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SECURITIES

9 Months Ended

Mar. 31, 2025

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:

			March 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities			$	69,962					$	117					$	476					$	—					$	69,603
Collateralized loan obligations			323,466						1,378						108						—						324,736
Corporate bonds			138,969						267						9,566						—						129,670
Total debt securities			532,397						1,762						10,150						—						524,009
Mortgage-backed securities:
Residential pass-through securities (1)			429,942						7						84,355						—						345,594
Commercial pass-through securities (1)			153,748						461						20,419						—						133,790
Total mortgage-backed securities			583,690						468						104,774						—						479,384
Total securities available for sale			$	1,116,087					$	2,230					$	114,924					$	—					$	1,003,393

___________________________

(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.

			March 31, 2025
			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			$	8,929					$	1					$	112					$	—					$	8,818
Total debt securities			8,929						1						112						—						8,818
Mortgage-backed securities:
Residential pass-through securities (1)			103,740						46						12,272						—						91,514
Commercial pass-through securities (1)			12,190						—						1,672						—						10,518
Total mortgage-backed securities			115,930						46						13,944						—						102,032
Total securities held to maturity			$	124,859					$	47					$	14,056					$	—					$	110,850

___________________________

(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 March 31, 2025:

			March 31, 2025
			Amortized Cost						Fair Value
			(In Thousands)
Available for sale debt securities:
Due in one year or less			$	—					$	—
Due after one year through five years			22,025						21,536
Due after five years through ten years			417,620						410,104
Due after ten years			92,752						92,369
Total			$	532,397					$	524,009

			March 31, 2025
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	3,425					$	3,419
Due after one year through five years			5,504						5,399
Due after five years through ten years			—						—
Due after ten years			—						—
Total			$	8,929					$	8,818

Sales of securities available for sale were as follows for the periods presented below:

			Three Months Ended March 31,												Nine Months Ended March 31,
			2025						2024						2025						2024
			(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities			$	—					$	—					$	—					$	104,083
Gross realized losses			$	—					$	—					$	—					$	(18,135)
Net loss on sales of securities			$	—					$	—					$	—					$	(18,135)

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

			March 31, 2025						June 30, 2024
			(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit			$	251,600					$	100,238
Pledged for potential borrowings at the Federal Reserve Bank of New York			636,386						482,044
Pledged for the bank term funding program			—						88,899
Total carrying value of securities pledged			$	887,986					$	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 March 31, 2025 and June 30, 2024:

			March 31, 2025
			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			$	18,363					$	275					$	19,103					$	201					6						$	37,466					$	476
Collateralized loan obligations			65,665						84						14,976						24						6						80,641						108
Corporate bonds			2,024						1						117,379						9,565						23						119,403						9,566
Commercial pass-through securities			—						—						110,677						20,419						7						110,677						20,419
Residential pass-through securities			22,131						167						323,033						84,188						102						345,164						84,355
Total			$	108,183					$	527					$	585,168					$	114,397					144						$	693,351					$	114,924

			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

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 March 31, 2025. 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 March 31, 2025 on available for sale securities.

The sale of available for sale securities during the nine months ended March 31, 2024 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 March 31, 2025, 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 March 31, 2025 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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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