x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 30-0870244 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||
120 Passaic Ave., Fairfield, New Jersey | 07004 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value | KRNY | The NASDAQ Stock Market LLC |
Large accelerated filer | x | Accelerated filer | o | |||||||||||
Non-accelerated filer | o | Smaller reporting company | o | |||||||||||
Emerging growth company | o |
Page Number | ||||||||
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and amounts due from depository institutions | Cash and amounts due from depository institutions | $ | 21,029 | $ | 26,094 | Cash and amounts due from depository institutions | $ | 21,420 | $ | 21,795 | ||||||||||||
Interest-bearing deposits in other banks | Interest-bearing deposits in other banks | 54,631 | 75,521 | Interest-bearing deposits in other banks | 35,799 | 48,720 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 75,660 | 101,615 | Cash and cash equivalents | 57,219 | 70,515 | ||||||||||||||||
Investment securities available for sale (amortized cost of $1,437,195 and $1,462,124, respectively) | 1,286,354 | 1,344,093 | ||||||||||||||||||||
Investment securities held to maturity (fair value of $138,393 and $108,118, respectively) | 153,786 | 118,291 | ||||||||||||||||||||
Investment securities available for sale (amortized cost of $1,400,273 and $1,383,867, respectively) | Investment securities available for sale (amortized cost of $1,400,273 and $1,383,867, respectively) | 1,215,633 | 1,227,729 | |||||||||||||||||||
Investment securities held to maturity (fair value of $123,028 and $131,169, respectively) | Investment securities held to maturity (fair value of $123,028 and $131,169, respectively) | 143,730 | 146,465 | |||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 12,940 | 28,874 | Loans held-for-sale | 3,934 | 9,591 | ||||||||||||||||
Loans receivable | Loans receivable | 5,984,133 | 5,417,845 | Loans receivable | 5,736,049 | 5,829,421 | ||||||||||||||||
Less: allowance for credit losses on loans | Less: allowance for credit losses on loans | (48,877) | (47,058) | Less: allowance for credit losses on loans | (46,872) | (48,734) | ||||||||||||||||
Net loans receivable | Net loans receivable | 5,935,256 | 5,370,787 | Net loans receivable | 5,689,177 | 5,780,687 | ||||||||||||||||
Premises and equipment | Premises and equipment | 50,953 | 53,281 | Premises and equipment | 46,868 | 48,309 | ||||||||||||||||
Federal Home Loan Bank (“FHLB”) of New York stock | Federal Home Loan Bank (“FHLB”) of New York stock | 69,022 | 47,144 | Federal Home Loan Bank (“FHLB”) of New York stock | 81,509 | 71,734 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 27,368 | 20,466 | Accrued interest receivable | 29,766 | 28,133 | ||||||||||||||||
Goodwill | Goodwill | 210,895 | 210,895 | Goodwill | 210,895 | 210,895 | ||||||||||||||||
Core deposit intangibles | Core deposit intangibles | 2,732 | 3,020 | Core deposit intangibles | 2,323 | 2,457 | ||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 289,673 | 289,177 | Bank owned life insurance | 294,491 | 292,825 | ||||||||||||||||
Deferred income tax assets, net | Deferred income tax assets, net | 51,107 | 49,350 | Deferred income tax assets, net | 56,500 | 51,973 | ||||||||||||||||
Other real estate owned | Other real estate owned | 13,410 | 178 | Other real estate owned | 12,956 | 12,956 | ||||||||||||||||
Other assets | Other assets | 110,162 | 82,712 | Other assets | 129,865 | 110,546 | ||||||||||||||||
Total Assets | Total Assets | $ | 8,289,318 | $ | 7,719,883 | Total Assets | $ | 7,974,866 | $ | 8,064,815 | ||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | ||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Non-interest-bearing | Non-interest-bearing | $ | 650,950 | $ | 653,899 | Non-interest-bearing | $ | 595,141 | $ | 609,999 | ||||||||||||
Interest-bearing | Interest-bearing | 5,320,421 | 5,208,357 | Interest-bearing | 4,839,027 | 5,019,184 | ||||||||||||||||
Total deposits | Total deposits | 5,971,371 | 5,862,256 | Total deposits | 5,434,168 | 5,629,183 | ||||||||||||||||
Borrowings | Borrowings | 1,383,573 | 901,337 | Borrowings | 1,626,933 | 1,506,812 | ||||||||||||||||
Advance payments by borrowers for taxes | Advance payments by borrowers for taxes | 17,307 | 16,746 | Advance payments by borrowers for taxes | 16,907 | 18,338 | ||||||||||||||||
Other liabilities | Other liabilities | 44,427 | 45,544 | Other liabilities | 47,324 | 41,198 | ||||||||||||||||
Total Liabilities | Total Liabilities | 7,416,678 | 6,825,883 | Total Liabilities | 7,125,332 | 7,195,531 | ||||||||||||||||
Stockholders' Equity | Stockholders' Equity | Stockholders' Equity | ||||||||||||||||||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | — | — | Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | — | — | ||||||||||||||||
Common stock, $0.01 par value; 800,000,000 shares authorized; 67,387,871 shares and 68,666,323 shares issued and outstanding, respectively | 674 | 687 | ||||||||||||||||||||
Common stock, $0.01 par value; 800,000,000 shares authorized; 65,132,410 shares and 65,864,075 shares issued and outstanding, respectively | Common stock, $0.01 par value; 800,000,000 shares authorized; 65,132,410 shares and 65,864,075 shares issued and outstanding, respectively | 652 | 659 | |||||||||||||||||||
Paid-in capital | Paid-in capital | 515,332 | 528,396 | Paid-in capital | 497,269 | 503,332 | ||||||||||||||||
Retained earnings | Retained earnings | 449,489 | 445,451 | Retained earnings | 460,464 | 457,611 | ||||||||||||||||
Unearned employee stock ownership plan shares; 2,458,547 shares and 2,558,895 shares, respectively | (23,834) | (24,807) | ||||||||||||||||||||
Unearned employee stock ownership plan shares; 2,308,024 shares and 2,358,198 shares, respectively | Unearned employee stock ownership plan shares; 2,308,024 shares and 2,358,198 shares, respectively | (22,375) | (22,862) | |||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (69,021) | (55,727) | Accumulated other comprehensive loss | (86,476) | (69,456) | ||||||||||||||||
Total Stockholders' Equity | Total Stockholders' Equity | 872,640 | 894,000 | Total Stockholders' Equity | 849,534 | 869,284 | ||||||||||||||||
Total Liabilities and Stockholders' Equity | Total Liabilities and Stockholders' Equity | $ | 8,289,318 | $ | 7,719,883 | Total Liabilities and Stockholders' Equity | $ | 7,974,866 | $ | 8,064,815 |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | Interest Income | Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 57,996 | $ | 47,575 | $ | 110,931 | $ | 95,805 | Loans | $ | 62,769 | $ | 52,935 | ||||||||||||||||||||||||||||||||||||||
Taxable investment securities | Taxable investment securities | 13,221 | 7,595 | 23,660 | 15,807 | Taxable investment securities | 16,265 | 10,439 | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt investment securities | Tax-exempt investment securities | 219 | 327 | 504 | 660 | Tax-exempt investment securities | 87 | 285 | ||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | 1,005 | 415 | 1,766 | 846 | Other interest-earning assets | 2,047 | 761 | ||||||||||||||||||||||||||||||||||||||||||||
Total Interest Income | Total Interest Income | 72,441 | 55,912 | 136,861 | 113,118 | Total Interest Income | 81,168 | 64,420 | ||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 18,822 | 3,663 | 29,691 | 7,728 | Deposits | 27,567 | 10,869 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 8,836 | 3,562 | 13,856 | 7,113 | Borrowings | 14,441 | 5,020 | ||||||||||||||||||||||||||||||||||||||||||||
Total Interest Expense | Total Interest Expense | 27,658 | 7,225 | 43,547 | 14,841 | Total Interest Expense | 42,008 | 15,889 | ||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | Net Interest Income | 44,783 | 48,687 | 93,314 | 98,277 | Net Interest Income | 39,160 | 48,531 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | 1,671 | (2,420) | 2,341 | (7,820) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income after Provision for (Reversal of) Credit Losses | 43,112 | 51,107 | 90,973 | 106,097 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 245 | 670 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income after Provision for Credit Losses | Net Interest Income after Provision for Credit Losses | 38,915 | 47,861 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Interest Income | Non-Interest Income | Non-Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fees and service charges | Fees and service charges | 734 | 698 | 1,497 | 1,305 | Fees and service charges | 748 | 763 | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale and call of securities | (15,227) | — | (15,227) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of loans | Gain on sale of loans | 134 | 970 | 529 | 1,976 | Gain on sale of loans | 215 | 395 | ||||||||||||||||||||||||||||||||||||||||||||
Income from bank owned life insurance | Income from bank owned life insurance | 1,761 | 1,562 | 5,459 | 3,123 | Income from bank owned life insurance | 1,666 | 3,698 | ||||||||||||||||||||||||||||||||||||||||||||
Electronic banking fees and charges | Electronic banking fees and charges | 397 | 421 | 903 | 828 | Electronic banking fees and charges | 367 | 506 | ||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 3,723 | 482 | 4,278 | 700 | Other income | 1,014 | 555 | ||||||||||||||||||||||||||||||||||||||||||||
Total Non-Interest Income | Total Non-Interest Income | (8,478) | 4,133 | (2,561) | 7,933 | Total Non-Interest Income | 4,010 | 5,917 | ||||||||||||||||||||||||||||||||||||||||||||
Non-Interest Expense | Non-Interest Expense | Non-Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 19,921 | 18,096 | 40,269 | 36,713 | Salaries and employee benefits | 17,761 | 20,348 | ||||||||||||||||||||||||||||||||||||||||||||
Net occupancy expense of premises | Net occupancy expense of premises | 2,987 | 3,156 | 6,077 | 7,703 | Net occupancy expense of premises | 2,758 | 3,090 | ||||||||||||||||||||||||||||||||||||||||||||
Equipment and systems | Equipment and systems | 3,867 | 3,723 | 7,529 | 7,548 | Equipment and systems | 3,801 | 3,662 | ||||||||||||||||||||||||||||||||||||||||||||
Advertising and marketing | Advertising and marketing | 731 | 448 | 1,478 | 840 | Advertising and marketing | 228 | 747 | ||||||||||||||||||||||||||||||||||||||||||||
Federal deposit insurance premium | Federal deposit insurance premium | 1,226 | 721 | 2,132 | 1,213 | Federal deposit insurance premium | 1,524 | 906 | ||||||||||||||||||||||||||||||||||||||||||||
Directors' compensation | Directors' compensation | 339 | 649 | 679 | 1,452 | Directors' compensation | 393 | 340 | ||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 3,579 | 2,877 | 6,474 | 6,004 | Other expense | 3,309 | 2,895 | ||||||||||||||||||||||||||||||||||||||||||||
Total Non-Interest Expense | Total Non-Interest Expense | 32,650 | 29,670 | 64,638 | 61,473 | Total Non-Interest Expense | 29,774 | 31,988 | ||||||||||||||||||||||||||||||||||||||||||||
Income before Income Taxes | Income before Income Taxes | 1,984 | 25,570 | 23,774 | 52,557 | Income before Income Taxes | 13,151 | 21,790 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 33 | 6,801 | 5,288 | 14,073 | Income tax expense | 3,309 | 5,255 | ||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 1,951 | $ | 18,769 | $ | 18,486 | $ | 38,484 | Net Income | $ | 9,842 | $ | 16,535 | ||||||||||||||||||||||||||||||||||||||
Net Income per Common Share (EPS) | Net Income per Common Share (EPS) | Net Income per Common Share (EPS) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.03 | $ | 0.26 | $ | 0.28 | $ | 0.53 | Basic | $ | 0.16 | $ | 0.25 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 0.03 | $ | 0.26 | $ | 0.28 | $ | 0.53 | Diluted | $ | 0.16 | $ | 0.25 | ||||||||||||||||||||||||||||||||||||||
Weighted Average Number of Common Shares Outstanding | Weighted Average Number of Common Shares Outstanding | Weighted Average Number of Common Shares Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 65,030 | 72,011 | 65,383 | 73,274 | Basic | 63,014 | 65,737 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 65,038 | 72,037 | 65,393 | 73,297 | Diluted | 63,061 | 65,756 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Income | $ | 1,951 | $ | 18,769 | $ | 18,486 | $ | 38,484 | |||||||||||||||
Other Comprehensive Income (Loss), net of tax: | |||||||||||||||||||||||
Net unrealized gain (loss) on securities available for sale | 977 | (5,451) | (34,202) | (10,432) | |||||||||||||||||||
Net realized loss (gain) on sale and call of securities available for sale | 10,811 | — | 10,811 | (1) | |||||||||||||||||||
Fair value adjustments on derivatives | (4,465) | 4,675 | 10,125 | 5,840 | |||||||||||||||||||
Benefit plan adjustments | (4) | 14 | (28) | 23 | |||||||||||||||||||
Total Other Comprehensive Income (Loss) | 7,319 | (762) | (13,294) | (4,570) | |||||||||||||||||||
Total Comprehensive Income | $ | 9,270 | $ | 18,007 | $ | 5,192 | $ | 33,914 |
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net Income | $ | 9,842 | $ | 16,535 | |||||||||||||||||||
Other Comprehensive (Loss) Income, net of tax: | |||||||||||||||||||||||
Net unrealized loss on securities available for sale | (20,235) | (35,179) | |||||||||||||||||||||
Fair value adjustments on derivatives | 3,293 | 14,590 | |||||||||||||||||||||
Benefit plan adjustments | (78) | (24) | |||||||||||||||||||||
Total Other Comprehensive Loss | (17,020) | (20,613) | |||||||||||||||||||||
Total Comprehensive Loss | $ | (7,178) | $ | (4,078) |
Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Total | Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - September 30, 2021 | 75,800 | $ | 758 | $ | 616,894 | $ | 420,701 | $ | (26,266) | $ | 2,336 | $ | 1,014,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2022 | Balance - June 30, 2022 | 68,666 | $ | 687 | $ | 528,396 | $ | 445,451 | $ | (24,807) | $ | (55,727) | $ | 894,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 18,769 | — | — | 18,769 | Net income | — | — | — | 16,535 | — | — | 16,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax | Other comprehensive loss, net of income tax | — | — | — | — | — | (762) | (762) | Other comprehensive loss, net of income tax | — | — | — | — | — | (20,613) | (20,613) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released (50 shares) | ESOP shares committed to be released (50 shares) | — | — | 173 | — | 486 | — | 659 | ESOP shares committed to be released (50 shares) | — | — | 90 | — | 486 | — | 576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | (2,290) | (22) | (29,980) | — | — | — | (30,002) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | Stock repurchases | (760) | (8) | (8,685) | — | — | — | (8,693) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock under stock benefit plan | Issuance of stock under stock benefit plan | 61 | 1 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 1,023 | — | — | — | 1,023 | Stock-based compensation expense | — | — | 786 | — | — | — | 786 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of shares issued for restricted stock awards | Cancellation of shares issued for restricted stock awards | (57) | (1) | (718) | — | — | — | (719) | Cancellation of shares issued for restricted stock awards | (29) | — | (341) | — | — | — | (341) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.11 per common share) | Cash dividends declared ($0.11 per common share) | — | — | — | (7,921) | — | — | (7,921) | Cash dividends declared ($0.11 per common share) | — | — | — | (7,276) | — | — | (7,276) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2021 | 73,453 | $ | 735 | $ | 587,392 | $ | 431,549 | $ | (25,780) | $ | 1,574 | $ | 995,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - September 30, 2022 | Balance - September 30, 2022 | 67,938 | $ | 680 | $ | 520,245 | $ | 454,710 | $ | (24,321) | $ | (76,340) | $ | 874,974 |
Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Total | Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2021 | 78,965 | $ | 790 | $ | 654,396 | $ | 408,367 | $ | (26,753) | $ | 6,144 | $ | 1,042,944 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2023 | Balance - June 30, 2023 | 65,864 | $ | 659 | $ | 503,332 | $ | 457,611 | $ | (22,862) | $ | (69,456) | $ | 869,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 38,484 | — | — | 38,484 | Net income | — | — | — | 9,842 | — | — | 9,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax | Other comprehensive loss, net of income tax | — | — | — | — | — | (4,570) | (4,570) | Other comprehensive loss, net of income tax | — | — | — | — | — | (17,020) | (17,020) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released (100 shares) | — | — | 306 | — | 973 | — | 1,279 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released (50 shares) | ESOP shares committed to be released (50 shares) | — | — | (107) | — | 487 | — | 380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | Stock repurchases | (5,448) | (54) | (68,944) | — | — | — | (68,998) | Stock repurchases | (818) | (8) | (6,459) | — | — | — | (6,467) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock under stock benefit plans | Issuance of stock under stock benefit plans | 133 | 1 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 2,441 | — | — | — | 2,441 | Stock-based compensation expense | — | — | 903 | — | — | — | 903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of shares issued for restricted stock awards | Cancellation of shares issued for restricted stock awards | (64) | (1) | (807) | — | — | — | (808) | Cancellation of shares issued for restricted stock awards | (47) | — | (399) | — | — | — | (399) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.21 per common share) | — | — | — | (15,302) | — | — | (15,302) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2021 | 73,453 | $ | 735 | $ | 587,392 | $ | 431,549 | $ | (25,780) | $ | 1,574 | $ | 995,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.11 per common share) | Cash dividends declared ($0.11 per common share) | — | — | — | (6,989) | — | — | (6,989) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - September 30, 2023 | Balance - September 30, 2023 | 65,132 | $ | 652 | $ | 497,269 | $ | 460,464 | $ | (22,375) | $ | (86,476) | $ | 849,534 |
Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance - September 30, 2022 | 67,938 | $ | 680 | $ | 520,245 | $ | 454,710 | $ | (24,321) | $ | (76,340) | $ | 874,974 | ||||||||||||||||||||||||||||
Net income | — | — | — | 1,951 | — | — | 1,951 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income tax | — | — | — | — | — | 7,319 | 7,319 | ||||||||||||||||||||||||||||||||||
ESOP shares committed to be released (50 shares) | — | — | 16 | — | 487 | — | 503 | ||||||||||||||||||||||||||||||||||
Stock repurchases | (550) | (6) | (5,739) | — | — | — | (5,745) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 810 | — | — | — | 810 | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.11 per common share) | — | — | — | (7,172) | — | — | (7,172) | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2022 | 67,388 | $ | 674 | $ | 515,332 | $ | 449,489 | $ | (23,834) | $ | (69,021) | $ | 872,640 |
Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2022 | 68,666 | $ | 687 | $ | 528,396 | $ | 445,451 | $ | (24,807) | $ | (55,727) | $ | 894,000 | ||||||||||||||||||||||||||||
Net income | — | — | — | 18,486 | — | — | 18,486 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax | — | — | — | — | — | (13,294) | (13,294) | ||||||||||||||||||||||||||||||||||
ESOP shares committed to be released (100 shares) | — | — | 106 | — | 973 | — | 1,079 | ||||||||||||||||||||||||||||||||||
Stock repurchases | (1,310) | (14) | (14,424) | — | — | — | (14,438) | ||||||||||||||||||||||||||||||||||
Issuance of stock under stock benefit plans | 61 | 1 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 1,596 | — | — | — | 1,596 | ||||||||||||||||||||||||||||||||||
Cancellation of shares issued for restricted stock awards | (29) | — | (341) | — | — | — | (341) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.22 per common share) | — | — | — | (14,448) | — | — | (14,448) | ||||||||||||||||||||||||||||||||||
Balance - December 31, 2022 | 67,388 | $ | 674 | $ | 515,332 | $ | 449,489 | $ | (23,834) | $ | (69,021) | $ | 872,640 |
Six Months Ended December 31, | Three Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 18,486 | $ | 38,484 | Net income | $ | 9,842 | $ | 16,535 | ||||||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | Adjustment to reconcile net income to net cash provided by operating activities: | Adjustment to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization of premises and equipment | Depreciation and amortization of premises and equipment | 2,931 | 2,999 | Depreciation and amortization of premises and equipment | 1,230 | 1,472 | ||||||||||||||||
Net accretion of yield adjustments | Net accretion of yield adjustments | (3,352) | (3,108) | Net accretion of yield adjustments | (614) | (1,541) | ||||||||||||||||
Deferred income taxes | Deferred income taxes | 3,536 | 5,484 | Deferred income taxes | 2,426 | 3,307 | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 288 | 361 | Amortization of intangible assets | 134 | 144 | ||||||||||||||||
(Accretion) amortization of benefit plans’ unrecognized net (gain) loss | (39) | 39 | ||||||||||||||||||||
Provision for (reversal of) credit losses | 2,341 | (7,820) | ||||||||||||||||||||
Accretion of benefit plans’ unrecognized net gain | Accretion of benefit plans’ unrecognized net gain | (110) | (33) | |||||||||||||||||||
Provision for credit losses | Provision for credit losses | 245 | 670 | |||||||||||||||||||
Loans originated for sale | Loans originated for sale | (56,456) | (127,458) | Loans originated for sale | (20,531) | (39,657) | ||||||||||||||||
Proceeds from sale of mortgage loans held-for-sale | Proceeds from sale of mortgage loans held-for-sale | 75,492 | 133,285 | Proceeds from sale of mortgage loans held-for-sale | 26,403 | 57,151 | ||||||||||||||||
Gain on sale of mortgage loans held-for-sale, net | Gain on sale of mortgage loans held-for-sale, net | (474) | (1,884) | Gain on sale of mortgage loans held-for-sale, net | (215) | (340) | ||||||||||||||||
Realized loss (gain) on sale/call of investment securities available for sale | 15,227 | (1) | ||||||||||||||||||||
Realized gain on sale of loans receivable | Realized gain on sale of loans receivable | (55) | (92) | Realized gain on sale of loans receivable | — | (55) | ||||||||||||||||
Realized gain on disposition of premises and equipment | (2,886) | (356) | ||||||||||||||||||||
Realized (gain) loss on disposition of premises and equipment | Realized (gain) loss on disposition of premises and equipment | (8) | 52 | |||||||||||||||||||
Increase in cash surrender value of bank owned life insurance | Increase in cash surrender value of bank owned life insurance | (5,459) | (3,123) | Increase in cash surrender value of bank owned life insurance | (1,666) | (2,397) | ||||||||||||||||
ESOP and stock-based compensation expense | ESOP and stock-based compensation expense | 2,675 | 3,720 | ESOP and stock-based compensation expense | 1,283 | 1,362 | ||||||||||||||||
(Increase) decrease in interest receivable | (6,902) | 867 | ||||||||||||||||||||
(Increase) decrease in other assets | (5,511) | 4,391 | ||||||||||||||||||||
Increase in interest receivable | Increase in interest receivable | (1,633) | (3,351) | |||||||||||||||||||
Increase in other assets | Increase in other assets | (10,579) | (5,340) | |||||||||||||||||||
Increase in interest payable | Increase in interest payable | 6,268 | 50 | Increase in interest payable | 2,134 | 2,980 | ||||||||||||||||
Decrease in other liabilities | (10,053) | (19,319) | ||||||||||||||||||||
Increase (decrease) in other liabilities | Increase (decrease) in other liabilities | 3,943 | (10,254) | |||||||||||||||||||
Net Cash Provided by Operating Activities | Net Cash Provided by Operating Activities | 36,057 | 26,519 | Net Cash Provided by Operating Activities | 12,284 | 20,705 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchases of: | Purchases of: | Purchases of: | ||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | (166,483) | (140,550) | Investment securities available for sale | (40,500) | — | ||||||||||||||||
Investment securities held to maturity | (40,398) | (16,162) | ||||||||||||||||||||
Proceeds from: | Proceeds from: | Proceeds from: | ||||||||||||||||||||
Repayments/calls/maturities of investment securities available for sale | Repayments/calls/maturities of investment securities available for sale | 70,793 | 209,742 | Repayments/calls/maturities of investment securities available for sale | 24,287 | 31,288 | ||||||||||||||||
Repayments/calls/maturities of investment securities held to maturity | Repayments/calls/maturities of investment securities held to maturity | 4,855 | 1,086 | Repayments/calls/maturities of investment securities held to maturity | 2,705 | 2,324 | ||||||||||||||||
Sales of investment securities available for sale | 105,199 | — | ||||||||||||||||||||
Purchase of loans | Purchase of loans | (656) | (72,345) | Purchase of loans | — | (656) | ||||||||||||||||
Net (increase) decrease in loans receivable | (583,893) | 98,554 | ||||||||||||||||||||
Net decrease (increase) in loans receivable | Net decrease (increase) in loans receivable | 87,794 | (241,986) | |||||||||||||||||||
Proceeds from sale of loans receivable | Proceeds from sale of loans receivable | 706 | 1,126 | Proceeds from sale of loans receivable | — | 706 | ||||||||||||||||
Purchase of interest rate contracts | Purchase of interest rate contracts | (758) | — | Purchase of interest rate contracts | — | (758) | ||||||||||||||||
Additions to premises and equipment | (668) | (728) | ||||||||||||||||||||
Deletions (additions) to premises and equipment | Deletions (additions) to premises and equipment | 219 | (885) | |||||||||||||||||||
Proceeds from death benefit of bank owned life insurance | Proceeds from death benefit of bank owned life insurance | 4,963 | — | Proceeds from death benefit of bank owned life insurance | — | 1,884 | ||||||||||||||||
Proceeds from cash settlement of premises and equipment | 3,480 | 599 | ||||||||||||||||||||
Purchase of FHLB stock | Purchase of FHLB stock | (64,638) | (7) | Purchase of FHLB stock | (15,913) | (28,188) | ||||||||||||||||
Redemption of FHLB stock | Redemption of FHLB stock | 42,760 | — | Redemption of FHLB stock | 6,138 | 30,375 | ||||||||||||||||
Net Cash (Used in) Provided by Investing Activities | (624,738) | 81,315 | ||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | Net Cash Provided by (Used in) Investing Activities | 64,730 | (205,896) |
Six Months Ended December 31, | Three Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Net increase (decrease) in deposits | 109,294 | (30,866) | ||||||||||||||||||||
Net (decrease) increase in deposits | Net (decrease) increase in deposits | (195,003) | 246,120 | |||||||||||||||||||
Repayment of term FHLB advances | Repayment of term FHLB advances | (2,865,000) | (780,000) | Repayment of term FHLB advances | (1,250,000) | (1,420,000) | ||||||||||||||||
Proceeds from term FHLB advances | Proceeds from term FHLB advances | 3,470,000 | 780,000 | Proceeds from term FHLB advances | 1,425,000 | 1,565,000 | ||||||||||||||||
Net decrease in other short-term borrowings | Net decrease in other short-term borrowings | (123,000) | — | Net decrease in other short-term borrowings | (55,000) | (195,000) | ||||||||||||||||
Net increase in advance payments by borrowers for taxes | 561 | 1,020 | ||||||||||||||||||||
Net decrease in advance payments by borrowers for taxes | Net decrease in advance payments by borrowers for taxes | (1,431) | (191) | |||||||||||||||||||
Repurchase and cancellation of common stock of Kearny Financial Corp. | Repurchase and cancellation of common stock of Kearny Financial Corp. | (14,438) | (68,998) | Repurchase and cancellation of common stock of Kearny Financial Corp. | (6,467) | (8,693) | ||||||||||||||||
Cancellation of shares repurchased on vesting to pay taxes | Cancellation of shares repurchased on vesting to pay taxes | (341) | (808) | Cancellation of shares repurchased on vesting to pay taxes | (399) | (341) | ||||||||||||||||
Dividends paid | Dividends paid | (14,350) | (15,585) | Dividends paid | (7,010) | (7,243) | ||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 562,726 | (115,237) | ||||||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | Net Cash (Used in) Provided by Financing Activities | (90,310) | 179,652 | |||||||||||||||||||
Net Decrease in Cash and Cash Equivalents | Net Decrease in Cash and Cash Equivalents | (25,955) | (7,403) | Net Decrease in Cash and Cash Equivalents | (13,296) | (5,539) | ||||||||||||||||
Cash and Cash Equivalents - Beginning | Cash and Cash Equivalents - Beginning | 101,615 | 67,855 | Cash and Cash Equivalents - Beginning | 70,515 | 101,615 | ||||||||||||||||
Cash and Cash Equivalents - Ending | Cash and Cash Equivalents - Ending | $ | 75,660 | $ | 60,452 | Cash and Cash Equivalents - Ending | $ | 57,219 | $ | 96,076 | ||||||||||||
Supplemental Disclosures of Cash Flows Information: | Supplemental Disclosures of Cash Flows Information: | Supplemental Disclosures of Cash Flows Information: | ||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||||||||
Income taxes, net of refunds | Income taxes, net of refunds | $ | 8,318 | $ | 9,631 | Income taxes, net of refunds | $ | 4,069 | $ | 6,018 | ||||||||||||
Interest | Interest | $ | 37,279 | $ | 14,791 | Interest | $ | 39,874 | $ | 12,909 | ||||||||||||
Non-cash investing and financing activities: | Non-cash investing and financing activities: | Non-cash investing and financing activities: | ||||||||||||||||||||
Acquisition of other real estate owned in settlement of loans | $ | 13,232 | $ | 480 | ||||||||||||||||||
Transfers from loans receivable to loans receivable held-for-sale | Transfers from loans receivable to loans receivable held-for-sale | $ | 2,628 | $ | — | Transfers from loans receivable to loans receivable held-for-sale | $ | — | $ | 1,216 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale: | Available for sale: | Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities: | Debt securities: | Debt securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | $ | 161,509 | $ | — | $ | 2,886 | $ | — | $ | 158,623 | Asset-backed securities | $ | 132,267 | $ | 100 | $ | 1,791 | $ | — | $ | 130,576 | ||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 393,027 | 31 | 8,999 | — | 384,059 | Collateralized loan obligations | 414,307 | 1,025 | 2,635 | — | 412,697 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 159,769 | 3 | 14,817 | — | 144,955 | Corporate bonds | 159,614 | — | 23,936 | — | 135,678 | ||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | 714,305 | 34 | 26,702 | — | 687,637 | Total debt securities | 706,188 | 1,125 | 28,362 | — | 678,951 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | Mortgage-backed securities: | Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities (1) | Residential pass-through securities (1) | 557,294 | 8 | 107,146 | — | 450,156 | Residential pass-through securities (1) | 530,179 | — | 129,961 | — | 400,218 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities (1) | Commercial pass-through securities (1) | 165,596 | — | 17,035 | — | 148,561 | Commercial pass-through securities (1) | 163,906 | — | 27,442 | — | 136,464 | ||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | 722,890 | 8 | 124,181 | — | 598,717 | Total mortgage-backed securities | 694,085 | — | 157,403 | — | 536,682 | ||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | 1,437,195 | $ | 42 | $ | 150,883 | $ | — | $ | 1,286,354 | Total securities available for sale | $ | 1,400,273 | $ | 1,125 | $ | 185,765 | $ | — | $ | 1,215,633 |
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 | $ | 4 | $ | 2,115 | $ | — | $ | 136,170 | |||||||||||||||||||
Collateralized loan obligations | 381,915 | 268 | 5,187 | — | 376,996 | ||||||||||||||||||||||||
Corporate bonds | 159,666 | — | 24,648 | — | 135,018 | ||||||||||||||||||||||||
Total debt securities | 679,862 | 272 | 31,950 | — | 648,184 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential pass-through securities (1) | 539,506 | 2 | 103,357 | — | 436,151 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 164,499 | — | 21,105 | — | 143,394 | ||||||||||||||||||||||||
Total mortgage-backed securities | 704,005 | 2 | 124,462 | — | 579,545 | ||||||||||||||||||||||||
Total securities available for sale | $ | 1,383,867 | $ | 274 | $ | 156,412 | $ | — | $ | 1,227,729 |
September 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 | $ | 15,195 | $ | — | $ | 579 | $ | — | $ | 14,616 | |||||||||||||||||||
Total debt securities | 15,195 | — | 579 | — | 14,616 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential pass-through securities (1) | 116,295 | — | 17,534 | — | 98,761 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 12,240 | — | 2,589 | — | 9,651 | ||||||||||||||||||||||||
Total mortgage-backed securities | 128,535 | — | 20,123 | — | 108,412 | ||||||||||||||||||||||||
Total securities held to maturity | $ | 143,730 | $ | — | $ | 20,702 | $ | — | $ | 123,028 |
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 securities | 16,051 | — | 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 securities | 130,414 | — | 14,975 | — | 115,439 | ||||||||||||||||||||||||
Total securities held to maturity | $ | 146,465 | $ | — | $ | 15,296 | $ | — | $ | 131,169 |
June 30, 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 | $ | 28,485 | $ | 39 | $ | 89 | $ | — | $ | 28,435 | |||||||||||||||||||
Asset-backed securities | 169,506 | — | 2,949 | — | 166,557 | ||||||||||||||||||||||||
Collateralized loan obligations | 315,693 | — | 7,880 | — | 307,813 | ||||||||||||||||||||||||
Corporate bonds | 159,871 | 175 | 6,649 | — | 153,397 | ||||||||||||||||||||||||
Total debt securities | 673,555 | 214 | 17,567 | — | 656,202 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 7,451 | — | 329 | — | 7,122 | ||||||||||||||||||||||||
Residential pass-through securities (1) | 595,337 | 45 | 80,624 | — | 514,758 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 185,781 | 1 | 19,771 | — | 166,011 | ||||||||||||||||||||||||
Total mortgage-backed securities | 788,569 | 46 | 100,724 | — | 687,891 | ||||||||||||||||||||||||
Total securities available for sale | $ | 1,462,124 | $ | 260 | $ | 118,291 | $ | — | $ | 1,344,093 |
December 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 | $ | 18,806 | $ | — | $ | 285 | $ | — | $ | 18,521 | |||||||||||||||||||
Total debt securities | 18,806 | — | 285 | — | 18,521 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential pass-through securities (1) | 122,715 | — | 12,898 | — | 109,817 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 12,265 | — | 2,210 | — | 10,055 | ||||||||||||||||||||||||
Total mortgage-backed securities | 134,980 | — | 15,108 | — | 119,872 | ||||||||||||||||||||||||
Total securities held to maturity | $ | 153,786 | $ | — | $ | 15,393 | $ | — | $ | 138,393 |
June 30, 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 | $ | 21,159 | $ | 44 | $ | 78 | $ | — | $ | 21,125 | |||||||||||||||||||
Total debt securities | 21,159 | 44 | 78 | — | 21,125 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential pass-through securities (1) | 84,851 | — | 8,587 | — | 76,264 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 12,281 | — | 1,552 | — | 10,729 | ||||||||||||||||||||||||
Total mortgage-backed securities | 97,132 | — | 10,139 | — | 86,993 | ||||||||||||||||||||||||
Total securities held to maturity | $ | 118,291 | $ | 44 | $ | 10,217 | $ | — | $ | 108,118 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||
Available for sale debt securities: | Available for sale debt securities: | Available for sale debt securities: | ||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | — | $ | — | Due in one year or less | $ | — | $ | — | ||||||||||||
Due after one year through five years | Due after one year through five years | 11,865 | 11,783 | Due after one year through five years | 21,865 | 20,940 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 342,467 | 326,847 | Due after five years through ten years | 422,172 | 400,524 | ||||||||||||||||
Due after ten years | Due after ten years | 359,973 | 349,007 | Due after ten years | 262,151 | 257,487 | ||||||||||||||||
Total | Total | $ | 714,305 | $ | 687,637 | Total | $ | 706,188 | $ | 678,951 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||
Held to maturity debt securities: | Held to maturity debt securities: | Held to maturity debt securities: | ||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 4,160 | $ | 4,143 | Due in one year or less | $ | 3,585 | $ | 3,538 | ||||||||||||
Due after one year through five years | Due after one year through five years | 12,946 | 12,713 | Due after one year through five years | 11,000 | 10,517 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 1,700 | 1,665 | Due after five years through ten years | 610 | 561 | ||||||||||||||||
Due after ten years | Due after ten years | — | — | Due after ten years | — | — | ||||||||||||||||
Total | Total | $ | 18,806 | $ | 18,521 | Total | $ | 15,195 | $ | 14,616 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Available for sale securities sold: | |||||||||||||||||||||||
Proceeds from sales of securities | $ | 105,199 | $ | — | $ | 105,199 | $ | — | |||||||||||||||
Gross realized gains | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Gross realized losses | (15,227) | — | (15,227) | — | |||||||||||||||||||
Net loss on sales of securities | $ | (15,227) | $ | — | $ | (15,227) | $ | — |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Available for sale securities called: | |||||||||||||||||||||||
Gross realized gains | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||
Gross realized losses | — | — | — | — | |||||||||||||||||||
Net gain on calls of securities | $ | — | $ | — | $ | — | $ | 1 |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||
Securities pledged: | Securities pledged: | Securities pledged: | ||||||||||||||||||||
Pledged for borrowings at the FHLB of New York | $ | — | $ | 178,048 | ||||||||||||||||||
Pledged to secure public funds on deposit | Pledged to secure public funds on deposit | 397,855 | 357,841 | Pledged to secure public funds on deposit | $ | 189,608 | $ | 201,239 | ||||||||||||||
Pledged for potential borrowings at the Federal Reserve Bank of New York | Pledged for potential borrowings at the Federal Reserve Bank of New York | 410,481 | 378,071 | Pledged for potential borrowings at the Federal Reserve Bank of New York | 558,467 | 529,216 | ||||||||||||||||
Total carrying value of securities pledged | Total carrying value of securities pledged | $ | 808,336 | $ | 913,960 | Total carrying value of securities pledged | $ | 748,075 | $ | 730,455 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale: | Securities Available for Sale: | Securities Available for Sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | $ | 137,203 | $ | 2,406 | $ | 21,420 | $ | 480 | 15 | $ | 158,623 | $ | 2,886 | Asset-backed securities | $ | 20,580 | $ | 139 | $ | 94,790 | $ | 1,652 | 14 | $ | 115,370 | $ | 1,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | 177,907 | 3,631 | 192,556 | 5,368 | 28 | 370,463 | 8,999 | Collateralized loan obligations | — | — | 288,961 | 2,635 | 24 | 288,961 | 2,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 87,731 | 7,972 | 50,356 | 6,845 | 29 | 138,087 | 14,817 | Corporate bonds | 6,857 | 8 | 128,821 | 23,928 | 31 | 135,678 | 23,936 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | Commercial pass-through securities | 93,772 | 4,262 | 54,789 | 12,773 | 12 | 148,561 | 17,035 | Commercial pass-through securities | 61,446 | 3,389 | 75,018 | 24,053 | 12 | 136,464 | 27,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | Residential pass-through securities | 50,897 | 5,161 | 398,511 | 101,985 | 106 | 449,408 | 107,146 | Residential pass-through securities | 1,315 | 56 | 398,903 | 129,905 | 110 | 400,218 | 129,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 547,510 | $ | 23,432 | $ | 717,632 | $ | 127,451 | 190 | $ | 1,265,142 | $ | 150,883 | Total | $ | 90,198 | $ | 3,592 | $ | 986,493 | $ | 182,173 | 191 | $ | 1,076,691 | $ | 185,765 |
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | 33,833 | $ | 129 | $ | 98,828 | $ | 1,986 | 14 | $ | 132,661 | $ | 2,115 | ||||||||||||||||||||||||||||
Collateralized loan obligations | 46,903 | 135 | 294,813 | 5,052 | 26 | 341,716 | 5,187 | ||||||||||||||||||||||||||||||||||
Corporate bonds | 25,511 | 1,354 | 109,507 | 23,294 | 31 | 135,018 | 24,648 | ||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 63,531 | 1,380 | 79,863 | 19,725 | 12 | 143,394 | 21,105 | ||||||||||||||||||||||||||||||||||
Residential pass-through securities | 10,520 | 702 | 425,170 | 102,655 | 108 | 435,690 | 103,357 | ||||||||||||||||||||||||||||||||||
Total | $ | 180,298 | $ | 3,700 | $ | 1,008,181 | $ | 152,712 | 191 | $ | 1,188,479 | $ | 156,412 |
June 30, 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 | $ | 11,310 | $ | 89 | $ | — | $ | — | 30 | $ | 11,310 | $ | 89 | ||||||||||||||||||||||||||||
Asset-backed securities | 161,303 | 2,928 | 5,254 | 21 | 15 | 166,557 | 2,949 | ||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 236,967 | 6,435 | 70,846 | 1,445 | 24 | 307,813 | 7,880 | ||||||||||||||||||||||||||||||||||
Corporate bonds | 129,407 | 6,464 | 3,815 | 185 | 27 | 133,222 | 6,649 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 7,122 | 329 | — | — | 6 | 7,122 | 329 | ||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 63,045 | 3,194 | 102,817 | 16,577 | 21 | 165,862 | 19,771 | ||||||||||||||||||||||||||||||||||
Residential pass-through securities | 237,928 | 26,566 | 274,197 | 54,058 | 106 | 512,125 | 80,624 | ||||||||||||||||||||||||||||||||||
Total | $ | 847,082 | $ | 46,005 | $ | 456,929 | $ | 72,286 | 229 | $ | 1,304,011 | $ | 118,291 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Number of Securities | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Number of Securities | Fair Value | Unrecognized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | Securities Held to Maturity: | Securities Held to Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | Obligations of state and political subdivisions | $ | 18,057 | $ | 285 | $ | — | $ | — | 36 | $ | 18,057 | $ | 285 | Obligations of state and political subdivisions | $ | 4,439 | $ | 171 | $ | 10,177 | $ | 408 | 29 | $ | 14,616 | $ | 579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | Commercial pass-through securities | — | — | 10,055 | 2,210 | 1 | 10,055 | 2,210 | Commercial pass-through securities | — | — | 9,651 | 2,589 | 1 | 9,651 | 2,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | Residential pass-through securities | 93,068 | 9,092 | 16,749 | 3,806 | 9 | 109,817 | 12,898 | Residential pass-through securities | 36,670 | 1,096 | 62,091 | 16,438 | 9 | 98,761 | 17,534 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 111,125 | $ | 9,377 | $ | 26,804 | $ | 6,016 | 46 | $ | 137,929 | $ | 15,393 | Total | $ | 41,109 | $ | 1,267 | $ | 81,919 | $ | 19,435 | 39 | $ | 123,028 | $ | 20,702 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Number of Securities | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Number of Securities | Fair Value | Unrecognized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | Securities Held to Maturity: | Securities Held to Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | Obligations of state and political subdivisions | $ | 8,681 | $ | 78 | $ | — | $ | — | 15 | $ | 8,681 | $ | 78 | Obligations of state and political subdivisions | $ | 13,642 | $ | 268 | $ | 2,088 | $ | 53 | 32 | $ | 15,730 | $ | 321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | Commercial pass-through securities | 10,729 | 1,552 | — | — | 1 | 10,729 | 1,552 | Commercial pass-through securities | — | — | 10,009 | 2,239 | 1 | 10,009 | 2,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | Residential pass-through securities | 76,264 | 8,587 | — | — | 8 | 76,264 | 8,587 | Residential pass-through securities | 38,135 | 319 | 67,295 | 12,417 | 9 | 105,430 | 12,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 95,674 | $ | 10,217 | $ | — | $ | — | 24 | $ | 95,674 | $ | 10,217 | Total | $ | 51,777 | $ | 587 | $ | 79,392 | $ | 14,709 | 42 | $ | 131,169 | $ | 15,296 |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||
Commercial loans: | Commercial loans: | Commercial loans: | ||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | 2,851,721 | $ | 2,409,090 | Multi-family mortgage | $ | 2,699,151 | $ | 2,761,775 | ||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 1,017,341 | 1,019,838 | Nonresidential mortgage | 946,801 | 968,574 | ||||||||||||||||
Commercial business | Commercial business | 177,530 | 176,807 | Commercial business | 149,229 | 146,861 | ||||||||||||||||
Construction | Construction | 186,663 | 140,131 | Construction | 230,703 | 226,609 | ||||||||||||||||
Total commercial loans | Total commercial loans | 4,233,255 | 3,745,866 | Total commercial loans | 4,025,884 | 4,103,819 | ||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 1,719,514 | 1,645,816 | One- to four-family residential mortgage | 1,689,051 | 1,700,559 | ||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||
Home equity loans | Home equity loans | 45,690 | 42,028 | Home equity loans | 42,896 | 43,549 | ||||||||||||||||
Other consumer | Other consumer | 2,648 | 2,866 | Other consumer | 2,644 | 2,549 | ||||||||||||||||
Total consumer loans | Total consumer loans | 48,338 | 44,894 | Total consumer loans | 45,540 | 46,098 | ||||||||||||||||
Total loans | Total loans | 6,001,107 | 5,436,576 | Total loans | 5,760,475 | 5,850,476 | ||||||||||||||||
Unaccreted yield adjustments (1) | Unaccreted yield adjustments (1) | (16,974) | (18,731) | Unaccreted yield adjustments (1) | (24,426) | (21,055) | ||||||||||||||||
Total loans receivable, net of yield adjustments | Total loans receivable, net of yield adjustments | $ | 5,984,133 | $ | 5,417,845 | Total loans receivable, net of yield adjustments | $ | 5,736,049 | $ | 5,829,421 |
Payment Status December 31, 2022 | Payment Status September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | 30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | — | $ | — | $ | 7,663 | $ | 7,663 | $ | 2,844,058 | $ | 2,851,721 | Multi-family mortgage | $ | 2,807 | $ | — | $ | 13,637 | $ | 16,444 | $ | 2,682,707 | $ | 2,699,151 | ||||||||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 204 | — | 5,696 | 5,900 | 1,011,441 | 1,017,341 | Nonresidential mortgage | — | 7,974 | 6,624 | 14,598 | 932,203 | 946,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | 204 | — | 265 | 469 | 177,061 | 177,530 | Commercial business | 433 | 1 | 391 | 825 | 148,404 | 149,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | — | — | 186,663 | 186,663 | Construction | — | — | — | — | 230,703 | 230,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 3,634 | 1,775 | 1,979 | 7,388 | 1,712,126 | 1,719,514 | One- to four-family residential mortgage | 1,264 | 2,001 | 2,622 | 5,887 | 1,683,164 | 1,689,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 151 | 4 | 23 | 178 | 45,512 | 45,690 | Home equity loans | 4 | 25 | 45 | 74 | 42,822 | 42,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | — | 2,648 | 2,648 | Other consumer | — | — | — | — | 2,644 | 2,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 4,193 | $ | 1,779 | $ | 15,626 | $ | 21,598 | $ | 5,979,509 | $ | 6,001,107 | Total loans | $ | 4,508 | $ | 10,001 | $ | 23,319 | $ | 37,828 | $ | 5,722,647 | $ | 5,760,475 |
Payment Status June 30, 2022 | Payment Status June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | 30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | 3,148 | $ | 3,056 | $ | 7,788 | $ | 13,992 | $ | 2,395,098 | $ | 2,409,090 | Multi-family mortgage | $ | 2,958 | $ | — | $ | 10,756 | $ | 13,714 | $ | 2,748,061 | $ | 2,761,775 | ||||||||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 4,026 | — | 18,132 | 22,158 | 997,680 | 1,019,838 | Nonresidential mortgage | 792 | — | 8,233 | 9,025 | 959,549 | 968,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | 98 | 57 | 155 | 310 | 176,497 | 176,807 | Commercial business | 528 | 16 | 236 | 780 | 146,081 | 146,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | — | — | 140,131 | 140,131 | Construction | — | — | — | — | 226,609 | 226,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 1,525 | 253 | 3,455 | 5,233 | 1,640,583 | 1,645,816 | One- to four-family residential mortgage | 2,019 | 1,202 | 3,731 | 6,952 | 1,693,607 | 1,700,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 28 | 35 | — | 63 | 41,965 | 42,028 | Home equity loans | 25 | — | 50 | 75 | 43,474 | 43,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | — | 2,866 | 2,866 | Other consumer | — | — | — | — | 2,549 | 2,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 8,825 | $ | 3,401 | $ | 29,530 | $ | 41,756 | $ | 5,394,820 | $ | 5,436,576 | Total loans | $ | 6,322 | $ | 1,218 | $ | 23,006 | $ | 30,546 | $ | 5,819,930 | $ | 5,850,476 |
Performance Status December 31, 2022 | Performance Status September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 Days and Over Past Due Accruing | Nonaccrual Loans with Allowance for Credit Losses | Nonaccrual Loans with no Allowance for Credit Losses | Total Nonperforming | Performing | Total | 90 Days and Over Past Due Accruing | Nonaccrual Loans with Allowance for Credit Losses | Nonaccrual Loans with no Allowance for Credit Losses | Total Nonperforming | Performing | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | — | $ | 7,890 | $ | 8,381 | $ | 16,271 | $ | 2,835,450 | $ | 2,851,721 | Multi-family mortgage | $ | — | $ | 2,958 | $ | 13,308 | $ | 16,266 | $ | 2,682,885 | $ | 2,699,151 | ||||||||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | — | 12,187 | 5,696 | 17,883 | 999,458 | 1,017,341 | Nonresidential mortgage | — | 9,783 | 5,138 | 14,921 | 931,880 | 946,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | — | 262 | 10 | 272 | 177,258 | 177,530 | Commercial business | — | 257 | 180 | 437 | 148,792 | 149,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | — | — | 186,663 | 186,663 | Construction | — | — | — | — | 230,703 | 230,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | — | 2,916 | 3,121 | 6,037 | 1,713,477 | 1,719,514 | One- to four-family residential mortgage | — | 1,041 | 5,200 | 6,241 | 1,682,810 | 1,689,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | — | — | 86 | 86 | 45,604 | 45,690 | Home equity loans | — | — | 47 | 47 | 42,849 | 42,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | — | 2,648 | 2,648 | Other consumer | — | — | — | — | 2,644 | 2,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | — | $ | 23,255 | $ | 17,294 | $ | 40,549 | $ | 5,960,558 | $ | 6,001,107 | Total loans | $ | — | $ | 14,039 | $ | 23,873 | $ | 37,912 | $ | 5,722,563 | $ | 5,760,475 |
Performance Status June 30, 2023 | |||||||||||||||||||||||||||||||||||
90 Days and Over Past Due Accruing | Nonaccrual Loans with Allowance for Credit Losses | Nonaccrual Loans with no Allowance for Credit Losses | Total Nonperforming | Performing | Total | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | 5,686 | $ | 13,428 | $ | 19,114 | $ | 2,742,661 | $ | 2,761,775 | |||||||||||||||||||||||
Nonresidential mortgage | — | 11,815 | 4,725 | 16,540 | 952,034 | 968,574 | |||||||||||||||||||||||||||||
Commercial business | — | 71 | 181 | 252 | 146,609 | 146,861 | |||||||||||||||||||||||||||||
Construction | — | — | — | — | 226,609 | 226,609 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | — | 1,640 | 5,031 | 6,671 | 1,693,888 | 1,700,559 | |||||||||||||||||||||||||||||
Home equity loans | — | — | 50 | 50 | 43,499 | 43,549 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | 2,549 | 2,549 | |||||||||||||||||||||||||||||
Total loans | $ | — | $ | 19,212 | $ | 23,415 | $ | 42,627 | $ | 5,807,849 | $ | 5,850,476 |
Performance Status June 30, 2022 | |||||||||||||||||||||||||||||||||||
90 Days and Over Past Due Accruing | Nonaccrual Loans with Allowance for Credit Losses | Nonaccrual Loans with no Allowance for Credit Losses | Total Nonperforming | Performing | Total | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | 8,367 | $ | 18,286 | $ | 26,653 | $ | 2,382,437 | $ | 2,409,090 | |||||||||||||||||||||||
Nonresidential mortgage | — | 12,602 | 19,292 | 31,894 | 987,944 | 1,019,838 | |||||||||||||||||||||||||||||
Commercial business | — | 212 | 81 | 293 | 176,514 | 176,807 | |||||||||||||||||||||||||||||
Construction | — | — | 1,561 | 1,561 | 138,570 | 140,131 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | — | 3,543 | 4,946 | 8,489 | 1,637,327 | 1,645,816 | |||||||||||||||||||||||||||||
Home equity loans | — | 302 | 1,129 | 1,431 | 40,597 | 42,028 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | 2,866 | 2,866 | |||||||||||||||||||||||||||||
Total loans | $ | — | $ | 25,026 | $ | 45,295 | $ | 70,321 | $ | 5,366,255 | $ | 5,436,576 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Payment Delay | Percent of Total Class | ||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||
Commercial business | $ | 45 | 0.03 | % | |||||||||||||||||||||||||
One- to four-family residential mortgage | 489 | 0.03 | % | ||||||||||||||||||||||||||
Total | $ | 534 | 0.03 | % |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||
# of Loans | Amount | # of Loans | Amount | # of Loans | Amount | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | $ | — | 2 | $ | 5,400 | 2 | $ | 5,400 | ||||||||||||||||||||||||||
Nonresidential mortgage | 3 | 170 | 2 | 700 | 5 | 870 | |||||||||||||||||||||||||||||
Commercial business | 6 | 3,197 | — | — | 6 | 3,197 | |||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total commercial loans | 9 | 3,367 | 4 | 6,100 | 13 | 9,467 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 39 | 6,752 | 4 | 774 | 43 | 7,526 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Home equity loans | 6 | 368 | — | — | 6 | 368 | |||||||||||||||||||||||||||||
Total | 54 | $ | 10,487 | 8 | $ | 6,874 | 62 | $ | 17,361 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||
# of Loans | Amount | # of Loans | Amount | # of Loans | Amount | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | $ | — | 2 | $ | 5,539 | 2 | $ | 5,539 | ||||||||||||||||||||||||||
Nonresidential mortgage | 3 | 184 | 1 | 390 | 4 | 574 | |||||||||||||||||||||||||||||
Commercial business | 4 | 3,529 | 1 | 7 | 5 | 3,536 | |||||||||||||||||||||||||||||
Total commercial loans | 7 | 3,713 | 4 | 5,936 | 11 | 9,649 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 35 | 6,394 | 11 | 1,921 | 46 | 8,315 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Home equity loans | 5 | 374 | 1 | 35 | 6 | 409 | |||||||||||||||||||||||||||||
Total | 47 | $ | 10,481 | 16 | $ | 7,892 | 63 | $ | 18,373 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||
# of Loans | Amount | # of Loans | Amount | # of Loans | Amount | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | $ | — | 2 | $ | 5,626 | 2 | $ | 5,626 | ||||||||||||||||||||||||||
Nonresidential mortgage | 4 | 389 | 2 | 1,565 | 6 | 1,954 | |||||||||||||||||||||||||||||
Commercial business | 5 | 3,631 | 2 | 82 | 7 | 3,713 | |||||||||||||||||||||||||||||
Construction | — | — | 1 | 1,561 | 1 | 1,561 | |||||||||||||||||||||||||||||
Total commercial loans | 9 | 4,020 | 7 | 8,834 | 16 | 12,854 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 29 | 4,488 | 16 | 3,314 | 45 | 7,802 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Home equity loans | 5 | 164 | 2 | 1,364 | 7 | 1,528 | |||||||||||||||||||||||||||||
Total | 43 | $ | 8,672 | 25 | $ | 13,512 | 68 | $ | 22,184 |
Three Months Ended December 31, 2022 | Three Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
# of Loans | Pre- modification Recorded Investment | Post- modification Recorded Investment | # of Loans | Pre- modification Recorded Investment | Post- modification Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Commercial business | 1 | $ | 7 | $ | 7 | — | $ | — | $ | — | |||||||||||||||||||||||||
One- to four-family residential mortgage | 1 | 273 | 270 | 2 | 261 | 261 | |||||||||||||||||||||||||||||
Total | 2 | $ | 280 | $ | 277 | 2 | $ | 261 | $ | 261 |
Six Months Ended December 31, 2022 | Six Months Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
# of Loans | Pre- modification Recorded Investment | Post- modification Recorded Investment | # of Loans | Pre- modification Recorded Investment | Post- modification Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | $ | — | $ | — | 1 | $ | 2,987 | $ | 2,972 | |||||||||||||||||||||||||
Commercial business | 1 | 7 | 7 | — | — | — | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 2 | 708 | 705 | 2 | 261 | 261 | |||||||||||||||||||||||||||||
Home equity loans | 1 | 35 | 35 | — | — | — | |||||||||||||||||||||||||||||
Total | 4 | $ | 750 | $ | 747 | 3 | $ | 3,248 | $ | 3,233 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
# of Loans | Pre- modification Recorded Investment | Post- modification Recorded Investment | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | 1 | $ | 435 | $ | 435 | ||||||||||||||||||||||||||||||
Home equity loans | 1 | 35 | 35 | ||||||||||||||||||||||||||||||||
Total | 2 | $ | 470 | $ | 470 |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Related Allowance | Carrying Value | Related Allowance | Carrying Value | Related Allowance | Carrying Value | Related Allowance | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | 16,271 | $ | 352 | $ | 26,653 | $ | 849 | Multi-family mortgage | $ | 16,266 | $ | 342 | $ | 19,114 | $ | 326 | ||||||||||||||||||||||||||||
Nonresidential mortgage (1) | Nonresidential mortgage (1) | 17,529 | 2,392 | 30,733 | 2,696 | Nonresidential mortgage (1) | 14,598 | 1,407 | 16,207 | 3,001 | ||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | 1,561 | — | Construction | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 33,800 | 2,744 | 58,947 | 3,545 | Total commercial loans | 30,864 | 1,749 | 35,321 | 3,327 | ||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage (2) | One- to four-family residential mortgage (2) | 3,082 | 26 | 4,305 | 77 | One- to four-family residential mortgage (2) | 2,831 | — | 2,875 | — | ||||||||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans (2) | — | — | 35 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 36,882 | $ | 2,770 | $ | 63,287 | $ | 3,622 | Total | $ | 33,695 | $ | 1,749 | $ | 38,196 | $ | 3,327 |
Term Loans by Origination Year for Fiscal Years ended June 30, | Term Loans by Origination Year for Fiscal Years ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage: | Multi-family mortgage: | Multi-family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 593,864 | $ | 957,401 | $ | 246,580 | $ | 202,298 | $ | 246,991 | $ | 562,005 | $ | — | $ | 2,809,139 | Pass | $ | — | $ | 601,736 | $ | 952,821 | $ | 213,565 | $ | 203,358 | $ | 677,086 | $ | — | $ | 2,648,566 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | 6,091 | 7,445 | — | 13,536 | Special Mention | — | — | — | — | — | 6,605 | — | 6,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | 9,545 | 19,501 | — | 29,046 | Substandard | — | — | — | 9,737 | — | 34,243 | — | 43,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total multi-family mortgage | Total multi-family mortgage | 593,864 | 957,401 | 246,580 | 202,298 | 262,627 | 588,951 | — | 2,851,721 | Total multi-family mortgage | — | 601,736 | 952,821 | 223,302 | 203,358 | 717,934 | — | 2,699,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage: | Nonresidential mortgage: | Nonresidential mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 96,016 | 229,684 | 85,982 | 53,084 | 59,951 | 462,184 | 6,000 | 992,901 | Pass | 2,779 | 107,718 | 208,575 | 87,371 | 51,571 | 450,806 | 6,000 | 914,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | 579 | — | 579 | Special Mention | — | — | — | — | — | 11,325 | — | 11,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 714 | — | 931 | 22,216 | — | 23,861 | Substandard | — | — | — | 704 | — | 19,952 | — | 20,656 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonresidential mortgage | Total nonresidential mortgage | 96,016 | 229,684 | 86,696 | 53,084 | 60,882 | 484,979 | 6,000 | 1,017,341 | Total nonresidential mortgage | 2,779 | 107,718 | 208,575 | 88,075 | 51,571 | 482,083 | 6,000 | 946,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonresidential current period gross charge-offs | Nonresidential current period gross charge-offs | — | — | — | — | — | 2,033 | — | 2,033 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 11,522 | 37,850 | 35,453 | 9,529 | 2,540 | 9,968 | 65,504 | 172,366 | Pass | 1,733 | 11,427 | 27,853 | 24,577 | 7,444 | 10,096 | 61,241 | 144,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | 55 | 180 | 2,898 | — | 3,133 | Special Mention | — | — | 467 | — | — | 2,254 | — | 2,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | 35 | 473 | 48 | 1,371 | 104 | 2,031 | Substandard | — | — | — | — | 214 | 1,497 | 426 | 2,137 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 11,522 | 37,850 | 35,488 | 10,057 | 2,768 | 14,237 | 65,608 | 177,530 | Total commercial business | 1,733 | 11,427 | 28,320 | 24,577 | 7,658 | 13,847 | 61,667 | 149,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business current period gross charge-offs | Commercial business current period gross charge-offs | — | — | — | — | 178 | 11 | — | 189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction loans: | Construction loans: | Construction loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 13,628 | 27,363 | 117,830 | 11,854 | 3,000 | 7,253 | 5,735 | 186,663 | Pass | 7,184 | 34,204 | 41,698 | 130,476 | 7,453 | 3,953 | 5,735 | 230,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction loans | Total construction loans | 13,628 | 27,363 | 117,830 | 11,854 | 3,000 | 7,253 | 5,735 | 186,663 | Total construction loans | 7,184 | 34,204 | 41,698 | 130,476 | 7,453 | 3,953 | 5,735 | 230,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage: | Residential mortgage: | Residential mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 151,323 | 463,800 | 506,856 | 83,231 | 47,554 | 453,552 | — | 1,706,316 | Pass | 24,092 | 193,179 | 449,520 | 481,718 | 79,290 | 450,416 | — | 1,678,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | 1,184 | 493 | — | 1,677 | Special Mention | — | — | — | — | — | 1,581 | — | 1,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 270 | — | — | 82 | 11,169 | — | 11,521 | Substandard | — | — | 539 | — | — | 8,716 | — | 9,255 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | Total residential mortgage | 151,323 | 464,070 | 506,856 | 83,231 | 48,820 | 465,214 | — | 1,719,514 | Total residential mortgage | 24,092 | 193,179 | 450,059 | 481,718 | 79,290 | 460,713 | — | 1,689,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans: | Home equity loans: | Home equity loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 7,560 | 2,794 | 658 | 1,439 | 2,665 | 8,221 | 21,752 | 45,089 | Pass | 567 | 6,965 | 2,517 | 591 | 1,173 | 9,065 | 21,744 | 42,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | 116 | 358 | 127 | 601 | Substandard | — | — | — | — | — | 274 | — | 274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | Total home equity loans | 7,560 | 2,794 | 658 | 1,439 | 2,781 | 8,579 | 21,879 | 45,690 | Total home equity loans | 567 | 6,965 | 2,517 | 591 | 1,173 | 9,339 | 21,744 | 42,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | Other consumer loans | Other consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 232 | 287 | 171 | 457 | 335 | 1,041 | 41 | 2,564 | Pass | 296 | 260 | 236 | 116 | 491 | 1,123 | 40 | 2,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | 84 | 84 | Doubtful | — | — | — | — | — | — | 82 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | Other consumer loans | 232 | 287 | 171 | 457 | 335 | 1,041 | 125 | 2,648 | Other consumer loans | 296 | 260 | 236 | 116 | 491 | 1,123 | 122 | 2,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 874,145 | $ | 1,719,449 | $ | 994,279 | $ | 362,420 | $ | 381,213 | $ | 1,570,254 | $ | 99,347 | $ | 6,001,107 | Total loans | $ | 36,651 | $ | 955,489 | $ | 1,684,226 | $ | 948,855 | $ | 350,994 | $ | 1,688,992 | $ | 95,268 | $ | 5,760,475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current period gross charge-offs | Total current period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | 178 | $ | 2,044 | $ | — | $ | 2,222 |
Term Loans by Origination Year for Fiscal Years ended June 30, | Term Loans by Origination Year for Fiscal Years ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage: | Multi-family mortgage: | Multi-family mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 963,263 | $ | 250,385 | $ | 211,101 | $ | 264,174 | $ | 248,058 | $ | 438,642 | $ | — | $ | 2,375,623 | Pass | $ | 603,260 | $ | 954,554 | $ | 213,482 | $ | 198,969 | $ | 226,929 | $ | 510,485 | $ | — | $ | 2,707,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | 6,814 | — | 6,814 | Special Mention | — | — | — | — | 6,006 | 6,647 | — | 12,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 9,821 | 5,935 | 10,897 | — | 26,653 | Substandard | — | — | 9,809 | — | 9,432 | 22,202 | — | 41,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total multi-family mortgage | Total multi-family mortgage | 963,263 | 250,385 | 211,101 | 273,995 | 253,993 | 456,353 | — | 2,409,090 | Total multi-family mortgage | 603,260 | 954,554 | 223,291 | 198,969 | 242,367 | 539,334 | — | 2,761,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage: | Nonresidential mortgage: | Nonresidential mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 231,777 | 87,309 | 53,983 | 60,714 | 49,285 | 491,849 | 6,052 | 980,969 | Pass | 109,725 | 220,443 | 83,032 | 51,933 | 59,197 | 414,742 | 6,000 | 945,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | 591 | — | 591 | Special Mention | — | — | — | — | — | 378 | — | 378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 720 | — | 933 | 4,026 | 32,599 | — | 38,278 | Substandard | — | — | 708 | — | 919 | 21,497 | — | 23,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonresidential mortgage | Total nonresidential mortgage | 231,777 | 88,029 | 53,983 | 61,647 | 53,311 | 525,039 | 6,052 | 1,019,838 | Total nonresidential mortgage | 109,725�� | 220,443 | 83,740 | 51,933 | 60,116 | 436,617 | 6,000 | 968,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 46,888 | 38,791 | 12,155 | 3,581 | 4,861 | 6,455 | 58,662 | 171,393 | Pass | 10,364 | 28,644 | 25,304 | 7,875 | 1,731 | 8,776 | 59,031 | 141,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | 62 | 186 | 2,173 | 873 | 215 | 3,509 | Special Mention | — | — | — | 47 | 176 | 2,456 | 371 | 3,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 38 | 319 | — | 1,347 | 61 | 58 | 1,823 | Substandard | — | — | — | 395 | 60 | 1,385 | 246 | 2,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | 80 | 2 | 82 | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 46,888 | 38,829 | 12,536 | 3,767 | 8,381 | 7,469 | 58,937 | 176,807 | Total commercial business | 10,364 | 28,644 | 25,304 | 8,317 | 1,967 | 12,617 | 59,648 | 146,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction loans: | Construction loans: | Construction loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 16,407 | 95,526 | 10,337 | 3,039 | 6,509 | 1,017 | 5,735 | 138,570 | Pass | 25,070 | 36,389 | 143,086 | 12,275 | 2,961 | 1,093 | 5,735 | 226,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | 1,561 | — | 1,561 | Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction loans | Total construction loans | 16,407 | 95,526 | 10,337 | 3,039 | 6,509 | 2,578 | 5,735 | 140,131 | Total construction loans | 25,070 | 36,389 | 143,086 | 12,275 | 2,961 | 1,093 | 5,735 | 226,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage: | Residential mortgage: | Residential mortgage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 472,160 | 524,163 | 88,645 | 49,316 | 55,139 | 442,517 | 374 | 1,632,314 | Pass | 195,521 | 454,504 | 491,460 | 80,431 | 45,741 | 422,472 | — | 1,690,129 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | 1,205 | — | 621 | — | 1,826 | Special Mention | — | — | — | — | 1,168 | 425 | — | 1,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 83 | — | 11,593 | — | 11,676 | Substandard | — | 542 | — | — | 80 | 8,215 | — | 8,837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | Total residential mortgage | 472,160 | 524,163 | 88,645 | 50,604 | 55,139 | 454,731 | 374 | 1,645,816 | Total residential mortgage | 195,521 | 455,046 | 491,460 | 80,431 | 46,989 | 431,112 | — | 1,700,559 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans: | Home equity loans: | Home equity loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 3,197 | 692 | 1,681 | 3,117 | 2,027 | 7,321 | 22,334 | 40,369 | Pass | 7,682 | 2,567 | 607 | 1,264 | 2,478 | 7,280 | 21,384 | 43,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 120 | — | 1,539 | — | 1,659 | Substandard | — | — | — | — | — | 287 | — | 287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity loans | Total home equity loans | 3,197 | 692 | 1,681 | 3,237 | 2,027 | 8,860 | 22,334 | 42,028 | Total home equity loans | 7,682 | 2,567 | 607 | 1,264 | 2,478 | 7,567 | 21,384 | 43,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | Other consumer loans | Other consumer loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 442 | 308 | 471 | 375 | 258 | 895 | 34 | 2,783 | Pass | 367 | 247 | 110 | 494 | 302 | 912 | 42 | 2,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | — | — | — | — | — | — | — | — | Special Mention | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | — | — | — | Substandard | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | 83 | 83 | Doubtful | — | — | — | — | — | — | 75 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | Other consumer loans | 442 | 308 | 471 | 375 | 258 | 895 | 117 | 2,866 | Other consumer loans | 367 | 247 | 110 | 494 | 302 | 912 | 117 | 2,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 1,734,134 | $ | 997,932 | $ | 378,754 | $ | 396,664 | $ | 379,618 | $ | 1,455,925 | $ | 93,549 | $ | 5,436,576 | Total loans | $ | 951,989 | $ | 1,697,890 | $ | 967,598 | $ | 353,683 | $ | 357,180 | $ | 1,429,252 | $ | 92,884 | $ | 5,850,476 |
Allowance for Credit Losses December 31, 2022 | Allowance for Credit Losses September 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 | 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) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | — | $ | — | $ | 352 | $ | 27,146 | $ | 27,498 | Multi-family mortgage | $ | — | $ | — | $ | 342 | $ | 25,248 | $ | 25,590 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | — | 80 | 2,392 | 6,121 | 8,593 | Nonresidential mortgage | — | 64 | 1,407 | 5,966 | 7,437 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | — | 5 | 17 | 1,797 | 1,819 | Commercial business | — | 62 | 36 | 1,315 | 1,413 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | — | 1,201 | 1,201 | Construction | — | — | — | 1,317 | 1,317 | ||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 22 | 161 | 68 | 9,104 | 9,355 | One- to four-family residential mortgage | — | 99 | 66 | 10,538 | 10,703 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | — | — | — | 339 | 339 | Home equity loans | — | — | — | 342 | 342 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | 72 | 72 | Other consumer | — | — | — | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 22 | $ | 246 | $ | 2,829 | $ | 45,780 | $ | 48,877 | Total loans | $ | — | $ | 225 | $ | 1,851 | $ | 44,796 | $ | 46,872 |
Balance of Loans Receivable December 31, 2022 | Balance of Loans Receivable September 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 | 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) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | — | $ | — | $ | 16,271 | $ | 2,835,450 | $ | 2,851,721 | Multi-family mortgage | $ | — | $ | — | $ | 16,266 | $ | 2,682,885 | $ | 2,699,151 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 353 | 3,696 | 17,530 | 995,762 | 1,017,341 | Nonresidential mortgage | 323 | 3,492 | 14,598 | 928,388 | 946,801 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | — | 3,964 | 272 | 173,294 | 177,530 | Commercial business | — | 4,852 | 437 | 143,940 | 149,229 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | 5,735 | — | 180,928 | 186,663 | Construction | — | 5,735 | — | 224,968 | 230,703 | ||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 385 | 5,019 | 5,652 | 1,708,458 | 1,719,514 | One- to four-family residential mortgage | 1,156 | 3,771 | 5,085 | 1,679,039 | 1,689,051 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 25 | 55 | 61 | 45,549 | 45,690 | Home equity loans | 25 | — | 22 | 42,849 | 42,896 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | 2,648 | 2,648 | Other consumer | — | — | — | 2,644 | 2,644 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 763 | $ | 18,469 | $ | 39,786 | $ | 5,942,089 | $ | 6,001,107 | Total loans | $ | 1,504 | $ | 17,850 | $ | 36,408 | $ | 5,704,713 | $ | 5,760,475 | ||||||||||||||||||||||||||||||||||||
Unaccreted yield adjustments | Unaccreted yield adjustments | (16,974) | Unaccreted yield adjustments | (24,426) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net of yield adjustments | Loans receivable, net of yield adjustments | $ | 5,984,133 | Loans receivable, net of yield adjustments | $ | 5,736,049 |
Allowance for Credit Losses June 30, 2022 | 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 | 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) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | — | $ | — | $ | 849 | $ | 24,472 | $ | 25,321 | Multi-family mortgage | $ | — | $ | — | $ | 326 | $ | 26,036 | $ | 26,362 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | — | 73 | 2,696 | 7,821 | 10,590 | Nonresidential mortgage | — | 70 | 3,001 | 5,882 | 8,953 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | — | 9 | 16 | 1,767 | 1,792 | Commercial business | — | 9 | 20 | 1,411 | 1,440 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | — | — | 1,486 | 1,486 | Construction | — | — | — | 1,336 | 1,336 | ||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | — | 229 | 148 | 7,163 | 7,540 | One- to four-family residential mortgage | 3 | 132 | 70 | 10,032 | 10,237 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 26 | — | — | 219 | 245 | Home equity loans | — | — | — | 338 | 338 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | 84 | 84 | Other consumer | — | — | — | 68 | 68 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 26 | $ | 311 | $ | 3,709 | $ | 43,012 | $ | 47,058 | Total loans | $ | 3 | $ | 211 | $ | 3,417 | $ | 45,103 | $ | 48,734 |
Balance of Loans Receivable June 30, 2022 | 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 | 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) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | — | $ | — | $ | 26,653 | $ | 2,382,437 | $ | 2,409,090 | Multi-family mortgage | $ | — | $ | — | $ | 19,114 | $ | 2,742,661 | $ | 2,761,775 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 377 | 5,033 | 31,517 | 982,911 | 1,019,838 | Nonresidential mortgage | 333 | 3,562 | 16,207 | 948,472 | 968,574 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | — | 1,267 | 293 | 175,247 | 176,807 | Commercial business | — | 4,237 | 252 | 142,372 | 146,861 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | — | 5,735 | 1,561 | 132,835 | 140,131 | Construction | — | 5,735 | — | 220,874 | 226,609 | ||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 87 | 6,460 | 8,402 | 1,630,867 | 1,645,816 | One- to four-family residential mortgage | 570 | 4,433 | 6,101 | 1,689,455 | 1,700,559 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 329 | 58 | 1,102 | 40,539 | 42,028 | Home equity loans | 25 | — | 25 | 43,499 | 43,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | 2,866 | 2,866 | Other consumer | — | — | — | 2,549 | 2,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 793 | $ | 18,553 | $ | 69,528 | $ | 5,347,702 | $ | 5,436,576 | Total loans | $ | 928 | $ | 17,967 | $ | 41,699 | $ | 5,789,882 | $ | 5,850,476 | ||||||||||||||||||||||||||||||||||||
Unaccreted yield adjustments | Unaccreted yield adjustments | (18,731) | Unaccreted yield adjustments | (21,055) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net of yield adjustments | Loans receivable, net of yield adjustments | $ | 5,417,845 | Loans receivable, net of yield adjustments | $ | 5,829,421 |
Changes in the Allowance for Credit Losses Three Months Ended December 31, 2022 | Changes in the Allowance for Credit Losses Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Charge-offs | Recoveries | Provision for (reversal of) credit losses | Balance at December 31, 2022 | Balance at June 30, 2023 | Charge-offs | Recoveries | Provision for (reversal of) credit losses | Balance at September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | 26,246 | $ | (395) | $ | — | $ | 1,647 | $ | 27,498 | Multi-family mortgage | $ | 26,362 | $ | — | $ | — | $ | (772) | $ | 25,590 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 9,152 | (5) | — | (554) | 8,593 | Nonresidential mortgage | 8,953 | (2,033) | 109 | 408 | 7,437 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | 1,972 | (15) | 5 | (143) | 1,819 | Commercial business | 1,440 | (189) | 6 | 156 | 1,413 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 1,120 | — | — | 81 | 1,201 | Construction | 1,336 | — | — | (19) | 1,317 | ||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 8,801 | — | — | 554 | 9,355 | One- to four-family residential mortgage | 10,237 | — | — | 466 | 10,703 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 244 | — | — | 95 | 339 | Home equity loans | 338 | — | — | 4 | 342 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 78 | — | 3 | (9) | 72 | Other consumer | 68 | — | — | 2 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 47,613 | $ | (415) | $ | 8 | $ | 1,671 | $ | 48,877 | Total loans | $ | 48,734 | $ | (2,222) | $ | 115 | $ | 245 | $ | 46,872 |
Changes in the Allowance for Credit Losses Six Months Ended December 31, 2022 | Changes in the Allowance for Credit Losses Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Charge-offs | Recoveries | Provision for (reversal of) credit losses | Balance at December 31, 2022 | Balance at June 30, 2022 | Charge-offs | Recoveries | Provision for (reversal of) credit losses | Balance at September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | 25,321 | $ | (395) | $ | — | $ | 2,572 | $ | 27,498 | Multi-family mortgage | $ | 25,321 | $ | — | $ | — | $ | 925 | $ | 26,246 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 10,590 | (15) | — | (1,982) | 8,593 | Nonresidential mortgage | 10,590 | (10) | — | (1,428) | 9,152 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | 1,792 | (133) | 17 | 143 | 1,819 | Commercial business | 1,792 | (118) | 12 | 286 | 1,972 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | 1,486 | — | — | (285) | 1,201 | Construction | 1,486 | — | — | (366) | 1,120 | ||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 7,540 | — | — | 1,815 | 9,355 | One- to four-family residential mortgage | 7,540 | — | — | 1,261 | 8,801 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 245 | — | — | 94 | 339 | Home equity loans | 245 | — | — | (1) | 244 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 84 | — | 4 | (16) | 72 | Other consumer | 84 | — | 1 | (7) | 78 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 47,058 | $ | (543) | $ | 21 | $ | 2,341 | $ | 48,877 | Total loans | $ | 47,058 | $ | (128) | $ | 13 | $ | 670 | $ | 47,613 |
Changes in the Allowance for Credit Losses Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||
Balance at September 30, 2021 | Charge-offs | Recoveries | Provision for (reversal of) credit losses | Balance at December 31, 2021 | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Multi-family mortgage | $ | 24,982 | $ | — | $ | — | $ | 813 | $ | 25,795 | |||||||||||||||||||
Nonresidential mortgage | 13,845 | (1,284) | — | (2,483) | 10,078 | ||||||||||||||||||||||||
Commercial business | 1,994 | (15) | 4 | (80) | 1,903 | ||||||||||||||||||||||||
Construction | 1,430 | — | — | 11 | 1,441 | ||||||||||||||||||||||||
One- to four-family residential mortgage | 9,129 | — | 145 | (673) | 8,601 | ||||||||||||||||||||||||
Home equity loans | 318 | — | 1 | (11) | 308 | ||||||||||||||||||||||||
Other consumer | 87 | — | — | 3 | 90 | ||||||||||||||||||||||||
Total loans | $ | 51,785 | $ | (1,299) | $ | 150 | $ | (2,420) | $ | 48,216 |
Changes in the Allowance for Credit Losses Six Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Charge-offs | Recoveries | (Reversal of) provision for credit losses | Balance at December 31, 2021 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | $ | 28,450 | $ | (104) | $ | — | $ | (2,551) | $ | 25,795 | |||||||||||||||||||||||||||||||
Nonresidential mortgage | 16,243 | (2,097) | — | (4,068) | 10,078 | ||||||||||||||||||||||||||||||||||||
Commercial business | 2,086 | (175) | 101 | (109) | 1,903 | ||||||||||||||||||||||||||||||||||||
Construction | 1,170 | — | — | 271 | 1,441 | ||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | 9,747 | — | 147 | (1,293) | 8,601 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 433 | — | 1 | (126) | 308 | ||||||||||||||||||||||||||||||||||||
Other consumer | 36 | (2) | — | 56 | 90 | ||||||||||||||||||||||||||||||||||||
Total loans | $ | 58,165 | $ | (2,378) | $ | 249 | $ | (7,820) | $ | 48,216 |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of the period | Balance at beginning of the period | $ | 753 | $ | 1,584 | $ | 1,041 | $ | 1,708 | Balance at beginning of the period | $ | 741 | $ | 1,041 | ||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | 66 | (436) | (222) | (560) | ||||||||||||||||||||||||||||||||||||||||||
Reversal of credit losses | Reversal of credit losses | (74) | (288) | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of the period | Balance at end of the period | $ | 819 | $ | 1,148 | $ | 819 | $ | 1,148 | Balance at end of the period | $ | 667 | $ | 753 |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||
Non-interest-bearing demand | Non-interest-bearing demand | $ | 650,950 | $ | 653,899 | Non-interest-bearing demand | $ | 595,141 | $ | 609,999 | ||||||||||||
Interest-bearing demand | Interest-bearing demand | 2,316,485 | 2,265,597 | Interest-bearing demand | 2,236,573 | 2,252,912 | ||||||||||||||||
Savings | Savings | 901,514 | 1,053,198 | Savings | 689,163 | 748,721 | ||||||||||||||||
Certificates of deposits | Certificates of deposits | 2,102,422 | 1,889,562 | Certificates of deposits | 1,913,291 | 2,017,551 | ||||||||||||||||
Total deposits | Total deposits | $ | 5,971,371 | $ | 5,862,256 | Total deposits | $ | 5,434,168 | $ | 5,629,183 |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||
FHLB advances | FHLB advances | $ | 1,256,573 | $ | 651,337 | FHLB advances | $ | 1,456,933 | $ | 1,281,812 | ||||||||||||
Overnight borrowings (1) | Overnight borrowings (1) | 127,000 | 250,000 | Overnight borrowings (1) | 170,000 | 225,000 | ||||||||||||||||
Total borrowings | Total borrowings | $ | 1,383,573 | $ | 901,337 | Total borrowings | $ | 1,626,933 | $ | 1,506,812 |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Balance | Weighted Average Interest Rate | Balance | Weighted Average Interest Rate | Balance | Weighted Average Interest Rate | Balance | Weighted Average Interest Rate | |||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
By remaining period to maturity: | By remaining period to maturity: | By remaining period to maturity: | ||||||||||||||||||||||||||||||||||||||||||||
Less than one year | Less than one year | $ | 1,125,000 | 4.64 | % | $ | 520,000 | 2.04 | % | Less than one year | $ | 1,147,500 | 5.53 | % | $ | 972,500 | 5.36 | % | ||||||||||||||||||||||||||||
One to two years | One to two years | 103,500 | 2.65 | 22,500 | 2.63 | One to two years | 103,500 | 2.68 | 103,500 | 2.68 | ||||||||||||||||||||||||||||||||||||
Two to three years | Two to three years | 29,000 | 2.77 | 103,500 | 2.68 | Two to three years | 6,500 | 2.82 | 6,500 | 2.82 | ||||||||||||||||||||||||||||||||||||
Three to four years | Three to four years | — | — | 6,500 | 2.82 | Three to four years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Four to five years | Four to five years | — | — | — | — | Four to five years | 200,000 | 3.98 | 200,000 | 3.98 | ||||||||||||||||||||||||||||||||||||
Greater than five years | Greater than five years | — | — | — | — | Greater than five years | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total advances | Total advances | 1,257,500 | 4.43 | % | 652,500 | 2.17 | % | Total advances | 1,457,500 | 5.10 | % | 1,282,500 | 4.92 | % | ||||||||||||||||||||||||||||||||
Unamortized fair value adjustments | Unamortized fair value adjustments | (927) | (1,163) | Unamortized fair value adjustments | (567) | (688) | ||||||||||||||||||||||||||||||||||||||||
Total advances, net of fair value adjustments | Total advances, net of fair value adjustments | $ | 1,256,573 | $ | 651,337 | Total advances, net of fair value adjustments | $ | 1,456,933 | $ | 1,281,812 |
December 31, 2022 | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 63,617 | Other liabilities | $ | 2,500 | |||||||||||||||||
Total | $ | 63,617 | $ | 2,500 |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | Other liabilities | $ | — | ||||||||||||||||||
Total | $ | $ | — |
June 30, 2023 | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 71,624 | Other liabilities | $ | — | |||||||||||||||||
Total | $ | 71,624 | $ | — |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Amount of (loss) gain recognized in other comprehensive income | $ | (2,183) | $ | 5,110 | $ | 19,987 | $ | 5,264 | |||||||||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense | 4,104 | (1,506) | 5,724 | (3,003) |
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Amount of gain recognized in other comprehensive income | $ | 14,109 | $ | 22,170 | |||||||||||||||||||
Amount of gain reclassified from accumulated other comprehensive income to interest expense | 9,471 | 1,620 |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Loss on hedged items recorded in interest income on loans | Loss on hedged items recorded in interest income on loans | $ | (995) | $ | (5,028) | Loss on hedged items recorded in interest income on loans | $ | (4,120) | $ | (4,033) | ||||||||||||||||||||||||||||||||||||
Gain on hedge recorded in interest income on loans | Gain on hedge recorded in interest income on loans | 1,183 | 5,110 | Gain on hedge recorded in interest income on loans | 6,650 | 3,927 |
2022 | |||||||||||
September 30, 2023 | June 30, 2023 | ||||||||||
(In Thousands) | |||||||||||
Loans receivable: | |||||||||||
Carrying amount of the hedged assets(1) | $ | 659,443 | $ | 663,563 | |||||||
Fair value hedging adjustment included in the carrying amount of the hedged assets | (15,557) | (11,437) |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset | Gross Amounts Not Offset | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral Received | Net Amount | Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral Received (Posted) | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | 64,641 | $ | (1,024) | $ | 63,617 | $ | — | $ | — | $ | 63,617 | Interest rate contracts | $ | 80,291 | $ | — | $ | 80,291 | $ | — | $ | — | $ | 80,291 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 64,641 | $ | (1,024) | $ | 63,617 | $ | — | $ | — | $ | 63,617 | Total | $ | 80,291 | $ | — | $ | 80,291 | $ | — | $ | — | $ | 80,291 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | 3,524 | $ | (1,024) | $ | 2,500 | $ | — | $ | (2,500) | $ | — | Interest rate contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,524 | $ | (1,024) | $ | 2,500 | $ | — | $ | (2,500) | $ | — | Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset | Gross Amounts Not Offset | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral Received | Net Amount | Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral Received (Posted) | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | 41,223 | $ | — | $ | 41,223 | $ | — | $ | — | $ | 41,223 | Interest rate contracts | $ | 72,418 | $ | (794) | $ | 71,624 | $ | — | $ | — | $ | 71,624 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 41,223 | $ | — | $ | 41,223 | $ | — | $ | — | $ | 41,223 | Total | $ | 72,418 | $ | (794) | $ | 71,624 | $ | — | $ | — | $ | 71,624 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | 794 | $ | (794) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 794 | $ | (794) | $ | — | $ | — | $ | — | $ | — |
Three Months Ended December 31, | Six Months Ended December 31, | Affected Line Item in the Consolidated Statements of Income | Three Months Ended September 30, | Affected Line Item in the Consolidated Statements of Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 117 | $ | 138 | $ | 234 | $ | 276 | Salaries and employee benefits | Service cost | $ | 18 | $ | 117 | Salaries and employee benefits | ||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 96 | 69 | 192 | 138 | Other expense | Interest cost | 91 | 96 | Other expense | ||||||||||||||||||||||||||||||||||||||||||||||||
(Accretion) amortization of unrecognized (gain) loss | (6) | 20 | (12) | 40 | Other expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of unrecognized gain | Accretion of unrecognized gain | (15) | (6) | Other expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on assets | Expected return on assets | (25) | (28) | (50) | (56) | Other expense | Expected return on assets | (23) | (25) | Other expense | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 182 | $ | 199 | $ | 364 | $ | 398 | Net periodic benefit cost | $ | 71 | $ | 182 |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 1,984 | $ | 25,570 | $ | 23,774 | $ | 52,557 | Income before income taxes | $ | 13,151 | $ | 21,790 | ||||||||||||||||||||||||||||||||
Statutory federal tax rate | Statutory federal tax rate | 21 | % | 21 | % | 21 | % | 21 | % | Statutory federal tax rate | 21 | % | 21 | % | ||||||||||||||||||||||||||||||||
Federal income tax expense at statutory rate | Federal income tax expense at statutory rate | $ | 417 | $ | 5,370 | $ | 4,993 | $ | 11,037 | Federal income tax expense at statutory rate | $ | 2,762 | $ | 4,576 | ||||||||||||||||||||||||||||||||
(Reduction) increase in income taxes resulting from: | (Reduction) increase in income taxes resulting from: | (Reduction) increase in income taxes resulting from: | ||||||||||||||||||||||||||||||||||||||||||||
Tax exempt interest | Tax exempt interest | (46) | (68) | (105) | (138) | Tax exempt interest | (18) | (59) | ||||||||||||||||||||||||||||||||||||||
State tax, net of federal tax effect | State tax, net of federal tax effect | (124) | 1,990 | 1,296 | 4,118 | State tax, net of federal tax effect | 778 | 1,420 | ||||||||||||||||||||||||||||||||||||||
Incentive stock option compensation expense | Incentive stock option compensation expense | 3 | 16 | 6 | 39 | Incentive stock option compensation expense | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | Income from bank-owned life insurance | (362) | (328) | (1,137) | (656) | Income from bank-owned life insurance | (350) | (775) | ||||||||||||||||||||||||||||||||||||||
Other items, net | Other items, net | 145 | (179) | 235 | (327) | Other items, net | 134 | 90 | ||||||||||||||||||||||||||||||||||||||
Total income tax expense | Total income tax expense | $ | 33 | $ | 6,801 | $ | 5,288 | $ | 14,073 | Total income tax expense | $ | 3,309 | $ | 5,255 | ||||||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 1.66 | % | 26.60 | % | 22.24 | % | 26.78 | % | Effective income tax rate | 25.16 | % | 24.12 | % |
Level 1: | Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||
Level 2: | Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means. | ||||
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | Debt securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | $ | — | $ | 158,623 | $ | — | $ | 158,623 | Asset-backed securities | $ | — | $ | 130,576 | $ | — | $ | 130,576 | ||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | — | 384,059 | — | 384,059 | Collateralized loan obligations | — | 412,697 | — | 412,697 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 144,955 | — | 144,955 | Corporate bonds | — | 135,678 | — | 135,678 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | — | 687,637 | — | 687,637 | Total debt securities | — | 678,951 | — | 678,951 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | Mortgage-backed securities available for sale: | Mortgage-backed securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | Residential pass-through securities | — | 450,156 | — | 450,156 | Residential pass-through securities | — | 400,218 | — | 400,218 | ||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | Commercial pass-through securities | — | 148,561 | — | 148,561 | Commercial pass-through securities | — | 136,464 | — | 136,464 | ||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | — | 598,717 | — | 598,717 | Total mortgage-backed securities | — | 536,682 | — | 536,682 | ||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | — | $ | 1,286,354 | $ | — | $ | 1,286,354 | Total securities available for sale | $ | — | $ | 1,215,633 | $ | — | $ | 1,215,633 | ||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | — | $ | 63,617 | $ | — | $ | 63,617 | Interest rate contracts | $ | — | $ | 80,291 | $ | — | $ | 80,291 | ||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | $ | 1,349,971 | $ | — | $ | 1,349,971 | Total assets | $ | — | $ | 1,295,924 | $ | — | $ | 1,295,924 | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 2,500 | $ | — | $ | 2,500 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 2,500 | $ | — | $ | 2,500 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale: | Debt securities available for sale: | Debt securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | Obligations of state and political subdivisions | $ | — | $ | 28,435 | $ | — | $ | 28,435 | Obligations of state and political subdivisions | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | — | 166,557 | — | 166,557 | Asset-backed securities | — | 136,170 | — | 136,170 | ||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | — | 307,813 | — | 307,813 | Collateralized loan obligations | — | 376,996 | — | 376,996 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 153,397 | — | 153,397 | Corporate bonds | — | 135,018 | — | 135,018 | ||||||||||||||||||||||||||||||||||||
Total debt securities | Total debt securities | — | 656,202 | — | 656,202 | Total debt securities | — | 648,184 | — | 648,184 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | Mortgage-backed securities available for sale: | Mortgage-backed securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | — | 7,122 | — | 7,122 | Collateralized mortgage obligations | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Residential pass-through securities | Residential pass-through securities | — | 514,758 | — | 514,758 | Residential pass-through securities | — | 436,151 | — | 436,151 | ||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | Commercial pass-through securities | — | 166,011 | — | 166,011 | Commercial pass-through securities | — | 143,394 | — | 143,394 | ||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | Total mortgage-backed securities | — | 687,891 | — | 687,891 | Total mortgage-backed securities | — | 579,545 | — | 579,545 | ||||||||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | — | $ | 1,344,093 | $ | — | $ | 1,344,093 | Total securities available for sale | $ | — | $ | 1,227,729 | $ | — | $ | 1,227,729 | ||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | — | $ | 41,223 | $ | — | $ | 41,223 | Interest rate contracts | $ | — | $ | 71,624 | $ | — | $ | 71,624 | ||||||||||||||||||||||||||||
Total assets | Total assets | $ | — | $ | 1,385,316 | $ | — | $ | 1,385,316 | Total assets | $ | — | $ | 1,299,353 | $ | — | $ | 1,299,353 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans: | Collateral dependent loans: | Collateral dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | — | $ | — | $ | 2,030 | $ | 2,030 | Residential mortgage | $ | — | $ | — | $ | 449 | $ | 449 | ||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | — | — | 7,538 | 7,538 | Multi-family mortgage | — | — | 4,554 | 4,554 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | — | — | 10,975 | 10,975 | Nonresidential mortgage | — | — | 9,167 | 9,167 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 20,543 | $ | 20,543 | Total | $ | — | $ | — | $ | 14,170 | $ | 14,170 | ||||||||||||||||||||||||||||
Other real estate owned, net: | Other real estate owned, net: | Other real estate owned, net: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | — | $ | — | $ | 454 | $ | 454 | Residential | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Nonresidential | Nonresidential | — | — | 12,956 | 12,956 | Nonresidential | — | — | 12,956 | 12,956 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 13,410 | $ | 13,410 | Total | $ | — | $ | — | $ | 12,956 | $ | 12,956 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans: | Collateral dependent loans: | Collateral dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | — | $ | — | $ | 2,035 | $ | 2,035 | Residential mortgage | $ | — | $ | — | $ | 449 | $ | 449 | ||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | — | — | 7,517 | 7,517 | Multi-family mortgage | — | — | 7,300 | 7,300 | ||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | — | — | 11,479 | 11,479 | Nonresidential mortgage | — | — | 9,972 | 9,972 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 21,031 | $ | 21,031 | Total | $ | — | $ | — | $ | 17,721 | $ | 17,721 | ||||||||||||||||||||||||||||
Other real estate owned, net: | Other real estate owned, net: | Other real estate owned, net: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | 178 | $ | 178 | ||||||||||||||||||||||||||||||||||||||
Nonresidential | Nonresidential | $ | — | $ | — | $ | 12,956 | $ | 12,956 | |||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | 178 | $ | 178 | Total | $ | — | $ | — | $ | 12,956 | $ | 12,956 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted Average | Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans: | Collateral dependent loans: | Collateral dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | 2,030 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 7% - 10% | 9.14 | % | Residential mortgage | $ | 449 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 6.93% | 6.93 | % | ||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | 7,538 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 12% | 10.93 | % | Multi-family mortgage | 4,554 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 11% | 10.20 | % | ||||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 10,975 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 9% - 19% | 13.95 | % | Nonresidential mortgage | 9,167 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 22% | 13.92 | % | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 20,543 | Total | $ | 14,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned, net: | Other real estate owned, net: | Other real estate owned, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 454 | Market valuation of underlying collateral | (3) | Adjustments to reflect current conditions/selling costs | (2) | 6.00% | 6.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonresidential | Nonresidential | 12,956 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 4.00% | 4.00 | % | Nonresidential | 12,956 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 4.00% | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 13,410 | Total | $ | 12,956 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted Average | Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral dependent loans: | Collateral dependent loans: | Collateral dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | $ | 2,035 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 7% - 10% | 8.97 | % | Residential mortgage | $ | 449 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 6% - 9% | 6.93 | % | ||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | 7,517 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 12% | 11.06 | % | Multi-family mortgage | 7,300 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 6% - 9% | 7.78 | % | ||||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 11,479 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 9% - 18% | 12.72 | % | Nonresidential mortgage | 9,972 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 9% - 16% | 11.78 | % | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 21,031 | Total | $ | 17,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned, net: | Other real estate owned, net: | Other real estate owned, net: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 178 | Market valuation of underlying collateral | (3) | Adjustments to reflect current conditions/selling costs | (2) | 6.00% | 6.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonresidential | Nonresidential | $ | 12,956 | Market valuation of underlying collateral | (3) | Adjustments to reflect current conditions/selling costs | (2) | 4.00% | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 178 | Total | $ | 12,956 |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 75,660 | $ | 75,660 | $ | 75,660 | $ | — | $ | — | Cash and cash equivalents | $ | 57,219 | $ | 57,219 | $ | 57,219 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | 1,286,354 | 1,286,354 | — | 1,286,354 | — | Investment securities available for sale | 1,215,633 | 1,215,633 | — | 1,215,633 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | Investment securities held to maturity | 153,786 | 138,393 | — | 138,393 | — | Investment securities held to maturity | 143,730 | 123,028 | — | 123,028 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 12,940 | 12,975 | — | 12,975 | — | Loans held-for-sale | 3,934 | 3,821 | — | 3,821 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loans receivable | Net loans receivable | 5,935,256 | 5,540,440 | — | — | 5,540,440 | Net loans receivable | 5,689,177 | 5,153,943 | — | — | 5,153,943 | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB Stock | FHLB Stock | 69,022 | — | — | — | — | FHLB Stock | 81,509 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest receivable | Interest receivable | 27,368 | 27,368 | 10 | 8,369 | 18,989 | Interest receivable | 29,766 | 29,766 | 25 | 10,040 | 19,701 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | 63,617 | 63,617 | — | 63,617 | — | Interest rate contracts | 80,291 | 80,291 | — | 80,291 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits other than certificates of deposits | Deposits other than certificates of deposits | 3,868,949 | 3,868,949 | 3,868,949 | — | — | Deposits other than certificates of deposits | 3,520,877 | 3,520,877 | 3,520,877 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | Certificates of deposits | 2,102,422 | 2,060,954 | — | — | 2,060,954 | Certificates of deposits | 1,913,291 | 1,892,588 | — | — | 1,892,588 | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 1,383,573 | 1,379,640 | — | — | 1,379,640 | Borrowings | 1,626,933 | 1,616,222 | — | — | 1,616,222 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest payable on deposits | Interest payable on deposits | 4,937 | 4,937 | 1,506 | — | 3,431 | Interest payable on deposits | 8,197 | 8,197 | 2,394 | — | 5,803 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest payable on borrowings | Interest payable on borrowings | 3,664 | 3,664 | — | — | 3,664 | Interest payable on borrowings | 6,046 | 6,046 | — | — | 6,046 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | 2,500 | 2,500 | — | 2,500 | — | Interest rate contracts | — | — | — | — | — |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 101,615 | $ | 101,615 | $ | 101,615 | $ | — | $ | — | Cash and cash equivalents | $ | 70,515 | $ | 70,515 | $ | 70,515 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | 1,344,093 | 1,344,093 | — | 1,344,093 | — | Investment securities available for sale | 1,227,729 | 1,227,729 | — | 1,227,729 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | Investment securities held to maturity | 118,291 | 108,118 | — | 108,118 | — | Investment securities held to maturity | 146,465 | 131,169 | — | 131,169 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 28,874 | 28,831 | — | 28,831 | — | Loans held-for-sale | 9,591 | 9,442 | — | 9,442 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loans receivable | Net loans receivable | 5,370,787 | 5,215,079 | — | — | 5,215,079 | Net loans receivable | 5,780,687 | 5,261,808 | — | — | 5,261,808 | ||||||||||||||||||||||||||||||||||||||||||||||
FHLB Stock | FHLB Stock | 47,144 | — | — | — | — | FHLB Stock | 71,734 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest receivable | Interest receivable | 20,466 | 20,466 | 2 | 5,210 | 15,254 | Interest receivable | 28,133 | 28,133 | 14 | 8,924 | 19,195 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | 41,223 | 41,223 | — | 41,223 | — | Interest rate contracts | 71,624 | 71,624 | — | 71,624 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits other than certificates of deposits | Deposits other than certificates of deposits | 3,972,694 | 3,972,694 | 3,972,694 | — | — | Deposits other than certificates of deposits | 3,611,632 | 3,611,632 | 3,611,632 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposits | Certificates of deposits | 1,889,562 | 1,866,341 | — | — | 1,866,341 | Certificates of deposits | 2,017,551 | 1,989,434 | — | — | 1,989,434 | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 901,337 | 900,505 | — | — | 900,505 | Borrowings | 1,506,812 | 1,498,920 | — | — | 1,498,920 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest payable on deposits | Interest payable on deposits | 722 | 722 | 147 | — | 575 | Interest payable on deposits | 6,826 | 6,826 | 1,933 | — | 4,893 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest payable on borrowings | Interest payable on borrowings | 1,611 | 1,611 | — | — | 1,611 | Interest payable on borrowings | 5,282 | 5,282 | — | — | 5,282 |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||
Net unrealized loss on securities available for sale | Net unrealized loss on securities available for sale | $ | (150,841) | $ | (118,031) | Net unrealized loss on securities available for sale | $ | (184,640) | $ | (156,138) | ||||||||||||
Tax effect | Tax effect | 43,523 | 34,104 | Tax effect | 53,285 | 45,018 | ||||||||||||||||
Net of tax amount | Net of tax amount | (107,318) | (83,927) | Net of tax amount | (131,355) | (111,120) | ||||||||||||||||
Fair value adjustments on derivatives | Fair value adjustments on derivatives | 54,068 | 39,805 | Fair value adjustments on derivatives | 63,052 | 58,414 | ||||||||||||||||
Tax effect | Tax effect | (15,680) | (11,542) | Tax effect | (18,285) | (16,940) | ||||||||||||||||
Net of tax amount | Net of tax amount | 38,388 | 28,263 | Net of tax amount | 44,767 | 41,474 | ||||||||||||||||
Benefit plan adjustments | Benefit plan adjustments | (128) | (89) | Benefit plan adjustments | 158 | 268 | ||||||||||||||||
Tax effect | Tax effect | 37 | 26 | Tax effect | (46) | (78) | ||||||||||||||||
Net of tax amount | Net of tax amount | (91) | (63) | Net of tax amount | 112 | 190 | ||||||||||||||||
Total accumulated other comprehensive loss | Total accumulated other comprehensive loss | $ | (69,021) | $ | (55,727) | Total accumulated other comprehensive loss | $ | (86,476) | $ | (69,456) |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale | $ | 1,328 | $ | (7,700) | $ | (48,037) | $ | (14,746) | ||||||||||||||||||||||||||||||||||||||
Net unrealized holding loss on securities available for sale | Net unrealized holding loss on securities available for sale | $ | (28,502) | $ | (49,365) | |||||||||||||||||||||||||||||||||||||||||
Net realized loss (gain) on sale and call of securities available for sale (1) | 15,227 | — | 15,227 | (1) | ||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments on derivatives | Fair value adjustments on derivatives | (6,287) | 6,616 | 14,263 | 8,267 | Fair value adjustments on derivatives | 4,638 | 20,550 | ||||||||||||||||||||||||||||||||||||||
Benefit plans: | Benefit plans: | Benefit plans: | ||||||||||||||||||||||||||||||||||||||||||||
(Accretion) amortization of net actuarial (gain) loss (2) | (6) | 20 | (12) | 40 | ||||||||||||||||||||||||||||||||||||||||||
Accretion of net actuarial gain (1) | Accretion of net actuarial gain (1) | (15) | (6) | |||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | Net actuarial loss | — | — | (27) | — | Net actuarial loss | (95) | (27) | ||||||||||||||||||||||||||||||||||||||
Net change in benefit plan accrued expense | Net change in benefit plan accrued expense | (6) | 20 | (39) | 40 | Net change in benefit plan accrued expense | (110) | (33) | ||||||||||||||||||||||||||||||||||||||
Other comprehensive gain (loss) before taxes | 10,262 | (1,064) | (18,586) | (6,440) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss before taxes | Other comprehensive loss before taxes | (23,974) | (28,848) | |||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (2,943) | 302 | 5,292 | 1,870 | Tax effect | 6,954 | 8,235 | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | 7,319 | $ | (762) | $ | (13,294) | $ | (4,570) | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | $ | (17,020) | $ | (20,613) |
Three Months Ended December 31, | Six Months Ended December 31, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 1,951 | $ | 18,769 | $ | 18,486 | $ | 38,484 | Net income | $ | 9,842 | $ | 16,535 | ||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic | Weighted average number of common shares outstanding - basic | 65,030 | 72,011 | 65,383 | 73,274 | Weighted average number of common shares outstanding - basic | 63,014 | 65,737 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities | Effect of dilutive securities | 8 | 26 | 10 | 23 | Effect of dilutive securities | 47 | 19 | ||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - diluted | Weighted average number of common shares outstanding - diluted | 65,038 | 72,037 | 65,393 | 73,297 | Weighted average number of common shares outstanding - diluted | 63,061 | 65,756 | ||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.03 | $ | 0.26 | $ | 0.28 | $ | 0.53 | Basic earnings per share | $ | 0.16 | $ | 0.25 | ||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.03 | $ | 0.26 | $ | 0.28 | $ | 0.53 | Diluted earnings per share | $ | 0.16 | $ | 0.25 |
December 31, 2022 | June 30, 2022 | Increase/ (Decrease) | September 30, 2023 | June 30, 2023 | Increase/ (Decrease) | |||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||
Commercial loans: | Commercial loans: | Commercial loans: | ||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | 2,851,721 | $ | 2,409,090 | $ | 442,631 | Multi-family mortgage | $ | 2,699,151 | $ | 2,761,775 | $ | (62,624) | ||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 1,017,341 | 1,019,838 | (2,497) | Nonresidential mortgage | 946,801 | 968,574 | (21,773) | ||||||||||||||||||||||||||
Commercial business | Commercial business | 177,530 | 176,807 | 723 | Commercial business | 149,229 | 146,861 | 2,368 | ||||||||||||||||||||||||||
Construction | Construction | 186,663 | 140,131 | 46,532 | Construction | 230,703 | 226,609 | 4,094 | ||||||||||||||||||||||||||
Total commercial loans | Total commercial loans | 4,233,255 | 3,745,866 | 487,389 | Total commercial loans | 4,025,884 | 4,103,819 | (77,935) | ||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 1,719,514 | 1,645,816 | 73,698 | One- to four-family residential mortgage | 1,689,051 | 1,700,559 | (11,508) | ||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 45,690 | 42,028 | 3,662 | Home equity loans | 42,896 | 43,549 | (653) | ||||||||||||||||||||||||||
Other consumer | Other consumer | 2,648 | 2,866 | (218) | Other consumer | 2,644 | 2,549 | 95 | ||||||||||||||||||||||||||
Total consumer loans | Total consumer loans | 48,338 | 44,894 | 3,444 | Total consumer loans | 45,540 | 46,098 | (558) | ||||||||||||||||||||||||||
Total loans | Total loans | 6,001,107 | 5,436,576 | 564,531 | Total loans | 5,760,475 | 5,850,476 | (90,001) | ||||||||||||||||||||||||||
Unaccreted yield adjustments | Unaccreted yield adjustments | (16,974) | (18,731) | 1,757 | Unaccreted yield adjustments | (24,426) | (21,055) | (3,371) | ||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (48,877) | (47,058) | (1,819) | Allowance for credit losses | (46,872) | (48,734) | 1,862 | ||||||||||||||||||||||||||
Net loans receivable | Net loans receivable | $ | 5,935,256 | $ | 5,370,787 | $ | 564,469 | Net loans receivable | $ | 5,689,177 | $ | 5,780,687 | $ | (91,510) |
December 31, 2022 | June 30, 2022 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Balance | LTV | Balance | LTV | Balance | LTV | Balance | LTV | |||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans: | Commercial mortgage loans: | Commercial mortgage loans: | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage | Multi-family mortgage | $ | 2,851,721 | 64 | % | $ | 2,409,090 | 64 | % | Multi-family mortgage | $ | 2,699,151 | 64 | % | $ | 2,761,775 | 64 | % | ||||||||||||||||||||||||||||
Nonresidential mortgage | Nonresidential mortgage | 1,017,341 | 54 | 1,019,838 | 54 | Nonresidential mortgage | 946,801 | 54 | 968,574 | 54 | ||||||||||||||||||||||||||||||||||||
Construction | Construction | 186,663 | 60 | 140,131 | 61 | Construction | 230,703 | 58 | 226,609 | 58 | ||||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | Total commercial mortgage loans | 4,055,725 | 61 | 3,569,059 | 61 | Total commercial mortgage loans | 3,876,655 | 61 | 3,956,958 | 61 | ||||||||||||||||||||||||||||||||||||
One- to four-family residential mortgage | One- to four-family residential mortgage | 1,719,514 | 63 | 1,645,816 | 62 | One- to four-family residential mortgage | 1,689,051 | 62 | 1,700,559 | 62 | ||||||||||||||||||||||||||||||||||||
Consumer loans: | Consumer loans: | Consumer loans: | ||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | Home equity loans | 45,690 | 48 | 42,028 | 46 | Home equity loans | 42,896 | 49 | 43,549 | 49 | ||||||||||||||||||||||||||||||||||||
Total mortgage loans | Total mortgage loans | $ | 5,820,929 | 62 | % | $ | 5,256,903 | 61 | % | Total mortgage loans | $ | 5,608,602 | 61 | % | $ | 5,701,066 | 61 | % |
December 31, 2022 | June 30, 2022 | Increase/ (Decrease) | September 30, 2023 | June 30, 2023 | Increase/ (Decrease) | |||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | Non-interest-bearing deposits | $ | 650,950 | $ | 653,899 | $ | (2,949) | Non-interest-bearing deposits | $ | 595,141 | $ | 609,999 | $ | (14,858) | ||||||||||||||||||||
Interest-bearing deposits: | Interest-bearing deposits: | Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 2,316,485 | 2,265,597 | 50,888 | Interest-bearing demand | 2,236,573 | 2,252,912 | (16,339) | ||||||||||||||||||||||||||
Savings | Savings | 901,514 | 1,053,198 | (151,684) | Savings | 689,163 | 748,721 | (59,558) | ||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 2,102,422 | 1,889,562 | 212,860 | Certificates of deposit | 1,913,291 | 2,017,551 | (104,260) | ||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 5,320,421 | 5,208,357 | 112,064 | Interest-bearing deposits | 4,839,027 | 5,019,184 | (180,157) | ||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 5,971,371 | $ | 5,862,256 | $ | 109,115 | Total deposits | $ | 5,434,168 | $ | 5,629,183 | $ | (195,015) |
Three Months Ended December 31, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable (1) | Loans receivable (1) | $ | 5,839,903 | $ | 57,996 | 3.97 | % | $ | 4,822,959 | $ | 47,575 | 3.95 | % | Loans receivable (1) | $ | 5,788,074 | $ | 62,769 | 4.34 | % | $ | 5,553,996 | $ | 52,935 | 3.81 | % | ||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | Taxable investment securities (2) | 1,527,578 | 13,221 | 3.46 | 1,610,395 | 7,595 | 1.89 | Taxable investment securities (2) | 1,516,393 | 16,265 | 4.29 | 1,516,974 | 10,439 | 2.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt securities (2) | Tax-exempt securities (2) | 37,917 | 219 | 2.32 | 57,686 | 327 | 2.26 | Tax-exempt securities (2) | 15,483 | 87 | 2.25 | 48,973 | 285 | 2.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets (3) | Other interest-earning assets (3) | 114,175 | 1,005 | 3.52 | 77,811 | 415 | 2.13 | Other interest-earning assets (3) | 130,829 | 2,047 | 6.26 | 88,038 | 761 | 3.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 7,519,573 | 72,441 | 3.85 | 6,568,851 | 55,912 | 3.40 | Total interest-earning assets | 7,450,779 | 81,168 | 4.36 | 7,207,981 | 64,420 | 3.57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-earning assets | Non-interest-earning assets | 550,519 | 611,390 | Non-interest-earning assets | 568,723 | 570,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 8,070,092 | $ | 7,180,241 | Total assets | $ | 8,019,502 | $ | 7,778,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | $ | 2,359,977 | 9,625 | 1.63 | $ | 2,027,021 | 1,134 | 0.22 | Interest-bearing demand | $ | 2,245,831 | 14,468 | 2.58 | $ | 2,354,340 | 5,391 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 931,584 | 953 | 0.41 | 1,086,903 | 288 | 0.11 | Savings | 719,508 | 837 | 0.47 | 1,019,343 | 595 | 0.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 2,192,722 | 8,244 | 1.50 | 1,693,423 | 2,241 | 0.53 | Certificates of deposit | 1,968,512 | 12,262 | 2.49 | 2,014,922 | 4,883 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 5,484,283 | 18,822 | 1.37 | 4,807,347 | 3,663 | 0.30 | Total interest-bearing deposits | 4,933,851 | 27,567 | 2.23 | 5,388,605 | 10,869 | 0.81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 997,148 | 8,836 | 3.54 | 666,029 | 3,556 | 2.14 | Federal Home Loan Bank advances | 1,386,473 | 12,284 | 3.54 | 642,399 | 4,301 | 2.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | — | — | — | 26,033 | 6 | 0.09 | Other borrowings | 158,098 | 2,157 | 5.46 | 127,456 | 719 | 2.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 997,148 | 8,836 | 3.54 | 692,062 | 3,562 | 2.06 | Borrowings | 1,544,571 | 14,441 | 3.74 | 769,855 | 5,020 | 2.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 6,481,431 | 27,658 | 1.71 | 5,499,409 | 7,225 | 0.53 | Total interest-bearing liabilities | 6,478,422 | 42,008 | 2.59 | 6,158,460 | 15,889 | 1.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities (4) | Non-interest-bearing liabilities (4) | 723,567 | 675,070 | Non-interest-bearing liabilities (4) | 678,952 | 724,055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 7,204,998 | 6,174,479 | Total liabilities | 7,157,374 | 6,882,515 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | Stockholders' equity | 865,094 | 1,005,762 | Stockholders' equity | 862,128 | 895,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 8,070,092 | $ | 7,180,241 | Total liabilities and stockholders' equity | $ | 8,019,502 | $ | 7,778,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 44,783 | $ | 48,687 | Net interest income | $ | 39,160 | $ | 48,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread (5) | Interest rate spread (5) | 2.14 | % | 2.87 | % | Interest rate spread (5) | 1.77 | % | 2.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (6) | Net interest margin (6) | 2.38 | % | 2.96 | % | Net interest margin (6) | 2.10 | % | 2.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | 1.16 | 1.19 | Ratio of interest-earning assets to interest-bearing liabilities | 1.15 | 1.17 |
Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans receivable(1) | $ | 5,696,949 | $ | 110,931 | 3.89 | % | $ | 4,829,318 | $ | 95,805 | 3.97 | % | |||||||||||||||||||||||
Taxable investment securities(2) | 1,522,276 | 23,660 | 3.11 | 1,630,174 | 15,807 | 1.94 | |||||||||||||||||||||||||||||
Tax-exempt securities(2) | 43,445 | 504 | 2.32 | 58,400 | 660 | 2.26 | |||||||||||||||||||||||||||||
Other interest-earning assets(3) | 101,107 | 1,766 | 3.49 | 81,780 | 846 | 2.07 | |||||||||||||||||||||||||||||
Total interest-earning assets | 7,363,777 | 136,861 | 3.72 | 6,599,672 | 113,118 | 3.43 | |||||||||||||||||||||||||||||
Non-interest-earning assets | 560,372 | 614,062 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,924,149 | $ | 7,213,734 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,357,159 | $ | 15,016 | 1.27 | $ | 1,990,646 | $ | 2,280 | 0.23 | |||||||||||||||||||||||||
Savings | 975,463 | 1,549 | 0.32 | 1,094,884 | 622 | 0.11 | |||||||||||||||||||||||||||||
Certificates of deposit | 2,103,822 | 13,126 | 1.25 | 1,745,948 | 4,826 | 0.55 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 5,436,444 | 29,691 | 1.09 | 4,831,478 | 7,728 | 0.32 | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 819,773 | 13,138 | 3.21 | 665,972 | 7,101 | 2.13 | |||||||||||||||||||||||||||||
Other borrowings | 63,728 | 718 | 2.26 | 27,283 | 12 | 0.09 | |||||||||||||||||||||||||||||
Borrowings | 883,501 | 13,856 | 3.14 | 693,255 | 7,113 | 2.05 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,319,945 | 43,547 | 1.38 | 5,524,733 | 14,841 | 0.54 | |||||||||||||||||||||||||||||
Non-interest-bearing liabilities(4) | 723,811 | 671,116 | |||||||||||||||||||||||||||||||||
Total liabilities | 7,043,756 | 6,195,849 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 880,393 | 1,017,885 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,924,149 | $ | 7,213,734 | |||||||||||||||||||||||||||||||
Net interest income | $ | 93,314 | $ | 98,277 | |||||||||||||||||||||||||||||||
Interest rate spread(5) | 2.34 | % | 2.89 | % | |||||||||||||||||||||||||||||||
Net interest margin(6) | 2.53 | % | 2.98 | % | |||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.17 | 1.19 |
At December 31, 2022 | At September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | $ | 678,149 | 12.09 | % | $ | 448,818 | 8.00 | % | $ | 561,023 | 10.00 | % | Total capital (to risk-weighted assets) | $ | 698,724 | 13.97 | % | $ | 400,106 | 8.00 | % | $ | 500,132 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | 642,389 | 11.45 | % | 336,614 | 6.00 | % | 448,818 | 8.00 | % | Tier 1 capital (to risk-weighted assets) | 660,252 | 13.20 | % | 300,079 | 6.00 | % | 400,106 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | Common equity tier 1 capital (to risk-weighted assets) | 642,389 | 11.45 | % | 252,460 | 4.50 | % | 364,665 | 6.50 | % | Common equity tier 1 capital (to risk-weighted assets) | 660,252 | 13.20 | % | 225,059 | 4.50 | % | 325,086 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | Tier 1 capital (to adjusted total assets) | 642,389 | 8.00 | % | 321,241 | 4.00 | % | 401,551 | 5.00 | % | Tier 1 capital (to adjusted total assets) | 660,252 | 8.29 | % | 318,576 | 4.00 | % | 398,220 | 5.00 | % |
At June 30, 2022 | At June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | $ | 672,274 | 13.10 | % | $ | 410,429 | 8.00 | % | $ | 513,036 | 10.00 | % | Total capital (to risk-weighted assets) | $ | 695,417 | 13.31 | % | $ | 417,853 | 8.00 | % | $ | 522,316 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | 642,336 | 12.52 | % | 307,822 | 6.00 | % | 410,429 | 8.00 | % | Tier 1 capital (to risk-weighted assets) | 659,783 | 12.63 | % | 313,389 | 6.00 | % | 417,853 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | Common equity tier 1 capital (to risk-weighted assets) | 642,336 | 12.52 | % | 230,866 | 4.50 | % | 333,473 | 6.50 | % | Common equity tier 1 capital (to risk-weighted assets) | 659,783 | 12.63 | % | 235,042 | 4.50 | % | 339,505 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | Tier 1 capital (to adjusted total assets) | 642,336 | 8.70 | % | 295,163 | 4.00 | % | 368,954 | 5.00 | % | Tier 1 capital (to adjusted total assets) | 659,783 | 8.15 | % | 323,922 | 4.00 | % | 404,902 | 5.00 | % |
At December 31, 2022 | At September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Actual | For Capital Adequacy Purposes | |||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | $ | 773,450 | 13.78 | % | $ | 448,956 | 8.00 | % | Total capital (to risk-weighted assets) | $ | 767,333 | 15.34 | % | $ | 400,281 | 8.00 | % | ||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | 737,690 | 13.14 | % | 336,717 | 6.00 | % | Tier 1 capital (to risk-weighted assets) | 728,861 | 14.57 | % | 300,211 | 6.00 | % | ||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | Common equity tier 1 capital (to risk-weighted assets) | 737,690 | 13.14 | % | 252,538 | 4.50 | % | Common equity tier 1 capital (to risk-weighted assets) | 728,861 | 14.57 | % | 225,158 | 4.50 | % | ||||||||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | Tier 1 capital (to adjusted total assets) | 737,690 | 9.18 | % | 321,429 | 4.00 | % | Tier 1 capital (to adjusted total assets) | 728,861 | 9.14 | % | 318,839 | 4.00 | % |
At June 30, 2022 | At June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Actual | For Capital Adequacy Purposes | |||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | $ | 778,253 | 15.17 | % | $ | 410,515 | 8.00 | % | Total capital (to risk-weighted assets) | $ | 770,621 | 14.75 | % | $ | 418,015 | 8.00 | % | ||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | 748,315 | 14.58 | % | 307,886 | 6.00 | % | Tier 1 capital (to risk-weighted assets) | 734,987 | 14.07 | % | 313,511 | 6.00 | % | ||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | Common equity tier 1 capital (to risk-weighted assets) | 748,315 | 14.58 | % | 230,914 | 4.50 | % | Common equity tier 1 capital (to risk-weighted assets) | 734,987 | 14.07 | % | 235,133 | 4.50 | % | ||||||||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | Tier 1 capital (to adjusted total assets) | 748,315 | 10.14 | % | 295,290 | 4.00 | % | Tier 1 capital (to adjusted total assets) | 734,987 | 9.07 | % | 324,170 | 4.00 | % |
December 31, 2022 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 to 12 Months | 13 to 24 Months | 1 to 12 Months | 13 to 24 Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Interest Rates | Change in Interest Rates | EVE | % Change in EVE | NII | % Change in NII | NII | % Change in NII | Change in Interest Rates | EVE | % Change in EVE | NII | % Change in NII | NII | % Change in NII | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
+300 bps | +300 bps | $ | 830,790 | (20.84) | % | $ | 185,330 | (4.97) | % | $ | 209,714 | (2.29) | % | +300 bps | $ | 478,805 | (34.75) | % | $ | 134,795 | (11.68) | % | $ | 158,374 | (9.47) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
+200 bps | +200 bps | 892,121 | (15.00) | % | 187,257 | (3.99) | % | 208,469 | (2.87) | % | +200 bps | 542,655 | (26.05) | % | 139,175 | (8.81) | % | 159,939 | (8.57) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
+100 bps | +100 bps | 985,070 | (6.14) | % | 192,078 | (1.51) | % | 213,876 | (0.36) | % | +100 bps | 652,690 | (11.05) | % | 146,610 | (3.94) | % | 169,446 | (3.14) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 bps | 0 bps | 1,049,516 | — | 195,031 | — | 214,638 | — | 0 bps | 733,811 | — | 152,629 | — | 174,932 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-100 bps | -100 bps | 1,071,202 | 2.07 | % | 193,352 | (0.86) | % | 208,256 | (2.97) | % | -100 bps | 792,699 | 8.02 | % | 157,861 | 3.43 | % | 177,027 | 1.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-200 bps | -200 bps | 1,053,122 | 0.34 | % | 188,401 | (3.40) | % | 195,638 | (8.85) | % | -200 bps | 816,827 | 11.31 | % | 159,774 | 4.68 | % | 173,319 | (0.92) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-300 bps | -300 bps | 1,053,873 | 0.42 | % | 181,755 | (6.81) | % | 179,183 | (16.52) | % | -300 bps | 861,487 | 17.40 | % | 159,192 | 4.30 | % | 165,141 | (5.60) | % |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 to 12 Months | 13 to 24 Months | 1 to 12 Months | 13 to 24 Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Interest Rates | Change in Interest Rates | EVE | % Change in EVE | NII | % Change in NII | NII | % Change in NII | Change in Interest Rates | EVE | % Change in EVE | NII | % Change in NII | NII | % Change in NII | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
+300 bps | +300 bps | $ | 1,089,795 | (15.37) | % | $ | 178,865 | (13.62) | % | $ | 214,839 | (1.68) | % | +300 bps | $ | 507,998 | (32.36) | % | $ | 154,552 | (5.26) | % | $ | 168,366 | (3.87) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
+200 bps | +200 bps | 1,156,219 | (10.21) | % | 187,601 | (9.40) | % | 215,528 | (1.36) | % | +200 bps | 571,129 | (23.95) | % | 156,274 | (4.20) | % | 167,683 | (4.26) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
+100 bps | +100 bps | 1,239,935 | (3.71) | % | 198,126 | (4.32) | % | 219,594 | 0.50 | % | +100 bps | 673,314 | (10.35) | % | 160,344 | (1.71) | % | 173,170 | (1.13) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 bps | 0 bps | 1,287,700 | — | 207,069 | — | 218,501 | — | 0 bps | 751,040 | — | 163,132 | — | 175,143 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-100 bps | -100 bps | 1,272,203 | (1.20) | % | 205,241 | (0.88) | % | 204,568 | (6.38) | % | -100 bps | 799,675 | 6.48 | % | 163,455 | 0.20 | % | 173,319 | (1.04) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-200 bps | -200 bps | 814,293 | 8.42 | % | 161,284 | (1.13) | % | 166,473 | (4.95) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-300 bps | -300 bps | 849,208 | 13.07 | % | 158,526 | (2.82) | % | 156,507 | (10.64) | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
October 1-31, 2022 | 369,900 | $ | 10.75 | 369,900 | 3,195,439 | |||||||||||||||||||||
November 1-30, 2022 | 179,900 | $ | 9.82 | 179,900 | 3,015,539 | |||||||||||||||||||||
December 1-31, 2022 | — | $ | — | — | 3,015,539 | |||||||||||||||||||||
Total | 549,800 | $ | 10.45 | 549,800 | 3,015,539 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||
July 1-31, 2023 | 468,521 | $ | 7.51 | 468,521 | 1,036,226 | |||||||||||||||||||||
August 1-31, 2023 | 349,086 | 8.29 | 349,086 | 687,140 | ||||||||||||||||||||||
September 1-30, 2023 | — | — | — | 687,140 | ||||||||||||||||||||||
Total | 817,607 | $ | 7.84 | 817,607 | 687,140 |
3.1 | ||||||||
3.2 | ||||||||
4 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following materials from the Company’s Form 10-Q for the quarter ended | |||||||
101.INS | Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
KEARNY FINANCIAL CORP. | ||||||||
Date: | By: | /s/ Craig L. Montanaro | ||||||
Craig L. Montanaro | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: | By: | /s/ Keith Suchodolski | ||||||
Keith Suchodolski | ||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |