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ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses on Loans Receivable The following tables present the balance of the allowance for credit losses at December 31, 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 December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | 24,851 |  |  | $ | 24,880 |
Nonresidential mortgage | — |  |  | 26 |  |  | 6 |  |  | 6,447 |  |  | 6,479 |
Commercial business | — |  |  | 85 |  |  | 54 |  |  | 1,424 |  |  | 1,563 |
Construction | — |  |  | 4 |  |  | — |  |  | 1,153 |  |  | 1,157 |
One- to four-family residential mortgage | 14 |  |  | 69 |  |  | 34 |  |  | 9,738 |  |  | 9,855 |
Home equity loans | — |  |  | — |  |  | 37 |  |  | 384 |  |  | 421 |
Other consumer | — |  |  | — |  |  | — |  |  | 102 |  |  | 102 |
Total loans | $ | 14 |  |  | $ | 184 |  |  | $ | 160 |  |  | $ | 44,099 |  |  | $ | 44,457 |
| Balance of Loans Receivable December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 25,214 |  |  | $ | 2,697,409 |  |  | $ | 2,722,623 |
Nonresidential mortgage | 603 |  |  | 1,679 |  |  | 5,924 |  |  | 941,988 |  |  | 950,194 |
Commercial business | — |  |  | 3,136 |  |  | 498 |  |  | 132,106 |  |  | 135,740 |
Construction | — |  |  | 5,735 |  |  | — |  |  | 170,969 |  |  | 176,704 |
One- to four-family residential mortgage | 1,204 |  |  | 3,078 |  |  | 4,136 |  |  | 1,756,742 |  |  | 1,765,160 |
Home equity loans | 23 |  |  | — |  |  | 95 |  |  | 46,983 |  |  | 47,101 |
Other consumer | — |  |  | — |  |  | — |  |  | 2,778 |  |  | 2,778 |
Total loans | $ | 1,830 |  |  | $ | 13,628 |  |  | $ | 35,867 |  |  | $ | 5,748,975 |  |  | $ | 5,800,300 |
Unaccreted yield adjustments |  |  |  |  |  |  |  |  | (8,542) |
Loans receivable, net of yield adjustments |  |  |  |  |  |  |  |  | $ | 5,791,758 |
| 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 and six months ended December 31, 2024 and 2023.
| Changes in the Allowance for Credit Losses Three Months Ended December 31, 2024
| Balance at September 30, 2024 |  | Charge-offs |  | Recoveries |  | Provision for (reversal of) credit losses |  | Balance at December 31, 2024
| (In Thousands)
Multi-family mortgage | $ | 24,368 |  |  | $ | — |  |  | $ | — |  |  | $ | 512 |  |  | $ | 24,880 |
Nonresidential mortgage | 6,913 |  |  | (498) |  |  | — |  |  | 64 |  |  | 6,479 |
Commercial business | 1,705 |  |  | (75) |  |  | 5 |  |  | (72) |  |  | 1,563 |
Construction | 1,503 |  |  | — |  |  | — |  |  | (346) |  |  | 1,157 |
One- to four-family residential mortgage | 9,985 |  |  | — |  |  | 2 |  |  | (132) |  |  | 9,855 |
Home equity loans | 357 |  |  | (2) |  |  | — |  |  | 66 |  |  | 421 |
Other consumer | 92 |  |  | (5) |  |  | — |  |  | 15 |  |  | 102 |
Total loans | $ | 44,923 |  |  | $ | (580) |  |  | $ | 7 |  |  | $ | 107 |  |  | $ | 44,457 |
| Changes in the Allowance for Credit Losses Six Months Ended December 31, 2024
| Balance at June 30, 2024 |  | Charge-offs |  | Recoveries |  | Provision for (reversal of) credit losses |  | Balance at December 31, 2024
| (In Thousands)
Multi-family mortgage | $ | 24,125 |  |  | $ | — |  |  | $ | — |  |  | $ | 755 |  |  | $ | 24,880 |
Nonresidential mortgage | 6,125 |  |  | (498) |  |  | — |  |  | 852 |  |  | 6,479 |
Commercial business | 1,573 |  |  | (202) |  |  | 10 |  |  | 182 |  |  | 1,563 |
Construction | 1,230 |  |  | — |  |  | — |  |  | (73) |  |  | 1,157 |
One- to four-family residential mortgage | 11,461 |  |  | (2) |  |  | 2 |  |  | (1,606) |  |  | 9,855 |
Home equity loans | 349 |  |  | (2) |  |  | — |  |  | 74 |  |  | 421 |
Other consumer | 76 |  |  | (5) |  |  | — |  |  | 31 |  |  | 102 |
Total loans | $ | 44,939 |  |  | $ | (709) |  |  | $ | 12 |  |  | $ | 215 |  |  | $ | 44,457 |
| Changes in the Allowance for Credit Losses Three Months Ended December 31, 2023
| Balance at September 30, 2023 |  | Charge-offs |  | Recoveries |  | Provision for (reversal of) credit losses |  | Balance at December 31, 2023
| (In Thousands)
Multi-family mortgage | $ | 25,590 |  |  | $ | (354) |  |  | $ | — |  |  | $ | (774) |  |  | $ | 24,462 |
Nonresidential mortgage | 7,437 |  |  | (3,689) |  |  | 11 |  |  | 2,129 |  |  | 5,888 |
Commercial business | 1,413 |  |  | (158) |  |  | 4 |  |  | 34 |  |  | 1,293 |
Construction | 1,317 |  |  | — |  |  | — |  |  | (146) |  |  | 1,171 |
One- to four-family residential mortgage | 10,703 |  |  | (37) |  |  | 113 |  |  | 874 |  |  | 11,653 |
Home equity loans | 342 |  |  | — |  |  | — |  |  | (12) |  |  | 330 |
Other consumer | 70 |  |  | — |  |  | — |  |  | — |  |  | 70 |
Total loans | $ | 46,872 |  |  | $ | (4,238) |  |  | $ | 128 |  |  | $ | 2,105 |  |  | $ | 44,867 |
| Changes in the Allowance for Credit Losses Six Months Ended December 31, 2023
| Balance at June 30, 2023 |  |  |  | Charge-offs |  | Recoveries |  |  |  | Provision for (reversal of) credit losses |  | Balance at December 31, 2023
| (In Thousands)
Multi-family mortgage | $ | 26,362 |  |  |  |  | $ | (354) |  |  | $ | — |  |  |  |  | $ | (1,546) |  |  | $ | 24,462 |
Nonresidential mortgage | 8,953 |  |  |  |  | (5,722) |  |  | 120 |  |  |  |  | 2,537 |  |  | 5,888 |
Commercial business | 1,440 |  |  |  |  | (347) |  |  | 10 |  |  |  |  | 190 |  |  | 1,293 |
Construction | 1,336 |  |  |  |  | — |  |  | — |  |  |  |  | (165) |  |  | 1,171 |
One- to four-family residential mortgage | 10,237 |  |  |  |  | (37) |  |  | 113 |  |  |  |  | 1,340 |  |  | 11,653 |
Home equity loans | 338 |  |  |  |  | — |  |  | — |  |  |  |  | (8) |  |  | 330 |
Other consumer | 68 |  |  |  |  | — |  |  | — |  |  |  |  | 2 |  |  | 70 |
Total loans | $ | 48,734 |  |  |  |  | $ | (6,460) |  |  | $ | 243 |  |  |  |  | $ | 2,350 |  |  | $ | 44,867 |
The allowance for credit losses on loans decreased from $44.9 million at June 30, 2024 to $44.5 million as of December 31, 2024. The decrease was primarily due to a decrease in the quantitative reserve on one- to four-family residential mortgage loans due to lower assumed loss rates, and a decrease in individually analyzed reserves on nonresidential mortgage loans. The decrease was offset by an increase in the quantitative reserve on nonresidential mortgage loans and an increase in the qualitative reserve on multi-family mortgage loans. 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 and six months ended December 31, 2024 and 2023:
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In Thousands)
Balance at beginning of the period | $ | 1,069 |  |  | $ | 667 |  |  | $ | 796 |  |  | $ | 741 |
(Reversal of) provision for credit losses | (116) |  |  | (100) |  |  | 157 |  |  | (174) |
Balance at end of the period | $ | 953 |  |  | $ | 567 |  |  | $ | 953 |  |  | $ | 567 |

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