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Securities

12 Months Ended

Jun. 30, 2024

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.

			June 30, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities			$	80,305					$	217					$	82					$	—					$	80,440
Collateralized loan obligations			386,983						2,574						14						—						389,543
Corporate bonds			150,891						64						19,158						—						131,797
Total debt securities			618,179						2,855						19,254						—						601,780
Mortgage-backed securities:
Residential pass-through securities (1)			429,473						2						92,211						—						337,264
Commercial pass-through securities (1)			155,854						63						22,128						—						133,789
Total mortgage-backed securities			585,327						65						114,339						—						471,053
Total securities available for sale			$	1,203,506					$	2,920					$	133,593					$	—					$	1,072,833

________________________________________

(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.

			June 30, 2024
			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			$	12,913					$	—					$	277					$	—					$	12,636
Total debt securities			12,913						—						277						—						12,636
Mortgage-backed securities:
Residential pass-through securities (1)			110,614						—						14,134						—						96,480
Commercial pass-through securities (1)			12,215						—						2,053						—						10,162
Total mortgage-backed securities			122,829						—						16,187						—						106,642
Total securities held to maturity			$	135,742					$	—					$	16,464					$	—					$	119,278

________________________________________

(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.

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 June 30, 2024:

			June 30, 2024
			Amortized Cost						Fair Value
			(In Thousands)
Available for sale debt securities:
Due in one year or less			$	—					$	—
Due after one year through five years			26,865						25,288
Due after five years through ten years			439,524						426,701
Due after ten years			151,790						149,791
Total			$	618,179					$	601,780

			June 30, 2024
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	5,579					$	5,543
Due after one year through five years			7,334						7,093
Due after five years through ten years			—						—
Due after ten years			—						—
Total			$	12,913					$	12,636

Sales of securities available for sale were as follows for the periods presented below:

			Year Ended June 30,
			2024						2023						2022
			(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities			$	104,083					$	105,199					$	100,336
Gross realized losses			$	(18,135)					$	(15,227)					$	(565)
Net loss on sales of securities			$	(18,135)					$	(15,227)					$	(565)

Gains resulting from calls of securities available for sale were as follows for the periods presented below:

			Year Ended June 30,
			2024						2023						2022
			(In Thousands)
Available for sale securities called:
Gross realized gains			$	—					$	—					$	6
Net gain on calls of securities			$	—					$	—					$	6

During the years ended June 30, 2024, 2023 and 2022, there were no gains or losses recorded on sales or calls of securities held to maturity.

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:

			June 30, 2024						June 30, 2023
			(In Thousands)
Securities pledged:
Pledged for borrowings at the FHLB of New York			$	—					$	—
Pledged to secure public funds on deposit			100,238						201,239
Pledged for potential borrowings at the Federal Reserve Bank of New York			482,044						529,216
Pledged for the bank term funding program			88,899						—
Total carrying value of securities pledged			$	671,181					$	730,455

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 June 30, 2024 and 2023:

			June 30, 2024
			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			$	14,093					$	16					$	43,411					$	66					8						$	57,504					$	82
Collateralized loan obligations			3,863						—						24,986						14						4						28,849						14
Corporate bonds			—						—						121,733						19,158						26						121,733						19,158
Commercial pass-through securities			—						—						110,741						22,128						8						110,741						22,128
Residential pass-through securities			141						2						336,772						92,209						103						336,913						92,211
Total			$	18,097					$	18					$	637,643					$	133,575					149						$	655,740					$	133,593

			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

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 June 30, 2024 and 2023:

			June 30, 2024
			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			$	449					$	14					$	11,886					$	263					23						$	12,335					$	277
Commercial pass-through securities			—						—						10,162						2,053						1						10,162						2,053
Residential pass-through securities			35,287						327						61,193						13,807						9						96,480						14,134
Total			$	35,736					$	341					$	83,241					$	16,123					33						$	118,977					$	16,464

			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

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 (Loss) 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 June 30, 2024. 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 June 30, 2024 on available for sale securities.

The sales of available for sale securities during the years ended June 30, 2024 and June 30, 2023, were part of wholesale restructurings and the proceeds were reinvested in higher yielding securities. The Company was not required to sell these securities.

At June 30, 2024, the held to maturity securities portfolio consisted 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 June 30, 2024 on held to maturity securities.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/942-320/tableOfContent

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