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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Sep. 30, 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 September 30, 2024 and June 30, 2024:

September 30, 2024

Asset Derivatives

Liability Derivatives

Location

Fair Value

Location

Fair Value

(In Thousands)

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

23,331

Other liabilities

$

9,136

Total

$

23,331

$

9,136

June 30, 2024

Asset Derivatives

Liability Derivatives

Location

Fair Value

Location

Fair Value

(In Thousands)

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

54,362

Other liabilities

$

—

Total

$

54,362

$

—

As of September 30, 2024 and June 30, 2024, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:

			September 30, 2024						June 30, 2024
			(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)			$	729,335					$	715,680
Fair value hedging adjustment included in the carrying amount of the hedged assets			$	4,335					$	(9,320)

___________________________________

(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 September 30, 2024 and June 30, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.16 billion and $1.29 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 months ended September 30, 2024 and 2023:

			Three Months Ended September 30,
			2024						2023
			(In Thousands)
Amount of (loss) gain recognized in other comprehensive income			$	(17,538)					$	14,109
Amount of gain reclassified from accumulated other comprehensive income to interest expense			$	8,693					$	9,471

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 months ended September 30, 2024 and September 30, 2023:

			Three Months Ended September 30,
			2024						2023
			(In Thousands)
Gain (loss) on hedged items recorded in interest income on loans			$	13,655					$	(4,120)
(Loss) gain on hedges recorded in interest income on loans			$	(10,798)					$	6,650

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 September 30, 2024 and June 30, 2024, 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.

			September 30, 2024
																					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			$	27,191					$	(3,860)					$	23,331					$	—					$	—					$	23,331
Total			$	27,191					$	(3,860)					$	23,331					$	—					$	—					$	23,331
Liabilities:
Interest rate contracts			$	12,996					$	(3,860)					$	9,136					$	—					$	(8,060)					$	1,076
Total			$	12,996					$	(3,860)					$	9,136					$	—					$	(8,060)					$	1,076

			June 30, 2024
																					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			$	54,423					$	(61)					$	54,362					$	—					$	—					$	54,362
Total			$	54,423					$	(61)					$	54,362					$	—					$	—					$	54,362
Liabilities:
Interest rate contracts			$	61					$	(61)					$	—					$	—					$	—					$	—
Total			$	61					$	(61)					$	—					$	—					$	—					$	—

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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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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