securities | 36,670 |  |  | 1,096 |  |  | 62,091 |  |  | 16,438 |  |  | 9 |  | 98,761 |  |  | 17,534 |
Total | $ | 41,109 |  |  | $ | 1,267 |  |  | $ | 81,919 |  |  | $ | 19,435 |  |  | 39 |  | $ | 123,028 |  |  | $ | 20,702 |
| 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 |

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