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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Jun. 30, 2024
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, 2024 and 2023:
| June 30, 2024
| Asset Derivatives |  | Liability Derivatives
| Location |  | Fair Value |  | Location |  | Fair Value
| (In Thousands)
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts | Other assets |  | $ | 54,362 |  |  | Other liabilities |  | $ | — |
Total |  |  | $ | 54,362 |  |  |  |  | $ | — |
| June 30, 2023
| Asset Derivatives |  | Liability Derivatives
| Location |  | Fair Value |  | Location |  | Fair Value
| (In Thousands)
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts | Other assets |  | $ | 71,624 |  |  | Other liabilities |  | $ | — |
Total |  |  | $ | 71,624 |  |  |  |  | $ | — |
As of June 30, 2024 and 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:
| June 30, 2024 |  | June 30, 2023
Loans receivable: | (In Thousands)
Carrying amount of the hedged assets | $ | 715,680 |  |  | $ | 663,563 |
Fair value hedging adjustment included in the carrying amount of the hedged assets | $ | (9,320) |  |  | $ | (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, 2024 and June 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.29 billion and $1.10 billion, respectively.
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, 2024, 2023 and 2022:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
| (In Thousands)
Amount of gain recognized in other comprehensive income | $ | 20,197 |  |  | $ | 39,002 |  |  | $ | 35,844 |
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense | $ | 37,186 |  |  | $ | 20,393 |  |  | $ | (4,273) |
Amount of loss reclassified from accumulated other comprehensive income to interest income | $ | (248) |  |  | $ | — |  |  | $ | — |
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 years ended June 30, 2024 and 2023:
| Year Ended June 30,
| 2024 |  | 2023 |  |
| (In Thousands)
Gain (loss) on hedged items recorded in interest income on loans | $ | 2,117 |  |  | $ | (11,437) |  |  |
Gain on hedges recorded in interest income on loans | $ | 8,684 |  |  | $ | 14,563 |  |  |
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, 2024 and 2023, 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, 2024
|  |  |  |  |  |  | Gross Amounts Not Offset |  |
| Gross Amount Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Financial Instruments |  | Cash Collateral Received (Posted) |  | Net Amount
| (In Thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 54,423 |  |  | $ | (61) |  |  | $ | 54,362 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,362 |
Total | $ | 54,423 |  |  | $ | (61) |  |  | $ | 54,362 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,362 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 61 |  |  | $ | (61) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total | $ | 61 |  |  | $ | (61) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| June 30, 2023
|  |  |  |  |  |  | Gross Amounts Not Offset |  |
| Gross Amount Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Financial Instruments |  | Cash 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) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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