Securities (Tables)

6 Months Ended

Dec. 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 December 31, 2024
(In thousands)	Amortized cost (1)		Unrealized gains		Unrealized losses		Fair value
U.S. Treasury securities	$	18,177	$	-	$	1,250	$	16,927
U.S. government sponsored enterprises		13,036		-		1,846		11,190
State and political subdivisions		221,696		1,122		1		222,817
Mortgage-backed securities-residential		36,853		43		3,815		33,081
Mortgage-backed securities-multi-family		89,071		-		17,116		71,955
Corporate debt securities		19,386		56		959		18,483
Total securities available-for-sale	$	398,219	$	1,221	$	24,987	$	374,453

	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 December 31, 2024 and June 30, 2024, 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 December 31, 2024
(In thousands)	Amortized cost (1)		Unrealized gains		Unrealized losses		Fair value		Allowance		Net carrying value
U.S. Treasury securities	$	23,820	$	-	$	1,335	$	22,485	$	-	$	23,820
State and political subdivisions		458,289		6,480		35,267		429,502		42		458,247
Mortgage-backed securities-residential		123,544		72		4,165		119,451		-		123,544
Mortgage-backed securities-multi-family		140,306		-		15,777		124,529		-		140,306
Corporate debt securities		25,355		28		1,857		23,526		396		24,959
Other securities		30		-		-		30		1		29
Total securities held-to-maturity	$	771,344	$	6,580	$	58,401	$	719,523	$	439	$	770,905

	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 $5.2 million and $4.1 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.

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 December 31, 2024			Six months ended December 31, 2024
Balance at beginning of period	$	466		$	483
Benefit for credit losses		(27	)		(44	)
Balance at end of period	$	439		$	439

(In thousands)	Three months ended December 31, 2023			Six months ended December 31, 2023
Balance at beginning of period	$	498		$	-
Adoption of ASU 2016-13 (CECL) on July 1, 2023		-			503
Benefit for credit losses		(13	)		(18	)
Balance at end of period	$	485		$	485

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 December 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. Treasury securities	$	236	$	2		1	$	16,691	$	1,248		7	$	16,927	$	1,250		8
U.S. government sponsored enterprises		-		-		-		11,190		1,846		5		11,190		1,846		5
State and political subdivisions		-		-		-		63		1		1		63		1		1
Mortgage-backed securities-residential		4,685		23		2		21,360		3,792		23		26,045		3,815		25
Mortgage-backed securities-multi-family		-		-		-		71,955		17,116		30		71,955		17,116		30
Corporate debt securities		-		-		-		16,503		959		14		16,503		959		14
Total securities available-for-sale		4,921		25		3		137,762		24,962		80		142,683		24,987		83
Securities held-to-maturity:
U.S. Treasury securities		-		-		-		22,485		1,335		7		22,485		1,335		7
State and political subdivisions		48,382		777		415		245,698		34,490		1,671		294,080		35,267		2,086
Mortgage-backed securities-residential		77,859		1,178		12		27,747		2,987		27		105,606		4,165		39
Mortgage-backed securities-multi-family		-		-		-		124,529		15,777		49		124,529		15,777		49
Corporate debt securities		-		-		-		20,999		1,857		18		20,999		1,857		18
Total securities held-to-maturity		126,241		1,955		427		441,458		56,446		1,772		567,699		58,401		2,199
Total securities	$	131,162	$	1,980		430	$	579,220	$	81,408		1,852	$	710,382	$	83,388		2,282

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

Investments Classified by Contractual Maturity Date

The estimated fair values of debt securities at December 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.

Securities available-for-sale	Amortized cost		Fair value
Within one year	$	221,897	$	223,014
After one year through five years		39,978		37,718
After five years through ten years		10,420		8,685
After ten years		-		-
Total securities available-for-sale		272,295		269,417
Mortgage-backed securities		125,924		105,036
Total securities available-for-sale		398,219		374,453
Securities held-to-maturity
Within one year		57,659		57,233
After one year through five years		164,880		161,660
After five years through ten years		181,286		164,244
After ten years		103,669		92,406
Total securities held-to-maturity		507,494		475,543
Mortgage-backed securities		263,850		243,980
Total securities held-to-maturity		771,344		719,523
Total securities	$	1,169,563	$	1,093,976