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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Dec. 31, 2023

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 Statements of Financial Condition as of December 31, 2023 and June 30, 2023:

December 31, 2023

Asset Derivatives

Liability Derivatives

Location

Fair Value

Location

Fair Value

(In Thousands)

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

44,120

Other liabilities

$

3,448

Total

$

44,120

$

3,448

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 December 31, 2023 and June 30, 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:

			December 31, 2023						June 30, 2023
			(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)			$	671,569					$	663,563
Fair value hedging adjustment included in the carrying amount of the hedged assets			(3,431)						(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 December 31, 2023 and June 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.07 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 three and six months ended December 31, 2023 and 2022:

			Three Months Ended December 31,												Six Months Ended December 31,
			2023						2022						2023						2022
			(In Thousands)
Amount of (loss) gain recognized in other comprehensive income			$	(18,987)					$	(2,183)					$	(4,878)					$	19,987
Amount of gain reclassified from accumulated other comprehensive income to interest expense			9,363						4,104						18,834						5,724

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 three and six months ended December 31, 2023 and December 31, 2022:

			Three Months Ended December 31,												Six Months Ended December 31,
			2023						2022						2023						2022
			(In Thousands)
Gain (loss) on hedged items recorded in interest income on loans			$	12,126					$	(995)					$	8,006					$	(5,028)
(Loss) gain on hedge recorded in interest income on loans			(9,383)						1,183						(2,733)						5,110

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 Statements of Financial Condition as of December 31, 2023 and June 30, 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 Statements of Financial Condition.

			December 31, 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			$	46,190					$	(2,070)					$	44,120					$	—					$	—					$	44,120
Total			$	46,190					$	(2,070)					$	44,120					$	—					$	—					$	44,120
Liabilities:
Interest rate contracts			$	5,518					$	(2,070)					$	3,448					$	—					$	(2,650)					$	798
Total			$	5,518					$	(2,070)					$	3,448					$	—					$	(2,650)					$	798

			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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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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