10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-37399

KEARNY FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Maryland	30-0870244
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
120 Passaic Ave., Fairfield, New Jersey	07004
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code

973-244-4500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	KRNY	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: April 29, 2022.

$0.01 par value common stock — 70,421,270 shares outstanding

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

INDEX

		Page Number
PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Financial Condition at March 31, 2022 (Unaudited) and June 30, 2021	1
	Consolidated Statements of Income for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)	2
	Consolidated Statements of Comprehensive Income (Loss) for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)	3
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months and Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2022 and March 31, 2021 (Unaudited)	6
	Notes to Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	51
Item 4.	Controls and Procedures	52
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	53
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54
SIGNATURES		55

KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

	March 31,			June 30,
	2022			2021
	(Unaudited)
Assets
Cash and amounts due from depository institutions	$	22,864		$	21,463
Interest-bearing deposits in other banks		39,515			46,392
Cash and cash equivalents		62,379			67,855
Investment securities available for sale (amortized cost $1,590,074 and $1,666,853,   respectively), net of allowance for credit losses of $0 at March 31, 2022 and June 30, 2021		1,526,086			1,676,864
Investment securities held to maturity (fair value $117,017 and $39,610, respectively), net of   allowance for credit losses of $0 at March 31, 2022 and June 30, 2021		121,853			38,138
Loans held-for-sale		2,822			16,492
Loans receivable		5,003,201			4,851,394
Less: allowance for credit losses on loans		(43,860	)		(58,165	)
Net loans receivable		4,959,341			4,793,229
Premises and equipment		53,727			56,338
Federal Home Loan Bank (“FHLB”) of New York stock		30,997			36,615
Accrued interest receivable		19,517			19,362
Goodwill		210,895			210,895
Core deposit intangibles		3,166			3,705
Bank owned life insurance		287,644			283,310
Deferred income tax assets, net		34,349			29,323
Other real estate owned		401			178
Other assets		76,714			51,431
Total Assets	$	7,389,891		$	7,283,735
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing	$	621,954		$	593,718
Interest-bearing		4,906,708			4,891,588
Total deposits		5,528,662			5,485,306
Borrowings		851,220			685,876
Advance payments by borrowers for taxes		16,979			15,752
Other liabilities		37,861			53,857
Total Liabilities		6,434,722			6,240,791
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized;   none issued and outstanding		-			-
Common stock, $0.01 par value; 800,000,000 shares authorized;   71,424,469 shares and 78,964,859 shares issued and outstanding, respectively		714			790
Paid-in capital		561,176			654,396
Retained earnings		441,522			408,367
Unearned employee stock ownership plan shares;   2,609,069 shares and 2,759,594 shares, respectively		(25,294	)		(26,753	)
Accumulated other comprehensive (loss) income		(22,949	)		6,144
Total Stockholders' Equity		955,169			1,042,944
Total Liabilities and Stockholders' Equity	$	7,389,891		$	7,283,735

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

(Unaudited)

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	2022			2021		2022			2021
Interest Income
Loans	$	45,846		$	50,159	$	141,651		$	153,776
Taxable investment securities		8,024			7,891		23,831			22,934
Tax-exempt investment securities		316			410		976			1,297
Other interest-earning assets		415			705		1,261			2,406
Total Interest Income		54,601			59,165		167,719			180,413
Interest Expense
Deposits		3,565			6,670		11,293			26,379
Borrowings		3,309			4,012		10,422			14,865
Total Interest Expense		6,874			10,682		21,715			41,244
Net Interest Income		47,727			48,483		146,004			139,169
(Reversal of) provision for credit losses		(3,920	)		1,126		(11,740	)		3,820
Net Interest Income after (Reversal of)   Provision for Credit Losses		51,647			47,357		157,744			135,349
Non-Interest Income
Fees and service charges		617			473		1,922			1,474
Gain on sale and call of securities		3			18		4			454
Gain on sale of loans		376			943		2,352			5,211
Gain on sale of other real estate owned		14			-		14			-
Income from bank owned life insurance		1,511			1,530		4,634			4,722
Electronic banking fees and charges		432			456		1,260			1,265
Bargain purchase gain		-			-		-			3,053
Other income		238			1,194		938			1,351
Total Non-Interest Income		3,191			4,614		11,124			17,530
Non-Interest Expense
Salaries and employee benefits		19,184			16,965		55,897			51,023
Net occupancy expense of premises		3,223			3,433		10,926			9,675
Equipment and systems		3,822			3,823		11,370			11,295
Advertising and marketing		516			567		1,356			1,580
Federal deposit insurance premium		480			488		1,693			1,450
Directors' compensation		340			748		1,792			2,244
Merger-related expenses		-			-		-			4,349
Debt extinguishment expenses		-			-		-			796
Other expense		3,058			3,792		9,062			11,487
Total Non-Interest Expense		30,623			29,816		92,096			93,899
Income before Income Taxes		24,215			22,155		76,772			58,980
Income tax expense		6,522			5,732		20,595			14,230
Net Income	$	17,693		$	16,423	$	56,177		$	44,750
Net Income per Common Share (EPS)
Basic	$	0.25		$	0.20	$	0.78		$	0.53
Diluted	$	0.25		$	0.20	$	0.78		$	0.53
Weighted Average Number of Common Shares   Outstanding
Basic		69,790			80,673		72,130			83,958
Diluted		69,817			80,690		72,154			83,961

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands, Unaudited)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
Net Income	$	17,693		$	16,423		$	56,177		$	44,750
Other Comprehensive (Loss) Income, net of tax:
Net unrealized loss on securities available for sale		(41,922	)		(15,671	)		(52,354	)		(14,379	)
Net realized gain on sale and call of securities   available for sale		(2	)		(13	)		(3	)		(319	)
Fair value adjustments on derivatives		17,387			10,574			23,227			14,750
Benefit plan adjustments		14			14			37			48
Total Other Comprehensive (Loss) Income		(24,523	)		(5,096	)		(29,093	)		100
Total Comprehensive (Loss) Income	$	(6,830	)	$	11,327		$	27,084		$	44,850

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data, Unaudited)

	Common Stock						Paid-In			Retained			Unearned ESOP			Accumulated Other Comprehensive
	Shares			Amount			Capital			Earnings			Shares			Income			Total
Balance - December 31, 2020		84,938		$	849		$	724,389		$	388,376		$	(27,726	)	$	6,453		$	1,092,341
Net income		-			-			-			16,423			-			-			16,423
Other comprehensive loss, net   of income tax		-			-			-			-			-			(5,096	)		(5,096	)
ESOP shares committed to be   released (50 shares)		-			-			87			-			487			-			574
Stock option exercise		41			-			373			-			-			-			373
Share repurchases		(3,026	)		(29	)		(34,834	)		-			-			-			(34,863	)
Stock-based compensation expense		-			-			1,379			-			-			-			1,379
Cancellation of shares issued for   restricted stock awards		(10	)		-			(114	)		-			-			-			(114	)
Cash dividends declared   ($0.09 per common share)		-			-			-			(7,205	)		-			-			(7,205	)
Balance - March 31, 2021		81,943		$	820		$	691,280		$	397,594		$	(27,239	)	$	1,357		$	1,063,812

	Common Stock						Paid-In			Retained			Unearned ESOP			Accumulated Other Comprehensive
	Shares			Amount			Capital			Earnings			Shares			Income		Total
Balance - June 30, 2020		83,663		$	837		$	722,871		$	387,911		$	(28,699	)	$	1,257	$	1,084,177
Cumulative effect of change in  accounting principle - Topic 326		-			-			-			(14,239	)		-			-		(14,239	)
Balance - July 1, 2020 as  adjusted for change in  accounting principle		83,663			837			722,871			373,672			(28,699	)		1,257		1,069,938
Net income		-			-			-			44,750			-			-		44,750
Other comprehensive income, net   of income tax		-			-			-			-			-			100		100
ESOP shares committed to be   released (150 shares)		-			-			(25	)		-			1,460			-		1,435
Stock option exercise		41			-			373			-			-			-		373
Stock repurchases		(7,535	)		(74	)		(80,493	)		-			-			-		(80,567	)
Stock-based compensation expense		-			-			4,281			-			-			-		4,281
Cancellation of shares issued for   restricted stock awards		(80	)		(1	)		(802	)		-			-			-		(803	)
Shares issued in conjunction with   the acquisition of MSB   Financial Corp.		5,854			58			45,075			-			-			-		45,133
Cash dividends declared   ($0.25 per common share)		-			-			-			(20,828	)		-			-		(20,828	)
Balance - March 31, 2021		81,943		$	820		$	691,280		$	397,594		$	(27,239	)	$	1,357	$	1,063,812

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data, Unaudited)

	Common Stock						Paid-In			Retained			Unearned ESOP			Accumulated Other Comprehensive
	Shares			Amount			Capital			Earnings			Shares			Income (Loss)			Total
Balance - December 31, 2021		73,453		$	735		$	587,392		$	431,549		$	(25,780	)	$	1,574		$	995,470
Net income		-			-			-			17,693			-			-			17,693
Other comprehensive loss, net   of income tax		-			-			-			-			-			(24,523	)		(24,523	)
ESOP shares committed to be   released (51 shares)		-			-			180			-			486			-			666
Stock repurchases		(2,020	)		(21	)		(26,948	)		-			-			-			(26,969	)
Stock-based compensation expense		-			-			676			-			-			-			676
Cancellation of shares issued for   restricted stock awards		(9	)		-			(124	)		-			-			-			(124	)
Cash dividends declared   ($0.11 per common share)		-			-			-			(7,720	)		-			-			(7,720	)
Balance - March 31, 2022		71,424		$	714		$	561,176		$	441,522		$	(25,294	)	$	(22,949	)	$	955,169

	Common Stock						Paid-In			Retained			Unearned ESOP			Accumulated Other Comprehensive
	Shares			Amount			Capital			Earnings			Shares			Income (Loss)			Total
Balance - June 30, 2021		78,965		$	790		$	654,396		$	408,367		$	(26,753	)	$	6,144		$	1,042,944
Net income		-			-			-			56,177			-			-			56,177
Other comprehensive loss, net   of income tax		-			-			-			-			-			(29,093	)		(29,093	)
ESOP shares committed to be   released (151 shares)		-			-			486			-			1,459			-			1,945
Stock repurchases		(7,468	)		(75	)		(95,892	)		-			-			-			(95,967	)
Stock-based compensation expense		-			-			3,117			-			-			-			3,117
Cancellation of shares issued for   restricted stock awards		(73	)		(1	)		(931	)		-			-			-			(932	)
Cash dividends declared   ($0.32 per common share)		-			-			-			(23,022	)		-			-			(23,022	)
Balance - March 31, 2022		71,424		$	714		$	561,176		$	441,522		$	(25,294	)	$	(22,949	)	$	955,169

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Unaudited)

	Nine Months Ended
	March 31,
	2022			2021
Cash Flows from Operating Activities:
Net income	$	56,177		$	44,750
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment		4,470			4,355
Net accretion of premiums, discounts and loan fees and costs		(4,374	)		(11,257	)
Deferred income taxes and valuation allowance		6,943			3,004
Bargain purchase gain		-			(3,053	)
Amortization of intangible assets		539			797
Amortization of benefit plans’ unrecognized net loss		60			62
(Reversal of) provision for credit losses		(11,740	)		3,820
Gain on sale of other real estate owned		(14	)		-
Loans originated for sale		(151,783	)		(249,671	)
Proceeds from sale of mortgage loans held-for-sale		167,713			270,147
Gain on sale of mortgage loans held-for-sale, net		(2,260	)		(4,859	)
Realized gain on sale/call of investment securities available for sale		(4	)		(454	)
Realized loss on debt extinguishment		-			796
Realized gain on sale of loans receivable		(92	)		(352	)
Realized (gain) loss on disposition of premises and equipment		(356	)		40
Increase in cash surrender value of bank owned life insurance		(4,634	)		(4,722	)
ESOP and stock-based compensation expense		5,062			5,716
Increase in interest receivable		(155	)		(1,488	)
Decrease (increase) in other assets		6,679			(1,021	)
Increase (decrease) in interest payable		49			(406	)
(Decrease) increase in other liabilities		(15,125	)		1,519
Net Cash Provided by Operating Activities		57,155			57,723
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale		(206,145	)		(865,163	)
Investment securities held to maturity		(86,406	)		-
Proceeds from:
Repayments/calls/maturities of investment securities available for sale		280,496			407,489
Repayments/calls/maturities of investment securities held to maturity		2,586			5,280
Sales of investment securities available for sale		-			44,842
Purchase of loans		(112,485	)		(34,635	)
Net (increase) decrease in loans receivable		(36,895	)		237,383
Proceeds from sale of loans receivable		1,126			43,931
Proceeds from the sale of other real estate owned		494			-
Additions to premises and equipment		(1,859	)		(2,889	)
Proceeds from death benefit of bank owned life insurance		300			-
Proceeds from cash settlement of premises and equipment		599			3,401
Redemption of FHLB stock		5,618			16,421
Net cash acquired in acquisition		-			4,296
Net Cash Used in Investing Activities	$	(152,571	)	$	(139,644	)

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(In Thousands, Unaudited)

	Nine Months Ended
	March 31,
	2022			2021
Cash Flows from Financing Activities:
Net increase in deposits	$	43,903		$	485,417
Repayment of term FHLB advances		(1,170,000	)		(2,257,796	)
Proceeds from term FHLB advances		1,045,000			1,955,000
Net increase (decrease) in other short-term borrowings		290,000			(68,635	)
Net increase (decrease) in advance payments by borrowers for taxes		1,227			(2,063	)
Repurchase and cancellation of common stock of Kearny Financial Corp.		(95,967	)		(80,567	)
Cancellation of shares repurchased on vesting to pay taxes		(932	)		(803	)
Exercise of stock options		-			373
Dividends paid		(23,291	)		(20,981	)
Net Cash Provided by Financing Activities		89,940			9,945
Net Decrease in Cash and Cash Equivalents		(5,476	)		(71,976	)
Cash and Cash Equivalents - Beginning		67,855			180,967
Cash and Cash Equivalents - Ending	$	62,379		$	108,991
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds	$	9,497		$	13,675
Interest	$	21,666		$	41,649
Non-cash investing and financing activities:
Acquisition of other real estate owned in settlement of loans	$	703		$	-
Transfers from loans receivable to loans receivable held-for-sale	$	-		$	43,579
Fair value of assets acquired, net of cash and cash equivalents acquired	$	-		$	567,816
Fair value of liabilities assumed	$	-		$	523,926

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.

The data in the consolidated statement of financial condition for June 30, 2021 was derived from the Company’s 2021 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2021 Annual Report on Form 10-K.

The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2021.

The Company has reclassified certain amounts in the prior period’s financial statements to conform to the current period’s presentation. Specifically, effective July 1, 2021, loan prepayment penalty income was reclassified to interest income on loans. Previously, loan prepayment penalty income was recorded within non-interest income. Interest income and non-interest income for all periods presented reflect this reclassification.

Update to Significant Accounting Policies

Allowance for Credit Losses (“ACL”) on Loans. In accordance with the ACL policy, the methodology is reviewed no less than annually. During the quarter ended September 30, 2021, the Company updated the econometric factors used in the determination of the probability of default for certain loan portfolio segments used in its ACL methodology for pooled loans. Econometric factors are selected based on the correlation of the factor to credit losses for each loan portfolio segment. Effective July 1, 2021, the primary econometric factor utilized in the determination of the probability of default for each loan portfolio segment is the national unemployment rate (“NUR”). Prior to July 1, 2021, NUR and gross domestic product (“GDP”) econometric factors were used in the determination of the probability of default for each loan portfolio segment.

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2. SUBSEQUENT EVENTS

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of March 31, 2022, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed.

3. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted if an entity has adopted ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in ASU 2022-02 should be applied prospectively, but for the amendments related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method that would result in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method” which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 (released in August 2017) that, among other things, established the last-of-layer method to enable fair value hedge accounting for these portfolios to be more accessible. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio under this method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The scope of last-of-layer hedging will be expanded so that the portfolio layer method can be utilized for nonprepayable financial assets. In addition, ASU 2022-01 specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in ASU 2022-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted on any date on or after the issuance of ASU 2022-01 for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

Adoption of New Accounting Standards

In December 2019, the FASB issued ASU 2019-12, “Income taxes (Topic 740): Simplifying the Accounting for Income Taxes”. ASU 2019-12 provides amendments intended to reduce the cost and complexity in accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 removes the following exceptions from ASC 740, Income Taxes: (i) exceptions to the incremental approach for intraperiod tax allocation; (ii) exceptions to accounting for basis differences when a foreign subsidiary becomes an equity method investment or a foreign equity method investment become a subsidiary; and (iii) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 provides the following amendments that simplify and improve guidance with Topic 740: (i) franchise taxes that are based partially on income; (ii) transactions that result in a step up in the tax basis of goodwill; (iii) separate financial statements of legal entities that are not subject to tax; (iv) enacted changes in tax laws in interim periods; and (v) employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. For public business entities, the amendments in the ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted ASU 2019-12 in July 2021, and its adoption did not have a significant impact on the Company’s consolidated financial statements.

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4. SECURITIES

The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	30,973	$	118	$	13	$	-	$	31,078
Asset-backed securities		230,997		375		1,788		-		229,584
Collateralized loan obligations		313,651		11		2,042		-		311,620
Corporate bonds		154,922		1,193		2,620		-		153,495
Total debt securities		730,543		1,697		6,463		-		725,777
Mortgage-backed securities:
Collateralized mortgage obligations (1)		8,265		1		270		-		7,996
Residential pass-through securities (1)		617,387		332		47,569		-		570,150
Commercial pass-through securities (1)		233,879		249		11,965		-		222,163
Total mortgage-backed securities		859,531		582		59,804		-		800,309
Total securities available for sale	$	1,590,074	$	2,279	$	66,267	$	-	$	1,526,086

(1)Government-sponsored enterprises.

	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	33,800	$	803	$	-	$	-	$	34,603
Asset-backed securities		240,217		2,835		63		-		242,989
Collateralized loan obligations		189,873		177		170		-		189,880
Corporate bonds		155,622		2,802		73		-		158,351
Total debt securities		619,512		6,617		306		-		625,823
Mortgage-backed securities:
Collateralized mortgage obligations (1)		13,420		319		-		-		13,739
Residential pass-through securities (1)		744,196		7,443		7,148		-		744,491
Commercial pass-through securities (1)		289,725		5,738		2,652		-		292,811
Total mortgage-backed securities		1,047,341		13,500		9,800		-		1,051,041
Total securities available for sale	$	1,666,853	$	20,117	$	10,106	$	-	$	1,676,864

(1)Government-sponsored enterprises.

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	March 31, 2022
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	23,546	$	122	$	24	$	-	$	23,644
Total debt securities		23,546		122		24		-		23,644
Mortgage-backed securities:
Residential pass-through securities (1)		86,017		-		3,989		-		82,028
Commercial pass-through securities (1)		12,290		-		945		-		11,345
Total mortgage-backed securities		98,307		-		4,934		-		93,373
Total securities held to maturity	$	121,853	$	122	$	4,958	$	-	$	117,017

(1)Government-sponsored enterprises.

	June 30, 2021
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	25,824	$	1,204	$	-	$	-	$	27,028
Total debt securities		25,824		1,204		-		-		27,028
Mortgage-backed securities:
Commercial pass-through securities (1)		12,314		268		-		-		12,582
Total mortgage-backed securities		12,314		268		-		-		12,582
Total securities held to maturity	$	38,138	$	1,472	$	-	$	-	$	39,610

(1)Government-sponsored enterprises.

Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2022:

	March 31, 2022
	Amortized Cost		Fair Value
	(In Thousands)
Available for sale debt securities:
Due in one year or less	$	1,970	$	1,971
Due after one year through five years		18,939		19,008
Due after five years through ten years		353,679		351,676
Due after ten years		355,955		353,122
Total	$	730,543	$	725,777

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	March 31, 2022
	Amortized Cost		Fair Value
	(In Thousands)
Held to maturity debt securities:
Due in one year or less	$	6,817	$	6,832
Due after one year through five years		15,026		15,084
Due after five years through ten years		1,703		1,728
Due after ten years		-		-
Total	$	23,546	$	23,644

Sales of securities available for sale were as follows for the periods presented below:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities	$	-	$	-	$	-	$	44,842
Gross realized gains	$	-	$	-	$	-	$	800
Gross realized losses		-		-		-		(385	)
Net gain on sales of securities	$	-	$	-	$	-	$	415

Gains resulting from calls of securities available for sale were as follows for the periods presented below:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	(In Thousands)
Available for sale securities called:
Gross realized gains	$	3	$	18	$	4	$	39
Gross realized losses		-		-		-		-
Net gain on calls of securities	$	3	$	18	$	4	$	39

During the three months and nine months ended March 31, 2022 and 2021, there were no gains or losses recognized on sales of securities held to maturity.

The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

	March 31,		June 30,
	2022		2021
	(In Thousands)
Securities pledged:
Pledged for borrowings at the FHLB of New York	$	155,868	$	170,120
Pledged to secure public funds on deposit		324,425		137,778
Pledged for potential borrowings at the Federal Reserve Bank of New York		372,968		274,076
Total carrying value of securities pledged	$	853,261	$	581,974

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The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2022 and June 30, 2021:

	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Obligations of state and political   subdivisions	$	2,303	$	13	$	-	$	-		8	$	2,303	$	13
Asset-backed securities		180,827		1,788		-		-		15		180,827		1,788
Collateralized loan obligations		226,513		1,780		52,851		262		22		279,364		2,042
Corporate bonds		75,909		2,495		3,875		125		16		79,784		2,620
Collateralized mortgage obligations		6,819		270		-		-		5		6,819		270
Commercial pass-through securities		48,811		1,147		113,569		10,818		15		162,380		11,965
Residential pass-through securities		237,063		14,376		302,905		33,193		66		539,968		47,569
Total	$	778,245	$	21,869	$	473,200	$	44,398		147	$	1,251,445	$	66,267

	June 30, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities	$	12,159	$	63	$	-	$	-		2	$	12,159	$	63
Collateralized loan obligations		36,741		9		58,605		161		8		95,346		170
Corporate bonds		15,952		73		-		-		4		15,952		73
Commercial pass-through securities		145,055		2,652		-		-		7		145,055		2,652
Residential pass-through securities		424,112		7,148		-		-		10		424,112		7,148
Total	$	634,019	$	9,945	$	58,605	$	161		31	$	692,624	$	10,106

The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2022:

	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Number of Securities		Fair Value		Unrecognized Losses
	(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political   subdivisions	$	4,901	$	24	$	-	$	-		8	$	4,901	$	24
Commercial pass-through   securities		11,345		945		-		-		1		11,345		945
Residential pass-through   securities		82,028		3,989		-		-		8		82,028		3,989
Total	$	98,274	$	4,958	$	-	$	-		17	$	98,274	$	4,958

At June 30, 2021, there were no held to maturity securities with unrecognized losses.

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Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the consolidated statement of income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at March 31, 2022. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at March 31, 2022 on available for sale securities.

At March 31, 2022, the held to maturity securities portfolio consists of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at March 31, 2022 on held to maturity securities.

5. LOANS RECEIVABLE

The following table sets forth the composition of the Company’s loan portfolio at March 31, 2022 and June 30, 2021:

	March 31,			June 30,
	2022			2021
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	2,076,003		$	2,039,260
Nonresidential mortgage		1,085,988			1,079,444
Commercial business		169,551			168,951
Construction		121,137			93,804
Total commercial loans		3,452,679			3,381,459
One- to four-family residential mortgage		1,527,980			1,447,721
Consumer loans:
Home equity loans		41,501			47,871
Other consumer		2,755			3,259
Total consumer loans		44,256			51,130
Total loans		5,024,915			4,880,310
Unaccreted yield adjustments		(21,714	)		(28,916	)
Total loans receivable, net of yield adjustments	$	5,003,201		$	4,851,394

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Past Due Loans

Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of March 31, 2022 and June 30, 2021, by loan segment:

	Payment Status
	March 31, 2022
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	28,197	$	28,197	$	2,047,806	$	2,076,003
Nonresidential mortgage		2,101		-		25,283		27,384		1,058,604		1,085,988
Commercial business		-		64		281		345		169,206		169,551
Construction		-		-		-		-		121,137		121,137
One- to four-family   residential mortgage		3,410		520		2,968		6,898		1,521,082		1,527,980
Home equity loans		25		4		59		88		41,413		41,501
Other consumer		-		-		-		-		2,755		2,755
Total loans	$	5,536	$	588	$	56,788	$	62,912	$	4,962,003	$	5,024,915

	Payment Status
	June 30, 2021
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	16,094	$	16,094	$	2,023,166	$	2,039,260
Nonresidential mortgage		-		-		32,891		32,891		1,046,553		1,079,444
Commercial business		-		-		401		401		168,550		168,951
Construction		-		-		-		-		93,804		93,804
One- to four-family   residential mortgage		382		2,734		5,104		8,220		1,439,501		1,447,721
Home equity loans		6		5		32		43		47,828		47,871
Other consumer		1		-		-		1		3,258		3,259
Total loans	$	389	$	2,739	$	54,522	$	57,650	$	4,822,660	$	4,880,310

Nonperforming Loans

Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three months and nine months ended March 31, 2022 and 2021.

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The following tables present information relating to the Company’s nonperforming loans as of March 31, 2022 and June 30, 2021:

	Performance Status
	March 31, 2022
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	-	$	11,369	$	28,646	$	40,015	$	2,035,988	$	2,076,003
Nonresidential mortgage		-		3,667		24,523		28,190		1,057,798		1,085,988
Commercial business		-		63		430		493		169,058		169,551
Construction		-		-		1,791		1,791		119,346		121,137
One- to four-family   residential mortgage		-		4,376		4,241		8,617		1,519,363		1,527,980
Home equity loans		-		313		1,176		1,489		40,012		41,501
Other consumer		-		-		-		-		2,755		2,755
Total loans	$	-	$	19,788	$	60,807	$	80,595	$	4,944,320	$	5,024,915

	Performance Status
	June 30, 2021
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	-	$	8,300	$	10,226	$	18,526	$	2,020,734	$	2,039,260
Nonresidential mortgage		-		12,612		24,575		37,187		1,042,257		1,079,444
Commercial business		-		236		676		912		168,039		168,951
Construction		-		-		2,228		2,228		91,576		93,804
One- to four-family   residential mortgage		-		7,422		11,748		19,170		1,428,551		1,447,721
Home equity loans		-		452		1,292		1,744		46,127		47,871
Other consumer		-		-		-		-		3,259		3,259
Total loans	$	-	$	29,022	$	50,745	$	79,767	$	4,800,543	$	4,880,310

Troubled Debt Restructurings (“TDRs”)

TDRs are loans where the Company has modified the contractual terms of the loan as a result of the financial condition of the borrower. Subsequent to their modification, TDRs are placed on non-accrual until such time as satisfactory payment performance has been demonstrated, at which time the loan may be returned to accrual status. On a case-by-case basis, the Company may agree to modify the contractual terms of a loan to assist a borrower who may be experiencing financial difficulty, as well as to preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. The Company had TDRs totaling $31.7 million and $17.8 million as of March 31, 2022 and June 30, 2021, respectively. The allowance for credit losses associated with the TDRs presented in the tables below totaled $672,000 and $256,000 as of March 31, 2022 and June 30, 2021, respectively. As of March 31, 2022, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR.

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The following tables present total TDR loans at March 31, 2022 and June 30, 2021:

	March 31, 2022
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage		-	$	-		3	$	14,605		3	$	14,605
Nonresidential mortgage		4		400		2		1,646		6		2,046
Commercial business		5		3,704		3		325		8		4,029
Construction		-		-		1		1,791		1		1,791
Total commercial loans		9		4,104		9		18,367		18		22,471
One- to four-family residential   mortgage		29		4,270		15		3,392		44		7,662
Consumer loans:
Home equity loans		5		170		2		1,396		7		1,566
Total		43	$	8,544		26	$	23,155		69	$	31,699

	June 30, 2021
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage		-	$	-		1	$	2,896		1	$	2,896
Nonresidential mortgage		1		105		6		2,275		7		2,380
Commercial business		3		3,755		6		693		9		4,448
Construction		-		-		1		2,228		1		2,228
Total commercial loans		4		3,860		14		8,092		18		11,952
One- to four-family residential   mortgage		18		2,216		20		3,405		38		5,621
Consumer loans:
Home equity loans		4		159		3		68		7		227
Total		26	$	6,235		37	$	11,565		63	$	17,800

The following tables present information regarding troubled debt restructurings that occurred during the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022						Nine Months Ended March 31, 2022
	# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment		# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment
	(Dollars In Thousands)
Multi-family mortgage		1	$	9,104	$	9,101		2	$	12,091	$	12,073
One- to four-family residential   mortgage		8		2,953		2,965		10		3,214		3,226
Home equity loans		2		1,477		1,477		2		1,477		1,477
Total		11	$	13,534	$	13,543		14	$	16,782	$	16,776

	Three Months Ended March 31, 2021						Nine Months Ended March 31, 2021
	# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment		# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment
	(Dollars In Thousands)
One- to four-family residential   mortgage		-	$	-	$	-		1	$	309	$	308
Home equity loans		1		24		24		1		24		24
Total		1	$	24	$	24		2	$	333	$	332

- 17 -

During the three months and nine months ended March 31, 2022 and 2021, there were no charge-offs related to TDRs. During the three months and nine months ended March 31, 2022 and 2021, there were no defaults of TDRs.

Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The loans which qualified as TDRs during the three months and nine months ended March 31, 2022 and 2021, capitalized prior past due amounts and modified the repayment terms.

In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”), issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications, made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, were not to be considered TDRs. This included short-term modifications such as payment deferrals, fee waivers, extension of repayment terms, or other delays in payment that were insignificant. Provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other considerations set forth in the interagency statements were met. Borrowers considered current are those that were less than 30 days past due at the time a modification program was implemented or at December 31, 2019.

On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $900 billion relief package included legislation that extended certain relief provisions of the CARES Act that were set to expire on December 31, 2020. The relief expired on January 1, 2022. As of March 31, 2022, the Company did not have any non-TDR loan modifications granted under the CARES Act.

Individually Analyzed Loans

Effective July 1, 2020, individually analyzed loans include loans which do not share similar risk characteristics with other loans. TDRs will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, a TDR would generally be removed from individual impairment analysis and returned to its corresponding pool. As of March 31, 2022, the carrying value of individually analyzed loans totaled $82.7 million, of which $65.1 million were considered collateral dependent.

For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

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The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:

	March 31, 2022				June 30, 2021
	Carrying Value		Related Allowance		Carrying Value		Related Allowance
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	31,078	$	661	$	18,526	$	1,368
Nonresidential mortgage (1)		27,384		119		32,891		4,724
Commercial business (2)		176		-		183		-
Construction		1,791		-		-		-
Total commercial loans		60,429		780		51,600		6,092
One- to four-family residential mortgage (3)		4,581		196		7,612		420
Consumer loans:
Home equity loans (3)		59		-		31		-
Total	$	65,069	$	976	$	59,243	$	6,512

(1)Secured by income-producing nonresidential property.

(2)Secured by business assets.

(3)Secured by one- to four-family residential properties.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:

Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.

Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.

Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.

Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted.

- 19 -

The following table presents the risk category of loans as of March 31, 2022 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	520,269	$	263,316	$	216,072	$	256,541	$	252,909	$	500,758	$	-	$	2,009,865
Special Mention		-		-		-		16,370		4,994		4,759		-		26,123
Substandard		-		-		-		10,182		2,788		27,045		-		40,015
Doubtful		-		-		-		-		-		-		-		-
Total multi-family mortgage		520,269		263,316		216,072		283,093		260,691		532,562		-		2,076,003
Nonresidential mortgage:
Pass		201,205		86,212		64,161		37,706		51,884		569,499		6,087		1,016,754
Special Mention		-		-		-		23,364		4,070		9,249		-		36,683
Substandard		-		724		-		933		-		30,894		-		32,551
Doubtful		-		-		-		-		-		-		-		-
Total nonresidential mortgage		201,205		86,936		64,161		62,003		55,954		609,642		6,087		1,085,988
Commercial business:
Pass		36,918		39,481		12,441		3,961		9,147		7,370		54,513		163,831
Special Mention		-		-		65		189		2,173		895		216		3,538
Substandard		-		39		230		-		1,422		285		58		2,034
Doubtful		-		-		-		-		-		145		3		148
Total commercial business		36,918		39,520		12,736		4,150		12,742		8,695		54,790		169,551
Construction loans:
Pass		7,868		85,564		9,492		3,058		6,513		1,117		5,735		119,347
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		1,790		-		1,790
Doubtful		-		-		-		-		-		-		-		-
Total construction loans		7,868		85,564		9,492		3,058		6,513		2,907		5,735		121,137
Residential mortgage:
Pass		312,625		531,111		90,576		53,262		56,834		464,738		375		1,509,521
Special Mention		-		-		-		1,213		-		439		-		1,652
Substandard		-		-		1,704		83		-		15,020		-		16,807
Doubtful		-		-		-		-		-		-		-		-
Total residential mortgage		312,625		531,111		92,280		54,558		56,834		480,197		375		1,527,980
Home equity loans:
Pass		1,759		715		1,744		3,245		2,125		7,552		22,156		39,296
Special Mention		-		-		-		-		-		265		-		265
Substandard		-		-		-		124		-		1,816		-		1,940
Doubtful		-		-		-		-		-		-		-		-
Total home equity loans		1,759		715		1,744		3,369		2,125		9,633		22,156		41,501
Other consumer loans
Pass		281		324		477		398		247		913		40		2,680
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		75		75
Other consumer loans		281		324		477		398		247		913		115		2,755
Total loans	$	1,080,925	$	1,007,486	$	396,962	$	410,629	$	395,106	$	1,644,549	$	89,258	$	5,024,915

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The following table presents the risk category of loans as of June 30, 2021 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	281,402	$	257,970	$	374,871	$	341,304	$	343,370	$	374,909	$	-	$	1,973,826
Special Mention		-		-		26,974		5,079		4,834		1,054		-		37,941
Substandard		-		-		-		2,896		13,198		11,399		-		27,493
Doubtful		-		-		-		-		-		-		-		-
Total multi-family mortgage		281,402		257,970		401,845		349,279		361,402		387,362		-		2,039,260
Nonresidential mortgage:
Pass		99,602		77,146		56,435		64,616		254,940		441,696		6,150		1,000,585
Special Mention		-		-		23,520		4,146		8,801		4,513		-		40,980
Substandard		743		-		-		4,934		20,602		11,600		-		37,879
Doubtful		-		-		-		-		-		-		-		-
Total nonresidential mortgage		100,345		77,146		79,955		73,696		284,343		457,809		6,150		1,079,444
Commercial business:
Pass		44,514		18,988		4,701		12,654		3,322		12,892		65,657		162,728
Special Mention		-		-		-		2,304		945		12		461		3,722
Substandard		41		76		160		1,474		132		189		-		2,072
Doubtful		-		-		-		-		-		420		9		429
Total commercial business		44,555		19,064		4,861		16,432		4,399		13,513		66,127		168,951
Construction loans:
Pass		40,332		17,404		11,203		13,860		1,641		1,382		5,735		91,557
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		2,247		-		2,247
Doubtful		-		-		-		-		-		-		-		-
Total construction loans		40,332		17,404		11,203		13,860		1,641		3,629		5,735		93,804
Residential mortgage:
Pass		560,543		124,606		69,917		74,754		119,238		472,587		375		1,422,020
Special Mention		-		-		1,233		-		-		712		-		1,945
Substandard		-		1,040		671		511		1,468		20,066		-		23,756
Doubtful		-		-		-		-		-		-		-		-
Total residential mortgage		560,543		125,646		71,821		75,265		120,706		493,365		375		1,447,721
Home equity loans:
Pass		834		2,508		4,585		2,778		2,241		7,798		24,788		45,532
Special Mention		-		-		-		-		-		393		-		393
Substandard		-		-		-		-		11		1,935		-		1,946
Doubtful		-		-		-		-		-		-		-		-
Total home equity loans		834		2,508		4,585		2,778		2,252		10,126		24,788		47,871
Other consumer loans
Pass		550		517		633		256		127		1,044		44		3,171
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		1		1
Doubtful		-		-		-		-		-		-		87		87
Other consumer loans		550		517		633		256		127		1,044		132		3,259
Total loans	$	1,028,561	$	500,255	$	574,903	$	531,566	$	774,870	$	1,366,848	$	103,307	$	4,880,310

Residential Mortgage Loans in Foreclosure

The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of March 31, 2022, the Company held two single-family properties in other real estate owned with an aggregate carrying value of $401,000 that were acquired through foreclosure on residential mortgage loans. As of that same date, the Company held eight residential mortgage loans with aggregate carrying values totaling $1.6 million which were in the process of foreclosure. As of June 30, 2021, the Company held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, the Company held 11 residential mortgage loans with aggregate carrying values totaling $2.1 million which were in the process of foreclosure.

New Jersey’s moratorium on evictions ended on December 31, 2021. Under New Jersey’s new eviction protections for people under certain income levels, no evictions may occur now or in the future based on rent due during the time period of March 1, 2020 through August 31, 2021, for certain moderate income families, or March 1, 2020 through December 31, 2021 for certain low income families. The moratorium on home foreclosures ended on November 15, 2021, for all income levels. This included landlords facing foreclosure who currently have tenants. New York’s moratorium on evictions for tenants who have endured COVID-related hardships and on foreclosures ended on January 15, 2022. As a result, the Company has resumed residential property foreclosure sales and evictions. Eviction laws may be subject to legal challenges and could change based on the results of court proceedings.

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6. ALLOWANCE FOR CREDIT LOSSES

Adoption of Topic 326

On July 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology, referred to as the “CECL” methodology.

Allowance for Credit Losses on Loans Receivable

The following tables present the balance of the allowance for credit losses at March 31, 2022 and June 30, 2021. For the three months and nine months ended March 31, 2022 and 2021, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates.

	Allowance for Credit Losses
	March 31, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	1,083	$	23,144	$	24,227
Nonresidential mortgage		-		363		119		8,557		9,039
Commercial business		-		11		6		1,708		1,725
Construction		-		-		-		1,274		1,274
One- to four-family   residential mortgage		-		242		278		6,758		7,278
Home equity loans		22		-		-		214		236
Other consumer		-		-		-		81		81
Total loans	$	22	$	616	$	1,486	$	41,736	$	43,860

	Balance of Loans Receivable
	March 31, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	40,015	$	2,035,988	$	2,076,003
Nonresidential mortgage		381		13,179		29,911		1,042,517		1,085,988
Commercial business		176		1,267		317		167,791		169,551
Construction		-		5,735		1,791		113,611		121,137
One- to four-family   residential mortgage		230		6,666		8,386		1,512,698		1,527,980
Home equity loans		342		60		1,147		39,952		41,501
Other consumer		-		-		-		2,755		2,755
Total loans	$	1,129	$	26,907	$	81,567	$	4,915,312	$	5,024,915
Unaccreted yield adjustments										(21,714	)
Loans receivable, net of   yield adjustments									$	5,003,201

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	Allowance for Credit Losses
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	155	$	1,368	$	26,927	$	28,450
Nonresidential mortgage		2,700		692		2,025		10,826		16,243
Commercial business		-		15		33		2,038		2,086
Construction		-		49		-		1,121		1,170
One- to four-family   residential mortgage		122		204		447		8,974		9,747
Home equity loans		21		1		1		410		433
Other consumer		-		-		-		36		36
Total loans	$	2,843	$	1,116	$	3,874	$	50,332	$	58,165

	Balance of Loans Receivable
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	5,599	$	18,526	$	2,015,135	$	2,039,260
Nonresidential mortgage		6,519		25,844		30,668		1,016,413		1,079,444
Commercial business		183		2,533		729		165,506		168,951
Construction		-		12,970		2,228		78,606		93,804
One- to four-family   residential mortgage		3,617		4,785		15,553		1,423,766		1,447,721
Home equity loans		380		65		1,364		46,062		47,871
Other consumer		-		-		-		3,259		3,259
Total loans	$	10,699	$	51,796	$	69,068	$	4,748,747	$	4,880,310
Unaccreted yield adjustments										(28,916	)
Loans receivable, net of   yield adjustments									$	4,851,394

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The following tables present the activity in the allowance for credit losses on loans for the three months and nine months ended March 31, 2022 and 2021.

	Changes in the Allowance for Credit Losses
	Three Months Ended March 31, 2022
	Balance at December 31, 2021		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2022
	(In Thousands)
Multi-family mortgage	$	25,795	$	-		$	-	$	(1,568	)	$	24,227
Nonresidential mortgage		10,078		(441	)		-		(598	)		9,039
Commercial business		1,903		-			4		(182	)		1,725
Construction		1,441		-			-		(167	)		1,274
One- to four-family   residential mortgage		8,601		-			-		(1,323	)		7,278
Home equity loans		308		-			-		(72	)		236
Other consumer		90		-			1		(10	)		81
Total loans	$	48,216	$	(441	)	$	5	$	(3,920	)	$	43,860

	Changes in the Allowance for Credit Losses
	Nine Months Ended March 31, 2022
	Balance at June 30, 2021		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2022
	(In Thousands)
Multi-family mortgage	$	28,450	$	(104	)	$	-	$	(4,119	)	$	24,227
Nonresidential mortgage		16,243		(2,538	)		-		(4,666	)		9,039
Commercial business		2,086		(175	)		105		(291	)		1,725
Construction		1,170		-			-		104			1,274
One- to four-family   residential mortgage		9,747		-			147		(2,616	)		7,278
Home equity loans		433		-			1		(198	)		236
Other consumer		36		(2	)		1		46			81
Total loans	$	58,165	$	(2,819	)	$	254	$	(11,740	)	$	43,860

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	Changes in the Allowance for Credit Losses
	Three Months Ended March 31, 2021
	Balance at December 31, 2020		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2021
	(In Thousands)
Multi-family mortgage	$	29,500	$	-		$	-	$	(514	)	$	28,986
Nonresidential mortgage		15,933		(9	)		-		4,053			19,977
Commercial business		3,348		(738	)		2		(86	)		2,526
Construction		1,205		-			-		40			1,245
One- to four-family   residential mortgage		12,625		-			2		(2,249	)		10,378
Home equity loans		725		-			-		(117	)		608
Other consumer		50		(9	)		2		(1	)		42
Total loans	$	63,386	$	(756	)	$	6	$	1,126		$	63,762

	Changes in the Allowance for Credit Losses
	Nine Months Ended March 31, 2021
	Balance at June 30, 2020 (prior to adoption of ASC 326):		Impact of adopting Topic 326			Charge-offs			Recoveries		Initial allowance on PCD loans		(Reversal of) provision for credit losses			Balance at March 31, 2021
	(In Thousands)
Multi-family mortgage	$	20,916	$	8,408		$	-		$	-	$	250	$	(588	)	$	28,986
Nonresidential mortgage		8,763		2,390			(75	)		-		1,720		7,179			19,977
Commercial business		1,926		(421	)		(802	)		7		1,007		809			2,526
Construction		236		80			-			-		99		830			1,245
One- to four-family   residential mortgage		4,860		9,106			(13	)		2		720		(4,297	)		10,378
Home equity loans		568		92			(32	)		-		105		(125	)		608
Other consumer		58		(15	)		(22	)		9		-		12			42
Total loans	$	37,327	$	19,640		$	(944	)	$	18	$	3,901	$	3,820		$	63,762

Allowance for Credit Losses on Off Balance Sheet Commitments

The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	2022			2021		2022			2021
	(In Thousands)					(In Thousands)
Balance at beginning of the period	$	1,148		$	1,058	$	1,708		$	-
Impact of adopting Topic 326 (1)		-			-		-			536
(Reversal of) provision for credit losses		(208	)		207		(768	)		729
Balance at end of the period	$	940		$	1,265	$	940		$	1,265

(1)Adoption of CECL accounting standard effective July 1, 2020.

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7. DEPOSITS

Deposits are summarized as follows:

	March 31,		June 30,
	2022		2021
	(In Thousands)
Non-interest-bearing demand	$	621,954	$	593,718
Interest-bearing demand		2,154,488		1,902,478
Savings		1,088,974		1,111,364
Certificates of deposits		1,663,246		1,877,746
Total deposits	$	5,528,662	$	5,485,306

8. BORROWINGS

Borrowings at March 31, 2022 and June 30, 2021 consisted of the following:

	March 31,		June 30,
	2022		2021
	(In Thousands)
FHLB advances	$	541,220	$	665,876
Overnight borrowings		310,000		20,000
Total borrowings	$	851,220	$	685,876

Fixed rate advances from the FHLB of New York mature as follows:

	March 31, 2022						June 30, 2021
	Balance			Weighted Average Interest Rate			Balance			Weighted Average Interest Rate
	(Dollars in Thousands)
By remaining period to maturity:
Less than one year	$	265,000			0.63	%	$	390,000			0.33	%
One to two years		145,000			3.04			145,000			3.04
Two to three years		103,500			2.65			22,500			2.63
Three to four years		29,000			2.77			103,500			2.68
Four to five years		-			-			6,500			2.82
Greater than five years		-			-			-			-
Total advances		542,500			1.77	%		667,500			1.38	%
Unamortized fair value adjustments		(1,280	)					(1,624	)
Total advances, net of fair value adjustments	$	541,220					$	665,876

At March 31, 2022, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.44 billion and $155.9 million, respectively. At June 30, 2021, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.27 billion and $170.1 million, respectively.

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9. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions.

Fair Values of Derivative Instruments on the Statement of Financial Condition

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of March 31, 2022 and June 30, 2021:

	March 31, 2022
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	34,007	Other liabilities	$	-
Total		$	34,007		$	-

	June 30, 2021
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	1,832	Other liabilities	$	673
Total		$	1,832		$	673

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using derivatives are primarily to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps and caps as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of March 31, 2022, the Company had a total of 10 interest rate swaps and caps with a total notional amount of $790.0 million hedging specific wholesale funding positions.

For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the three months and nine months ended March 31, 2022 the Company reclassified $1.3 million and $4.3 million, respectively, as additional interest expense. During the next twelve months, the Company estimates that $4.6 million will be reclassified as a reduction in interest expense.

The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Amount of gain recognized in other comprehensive income	$	23,343		$	13,075		$	28,607		$	14,353
Amount of loss reclassified from accumulated other comprehensive income   to interest expense		(1,268	)		(1,987	)		(4,271	)		(6,576	)

- 27 -

Offsetting Derivatives

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2022 and June 30, 2021, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.

	March 31, 2022
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Received		Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	34,158	$	(151	)	$	34,007	$	-	$	-	$	34,007
Total	$	34,158	$	(151	)	$	34,007	$	-	$	-	$	34,007
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Posted		Net Amount
	(In Thousands)
Liabilities:
Interest rate contracts	$	151	$	(151	)	$	-	$	-	$	-	$	-
Total	$	151	$	(151	)	$	-	$	-	$	-	$	-

	June 30, 2021
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Received			Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	6,847	$	(5,015	)	$	1,832	$	-	$	-		$	1,832
Total	$	6,847	$	(5,015	)	$	1,832	$	-	$	-		$	1,832
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Posted			Net Amount
	(In Thousands)
Liabilities:
Interest rate contracts	$	5,688	$	(5,015	)	$	673	$	-	$	(673	)	$	-
Total	$	5,688	$	(5,015	)	$	673	$	-	$	(673	)	$	-

Credit Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. At March 31, 2022, none of the Company’s derivatives were in a net liability position. As required under the enforceable master netting arrangement with its derivatives counterparties, at March 31, 2022, the Company was not required to post financial collateral.

In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at March 31, 2022 and June 30, 2021, included $16.0 million and $48.4 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to the Company’s financial condition or results of operations.

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10. BENEFIT PLANS

Components of Net Periodic Expense

The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan:

	Three Months Ended						Nine Months Ended						Affected Line Item in the Consolidated
	March 31,						March 31,						Statements of Income
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Service cost	$	29		$	26		$	87		$	79		Salaries and employee benefits
Interest cost		67			66			205			197		Other expense
Amortization of unrecognized loss		20			20			60			62		Other expense
Expected return on assets		(27	)		(28	)		(83	)		(85	)	Other expense
Net periodic benefit cost	$	89		$	84		$	269		$	253

2021 Equity Incentive Plan

At the Company’s 2021 Annual Meeting of Stockholders held on October 28, 2021, the stockholders approved the Kearny Financial Corp. 2021 Equity Incentive Plan (“2021 Plan”) which provides for the grant of stock options, restricted stock and restricted stock units (“RSUs”). The 2021 Plan authorized the issuance of up to 7,500,000 shares (the “Share Limit”); provided, however that the Share Limit is reduced, on a one-for-one-basis, for each share of common stock subject to a stock option grant, and on a three-for-one basis for each share of common stock issued pursuant to restricted stock awards or RSUs.

During the quarter ended March 31, 2022, the Company granted 251,905 RSUs comprised of 181,588 service-based RSUs and 70,317 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of 2.6 years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2024. The total number of performance-based RSUs that will vest, if any, will depend on whether and to what extent the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs.

11. INCOME TAXES

The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(Dollars in Thousands)						(Dollars in Thousands)
Income before income taxes	$	24,215		$	22,155		$	76,772		$	58,980
Statutory federal tax rate		21	%		21	%		21	%		21	%
Federal income tax expense at statutory rate	$	5,085		$	4,653		$	16,122		$	12,386
(Reduction) increase in income taxes resulting from:
Tax exempt interest		(66	)		(85	)		(204	)		(270	)
State tax, net of federal tax effect		1,908			1,498			6,026			3,738
Incentive stock option compensation expense		3			23			42			63
Income from bank-owned life insurance		(317	)		(324	)		(973	)		(989	)
Non-deductible merger-related expenses		-			-			-			49
Bargain purchase gain		-			-			-			(641	)
Other items, net		(91	)		(21	)		(418	)		429
	$	6,522		$	5,744		$	20,595		$	14,765
Reversal of valuation allowance		-			(12	)		-			(535	)
Total income tax expense	$	6,522		$	5,732		$	20,595		$	14,230
Effective income tax rate		26.93	%		25.87	%		26.83	%		24.13	%

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12. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1:	Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2:	Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means.
Level 3:	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets Measured on a Recurring Basis:

The following methods and significant assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at March 31, 2022 and June 30, 2021:

Investment Securities Available for Sale

The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models.

Derivatives

The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company.

- 30 -

Those assets measured at fair value on a recurring basis are summarized below:

	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions	$	-	$	31,078	$	-	$	31,078
Asset-backed securities		-		229,584		-		229,584
Collateralized loan obligations		-		311,620		-		311,620
Corporate bonds		-		153,495		-		153,495
Total debt securities		-		725,777		-		725,777
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		7,996		-		7,996
Residential pass-through securities		-		570,150		-		570,150
Commercial pass-through securities		-		222,163		-		222,163
Total mortgage-backed securities		-		800,309		-		800,309
Total securities available for sale	$	-	$	1,526,086	$	-	$	1,526,086
Interest rate contracts	$	-	$	34,007	$	-	$	34,007
Total assets	$	-	$	1,560,093	$	-	$	1,560,093

- 31 -

	June 30, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions	$	-	$	34,603	$	-	$	34,603
Asset-backed securities		-		242,989		-		242,989
Collateralized loan obligations		-		189,880		-		189,880
Corporate bonds		-		158,351		-		158,351
Total debt securities		-		625,823		-		625,823
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		13,739		-		13,739
Residential pass-through securities		-		744,491		-		744,491
Commercial pass-through securities		-		292,811		-		292,811
Total mortgage-backed securities		-		1,051,041		-		1,051,041
Total securities available for sale	$	-	$	1,676,864	$	-	$	1,676,864
Interest rate contracts	$	-	$	1,832	$	-	$	1,832
Total assets	$	-	$	1,678,696	$	-	$	1,678,696
Liabilities:
Interest rate contracts	$	-	$	673	$	-	$	673
Total liabilities	$	-	$	673	$	-	$	673

Assets Measured on a Non-Recurring Basis:

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at March 31, 2022 and June 30, 2021:

Collateral Dependent Individually Analyzed Loans

The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Collateral dependent individually analyzed loans are considered a Level 3 valuation by the Company.

- 32 -

Other Real Estate Owned

Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions.

Those assets measured at fair value on a non-recurring basis are summarized below:

	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Residential mortgage	$	-	$	-	$	2,239	$	2,239
Multi-family mortgage		-		-		4,558		4,558
Nonresidential mortgage		-		-		5,799		5,799
Total	$	-	$	-	$	12,596	$	12,596
Other real estate owned, net:
Residential	$	-	$	-	$	401	$	401
Total	$	-	$	-	$	401	$	401

	June 30, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Residential mortgage	$	-	$	-	$	3,051	$	3,051
Multi-family mortgage						6,932		6,932
Nonresidential mortgage		-		-		8,679		8,679
Total	$	-	$	-	$	18,662	$	18,662
Other real estate owned, net:
Residential	$	-	$	-	$	178	$	178
Total	$	-	$	-	$	178	$	178

- 33 -

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:

	March 31, 2022
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	2,239	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 14%		10.39	%
Multi-family mortgage		4,558	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.60	%
Nonresidential mortgage		5,799	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 19%		14.97	%
Total	$	12,596
Other real estate owned, net:
Residential	$	401	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	5% - 6%		5.44	%
Total	$	401

	June 30, 2021
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	3,051	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 13%		9.77	%
Multi-family mortgage		6,932	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.39	%
Nonresidential mortgage		8,679	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 16%		14.48	%
Total	$	18,662
Other real estate owned, net:
Residential	$	178	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	6.00%		6.00	%
Total	$	178

(1)The fair value of collateral dependent individually analyzed loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.

(2)The fair value basis of collateral dependent individually analyzed loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees.

(3)The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price.

- 34 -

At March 31, 2022, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $13.6 million and valuation allowances of $976,000 reflecting fair values of $12.6 million. By comparison, at June 30, 2021, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $25.2 million and valuation allowances of $6.5 million reflecting fair values of $18.7 million.

Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At March 31, 2022 and June 30, 2021, the Company held other real estate owned totaling $401,000 and $178,000, respectively, whose carrying value was written down utilizing Level 3 inputs.

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2022 and June 30, 2021:

	March 31, 2022
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	62,379	$	62,379	$	62,379	$	-	$	-
Investment securities available for sale		1,526,086		1,526,086		-		1,526,086		-
Investment securities held to maturity		121,853		117,017		-		117,017		-
Loans held-for-sale		2,822		2,759		-		2,759		-
Net loans receivable		4,959,341		4,877,212		-		-		4,877,212
FHLB Stock		30,997		-		-		-		-
Interest receivable		19,517		19,517		3		5,311		14,203
Interest rate contracts		34,007		34,007		-		34,007		-
Financial liabilities:
Deposits		5,528,662		5,515,560		3,865,416		-		1,650,144
Borrowings		851,220		853,824		-		-		853,824
Interest payable on deposits		164		164		79		-		85
Interest payable on borrowings		1,365		1,365		-		-		1,365

- 35 -

	June 30, 2021
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	67,855	$	67,855	$	67,855	$	-	$	-
Investment securities available for sale		1,676,864		1,676,864		-		1,676,864		-
Investment securities held to maturity		38,138		39,610		-		39,610		-
Loans held-for-sale		16,492		16,934		-		16,934		-
Net loans receivable		4,793,229		4,830,136		-		-		4,830,136
FHLB Stock		36,615		-		-		-		-
Interest receivable		19,362		19,362		1		4,238		15,123
Interest rate contracts		1,832		1,832		-		1,832		-
Financial liabilities:
Deposits		5,485,306		5,490,923		3,607,560		-		1,883,363
Borrowings		685,876		701,419		-		-		701,419
Interest payable on deposits		145		145		96		-		49
Interest payable on borrowings		1,335		1,335		-		-		1,335
Interest rate contracts		673		673		-		673		-

Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure.

Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.

Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values.

- 36 -

13. COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive (loss) income included in stockholders’ equity at March 31, 2022 and June 30, 2021 are as follows:

	March 31,			June 30,
	2022			2021
	(In Thousands)
Net unrealized (loss) gain on securities available for sale	$	(63,988	)	$	10,011
Tax effect		18,760			(2,882	)
Net of tax amount		(45,228	)		7,129
Fair value adjustments on derivatives		32,566			(312	)
Tax effect		(9,557	)		94
Net of tax amount		23,009			(218	)
Benefit plan adjustments		(1,033	)		(1,093	)
Tax effect		303			326
Net of tax amount		(730	)		(767	)
Total accumulated other comprehensive (loss) income	$	(22,949	)	$	6,144

Other comprehensive (loss) income and related tax effects for the three months and nine months ended March 31, 2022 and 2021 are presented in the following table:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(In Thousands)
Net unrealized holding loss on securities   available for sale	$	(59,249	)	$	(22,285	)	$	(73,995	)	$	(20,374	)
Net realized gain on sale and call of securities   available for sale (1)		(3	)		(18	)		(4	)		(454	)
Fair value adjustments on derivatives		24,611			15,062			32,878			20,929
Amortization of benefit plan net actuarial loss		20			20			60			62
Other comprehensive (loss) income before taxes		(34,621	)		(7,221	)		(41,061	)		163
Tax effect		10,098			2,125			11,968			(63	)
Total other comprehensive (loss) income	$	(24,523	)	$	(5,096	)	$	(29,093	)	$	100

(1)Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income.

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14. NET INCOME PER COMMON SHARE (“EPS”)

The following schedule shows the Company’s earnings per share calculations for the periods presented:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
	(In Thousands, Except Per Share Data)
Net income	$	17,693	$	16,423	$	56,177	$	44,750
Weighted average number of common shares   outstanding - basic		69,790		80,673		72,130		83,958
Effect of dilutive securities		27		17		24		3
Weighted average number of common shares   outstanding - diluted		69,817		80,690		72,154		83,961
Basic earnings per share	$	0.25	$	0.20	$	0.78	$	0.53
Diluted earnings per share	$	0.25	$	0.20	$	0.78	$	0.53

Stock options for 3,115,000 and 3,253,040 shares of common stock were not considered in computing diluted earnings per share at March 31, 2022 and March 31, 2021, respectively, because the stock options were considered anti-dilutive. In addition, 251,905 RSUs were not considered in computing diluted earnings per share at March 31, 2022 because the RSUs were considered anti-dilutive.

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ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q may include certain forward-looking statements based on current management expectations. Such forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “continue”, or similar terms or variations on those terms, or the negative of those terms. The actual results of the Company could differ materially from those management expectations. This includes statements regarding general economic conditions, public health crisis such as the governmental, social and economic effects of the novel coronavirus, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities and failure to integrate or profitably operate acquired businesses. Additional potential factors include changes in interest rates, the rate of inflation, deposit flows, cost of funds, demand for loan products and financial services, competition and changes in the quality or composition of loan and investment portfolios of the Company. Other factors that could cause future results to vary from current management expectations include changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. Further description of the risks and uncertainties to the business are included in the Company’s other filings with the Securities and Exchange Commission.

In addition, the COVID-19 pandemic has had, and may continue to have, an adverse impact on the Company, its clients and the communities it serves. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on our business. The extent of such impact will depend on future developments, which are highly uncertain, including whether the coronavirus can continue to be controlled and abated. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy worsens, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for credit losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; due to a decline in our stock price or other factors, goodwill may become impaired and be required to be written down; and our cyber security risks are increased as the result of an increase in the number of employees working remotely. Reference is made to Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021.

Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

Critical Accounting Policies

Our accounting policies are integral to understanding the results reported. We consider accounting policies that require management to exercise significant judgment or discretion or to make significant assumptions that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. At March 31, 2022, we consider the determination of the allowance for credit losses on loans, individually evaluating loans, calculating the allowance of credit losses on acquired loans, accounting for business combinations and the valuation of goodwill and identifiable intangible assets to be our critical accounting policies. Reference is made to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021, for a description of the Company’s critical accounting policies.

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Comparison of Financial Condition at March 31, 2022 and June 30, 2021

Executive Summary. Total assets increased $106.2 million to $7.39 billion at March 31, 2022 from $7.28 billion at June 30, 2021. The increase primarily reflected an increase in net loans receivable, partially offset by a decrease in investment securities.

Investment Securities. Investment securities available for sale decreased $150.8 million to $1.53 billion at March 31, 2022, from $1.68 billion at June 30, 2021. This decrease was largely the result of principal repayments of $280.5 million and a fair value decrease of $74.0 million, partially offset by security purchases of $206.1 million. Investment securities held to maturity increased $83.7 million to $121.9 million at March 31, 2022 from $38.1 million at June 30, 2021. This increase was largely the result of security purchases of $86.4 million, partially offset by principal repayments of $2.6 million.

Additional information regarding our investment securities at March 31, 2022 and June 30, 2021 is presented in Note 4 to the unaudited consolidated financial statements.

Loans Held-for-Sale. Loans held-for-sale totaled $2.8 million at March 31, 2022 as compared to $16.5 million at June 30, 2021 and are reported separately from the balance of net loans receivable. During the nine months ended March 31, 2022, $165.5 million of residential mortgage loans were sold, resulting in a gain on sale of $2.3 million.

Net Loans Receivable. Net loans receivable increased $166.1 million, or 3.5%, to $4.96 billion at March 31, 2022 from $4.79 billion at June 30, 2021. Detail regarding the change in the loan portfolio, by loan segment, is presented below:

	March 31,			June 30,			Increase/
	2022			2021			(Decrease)
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	2,076,003		$	2,039,260		$	36,743
Nonresidential mortgage		1,085,988			1,079,444			6,544
Commercial business		169,551			168,951			600
Construction		121,137			93,804			27,333
Total commercial loans		3,452,679			3,381,459			71,220
One- to four-family residential mortgage		1,527,980			1,447,721			80,259
Consumer loans:
Home equity loans		41,501			47,871			(6,370	)
Other consumer		2,755			3,259			(504	)
Total consumer loans		44,256			51,130			(6,874	)
Total loans		5,024,915			4,880,310			144,605
Unaccreted yield adjustments		(21,714	)		(28,916	)		7,202
Allowance for credit losses		(43,860	)		(58,165	)		14,305
Net loans receivable	$	4,959,341		$	4,793,229		$	166,112

Commercial loan origination volume for the nine months ended March 31, 2022 totaled $834.0 million, comprised of $667.1 million of commercial mortgage loan originations, $105.5 million of commercial business loan originations and construction loan disbursements of $61.4 million. Commercial loan origination volume was augmented with the funding of purchased commercial mortgage loans totaling $55.8 million.

One- to four-family residential mortgage loan origination volume for the nine months ended March 31, 2022, excluding loans held-for-sale, totaled $262.7 million and was augmented with the funding of purchased loans totaling $56.5 million. Home equity loan and line of credit origination volume for the same period totaled $13.5 million.

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Loan-to-value (“LTV”) ratios are based on current period loan balances and original appraised values at the time of origination unless a current appraisal has been obtained as a result of the loan being deemed collateral dependent and individually analyzed. The following table sets forth the composition of our real estate secured loans indicating the LTV, by loan category, at March 31, 2022 and June 30, 2021:

	March 31, 2022					June 30, 2021
	Balance		LTV			Balance		LTV
	(Dollars in Thousands)
Commercial mortgage loans:
Multi-family mortgage	$	2,076,003		64	%	$	2,039,260		64	%
Nonresidential mortgage		1,085,988		54	%		1,079,444		54	%
Construction		121,137		59	%		93,804		61	%
Total commercial mortgage loans		3,283,128		61	%		3,212,508		61	%
One- to four-family residential mortgage		1,527,980		61	%		1,447,721		59	%
Consumer loans:
Home equity loans		41,501		46	%		47,871		47	%
Total mortgage loans	$	4,852,609		61	%	$	4,708,100		60	%

Additional information about our loans at March 31, 2022 and June 30, 2021 is presented in Note 5 to the unaudited consolidated financial statements.

Nonperforming Assets and TDRs. Nonperforming assets increased by $1.1 million to $81.0 million, or 1.10% of total assets at March 31, 2022, from $79.9 million, or 1.10% of total assets at June 30, 2021. At March 31, 2022, we had accruing TDRs totaling $8.5 million, an increase of $2.3 million from $6.2 million at June 30, 2021. At March 31, 2022, we had non-accrual TDRs totaling $23.2 million, an increase of $11.6 million from $11.6 million at June 30, 2021.

Based on Section 4013 of the CARES Act, the 2021 Consolidated Appropriations Act and related regulatory guidance promulgated by federal banking regulators, qualifying loan modifications made in response to the COVID-19 pandemic, including short-term payment deferrals, were not considered to be TDRs. We had no active payment deferrals that were not considered TDRs as of March 31, 2022. We had active payment deferrals, which were not considered TDRs, of $5.6 million as of June 30, 2021.

Additional information about our nonperforming loans and TDRs at March 31, 2022 and June 30, 2021 is presented in Note 5 to the unaudited consolidated financial statements.

Allowance for Credit Losses (“ACL”). At March 31, 2022, the ACL totaled $43.9 million, or 0.87% of total loans, reflecting a decrease of $14.3 million from $58.2 million, or 1.19% of total loans, at June 30, 2021. The decrease during the nine months ended March 31, 2022 was largely attributable to a provision for credit losses reversal of $11.7 million, primarily driven by continued improvement in our economic forecast, a reduction in the expected life of various segments of the loan portfolio and a net reduction in reserves on loans individually evaluated for impairment. Also contributing to this decrease were net charge-offs of $2.6 million, which had been individually reserved for within the ACL at June 30, 2021.

Additional information about our ACL at March 31, 2022 and June 30, 2021 is presented in Note 6 to the unaudited consolidated financial statements.

Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance, deferred income taxes, OREO and other assets, increased $26.3 million to $717.4 million at March 31, 2022 from $691.2 million at June 30, 2021. The increase in the balance of these other assets during the nine months ended March 31, 2022 largely reflected a $32.2 million increase in the fair value of our derivatives portfolio. The remaining change generally reflected normal operating fluctuations within these line items.

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Deposits. Total deposits increased $43.4 million, or 0.8%, to $5.53 billion at March 31, 2022 from $5.49 billion at June 30, 2021. The increase in deposits largely reflected growth in core non-maturity deposits, which was partially offset by the controlled run-off of time deposits. The following table sets forth the distribution of, and changes in, deposits, by type, for the periods indicated:

	March 31,		June 30,		Increase/
	2022		2021		(Decrease)
	(In Thousands)
Non-interest-bearing deposits	$	621,954	$	593,718	$	28,236
Interest-bearing deposits:
Interest-bearing demand		2,154,488		1,902,478		252,010
Savings		1,088,974		1,111,364		(22,390	)
Certificates of deposit		1,663,246		1,877,746		(214,500	)
Interest-bearing deposits		4,906,708		4,891,588		15,120
Total deposits	$	5,528,662	$	5,485,306	$	43,356

Additional information about our deposits at March 31, 2022 and June 30, 2021 is presented in Note 7 to the unaudited consolidated financial statements.

Borrowings. The balance of borrowings increased by $165.3 million to $851.2 million at March 31, 2022 from $685.9 million at June 30, 2021.

Additional information about our borrowings at March 31, 2022 and June 30, 2021 is presented in Note 8 to the unaudited consolidated financial statements.

Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, decreased $14.8 million to $54.8 million at March 31, 2022 from $69.6 million at June 30, 2021. The decrease in these other liabilities largely reflected the payment of a $12.5 million loan participation liability which was outstanding at June 30, 2021. The remaining change in the balance of these other liabilities generally reflected normal operating fluctuations during the period.

Stockholders’ Equity. Stockholders’ equity decreased $87.8 million to $955.2 million at March 31, 2022 from $1.04 billion at June 30, 2021. The decrease in stockholders’ equity during the nine months ended March 31, 2022 largely reflected share repurchases totaling $96.0 million and cash dividends totaling $23.0 million. In addition, accumulated other comprehensive (loss) income decreased $29.1 million due primarily to a decline in the fair value of our available for sale securities, partially offset by an increase in the fair value of our derivatives portfolio. These decreases were partially offset by net income of $56.2 million.

Book value per share increased by $0.16 to $13.37 at March 31, 2022 while tangible book value per share decreased by $0.11 to $10.38 at March 31, 2022.

On September 22, 2021, we announced the authorization of a new stock repurchase plan, which authorized the repurchase of up to 7,602,021 shares, or 10% of the shares then outstanding. During the quarter ended March 31, 2022, we repurchased 2,019,625 shares of common stock at a cost of $27.0 million, or $13.35 per share. Through March 31, 2022, we repurchased a total of 4,522,301 shares, or 59.5% of the shares authorized for repurchase under the current repurchase program, at a total cost of $59.6 million or $13.18 per share.

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Comparison of Operating Results for the Quarter Ended March 31, 2022 and March 31, 2021

Net Income. Net income for the quarter ended March 31, 2022 was $17.7 million, or $0.25 per diluted share, compared to $16.4 million, or $0.20 per diluted share for the quarter ended March 31, 2021. The increase in net income reflected a decrease in the provision for credit losses, partially offset by a decrease in net interest income, a decrease in non-interest income, an increase in non-interest expense and an increase in income tax expense.

Net Interest Income. Effective July 1, 2021, loan prepayment penalty income was reclassified to interest income on loans. Previously, loan prepayment penalty income was recorded within non-interest income. Interest income and non-interest income for all periods presented reflect this reclassification.

Net interest income decreased by $756,000 to $47.7 million for the quarter ended March 31, 2022 compared to $48.5 million for the quarter ended March 31, 2021. The decrease between the comparative periods resulted from a decrease of $4.6 million in interest income, partially offset by a decrease of $3.8 million in interest expense. Included in net interest income for the quarters ended March 31, 2022 and March 31, 2021, respectively, was purchase accounting accretion of $1.9 million and $4.8 million and loan prepayment penalty income of $1.3 million and $852,000.

Net interest margin increased one basis point to 2.89% for the quarter ended March 31, 2022, from 2.88% for the quarter ended March 31, 2021 and reflected a decrease in the average cost of interest-bearing liabilities that was partially offset by a decrease in the average yield on interest-earning assets.

Details surrounding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

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	For the Three Months Ended March 31,
	2022							2021
	Average Balance		Interest		Average Yield/ Cost			Average Balance		Interest		Average Yield/ Cost
	(Dollars in Thousands)
Interest-earning assets:
Loans receivable (1)	$	4,850,236	$	45,846		3.78	%	$	4,816,592	$	50,159		4.17	%
Taxable investment securities (2)		1,620,996		8,024		1.98			1,674,223		7,891		1.89
Tax-exempt securities (2)		55,390		316		2.28			73,573		410		2.23
Other interest-earning assets (3)		79,644		415		2.08			169,291		705		1.67
Total interest-earning assets		6,606,266		54,601		3.31			6,733,679		59,165		3.51
Non-interest-earning assets		601,684							617,440
Total assets	$	7,207,950						$	7,351,119
Interest-bearing liabilities:
Interest-bearing demand	$	2,133,977	$	1,166		0.22		$	1,831,617	$	1,558		0.34
Savings		1,088,351		274		0.10			1,084,981		557		0.21
Certificates of deposit		1,650,048		2,125		0.52			1,904,234		4,555		0.96
Total interest-bearing deposits		4,872,376		3,565		0.29			4,820,832		6,670		0.55
Borrowings		684,478		3,309		1.93			865,690		4,012		1.85
Total interest-bearing liabilities		5,556,854		6,874		0.49			5,686,522		10,682		0.75
Non-interest-bearing liabilities (4)		673,607							582,036
Total liabilities		6,230,461							6,268,558
Stockholders' equity		977,489							1,082,561
Total liabilities and stockholders' equity	$	7,207,950						$	7,351,119
Net interest income			$	47,727						$	48,483
Interest rate spread (5)						2.82	%						2.76	%
Net interest margin (6)						2.89	%						2.88	%
Ratio of interest-earning assets   to interest-bearing liabilities		1.19							1.18

(1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets.

(2)Fair value adjustments have been excluded in the balances of interest-earning assets.

(3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock.

(4)Includes average balances of non-interest-bearing deposits of $624.2 million and $525.0 million for the quarter ended March 31, 2022, and 2021, respectively.

(5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(6)Net interest margin represents net interest income as a percentage of average interest-earning assets.

Provision for Credit Losses. The provision for credit losses decreased $5.0 million to a provision for credit losses reversal of $3.9 million for the quarter ended March 31, 2022, compared to a provision for credit losses of $1.1 million for the quarter ended March 31, 2021. The provision reversal for the quarter ended March 31, 2022 was largely attributable to continued improvement in our economic forecast. In addition, there was a net reduction in reserves on individually evaluated loans primarily related to improved collateral values. By comparison, the provision for the quarter ended March 31, 2021 was largely attributable to increases in qualitative factors associated with the impact of COVID-19 on economic conditions and an increase in reserves on individually evaluated loans of $4.2 million, partially offset by a release of reserves within the one- to four-family residential segment, reflecting the improved credit risk outlook for that asset class.

Additional information regarding the ACL and the associated provisions recognized during the quarters ended March 31, 2022 and 2021 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at March 31, 2022 and June 30, 2021.

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Non-Interest Income. Total non-interest income decreased $1.4 million to $3.2 million for the quarter ended March 31, 2022.

Fees and service charges increased $144,000 to $617,000 for the quarter ended March 31, 2022. The increase primarily reflected increases in various deposit-related and loan-related fees and charges.

Gain on sale of loans decreased $567,000 to $376,000 for the quarter ended March 31, 2022. The decrease in loan sale gains largely reflected a lower average sales price of loans sold and a decrease in the volume of loans sold between comparative periods largely attributable to increases in market interest rates.

Other non-interest income decreased $956,000 to $238,000 for the quarter ended March 31, 2022. The decrease in other non-interest income primarily reflected $837,000 of non-recurring gains on asset disposals recognized in the prior comparative period for which no such gains were recorded in the current period.

The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items.

Non-Interest Expense. Total non-interest expense increased $807,000 to $30.6 million for the quarter ended March 31, 2022.

Salaries and employee benefits increased $2.2 million to $19.2 million for quarter ended March 31, 2022. This increase was largely due to the impact of staff additions, annual merit increases, increases in benefit plan expense, including employee medical, post-retirement plan and ESOP expense, and an increase in incentive payments tied to loan origination volume. Partially offsetting these increases was a decrease in stock-based compensation expense.

Director compensation decreased $408,000 to $340,000 for the quarter ended March 31, 2022. This decrease primarily reflected a decline in director-related stock-based compensation expense.

Other non-interest expense decreased $734,000 to $3.1 million for the quarter ended March 31, 2022. This decrease was primarily attributable to the reversal of provision for credit losses on off-balance sheet credit exposures and a decrease in loan expenses. The decrease was also attributable to non-recurring asset impairment charges of $375,000 related to branch consolidation activity recognized during the prior comparative quarter.

The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Provision for Income Taxes. Provision for income taxes increased $790,000 to $6.5 million for the quarter ended March 31, 2022 from $5.7 million for the quarter ended March 31, 2021.

The increase in income tax expense reflected a higher level of pre-tax net income, as compared to the prior period, resulting in a higher provision for income tax expense.

Effective tax rates for the quarter ended March 31, 2022 and 2021 were 26.9% and 25.9%, respectively.

Comparison of Operating Results for the Nine Months Ended March 31, 2022 and March 31, 2021

Net Income. Net income for the nine months ended March 31, 2022 was $56.2 million, or $0.78 per diluted share, compared to $44.8 million, or $0.53 per diluted share for the nine months ended March 31, 2021. The increase in net income reflected an increase in net interest income, a decrease in the provision for credit losses and a decrease in non-interest expense, partially offset by a decrease in non-interest income and an increase in income tax expense.

Net Interest Income. As noted above, effective July 1, 2021, loan prepayment penalty income was reclassified to interest income on loans. Previously, loan prepayment penalty income was recorded within non-interest income. Interest income and non-interest income for all periods presented reflect this reclassification.

Net interest income increased by $6.8 million to $146.0 million for the nine months ended March 31, 2022 compared to $139.2 million for the nine months ended March 31, 2021. The increase between the comparative periods resulted from a decrease of $19.5 million in interest expense, partially offset by a decrease of $12.7 million in interest income. Included in net interest income, for the nine months ended March 31, 2022 and 2021, respectively, was purchase accounting accretion of $7.4 million and $13.5 million and loan prepayment penalty income of $4.5 million and $2.8 million.

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Net interest margin increased 18 basis points to 2.95% for the nine months ended March 31, 2022, from 2.77% for the nine months ended March 31, 2021 and reflected a decrease in the average cost of interest-bearing liabilities that was partially offset by a decrease in the average yield on interest-earning assets.

Details surrounding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

	For the Nine Months Ended March 31,
	2022							2021
	Average Balance		Interest		Average Yield/ Cost			Average Balance		Interest		Average Yield/ Cost
	(Dollars in Thousands)
Interest-earning assets:
Loans receivable (1)	$	4,836,189	$	141,651		3.91	%	$	4,882,529	$	153,776		4.20	%
Taxable investment securities (2)		1,627,160		23,831		1.95			1,521,839		22,934		2.01
Tax-exempt securities (2)		57,411		976		2.27			78,442		1,297		2.20
Other interest-earning assets (3)		81,078		1,261		2.07			228,075		2,406		1.41
Total interest-earning assets		6,601,838		167,719		3.39			6,710,885		180,413		3.58
Non-interest-earning assets		609,996							624,644
Total assets	$	7,211,834						$	7,335,529
Interest-bearing liabilities:
Interest-bearing demand	$	2,037,725	$	3,446		0.23		$	1,658,437	$	5,727		0.46
Savings		1,092,738		896		0.11			1,049,655		2,874		0.37
Certificates of deposit		1,714,448		6,951		0.54			1,930,970		17,778		1.23
Total interest-bearing deposits		4,844,911		11,293		0.31			4,639,062		26,379		0.76
Borrowings		690,372		10,422		2.01			1,020,472		14,865		1.94
Total interest-bearing liabilities		5,535,283		21,715		0.52			5,659,534		41,244		0.97
Non-interest-bearing liabilities (4)		671,935							572,249
Total liabilities		6,207,218							6,231,783
Stockholders' equity		1,004,616							1,103,746
Total liabilities and stockholders' equity	$	7,211,834						$	7,335,529
Net interest income			$	146,004						$	139,169
Interest rate spread (5)						2.87	%						2.61	%
Net interest margin (6)						2.95	%						2.77	%
Ratio of interest-earning assets   to interest-bearing liabilities		1.19							1.19

(1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets.

(2)Fair value adjustments have been excluded in the balances of interest-earning assets.

(3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock.

(4)Includes average balances of non-interest-bearing deposits of $619.5 million and $502.0 million for the nine months ended March 31, 2022, and 2021, respectively.

(5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(6)Net interest margin represents net interest income as a percentage of average interest-earning assets.

- 46 -

Provision for Credit Losses. The provision for credit losses decreased $15.6 million to a provision for credit losses reversal of $11.7 million for the nine months ended March 31, 2022, compared to a provision for credit losses of $3.8 million for the nine months ended March 31, 2021. The provision reversal for the nine months ended March 31, 2022 was largely attributable to a continued improvement in our economic forecast, a reduction in the expected life of various segments of the loan portfolio and a net reduction in reserves on loans individually evaluated for impairment. By comparison, the provision for the nine months ended March 31, 2021, was largely attributable to an increase of $5.7 million in reserves on individually evaluated loans and $5.1 million of provision expense on non-PCD loans acquired in connection with the acquisition of MSB, partially offset by a release of reserves within the one- to four-family residential segment, reflecting the improved credit risk outlook for that asset class and provision for credit losses reversal associated with a decline in balances of loans collectively evaluated for impairment.

Additional information regarding the ACL and the associated provisions recognized during the nine months ended March 31, 2022 and 2021 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at March 31, 2022 and June 30, 2021.

Non-Interest Income. Total non-interest income decreased $6.4 million to $11.1 million for the nine months ended March 31, 2022.

Fees and service charges increased $448,000 to $1.9 million for the nine months ended March 31, 2022. The increase primarily reflected increases in loan-related and deposit-related fees and charges.

Gain on sale and call of securities reflected a net gain of $4,000 during the nine months ended March 31, 2022 compared to a net gain of $454,000 recorded during the earlier comparative period.

Gain on sale of loans decreased $2.9 million to $2.4 million for the nine months ended March 31, 2022. The decrease in loan sale gains largely reflected a decrease in the volume of loans sold between comparative periods and a lower average sales price of loans sold.

Bargain purchase gain recognized in the prior comparative period in connection with our acquisition of MSB was $3.1 million. No such gain was recorded in the current period.

Other non-interest income decreased $413,000 to $938,000 for the nine months ended March 31, 2022. The decrease primarily reflected a $356,000 non-recurring gain on asset disposals recognized in the current period compared to $837,000 of non-recurring gains on asset disposals recorded in the prior period.

The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items.

Non-Interest Expense. Total non-interest expense decreased $1.8 million to $92.1 million for the nine months ended March 31, 2022.

Salaries and employee benefits increased $4.9 million to $55.9 million for the nine months ended March 31, 2022. This increase was largely due to the impact of staff additions, annual merit increases, increases in benefit plan expense, including employee medical, post-retirement plan and ESOP expense, and an increase in incentive payments tied to loan origination volume. Partially offsetting these increases was a decrease in stock-based compensation expense.

Net occupancy expense of premises increased $1.3 million to $10.9 million for the nine months ended March 31, 2022. This increase was primarily due to non-recurring expenses of $1.3 million related to the consolidation of three retail branch locations, $250,000 related to facility repairs made in connection with damage incurred during Tropical Storm Ida and $187,000 related to the closure of a leased office facility acquired in conjunction with the MSB acquisition.

Director compensation decreased $452,000 to $1.8 million for the nine months ended March 31, 2022. This decrease primarily reflected a decline in director-related stock-based compensation expense.

Merger-related expenses, associated with our acquisition of MSB, totaled $4.3 million for the nine months ended March 31, 2021 for which no such costs were recorded in the current period.

Debt extinguishment expenses totaled $796,000 for the nine months ended March 31, 2021 for which no such costs were recorded in the current period.

Other non-interest expense decreased $2.4 million to $9.1 million for the nine months ended March 31, 2022. This decrease was primarily attributable to the reversal of provision for credit losses on off-balance sheet credit exposures and a decrease in loan expenses. The decrease was also attributable to non-recurring asset impairment charges related to branch consolidation activity of $420,000 in the current period compared to $722,000 during the prior period.

- 47 -

The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Provision for Income Taxes. Provision for income taxes increased $6.4 million to $20.6 million for the nine months ended March 31, 2022, from $14.2 million for the nine months ended March 31, 2021.

The increase in income tax expense reflected a higher level of pre-tax net income, as compared to the prior period, resulting in a higher provision for income tax expense. The increase also reflected the effects of various non-recurring items recorded in conjunction with our acquisition of MSB, recorded in the prior comparative period, including non-deductible merger related expenses, which were partially offset by a non-taxable bargain purchase gain. The change in income tax expense also reflected the reversal of a valuation allowance totaling $535,000 which was associated with the realization of a capital loss carryforward recorded in the prior comparative period for which no such amount was recorded in the current period.

Effective tax rates for the nine months ended March 31, 2022 and 2021 were 26.8% and 24.1%, respectively. The effective tax rate for the prior comparative period reflected the effects of various non-recurring items recorded in conjunction with our acquisition of MSB and reversal of a valuation allowance, as noted above.

Liquidity and Capital Resources

Liquidity, represented by cash and cash equivalents, is a product of operating, investing and financing activities. Our primary sources of funds are deposits, borrowings, cash flows from investment securities and loans receivable and funds provided from operations. While scheduled payments from the amortization and maturity of loans and investment securities are relatively predictable sources of funds, general interest rates, economic conditions and competition greatly influence deposit flows and prepayments on loans and securities.

At March 31, 2022, liquidity included $62.4 million of short-term cash and equivalents supplemented by $1.53 billion of investment securities classified as available for sale. In addition, as of March 31, 2022, we had the capacity to borrow additional funds totaling $2.38 billion and $312.5 million from the FHLB of New York and FRB, respectively, without pledging additional collateral. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $950.0 million of which $310.0 million was outstanding.

At March 31, 2022, we had outstanding commitments to originate and purchase loans totaling approximately $198.1 million while such commitments totaled $192.8 million at June 30, 2021. As of those same dates, our pipeline of loans held for sale included $16.0 million and $48.4 million, respectively, of loans in process whose terms included interest rate locks to borrowers that were paired with a non-binding, best-efforts commitment to sell the loan to a buyer at a fixed price and within a predetermined timeframe after the sale commitment is established.

Construction loans in process and unused lines of credit were $88.2 million and $165.8 million, respectively, at March 31, 2022 compared to $138.3 million and $181.1 million, respectively, at June 30, 2021. We are also subject to the contingent liabilities resulting from letters of credit whose outstanding balances totaled $180,000 and $739,000, at March 31, 2022 and June 30, 2021, respectively.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

Consistent with its goals to operate a sound and profitable financial organization, the Bank actively seeks to maintain its status as a well-capitalized institution in accordance with regulatory standards.

- 48 -

The following table sets forth the Bank’s capital position at March 31, 2022 and June 30, 2021, as compared to the minimum regulatory capital requirements that were in effect as of those dates:

	At March 31, 2022
	Actual					For Capital Adequacy Purposes					To Be Well Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	668,961		14.14	%	$	378,457		8.00	%	$	473,071		10.00	%
Tier 1 capital (to risk-weighted assets)		641,798		13.57	%		283,843		6.00	%		378,457		8.00	%
Common equity tier 1 capital (to risk-weighted assets)		641,798		13.57	%		212,882		4.50	%		307,496		6.50	%
Tier 1 capital (to adjusted total assets)		641,798		9.14	%		280,960		4.00	%		351,200		5.00	%

	At June 30, 2021
	Actual					For Capital Adequacy Purposes					To Be Well Capitalized  Under Prompt  Corrective Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	761,883		17.22	%	$	353,970		8.00	%	$	442,462		10.00	%
Tier 1 capital (to risk-weighted assets)		726,737		16.42	%		265,477		6.00	%		353,970		8.00	%
Common equity tier 1 capital (to risk-weighted assets)		726,737		16.42	%		199,108		4.50	%		287,600		6.50	%
Tier 1 capital (to adjusted total assets)		726,737		10.23	%		284,114		4.00	%		355,142		5.00	%

The following table sets forth the Company’s capital position at March 31, 2022 and June 30, 2021, as compared to the minimum regulatory capital requirements that were in effect as of those dates:

	At March 31, 2022
	Actual					For Capital Adequacy Purposes
	Amount		Ratio			Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	802,929		16.97	%	$	378,574		8.00	%
Tier 1 capital (to risk-weighted assets)		775,766		16.39	%		283,931		6.00	%
Common equity tier 1 capital (to risk-weighted assets)		775,766		16.39	%		212,948		4.50	%
Tier 1 capital (to adjusted total assets)		775,766		11.04	%		281,055		4.00	%

	At June 30, 2021
	Actual					For Capital Adequacy Purposes
	Amount		Ratio			Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	872,823		19.65	%	$	355,274		8.00	%
Tier 1 capital (to risk-weighted assets)		837,677		18.86	%		266,456		6.00	%
Common equity tier 1 capital (to risk-weighted assets)		837,677		18.86	%		199,842		4.50	%
Tier 1 capital (to adjusted total assets)		837,677		11.76	%		284,877		4.00	%

In March 2020, the federal banking agencies announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss method, followed by a three-year transition period established in the previous rule (five-year transition option). We have adopted the capital transition relief over the permissible five-year period.

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Off-Balance Sheet Arrangements

In the normal course of our business of investing in loans and securities we are a party to financial instruments with off-balance-sheet risk. These financial instruments include significant purchase commitments, such as commitments related to capital expenditure plans and commitments to extend credit to meet the financing needs of our customers. We had no significant off-balance sheet commitments for capital expenditures as of March 31, 2022.

Recent Accounting Pronouncements

For a discussion of the expected impact of recently issued accounting pronouncements that we have yet to adopt, please refer to Note 3 to the unaudited consolidated financial statements.

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ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The majority of our assets and liabilities are sensitive to changes in interest rates and as such interest rate risk is a significant form of market risk that we must manage. Interest rate risk is generally defined in regulatory nomenclature as the risk to earnings or capital arising from the movement of interest rates and arises from several risk factors including re-pricing risk, basis risk, yield curve risk and option risk. We maintain an Asset/Liability Management (“ALM”) program in order manage our interest rate risk. The program is overseen by the Board of Directors through its Interest Rate Risk Management Committee which has assigned the responsibility for the operational aspects of the ALM program to our Asset/Liability Management Committee (“ALCO”), which is comprised of various members of the senior and executive management team.

The quantitative analysis that we conduct measures interest rate risk from both a capital and earnings perspective. With regard to earnings, movements in interest rates and the shape of the yield curve significantly influence the amount of net interest income (“NII”) that we recognize. Movements in market interest rates, and the effect of such movements on the risk factors noted above, significantly influence the spread between the interest earned on our interest-earning assets and the interest paid on our interest-bearing liabilities. Our internal interest rate risk analysis calculates the sensitivity of our projected NII over a one year period utilizing a static balance sheet assumption through which incoming and outgoing asset and liability cash flows are reinvested into similar instruments. Product pricing and earning asset prepayment speeds are appropriately adjusted for each rate scenario.

With regard to capital, our internal interest rate risk analysis calculates the sensitivity of our Economic Value of Equity (“EVE”) to movements in interest rates. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet instruments. EVE attempts to quantify our economic value using a discounted cash flow methodology. The degree to which our EVE changes for any hypothetical interest rate scenario from its base case measurement is a reflection of our sensitivity to interest rate risk.

For both earnings and capital at risk, our interest rate risk analysis calculates a base case scenario that assumes no change in interest rates. The model then measures changes throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve up and down 100, 200 and 300 basis points with additional scenarios modeled where appropriate. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates. The relatively low level of interest rates prevalent at March 31, 2022 and June 30, 2021 precluded the modeling of certain falling rate scenarios.

The following tables present the results of our internal EVE and NII analyses as of March 31, 2022 and June 30, 2021, respectively:

	March 31, 2022
							1 to 12 Months						13 to 24 Months
Change in Interest Rates	$ Amount of EVE		% Change in EVE				$ Amount of NII		% Change in NII				$ Amount of NII		% Change in NII
	(Dollars in Thousands)
+300 bps		1,139,213		(11.91	)	%		182,874		(10.70	)	%		216,395		3.42		%
+200 bps		1,191,919		(7.84	)	%		189,586		(7.43	)	%		213,631		2.10		%
+100 bps		1,261,373		(2.47	)	%		199,005		(2.83	)	%		213,632		2.10		%
0 bps		1,293,258		-				204,792		-				209,236		-
-100 bps		1,244,971		(3.73	)	%		196,007		(4.29	)	%		190,088		(9.15	)	%

	June 30, 2021
							1 to 12 Months						13 to 24 Months
Change in Interest Rates	$ Amount of EVE		% Change in EVE				$ Amount of NII		% Change in NII				$ Amount of NII		% Change in NII
	(Dollars in Thousands)
+300 bps		1,083,847		(8.82	)	%		175,830		(8.38	)	%		196,307		4.11		%
+200 bps		1,132,915		(4.69	)	%		182,089		(5.12	)	%		195,756		3.82		%
+100 bps		1,176,890		(0.99	)	%		187,961		(2.06	)	%		194,543		3.17		%
0 bps		1,188,656		-				191,908		-				188,559		-
-100 bps		1,071,463		(9.86	)	%		181,645		(5.35	)	%		169,447		(10.14	)	%

At March 31, 2022, our interest rate risk analysis was impacted by $310.0 million of overnight borrowings, compared to $20.0 million of overnight borrowings at June 30, 2021. This increased level of overnight borrowings resulted in a relatively greater level of interest rate sensitivity in the rising rate shock scenarios and does not reflect any future actions we may take to replace or extend the maturity of these borrowings.

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There are numerous internal and external factors that may contribute to changes in our EVE and its sensitivity. Changes in the composition and allocation of our balance sheet, or utilization of off-balance sheet instruments such as derivatives, can significantly alter the exposure to interest rate risk as quantified by the changes in the EVE sensitivity measures. Changes to certain external factors, most notably changes in the level of market interest rates and overall shape of the yield curve, can also alter the projected cash flows of our interest-earning assets and interest-costing liabilities and the associated present values thereof.

Notwithstanding the rate change scenarios presented in the EVE and NII-based analyses above, future interest rates and their effect on net interest income are not predictable. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, prepayments and deposit run-offs and should not be relied upon as indicative of actual results. Certain shortcomings are inherent in this type of computation. Although certain assets and liabilities may have similar maturities or periods of re-pricing, they may react at different times and in different degrees to changes in market interest rates. The interest rate on certain types of assets and liabilities, such as demand deposits and savings accounts, may fluctuate in advance of changes in market interest rates, while rates on other types of assets and liabilities may lag behind changes in market interest rates. Certain assets, such as adjustable-rate mortgages, generally have features which restrict changes in interest rates on a short-term basis and over the life of the asset. In the event of a change in interest rates, prepayments and early withdrawal levels could deviate significantly from those assumed in the analyses set forth above. Additionally, an increase in credit risk may result as the ability of borrowers to service their debt may decrease in the event of an interest rate increase.

ITEM 4.

CONTROLS AND PROCEDURES

As of the end of the period covered by this Report, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended). Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.

During the quarter ended March 31, 2022, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

ITEM 1. Legal Proceedings

At March 31, 2022, neither the Company nor the Bank were involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business, which involve amounts in the aggregate believed by management to be immaterial to the financial condition of the Company and the Bank.

ITEM 1A. Risk Factors

There have been no material changes to the Risk Factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2021, previously filed with the Securities and Exchange Commission.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities:

The following table reports information regarding repurchases of the Company’s common stock during the quarter ended March 31, 2022:

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1-31, 2022		599,585	$	13.49		599,585		4,499,760
February 1-28, 2022		751,431	$	13.37		751,431		3,748,329
March 1-31, 2022		668,609	$	13.21		668,609		3,079,720
Total		2,019,625	$	13.35		2,019,625		3,079,720

On September 22, 2021, the Company announced the authorization of a new stock repurchase plan to repurchase up to 7,602,021 shares, or 10% of the shares then outstanding. This current plan has no expiration date.

ITEM 3. Defaults Upon Senior Securities

Not applicable.

ITEM 4. Mine Safety Disclosures

Not applicable.

ITEM 5. Other Information

None.

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ITEM 6. Exhibits

The following Exhibits are filed as part of this report:

3.1	Articles of Incorporation of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
3.2	Bylaws of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
4	Form of Common Stock Certificate of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
10.1	Kearny Bank Amended and Restated Change in Control Severance Pay Plan
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following materials from the Company’s Form 10-Q for the quarter ended March 31, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
101.INS	Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

- 54 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	KEARNY FINANCIAL CORP.
Date: May 6, 2022	By:	/s/ Craig L. Montanaro
		Craig L. Montanaro
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 6, 2022	By:	/s/ Keith Suchodolski
		Keith Suchodolski
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

- 55 -

EX-10.1

Exhibit 10.1

KEARNY BANK

AMENDED AND RESTATED

CHANGE IN CONTROL SEVERANCE PAY PLAN

EFFECTIVE AS OF APRIL 20, 2022

A. Purpose.

The primary purpose of the Kearny Bank Amended and Restated Change in Control Severance Pay Plan, effective as of April 20, 2022 (the “Plan”) is to recruit and foster the continuous employment of key management personnel of Kearny Bank (the “Bank”) and to reinforce and encourage their continued attention and dedication to their duties in the event of any potential or actual Change in Control (as defined below), although no such change is now apparent or contemplated.

B. Covered Participants.

Any Participant, subject to paragraph C below, with at least one year of service as of his or her termination date shall be eligible to receive a Change in Control Severance Benefit (as defined below) if, within the period beginning on the effective date of a Change in Control and ending on the first anniversary of such date, (i) the Participant’s employment with the Bank is involuntarily terminated or (ii) the Participant terminates employment with the Bank voluntarily after being offered continued employment in a position that is not a Comparable Position (as defined below).

For purposes of this Plan, a “Participant” shall mean an employee of the Bank who has been named an officer of the Bank with a title of not less than 1st Vice President.

C. Limitations on Eligibility for Change in Control Severance Benefits.

(1)No Participant shall be eligible for a Change in Control Severance Benefit if (a) his or her employment is terminated for “Cause,” (b) he or she is offered a Comparable Position and declines to accept such position, or (c) the Participant is, at the time of termination of employment, a party to an individual employment agreement or change in control agreement with the Bank and/or Kearny Financial Corp. (the “Company”).

(2)For purposes of this Plan, a termination of employment for “Cause” shall include termination because of the Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist order.

(3)For purposes of this Plan, a “Comparable Position” shall mean a position that would (a) provide the Participant with base compensation and benefits that are comparable in the aggregate to those provided to the Participant prior to the Change in Control; (b) provide the Participant with an opportunity for variable bonus compensation that is comparable to the opportunity provided to the Participant prior to the Change in Control; (c) be in a location that would not require the Participant to increase his or her daily one way commuting distance by more than twenty-five (25) miles as

compared to the Participant’s commuting distance immediately prior to the Change in Control; and (d) have job skill requirements and duties that are comparable to the requirements and duties of the position held by the Participant prior to the Change in Control.

(4)A Participant shall cease to be a Participant in the Plan when the Participant ceases to be an employee of the Bank, unless such Participant is entitled to benefits under the Plan. A Participant entitled to benefits under the Plan shall remain a Participant in this Plan until he or she has received full payment of his or her Plan benefits.

D. Definitions of Change in Control.

For purposes of this Plan, a “Change in Control” means any of the following events:

(1)Merger: The Company or the Bank merges into or consolidates with another entity, or merges another Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

(2)Acquisition of Significant Share Ownership: A person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (2) shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities;

(3)Change in Board Composition: During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders or corporators) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

(4)Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its assets.

E. Determination of the Change in Control Severance Benefit.

(1)The Change in Control Severance Benefit payable to an eligible Participant under this Plan shall be determined under the following schedule:

(a)An eligible Participant shall receive a Change in Control Severance Benefit equal to the product of (i) the Participant’s years of credited service from his

2

or her hire date (including partial years) through the termination date and (ii) an amount equal to three weeks of the Participant’s Base Compensation (as defined below). A “year of credited service” shall mean each twelve (12)-month period of service following a Participant’s hire date determined without regard the number of hours worked during such period(s), provided, however, that upon the written resolution of the Compensation Committee (which may take into consideration recommendations by the President and Chief Executive Officer of the Company or the Bank), an eligible Participant may be credited with additional years of credited service hereunder in order to increase the Severance Benefit payable to such person. The minimum payment to an eligible Participant under this paragraph shall be an amount equal to four (4) months of Base Compensation and the maximum payment to an eligible Participant shall be an amount equal to nine (9) months of Base Compensation.

(b)The Change in Control Severance Benefit shall be paid in a lump sum not later than five (5) business days after the date of the Participant’s termination of employment.

(2)For purpose of determinations under this paragraph E, “Base Compensation” shall mean:

(a)For salaried Participants, the Participant’s annual base salary at the rate in effect on his or her termination date or, if greater, the rate in effect on the date immediately preceding the Change in Control.

(b)For Participants whose compensation is determined in whole or in part on the basis of commission income, the Participant’s base salary at termination (or, if greater, the Participant’s base salary on the date immediately preceding the effective date of the Change in Control), if any, plus the commissions earned by the Participant in the twelve (12) full calendar months preceding his or her termination date (or, if greater, the commissions earned in the twelve (12) full calendar months immediately preceding the effective date of the Change in Control).

(c)For Participants who are compensated on an hourly basis, the Participant’s total hourly wages for the twelve (12) full calendar months preceding his or her termination date or, if greater, the twelve (12) full calendar months preceding the effective date of the Change in Control.

(3)Notwithstanding the foregoing, in the event the party that enters into the merger or change in control transaction with the Bank or the Company (the “Acquiror”) sponsors a severance pay plan, then the eligible Participant will receive the greater of the benefit described above or the severance benefits of the Acquiror, whichever is greater.

3

F. Withholding.

All payments will be subject to customary withholding for federal, state and local tax purposes.

G. Parachute Payment.

Notwithstanding anything in this Plan to the contrary, if a Change in Control Severance Benefit to a Participant who is a “Disqualified Individual” shall be in an amount which includes an “Excess Parachute Payment,” taking into account payments under this Plan and otherwise, the benefit payable under this Plan shall be reduced to the maximum amount which does not include an Excess Parachute Payment. The terms “Disqualified Individual” and “Excess Parachute Payment” shall have the same meanings as under Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision thereto.

H. Administration.

The Plan is administered by the Compensation Committee, which shall have the discretion to interpret the terms of the Plan and to make all determinations about eligibility and payment of benefits. Notwithstanding anything in the Plan to the contrary, the Board of Directors of the Bank may, in its discretion, take any action and exercise any power, privilege or discretion conferred on the Compensation Committee under the Plan with the same force and effect under the Plan as if done or exercised by the Committee. All decisions of the Compensation Committee, any action taken by the Compensation Committee with respect to the Plan and within the powers granted to the Compensation Committee under the Plan, and any interpretation by the Compensation Committee of any term or condition of the Plan, are conclusive and binding on all persons, and will be given the maximum possible deference allowed by law. The Compensation Committee may delegate and reallocate any authority and responsibility with respect to the Plan.

I. Source of Payments.

Unless otherwise determined by the Compensation Committee, all payments and benefits provided under this Agreement shall be paid solely by the Bank or its successors. Notwithstanding anything in this Agreement to the contrary, no provision of this Agreement shall be construed so as to result in the duplication of any payment or benefit.

J. Inalienability.

In no event may any Participant sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time will any such right or interest be subject to the claims of creditors, nor liable to attachment, execution or other legal process.

K. Governing Law.

The provisions of the Plan will be construed, administered and enforced in accordance with the laws of the State of New Jersey, except to the extent that federal law applies.

4

L. Severability.

If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included.

M. No Employment Rights.

Neither the establishment nor the terms of this Plan shall be held or construed to confer upon any Participant the right to a continuation of employment by the Bank, nor constitute a contract of employment, express or implied. The Bank reserves the right to dismiss or otherwise deal with any Participant to the same extent and on the same basis as though this Plan had not been adopted. Nothing in this Plan is intended to alter the at-will status of the Bank’s employees, it being understood that, except to the extent otherwise expressly set forth to the contrary in an individual employment-related agreement, the employment of any employee may be terminated at any time by either the Bank or the employee with or without cause.

N. Amendment and Termination.

The Plan may be terminated or amended in any respect by resolution adopted by a majority of the Board of Directors, unless a Change in Control has previously occurred. If a Change in Control occurs, the Plan no longer shall be subject to amendment, change, substitution, deletion, revocation or termination in any respect whatsoever. The form of any proper amendment or termination of the Plan shall be a written instrument signed by a duly authorized officer or officers of the Bank, certifying that the amendment or termination has been approved by the Board of Directors. A proper amendment of the Plan automatically shall effect a corresponding amendment to each Participant’s rights hereunder. A proper termination of the Plan automatically shall effect a termination of all Participants’ rights and benefits hereunder. This Plan supersedes in its entirely the Kearny Bank Officer Change in Control Severance Pay Plan that was adopted effective as of June 19, 2019.

O. Required Provisions.

(1)In the event any of the provisions of this paragraph O are in conflict with the terms of this Plan, this paragraph O shall prevail.

(2)Any payments made to Participants pursuant to this Plan, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

(3)Notwithstanding anything else in this Plan to the contrary, a Participant’s employment shall not be deemed to have been terminated unless and until the Participant has a Separation from Service within the meaning of Code Section 409A. For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and the Participant reasonably anticipate that either no further services will be performed by the Participant after the date of termination (whether as an employee or as an independent contractor) or the level of further services performed is less than fifty

5

(50) percent of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).

(4)Notwithstanding the foregoing, if a Participant is a “specified employee” (i.e., a “key employee” of a publicly traded company within the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Plan is triggered due to the Participant’s Separation from Service, then solely to the extent necessary to avoid penalties under Section 409A of the Code, no payment shall be made during the first six (6) months following the Participant’s Separation from Service. Rather, any payment which would otherwise be paid to the Participant during such period shall be accumulated and paid to the Participant in a lump sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in the manner specified in this Plan.

P. Claims Procedures and Arbitration.

(1)In the event that benefits under this Plan are not paid to the Participant and such Participant (or former Participant) feels entitled to receive such benefits, then a written claim must be made to the Compensation Committee within sixty (60) days from the date payments are refused. The Compensation Committee shall review the written claim and, if the claim is denied, in whole or in part, they shall provide in writing, within thirty (30) days of receipt of such claim, their specific reasons for such denial, reference to the provisions of this Plan upon which the denial is based, and any additional material or information necessary to perfect the claim. Such writing by the Compensation Committee shall further indicate the additional steps which must be undertaken by the Participant or former Participant if an additional review of the claim denial is desired.

(2)If the Participant or former Participant desires a second review, he or she shall notify the Compensation Committee in writing within thirty (30) days of the first claim denial. The Participant or former Participant may review this Plan or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its sole discretion, the Compensation Committee shall then review the second claim and provide a written decision within thirty (30) days of receipt of such claim. This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this Plan upon which the decision is based.

(3)If claimants continue to dispute the benefit denial based upon completed performance of this Plan or the meaning and effect of the terms and conditions thereof, it shall be settled by arbitration administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

6

Q. Successors.

The provisions of this Plan shall bind and inure to the benefit of the Bank and its successors and assigns. The term “successors” as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Bank, and successors of any such corporation or other business entity.

[signature page follows]

7

This plan has been approved and adopted by the Board of Directors of the Bank and is effective as of April 20, 2022.

KEARNY BANK

By: /s/ Craig L. Montanaro

Craig L. Montanaro

President and Chief Executive Officer

8

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Craig L. Montanaro, certify that:

1.I have reviewed this Form 10-Q of Kearny Financial Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2022	/s/ Craig L. Montanaro
	Craig L. Montanaro
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Keith Suchodolski, certify that:

1.I have reviewed this Form 10-Q of Kearny Financial Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2022	/s/ Keith Suchodolski
	Keith Suchodolski
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Kearny Financial Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Craig L. Montanaro, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 6, 2022	/s/ Craig L. Montanaro
	Craig L. Montanaro
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Kearny Financial Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Keith Suchodolski, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 6, 2022	/s/ Keith Suchodolski
	Keith Suchodolski
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

XML

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity File Number	001-37399
Entity Tax Identification Number	30-0870244
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	KRNY
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, $0.01 par value
Entity Registrant Name	KEARNY FINANCIAL CORP.
Entity Central Index Key	0001617242
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		70,421,270
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Address, Address Line One	120 Passaic Ave.
Entity Address, City or Town	Fairfield
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07004
Entity Incorporation, State or Country Code	MD
City Area Code	973
Local Phone Number	244-4500
Document Quarterly Report	true
Document Transition Report	false

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Assets
Cash and amounts due from depository institutions	$ 22,864	$ 21,463
Interest-bearing deposits in other banks	39,515	46,392
Cash and cash equivalents	62,379	67,855
Investment securities available for sale (amortized cost $1,595,802 and $1,666,853, respectively), net of allowance for credit losses of $0 at December 31, 2021 and June 30, 2021	1,526,086	1,676,864
Investment securities held to maturity (fair value $54,056 and $39,610, respectively), net of allowance for credit losses of $0 at December 31, 2021 and June 30, 2021	121,853	38,138
Loans held-for-sale	2,822	16,492
Loans receivable	5,003,201	4,851,394
Less: allowance for credit losses on loans	(43,860)	(58,165)
Net loans receivable	4,959,341	4,793,229
Premises and equipment	53,727	56,338
Federal Home Loan Bank("FHLB")of New York stock	30,997	36,615
Accrued interest receivable	19,517	19,362
Goodwill	210,895	210,895
Core deposit intangibles	3,166	3,705
Bank owned life insurance	287,644	283,310
Deferred income tax assets, net	34,349	29,323
Other real estate owned	401	178
Other assets	76,714	51,431
Total Assets	7,389,891	7,283,735
Liabilities
Deposits: Non-interest-bearing	621,954	593,718
Deposits: Interest-bearing	4,906,708	4,891,588
Total deposits	5,528,662	5,485,306
Borrowings	851,220	685,876
Advance payments by borrowers for taxes	16,979	15,752
Other liabilities	37,861	53,857
Total Liabilities	6,434,722	6,240,791
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value; 800,000,000 shares authorized; 71424469 shares and 78,964,859 shares issued and outstanding, respectively	714	790
Paid-in capital	561,176	654,396
Retained earnings	441,522	408,367
Unearned employee stock ownership plan shares; 2609069 shares and 2,759,594 shares, respectively	(25,294)	(26,753)
Accumulated other comprehensive (loss) income	(22,949)	6,144
Total Stockholders' Equity	955,169	1,042,944
Total Liabilities and Stockholders' Equity	$ 7,389,891	$ 7,283,735

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	71,424,469	78,964,859
Common stock, shares outstanding		78,964,859
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares	2,609,069	2,759,594
Securities available for sale, Amortized Cost	$ 1,590,074,000	$ 1,666,853,000
Net of allowance for credit losses	0
Securities held to maturity, estimated fair value	117,017,000	39,610,000
Available-for-sale Securities [Member]
Securities available for sale, Amortized Cost	1,590,074,000	1,666,853,000
Net of allowance for credit losses	0	0
Held-to-maturity Securities [Member]
Net of allowance for credit losses	0	0
Securities held to maturity, estimated fair value	$ 117,017,000	$ 39,610,000

XML

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Interest Income
Loans	$ 45,846	$ 50,159	$ 141,651	$ 153,776
Taxable investment securities	8,024	7,891	23,831	22,934
Tax-exempt investment securities	316	410	976	1,297
Other interest-earning assets	415	705	1,261	2,406
Total Interest Income	54,601	59,165	167,719	180,413
Interest Expense
Deposits	3,565	6,670	11,293	26,379
Borrowings	3,309	4,012	10,422	14,865
Total Interest Expense	6,874	10,682	21,715	41,244
Net Interest Income	47,727	48,483	146,004	139,169
(Reversal of) provision for credit losses	(3,920)	1,126	(11,740)	3,820
Net Interest Income after (Reversal of) Provision for Credit Losses	51,647	47,357	157,744	135,349
Non-Interest Income
Fees and service charges	617	473	1,922	1,474
Gain on sale and call of securities	3	18	4	454
Gain on sale of loans	376	943	2,352	5,211
Gain on sale of other real estate owned	14	0	14	0
Income from bank owned life insurance	1,511	1,530	4,634	4,722
Electronic banking fees and charges	432	456	1,260	1,265
Bargain purchase gain	0	0	0	3,053
Other income	238	1,194	938	1,351
Total Non-Interest Income	3,191	4,614	11,124	17,530
Non-Interest Expense
Salaries and employee benefits	19,184	16,965	55,897	51,023
Net occupancy expense of premises	3,223	3,433	10,926	9,675
Equipment and systems	3,822	3,823	11,370	11,295
Advertising and marketing	516	567	1,356	1,580
Federal deposit insurance premium	480	488	1,693	1,450
Directors' compensation	340	748	1,792	2,244
Merger-related expenses	0	0	0	4,349
Debt extinguishment expenses	0	0	0	796
Other expense	3,058	3,792	9,062	11,487
Total Non-Interest Expense	30,623	29,816	92,096	93,899
Income before Income Taxes	24,215	22,155	76,772	58,980
Income tax expense	6,522	5,732	20,595	14,230
Net Income	$ 17,693	$ 16,423	$ 56,177	$ 44,750
Net Income per Common Share (EPS)
Basic	$ 0.25	$ 0.20	$ 0.78	$ 0.53
Diluted	$ 0.25	$ 0.20	$ 0.78	$ 0.53
Weighted Average Number of Common Shares Outstanding
Basic	69,790	80,673	72,130	83,958
Diluted	69,817	80,690	72,154	83,961

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 17,693	$ 16,423	$ 56,177	$ 44,750
Other Comprehensive (Loss) Income, net of tax:
Net unrealized loss on securities available for sale	(41,922)	(15,671)	(52,354)	(14,379)
Net realized gain on sale and call of securities available for sale	(2)	(13)	(3)	(319)
Fair value adjustments on derivatives	17,387	10,574	23,227	14,750
Benefit plan adjustments	14	14	37	48
Total Other Comprehensive (Loss) Income	(24,523)	(5,096)	(29,093)	100
Total Comprehensive (Loss) Income	$ (6,830)	$ 11,327	$ 27,084	$ 44,850

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	MSB Financial Corporation [Member]	Cumulative Effect Period Of Adoption Adjustment [Member]	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect Period Of Adoption Adjustment [Member]	Unearned ESOP Shares [Member]	Accumulated Other Comprehensive Income [Member]
Balance (in value) at Jun. 30, 2020	$ 1,084,177			$ 837	$ 722,871	$ 387,911		$ (28,699)	$ 1,257
Balance (in shares) at Jun. 30, 2020				83,663
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 at Jun. 30, 2020			$ (14,239)				$ (14,239)
Balance - July 1, 2020 as adjusted for change in accounting principle at Jun. 30, 2020	1,069,938			$ 837	722,871	373,672		(28,699)	1,257
Net Income	44,750					44,750
Other comprehensive income (loss), net of income tax	100								100
Accretion Amortization Of ESOP Award	1,435				(25)			1,460
Stock option exercise	373				373
Stock option exercise (in shares)				41
Stock repurchases (in value)	(80,567)			$ (74)	(80,493)
Stock repurchases (in shares)				(7,535)
Stock-based compensation expense	4,281				4,281
Cancellation of shares issued for restricted stock awards (in value)	(803)			$ (1)	(802)
Cancellation of shares issued for restricted stock awards (in shares)				(80)
Shares issued in conjunction with the acquisition of MSB Financial Corp (Share).				5,854
Shares issued in conjunction with the acquisition of MSB Financial Corp.	45,133			$ 58	45,075
Cash dividends declared		$ (20,828)				20,828
Balance (in value) at Mar. 31, 2021	1,063,812			$ 820	691,280	397,594		(27,239)	1,357
Balance (in shares) at Mar. 31, 2021				81,943
Balance (in value) at Dec. 31, 2020	1,092,341			$ 849	724,389	388,376		(27,726)	6,453
Balance (in shares) at Dec. 31, 2020				84,938
Net Income	16,423					16,423
Other comprehensive income (loss), net of income tax	(5,096)								(5,096)
Accretion Amortization Of ESOP Award	574				87			487
Stock option exercise	373				373
Stock option exercise (in shares)				41
Stock repurchases (in value)	(34,863)			$ (29)	(34,834)
Stock repurchases (in shares)				(3,026)
Stock-based compensation expense	1,379				1,379
Cancellation of shares issued for restricted stock awards (in value)	(114)				(114)
Cancellation of shares issued for restricted stock awards (in shares)				(10)
Cash dividends declared	(7,205)					7,205
Balance (in value) at Mar. 31, 2021	1,063,812			$ 820	691,280	397,594		(27,239)	1,357
Balance (in shares) at Mar. 31, 2021				81,943
Balance (in value) at Jun. 30, 2021	$ 1,042,944			$ 790	654,396	408,367		(26,753)	6,144
Balance (in shares) at Jun. 30, 2021	78,964,859			78,965
Net Income	$ 56,177					56,177
Other comprehensive income (loss), net of income tax	(29,093)								29,093
Accretion Amortization Of ESOP Award	1,945				486			1,459
Stock repurchases (in value)	(95,967)			$ (75)	(95,892)
Stock repurchases (in shares)				(7,468)
Stock-based compensation expense	3,117				3,117
Cancellation of shares issued for restricted stock awards (in value)	(932)			$ (1)	(931)
Cancellation of shares issued for restricted stock awards (in shares)				(73)
Cash dividends declared	(23,022)					23,022
Balance (in value) at Mar. 31, 2022	955,169			$ 714	561,176	441,522		(25,294)	(22,949)
Balance (in shares) at Mar. 31, 2022				71,424
Balance (in value) at Dec. 31, 2021	995,470			$ 735	587,392	431,549		(25,780)	1,574
Balance (in shares) at Dec. 31, 2021				73,453
Net Income	17,693					17,693
Other comprehensive income (loss), net of income tax	(24,523)								24,523
Accretion Amortization Of ESOP Award	666				180			486
Stock repurchases (in value)	(26,969)			$ (21)	(26,948)
Stock repurchases (in shares)				(2,020)
Stock-based compensation expense	676				676
Cancellation of shares issued for restricted stock awards (in value)	(124)				(124)
Cancellation of shares issued for restricted stock awards (in shares)				(9)
Cash dividends declared	(7,720)					7,720
Balance (in value) at Mar. 31, 2022	$ 955,169			$ 714	$ 561,176	$ 441,522		$ (25,294)	$ (22,949)
Balance (in shares) at Mar. 31, 2022				71,424

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
ESOP shares committed to be released, shares	51,000	50,000	151	150
Dividends declared per common share	$ 0.11	$ 0.09	$ 0.32	$ 0.25

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Net Income	$ 56,177	$ 44,750
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	4,470	4,355
Net accretion of premiums, discounts and loan fees and costs	(4,374)	(11,257)
Deferred income taxes and valuation allowance	6,943	3,004
Bargain purchase gain	0	(3,053)
Amortization of intangible assets	539	797
Amortization of benefit plans unrecognized net loss	60	62
(Reversal of) provision for credit losses	(11,740)	3,820
Gain on sale of other real estate owned	14	0
Loans originated for sale	(151,783)	(249,671)
Proceeds from sale of mortgage loans held-for-sale	167,713	270,147
Gain on sale of mortgage loans held-for-sale, net	(2,260)	(4,859)
Realized gain on sale/call of investment securities available for sale	(4)	(454)
Realized loss on debt extinguishment	0	796
Realized gain on sale of loans receivable	(92)	(352)
Realized (gain) loss on disposition of premises and equipment	(356)	40
Increase in cash surrender value of bank owned life insurance	(4,634)	(4,722)
ESOP and stock-based compensation expense	5,062	5,716
Increase in interest receivable	(155)	(1,488)
Decrease (increase) in other assets	6,679	(1,021)
Increase (decrease) in interest payable	49	(406)
(Decrease) increase in other liabilities	(15,125)	1,519
Net Cash Provided by Operating Activities	57,155	57,723
Purchases of:
Investment securities available for sale	(206,145)	(865,163)
Investment securities held to maturity	(86,406)	0
Proceeds from:
Repayments/calls/maturities of investment securities available for sale	280,496	407,489
Repayments/calls/maturities of investment securities held to maturity	2,586	5,280
Sales of investment securities available for sale	0	44,842
Purchase of loans	(112,485)	(34,635)
Net decrease in loans receivable	(36,895)	(237,383)
Proceeds from sale of loans receivable	1,126	43,931
Proceeds from the sale of other real estate owned	494	0
Additions to premises and equipment	(1,859)	(2,889)
Proceeds from death benefit of bank owned life insurance	300	0
Proceeds from cash settlement of premises and equipment	599	3,401
Redemption of FHLB stock	5,618	16,421
Net cash acquired in acquisition	0	4,296
Net Cash Provided by (Used in) Investing Activities	(152,571)	(139,644)
Cash Flows from Financing Activities:
Net (decrease) increase in deposits	43,903	485,417
Repayment of term FHLB advances	(1,170,000)	(2,257,796)
Proceeds from term FHLB advances	1,045,000	1,955,000
Net increase (decrease) in other short-term borrowings	290,000	(68,635)
Net increase (decrease) in advance payments by borrowers for taxes	1,227	(2,063)
Repurchase and cancellation of common stock of Kearny Financial Corp.	(95,967)	(80,567)
Cancellation of shares repurchased on vesting to pay taxes	(932)	(803)
Exercise of stock options	0	373
Dividends paid	(23,291)	(20,981)
Net Cash Provided by Financing Activities	89,940	9,945
Net (Decrease) in Cash and Cash Equivalents	(5,476)	(71,976)
Cash and Cash Equivalents - Beginning	67,855	180,967
Cash and Cash Equivalents - Ending	62,379	108,991
Cash paid during the period for:
Income taxes, net of refunds	9,497	13,675
Interest	21,666	41,649
Non-cash investing and financing activities:
Acquisition of other real estate owned in settlement of loans	703	0
Transfers from loans receivable to loans receivable held-for-sale	0	43,579
Fair value of assets acquired, net of cash and cash equivalents acquired	0	567,816
Fair value of liabilities assumed	$ 0	$ 523,926

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Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.

The data in the consolidated statement of financial condition for June 30, 2021 was derived from the Company’s 2021 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2021 Annual Report on Form 10-K.

The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2021.

The Company has reclassified certain amounts in the prior period’s financial statements to conform to the current period’s presentation. Specifically, effective July 1, 2021, loan prepayment penalty income was reclassified to interest income on loans. Previously, loan prepayment penalty income was recorded within non-interest income. Interest income and non-interest income for all periods presented reflect this reclassification.

Update to Significant Accounting Policies

Allowance for Credit Losses (“ACL”) on Loans. In accordance with the ACL policy, the methodology is reviewed no less than annually. During the quarter ended September 30, 2021, the Company updated the econometric factors used in the determination of the probability of default for certain loan portfolio segments used in its ACL methodology for pooled loans. Econometric factors are selected based on the correlation of the factor to credit losses for each loan portfolio segment. Effective July 1, 2021, the primary econometric factor utilized in the determination of the probability of default for each loan portfolio segment is the national unemployment rate (“NUR”). Prior to July 1, 2021, NUR and gross domestic product (“GDP”) econometric factors were used in the determination of the probability of default for each loan portfolio segment.

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Subsequent Events

9 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

2. SUBSEQUENT EVENTS

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of March 31, 2022, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed.

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Recent Accounting Pronouncements

9 Months Ended

Mar. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

3. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted if an entity has adopted ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in ASU 2022-02 should be applied prospectively, but for the amendments related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method that would result in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method” which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 (released in August 2017) that, among other things, established the last-of-layer method to enable fair value hedge accounting for these portfolios to be more accessible. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio under this method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The scope of last-of-layer hedging will be expanded so that the portfolio layer method can be utilized for nonprepayable financial assets. In addition, ASU 2022-01 specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in ASU 2022-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted on any date on or after the issuance of ASU 2022-01 for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

Adoption of New Accounting Standards

In December 2019, the FASB issued ASU 2019-12, “Income taxes (Topic 740): Simplifying the Accounting for Income Taxes”. ASU 2019-12 provides amendments intended to reduce the cost and complexity in accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 removes the following exceptions from ASC 740, Income Taxes: (i) exceptions to the incremental approach for intraperiod tax allocation; (ii) exceptions to accounting for basis differences when a foreign subsidiary becomes an equity method investment or a foreign equity method investment become a subsidiary; and (iii) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 provides the following amendments that simplify and improve guidance with Topic 740: (i) franchise taxes that are based partially on income; (ii) transactions that result in a step up in the tax basis of goodwill; (iii) separate financial statements of legal entities that are not subject to tax; (iv) enacted changes in tax laws in interim periods; and (v) employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. For public business entities, the amendments in the ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted ASU 2019-12 in July 2021, and its adoption did not have a significant impact on the Company’s consolidated financial statements.

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Securities

9 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Securities

4. SECURITIES

The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	30,973	$	118	$	13	$	-	$	31,078
Asset-backed securities		230,997		375		1,788		-		229,584
Collateralized loan obligations		313,651		11		2,042		-		311,620
Corporate bonds		154,922		1,193		2,620		-		153,495
Total debt securities		730,543		1,697		6,463		-		725,777
Mortgage-backed securities:
Collateralized mortgage obligations (1)		8,265		1		270		-		7,996
Residential pass-through securities (1)		617,387		332		47,569		-		570,150
Commercial pass-through securities (1)		233,879		249		11,965		-		222,163
Total mortgage-backed securities		859,531		582		59,804		-		800,309
Total securities available for sale	$	1,590,074	$	2,279	$	66,267	$	-	$	1,526,086

(1)Government-sponsored enterprises.

	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	33,800	$	803	$	-	$	-	$	34,603
Asset-backed securities		240,217		2,835		63		-		242,989
Collateralized loan obligations		189,873		177		170		-		189,880
Corporate bonds		155,622		2,802		73		-		158,351
Total debt securities		619,512		6,617		306		-		625,823
Mortgage-backed securities:
Collateralized mortgage obligations (1)		13,420		319		-		-		13,739
Residential pass-through securities (1)		744,196		7,443		7,148		-		744,491
Commercial pass-through securities (1)		289,725		5,738		2,652		-		292,811
Total mortgage-backed securities		1,047,341		13,500		9,800		-		1,051,041
Total securities available for sale	$	1,666,853	$	20,117	$	10,106	$	-	$	1,676,864

(1)Government-sponsored enterprises.

	March 31, 2022
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	23,546	$	122	$	24	$	-	$	23,644
Total debt securities		23,546		122		24		-		23,644
Mortgage-backed securities:
Residential pass-through securities (1)		86,017		-		3,989		-		82,028
Commercial pass-through securities (1)		12,290		-		945		-		11,345
Total mortgage-backed securities		98,307		-		4,934		-		93,373
Total securities held to maturity	$	121,853	$	122	$	4,958	$	-	$	117,017

(1)Government-sponsored enterprises.

	June 30, 2021
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	25,824	$	1,204	$	-	$	-	$	27,028
Total debt securities		25,824		1,204		-		-		27,028
Mortgage-backed securities:
Commercial pass-through securities (1)		12,314		268		-		-		12,582
Total mortgage-backed securities		12,314		268		-		-		12,582
Total securities held to maturity	$	38,138	$	1,472	$	-	$	-	$	39,610

(1)Government-sponsored enterprises.

Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2022:

	March 31, 2022
	Amortized Cost		Fair Value
	(In Thousands)
Available for sale debt securities:
Due in one year or less	$	1,970	$	1,971
Due after one year through five years		18,939		19,008
Due after five years through ten years		353,679		351,676
Due after ten years		355,955		353,122
Total	$	730,543	$	725,777

	March 31, 2022
	Amortized Cost		Fair Value
	(In Thousands)
Held to maturity debt securities:
Due in one year or less	$	6,817	$	6,832
Due after one year through five years		15,026		15,084
Due after five years through ten years		1,703		1,728
Due after ten years		-		-
Total	$	23,546	$	23,644

Sales of securities available for sale were as follows for the periods presented below:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities	$	-	$	-	$	-	$	44,842
Gross realized gains	$	-	$	-	$	-	$	800
Gross realized losses		-		-		-		(385	)
Net gain on sales of securities	$	-	$	-	$	-	$	415

Gains resulting from calls of securities available for sale were as follows for the periods presented below:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	(In Thousands)
Available for sale securities called:
Gross realized gains	$	3	$	18	$	4	$	39
Gross realized losses		-		-		-		-
Net gain on calls of securities	$	3	$	18	$	4	$	39

During the three months and nine months ended March 31, 2022 and 2021, there were no gains or losses recognized on sales of securities held to maturity.

The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

	March 31,		June 30,
	2022		2021
	(In Thousands)
Securities pledged:
Pledged for borrowings at the FHLB of New York	$	155,868	$	170,120
Pledged to secure public funds on deposit		324,425		137,778
Pledged for potential borrowings at the Federal Reserve Bank of New York		372,968		274,076
Total carrying value of securities pledged	$	853,261	$	581,974

The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2022 and June 30, 2021:

	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Obligations of state and political   subdivisions	$	2,303	$	13	$	-	$	-		8	$	2,303	$	13
Asset-backed securities		180,827		1,788		-		-		15		180,827		1,788
Collateralized loan obligations		226,513		1,780		52,851		262		22		279,364		2,042
Corporate bonds		75,909		2,495		3,875		125		16		79,784		2,620
Collateralized mortgage obligations		6,819		270		-		-		5		6,819		270
Commercial pass-through securities		48,811		1,147		113,569		10,818		15		162,380		11,965
Residential pass-through securities		237,063		14,376		302,905		33,193		66		539,968		47,569
Total	$	778,245	$	21,869	$	473,200	$	44,398		147	$	1,251,445	$	66,267

	June 30, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities	$	12,159	$	63	$	-	$	-		2	$	12,159	$	63
Collateralized loan obligations		36,741		9		58,605		161		8		95,346		170
Corporate bonds		15,952		73		-		-		4		15,952		73
Commercial pass-through securities		145,055		2,652		-		-		7		145,055		2,652
Residential pass-through securities		424,112		7,148		-		-		10		424,112		7,148
Total	$	634,019	$	9,945	$	58,605	$	161		31	$	692,624	$	10,106

The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2022:

	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Number of Securities		Fair Value		Unrecognized Losses
	(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political   subdivisions	$	4,901	$	24	$	-	$	-		8	$	4,901	$	24
Commercial pass-through   securities		11,345		945		-		-		1		11,345		945
Residential pass-through   securities		82,028		3,989		-		-		8		82,028		3,989
Total	$	98,274	$	4,958	$	-	$	-		17	$	98,274	$	4,958

At June 30, 2021, there were no held to maturity securities with unrecognized losses.

Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the consolidated statement of income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at March 31, 2022. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at March 31, 2022 on available for sale securities.

At March 31, 2022, the held to maturity securities portfolio consists of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at March 31, 2022 on held to maturity securities.

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Loans Receivable

9 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Loans Receivable

. LOANS RECEIVABLE

The following table sets forth the composition of the Company’s loan portfolio at March 31, 2022 and June 30, 2021:

	March 31,			June 30,
	2022			2021
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	2,076,003		$	2,039,260
Nonresidential mortgage		1,085,988			1,079,444
Commercial business		169,551			168,951
Construction		121,137			93,804
Total commercial loans		3,452,679			3,381,459
One- to four-family residential mortgage		1,527,980			1,447,721
Consumer loans:
Home equity loans		41,501			47,871
Other consumer		2,755			3,259
Total consumer loans		44,256			51,130
Total loans		5,024,915			4,880,310
Unaccreted yield adjustments		(21,714	)		(28,916	)
Total loans receivable, net of yield adjustments	$	5,003,201		$	4,851,394

Past Due Loans

Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of March 31, 2022 and June 30, 2021, by loan segment:

	Payment Status
	March 31, 2022
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	28,197	$	28,197	$	2,047,806	$	2,076,003
Nonresidential mortgage		2,101		-		25,283		27,384		1,058,604		1,085,988
Commercial business		-		64		281		345		169,206		169,551
Construction		-		-		-		-		121,137		121,137
One- to four-family   residential mortgage		3,410		520		2,968		6,898		1,521,082		1,527,980
Home equity loans		25		4		59		88		41,413		41,501
Other consumer		-		-		-		-		2,755		2,755
Total loans	$	5,536	$	588	$	56,788	$	62,912	$	4,962,003	$	5,024,915

	Payment Status
	June 30, 2021
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	16,094	$	16,094	$	2,023,166	$	2,039,260
Nonresidential mortgage		-		-		32,891		32,891		1,046,553		1,079,444
Commercial business		-		-		401		401		168,550		168,951
Construction		-		-		-		-		93,804		93,804
One- to four-family   residential mortgage		382		2,734		5,104		8,220		1,439,501		1,447,721
Home equity loans		6		5		32		43		47,828		47,871
Other consumer		1		-		-		1		3,258		3,259
Total loans	$	389	$	2,739	$	54,522	$	57,650	$	4,822,660	$	4,880,310

Nonperforming Loans

Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three months and nine months ended March 31, 2022 and 2021.

The following tables present information relating to the Company’s nonperforming loans as of March 31, 2022 and June 30, 2021:

	Performance Status
	March 31, 2022
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	-	$	11,369	$	28,646	$	40,015	$	2,035,988	$	2,076,003
Nonresidential mortgage		-		3,667		24,523		28,190		1,057,798		1,085,988
Commercial business		-		63		430		493		169,058		169,551
Construction		-		-		1,791		1,791		119,346		121,137
One- to four-family   residential mortgage		-		4,376		4,241		8,617		1,519,363		1,527,980
Home equity loans		-		313		1,176		1,489		40,012		41,501
Other consumer		-		-		-		-		2,755		2,755
Total loans	$	-	$	19,788	$	60,807	$	80,595	$	4,944,320	$	5,024,915

	Performance Status
	June 30, 2021
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	-	$	8,300	$	10,226	$	18,526	$	2,020,734	$	2,039,260
Nonresidential mortgage		-		12,612		24,575		37,187		1,042,257		1,079,444
Commercial business		-		236		676		912		168,039		168,951
Construction		-		-		2,228		2,228		91,576		93,804
One- to four-family   residential mortgage		-		7,422		11,748		19,170		1,428,551		1,447,721
Home equity loans		-		452		1,292		1,744		46,127		47,871
Other consumer		-		-		-		-		3,259		3,259
Total loans	$	-	$	29,022	$	50,745	$	79,767	$	4,800,543	$	4,880,310

Troubled Debt Restructurings (“TDRs”)

TDRs are loans where the Company has modified the contractual terms of the loan as a result of the financial condition of the borrower. Subsequent to their modification, TDRs are placed on non-accrual until such time as satisfactory payment performance has been demonstrated, at which time the loan may be returned to accrual status. On a case-by-case basis, the Company may agree to modify the contractual terms of a loan to assist a borrower who may be experiencing financial difficulty, as well as to preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. The Company had TDRs totaling $31.7 million and $17.8 million as of March 31, 2022 and June 30, 2021, respectively. The allowance for credit losses associated with the TDRs presented in the tables below totaled $672,000 and $256,000 as of March 31, 2022 and June 30, 2021, respectively. As of March 31, 2022, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR.

The following tables present total TDR loans at March 31, 2022 and June 30, 2021:

	March 31, 2022
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage		-	$	-		3	$	14,605		3	$	14,605
Nonresidential mortgage		4		400		2		1,646		6		2,046
Commercial business		5		3,704		3		325		8		4,029
Construction		-		-		1		1,791		1		1,791
Total commercial loans		9		4,104		9		18,367		18		22,471
One- to four-family residential   mortgage		29		4,270		15		3,392		44		7,662
Consumer loans:
Home equity loans		5		170		2		1,396		7		1,566
Total		43	$	8,544		26	$	23,155		69	$	31,699

	June 30, 2021
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage		-	$	-		1	$	2,896		1	$	2,896
Nonresidential mortgage		1		105		6		2,275		7		2,380
Commercial business		3		3,755		6		693		9		4,448
Construction		-		-		1		2,228		1		2,228
Total commercial loans		4		3,860		14		8,092		18		11,952
One- to four-family residential   mortgage		18		2,216		20		3,405		38		5,621
Consumer loans:
Home equity loans		4		159		3		68		7		227
Total		26	$	6,235		37	$	11,565		63	$	17,800

The following tables present information regarding troubled debt restructurings that occurred during the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022						Nine Months Ended March 31, 2022
	# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment		# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment
	(Dollars In Thousands)
Multi-family mortgage		1	$	9,104	$	9,101		2	$	12,091	$	12,073
One- to four-family residential   mortgage		8		2,953		2,965		10		3,214		3,226
Home equity loans		2		1,477		1,477		2		1,477		1,477
Total		11	$	13,534	$	13,543		14	$	16,782	$	16,776

	Three Months Ended March 31, 2021						Nine Months Ended March 31, 2021
	# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment		# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment
	(Dollars In Thousands)
One- to four-family residential   mortgage		-	$	-	$	-		1	$	309	$	308
Home equity loans		1		24		24		1		24		24
Total		1	$	24	$	24		2	$	333	$	332

During the three months and nine months ended March 31, 2022 and 2021, there were no charge-offs related to TDRs. During the three months and nine months ended March 31, 2022 and 2021, there were no defaults of TDRs.

Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The loans which qualified as TDRs during the three months and nine months ended March 31, 2022 and 2021, capitalized prior past due amounts and modified the repayment terms.

In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”), issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications, made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, were not to be considered TDRs. This included short-term modifications such as payment deferrals, fee waivers, extension of repayment terms, or other delays in payment that were insignificant. Provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other considerations set forth in the interagency statements were met. Borrowers considered current are those that were less than 30 days past due at the time a modification program was implemented or at December 31, 2019.

On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $900 billion relief package included legislation that extended certain relief provisions of the CARES Act that were set to expire on December 31, 2020. The relief expired on January 1, 2022. As of March 31, 2022, the Company did not have any non-TDR loan modifications granted under the CARES Act.

Individually Analyzed Loans

Effective July 1, 2020, individually analyzed loans include loans which do not share similar risk characteristics with other loans. TDRs will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, a TDR would generally be removed from individual impairment analysis and returned to its corresponding pool. As of March 31, 2022, the carrying value of individually analyzed loans totaled $82.7 million, of which $65.1 million were considered collateral dependent.

For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:

	March 31, 2022				June 30, 2021
	Carrying Value		Related Allowance		Carrying Value		Related Allowance
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	31,078	$	661	$	18,526	$	1,368
Nonresidential mortgage (1)		27,384		119		32,891		4,724
Commercial business (2)		176		-		183		-
Construction		1,791		-		-		-
Total commercial loans		60,429		780		51,600		6,092
One- to four-family residential mortgage (3)		4,581		196		7,612		420
Consumer loans:
Home equity loans (3)		59		-		31		-
Total	$	65,069	$	976	$	59,243	$	6,512

(1)Secured by income-producing nonresidential property.

(2)Secured by business assets.

(3)Secured by one- to four-family residential properties.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:

Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.

Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.

Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.

Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted.

The following table presents the risk category of loans as of March 31, 2022 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	520,269	$	263,316	$	216,072	$	256,541	$	252,909	$	500,758	$	-	$	2,009,865
Special Mention		-		-		-		16,370		4,994		4,759		-		26,123
Substandard		-		-		-		10,182		2,788		27,045		-		40,015
Doubtful		-		-		-		-		-		-		-		-
Total multi-family mortgage		520,269		263,316		216,072		283,093		260,691		532,562		-		2,076,003
Nonresidential mortgage:
Pass		201,205		86,212		64,161		37,706		51,884		569,499		6,087		1,016,754
Special Mention		-		-		-		23,364		4,070		9,249		-		36,683
Substandard		-		724		-		933		-		30,894		-		32,551
Doubtful		-		-		-		-		-		-		-		-
Total nonresidential mortgage		201,205		86,936		64,161		62,003		55,954		609,642		6,087		1,085,988
Commercial business:
Pass		36,918		39,481		12,441		3,961		9,147		7,370		54,513		163,831
Special Mention		-		-		65		189		2,173		895		216		3,538
Substandard		-		39		230		-		1,422		285		58		2,034
Doubtful		-		-		-		-		-		145		3		148
Total commercial business		36,918		39,520		12,736		4,150		12,742		8,695		54,790		169,551
Construction loans:
Pass		7,868		85,564		9,492		3,058		6,513		1,117		5,735		119,347
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		1,790		-		1,790
Doubtful		-		-		-		-		-		-		-		-
Total construction loans		7,868		85,564		9,492		3,058		6,513		2,907		5,735		121,137
Residential mortgage:
Pass		312,625		531,111		90,576		53,262		56,834		464,738		375		1,509,521
Special Mention		-		-		-		1,213		-		439		-		1,652
Substandard		-		-		1,704		83		-		15,020		-		16,807
Doubtful		-		-		-		-		-		-		-		-
Total residential mortgage		312,625		531,111		92,280		54,558		56,834		480,197		375		1,527,980
Home equity loans:
Pass		1,759		715		1,744		3,245		2,125		7,552		22,156		39,296
Special Mention		-		-		-		-		-		265		-		265
Substandard		-		-		-		124		-		1,816		-		1,940
Doubtful		-		-		-		-		-		-		-		-
Total home equity loans		1,759		715		1,744		3,369		2,125		9,633		22,156		41,501
Other consumer loans
Pass		281		324		477		398		247		913		40		2,680
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		75		75
Other consumer loans		281		324		477		398		247		913		115		2,755
Total loans	$	1,080,925	$	1,007,486	$	396,962	$	410,629	$	395,106	$	1,644,549	$	89,258	$	5,024,915

The following table presents the risk category of loans as of June 30, 2021 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	281,402	$	257,970	$	374,871	$	341,304	$	343,370	$	374,909	$	-	$	1,973,826
Special Mention		-		-		26,974		5,079		4,834		1,054		-		37,941
Substandard		-		-		-		2,896		13,198		11,399		-		27,493
Doubtful		-		-		-		-		-		-		-		-
Total multi-family mortgage		281,402		257,970		401,845		349,279		361,402		387,362		-		2,039,260
Nonresidential mortgage:
Pass		99,602		77,146		56,435		64,616		254,940		441,696		6,150		1,000,585
Special Mention		-		-		23,520		4,146		8,801		4,513		-		40,980
Substandard		743		-		-		4,934		20,602		11,600		-		37,879
Doubtful		-		-		-		-		-		-		-		-
Total nonresidential mortgage		100,345		77,146		79,955		73,696		284,343		457,809		6,150		1,079,444
Commercial business:
Pass		44,514		18,988		4,701		12,654		3,322		12,892		65,657		162,728
Special Mention		-		-		-		2,304		945		12		461		3,722
Substandard		41		76		160		1,474		132		189		-		2,072
Doubtful		-		-		-		-		-		420		9		429
Total commercial business		44,555		19,064		4,861		16,432		4,399		13,513		66,127		168,951
Construction loans:
Pass		40,332		17,404		11,203		13,860		1,641		1,382		5,735		91,557
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		2,247		-		2,247
Doubtful		-		-		-		-		-		-		-		-
Total construction loans		40,332		17,404		11,203		13,860		1,641		3,629		5,735		93,804
Residential mortgage:
Pass		560,543		124,606		69,917		74,754		119,238		472,587		375		1,422,020
Special Mention		-		-		1,233		-		-		712		-		1,945
Substandard		-		1,040		671		511		1,468		20,066		-		23,756
Doubtful		-		-		-		-		-		-		-		-
Total residential mortgage		560,543		125,646		71,821		75,265		120,706		493,365		375		1,447,721
Home equity loans:
Pass		834		2,508		4,585		2,778		2,241		7,798		24,788		45,532
Special Mention		-		-		-		-		-		393		-		393
Substandard		-		-		-		-		11		1,935		-		1,946
Doubtful		-		-		-		-		-		-		-		-
Total home equity loans		834		2,508		4,585		2,778		2,252		10,126		24,788		47,871
Other consumer loans
Pass		550		517		633		256		127		1,044		44		3,171
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		1		1
Doubtful		-		-		-		-		-		-		87		87
Other consumer loans		550		517		633		256		127		1,044		132		3,259
Total loans	$	1,028,561	$	500,255	$	574,903	$	531,566	$	774,870	$	1,366,848	$	103,307	$	4,880,310

Residential Mortgage Loans in Foreclosure

The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of March 31, 2022, the Company held two single-family properties in other real estate owned with an aggregate carrying value of $401,000 that were acquired through foreclosure on residential mortgage loans. As of that same date, the Company held eight residential mortgage loans with aggregate carrying values totaling $1.6 million which were in the process of foreclosure. As of June 30, 2021, the Company held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, the Company held 11 residential mortgage loans with aggregate carrying values totaling $2.1 million which were in the process of foreclosure.

New Jersey’s moratorium on evictions ended on December 31, 2021. Under New Jersey’s new eviction protections for people under certain income levels, no evictions may occur now or in the future based on rent due during the time period of March 1, 2020 through August 31, 2021, for certain moderate income families, or March 1, 2020 through December 31, 2021 for certain low income families. The moratorium on home foreclosures ended on November 15, 2021, for all income levels. This included landlords facing foreclosure who currently have tenants. New York’s moratorium on evictions for tenants who have endured COVID-related hardships and on foreclosures ended on January 15, 2022. As a result, the Company has resumed residential property foreclosure sales and evictions. Eviction laws may be subject to legal challenges and could change based on the results of court proceedings.

XML

Allowance for Credit Losses

9 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Allowance for Credit Losses

6. ALLOWANCE FOR CREDIT LOSSES

Adoption of Topic 326

On July 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology, referred to as the “CECL” methodology.

Allowance for Credit Losses on Loans Receivable

The following tables present the balance of the allowance for credit losses at March 31, 2022 and June 30, 2021. For the three months and nine months ended March 31, 2022 and 2021, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates.

	Allowance for Credit Losses
	March 31, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	1,083	$	23,144	$	24,227
Nonresidential mortgage		-		363		119		8,557		9,039
Commercial business		-		11		6		1,708		1,725
Construction		-		-		-		1,274		1,274
One- to four-family   residential mortgage		-		242		278		6,758		7,278
Home equity loans		22		-		-		214		236
Other consumer		-		-		-		81		81
Total loans	$	22	$	616	$	1,486	$	41,736	$	43,860

	Balance of Loans Receivable
	March 31, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	40,015	$	2,035,988	$	2,076,003
Nonresidential mortgage		381		13,179		29,911		1,042,517		1,085,988
Commercial business		176		1,267		317		167,791		169,551
Construction		-		5,735		1,791		113,611		121,137
One- to four-family   residential mortgage		230		6,666		8,386		1,512,698		1,527,980
Home equity loans		342		60		1,147		39,952		41,501
Other consumer		-		-		-		2,755		2,755
Total loans	$	1,129	$	26,907	$	81,567	$	4,915,312	$	5,024,915
Unaccreted yield adjustments										(21,714	)
Loans receivable, net of   yield adjustments									$	5,003,201

	Allowance for Credit Losses
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	155	$	1,368	$	26,927	$	28,450
Nonresidential mortgage		2,700		692		2,025		10,826		16,243
Commercial business		-		15		33		2,038		2,086
Construction		-		49		-		1,121		1,170
One- to four-family   residential mortgage		122		204		447		8,974		9,747
Home equity loans		21		1		1		410		433
Other consumer		-		-		-		36		36
Total loans	$	2,843	$	1,116	$	3,874	$	50,332	$	58,165

	Balance of Loans Receivable
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	5,599	$	18,526	$	2,015,135	$	2,039,260
Nonresidential mortgage		6,519		25,844		30,668		1,016,413		1,079,444
Commercial business		183		2,533		729		165,506		168,951
Construction		-		12,970		2,228		78,606		93,804
One- to four-family   residential mortgage		3,617		4,785		15,553		1,423,766		1,447,721
Home equity loans		380		65		1,364		46,062		47,871
Other consumer		-		-		-		3,259		3,259
Total loans	$	10,699	$	51,796	$	69,068	$	4,748,747	$	4,880,310
Unaccreted yield adjustments										(28,916	)
Loans receivable, net of   yield adjustments									$	4,851,394

The following tables present the activity in the allowance for credit losses on loans for the three months and nine months ended March 31, 2022 and 2021.

	Changes in the Allowance for Credit Losses
	Three Months Ended March 31, 2022
	Balance at December 31, 2021		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2022
	(In Thousands)
Multi-family mortgage	$	25,795	$	-		$	-	$	(1,568	)	$	24,227
Nonresidential mortgage		10,078		(441	)		-		(598	)		9,039
Commercial business		1,903		-			4		(182	)		1,725
Construction		1,441		-			-		(167	)		1,274
One- to four-family   residential mortgage		8,601		-			-		(1,323	)		7,278
Home equity loans		308		-			-		(72	)		236
Other consumer		90		-			1		(10	)		81
Total loans	$	48,216	$	(441	)	$	5	$	(3,920	)	$	43,860

	Changes in the Allowance for Credit Losses
	Nine Months Ended March 31, 2022
	Balance at June 30, 2021		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2022
	(In Thousands)
Multi-family mortgage	$	28,450	$	(104	)	$	-	$	(4,119	)	$	24,227
Nonresidential mortgage		16,243		(2,538	)		-		(4,666	)		9,039
Commercial business		2,086		(175	)		105		(291	)		1,725
Construction		1,170		-			-		104			1,274
One- to four-family   residential mortgage		9,747		-			147		(2,616	)		7,278
Home equity loans		433		-			1		(198	)		236
Other consumer		36		(2	)		1		46			81
Total loans	$	58,165	$	(2,819	)	$	254	$	(11,740	)	$	43,860

	Changes in the Allowance for Credit Losses
	Three Months Ended March 31, 2021
	Balance at December 31, 2020		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2021
	(In Thousands)
Multi-family mortgage	$	29,500	$	-		$	-	$	(514	)	$	28,986
Nonresidential mortgage		15,933		(9	)		-		4,053			19,977
Commercial business		3,348		(738	)		2		(86	)		2,526
Construction		1,205		-			-		40			1,245
One- to four-family   residential mortgage		12,625		-			2		(2,249	)		10,378
Home equity loans		725		-			-		(117	)		608
Other consumer		50		(9	)		2		(1	)		42
Total loans	$	63,386	$	(756	)	$	6	$	1,126		$	63,762

	Changes in the Allowance for Credit Losses
	Nine Months Ended March 31, 2021
	Balance at June 30, 2020 (prior to adoption of ASC 326):		Impact of adopting Topic 326			Charge-offs			Recoveries		Initial allowance on PCD loans		(Reversal of) provision for credit losses			Balance at March 31, 2021
	(In Thousands)
Multi-family mortgage	$	20,916	$	8,408		$	-		$	-	$	250	$	(588	)	$	28,986
Nonresidential mortgage		8,763		2,390			(75	)		-		1,720		7,179			19,977
Commercial business		1,926		(421	)		(802	)		7		1,007		809			2,526
Construction		236		80			-			-		99		830			1,245
One- to four-family   residential mortgage		4,860		9,106			(13	)		2		720		(4,297	)		10,378
Home equity loans		568		92			(32	)		-		105		(125	)		608
Other consumer		58		(15	)		(22	)		9		-		12			42
Total loans	$	37,327	$	19,640		$	(944	)	$	18	$	3,901	$	3,820		$	63,762

Allowance for Credit Losses on Off Balance Sheet Commitments

The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	2022			2021		2022			2021
	(In Thousands)					(In Thousands)
Balance at beginning of the period	$	1,148		$	1,058	$	1,708		$	-
Impact of adopting Topic 326 (1)		-			-		-			536
(Reversal of) provision for credit losses		(208	)		207		(768	)		729
Balance at end of the period	$	940		$	1,265	$	940		$	1,265

(1)Adoption of CECL accounting standard effective July 1, 2020.

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Deposits

9 Months Ended

Mar. 31, 2022

Deposits [Abstract]

Deposits

. DEPOSITS

Deposits are summarized as follows:

	March 31,		June 30,
	2022		2021
	(In Thousands)
Non-interest-bearing demand	$	621,954	$	593,718
Interest-bearing demand		2,154,488		1,902,478
Savings		1,088,974		1,111,364
Certificates of deposits		1,663,246		1,877,746
Total deposits	$	5,528,662	$	5,485,306

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Borrowings

9 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

8. BORROWINGS

Borrowings at March 31, 2022 and June 30, 2021 consisted of the following:

	March 31,		June 30,
	2022		2021
	(In Thousands)
FHLB advances	$	541,220	$	665,876
Overnight borrowings		310,000		20,000
Total borrowings	$	851,220	$	685,876

Fixed rate advances from the FHLB of New York mature as follows:

	March 31, 2022						June 30, 2021
	Balance			Weighted Average Interest Rate			Balance			Weighted Average Interest Rate
	(Dollars in Thousands)
By remaining period to maturity:
Less than one year	$	265,000			0.63	%	$	390,000			0.33	%
One to two years		145,000			3.04			145,000			3.04
Two to three years		103,500			2.65			22,500			2.63
Three to four years		29,000			2.77			103,500			2.68
Four to five years		-			-			6,500			2.82
Greater than five years		-			-			-			-
Total advances		542,500			1.77	%		667,500			1.38	%
Unamortized fair value adjustments		(1,280	)					(1,624	)
Total advances, net of fair value adjustments	$	541,220					$	665,876

At March 31, 2022, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.44 billion and $155.9 million, respectively. At June 30, 2021, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.27 billion and $170.1 million, respectively.

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Derivative Instruments and Hedging Activities

9 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

9. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions.

Fair Values of Derivative Instruments on the Statement of Financial Condition

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of March 31, 2022 and June 30, 2021:

	March 31, 2022
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	34,007	Other liabilities	$	-
Total		$	34,007		$	-

	June 30, 2021
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	1,832	Other liabilities	$	673
Total		$	1,832		$	673

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using derivatives are primarily to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps and caps as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of March 31, 2022, the Company had a total of 10 interest rate swaps and caps with a total notional amount of $790.0 million hedging specific wholesale funding positions.

For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the three months and nine months ended March 31, 2022 the Company reclassified $1.3 million and $4.3 million, respectively, as additional interest expense. During the next twelve months, the Company estimates that $4.6 million will be reclassified as a reduction in interest expense.

The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Amount of gain recognized in other comprehensive income	$	23,343		$	13,075		$	28,607		$	14,353
Amount of loss reclassified from accumulated other comprehensive income   to interest expense		(1,268	)		(1,987	)		(4,271	)		(6,576	)

Offsetting Derivatives

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2022 and June 30, 2021, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.

	March 31, 2022
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Received		Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	34,158	$	(151	)	$	34,007	$	-	$	-	$	34,007
Total	$	34,158	$	(151	)	$	34,007	$	-	$	-	$	34,007
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Posted		Net Amount
	(In Thousands)
Liabilities:
Interest rate contracts	$	151	$	(151	)	$	-	$	-	$	-	$	-
Total	$	151	$	(151	)	$	-	$	-	$	-	$	-

	June 30, 2021
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Received			Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	6,847	$	(5,015	)	$	1,832	$	-	$	-		$	1,832
Total	$	6,847	$	(5,015	)	$	1,832	$	-	$	-		$	1,832
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Posted			Net Amount
	(In Thousands)
Liabilities:
Interest rate contracts	$	5,688	$	(5,015	)	$	673	$	-	$	(673	)	$	-
Total	$	5,688	$	(5,015	)	$	673	$	-	$	(673	)	$	-

Credit Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. At March 31, 2022, none of the Company’s derivatives were in a net liability position. As required under the enforceable master netting arrangement with its derivatives counterparties, at March 31, 2022, the Company was not required to post financial collateral.

In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at March 31, 2022 and June 30, 2021, included $16.0 million and $48.4 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to the Company’s financial condition or results of operations.

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Benefit Plans

9 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Benefit Plans

10. BENEFIT PLANS

Components of Net Periodic Expense

The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan:

	Three Months Ended						Nine Months Ended						Affected Line Item in the Consolidated
	March 31,						March 31,						Statements of Income
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Service cost	$	29		$	26		$	87		$	79		Salaries and employee benefits
Interest cost		67			66			205			197		Other expense
Amortization of unrecognized loss		20			20			60			62		Other expense
Expected return on assets		(27	)		(28	)		(83	)		(85	)	Other expense
Net periodic benefit cost	$	89		$	84		$	269		$	253

2021 Equity Incentive Plan

At the Company’s 2021 Annual Meeting of Stockholders held on October 28, 2021, the stockholders approved the Kearny Financial Corp. 2021 Equity Incentive Plan (“2021 Plan”) which provides for the grant of stock options, restricted stock and restricted stock units (“RSUs”). The 2021 Plan authorized the issuance of up to 7,500,000 shares (the “Share Limit”); provided, however that the Share Limit is reduced, on a one-for-one-basis, for each share of common stock subject to a stock option grant, and on a three-for-one basis for each share of common stock issued pursuant to restricted stock awards or RSUs.

During the quarter ended March 31, 2022, the Company granted 251,905 RSUs comprised of 181,588 service-based RSUs and 70,317 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of 2.6 years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2024. The total number of performance-based RSUs that will vest, if any, will depend on whether and to what extent the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs.

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Income Taxes

9 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(Dollars in Thousands)						(Dollars in Thousands)
Income before income taxes	$	24,215		$	22,155		$	76,772		$	58,980
Statutory federal tax rate		21	%		21	%		21	%		21	%
Federal income tax expense at statutory rate	$	5,085		$	4,653		$	16,122		$	12,386
(Reduction) increase in income taxes resulting from:
Tax exempt interest		(66	)		(85	)		(204	)		(270	)
State tax, net of federal tax effect		1,908			1,498			6,026			3,738
Incentive stock option compensation expense		3			23			42			63
Income from bank-owned life insurance		(317	)		(324	)		(973	)		(989	)
Non-deductible merger-related expenses		-			-			-			49
Bargain purchase gain		-			-			-			(641	)
Other items, net		(91	)		(21	)		(418	)		429
	$	6,522		$	5,744		$	20,595		$	14,765
Reversal of valuation allowance		-			(12	)		-			(535	)
Total income tax expense	$	6,522		$	5,732		$	20,595		$	14,230
Effective income tax rate		26.93	%		25.87	%		26.83	%		24.13	%

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Fair Value of Financial Instruments

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

12. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1:	Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2:	Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means.
Level 3:	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets Measured on a Recurring Basis:

The following methods and significant assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at March 31, 2022 and June 30, 2021:

Investment Securities Available for Sale

The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models.

Derivatives

The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company.

Those assets measured at fair value on a recurring basis are summarized below:

	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions	$	-	$	31,078	$	-	$	31,078
Asset-backed securities		-		229,584		-		229,584
Collateralized loan obligations		-		311,620		-		311,620
Corporate bonds		-		153,495		-		153,495
Total debt securities		-		725,777		-		725,777
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		7,996		-		7,996
Residential pass-through securities		-		570,150		-		570,150
Commercial pass-through securities		-		222,163		-		222,163
Total mortgage-backed securities		-		800,309		-		800,309
Total securities available for sale	$	-	$	1,526,086	$	-	$	1,526,086
Interest rate contracts	$	-	$	34,007	$	-	$	34,007
Total assets	$	-	$	1,560,093	$	-	$	1,560,093

	June 30, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions	$	-	$	34,603	$	-	$	34,603
Asset-backed securities		-		242,989		-		242,989
Collateralized loan obligations		-		189,880		-		189,880
Corporate bonds		-		158,351		-		158,351
Total debt securities		-		625,823		-		625,823
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		13,739		-		13,739
Residential pass-through securities		-		744,491		-		744,491
Commercial pass-through securities		-		292,811		-		292,811
Total mortgage-backed securities		-		1,051,041		-		1,051,041
Total securities available for sale	$	-	$	1,676,864	$	-	$	1,676,864
Interest rate contracts	$	-	$	1,832	$	-	$	1,832
Total assets	$	-	$	1,678,696	$	-	$	1,678,696
Liabilities:
Interest rate contracts	$	-	$	673	$	-	$	673
Total liabilities	$	-	$	673	$	-	$	673

Assets Measured on a Non-Recurring Basis:

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at March 31, 2022 and June 30, 2021:

Collateral Dependent Individually Analyzed Loans

The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Collateral dependent individually analyzed loans are considered a Level 3 valuation by the Company.

Other Real Estate Owned

Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions.

Those assets measured at fair value on a non-recurring basis are summarized below:

	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Residential mortgage	$	-	$	-	$	2,239	$	2,239
Multi-family mortgage		-		-		4,558		4,558
Nonresidential mortgage		-		-		5,799		5,799
Total	$	-	$	-	$	12,596	$	12,596
Other real estate owned, net:
Residential	$	-	$	-	$	401	$	401
Total	$	-	$	-	$	401	$	401

	June 30, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Residential mortgage	$	-	$	-	$	3,051	$	3,051
Multi-family mortgage						6,932		6,932
Nonresidential mortgage		-		-		8,679		8,679
Total	$	-	$	-	$	18,662	$	18,662
Other real estate owned, net:
Residential	$	-	$	-	$	178	$	178
Total	$	-	$	-	$	178	$	178

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:

	March 31, 2022
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	2,239	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 14%		10.39	%
Multi-family mortgage		4,558	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.60	%
Nonresidential mortgage		5,799	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 19%		14.97	%
Total	$	12,596
Other real estate owned, net:
Residential	$	401	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	5% - 6%		5.44	%
Total	$	401

	June 30, 2021
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	3,051	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 13%		9.77	%
Multi-family mortgage		6,932	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.39	%
Nonresidential mortgage		8,679	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 16%		14.48	%
Total	$	18,662
Other real estate owned, net:
Residential	$	178	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	6.00%		6.00	%
Total	$	178

(1)The fair value of collateral dependent individually analyzed loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.

(2)The fair value basis of collateral dependent individually analyzed loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees.

(3)The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price.

At March 31, 2022, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $13.6 million and valuation allowances of $976,000 reflecting fair values of $12.6 million. By comparison, at June 30, 2021, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $25.2 million and valuation allowances of $6.5 million reflecting fair values of $18.7 million.

Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At March 31, 2022 and June 30, 2021, the Company held other real estate owned totaling $401,000 and $178,000, respectively, whose carrying value was written down utilizing Level 3 inputs.

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2022 and June 30, 2021:

	March 31, 2022
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	62,379	$	62,379	$	62,379	$	-	$	-
Investment securities available for sale		1,526,086		1,526,086		-		1,526,086		-
Investment securities held to maturity		121,853		117,017		-		117,017		-
Loans held-for-sale		2,822		2,759		-		2,759		-
Net loans receivable		4,959,341		4,877,212		-		-		4,877,212
FHLB Stock		30,997		-		-		-		-
Interest receivable		19,517		19,517		3		5,311		14,203
Interest rate contracts		34,007		34,007		-		34,007		-
Financial liabilities:
Deposits		5,528,662		5,515,560		3,865,416		-		1,650,144
Borrowings		851,220		853,824		-		-		853,824
Interest payable on deposits		164		164		79		-		85
Interest payable on borrowings		1,365		1,365		-		-		1,365

	June 30, 2021
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	67,855	$	67,855	$	67,855	$	-	$	-
Investment securities available for sale		1,676,864		1,676,864		-		1,676,864		-
Investment securities held to maturity		38,138		39,610		-		39,610		-
Loans held-for-sale		16,492		16,934		-		16,934		-
Net loans receivable		4,793,229		4,830,136		-		-		4,830,136
FHLB Stock		36,615		-		-		-		-
Interest receivable		19,362		19,362		1		4,238		15,123
Interest rate contracts		1,832		1,832		-		1,832		-
Financial liabilities:
Deposits		5,485,306		5,490,923		3,607,560		-		1,883,363
Borrowings		685,876		701,419		-		-		701,419
Interest payable on deposits		145		145		96		-		49
Interest payable on borrowings		1,335		1,335		-		-		1,335
Interest rate contracts		673		673		-		673		-

Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure.

Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.

Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values.

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Comprehensive Income (Loss)

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

Comprehensive Income

13. COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive (loss) income included in stockholders’ equity at March 31, 2022 and June 30, 2021 are as follows:

	March 31,			June 30,
	2022			2021
	(In Thousands)
Net unrealized (loss) gain on securities available for sale	$	(63,988	)	$	10,011
Tax effect		18,760			(2,882	)
Net of tax amount		(45,228	)		7,129
Fair value adjustments on derivatives		32,566			(312	)
Tax effect		(9,557	)		94
Net of tax amount		23,009			(218	)
Benefit plan adjustments		(1,033	)		(1,093	)
Tax effect		303			326
Net of tax amount		(730	)		(767	)
Total accumulated other comprehensive (loss) income	$	(22,949	)	$	6,144

Other comprehensive (loss) income and related tax effects for the three months and nine months ended March 31, 2022 and 2021 are presented in the following table:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(In Thousands)
Net unrealized holding loss on securities   available for sale	$	(59,249	)	$	(22,285	)	$	(73,995	)	$	(20,374	)
Net realized gain on sale and call of securities   available for sale (1)		(3	)		(18	)		(4	)		(454	)
Fair value adjustments on derivatives		24,611			15,062			32,878			20,929
Amortization of benefit plan net actuarial loss		20			20			60			62
Other comprehensive (loss) income before taxes		(34,621	)		(7,221	)		(41,061	)		163
Tax effect		10,098			2,125			11,968			(63	)
Total other comprehensive (loss) income	$	(24,523	)	$	(5,096	)	$	(29,093	)	$	100

(1)Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income.

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Net Income Per Common Share ("EPS")

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Common Share (EPS)

14. NET INCOME PER COMMON SHARE (“EPS”)

The following schedule shows the Company’s earnings per share calculations for the periods presented:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
	(In Thousands, Except Per Share Data)
Net income	$	17,693	$	16,423	$	56,177	$	44,750
Weighted average number of common shares   outstanding - basic		69,790		80,673		72,130		83,958
Effect of dilutive securities		27		17		24		3
Weighted average number of common shares   outstanding - diluted		69,817		80,690		72,154		83,961
Basic earnings per share	$	0.25	$	0.20	$	0.78	$	0.53
Diluted earnings per share	$	0.25	$	0.20	$	0.78	$	0.53

Stock options for 3,115,000 and 3,253,040 shares of common stock were not considered in computing diluted earnings per share at March 31, 2022 and March 31, 2021, respectively, because the stock options were considered anti-dilutive. In addition, 251,905 RSUs were not considered in computing diluted earnings per share at March 31, 2022 because the RSUs were considered anti-dilutive.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.

The data in the consolidated statement of financial condition for June 30, 2021 was derived from the Company’s 2021 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2021 Annual Report on Form 10-K.

The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2021.

The Company has reclassified certain amounts in the prior period’s financial statements to conform to the current period’s presentation. Specifically, effective July 1, 2021, loan prepayment penalty income was reclassified to interest income on loans. Previously, loan prepayment penalty income was recorded within non-interest income. Interest income and non-interest income for all periods presented reflect this reclassification.

Update to Significant Accounting Policies

Allowance for Credit Losses (“ACL”) on Loans. In accordance with the ACL policy, the methodology is reviewed no less than annually. During the quarter ended September 30, 2021, the Company updated the econometric factors used in the determination of the probability of default for certain loan portfolio segments used in its ACL methodology for pooled loans. Econometric factors are selected based on the correlation of the factor to credit losses for each loan portfolio segment. Effective July 1, 2021, the primary econometric factor utilized in the determination of the probability of default for each loan portfolio segment is the national unemployment rate (“NUR”). Prior to July 1, 2021, NUR and gross domestic product (“GDP”) econometric factors were used in the determination of the probability of default for each loan portfolio segment.

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Securities (Tables)

9 Months Ended

Mar. 31, 2022

Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities

The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	30,973	$	118	$	13	$	-	$	31,078
Asset-backed securities		230,997		375		1,788		-		229,584
Collateralized loan obligations		313,651		11		2,042		-		311,620
Corporate bonds		154,922		1,193		2,620		-		153,495
Total debt securities		730,543		1,697		6,463		-		725,777
Mortgage-backed securities:
Collateralized mortgage obligations (1)		8,265		1		270		-		7,996
Residential pass-through securities (1)		617,387		332		47,569		-		570,150
Commercial pass-through securities (1)		233,879		249		11,965		-		222,163
Total mortgage-backed securities		859,531		582		59,804		-		800,309
Total securities available for sale	$	1,590,074	$	2,279	$	66,267	$	-	$	1,526,086

(1)Government-sponsored enterprises.

	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:
Obligations of state and political subdivisions	$	33,800	$	803	$	-	$	-	$	34,603
Asset-backed securities		240,217		2,835		63		-		242,989
Collateralized loan obligations		189,873		177		170		-		189,880
Corporate bonds		155,622		2,802		73		-		158,351
Total debt securities		619,512		6,617		306		-		625,823
Mortgage-backed securities:
Collateralized mortgage obligations (1)		13,420		319		-		-		13,739
Residential pass-through securities (1)		744,196		7,443		7,148		-		744,491
Commercial pass-through securities (1)		289,725		5,738		2,652		-		292,811
Total mortgage-backed securities		1,047,341		13,500		9,800		-		1,051,041
Total securities available for sale	$	1,666,853	$	20,117	$	10,106	$	-	$	1,676,864

Government-sponsored enterprises

Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities

	March 31, 2022
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	23,546	$	122	$	24	$	-	$	23,644
Total debt securities		23,546		122		24		-		23,644
Mortgage-backed securities:
Residential pass-through securities (1)		86,017		-		3,989		-		82,028
Commercial pass-through securities (1)		12,290		-		945		-		11,345
Total mortgage-backed securities		98,307		-		4,934		-		93,373
Total securities held to maturity	$	121,853	$	122	$	4,958	$	-	$	117,017

(1)Government-sponsored enterprises.

	June 30, 2021
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	25,824	$	1,204	$	-	$	-	$	27,028
Total debt securities		25,824		1,204		-		-		27,028
Mortgage-backed securities:
Commercial pass-through securities (1)		12,314		268		-		-		12,582
Total mortgage-backed securities		12,314		268		-		-		12,582
Total securities held to maturity	$	38,138	$	1,472	$	-	$	-	$	39,610

(1)Government-sponsored enterprises.

Sales of Securities Available for Sale

Sales of securities available for sale were as follows for the periods presented below:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities	$	-	$	-	$	-	$	44,842
Gross realized gains	$	-	$	-	$	-	$	800
Gross realized losses		-		-		-		(385	)
Net gain on sales of securities	$	-	$	-	$	-	$	415

Gains resulting from calls of securities available for sale

Gains resulting from calls of securities available for sale were as follows for the periods presented below:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	(In Thousands)
Available for sale securities called:
Gross realized gains	$	3	$	18	$	4	$	39
Gross realized losses		-		-		-		-
Net gain on calls of securities	$	3	$	18	$	4	$	39

Schedule Of Available For Sale Securities Pledged

The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

	March 31,		June 30,
	2022		2021
	(In Thousands)
Securities pledged:
Pledged for borrowings at the FHLB of New York	$	155,868	$	170,120
Pledged to secure public funds on deposit		324,425		137,778
Pledged for potential borrowings at the Federal Reserve Bank of New York		372,968		274,076
Total carrying value of securities pledged	$	853,261	$	581,974

Held-to-maturity Securities [Member]

Stratification by Contractual Maturity of Securities

Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2022:

	March 31, 2022
	Amortized Cost		Fair Value
	(In Thousands)
Available for sale debt securities:
Due in one year or less	$	1,970	$	1,971
Due after one year through five years		18,939		19,008
Due after five years through ten years		353,679		351,676
Due after ten years		355,955		353,122
Total	$	730,543	$	725,777

	March 31, 2022
	Amortized Cost		Fair Value
	(In Thousands)
Held to maturity debt securities:
Due in one year or less	$	6,817	$	6,832
Due after one year through five years		15,026		15,084
Due after five years through ten years		1,703		1,728
Due after ten years		-		-
Total	$	23,546	$	23,644

Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments

The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2022:

	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Number of Securities		Fair Value		Unrecognized Losses
	(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political   subdivisions	$	4,901	$	24	$	-	$	-		8	$	4,901	$	24
Commercial pass-through   securities		11,345		945		-		-		1		11,345		945
Residential pass-through   securities		82,028		3,989		-		-		8		82,028		3,989
Total	$	98,274	$	4,958	$	-	$	-		17	$	98,274	$	4,958

Available-for-sale Securities [Member]

Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments

The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2022 and June 30, 2021:

	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Obligations of state and political   subdivisions	$	2,303	$	13	$	-	$	-		8	$	2,303	$	13
Asset-backed securities		180,827		1,788		-		-		15		180,827		1,788
Collateralized loan obligations		226,513		1,780		52,851		262		22		279,364		2,042
Corporate bonds		75,909		2,495		3,875		125		16		79,784		2,620
Collateralized mortgage obligations		6,819		270		-		-		5		6,819		270
Commercial pass-through securities		48,811		1,147		113,569		10,818		15		162,380		11,965
Residential pass-through securities		237,063		14,376		302,905		33,193		66		539,968		47,569
Total	$	778,245	$	21,869	$	473,200	$	44,398		147	$	1,251,445	$	66,267

	June 30, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses
	(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities	$	12,159	$	63	$	-	$	-		2	$	12,159	$	63
Collateralized loan obligations		36,741		9		58,605		161		8		95,346		170
Corporate bonds		15,952		73		-		-		4		15,952		73
Commercial pass-through securities		145,055		2,652		-		-		7		145,055		2,652
Residential pass-through securities		424,112		7,148		-		-		10		424,112		7,148
Total	$	634,019	$	9,945	$	58,605	$	161		31	$	692,624	$	10,106

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Loans Receivable (Tables)

9 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Loans Receivable

The following table sets forth the composition of the Company’s loan portfolio at March 31, 2022 and June 30, 2021:

	March 31,			June 30,
	2022			2021
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	2,076,003		$	2,039,260
Nonresidential mortgage		1,085,988			1,079,444
Commercial business		169,551			168,951
Construction		121,137			93,804
Total commercial loans		3,452,679			3,381,459
One- to four-family residential mortgage		1,527,980			1,447,721
Consumer loans:
Home equity loans		41,501			47,871
Other consumer		2,755			3,259
Total consumer loans		44,256			51,130
Total loans		5,024,915			4,880,310
Unaccreted yield adjustments		(21,714	)		(28,916	)
Total loans receivable, net of yield adjustments	$	5,003,201		$	4,851,394

Contractual Payment Status of Past Loans Receivable

The following tables present the payment status of past due loans as of March 31, 2022 and June 30, 2021, by loan segment:

	Payment Status
	March 31, 2022
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	28,197	$	28,197	$	2,047,806	$	2,076,003
Nonresidential mortgage		2,101		-		25,283		27,384		1,058,604		1,085,988
Commercial business		-		64		281		345		169,206		169,551
Construction		-		-		-		-		121,137		121,137
One- to four-family   residential mortgage		3,410		520		2,968		6,898		1,521,082		1,527,980
Home equity loans		25		4		59		88		41,413		41,501
Other consumer		-		-		-		-		2,755		2,755
Total loans	$	5,536	$	588	$	56,788	$	62,912	$	4,962,003	$	5,024,915

	Payment Status
	June 30, 2021
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	16,094	$	16,094	$	2,023,166	$	2,039,260
Nonresidential mortgage		-		-		32,891		32,891		1,046,553		1,079,444
Commercial business		-		-		401		401		168,550		168,951
Construction		-		-		-		-		93,804		93,804
One- to four-family   residential mortgage		382		2,734		5,104		8,220		1,439,501		1,447,721
Home equity loans		6		5		32		43		47,828		47,871
Other consumer		1		-		-		1		3,258		3,259
Total loans	$	389	$	2,739	$	54,522	$	57,650	$	4,822,660	$	4,880,310

Performance Status of Loans Receivable

The following tables present information relating to the Company’s nonperforming loans as of March 31, 2022 and June 30, 2021:

	Performance Status
	March 31, 2022
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	-	$	11,369	$	28,646	$	40,015	$	2,035,988	$	2,076,003
Nonresidential mortgage		-		3,667		24,523		28,190		1,057,798		1,085,988
Commercial business		-		63		430		493		169,058		169,551
Construction		-		-		1,791		1,791		119,346		121,137
One- to four-family   residential mortgage		-		4,376		4,241		8,617		1,519,363		1,527,980
Home equity loans		-		313		1,176		1,489		40,012		41,501
Other consumer		-		-		-		-		2,755		2,755
Total loans	$	-	$	19,788	$	60,807	$	80,595	$	4,944,320	$	5,024,915

	Performance Status
	June 30, 2021
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	-	$	8,300	$	10,226	$	18,526	$	2,020,734	$	2,039,260
Nonresidential mortgage		-		12,612		24,575		37,187		1,042,257		1,079,444
Commercial business		-		236		676		912		168,039		168,951
Construction		-		-		2,228		2,228		91,576		93,804
One- to four-family   residential mortgage		-		7,422		11,748		19,170		1,428,551		1,447,721
Home equity loans		-		452		1,292		1,744		46,127		47,871
Other consumer		-		-		-		-		3,259		3,259
Total loans	$	-	$	29,022	$	50,745	$	79,767	$	4,800,543	$	4,880,310

Troubled Debt Restructurings of Loans Receivable

The following tables present total TDR loans at March 31, 2022 and June 30, 2021:

	March 31, 2022
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage		-	$	-		3	$	14,605		3	$	14,605
Nonresidential mortgage		4		400		2		1,646		6		2,046
Commercial business		5		3,704		3		325		8		4,029
Construction		-		-		1		1,791		1		1,791
Total commercial loans		9		4,104		9		18,367		18		22,471
One- to four-family residential   mortgage		29		4,270		15		3,392		44		7,662
Consumer loans:
Home equity loans		5		170		2		1,396		7		1,566
Total		43	$	8,544		26	$	23,155		69	$	31,699

	June 30, 2021
	Accrual				Non-accrual				Total
	# of Loans		Amount		# of Loans		Amount		# of Loans		Amount
	(Dollars In Thousands)
Commercial loans:
Multi-family mortgage		-	$	-		1	$	2,896		1	$	2,896
Nonresidential mortgage		1		105		6		2,275		7		2,380
Commercial business		3		3,755		6		693		9		4,448
Construction		-		-		1		2,228		1		2,228
Total commercial loans		4		3,860		14		8,092		18		11,952
One- to four-family residential   mortgage		18		2,216		20		3,405		38		5,621
Consumer loans:
Home equity loans		4		159		3		68		7		227
Total		26	$	6,235		37	$	11,565		63	$	17,800

The following tables present information regarding troubled debt restructurings that occurred during the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022						Nine Months Ended March 31, 2022
	# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment		# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment
	(Dollars In Thousands)
Multi-family mortgage		1	$	9,104	$	9,101		2	$	12,091	$	12,073
One- to four-family residential   mortgage		8		2,953		2,965		10		3,214		3,226
Home equity loans		2		1,477		1,477		2		1,477		1,477
Total		11	$	13,534	$	13,543		14	$	16,782	$	16,776

	Three Months Ended March 31, 2021						Nine Months Ended March 31, 2021
	# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment		# of Loans		Pre- modification Recorded Investment		Post- modification Recorded Investment
	(Dollars In Thousands)
One- to four-family residential   mortgage		-	$	-	$	-		1	$	309	$	308
Home equity loans		1		24		24		1		24		24
Total		1	$	24	$	24		2	$	333	$	332

Carrying Value of Collateral Dependent Individually Analyzed Loans

The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:

	March 31, 2022				June 30, 2021
	Carrying Value		Related Allowance		Carrying Value		Related Allowance
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	31,078	$	661	$	18,526	$	1,368
Nonresidential mortgage (1)		27,384		119		32,891		4,724
Commercial business (2)		176		-		183		-
Construction		1,791		-		-		-
Total commercial loans		60,429		780		51,600		6,092
One- to four-family residential mortgage (3)		4,581		196		7,612		420
Consumer loans:
Home equity loans (3)		59		-		31		-
Total	$	65,069	$	976	$	59,243	$	6,512

(1)Secured by income-producing nonresidential property.

(2)Secured by business assets.

(3)Secured by one- to four-family residential properties.

Credit-Rating Classification of Loans Receivable

The following table presents the risk category of loans as of March 31, 2022 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2022		2021		2020		2019		2018		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	520,269	$	263,316	$	216,072	$	256,541	$	252,909	$	500,758	$	-	$	2,009,865
Special Mention		-		-		-		16,370		4,994		4,759		-		26,123
Substandard		-		-		-		10,182		2,788		27,045		-		40,015
Doubtful		-		-		-		-		-		-		-		-
Total multi-family mortgage		520,269		263,316		216,072		283,093		260,691		532,562		-		2,076,003
Nonresidential mortgage:
Pass		201,205		86,212		64,161		37,706		51,884		569,499		6,087		1,016,754
Special Mention		-		-		-		23,364		4,070		9,249		-		36,683
Substandard		-		724		-		933		-		30,894		-		32,551
Doubtful		-		-		-		-		-		-		-		-
Total nonresidential mortgage		201,205		86,936		64,161		62,003		55,954		609,642		6,087		1,085,988
Commercial business:
Pass		36,918		39,481		12,441		3,961		9,147		7,370		54,513		163,831
Special Mention		-		-		65		189		2,173		895		216		3,538
Substandard		-		39		230		-		1,422		285		58		2,034
Doubtful		-		-		-		-		-		145		3		148
Total commercial business		36,918		39,520		12,736		4,150		12,742		8,695		54,790		169,551
Construction loans:
Pass		7,868		85,564		9,492		3,058		6,513		1,117		5,735		119,347
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		1,790		-		1,790
Doubtful		-		-		-		-		-		-		-		-
Total construction loans		7,868		85,564		9,492		3,058		6,513		2,907		5,735		121,137
Residential mortgage:
Pass		312,625		531,111		90,576		53,262		56,834		464,738		375		1,509,521
Special Mention		-		-		-		1,213		-		439		-		1,652
Substandard		-		-		1,704		83		-		15,020		-		16,807
Doubtful		-		-		-		-		-		-		-		-
Total residential mortgage		312,625		531,111		92,280		54,558		56,834		480,197		375		1,527,980
Home equity loans:
Pass		1,759		715		1,744		3,245		2,125		7,552		22,156		39,296
Special Mention		-		-		-		-		-		265		-		265
Substandard		-		-		-		124		-		1,816		-		1,940
Doubtful		-		-		-		-		-		-		-		-
Total home equity loans		1,759		715		1,744		3,369		2,125		9,633		22,156		41,501
Other consumer loans
Pass		281		324		477		398		247		913		40		2,680
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		75		75
Other consumer loans		281		324		477		398		247		913		115		2,755
Total loans	$	1,080,925	$	1,007,486	$	396,962	$	410,629	$	395,106	$	1,644,549	$	89,258	$	5,024,915

The following table presents the risk category of loans as of June 30, 2021 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	281,402	$	257,970	$	374,871	$	341,304	$	343,370	$	374,909	$	-	$	1,973,826
Special Mention		-		-		26,974		5,079		4,834		1,054		-		37,941
Substandard		-		-		-		2,896		13,198		11,399		-		27,493
Doubtful		-		-		-		-		-		-		-		-
Total multi-family mortgage		281,402		257,970		401,845		349,279		361,402		387,362		-		2,039,260
Nonresidential mortgage:
Pass		99,602		77,146		56,435		64,616		254,940		441,696		6,150		1,000,585
Special Mention		-		-		23,520		4,146		8,801		4,513		-		40,980
Substandard		743		-		-		4,934		20,602		11,600		-		37,879
Doubtful		-		-		-		-		-		-		-		-
Total nonresidential mortgage		100,345		77,146		79,955		73,696		284,343		457,809		6,150		1,079,444
Commercial business:
Pass		44,514		18,988		4,701		12,654		3,322		12,892		65,657		162,728
Special Mention		-		-		-		2,304		945		12		461		3,722
Substandard		41		76		160		1,474		132		189		-		2,072
Doubtful		-		-		-		-		-		420		9		429
Total commercial business		44,555		19,064		4,861		16,432		4,399		13,513		66,127		168,951
Construction loans:
Pass		40,332		17,404		11,203		13,860		1,641		1,382		5,735		91,557
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		2,247		-		2,247
Doubtful		-		-		-		-		-		-		-		-
Total construction loans		40,332		17,404		11,203		13,860		1,641		3,629		5,735		93,804
Residential mortgage:
Pass		560,543		124,606		69,917		74,754		119,238		472,587		375		1,422,020
Special Mention		-		-		1,233		-		-		712		-		1,945
Substandard		-		1,040		671		511		1,468		20,066		-		23,756
Doubtful		-		-		-		-		-		-		-		-
Total residential mortgage		560,543		125,646		71,821		75,265		120,706		493,365		375		1,447,721
Home equity loans:
Pass		834		2,508		4,585		2,778		2,241		7,798		24,788		45,532
Special Mention		-		-		-		-		-		393		-		393
Substandard		-		-		-		-		11		1,935		-		1,946
Doubtful		-		-		-		-		-		-		-		-
Total home equity loans		834		2,508		4,585		2,778		2,252		10,126		24,788		47,871
Other consumer loans
Pass		550		517		633		256		127		1,044		44		3,171
Special Mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		1		1
Doubtful		-		-		-		-		-		-		87		87
Other consumer loans		550		517		633		256		127		1,044		132		3,259
Total loans	$	1,028,561	$	500,255	$	574,903	$	531,566	$	774,870	$	1,366,848	$	103,307	$	4,880,310

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Allowance for Credit Losses (Tables)

9 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Allowance for Credit Losses and Balance of Loans Receivable

The following tables present the balance of the allowance for credit losses at March 31, 2022 and June 30, 2021. For the three months and nine months ended March 31, 2022 and 2021, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates.

	Allowance for Credit Losses
	March 31, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	1,083	$	23,144	$	24,227
Nonresidential mortgage		-		363		119		8,557		9,039
Commercial business		-		11		6		1,708		1,725
Construction		-		-		-		1,274		1,274
One- to four-family   residential mortgage		-		242		278		6,758		7,278
Home equity loans		22		-		-		214		236
Other consumer		-		-		-		81		81
Total loans	$	22	$	616	$	1,486	$	41,736	$	43,860

	Balance of Loans Receivable
	March 31, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	40,015	$	2,035,988	$	2,076,003
Nonresidential mortgage		381		13,179		29,911		1,042,517		1,085,988
Commercial business		176		1,267		317		167,791		169,551
Construction		-		5,735		1,791		113,611		121,137
One- to four-family   residential mortgage		230		6,666		8,386		1,512,698		1,527,980
Home equity loans		342		60		1,147		39,952		41,501
Other consumer		-		-		-		2,755		2,755
Total loans	$	1,129	$	26,907	$	81,567	$	4,915,312	$	5,024,915
Unaccreted yield adjustments										(21,714	)
Loans receivable, net of   yield adjustments									$	5,003,201

	Allowance for Credit Losses
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	155	$	1,368	$	26,927	$	28,450
Nonresidential mortgage		2,700		692		2,025		10,826		16,243
Commercial business		-		15		33		2,038		2,086
Construction		-		49		-		1,121		1,170
One- to four-family   residential mortgage		122		204		447		8,974		9,747
Home equity loans		21		1		1		410		433
Other consumer		-		-		-		36		36
Total loans	$	2,843	$	1,116	$	3,874	$	50,332	$	58,165

	Balance of Loans Receivable
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	5,599	$	18,526	$	2,015,135	$	2,039,260
Nonresidential mortgage		6,519		25,844		30,668		1,016,413		1,079,444
Commercial business		183		2,533		729		165,506		168,951
Construction		-		12,970		2,228		78,606		93,804
One- to four-family   residential mortgage		3,617		4,785		15,553		1,423,766		1,447,721
Home equity loans		380		65		1,364		46,062		47,871
Other consumer		-		-		-		3,259		3,259
Total loans	$	10,699	$	51,796	$	69,068	$	4,748,747	$	4,880,310
Unaccreted yield adjustments										(28,916	)
Loans receivable, net of   yield adjustments									$	4,851,394

The following tables present the activity in the allowance for credit losses on loans for the three months and nine months ended March 31, 2022 and 2021.

	Changes in the Allowance for Credit Losses
	Three Months Ended March 31, 2022
	Balance at December 31, 2021		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2022
	(In Thousands)
Multi-family mortgage	$	25,795	$	-		$	-	$	(1,568	)	$	24,227
Nonresidential mortgage		10,078		(441	)		-		(598	)		9,039
Commercial business		1,903		-			4		(182	)		1,725
Construction		1,441		-			-		(167	)		1,274
One- to four-family   residential mortgage		8,601		-			-		(1,323	)		7,278
Home equity loans		308		-			-		(72	)		236
Other consumer		90		-			1		(10	)		81
Total loans	$	48,216	$	(441	)	$	5	$	(3,920	)	$	43,860

	Changes in the Allowance for Credit Losses
	Nine Months Ended March 31, 2022
	Balance at June 30, 2021		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2022
	(In Thousands)
Multi-family mortgage	$	28,450	$	(104	)	$	-	$	(4,119	)	$	24,227
Nonresidential mortgage		16,243		(2,538	)		-		(4,666	)		9,039
Commercial business		2,086		(175	)		105		(291	)		1,725
Construction		1,170		-			-		104			1,274
One- to four-family   residential mortgage		9,747		-			147		(2,616	)		7,278
Home equity loans		433		-			1		(198	)		236
Other consumer		36		(2	)		1		46			81
Total loans	$	58,165	$	(2,819	)	$	254	$	(11,740	)	$	43,860

	Changes in the Allowance for Credit Losses
	Three Months Ended March 31, 2021
	Balance at December 31, 2020		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at March 31, 2021
	(In Thousands)
Multi-family mortgage	$	29,500	$	-		$	-	$	(514	)	$	28,986
Nonresidential mortgage		15,933		(9	)		-		4,053			19,977
Commercial business		3,348		(738	)		2		(86	)		2,526
Construction		1,205		-			-		40			1,245
One- to four-family   residential mortgage		12,625		-			2		(2,249	)		10,378
Home equity loans		725		-			-		(117	)		608
Other consumer		50		(9	)		2		(1	)		42
Total loans	$	63,386	$	(756	)	$	6	$	1,126		$	63,762

	Changes in the Allowance for Credit Losses
	Nine Months Ended March 31, 2021
	Balance at June 30, 2020 (prior to adoption of ASC 326):		Impact of adopting Topic 326			Charge-offs			Recoveries		Initial allowance on PCD loans		(Reversal of) provision for credit losses			Balance at March 31, 2021
	(In Thousands)
Multi-family mortgage	$	20,916	$	8,408		$	-		$	-	$	250	$	(588	)	$	28,986
Nonresidential mortgage		8,763		2,390			(75	)		-		1,720		7,179			19,977
Commercial business		1,926		(421	)		(802	)		7		1,007		809			2,526
Construction		236		80			-			-		99		830			1,245
One- to four-family   residential mortgage		4,860		9,106			(13	)		2		720		(4,297	)		10,378
Home equity loans		568		92			(32	)		-		105		(125	)		608
Other consumer		58		(15	)		(22	)		9		-		12			42
Total loans	$	37,327	$	19,640		$	(944	)	$	18	$	3,901	$	3,820		$	63,762

Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments

The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	2022			2021		2022			2021
	(In Thousands)					(In Thousands)
Balance at beginning of the period	$	1,148		$	1,058	$	1,708		$	-
Impact of adopting Topic 326 (1)		-			-		-			536
(Reversal of) provision for credit losses		(208	)		207		(768	)		729
Balance at end of the period	$	940		$	1,265	$	940		$	1,265

(1)Adoption of CECL accounting standard effective July 1, 2020.

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Deposits (Tables)

9 Months Ended

Mar. 31, 2022

Deposits [Abstract]

Schedule of Deposits

Deposits are summarized as follows:

	March 31,		June 30,
	2022		2021
	(In Thousands)
Non-interest-bearing demand	$	621,954	$	593,718
Interest-bearing demand		2,154,488		1,902,478
Savings		1,088,974		1,111,364
Certificates of deposits		1,663,246		1,877,746
Total deposits	$	5,528,662	$	5,485,306

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Borrowings (Tables)

9 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Borrowings

Borrowings at March 31, 2022 and June 30, 2021 consisted of the following:

	March 31,		June 30,
	2022		2021
	(In Thousands)
FHLB advances	$	541,220	$	665,876
Overnight borrowings		310,000		20,000
Total borrowings	$	851,220	$	685,876

Schedule of Fixed Rate Advances from FHLB

Fixed rate advances from the FHLB of New York mature as follows:

	March 31, 2022						June 30, 2021
	Balance			Weighted Average Interest Rate			Balance			Weighted Average Interest Rate
	(Dollars in Thousands)
By remaining period to maturity:
Less than one year	$	265,000			0.63	%	$	390,000			0.33	%
One to two years		145,000			3.04			145,000			3.04
Two to three years		103,500			2.65			22,500			2.63
Three to four years		29,000			2.77			103,500			2.68
Four to five years		-			-			6,500			2.82
Greater than five years		-			-			-			-
Total advances		542,500			1.77	%		667,500			1.38	%
Unamortized fair value adjustments		(1,280	)					(1,624	)
Total advances, net of fair value adjustments	$	541,220					$	665,876

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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of March 31, 2022 and June 30, 2021:

	March 31, 2022
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	34,007	Other liabilities	$	-
Total		$	34,007		$	-

	June 30, 2021
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	1,832	Other liabilities	$	673
Total		$	1,832		$	673

Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income

The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Amount of gain recognized in other comprehensive income	$	23,343		$	13,075		$	28,607		$	14,353
Amount of loss reclassified from accumulated other comprehensive income   to interest expense		(1,268	)		(1,987	)		(4,271	)		(6,576	)

Offsetting Derivatives

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2022 and June 30, 2021, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.

	March 31, 2022
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Received		Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	34,158	$	(151	)	$	34,007	$	-	$	-	$	34,007
Total	$	34,158	$	(151	)	$	34,007	$	-	$	-	$	34,007
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Posted		Net Amount
	(In Thousands)
Liabilities:
Interest rate contracts	$	151	$	(151	)	$	-	$	-	$	-	$	-
Total	$	151	$	(151	)	$	-	$	-	$	-	$	-

	June 30, 2021
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Received			Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	6,847	$	(5,015	)	$	1,832	$	-	$	-		$	1,832
Total	$	6,847	$	(5,015	)	$	1,832	$	-	$	-		$	1,832
								Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset			Net Amounts Presented		Financial Instruments		Cash Collateral Posted			Net Amount
	(In Thousands)
Liabilities:
Interest rate contracts	$	5,688	$	(5,015	)	$	673	$	-	$	(673	)	$	-
Total	$	5,688	$	(5,015	)	$	673	$	-	$	(673	)	$	-

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Benefit Plans (Tables)

9 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Expense

Components of Net Periodic Expense

The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan:

	Three Months Ended						Nine Months Ended						Affected Line Item in the Consolidated
	March 31,						March 31,						Statements of Income
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Service cost	$	29		$	26		$	87		$	79		Salaries and employee benefits
Interest cost		67			66			205			197		Other expense
Amortization of unrecognized loss		20			20			60			62		Other expense
Expected return on assets		(27	)		(28	)		(83	)		(85	)	Other expense
Net periodic benefit cost	$	89		$	84		$	269		$	253

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Income Taxes (Tables)

9 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three months and nine months ended March 31, 2022 and 2021:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(Dollars in Thousands)						(Dollars in Thousands)
Income before income taxes	$	24,215		$	22,155		$	76,772		$	58,980
Statutory federal tax rate		21	%		21	%		21	%		21	%
Federal income tax expense at statutory rate	$	5,085		$	4,653		$	16,122		$	12,386
(Reduction) increase in income taxes resulting from:
Tax exempt interest		(66	)		(85	)		(204	)		(270	)
State tax, net of federal tax effect		1,908			1,498			6,026			3,738
Incentive stock option compensation expense		3			23			42			63
Income from bank-owned life insurance		(317	)		(324	)		(973	)		(989	)
Non-deductible merger-related expenses		-			-			-			49
Bargain purchase gain		-			-			-			(641	)
Other items, net		(91	)		(21	)		(418	)		429
	$	6,522		$	5,744		$	20,595		$	14,765
Reversal of valuation allowance		-			(12	)		-			(535	)
Total income tax expense	$	6,522		$	5,732		$	20,595		$	14,230
Effective income tax rate		26.93	%		25.87	%		26.83	%		24.13	%

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured At Fair Value on a Recurring Basis

Those assets measured at fair value on a recurring basis are summarized below:

	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions	$	-	$	31,078	$	-	$	31,078
Asset-backed securities		-		229,584		-		229,584
Collateralized loan obligations		-		311,620		-		311,620
Corporate bonds		-		153,495		-		153,495
Total debt securities		-		725,777		-		725,777
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		7,996		-		7,996
Residential pass-through securities		-		570,150		-		570,150
Commercial pass-through securities		-		222,163		-		222,163
Total mortgage-backed securities		-		800,309		-		800,309
Total securities available for sale	$	-	$	1,526,086	$	-	$	1,526,086
Interest rate contracts	$	-	$	34,007	$	-	$	34,007
Total assets	$	-	$	1,560,093	$	-	$	1,560,093

	June 30, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Obligations of state and political subdivisions	$	-	$	34,603	$	-	$	34,603
Asset-backed securities		-		242,989		-		242,989
Collateralized loan obligations		-		189,880		-		189,880
Corporate bonds		-		158,351		-		158,351
Total debt securities		-		625,823		-		625,823
Mortgage-backed securities available for sale:
Collateralized mortgage obligations		-		13,739		-		13,739
Residential pass-through securities		-		744,491		-		744,491
Commercial pass-through securities		-		292,811		-		292,811
Total mortgage-backed securities		-		1,051,041		-		1,051,041
Total securities available for sale	$	-	$	1,676,864	$	-	$	1,676,864
Interest rate contracts	$	-	$	1,832	$	-	$	1,832
Total assets	$	-	$	1,678,696	$	-	$	1,678,696
Liabilities:
Interest rate contracts	$	-	$	673	$	-	$	673
Total liabilities	$	-	$	673	$	-	$	673

Schedule of Assets Measured At Fair Value on a Non-recurring Basis

Those assets measured at fair value on a non-recurring basis are summarized below:

	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Residential mortgage	$	-	$	-	$	2,239	$	2,239
Multi-family mortgage		-		-		4,558		4,558
Nonresidential mortgage		-		-		5,799		5,799
Total	$	-	$	-	$	12,596	$	12,596
Other real estate owned, net:
Residential	$	-	$	-	$	401	$	401
Total	$	-	$	-	$	401	$	401

	June 30, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Residential mortgage	$	-	$	-	$	3,051	$	3,051
Multi-family mortgage						6,932		6,932
Nonresidential mortgage		-		-		8,679		8,679
Total	$	-	$	-	$	18,662	$	18,662
Other real estate owned, net:
Residential	$	-	$	-	$	178	$	178
Total	$	-	$	-	$	178	$	178

Schedule of Quantitative Information about Level 3 Fair Value Measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:

	March 31, 2022
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	2,239	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 14%		10.39	%
Multi-family mortgage		4,558	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.60	%
Nonresidential mortgage		5,799	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 19%		14.97	%
Total	$	12,596
Other real estate owned, net:
Residential	$	401	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	5% - 6%		5.44	%
Total	$	401

	June 30, 2021
	Fair Value		Valuation Techniques		Unobservable Input		Range	Weighted Average
	(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage	$	3,051	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	7% - 13%		9.77	%
Multi-family mortgage		6,932	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	10% - 11%		10.39	%
Nonresidential mortgage		8,679	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9% - 16%		14.48	%
Total	$	18,662
Other real estate owned, net:
Residential	$	178	Market valuation of underlying collateral	(3)	Adjustments to reflect current conditions/selling costs	(2)	6.00%		6.00	%
Total	$	178

(1)The fair value of collateral dependent individually analyzed loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.

(2)The fair value basis of collateral dependent individually analyzed loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees.

(3)The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price.

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2022 and June 30, 2021:

	March 31, 2022
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	62,379	$	62,379	$	62,379	$	-	$	-
Investment securities available for sale		1,526,086		1,526,086		-		1,526,086		-
Investment securities held to maturity		121,853		117,017		-		117,017		-
Loans held-for-sale		2,822		2,759		-		2,759		-
Net loans receivable		4,959,341		4,877,212		-		-		4,877,212
FHLB Stock		30,997		-		-		-		-
Interest receivable		19,517		19,517		3		5,311		14,203
Interest rate contracts		34,007		34,007		-		34,007		-
Financial liabilities:
Deposits		5,528,662		5,515,560		3,865,416		-		1,650,144
Borrowings		851,220		853,824		-		-		853,824
Interest payable on deposits		164		164		79		-		85
Interest payable on borrowings		1,365		1,365		-		-		1,365

	June 30, 2021
	Carrying Amount		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	67,855	$	67,855	$	67,855	$	-	$	-
Investment securities available for sale		1,676,864		1,676,864		-		1,676,864		-
Investment securities held to maturity		38,138		39,610		-		39,610		-
Loans held-for-sale		16,492		16,934		-		16,934		-
Net loans receivable		4,793,229		4,830,136		-		-		4,830,136
FHLB Stock		36,615		-		-		-		-
Interest receivable		19,362		19,362		1		4,238		15,123
Interest rate contracts		1,832		1,832		-		1,832		-
Financial liabilities:
Deposits		5,485,306		5,490,923		3,607,560		-		1,883,363
Borrowings		685,876		701,419		-		-		701,419
Interest payable on deposits		145		145		96		-		49
Interest payable on borrowings		1,335		1,335		-		-		1,335
Interest rate contracts		673		673		-		673		-

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Comprehensive Income (Loss) (Tables)

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive (loss) income included in stockholders’ equity at March 31, 2022 and June 30, 2021 are as follows:

	March 31,			June 30,
	2022			2021
	(In Thousands)
Net unrealized (loss) gain on securities available for sale	$	(63,988	)	$	10,011
Tax effect		18,760			(2,882	)
Net of tax amount		(45,228	)		7,129
Fair value adjustments on derivatives		32,566			(312	)
Tax effect		(9,557	)		94
Net of tax amount		23,009			(218	)
Benefit plan adjustments		(1,033	)		(1,093	)
Tax effect		303			326
Net of tax amount		(730	)		(767	)
Total accumulated other comprehensive (loss) income	$	(22,949	)	$	6,144

Schedule of Comprehensive (Loss) Income

Other comprehensive (loss) income and related tax effects for the three months and nine months ended March 31, 2022 and 2021 are presented in the following table:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2022			2021			2022			2021
	(In Thousands)
Net unrealized holding loss on securities   available for sale	$	(59,249	)	$	(22,285	)	$	(73,995	)	$	(20,374	)
Net realized gain on sale and call of securities   available for sale (1)		(3	)		(18	)		(4	)		(454	)
Fair value adjustments on derivatives		24,611			15,062			32,878			20,929
Amortization of benefit plan net actuarial loss		20			20			60			62
Other comprehensive (loss) income before taxes		(34,621	)		(7,221	)		(41,061	)		163
Tax effect		10,098			2,125			11,968			(63	)
Total other comprehensive (loss) income	$	(24,523	)	$	(5,096	)	$	(29,093	)	$	100

(1)Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income.

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Net Income Per Common Share ("EPS") (Tables)

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Calculations

The following schedule shows the Company’s earnings per share calculations for the periods presented:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
	(In Thousands, Except Per Share Data)
Net income	$	17,693	$	16,423	$	56,177	$	44,750
Weighted average number of common shares   outstanding - basic		69,790		80,673		72,130		83,958
Effect of dilutive securities		27		17		24		3
Weighted average number of common shares   outstanding - diluted		69,817		80,690		72,154		83,961
Basic earnings per share	$	0.25	$	0.20	$	0.78	$	0.53
Diluted earnings per share	$	0.25	$	0.20	$	0.78	$	0.53

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Business Combination - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Bargain purchase gain	$ 0	$ 0	$ 0	$ 3,053
Merger-related expenses	$ 0	$ 0	$ 0	$ 4,349

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Business Combination - Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Bargain purchase gain	$ 0	$ 0	$ 0	$ (3,053)

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Recent Accounting Pronouncements - Additional Information (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Cumulative Effect Period Of Adoption Adjustment [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08	$ (14,239)

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Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands		Mar. 31, 2022		Jun. 30, 2021
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost		$ 730,543
Securities available for sale, Fair value		725,777
Securities available for sale, Amortized Cost		1,590,074		$ 1,666,853
Mortgage-backed securities, Gross Unrealized Gains		2,279		20,117
Mortgage-backed securities, Gross Unrealized Losses		66,267		10,106
Securities available for sale		1,526,086		1,676,864
Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost		730,543		619,512
Securities available for sale, Gross Unrealized Gains		1,697		6,617
Securities available for sale, Gross Unrealized Losses		6,463		306
Securities available for sale, Fair value		725,777		625,823
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost		30,973		33,800
Securities available for sale, Gross Unrealized Gains		118		803
Securities available for sale, Gross Unrealized Losses		13
Securities available for sale, Fair value		31,078		34,603
Debt Securities [Member] | Asset-backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost		230,997		240,217
Securities available for sale, Gross Unrealized Gains		375		2,835
Securities available for sale, Gross Unrealized Losses		1,788		63
Securities available for sale, Fair value		229,584		242,989
Debt Securities [Member] | Collateralized Loan Obligations [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost		313,651		189,873
Securities available for sale, Gross Unrealized Gains		11		177
Securities available for sale, Gross Unrealized Losses		2,042		170
Securities available for sale, Fair value		311,620		189,880
Debt Securities [Member] | Corporate Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost		154,922		155,622
Securities available for sale, Gross Unrealized Gains		1,193		2,802
Securities available for sale, Gross Unrealized Losses		2,620		73
Securities available for sale, Fair value		153,495		158,351
Mortgage-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost		859,531		1,047,341
Mortgage-backed securities, Gross Unrealized Gains		582		13,500
Mortgage-backed securities, Gross Unrealized Losses		59,804		9,800	[1]
Securities available for sale		800,309		1,051,041	[1]
Mortgage-Backed Securities [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost	[1]	8,265		13,420
Mortgage-backed securities, Gross Unrealized Gains	[1]	1		319
Mortgage-backed securities, Gross Unrealized Losses		270	[1]	0
Securities available for sale	[1]	7,996		13,739
Mortgage-Backed Securities [Member] | Residential Pass-Through Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost	[1]	617,387		744,196
Mortgage-backed securities, Gross Unrealized Gains	[1]	332		7,443
Mortgage-backed securities, Gross Unrealized Losses	[1]	47,569		7,148
Securities available for sale	[1]	570,150		744,491
Mortgage-Backed Securities [Member] | Commercial Pass-Through Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Securities available for sale, Amortized Cost	[1]	233,879		289,725
Mortgage-backed securities, Gross Unrealized Gains	[1]	249		5,738
Mortgage-backed securities, Gross Unrealized Losses	[1]	11,965		2,652
Securities available for sale	[1]	$ 222,163		$ 292,811

[1] Government-sponsored enterprises.

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Securities - Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands		Mar. 31, 2022	Jun. 30, 2021
Schedule Of Held To Maturity Securities [Line Items]
Amortized Cost		$ 23,546
Gross Unrecognized Gains		122	$ 1,472
Gross Unrecognized Losses		4,958
Fair Value		23,644
Amortized Cost		121,853	38,138
Securities held to maturity, estimated fair value		117,017	39,610
Debt Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Amortized Cost		23,546	25,824
Gross Unrecognized Gains		122	1,204
Gross Unrecognized Losses		24
Fair Value		23,644	27,028
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member]
Schedule Of Held To Maturity Securities [Line Items]
Amortized Cost		23,546	25,824
Gross Unrecognized Gains		122	1,204
Gross Unrecognized Losses		24
Fair Value		23,644	27,028
Collateralized Mortgage Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Amortized Cost		98,307	12,314
Gross Unrecognized Gains			268
Gross Unrecognized Losses		4,934
Fair Value		93,373	12,582
Collateralized Mortgage Backed Securities [Member] | Residential Pass-Through Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Amortized Cost	[1]	86,017
Gross Unrecognized Losses	[1]	3,989
Fair Value	[1]	82,028
Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Amortized Cost	[1]	12,290
Collateralized Mortgage Backed Securities [Member] | Commercial Pass-Through Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Amortized Cost	[1]		12,314
Gross Unrecognized Gains	[1]		268
Gross Unrecognized Losses	[1]	945
Fair Value	[1]	$ 11,345	$ 12,582

[1] Government-sponsored enterprises.

XML

Securities - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale, Maturity, Marurity Date, Amortized Cost [Abstract]
Due in one year or less, Amortized Cost	$ 1,970
Due after one year through five years, Amortized Cost	18,939
Due after five years through ten years, Amortized Cost	353,679
Due after ten years, Amortized Cost	355,955
Securities available for sale, Amortized Cost	730,543
Debt Securities, Available-for-sale, Maturity, Maturity Date, Fair Value [Abstract]
Due in one year or less, Fair Value	1,971
Due after one year through five years, Fair Value	19,008
Due after five years through ten years, Fair Value	351,676
Due after ten years, Fair Value	353,122
Securities available for sale, Fair Value Total	725,777
Debt Securities, Held-to-maturity, Maturity Date, Amortized Cost [Abstract]
Due in one year or less, Amortized Cost	6,817
Due after one year through five years, Amortized Cost	15,026
Due after five years through ten years, Amortized Cost	1,703
Amortized Cost	23,546
Debt Securities, Held-to-maturity, Maturity Date, Fair Value [Abstract]
Due in one year or less, Fair Value	6,832
Due after one year through five years, Fair Value	15,084
Due after five years through ten years, Fair Value	1,728
Securities available for sale, Fair Value Total	23,644
Debt Securities [Member]
Debt Securities, Available-for-sale, Maturity, Marurity Date, Amortized Cost [Abstract]
Securities available for sale, Amortized Cost	730,543	$ 619,512
Debt Securities, Available-for-sale, Maturity, Maturity Date, Fair Value [Abstract]
Securities available for sale, Fair Value Total	725,777	625,823
Debt Securities, Held-to-maturity, Maturity Date, Amortized Cost [Abstract]
Amortized Cost	23,546	25,824
Debt Securities, Held-to-maturity, Maturity Date, Fair Value [Abstract]
Securities available for sale, Fair Value Total	$ 23,644	$ 27,028

XML

Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of securities	$ 0	$ 0	$ 0	$ 44,842
Gross realized gains	0	0	0	800
Gross realized losses	0	0	0	(385)
Net gain (loss) on sales of securities	$ 0	$ 0	$ 0	$ 415

XML

Securities - Calls of securities available for sale (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gross realized gains	$ 0	$ 0	$ 0	$ 800
Gross realized losses	0	0	0	(385)
Net gain on sales of securities	0	0	0	415
Calls of Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Gross realized gains	3	18	4	39
Gross realized losses	0	0	0	0
Net gain on sales of securities	$ 3	$ 18	$ 4	$ 39

XML

Securities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 Securities
Investments, Debt and Equity Securities [Abstract]
Held to maturity gains (losses) recognized on calls of securities	$ 0	$ 0	$ 0
Held-to-maturity, securities with unrealized losses, Number of positions | Securities				0
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0		$ 0

XML

Securities - Schedule of Available for Sale Securities Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Schedule Of Available For Sale Securities [Line Items]
Carrying value of securities pledged	$ 853,261	$ 581,974
FHLB of New York [Member]
Schedule Of Available For Sale Securities [Line Items]
Carrying value of securities pledged	155,868	170,120
Secure Public Funds On Deposit [Member]
Schedule Of Available For Sale Securities [Line Items]
Carrying value of securities pledged	324,425	137,778
Federal Reserve ("FRB") [Member]
Schedule Of Available For Sale Securities [Line Items]
Carrying value of securities pledged	$ 372,968	$ 274,076

XML

Securities - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Detail) $ in Thousands	Mar. 31, 2022 USD ($) Security	Jun. 30, 2021 USD ($) Security
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	$ 778,245	$ 634,019
Less than 12 Months: Unrealized Losses	21,869	9,945
12 Months or More: Fair Value	473,200	58,605
12 Months or More: Unrealized Losses	$ 44,398	$ 161
Number of Securities | Security	147	31
Total: Fair Value	$ 1,251,445	$ 692,624
Total: Unrealized Losses	66,267	10,106
Less than 12 Months: Securities Held to Maturity, Fair value	98,274
Less than 12 Months: Securities Held to Maturity Unrecognized Losses	$ 4,958
Held to Maturity Securities Number of Securities | Security	17
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total	$ 98,274
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total	4,958
Obligations of State and Political Subdivisions [Member] | Trust Preferred Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Securities Held to Maturity, Fair value	4,901
Less than 12 Months: Securities Held to Maturity Unrecognized Losses	$ 24
Held to Maturity Securities Number of Securities | Security	8
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total	$ 4,901
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total	24
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	2,303
Less than 12 Months: Unrealized Losses	$ 13
Number of Securities | Security	8
Total: Fair Value	$ 2,303
Total: Unrealized Losses	13
Asset-backed Securities [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	180,827	12,159
Less than 12 Months: Unrealized Losses	$ 1,788	$ 63
Number of Securities | Security	15	2
Total: Fair Value	$ 180,827	$ 12,159
Total: Unrealized Losses	1,788	63
Collateralized Loan Obligations [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	226,513	36,741
Less than 12 Months: Unrealized Losses	1,780	9
12 Months or More: Fair Value	52,851	58,605
12 Months or More: Unrealized Losses	$ 262	$ 161
Number of Securities | Security	22	8
Total: Fair Value	$ 279,364	$ 95,346
Total: Unrealized Losses	2,042	170
Corporate Bonds [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	75,909	15,952
Less than 12 Months: Unrealized Losses	2,495	$ 73
12 Months or More: Fair Value	3,875
12 Months or More: Unrealized Losses	$ 125
Number of Securities | Security	16	4
Total: Fair Value	$ 79,784	$ 15,952
Total: Unrealized Losses	2,620	73
Collateralized mortgage obligations Member | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	6,819
Less than 12 Months: Unrealized Losses	$ 270
Number of Securities | Security	5
Total: Fair Value	$ 6,819
Total: Unrealized Losses	270
Commercial Pass-Through Securities [Member] | Trust Preferred Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Securities Held to Maturity, Fair value	11,345
Less than 12 Months: Securities Held to Maturity Unrecognized Losses	$ 945
Held to Maturity Securities Number of Securities | Security	1
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total	$ 11,345
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total	945
Commercial Pass-Through Securities [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	48,811	145,055
Less than 12 Months: Unrealized Losses	1,147	$ 2,652
12 Months or More: Fair Value	113,569
12 Months or More: Unrealized Losses	$ 10,818
Number of Securities | Security	15	7
Total: Fair Value	$ 162,380	$ 145,055
Total: Unrealized Losses	11,965	2,652
Residential Pass-Through Securities [Member] | Trust Preferred Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Securities Held to Maturity, Fair value	82,028
Less than 12 Months: Securities Held to Maturity Unrecognized Losses	$ 3,989
Held to Maturity Securities Number of Securities | Security	8
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total	$ 82,028
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total	3,989
Residential Pass-Through Securities [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months: Fair Value	237,063	424,112
Less than 12 Months: Unrealized Losses	14,376	$ 7,148
12 Months or More: Fair Value	302,905
12 Months or More: Unrealized Losses	$ 33,193
Number of Securities | Security	66	10
Total: Fair Value	$ 539,968	$ 424,112
Total: Unrealized Losses	$ 47,569	$ 7,148

XML

Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	$ 5,024,915	$ 4,880,310
Unaccreted yield adjustments	(21,714)	(28,916)
Loans receivable	5,003,201	4,851,394
One-to Four-Family Residential Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	1,527,980	1,447,721
Home Equity Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	41,501	47,871
Other Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	2,755	3,259
Consumer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	44,256	51,130
Multi-Family Mortgage Member
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	2,076,003	2,039,260
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	169,551	168,951
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	121,137	93,804
Commercial Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	3,452,679	3,381,459
Nonresidential Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable, Gross	$ 1,085,988	$ 1,079,444

XML

Loans Receivable - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	$ 5,024,915	$ 4,880,310
Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	41,501	47,871
One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	1,527,980	1,447,721
Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	169,551	168,951
Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	121,137	93,804
Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	1,527,980	1,447,721
Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	2,755	3,259
Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	1,085,988	1,079,444
Not Past Due [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	41,413	47,828
Not Past Due [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,521,082	1,439,501
Not Past Due [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	169,206	168,550
Not Past Due [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	121,137	93,804
Not Past Due [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,755	3,258
Not Past Due [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	1,058,604	1,046,553
Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	2,076,003	2,039,260
Multi-Family Mortgage Member | Not Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,047,806	2,023,166
Past Due Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	62,912	57,650
Loans and Leases Receivable, Gross	5,024,915	4,880,310
Past Due Loans [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	88	43
Loans and Leases Receivable, Gross	41,501	47,871
Past Due Loans [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	6,898	8,220
Loans and Leases Receivable, Gross	1,527,980	1,447,721
Past Due Loans [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	345	401
Loans and Leases Receivable, Gross	169,551	168,951
Past Due Loans [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and Leases Receivable, Gross	121,137	93,804
Past Due Loans [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due		1
Loans and Leases Receivable, Gross	2,755	3,259
Past Due Loans [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	27,384	32,891
Loans and Leases Receivable, Gross	1,085,988	1,079,444
Past Due Loans [Member] | Not Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	4,962,003	4,822,660
Past Due Loans [Member] | 30-59 days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	5,536	389
Past Due Loans [Member] | 30-59 days [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	25	6
Past Due Loans [Member] | 30-59 days [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	3,410	382
Past Due Loans [Member] | 30-59 days [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due		1
Past Due Loans [Member] | 30-59 days [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,101
Past Due Loans [Member] | 60-89 days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	588	2,739
Past Due Loans [Member] | 60-89 days [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	4	5
Past Due Loans [Member] | 60-89 days [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	520	2,734
Past Due Loans [Member] | 60-89 days [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	64
Past Due Loans [Member] | 90 days and over [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	56,788	54,522
Past Due Loans [Member] | 90 days and over [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	59	32
Past Due Loans [Member] | 90 days and over [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	2,968	5,104
Past Due Loans [Member] | 90 days and over [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	281	401
Past Due Loans [Member] | 90 days and over [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	25,283	32,891
Past Due Loans [Member] | Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	28,197	16,094
Loans and Leases Receivable, Gross	2,076,003	2,039,260
Past Due Loans [Member] | Multi-Family Mortgage Member | 90 days and over [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 28,197	$ 16,094

XML

Loans Receivable - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	$ 5,024,915	$ 4,880,310
Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	169,551	168,951
Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	121,137	93,804
Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,527,980	1,447,721
Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,755	3,259
Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,085,988	1,079,444
Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,076,003	2,039,260
Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	41,501	47,871
One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,527,980	1,447,721
Nonperforming Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	5,024,915	4,880,310
Nonperforming Loans [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	169,551	168,951
Nonperforming Loans [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	121,137	93,804
Nonperforming Loans [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,755	3,259
Nonperforming Loans [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,085,988	1,079,444
Nonperforming Loans [Member] | Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,076,003	2,039,260
Nonperforming Loans [Member] | Performing Financing Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	4,944,320	4,800,543
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	169,058	168,039
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	119,346	91,576
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,755	3,259
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,057,798	1,042,257
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,035,988	2,020,734
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual	19,788	29,022
Nonaccrual loans with no allowance for credit losses	60,807	50,745
Total nonperforming	80,595	79,767
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual	63	236
Nonaccrual loans with no allowance for credit losses	430	676
Total nonperforming	493	912
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loans with no allowance for credit losses	1,791	2,228
Total nonperforming	1,791	2,228
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual	313
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual	3,667	12,612
Nonaccrual loans with no allowance for credit losses	24,523	24,575
Total nonperforming	28,190	37,187
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual	11,369	8,300
Nonaccrual loans with no allowance for credit losses	28,646	10,226
Total nonperforming	40,015	18,526
Nonperforming Loans [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	41,501	47,871
Nonperforming Loans [Member] | Home Equity Loans [Member] | Performing Financing Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	40,012	46,127
Nonperforming Loans [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual		452
Nonaccrual loans with no allowance for credit losses	1,176	1,292
Total nonperforming	1,489	1,744
Nonperforming Loans [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,527,980	1,447,721
Nonperforming Loans [Member] | One-to Four-Family Residential Mortgage [Member] | Performing Financing Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,519,363	1,428,551
Nonperforming Loans [Member] | One-to Four-Family Residential Mortgage [Member] | Nonperforming Financing Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual	4,376	7,422
Nonaccrual loans with no allowance for credit losses	4,241	11,748
Total nonperforming	$ 8,617	$ 19,170

XML

Loans Receivable - Additional Information (Detail) $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 27, 2020 USD ($)	Mar. 31, 2022 USD ($) Loan Property	Mar. 31, 2022 USD ($) Loan Property	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) Property Loan
Financing Receivable Recorded Investment [Line Items]
Financing receivable TDR modified principal balance			$ 31,700		$ 17,800
Financing Receivable, Allowance for Credit Loss		$ 43,860	43,860		58,165
TDR charge-offs		0		$ 0
TDR defaults		0		$ 0
Financing receivables individually analyzed loans carrying value		82,700	82,700
Financing receivables individually analyzed loans collateral dependent		$ 65,100	$ 65,100
Aggregate carrying value of real estate owned					$ 178,000
Residential Mortgage [Member]
Financing Receivable Recorded Investment [Line Items]
Number of properties held | Loan		8	8
Aggregate carrying value of real estate owned		$ 1,600	$ 1,600
Number of loans in process of foreclosure | Loan					11
Mortgage loans in process of foreclosure, carrying value					$ 2,100
Residential Mortgage [Member] | Single-family Property [Member]
Financing Receivable Recorded Investment [Line Items]
Aggregate carrying value of real estate owned		$ 401,000	$ 401,000
Residential Mortgage [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Single-family Property [Member]
Financing Receivable Recorded Investment [Line Items]
Number of properties held | Property		2	2		1
CARES Act [Member]
Financing Receivable Recorded Investment [Line Items]
Relief provisions	$ 900,000,000
Relief provision expiration date	Dec. 31, 2020
Troubled Debt Restructurings [Member]
Financing Receivable Recorded Investment [Line Items]
Financing Receivable, Allowance for Credit Loss		$ 672,000	$ 672,000		$ 256,000

XML

Loans Receivable - Troubled Debt Restructurings of Loans Receivable (Details) - Troubled Debt Restructurings [Member] $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022 USD ($) Loan	Mar. 31, 2021 USD ($) Loan	Mar. 31, 2022 USD ($) Loan	Mar. 31, 2021 USD ($) Loan	Jun. 30, 2021 USD ($) Loan
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	69		69		63
Number of Loans | Loan	11	1	14	2
Amount	$ 31,699		$ 31,699		$ 17,800
Pre-modification outstanding recorded investment	13,534	$ 24	16,782	$ 333
Post-modification outstanding recorded investment	$ 13,543	$ 24	$ 16,776	$ 332
One-to Four-Family Residential Mortgage [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	44		44		38
Number of Loans | Loan	8		10	1
Amount	$ 7,662		$ 7,662		$ 5,621
Pre-modification outstanding recorded investment	2,953		3,214	$ 309
Post-modification outstanding recorded investment	$ 2,965		$ 3,226	$ 308
Home Equity Loans [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	7		7		7
Number of Loans | Loan	2	1	2	1
Amount	$ 1,566		$ 1,566		$ 227
Pre-modification outstanding recorded investment	1,477	$ 24	1,477	$ 24
Post-modification outstanding recorded investment	$ 1,477	$ 24	$ 1,477	$ 24
Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	18		18		18
Amount	$ 22,471		$ 22,471		$ 11,952
Accrual [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	43		43		26
Amount	$ 8,544		$ 8,544		$ 6,235
Accrual [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	29		29		18
Amount	$ 4,270		$ 4,270		$ 2,216
Accrual [Member] | Home Equity Loans [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	5		5		4
Amount	$ 170		$ 170		$ 159
Accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	9		9		4
Amount	$ 4,104		$ 4,104		$ 3,860
Non-accrual [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	26		26		37
Amount	$ 23,155		$ 23,155		$ 11,565
Non-accrual [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	15		15		20
Amount	$ 3,392		$ 3,392		$ 3,405
Non-accrual [Member] | Home Equity Loans [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	2		2		3
Amount	$ 1,396		$ 1,396		$ 68
Non-accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	9		9		14
Amount	$ 18,367		$ 18,367		$ 8,092
Non-Residential Mortgage [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	6		6
Non-Residential Mortgage [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan					7
Amount	$ 2,046		$ 2,046		$ 2,380
Non-Residential Mortgage [Member] | Accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	4		4		1
Amount	$ 400		$ 400		$ 105
Non-Residential Mortgage [Member] | Non-accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	2		2		6
Amount	$ 1,646		$ 1,646		$ 2,275
Commercial Business [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	8		8		9
Amount	$ 4,029		$ 4,029		$ 4,448
Commercial Business [Member] | Accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	5		5		3
Amount	$ 3,704		$ 3,704		$ 3,755
Commercial Business [Member] | Non-accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	3		3		6
Amount	$ 325		$ 325		$ 693
Construction [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	1		1
Construction [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan					1
Amount	$ 1,791		$ 1,791		$ 2,228
Construction [Member] | Non-accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	1		1		1
Amount	$ 1,791		$ 1,791		$ 2,228
Multi-Family Mortgage Member
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	1		2
Pre-modification outstanding recorded investment	$ 9,104		$ 12,091
Post-modification outstanding recorded investment	$ 9,101		$ 12,073
Multi-Family Mortgage Member | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	3		3		1
Amount	$ 14,605		$ 14,605		$ 2,896
Multi-Family Mortgage Member | Non-accrual [Member] | Commercial Loan [Member]
Financing Receivable Modifications [Line Items]
Number of Loans | Loan	3		3		1
Amount	$ 14,605		$ 14,605		$ 2,896

XML

Loans Receivable - Schedule Of Carrying Value Of Collateral Dependent Individually Analyzed Loans (Detail) - Individually Analyzed Loans [Member] - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
		Mar. 31, 2022	Mar. 31, 2022	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans		$ 65,069		$ 59,243
Balance			$ 976	6,512
One-to Four-Family Residential Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	[1]	4,581		7,612
Balance	[1]		196	420
Home Equity Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	[1]	59		31
Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans		60,429		51,600
Balance			780	6,092
Commercial Loan [Member] | Non-Residential Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	[2]	27,384		32,891
Balance	[2]		119	4,724
Commercial Loan [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans	[3]	176		183
Commercial Loan [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans		1,791
Multi-Family Mortgage Member | Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans		$ 31,078		18,526
Balance			$ 661	$ 1,368

[1] Secured by one- to four-family residential properties.

[2] Secured by income-producing nonresidential property.

[3] Secured by business assets.

XML

Loans Receivable - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	$ 5,024,915	$ 4,880,310
Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	41,501	47,871
Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,085,988	1,079,444
Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	169,551	168,951
Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	121,137	93,804
Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,527,980	1,447,721
Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,755	3,259
Pass [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	39,296	45,532
Pass [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,016,754	1,000,585
Pass [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	163,831	162,728
Pass [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	119,347	91,557
Pass [Member] | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,509,521	1,422,020
Pass [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,680	3,171
Special Mention | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	265	393
Special Mention | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	36,683	40,980
Special Mention | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	3,538	3,722
Special Mention | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,652	1,945
Substandard | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,940	1,946
Substandard | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	32,551	37,879
Substandard | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,034	2,072
Substandard | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,790	2,247
Substandard | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	16,807	23,756
Substandard | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	0	1
Doubtful | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	148	429
Doubtful | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	75	87
Revolving Credit Facility
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	89,258	103,307
Revolving Credit Facility | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	22,156	24,788
Revolving Credit Facility | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	6,087	6,150
Revolving Credit Facility | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	54,790	66,127
Revolving Credit Facility | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	5,735	5,735
Revolving Credit Facility | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	375	375
Revolving Credit Facility | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	115	132
Revolving Credit Facility | Pass [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	22,156	24,788
Revolving Credit Facility | Pass [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	6,087	6,150
Revolving Credit Facility | Pass [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	54,513	65,657
Revolving Credit Facility | Pass [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	5,735	5,735
Revolving Credit Facility | Pass [Member] | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	375	375
Revolving Credit Facility | Pass [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	40	44
Revolving Credit Facility | Special Mention | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	216	461
Revolving Credit Facility | Substandard | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	58
Revolving Credit Facility | Substandard | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	0	1
Revolving Credit Facility | Doubtful | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	3	9
Revolving Credit Facility | Doubtful | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	75	87
Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,076,003	2,039,260
Multi-Family Mortgage Member | Pass [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	2,009,865	1,973,826
Multi-Family Mortgage Member | Special Mention
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	26,123	37,941
Multi-Family Mortgage Member | Substandard
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	40,015	27,493
Term Loan Amortized Cost [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,080,925	1,028,561	$ 1,007,486	$ 500,255	$ 396,962	$ 574,903	$ 410,629	$ 531,566	$ 395,106	$ 774,870	$ 1,644,549	$ 1,366,848
Term Loan Amortized Cost [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,759	834	715	2,508	1,744	4,585	3,369	2,778	2,125	2,252	9,633	10,126
Term Loan Amortized Cost [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	201,205	100,345	86,936	77,146	64,161	79,955	62,003	73,696	55,954	284,343	609,642	457,809
Term Loan Amortized Cost [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	36,918	44,555	39,520	19,064	12,736	4,861	4,150	16,432	12,742	4,399	8,695	13,513
Term Loan Amortized Cost [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	7,868	40,332	85,564	17,404	9,492	11,203	3,058	13,860	6,513	1,641	2,907	3,629
Term Loan Amortized Cost [Member] | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	312,625	560,543	531,111	125,646	92,280	71,821	54,558	75,265	56,834	120,706	480,197	493,365
Term Loan Amortized Cost [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	281	550	324	517	477	633	398	256	247	127	913	1,044
Term Loan Amortized Cost [Member] | Pass [Member] | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	1,759	834	715	2,508	1,744	4,585	3,245	2,778	2,125	2,241	7,552	7,798
Term Loan Amortized Cost [Member] | Pass [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	201,205	99,602	86,212	77,146	64,161	56,435	37,706	64,616	51,884	254,940	569,499	441,696
Term Loan Amortized Cost [Member] | Pass [Member] | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	36,918	44,514	39,481	18,988	12,441	4,701	3,961	12,654	9,147	3,322	7,370	12,892
Term Loan Amortized Cost [Member] | Pass [Member] | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	7,868	40,332	85,564	17,404	9,492	11,203	3,058	13,860	6,513	1,641	1,117	1,382
Term Loan Amortized Cost [Member] | Pass [Member] | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	312,625	560,543	531,111	124,606	90,576	69,917	53,262	74,754	56,834	119,238	464,738	472,587
Term Loan Amortized Cost [Member] | Pass [Member] | Other Consumer [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	281	550	324	517	477	633	398	256	247	127	913	1,044
Term Loan Amortized Cost [Member] | Special Mention | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross											265	393
Term Loan Amortized Cost [Member] | Special Mention | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross						23,520	23,364	4,146	4,070	8,801	9,249	4,513
Term Loan Amortized Cost [Member] | Special Mention | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross					65		189	2,304	2,173	945	895	12
Term Loan Amortized Cost [Member] | Special Mention | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross						1,233	1,213				439	712
Term Loan Amortized Cost [Member] | Substandard | Home Equity Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross							124			11	1,816	1,935
Term Loan Amortized Cost [Member] | Substandard | Non-Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross		743	724				933	4,934	0	20,602	30,894	11,600
Term Loan Amortized Cost [Member] | Substandard | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross		41	39	76	230	160		1,474	1,422	132	285	189
Term Loan Amortized Cost [Member] | Substandard | Construction [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross											1,790	2,247
Term Loan Amortized Cost [Member] | Substandard | Residential Mortgage [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross				1,040	1,704	671	83	511		1,468	15,020	20,066
Term Loan Amortized Cost [Member] | Doubtful | Commercial Business [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross											145	420
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	520,269	281,402	263,316	257,970	216,072	401,845	283,093	349,279	260,691	361,402	532,562	387,362
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member | Pass [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross	$ 520,269	$ 281,402	$ 263,316	$ 257,970	$ 216,072	374,871	256,541	341,304	252,909	343,370	500,758	374,909
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member | Special Mention
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross						$ 26,974	16,370	5,079	4,994	4,834	4,759	1,054
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member | Substandard
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and leases receivable, Gross							$ 10,182	$ 2,896	$ 2,788	$ 13,198	$ 27,045	$ 11,399

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Allowance for Credit Losses - Allowance for Credit Losses and Balance of Loans Receivable (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	$ 41,736		$ 41,736		$ 50,332
Allowance	48,216	$ 63,386	58,165	$ 37,327
Loans Individually Analyzed	1,486		1,486		3,874
Loans collectively evaluated	41,736		41,736		50,332
Financing Receivable, Allowance for Credit Loss	43,860		43,860		58,165
Loans acquired with deteriorated credit quality individually analyzed	1,129		1,129
Loans acquired with deteriorated credit quality collectively evaluated	26,907		26,907
Loans individually analyzed	81,567		81,567		69,068
Loans collectively evaluated	4,915,312		4,915,312		4,748,747
Loans and Leases Receivable, Gross	5,024,915		5,024,915		4,880,310
Loans receivable, Unaccreted yield adjustments	21,714		21,714		(28,916)
Loans receivable	5,003,201		5,003,201		4,851,394
Allowance	43,860	63,762	43,860	63,762
Impact of adopting Topic 326				19,640
Total charge offs	(441)	(756)	(2,819)	(944)
Total recoveries	5	6	254	18
Initial allowance on PCD loans				3,901
(Reversal of) provision for credit losses	3,920	1,126	11,740	3,820
Non-Residential Mortgage [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	8,557		8,557		10,826
Allowance	10,078	15,933	16,243	8,763
Loans Individually Analyzed	119		119		2,025
Loans collectively evaluated	8,557		8,557		10,826
Financing Receivable, Allowance for Credit Loss	9,039		9,039		16,243
Loans individually analyzed	29,911		29,911		30,668
Loans collectively evaluated	1,042,517		1,042,517		1,016,413
Loans and Leases Receivable, Gross	1,085,988		1,085,988		1,079,444
Allowance	9,039	19,977	9,039	19,977
Impact of adopting Topic 326				2,390
Total charge offs	(441)	(9)	(2,538)	(75)
Total recoveries	0		0	0
Initial allowance on PCD loans				1,720
(Reversal of) provision for credit losses	598	4,053	4,666	7,179
Commercial Business [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	1,708		1,708		2,038
Allowance	1,903	3,348	2,086	1,926
Loans Individually Analyzed	6		6		33
Loans collectively evaluated	1,708		1,708		2,038
Financing Receivable, Allowance for Credit Loss	1,725		1,725		2,086
Loans individually analyzed	317		317		729
Loans collectively evaluated	167,791		167,791		165,506
Loans and Leases Receivable, Gross	169,551		169,551		168,951
Allowance	1,725	2,526	1,725	2,526
Impact of adopting Topic 326				(421)
Total charge offs	0	(738)	(175)	(802)
Total recoveries	4	2	105	7
Initial allowance on PCD loans				1,007
(Reversal of) provision for credit losses	182	(86)	291	809
Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	1,274		1,274		1,121
Allowance	1,441	1,205	1,170	236
Loans individually analyzed	0		0
Loans Individually Analyzed					0
Loans collectively evaluated	1,274		1,274		1,121
Financing Receivable, Allowance for Credit Loss	1,274		1,274		1,170
Loans individually analyzed	1,791		1,791		2,228
Loans collectively evaluated	113,611		113,611		78,606
Loans and Leases Receivable, Gross	121,137		121,137		93,804
Allowance	1,274	1,245	1,274	1,245
Impact of adopting Topic 326				80
Total charge offs	0		0	0
Total recoveries	0		0	0
Initial allowance on PCD loans				99
(Reversal of) provision for credit losses	167	40	104	830
One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	6,758		6,758		8,974
Allowance	8,601	12,625	9,747	4,860
Loans Individually Analyzed	278		278		447
Loans collectively evaluated	6,758		6,758		8,974
Financing Receivable, Allowance for Credit Loss	7,278		7,278		9,747
Loans individually analyzed	8,386		8,386		15,553
Loans collectively evaluated	1,512,698		1,512,698		1,423,766
Loans and Leases Receivable, Gross	1,527,980		1,527,980		1,447,721
Allowance	7,278	10,378	7,278	10,378
Impact of adopting Topic 326				9,106
Total charge offs	0		0	(13)
Total recoveries	0	2	147	2
Initial allowance on PCD loans				720
(Reversal of) provision for credit losses	1,323	(2,249)	2,616	(4,297)
Other Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	81		81		36
Allowance	90	50	36	58
Loans Individually Analyzed	0		0		0
Loans collectively evaluated	81		81		36
Financing Receivable, Allowance for Credit Loss	81		81		36
Loans individually analyzed	0		0		0
Loans collectively evaluated	2,755		2,755		3,259
Loans and Leases Receivable, Gross	2,755		2,755		3,259
Allowance	81	42	81	42
Impact of adopting Topic 326				(15)
Total charge offs	0	(9)	(2)	(22)
Total recoveries	1	2	1	9
Initial allowance on PCD loans				0
(Reversal of) provision for credit losses	10	(1)	46	12
Multi-Family Mortgage Member
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	23,144		23,144		26,927
Allowance	25,795	29,500	28,450	20,916
Loans Individually Analyzed	1,083		1,083		1,368
Loans collectively evaluated	23,144		23,144		26,927
Financing Receivable, Allowance for Credit Loss	24,227		24,227		28,450
Loans individually analyzed	40,015		40,015		18,526
Loans collectively evaluated	2,035,988		2,035,988		2,015,135
Loans and Leases Receivable, Gross	2,076,003		2,076,003		2,039,260
Allowance	24,227	28,986	24,227	28,986
Impact of adopting Topic 326				8,408
Total charge offs	0		(104)	0
Total recoveries	0		0	0
Initial allowance on PCD loans				250
(Reversal of) provision for credit losses	1,568	(514)	4,119	(588)
Home Equity Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	214		214		410
Allowance	308	725	433	568
Loans Individually Analyzed	0		0		1
Loans collectively evaluated	214		214		410
Financing Receivable, Allowance for Credit Loss	236		236		433
Loans individually analyzed	1,147		1,147		1,364
Loans collectively evaluated	39,952		39,952		46,062
Loans and Leases Receivable, Gross	41,501		41,501		47,871
Allowance	236	608	236	608
Impact of adopting Topic 326				92
Total charge offs	0		0	(32)
Total recoveries	0		1	0
Initial allowance on PCD loans				105
(Reversal of) provision for credit losses	72	$ (117)	198	$ (125)
Receivables Acquired with Deteriorated Credit Quality [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	616		616		1,116
Loans collectively evaluated	616		616		1,116
Financing Receivable, Allowance for Credit Loss	22		22		2,843
Loans acquired with deteriorated credit quality individually analyzed					10,699
Loans acquired with deteriorated credit quality collectively evaluated					51,796
Receivables Acquired with Deteriorated Credit Quality [Member] | Non-Residential Mortgage [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	363		363		692
Loans collectively evaluated	363		363		692
Financing Receivable, Allowance for Credit Loss	0		0		2,700
Loans acquired with deteriorated credit quality individually analyzed	381		381		6,519
Loans acquired with deteriorated credit quality collectively evaluated	13,179		13,179		25,844
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Business [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	11		11		15
Loans collectively evaluated	11		11		15
Financing Receivable, Allowance for Credit Loss	0		0		0
Loans acquired with deteriorated credit quality individually analyzed	176		176		183
Loans acquired with deteriorated credit quality collectively evaluated	1,267		1,267		2,533
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Financing Receivable, Allowance for Credit Losses			0
Loans acquired with deteriorated credit quality collectively evaluated	0		0		49
Loans collectively evaluated	0		0		49
Financing Receivable, Allowance for Credit Loss					0
Loans acquired with deteriorated credit quality individually analyzed	0		0		0
Loans acquired with deteriorated credit quality collectively evaluated	5,735		5,735		12,970
Receivables Acquired with Deteriorated Credit Quality [Member] | One-to Four-Family Residential Mortgage [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	242		242		204
Loans collectively evaluated	242		242		204
Financing Receivable, Allowance for Credit Loss	0		0		122
Loans acquired with deteriorated credit quality individually analyzed	230		230		3,617
Loans acquired with deteriorated credit quality collectively evaluated	6,666		6,666		4,785
Receivables Acquired with Deteriorated Credit Quality [Member] | Other Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively analyzed
Loans acquired with deteriorated credit quality collectively evaluated	0		0		0
Loans collectively evaluated	0		0		0
Financing Receivable, Allowance for Credit Loss	0		0		0
Loans acquired with deteriorated credit quality individually analyzed	0		0		0
Loans acquired with deteriorated credit quality collectively evaluated	0		0
Receivables Acquired with Deteriorated Credit Quality [Member] | Multi-Family Mortgage Member
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	0		0		155
Loans collectively evaluated	0		0		155
Financing Receivable, Allowance for Credit Loss	0		0		0
Loans acquired with deteriorated credit quality individually analyzed	0		0		0
Loans acquired with deteriorated credit quality collectively evaluated	0		0		5,599
Receivables Acquired with Deteriorated Credit Quality [Member] | Home Equity Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans acquired with deteriorated credit quality collectively evaluated	0		0		1
Loans collectively evaluated	0		0		1
Financing Receivable, Allowance for Credit Loss	22		22		21
Loans acquired with deteriorated credit quality individually analyzed	342		342		380
Loans acquired with deteriorated credit quality collectively evaluated	$ 60		$ 60		$ 65

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Allowance for Credit Losses - Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Beginning balance		$ 1,148	$ 1,058	$ 1,708
Impact of adopting Topic 326	[1]				$ 536
(Reversal of) provision for credit losses		3,920	1,126	11,740	3,820
(Reversal of) provision for credit losses		(208)	207	(768)	729
Ending balance		$ 940	$ 1,265	$ 940	$ 1,265

[1] Adoption of CECL accounting standard effective July 1, 2020

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Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Deposits [Abstract]
Non-interest-bearing demand	$ 621,954	$ 593,718
Interest-bearing demand	2,154,488	1,902,478
Savings	1,088,974	1,111,364
Certificates of deposits	1,663,246	1,877,746
Total deposits	$ 5,528,662	$ 5,485,306

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Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Short-term Debt	$ 851,220	$ 685,876
FHLB advances
Debt Instrument [Line Items]
Short-term Debt	541,220	665,876
Overnight borrowings
Debt Instrument [Line Items]
Short-term Debt	$ 310,000	$ 20,000

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Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Federal Home Loan Bank, Advances, Balance, Less than one year	$ 265,000	$ 390,000
Federal Home Loan Bank, Advances, Balance Due in One to two years	145,000	145,000
Federal Home Loan Bank, Advances, Balance Due in two to three years	103,500	22,500
Federal Home Loan Bank, Advances, Balance Due in three to four years	29,000	103,500
Federal Home Loan Bank, Advances, Balance Due in four to five years	0	6,500
Federal Home Loan Bank, Advances, Balance greater than five years	0	0
Federal Home Loan Bank, Advances, Total	542,500	667,500
Federal Home Loan Bank, Advances, Unamortized Fair Value Adjustments	(1,280)	(1,624)
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments	$ 541,220	$ 665,876
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in less than one year	0.63%	0.33%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in one to two years	3.04%	3.04%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in two to three years	2.65%	2.63%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in three to four years	2.77%	2.68%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in four to five years	0.00%	2.82%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in greater than five years	0.00%	0.00%
Weighted Average [Member]
Debt Instrument [Line Items]
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate	1.77%	1.38%

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Borrowings - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Mortgage-Backed Securities [Member]
Debt Instrument [Line Items]
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged	$ 155.9	$ 170.1
Investment in Federal Home Loan Bank Stock [Member]
Debt Instrument [Line Items]
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged	$ 3,440.0	$ 3,270.0

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Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Other Assets [Member]
Derivative [Line Items]
Fair Value	$ 34,007	$ 1,832
Other Liabilities [Member]
Derivative [Line Items]
Fair Value	0	673
Interest Rate Contract [Member] | Other Assets [Member]
Derivative [Line Items]
Fair Value	34,007	1,832
Interest Rate Contract [Member] | Other Liabilities [Member]
Derivative [Line Items]
Fair Value	$ 0	$ 673

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Derivative Instruments and Hedging Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Mar. 31, 2022 USD ($) Instrument	Mar. 31, 2021 USD ($)	Mar. 31, 2022 USD ($) Instrument	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)
Derivative [Line Items]
Reclassifications to interest expense	$ (1,268,000)	$ (1,987,000)	$ (4,271,000)	$ (6,576,000)
Derivative liability	0		0
Loan Origination Commitments [Member]
Derivative [Line Items]
Pipeline of loans held-for-sale	16,000,000.0		16,000,000.0		$ 48,400,000
Interest Expense [Member]
Derivative [Line Items]
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months			4,600,000
Cash Flow Hedges [Member]
Derivative [Line Items]
Reclassifications to interest expense	$ 1,300,000		$ (4,300,000)
Cash Flow Hedges [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Number of interest rate derivative instruments held | Instrument	10		10
Derivative, notional amount	$ 790,000,000.0		$ 790,000,000.0

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Derivative Instruments and Hedging Activities - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives	$ 23,343	$ 13,075	$ 28,607	$ 14,353
Amount of loss reclassified from accumulated other comprehensive income to interest expense	(1,268)	$ (1,987)	(4,271)	$ (6,576)
Derivatives in Cash Flow Hedging Relationships [Member]
Derivative [Line Items]
Amount of loss reclassified from accumulated other comprehensive income to interest expense	$ 1,300		$ (4,300)

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Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Derivative [Line Items]
Gross Amount Recognized, Assets	$ 34,158	$ 6,847
Gross Amounts Offset, Assets		(5,015)
Net Amounts Presented, Assets	34,007	1,832
Net Amount, Assets	34,007	1,832
Gross Amount Recognized, Liabilities	151	5,688
Gross Amounts Offset, Liabilities	(151)	(5,015)
Net Amounts Presented, Liabilities	0	673
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities	0	(673)
Interest Rate Contract [Member]
Derivative [Line Items]
Gross Amount Recognized, Assets	34,158	6,847
Gross Amounts Offset, Assets	(151)	(5,015)
Net Amounts Presented, Assets	34,007	1,832
Net Amount, Assets	34,007	1,832
Gross Amount Recognized, Liabilities	151	5,688
Gross Amounts Offset, Liabilities	(151)	(5,015)
Net Amounts Presented, Liabilities	0	673
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities	$ 0	$ (673)

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Benefit Plans - Schedule of Net Periodic Benefit Expense (Detail) - Benefit Equalization Plan, Postretirement Welfare Plan, Directors Consultation and Retirement Plan and Atlas Bank Retirement Income Plan [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Salaries and Employee Benefits [Member]
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 29	$ 26	$ 87	$ 79
Other Expense [Member]
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	67	66	205	197
Amortization of unrecognized loss	(20)	(20)	(60)	(62)
Expected return on assets	27	28	83	85
Net periodic benefit cost	$ 89	$ 84	$ 269	$ 253

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Benefit Plans - Additional Information (Detail) - 2021 Equity Incentive Plan [Member] - shares	3 Months Ended
	Mar. 31, 2022	Oct. 28, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of shares authorized for issuance		7,500,000
RSU Member
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares granted	251,905
Service Based RSU
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares granted	181,588
Service Based RSU | Tranche Three [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service-based RSUs, vest in period	2 years 7 months 6 days
Performance Based RSU
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares granted	70,317
Performance Based RSU | Tranche Three [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Performance based RSUs vested period	3 years

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Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	21.00%	21.00%

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Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 24,215	$ 22,155	$ 76,772	$ 58,980
Statutory federal tax rate	21.00%	21.00%	21.00%	21.00%
Federal income tax expense at statutory rate	$ 5,085	$ 4,653	$ 16,122	$ 12,386
(Reduction) increases in income taxes resulting from: Tax exempt interest	(66)	(85)	(204)	(270)
(Reduction) increases in income taxes resulting from: State tax, net of federal tax effect	1,908	1,498	6,026	3,738
(Reduction) increases in income taxes resulting from: Incentive stock option compensation expense	3	23	42	63
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance	(317)	(324)	(973)	(989)
(Reduction) increases in income taxes resulting from: Non-deductible merger-related expenses	0	0	0	49
(Reductions) increases in income taxes resulting from: Bargain purchase gain	0		0	(641)
(Reduction) increase in income taxes resulting from: Utilization of capital loss carryforward		0
(Reductions) increases in income taxes resulting from: Other items, net	91	21	418	429
Income Tax Expense Benefit Before Valuation Allowance	6,522	5,744	20,595	14,765
Reversal of valuation allowance	0	(12)	0	(535)
Total income tax expense	$ 6,522	$ 5,732	$ 20,595	$ 14,230
Effective income tax rate	26.93%	25.87%	26.83%	24.13%

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Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Assets:
Securities available for sale, Fair value	$ 725,777
Mortgage-backed securities available for sale	800,309	$ 1,051,041
Securities available for sale	1,526,086	1,676,864
Interest rate contracts	34,007	1,832
Total assets	1,560,093	1,678,696
Liabilities:
Interest rate contracts	0	673
Total liabilities		673
Debt Securities [Member]
Assets:
Securities available for sale, Fair value	725,777	625,823
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member]
Assets:
Securities available for sale, Fair value	31,078	34,603
Debt Securities [Member] | Asset-backed Securities [Member]
Assets:
Securities available for sale, Fair value	229,584	242,989
Debt Securities [Member] | Collateralized Loan Obligations [Member]
Assets:
Securities available for sale, Fair value	311,620	189,880
Debt Securities [Member] | Corporate Bonds [Member]
Assets:
Securities available for sale, Fair value	153,495	158,351
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member]
Assets:
Mortgage-backed securities available for sale	7,996	13,739
Residential Pass-Through Securities [Member]
Assets:
Mortgage-backed securities available for sale	570,150	744,491
Commercial Pass-Through Securities [Member]
Assets:
Mortgage-backed securities available for sale	222,163	292,811
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Mortgage-backed securities available for sale	800,309	1,051,041
Securities available for sale	1,526,086	1,676,864
Total assets	1,560,093	1,678,696
Liabilities:
Total liabilities		673
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member]
Assets:
Securities available for sale, Fair value	725,777	625,823
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Obligations of State and Political Subdivisions [Member]
Assets:
Securities available for sale, Fair value	31,078	34,603
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Asset-backed Securities [Member]
Assets:
Securities available for sale, Fair value	229,584	242,989
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Collateralized Loan Obligations [Member]
Assets:
Securities available for sale, Fair value	311,620	189,880
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Corporate Bonds [Member]
Assets:
Securities available for sale, Fair value	153,495	158,351
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member]
Assets:
Mortgage-backed securities available for sale	7,996	13,739
Significant Other Observable Inputs (Level 2) [Member] | Residential Pass-Through Securities [Member]
Assets:
Mortgage-backed securities available for sale	570,150	744,491
Significant Other Observable Inputs (Level 2) [Member] | Commercial Pass-Through Securities [Member]
Assets:
Mortgage-backed securities available for sale	222,163	292,811
Interest Rate Contract [Member]
Assets:
Interest rate contracts	34,007	1,832
Liabilities:
Interest rate contracts	0	673
Interest Rate Contract [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Interest rate contracts	$ 34,007	1,832
Liabilities:
Interest rate contracts		$ 673

XML

Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	$ 1,560,093,000	$ 1,678,696,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	401,000	178,000
Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	4,558,000	6,932,000
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	12,596,000	18,662,000
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	2,239,000	3,051,000
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	5,799,000	8,679,000
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	401,000	178,000
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	401,000	178,000
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	1,560,093,000	1,678,696,000
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	12,600,000	18,700,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	4,558,000	6,932,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	12,596,000	18,662,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	2,239,000	3,051,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	5,799,000	8,679,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	401,000	178,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	$ 401,000	$ 178,000

XML

Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 1,560,093	$ 1,678,696
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 401	$ 178
Valuation Techniques	Market valuation of underlying collatera	Market valuation of underlying collateral
Unobservable Input	Adjustments to reflect current conditions/selling costs	Adjustments to reflect current conditions/selling costs
Weighted Average	5.44%	6.00%
Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 4,558	$ 6,932
Fair Value, Measurements, Nonrecurring [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	5.00%	6.00%
Fair Value, Measurements, Nonrecurring [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	6.00%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 12,596	$ 18,662
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	2,239	3,051
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	5,799	8,679
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	12,596	18,662
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 2,239	$ 3,051
Valuation Techniques	Market valuation of underlying collateral	Market valuation of underlying collateral
Unobservable Input	Adjustments to reflect current conditions/selling costs	Adjustments to reflect current conditions/selling costs
Weighted Average	10.39%	9.77%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 5,799	$ 8,679
Valuation Techniques	Market valuation of underlying collateral	Market valuation of underlying collateral
Unobservable Input	Adjustments to reflect current conditions/selling costs	Adjustments to reflect current conditions/selling costs
Weighted Average	14.97%	14.48%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multifamily [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 4,558	$ 6,932
Valuation Techniques	Market valuation of underlying collateral	Market valuation of underlying collateral
Unobservable Input	Adjustments to reflect current conditions/selling costs	Adjustments to reflect current conditions/selling costs
Weighted Average	10.60%	10.39%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	7.00%	7.00%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	9.00%	9.00%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multifamily [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	10.00%	10.00%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	14.00%	13.00%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	19.00%	16.00%
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multifamily [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	11.00%	11.00%
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 401	$ 178
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	401	178
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Valuation of Underlying Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets, Fair Value	$ 401	$ 178

XML

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	$ 1,560,093,000	$ 1,678,696,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	401,000	178,000
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	12,596,000	18,662,000
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	401,000	178,000
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	12,600,000	18,700,000
Financing receivable, allowance for credit losses, individually evaluated for impairment	976,000,000	6,500,000
Loans and Leases Receivable, Gross	13,600,000	25,200,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	12,596,000	18,662,000
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, Fair Value	$ 401,000	$ 178,000

XML

Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities available for sale	$ 1,526,086	$ 1,676,864
Investment securities held to maturity	121,853	38,138
Interest receivable	14,203
Interest rate contracts	34,007	1,832
Interest payable on deposits	85
Interest payable on borrowings	1,365
Interest rate contracts	0	673
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities available for sale	1,526,086	1,676,864
Carrying Amount [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	62,379	67,855
Investment securities available for sale	1,526,086	1,676,864
Investment securities held to maturity	121,853	38,138
Loans held-for-sale	2,822	16,492
Net loans receivable	4,959,341	4,793,229
FHLB Stock	30,997	36,615
Interest receivable	19,517	19,362
Interest rate contracts	34,007	1,832
Deposits	5,528,662	5,485,306
Borrowings	851,220	685,876
Interest payable on deposits	164	145
Interest payable on borrowings	1,365	1,335
Interest rate contracts		673
Estimate of Fair Value Measurement [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	62,379	67,855
Investment securities available for sale	1,526,086	1,676,864
Investment securities held to maturity	117,017	39,610
Loans held-for-sale	2,759	16,934
Net loans receivable	4,877,212	4,830,136
Interest receivable	19,517	19,362
Interest rate contracts	34,007	1,832
Deposits	5,515,560	5,490,923
Borrowings	853,824	701,419
Interest payable on deposits	164	145
Interest payable on borrowings	1,365	1,335
Interest rate contracts		673
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	62,379	67,855
Interest receivable	3	1
Deposits	3,865,416	3,607,560
Interest payable on deposits	79	96
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities available for sale	1,526,086	1,676,864
Investment securities held to maturity	117,017	39,610
Loans held-for-sale	2,759	16,934
Interest receivable	5,311	4,238
Interest rate contracts	34,007	1,832
Interest rate contracts		673
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net loans receivable	4,877,212	4,830,136
Interest receivable		15,123
Deposits	1,650,144	1,883,363
Borrowings	$ 853,824	701,419
Interest payable on deposits		49
Interest payable on borrowings		$ 1,335

XML

Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Total Stockholders' Equity	$ 955,169	$ 995,470	$ 1,042,944	$ 1,063,812	$ 1,092,341	$ 1,084,177
Net Unrealized (Loss) Gain on Securities Available for Sale [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Net unrealized gain on securities available for sale	(63,988)		10,011
Tax effect	(18,760)		(2,882)
Total Stockholders' Equity	(45,228)		7,129
Fair Value Adjustments on Derivatives [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Net unrealized gain on securities available for sale	32,566		(312)
Tax effect	(9,557)		94
Total Stockholders' Equity	23,009		(218)
Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Net unrealized gain on securities available for sale	(1,033)		(1,093)
Tax effect	303		326
Total Stockholders' Equity	730		(767)
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Total Stockholders' Equity	$ (22,949)	$ 1,574	$ 6,144	$ 1,357	$ 6,453	$ 1,257

XML

Comprehensive Income (Loss) - Schedule of Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net unrealized holding (loss) gain on securities available for sale		$ (59,249)	$ (22,285)	$ (73,995)	$ (20,374)
Net realized gain on sale and call of securities available for sale	[1]	(3)	(18)	(4)	(454)
Fair value adjustments on derivatives		24,611	15,062	32,878	20,929
Amortization of actuarial loss		20	20	60	62
Other comprehensive (loss) income before taxes		(34,621)	(7,221)	(41,061)	163
Tax effect		10,098	2,125	11,968	(63)
Total Other Comprehensive (Loss) Income		$ (24,523)	$ (5,096)	$ (29,093)	$ 100

[1] Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income.

XML

Net Income Per Common Share (EPS) - Schedule of Earnings Per Share Calculations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income	$ 17,693	$ 16,423	$ 56,177	$ 44,750
Weighted average number of common shares outstanding - basic	69,790	80,673	72,130	83,958
Effect of dilutive securities	27	17	24	3
Weighted average number of common shares outstanding - diluted	69,817	80,690	72,154	83,961
Basic earnings per share	$ 0.25	$ 0.20	$ 0.78	$ 0.53
Diluted earnings per share	$ 0.25	$ 0.20	$ 0.78	$ 0.53

XML

Net Income Per Common Share (EPS) - Additional Information (Detail) - shares	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of stock options anti-dilutive		3,115,000	3,253,040
Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of stock options anti-dilutive	251,905