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SECURITIES

9 Months Ended

Mar. 31, 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:

			March 31, 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			$	86,707					$	193					$	540					$	—					$	86,360
Collateralized loan obligations			405,125						2,023						453						—						406,695
Corporate bonds			145,911						—						20,830						—						125,081
Total debt securities			637,743						2,216						21,823						—						618,136
Mortgage-backed securities:
Residential pass-through securities (1)			437,009						7						92,044						—						344,972
Commercial pass-through securities (1)			157,421						—						21,874						—						135,547
Total mortgage-backed securities			594,430						7						113,918						—						480,519
Total securities available for sale			$	1,232,173					$	2,223					$	135,741					$	—					$	1,098,655

___________________________

(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.

			March 31, 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			$	14,345					$	2					$	271					$	—					$	14,076
Total debt securities			14,345						2						271						—						14,076
Mortgage-backed securities:
Residential pass-through securities (1)			113,075						—						13,727						—						99,348
Commercial pass-through securities (1)			12,223						—						2,071						—						10,152
Total mortgage-backed securities			125,298						—						15,798						—						109,500
Total securities held to maturity			$	139,643					$	2					$	16,069					$	—					$	123,576

___________________________

(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 March 31, 2024:

			March 31, 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			31,865						29,942
Due after five years through ten years			379,427						363,512
Due after ten years			226,451						224,682
Total			$	637,743					$	618,136

			March 31, 2024
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	5,629					$	5,581
Due after one year through five years			8,108						7,908
Due after five years through ten years			608						587
Due after ten years			—						—
Total			$	14,345					$	14,076

			Three Months Ended March 31,												Nine Months Ended March 31,
			2024						2023						2024						2023
			(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities			$	—					$	—					$	104,083					$	105,199
Gross realized losses			$	—					$	—					$	(18,135)					$	(15,227)
Net loss on sales of securities			$	—					$	—					$	(18,135)					$	(15,227)

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

			March 31, 2024						June 30, 2023
			(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit			$	154,608					$	201,239
Pledged for potential borrowings at the Federal Reserve Bank of New York			507,101						529,216
Pledged for the bank term funding program			90,796						—
Total carrying value of securities pledged			$	752,505					$	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 March 31, 2024 and June 30, 2023:

			March 31, 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			$	17,864					$	378					$	55,186					$	162					10						$	73,050					$	540
Collateralized loan obligations			851						—						126,886						453						10						127,737						453
Corporate bonds			—						—						125,081						20,830						27						125,081						20,830
Commercial pass-through securities			46,890						1,217						88,656						20,657						9						135,546						21,874
Residential pass-through securities			56						1						344,458						92,043						102						344,514						92,044
Total			$	65,661					$	1,596					$	740,267					$	134,145					158						$	805,928					$	135,741

			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 March 31, 2024 and June 30, 2023:

			March 31, 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			$	458					$	6					$	13,317					$	265					26						$	13,775					$	271
Commercial pass-through securities			—						—						10,152						2,071						1						10,152						2,071
Residential pass-through securities			36,152						201						63,196						13,526						9						99,348						13,727
Total			$	36,610					$	207					$	86,665					$	15,862					36						$	123,275					$	16,069

			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 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 March 31, 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 March 31, 2024 on available for sale securities.

The sale of available for sale securities during the nine months ended March 31, 2024 was part of an investment security repositioning completed in December 2023. 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 March 31, 2024, 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 March 31, 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/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

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-Topic 320
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-Section 50
-Paragraph 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6B
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-K (SK)
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