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Securities (Tables)
9 Months Ended
Mar. 31, 2025
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, 2025
(In thousands)
 
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
 
U.S. Treasury securities
$ 10,819   $ -   $ 444   $ 10,375 
U.S. government sponsored enterprises
  13,032       -      1,556     11,476 
State and political subdivisions
  207,811     1,355        -      209,166 
Mortgage-backed securities-residential
  35,740     139     3,253     32,626 
Mortgage-backed securities-multi-family
  88,970       -      14,985     73,985 
Corporate debt securities
  18,401     73     670     17,804 
Total securities available-for-sale
$ 374,773   $ 1,567   $ 20,908   $ 355,432 
 
                        
   
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 $5.2 million and $4.0 million at March 31, 2025 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 March 31, 2025
(In thousands)
 
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
    
Allowance
    
Net carrying
value
 
U.S. Treasury securities
$ 20,836   $ -   $ 1,036   $ 19,800   $ -   $ 20,836 
State and political subdivisions
  459,108     7,029     35,414     430,723     41     459,067 
Mortgage-backed securities-residential
  135,874     916     2,670     134,120       -      135,874 
Mortgage-backed securities-multi-family
  139,845       -      13,242     126,603       -      139,845 
Corporate debt securities
  26,068     59     1,710     24,417     380     25,688 
Other securities
  29       -        -      29     1     28 
Total securities held-to-maturity
$ 781,760   $ 8,004   $ 54,072   $ 735,692   $ 422   $ 781,338 
                                    
   
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 $6.0 million and $4.1 million at March 31, 2025 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
March 31, 2025
    Nine months ended
March 31, 2025
 
Balance at beginning of period
$ 439  $ 483 
Benefit for credit losses
  (17   (61
Balance at end of period
$ 422  $ 422 
 
(In thousands)
  Three months ended
March 31, 2024
    Nine months ended
March 31, 2024
 
Balance at beginning of period
$ 485  $ - 
Adoption of ASU 2016-13 (CECL) on July 1, 2023
    -     503 
Provision (benefit) for credit losses
  13    (5
Balance at 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, 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
$ 239   $ 1    1   $ 10,136   $ 443    5   $ 10,375   $ 444    6 
U.S. government sponsored enterprises
    -        -      -      11,476     1,556    5     11,476     1,556    5 
State and political subdivisions
    -        -      -      42        -     1     42        -     1 
Mortgage-backed securities-residential
  11        -     2     21,305     3,253    21     21,316     3,253    23 
Mortgage-backed securities-multi-family
    -        -      -      73,985     14,985    30     73,985     14,985    30 
Corporate debt securities
    -        -      -      15,801     670    11     15,801     670    11 
Total securities available-for-sale
  250     1    3     132,745     20,907    73     132,995     20,908    76 
Securities held-to-maturity:
                                                 
U.S. Treasury securities
    -        -      -      19,800     1,036    6     19,800     1,036    6 
State and political subdivisions
  32,802     612    240     239,101     34,802    1,600     271,903     35,414    1,840 
Mortgage-backed securities-residential
  31,424     209    7     27,314     2,461    27     58,738     2,670    34 
Mortgage-backed securities-multi-family
    -        -      -      126,603     13,242    49     126,603     13,242    49 
Corporate debt securities
  489     11    1     21,869     1,699    18     22,358     1,710    19 
Total securities held-to-maturity
  64,715     832    248     434,687     53,240    1,700     499,402     54,072    1,948 
Total securities
$ 64,965   $ 833    251   $ 567,432   $ 74,147    1,773   $ 632,397   $ 74,980    2,024 
 
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 March 31, 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.
             
Securities available-for-sale
Amortized cost
   
Fair value
 
Within one year
$ 209,706    $ 210,996 
After one year through five years
  29,934      28,850 
After five years through ten years
  10,423      8,975 
After ten years
    -         -  
Total securities available-for-sale
  250,063      248,821 
Mortgage-backed securities
  124,710      106,611 
Total securities available-for-sale
  374,773      355,432 
             
Securities held-to-maturity
           
Within one year
  57,162      56,926 
After one year through five years
  164,448      162,784 
After five years through ten years
  184,614      167,486 
After ten years
  99,817      87,773 
Total securities held-to-maturity
  506,041      474,969 
Mortgage-backed securities
  275,719      260,723 
Total securities held-to-maturity
  781,760      735,692 
Total securities
$ 1,156,533    $ 1,091,124