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LOANS RECEIVABLE
 6 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
LOANS RECEIVABLE LOANS RECEIVABLE
The following table sets forth the composition of the Company’s loan portfolio at December 31, 2024 and June 30, 2024:
December 31,
2024		June 30,
2024
(In Thousands)
Commercial loans:
Multi-family mortgage$2,722,623 $2,645,851 
Nonresidential mortgage950,194 948,075 
Commercial business135,740 142,747 
Construction176,704 209,237 
Total commercial loans3,985,261 3,945,910 
One- to four-family residential mortgage1,765,160 1,756,051 
Consumer loans:
Home equity loans47,101 44,104 
Other consumer2,778 2,685 
Total consumer loans49,879 46,789 
Total loans5,800,300 5,748,750 
Unaccreted yield adjustments (1)
(8,542)(15,963)
Total loans receivable, net of yield adjustments$5,791,758 $5,732,787 
___________________________
(1)At December 31, 2024 and June 30, 2024, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans.
Past Due Loans
Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of December 31, 2024 and June 30, 2024, by loan segment:
Payment Status
December 31, 2024
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$— $3,367 $10,532 $13,899 $2,708,724 $2,722,623 
Nonresidential mortgage— 260 5,371 5,631 944,563 950,194 
Commercial business126 — 468 594 135,146 135,740 
Construction— — — — 176,704 176,704 
One- to four-family residential mortgage2,906 2,663 1,565 7,134 1,758,026 1,765,160 
Home equity loans87 — 117 204 46,897 47,101 
Other consumer3 — — 3 2,775 2,778 
Total loans$3,122 $6,290 $18,053 $27,465 $5,772,835 $5,800,300 
Payment Status
June 30, 2024
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$— $— $19,888 $19,888 $2,625,963 $2,645,851 
Nonresidential mortgage6,149 — 3,249 9,398 938,677 948,075 
Commercial business37 64 613 714 142,033 142,747 
Construction— — — — 209,237 209,237 
One- to four-family residential mortgage800 2,951 2,877 6,628 1,749,423 1,756,051 
Home equity loans208 — 44 252 43,852 44,104 
Other consumer— — 5 5 2,680 2,685 
Total loans$7,194 $3,015 $26,676 $36,885 $5,711,865 $5,748,750 
Nonperforming Loans
Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days or more past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the six months ended December 31, 2024 and 2023.
The following tables present information relating to the Company’s nonperforming loans as of December 31, 2024 and June 30, 2024:
Performance Status
December 31, 2024
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for Credit LossesNonaccrual Loans with no Allowance for Credit LossesTotal NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $3,367 $21,847 $25,214 $2,697,409 $2,722,623 
Nonresidential mortgage— 5,029 1,498 6,527 943,667 950,194 
Commercial business— 468 30 498 135,242 135,740 
Construction— — — — 176,704 176,704 
One- to four-family residential mortgage— 704 4,636 5,340 1,759,820 1,765,160 
Home equity loans— 77 41 118 46,983 47,101 
Other consumer— — — — 2,778 2,778 
Total loans$— $9,645 $28,052 $37,697 $5,762,603 $5,800,300 
Performance Status
June 30, 2024
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for Credit LossesNonaccrual Loans with no Allowance for Credit LossesTotal NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $— $22,591 $22,591 $2,623,260 $2,645,851 
Nonresidential mortgage— 5,695 4,128 9,823 938,252 948,075 
Commercial business— 714 — 714 142,033 142,747 
Construction— — — — 209,237 209,237 
One- to four-family residential mortgage— 2,295 4,410 6,705 1,749,346 1,756,051 
Home equity loans— — 44 44 44,060 44,104 
Other consumer— — 5 5 2,680 2,685 
Total loans$— $8,704 $31,178 $39,882 $5,708,868 $5,748,750 
Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following tables presents the amortized cost basis at December 31, 2024 and December 31, 2023 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three and six months ended December 31, 2024 and 2023, by type of modification:
Three Months Ended December 31, 2024
Payment DelayTerm ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$15,480 $— $— $15,480 0.57 %
Total$15,480 $— $— $15,480 

Six Months Ended December 31, 2024
Payment DelayTerm ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$24,262 $— $2,666 $26,928 0.99 %
Nonresidential mortgage178 — — 178 0.02 %
Total$24,440 $— $2,666 $27,106 

 Three Months Ended December 31, 2023
 Payment Delay  Term Extension  Payment Delay, Term Extension, and Interest Rate Reductions  Total  Percent of Total Class
(Dollars In Thousands)
Multi-family mortgage$2,774 $— $— $2,774 0.10 %
One- to four-family residential mortgage—45 — 450.00 %
Home equity loans—25 — 250.06 %
Total$2,774 $70 $— $2,844 

Six Months Ended December 31, 2023
Payment DelayTerm ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$2,774 $— $— $2,774 0.10 %
Commercial business45 — — 45 0.03 %
One- to four-family residential mortgage489 45 — 534 0.03 %
Home equity loans— 25 — 25 0.06 %
Total$3,308 $70 $— $3,378 
No modifications involved forgiveness of principal for the three and six months ended December 31, 2024, and December 31, 2023, respectively. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at December 31, 2024 and December 31, 2023.
Of the loans restructured during the three and six months ended December 31, 2024 and December 31, 2023 there were no subsequent defaults as of December 31, 2024. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period.
The following tables presents the payment status of the loans that were modified to borrowers experiencing financial difficulties in the last twelve months:
December 31, 2024
Current30-89 Days Past Due90 Days or More Past DueTotal
Past Due		Non-Accrual
(Dollars In Thousands)
Multi-family mortgage$24,154 $— $— $— $8,674 
Nonresidential mortgage895— — — 895
One- to four-family residential mortgage452— — — 452
Total$25,501 $— $— $— $10,021 
Individually Analyzed Loans
Individually analyzed loans include loans which do not share similar risk characteristics with other loans. Loans previously modified as TDRs and loan modifications made to borrowers experiencing financial difficulty will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, the loans would generally be removed from individual impairment analysis and returned to its corresponding pool. As of December 31, 2024, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $37.7 million, of which $29.4 million were considered collateral dependent.
For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.
The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:
December 31, 2024June 30, 2024
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
(In Thousands)
Commercial loans:
Multi-family mortgage$21,847 $— $22,591 $— 
Nonresidential mortgage (1)
5,372 6 8,598 508 
Total commercial loans27,219 6 31,189 508 
One- to four-family residential mortgage (2)
2,180 — 1,406 — 
Consumer loans:
Home equity loans (2)
17 — 18 — 
Total$29,416 $6 $32,613 $508 
___________________________
(1)Secured by income-producing nonresidential property.
(2)Secured by one- to four-family residential properties.
Credit Quality Indicators
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:
Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.
Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.
Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.
Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted.
The following table presents the risk category of loans and current period gross charge-offs as of December 31, 2024 by loan segment and vintage year:
Term Loans by Origination Year for Fiscal Years ended June 30,
20252024202320222021PriorRevolving LoansTotal
(In Thousands)
Multi-family mortgage:
Pass$94,993 $26,561 $612,266 $940,459 $220,974 $765,860 $— $2,661,113 
Special Mention— — — — — 5,676 — 5,676 
Substandard— — — — 9,456 46,378 — 55,834 
Doubtful— — — — — — — — 
Total multi-family mortgage94,993 26,561 612,266 940,459 230,430 817,914 — 2,722,623 
Multi-family current period gross charge-offs— — — — — — — — 
Nonresidential mortgage:
Pass49,943 82,077 104,404 196,849 109,010 378,121 — 920,404 
Special Mention— — — — 955 16,925 — 17,880 
Substandard— — — — 862 11,048 — 11,910 
Doubtful— — — — — — — — 
Total nonresidential mortgage49,943 82,077 104,404 196,849 110,827 406,094 — 950,194 
Nonresidential current period gross charge-offs— — — — — 498 — 498 
Commercial business:
Pass5,373 11,313 6,698 22,233 15,709 10,222 60,657 132,205 
Special Mention— — — 1,228 138 167 — 1,533 
Substandard— — — — 96 1,789 117 2,002 
Doubtful— — — — — — — — 
Total commercial business5,373 11,313 6,698 23,461 15,943 12,178 60,774 135,740 
Commercial current period gross charge-offs— — — — — 202 — 202 
Construction loans:
Pass17,486 73,073 8,440 10,360 30,574 6,042 5,735 151,710 
Special Mention— — — — — — — — 
Substandard— 4,500 — — 20,494 — — 24,994 
Doubtful— — — — — — — — 
Total construction loans17,486 77,573 8,440 10,360 51,068 6,042 5,735 176,704 
Construction current period gross charge-offs— — — — — — — — 
Residential mortgage:
Pass86,804 169,908 181,358 420,989 445,872 448,332 75 1,753,338 
Special Mention— — — — — 311 — 311 
Substandard— — 493 781 193 10,044 — 11,511 
Doubtful— — — — — — — — 
Total residential mortgage86,804 169,908 181,851 421,770 446,065 458,687 75 1,765,160 
Residential current period gross charge-offs— — — — — 2 — 2 
Home equity loans:
Pass961 1,866 4,870 1,918 323 8,126 28,568 46,632 
Special Mention— — — — — — 98 98 
Substandard— — — 87 — 207 77 371 
Doubtful— — — — — — — — 
Total home equity loans961 1,866 4,870 2,005 323 8,333 28,743 47,101 
Home equity current period gross charge-offs— — — — — 2 — 2 
Other consumer loans
Pass493 460 205 124 250 1,115 35 2,682 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — 96 96 
Other consumer loans493 460 205 124 250 1,115 131 2,778 
Other consumer current period gross charge-offs— — — — — 5 — 5 
Total loans$256,053 $369,758 $918,734 $1,595,028 $854,906 $1,710,363 $95,458 $5,800,300 
Total current period gross charge-offs$— $— $— $— $— $709 $— $709 
The following table presents the risk category of loans as of June 30, 2024 by loan segment and vintage year:
Term Loans by Origination Year for Fiscal Years ended June 30,
20242023202220212020PriorRevolving LoansTotal
(In Thousands)
Multi-family mortgage:
Pass$26,683 $596,321 $949,690 $219,850 $201,611 $607,332 $— $2,601,487 
Special Mention— — — — — 6,475 — 6,475 
Substandard— — — 9,570 — 28,319 — 37,889 
Doubtful— — — — — — — — 
Total multi-family mortgage26,683 596,321 949,690 229,420 201,611 642,126 — 2,645,851 
Multi-family current period gross charge-offs— — — — — 398 — 398 
Nonresidential mortgage:
Pass87,380 105,768 199,829 90,312 44,598 389,680 30 917,597 
Special Mention— — — 447 — 14,714 — 15,161 
Substandard— — — 867 — 14,450 — 15,317 
Doubtful— — — — — — — — 
Total nonresidential mortgage87,380 105,768 199,829 91,626 44,598 418,844 30 948,075 
Nonresidential current period gross charge-offs— — — — — 5,975 — 5,975 
Commercial business:
Pass12,152 8,273 27,615 18,242 4,337 7,863 56,592 135,074 
Special Mention— — 1,559 437 — 1,754 — 3,750 
Substandard— — — — 1,767 2,003 153 3,923 
Doubtful— — — — — — — — 
Total commercial business12,152 8,273 29,174 18,679 6,104 11,620 56,745 142,747 
Commercial current period gross charge-offs— — — 3,391 464 11 — 3,866 
Construction loans:
Pass51,261 45,180 14,284 62,584 2,602 3,647 5,735 185,293 
Special Mention3,450 — — 20,494 — — — 23,944 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Total construction loans54,711 45,180 14,284 83,078 2,602 3,647 5,735 209,237 
Construction current period gross charge-offs— — — — — — — — 
Residential mortgage:
Pass185,034 184,737 431,346 458,696 77,442 406,677 291 1,744,223 
Special Mention— — — — — 1,453 — 1,453 
Substandard— 509 796 — — 9,070 — 10,375 
Doubtful— — — — — — — — 
Total residential mortgage185,034 185,246 432,142 458,696 77,442 417,200 291 1,756,051 
Residential current period gross charge-offs— — — — — 37 — 37 
Home equity loans:
Pass1,919 5,698 2,173 347 1,019 8,086 24,535 43,777 
Special Mention— — — — — — 93 93 
Substandard— — — — — 234 — 234 
Doubtful— — — — — — — — 
Total home equity loans1,919 5,698 2,173 347 1,019 8,320 24,628 44,104 
Home equity current period gross charge-offs— — — — — — — — 
Other consumer loans
Pass804 211 204 127 224 990 39 2,599 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — 86 86 
Other consumer loans804 211 204 127 224 990 125 2,685 
Other consumer current period gross charge-offs— — — — — — — — 
Total loans$368,683 $946,697 $1,627,496 $881,973 $333,600 $1,502,747 $87,554 $5,748,750 
Total current period gross charge-offs$— $— $— $3,391 $464 $6,421 $— 10,276 
Mortgage Loans in Foreclosure
The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of December 31, 2024, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held one residential mortgage loan with an aggregate carrying value of $558,100 and five commercial mortgage loans with aggregate carrying values totaling $15.6 million which were in the process of foreclosure. As of June 30, 2024, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $1.2 million and six commercial mortgage loans with aggregate carrying values totaling $13.6 million which were in the process of foreclosure.