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.