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Allowance for Credit Losses
12 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
Allowance for Credit Losses on Loans Receivable
The following tables present the balance of the allowance for credit losses (“ACL”) at June 30, 2024 and 2023. The balance of the ACL is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.
Allowance for Credit Losses
June 30, 2024
Loans
acquired with
deteriorated
credit quality
individually
analyzed
Loans
acquired with
deteriorated
credit quality
collectively
evaluated
Loans individually
analyzed
Loans collectively
evaluated
Total allowance for credit losses
(In Thousands)
Multi-family mortgage$— $— $— $24,125 $24,125 
Nonresidential mortgage— 31 517 5,577 6,125 
Commercial business— 228 1,339 1,573 
Construction— — — 1,230 1,230 
One- to four-family residential mortgage95 108 11,249 11,461 
Home equity loans— — — 349 349 
Other consumer— — — 76 76 
Total loans$$132 $853 $43,945 $44,939 
Balance of Loans Receivable
June 30, 2024
Loans
acquired with
deteriorated
credit quality
individually
analyzed
Loans
acquired with
deteriorated
credit quality
collectively
evaluated
Loans individually
analyzed
Loans collectively
evaluated
Total loans
(In Thousands)
Multi-family mortgage$— $— $22,591 $2,623,260 $2,645,851 
Nonresidential mortgage284 2,145 9,539 936,107 948,075 
Commercial business— 2,794 714 139,239 142,747 
Construction— 5,735 — 203,502 209,237 
One- to four-family residential mortgage1,276 3,431 5,429 1,745,915 1,756,051 
Home equity loans24 — 20 44,060 44,104 
Other consumer— — — 2,685 2,685 
Total loans$1,584 $14,105 $38,293 $5,694,768 $5,748,750 
Unaccreted yield adjustments(15,963)
Loans receivable, net of yield adjustments$5,732,787 
Allowance for Credit Losses
June 30, 2023
Loans
acquired with
deteriorated
credit quality
individually
analyzed
Loans
acquired with
deteriorated
credit quality
collectively
evaluated
Loans individually
analyzed
Loans collectively
evaluated
Total allowance for credit losses
(In Thousands)
Multi-family mortgage$— $— $326 $26,036 $26,362 
Nonresidential mortgage— 70 3,001 5,882 8,953 
Commercial business— 20 1,411 1,440 
Construction— — — 1,336 1,336 
One- to four-family residential mortgage132 70 10,032 10,237 
Home equity loans— — — 338 338 
Other consumer— — — 68 68 
Total loans$$211 $3,417 $45,103 $48,734 
Balance of Loans Receivable
June 30, 2023
Loans
acquired with
deteriorated
credit quality
individually
analyzed
Loans
acquired with
deteriorated
credit quality
collectively
evaluated
Loans individually
analyzed
Loans collectively
evaluated
Total loans
(In Thousands)
Multi-family mortgage$— $— $19,114 $2,742,661 $2,761,775 
Nonresidential mortgage333 3,562 16,207 948,472 968,574 
Commercial business— 4,237 252 142,372 146,861 
Construction— 5,735 — 220,874 226,609 
One- to four-family residential mortgage570 4,433 6,101 1,689,455 1,700,559 
Home equity loans25 — 25 43,499 43,549 
Other consumer— — — 2,549 2,549 
Total loans$928 $17,967 $41,699 $5,789,882 $5,850,476 
Unaccreted yield adjustments(21,055)
Loans receivable, net of yield adjustments$5,829,421 
The following tables present the activity in the ACL on loans for the years ended June 30, 2024, 2023 and 2022:
Changes in the Allowance for Credit Losses
Year Ended June 30, 2024
Balance at
June 30, 2023
Charge-offs RecoveriesProvision for
(reversal of)
credit losses
Balance at
June 30, 2024
(In Thousands)
Multi-family mortgage$26,362 $(398)$— $(1,839)$24,125 
Nonresidential mortgage8,953 (5,975)120 3,027 6,125 
Commercial business1,440 (3,866)22 3,977 1,573 
Construction1,336 — — (106)1,230 
One- to four-family residential mortgage10,237 (37)113 1,148 11,461 
Home equity loans338 — — 11 349 
Other consumer68 — — 76 
Total loans$48,734 $(10,276)$255 $6,226 $44,939 
Changes in the Allowance for Credit Losses
Year Ended June 30, 2023
Balance at
June 30, 2022
Charge-offs Recoveries(Reversal of)
provision for
credit losses
Balance at
June 30, 2023
(In Thousands)
Multi-family mortgage$25,321 $(493)$— $1,534 $26,362 
Nonresidential mortgage10,590 (39)— (1,598)8,953 
Commercial business1,792 (364)29 (17)1,440 
Construction1,486 — — (150)1,336 
One- to four-family residential mortgage7,540 — 2,695 10,237 
Home equity loans245 — — 93 338 
Other consumer84 — 55 (71)68 
Total loans$47,058 $(896)$86 $2,486 $48,734 
Changes in the Allowance for Loan Losses
Year Ended June 30, 2022
Balance at
June 30, 2021 (prior to
adoption of ASC 326):
Impact of adopting
Topic 326
Charge-offs RecoveriesInitial allowance on PCD loans(Reversal of)
provision for
credit losses
Balance at
June 30, 2022
(In Thousands)
Multi-family mortgage$28,450 $— $(1,896)$— $— $(1,233)$25,321 
Nonresidential mortgage16,243 — (2,646)812 — (3,819)10,590 
Commercial business2,086 — (193)160 — (261)1,792 
Construction1,170 — — — — 316 1,486 
One- to four-family residential mortgage9,747 — — 147 — (2,354)7,540 
Home equity loans433 — — 27 — (215)245 
Other consumer36 — (2)— 48 84 
Total loans$58,165 $— $(4,737)$1,148 $— $(7,518)$47,058 
Allowance for Credit Losses on Off Balance Sheet Commitments
The following table presents the activity in the ACL on off balance sheet commitments recorded in other non-interest expense for the years ended June 30, 2024, 2023 and 2022:
Year Ended June 30,
202420232022
(In Thousands)
Balance at beginning of the period$741 $1,041 $1,708 
Provision for (reversal of) credit losses55 (300)(667)
Balance at end of the period$796 $741 $1,041