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Allowance for Credit Losses | 12 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Allowance for Credit Losses | Allowance for Credit Losses Allowance for Credit Losses on Loans Receivable The following tables present the balance of the allowance for credit losses (“ACL”) at June 30, 2024 and 2023. The balance of the ACL is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.
| Allowance for Credit Losses June 30, 2024
| Loans acquired with deteriorated credit quality individually analyzed |  | Loans acquired with deteriorated credit quality collectively evaluated |  | Loans individually analyzed |  | Loans collectively evaluated |  | Total allowance for credit losses
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24,125 |  |  | $ | 24,125 |
Nonresidential mortgage | — |  |  | 31 |  |  | 517 |  |  | 5,577 |  |  | 6,125 |
Commercial business | — |  |  | 6 |  |  | 228 |  |  | 1,339 |  |  | 1,573 |
Construction | — |  |  | — |  |  | — |  |  | 1,230 |  |  | 1,230 |
One- to four-family residential mortgage | 9 |  |  | 95 |  |  | 108 |  |  | 11,249 |  |  | 11,461 |
Home equity loans | — |  |  | — |  |  | — |  |  | 349 |  |  | 349 |
Other consumer | — |  |  | — |  |  | — |  |  | 76 |  |  | 76 |
Total loans | $ | 9 |  |  | $ | 132 |  |  | $ | 853 |  |  | $ | 43,945 |  |  | $ | 44,939 |
| Balance of Loans Receivable June 30, 2024
| Loans acquired with deteriorated credit quality individually analyzed |  | Loans acquired with deteriorated credit quality collectively evaluated |  | Loans individually analyzed |  | Loans collectively evaluated |  | Total loans
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | — |  |  | $ | 22,591 |  |  | $ | 2,623,260 |  |  | $ | 2,645,851 |
Nonresidential mortgage | 284 |  |  | 2,145 |  |  | 9,539 |  |  | 936,107 |  |  | 948,075 |
Commercial business | — |  |  | 2,794 |  |  | 714 |  |  | 139,239 |  |  | 142,747 |
Construction | — |  |  | 5,735 |  |  | — |  |  | 203,502 |  |  | 209,237 |
One- to four-family residential mortgage | 1,276 |  |  | 3,431 |  |  | 5,429 |  |  | 1,745,915 |  |  | 1,756,051 |
Home equity loans | 24 |  |  | — |  |  | 20 |  |  | 44,060 |  |  | 44,104 |
Other consumer | — |  |  | — |  |  | — |  |  | 2,685 |  |  | 2,685 |
Total loans | $ | 1,584 |  |  | $ | 14,105 |  |  | $ | 38,293 |  |  | $ | 5,694,768 |  |  | $ | 5,748,750 |
Unaccreted yield adjustments |  |  |  |  |  |  |  |  | (15,963) |
Loans receivable, net of yield adjustments |  |  |  |  |  |  |  |  | $ | 5,732,787 |
| Allowance for Credit Losses June 30, 2023
| Loans acquired with deteriorated credit quality individually analyzed |  | Loans acquired with deteriorated credit quality collectively evaluated |  | Loans individually analyzed |  | Loans collectively evaluated |  | Total allowance for credit losses
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | — |  |  | $ | 326 |  |  | $ | 26,036 |  |  | $ | 26,362 |
Nonresidential mortgage | — |  |  | 70 |  |  | 3,001 |  |  | 5,882 |  |  | 8,953 |
Commercial business | — |  |  | 9 |  |  | 20 |  |  | 1,411 |  |  | 1,440 |
Construction | — |  |  | — |  |  | — |  |  | 1,336 |  |  | 1,336 |
One- to four-family residential mortgage | 3 |  |  | 132 |  |  | 70 |  |  | 10,032 |  |  | 10,237 |
Home equity loans | — |  |  | — |  |  | — |  |  | 338 |  |  | 338 |
Other consumer | — |  |  | — |  |  | — |  |  | 68 |  |  | 68 |
Total loans | $ | 3 |  |  | $ | 211 |  |  | $ | 3,417 |  |  | $ | 45,103 |  |  | $ | 48,734 |
| Balance of Loans Receivable June 30, 2023
| Loans acquired with deteriorated credit quality individually analyzed |  | Loans acquired with deteriorated credit quality collectively evaluated |  | Loans individually analyzed |  | Loans collectively evaluated |  | Total loans
| (In Thousands)
Multi-family mortgage | $ | — |  |  | $ | — |  |  | $ | 19,114 |  |  | $ | 2,742,661 |  |  | $ | 2,761,775 |
Nonresidential mortgage | 333 |  |  | 3,562 |  |  | 16,207 |  |  | 948,472 |  |  | 968,574 |
Commercial business | — |  |  | 4,237 |  |  | 252 |  |  | 142,372 |  |  | 146,861 |
Construction | — |  |  | 5,735 |  |  | — |  |  | 220,874 |  |  | 226,609 |
One- to four-family residential mortgage | 570 |  |  | 4,433 |  |  | 6,101 |  |  | 1,689,455 |  |  | 1,700,559 |
Home equity loans | 25 |  |  | — |  |  | 25 |  |  | 43,499 |  |  | 43,549 |
Other consumer | — |  |  | — |  |  | — |  |  | 2,549 |  |  | 2,549 |
Total loans | $ | 928 |  |  | $ | 17,967 |  |  | $ | 41,699 |  |  | $ | 5,789,882 |  |  | $ | 5,850,476 |
Unaccreted yield adjustments |  |  |  |  |  |  |  |  | (21,055) |
Loans receivable, net of yield adjustments |  |  |  |  |  |  |  |  | $ | 5,829,421 |
The following tables present the activity in the ACL on loans for the years ended June 30, 2024, 2023 and 2022:
| Changes in the Allowance for Credit Losses Year Ended June 30, 2024
| Balance at June 30, 2023 |  | Charge-offs |  | Recoveries |  | Provision for (reversal of) credit losses |  | Balance at June 30, 2024
| (In Thousands)
Multi-family mortgage | $ | 26,362 |  |  | $ | (398) |  |  | $ | — |  |  | $ | (1,839) |  |  | $ | 24,125 |
Nonresidential mortgage | 8,953 |  |  | (5,975) |  |  | 120 |  |  | 3,027 |  |  | 6,125 |
Commercial business | 1,440 |  |  | (3,866) |  |  | 22 |  |  | 3,977 |  |  | 1,573 |
Construction | 1,336 |  |  | — |  |  | — |  |  | (106) |  |  | 1,230 |
One- to four-family residential mortgage | 10,237 |  |  | (37) |  |  | 113 |  |  | 1,148 |  |  | 11,461 |
Home equity loans | 338 |  |  | — |  |  | — |  |  | 11 |  |  | 349 |
Other consumer | 68 |  |  | — |  |  | — |  |  | 8 |  |  | 76 |
Total loans | $ | 48,734 |  |  | $ | (10,276) |  |  | $ | 255 |  |  | $ | 6,226 |  |  | $ | 44,939 |
| Changes in the Allowance for Credit Losses Year Ended June 30, 2023
| Balance at June 30, 2022 |  | Charge-offs |  | Recoveries |  | (Reversal of) provision for credit losses |  | Balance at June 30, 2023
| (In Thousands)
Multi-family mortgage | $ | 25,321 |  |  | $ | (493) |  |  | $ | — |  |  | $ | 1,534 |  |  | $ | 26,362 |
Nonresidential mortgage | 10,590 |  |  | (39) |  |  | — |  |  | (1,598) |  |  | 8,953 |
Commercial business | 1,792 |  |  | (364) |  |  | 29 |  |  | (17) |  |  | 1,440 |
Construction | 1,486 |  |  | — |  |  | — |  |  | (150) |  |  | 1,336 |
One- to four-family residential mortgage | 7,540 |  |  | — |  |  | 2 |  |  | 2,695 |  |  | 10,237 |
Home equity loans | 245 |  |  | — |  |  | — |  |  | 93 |  |  | 338 |
Other consumer | 84 |  |  | — |  |  | 55 |  |  | (71) |  |  | 68 |
Total loans | $ | 47,058 |  |  | $ | (896) |  |  | $ | 86 |  |  | $ | 2,486 |  |  | $ | 48,734 |
| Changes in the Allowance for Loan Losses Year Ended June 30, 2022
| Balance at June 30, 2021 (prior to adoption of ASC 326): |  | Impact of adopting Topic 326 |  | Charge-offs |  | Recoveries |  | Initial allowance on PCD loans |  | (Reversal of) provision for credit losses |  | Balance at June 30, 2022
| (In Thousands)
Multi-family mortgage | $ | 28,450 |  |  | $ | — |  |  | $ | (1,896) |  |  | $ | — |  |  | $ | — |  |  | $ | (1,233) |  |  | $ | 25,321 |
Nonresidential mortgage | 16,243 |  |  | — |  |  | (2,646) |  |  | 812 |  |  | — |  |  | (3,819) |  |  | 10,590 |
Commercial business | 2,086 |  |  | — |  |  | (193) |  |  | 160 |  |  | — |  |  | (261) |  |  | 1,792 |
Construction | 1,170 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 316 |  |  | 1,486 |
One- to four-family residential mortgage | 9,747 |  |  | — |  |  | — |  |  | 147 |  |  | — |  |  | (2,354) |  |  | 7,540 |
Home equity loans | 433 |  |  | — |  |  | — |  |  | 27 |  |  | — |  |  | (215) |  |  | 245 |
Other consumer | 36 |  |  | — |  |  | (2) |  |  | 2 |  |  | — |  |  | 48 |  |  | 84 |
Total loans | $ | 58,165 |  |  | $ | — |  |  | $ | (4,737) |  |  | $ | 1,148 |  |  | $ | — |  |  | $ | (7,518) |  |  | $ | 47,058 |
Allowance for Credit Losses on Off Balance Sheet Commitments The following table presents the activity in the ACL on off balance sheet commitments recorded in other non-interest expense for the years ended June 30, 2024, 2023 and 2022:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
| (In Thousands)
Balance at beginning of the period | $ | 741 |  |  | $ | 1,041 |  |  | $ | 1,708 |
Provision for (reversal of) credit losses | 55 |  |  | (300) |  |  | (667) |
Balance at end of the period | $ | 796 |  |  | $ | 741 |  |  | $ | 1,041 |

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