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Securities (Tables)
9 Months Ended
Mar. 31, 2024
Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available-for-Sale
The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:

    At March 31, 2024      
(In thousands)
 
Amortized
cost (1)
   
Unrealized
gains
   
Unrealized
losses
    Fair value  
U.S. government sponsored enterprises
 
$
13,045
   
$
-
   
$
2,095
   
$
10,950
 
U.S. Treasury securities
   
45,075
     
-
     
1,942
     
43,133
 
State and political subdivisions
   
170,252
     
725
     
1
     
170,976
 
Mortgage-backed securities-residential
   
33,277
     
30
     
3,929
     
29,378
 
Mortgage-backed securities-multi-family
   
90,692
     
-
     
18,175
     
72,517
 
Corporate debt securities
   
19,845
     
20
     
1,300
     
18,565
 
Total securities available-for-sale
  $
372,186
    $
775
    $
27,442
    $
345,519
 

  At June 30, 2023  
(In thousands)
 
Amortized
cost (1)
   
Unrealized
gains
   
Unrealized
losses
    Fair value  
U.S. government sponsored enterprises
 
$
13,054
   
$
-
   
$
2,231
   
$
10,823
 
U.S. Treasury securities     18,349       -       1,849       16,500  
State and political subdivisions
   
137,343
     
670
     
2
     
138,011
 
Mortgage-backed securities-residential
   
29,586
     
-
     
3,985
     
25,601
 
Mortgage-backed securities-multi-family
   
91,016
     
-
     
18,930
     
72,086
 
Corporate debt securities
   
19,805
     
-
     
1,693
     
18,112
 
Total securities available-for-sale
  $
309,153
    $
670
    $
28,690
    $
281,133
 


(1)
Amortized cost excludes accrued interest receivable of $4.8 million and $2.9 million at March 31, 2024 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
Amortized Cost, Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity
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, 2024      
 
(In thousands)
 
Amortized
cost (1)
   
Unrealized
gains
   
Unrealized
losses
    Fair value     Allowance(2)
   
Net carrying
value
 
U.S. Treasury securities
  $
33,767
    $
-
    $
1,849
    $
31,918
    $ -     $ 33,767  
State and political subdivisions
   
462,643
     
6,518
     
34,182
     
434,979
      45       462,598  
Mortgage-backed securities-residential
   
33,947
     
-
     
3,319
     
30,628
      -       33,947  
Mortgage-backed securities-multi-family
   
145,234
     
-
     
17,981
     
127,253
      -       145,234  
Corporate debt securities
   
25,246
     
20
     
2,572
     
22,694
      452       24,794  
Other securities
    32       -       -       32       1       31  
Total securities held-to-maturity
 
$
700,869
   
$
6,538
   
$
59,903
   
$
647,504
    $
498     $
700,371  


  At June 30, 2023         
(In thousands)
 
Amortized
cost (1)
   
Unrealized
gains
   
Unrealized
losses
    Fair value     Allowance(2)
   
Net carrying
value
 
U.S. Treasury securities
  $
33,705
    $
-
    $
2,438
    $
31,267
    $ -     $ 33,705  
State and political subdivisions
   
478,756
     
5,178
     
30,662
     
453,272
      -       478,756  
Mortgage-backed securities-residential
   
37,186
     
-
     
3,625
     
33,561
      -       37,186  
Mortgage-backed securities-multi-family
   
155,046
     
-
     
20,324
     
134,722
      -       155,046  
Corporate debt securities
   
21,632
     
-
     
3,426
     
18,206
      -       21,632  
Other securities
    38       -       -       38       -       38  
Total securities held-to-maturity
 
$
726,363
   
$
5,178
   
$
60,475
   
$
671,066
    $
-     $
726,363  


(1)
Amortized cost excludes accrued interest receivable of $5.3 million and $3.9 million at March 31, 2024 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.

(2)
The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods.
Allowance for Credit Losses on Securities Held-to-Maturity
The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity:

(In thousands)
 
Three months ended
March 31, 2024
   
Nine months ended
March 31, 2024
 
Balance beginning of period
 
$
485
    $ -  
Adoption of ASU 2016-13 (CECL) on July 1, 2023
   
-
      503  
Provision (benefit) for credit losses
   
13
   
(5
)
Balance end of period
 
$
498
    $ 498  
Securities in Continuous Unrealized Loss Position
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, 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. government sponsored enterprises
 
$
-
   
$
-
     
-
   
$
10,950
   
$
2,095
     
5
   
$
10,950
   
$
2,095
     
5
 
U.S. Treasury securities
   
27,318
     
313
     
4
     
15,815
     
1,629
     
6
     
43,133
     
1,942
     
10
 
State and political subdivisions
    -       -       -       62       1       1       62       1       1  
Mortgage-backed securities-residential
   
1,972
     
5
     
1
     
23,414
     
3,924
     
26
     
25,386
     
3,929
     
27
 
Mortgage-backed securities-multi-family
   
-
     
-
     
-
     
72,517
     
18,175
     
31
     
72,517
     
18,175
     
31
 
Corporate debt securities
    -       -       -       16,637       1,300       16       16,637       1,300       16  
Total securities available-for-sale
   
29,290
     
318
     
5
     
139,395
     
27,124
     
85
     
168,685
     
27,442
     
90
 
Securities held-to-maturity:
                                                                       
U.S. Treasury securities
    -       -       -       31,918       1,849       8       31,918       1,849       8  
State and political subdivisions
   
13,610
     
46
     
131
     
296,385
     
34,136
     
2,164
     
309,995
     
34,182
     
2,295
 
Mortgage-backed securities-residential
   
-
     
-
     
1
     
30,628
     
3,319
     
28
     
30,628
     
3,319
     
29
 
Mortgage-backed securities-multi-family
   
-
     
-
     
-
     
127,253
     
17,981
     
52
     
127,253
     
17,981
     
52
 
Corporate debt securities
   
-
     
-
     
-
     
19,265
     
2,572
     
18
     
19,265
     
2,572
     
18
 
Total securities held-to-maturity
   
13,610
     
46
     
132
     
505,449
     
59,857
     
2,270
     
519,059
     
59,903
     
2,402
 
Total securities
 
$
42,900
   
$
364
     
137
   
$
644,844
   
$
86,981
     
2,355
   
$
687,744
   
$
87,345
     
2,492
 

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, 2023.

   
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. government sponsored enterprises
  $ -     $ -       -
    $ 10,823     $ 2,231       5
    $ 10,823     $ 2,231       5
 
U.S. Treasury securities
    761       57       2       15,739       1,792       6       16,500       1,849       8  
State and political subdivisions
    -       -       -       82       2       1       82       2       1  
Mortgage-backed securities-residential
    476       29       7       25,125       3,956       21       25,601       3,985       28  
Mortgage-backed securities-multi-family
    2,679      
182
     
1
     
69,407
     
18,748
     
30
     
72,086
     
18,930
     
31
 
Corporate debt securities
    2,352      
40
     
2
     
15,760
     
1,653
     
15
     
18,112
     
1,693
     
17
 
Total securities available-for-sale
    6,268      
308
     
12
     
136,936
     
28,382
     
78
     
143,204
     
28,690
     
90
 
Securities held-to-maturity:
                                                                       
U.S. Treasury securities
    -      
-
     
-
     
31,267
     
2,438
     
8
     
31,267
     
2,438
     
8
 
State and political subdivisions
    40,412       520       448       295,479       30,142       2,018       335,891       30,662       2,466  
Mortgage-backed securities-residential
    1,982      
120
     
12
     
31,579
     
3,505
     
18
     
33,561
     
3,625
     
30
 
Mortgage-backed securities-multi-family
    5,362      
245
     
2
     
129,360
     
20,079
     
54
     
134,722
     
20,324
     
56
 
Corporate debt securities
    10,236      
2,012
     
9
     
7,970
     
1,414
     
10
     
18,206
     
3,426
     
19
 
Total securities held-to-maturity
    57,992      
2,897
     
471
     
495,655
     
57,578
     
2,108
     
553,647
     
60,475
     
2,579
 
Total securities
  $ 64,260    
$
3,205
   

483
   
$
632,591
   
$
85,960
   

2,186
   
$
696,851
   
$
89,165
   

2,669
 
Investments Classified by Contractual Maturity Date
The estimated fair values of debt securities at March 31, 2024, 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
 
$
198,521
   
$
198,954
 
After one year through five years
   
39,286
     
36,160
 
After five years through ten years
   
8,910
     
7,273
 
After ten years
   
1,500
     
1,237
 
Total securities available-for-sale
   
248,217
     
243,624
 
Mortgage-backed and asset-backed securities
   
123,969
     
101,895
 
Total securities available-for-sale
   
372,186
     
345,519
 
                 
Securities held-to-maturity
               
Within one year
   
63,451
     
62,980
 
After one year through five years
   
163,298
     
159,412
 
After five years through ten years
   
159,777
     
148,919
 
After ten years
   
135,162
     
118,312
 
Total securities held-to-maturity
   
521,688
     
489,623
 
Mortgage-backed securities
   
179,181
     
157,881
 
Total securities held-to-maturity
   
700,869
     
647,504
 
Total securities
 
$
1,073,055
   
$
993,023