v3.26.1
Securities (Tables)
 9 Months Ended
Mar. 31, 2026
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 March 31, 2026  
(In thousands)
   Amortized
cost (1)		     Unrealized
gains 		     Unrealized
losses 		     Fair value  
U.S. Treasury securities
 $ 5,836   $ -    $ 47   $ 5,789 
U.S. government sponsored enterprises
   7,097       -      726     6,371 
State and political subdivisions
   214,530     1,113       -      215,643 
Mortgage-backed securities-residential
   53,539     209     2,869     50,879 
Mortgage-backed securities-multi-family
   88,524       -      12,620     75,904 
Corporate debt securities
   15,954     57     396     15,615 
Total securities available-for-sale
 $ 385,480   $ 1,379   $ 16,658   $ 370,201 
 
                 
                     
    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 
 
(1)
Amortized cost excludes accrued interest receivable of $5.1 million and $4.5 million at March 31, 2026 and June 30, 2025, 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 allowance for credit loss on securities held-to-maturity by major type:
 
                         
                                     
     At March 31, 2026  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
    
Allowance
    
Net carrying
value
 
U.S. Treasury securities
 $ 13,890   $ -    $ 633   $ 13,257   $ -    $ 13,890 
State and political subdivisions
   479,636     10,492     27,595     462,533     52     479,584 
Mortgage-backed securities-residential
   171,074     1,066     2,489     169,651       -      171,074 
Mortgage-backed securities-multi-family
   121,738       -      9,727     112,011       -      121,738 
Corporate debt securities
   28,500     166     1,066     27,600     497     28,003 
Other securities
   26       -        -      26     1     25 
Total securities held-to-maturity
 $ 814,864   $ 11,724   $ 41,510   $ 785,078   $ 550   $ 814,314 
 
                         
                                     
     At June 30, 2025  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
    
Allowance
    
Net carrying
value
 
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 
 
(1)
Amortized cost excludes accrued interest receivable of $7.0 million and $4.9 million at March 31, 2026 and June 30, 2025, 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:
 
             
    For the three months ended March 31,  
(In thousands)
   2026      2025  
Balance at beginning of period
 $ 616   $ 439 
Benefit for credit losses
   (66)     (17) 
Balance at end of period
 $ 550   $ 422 
 
             
    For the nine months ended March 31,  
(In thousands)
   2026      2025  
Balance at beginning of period
 $ 548   $ 483 
Provision (benefit) for credit losses
   2     (61) 
Balance at end of period
 $ 550   $ 422 
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 March 31, 2026.
 
                                     
                                     
                                     
                                     
                                     
                                     
                                              
  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
 $245   $ -     1   $5,544   $47    3   $5,789   $47    4 
U.S. government sponsored enterprises
    -       -      -     6,371    726    2    6,371    726    2 
State and political subdivisions
    -       -      -     22      -     1    22      -     1 
Mortgage-backed securities-residential
  18,040    294    7    19,469    2,575    17    37,509    2,869    24 
Mortgage-backed securities-multi-family
    -       -      -     75,904    12,620    30    75,904    12,620    30 
Corporate debt securities
  443    57    1    13,160    339    8    13,603    396    9 
Total securities available-for-sale
  18,728    351    9    120,470    16,307    61    139,198    16,658    70 
Securities held-to-maturity:
                                            
U.S. Treasury securities
    -       -      -     13,257    633    4    13,257    633    4 
State and political subdivisions
  28,030    742    208    212,156    26,853    1,282    240,186    27,595    1,490 
Mortgage-backed securities-residential
  72,274    689    21    23,971    1,800    23    96,245    2,489    44 
Mortgage-backed securities-multi-family
    -       -      -     112,011    9,727    42    112,011    9,727    42 
Corporate debt securities
  6,876    124    3    14,307    942    16    21,183    1,066    19 
Total securities held-to-maturity
  107,180    1,555    232    375,702    39,955    1,367    482,882    41,510    1,599 
Total securities
 $125,908   $1,906    241   $496,172   $56,262    1,428   $622,080   $58,168    1,669 
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 
Investments Classified by Contractual Maturity Date
The estimated fair values of debt securities at March 31, 2026, 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
 $ 224,210   $ 225,189 
After one year through five years
   17,707     16,915 
After five years through ten years
   1,500     1,314 
After ten years
     -        -  
Total securities available-for-sale
   243,417     243,418 
Mortgage-backed securities
   142,063     126,783 
Total securities available-for-sale
   385,480     370,201 
             
Securities held-to-maturity
           
Within one year
   59,684     59,855 
After one year through five years
   165,386     166,259 
After five years through ten years
   219,887     204,021 
After ten years
   77,095     73,281 
Total securities held-to-maturity
   522,052     503,416 
Mortgage-backed securities
   292,812     281,662 
Total securities held-to-maturity
   814,864     785,078 
Total securities
 $ 1,200,344   $ 1,155,279