Securities (Tables)

3 Months Ended

Sep. 30, 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 September 30, 2025
(In thousands)		Amortized cost (1)		Unrealized gains		Unrealized losses		Fair value
U.S. Treasury securities	$	10,811	$	-	$	272	$	10,539
U.S. government sponsored enterprises		13,026		-		1,274		11,752
State and political subdivisions		202,072		1,369		-		203,441
Mortgage-backed securities-residential		33,155		286		2,741		30,700
Mortgage-backed securities-multi-family		88,776		-		13,240		75,536
Corporate debt securities		18,430		84		409		18,105
Total securities available-for-sale	$	366,270	$	1,739	$	17,936	$	350,073

	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 $4.3 million and $4.5 million at September 30, 2025 and June 30, 2025, 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 September 30, 2025
(In thousands)		Amortized cost (1)		Unrealized gains		Unrealized losses		Fair value		Allowance		Net carrying value
U.S. Treasury securities	$	15,864	$	-	$	754	$	15,110	$	-	$	15,864
State and political subdivisions		470,827		12,547		25,577		457,797		52		470,775
Mortgage-backed securities-residential		141,161		2,172		2,124		141,209		-		141,161
Mortgage-backed securities-multi-family		126,651		-		10,803		115,848		-		126,651
Corporate debt securities		33,200		140		1,429		31,911		546		32,654
Other securities		28		-		-		28		1		27
Total securities held-to-maturity	$	787,731	$	14,859	$	40,687	$	761,903	$	599	$	787,132

	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 $5.8 million and $4.9 million at September 30, 2025 and June 30, 2025, 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:

	For the three months ended September 30,
(In thousands)		2025		2024
Balance at beginning of period	$	548	$	483
Provision (benefit) for credit losses		51		(17	)
Balance at end of period	$	599	$	466

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 September 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	$	-	$	-	-	$	10,296	$	272	5	$	10,296	$	272	5
U.S. government sponsored enterprises		-		-	-		11,752		1,274	5		11,752		1,274	5
State and political subdivisions		-		-	-		43		-	1		43		-	1
Mortgage-backed securities-residential		-		-	-		20,460		2,741	18		20,460		2,741	18
Mortgage-backed securities-multi-family		-		-	-		75,536		13,240	30		75,536		13,240	30
Corporate debt securities		456		44	1		15,623		365	10		16,079		409	11
Total securities available-for-sale		456		44	1		133,710		17,892	69		134,166		17,936	70
Securities held-to-maturity:
U.S. Treasury securities		-		-	-		15,110		754	5		15,110		754	5
State and political subdivisions		10,189		271	55		225,504		25,306	1,404		235,693		25,577	1,459
Mortgage-backed securities-residential		1,854		7	2		35,064		2,117	29		36,918		2,124	31
Mortgage-backed securities-multi-family		-		-	-		115,849		10,803	44		115,849		10,803	44
Corporate debt securities		457		43	1		20,064		1,386	15		20,521		1,429	16
Total securities held-to-maturity		12,500		321	58		411,591		40,366	1,497		424,091		40,687	1,555
Total securities	$	12,956	$	365	59	$	545,301	$	58,258	1,566	$	558,257	$	58,623	1,625

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

Investments Classified by Contractual Maturity Date

The estimated fair values of debt securities at September 30, 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	$	207,808	$	209,038
After one year through five years		28,031		27,310
After five years through ten years		8,500		7,489
After ten years		-		-
Total securities available-for-sale		244,339		243,837
Mortgage-backed securities		121,931		106,236
Total securities available-for-sale		366,270		350,073
Securities held-to-maturity
Within one year		57,765		58,088
After one year through five years		168,811		170,690
After five years through ten years		211,205		198,680
After ten years		82,138		77,388
Total securities held-to-maturity		519,919		504,846
Mortgage-backed securities		267,812		257,057
Total securities held-to-maturity		787,731		761,903
Total securities	$	1,154,001	$	1,111,976