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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 March 31, 2024
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: April 30, 2024.
$0.01 par value common stock — 64,436,995 shares outstanding

Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number

Table of Contents


KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
March 31,
2024		June 30,
2023
(Unaudited)
Assets
Cash and amounts due from depository institutions $16,162 $21,795 
Interest-bearing deposits in other banks54,865 48,720 
Cash and cash equivalents71,027 70,515 
Investment securities available for sale (amortized cost of $1,232,173 and $1,383,867, respectively)
1,098,655 1,227,729 
Investment securities held to maturity (fair value of $123,576 and $131,169, respectively)
139,643 146,465 
Loans held-for-sale4,117 9,591 
Loans receivable5,758,336 5,829,421 
Less: allowance for credit losses on loans(44,930)(48,734)
Net loans receivable5,713,406 5,780,687 
Premises and equipment45,053 48,309 
Federal Home Loan Bank (“FHLB”) of New York stock81,347 71,734 
Accrued interest receivable31,065 28,133 
Goodwill210,895 210,895 
Core deposit intangibles2,057 2,457 
Bank owned life insurance296,493 292,825 
Deferred income tax assets, net47,225 51,973 
Other real estate owned— 12,956 
Other assets100,989 110,546 
Total Assets $7,841,972 $8,064,815 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing $586,089 $609,999 
Interest-bearing4,622,961 5,019,184 
Total deposits5,209,050 5,629,183 
Borrowings1,722,178 1,506,812 
Advance payments by borrowers for taxes17,387 18,338 
Other liabilities44,279 41,198 
Total Liabilities6,992,894 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; 64,436,995 shares and 65,864,075 shares issued and outstanding, respectively
644 659 
Paid-in capital493,187 503,332 
Retained earnings440,308 457,611 
Unearned employee stock ownership plan shares; 2,207,675 shares and 2,358,198 shares, respectively
(21,402)(22,862)
Accumulated other comprehensive loss(63,659)(69,456)
Total Stockholders' Equity849,078 869,284 
Total Liabilities and Stockholders' Equity$7,841,972 $8,064,815 
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
March 31,		Nine Months Ended
March 31,
2024202320242023
Interest Income
Loans$64,035 $60,172 $190,188 $171,103 
Taxable investment securities15,490 15,459 48,511 39,119 
Tax-exempt investment securities85 99 256 603 
Other interest-earning assets2,475 1,441 6,923 3,207 
Total Interest Income82,085 77,171 245,878 214,032 
Interest Expense
Deposits32,320 22,246 90,227 51,937 
Borrowings15,446 12,554 46,333 26,410 
Total Interest Expense47,766 34,800 136,560 78,347 
Net Interest Income34,319 42,371 109,318 135,685 
Provision for credit losses 349 451 2,699 2,792 
Net Interest Income after Provision for Credit Losses 33,970 41,920 106,619 132,893 
Non-Interest Income
Fees and service charges657 910 2,029 2,407 
Loss on sale and call of securities— — (18,135)(15,227)
Loss on sale of loans(712)(2,373)(393)(1,844)
Loss on write down of other real estate owned— — (974)— 
Income from bank owned life insurance3,039 1,581 5,867 7,040 
Electronic banking fees and charges464 457 1,227 1,360 
Other income755 1,071 2,580 5,349 
Total Non-Interest Income4,203 1,646 (7,799)(915)
Non-Interest Expense
Salaries and employee benefits16,911 18,005 51,954 58,274 
Net occupancy expense of premises2,863 3,097 8,295 9,174 
Equipment and systems3,823 3,537 11,438 11,066 
Advertising and marketing387 413 916 1,891 
Federal deposit insurance premium1,429 1,546 4,448 3,678 
Directors' compensation360 340 1,146 1,019 
Other expense3,286 3,414 10,403 9,888 
Total Non-Interest Expense29,059 30,352 88,600 94,990 
Income before Income Taxes9,114 13,214 10,220 36,988 
Income tax expense 1,717 2,902 6,808 8,190 
Net Income$7,397 $10,312 $3,412 $28,798 
Net Income per Common Share (EPS)
Basic$0.12 $0.16 $0.06 $0.44 
Diluted$0.12 $0.16 $0.06 $0.44 
Weighted Average Number of Common Shares Outstanding
Basic62,20564,76962,50765,181
Diluted62,21164,78362,50765,191
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Unaudited)
Three Months Ended
March 31,		Nine Months Ended
March 31,
2024202320242023
Net Income$7,397 $10,312 $3,412 $28,798 
Other Comprehensive Income (Loss) , net of tax:
Net unrealized (loss) gain on securities available for sale(6,449)6,903 3,225 (27,299)
Net realized loss on sale and call of securities available for sale— — 12,876 10,811 
Fair value adjustments on derivatives6,630 (10,931)(10,206)(806)
Benefit plan adjustments(10)(4)(98)(32)
Total Other Comprehensive Income (Loss)171 (4,032)5,797 (17,326)
Total Comprehensive Income$7,568 $6,280 $9,209 $11,472 
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 - December 31, 202267,388$674 $515,332 $449,489 $(23,834)$(69,021)$872,640 
Net income—— — 10,312 — — 10,312 
Other comprehensive loss, net of income tax —— — — — (4,032)(4,032)
ESOP shares committed to be released (50 shares)
—— (1)— 486 — 485 
Stock repurchases(698)(7)(6,685)— — — (6,692)
Stock-based compensation expense—— 811 — — — 811 
Cancellation of shares issued for restricted stock awards(10)— (98)— — — (98)
Cash dividends declared ($0.11 per common share)
—— — (7,196)— — (7,196)
Balance - March 31, 202366,680$667 $509,359 $452,605 $(23,348)$(73,053)$866,230 
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—— — 28,798 — — 28,798 
Other comprehensive loss, net of income tax—— — — — (17,326)(17,326)
ESOP shares committed to be released (150 shares)
—— 105 — 1,459 — 1,564 
Stock repurchases(2,008)(21)(21,109)— — — (21,130)
Issuance of stock under stock benefit plans611 (1)— — — — 
Stock-based compensation expense—— 2,407 — — — 2,407 
Cancellation of shares issued for restricted stock awards(39)— (439)— — — (439)
Cash dividends declared ($0.33 per common share)
—— — (21,644)— — (21,644)
Balance - March 31, 202366,680$667 $509,359 $452,605 $(23,348)$(73,053)$866,230 
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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 - December 31, 202364,445$645 $493,297 $439,755 $(21,889)$(63,830)$847,978 
Net Income—— — 7,397 — — 7,397 
Other comprehensive income, net of income tax—— — — — 171 171 
ESOP shares committed to be released (50 shares)
—— (135)— 487 — 352 
Stock-based compensation expense—— 95 — — — 95 
Cancellation of shares issued for restricted stock awards(8)(1)(70)— — — (71)
Cash dividends declared ($0.11 per common share)
—— — (6,844)— — (6,844)
Balance - March 31, 202464,437$644 $493,187 $440,308 $(21,402)$(63,659)$849,078 

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 Income—— — 3,412 — — 3,412 
Other comprehensive income, net of income tax—— — — — 5,797 5,797 
ESOP shares committed to be released (150 shares)
—— (337)— 1,460 — 1,123 
Stock repurchases(1,505)(15)(11,225)— — — (11,240)
Issuance of stock under stock benefit plans1331 (1)— — — — 
Stock-based compensation expense—— 1,887 — — — 1,887 
Cancellation of shares issued for restricted stock awards(55)(1)(469)— — — (470)
Cash dividends declared ($0.33 per common share)
—— — (20,715)— — (20,715)
Balance - March 31, 202464,437 $644 $493,187 $440,308 $(21,402)$(63,659)$849,078 
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,
20242023
Cash Flows from Operating Activities:
Net income$3,412 $28,798 
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment3,590 4,353 
Net accretion of yield adjustments(2,038)(4,306)
Deferred income taxes2,438 3,150 
Amortization of intangible assets400 430 
Accretion of benefit plans’ unrecognized net gain(139)(44)
Provision for credit losses 2,699 2,792 
Loss on write-down of other real estate owned974 — 
Loans originated for sale(53,979)(76,852)
Proceeds from sale of mortgage loans held-for-sale69,814 101,054 
Gain on sale of mortgage loans held-for-sale, net393 1,899 
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(5,867)(7,040)
ESOP and stock-based compensation expense3,010 3,971 
Increase in interest receivable(2,932)(8,328)
(Increase) decrease in other assets(6,004)93 
Increase in interest payable466 9,073 
Increase (decrease) in other liabilities2,352 (13,428)
Net Cash Provided by Operating Activities36,713 57,901 
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 sale94,129 100,149 
Repayments/calls/maturities of investment securities held to maturity7,019 8,831 
Sales of investment securities available for sale104,083 105,199 
Purchase of loans(60,341)(702)
Net decrease (increase) in loans receivable118,330 (559,794)
Proceeds from sale of loans receivable— 706 
Purchase of interest rate contracts(887)(758)
Proceeds from the sale of other real estate owned11,982 — 
Additions to premises and equipment(323)(1,255)
Proceeds from death benefit of bank owned life insurance1,900 4,997 
Net surrender of bank owned life insurance299 — 
Proceeds from cash settlement of premises and equipment— 3,480 
Purchase of FHLB stock(54,544)(84,310)
Redemption of FHLB stock44,931 55,135 
Net Cash Provided by (Used in) Investing Activities202,278 (575,203)
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,
20242023
Cash Flows from Financing Activities:
Net decrease in deposits(420,105)(58,613)
Repayment of term FHLB advances(4,475,000)(4,615,000)
Proceeds from term FHLB advances and other borrowings4,650,000 5,120,000 
Net increase in other short-term borrowings40,000 205,000 
Net (decrease) increase in advance payments by borrowers for taxes(951)1,960 
Repurchase and cancellation of common stock of Kearny Financial Corp.(11,240)(21,130)
Cancellation of shares repurchased on vesting to pay taxes(470)(439)
Dividends paid(20,713)(21,523)
Net Cash (Used in) Provided by Financing Activities(238,479)610,255 
Net Increase in Cash and Cash Equivalents512 92,953 
Cash and Cash Equivalents - Beginning70,515 101,615 
Cash and Cash Equivalents - Ending$71,027 $194,568 
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds$4,819 $8,618 
Interest$136,094 $69,707 
Non-cash investing and financing activities:
Acquisition of other real estate owned in settlement of loans$— $13,232 
Transfers from loans receivable to loans held-for-sale$10,754 $2,628 
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 nine months ended March 31, 2024 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 March 31, 2024, 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 April 25, 2024, the Company declared a quarterly cash dividend of $0.11 per share, payable on May 22, 2024 to stockholders of record as of May 8, 2024.
3.    RECENT ACCOUNTING PRONOUNCEMENTS
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU requires enhanced disclosures of segment information for all public entities, including those that have a single reportable segment, primarily in the area of segment revenues and expenses. Entities that have a single reportable segment, like the Company, will be required to provide all the disclosures required by this ASU and all existing segment disclosures requirements in ASC 280, Segment Reporting. This ASU is effective for the Company on July 1, 2024. The Company is currently evaluating the effect this ASU will have on the Company’s segment disclosures.
Recently Adopted Accounting Standards
In March 2022, the FASB issued 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.
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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.
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:
March 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Asset-backed securities$86,707 $193 $540 $— $86,360 
Collateralized loan obligations405,125 2,023 453 — 406,695 
Corporate bonds145,911 — 20,830 — 125,081 
Total debt securities637,743 2,216 21,823 — 618,136 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
437,009 7 92,044 — 344,972 
Commercial pass-through securities (1)
157,421 — 21,874 — 135,547 
Total mortgage-backed securities594,430 7 113,918 — 480,519 
    
Total securities available for sale$1,232,173 $2,223 $135,741 $— $1,098,655 
___________________________
(1)Government-sponsored enterprises.
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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.
March 31, 2024
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$14,345 $2 $271 $— $14,076 
Total debt securities14,345 2 271 — 14,076 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
113,075 — 13,727 — 99,348 
Commercial pass-through securities (1)
12,223 — 2,071 — 10,152 
Total mortgage-backed securities125,298 — 15,798 — 109,500 
    
Total securities held to maturity$139,643 $2 $16,069 $— $123,576 
___________________________
(1)Government-sponsored enterprises.
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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 $— $131,169 
___________________________
(1)Government-sponsored enterprises.
Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2024:
March 31, 2024
Amortized
Cost		Fair
Value
(In Thousands)
Available for sale debt securities:
Due in one year or less$— $— 
Due after one year through five years31,865 29,942 
Due after five years through ten years379,427 363,512 
Due after ten years226,451 224,682 
Total$637,743 $618,136 
March 31, 2024
Amortized
Cost		Fair
Value
(In Thousands)
Held to maturity debt securities:
Due in one year or less$5,629 $5,581 
Due after one year through five years8,108 7,908 
Due after five years through ten years608 587 
Due after ten years— — 
Total$14,345 $14,076 
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Three Months Ended
March 31,		Nine Months Ended
March 31,
2024202320242023
(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities$— $— $104,083 $105,199 
Gross realized losses$— $