Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The Company performed the annual quantitative goodwill impairment analyses in the fourth quarter of its fiscal year ended June 30, 2024. Based on the results of the impairment analyses, the Company concluded that the carrying value of its single reporting unit exceeded its respective fair value, resulting in the recognition of a non-cash, pre-tax goodwill impairment of $97.4 million for the fiscal year ended June 30, 2024. The fair value of the single reporting unit was estimated using the income approach and a market-based approaches, weighted 50% and 50%, respectively. The goodwill impairment was primarily due to the continued impact of higher interest rates and discount rates on the Company’s reporting unit, and a sustained decline in the banking industry share prices, including the Company’s. Based on the quantitative assessment performed, the Company concluded that the fair value of its single reporting unit was below its respective carrying amount as of the date on which the quantitative impairment test was conducted. The goodwill impairment has no impact on the Company’s liquidity, regulatory capital ratios.


	Goodwill		Core Deposit Intangibles
	(In Thousands)
Balance at June 30, 2021	$	210,895	$	3,705
Amortization	—		(685)
Balance at June 30, 2022	210,895		3,020
Amortization	—		(563)
Balance at June 30, 2023	210,895		2,457
Amortization	—		(526)
Impairment	(97,370)		—
Balance at June 30, 2024	$	113,525	$	1,931

As of June 30, 2023, there was no accumulated goodwill impairment. At June 30, 2024, accumulated goodwill impairment was $97.4 million.

Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows:


Year Ending June 30,	Core Deposit Intangible Amortization
	(In Thousands)
2025	$	495
2026	467
2027	441
2028	353
2029	122
Thereafter	53