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SECURITIES

3 Months Ended

Sep. 30, 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:

			September 30, 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			$	58,686					$	9					$	207					$	—					$	58,488
Collateralized loan obligations			331,135						883						163						—						331,855
Corporate bonds			144,546						860						8,083						—						137,323
Total debt securities			534,367						1,752						8,453						—						527,666
Mortgage-backed securities:
Residential pass-through securities (1)			430,740						608						75,009						—						356,339
Commercial pass-through securities (1)			151,846						464						20,133						—						132,177
Total mortgage-backed securities			582,586						1,072						95,142						—						488,516
Total securities available for sale			$	1,116,953					$	2,824					$	103,595					$	—					$	1,016,182

___________________________

(1)Government-sponsored enterprises.

			June 30, 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			$	60,255					$	59					$	816					$	—					$	59,498
Collateralized loan obligations			322,407						956						118						—						323,245
Corporate bonds			149,550						235						9,668						—						140,117
Total debt securities			532,212						1,250						10,602						—						522,860
Mortgage-backed securities:
Residential pass-through securities (1)			440,168						329						83,178						—						357,319
Commercial pass-through securities (1)			152,731						436						20,377						—						132,790
Total mortgage-backed securities			592,899						765						103,555						—						490,109
Total securities available for sale			$	1,125,111					$	2,015					$	114,157					$	—					$	1,012,969

___________________________

(1)Government-sponsored enterprises.

			September 30, 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			$	6,500					$	1					$	35					$	—					$	6,466
Total debt securities			6,500						1						35						—						6,466
Mortgage-backed securities:
Residential pass-through securities (1)			98,008						318						10,765						—						87,561
Commercial pass-through securities (1)			12,173						—						1,383						—						10,790
Total mortgage-backed securities			110,181						318						12,148						—						98,351
Total securities held to maturity			$	116,681					$	319					$	12,183					$	—					$	104,817

___________________________

(1)Government-sponsored enterprises.

			June 30, 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			$	7,553					$	1					$	74					$	—					$	7,480
Total debt securities			7,553						1						74						—						7,480
Mortgage-backed securities:
Residential pass-through securities (1)			100,482						102						12,024						—						88,560
Commercial pass-through securities (1)			12,182						—						1,510						—						10,672
Total mortgage-backed securities			112,664						102						13,534						—						99,232
Total securities held to maturity			$	120,217					$	103					$	13,608					$	—					$	106,712

___________________________

(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 September 30, 2025:

			September 30, 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			17,025						16,583
Due after five years through ten years			344,628						338,588
Due after ten years			172,714						172,495
Total			$	534,367					$	527,666

			September 30, 2025
			Amortized Cost						Fair Value
			(In Thousands)
Held to maturity debt securities:
Due in one year or less			$	2,402					$	2,395
Due after one year through five years			4,098						4,071
Due after five years through ten years			—						—
Due after ten years			—						—
Total			$	6,500					$	6,466

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

			September 30, 2025						June 30, 2025
			(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit			$	248,253					$	475,234
Pledged for potential borrowings at the Federal Reserve Bank of New York			64,748						66,811
Total carrying value of securities pledged			$	313,001					$	542,045

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 September 30, 2025 and June 30, 2025:

			September 30, 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			$	19,970					$	45					$	35,659					$	162					7						$	55,629					$	207
Collateralized loan obligations			151,647						159						14,996						4						11						166,643						163
Corporate bonds			2,009						16						108,954						8,067						21						110,963						8,083
Commercial pass-through securities			—						—						109,293						20,133						7						109,293						20,133
Residential pass-through securities			—						—						315,331						75,009						95						315,331						75,009
Total			$	173,626					$	220					$	584,233					$	103,375					141						$	757,859					$	103,595

			June 30, 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			$	29,860					$	493					$	18,526					$	323					7						$	48,386					$	816
Collateralized loan obligations			105,251						82						14,964						36						8						120,215						118
Corporate bonds			1,987						38						112,395						9,630						22						114,382						9,668
Commercial pass-through securities			—						—						109,817						20,377						7						109,817						20,377
Residential pass-through securities			21,942						109						314,871						83,069						99						336,813						83,178
Total			$	159,040					$	722					$	570,573					$	113,435					143						$	729,613					$	114,157

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 September 30, 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 September 30, 2025 on available for sale securities.

At September 30, 2025, the held to maturity securities portfolio consisted 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 September 30, 2025 on held to maturity securities.

As of September 30, 2025 and June 30, 2025, there were no holdings of debt securities of any one issuer, other than U.S. government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.

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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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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

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