Income Taxes (Tables)

12 Months Ended

Jun. 30, 2026

The components of income taxes are as follows:


	Years Ended June 30,
	2026		2025		2024
	(In Thousands)
Current income tax expense:
Federal	$	8,445	$	3,709	$	4,352
State	1,477		2,157		2,406
	9,922		5,866		6,758
Deferred income tax expense:
Federal	(746)		(156)		4
State	396		(786)		(871)
	(350)		(942)		(867)

Valuation allowance	1,566		—		—

Total income tax expense	$	11,138	$	4,924	$	5,891

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rates applicable to those periods. The federal income tax rate of 21% was applicable for the years ended June 30, 2026, 2025 and 2024.


	Years Ended June 30,
	2026					2025					2024
	Amount			Percent		Amount			Percent		Amount			Percent
	(Dollars In Thousands)
Income (loss) before income taxes	$	47,402				$	30,999				$	(80,776)
U.S federal statutory tax rate	9,954			21.0	%	6,510			21.0	%	(16,963)			21.0	%
Increases in income taxes resulting from:
State tax, net of federal tax effect (1)	1,888			4.0		$	1,083		3.5		1,213			(1.5)

Goodwill impairment	—			—		—			—		18,935			(23.4)

Surrender of bank-owned life insurance policies	—			—		—			—		4,477			(5.5)

Nontaxable or non-deductible items
Income from bank-owned life insurance	(2,262)			(4.8)		(2,235)			(7.2)		(1,902)			2.4
ESOP shares released and dividends paid	(344)			(0.7)		(353)			(1.1)		(331)			0.4
Other nontaxable or non-deductible	537			1.1		180			0.6		211			(0.3)
Other reconciling items	(201)			(0.4)		(261)			(0.8)		251			(0.3)
	9,572					4,924					5,891

Valuation allowance	1,566			3.3	%	—			—	%	—			—	%

Total income tax expense	$	11,138				$	4,924				$	5,891
Effective income tax rate	23.50		%			15.88		%			(7.29)		%

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(1) State taxes in New Jersey made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Deferred Income Tax Assets and Liabilities

The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows:


	June 30,
	2026		2025
	(In Thousands)
Deferred income tax assets:
Purchase accounting	$	2,587	$	3,140
Accumulated other comprehensive income


Unrealized loss on securities available for sale	27,993		32,542
Allowance for credit losses	13,143		13,161
Benefit plans	2,609		2,596
Compensation	1,687		1,268
Stock-based compensation	2,314		2,689
Uncollected interest	1,609		1,581
Depreciation	2,461		2,634
Net operating loss carryover	838		1,522
Capital loss carryforward	662		703
Other items	716		643
Total deferred tax assets before valuation allowance	56,619		62,479
Valuation allowance	(1,566)		—
Total deferred tax assets	55,053		62,479
Deferred income tax liabilities:
Deferred loan fees and costs	1,627		1,756
Accumulated other comprehensive income
Derivatives	1,986		2,844
Defined benefit plans	307		276
Goodwill	2,434		2,400

Total deferred tax liabilities	6,354		7,276
Net deferred income tax asset	$	48,699	$	55,203

Schedule of Cash Flow, Supplemental Disclosures

The following table presents income taxes paid for the years ended June 30, 2026, 2025 and 2024:


	Years Ended June 30,
	2026		2025		2024
	(Dollars In Thousands)
Federal taxes paid	$	6,800	$	2,300	$	5,400
State and city taxes paid:
New Jersey	1,200		545		350
New York	506		514		565
New York City	398		693		299
Other	53		10		20
Total state and city taxes paid	2,157		1,762		1,234
Total income taxes paid	$	8,957	$	4,062	$	6,634