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SECURITIES

6 Months Ended

Dec. 31, 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:

			December 31, 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			$	72,057					$	178					$	156					$	—					$	72,079
Collateralized loan obligations			331,273						1,812						20						—						333,065
Corporate bonds			150,853						242						13,520						—						137,575
Total debt securities			554,183						2,232						13,696						—						542,719
Mortgage-backed securities:
Residential pass-through securities (1)			435,956						4						92,787						—						343,173
Commercial pass-through securities (1)			154,440						116						22,169						—						132,387
Total mortgage-backed securities			590,396						120						114,956						—						475,560
Total securities available for sale			$	1,144,579					$	2,352					$	128,652					$	—					$	1,018,279

___________________________

(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.

			December 31, 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			$	9,486					$	2					$	157					$	—					$	9,331
Total debt securities			9,486						2						157						—						9,331
Mortgage-backed securities:
Residential pass-through securities (1)			105,582						—						13,866						—						91,716
Commercial pass-through securities (1)			12,198						—						1,961						—						10,237
Total mortgage-backed securities			117,780						—						15,827						—						101,953
Total securities held to maturity			$	127,266					$	2					$	15,984					$	—					$	111,284

___________________________

(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 December 31, 2024:

			December 31, 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						32,699
Due after five years through ten years			388,248						379,584
Due after ten years			132,045						130,436
Total			$	554,183					$	542,719

			December 31, 2024
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	3,978					$	3,962
Due after one year through five years			5,508						5,369
Due after five years through ten years			—						—
Due after ten years			—						—
Total			$	9,486					$	9,331

			Three Months Ended December 31,												Six Months Ended December 31,
			2024						2023						2024						2023
			(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities			$	—					$	104,083					$	—					$	104,083
Gross realized gains			$	—					$	—					$	—					$	—
Gross realized losses			—						(18,135)						—						(18,135)
Net loss on sales of securities			$	—					$	(18,135)					$	—					$	(18,135)

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

			December 31, 2024						June 30, 2024
			(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit			$	96,251					$	100,238
Pledged for potential borrowings at the Federal Reserve Bank of New York			800,127						482,044
Pledged for the bank term funding program			—						88,899
Total carrying value of securities pledged			$	896,378					$	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 December 31, 2024 and June 30, 2024:

			December 31, 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			$	27,264					$	42					$	21,788					$	114					9						$	49,052					$	156
Collateralized loan obligations			37,521						12						14,992						8						3						52,513						20
Corporate bonds			—						—						127,332						13,520						26						127,332						13,520
Commercial pass-through securities			—						—						109,504						22,169						7						109,504						22,169
Residential pass-through securities			22,077						409						320,754						92,378						104						342,831						92,787
Total			$	86,862					$	463					$	594,370					$	128,189					149						$	681,232					$	128,652

			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 December 31, 2024 and June 30, 2024:

			December 31, 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			$	454					$	9					$	8,634					$	148					16						$	9,088					$	157
Commercial pass-through securities			—						—						10,237						1,961						1						10,237						1,961
Residential pass-through securities			32,993						321						58,723						13,545						9						91,716						13,866
Total			$	33,447					$	330					$	77,594					$	15,654					26						$	111,041					$	15,984

			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 December 31, 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 December 31, 2024 on available for sale securities.

The sale of available for sale securities during the three and six months ended December 31, 2023 was part of an investment security repositioning. The sale proceeds were utilized for reinvestment into higher yielding loans and investment securities, and for repayment of higher-cost wholesale borrowings. The Company was not required to sell these securities.

At December 31, 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 December 31, 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
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

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
-Subparagraph (b)
-Publisher FASB
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

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-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

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