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Securities (Tables)
12 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
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.
June 30, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for
Credit Losses
Fair
Value
(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities$80,305 $217 $82 $— $80,440 
Collateralized loan obligations386,983 2,574 14 — 389,543 
Corporate bonds150,891 64 19,158 — 131,797 
Total debt securities618,179 2,855 19,254 — 601,780 
Mortgage-backed securities:
Residential pass-through securities (1)
429,473 92,211 — 337,264 
Commercial pass-through securities (1)
155,854 63 22,128 — 133,789 
Total mortgage-backed securities585,327 65 114,339 — 471,053 
Total securities available for sale$1,203,506 $2,920 $133,593 $— $1,072,833 
________________________________________
(1)Government-sponsored enterprises.
June 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for
Credit Losses
Fair
Value
(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities$138,281 $$2,115 $— $136,170 
Collateralized loan obligations381,915 268 5,187 — 376,996 
Corporate bonds159,666 — 24,648 — 135,018 
Total debt securities679,862 272 31,950 — 648,184 
Mortgage-backed securities:
Residential pass-through securities (1)
539,506 103,357 — 436,151 
Commercial pass-through securities (1)
164,499 — 21,105 — 143,394 
Total mortgage-backed securities704,005 124,462 — 579,545 
Total securities available for sale$1,383,867 $274 $156,412 $— $1,227,729 
________________________________________
(1)Government-sponsored enterprises.
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities
June 30, 2024
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$12,913 $— $277 $— $12,636 
Total debt securities12,913 — 277 — 12,636 
Mortgage-backed securities:
Residential pass-through securities (1)
110,614 — 14,134 — 96,480 
Commercial pass-through securities (1)
12,215 — 2,053 — 10,162 
Total mortgage-backed securities122,829 — 16,187 — 106,642 
Total securities held to maturity$135,742 $— $16,464 $— $119,278 
________________________________________
(1)Government-sponsored enterprises.
June 30, 2023
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$16,051 $— $321 $— $15,730 
Total debt securities16,051 — 321 — 15,730 
Mortgage-backed securities:
Residential pass-through securities (1)
118,166 — 12,736 — 105,430 
Commercial pass-through securities (1)
12,248 — 2,239 — 10,009 
Total mortgage-backed securities130,414 — 14,975 — 115,439 
Total securities held to maturity$146,465 $— $15,296 $— $131,169 
________________________________________
(1)Government-sponsored enterprises.
Stratification by Contractual Maturity of Securities
Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at June 30, 2024:
June 30, 2024
Amortized
Cost
Fair
Value
(In Thousands)
Available for sale debt securities:
Due in one year or less$— $— 
Due after one year through five years26,865 25,288 
Due after five years through ten years439,524 426,701 
Due after ten years151,790 149,791 
Total$618,179 $601,780 
June 30, 2024
Amortized
Cost
Fair
Value
(In Thousands)
Held to maturity debt securities:
Due in one year or less$5,579 $5,543 
Due after one year through five years7,334 7,093 
Due after five years through ten years— — 
Due after ten years— — 
Total$12,913 $12,636 
Sales of Securities Available for Sale
Sales of securities available for sale were as follows for the periods presented below:
Year Ended June 30,
202420232022
(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities$104,083 $105,199 $100,336 
Gross realized losses$(18,135)$(15,227)$(565)
Net loss on sales of securities$(18,135)$(15,227)$(565)
Gains resulting from calls of securities available for sale
Gains resulting from calls of securities available for sale were as follows for the periods presented below:
Year Ended June 30,
202420232022
(In Thousands)
Available for sale securities called:
Gross realized gains$— $— $
Net gain on calls of securities$— $— $
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:
June 30,
2024
June 30,
2023
(In Thousands)
Securities pledged:  
Pledged for borrowings at the FHLB of New York$— $— 
Pledged to secure public funds on deposit100,238 201,239 
Pledged for potential borrowings at the Federal Reserve Bank of New York482,044 529,216 
Pledged for the bank term funding program88,899
Total carrying value of securities pledged$671,181 $730,455 
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 June 30, 2024 and 2023:
June 30, 2024
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Number of SecuritiesFair
Value
Unrealized
Losses
(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities$14,093 $16 $43,411 $66 8$57,504 $82 
Collateralized loan obligations3,863 — 24,986 14 428,849 14 
Corporate bonds— — 121,733 19,158 26121,733 19,158 
Commercial pass-through securities— — 110,741 22,128 8110,741 22,128 
Residential pass-through securities141 336,772 92,209 103336,913 92,211 
Total$18,097 $18 $637,643 $133,575 149$655,740 $133,593 
June 30, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Number of SecuritiesFair
Value
Unrealized
Losses
(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities$33,833 $129 $98,828 $1,986 14$132,661 $2,115 
Collateralized loan obligations46,903 135 294,813 5,052 26341,716 5,187 
Corporate bonds25,511 1,354 109,507 23,294 31135,018 24,648 
Commercial pass-through securities63,531 1,380 79,863 19,725 12143,394 21,105 
Residential pass-through securities10,520 702 425,170 102,655 108435,690 103,357 
Total$180,298 $3,700 $1,008,181 $152,712 191$1,188,479 $156,412 
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 June 30, 2024 and 2023:
June 30, 2024
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Number of SecuritiesFair
Value
Unrecognized
Losses
(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political subdivisions$449 $14 $11,886 $263 23$12,335 $277 
Commercial pass-through securities— — 10,162 2,053 110,162 2,053 
Residential pass-through securities35,287 327 61,193 13,807 996,480 14,134 
Total$35,736 $341 $83,241 $16,123 33$118,977 $16,464 
June 30, 2023
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Number of SecuritiesFair
Value
Unrecognized
Losses
(Dollars in Thousands)
Securities Held to Maturity:
Obligations of state and political subdivisions$13,642 $268 $2,088 $53 32$15,730 $321 
Commercial pass-through securities— — 10,009 2,239 110,009 2,239 
Residential pass-through securities38,135 319 67,295 12,417 9105,430 12,736 
Total$51,777 $587 $79,392 $14,709 42$131,169 $15,296