v3.25.2
Loans Receivable
 12 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans Receivable Loans Receivable
The following table sets forth the composition of the Company’s loan portfolio at June 30, 2025 and 2024:
June 30,
2025		June 30,
2024
(In Thousands)
Commercial loans:
Multi-family mortgage$2,709,654 $2,645,851 
Nonresidential mortgage986,556 948,075 
Commercial business138,755 142,747 
Construction177,713 209,237 
Total commercial loans4,012,678 3,945,910 
One- to four-family residential mortgage1,748,591 1,756,051 
Consumer loans:
Home equity loans 50,737 44,104 
Other consumer2,533 2,685 
Total consumer loans53,270 46,789 
Total loans5,814,539 5,748,750 
Unaccreted yield adjustments (1)
(1,602)(15,963)
Total loans receivable, net of yield adjustments$5,812,937 $5,732,787 
___________________________
(1)At June 30, 2025 and 2024, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans.
The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. As of June 30, 2025 and 2024, such loans totaled approximately $2.3 million and $2.4 million, respectively. During the fiscal year ended June 30, 2025, the Bank granted one new loan to a related party totaling $13,000. During the fiscal year ended June 30, 2024, the Bank granted no new loans to related parties.
Past Due Loans
Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of June 30, 2025 and 2024, by loan segment:
Payment Status
June 30, 2025
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$— $5,270 $22,218 $27,488 $2,682,166 $2,709,654 
Nonresidential mortgage926 — 4,937 5,863 980,693 986,556 
Commercial business— 400 1,301 1,701 137,054 138,755 
Construction— — — — 177,713 177,713 
One- to four-family residential mortgage1,350 2,890 3,643 7,883 1,740,708 1,748,591 
Home equity loans 176 96 204 476 50,261 50,737 
Other consumer— — — — 2,533 2,533 
Total loans$2,452 $8,656 $32,303 $43,411 $5,771,128 $5,814,539 
Payment Status
June 30, 2024
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$— $— $19,888 $19,888 $2,625,963 $2,645,851 
Nonresidential mortgage6,149 — 3,249 9,398 938,677 948,075 
Commercial business37 64 613 714 142,033 142,747 
Construction— — — — 209,237 209,237 
One- to four-family residential mortgage800 2,951 2,877 6,628 1,749,423 1,756,051 
Home equity loans 208 — 44 252 43,852 44,104 
Other consumer— — 5 5 2,680 2,685 
Total loans$7,194 $3,015 $26,676 $36,885 $5,711,865 $5,748,750 
Nonperforming Loans
Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all P&I payment owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the fiscal years ended June 30, 2025, 2024 and 2023.
The following tables present information relating to the Company’s nonperforming loans as of June 30, 2025 and 2024:
Performance Status
June 30, 2025
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for
Credit Losses		Nonaccrual Loans with no Allowance for
Credit Losses		Total NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $15,867 $14,990 $30,857 $2,678,797 $2,709,654 
Nonresidential mortgage— — 5,763 5,763 980,793 986,556 
Commercial business— 1,930 293 2,223 136,532 138,755 
Construction— — — — 177,713 177,713 
One- to four-family residential mortgage— 2,862 3,688 6,550 1,742,041 1,748,591 
Home equity loans — 188 16 204 50,533 50,737 
Other consumer— — — — 2,533 2,533 
Total loans$— $20,847 $24,750 $45,597 $5,768,942 $5,814,539 
Performance Status
June 30, 2024
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for
Credit Losses		Nonaccrual Loans with no Allowance for
Credit Losses		Total NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $— $22,591 $22,591 $2,623,260 $2,645,851 
Nonresidential mortgage— 5,695 4,128 9,823 938,252 948,075 
Commercial business— 714 — 714 142,033 142,747 
Construction— — — — 209,237 209,237 
One- to four-family residential mortgage— 2,295 4,410 6,705 1,749,346 1,756,051 
Home equity loans — — 44 44 44,060 44,104 
Other consumer— — 5 5 2,680 2,685 
Total loans$— $8,704 $31,178 $39,882 $5,708,868 $5,748,750 
Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis at June 30, 2025 and 2024, of loan modifications made to borrowers experiencing financial difficulty that were restructured during the fiscal years ended June 30, 2025 and 2024, by type of modification:
Year Ended June 30, 2025
Payment DelayTerm ExtensionPayment Delay, Term Extension and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$31,135 $— $2,582 $33,717 1.24 %
Nonresidential mortgage169 — — 169 0.02 %
Commercial business44 — — 44 0.03 %
Total$31,348 $— $2,582 $33,930 
Year Ended June 30, 2024
Payment DelayTerm ExtensionPayment Delay, Term Extension and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$2,774 $— $— $2,774 0.10 %
Nonresidential mortgage— 786 — 786 0.08 %
Commercial business45 — — 45 0.03 %
One- to four-family residential mortgage960 45 — 1,005 0.06 %
Home equity loans— 25 — 25 0.06 %
Total$3,779 $856 $— $4,635 

No modifications involved forgiveness of principal for the fiscal years ended June 30, 2025 and 2024. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at June 30, 2025 and June 30, 2024.

During the year ended June 30, 2025, one multi-family mortgage loan with a carrying value of $8.6 million were modified and subsequently defaulted on payment. During the year ended June 30, 2024, two residential mortgage loans with a carrying value of $514,000 were modified and subsequently defaulted on payment. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period.

The following table presents the payment status of the loans that were modified to borrowers experiencing financial difficulties in the last twelve months:

June 30, 2025
Current30-89 Days Past Due90 Days or More Past DueTotal Past DueNon-Accrual
(Dollars In Thousands)
Multi-family mortgage$22,571 $2,582 $8,564 $11,146 $14,515 
Nonresidential mortgage169 — — — 169 
Commercial business44 — — — 44 
Total$22,784 $2,582 $8,564 $11,146 $14,728 
Individually Analyzed Loans
Individually analyzed loans include loans which do not share similar risk characteristics with other loans. As of June 30, 2025, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $45.6 million, of which $37.8 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 allowance for credit losses 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 17 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:
June 30, 2025June 30, 2024
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
(In Thousands)
Commercial loans:
Multi-family mortgage$30,808 $1,377 $22,591 $— 
Nonresidential mortgage (1)
4,697 — 8,598 508 
Total commercial loans35,505 1,377 31,189 508 
One- to four-family residential mortgage (2)
2,264 — 1,406 — 
Consumer loans:
Home equity loans (2)
16 — 18 — 
Total $37,785 $1,377 $32,613 $508 
________________________________________
(1)Secured by income-producing nonresidential property.
(2)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 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 June 30, 2025 by loan segment and vintage year:
Term Loans by Origination Year for Fiscal Years ended June 30,Revolving Loans
20252024202320222021PriorTotal
(In Thousands)
Multi-family mortgage:
Pass$146,525 $26,430 $591,647 $939,414 $219,907 $720,674 $— $2,644,597 
Special Mention— — — — — — — — 
Substandard— — — — 11,830 53,227 — 65,057 
Doubtful— — — — — — — — 
Total multi-family mortgage146,525 26,430 591,647 939,414 231,737 773,901 — 2,709,654 
Multi-family current period gross charge-offs— — — — — — — — 
Nonresidential mortgage:
Pass132,407 81,426 102,965 190,781 107,519 352,364 49 967,511 
Special Mention— — — — 945 6,187 — 7,132 
Substandard— — — — 851 11,062 — 11,913 
Doubtful— — — — — — — — 
Total nonresidential mortgage132,407 81,426 102,965 190,781 109,315 369,613 49 986,556 
Nonresidential current period gross charge-offs— — — — — 830 — 830 
Commercial business:
Pass23,729 9,355 5,718 20,915 14,264 7,608 53,647 135,236 
Special Mention— — — 1,043 125 — — 1,168 
Substandard87 400 — — — 1,735 129 2,351 
Doubtful— — — — — — — — 
Total commercial business23,816 9,755 5,718 21,958 14,389 9,343 53,776 138,755 
Commercial current period gross charge-offs— — — — — 295 — 295 
Construction loans:
Pass41,990 85,712 — 979 8,991 3,362 5,735 146,769 
Special Mention— — — — 5,950 — — 5,950 
Substandard— 4,500 — — 20,494 — — 24,994 
Doubtful— — — — — — — — 
Total construction loans41,990 90,212 — 979 35,435 3,362 5,735 177,713 
Construction current period gross charge-offs— — — — — — — — 
Residential mortgage:
Pass138,854 160,333 174,947 410,255 432,804 417,105 5 1,734,303 
Special Mention— — — — — 687 — 687 
Substandard— 299 1,459 773 799 10,271 — 13,601 
Doubtful— — — — — — — — 
Total residential mortgage138,854 160,632 176,406 411,028 433,603 428,063 5 1,748,591 
Residential current period gross charge-offs— — — — — 2 — 2 
Home equity loans:
Pass800 1,690 4,606 1,648 302 7,612 33,553 50,211 
Special Mention— — — — — — 96 96 
Substandard— 96 — 83 — 180 71 430 
Doubtful— — — — — — — — 
Total home equity loans800 1,786 4,606 1,731 302 7,792 33,720 50,737 
Home equity current period gross charge-offs— — — — — 2 — 2 
Other consumer loans:
Pass605 343 189 86 236 976 26 2,461 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — 72 72 
Other consumer loans605 343 189 86 236 976 98 2,533 
Other consumer current period gross charge-offs— — — — — 7 — 7 
Total loans$484,997 $370,584 $881,531 $1,565,977 $825,017 $1,593,050 $93,383 $5,814,539 
Total current period gross charge-offs$— $— $— $— $— $1,136 $— $1,136 
The following table presents the risk category of loans as of June 30, 2024 by loan segment and vintage year:
Term Loans by Origination Year for Fiscal Years ended June 30,Revolving Loans
20242023202220212020PriorTotal
(In Thousands)
Multi-family mortgage:
Pass$26,683 $596,321 $949,690 $219,850 $201,611 $607,332 $— $2,601,487 
Special Mention— — — — — 6,475 — 6,475 
Substandard— — — 9,570 — 28,319 — 37,889 
Doubtful— — — — — — — — 
Total multi-family mortgage26,683 596,321 949,690 229,420 201,611 642,126 — 2,645,851 
Multi-family current period gross charge-offs— — — — — 398 — 398 
Nonresidential mortgage:
Pass87,380 105,768 199,829 90,312 44,598 389,680 30 917,597 
Special Mention— — — 447 — 14,714 — 15,161 
Substandard— — — 867 — 14,450 — 15,317 
Doubtful— — — — — — — — 
Total nonresidential mortgage87,380 105,768 199,829 91,626 44,598 418,844 30 948,075 
Nonresidential current period gross charge-offs— — — — — 5,975 — 5,975 
Commercial business:
Pass12,152 8,273 27,615 18,242 4,337 7,863 56,592 135,074 
Special Mention— — 1,559 437 — 1,754 — 3,750 
Substandard— — — — 1,767 2,003 153 3,923 
Doubtful— — — — — — — — 
Total commercial business12,152 8,273 29,174 18,679 6,104 11,620 56,745 142,747 
Commercial current period gross charge-offs— — — 3,391 464 11 — 3,866 
Construction loans:
Pass51,261 45,180 14,284 62,584 2,602 3,647 5,735 185,293 
Special Mention3,450 — — 20,494 — — — 23,944 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Total construction loans54,711 45,180 14,284 83,078 2,602 3,647 5,735 209,237 
Residential mortgage:
Pass185,034 184,737 431,346 458,696 77,442 406,677 291 1,744,223 
Special Mention— — — — — 1,453 — 1,453 
Substandard— 509 796 — — 9,070 — 10,375 
Doubtful— — — — — — — — 
Total residential mortgage185,034 185,246 432,142 458,696 77,442 417,200 291 1,756,051 
Residential current period gross charge-offs— — — — — 37 — 37 
Home equity loans:
Pass1,919 5,698 2,173 347 1,019 8,086 24,535 43,777 
Special Mention— — — — — — 93 93 
Substandard— — — — — 234 — 234 
Doubtful— — — — — — — — 
Total home equity loans1,919 5,698 2,173 347 1,019 8,320 24,628 44,104 
Other consumer loans:
Pass804 211 204 127 224 990 39 2,599 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — 86 86 
Other consumer loans804 211 204 127 224 990 125 2,685 
Total loans$368,683 $946,697 $1,627,496 $881,973 $333,600 $1,502,747 $87,554 $5,748,750 
Total current period gross charge-offs$— $— $— $3,391 $464 $6,421 $— $10,276 
Purchased Credit Deteriorated (“PCD”) Loans
PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic.
As of June 30, 2025, the carrying amount of PCD loans was $12.7 million, with an associated allowance for credit losses of $175,000, compared to a carrying amount of $15.7 million and an allowance for credit losses of $141,000 as of June 30, 2024.
Residential Mortgage Loans in Foreclosure
The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of June 30, 2025 and 2024, the Company held no nonresidential property in other real estate owned that was acquired through foreclosure on a nonresidential mortgage loan. As of the same dates, the Company held three residential mortgage loans with aggregate carrying values totaling $2.2 million and $1.2 million, respectively, and six commercial mortgage loans with aggregate carrying values totaling $23.7 million and $13.6 million, respectively, which were in the process of foreclosure.