XML 42 R31.htm IDEA: XBRL DOCUMENT v3.24.1.u1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Mar. 31, 2024
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 March 31, 2024 and June 30, 2023:
March 31, 2024
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$55,794 Other liabilities$— 
Total$55,794 $— 

June 30, 2023
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$71,624 Other liabilities$— 
Total$71,624 $— 
As of March 31, 2024 and June 30, 2023, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:
March 31,
2024		June 30,
2023
(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)
$665,640 $663,563 
Fair value hedging adjustment included in the carrying amount of the hedged assets$(9,360)$(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 March 31, 2024 and June 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.06 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 nine months ended March 31, 2024 and 2023:
Three Months Ended
March 31,		Nine Months Ended
March 31,
2024202320242023
(In Thousands)
Amount of gain (loss) recognized in other comprehensive income$18,798 $(8,936)$13,920 $11,051 
Amount of gain reclassified from accumulated other comprehensive income to interest expense$9,461 $6,461 $28,295 $12,185 
Derivative Instruments, Gain (Loss)
The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three and nine months ended March 31, 2024 and March 31, 2023:
Three Months Ended
March 31,		Nine Months Ended
March 31,
2024202320242023
(In Thousands)
(Loss) gain on hedged items recorded in interest income on loans$(5,929)$5,681 $2,077 $653 
Gain (loss) on hedges recorded in interest income on loans$8,565 $(4,521)$5,832 $589 
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 March 31, 2024 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.
March 31, 2024
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts Offset Net Amounts PresentedFinancial InstrumentsCash Collateral Received (Posted)Net Amount
(In Thousands)
Assets:
Interest rate contracts$55,794 $— $55,794 $— $— $55,794 
Total$55,794 $— $55,794 $— $— $55,794 
June 30, 2023
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts Offset Net Amounts PresentedFinancial InstrumentsCash 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 $(794)$— $— $— $—