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SECURITIES

3 Months Ended

Sep. 30, 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:

			September 30, 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			$	74,136					$	145					$	190					$	—					$	74,091
Collateralized loan obligations			376,041						2,317						25						—						378,333
Corporate bonds			150,872						101						17,999						—						132,974
Total debt securities			601,049						2,563						18,214						—						585,398
Mortgage-backed securities:
Residential pass-through securities (1)			421,377						20						73,546						—						347,851
Commercial pass-through securities (1)			155,169						745						18,352						—						137,562
Total mortgage-backed securities			576,546						765						91,898						—						485,413
Total securities available for sale			$	1,177,595					$	3,328					$	110,112					$	—					$	1,070,811

___________________________

(1)Government-sponsored enterprises.

			June 30, 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			$	80,305					$	217					$	82					$	—					$	80,440
Collateralized loan obligations			386,983						2,574						14						—						389,543
Corporate bonds			150,891						64						19,158						—						131,797
Total debt securities			618,179						2,855						19,254						—						601,780
Mortgage-backed securities:
Residential pass-through securities (1)			429,473						2						92,211						—						337,264
Commercial pass-through securities (1)			155,854						63						22,128						—						133,789
Total mortgage-backed securities			585,327						65						114,339						—						471,053
Total securities available for sale			$	1,203,506					$	2,920					$	133,593					$	—					$	1,072,833

___________________________

(1)Government-sponsored enterprises.

			September 30, 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			$	11,860					$	1					$	80					$	—					$	11,781
Total debt securities			11,860						1						80						—						11,781
Mortgage-backed securities:
Residential pass-through securities (1)			108,190						313						10,174						—						98,329
Commercial pass-through securities (1)			12,206						—						1,591						—						10,615
Total mortgage-backed securities			120,396						313						11,765						—						108,944
Total securities held to maturity			$	132,256					$	314					$	11,845					$	—					$	120,725

___________________________

(1)Government-sponsored enterprises.

			June 30, 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			$	12,913					$	—					$	277					$	—					$	12,636
Total debt securities			12,913						—						277						—						12,636
Mortgage-backed securities:
Residential pass-through securities (1)			110,614						—						14,134						—						96,480
Commercial pass-through securities (1)			12,215						—						2,053						—						10,162
Total mortgage-backed securities			122,829						—						16,187						—						106,642
Total securities held to maturity			$	135,742					$	—					$	16,464					$	—					$	119,278

___________________________

(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 September 30, 2024:

			September 30, 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			33,890						32,351
Due after five years through ten years			400,225						388,163
Due after ten years			166,934						164,884
Total			$	601,049					$	585,398

			September 30, 2024
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	5,581					$	5,569
Due after one year through five years			6,279						6,212
Due after five years through ten years			—						—
Due after ten years			—						—
Total			$	11,860					$	11,781

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

			September 30, 2024						June 30, 2024
			(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit			$	99,919					$	100,238
Pledged for potential borrowings at the Federal Reserve Bank of New York			781,017						482,044
Pledged for the bank term funding program			91,823						88,899
Total carrying value of securities pledged			$	972,759					$	671,181

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 September 30, 2024 and June 30, 2024:

			September 30, 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			$	21,842					$	77					$	24,131					$	113					9						$	45,973					$	190
Collateralized loan obligations			17,529						11						24,986						14						3						42,515						25
Corporate bonds			—						—						122,872						17,999						26						122,872						17,999
Commercial pass-through securities			—						—						113,939						18,352						7						113,939						18,352
Residential pass-through securities			36						1						346,258						73,545						96						346,294						73,546
Total			$	39,407					$	89					$	632,186					$	110,023					141						$	671,593					$	110,112

			June 30, 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			$	14,093					$	16					$	43,411					$	66					8						$	57,504					$	82
Collateralized loan obligations			3,863						—						24,986						14						4						28,849						14
Corporate bonds			—						—						121,733						19,158						26						121,733						19,158
Commercial pass-through securities			—						—						110,741						22,128						8						110,741						22,128
Residential pass-through securities			141						2						336,772						92,209						103						336,913						92,211
Total			$	18,097					$	18					$	637,643					$	133,575					149						$	655,740					$	133,593

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 September 30, 2024 and June 30, 2024:

			September 30, 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			$	—					$	—					$	9,431					$	80					17						$	9,431					$	80
Commercial pass-through securities			—						—						10,616						1,591						1						10,616						1,591
Residential pass-through securities			—						—						63,270						10,174						8						63,270						10,174
Total			$	—					$	—					$	83,317					$	11,845					26						$	83,317					$	11,845

			June 30, 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			$	449					$	14					$	11,886					$	263					23						$	12,335					$	277
Commercial pass-through securities			—						—						10,162						2,053						1						10,162						2,053
Residential pass-through securities			35,287						327						61,193						13,807						9						96,480						14,134
Total			$	35,736					$	341					$	83,241					$	16,123					33						$	118,977					$	16,464

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 September 30, 2024. The Company also monitors the credit quality of the issuers through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. 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 September 30, 2024 on available for sale securities.

At September 30, 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 September 30, 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/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6B
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-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

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