LOANS RECEIVABLE

3 Months Ended

Sep. 30, 2025

The following table sets forth the composition of the Company’s loan portfolio at September 30, 2025 and June 30, 2025:


	September 30, 2025		June 30, 2025
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	2,640,737	$	2,709,654
Nonresidential mortgage	988,969		986,556
Commercial business	142,304		138,755
Construction	189,626		177,713
Total commercial loans	3,961,636		4,012,678

One- to four-family residential mortgage	1,749,362		1,748,591

Consumer loans:
Home equity loans	54,116		50,737
Other consumer	2,487		2,533
Total consumer loans	56,603		53,270

Total loans	5,767,601		5,814,539

Unaccreted yield adjustments (1)	(182)		(1,602)

Total loans receivable, net of yield adjustments	$	5,767,419	$	5,812,937

___________________________

(1)At September 30, 2025 and June 30, 2025, 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 September 30, 2025 and June 30, 2025, by loan segment:


	Payment Status September 30, 2025
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	1,524	$	1,204	$	27,076	$	29,804	$	2,610,933	$	2,640,737
Nonresidential mortgage	—		—		4,927		4,927		984,042		988,969
Commercial business	509		179		453		1,141		141,163		142,304
Construction	4,500		—		20,494		24,994		164,632		189,626
One- to four-family residential mortgage	1,001		1,149		3,271		5,421		1,743,941		1,749,362
Home equity loans	276		—		298		574		53,542		54,116
Other consumer	—		—		—		—		2,487		2,487
Total loans	$	7,810	$	2,532	$	56,519	$	66,861	$	5,700,740	$	5,767,601


	Payment Status June 30, 2025
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	—	$	5,270	$	22,218	$	27,488	$	2,682,166	$	2,709,654
Nonresidential mortgage	926		—		4,937		5,863		980,693		986,556
Commercial business	—		400		1,301		1,701		137,054		138,755
Construction	—		—		—		—		177,713		177,713
One- to four-family residential mortgage	1,350		2,890		3,643		7,883		1,740,708		1,748,591
Home equity loans	176		96		204		476		50,261		50,737
Other consumer	—		—		—		—		2,533		2,533
Total loans	$	2,452	$	8,656	$	32,303	$	43,411	$	5,771,128	$	5,814,539

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 three months ended September 30, 2025 and 2024.

The following tables present information relating to the Company’s nonperforming loans as of September 30, 2025 and June 30, 2025:


	Performance Status September 30, 2025
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	—	$	7,227	$	24,388	$	31,615	$	2,609,122	$	2,640,737
Nonresidential mortgage	—		—		5,732		5,732		983,237		988,969
Commercial business	—		838		301		1,139		141,165		142,304
Construction	20,494		—		—		20,494		169,132		189,626
One- to four-family residential mortgage	—		2,383		2,918		5,301		1,744,061		1,749,362
Home equity loans	—		106		192		298		53,818		54,116
Other consumer	—		—		—		—		2,487		2,487
Total loans	$	20,494	$	10,554	$	33,531	$	64,579	$	5,703,022	$	5,767,601


	Performance Status June 30, 2025
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	—	$	15,867	$	14,990	$	30,857	$	2,678,797	$	2,709,654
Nonresidential mortgage	—		—		5,763		5,763		980,793		986,556
Commercial business	—		1,930		293		2,223		136,532		138,755
Construction	—		—		—		—		177,713		177,713
One- to four-family residential mortgage	—		2,862		3,688		6,550		1,742,041		1,748,591
Home equity loans	—		188		16		204		50,533		50,737
Other consumer	—		—		—		—		2,533		2,533
Total loans	$	—	$	20,847	$	24,750	$	45,597	$	5,768,942	$	5,814,539

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

No loan modifications were made to borrowers experiencing financial difficulty during the three months ended September 30, 2025.

The following table presents the amortized cost basis at September 30, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three months ended September 30, 2024, by type of modification:


	Three Months Ended September 30, 2024
	Payment Delay		Term Extension		Payment Delay, Term Extension and Interest Rate Reductions		Total		Percent of Total Class
	(Dollars In Thousands)
Multi-family mortgage	$	8,782	$	—	$	2,666	$	11,448	0.43	%
Nonresidential mortgage	178		—		—		178		0.02	%



Total	$	8,960	$	—	$	2,666	$	11,626

No modifications made during the three months ended September 30, 2024 involved forgiveness of principal. At September 30, 2025 and September 30, 2024, there were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured.

Of the loans restructured during the three months ended September 30, 2024, there were no subsequent defaults as of September 30, 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 performance status of the loans that were modified in the last twelve months to borrowers experiencing financial difficulties:


	September 30, 2025
	Current		30-89 Days Past Due		90 Days or More Past Due		Total Past Due		Non-Accrual
	(Dollars In Thousands)
Multi-family mortgage	$	22,466	$	—	$	—	$	—	$	3,335

Commercial business	43		—		—		—		43


Total	$	22,509	$	—	$	—	$	—	$	3,378

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 are generally evaluated for individual impairment. However, after a period of sustained repayment performance which permits the credit to be returned to accrual status, the loans are generally removed from individual impairment analysis and returned to its corresponding pool. As of September 30, 2025, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $44.1 million, of which $35.3 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:


	September 30, 2025				June 30, 2025
	Carrying Value		Related Allowance		Carrying Value		Related Allowance
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	30,363	$	1,014	$	30,808	$	1,377
Nonresidential mortgage (1)	4,697		—		4,697		—


Total commercial loans	35,060		1,014		35,505		1,377

One- to four-family residential mortgage (2)	202		—		2,264		—

Consumer loans:
Home equity loans (2)	15		—		16		—

Total	$	35,277	$	1,014	$	37,785	$	1,377

___________________________

(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 September 30, 2025 by loan segment and vintage year:


	Term Loans by Origination Year for Fiscal Years ended June 30,
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	4,080	$	144,457	$	26,366	$	588,995	$	892,595	$	917,056	$	—	$	2,573,549
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		1,524		65,664		—		67,188
Doubtful	—		—		—		—		—		—		—		—
Total multi-family mortgage	4,080		144,457		26,366		588,995		894,119		982,720		—		2,640,737
Multi-family current period gross charge-offs	—		—		—		—		—		386		—		386
Nonresidential mortgage:
Pass	17,782		131,885		81,034		101,774		189,280		448,811		—		970,566
Special Mention	—		—		—		—		—		6,589		—		6,589
Substandard	—		—		—		—		—		11,814		—		11,814
Doubtful	—		—		—		—		—		—		—		—
Total nonresidential mortgage	17,782		131,885		81,034		101,774		189,280		467,214		—		988,969
Nonresidential current period gross charge-offs	—		—		—		—		—		5		—		5
Commercial business:
Pass	16,091		17,094		9,004		5,165		20,302		20,653		52,539		140,848
Special Mention	—		—		—		—		253		118		—		371
Substandard	—		86		400		—		—		599		—		1,085
Doubtful	—		—		—		—		—		—		—		—
Total commercial business	16,091		17,180		9,404		5,165		20,555		21,370		52,539		142,304
Commercial current period gross charge-offs	—		—		—		—		—		636		—		636
Construction loans:
Pass	1,226		52,851		88,757		—		979		12,329		5,735		161,877
Special Mention	—		—		—		—		—		2,755		—		2,755
Substandard	—		—		4,500		—		—		20,494		—		24,994
Doubtful	—		—		—		—		—		—		—		—
Total construction loans	1,226		52,851		93,257		—		979		35,578		5,735		189,626
Construction current period gross charge-offs	—		—		—		—		—		—		—		—
Residential mortgage:
Pass	40,790		137,282		156,899		171,218		406,528		824,226		—		1,736,943
Special Mention	—		—		—		—		—		303		—		303
Substandard	—		—		296		1,444		769		9,607		—		12,116
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage	40,790		137,282		157,195		172,662		407,297		834,136		—		1,749,362
Residential current period gross charge-offs	—		—		—		—		—		45		—		45
Home equity loans:
Pass	—		451		1,625		4,440		1,540		7,532		38,035		53,623
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		93		—		83		155		162		493
Doubtful	—		—		—		—		—		—		—		—
Total home equity loans	—		451		1,718		4,440		1,623		7,687		38,197		54,116
Home equity current period gross charge-offs	—		—		—		—		—		10		—		10
Other consumer loans
Pass	258		364		300		187		81		1,180		27		2,397
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		3		87		90
Other consumer loans	258		364		300		187		81		1,183		114		2,487
Other consumer current period gross charge-offs	—		—		—		—		—		—		—		—
Total loans	$	80,227	$	484,470	$	369,274	$	873,223	$	1,513,934	$	2,349,888	$	96,585	$	5,767,601
Total current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,082	$	—	$	1,082

The following table presents the risk category of loans and gross charge-offs as of June 30, 2025 by loan segment and vintage year:


	Term Loans by Origination Year for Fiscal Years ended June 30,
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	146,525	$	26,430	$	591,647	$	939,414	$	219,907	$	720,674	$	—	$	2,644,597
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		11,830		53,227		—		65,057
Doubtful	—		—		—		—		—		—		—		—
Total multi-family mortgage	146,525		26,430		591,647		939,414		231,737		773,901		—		2,709,654
Multi-family current period gross charge-offs	—		—		—		—		—		—		—		—
Nonresidential mortgage:
Pass	132,407		81,426		102,965		190,781		107,519		352,364		49		967,511
Special Mention	—		—		—		—		945		6,187		—		7,132
Substandard	—		—		—		—		851		11,062		—		11,913
Doubtful	—		—		—		—		—		—		—		—
Total nonresidential mortgage	132,407		81,426		102,965		190,781		109,315		369,613		49		986,556
Nonresidential current period gross charge-offs	—		—		—		—		—		830		—		830
Commercial business:
Pass	23,729		9,355		5,718		20,915		14,264		7,608		53,647		135,236
Special Mention	—		—		—		1,043		125		—		—		1,168
Substandard	87		400		—		—		—		1,735		129		2,351
Doubtful	—		—		—		—		—		—		—		—
Total commercial business	23,816		9,755		5,718		21,958		14,389		9,343		53,776		138,755
Commercial current period gross charge-offs	—		—		—		—		—		295		—		295
Construction loans:
Pass	41,990		85,712		—		979		8,991		3,362		5,735		146,769
Special Mention	—		—		—		—		5,950		—		—		5,950
Substandard	—		4,500		—		—		20,494		—		—		24,994
Doubtful	—		—		—		—		—		—		—		—
Total construction loans	41,990		90,212		—		979		35,435		3,362		5,735		177,713
Construction current period gross charge-offs	—		—		—		—		—		—		—		—
Residential mortgage:
Pass	138,854		160,333		174,947		410,255		432,804		417,105		5		1,734,303
Special Mention	—		—		—		—		—		687		—		687
Substandard	—		299		1,459		773		799		10,271		—		13,601
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage	138,854		160,632		176,406		411,028		433,603		428,063		5		1,748,591
Residential current period gross charge-offs	—		—		—		—		—		2		—		2
Home equity loans:
Pass	800		1,690		4,606		1,648		302		7,612		33,553		50,211
Special Mention	—		—		—		—		—		—		96		96
Substandard	—		96		—		83		—		180		71		430
Doubtful	—		—		—		—		—		—		—		—
Total home equity loans	800		1,786		4,606		1,731		302		7,792		33,720		50,737
Home equity current period gross charge-offs	—		—		—		—		—		2		—		2
Other consumer loans
Pass	605		343		189		86		236		976		26		2,461
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		72		72
Other consumer loans	605		343		189		86		236		976		98		2,533
Other consumer current period gross charge-offs	—		—		—		—		—		7		—		7
Total loans	$	484,997	$	370,584	$	881,531	$	1,565,977	$	825,017	$	1,593,050	$	93,383	$	5,814,539
Total current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,136	$	—	1,136

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 September 30, 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 two residential mortgage loans with an aggregate carrying value of $372,900 and seven commercial mortgage loans with aggregate carrying values totaling $26.1 million which were in the process of foreclosure. As of June 30, 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 three residential mortgage loans with aggregate carrying values totaling $2.2 million and six commercial mortgage loans with aggregate carrying values totaling $23.7 million which were in the process of foreclosure.