v3.26.1
Loans Receivable
 12 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Loans Receivable Loans Receivable
The following table sets forth the composition of the Company’s loan portfolio at June 30, 2026 and 2025:
June 30,
2026		June 30,
2025
(In Thousands)
Commercial loans:
Multi-family mortgage$2,499,894 $2,709,654 
Nonresidential mortgage1,019,445 986,556 
Commercial and industrial223,927 138,755 
Construction263,200 177,713 
Total commercial loans4,006,466 4,012,678 
One- to four-family residential mortgage1,789,865 1,748,591 
Consumer loans:
Home equity loans 79,844 50,737 
Other consumer2,387 2,533 
Total consumer loans82,231 53,270 
Total loans5,878,562 5,814,539 
Unaccreted yield adjustments (1)
(3,237)(1,602)
Total loans receivable, net of yield adjustments$5,875,325 $5,812,937 
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(1)At June 30, 2026 and 2025, 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, 2026 and 2025, such loans totaled approximately $2.2 million and $2.3 million, respectively. No new related party loans were originated during the year ended June 30, 2026, compared to one loan totaling $13,000 during the year ended June 30, 2025.
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, 2026 and 2025, by loan segment:
Payment Status
June 30, 2026
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$2,404 $— $31,170 $33,574 $2,466,320 $2,499,894 
Nonresidential mortgage— — 203 203 1,019,242 1,019,445 
Commercial and industrial— — 205 205 223,722 223,927 
Construction— — 2,755 2,755 260,445 263,200 
One- to four-family residential mortgage1,791 1,683 4,390 7,864 1,782,001 1,789,865 
Home equity loans 151 198 21 370 79,474 79,844 
Other consumer— — — — 2,387 2,387 
Total loans$4,346 $1,881 $38,744 $44,971 $5,833,591 $5,878,562 
Payment Status
June 30, 2025
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$— $5,270 $22,218 $27,488 $2,682,166 $2,709,654 
Nonresidential mortgage926 — 4,937 5,863 980,693 986,556 
Commercial and industrial— 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 $5,814,539 
Nonperforming Loans
Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all P&I payment owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the fiscal years ended June 30, 2026, 2025 and 2024.
The following tables present information relating to the Company’s nonperforming loans as of June 30, 2026 and 2025:
Performance Status
June 30, 2026
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for
Credit Losses		Nonaccrual Loans with no Allowance for
Credit Losses		Total NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $10,617 $26,263 $36,880 $2,463,014 $2,499,894 
Nonresidential mortgage— — 360 360 1,019,085 1,019,445 
Commercial and industrial— 197 265 462 223,465 223,927 
Construction— — 2,755 2,755 260,445 263,200 
One- to four-family residential mortgage— 2,929 4,393 7,322 1,782,543 1,789,865 
Home equity loans — — 117 117 79,727 79,844 
Other consumer— — — — 2,387 2,387 
Total loans$— $13,743 $34,153 $47,896 $5,830,666 $5,878,562 
Performance Status
June 30, 2025
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for
Credit Losses		Nonaccrual Loans with no Allowance for
Credit Losses		Total NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $15,867 $14,990 $30,857 $2,678,797 $2,709,654 
Nonresidential mortgage— — 5,763 5,763 980,793 986,556 
Commercial and industrial— 1,930 293 2,223 136,532 138,755 
Construction— — — — 177,713 177,713 
One- to four-family residential mortgage— 2,862 3,688 6,550 1,742,041 1,748,591 
Home equity loans — 188 16 204 50,533 50,737 
Other consumer— — — — 2,533 2,533 
Total loans$— $20,847 $24,750 $45,597 $5,768,942 $5,814,539 
Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis at June 30, 2026 and 2025, of loan modifications made to borrowers experiencing financial difficulty that were restructured during the fiscal years ended June 30, 2026 and 2025, by type of modification:
Year Ended June 30, 2026
Payment DelayTerm ExtensionTerm Extension and Payment DelayPayment Delay and Interest Rate ReductionTerm Extension and Interest Rate ReductionTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$2,404 $— $9,339 $15,339 $— $27,082 1.08 %
Commercial and industrial— — — — 696 696 0.31 %
One- to four-family residential mortgage221 6 — — — 227 0.01 %
Total$2,625 $6 $9,339 $15,339 $696 $28,005 
Year Ended June 30, 2025
Payment DelayTerm ExtensionTerm Extension and Payment DelayPayment Delay and Interest Rate ReductionTerm Extension and Interest Rate ReductionTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$22,571 $— $— $11,146 $— $33,717 1.24 %
Nonresidential mortgage169 — — — — 169 0.02 %
Commercial and industrial44 — — — — 44 0.03 %
Total$22,784 $— $— $11,146 $— $33,930 

No modifications involved forgiveness of principal for the fiscal years ended June 30, 2026 and 2025. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at June 30, 2026 and June 30, 2025.

During the year ended June 30, 2026, there were no loans which were modified and subsequently defaulted on payment. During the year ended June 30, 2025, one multi-family mortgage loan with a carrying value of $8.6 million was 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, 2026
Current30-89 Days Past Due90 Days or More Past DueTotal Past DueNon-Accrual
(Dollars In Thousands)
Multi-family mortgage$24,678 $2,404 $— $2,404 $— 
Commercial and industrial696 — — — — 
One- to four-family residential mortgage227 — — — 141 
Total$25,601 $2,404 $— $2,404 $141 
Individually Analyzed Loans
Individually analyzed loans include loans which do not share similar risk characteristics with other loans. As of June 30, 2026, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $47.9 million, of which $40.2 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, 2026June 30, 2025
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
(In Thousands)
Commercial loans:
Multi-family mortgage$36,738 $1,054 $30,808 $1,377 
Nonresidential mortgage (1)
— — 4,697 — 
Construction2,755 — — — 
Total commercial loans39,493 1,054 35,505 1,377 
One- to four-family residential mortgage (2)
687 — 2,264 — 
Consumer loans:
Home equity loans13 — 16 — 
Total $40,193 $1,054 $37,785 $1,377 
________________________________________
(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 are 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, 2026 by loan segment and vintage year:
Term Loans by Origination Year for Fiscal Years ended June 30,Revolving Loans
20262025202420232022PriorTotal
(In Thousands)
Multi-family mortgage:
Pass$39,301 $143,047 $23,201 $562,037 $873,965 $788,979 $— $2,430,530 
Special Mention— — — — — — — — 
Substandard— — — — 1,524 67,840 — 69,364 
Doubtful— — — — — — — — 
Total multi-family mortgage39,301 143,047 23,201 562,037 875,489 856,819 — 2,499,894 
Multi-family current period gross charge-offs— — — — — 1,208 — 1,208 
Nonresidential mortgage:
Pass127,046 128,995 79,932 94,561 184,548 401,984 — 1,017,066 
Special Mention— — — — — 757 — 757 
Substandard— — — — — 1,622 — 1,622 
Doubtful— — — — — — — — 
Total nonresidential mortgage127,046 128,995 79,932 94,561 184,548 404,363 — 1,019,445 
Nonresidential current period gross charge-offs— — — — — 5 — 5 
Commercial and industrial:
Pass99,867 16,182 6,941 4,239 14,850 15,904 61,967 219,950 
Special Mention— — 696 — 2,639 98 — 3,433 
Substandard— 81 — — — 463 — 544 
Doubtful— — — — — — — — 
Total commercial and industrial99,867 16,263 7,637 4,239 17,489 16,465 61,967 223,927 
Commercial current period gross charge-offs— — 400 — — 859 — 1,259 
Construction loans:
Pass87,057 83,649 80,149 — 1,129 2,726 5,735 260,445 
Special Mention— — — — — — — — 
Substandard— — — — — 2,755 — 2,755 
Doubtful— — — — — — — — 
Total construction loans87,057 83,649 80,149 — 1,129 5,481 5,735 263,200 
Construction current period gross charge-offs— — — — — — — — 
Residential mortgage:
Pass216,253 119,726 124,983 164,032 390,804 759,888 418 1,776,104 
Special Mention— — — — — 326 — 326 
Substandard— — 947 1,639 1,239 9,610 — 13,435 
Doubtful— — — — — — — — 
Total residential mortgage216,253 119,726 125,930 165,671 392,043 769,824 418 1,789,865 
Residential current period gross charge-offs— — — — — 47 — 47 
Home equity loans:
Pass60 389 1,385 3,576 1,387 6,201 66,446 79,444 
Special Mention— — — — — — — — 
Substandard— — 187 — — 120 93 400 
Doubtful— — — — — — — — 
Total home equity loans60 389 1,572 3,576 1,387 6,321 66,539 79,844 
Home equity current period gross charge-offs— — — — — 11 — 11 
Other consumer loans:
Pass522 258 216 143 58 1,082 26 2,305 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — 82 82 
Other consumer loans522 258 216 143 58 1,082 108 2,387 
Other consumer current period gross charge-offs— — — — — — — — 
Total loans$570,106 $492,327 $318,637 $830,227 $1,472,143 $2,060,355 $134,767 $5,878,562 
Total current period gross charge-offs$— $— $400 $— $— $2,130 $— $2,530 
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 
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 and industrial:
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 and industrial23,816 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 
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 
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, 2026, the carrying amount of PCD loans was $10.7 million, with an associated allowance for credit losses of $73,000, compared to a carrying amount of $12.7 million and an allowance for credit losses of $175,000 as of June 30, 2025.
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, 2026, other real estate owned included two foreclosed nonresidential properties with an aggregate carrying value of $5.5 million. As of the same date, the Company held one residential mortgage loan and 12 commercial mortgage loans with aggregate carrying values totaling $259,000 and $31.1 million, respectively, which were in the process of foreclosure.
As of June 30, 2025, the Company held no properties in other real estate owned. As of the same date, the Company held three residential mortgage loans and six commercial mortgage loans with aggregate carrying values of $2.2 million and $23.7 million, respectively, which were in the process of foreclosure.