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Securities | 9 Months Ended
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Mar. 31, 2026
Securities [Abstract] |
Securities | (3) Securities The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:
|  |  | At March 31, 2026 |
(In thousands) |  |  | Amortized cost (1) |  |  |  | Unrealized gains |  |  |  | Unrealized losses |  |  |  | Fair value |
U.S. Treasury securities |  | $ | 5,836 |  |  | $ | - |  |  | $ | 47 |  |  | $ | 5,789 |
U.S. government sponsored enterprises |  |  | 7,097 |  |  |  | - |  |  |  | 726 |  |  |  | 6,371 |
State and political subdivisions |  |  | 214,530 |  |  |  | 1,113 |  |  |  | - |  |  |  | 215,643 |
Mortgage-backed securities-residential |  |  | 53,539 |  |  |  | 209 |  |  |  | 2,869 |  |  |  | 50,879 |
Mortgage-backed securities-multi-family |  |  | 88,524 |  |  |  | - |  |  |  | 12,620 |  |  |  | 75,904 |
Corporate debt securities |  |  | 15,954 |  |  |  | 57 |  |  |  | 396 |  |  |  | 15,615 |
Total securities available-for-sale |  | $ | 385,480 |  |  | $ | 1,379 |  |  | $ | 16,658 |  |  | $ | 370,201 |
|  |  | 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 |
(1) Amortized cost excludes accrued interest receivable of $5.1 million and $4.5 million at March 31, 2026 and June 30, 2025, 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 as of quarter ended March 31, 2026 and June 30, 2025, as each of 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 tables summarize the amortized cost, fair value, and allowance for credit loss on securities held-to-maturity by major type:
|  |  | At March 31, 2026 |
(In thousands) |  |  | Amortized cost (1) |  |  |  | Unrealized gains |  |  |  | Unrealized losses |  |  |  | Fair value |  |  |  | Allowance |  |  |  | Net carrying value |
U.S. Treasury securities |  | $ | 13,890 |  |  | $ | - |  |  | $ | 633 |  |  | $ | 13,257 |  |  | $ | - |  |  | $ | 13,890 |
State and political subdivisions |  |  | 479,636 |  |  |  | 10,492 |  |  |  | 27,595 |  |  |  | 462,533 |  |  |  | 52 |  |  |  | 479,584 |
Mortgage-backed securities-residential |  |  | 171,074 |  |  |  | 1,066 |  |  |  | 2,489 |  |  |  | 169,651 |  |  |  | - |  |  |  | 171,074 |
Mortgage-backed securities-multi-family |  |  | 121,738 |  |  |  | - |  |  |  | 9,727 |  |  |  | 112,011 |  |  |  | - |  |  |  | 121,738 |
Corporate debt securities |  |  | 28,500 |  |  |  | 166 |  |  |  | 1,066 |  |  |  | 27,600 |  |  |  | 497 |  |  |  | 28,003 |
Other securities |  |  | 26 |  |  |  | - |  |  |  | - |  |  |  | 26 |  |  |  | 1 |  |  |  | 25 |
Total securities held-to-maturity |  | $ | 814,864 |  |  | $ | 11,724 |  |  | $ | 41,510 |  |  | $ | 785,078 |  |  | $ | 550 |  |  | $ | 814,314 |
|  |  | At June 30, 2025 |
(In thousands) |  |  | Amortized cost (1) |  |  |  | Unrealized gains |  |  |  | Unrealized losses |  |  |  | Fair value |  |  |  | Allowance |  |  |  | Net carrying value |
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 |
(1) Amortized cost excludes accrued interest receivable of $7.0 million and $4.9 million at March 31, 2026 and June 30, 2025, 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 Current Expected Credited Losses (“CECL”) methodology. 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 March 31, 2026, 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 balance sheet derivative or hedging investment transactions, such as balance sheet interest rate swaps or caps. The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity:
|  | For the three months ended March 31, |
(In thousands) |  |  | 2026 |  |  |  | 2025 |
Balance at beginning of period |  | $ | 616 |  |  | $ | 439 |
Benefit for credit losses |  |  | (66 | ) |  |  | (17 | )
Balance at end of period |  | $ | 550 |  |  | $ | 422 |
|  | For the nine months ended March 31, |
(In thousands) |  |  | 2026 |  |  |  | 2025 |
Balance at beginning of period |  | $ | 548 |  |  | $ | 483 |
Provision (benefit) for credit losses |  |  | 2 |  |  |  | (61 | )
Balance at end of period |  | $ | 550 |  |  | $ | 422 |
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 March 31, 2026.
| 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 |  | $ | 245 |  |  | $ | - |  |  |  | 1 |  |  | $ | 5,544 |  |  | $ | 47 |  |  |  | 3 |  |  | $ | 5,789 |  |  | $ | 47 |  |  |  | 4 |
U.S. government sponsored enterprises |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,371 |  |  |  | 726 |  |  |  | 2 |  |  |  | 6,371 |  |  |  | 726 |  |  |  | 2 |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | 1 |  |  |  | 22 |  |  |  | - |  |  |  | 1 |
Mortgage-backed securities-residential |  |  | 18,040 |  |  |  | 294 |  |  |  | 7 |  |  |  | 19,469 |  |  |  | 2,575 |  |  |  | 17 |  |  |  | 37,509 |  |  |  | 2,869 |  |  |  | 24 |
Mortgage-backed securities-multi-family |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 75,904 |  |  |  | 12,620 |  |  |  | 30 |  |  |  | 75,904 |  |  |  | 12,620 |  |  |  | 30 |
Corporate debt securities |  |  | 443 |  |  |  | 57 |  |  |  | 1 |  |  |  | 13,160 |  |  |  | 339 |  |  |  | 8 |  |  |  | 13,603 |  |  |  | 396 |  |  |  | 9 |
Total securities available-for-sale |  |  | 18,728 |  |  |  | 351 |  |  |  | 9 |  |  |  | 120,470 |  |  |  | 16,307 |  |  |  | 61 |  |  |  | 139,198 |  |  |  | 16,658 |  |  |  | 70 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,257 |  |  |  | 633 |  |  |  | 4 |  |  |  | 13,257 |  |  |  | 633 |  |  |  | 4 |
State and political subdivisions |  |  | 28,030 |  |  |  | 742 |  |  |  | 208 |  |  |  | 212,156 |  |  |  | 26,853 |  |  |  | 1,282 |  |  |  | 240,186 |  |  |  | 27,595 |  |  |  | 1,490 |
Mortgage-backed securities-residential |  |  | 72,274 |  |  |  | 689 |  |  |  | 21 |  |  |  | 23,971 |  |  |  | 1,800 |  |  |  | 23 |  |  |  | 96,245 |  |  |  | 2,489 |  |  |  | 44 |
Mortgage-backed securities-multi-family |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 112,011 |  |  |  | 9,727 |  |  |  | 42 |  |  |  | 112,011 |  |  |  | 9,727 |  |  |  | 42 |
Corporate debt securities |  |  | 6,876 |  |  |  | 124 |  |  |  | 3 |  |  |  | 14,307 |  |  |  | 942 |  |  |  | 16 |  |  |  | 21,183 |  |  |  | 1,066 |  |  |  | 19 |
Total securities held-to-maturity |  |  | 107,180 |  |  |  | 1,555 |  |  |  | 232 |  |  |  | 375,702 |  |  |  | 39,955 |  |  |  | 1,367 |  |  |  | 482,882 |  |  |  | 41,510 |  |  |  | 1,599 |
Total securities |  | $ | 125,908 |  |  | $ | 1,906 |  |  |  | 241 |  |  | $ | 496,172 |  |  | $ | 56,262 |  |  |  | 1,428 |  |  | $ | 622,080 |  |  | $ | 58,168 |  |  |  | 1,669 |
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 |
There were no transfers of securities available-for-sale to held-to-maturity during the three and nine months ended March 31, 2026 and 2025. During the nine months ended March 31, 2026, a loss of $576,000 was recognized from a sale of four securities available-for-sale with a total par value of $8.3 million. During the three and nine months ended March 31, 2025, a loss of $665,000 was recognized from a sale of two securities available-for-sale with a total par value of $7.0 million. The proceeds were used to fund higher yielding investments. The estimated fair values of debt securities at March 31, 2026, 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 |  | $ | 224,210 |  |  | $ | 225,189 |
After one year through five years |  |  | 17,707 |  |  |  | 16,915 |
After five years through ten years |  |  | 1,500 |  |  |  | 1,314 |
After ten years |  |  | - |  |  |  | - |
Total securities available-for-sale |  |  | 243,417 |  |  |  | 243,418 |
Mortgage-backed securities |  |  | 142,063 |  |  |  | 126,783 |
Total securities available-for-sale |  |  | 385,480 |  |  |  | 370,201 |
Securities held-to-maturity |  |  |  |  |  |  |  |
Within one year |  |  | 59,684 |  |  |  | 59,855 |
After one year through five years |  |  | 165,386 |  |  |  | 166,259 |
After five years through ten years |  |  | 219,887 |  |  |  | 204,021 |
After ten years |  |  | 77,095 |  |  |  | 73,281 |
Total securities held-to-maturity |  |  | 522,052 |  |  |  | 503,416 |
Mortgage-backed securities |  |  | 292,812 |  |  |  | 281,662 |
Total securities held-to-maturity |  |  | 814,864 |  |  |  | 785,078 |
Total securities |  | $ | 1,200,344 |  |  | $ | 1,155,279 |
At March 31, 2026 and June 30, 2025, securities with an aggregate fair value of $1.1 billion and $1.0 billion, respectively, were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with the Commercial Bank. At March 31, 2026 and June 30, 2025, securities with an aggregate fair value of $15.9 million and $18.2 million, respectively, were pledged as collateral for potential borrowings at the Federal Reserve Bank discount window. The Company did not participate in any securities lending programs during the three and nine months ended March 31, 2026 or 2025. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions FHLB stock is carried at cost. FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. Estimated impairment of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position. After evaluating these considerations, the Company concluded that the par value of its investment in FHLB stock will be recovered and therefore, no impairment was recorded during the three and nine months ended March 31, 2026 or 2025.

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