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Securities | 12 Months Ended
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Jun. 30, 2025
Securities [Abstract] |
Securities | Note 3. Securities The Company’s current policies generally limit securities investments to U.S. government and securities of government sponsored enterprises, federal funds sold, municipal bonds, corporate debt obligations, subordinated debt of banks and certain mutual funds. In addition, the Company’s policies permit investments in mortgage-backed securities, including securities issued and guaranteed by Fannie Mae, Freddie Mac, and GNMA, and collateralized mortgage obligations issued by these entities. As of June 30, 2025, all mortgage-backed securities including collateralized mortgage obligations were securities of government sponsored enterprises, no private-label mortgage-backed securities or collateralized mortgage obligations were held in the securities portfolio. The Company’s investments in state and political subdivisions securities generally are municipal obligations that are general obligations supported by the general taxing authority of the issuer, and in some cases are insured. The obligations issued by school districts are supported by state aid. Primarily, these investments are issued by municipalities within New York State. The Company’s current securities investment strategy utilizes a risk management approach of diversified investing among three categories: short-, intermediate- and long-term. The emphasis of this approach is to increase overall investment securities yields while managing interest rate risk. The Company will only invest in high quality securities as determined by management’s analysis at the time of purchase. The Company generally does not engage in any derivative or hedging transactions, such as balance sheet interest rate swaps or caps. The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:
| At June 30, 2025
(In thousands) |  | Amortized cost(1) |  |  |  | Unrealized gains |  |  |  | Unrealized losses |  |  |  | Fair value |
U.S. Treasury securities | $ | 10,815 |  |  | $ | - |  |  | $ | 362 |  |  | $ | 10,453 |
U.S. government sponsored enterprises |  | 13,029 |  |  |  | - |  |  |  | 1,385 |  |  |  | 11,644 |
State and political subdivisions |  | 208,450 |  |  |  | 1,394 |  |  |  | - |  |  |  | 209,844 |
Mortgage-backed securities-residential |  | 34,382 |  |  |  | 212 |  |  |  | 3,007 |  |  |  | 31,587 |
Mortgage-backed securities-multi-family |  | 88,874 |  |  |  | - |  |  |  | 14,277 |  |  |  | 74,597 |
Corporate debt securities |  | 18,416 |  |  |  | 81 |  |  |  | 560 |  |  |  | 17,937 |
Total securities available-for-sale | $ | 373,966 |  |  | $ | 1,687 |  |  | $ | 19,591 |  |  | $ | 356,062 |
| At June 30, 2024
(In thousands) |  | Amortized cost(1) |  |  |  | Unrealized gains |  |  |  | Unrealized losses |  |  |  | Fair value |
U.S. Treasury securities | $ | 43,024 |  |  | $ | - |  |  | $ | 1,829 |  |  | $ | 41,195 |
U.S. government sponsored enterprises |  | 13,042 |  |  |  | - |  |  |  | 2,068 |  |  |  | 10,974 |
State and political subdivisions |  | 169,842 |  |  |  | 828 |  |  |  | 1 |  |  |  | 170,669 |
Mortgage-backed securities-residential |  | 40,402 |  |  |  | 67 |  |  |  | 3,894 |  |  |  | 36,575 |
Mortgage-backed securities-multi-family |  | 90,261 |  |  |  | - |  |  |  | 17,961 |  |  |  | 72,300 |
Corporate debt securities |  | 19,608 |  |  |  | 15 |  |  |  | 1,335 |  |  |  | 18,288 |
Total securities available-for-sale | $ | 376,179 |  |  | $ | 910 |  |  | $ | 27,088 |  |  | $ | 350,001 |
(1) Amortized cost excludes accrued interest receivable of $4.5 million and $4.0 million at June 30, 2025 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition. There was no allowance for credit losses on securities available-for-sale for the years ended June 30, 2025 and 2024, respectively. The following tables summarize the amortized cost, fair value, and the allowance for credit losses on securities held-to-maturity by major type:
| At June 30, 2025
(In thousands) |  | Amortized cost(1) |  |  |  | Unrealized gains |  |  |  | Unrealized losses |  |  |  | Fair value |  |  |  | Allowance |  |  |  | Net carrying value |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 15,850 |  |  | $ | - |  |  | $ | 868 |  |  | $ | 14,982 |  |  | $ | - |  |  | $ | 15,850 |
State and political subdivisions |  | 460,959 |  |  |  | 8,938 |  |  |  | 32,028 |  |  |  | 437,869 |  |  |  | 40 |  |  |  | 460,919 |
Mortgage-backed securities-residential |  | 138,468 |  |  |  | 1,388 |  |  |  | 2,327 |  |  |  | 137,529 |  |  |  | - |  |  |  | 138,468 |
Mortgage-backed securities-multi-family |  | 130,119 |  |  |  | - |  |  |  | 11,963 |  |  |  | 118,156 |  |  |  | - |  |  |  | 130,119 |
Corporate debt securities |  | 31,270 |  |  |  | 55 |  |  |  | 1,756 |  |  |  | 29,569 |  |  |  | 507 |  |  |  | 30,763 |
Other securities |  | 29 |  |  |  | - |  |  |  | - |  |  |  | 29 |  |  |  | 1 |  |  |  | 28 |
Total securities held-to-maturity | $ | 776,695 |  |  | $ | 10,381 |  |  | $ | 48,942 |  |  | $ | 738,134 |  |  | $ | 548 |  |  | $ | 776,147 |
| At June 30, 2024
(In thousands) |  | Amortized cost(1) |  |  |  | Unrealized gains |  |  |  | Unrealized losses |  |  |  | Fair value |  |  |  | Allowance |  |  |  | Net carrying value |
U.S. Treasury securities | $ | 23,785 |  |  | $ | - |  |  | $ | 1,749 |  |  | $ | 22,036 |  |  | $ | - |  |  | $ | 23,785 |
State and political subdivisions |  | 450,343 |  |  |  | 4,541 |  |  |  | 40,235 |  |  |  | 414,649 |  |  |  | 44 |  |  |  | 450,299 |
Mortgage-backed securities-residential |  | 48,033 |  |  |  | 51 |  |  |  | 3,314 |  |  |  | 44,770 |  |  |  | - |  |  |  | 48,033 |
Mortgage-backed securities-multi-family |  | 143,363 |  |  |  | - |  |  |  | 17,397 |  |  |  | 125,966 |  |  |  | - |  |  |  | 143,363 |
Corporate debt securities |  | 25,282 |  |  |  | 12 |  |  |  | 2,505 |  |  |  | 22,789 |  |  |  | 438 |  |  |  | 24,844 |
Other securities |  | 31 |  |  |  | - |  |  |  | - |  |  |  | 31 |  |  |  | 1 |  |  |  | 30 |
Total securities held-to-maturity | $ | 690,837 |  |  | $ | 4,604 |  |  | $ | 65,200 |  |  | $ | 630,241 |  |  | $ | 483 |  |  | $ | 690,354 |
(1) Amortized cost excludes accrued interest receivable of $4.9 million and $4.1 million at June 30, 2025 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition. U.S. Treasury and mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly and/or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of zero credit losses. Therefore, the Company determined a zero credit loss assumption, and did not calculate or record an allowance for credit loss for these securities. An allowance for credit losses on investment securities held-to-maturity has been recorded for certain municipal securities issued by state and political subdivisions and corporate debt securities to account for expected lifetime credit loss using the CECL methodology. Management assesses the change in fair value of investment securities on a regular basis. Unrealized losses may occur from current market conditions, increases in interest rates since the time of purchase and deterioration in credit quality of issuers. Management assesses both qualitative and quantitative factors to determine whether any credit-related allowance is required. There was no allowance for credit losses on securities available-for-sale for the years ended June 30, 2025 and 2024, as the securities in the portfolio are investment grade, current as to principal and interest and their price changes are consistent with interest and credit spreads when adjusting for convexity, rating, and industry differences. The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity at the year ended:
(In thousands) |  | June 30, 2025 |  |  |  | June 30, 2024 |
Balance at beginning of year | $ | 483 |  |  | $ | - |
Adoption of ASU 2016-13 (CECL) on July 1, 2023 |  | - |  |  |  | 503 |
Provision (benefit) for credit losses |  | 65 |  |  |  | (20 | )
Balance at end of year | $ | 548 |  |  | $ | 483 |
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2025.
| Less than 12 months | More than 12 months | Total
(In thousands, except number of securities) |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 241 |  | $ | 1 |  |  | 1 |  | $ | 10,212 |  | $ | 361 |  |  | 5 |  | $ | 10,453 |  | $ | 362 |  |  | 6 |
U.S. government sponsored enterprises |  | - |  |  | - |  |  | - |  |  | 11,644 |  |  | 1,385 |  |  | 5 |  |  | 11,644 |  |  | 1,385 |  |  | 5 |
State and political subdivisions |  | - |  |  | - |  |  | - |  |  | 43 |  |  | - |  |  | 1 |  |  | 43 |  |  | - |  |  | 1 |
Mortgage-backed securities-residential |  | - |  |  | - |  |  | - |  |  | 20,872 |  |  | 3,007 |  |  | 21 |  |  | 20,872 |  |  | 3,007 |  |  | 21 |
Mortgage-backed securities-multi-family |  | - |  |  | - |  |  | - |  |  | 74,597 |  |  | 14,277 |  |  | 30 |  |  | 74,597 |  |  | 14,277 |  |  | 30 |
Corporate debt securities |  | - |  |  | - |  |  | - |  |  | 15,919 |  |  | 560 |  |  | 11 |  |  | 15,919 |  |  | 560 |  |  | 11 |
Total securities available-for-sale |  | 241 |  |  | 1 |  |  | 1 |  |  | 133,287 |  |  | 19,590 |  |  | 73 |  |  | 133,528 |  |  | 19,591 |  |  | 74 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | - |  |  | - |  |  | - |  |  | 14,982 |  |  | 868 |  |  | 5 |  |  | 14,982 |  |  | 868 |  |  | 5 |
State and political subdivisions |  | 23,577 |  |  | 339 |  |  | 154 |  |  | 231,645 |  |  | 31,689 |  |  | 1,511 |  |  | 255,222 |  |  | 32,028 |  |  | 1,665 |
Mortgage-backed securities-residential |  | 9,470 |  |  | 151 |  |  | 4 |  |  | 26,541 |  |  | 2,176 |  |  | 26 |  |  | 36,011 |  |  | 2,327 |  |  | 30 |
Mortgage-backed securities-multi-family |  | - |  |  | - |  |  | - |  |  | 118,156 |  |  | 11,963 |  |  | 45 |  |  | 118,156 |  |  | 11,963 |  |  | 45 |
Corporate debt securities |  | 3,705 |  |  | 45 |  |  | 3 |  |  | 22,209 |  |  | 1,711 |  |  | 17 |  |  | 25,914 |  |  | 1,756 |  |  | 20 |
Total securities held-to-maturity |  | 36,752 |  |  | 535 |  |  | 161 |  |  | 413,533 |  |  | 48,407 |  |  | 1,604 |  |  | 450,285 |  |  | 48,942 |  |  | 1,765 |
Total securities | $ | 36,993 |  | $ | 536 |  |  | 162 |  | $ | 546,820 |  | $ | 67,997 |  |  | 1,677 |  | $ | 583,813 |  | $ | 68,533 |  |  | 1,839 |
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2024.
| Less than 12 months | More than 12 months | Total
(In thousands, except number of securities) |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |  |  | Fair value |  |  | Unrealized losses |  |  | Number of securities |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 24,574 |  | $ | 215 |  |  | 1 |  | $ | 16,621 |  | $ | 1,614 |  |  | 8 |  | $ | 41,195 |  | $ | 1,829 |  |  | 9 |
U.S. government sponsored enterprises |  | - |  |  | - |  |  | - |  |  | 10,974 |  |  | 2,068 |  |  | 5 |  |  | 10,974 |  |  | 2,068 |  |  | 5 |
State and political subdivisions |  | - |  |  | - |  |  | - |  |  | 62 |  |  | 1 |  |  | 1 |  |  | 62 |  |  | 1 |  |  | 1 |
Mortgage-backed securities-residential |  | 1,913 |  |  | 8 |  |  | 2 |  |  | 22,700 |  |  | 3,886 |  |  | 23 |  |  | 24,613 |  |  | 3,894 |  |  | 25 |
Mortgage-backed securities-multi-family |  | - |  |  | - |  |  | - |  |  | 72,300 |  |  | 17,961 |  |  | 31 |  |  | 72,300 |  |  | 17,961 |  |  | 31 |
Corporate debt securities |  | - |  |  | - |  |  | - |  |  | 16,360 |  |  | 1,335 |  |  | 16 |  |  | 16,360 |  |  | 1,335 |  |  | 16 |
Total securities available-for-sale |  | 26,487 |  |  | 223 |  |  | 3 |  |  | 139,017 |  |  | 26,865 |  |  | 84 |  |  | 165,504 |  |  | 27,088 |  |  | 87 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | - |  |  | - |  |  | - |  |  | 22,036 |  |  | 1,749 |  |  | 7 |  |  | 22,036 |  |  | 1,749 |  |  | 7 |
State and political subdivisions |  | 32,215 |  |  | 474 |  |  | 294 |  |  | 278,521 |  |  | 39,761 |  |  | 2,025 |  |  | 310,736 |  |  | 40,235 |  |  | 2,319 |
Mortgage-backed securities-residential |  | - |  |  | - |  |  | - |  |  | 29,510 |  |  | 3,314 |  |  | 28 |  |  | 29,510 |  |  | 3,314 |  |  | 28 |
Mortgage-backed securities-multi-family |  | - |  |  | - |  |  | - |  |  | 125,966 |  |  | 17,397 |  |  | 47 |  |  | 125,966 |  |  | 17,397 |  |  | 47 |
Corporate debt securities |  | - |  |  | - |  |  | - |  |  | 20,276 |  |  | 2,505 |  |  | 41 |  |  | 20,276 |  |  | 2,505 |  |  | 41 |
Total securities held-to-maturity |  | 32,215 |  |  | 474 |  |  | 294 |  |  | 476,309 |  |  | 64,726 |  |  | 2,148 |  |  | 508,524 |  |  | 65,200 |  |  | 2,442 |
Total securities | $ | 58,702 |  | $ | 697 |  |  | 297 |  | $ | 615,326 |  | $ | 91,591 |  |  | 2,232 |  | $ | 674,028 |  | $ | 92,288 |  |  | 2,529 |
There were no transfers of securities available-for-sale to held-to-maturity during the year ended June 30, 2025 or 2024. During the year ended June 30, 2025, sales amounted to $6.7 million of U.S. Treasury securities available-for-sale, and a loss of $665,000 was recognized from the sale. The proceeds were used to fund higher-yielding loans and securities. During the year ended June 30, 2024, there were no sales of securities, and no gains or losses recognized. The estimated fair values of debt securities at June 30, 2025, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. (In thousands)
Securities available-for-sale |  | Amortized cost |  |  |  | Fair value |
Within one year | $ | 212,369 |  |  | $ | 213,657 |
After one year through five years |  | 27,914 |  |  |  | 27,107 |
After five years through ten years |  | 10,427 |  |  |  | 9,114 |
After ten years |  | - |  |  |  | - |
Total securities available-for-sale |  | 250,710 |  |  |  | 249,878 |
Mortgage-backed and asset-backed securities |  | 123,256 |  |  |  | 106,184 |
Total securities available-for-sale |  | 373,966 |  |  |  | 356,062 |
Securities held-to-maturity |  |  |  |  |  |  |
Within one year |  | 55,541 |  |  |  | 55,544 |
After one year through five years |  | 163,832 |  |  |  | 163,486 |
After five years through ten years |  | 203,326 |  |  |  | 186,454 |
After ten years |  | 85,409 |  |  |  | 76,965 |
Total securities held-to-maturity |  | 508,108 |  |  |  | 482,449 |
Mortgage-backed securities |  | 268,587 |  |  |  | 255,685 |
Total securities held-to-maturity |  | 776,695 |  |  |  | 738,134 |
Total securities | $ | 1,150,661 |  |  | $ | 1,094,196 |
As of June 30, 2025 and 2024, securities with an aggregate fair value of $1.0 billion and $894.5 million, respectively, were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with the Commercial Bank. As of June 30, 2025 and 2024, securities with an aggregate fair value of $18.2 million and $40.0 million, respectively, were pledged as collateral for potential borrowings at the Federal Reserve Bank discount window and the Bank Term Funding Program. The Company did not participate in any securities lending programs during the years ended June 30, 2025 or 2024.

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