Securities (Tables)

12 Months Ended

Jun. 30, 2024

Securities [Abstract]

Amortized Cost and Fair Value of Securities Available-for-Sale

The following tables summarizes the amortized cost and fair value of securities available-for-sale by major type:

	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

	At June 30, 2023
(In thousands)	Amortized cost (1)		Unrealized gains		Unrealized   losses		Fair value
U.S. Treasury securities	$	18,349	$	-	$	1,849	$	16,500
U.S. government sponsored enterprises		13,054		-		2,231		10,823
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 $4.0 million and $2.9 million at June 30, 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 table summarizes the amortized cost, fair value, and the allowance for credit losses on securities held-to-maturity by major type:

	At June 30, 2024
(In thousands)	Amortized cost(1)		Unrealized gains		Unrealized losses		Fair value		Allowance(2)		Net carrying value
Securities held-to-maturity:
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

	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 $4.1 million and $3.9 million at June 30, 2024 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.

⁽²⁾ Effective July 1, 2023, the allowance calculation is based upon the CECL methodology.  Prior to July 1, 2023, the allowance calculation was based upon the incurred loss methodology.

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)	Year ended June 30, 2024
Balance beginning of period	$	-
Adoption of ASU 2016-13 (CECL) on July 1, 2023		503
Provision (benefit) for credit losses		(20	)
Balance end of period	$	483

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 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

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. Treasury securities	$	761	$	57		2	$	15,739	$	1,792		6	$	16,500	$	1,849		8
U.S. government sponsored enterprises		-		-		-		10,823		2,231		5		10,823		2,231		5
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 June 30, 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	$	195,839	$	196,431
After one year through five years		39,264		36,207
After five years through ten years		8,913		7,295
After ten years		1,500		1,193
Total securities available-for-sale		245,516		241,126
Mortgage-backed and asset-backed securities		130,663		108,875
Total securities available-for-sale		376,179		350,001
Securities held-to-maturity
Within one year		56,992		56,196
After one year through five years		156,431		151,325
After five years through ten years		171,167		153,881
After ten years		114,851		98,103
Total securities held-to-maturity		499,441		459,505
Mortgage-backed securities		191,396		170,736
Total securities held-to-maturity		690,837		630,241
Total securities	$	1,067,016	$	980,242