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LOANS RECEIVABLE
 9 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
LOANS RECEIVABLE LOANS RECEIVABLE
The following table sets forth the composition of the Company’s loan portfolio at March 31, 2025 and June 30, 2024:
March 31,
2025		June 30,
2024
(In Thousands)
Commercial loans:
Multi-family mortgage$2,733,406 $2,645,851 
Nonresidential mortgage988,074 948,075 
Commercial business140,224 142,747 
Construction174,722 209,237 
Total commercial loans4,036,426 3,945,910 
One- to four-family residential mortgage1,761,465 1,756,051 
Consumer loans:
Home equity loans49,699 44,104 
Other consumer2,859 2,685 
Total consumer loans52,558 46,789 
Total loans5,850,449 5,748,750 
Unaccreted yield adjustments (1)
(4,274)(15,963)
Total loans receivable, net of yield adjustments$5,846,175 $5,732,787 
___________________________
(1)At March 31, 2025 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 March 31, 2025 and June 30, 2024, by loan segment:
Payment Status
March 31, 2025
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$13,115 $— $11,672 $24,787 $2,708,619 $2,733,406 
Nonresidential mortgage— — 4,947 4,947 983,127 988,074 
Commercial business153 1,130 471 1,754 138,470 140,224 
Construction— — — — 174,722 174,722 
One- to four-family residential mortgage4,386 1,651 2,988 9,025 1,752,440 1,761,465 
Home equity loans117 183 38 338 49,361 49,699 
Other consumer— — 3 3 2,856 2,859 
Total loans$17,771 $2,964 $20,119 $40,854 $5,809,595 $5,850,449 
Payment Status
June 30, 2024
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$— $— $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 $5,748,750 
Nonperforming Loans
Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days or more past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the nine months ended March 31, 2025 and 2024.
The following tables present information relating to the Company’s nonperforming loans as of March 31, 2025 and June 30, 2024:
Performance Status
March 31, 2025
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for Credit LossesNonaccrual Loans with no Allowance for Credit LossesTotal NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $1,245 $23,542 $24,787 $2,708,619 $2,733,406 
Nonresidential mortgage— — 5,793 5,793 982,281 988,074 
Commercial business— 516 1,283 1,799 138,425 140,224 
Construction— — — — 174,722 174,722 
One- to four-family residential mortgage— 801 4,375 5,176 1,756,289 1,761,465 
Home equity loans— — 125 125 49,574 49,699 
Other consumer— — 3 3 2,856 2,859 
Total loans$— $2,562 $35,121 $37,683 $5,812,766 $5,850,449 
Performance Status
June 30, 2024
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for Credit LossesNonaccrual Loans with no Allowance for Credit LossesTotal NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $— $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 present the amortized cost basis at March 31, 2025 and March 31, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three and nine months ended March 31, 2025 and 2024, by type of modification:
Three Months Ended March 31, 2025
Payment DelayTerm ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$7,137 $— $— $7,137 0.26 %
Commercial business44 — — 44 0.03 %
Total$7,181 $— $— $7,181 
Nine Months Ended March 31, 2025
Payment DelayTerm ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$31,181 $— $2,606 $33,787 1.24 %
Nonresidential mortgage173 — — 173 0.02 %
Commercial business44 — — 44 0.03 %
Total$31,398 $— $2,606 $34,004 

Three Months Ended March 31, 2024
Payment DelayTerm ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Nonresidential mortgage$— $786 $— $786 0.08 %
Total$— $786 $— $786 

Nine Months Ended March 31, 2024
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 %
Nonresidential mortgage— 786 — 786 0.08 %
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 $856 $— $4,164 

No modifications involved forgiveness of principal for the three and nine months ended March 31, 2025, and March 31, 2024, respectively. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at March 31, 2025 and March 31, 2024.
Of the loans restructured during the three and nine months ended March 31, 2025 and March 31, 2024, respectively, there were no subsequent defaults as of March 31, 2025. 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 table presents the payment status of the loans that were modified to borrowers experiencing financial difficulties in the last twelve months:
March 31, 2025
Current30-89 Days Past Due90 Days or More Past DueTotal
Past Due		Non-Accrual
(Dollars In Thousands)
Multi-family mortgage$22,616 $11,170 $— $11,170 $11,170 
Nonresidential mortgage173— — — 173
Commercial business44— — — 44
One- to four-family residential mortgage442— — — 442
Total$23,275 $11,170 $— $11,170 $11,829 
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 March 31, 2025, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $37.7 million, of which $31.8 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:
March 31, 2025June 30, 2024
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
(In Thousands)
Commercial loans:
Multi-family mortgage$24,787 $8 $22,591 $— 
Nonresidential mortgage (1)
4,697 — 8,598 508 
Total commercial loans29,484 8 31,189 508 
One- to four-family residential mortgage (2)
2,268 — 1,406 — 
Consumer loans:
Home equity loans (2)
16 — 18 — 
Total$31,768 $8 $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 March 31, 2025 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$124,715 $26,492 $609,524 $935,498 $217,374 $757,319 $— $2,670,922 
Special Mention— — — — — — — — 
Substandard— — — — 11,840 50,644 — 62,484 
Doubtful— — — — — — — — 
Total multi-family mortgage124,715 26,492 609,524 935,498 229,214 807,963 — 2,733,406 
Multi-family current period gross charge-offs— — — — — — — — 
Nonresidential mortgage:
Pass115,226 81,753 103,676 192,262 108,248 367,604 150 968,919 
Special Mention— — — — 952 6,206 — 7,158 
Substandard— — — — 857 11,140 — 11,997 
Doubtful— — — — — — — — 
Total nonresidential mortgage115,226 81,753 103,676 192,262 110,057 384,950 150 988,074 
Nonresidential current period gross charge-offs— — — — — 830 — 830 
Commercial business:
Pass12,811 10,265 5,864 21,489 14,927 9,692 61,782 136,830 
Special Mention— — — 1,166 131 165 — 1,462 
Substandard89 — — — 52 1,663 128 1,932 
Doubtful— — — — — — — — 
Total commercial business12,900 10,265 5,864 22,655 15,110 11,520 61,910 140,224 
Commercial current period gross charge-offs— — — — — 242 — 242 
Construction loans:
Pass29,526 74,778 4,290 9,408 19,409 3,386 5,735 146,532 
Special Mention— — — — 3,196 — — 3,196 
Substandard— 4,500 — — 20,494 — — 24,994 
Doubtful— — — — — — — — 
Total construction loans29,526 79,278 4,290 9,408 43,099 3,386 5,735 174,722 
Construction current period gross charge-offs— — — — — — — — 
Residential mortgage:
Pass114,684 165,920 179,246 414,562 441,402 433,636 97 1,749,547 
Special Mention— — — — — 309 — 309 
Substandard— — 490 777 191 10,151 — 11,609 
Doubtful— — — — — — — — 
Total residential mortgage114,684 165,920 179,736 415,339 441,593 444,096 97 1,761,465 
Residential current period gross charge-offs— — — — — 2 — 2 
Home equity loans:
Pass806 1,751 4,711 1,870 313 8,017 31,686 49,154 
Special Mention— 97 — — — — 98 195 
Substandard— — — 86 — 193 71 350 
Doubtful— — — — — — — — 
Total home equity loans806 1,848 4,711 1,956 313 8,210 31,855 49,699 
Home equity current period gross charge-offs— — — — — 2 — 2 
Other consumer loans
Pass748 374 190 113 243 1,060 27 2,755 
Special Mention— — — — — — — — 
Substandard— — — — — — 3 3 
Doubtful— — — — — — 101 101 
Other consumer loans748 374 190 113 243 1,060 131 2,859 
Other consumer current period gross charge-offs— — — — — 5 — 5 
Total loans$398,605 $365,930 $907,991 $1,577,231 $839,629 $1,661,185 $99,878 $5,850,449 
Total current period gross charge-offs$— $— $— $— $— $1,081 $— $1,081 
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 March 31, 2025, 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 $15.1 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.