v3.25.2
Securities (Tables)
 12 Months Ended
Jun. 30, 2025
Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available-for-Sale
The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:
 
                    
  At June 30, 2025
(In thousands)
  Amortized cost(1)     Unrealized gains      Unrealized losses      Fair value  
U.S. Treasury securities
$10,815   $ -    $362   $10,453 
U.S. government sponsored enterprises
 13,029     -     1,385    11,644 
State and political subdivisions
 208,450    1,394     -     209,844 
Mortgage-backed securities-residential
 34,382    212    3,007    31,587 
Mortgage-backed securities-multi-family
 88,874     -     14,277    74,597 
Corporate debt securities
 18,416    81    560    17,937 
Total securities available-for-sale
$373,966   $1,687   $19,591   $356,062 
 
                    
  At June 30, 2024
(In thousands)
  Amortized cost(1)     Unrealized gains      Unrealized losses      Fair value  
U.S. Treasury securities
$43,024   $ -    $1,829   $41,195 
U.S. government sponsored enterprises
 13,042     -     2,068    10,974 
State and political subdivisions
 169,842    828    1    170,669 
Mortgage-backed securities-residential
 40,402    67    3,894    36,575 
Mortgage-backed securities-multi-family
 90,261     -     17,961    72,300 
Corporate debt securities
 19,608    15    1,335    18,288 
Total securities available-for-sale
$376,179   $910   $27,088   $350,001 
 
(1)
Amortized cost excludes accrued interest receivable of $4.5 million and $4.0 million at June 30, 2025 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
Amortized Cost, Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity
The following tables summarize the amortized cost, fair value, and the allowance for credit losses on securities held-to-maturity by major type:
 
                              
  At June 30, 2025
(In thousands)
  Amortized
cost(1)		     Unrealized
gains 		     Unrealized
losses 		     Fair value      Allowance      Net carrying
value 		 
Securities held-to-maturity:
                            
U.S. Treasury securities
$15,850   $ -    $868   $14,982   $ -    $15,850 
State and political subdivisions
 460,959    8,938    32,028    437,869    40    460,919 
Mortgage-backed securities-residential
 138,468    1,388    2,327    137,529     -     138,468 
Mortgage-backed securities-multi-family
 130,119     -     11,963    118,156     -     130,119 
Corporate debt securities
 31,270    55    1,756    29,569    507    30,763 
Other securities
 29     -      -     29    1    28 
Total securities held-to-maturity
$776,695   $10,381   $48,942   $738,134   $548   $776,147 
 
                              
  At June 30, 2024
(In thousands)
  Amortized
cost(1)		     Unrealized
gains 		     Unrealized
losses 		         Fair value      Allowance      Net carrying
value 		 
U.S. Treasury securities
$23,785   $ -    $1,749   $22,036   $ -    $23,785 
State and political subdivisions
 450,343    4,541    40,235    414,649    44    450,299 
Mortgage-backed securities-residential
 48,033    51    3,314    44,770     -     48,033 
Mortgage-backed securities-multi-family
 143,363     -     17,397    125,966     -     143,363 
Corporate debt securities
 25,282    12    2,505    22,789    438    24,844 
Other securities
 31     -      -     31    1    30 
Total securities held-to-maturity
$690,837   $4,604   $65,200   $630,241   $483   $690,354 
 
(1)
Amortized cost excludes accrued interest receivable of $4.9 million and $4.1 million at June 30, 2025 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
Allowance for Credit Losses on Securities Held-to-Maturity
The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity at the year ended:
 
        
(In thousands)
  June 30, 2025      June 30, 2024  
Balance at beginning of year
$483   $ -  
Adoption of ASU 2016-13 (CECL) on July 1, 2023
  -     503 
Provision (benefit) for credit losses
 65    (20) 
Balance at end of year
$548   $483 
Securities in Continuous Unrealized Loss Position
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2025.
 
                            
                            
                                     
  Less than 12 months More than 12 months Total
(In thousands, except number of securities)
  Fair  
value 		    Unrealized
losses 		    Number
of
securities 		    Fair  
value 		    Unrealized
losses 		    Number
of
 securities 		    Fair
  value 		    Unrealized
losses 		    Number  
of
securities 		 
Securities available-for-sale:
                                   
U.S. Treasury securities
$241  $1   1  $10,212  $361   5  $10,453  $362   6 
U.S. government sponsored enterprises
  -     -     -    11,644   1,385   5   11,644   1,385   5 
State and political subdivisions
  -     -     -    43    -    1   43    -    1 
Mortgage-backed securities-residential
  -     -     -    20,872   3,007   21   20,872   3,007   21 
Mortgage-backed securities-multi-family
  -     -     -    74,597   14,277   30   74,597   14,277   30 
Corporate debt securities
  -     -     -    15,919   560   11   15,919   560   11 
Total securities available-for-sale
 241   1   1   133,287   19,590   73   133,528   19,591   74 
Securities held-to-maturity:
                                   
U.S. Treasury securities
  -     -     -    14,982   868   5   14,982   868   5 
State and political subdivisions
 23,577   339   154   231,645   31,689   1,511   255,222   32,028   1,665 
Mortgage-backed securities-residential
 9,470   151   4   26,541   2,176   26   36,011   2,327   30 
Mortgage-backed securities-multi-family
  -     -     -    118,156   11,963   45   118,156   11,963   45 
Corporate debt securities
 3,705   45   3   22,209   1,711   17   25,914   1,756   20 
Total securities held-to-maturity
 36,752   535   161   413,533   48,407   1,604   450,285   48,942   1,765 
Total securities
$36,993  $536   162  $546,820  $67,997   1,677  $583,813  $68,533   1,839 
 
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2024.
                                     
  Less than 12 months More than 12 months Total
(In thousands, except number of securities)
  Fair
value 		    Unrealized
losses 		    Number
of
securities 		    Fair
value 		    Unrealized
losses 		    Number
of
securities 		    Fair
value 		    Unrealized
losses 		    Number
of
securities 		 
Securities available-for-sale:
                                   
U.S. Treasury securities
$24,574  $215   1  $16,621  $1,614   8  $41,195  $1,829   9 
U.S. government sponsored enterprises
  -     -     -    10,974   2,068   5   10,974   2,068   5 
State and political subdivisions
  -     -     -    62   1   1   62   1   1 
Mortgage-backed securities-residential
 1,913   8   2   22,700   3,886   23   24,613   3,894   25 
Mortgage-backed securities-multi-family
  -     -     -    72,300   17,961   31   72,300   17,961   31 
Corporate debt securities
  -     -     -    16,360   1,335   16   16,360   1,335   16 
Total securities available-for-sale
 26,487   223   3   139,017   26,865   84   165,504   27,088   87 
Securities held-to-maturity:
                                   
U.S. treasury securities
  -     -     -    22,036   1,749   7   22,036   1,749   7 
State and political subdivisions
 32,215   474   294   278,521   39,761   2,025   310,736   40,235   2,319 
Mortgage-backed securities-residential
  -     -     -    29,510   3,314   28   29,510   3,314   28 
Mortgage-backed securities-multi-family
  -     -     -    125,966   17,397   47   125,966   17,397   47 
Corporate debt securities
  -     -     -    20,276   2,505   41   20,276   2,505   41 
Total securities held-to-maturity
 32,215   474   294   476,309   64,726   2,148   508,524   65,200   2,442 
Total securities
$58,702  $697   297  $615,326  $91,591   2,232  $674,028  $92,288   2,529 
Investments Classified by Contractual Maturity Date
The estimated fair values of debt securities at June 30, 2025, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
        
Securities available-for-sale
  Amortized cost      Fair value  
Within one year
$212,369   $213,657 
After one year through five years
 27,914    27,107 
After five years through ten years
 10,427    9,114 
After ten years
  -      -  
Total securities available-for-sale
 250,710    249,878 
Mortgage-backed and asset-backed securities
 123,256    106,184 
Total securities available-for-sale
 373,966    356,062 
          
Securities held-to-maturity
        
Within one year
 55,541    55,544 
After one year through five years
 163,832    163,486 
After five years through ten years
 203,326    186,454 
After ten years
 85,409    76,965 
Total securities held-to-maturity
 508,108    482,449 
Mortgage-backed securities
 268,587    255,685 
Total securities held-to-maturity
 776,695    738,134 
Total securities
$1,150,661   $1,094,196