ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Sep. 30, 2024

Allowance for Credit Losses on Loans Receivable

The following tables present the balance of the allowance for credit losses at September 30, 2024 and June 30, 2024. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.


	Allowance for Credit Losses September 30, 2024
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	—	$	24,368	$	24,368
Nonresidential mortgage	—		28		493		6,392		6,913
Commercial business	—		7		124		1,574		1,705
Construction	—		13		—		1,490		1,503
One- to four-family residential mortgage	57		73		81		9,774		9,985
Home equity loans	—		—		—		357		357
Other consumer	—		—		—		92		92
Total loans	$	57	$	121	$	698	$	44,047	$	44,923


	Balance of Loans Receivable September 30, 2024
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	21,980	$	2,624,207	$	2,646,187
Nonresidential mortgage	613		1,741		8,545		939,872		950,771
Commercial business	—		2,811		579		142,594		145,984
Construction	—		5,735		—		221,592		227,327
One- to four-family residential mortgage	1,519		3,119		6,571		1,757,021		1,768,230
Home equity loans	23		—		19		44,699		44,741
Other consumer	—		—		—		2,965		2,965
Total loans	$	2,155	$	13,406	$	37,694	$	5,732,950	$	5,786,205
Unaccreted yield adjustments									(1,959)
Loans receivable, net of yield adjustments									$	5,784,246


	Allowance for Credit Losses June 30, 2024
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	—	$	24,125	$	24,125
Nonresidential mortgage	—		31		517		5,577		6,125
Commercial business	—		6		228		1,339		1,573
Construction	—		—		—		1,230		1,230
One- to four-family residential mortgage	9		95		108		11,249		11,461
Home equity loans	—		—		—		349		349
Other consumer	—		—		—		76		76
Total loans	$	9	$	132	$	853	$	43,945	$	44,939


	Balance of Loans Receivable June 30, 2024
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	22,591	$	2,623,260	$	2,645,851
Nonresidential mortgage	284		2,145		9,539		936,107		948,075
Commercial business	—		2,794		714		139,239		142,747
Construction	—		5,735		—		203,502		209,237
One- to four-family residential mortgage	1,276		3,431		5,429		1,745,915		1,756,051
Home equity loans	24		—		20		44,060		44,104
Other consumer	—		—		—		2,685		2,685
Total loans	$	1,584	$	14,105	$	38,293	$	5,694,768	$	5,748,750
Unaccreted yield adjustments									(15,963)
Loans receivable, net of yield adjustments									$	5,732,787

The following tables present the activity in the allowance for credit losses on loans for the three months ended September 30, 2024 and 2023.


	Changes in the Allowance for Credit Losses Three Months Ended September 30, 2024
	Balance at June 30, 2024		Charge-offs		Recoveries		Provision for (reversal of) credit losses		Balance at September 30, 2024
	(In Thousands)
Multi-family mortgage	$	24,125	$	—	$	—	$	243	$	24,368
Nonresidential mortgage	6,125		—		—		788		6,913
Commercial business	1,573		(127)		5		254		1,705
Construction	1,230		—		—		273		1,503
One- to four-family residential mortgage	11,461		(2)		—		(1,474)		9,985
Home equity loans	349		—		—		8		357
Other consumer	76		—		—		16		92
Total loans	$	44,939	$	(129)	$	5	$	108	$	44,923


	Changes in the Allowance for Credit Losses Three Months Ended September 30, 2023
	Balance at June 30, 2023		Charge-offs		Recoveries		Provision for (reversal of) credit losses		Balance at September 30, 2023
	(In Thousands)
Multi-family mortgage	$	26,362	$	—	$	—	$	(772)	$	25,590
Nonresidential mortgage	8,953		(2,033)		109		408		7,437
Commercial business	1,440		(189)		6		156		1,413
Construction	1,336		—		—		(19)		1,317
One- to four-family residential mortgage	10,237		—		—		466		10,703
Home equity loans	338		—		—		4		342
Other consumer	68		—		—		2		70
Total loans	$	48,734	$	(2,222)	$	115	$	245	$	46,872

Allowance for Credit Losses on Off Balance Sheet Commitments

The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months ended September 30, 2024 and 2023:


	Three Months Ended September 30,
	2024		2023
	(In Thousands)
Balance at beginning of the period	$	796	$	741
Provision for (reversal of) credit losses	273		(74)
Balance at end of the period	$	1,069	$	667