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.


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In Thousands)
Available for sale:
Debt securities:

Asset-backed securities	$	60,255	$	59	$	816	$	—	$	59,498
Collateralized loan obligations	322,407		956		118		—		323,245
Corporate bonds	149,550		235		9,668		—		140,117
Total debt securities	532,212		1,250		10,602		—		522,860

Mortgage-backed securities:

Residential pass-through securities (1)	440,168		329		83,178		—		357,319
Commercial pass-through securities (1)	152,731		436		20,377		—		132,790
Total mortgage-backed securities	592,899		765		103,555		—		490,109

Total securities available for sale	$	1,125,111	$	2,015	$	114,157	$	—	$	1,012,969


	June 30, 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	$	80,305	$	217	$	82	$	—	$	80,440
Collateralized loan obligations	386,983		2,574		14		—		389,543
Corporate bonds	150,891		64		19,158		—		131,797
Total debt securities	618,179		2,855		19,254		—		601,780

Mortgage-backed securities:

Residential pass-through securities (1)	429,473		2		92,211		—		337,264
Commercial pass-through securities (1)	155,854		63		22,128		—		133,789
Total mortgage-backed securities	585,327		65		114,339		—		471,053

Total securities available for sale	$	1,203,506	$	2,920	$	133,593	$	—	$	1,072,833


	June 30, 2025
	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	$	7,553	$	1	$	74	$	—	$	7,480
Total debt securities	7,553		1		74		—		7,480

Mortgage-backed securities:
Residential pass-through securities (1)	100,482		102		12,024		—		88,560
Commercial pass-through securities (1)	12,182		—		1,510		—		10,672
Total mortgage-backed securities	112,664		102		13,534		—		99,232

Total securities held to maturity	$	120,217	$	103	$	13,608	$	—	$	106,712


	June 30, 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	$	12,913	$	—	$	277	$	—	$	12,636
Total debt securities	12,913		—		277		—		12,636

Mortgage-backed securities:
Residential pass-through securities (1)	110,614		—		14,134		—		96,480
Commercial pass-through securities (1)	12,215		—		2,053		—		10,162
Total mortgage-backed securities	122,829		—		16,187		—		106,642

Total securities held to maturity	$	135,742	$	—	$	16,464	$	—	$	119,278


	June 30, 2025
	Amortized Cost		Fair Value
	(In Thousands)
Available for sale debt securities:
Due in one year or less	$	—	$	—
Due after one year through five years	22,025		21,258
Due after five years through ten years	407,610		399,835
Due after ten years	102,577		101,767
Total	$	532,212	$	522,860


	June 30, 2025
	Amortized Cost		Fair Value
	(In Thousands)
Held to maturity debt securities:
Due in one year or less	$	3,229	$	3,215
Due after one year through five years	4,324		4,265
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	7,553	$	7,480


	Year Ended June 30,
	2025		2024		2023
	(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities	$	—	$	104,083	$	105,199


Gross realized losses	$	—	$	(18,135)	$	(15,227)
Net (loss) gain on sales of securities	$	—	$	(18,135)	$	(15,227)


	June 30, 2025		June 30, 2024
	(In Thousands)
Securities pledged:

Pledged to secure public funds on deposit	$	475,234	$	100,238
Pledged for potential borrowings at the Federal Reserve Bank of New York	66,811		482,044
Pledged for the bank term funding program	—		88,899
Total carrying value of securities pledged	$	542,045	$	671,181

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 June 30, 2025 and 2024:


	June 30, 2025
	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	$	29,860	$	493	$	18,526	$	323	7	$	48,386	$	816
Collateralized loan obligations	105,251		82		14,964		36		8	120,215		118
Corporate bonds	1,987		38		112,395		9,630		22	114,382		9,668

Commercial pass-through securities	—		—		109,817		20,377		7	109,817		20,377
Residential pass-through securities	21,942		109		314,871		83,069		99	336,813		83,178

Total	$	159,040	$	722	$	570,573	$	113,435	143	$	729,613	$	114,157


	June 30, 2024
	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	$	14,093	$	16	$	43,411	$	66	8	$	57,504	$	82
Collateralized loan obligations	3,863		—		24,986		14		4	28,849		14
Corporate bonds	—		—		121,733		19,158		26	121,733		19,158

Commercial pass-through securities	—		—		110,741		22,128		8	110,741		22,128
Residential pass-through securities	141		2		336,772		92,209		103	336,913		92,211

Total	$	18,097	$	18	$	637,643	$	133,575	149	$	655,740	$	133,593

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 (Loss) 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 June 30, 2025. 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 June 30, 2025 on available for sale securities.

The sales of available for sale securities during the years ended June 30, 2024 and June 30, 2023, were part of wholesale restructurings and the proceeds were reinvested in higher yielding securities. The Company was not required to sell these securities. There were no sales of securities during the year ended June 30, 2025.

At June 30, 2025, the held to maturity securities portfolio consisted 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 June 30, 2025 on held to maturity securities.