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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
__________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2023
OR
oTRANSITION 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)
__________________________________________
Maryland30-0870244
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueKRNYThe 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 x No o
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 x No o
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 filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: January 31, 2024.
$0.01 par value common stock — 64,436,995 shares outstanding

Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
December 31,
2023		June 30,
2023
(Unaudited)
Assets
Cash and amounts due from depository institutions $15,934 $21,795 
Interest-bearing deposits in other banks57,926 48,720 
Cash and cash equivalents73,860 70,515 
Investment securities available for sale (amortized cost of $1,268,632 and $1,383,867, respectively)
1,144,175 1,227,729 
Investment securities held to maturity (fair value of $127,877 and $131,169, respectively)
141,959 146,465 
Loans held-for-sale14,030 9,591 
Loans receivable5,745,629 5,829,421 
Less: allowance for credit losses on loans(44,867)(48,734)
Net loans receivable5,700,762 5,780,687 
Premises and equipment45,928 48,309 
Federal Home Loan Bank (“FHLB”) of New York stock83,372 71,734 
Accrued interest receivable30,258 28,133 
Goodwill210,895 210,895 
Core deposit intangibles2,189 2,457 
Bank owned life insurance256,064 292,825 
Deferred income tax assets, net46,116 51,973 
Other real estate owned11,982 12,956 
Other assets136,242 110,546 
Total Assets $7,897,832 $8,064,815 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing $584,130 $609,999 
Interest-bearing4,735,500 5,019,184 
Total deposits5,319,630 5,629,183 
Borrowings1,667,055 1,506,812 
Advance payments by borrowers for taxes16,742 18,338 
Other liabilities46,427 41,198 
Total Liabilities7,049,854 7,195,531 
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; 64,445,270 shares and 65,864,075 shares issued and outstanding, respectively
645 659 
Paid-in capital493,297 503,332 
Retained earnings439,755 457,611 
Unearned employee stock ownership plan shares; 2,257,850 shares and 2,358,198 shares, respectively
(21,889)(22,862)
Accumulated other comprehensive loss(63,830)(69,456)
Total Stockholders' Equity847,978 869,284 
Total Liabilities and Stockholders' Equity$7,897,832 $8,064,815 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
December 31,		Six Months Ended
December 31,
2023202220232022
Interest Income
Loans$63,384 $57,996 $126,153 $110,931 
Taxable investment securities16,756 13,221 33,021 23,660 
Tax-exempt investment securities84 219 171 504 
Other interest-earning assets2,401 1,005 4,448 1,766 
Total Interest Income82,625 72,441 163,793 136,861 
Interest Expense
Deposits30,340 18,822 57,907 29,691 
Borrowings16,446 8,836 30,887 13,856 
Total Interest Expense46,786 27,658 88,794 43,547 
Net Interest Income35,839 44,783 74,999 93,314 
Provision for credit losses 2,105 1,671 2,350 2,341 
Net Interest Income after Provision for Credit Losses 33,734 43,112 72,649 90,973 
Non-Interest Income
Fees and service charges624 734 1,372 1,497 
Loss on sale and call of securities(18,135)(15,227)(18,135)(15,227)
Gain on sale of loans104 134 319 529 
Loss on write down of other real estate owned(974)— (974)— 
Income from bank owned life insurance1,162 1,761 2,827 5,459 
Electronic banking fees and charges396 397 763 903 
Other income811 3,723 1,826 4,278 
Total Non-Interest Income(16,012)(8,478)(12,002)(2,561)
Non-Interest Expense
Salaries and employee benefits17,282 19,921 35,043 40,269 
Net occupancy expense of premises2,674 2,987 5,432 6,077 
Equipment and systems3,814 3,867 7,615 7,529 
Advertising and marketing301 731 529 1,478 
Federal deposit insurance premium1,495 1,226 3,019 2,132 
Directors' compensation393 339 786 679 
Other expense3,808 3,579 7,117 6,474 
Total Non-Interest Expense29,767 32,650 59,541 64,638 
(Loss) Income before Income Taxes(12,045)1,984 1,106 23,774 
Income tax expense 1,782 33 5,091 5,288 
Net (Loss) Income$(13,827)$1,951 $(3,985)$18,486 
Net (Loss) Income per Common Share (EPS)
Basic$(0.22)$0.03 $(0.06)$0.28 
Diluted$(0.22)$0.03 $(0.06)$0.28 
Weighted Average Number of Common Shares Outstanding
Basic62,29965,03062,65765,383
Diluted62,29965,03862,65765,393
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands, Unaudited)
Three Months Ended
December 31,		Six Months Ended
December 31,
2023202220232022
Net (Loss) Income$(13,827)$1,951 $(3,985)$18,486 
Other Comprehensive (Loss) Income, net of tax:
Net unrealized gain (loss) on securities available for sale29,909 977 9,674 (34,202)
Net realized loss on sale and call of securities available for sale12,876 10,811 12,876 10,811 
Fair value adjustments on derivatives(20,129)(4,465)(16,836)10,125 
Benefit plan adjustments(10)(4)(88)(28)
Total Other Comprehensive Income (Loss)22,646 7,319 5,626 (13,294)
Total Comprehensive Income$8,819 $9,270 $1,641 $5,192 
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
Capital 		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - September 30, 202267,938$680 $520,245 $454,710 $(24,321)$(76,340)$874,974 
Net income—— — 1,951 — — 1,951 
Other comprehensive income, net of income tax —— — — — 7,319 7,319 
ESOP shares committed to be released (50 shares)
—— 16 — 487 — 503 
Stock repurchases(550)(6)(5,739)— — — (5,745)
Stock-based compensation expense—— 810 — — — 810 
Cash dividends declared ($0.11 per common share)
—— — (7,172)— — (7,172)
Balance - December 31, 202267,388$674 $515,332 $449,489 $(23,834)$(69,021)$872,640 
Common Stock Paid-In
Capital 		Retained
Earnings 		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - June 30, 202268,666$687 $528,396 $445,451 $(24,807)$(55,727)$894,000 
Net income—— — 18,486 — — 18,486 
Other comprehensive loss, net of income tax—— — — — (13,294)(13,294)
ESOP shares committed to be released (100 shares)
—— 106 — 973 — 1,079 
Stock repurchases(1,310)(14)(14,424)— — — (14,438)
Issuance of stock under stock benefit plans611 (1)— — — — 
Stock-based compensation expense—— 1,596 — — — 1,596 
Cancellation of shares issued for restricted stock awards(29)— (341)— — — (341)
Cash dividends declared ($0.22 per common share)
—— — (14,448)— — (14,448)
Balance - December 31, 202267,388$674 $515,332 $449,489 $(23,834)$(69,021)$872,640 
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Continued)
(In Thousands, Except Per Share Data, Unaudited)
Common Stock Paid-In
Capital		Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - September 30, 202365,132$652 $497,269 $460,464 $(22,375)$(86,476)$849,534 
Net loss—— — (13,827)— — (13,827)
Other comprehensive income, net of income tax—— — — — 22,646 22,646 
ESOP shares committed to be released (50 shares)
—— (95)— 486 — 391 
Stock repurchases(687)(7)(4,766)— — — (4,773)
Stock-based compensation expense—— 889 — — — 889 
Cash dividends declared ($0.11 per common share)
—— — (6,882)— — (6,882)
Balance - December 31, 202364,445$645 $493,297 $439,755 $(21,889)$(63,830)$847,978 

Common Stock Paid-In
Capital 		Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - June 30, 202365,864$659 $503,332 $457,611 $(22,862)$(69,456)$869,284 
Net loss—— — (3,985)— — (3,985)
Other comprehensive income, net of income tax—— — — — 5,626 5,626 
ESOP shares committed to be released (100 shares)
—— (202)— 973 — 771 
Stock repurchases(1,505)(15)(11,225)— — — (11,240)
Issuance of stock under stock benefit plans1331 (1)— — — — 
Stock-based compensation expense—— 1,792 — — — 1,792 
Cancellation of shares issued for restricted stock awards(47)— (399)— — — (399)
Cash dividends declared ($0.22 per common share)
—— — (13,871)— — (13,871)
Balance - December 31, 202364,445 $645 $493,297 $439,755 $(21,889)$(63,830)$847,978 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands, Unaudited)
Six Months Ended
December 31,
20232022
Cash Flows from Operating Activities:
Net (loss) income$(3,985)$18,486 
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment2,426 2,931 
Net accretion of yield adjustments(1,299)(3,352)
Deferred income taxes3,638 3,536 
Amortization of intangible assets268 288 
Accretion of benefit plans’ unrecognized net gain(124)(39)
Provision for credit losses 2,350 2,341 
Loss on write-down of other real estate owned974 — 
Loans originated for sale(32,812)(56,456)
Proceeds from sale of mortgage loans held-for-sale39,446 75,492 
Gain on sale of mortgage loans held-for-sale, net(319)(474)
Realized loss on sale/call of investment securities available for sale18,135 15,227 
Realized gain on sale of loans receivable— (55)
Realized gain on disposition of premises and equipment(11)(2,886)
Increase in cash surrender value of bank owned life insurance(2,827)(5,459)
ESOP and stock-based compensation expense2,563 2,675 
Increase in interest receivable(2,125)(6,902)
Increase in other assets(8,745)(5,511)
(Decrease) increase in interest payable(296)6,268 
Increase (decrease) in other liabilities1,889 (10,053)
Net Cash Provided by Operating Activities19,146 36,057 
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale(64,000)(166,483)
Investment securities held to maturity(300)(40,398)
Proceeds from:
Repayments/calls/maturities of investment securities available for sale57,430 70,793 
Repayments/calls/maturities of investment securities held to maturity4,740 4,855 
Sales of investment securities available for sale104,083 105,199 
Purchase of loans(49,652)(656)
Net decrease (increase) in loans receivable125,769 (583,893)
Proceeds from sale of loans receivable— 706 
Purchase of interest rate contracts(887)(758)
Deletions (additions) to premises and equipment(34)(668)
Proceeds from death benefit of bank owned life insurance277 4,963 
Purchase of bank owned life insurance(5,000)— 
Proceeds from cash settlement of premises and equipment— 3,480 
Purchase of FHLB stock(35,388)(64,638)
Redemption of FHLB stock23,750 42,760 
Net Cash Provided by (Used in) Investing Activities160,788 (624,738)
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)
Six Months Ended
December 31,
20232022
Cash Flows from Financing Activities:
Net (decrease) increase in deposits(309,532)109,294 
Repayment of term FHLB advances(3,375,000)(2,865,000)
Proceeds from term FHLB advances3,525,000 3,470,000 
Net increase (decrease) in other short-term borrowings10,000 (123,000)
Net (decrease) increase in advance payments by borrowers for taxes(1,596)561 
Repurchase and cancellation of common stock of Kearny Financial Corp.(11,240)(14,438)
Cancellation of shares repurchased on vesting to pay taxes(399)(341)
Dividends paid(13,822)(14,350)
Net Cash (Used in) Provided by Financing Activities(176,589)562,726 
Net Increase (Decrease) in Cash and Cash Equivalents3,345 (25,955)
Cash and Cash Equivalents - Beginning70,515 101,615 
Cash and Cash Equivalents - Ending$73,860 $75,660 
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds$4,319 $8,318 
Interest$89,090 $37,279 
Non-cash investing and financing activities:
Acquisition of other real estate owned in settlement of loans$— $13,232 
Transfers from loans receivable to loans held-for-sale$10,754 $2,628 
Unsettled surrender of bank owned life insurance policies$44,311 $— 
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 subsidiaries. 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 six months ended December 31, 2023 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 at June 30, 2023 was derived from the Company’s 2023 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 2023 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 2023 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2023.
2.    SUBSEQUENT EVENTS
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 31, 2023, 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.
On January 25, 2024, the Company declared a quarterly cash dividend of $0.11 per share, payable on February 21, 2024 to stockholders of record as of February 7, 2024.
3.    RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Standards
In March 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) 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.
Effective July 1, 2023, the Company adopted ASU 2022-02. Under ASU 2022-02, the Company assesses all loan modifications to determine whether one is granted to a borrower experiencing financial difficulty, regardless of whether the modified loan terms include a concession. Modifications granted to borrowers experiencing financial difficulty may be in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof.
The Company adopted ASU 2022-02 on a prospective basis. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. Additional disclosures are included in Note 5 to the consolidated financial statements.
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Prior to the adoption of ASU 2022-02, a Troubled Debt Restructuring (“TDR”) occurred when the terms of a loan were modified because of deterioration in the financial condition of the borrower. Modifications could include extension of the repayment terms of the loan, reduced interest rates, or forgiveness of accrued interest and/or principal. For the Company's accounting policy related to TDRs granted prior to the adoption of ASU 2022-02, see “Note 1. Summary of Significant Accounting Policies” included in “Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023.
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:
December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Asset-backed securities$91,921 $112 $1,373 $— $90,660 
Collateralized loan obligations425,155 1,109 2,131 — 424,133 
Corporate bonds150,930 — 18,658 — 132,272 
Total debt securities668,006 1,221 22,162 — 647,065 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
442,608 18 83,115 — 359,511 
Commercial pass-through securities (1)
158,018 — 20,419 — 137,599 
Total mortgage-backed securities600,626 18 103,534 — 497,110 
    
Total securities available for sale$1,268,632 $1,239 $125,696 $— $1,144,175 
___________________________
(1)Government-sponsored enterprises.
June 30, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Asset-backed securities$138,281 $4 $2,115 $— $136,170 
Collateralized loan obligations381,915 268 5,187 — 376,996 
Corporate bonds159,666 — 24,648 — 135,018 
Total debt securities679,862 272 31,950 — 648,184 
    
Mortgage-backed securities:   
Residential pass-through securities (1)
539,506 2 103,357 — 436,151 
Commercial pass-through securities (1)
164,499 — 21,105 — 143,394 
Total mortgage-backed securities704,005 2 124,462 — 579,545 
   
Total securities available for sale$1,383,867 $274 $156,412 $— $1,227,729 
___________________________
(1)Government-sponsored enterprises.
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December 31, 2023
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$14,885 $1 $155 $— $14,731 
Total debt securities14,885 1 155 — 14,731 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
114,843 2 11,939 — 102,906 
Commercial pass-through securities (1)
12,231 — 1,991 — 10,240 
Total mortgage-backed securities127,074 2 13,930 — 113,146 
    
Total securities held to maturity$141,959 $3 $14,085 $— $127,877 
___________________________
(1)Government-sponsored enterprises.
June 30, 2023
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$16,051 $— $321 $— $15,730 
Total debt securities16,051 — 321 — 15,730 
  
Mortgage-backed securities:  
Residential pass-through securities (1)
118,166 — 12,736 — 105,430 
Commercial pass-through securities (1)
12,248 — 2,239 — 10,009 
Total mortgage-backed securities130,414 — 14,975 — 115,439 
  
Total securities held to maturity$146,465 $— $15,296 $— $131,169 
___________________________
(1)Government-sponsored enterprises.
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Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at December 31, 2023:
December 31, 2023
Amortized
Cost		Fair
Value
(In Thousands)
Available for sale debt securities:
Due in one year or less$— $— 
Due after one year through five years31,865 30,781 
Due after five years through ten years375,781 360,118 
Due after ten years260,361 256,166 
Total$668,007 $647,065 
December 31, 2023
Amortized
Cost		Fair
Value
(In Thousands)
Held to maturity debt securities:
Due in one year or less$5,608 $5,572 
Due after one year through five years8,668 8,562 
Due after five years through ten years609 597 
Due after ten years— — 
Total$14,885 $14,731 
Three Months Ended
December 31,		Six Months Ended
December 31,
2023202220232022
(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities$104,083 $105,199 $104,083