v3.25.2
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of June 30, 2025 and 2024:
June 30, 2025
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$16,745 Other liabilities$5,149 
Total$16,745 $5,149 
June 30, 2024
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$54,362 Other liabilities$— 
Total$54,362 $— 
As of June 30, 2025 and 2024, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:
June 30, 2025June 30, 2024
(In Thousands)
Loans receivable:
Carrying amount of the hedged assets (1)
$777,737 $715,680 
Fair value hedging adjustment included in the carrying amount of the hedged assets$2,737 $(9,320)
________________________________________
(1)This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2025 and June 30, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.24 billion and $1.29 billion, respectively.
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income
The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the years ended June 30, 2025, 2024 and 2023:
Year Ended June 30,
202520242023
(In Thousands)
Amount of (loss) gain recognized in other comprehensive income$(5,490)$20,197 $39,002 
Amount of gain reclassified from accumulated other comprehensive income
  to interest expense
$26,470 $37,186 $20,393 
Amount of loss reclassified from accumulated other comprehensive income
  to interest income
$(57)$(248)$— 
Derivative Instruments, Gain (Loss)
The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the years ended June 30, 2025 and 2024:
Year Ended June 30,
20252024
(In Thousands)
Gain on hedged items recorded in interest income on loans$12,057 $2,117 
(Loss) gain on hedges recorded in interest income on loans$(5,356)$8,684 
Offsetting Derivatives
The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statement of Financial Condition as of June 30, 2025 and 2024, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Financial Condition.
June 30, 2025
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts OffsetNet Amounts PresentedFinancial InstrumentsCash Collateral Received (Posted)Net Amount
(In Thousands)
Assets:
Interest rate contracts$19,412 $(2,667)$16,745 $— $— $16,745 
Total$19,412 $(2,667)$16,745 $— $— $16,745 
Liabilities:
Interest rate contracts$7,816 $(2,667)$5,149 $— $(4,740)$409 
Total$7,816 $(2,667)$5,149 $— $(4,740)$409 
June 30, 2024
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts Offset Net Amounts PresentedFinancial InstrumentsCash Collateral Received (Posted)Net Amount
(In Thousands)
Assets:
Interest rate contracts$54,423 $(61)$54,362 $— $— $54,362 
Total$54,423 $(61)$54,362 $— $— $54,362 
Liabilities:
Interest rate contracts$61 $(61)$— $— $— $— 
Total$61 $(61)$— $— $— $—