XML 35 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Securities (Tables)
9 Months Ended
Mar. 31, 2022
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities

The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:

 

 

March 31, 2022

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for
Credit Losses

 

 

Fair
Value

 

 

(In Thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of state and political subdivisions

$

30,973

 

 

$

118

 

 

$

13

 

 

$

-

 

 

$

31,078

 

Asset-backed securities

 

230,997

 

 

 

375

 

 

 

1,788

 

 

 

-

 

 

 

229,584

 

Collateralized loan obligations

 

313,651

 

 

 

11

 

 

 

2,042

 

 

 

-

 

 

 

311,620

 

Corporate bonds

 

154,922

 

 

 

1,193

 

 

 

2,620

 

 

 

-

 

 

 

153,495

 

Total debt securities

 

730,543

 

 

 

1,697

 

 

 

6,463

 

 

 

-

 

 

 

725,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations (1)

 

8,265

 

 

 

1

 

 

 

270

 

 

 

-

 

 

 

7,996

 

Residential pass-through securities (1)

 

617,387

 

 

 

332

 

 

 

47,569

 

 

 

-

 

 

 

570,150

 

Commercial pass-through securities (1)

 

233,879

 

 

 

249

 

 

 

11,965

 

 

 

-

 

 

 

222,163

 

Total mortgage-backed securities

 

859,531

 

 

 

582

 

 

 

59,804

 

 

 

-

 

 

 

800,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total securities available for sale

$

1,590,074

 

 

$

2,279

 

 

$

66,267

 

 

$

-

 

 

$

1,526,086

 

 

(1)
Government-sponsored enterprises.

 

 

June 30, 2021

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for
Credit Losses

 

 

Fair
Value

 

 

(In Thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of state and political subdivisions

$

33,800

 

 

$

803

 

 

$

-

 

 

$

-

 

 

$

34,603

 

Asset-backed securities

 

240,217

 

 

 

2,835

 

 

 

63

 

 

 

-

 

 

 

242,989

 

Collateralized loan obligations

 

189,873

 

 

 

177

 

 

 

170

 

 

 

-

 

 

 

189,880

 

Corporate bonds

 

155,622

 

 

 

2,802

 

 

 

73

 

 

 

-

 

 

 

158,351

 

Total debt securities

 

619,512

 

 

 

6,617

 

 

 

306

 

 

 

-

 

 

 

625,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations (1)

 

13,420

 

 

 

319

 

 

 

-

 

 

 

-

 

 

 

13,739

 

Residential pass-through securities (1)

 

744,196

 

 

 

7,443

 

 

 

7,148

 

 

 

-

 

 

 

744,491

 

Commercial pass-through securities (1)

 

289,725

 

 

 

5,738

 

 

 

2,652

 

 

 

-

 

 

 

292,811

 

Total mortgage-backed securities

 

1,047,341

 

 

 

13,500

 

 

 

9,800

 

 

 

-

 

 

 

1,051,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total securities available for sale

$

1,666,853

 

 

$

20,117

 

 

$

10,106

 

 

$

-

 

 

$

1,676,864

 

 

Government-sponsored enterprises
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities

 

March 31, 2022

 

 

Amortized
Cost

 

 

Gross
Unrecognized
Gains

 

 

Gross
Unrecognized
Losses

 

 

Allowance for
Credit Losses

 

 

Fair
Value

 

 

(In Thousands)

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of state and political subdivisions

$

23,546

 

 

$

122

 

 

$

24

 

 

$

-

 

 

$

23,644

 

Total debt securities

 

23,546

 

 

 

122

 

 

 

24

 

 

 

-

 

 

 

23,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential pass-through securities (1)

 

86,017

 

 

 

-

 

 

 

3,989

 

 

 

-

 

 

 

82,028

 

Commercial pass-through securities (1)

 

12,290

 

 

 

-

 

 

 

945

 

 

 

-

 

 

 

11,345

 

Total mortgage-backed securities

 

98,307

 

 

 

-

 

 

 

4,934

 

 

 

-

 

 

 

93,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total securities held to maturity

$

121,853

 

 

$

122

 

 

$

4,958

 

 

$

-

 

 

$

117,017

 

 

(1)
Government-sponsored enterprises.

 

 

June 30, 2021

 

 

Amortized
Cost

 

 

Gross
Unrecognized
Gains

 

 

Gross
Unrecognized
Losses

 

 

Allowance for
Credit Losses

 

 

Fair
Value

 

 

(In Thousands)

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of state and political subdivisions

$

25,824

 

 

$

1,204

 

 

$

-

 

 

$

-

 

 

$

27,028

 

Total debt securities

 

25,824

 

 

 

1,204

 

 

 

-

 

 

 

-

 

 

 

27,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial pass-through securities (1)

 

12,314

 

 

 

268

 

 

 

-

 

 

 

-

 

 

 

12,582

 

Total mortgage-backed securities

 

12,314

 

 

 

268

 

 

 

-

 

 

 

-

 

 

 

12,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total securities held to maturity

$

38,138

 

 

$

1,472

 

 

$

-

 

 

$

-

 

 

$

39,610

 

 

(1)
Government-sponsored enterprises.
Sales of Securities Available for Sale

Sales of securities available for sale were as follows for the periods presented below:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

March 31,

 

 

March 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

(In Thousands)

 

Available for sale securities sold:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales of securities

$

-

 

 

$

-

 

 

$

-

 

 

$

44,842

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross realized gains

$

-

 

 

$

-

 

 

$

-

 

 

$

800

 

Gross realized losses

 

-

 

 

 

-

 

 

 

-

 

 

 

(385

)

Net gain on sales of securities

$

-

 

 

$

-

 

 

$

-

 

 

$

415

 

Gains resulting from calls of securities available for sale

Gains resulting from calls of securities available for sale were as follows for the periods presented below:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

March 31,

 

 

March 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

(In Thousands)

 

Available for sale securities called:

 

 

 

 

 

 

 

 

 

 

 

Gross realized gains

$

3

 

 

$

18

 

 

$

4

 

 

$

39

 

Gross realized losses

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net gain on calls of securities

$

3

 

 

$

18

 

 

$

4

 

 

$

39

 

Schedule Of Available For Sale Securities Pledged

The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

 

 

 

 

 

 

March 31,

 

 

June 30,

 

 

 

 

 

 

2022

 

 

2021

 

 

 

 

 

 

(In Thousands)

 

Securities pledged:

 

 

 

 

 

 

 

 

 

  Pledged for borrowings at the FHLB of New York

 

$

155,868

 

 

$

170,120

 

  Pledged to secure public funds on deposit

 

 

324,425

 

 

 

137,778

 

  Pledged for potential borrowings at the Federal Reserve Bank of New York

 

 

372,968

 

 

 

274,076

 

Total carrying value of securities pledged

 

 

 

 

$

853,261

 

 

$

581,974

 

 

Held-to-maturity Securities [Member]  
Stratification by Contractual Maturity of Securities

Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2022:

 

 

 

 

March 31, 2022

 

 

 

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

 

(In Thousands)

 

Available for sale debt securities:

 

 

 

 

 

 

 

 

 

Due in one year or less

 

 

 

 

$

1,970

 

 

$

1,971

 

Due after one year through five years

 

 

 

 

 

18,939

 

 

 

19,008

 

Due after five years through ten years

 

 

 

 

 

353,679

 

 

 

351,676

 

Due after ten years

 

 

 

 

 

355,955

 

 

 

353,122

 

Total

 

 

 

 

$

730,543

 

 

$

725,777

 

 

 

 

 

March 31, 2022

 

 

 

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

 

(In Thousands)

 

Held to maturity debt securities:

 

 

 

 

 

 

 

 

 

Due in one year or less

 

 

 

 

$

6,817

 

 

$

6,832

 

Due after one year through five years

 

 

 

 

 

15,026

 

 

 

15,084

 

Due after five years through ten years

 

 

 

 

 

1,703

 

 

 

1,728

 

Due after ten years

 

 

 

 

 

-

 

 

 

-

 

Total

 

 

 

 

$

23,546

 

 

$

23,644

 

Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments

The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2022:

 

 

March 31, 2022

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

Fair
Value

 

 

Unrecognized
Losses

 

 

Fair
Value

 

 

Unrecognized
Losses

 

 

Number of Securities

 

 

Fair
Value

 

 

Unrecognized
Losses

 

 

(Dollars in Thousands)

 

Securities Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of state and political
  subdivisions

$

4,901

 

 

$

24

 

 

$

-

 

 

$

-

 

 

 

8

 

 

$

4,901

 

 

$

24

 

Commercial pass-through
  securities

 

11,345

 

 

 

945

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

11,345

 

 

 

945

 

Residential pass-through
  securities

 

82,028

 

 

 

3,989

 

 

 

-

 

 

 

-

 

 

 

8

 

 

 

82,028

 

 

 

3,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

98,274

 

 

$

4,958

 

 

$

-

 

 

$

-

 

 

 

17

 

 

$

98,274

 

 

$

4,958

 

Available-for-sale Securities [Member]  
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments

The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2022 and June 30, 2021:

 

 

March 31, 2022

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Number of Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

(Dollars in Thousands)

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of state and political
  subdivisions

$

2,303

 

 

$

13

 

 

$

-

 

 

$

-

 

 

 

8

 

 

$

2,303

 

 

$

13

 

Asset-backed securities

 

180,827

 

 

 

1,788

 

 

 

-

 

 

 

-

 

 

 

15

 

 

 

180,827

 

 

 

1,788

 

Collateralized loan obligations

 

226,513

 

 

 

1,780

 

 

 

52,851

 

 

 

262

 

 

 

22

 

 

 

279,364

 

 

 

2,042

 

Corporate bonds

 

75,909

 

 

 

2,495

 

 

 

3,875

 

 

 

125

 

 

 

16

 

 

 

79,784

 

 

 

2,620

 

Collateralized mortgage obligations

 

6,819

 

 

 

270

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

6,819

 

 

 

270

 

Commercial pass-through securities

 

48,811

 

 

 

1,147

 

 

 

113,569

 

 

 

10,818

 

 

 

15

 

 

 

162,380

 

 

 

11,965

 

Residential pass-through securities

 

237,063

 

 

 

14,376

 

 

 

302,905

 

 

 

33,193

 

 

 

66

 

 

 

539,968

 

 

 

47,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

778,245

 

 

$

21,869

 

 

$

473,200

 

 

$

44,398

 

 

 

147

 

 

$

1,251,445

 

 

$

66,267

 

 

 

June 30, 2021

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Number of Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

(Dollars in Thousands)

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

$

12,159

 

 

$

63

 

 

$

-

 

 

$

-

 

 

 

2

 

 

$

12,159

 

 

$

63

 

Collateralized loan obligations

 

36,741

 

 

 

9

 

 

 

58,605

 

 

 

161

 

 

 

8

 

 

 

95,346

 

 

 

170

 

Corporate bonds

 

15,952

 

 

 

73

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

15,952

 

 

 

73

 

Commercial pass-through securities

 

145,055

 

 

 

2,652

 

 

 

-

 

 

 

-

 

 

 

7

 

 

 

145,055

 

 

 

2,652

 

Residential pass-through securities

 

424,112

 

 

 

7,148

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

424,112

 

 

 

7,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

634,019

 

 

$

9,945

 

 

$

58,605

 

 

$

161

 

 

 

31

 

 

$

692,624

 

 

$

10,106