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SECURITIES

6 Months Ended

Dec. 31, 2023

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:

			December 31, 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			$	91,921					$	112					$	1,373					$	—					$	90,660
Collateralized loan obligations			425,155						1,109						2,131						—						424,133
Corporate bonds			150,930						—						18,658						—						132,272
Total debt securities			668,006						1,221						22,162						—						647,065
Mortgage-backed securities:
Residential pass-through securities (1)			442,608						18						83,115						—						359,511
Commercial pass-through securities (1)			158,018						—						20,419						—						137,599
Total mortgage-backed securities			600,626						18						103,534						—						497,110
Total securities available for sale			$	1,268,632					$	1,239					$	125,696					$	—					$	1,144,175

___________________________

(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.

			December 31, 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			$	14,885					$	1					$	155					$	—					$	14,731
Total debt securities			14,885						1						155						—						14,731
Mortgage-backed securities:
Residential pass-through securities (1)			114,843						2						11,939						—						102,906
Commercial pass-through securities (1)			12,231						—						1,991						—						10,240
Total mortgage-backed securities			127,074						2						13,930						—						113,146
Total securities held to maturity			$	141,959					$	3					$	14,085					$	—					$	127,877

___________________________

(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 December 31, 2023:

			December 31, 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			31,865						30,781
Due after five years through ten years			375,781						360,118
Due after ten years			260,361						256,166
Total			$	668,007					$	647,065

			December 31, 2023
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	5,608					$	5,572
Due after one year through five years			8,668						8,562
Due after five years through ten years			609						597
Due after ten years			—						—
Total			$	14,885					$	14,731

			Three Months Ended December 31,												Six Months Ended December 31,
			2023						2022						2023						2022
			(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities			$	104,083					$	105,199					$	104,083					$	105,199
Gross realized losses			$	(18,135)					$	(15,227)					$	(18,135)					$	(15,227)
Net loss on sales of securities			$	(18,135)					$	(15,227)					$	(18,135)					$	(15,227)

The carrying value of securities pledged were as follows as of the dates presented below:

			December 31, 2023						June 30, 2023
			(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit			$	196,002					$	201,239
Pledged for potential borrowings at the Federal Reserve Bank of New York			529,378						529,216
Total carrying value of securities pledged			$	725,380					$	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 December 31, 2023 and June 30, 2023:

			December 31, 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			$	19,393					$	316					$	56,879					$	1,057					10						$	76,272					$	1,373
Collateralized loan obligations			43,863						137						269,329						1,994						24						313,192						2,131
Corporate bonds			6,858						7						125,414						18,651						28						132,272						18,658
Commercial pass-through securities			63,475						1,316						74,124						19,103						9						137,599						20,419
Residential pass-through securities			650						2						358,159						83,113						100						358,809						83,115
Total			$	134,239					$	1,778					$	883,905					$	123,918					171						$	1,018,144					$	125,696

			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 December 31, 2023 and June 30, 2023:

			December 31, 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			$	4,120					$	23					$	9,847					$	132					27						$	13,967					$	155
Commercial pass-through securities			—						—						10,240						1,991						1						10,240						1,991
Residential pass-through securities			—						—						65,826						11,939						8						65,826						11,939
Total			$	4,120					$	23					$	85,913					$	14,062					36						$	90,033					$	14,085

			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 December 31, 2023. 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 December 31, 2023 on available for sale securities.

The sale of available for sale securities during the three months ended December 31, 2023 was part of an investment security repositioning. The sale proceeds were utilized for reinvestment into higher yielding loans and investment securities, and for repayment of higher-cost wholesale borrowings. The Company was not required to sell these securities.

At December 31, 2023, the held to maturity securities portfolio consists 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 December 31, 2023 on held to maturity securities.

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- Definition

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

+ References

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-Topic 320
-Name Accounting Standards Codification
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-Topic 820
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